Holding Company Statements

Balance sheets


(in CHF thousands) December 31
Assets 2005 2004
Current assets

Cash and cash equivalents 131,888 61,330
Marketable securities 674 1,349
Other receivables 171 1,158
Other receivables with group companies 253 1,319
Prepayments and accrued income 333 104
Total current assets 133,319 65,260
Non-current assets

Investments in subsidiaries 186,070 178,828
Long-term loans to subsidiaries 115,273 132,563
Intangible assets, net - 901
Total non-current assets 301,343 312,292
Total assets 434,662 377,552



Liabilities and shareholders' equity




Current liabilities

Trade and other payables 414 32,961
Trade and other payables with group companies 17,966 9,880
Accrued expenses 1,769 988
Other short term liabilities 1,764 1,556
Total current liabilities 21,913 45,385
Non-current liabilities

Other non-current liabilities 3,742 5,506
Total non-current liabilities 3,742 5,506
Total liabilities 25,655 50,891
Shareholders' equity

Common shares (par value CHF 2.50 per share,
authorized 41,406,640 and 33,406,640 shares;
issued 22,545,547 and 22,209,953 shares
in 2005 and 2004, respectively) 		56,364 55,525
Legal reserves - share premium 303,983 269,867
Treasury shares reserve 467 871
Accumulated profit 48,193 398
Total shareholders' equity 409,007 326,661



Total liabilities and shareholders' equity 434,662 377,552

Income statements



 Twelve Months Ended
December 31
(in CHF thousands) 2005 2004
Financial income 61,225 7,527
Gain on disposal of investments - 7,944
Total income 61,225 15,471



Administrative expense (4,038) (3,706)
Financial expense (8,491) (12,551)
Amortization of incorporation cost (901) (3,603
Changes in value of financial assets - 1,193
Total expense (13,430) (18,667)
Income (loss) before tax 47,795 (3,196)
Income tax expense - -



Net Income (loss) 47,795 (3,196)