TENARIS SA | CIK:0001190723 | 3

  • Filed: 4/30/2018
  • Entity registrant name: TENARIS SA (CIK: 0001190723)
  • Generator: Thunderdome
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1190723/000117184318003182/0001171843-18-003182-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1190723/000117184318003182/ts-20171231.xml
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    • ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory

    24
    Derivative financial instruments
     
    Net fair values of derivative financial instruments
     
    The net fair values of derivative financial instruments disclosed within Other Receivables and Other Liabilities at the reporting date, in accordance with IAS
    39,
    are:
        Year ended December 31,  
        2017     2016  
    Foreign exchange derivatives contracts    
    8,230
    		      
    2,759
    		  
    Contracts with positive fair values    
    8,230
    		      
    2,759
    		  
                     
    Foreign exchange derivatives contracts    
    (39,799
    		 )    
    (42,635
    		 )
    Contracts with negative fair values    
    (39,799
    		 )    
    (42,635
    		 )
    Total    
    (31,569
    		 )    
    (39,876
    		 )
     
    Foreign exchange derivative contracts and hedge accounting
     
    Tenaris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair values of exchange rate derivatives and those derivatives that were designated for hedge accounting as of
    December 2017
    and
    2016,
    were as follows:
     
                  Fair Value     Hedge Accounting Reserve  
    Purchase currency   Sell currency   Term     2017     2016     2017     2016  
    MXN  
    USD
    		    
    2018
    		      
    (20,447
    		 )    
    (35,165
    		 )    
    (534
    		 )    
    9
    		  
    USD  
    MXN
    		    
    2018
    		      
    490
    		      
    694
    		      
    -
    		      
    (2,280
    		 )
    EUR  
    USD
    		    
    2018
    		      
    5,660
    		      
    (360
    		 )    
    1,881
    		      
    -
    		  
    USD  
    EUR
    		    
    2018
    		      
    (367
    		 )    
    (33
    		 )    
    -
    		      
    (1,435
    		 )
    JPY  
    USD
    		    
    2018
    		      
    (101
    		 )    
    (179
    		 )    
    -
    		      
    73
    		  
    USD  
    KWD
    		    
    2018
    		      
    (630
    		 )    
    (2,447
    		 )    
    (520
    		 )    
    (1,016
    		 )
    USD  
    ARS
    		    
    2018
    		      
    22
    		      
    (748
    		 )    
    -
    		      
    -
    		  
    ARS  
    USD
    		    
    2018
    		      
    (13,715
    		 )    
    318
    		      
    (1,067
    		 )    
    (93
    		 )
    USD  
    BRL
    		    
    2018
    		      
    (17
    		 )    
    (1,581
    		 )    
    -
    		      
    -
    		  
    USD  
    CAD
    		    
    2018
    		      
    (2,072
    		 )    
    (225
    		 )    
    -
    		      
    -
    		  
    Others  
     
    		    
     
    		      
    (392
    		 )    
    (150
    		 )    
    -
    		      
    -
    		  
    Total  
     
    		    
     
    		      
    (31,569
    		 )    
    (39,876
    		 )    
    (240
    		 )    
    (4,742
    		 )
     
    Following is a summary of the hedge reserve evolution:
     
        Equity Reserve Dec-15     Movements 2016     Equity Reserve Dec-16     Movements 2017     Equity Reserve Dec-17  
    Foreign Exchange    
    2,783
    		      
    (7,525
    		 )    
    (4,742
    		 )    
    4,502
    		      
    (240
    		 )
    Total Cash flow Hedge    
    2,783
    		      
    (7,525
    		 )    
    (4,742
    		 )    
    4,502
    		      
    (240
    		 )
     
    Tenaris estimates that the cash flow hedge reserve at
    December 31, 2017
    will be recycled to the Consolidated Income Statement during
    2018.