Ratio of earnings to fixed charges |
Ratio of earnings to fixed charges - Group | |||||||||||||
in | 6M09 | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||
Ratio of earnings to fixed charges (CHF million) | |||||||||||||
Income/(loss) from continuing operations before taxes, noncontrolling interests, extraordinary items and cumulative effect of accounting changes | 3,074 | (14,902) | 13,740 | 14,319 | 7,342 | 7,331 | |||||||
Income from investments in associates | (13) | 82 | (196) | (124) | (286) | (169) | |||||||
Pre-tax earnings/(loss) from continuing operations | 3,061 | (14,820) | 13,544 | 14,195 | 7,056 | 7,162 | |||||||
Fixed charges: | |||||||||||||
Interest expense | 11,441 | 39,403 | 54,108 | 43,699 | 29,195 | 18,791 | |||||||
Interest portion of rentals 1 | 293 | 574 | 584 | 569 | 535 | 535 | |||||||
Preferred dividend requirements | 67 | 60 | 0 | 0 | 0 | 0 | |||||||
Total fixed charges | 11,801 | 40,037 | 54,692 | 44,268 | 29,730 | 19,326 | |||||||
Pre-tax earnings before fixed charges | 14,862 | 25,217 | 68,236 | 58,463 | 36,786 | 26,488 | |||||||
Noncontrolling interests | (1,469) | (2,619) | 4,738 | 3,630 | 1,948 | 1,080 | |||||||
Earnings before fixed charges and provision for income taxes | 16,331 | 27,836 | 63,498 | 54,833 | 34,838 | 25,408 | |||||||
Ratio of earnings to fixed charges | 1.38 | 0.70 | 2 | 1.16 | 1.24 | 1.17 | 1.31 | ||||||
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 12,201 million for the year ended December 31, 2008. |