Annual Report 2005 - Tenaris

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Report of the Independent Auditors To the Board of Directors and Shareholders Confab Industrial S.A. 1. We have audited the balance sheets of Confab Industrial S.A. and the consolidated balance sheets of Confab Industrial S.A. and its subsidiaries as of December 31, 2005 and 2004 and the related statements of income, of changes in shareholders' equity and of changes in the financial position of Confab Industrial S.A. and the corresponding statements of income and of changes in financial position for the years then ended. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements. 2. We conducted our audits in accordance with approved Brazilian auditing standards, which require that we perform the audit to obtain reasonable assurance about whether the financial statements are fairly presented in all material aspects. Accordingly, our work included, among other procedures: (a) planning our audits taking into consideration the significance of balances and the accounting and internal control systems of the companies, (b) examining, based on tests, evidence and records supporting the amounts and disclosures in the financial statements, and (c) assessing the most significant accounting principles and estimates used by the company's management, as well as the overall presentation of the financial statements. 3. In our opinion the financial statements examined by us present fairly, in all material aspects, the equity and financial position of Confab Industrial S.A. and Confab Industrial S.A. and its subsidiaries on December 31, 2005 and 2004, and the results of the operations, the changes in shareholders' equity and the changes in financial position of Confab Industrial S.A. for the years then ended, as well as the changes in consolidated financial position for the years then ended, in compliance with accounting practices adopted in Brazil. 4. We conducted our audits with the objective of presenting an opinion about the financial statements referred to in the first paragraph, taken as a whole. The statement of cash flow, presented in the attachment to provide supplementary information about the company, is not required as an integral part of the financial statements. This statement of cash flow was submitted to the auditing procedures described in the second paragraph and in our opinion fairly presents, in all material aspects, the cash flow situation in relation to the overall presentation of the financial statements. São Paulo, January 27, 2006 Independent Auditors CRC 2SP000160/O–5 Paulo Cesar Estevão Netto Accountant CRC 1RJ026365/O–8 "T" SP
www.tenarisconfab.com.br www.confabequipamentos.com.br
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Annual Report 2005
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Company profile More than 60 years
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It was during this period, with the
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8. TenarisConfab
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Highlights 10. TenarisConfab
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Message to the shareholders 12. Ten
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The segment supplying fuel tanks fo
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Letter of principles 16. TenarisCon
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Business review 18. TenarisConfab
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20. TenarisConfab On a daily basis,
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22. TenarisConfab The graph shows t
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The challenges TenarisConfab faced
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Leading indicators 26. TenarisConfa
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Pipes 28. TenarisConfab
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30. 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
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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 80 and 81: Statement of cash flow 80. TenarisC
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Annual Report 2005 - Tenaris

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