Exhibit 12
Ratio of Earnings to Fixed Charges
The following table sets forth UBS AG’s ratio of earnings to fixed charges, for the years indicated.
For the year ended 31 December | 2000 | 1999 | 1998 | 1997 | |||||||||||||
IAS(1) | |||||||||||||||||
Pre-tax earnings from continuing operations(2) | 10,109 | 7,709 | 3,560 | (851 | ) | ||||||||||||
Add: Fixed Charges | 44,251 | 30,246 | 32,958 | 17,273 | |||||||||||||
Pre-Tax Earnings Before Fixed Charges | 54,360 | 37,955 | 36,518 | 16,422 | |||||||||||||
Fixed charges: | |||||||||||||||||
Interest | 43,615 | 29,695 | 32,424 | 16,733 | |||||||||||||
Other(3) | 636 | 551 | 534 | 540 | |||||||||||||
Total Fixed Charges | 44,251 | 30,246 | 32,958 | 17,273 | |||||||||||||
Ratio of Earnings to Fixed Charges(4) | 1.23 | 1.25 | 1.11 | 0.95 | |||||||||||||
U.S. GAAP(1) | |||||||||||||||||
Pre-tax earnings from continuing operations(1) | 6,617 | 4,216 | (5,319 | ) | |||||||||||||
Add: Fixed charges | 44,220 | 30,211 | 26,307 | ||||||||||||||
Pre-Tax Earnings Before Fixed Charges | 50,837 | 34,427 | 20,988 | ||||||||||||||
Fixed charges: | |||||||||||||||||
Interest | 43,584 | 29,660 | 25,773 | ||||||||||||||
Other(3) | 636 | 551 | 534 | ||||||||||||||
Total Fixed Charges | 44,220 | 30,211 | 26,307 | ||||||||||||||
Ratio of Earnings to Fixed Charges(5) | 1.15 | 1.14 | 0.80 |
(1) | The ratio is provided using both IAS and U.S. GAAP values, as the ratio is materially different between the two accounting standards. No U.S. GAAP information is provided for 31 December 1997 as a U.S. 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. |