UBS AG

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	Results

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	Results

	Global Wealth Management & Business Banking

	Wealth Management International & Switzerland

	Wealth Management US

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	Industrial Holdings





	Balance sheet and off-balance sheet

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	Accounting principles

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	Management's report on internal control over financial reporting

	Financial Statements





	Note 1 Summary of Significant Accounting Policies

	Note 2

	Note 3 Net Interest and Trading Income

	Note 4 Net Fee and Commission Income

	Note 5 Other Income

	Note 6 Personnel Expenses

	Note 7 General and Administrative Expenses

	Note 8 Earnings per Share (EPS) and Shares Outstanding

	Note 9 Financial Assets Designated at Fair Value

	Note 10

	Note 11 Securities Borrowing, Securities Lending, Repurchase and Reverse Repurchase Agreements

	Note 12 Trading Portfolio

	Note 13 Financial Investments Available-for-Sale

	Note 14 Investments in Associates

	Note 15 Property and Equipment

	Note 16 Goodwill and Other Intangible Assets

	Note 17 Other Assets

	Note 18 Due to Banks and Customers

	Note 19 Financial Liabilities Designated at Fair Value and Debt Issued

	Note 20 Other Liabilities

	Note 21 Provisions

	Note 22 Income Taxes

	Note 23 Derivative Instruments and Hedge Accounting

	Note 24 Pledgeable Off-Balance Sheet Securities

	Note 25 Fiduciary Transactions

	Note 26 Commitments and Contingent Liabilities

	Note 27 Operating Lease Commitments

	Note 28 Pledged Assets

	Note 29 Financial Instruments Risk Position

	Note 30 Fair Value of Financial Instruments and Continued Recognition of Transferred Financial Assets

	Note 31 Pension and Other Post-Retirement Benefit Plans

	Note 32 Equity Participation and Other Compensation Plans

	Note 33 Related Parties

	Note 34 Post-Balance Sheet Events

	Note 35 Significant Subsidiaries and Associates

	Note 36 Invested Assets and Net New Money

	Note 37 Business Combinations

	Note 38 Discontinued Operations

	Note 39 Currency Translation Rates

	Note 40 Swiss Banking Law Requirements

	Note 41 Reconciliation of International Financial Reporting Standards (IFRS) to United States Generally Accepted Accounting Principles (US GAAP)

	Note 42 Additional Disclosures Required under US GAAP and SEC Rules





	Parent Bank Review

	Financial Statements

	Accounting Principles

	Additional Income Statement Information

	Additional Balance Sheet Information

	Off-Balance Sheet and Other Information





	A - Introduction

	B - Selected Financial Data

	C - Information on the Company

	D - Information Required by Industry Guide 3

UBS Homepage > Analysts & Investors > Annual Reporting 2006 > Financial Report > Note 14 Investments in Associates

Note 14 Investments in Associates

CHF million	31.12.06	31.12.05
Carrying amount at the beginning of the year	2,956	2,675
Additions	542	938
Disposals	(2,043)	(935)
Transfers	13	(13)
Income ¹	156	156
Impairments ²	(27)	(4)
Dividend paid	(33)	(59)
Foreign currency translation	(41)	198
Carrying amount at the end of the year	1,523	2,956
1 Income of CHF 50 million and CHF 99 million is related to Industrial Holdings for 2006 and 2005 respectively, of which CHF 11 million and CHF 70 million is related to discontinued operations for 2006 and 2005 respectively. 2 Impairments of CHF 27 million and CHF 4 million are related to Industrial Holdings for 2006 and 2005 respectively.

At 31 December 2006, significant associated companies of the Group had the following balance sheet and income statement totals on an aggregated basis, not adjusted for the Group’s proportionate interest: assets CHF 27 billion; liabilities CHF 23 billion; revenues CHF 1.9 billion; and net profit CHF 318 million. See Note 35 for a list of significant associates.

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