Statement of Cash Flows

Interactive Report

Statement of Cash Flows

CHF million For the six-month period ended	30.9.03	30.9.02

Cash flow from/ (used in) operating activities
Net profit	4,526	3,636
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	988	1,123
Amortization of goodwill and other intangible assets	718	943
Credit loss expense / (recovery)	54	217
Equity in income of associates	(114)	(27)
Deferred tax expense/ (benefit)	320	(637)
Net loss / (gain) from investing activities	41	685
Net (increase) /decrease in operating assets:
Net due from/to banks	32,044	(15,844)
Reverse repurchase agreements and cash collateral on securities borrowed	(61,660)	(52,576)
Trading portfolio and net replacement values	(32,111)	36,506
Loans/due to customers	17,496	2,883
Accrued income, prepaid expenses and other assets	(1,427)	1,171
Net increase/ (decrease) in operating liabilities:
Repurchase agreements, cash collateral on securities lent	37,921	20,969
Accrued expenses and other liabilities	9,976	(2,238)
Income taxes paid	(789)	(773)


Net cash flow from / (used in) operating activities	7,983	(3,962)


Cash flow from / (used in) investing activities
Investments in subsidiaries and associates	(83)	(30)
Disposal of subsidiaries and associates	726	231
Purchase of property and equipment	(778)	(1,336)
Disposal of property and equipment	68	84
Net (investment in) / divestment of financial investments	1,453	2,290


Net cash flow from / (used in) investing activities	1,386	1,239


Cash flow from / (used in) financing activities
Net money market paper issued/ (repaid)	(10,478)	(23,549)
Net movements in treasury shares and own equity derivative activity	(5,480)	(4,007)
Capital issuance	2	5
Capital repayment by par value reduction	0	(2,509)
Dividends paid	(2,298)	0
Issuance of long-term debt	19,206	11,746
Repayment of long-term debt	(12,342)	(10,450)
Increase in minority interests	488	185
Dividend payments to/and purchase from minority interests	(231)	(213)


Net cash flow from/ (used in) financing activities	(11,133)	(28,792)
Effects of exchange rate differences	(169)	(1,539)


Net increase/(decrease) in cash equivalents	(1,933)	(33,054)
Cash and cash equivalents, beginning of the period	82,344	116,259


Cash and cash equivalents, end of period	80,411	83,205


Cash and cash equivalents comprise:
Cash and balances with central banks	4,790	3,204
Money market paper¹	38,440	50,778
Due from banks maturing in less than three months	37,181	29,223


Total	80,411	83,205

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