EX-7.1 3 dex71.htm STATEMENT EXPLAINING CALCULATION OF RATIOS Statement Explaining Calculation of Ratios

Exhibit 7.1

Tenaris – Liabilities to Total Assets Ratio

 

Thousands of U.S. Dollars    December 31,
2005		    December 31,
2004		    December 31,
2003

Total liabilities

    2,930,155    3,001,093    2,348,284

Total Assets

    6,706,028    5,662,288    4,309,548
              

Ratio

    0.44    0.53    0.54
              

Tenaris – Current debt to total debt

 

Thousands of U.S. Dollars    December 31,
2005		    December 31,
2004

Current debt

    332,180    838,591

Total debt

    1,010,292    1,259,342
         

Ratio

    0.33    0.67