Tenaris S.A.

Good day and thank you for standing by.

Welcome to the Q4 2021 Senatis S.A. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Giovanni Sardagna. Please go ahead.

Giovanni Sardagna Thank you, Gigi, and welcome to Tonares 2021 Fourth Quarter and Annual Results Conference Call. Before we start, I would like to remind you that we will be discussing forward-looking information in the call and that the actual results may vary from those expressed or implied during this call. With me on the call today are Paolo Rocca, our Chairman and CEO, Alizio Mondolo, our Chief Financial Officer, Guillermo Vogel, Vice Chairman and member of our Board of Directors, Germán Cura, Vice Chairman and member of our Board of Directors, Gabriel Podskubka, President of our Eastern Hemisphere Operations, and Luca Zanocchi, President of our U.S. Operations. Before passing over the call to Paolo for his opening remarks, I would like to briefly comment our quarterly results. During the fourth quarter of 2021, sales reached $2.1 billion, up 82% compared with those of the corresponding quarter of the previous year, and 17% sequentially, mainly driven by the ongoing recovery in wind activity and prices in North America, where OCPG inventory levels of distributors have fallen to normal levels. Our ABBA for the quarter was up 27% sequentially to $483 million, reflecting higher volumes, better pricing, and a good industrial performance. Our ABBA margin rose about 23% as better volumes and higher average selling prices, more than offset the increase in the cost of sales. Other selling prices in our tubes operating segment increased 20% compared to the corresponding quarter of 2020, and 11% sequentially. During the quarter, cash flow from operation was $36 million. Our net cash position at the end of the quarter declined to $700 million following the payment of an interim dividend of $153 million in November last year and capital expenditure of $69 million during the quarter. The Board of Directors has decided to propose for the approval of the annual General S.A. meeting to the end of the beginning of May, the payment of an annual dividend of 41 cents per share or 82 cents per ADR, which includes the interim dividend of 13 cents per share or 26 cents per ADR that we paid at the end of November last year. If approved, a dividend of 28 cents per share or 56 cents per ADR will be paid on May 25th. Now, I will ask Paolo to say a few words before we open the call to questions.