Corporate Center

Business Group Reporting


Clive Standish \| UBS Group Chief Financial Officer and Head of the Corporate Center

In first quarter 2007, Corporate Center recorded a loss from continuing operations of CHF 193 million, compared with a loss of CHF 318 million in fourth quarter 2006. The improvement was driven by higher income as well as declining personnel and general and administrative expenses.

Spreadsheets

Business Group reporting

Business Group reporting
	As of or for the quarter ended			% change from
CHF million, except where indicated	31.3.07	31.12.06	31.3.06	4Q06	1Q06
Income	130	64	142	103	(8)
Credit loss (expense) / recovery ¹	(51)	(37)	28	38
Total operating income	79	27	170	193	(54)
Cash components	296	292	283	1	5
Share-based components ²	24	44	28	(45)	(14)
Total personnel expenses	320	336	311	(5)	3
General and administrative expenses	304	331	314	(8)	(3)
Services (to) / from other business units	(539)	(521)	(465)	(3)	(16)
Depreciation of property and equipment	187	198	176	(6)	6
Amortization of intangible assets	0	1	4	(100)	(100)
Total operating expenses³	272	345	340	(21)	(20)
Business Group performance from continuing operations before tax	(193)	(318)	(170)	39	(14)
Business Group performance from discontinued operations before tax	8	0	0
Business Group performance before tax	(185)	(318)	(170)	42	(9)

Additional information
BIS risk-weighted assets	8,620	8,969	9,153	(4)	(6)
Personnel (full-time equivalents)	6,016⁴	4,771	4,059	26	48
Personnel excluding IT Infrastructure (ITI) (full-time equivalents)	1,921	1,716	1,417	12	36
Personnel for ITI (full-time equivalents)	4,095⁴	3,055	2,642	34	55
1 In order to show the relevant Business Group performance over time, adjusted expected credit loss rather than credit loss expense or recovery is reported for all Business Groups. The difference between the adjusted expected credit loss and credit loss expense or recovery recorded at Group level is reported in the Corporate Center (see note 2 to the financial statements). 2 Additionally includes social security contributions and expenses related to alternative investment awards. 3 Includes expenses for the Chairman's office (comprising the Company Secretary, Board of Directors and Group Internal Audit). 4 Includes former Perot contractors (872 FTEs) that were converted into full-time UBS employees at the beginning of first quarter 2007.