CA Indosuez (Switzerland) SA Annual Report 2022 86 5.38 OPERATING INCOME BROKEN DOWN BY SWISS AND FOREIGN ORIGIN BASED ON THE PRINCIPLE OF PERMANENT ESTABLISHMENT FY 2022 FY 2021 (in thousands of CHF) Switzerland Foreign Switzerland Foreign Interest and discount income 114,538 101,877 66,720 30,435 Interest and dividend income from trading books 502 190 5 235 Interest and dividend income from long-term investments 3,939 14,253 -834 1,582 Interest expense -63,931 -68,238 8,002 -8,598 Gross result from interest operations 55,048 48,082 73,893 23,654 Changes in value adjustments for default risks and losses from interest operations 3,924 -612 826 303 Subtotal - Net result from interest operations 58,972 47,470 74,719 23,957 Fee income from securities trading and investment activities 89,821 38,341 102,147 53,163 Commission income from lending activities 38,197 1,337 35,362 80 Commission income from other services 34,334 1,805 26,202 2,932 Commission expense -5,069 -25,158 -6,577 -28,003 Subtotal - Result from commission business and services 157,283 16,325 157,134 28,172 Net income from trading activities and the fair value option 63,783 22,391 32,692 20,311 Result from the disposal of financial investments 71 - 153 - Income from participating interests 2,368 - 2,313 - Result from real estate operations 1,669 - 1,524 - Other ordinary income 6,402 3,988 6,966 4,205 Other ordinary expenses -10 - -86 -7 Subtotal - Other income from ordinary activities 10,500 3,988 10,870 4,198 Personnel expenses -132,522 -56,594 -132,158 -52,744 Other operating expenses -86,211 -24,496 -81,977 -24,198 Subtotal - Operating expenses -218,733 -81,090 -214,135 -76,942 Value adjustments on equity interests, and depreciation and amortisation of property, plant and equipment and intangible assets -13,083 -5,877 -7,639 -6,341 Changes to provisions and other value adjustments, and losses 3 861 -415 -12,460 -388 Operating income 62,583 2,792 41,181 -7,033 5.39 CURRENT AND DEFERRED TAXES AND DISCLOSURE OF THE TAX RATE (in thousands of CHF) FY 2022 FY 2021 Current income taxes 10,241 7,989 Deferred income taxes - - Release of the provision for taxes relative to previous financial years -5,203 -1,943 Total taxes 5,038 6,046 Average weighted tax rate on the basis of pre-tax income 7.7% - The weighted average tax rate calculated on the basis of operating income of 7.7% takes into account the effect of tax losses carry forwards. TAX LOSS CARRYFORWARDS (in thousands of CHF) FY 2022 FY 2021 Tax loss carryforwards, opening balance 9,728 30,406 Increase in tax loss carryforwards 10,623 - Decrease in tax loss carryforwards -20,351 -20,678 Tax loss carryforwards, closing balance - 9,728
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