We now own a 55.6% stake in Motor-Columbus
after purchasing an additional 20% stake on
1 July 2004. Motor-Columbus is a financial
holding company whose only significant asset is
a 59.3% interest in the Atel Group. Atel, based in
Olten, Switzerland, is a European energy provider
focused on domestic and international
power generation, electricity transmission, energy
services as well as electricity trading and marketing.
Because of our majority ownership we
have, starting this quarter, fully consolidated
Motor-Columbus in our financial statements,
housing it within a separate segment.
Due to the increased complexity that this consolidation
adds to our financial reporting, we
have split the commentary of our results into two
parts. We have provided commentary and analysis
of our Financial Businesses – which include
all our pre-existing business units – separately
from the new Industrial Holdings unit, housing
Motor-Columbus. In this way, we aim for complete
continuity in the presentation and analysis
of our core businesses. The new reporting structure
is shown in detail in the graphic.
In third quarter 2004, Motor-Columbus’s
contribution to UBS’s net profit was CHF 17 million.
Motor-Columbus itself recorded net profit
before tax and minority interests of CHF 70 million
in third quarter, on total operating income
of CHF 1,692 million and total operating
expenses of CHF 1,622 million. It contributed
CHF 6.9 billion in assets to our balance sheet and
CHF 5.0 billion in liabilities (see 'Balance Sheet and Capital Management' for more information).
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