UBS AG

Investor Relations

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Corp. Gov. & Comp. Report

Fin. Statements

Review



	Introduction





	Accounting Principles

	Critical accounting policies





	Management's Report on Internal Control over Financial Reporting

	Financial Statements

	Notes

		Note 1

		Note 2a

		Note 2b

		Note 3

		Note 4

		Note 5

		Note 6

		Note 7

		Note 8

		Note 9a

		Note 9b

		Note 9c

		Note 9d

		Note 10

		Note 11

		Note 12

		Note 13

		Note 14

		Note 15

		Note 16

		Note 17

		Note 18

		Note 19

		Note 20

		Note 21

		Note 22

		Note 23

		Note 24

		Note 25

		Note 26

		Note 27

		Note 28

		Note 29

		Note 30

		Note 31

		Note 32

		Note 33

		Note 34

		Note 35

		Note 36

		Note 37

		Note 38

		Note 39





	Parent Bank Review

	Financial Statements

	Notes to the Financial Statements

	Additional Income Statement Information

	Additional Balance Sheet Information

	Off-Balance Sheet and Other Information

	Corporate Governance and Compensation Report





	A - Introduction

	B - Selected Financial Data

	C - Information on the Company

	D - Information Required by Industry Guide 3





	Sources of information




	Cautionary statement

UBS Homepage > Investor Relations > Annual Reporting 2007 > Financial Statements > Notes > Note 14

Note 14

Investments in Associates

CHF million	31.12.07	31.12.06
Carrying amount at the beginning of the year	1,523	2,956
Additions	1,656	542
Disposals	(846)	(2,043)
Transfers	(367)	13
Income ¹	137	156
Impairments ²	(17)	(27)
Dividends paid	(42)	(33)
Foreign currency translation	(65)	(41)
Carrying amount at the end of the year	1,979	1,523
1 Income of CHF (8) million and CHF 50 million is related to industrial holdings for 2007 and 2006 respectively, of which CHF 11 million is related to discontinued operations for 2006. 2 Impairments of CHF 17 million and CHF 27 million are related to industrial holdings for 2007 and 2006, respectively.
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. See Note 33 for a list of significant associates.
CHF million	31.12.07	31.12.06
Assets	9,189	27,299
Liabilities	2,524	22,831
Revenues	1,228	1,888
Net profit	321	318

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