Tenaris To Restate Financial Statements

(RTTNews) - Tenaris S.A. (TS) said that it has revised its value in use calculation for its investment in Usinas Siderurgicas de Minas Gerais S.A. - Usiminas and will restate its financial statements to reduce the carrying amount of the Usiminas investment to US$122 million as of September 30, 2014. As a result of this restatement, the financial statements at December 31, 2014 and March 15, 2015 will also be restated to reflect the lower carrying value of the Usiminas investment. Tenaris's cash flows are not affected.

The restated income attributable to owners of the parent for the first-quarter of 2015 was $255 million or $0.22 per share, compared to previously reported income for attributable to owners of the parent of $222 million or $0.19 per share.

The restated income for attributable to owners of the parent for Year ended December 31, 2014 was $1.16 billion or $0.98 per share, compared to previously reported Income for attributable to owners of the parent of $1.343 billion or $1.14 per share.

Income for attributable to owners of the parent for the nine-month period ended September 30, 2014 have been restated to $912 million or $0.77 per share, from the previously reported Income of $1.15 billion or $0.97 per share.