EXHIBIT 12.1
STATEMENT REGARDING RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth UBS AG’s ratio of earnings to fixed charges on an IFRS basis for the periods indicated. The ratios are calculated based on earnings from continuing operations. Ratios of earnings to combined fixed charges and preferred stock dividend requirements are not presented as there were no preferred share dividends in any of the periods indicated. Prior period amounts have been restated. See Note 36 (Discontinued Operations) to the Financial Statements on pages 99 to 101 of the Financial Statements 2007 contained in UBS AG’s Form 20-F/A filed with the Securities and Exchange Commission on April 14, 2008 for further information.
For the year ended | 30.9.08 | 31.12.07 | 31.12.06 | 31.12.05 | 31.12.04 | 31.12.03 | ||||||||||||||||||
CHF million except for ratios | ||||||||||||||||||||||||
Pre-tax earnings from continuing operations (1) | -16,754 | -4,385 | 13,654 | 11,473 | 9,052 | 6,721 | ||||||||||||||||||
Add: Fixed charges | 50,536 | 104,795 | 81,800 | 50,576 | 28,293 | 28,607 | ||||||||||||||||||
Pre-tax earnings before fixed charges | 33,782 | 100,410 | 95,454 | 62,049 | 37,345 | 35,328 | ||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest | 49,809 | 103,775 | 80,880 | 49,758 | 27,484 | 27,784 | ||||||||||||||||||
Other (2) | 727 | 1,020 | 920 | 818 | 809 | 823 | ||||||||||||||||||
Total fixed charges | 50,536 | 104,795 | 81,800 | 50,576 | 28,293 | 28,607 | ||||||||||||||||||
Ratio of earnings to fixed charges | 0.67 | 0.96 | 1.17 | 1.23 | 1.32 | 1.23 |
(1) | Pre-tax earnings from continuing operations includes the elimination of subsidiary associate and minority interest income and the addition of dividends received from associates. | |
(2) | Other fixed charges is the interest component of rental expense. |