Condensed Consolidated Statement of Cash Flow (unaudited)

Consolidated statement of cash flow for the half-years ended 30 June
In CHF million   2008 HY2007 HY
  
Total net cash flow from operating activities   1 7341 288
  
Cash flow from investing activities  
Purchases of investments in associates   –310
Sales of investments in associates   1
Dividends received from associates   98
Purchases of property and equipment   –141–42
Sales of property and equipment   22
Purchases of computer software and other intangible assets   –3–2
Acquisitions of minority interest   0
Acquisitions of subsidiaries, net of cash and cash equivalents   –977–171
Disposals of subsidiaries   4 112
Total net cash flow from investing activities   2 971–204
  
Cash flow from financing activities  
Issuance of guaranteed subordinated perpetual loan notes   1 140
Issuance of other debt instruments   2837
Redemption of debt instruments   –521–56
Premiums paid/received for options on own shares   –6
Purchases of treasury shares   –286–636
Sales of treasury shares   142370
Capital contributions from minority interest   0
Borrowing costs paid   –109–40
Dividends paid to minority interest   –5–8
Total net cash flow from financing activities   –751801
  
Total change in cash and cash equivalents   3 9541 885
  
Cash and cash equivalents as at 1 January   4 5557 621
Effect of exchange rate differences   –1740
Total change in cash and cash equivalents   3 9541 885
Cash and cash equivalents as at 30 June   8 4929 546