pretax
3.Pretax earnings last year rose 25%, to 5.5 billion, despite the soaring cost of raw materials and the strong euro.
4.Because when weighted average cost of capital(WACC) is used as discount rate,the calculating method of NCF should not be "Net Profit+Interest+ Depreciation" as stated in the book,but should be "Net Profit+Interest after Texes+ Depreciation" or "Pretax Profit(1-IncomeTax Rate)+ Depreciation".
5.Fourth-quarter expenses in investment banking jumped by 32 per cent, while operating income rose by only 22 per cent, prompting a slight drop in pretax income to SFr1.36bn ($1.1bn) year on year.

