Item 1: Annual Report, Group and Parent Company Accounts for 2004 Reports of the Group and Statutory Auditors
A. Motion
The Board of Directors proposes that the report on the financial
year 2004 and the Group and Parent Company Accounts for
2004 be approved.
B. Explanations
The reports of the Board of Directors and the Group Executive
Board are contained in the 2004 Financial Report
. Additional
information on the 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 2004/2005”.
This document also contains the comprehensive information
relating to corporate governance required by the SWX Swiss
Exchange directive, including the report on senior executive
compensation. Copies of these 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 2004.
The Group income statement shows total operating income of
CHF 41,069 million and total operating expenses of CHF 30,395
million, resulting in a pre-tax profit of CHF 10,674 million and
a net profit of CHF 8,089 million. The Financial Businesses (excluding
Industrial Holdings) show a net profit of CHF 8,044 million.
At year-end, total consolidated assets amounted to CHF
1,734.8 billion, up CHF 184.7 billion from a year earlier. Shareholders’
equity totaled CHF 35.0 billion.
Parent Company net profit was CHF 5,946 million. Total operating
income of CHF 20,998 million and total operating expenses
of CHF 13,532 million resulted in an operating profit of CHF
7,466 million. Depreciations, write-offs and provisions amounted
to CHF 1,205 million and extraordinary income to CHF 1,016 million.
Extraordinary expenses totaled CHF 49 million and taxes
amounted to CHF 1,282 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 in their opinion, based on the audit performed,
the Group financial statements “present fairly, in all
material respects, the consolidated financial position of UBS AG
as of 31 December 2004 and 2003, and the consolidated results
of operations and cash flows for each of the three years ended
31 December 2004, 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”.
