Annual Report 2005 - Tenaris

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Message to the shareholders 12. TenarisConfab
Dear Shareholders, A landmark in 2005 was the 25th anniversary of the company's decision to go public. Once again, it is worth repeating that this decision was decisive in allowing Confab to continue to grow solidly and transparently, leading to a year of achievements worthy of commemoration. Important regional projects, mainly in the energy transportation sector and the excellent performance of the equipment division once again proved Confab's efficiency in meeting its customer needs. The result of this hard work was net revenues of R$ 1,783.1 million, 101% higher than in 2004, a net profit of R$ 277.0 million, and a rise in earnings per share to R$ 0.8517, due to increased sales and a better product and price mix. A total of R$ 47.2 million was invested in 2005, mainly in the expansion and modernization of plants to improve quality, automation and competitiveness. We also invested in the construction of a new plant for special coatings in partnership with Socotherm Brasil. The plant, located in the state of Espírito Santo, will supply products for deepwater projects. During the year, the demand for natural gas and petroleum in Brazil continued to grow, stimulated by the increased participation of natural gas in the Brazilian energy grid, which in turn ensured the ongoing expansion of pipeline networks with important projects such as: Coari-Manaus, Cabiúnas-Vitória and Catu-Carmópolis-Pilar. There was an upturn in the mining sector and Confab contributed with the supply of pipes to Companhia Vale do Rio Doce (CVRD) for the world's first bauxite mineral pipeline. With the support of the BNDES, TenarisConfab and TenarisSiat delivered more than 700 kilometers of piping for the amplification and modernization of the Argentinean gas pipeline network, a highlight in the export segment. The main projects in Confab Equipamentos were: a pulp evaporation plant for Veracel; a ship loading system for CVRD; a precipitation system for Alunorte and the supply of maritime metallic structures for Petrobrás' PRA-1 autonomous repumping platform. 13. Annual Report 2005
Page 1: Annual Report 2005
Page 4 and 5: Company profile More than 60 years
Page 6 and 7: It was during this period, with the
Page 8 and 9: 8. TenarisConfab
Page 10 and 11: Highlights 10. TenarisConfab
Page 14 and 15: The segment supplying fuel tanks fo
Page 16 and 17: Letter of principles 16. TenarisCon
Page 18 and 19: Business review 18. TenarisConfab
Page 20 and 21: 20. TenarisConfab On a daily basis,
Page 22 and 23: 22. TenarisConfab The graph shows t
Page 24 and 25: The challenges TenarisConfab faced
Page 26 and 27: Leading indicators 26. TenarisConfa
Page 28 and 29: Pipes 28. TenarisConfab
Page 32 and 33: 32. TenarisConfab In 2005 more than
Page 34 and 35: PRA-1 is a Petrobras project aimed
Page 36 and 37: Equipments 36. TenarisConfab
Page 40 and 41: Social action review 40. TenarisCon
Page 42 and 43: 42. TenarisConfab The quality of th
Page 44 and 45: The program modules are designed to
Page 46 and 47: In 2005, Confab invested R$5.3 mill
Page 48 and 49: Board of Directors 48. TenarisConfa
Page 50 and 51: Balance sheet 50. TenarisConfab ASS
Page 52 and 53: Income statement GROSS REVENUE Sale
Page 54 and 55: Statement of changes in financial p
Page 56 and 57: Explanatory notes 56. TenarisConfab
Page 58 and 59: Explanatory notes 58. TenarisConfab
Page 60 and 61: Explanatory notes . 60. TenarisConf
Page 62 and 63:
Explanatory notes 62. TenarisConfab
Page 64 and 65:
64. TenarisConfab In 1991, the stoc
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66. TenarisConfab ACCOUNTS CURRENT
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Statement of cash flow 80. TenarisC
Page 82 and 83:
Report of the Independent Auditors
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Annual Report 2005 - Tenaris

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