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SECURITIES AND EXCHANGE COMMISSION
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Date: April 22, 2004
UBS AG
Bahnhofstrasse 45, Zurich, Switzerland, and
Aeschenvorstadt 1, Basel, Switzerland
(Registrant’s Address)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-Fx | Form 40-Fo |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yeso | Nox |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
INCORPORATION BY REFERENCE | ||||||||
SIGNATURES |
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This Form 6-K consists of an Investor Release, which appears immediately following this page.
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UBS AG | ||
Financial Services Group | ||
UBS Investor Relations | ||
Tel. +41-1-234 4100 | ||
sh-investorrelations@ubs.com | ||
www.ubs.com |
Investor release
For immediate release
UBS releases 2003 and 2002 figures reflecting new accounting standards
Zurich / Basel, 22 April 2004
UBS is today releasing restated figures for 2003 and 2002 to align comparative prior periods with changes in accounting and presentation, which became effective 1 January 2004. The overall impact of these changes is to decrease net profit by CHF 146 million and CHF 5 million for 2003 and 2002, respectively. Please note that all the numbers contained in this restatement release are unaudited.
Year ended | ||||||||
CHF million | 2003 | 2002 | ||||||
Net profit before restatement | 6,385 | 3,535 | ||||||
Restatement impact from: | ||||||||
Revised IAS 32/39 | -82 | -24 | ||||||
FV of investment property | -64 | 19 | ||||||
Credit loss incurred on OTC derivatives | 0 | 0 | ||||||
Total restatement impact | -146 | -5 | ||||||
Net profit restated | 6,239 | 3,530 | ||||||
The restatement consists of the following changes in accounting and presentation:
Revised IAS 32 and 39
UBS decided to early adopt these revised standards as of 1 January 2004. Therefore, comparative prior years 2003 and 2002 need to be restated accordingly.
Revised IAS 39
Revised IAS 39 permits any financial instrument that is not a derivative or included in the trading portfolio to be designated at inception, or at adoption of this standard, to be carried at fair value, with changes in value passing through the profit and loss account. UBS has chosen to designate the majority of its compound instruments issued to be carried at fair value in this way, which will eliminate the requirement to separate embedded derivative instruments from the host contract. This will reduce profit and loss volatility generated by the issuance of structured debt instruments, such as equity-linked GOALs or credit-linked
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notes. Previously such instruments had to be accounted for on an accrual basis, while the embedded derivative and related hedge instruments were carried at fair value. Now, the instrument in its entirety is carried at fair value, with changes in fair value being recorded in income.
The adoption of this standard requires an opening adjustment to retained earnings as of 1 January 2002. In addition, a new liability line called “Financial liabilities designated at fair value” will be shown on our balance sheet, where such instruments are now recorded, transferred from the “Debt issued” line.
Revised IAS 32
Revised IAS 32 provides that netting is permitted only if normal settlement is also intended to take place on a net basis. In general, that condition is not met and therefore certain replacement values that were previously offset will be reported separately. This has increased the total amount of assets and liabilities on our balance sheet by CHF 165 billion and CHF 167 billion at 31 December 2003 and 31 December 2002, respectively. The impact of the restatement on our prior period net profit, earnings per share and shareholders’ equity is not material.
Please find following a summary of the restatement effects on the P&L of adopting revised IAS 32 and 39:
2003 | 2002 | |||||||||||||||||||||||
Corporate | Corporate | |||||||||||||||||||||||
in CHF million | IB | Center | UBS | IB | Center | UBS | ||||||||||||||||||
Equities | -22 | -3 | ||||||||||||||||||||||
Fixed Income, Rates and Currencies | -63 | -6 | ||||||||||||||||||||||
Income1 | -85 | 2 | -83 | -9 | -21 | -30 | ||||||||||||||||||
Total operating income | -85 | 2 | -83 | -9 | -21 | -30 | ||||||||||||||||||
Performance before tax | -85 | 2 | -83 | -9 | -21 | -30 | ||||||||||||||||||
Tax | -1 | -6 | ||||||||||||||||||||||
Net profit restated | -82 | -24 |
NOTE: 1 In Group accounts, booked as Trading income
Investment Property
Effective 1 January 2004, UBS changed its accounting for investment property from historical cost less accumulated depreciation to the fair value model. All changes in the fair value of investment property will now be recognized in the profit and loss account, and depreciation expense will no longer be recorded for these properties. Investment property is held exclusively to earn rental income and benefit from appreciation in value. Therefore, carrying investment property at fair value better reflects the business rationale behind acquiring and managing these assets.
The adoption of this standard resulted in a 2003 net profit reduction, due to the reversal of the majority of gains that arose on sales of investment properties in 2003 now booked in 2002 opening retained earnings. The fair value adjustment booked to retained earnings on 1 January 2002 amounted to CHF 67 million. Our current investment property portfolio was valued at CHF 236 million as at 31 December 2003.
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Please find following a summary of the restatement effects:
2003 | 2002 | |||||||||||||||||||||||
Corporate | Corporate | |||||||||||||||||||||||
in CHF million | IB | Center | UBS | IB | Center | UBS | ||||||||||||||||||
Income1 | 3 | -102 | -99 | -4 | 20 | 16 | ||||||||||||||||||
Total operating income | 3 | -102 | -99 | -4 | 20 | 16 | ||||||||||||||||||
Depreciation | -11 | 0 | -11 | -4 | -3 | -7 | ||||||||||||||||||
Performance before tax | 14 | -102 | -88 | 0 | 23 | 23 | ||||||||||||||||||
Tax | -24 | 4 | ||||||||||||||||||||||
Net profit restated | -64 | 19 |
NOTE: 1 In Group accounts, booked as Other income, in Investment Bank under Fixed Income, Rates and Currencies
Credit risk losses incurred on OTC derivatives
Effective 1 January 2004, the accounting for credit risk losses incurred on over-the-counter (OTC) derivatives has been changed. All such credit risk losses are now reported in net trading income and no longer through credit loss expense. This change better reflects how the business is run and simplifies the current treatment. While this change only leads to a line reclass between credit loss expense and trading income on Group level, it affects Business Group performance. Actual losses on OTC derivatives as well as the change in the valuation reserve required for OTC derivatives are now reported as incurred, without any deferral (in the past they were reported as credit loss expense, deferred over three years).
Please find following a summary of the restatement effects:
2003 | 2002 | |||||||||||||||||||||||||||
Corporate | Corporate | |||||||||||||||||||||||||||
in CHF million | WM&BB | IB | Center | UBS | IB | Center | UBS | |||||||||||||||||||||
Equities | 3 | -14 | ||||||||||||||||||||||||||
Fixed Income, Rates and Currencies | -50 | -52 | ||||||||||||||||||||||||||
Income1 | -8 | -47 | 11 | -44 | -66 | -25 | -91 | |||||||||||||||||||||
Credit loss (expense)/ recovery | 84 | -40 | 44 | 38 | 53 | 91 | ||||||||||||||||||||||
Total operating income | -8 | 37 | -29 | 0 | -28 | 28 | 0 | |||||||||||||||||||||
Performance before tax | -8 | 37 | -29 | 0 | -28 | 28 | 0 | |||||||||||||||||||||
Net profit restated | 0 | 0 |
NOTE: 1 In Group accounts, booked as Trading income
Change in treatment of corporate client assets
Effective 1 January 2004, UBS re-classified corporate client assets in Business Banking Switzerland (except for pension funds) to exclude them from invested assets. This change was made because UBS has a minimal advisory role for such clients and asset flows are erratic as they are often driven more by liquidity requirements than pure investment reasons. This change has reduced invested assets of Business Banking Switzerland by CHF 76 billion
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and CHF 78 billion as at 31 December 2003 and 31 December 2002, and increased net new money by CHF 7.5 billion for 2003, but had no impact on net new money for 2002.
Restatement impact on Group Income Statement
The following table splits out the overall impact of these accounting changes to the affected P&L lines of the Income Statement:
UBS Income Statement (unaudited)
Year ended | ||||||||||||||||||||||||||||||||||||||||
31.12.03 | 31.12.02 | |||||||||||||||||||||||||||||||||||||||
Previously | Investment | Restated | Previously | Investment | Restated | |||||||||||||||||||||||||||||||||||
CHF million, except where indicated | published | IAS 32/39 | OTC | Property | result | published | IAS 32/39 | OTC | Property | result | ||||||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||||||||||||||||
Interest income | 40,159 | 40,159 | 39,963 | 39,963 | ||||||||||||||||||||||||||||||||||||
Interest expense | (27,860 | ) | (27,860 | ) | (29,417 | ) | (29,417 | ) | ||||||||||||||||||||||||||||||||
Net interest income | 12,299 | 12,299 | 10,546 | 10,546 | ||||||||||||||||||||||||||||||||||||
Credit loss (expense) / recovery | (116 | ) | 44 | (72 | ) | (206 | ) | 91 | (115 | ) | ||||||||||||||||||||||||||||||
Net interest income after credit loss expense | 12,183 | 44 | 12,227 | 10,340 | 91 | 10,431 | ||||||||||||||||||||||||||||||||||
Net fee and commission income | 17,345 | 17,345 | 18,221 | 18,221 | ||||||||||||||||||||||||||||||||||||
Net trading income | 3,883 | (83 | ) | (44 | ) | 3,756 | 5,572 | (30 | ) | (91 | ) | 5,451 | ||||||||||||||||||||||||||||
Other income | 561 | (99 | ) | 462 | (12 | ) | 16 | 4 | ||||||||||||||||||||||||||||||||
Total operating income | 33,972 | (83 | ) | 0 | (99 | ) | 33,790 | 34,121 | (30 | ) | 0 | 16 | 34,107 | |||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||
Personnel expenses | 17,231 | 17,231 | 18,524 | 18,524 | ||||||||||||||||||||||||||||||||||||
General and administrative expenses | 6,086 | 6,086 | 7,072 | 7,072 | ||||||||||||||||||||||||||||||||||||
Depreciation of property and equipment | 1,364 | (11 | ) | 1,353 | 1,521 | (7 | ) | 1,514 | ||||||||||||||||||||||||||||||||
Amortization of goodwill and other intangible assets | 943 | 943 | 2,460 | 2,460 | ||||||||||||||||||||||||||||||||||||
Total operating expenses | 25,624 | (11 | ) | 25,613 | 29,577 | (7 | ) | 29,570 | ||||||||||||||||||||||||||||||||
Operating profit / (loss) before tax and minority interests | 8,348 | (83 | ) | 0 | (88 | ) | 8,177 | 4,544 | (30 | ) | 0 | 23 | 4,537 | |||||||||||||||||||||||||||
Tax expense / (benefit) | 1,618 | (1 | ) | (24 | ) | 1,593 | 678 | (6 | ) | 4 | 676 | |||||||||||||||||||||||||||||
Net profit / (loss) before minority interests | 6,730 | (82 | ) | 0 | (64 | ) | 6,584 | 3,866 | (24 | ) | 0 | 19 | 3,861 | |||||||||||||||||||||||||||
Minority interests | (345 | ) | (345 | ) | (331 | ) | (331 | ) | ||||||||||||||||||||||||||||||||
Net profit / (loss) | 6,385 | (82 | ) | 0 | (64 | ) | 6,239 | 3,535 | (24 | ) | 0 | 19 | 3,530 | |||||||||||||||||||||||||||
Cost/income ratio (%) | 75.2 | 75.6 | 86.2 | 86.4 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share (CHF) | 5.72 | 5.59 | 2.92 | 2.92 | ||||||||||||||||||||||||||||||||||||
Diluted earnings per share (CHF) | 5.61 | 5.48 | 2.87 | 2.87 | ||||||||||||||||||||||||||||||||||||
Return on shareholders’ equity (%) | 18.2 | 17.8 | 8.9 | 8.9 |
Appendix
Enclosed with this release are detailed tables with revised P&L statements and Key Performance Indicators for UBS and those Business Groups and Business Units, which were impacted by these various changes.
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UBS AG Financial Services Group UBS Investor Relations Tel. +41 -1-234 4100 sh-investorrelations@ubs.com www.ubs.com |
UBS Financial Highlights
Income statement key figures as reported
Quarter ended | Year ended | |||||||||||||||||||||||||||||||||||||||
CHF million | 31.12.03 | 30.9.03 | 30.6.03 | 31.3.03 | 31.12.02 | 30.9.02 | 30.6.02 | 31.3.02 | 31.12.03 | 31.12.02 | ||||||||||||||||||||||||||||||
Operating income | 8 538 | 8 503 | 8 981 | 7 768 | 7 548 | 7 972 | 9 000 | 9 587 | 33 790 | 34 107 | ||||||||||||||||||||||||||||||
Operating expenses | 6 303 | 6 351 | 6 785 | 6 174 | 7 774 | 6 786 | 7 262 | 7 748 | 25 613 | 29 570 | ||||||||||||||||||||||||||||||
Operating profit / (loss) before tax | 2 235 | 2 152 | 2 196 | 1 594 | (226 | ) | 1 186 | 1 738 | 1 839 | 8 177 | 4 537 | |||||||||||||||||||||||||||||
Net Profit / (Loss) | 1 808 | 1 685 | 1 537 | 1 209 | (80 | ) | 922 | 1 325 | 1 363 | 6 239 | 3 530 | |||||||||||||||||||||||||||||
KPI’s | ||||||||||||||||||||||||||||||||||||||||
Cost / income ratio (%) | 73.4 | 75.1 | 75.6 | 78.8 | 103.3 | 84.8 | 80.4 | 80.2 | 75.6 | 86.4 | ||||||||||||||||||||||||||||||
Basic earnings per share (CHF) | 1.68 | 1.53 | 1.35 | 1.05 | (0.07 | ) | 0.77 | 1.08 | 1.10 | 5.59 | 2.92 | |||||||||||||||||||||||||||||
Diluted earnings per share (CHF) | 1.64 | 1.48 | 1.33 | 1.02 | (0.07 | ) | 0.74 | 1.02 | 1.06 | 5.48 | 2.87 | |||||||||||||||||||||||||||||
Return on shareholders’ equity (%)1 | 17.8 | 8.9 | ||||||||||||||||||||||||||||||||||||||
1 | Net profit / average shareholders’ equity less dividends. |
UBS Financial Highlights
CHF million, except where indicated | ||||||||||||||||||||||||||||||||
As at | 31.12.03 | 30.9.03 | 30.6.03 | 31.3.03 | 31.12.02 | 30.9.02 | 30.6.02 | 31.3.02 | ||||||||||||||||||||||||
Balance sheet key figures | ||||||||||||||||||||||||||||||||
Total assets | 1 550 056 | 1 346 678 | ||||||||||||||||||||||||||||||
Shareholders’ equity | 35 310 | 38 952 | ||||||||||||||||||||||||||||||
Market capitalization | 95 401 | 84 440 | 88 219 | 67 808 | 79 448 | 73 072 | 91 241 | 103 216 | ||||||||||||||||||||||||
BIS capital ratios | ||||||||||||||||||||||||||||||||
Tier 1 (%) | 11.8 | 11.5 | 12.0 | 11.5 | 11.3 | 11.6 | 11.8 | 11.8 | ||||||||||||||||||||||||
Total BIS (%) | 13.3 | 13.3 | 14.0 | 13.6 | 13.8 | 14.2 | 14.5 | 14.7 | ||||||||||||||||||||||||
Risk-weighted assets | 251 901 | 241 533 | 243 032 | 238 746 | 238 790 | 245 564 | 249 110 | 255 157 | ||||||||||||||||||||||||
Invested assets (CHF billion) | 2 133 | 2 107 | 2 091 | 1 923 | 1 959 | 1 994 | 2 120 | 2 390 | ||||||||||||||||||||||||
Headcount (full-time equivalents) | ||||||||||||||||||||||||||||||||
Switzerland | 26 662 | 26 901 | 27 209 | 27 689 | 27 972 | 28 559 | 28 708 | 28 893 | ||||||||||||||||||||||||
Europe (excluding Switzerland) | 9 906 | 9 922 | 10 063 | 10 130 | 10 009 | 9 991 | 9 934 | 9 846 | ||||||||||||||||||||||||
Americas | 25 511 | 25 506 | 25 914 | 26 770 | 27 350 | 27 242 | 27 248 | 27 691 | ||||||||||||||||||||||||
Asia/Pacific | 3 850 | 3 824 | 3 787 | 3 806 | 3 730 | 3 760 | 3 794 | 3 791 | ||||||||||||||||||||||||
Total | 65 929 | 66 153 | 66 973 | 68 395 | 69 061 | 69 552 | 1 | 69 684 | 1 | 70 221 | 1 | |||||||||||||||||||||
Long-term ratings | ||||||||||||||||||||||||||||||||
Fitch, London | AA+ | AA+ | AAA | AAA | AAA | AAA | AAA | AAA | ||||||||||||||||||||||||
Moody’s, New York | Aa2 | Aa2 | Aa2 | Aa2 | Aa2 | Aa2 | Aa2 | Aa2 | ||||||||||||||||||||||||
Standard & Poor’s, New York | AA+ | AA+ | AA+ | AA+ | AA+ | AA+ | AA+ | AA+ | ||||||||||||||||||||||||
1 | Klinik Hirslanden was sold on 5 December 2002. UBS headcount does not include the Klinik Hirslanden headcount of 3,066 for 30.9.02; 3,048 for 30.6.02 and 2,687 for 31.3.02. |
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Wealth Management & Business Banking
Business Group Reporting
Quarter ended | Year ended | |||||||||||||||||||||||||||||||||||||||
CHF million, except where indicated | 31.12.03 | 30.9.03 | 30.6.03 | 31.3.03 | 31.12.02 | 30.9.02 | 30.6.02 | 31.3.02 | 31.12.03 | 31.12.02 | ||||||||||||||||||||||||||||||
Income | 3 028 | 3 042 | 3 108 | 2 866 | 2 857 | 3 039 | 3 104 | 3 184 | 12 044 | 12 184 | ||||||||||||||||||||||||||||||
Adjusted expected credit loss1 | (5 | ) | (26 | ) | (43 | ) | (57 | ) | (64 | ) | (74 | ) | (81 | ) | (93 | ) | (131 | ) | (312 | ) | ||||||||||||||||||||
Total operating income | 3 023 | 3 016 | 3 065 | 2 809 | 2 793 | 2 965 | 3 023 | 3 091 | 11 913 | 11 872 | ||||||||||||||||||||||||||||||
Personnel expenses | 1 118 | 1 145 | 1 175 | 1 146 | 1 148 | 1 167 | 1 115 | 1 166 | 4 584 | 4 596 | ||||||||||||||||||||||||||||||
General and administrative expenses | 543 | 529 | 527 | 517 | 547 | 598 | 566 | 540 | 2 116 | 2 251 | ||||||||||||||||||||||||||||||
Depreciation | 101 | 80 | 109 | 94 | 118 | 101 | 113 | 116 | 384 | 448 | ||||||||||||||||||||||||||||||
Amortization of goodwill and other intangible assets | 17 | 20 | 19 | 19 | 26 | 21 | 26 | 24 | 75 | 97 | ||||||||||||||||||||||||||||||
Total operating expenses | 1 779 | 1 774 | 1 830 | 1 776 | 1 839 | 1 887 | 1 820 | 1 846 | 7 159 | 7 392 | ||||||||||||||||||||||||||||||
Business Group performance before tax | 1 244 | 1 242 | 1 235 | 1 033 | 954 | 1 078 | 1 203 | 1 245 | 4 754 | 4 480 | ||||||||||||||||||||||||||||||
Additional information | ||||||||||||||||||||||||||||||||||||||||
Regulatory equity allocated (average) | 8 850 | 8 950 | 8 800 | 8 500 | 8 450 | 8 600 | 8 800 | 8 600 | 8 750 | 8 600 | ||||||||||||||||||||||||||||||
Cost / income ratio (%) | 59 | 58 | 59 | 62 | 64 | 62 | 59 | 58 | 59 | 61 | ||||||||||||||||||||||||||||||
1 | In management accounts, adjusted expected credit loss rather than net actual credit loss is reported for the Business Groups (see Note 2 to the Financial Statements of the respective Quarter Report or Financial Report). |
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Business Banking Switzerland
Business Unit Reporting
Quarter ended | Year ended | |||||||||||||||||||||||||||||||||||||||
CHF million, except where indicated | 31.12.03 | 30.9.03 | 30.6.03 | 31.3.03 | 31.12.02 | 30.9.02 | 30.6.02 | 31.3.02 | 31.12.03 | 31.12.02 | ||||||||||||||||||||||||||||||
Income | 1 289 | 1 291 | 1 376 | 1 291 | 1 281 | 1 425 | 1 360 | 1 428 | 5 247 | 5 494 | ||||||||||||||||||||||||||||||
Adjusted expected credit loss1 | (6 | ) | (25 | ) | (41 | ) | (55 | ) | (54 | ) | (71 | ) | (75 | ) | (86 | ) | (127 | ) | (286 | ) | ||||||||||||||||||||
Total operating income | 1 283 | 1 266 | 1 335 | 1 236 | 1 227 | 1 354 | 1 285 | 1 342 | 5 120 | 5 208 | ||||||||||||||||||||||||||||||
Personnel expenses | 639 | 650 | 679 | 672 | 683 | 690 | 652 | 702 | 2 640 | 2 727 | ||||||||||||||||||||||||||||||
General and administrative expenses | 25 | 25 | (9 | ) | (8 | ) | 2 | 97 | 41 | 19 | 33 | 159 | ||||||||||||||||||||||||||||
Depreciation | 80 | 63 | 86 | 73 | 88 | 80 | 90 | 97 | 302 | 355 | ||||||||||||||||||||||||||||||
Amortization of goodwill and other intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Total operating expenses | 744 | 738 | 756 | 737 | 773 | 867 | 783 | 818 | 2 975 | 3 241 | ||||||||||||||||||||||||||||||
Business unit performance before tax | 539 | 528 | 579 | 499 | 454 | 487 | 502 | 524 | 2 145 | 1 967 | ||||||||||||||||||||||||||||||
KPI’s | ||||||||||||||||||||||||||||||||||||||||
Invested assets (CHF billion) | 136 | 133 | 132 | 126 | 127 | 126 | 133 | 141 | 136 | 127 | ||||||||||||||||||||||||||||||
Net new money (CHF billion) | (0.2 | ) | 0.4 | 0.6 | 1.7 | 0.8 | 0.4 | 0.2 | 2.3 | 2.5 | 3.7 | |||||||||||||||||||||||||||||
Cost / income ratio (%) | 58 | 57 | 55 | 57 | 60 | 61 | 58 | 57 | 57 | 59 | ||||||||||||||||||||||||||||||
Non-performing loans / gross loans (%) | 3.2 | 3.0 | 3.2 | 3.5 | 3.6 | 4.0 | 4.3 | 4.4 | 3.2 | 3.6 | ||||||||||||||||||||||||||||||
Impaired loans / gross loans (%) | 4.6 | 4.7 | 5.0 | 5.7 | 6.0 | 6.5 | 6.9 | 7.4 | 4.6 | 6.0 | ||||||||||||||||||||||||||||||
CHF million, except where indicated | As at or for the period ended | Year ended | ||||||||||||||||||||||||||||||||||||||
Additional information | 31.12.03 | 30.9.03 | 30.6.03 | 31.3.03 | 31.12.02 | 30.9.02 | 30.6.02 | 31.3.02 | 31.12.03 | 31.12.02 | ||||||||||||||||||||||||||||||
Deferred releases included in credit loss expense | 114 | 104 | 88 | 77 | 70 | 61 | 56 | 53 | 383 | 240 | ||||||||||||||||||||||||||||||
Client assets (CHF billion) | 622 | 573 | 545 | 481 | 494 | 504 | 550 | 559 | 622 | 494 | ||||||||||||||||||||||||||||||
Regulatory equity allocated (average) | 6 150 | 6 200 | 6 200 | 5 950 | 5 800 | 5 800 | 5 700 | 5 600 | 6 100 | 5 700 | ||||||||||||||||||||||||||||||
Fair value of employee stock options granted | 27 | 38 | ||||||||||||||||||||||||||||||||||||||
Headcount (full-time equivalents) | 17 620 | 17 910 | 18 018 | 18 302 | 18 442 | 18 942 | 19 136 | 19 262 | 17 620 | 18 442 | ||||||||||||||||||||||||||||||
1 | In management accounts, adjusted expected credit loss rather than net actual credit loss is reported for the Business Groups (see Note 2 to the Financial Statements of the respective Quarter Report or Financial Report). |
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Investment Bank
Business Group Reporting
Quarter ended | Year ended | |||||||||||||||||||||||||||||||||||||||
CHF million, except where indicated | 31.12.03 | 30.9.03 | 30.6.03 | 31.3.03 | 31.12.02 | 30.9.02 | 30.6.02 | 31.3.02 | 31.12.03 | 31.12.02 | ||||||||||||||||||||||||||||||
Investment Banking | 622 | 349 | 445 | 287 | 539 | 379 | 481 | 516 | 1 703 | 1 915 | ||||||||||||||||||||||||||||||
Equities | 1 405 | 1 267 | 1 380 | 823 | 1 199 | 1 445 | 1 465 | 1 499 | 4 875 | 5 608 | ||||||||||||||||||||||||||||||
Fixed Income, Rates and Currencies | 1 427 | 1 861 | 2 020 | 2 182 | 1 104 | 1 391 | 1 866 | 2 137 | 7 490 | 6 498 | ||||||||||||||||||||||||||||||
Private Equity | 113 | (58 | ) | (57 | ) | (75 | ) | (301 | ) | (391 | ) | (478 | ) | (432 | ) | (77 | ) | (1 602 | ) | |||||||||||||||||||||
Income | 3 567 | 3 419 | 3 788 | 3 217 | 2 541 | 2 824 | 3 334 | 3 720 | 13 991 | 12 419 | ||||||||||||||||||||||||||||||
Adjusted expected credit loss1 | (10 | ) | (12 | ) | (15 | ) | (18 | ) | (27 | ) | (17 | ) | (22 | ) | (24 | ) | (55 | ) | (90 | ) | ||||||||||||||||||||
Total operating income | 3 557 | 3 407 | 3 773 | 3 199 | 2 514 | 2 807 | 3 312 | 3 696 | 13 936 | 12 329 | ||||||||||||||||||||||||||||||
Personnel expenses2 | 1 604 | 1 866 | 2 093 | 1 794 | 1 521 | 1 821 | 2 097 | 2 439 | 7 357 | 7 878 | ||||||||||||||||||||||||||||||
General and administrative expenses | 606 | 508 | 538 | 478 | 672 | 534 | 600 | 572 | 2 130 | 2 378 | ||||||||||||||||||||||||||||||
Depreciation | 86 | 79 | 71 | 80 | 98 | 88 | 97 | 95 | 316 | 378 | ||||||||||||||||||||||||||||||
Amortization of goodwill and other intangible assets | 69 | 70 | 69 | 70 | 76 | 100 | 86 | 102 | 278 | 364 | ||||||||||||||||||||||||||||||
Total operating expenses | 2 365 | 2 523 | 2 771 | 2 422 | 2 367 | 2 543 | 2 880 | 3 208 | 10 081 | 10 998 | ||||||||||||||||||||||||||||||
Business unit performance before tax | 1 192 | 884 | 1 002 | 777 | 147 | 264 | 432 | 488 | 3 855 | 1 331 | ||||||||||||||||||||||||||||||
KPI’s | ||||||||||||||||||||||||||||||||||||||||
Compensation ratio (%) | 45 | 55 | 55 | 56 | 60 | 64 | 63 | 66 | 53 | 63 | ||||||||||||||||||||||||||||||
Cost / income ratio (%) | 66 | 74 | 73 | 75 | 93 | 90 | 86 | 86 | 72 | 89 | ||||||||||||||||||||||||||||||
Non-performing loans / gross loans outstanding (%) | 0.8 | 1.1 | 1.2 | 1.5 | 1.5 | 2.2 | 2.1 | 2.0 | 0.8 | 1.5 | ||||||||||||||||||||||||||||||
Impaired loans / gross loans outstanding (%) | 1.4 | 1.6 | 2.0 | 2.5 | 2.5 | 4.5 | 4.3 | 4.2 | 1.4 | 2.5 | ||||||||||||||||||||||||||||||
Average VAR (10-day 99%) | 356 | 364 | 345 | 350 | 295 | 284 | 247 | 274 | 354 | 275 | ||||||||||||||||||||||||||||||
Private Equity | ||||||||||||||||||||||||||||||||||||||||
Value creation (CHF billion) | (0.1 | ) | 0.0 | (0.1 | ) | (0.1 | ) | (0.3 | ) | (0.6 | ) | (0.1 | ) | (0.4 | ) | (0.3 | ) | (1.4 | ) | |||||||||||||||||||||
As at | ||||||||||||||||||||||||||||||||||||||||
Investment (CHF billion) | 2.3 | 2.8 | 3.0 | 2.9 | 3.1 | 3.6 | 3.9 | 4.8 | 2.3 | 3.1 | ||||||||||||||||||||||||||||||
Portfolio fair value (CHF billion) | 2.9 | 3.6 | 3.6 | 3.6 | 3.8 | 4.4 | 4.9 | 5.4 | 2.9 | 3.8 | ||||||||||||||||||||||||||||||
CHF million, except where indicated | As at or for the period ended | Year ended | ||||||||||||||||||||||||||||||||||||||
Additional information | 31.12.03 | 30.9.03 | 30.6.03 | 31.3.03 | 31.12.02 | 30.9.02 | 30.6.02 | 31.3.02 | 31.12.03 | 31.12.02 | ||||||||||||||||||||||||||||||
Net new money (CHF billion) | 0.6 | 0.2 | 0.1 | 0.0 | 0.1 | 0.1 | 0.2 | 0.1 | 0.9 | 0.5 | ||||||||||||||||||||||||||||||
Invested assets | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 1 | 4 | 3 | ||||||||||||||||||||||||||||||
Client assets | 143 | 127 | 129 | 130 | 133 | 135 | 148 | 114 | 143 | 133 | ||||||||||||||||||||||||||||||
Deferred releases included in credit loss expense | (10 | ) | (6 | ) | (4 | ) | (9 | ) | (6 | ) | (5 | ) | 3 | 0 | (29 | ) | (8 | ) | ||||||||||||||||||||||
Regulatory equity allocated (average) | 12 750 | 12 550 | 12 700 | 12 600 | 12 950 | 13 100 | 12 950 | 13 300 | 12 700 | 13 100 | ||||||||||||||||||||||||||||||
Fair value of employee stock options granted | 391 | 582 | ||||||||||||||||||||||||||||||||||||||
Headcount (full-time equivalents) | 15 550 | 15 341 | 15 611 | 15 910 | 16 037 | 16 215 | 16 457 | 16 263 | 15 550 | 16 037 | ||||||||||||||||||||||||||||||
1 | In management accounts, adjusted expected credit loss rather than net actual credit loss is reported for the Business Groups (see Note 2 to the Financial Statements of the respective Quarter Report or Financial Report). | |||
2 | Includes retention payments in respect of the PaineWebber acquisition. 4Q02: CHF 21 million; 3Q02: CHF 10 million; 2Q02: CHF 11 million; 1Q02: CHF 12 million; full year 2002: CHF 54 million. There were no retention payments in 2003. |
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Corporate Center
Business Group Reporting
Quarter ended | Year ended | |||||||||||||||||||||||||||||||||||||||
CHF million, except where indicated | 31.12.03 | 30.9.03 | 30.6.03 | 31.3.03 | 31.12.02 | 30.9.02 | 30.6.02 | 31.3.02 | 31.12.03 | 31.12.02 | ||||||||||||||||||||||||||||||
Income | 255 | 245 | 190 | 210 | 515 | 468 | 748 | 672 | 900 | 2 403 | ||||||||||||||||||||||||||||||
Credit loss (expense) / recovery1 | (30 | ) | 82 | 62 | 8 | 112 | 64 | 72 | 52 | 122 | 300 | |||||||||||||||||||||||||||||
Total operating income | 225 | 327 | 252 | 218 | 627 | 532 | 820 | 724 | 1 022 | 2 703 | ||||||||||||||||||||||||||||||
Personnel expenses | 186 | 170 | 220 | 186 | 234 | 245 | 282 | 270 | 762 | 1 031 | ||||||||||||||||||||||||||||||
General and administrative expenses | 172 | 40 | 176 | 57 | 220 | 204 | 225 | 84 | 445 | 733 | ||||||||||||||||||||||||||||||
Depreciation | 143 | 112 | 104 | 114 | 133 | 119 | 118 | 140 | 473 | 510 | ||||||||||||||||||||||||||||||
Amortization of goodwill and other intangible assets | 27 | 23 | 25 | 26 | 33 | 29 | 27 | 33 | 101 | 122 | ||||||||||||||||||||||||||||||
Total operating expenses | 528 | 345 | 525 | 383 | 620 | 597 | 652 | 527 | 1 781 | 2 396 | ||||||||||||||||||||||||||||||
Business Group performance before tax | (303 | ) | (18 | ) | (273 | ) | (165 | ) | 7 | (65 | ) | 168 | 197 | (759 | ) | 307 | ||||||||||||||||||||||||
Private Banks & GAM | ||||||||||||||||||||||||||||||||||||||||
Performance before tax | 46 | 63 | 43 | 56 | 75 | 46 | 48 | 211 | 208 | 380 | ||||||||||||||||||||||||||||||
Invested assets (CHF billion) | 84 | 80 | 76 | 68 | 70 | 70 | 75 | 81 | 84 | 70 | ||||||||||||||||||||||||||||||
Net new money (CHF billion) | 3.0 | 2.4 | 1.2 | 0.6 | 0.9 | 0.9 | 1.2 | 1.2 | 7.2 | 4.2 | ||||||||||||||||||||||||||||||
Headcount (full-time equivalents) | 1 672 | 1 657 | 1 673 | 1 697 | 1 702 | 1 719 | 1 764 | 1 765 | 1 672 | 1 702 | ||||||||||||||||||||||||||||||
CHF million, except where indicated | As at or for the period ended | Year ended | ||||||||||||||||||||||||||||||||||||||
Additional information | 31.12.03 | 30.9.03 | 30.6.03 | 31.3.03 | 31.12.02 | 30.9.02 | 30.6.02 | 31.3.02 | 31.12.03 | 31.12.02 | ||||||||||||||||||||||||||||||
Regulatory equity allocated (average) | 8 400 | 9 650 | 9 500 | 9 550 | 9 350 | 10 150 | 11 250 | 10 800 | 9 150 | 10 250 | ||||||||||||||||||||||||||||||
Fair value of employee stock options granted | 18 | 37 | ||||||||||||||||||||||||||||||||||||||
Headcount (full-time equivalents) | 2 878 | 2 766 | 2 836 | 2 892 | 2 887 | 2 925 | 2 936 | 2 949 | 2 878 | 2 887 | ||||||||||||||||||||||||||||||
1 | In order to show the relevant Business Group performance over time, adjusted expected credit loss rather than the net actual credit loss expenses are reported for all Business Groups. The difference between the adjusted expected credit loss and the net actual credit loss expenses recorded at Group level is reported in the Corporate Center (see Note 2 to the Financial Statements of the respective Quarter Report or Financial Report). |
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INCORPORATION BY REFERENCE
This Form 6-K is hereby incorporated by reference into each prospectus currently outstanding under the registration statements of UBS AG on Form F-3 (Registration Numbers 333-52832; 333-52832-01 to –03; 333-46216; 333-46216-01 and –02; 333-46930; 333-64844; 333-62448; and 333-62448-01 to –04) and Form S-8 (Registration Numbers 333-57878; 333-50320; 333-49216; 333-49214; 333-49212; 333-49210; and 333-103956), and into any outstanding offering circular that incorporates by reference any Form 6-K’s of UBS AG that are incorporated into its registration statements filed with the SEC.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
UBS AG | ||||||
By: | /s/ Robert Dinerstein | |||||
Name: | Robert Dinerstein | |||||
Title | Managing Director | |||||
By: | /s/ Per Dyrvik | |||||
Name: | Per Dyrvik | |||||
Title: | Managing Director |
Date: April 22, 2004