Statement of Changes in Equity (unaudited)

Interactive Report

Statement of Changes in Equity

CHF million For the six month period ended	30.06.04	30.06.03

Issued and paid up share capital
Balance at the beginning of the period	946	1,005
Issue of share capital	1	1
Cancelation of second trading line treasury shares (2003 program)	(47)	0


Balance at the end of the period	900	1,006


Share premium
Balance at the beginning of the period, restated	6,935	12,641
Premium on shares issued and warrants exercised	128	68
Net premium/ (discount) on treasury share and own equity derivative activity	94	(170)
Employee stock option plans	2	0


Balance at the end of the period	7,159	12,539


Net gains / (losses) not recognized in the income statement, net of taxes Foreign currency translation
Balance at the beginning of the period	(1,644)	(849)
Movements during the period	36	103


Subtotal – balance at the end of the period	(1,608)	(746)


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	413	(155)
Impairment charges reclassified to the income statement	93	180
Gains reclassified to the income statement	(256)	(109)
Losses reclassified to the income statement	6	19


Subtotal – balance at the end of the period	1,061	881


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	(24)	(33)
Net (gains) / losses reclassified to the income statement	(19)	(19)


Subtotal – balance at the end of the period	(187)	(308)


Balance at the end of the period	(734)	(173)


Retained earnings
Balance at the beginning of the period, restated	36,641	32,700
Net profit for the period	4,397	2,746
Dividends paid ¹	(2,806)	(2,298)
Cancelation of second trading line treasury shares (2003 program)	(4,469)	0


Balance at the end of the period	33,763	33,148


Equity classified as obligation to purchase own shares
Balance at the beginning of the period, restated	(49)	(104)
Net movements	(36)	49


Balance at the end of the period	(85)	(55)


Treasury shares, at cost
Balance at the beginning of the period	(8,180)	(7,131)
Acquisitions	(5,419)	(3,827)
Disposals	2,760	1,079
Cancelation of second trading line treasury shares (2003 program)	4,516	0


Balance at the end of the period	(6,323)	(9,879)


Total shareholders’ equity	34,680	36,586

Out of the total number of 73,105,822 treasury shares on 30 June 2004, 14,905,094 shares have been repurchased for cancelation. On 30 June 2004, a maximum of 4,994,944 shares can be issued against the exercise of options from former PaineWebber employee option plans. The cancelation of second trading line treasury shares is now made against retained earnings. In prior periods it was made against the share premium account.

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