Ratio of earnings to fixed charges |
Ratio of earnings to fixed charges | |||||||||||||
in | 6M08 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||
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 | (688) | 13,748 | 14,300 | 7,401 | 7,369 | 4,658 | |||||||
Income from investments in associates | (32) | (196) | (124) | (286) | (169) | (55) | |||||||
Pre-tax earnings from continuing operations | (720) | 13,552 | 14,176 | 7,115 | 7,200 | 4,603 | |||||||
Fixed charges: | |||||||||||||
Interest expense | 21,854 | 54,109 | 43,703 | 29,198 | 18,796 | 16,349 | |||||||
Interest portion of rentals 1 | 273 | 592 | 577 | 543 | 542 | 551 | |||||||
Preferred dividend requirements | 0 | 0 | 0 | 0 | 0 | 133 | |||||||
Total fixed charges | 22,127 | 54,701 | 44,280 | 29,741 | 19,338 | 17,033 | |||||||
Pre-tax earnings before fixed charges | 21,407 | 68,253 | 58,456 | 36,856 | 26,538 | 21,636 | |||||||
Minority interests | 403 | 4,738 | 3,630 | 1,948 | 1,080 | 150 | |||||||
Earnings before fixed charges and provision for income taxes | 21,004 | 63,515 | 54,826 | 34,908 | 25,458 | 21,486 | |||||||
Ratio of earnings to fixed charges 2 | 0.95 | 1.16 | 1.24 | 1.17 | 1.32 | 1.26 | |||||||
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 1,123 million as of June 30, 2008. |