Company: TNRSF
Filing Date: 2025-02-20
Form Type: 6-K
Source: 0001171843-25-000973
Chunk: 15

Company: TENARIS SA
Filing Date: 2025-02-20
Form: 6-K
Chunk 15
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| Current borrowings                         |     |                 |  (425,999 | ) |     |      |  (535,133 | ) |
| Non-current borrowings                     |     |                 |   (11,399 | ) |     |      |   (48,304 | ) |
| Net cash / (debt)                          |     |                 | 3,609,108 |   |     |      | 3,422,235 |   |

Operating working capital days

Operating working capital is the difference between the main operating
components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency,
and short-term financial health.

Operating working capital days is calculated in the following manner:

Operating working capital days = [(Inventories + Trade receivables –
Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

Operating working capital days is a non-IFRS alternative performance measure.

| (all amounts in thousands of U.S. dollars) | Three-month period ended December 31, 
                                  2024 |       2023 |
|:-------------------------------------------|--------------------------------------:|-----------:|
| Inventories                                |                             3,709,942 |  3,921,097 |
| Trade receivables                          |                             1,907,507 |  2,480,889 |
| Customer advances                          |                              -206,196 |   -263,664 |
| Trade payables                             |                              -880,261 | -1,107,567 |
| Operating working capital                  |                             4,530,992 |  5,030,755 |
| Annualized quarterly sales                 |                            11,380,904 | 13,659,720 |
| Operating working capital                  |                                   145 |        134 |