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H.S. sophomore Avg
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Exhibit 7
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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 fixed charges and preferred share dividends are not presented as there were no mandatory preferred share dividends in any of the periods indicated.
| For the year ended | ||||
CHF million, except for ratio | 31.12.15 | 31.12.14 | 31.12.13 | 31.12.12 | 31.12.11 |
Pre-tax earnings from continuing operations |
5,349 |
2,424 |
3,287 |
(1,851) |
5,025 |
Add: Fixed charges | 7,052 | 7,293 | 8,030 | 10,688 | 11,831 |
Pre-tax earnings before fixed charges | 12,401 | 9,717 | 11,317 | 8,836 | 16,856 |
Fixed charges: |
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Interest expense | 6,449 | 6,639 | 7,351 | 9,990 | 11,143 |
Other1 | 603 | 653 | 679 | 698 | 688 |
Total fixed charges | 7,052 | 7,293 | 8,030 | 10,688 | 11,831 |
Ratio of earnings to fixed charges2 | 1.76 | 1.33 | 1.41 | 0.833 | 1.42 |
1 Other fixed charges relate to the interest component of rental expense. 2 A ratio of earnings to combined fixed charges and preference security dividend requirements is not presented as it equals the ratio of earnings to fixed charges. 3 For the year ended 31 December 2012, the ratio of earnings to fixed charges was less than 1.00. The amount by which total fixed charges exceeded pre-tax earnings from continuing operations for this period was CHF 1,851 million.