UBS - Financial performance

UBS’s performance is reported in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This section provides a discussion and analysis of UBS’s results for 2008, commenting on the underlying operational performance of the business, with a focus on continuing operations.

UBS financial highlights
	As of or for the year ended			% change from
CHF million, except where indicated	31.12.08	31.12.07	31.12.06	31.12.07

Performance indicators from continuing operations
Diluted earnings per share (CHF) ¹	(7.75)	(2.61)	4.64	(197)
Return on equity attributable to UBS shareholders (%) ²	(59.1)	(11.7)	23.9
Cost / income ratio (%) ³	753.0	111.0	70.5
Net new money (CHF billion) ⁴	(226.0)	140.6	151.7

Group results
Operating income	796	31,721	47,484	(97)
Operating expenses	28,555	35,463	33,365	(19)
Operating profit before tax (from continuing and discontinued operations)	(27,560)	(3,597)	15,007	(666)
Net profit attributable to UBS shareholders	(21,292)	(5,247)	11,527	(306)
Personnel (full-time equivalents) ⁵	77,783	83,560	78,140	(7)
Invested assets (CHF billion)	2,174	3,189	2,989	(32)

UBS balance sheet and capital management
Balance sheet key figures
Total assets	2,014,815	2,274,891	2,348,733	(11)
Equity attributable to UBS shareholders	32,531	36,875	51,037	(12)
Market capitalization ⁶	43,519	108,654	154,222	(60)
BIS capital ratios ⁷
Tier 1 (%)	11.0	9.1 ⁸	12.2 ⁸
Total BIS (%)	15.0	12.2 ⁸	15.0 ⁸
Risk-weighted assets	302,273	374,421 ⁸	344,015	(19)
Long-term ratings
Fitch, London	A+	AA	AA+
Moody's, New York	Aa2	Aaa	Aa2
Standard & Poor's, New York	A+	AA	AA+
1 Refer to "Note 8 Earnings per share (EPS) and shares outstanding" in the financial statements of this report. 2 Net profit attributable to UBS shareholders from continuing operations / average equity attributable to UBS shareholders. 3 Operating expenses / operating income before credit loss expense or recovery. 4 Excludes interest and dividend income. 5 Excludes personnel from private equity (part of the Corporate Center). 6 Refer to the "UBS registered shares" section of this report for further information. 7 Refer to the "Capital management" section of this report for further information. 8 The calculation prior to 2008 is based on the Basel I approach.

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