EX-99.7: STATEMENT RE RATIO OF EARNINGS

EX-99.7 5 y58380ex99-7.htm EX-99.7: STATEMENT RE RATIO OF EARNINGS EX-99.7: STATEMENT RE RATIO OF EARNINGS

Exhibit 7. Statement regarding ratio of earnings to fixed charges.

The following table sets forth UBS AG’s ratio of earnings to fixed charges, for the periods indicated.


		For the year ended

		31.12.01		31.12.00		31.12.99		31.12.98			31.12.97

IAS ⁽¹⁾




Pre-tax earnings from continuing operations ⁽²⁾			6,353		10,109		7,709		3,560			(851	)




Add: Fixed Charges			45,090		44,251		30,246		32,958			17,273

Pre-tax earnings before fixed charges			51,443		54,360		37,955		36,518			16,422




Fixed charges:




	Interest		44,236		43,615		29,695		32,424			16,733




	Other ⁽³⁾		854		636		551		534			540

Total Fixed charges			45,090		44,251		30,246		32,958			17,273




Ratio of earnings to fixed charges ⁽⁴⁾			1.14		1.23		1.25		1.11			0.95

US GAAP ⁽¹⁾




Pre-tax earnings from continuing operations ⁽²⁾			4,598		6,617		4,216		(5,319	)




Add: Fixed charges			45,032		44,220		30,211		26,307

Pre-tax earnings before fixed charges			49,630		50,837		34,427		20,988




Fixed charges:




	Interest		44,178		43,584		29,660		25,773




	Other ⁽³⁾		854		636		551		534

Total Fixed charges			45,032		44,220		30,211		26,307




Ratio of earnings to fixed charges ⁽⁵⁾			1.10		1.15		1.14		0.80

(1) The ratio is provided using both IAS and US GAAP values, as the ratio is materially different between the two accounting standards. No US GAAP information is provided for the year ended 31 December 1997 as a GAAP reconciliation was not required for that period.

(2) Pre-tax earnings from continuing operations includes the elimination of subsidiary, associate and minority interest income and the addition of dividends received from associates.

(3) Other fixed charges is the interest component of rental expense.

(4) The deficiency in the coverage of fixed charges by earnings before fixed charges at 31 December 1997 was CHF 851 million.

(5) The deficiency in the coverage of fixed charges by earnings before fixed charges at 31 December 1998 was CHF 5,319 million.

(1)		The ratio is provided using both IAS and US GAAP values, as the ratio is materially different between the two accounting standards. No US GAAP information is provided for the year ended 31 December 1997 as a GAAP reconciliation was not required for that period.




(2)		Pre-tax earnings from continuing operations includes the elimination of subsidiary, associate and minority interest income and the addition of dividends received from associates.




(3)		Other fixed charges is the interest component of rental expense.




(4)		The deficiency in the coverage of fixed charges by earnings before fixed charges at 31 December 1997 was CHF 851 million.




(5)		The deficiency in the coverage of fixed charges by earnings before fixed charges at 31 December 1998 was CHF 5,319 million.