Annual Report 2005 - Tenaris

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20. TenarisConfab On a daily basis, the Quality Control Department carries out tests to ensure products meet the parameters demanded by specifications, certifying the quality of TenarisConfab products.
RESULT MILLLIONS OF R$ 72.5 R$ 64.7 million in 2004 to R$ 436.3 million in 2005, the result of higher sales and greater production efficiency. Financial Result The net financial result for 2005 shows an expense of R$ 9.3 million, against an expense of R$ 24.2 million for the same period of the previous year. This result corresponds to 0.5% of net revenues against 2.7% in 2004. The breakdown of these results is as follows: I) interest net of liability and asset operations characterized an expenditure of R$ 0.8 million in 2005 and R$ 12.1 million in 2004; II) a gain from exchange variation of R$ 3.3 million in 2005 and an expenditure of R$ 4.8 million in 2004; III) expenditures with CPMF and other taxes on financial revenues of R$ 11.8 million in 2005 and R$ 7.3 million in 2004. 170.7 277.0 20.5 17.5 2001 2002 2003 2004 2005 CONSOLIDATED EBITDA RESULT MILLLIONS OF R$ 500 450 400 350 300 250 200 150 100 50 0 122.4 257.1 72.0 99.2 450.5 2001 2002 2003 2004 2005 The EBITDA result (Profit before interest, taxes, depreciation and amortization) was R$ 450.5 million (R$ 99.2 million in 2004), which breaks down as follows: Operating Profit R$ 427.8 Results in associated companies R$ (0.8) Financial Revenues R$ (36.6) Financial Expenses R$ 45.9 Depreciation and Amortization R$ 29.6 Management and Employee Profit Share R$ (15.2) Non-Operating Expenses R$ (0.2) EBITDA R$ 450.5 The following chart shows the evolution over the last five years. The total financial debt on December 31st 2005 was R$ 56 million, 24% of which short and 76% long term. At the end of the period the net cash position (cash less loans and short term bank financing) was R$ 246 million. Shareholdings Confab Industrial S.A. holds shares in the companies: Siat S.A. (30%), an Argentinean manufacturer of welded steel pipes; Socotherm Brasil S.A. (50%), a company specialized in pipe coatings; Tenaris Confab Hastes de Bombeio S.A. (49%), a company specialized in manufacturing and commercializing of sucker rods. Confab's holding in Siat represented earnings of R$ 4.8 million in 2005 (against a loss of R$ 3.7 million in 2004) due to a positive operating result of R$ 15.2 million, driven by increased sales and offset partially by a negative exchange rate in function of the appreciation of the Real against the Argentine Peso. 21. 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 12 and 13: Message to the shareholders 12. Ten
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 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 60 and 61: Explanatory notes . 60. TenarisConf
Page 64 and 65: 64. TenarisConfab In 1991, the stoc
Page 66 and 67: 66. TenarisConfab ACCOUNTS CURRENT
Page 70 and 71:
Explanatory notes 70. TenarisConfab
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
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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