EX-15.1 20 ex151_7.htm EXHIBIT 15.1

Exhibit 15.1

Ratios

Liquid financial assets over total assets

| At December 31,
Thousands of U.S. dollars | 2022 | 2021 | 2020
Cash and cash equivalents | 1,091,527 | 318,127 | 584,681
Other current investments | 438,448 | 397,849 | 872,488
Bonds and other fixed income | 113,574 | 312,619 | 239,422
Liquid financial assets | 1,643,549 | 1,028,595 | 1,696,591
Total assets | 17,550,246 | 14,449,431 | 13,716,189
Ratio | 0.09 | 0.07 | 0.12

Total liabilities to total assets ratio

| At December 31,
Thousands of U.S. dollars | 2022 | 2021 | 2020
Total liabilities | 3,515,809 | 2,343,729 | 2,269,716
Total assets | 17,550,246 | 14,449,431 | 13,716,189
Ratio | 0.20 | 0.16 | 0.17

Current borrowings to total borrowings

| At December 31,
Thousands of U.S. dollars | 2022 | 2021 | 2020
Current borrowings | 682,329 | 219,501 | 303,268
Total borrowings | 728,762 | 330,933 | 619,007
Ratio | 0.94 | 0.66 | 0.49