Balance Sheet 1

At 31 March

		2005 CHF m	2005 CHF m
Long-term assets
Investments	3	700.2	700.2
Property, plant and equipment		-	0.1
		700.2	700.3

Current assets
Loans to Group companies		944.4	698.4
Debtors		0.2	0.3
Cash and cash equivalents		1.0	0.7
		945.6	699.4
		1645.8	1399.7

Shareholders’ equity
Share capital	4	574.2	574.2
Legal reserve	5	117.6	117.6
Reserve for own shares	6	153.8	214.1
Retained earnings	7	797.1	491.0
		1642.7	1396.9

Current liabilities
Accrued expenses		1.2	0.7
Taxation		0.8	1.2
Loans from Group companies		0.7	0.9
		2.7	2.8
Long-term liabilities		0.4	-
		1645.8	1399.7