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Nokia Corporation
Computation of ratio of earnings to fixed charges
| Year ended December 31, | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
| 2003 | 2004 | 2005 | 2006 | 2007 | ||||||
| (EUR millions, except ratios) | ||||||||||
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | 5,294 | 4,705 | 4,971 | 5,723 | 8,268 | ||||||
Fixed charges: | |||||||||||
Interest expense on financial liabilities carried at amortised cost | 25 | 22 | 18 | 22 | 43 | ||||||
Interest portion of rental expense (33%)(1) | 95 | 79 | 87 | 95 | 109 | ||||||
Total fixed charges | 120 | 101 | 105 | 117 | 152 | ||||||
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees plus fixed charges | 5,414 | 4,806 | 5,076 | 5,840 | 8,420 | ||||||
Ratio of earnings to fixed charges | 45.1 | 47.7 | 48.2 | 49.9 | 55.3 | ||||||
- (1)
- Represents an appropriate interest factor.
1