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Statement of Cash Flows
| CHF million For the six month period ended | 30.06.04 | 30.6.03 |
|---|---|---|
Cash flow from/ (used in) operating activities | ||
Net profit | 4,397 | 2,746 |
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 | 625 | 661 |
Amortization of goodwill and other intangible assets | 450 | 480 |
Credit loss expense / (recovery) | (134) | 68 |
Equity in income of associates | (52) | (72) |
Deferred tax expense / (benefit) | 63 | 387 |
Net loss / (gain) from investing activities | (304) | (5) |
Net loss / (gain) from financing activities | (97) | 63 |
Net (increase) / decrease in operating assets: | ||
Net due from/ to banks | 6,587 | 36,513 |
Reverse repurchase agreements and cash collateral on securities borrowed | (61,861) | (92,400) |
Trading portfolio and net replacement values | (10,149) | (42,404) |
Loans / due to customers | (2,336) | 20,156 |
Accrued income, prepaid expenses and other assets | (6,730) | (1,690) |
Net increase / (decrease) in operating liabilities: | ||
Repurchase agreements, cash collateral on securities lent | 48,037 | 65,398 |
Accrued expenses and other liabilities | 20,241 | 5,175 |
Income taxes paid | (752) | (603) |
Net cash flow from/ (used in) operating activities | (2,015) | (5,527) |
Cash flow from/ (used in) investing activities | ||
Investments in subsidiaries and associates | (852) | (43) |
Disposal of subsidiaries and associates | 214 | 725 |
Purchase of property and equipment | (677) | (493) |
Disposal of property and equipment | 478 | 52 |
Net (investment in) / divestment of financial investments | 428 | 1,300 |
Net cash flow from/ (used in) investing activities | (409) | 1,541 |
Cash flow from/ (used in) financing activities | ||
Net money market paper issued / (repaid) | 22,494 | 14,813 |
Net movements in treasury shares and own equity derivative activity | (2,435) | (2,841) |
Capital issuance | 1 | 1 |
Dividends paid | (2,806) | |
Issuance of long-term debt, including financial liabilities designated at fair value | 34,846 | 12,518 |
Repayment of long-term debt, including financial liabilities designated at fair value | (16,585) | (9,664) |
Increase in minority interests | 952 | 494 |
Dividend payments to / and purchase from minority interests | (207) | (243) |
Net cash flow from/ (used in) financing activities | 36,260 | 12,780 |
Effects of exchange rate differences | 955 | 483 |
Net increase / (decrease) in cash equivalents | 34,791 | 9,277 |
Cash and cash equivalents, beginning of the period | 73,356 | 82,344 |
Cash and cash equivalents, end of the period | 108,147 | 91,621 |
Cash and cash equivalents comprise: | ||
Cash and balances with central banks | 6,543 | 5,231 |
Money market paper 1 | 65,988 | 44,335 |
Due from banks maturing in less than three months | 35,616 | 42,055 |
Total | 108,147 | 91,621 |
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