For the year ended | % change from | |||
CHF million, except where indicated | 31.12.05 | 31.12.04 | 31.12.03 | 31.12.04 |
Continuing operations | ||||
Revenues from industrial holdings | 10,515 | 6,086 | 2,900 | 73 |
Other income | 564 | 354 | (230) | 59 |
Total operating income | 11,079 | 6,440 | 2,670 | 72 |
Personnel expenses | 1,146 | 906 | 862 | 26 |
General and administrative expenses | 599 | 773 | 748 | (23) |
Services to / from other business units | 14 | 20 | 23 | (30) |
Depreciation of property and equipment | 253 | 215 | 178 | 18 |
Amortization of goodwill | 0 | 7 | 26 | (100) |
Amortization of other intangible assets | 207 | 169 | 8 | 22 |
Goods and materials purchased | 8,003 | 3,885 | 1,113 | 106 |
Total operating expenses | 10,222 | 5,975 | 2,958 | 71 |
Operating profit / (loss) from continuing operations before tax | 857 | 465 | (288) | 84 |
Tax expense | 253 | 120 | 10 | 111 |
Net profit / (loss) from continuing operations | 604 | 345 | (298) | 75 |
Discontinued operations | ||||
Profit from discontinued operations before tax | 124 | 140 2 | 259 2 | (11) |
Tax expense | 9 | 32 | 27 | (72) |
Net profit from discontinued operations | 115 | 108 | 232 | 6 |
Net profit / (loss) | 719 | 453 | (66) | 59 |
Net profit / (loss) attributable to minority interests | 207 | 93 | (11) | 123 |
from continuing operations | 202 | 93 | (17) | 117 |
from discontinued operations | 5 | 0 | 6 | |
Net profit / (loss) attributable to UBS shareholders | 512 | 360 | (55) | 42 |
| from continuing operations | 402 | 252 | (281) | 60 |
from discontinued operations | 110 | 108 | 226 | 2 |
Private equity 3 | ||||
As at | % change from | |||
CHF billion | 31.12.05 | 31.12.04 | 31.12.03 | 31.12.04 |
Investment 4 | 0.7 | 1.2 | 1.4 | (42) |
Portfolio fair value | 1.0 | 1.7 | 1.6 | (41) |
Additional information | For the year ended or as at | % change from | ||
31.12.05 | 31.12.04 | 31.12.03 | 31.12.04 | |
Cost / income ratio (%) 5 | 92.3 | 92.8 | 110.8 | |
BIS risk-weighted assets (CHF million) | 2,035 | 2,773 | 2,044 | (27) |
Personnel (full-time equivalents) | 21,636 | 29,453 | 29,121 | (27) |
Our private equity investments were moved to our Industrial Holdings segment in first quarter 2005, matching our strategy of de-emphasizing and reducing exposure to this asset class while capitalizing on orderly exit opportunities as they arise.
The segment also includes UBS’s majority stake in Motor-Columbus, a financial holding company whose most significant asset is an interest in the Atel Group (Aare-Tessin Ltd. for Electricity). In late September 2005, UBS announced that it would sell its 55.6% stake in Motor-Columbus to a consortium of Atel’s Swiss minority shareholders, EOS Holding and Atel, as well as to French utility Electricité de France (EDF), after corresponding agreements to that effect were signed.
At the end of February the European Commission and the Swiss Competition Commission have cleared the acquisition of the participation held by UBS. At the date of the print order of this Annual Report (8 March 2006), the transaction is expected to be completed as soon as all contractual conditions have been met and the boards of the buyers have passed the appropriate revolutions.
In 2005, the Industrial Holdings segment reported a net profit of CHF 719 million, of which CHF 512 million was attributable to UBS shareholders.
In 2005, it completed the sale of four fully consolidated investments. The operating profit or loss and gains on disposal are presented as discontinued operations for the industrial holdings. Previous income statements have also been restated to reflect these divestments.
In 2005, unconsolidated private equity investments, including those accounted for under the equity method, recorded total divestment gains of CHF 684 million. The level of financial investments available-for-sale fell to CHF 0.7 billion on 31 December 2005 from CHF 1.2 billion a year earlier due to a number of exits which were partially offset by the funding of existing commitments. The fair value of this part of the portfolio decreased to CHF 1.0 billion in 2005 from CHF 1.7 billion in 2004. Unfunded commitments on 31 December 2005 were CHF 367 million, down from CHF 769 million at the end of December 2004, primarily due to the exit from one investment.
In 2004, industrial holdings reported a net profit of CHF 453 million, of which CHF 360 million was attributable to UBS shareholders. Of the investments fully consolidated in the period, we sold five in 2004.
In 2004, unconsolidated private equity investments, including those accounted for under the equity method, recorded total divestment gains of CHF 330 million and writedowns of CHF 57 million.
The level of financial investments available-for-sale fell to CHF 1.2 billion on 31 December 2004 from CHF 1.4 billion a year earlier. The fair value of this part of the private equity portfolio increased to CHF 1.7 billion at the end of 2004 from CHF 1.6 billion on 31 December 2003. Unfunded commitments on 31 December 2004 were CHF 769 million, down from CHF 1,493 million at the end of 2003.
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