|Exhibit 99.1
|------------



|Tenaris Announces 2002 Annual Results
|-------------------------------------



|The financial and operational information
contained in this press release is based on audited combined consolidated financial
statements for periods up to October 18, 2002 and audited consolidated financial
statements thereafter prepared in accordance with international accounting standards
(IAS) and presented in U.S. dollars.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Luxembourg, March 6, 2003. - Tenaris S.A.(NYSE,
Buenos Aires and Mexico: TS and  MTA Italy: TEN) (Tenaris), in its first
results since becoming a publicly  listed company on December 16, 2002, reported for the
year 2002 a net income of  US$94.3 million and a net income before deduction of minority
interest  attributable to participations in consolidated subsidiaries acquired in the
Exchange Offer (see below) of US$193.8 million or US$0.17 per share (US$1.67 per  ADS).
Operating income was US$471.9 million on net sales of US$3,219.4 million.  As of December
31, 2002, total assets were US$4,017.4 million, total financial  debt was US$715.9
million and net financial debt (total financial debt less cash  and cash equivalents less
investments in trust funds to support Argentine and  Brazilian operations) was US$275.6
million.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Tenaris is a company organized in Luxembourg,
whose shares began to be publicly  traded on December 16, 2002 following the completion
of simultaneous offers to  exchange its shares for shares in Siderca S.A.I.C.
(Siderca), an Argentine  company at the time listed on the Buenos Aires and
New York stock exchanges,  Tubos de Acero de Mexico S.A. (Tamsa), a Mexican
company listed on the  American and Mexican stock exchanges and Dalmine S.p.A.
(Dalmine), an Italian  company listed on the Italian MTA. (Exchange
Offer). By way of the Exchange  Offer, Tenaris increased its holdings in Siderca,
Tamsa and Dalmine from 71.3%  to 99.1%, 50.8% to 94.5% and 47.2% to 88.4% respectively
and issued 450.0  million shares representing 38.8% of its increased share capital. As of
December  31, 2002 Tenaris had 1,160.7 million shares outstanding. The financial
statements of these companies, their respective subsidiaries and Abeluz S.A., a  company
to be renamed as Tenaris Global Services S.A. and its subsidiaries  (Tenaris Global
Services) have been consolidated with the financial statements  of Tenaris since
October 18, 2002, the date on which Tenariss controlling  shareholder contributed the
majority of these assets to Tenaris (Sidertubes  Contribution), and prior to
such date have been retroactively combined with  those of Tenaris, because all these
companies were previously under common  control and have been so since prior to the year
2000. Accordingly, the  performance of Tenaris and its business in 2002 can be compared
to its  performance in 2001 and 2000.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Despite a challenging year for its core seamless
pipes business, Tenaris  increased revenues, operating income and net income over the
respective levels  recorded for 2001. This was achieved through an increase in the value
of its  seamless pipe products which enabled it to increase average selling prices in a
difficult pricing environment, a reduction in operating costs in its Argentine
subsidiaries following the devaluation of the Argentine peso, the strong  performance of
its welded pipe business and a near doubling of sales at its  small energy business.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|Trading Environment and Short-term Outlook
|------------------------------------------



|Although oil prices remained at levels which,
under typical circumstances, would  have been expected to result in sustained levels of
investment in oil and gas  drilling, global demand for seamless steel pipes fell during
2002 from the  strong levels shown in 2001 due to lower levels of oil and gas drilling
activity, as indicated by the global rig count, as well as persistently lower  levels of
industrial production in the principal industrial regions of North  America, Europe and
Japan. Oil and gas exploration and production activity was  affected by increased
uncertainty over the future level of oil prices given the  possibility of military action
against Iraq as well as OPEC production cutbacks.  In addition, demand for seamless pipes
in Tenariss local markets were affected  by the political crises in Venezuela and
Argentina, the low level of the North  American gas price at the start of the main
Canadian drilling season although,  in Mexico, demand from the oil and gas sector
increased particularly towards the  end of the year. In contrast, there was strong demand
for Tenariss welded pipes  from major gas pipeline projects in Ecuador, Peru and Bolivia
which more than  offset the sharp decline of sales in Argentina.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|In 2003, the year has begun with a sharp
        rise in global oil and North American gas prices but even at the current
        high levels of prices investment in oil and gas exploration and production
        is not showing significant signs of growth. The uncertainty caused by
        the prospect of military action against Iraq, and development of its oil
        and gas reserves thereafter, remains and there are signs that a general
        recovery in global economic demand will be further postponed, or that
        there could be a lapse into recession with the situation exacerbated by
        the run up in oil prices. Demand for seamless pipes in Tenariss local
        markets is showing signs of improvement in Argentina, Mexico and Canada
        but in Venezuela a national strike brought the oil and gas industry to
        a virtual halt in January and it will take time for demand to recover.
        In Italy and Japan, demand continues to be affected by stagnant levels
        of industrial activity. Demand for Tenariss welded pipes remains strong,
        despite the completion of deliveries to the major gas pipeline projects
        in Ecuador and Peru that Tenaris supplied in 2002, due to increased demand
        for oil and gas pipelines in the Brazilian market.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Sales Volumes and Revenues
|--------------------------

|(metric tons)        |           |           |                    
|-------------------- | --------- | --------- | -------------------
|                    
|Sales volume         | 2002      | 2001      | Increase/(Decrease)
|                    
|South America        | 324,000   | 490,000   | (34%)              
|North America        | 401,000   | 438,000   | (8%)               
|Europe               | 644,000   | 715,000   | (10%)              
|Middle East & Africa | 522,000   | 582,000   | (10%)              
|Far East & Oceania   | 392,000   | 448,000   | (13%)              
|Total seamless pipes | 2,283,000 | 2,673,000 | (15%)              
|Welded pipes         | 585,000   | 432,000   | 35%                
|Total steel pipes    | 2,868,000 | 3,105,000 | (8%)               



|Sales volumes of seamless pipes decreased by 15%
to 2,283,000 tons in 2002 from  2,673,000 tons in 2001. This significant decrease in
sales volume reflected the  effects of lower oil and gas drilling activity worldwide, the
general slowdown  in global industrial production, and political and economic
developments in  Tenariss principal South American markets of Argentina and Venezuela.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|Sales volumes of welded pipes increased by 35%
to 585,000 tons in 2002 from  432,000 in 2001, reflecting a period of high demand for
welded pipes in  connection with gas pipeline projects in Ecuador, Peru and Bolivia,
which more  than offset reduced sales in the Argentine market.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Tenaris produced 2,245,000 tons of seamless
pipes and 561,000 tons of welded  pipes during 2002.
|------------------------------------------------------------------------------------------------



|(US$ million)  |         |         |                    
|-------------- | ------- | ------- | -------------------
|              
|Net sales      | 2002    | 2001    | Increase/(Decrease)
|              
|Seamless pipes | 2,241.4 | 2,496.5 | (10%)              
|Welded pipes   | 580.0   | 432.6   | 34%                
|Energy         | 210.4   | 113.4   | 86%                
|Others         | 187.6   | 132.0   | 42%                
|Total          | 3,219.4 | 3,174.3 | 1%                 



|[The following table represents
      a pie chart in the printed material.]
|---------------------------------------------------------------------------
|                                                                           
|NET SALES BY GEOGRAPHICAL DISTRIBUTION                                     
|                                                                           
|MIDDLE EAST & AFRICA                                                       
|FAR EAST & OCEANIA                                                         
|SOUTH AMERICA                                                              
|NORTH AMERICA                                                              
|EUROPE                                                                     

|[The following table represents
      a pie chart in the printed material.]
|---------------------------------------------------------------------------
|                                                                           
|NET SALES BY BUSINESS SEGMENTS                                             
|                                                                           
|ENERGY                                                                     
|OTHERS                                                                     
|WELDED                                                                     
|SEAMLESS                                                                   





|Net sales in 2002 totaled US$3,219.4 million,
compared to US$3,174.3 million in  2001. This 1.4% increase resulted from increased sales
volumes for welded pipes,  increased sales of electricity and natural gas by Dalmine
Energie, increased  sales of other steel products (principally Sidors flat products) by
Tenaris  Global Services and increased average net sales prices for seamless steel pipes,
which was sufficient to offset the effect of the 14.6% overall reduction in  sales
volumes of seamless steel pipes. The increase in the average net sales  price for
Tenariss seamless pipes, which was achieved despite declining global  market prices for
seamless price products and lower prices in the Argentine  market, reflects higher U.S.
dollar market prices in Europe and the fact that  Tenaris sold a higher proportion of
pipes with significant value added in terms  of heat treatment, finishing and services.
Sales of other steel products by  Tenaris Global Services, amounting to US$129.3 million
in 2002 and US$56.9  million in 2001 principally in Europe and North America, have ceased
following  the completion of the transfer of Tenaris Global Services to Tenaris. Sales of
welded pipes include sales of metal structures made by Tenariss Brazilian  welded pipe
subsidiary in the amount of US$83.5 million in 2002 and US$70.5  million in 2001.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|Operating Income
|----------------



|Operating income rose to US$471.9 million (14.7%
of net sales) compared to  US$441.6 million (13.9% of net sales) in 2001. Operating
income plus  depreciation and amortization rose to US$648.2 million (20.1% of net sales)
compared to US$603.3 million (19.0% of net sales) in 2001. Margins on seamless  pipe
sales increased significantly (the gross margin rose to 36.6% from 33.4%),  but the
effect of this on overall margins was largely offset by a higher  proportion of
low-margin energy (gross margin of 5.6%) and other steel products  sales in the
composition of overall net sales.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|The improved gross margin on seamless pipe
sales, achieved despite the 14.6%  decline in sales volume, is explained principally by
the reduced cost of sales  at Tenariss Argentine operations, reflecting the effects of
the substantial  devaluation of the Argentine peso on those costs denominated in
Argentine pesos,  the effects of which were offset only in part by concurrent inflation
over the  period, partially offset by higher cost of sales at Tenariss Mexican
operations  explained by higher energy and raw material costs and higher cost of sales at
Tenariss Italian operations explained by the appreciation of the Euro against  the U.S.
dollar. In addition, as noted above, Tenaris sold a higher proportion  of pipes with
significant value added in terms of heat treatment, finishing and  services which allowed
it to increase average per ton price levels for its  seamless pipes despite declining
overall market prices.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Selling, general and administrative expenses, or
SG&A, increased significantly  to US$568.1 million, or 17.6% of net sales, compared
to US$502.7 million, or  15.8% of net sales, during 2001. This increase resulted
primarily from increased  selling expenses at Tenariss welded operations in Brazil
(US$55.1 million),  which reflected higher export sales, changes in selling conditions
and a  contractual claim, the impact of new export and financial transaction taxes and
other non-income related taxes in Argentina (US$28.3 million) and additional  selling
expenses associated with increased supply of value-added services to  customers which
more than offset a reduction in general and administration  expenses in Tenariss
Argentine operations following the substantial devaluation  of the Argentine peso.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Other operating income and expenses showed a net
loss of US$10.8 million,  compared to a net loss of US$64.4 million during 2001. Other
operating income  amounted to US$15.6 million resulting from insurance reimbursements,
gains on  government securities and proceeds from the sale of warehouses. Other operating
expenses include an increase of US$18.9 million in the provision established in  respect
of the BHP proceedings (the total provision now stands at US$66.6  million of which
US$22.5 million has already been used).
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Net Income
|----------



|Net income of US$94.3 million compares to
US$81.3 million in 2001. Net income  before deduction of minority interest attributable
to participations in  consolidated subsidiaries acquired in the Exchange Offer increased
to US$193.8  million from US$135.8 million in 2001. In 2001, Tenariss net income as
reported  was negatively affected by a deferred tax charge of US$109.9 million due to the
effect of the devaluation of the Argentine peso on the tax bases of the  non-monetary
assets of Tenariss subsidiaries in Argentina. In 2002, Tenariss  net income as reported
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|was negatively affected by a further deferred
tax charge  of US$25.3 million for the same concept and a tax charge of US$79.4 million,
partially deferred, resulting from exchange rate gains on monetary assets held  in
foreign currency recorded by its Argentine subsidiaries following the  devaluation of the
Argentine peso (the Argentine tax authorities have not  permitted the application of
inflation-adjustment for fiscal purposes),  partially offset by a recovery of tax in the
amount of US$36.8 million at its  principal Mexican subsidiary.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Financial results showed a net financial loss of
US$20.6 million, compared to a  net loss of US$25.6 million in 2001. This improvement was
mainly attributable to  reduced net interest expenses of US$20.3 million, compared to
US$41.1 million in  2001, as a result of lower net debt.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Tenariss share in the results of associated
companies generated a loss of  US$6.8 million, compared to a loss of US$41.3 million in
2001. This decreased  loss was attributable to lower losses associated with Tenariss
investment in  Amazonia (US$7.7 million, compared to US$31.3 million in 2001). In
addition, in  2001 Tenaris disposed of its interests in Siderar and DMV Stainless, which
had  generated losses of US$9.8 million in 2001.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Tenaris recorded an income tax provision of
US$244.6 million, compared to an  income tax provision of US$218.8 million in 2001. As
noted above, the recorded  tax provisions in 2002 and 2001 have been affected by tax
charges relating to  the effect of the devaluation of the Argentine peso. If the
aforementioned  charges were excluded from the calculation of the income tax provision,
it would  have been US$139.9 million in 2002, compared to US$109.0 million in 2001.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Cash Flow and Liquidity
|-----------------------



|Tenariss cash and cash equivalents increased by
US$90.7 million to US$304.5  million from US$213.8 million at December 31, 2001. In
addition, Tenaris had  investments of US$135.8 million in trust funds established to
support its  Argentine and Brazilian operations.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Net cash provided by operations was US$461.4
million. Working capital increased  by US$124.3 million reflecting an increase in trade
and other receivables  (US$156.2 million) and decreases in inventories (US$46.1 million),
advances from  customers (US$32.3 million) and trade payables (US$28.9 million).
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Net cash used in investment activities was
US$180.6 million. This includes  investments of US$124.6 million in property, plant and
equipment, US$23.0  million in intangible assets and proceeds of US$14.4 million from
sales of  property, plant and equipment. Net capital expenditure (inclusive of investment
in intangible assets) of US$133.2 million compares with net capital expenditure  of
US$182.9 million in 2001. It also includes investments of US$32.3 million in  trust funds
established to support its Argentine and Brazilian operations and  US$14.8 million in
costs relating to the Exchange Offer.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Net cash used in financing activities was
US$184.4 million. This includes net  repayment of bank and financial loans of US$103.6
million and dividend payments  of US$80.8 million.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|Recent Events
|-------------



|The board of directors, in a meeting today,
decided to propose to the vote of  the General Shareholders Assembly, to be held on May
28, 2003, the approval of a  dividend payment of US$115.0 million, or US$0.10 per share
(US$0.99 per ADS).
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Some of the statements contained in this press
release are forward-looking statements. Forward-looking statements are based
on managements current views and assumptions and involve known and unknown risks that
could cause actual results, performance or events to differ materially from those
expressed or implied by those statements. These risks include but are not limited to
risks arising from uncertainties as to future oil prices and their impact on investment
programs by oil companies.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|With manufacturing facilities in Argentina,
Brazil, Canada, Italy, Japan, Mexico and Venezuela and a network of customer service
centers present in over 20 countries worldwide, Tenaris is a leading global manufacturer
of seamless steel pipes and provider of pipe handling, stocking and distribution
services to the oil and gas, energy and mechanical industries as well as a leading
regional supplier of welded steel pipes for gas pipelines in South America.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|Consolidated Combined Income Statement
|--------------------------------------

|                                                                                       |  |                        
|-------------------------------------------------------------------------------------- |  | -----------------------
|                                                                                       |  | Year ended December 31,
|                                                                                       |  |                        
|(All amounts in US$ thousands)                                                         |  | 2002                   
|Net sales                                                                              |  | 3,219,384              
|Cost of sales                                                                          |  | (2,168,594             
|                                                                                       |  |                        
|Gross profit                                                                           |  | 1,050,790              
|Selling, general and administrative expenses                                           |  | (568,149               
|Other operating income                                                                 |  | 15,589                 
|Other operating expenses                                                               |  | (26,353                
|                                                                                       |  |                        
|Operating income                                                                       |  | 471,877                
|Financial income (expenses), net                                                       |  | (11,145                
|Other exchange rate differences                                                        |  | (9,452                 
|                                                                                       |  |                        
|Income before income tax and
      equity in earnings (losses) of associated companies |  | 451,280                
|Equity in (losses) of associated companies                                             |  | (6,802                 
|                                                                                       |  |                        
|Income before income tax and minority interest                                         |  | 444,478                
|Recovery of income tax                                                                 |  | 36,783                 
|Income tax                                                                             |  | (219,288               
|Effect of currency translation on tax base                                             |  | (25,266                
|                                                                                       |  |                        
|Net income before minority interest                                                    |  | 236,707                
|Minority interest (1)                                                                  |  | (42,881                
|                                                                                       |  |                        
|Net income before other minority interest                                              |  | 193,826                
|Other minority interest (2)                                                            |  | (99,522                
|                                                                                       |  |                        
|Net income                                                                             |  | 94,304                 



|(1) Minority interest excluding minority interest attributable
      to participations in consolidated subsidiaries acquired in the Exchange
      Offer
|--------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) Minority interest attributable to participations in
      consolidated subsidiaries acquired in the Exchange Offer
|----------------------------------------------------------------------------------------------------------------------



| |  | 
| |  | 



---





|Consolidated Combined Balance Sheet
|-----------------------------------

|                                                                         |                  
|------------------------------------------------------------------------ | -----------------
|                                                                         | December 31, 2002
|                                                                         |                  
|(All amounts in US$ thousands)                                           |                  
|                                                                         |                  
|Assets                                                                   |                  
|Non-current assets                                                       |                  
|Property, plant and equipment,
      net                                 | 1,934,237        
|Intangible assets, net                                                   | 32,684           
|Investments in associated
      companies                                | 14,327           
|Other investments                                                        | 159,303          
|Deferred tax assets                                                      | 49,412           
|Receivables                                                              | 16,902           
|                                                                         |                  
|Current assets                                                           |                  
|Inventories                                                              | 680,113          
|Receivables and prepayments                                              | 155,706          
|Trade receivables                                                        | 670,226          
|Cash and cash equivalents                                                | 304,536          
|                                                                         |                  
|                                                                        
|Total assets                                                             |                  
|                                                                        
|Equity and Liabilities                                                   |                  
|                                                                         |                  
|Shareholders equity                                                     |                  
|                                                                         |                  
|Minority interest                                                        |                  
|                                                                         |                  
|Non-current liabilities                                                  |                  
|Borrowings                                                               | 322,205          
|Deferred tax liabilities                                                 | 320,753          
|Deferred tax - effect of
      currency translation
         on tax base | 114,826          
|Employee liabilities                                                     | 123,023          
|Provisions                                                               | 33,874           
|Trade payables                                                           | 18,650           
|                                                                         |                  
|Current liabilities                                                      |                  
|Borrowings                                                               | 393,690          
|Current tax liabilities                                                  | 161,704          
|Other liabilities                                                        | 53,428           
|Provisions                                                               | 73,953           
|Customers advances                                                       | 37,085           
|Trade payables                                                           | 483,418          
|                                                                         |                  
|                                                                        
|Total liabilities                                                        |                  
|                                                                        
|                                                                         |                  
|                                                                        
|Total equity and liabilities                                             |                  
|                                                                        



| |  | 
| |  | 



---





|Consolidated Combined Statement of Cash Flows
(selected)
|--------------------------------------------------------

|                                                           |  |                        
|---------------------------------------------------------- |  | -----------------------
|                                                           |  | Year ended December 31,
|                                                           |  |                        
|(All amounts in US$ thousands)                             |  | 2002                   
|                                                           |  |                        
|Net income                                                 |  | 94,304                 
|Depreciation and amortization                              |  | 176,315                
|Tax accruals less payments                                 |  | 174,478                
|Minority interest                                          |  | 142,403                
|Equity in losses of associated companies                   |  | 6,802                  
|Interest accruals less payments                            |  | 4,780                  
|Net provisions                                             |  | (13,361                
|Change in working capital                                  |  | (124,285               
|Net cash provided by operations                            |  | 461,436                
|                                                           | 
|Net cash used in investment
      activities               |  | (180,606               
|                                                           | 
|Dividends                                                  |  | (80,774                
|Net borrowings                                             |  | (103,602               
|Net cash (used in) provided by financing activities        |  | (184,376               
|                                                           | 
|Increase in cash and cash equivalents                      |  | 96,454                 
|                                                           | 
|Cash at beginning of year                                  |  | 213,814                
|Effect of exchange rate differences on cash
      position |  | (5,732                 
|                                                          
|Cash at end of year                                        |  | 304,536                
|                                                          



| |  | 
| |  | 



---