Ratio of earnings to fixed charges |
Ratio of earnings to fixed charges | ||||||||||||||||||||
in | 6M07 | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||
Ratio of earnings to fixed charges (CHF million) | ||||||||||||||||||||
Income/(loss) from continuing operations before taxes, minority interests, extraordinary items and cumulative effect of accounting changes | 9,863 | 14,300 | 7,401 | 7,369 | 4,658 | (1,348) | ||||||||||||||
Income from investments in associates | (52) | (124) | (286) | (169) | (55) | 152 | ||||||||||||||
Pre-tax earnings from continuing operations | 9,811 | 14,176 | 7,115 | 7,200 | 4,603 | (1,196) | ||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | 26,973 | 43,703 | 29,198 | 18,796 | 16,349 | 20,938 | ||||||||||||||
Interest portion of rentals1 | 287 | 577 | 543 | 542 | 551 | 642 | ||||||||||||||
Preferred dividend requirements | 0 | 0 | 0 | 0 | 133 | 133 | ||||||||||||||
Total fixed charges | 27,260 | 44,280 | 29,741 | 19,338 | 17,033 | 21,713 | ||||||||||||||
Pre-tax earnings before fixed charges | 37,071 | 58,456 | 36,856 | 26,538 | 21,636 | 20,517 | ||||||||||||||
Minority interests | 2,260 | 3,630 | 1,948 | 1,080 | 150 | 150 | ||||||||||||||
Earnings before fixed charges and provision for income taxes | 34,811 | 54,826 | 34,908 | 25,458 | 21,486 | 20,367 | ||||||||||||||
Ratio of earnings to fixed charges2 | 1.28 | 1.24 | 1.17 | 1.32 | 1.26 | 0.94 | ||||||||||||||
1 Amounts reflect a portion of premises and real estate expenses deemed representative of the interest factor. 2 The deficiency in the coverage of fixed charges by earnings before fixed charges was CHF 1,346 million as of December 31, 2002. |