Item 1: Annual Report, Group and Parent Company Accounts for 2003 Reports of the Group and Statutory Auditors
A. Motion
The Board of Directors proposes that the report on the financial year 2003 and the Group and Parent Company Accounts for 2003 be approved.
B. Explanations
The reports of the Board of Directors and the Group Executive
Board are contained in the Financial Report. Additional information
on strategy and organization of the Group, its activities
and those of the Business Groups, on risk management and
control as well as on corporate bodies, their composition and
authorities can be found in the “Handbook 2003/2004”. This
document also contains the comprehensive information relating
to corporate governance as required by the SWX Swiss
Exchange directive. Copies of both publications can be ordered
by shareholders and are also available on the Internet at
www.ubs.com/investors. All shareholders registered in the share
register automatically receive a copy of the Annual Review,
which contains summary information with regard to our business
performance in 2003.
The Group income statement shows total operating income
of CHF 33,972 million and total operating expenses of
CHF 25,624 million, resulting in a pre-tax profit of CHF 8,003
million and a net profit of CHF 6,385 million. At year-end, total
consolidated assets amounted to CHF 1,386.0 billion, up
CHF 204.9 billion from a year earlier. Shareholders’ equity totaled
CHF 35.4 billion.
Parent Company net profit was CHF 4,197 million. Total operating
income of CHF 19,117 million and total operating expenses
of CHF 12,832 million resulted in an operating profit of
CHF 6,285 million. Depreciations, write-offs and provisions
amounted to CHF 1,577 million and extraordinary income to
CHF 92 million. Extraordinary expenses totaled CHF 1 million
and taxes amounted to CHF 602 million.
Ernst&Young Ltd. as Group and Statutory Auditors recommend
in unqualified reports to the Annual General Meeting that the
Group and Parent Company Accounts be approved. The Group
Auditors confirm that “the Group financial statements present
fairly, in all material respects, the consolidated financial position
of UBS AG as of 31 December 2003 and 2002, and the consolidated
results of operations and cash flows for each of the three
years in the period ended 31 December 2003, in conformity with
International Financial Reporting Standards (IFRS), and they
comply with Swiss law”. The Statutory Auditors express their
opinion that “the accounting records and financial statements
and the proposed appropriation of available earnings comply
with Swiss law and the company’s Articles of Association”.
