Income Statement | ||
For the year ended or as of | ||
CHF million, except where indicated | 31.12.06 | 31.12.05 |
Continuing operations | ||
Total operating income | 994 | 1,236 |
Total operating expenses | 716 | 751 |
Operating profit from continuing operations before tax | 278 | 485 |
Tax expense | 35 | 175 |
Net profit from continuing operations | 243 | 310 |
Discontinued operations | ||
Operating profit from discontinued operations before tax | 852 | 496 |
Tax expense / (benefit) | (13) | 87 |
Net profit from discontinued operations | 865 | 409 |
Net profit | 1,108 | 719 |
Net profit attributable to minority interests | 104 | 207 |
from continuing operations | 1 | (24) |
from discontinued operations | 103 | 231 |
Net profit attributable to UBS shareholders | 1,004 | 512 |
from continuing operations | 242 | 334 |
from discontinued operations | 762 | 178 |
Personnel (full-time equivalents) | 4,241 | 21,636 |
The Industrial Holdings segment comprises UBS's private equity investments, which were, until early 2005, held within the Investment Bank. Our strategy is to de-emphasize and reduce exposure to this asset class while capitalizing on orderly exit opportunities as they arise.
On 23 March 2006, we sold UBS's 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). The stake was sold for CHF 1,295 million, which resulted in a pre-tax gain of CHF 364 million for UBS. Motor-Columbus is a financial holding company whose only significant asset is a 59.3% interest in the Atel Group, a European energy provider.
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