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|  Our net profit for the year 2001 was CHF 4,973 million, 36% less than in 2000. Pre-goodwill, net profit for the year was 26% lower than we achieved in the much stronger markets of 2000 and 28% lower once we exclude the effect of one-off provisions and restructuring charges in 2000 related to the PaineWebber merger.
We aim to maintain a disciplined approach to both compensation and non-personnel costs, keeping them responsive to changes in our revenue expectations. This was particularly important in 2001, allowing us to continue investing in the future growth of our key businesses.
With our revenues under pressure from declining markets in 2001, we put in place active programs to control expenditure. Operating costs decreased from 2000 levels in UBS Switzerland’s Private Banking and Private and Corporate Clients business units and UBS Warburg’s Corporate and Institutional Clients business unit, and showed a clear reduction through the year in UBS Warburg’s Private Clients business unit. At the same time, the proportion of our total revenues which we dedicate to rewarding our staff remained almost unchanged since 2000 in our most important businesses, reflecting a substantial decrease in bonus payments.
This year we plan once again to make a tax efficient distribution of capital to our shareholders rather than paying a dividend. The Board of Directors will recommend to the Annual General Meeting on 18 April 2002 that UBS make a par value repayment of CHF 2.00 per share, consistent with the total per share distribution to shareholders in respect of 2000 of CHF 2.03.
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