Exhibit 7.1
Tenaris – Liquid financial assets over total assets
| At December 31, | ||||||||||||
| Thousands of U.S. dollars | 2019 | 2018 | 2017 | |||||||||
| Cash and cash equivalents | 1,554,299 | 428,361 | 330,221 | |||||||||
| Other current investments | 210,376 | 487,734 | 1,192,306 | |||||||||
| Bonds and other fixed income | 18,012 | 113,829 | 123,498 | |||||||||
| Liquid financial assets | 1,782,687 | 1,029,924 | 1,646,025 | |||||||||
| Total assets | 14,842,991 | 14,251,299 | 14,398,218 | |||||||||
| Ratio | 12 | % | 7 | % | 11 | % | ||||||
Tenaris – Total Liabilities to Total Assets Ratio
| At December 31, | ||||||||||||
| Thousands of U.S. dollars | 2019 | 2018 | 2017 | |||||||||
| Total liabilities | 2,656,619 | 2,375,807 | 2,817,248 | |||||||||
| Total assets | 14,842,991 | 14,251,299 | 14,398,218 | |||||||||
| Ratio | 0.18 | 0.17 | 0.20 | |||||||||
Tenaris – Current borrowings to total borrowings
| At December 31, | ||||||||||||
| Millions of U.S. dollars | 2019 | 2018 | 2017 | |||||||||
| Current borrowings | 781,272 | 509,820 | 931,214 | |||||||||
| Total borrowings | 822,152 | 539,007 | 965,859 | |||||||||
| Ratio | 0.95 | 0.95 | 0.96 | |||||||||