Company: TNRSF
Filing Date: 2025-02-21
Form Type: 6-K
Source: 0001171843-25-000987
Chunk: 77

Company: TENARIS SA
Filing Date: 2025-02-21
Form: 6-K
Chunk 77
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 |        - |   |     |     |  122,839 |   |
| Overdrafts variation                      |     |                              |   (6,766 | ) |     |     |   21,130 |   |
| At the end of the year                    |     |                              |  437,398 |   |     |     |  583,437 |   |

(*)For the year 2023, related to GPC acquisition.

| - 53 - |

| Consolidated Financial Statements                                                                           |
| For the years ended 2024, 2023 and 2022 - all amounts in thousands of U.S. dollars, unless otherwise stated |

| 22 | Deferred tax assets and liabilities |

Deferred income taxes are calculated in full on temporary differences under the liability method
using the tax rate of each country.

The evolution of deferred tax assets and liabilities during the year is as follows:

Deferred tax liabilities

|                                          |     | Fixed assets |         |   |     | Inventories |         |   |     | Intangible assets 
 and other         |         |   |     | Total |          |   |
| At the beginning of the year             |     |              | 618,874 |   |     |             | 114,335 |   |     |                   | 160,202 |   |     |       |  893,411 |   |
| Translation differences                  |     |              |    (194 | ) |     |             |     (72 | ) |     |                   |    (174 | ) |     |       |     (440 | ) |
| Changes due to business combinations (*) |     |              |   1,223 |   |     |             |       - |   |     |                   |   2,033 |   |     |       |    3,256 |   |
| Charged to other comprehensive income    |     |              |       - |   |     |             |       - |   |     |                   |    (904 | ) |     |       |     (904 | ) |
| Income statement credit                  |     |              | (51,265 | ) |     |             | (39,033 | ) |     |                   | (46,940 | ) |     |       | (137,238 | ) |
| At December 31, 2024                     |     |              | 568,638 |   |     |             |