Tenaris Balance Sheet

Quarterly: March 2012 - December 2009 Previous Quarters
Annual

Assets	2012-03	2011-12	2011-09	2011-06	2011-03	2010-12	2010-09	2010-06	2010-03	2009-12
Cash & Short Term Investments	1.497B	1.255B	1.399B	1.295B	1.569B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Receivables	1.958B	1.901B	2.041B	1.723B	1.991B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Inventory	2.864B	2.806B	2.772B	2.766B	2.579B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Prepaid Expenses						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Other Current Assets	443.32M	431.70M	191.97M	249.23M	253.45M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Total Current Assets	6.762B	6.393B	6.404B	6.302B	6.392B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Gross Property, Plant & Equipment						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Accumulated Depreciation						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Net Property, Plant & Equipment						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Long Term Investments	1.183B	672.79M	718.19M	750.38M	742.80M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Goodwill & Intangibles	3.331B	3.376B	3.434B	3.510B	3.548B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Other Long Term Assets	137.04M	133.28M	138.50M	137.98M	121.55M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Total Long Term Assets	4.887B	4.417B	4.508B	4.625B	4.620B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Total Assets	15.83B	14.86B	14.94B	15.14B	15.03B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Liabilities	2012-03	2011-12	2011-09	2011-06	2011-03	2010-12	2010-09	2010-06	2010-03	2009-12
Current Portion of Long Term Debt						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Accounts Payable	911.48M	901.73M	875.14M		796.49M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Accrued Expenses	386.26M	344.93M	270.73M	213.14M	234.87M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Deferred Revenues						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Other Current Liabilities	517.76M	375.93M	475.60M	1.307B	388.07M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Total Current Liabilities	2.629B	2.404B	2.616B	2.590B	2.544B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Total Long Term Debt	425.13M	149.77M	177.12M	160.63M	214.56M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Shareholder's Equity	2012-03	2011-12	2011-09	2011-06	2011-03	2010-12	2010-09	2010-06	2010-03	2009-12
Deferred Income Tax						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Minority Interest	0.00	0.00	0.00	0.00	0.00	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Other Long Term Liabilities	307.08M	308.67M	307.31M	308.69M	304.89M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Total Long Term Liabilities	1.530B	1.287B	1.337B	1.398B	1.451B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Total Liabilities	4.158B	3.691B	3.953B	3.988B	3.995B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Common Shares Outstanding						Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Preferred Stock	0.00	0.00	0.00	0.00	0.00	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Common Stock, Net	1.181B	1.181B	1.181B	1.181B	1.181B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Additional Paid-in Capital	609.73M	609.73M	609.73M	609.73M	609.73M	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Retained Earnings	9.243B	8.800B	8.667B	8.228B	10.38B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Treasury Stock	0.00	0.00	0.00	0.00	0.00	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Other Shareholder's Equity	640.97M	583.09M	531.78M	999.49M	1.054B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Shareholder's Equity	11.67B	11.17B	10.99B	11.15B	11.03B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro
Total Liabilities & Shareholder's Equity	15.83B	14.86B	14.94B	15.14B	15.03B	Go Pro	Go Pro	Go Pro	Go Pro	Go Pro