Exhibit 7.1
Tenaris – Liquid financial assets over total assets
| At December 31, | ||||||||||||
| Thousands of U.S. dollars | 2017 | 2016 | 2015 | |||||||||
| Cash and cash equivalents | 330,221 | 399,737 | 286,547 | |||||||||
| Other current investments | 1,192,306 | 1,633,142 | 2,140,862 | |||||||||
| Bonds and other fixed income | 123,498 | 248,049 | 393,084 | |||||||||
| Liquid financial assets | 1,646,025 | 2,280,928 | 2,820,493 | |||||||||
| Total assets | 14,398,218 | 14,003,275 | 14,886,974 | |||||||||
| Ratio | 11 | % | 16 | % | 19 | % | ||||||
Tenaris – Total Liabilities to Total Assets Ratio
| At December 31, | ||||||||||||
| Thousands of U.S. dollars | 2017 | 2016 | 2015 | |||||||||
| Total liabilities | 2,817,248 | 2,590,203 | 3,020,918 | |||||||||
| Total assets | 14,398,218 | 14,003,275 | 14,886,974 | |||||||||
| Ratio | 0.20 | 0.18 | 0.20 | |||||||||
Tenaris – Current borrowings to total borrowings
| At December 31, | ||||||||||||
| Thousands of U.S. dollars | 2017 | 2016 | 2015 | |||||||||
| Current borrowings | 931,214 | 808,694 | 748,295 | |||||||||
| Total Borrowings | 965,859 | 840,236 | 971,516 | |||||||||
| Ratio | 0.96 | 0.96 | 0.77 | |||||||||