Statement of Cash Flows (unaudited)

Interactive Report

Statement of Cash Flows

CHF million For the quarter ended	31.3.04	31.3.03

Cash flow from / (used in) operating activities
Net profit	2,423	1,209
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	303	333
Amortization of goodwill and other intangible assets	225	242
Credit loss expense / (recovery)	(3)	69
Equity in income of associates	(8)	(10)
Deferred tax expense / (benefit)	181	119
Net loss / (gain) from investing activities	(180)	172
Net loss / (gain) from financing activities	385	(112)
Net (increase) / decrease in operating assets:
Net due from / to banks	(2,787)	13,827
Reverse repurchase agreements, cash collateral on securities borrowed	(39,630)	(18,404)
Trading portfolio including net replacement values	(11,706)	(3,364)
Loans / due to customers	2,918	15,042
Accrued income, prepaid expenses and other assets	(4,131)	(668)
Net increase / (decrease) in operating liabilities:
Repurchase agreements, cash collateral on securities lent	16,507	(239)
Accrued expenses and other liabilities	6,521	(1,973)
Income taxes paid	(317)	(250)


Net cash flow from / (used in) operating activities	(29,299)	5,993


Cash flow from / (used in) investing activities
Investments in subsidiaries and associates	(247)	0
Disposal of subsidiaries and associates	129	27
Purchase of property and equipment	(395)	(226)
Disposal of property and equipment	263	15
Net (investment) / divestment in financial investments	235	254


Net cash flow from / (used in) investing activities	(15)	70


Cash flow from / (used in) financing activities
Net money market paper issued / (repaid)	33,149	335
Net movements in treasury shares and own equity derivative activity	(290)	(474)
Capital issuance	2	0
Issuance of long-term debt, including financial liabilities designated at fair value	15,553	4,132
Repayment of long-term debt, including financial liabilities designated at fair value	(2,865)	(4,469)
Increase in minority interests	518	65
Dividend payments to / and purchase from minority interests	(161)	(156)


Net cash flow from / (used in) financing activities	45,906	(567)
Effects of exchange rate differences	2,137	(1,144)


Net increase / (decrease) in cash equivalents	18,729	4,352
Cash and cash equivalents, beginning of period	73,356	82,344


Cash and cash equivalents, end of period	92,085	86,696


Cash and cash equivalents comprise
Cash and balances with central banks	3,433	3,243
Money market paper ¹	61,166	51,470
Due from banks maturing in less than three months	27,486	31,983


Total	92,085	86,696

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