Statement of Changes in Equity (unaudited)

Interactive Report

Statement of Changes in Equity

CHF million For the six-month period ended	30.9.03	30.9.02

Issued and paid up share capital
Balance at the beginning of the period	1,005	3,589
Issue of share capital	2	5
Capital repayment by par value reduction	0	(2,509)
Cancelation of second trading line treasury shares	(61)	(81)


Balance at the end of the period	946	1,004


Share premium
Balance at the beginning of the period	12,638	14,408
Premium on shares issued and warrants exercised	115	81
Net premium/ (discount) on treasury share and own equity derivative activity	(171)	(53)
Cancelation of second trading line treasury shares	(5,468)	(2,209)


Balance at the end of the period	7,114	12,227


Net gains / (losses) not recognized in the income statement, net of taxes
Foreign currency translation
Balance at the beginning of the period	(849)	(769)
Movements during the period	(165)	307


Subtotal - balance at the end of the period	(1,014)	(462)


Net unrealized gains / (losses) on available for sale investments, net of taxes
Balance at the beginning of the period	946	1,035
Net unrealized gains / (losses) on available for sale investments	(59)	(196)
Impairment charges reclassified to the income statement	271	639
Gains reclassified to the income statement	(163)	(500)
Losses reclassified to the income statement	20	10


Subtotal - balance at the end of the period	1,015	988


Change in fair value of derivative instruments designated as cash flow hedges, net of taxes
Balance at the beginning of the period	(256)	(459)
Net unrealized gains / (losses) on the revaluation of cash flow hedges	121	37
Net (gains) / losses reclassified to the income statement	(62)	(156)


Subtotal - balance at the end of the period	(197)	(578)


Balance at the end of the period	(196)	(52)


Retained earnings
Balance at the beginning of the period	32,638	29,103
Net profit for the period	4,526	3,636
Dividends paid¹	(2,298)	0


Balance at the end of the period	34,866	32,739


Treasury shares, at cost
Balance at the beginning of the period	(7,131)	(3,377)
Acquisitions	(6,722)	(6,076)
Disposals	1,298	2,041
Cancelation of second trading line treasury shares	5,529	2,290


Balance at the end of the period	(7,026)	(5,122)


Total shareholders' equity	35,704	40,796

Out of the total number of 98,068,507 treasury shares on 30 September 2003, 42,940,000 shares have been repurchased for cancelation. On 30 September 2003, a maximum of 7,432,025 shares can be issued against the exercise of options from former PaineWebber employee option plans.

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