EX-7.1 3 d718202dex71.htm EX-7.1

EX-7.1

Exhibit 7.1

Tenaris – Liquid financial assets over total assets

Thousands of U.S. Dollars		December 31, 2013				December 31, 2012
Cash and cash equivalents			614,529				828,458
Other investments (current)			1,227,330				644,409
Liquid financial assets			1,841,859				1,472,867
Total assets			15,930,970				15,959,543
Ratio			11.6	%			9.2	%

Tenaris – Total Liabilities to Total Assets Ratio

Thousands of U.S. Dollars		December 31, 2013				December 31, 2012				December 31, 2011
Total liabilities(1)			3,461,104				4,459,951				3,735,648
Total Assets(1)			15,930,970				15,959,543				14,858,384
Ratio			0.22				0.28				0.25

Tenaris – Current debt to total debt

Thousands of U.S. Dollars		December 31, 2013				December 31, 2012
Current Borrowings			684,717				1,211,785
Total Borrowings			930,935				1,744,192
Ratio			0.74				0.69

(1) Certain comparative amounts have been re-presented to conform to the adoption of revised IAS19 on Employee Benefits for the years 2012 and 2011. For more information, see “II Accounting Policy – A Basis of presentation” to our audited consolidated financial statements included in this annual report.