Statement of Changes in Equity (unaudited)

Interactive Report

Statement of Changes in Equity

CHF million For the quarter ended	31.3.04	31.3.03

Issued and paid up share capital
Balance at the beginning of the period	946	1,005
Issue of share capital	2	0
Cancelation of second trading line treasury shares	0	0


Balance at the end of the period	948	1,005


Share premium
Balance at the beginning of the period	6,935	12,641
Premium on shares issued and warrants excercised	90	13
Net premium/(discount) on treasury share and own equity derivative activity	150	(120)


Balance at the end of the period	7,175	12,534


Net gains/(losses) not recognised in the income statement, net of taxes
Foreign currency translation
Balance at the beginning of the period	(1,644)	(849)
Movements during the period	157	(30)


Subtotal - balance at the end of the period	(1,487)	(879)


Net unrealized gains/(losses) on available for sale investments, net of taxes
Balance at the beginning of the period	805	946
Net unrealized gains/(losses) on available for sale investments	386	(80)
Impairment charges reclassified to the income statement	55	132
Gains reclassified to the income statement	(158)	(26)
Losses reclassified to the income statement	2	11


Subtotal - balance at the end of the period	1,090	983


Change in fair value of derivative instruments designated as cash flow hedges, net of taxes
Balance at the beginning of the period	(144)	(256)
Net unrealized gains/(losses) on the revaluation of cash flow hedges	(156)	(27)
Net gains/(losses) reclassified to the income statement	(6)	53


Subtotal - balance at the end of the period	(306)	(230)


Balance at the end of the period	(703)	(126)


Retained earnings
Balance at the beginning of the period, restated	36,641	32,700
Net profit for the period	2,423	1,209


Balance at the end of the period	39,064	33,909


Equity classified as obligation to purchase own shares
Balance at the beginning of the period, restated	(49)	(104)
Net movements	(123)	37


Balance at the end of the period	(172)	(67)


Treasury shares, at cost
Balance at the beginning of the period	(8,180)	(7,131)
Acquisitions	(2,634)	(910)
Disposals	2,104	541
Cancelation of second trading line treasury shares	0	0


Balance at the end of the period	(8,710)	(7,500)


Total shareholders' equity	37,602	39,755

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