EX-15.1 63 ex151_8.htm EXHIBIT 15.1

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