Statement of cash flows (unaudited)

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Statement of cash flows

	For the nine-month period ended
CHF million	30.9.07	30.9.06
Cash flow from / (used in) operating activities
Net profit	8,495	9,247
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	942	957
Amortization of intangible assets	214	143
Credit loss expense / (recovery)	0	(135)
Equity in income of associates	(80)	(115)
Deferred tax expense / (benefit)	1	(374)
Net loss / (gain) from investing activities	(3,383)	(1,476)
Net loss / (gain) from financing activities	6,142	1,002
Net (increase) / decrease in operating assets:
Net due from / to banks	(17,370)	51,256
Reverse repurchase agreements and cash collateral on securities borrowed	15,730	(58,243)
Trading portfolio and net replacement values	25,358	(111,009)
Loans / due to customers	20,104	51,294
Accrued income, prepaid expenses and other assets	(2,052)	(2,491)
Net increase / (decrease) in operating liabilities:
Repurchase agreements and cash collateral on securities lent	(134,606)	43,754
Accrued expenses and other liabilities	7,406	8,561
Income taxes paid	(3,289)	(2,360)
Net cash flow from / (used in) operating activities	(76,388)	(9,989)
Cash flow from / (used in) investing activities
Investments in subsidiaries and associates	(1,874)	3,514
Disposal of subsidiaries and associates	237	949
Purchase of property and equipment	(1,453)	(1,258)
Disposal of property and equipment	118	626
Net (investment in) / divestment of financial investments available-for-sale	5,547	1,714
Net cash flow from / (used in) investing activities	2,575	5,545
Cash flow from / (used in) financing activities
Net money market paper issued / (repaid)	47,486	16,991
Net movements in treasury shares and own equity derivative activity	(3,808)	(1,573)
Capital issuance	0	1
Capital repayment by par value reduction	0	(631)
Dividends paid	(4,275)	(3,214)
Issuance of long-term debt, including financial liabilities designated at fair value	83,979	74,757
Repayment of long-term debt, including financial liabilities designated at fair value	(45,744)	(48,295)
Increase in minority interests	131	1,319
Dividend payments to / purchase from minority interests	(456)	(838)
Net cash flow from / (used in) financing activities	77,313	38,517
Effects of exchange rate differences	(800)	(1,392)
Net increase / (decrease) in cash and cash equivalents	2,700	32,681
Cash and cash equivalents, beginning of the period	136,090	91,042
Cash and cash equivalents, end of the period	138,790	123,723
Cash and cash equivalents comprise:
Cash and balances with central banks	9,517	4,429
Money market paper ¹	78,402	80,435
Due from banks with original maturity of less than three months	50,871	38,859
Total	138,790	123,723
1 Money market paper is included in the Balance sheet under Trading portfolio assets and Financial investments available-for-sale.

Cash paid as interest was CHF 73,116 million and CHF 54,798 million during the first nine months of 2007 and 2006, respectively.

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