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Exhibit 15.1

Ratios

Liquid financial assets to total assets

 

 

At December 31,

Thousands of U.S. dollars

2024

2023

2022

Cash and cash equivalents

  675,256

  1,637,821

  1,091,527

Other current investments

  2,372,999

  1,969,631

  438,448

Non-current investments

  998,251

  398,220

  113,574

Liquid financial assets

  4,046,506

  4,005,672

  1,643,549

Total assets

  20,450,125

  21,081,895

  17,550,246

Ratio

                 0.20

                 0.19

                 0.09

 

Total liabilities to total assets ratio

 

 

At December 31,

Thousands of U.S. dollars

2024

2023

2022

Total liabilities

  3,636,290

  4,051,458

  3,515,809

Total assets

  20,450,125

  21,081,895

  17,550,246

Ratio

  0.18

  0.19

  0.20


Current borrowings to total borrowings


 

At December 31,

Thousands of U.S. dollars

2024

2023

2022

Current borrowings

  425,999

  535,133

  682,329

Total borrowings

  437,398

  583,437

  728,762

Ratio

  0.97

  0.92

  0.94