Statement of Cash Flows (unaudited)

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Statement of Cash Flows

	For the six-month period ended

CHF million	30.6.05	30.6.04
Cash flow from/ (used in) operating activities

Net profit	5,126	4,522
Adjustments to reconcile net profit to cash flow from/ (used in) operating activities
Non-cash items included in net profit and other adjustments:
Depreciation of property and equipment	775	728
Amortization of goodwill and other intangible assets	160	461
Credit loss expense / (recovery)	(206)	(130)
Equity in income of associates	(83)	(94)
Deferred tax expense / (benefit)	43	255
Net loss / (gain) from investing activities	(480)	(291)
Net loss / (gain) from financing activities	567	97
Net (increase) / decrease in operating assets:
Net due from / to banks	1,229	6,592
Reverse repurchase agreements and cash collateral on securities borrowed	(126,891)	(61,861)
Trading portfolio and net replacement values	(73,137)	(10,162)
Loans / due to customers	22,459	(2,336)
Accrued income, prepaid expenses and other assets	(3,044)	(8,649)
Net increase / (decrease) in operating liabilities:
Repurchase agreements, cash collateral on securities lent	130,918	48,037
Accrued expenses and other liabilities	10,966	22,629
Income taxes paid	(1,301)	(752)


Net cash flow from/ (used in) operating activities	(32,899)	(954)
Cash flow from/ (used in) investing activities

Investments in subsidiaries and associates	(392)	(852)
Disposal of subsidiaries and associates	631	279
Purchase of property and equipment	(665)	(677)
Disposal of property and equipment	301	478
Net (investment in) / divestment of financial investments	(489)	399


Net cash flow from/ (used in) investing activities	(614)	(373)
Cash flow from/ (used in) financing activities

Net money market paper issued / (repaid)	29,768	22,494
Net movements in treasury shares and own equity derivative activity	895	(2,435)
Capital issuance	1	1
Dividends paid	(3,105)	(2,806)
Issuance of long-term debt, including financial liabilities designated at fair value	34,269	34,846
Repayment of long-term debt, including financial liabilities designated at fair value	(12,258)	(16,779)
Increase in minority interests	1,546	55
Dividend payments to / purchase from minority interests	(359)	(205)


Net cash flow from/ (used in) financing activities	50,757	35,171
Effects of exchange rate differences	6,412	947


Net increase / (decrease) in cash and cash equivalents	23,656	34,791
Cash and cash equivalents, beginning of the period	87,091	73,356


Cash and cash equivalents, end of the period	110,747	108,147


Cash and cash equivalents comprise:
Cash and balances with central banks	3,653	6,543
Money market paper¹	64,766	65,988
Due from banks maturing in less than three months	42,328	35,616


Total	110,747	108,147

Cash paid for interest was CHF 18,547 million and CHF 10,877 million during first half 2005 and first half 2004, respectively.

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