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 | ||||||||||||||||||||||||
CHF million, except for ratios | 31.12.04 | 31.12.03 | 31.12.02 | 31.12.01 | 31.12.00 | 31.12.99 | ||||||||||||||||||
IFRS1 | ||||||||||||||||||||||||
Pre-tax earnings from continuing operations2 | 10,191 | 7,739 | 4,267 | 6,353 | 10,109 | 7,709 | ||||||||||||||||||
Add: Fixed charges | 28,366 | 28,708 | 30,297 | 45,089 | 44,251 | 30,246 | ||||||||||||||||||
Pre-tax earnings before fixed charges | 38,557 | 36,447 | 34,564 | 51,442 | 54,360 | 37,955 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest | 27,538 | 27,860 | 29,417 | 44,236 | 43,615 | 29,695 | ||||||||||||||||||
Other3 | 828 | 848 | 880 | 853 | 636 | 551 | ||||||||||||||||||
Total fixed charges | 28,366 | 28,708 | 30,297 | 45,089 | 44,251 | 30,246 | ||||||||||||||||||
Ratio of earnings to fixed charges | 1.36 | 1.27 | 1.14 | 1.14 | 1.23 | 1.25 | ||||||||||||||||||
US GAAP1 | ||||||||||||||||||||||||
Pre-tax earnings from continuing operations2 | 10,894 | 8,262 | 5,473 | 4,598 | 6,617 | 4,216 | ||||||||||||||||||
Add: Fixed charges | 28,134 | 28,548 | 30,214 | 44,950 | 44,220 | 30,211 | ||||||||||||||||||
Pre-tax earnings before fixed charges | 39,028 | 36,810 | 35,687 | 49,548 | 50,837 | 34,427 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest | 27,306 | 27,700 | 29,334 | 44,096 | 43,584 | 29,660 | ||||||||||||||||||
Other3 | 828 | 848 | 880 | 854 | 636 | 551 | ||||||||||||||||||
Total fixed charges | 28,134 | 28,548 | 30,214 | 44,950 | 44,220 | 30,211 | ||||||||||||||||||
Ratio of earnings to fixed charges | 1.39 | 1.29 | 1.18 | 1.10 | 1.15 | 1.14 |
1 The ratio is provided using both IFRS and US GAAP values, as the ratio is materially different between the two accounting standards.
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.