The tables below set forth, for the periods and dates indicated, information concerning the noon buying rate for the Swiss franc, expressed in United States dollars, or USD, per one Swiss franc. The noon buying rate is the rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York.
On 28 February 2006, the noon buying rate was 0.7627 USD per 1 CHF.
Year ended 31 December | High | Low | Average rate 1 | At period end |
2001 | 0.6331 | 0.5495 | 0.5910 | 0.5857 |
2002 | 0.7229 | 0.5817 | 0.6453 | 0.7229 |
2003 | 0.8189 | 0.7048 | 0.7493 | 0.8069 |
2004 | 0.8843 | 0.7601 | 0.8059 | 0.8712 |
2005 | 0.8721 | 0.7544 | 0.8039 | 0.7606 |
Month | High | Low | ||
September 2005 | 0.8139 | 0.7712 | ||
October 2005 | 0.7855 | 0.7679 | ||
November 2005 | 0.7825 | 0.7544 | ||
December 2005 | 0.7820 | 0.7570 | ||
January 2006 | 0.7940 | 0.7729 | ||
February 2006 | 0.7788 | 0.7575 |
1 The average of the noon buying rates on the last business day of each full month during the relevant period.
For the year ended | |||||
CHF million, except where indicated | 31.12.05 | 31.12.04 | 31.12.03 | 31.12.02 | 31.12.01 |
Income statement data | |||||
Interest income | 59,286 | 39,228 | 40,045 | 39,896 | 52,187 |
Interest expense | (49,758) | (27,484) | (27,784) | (29,417) | (44,236) |
Net interest income | 9,528 | 11,744 | 12,261 | 10,479 | 7,951 |
Credit loss (expense) / recovery | 375 | 241 | (102) | (112) | (499) |
Net interest income after credit loss (expense) / recovery | 9,903 | 11,985 | 12,159 | 10,367 | 7,452 |
Net fee and commission income | 21,436 | 18,506 | 16,673 | 17,481 | 19,440 |
Net trading income | 7,996 | 4,902 | 3,670 | 5,381 | 8,732 |
Other income | 1,125 | 932 | 225 | 285 | 609 |
Income from Industrial Holdings | 10,515 | 6,086 | 2,900 | 1,245 | 1,691 |
Total operating income | 50,975 | 42,411 | 35,627 | 34,759 | 37,924 |
Total operating expenses | 37,926 | 32,124 | 28,355 | 31,007 | 31,723 |
Operating profit from continuing operations before tax | 13,049 | 10,287 | 7,272 | 3,752 | 6,201 |
Tax expense | 2,549 | 2,224 | 1,419 | 597 | 1,359 |
Net profit from continuing operations | 10,500 | 8,063 | 5,853 | 3,155 | 4,842 |
Net profit from discontinued operations | 4,190 | 407 | 400 | 210 | 445 |
Net profit | 14,690 | 8,470 | 6,253 | 3,365 | 5,287 |
Net profit attributable to minority interests | 661 | 454 | 349 | 348 | 356 |
Net profit attributable to UBS shareholders | 14,029 | 8,016 | 5,904 | 3,017 | 4,931 |
Cost / income ratio (%) 1 | 70.1 | 73.2 | 76.8 | 84.7 | 79.1 |
Per share data (CHF) | |||||
Basic earnings per share 2 | 13.93 | 7.78 | 5.44 | 2.59 | 4.05 |
Diluted earnings per share 2 | 13.36 | 7.40 | 5.19 | 2.54 | 3.90 |
Operating profit before tax per share | 12.96 | 9.99 | 6.70 | 3.22 | 5.09 |
Cash dividends declared per share (CHF) 3 | 3.20 | 3.00 | 2.60 | 2.00 | 0.00 |
Cash dividend equivalent in USD 3 | 2.54 | 2.00 | 1.46 | 0.00 | |
Dividend payout ratio (%) | 23.0 | 38.6 | 47.8 | 77.2 | |
Rates of return (%) | |||||
Return on equity attributable to UBS shareholders 4 | 39.4 | 25.5 | 17.8 | 8.2 | 12.4 |
Return on average equity | 36.9 | 23.6 | 16.8 | 7.6 | 11.9 |
Return on average assets | 0.67 | 0.44 | 0.38 | 0.20 | 0.36 |
1 Operating expenses / operating income before credit loss expense for Financial Businesses. 2 For EPS calculation, see Note 8 to the Financial Statements. 3 Dividends are normally declared and paid in the year subsequent to the reporting period. In 2001 an amount of CHF 1.60 per share was distributed to shareholders in the form of a par value reduction, in respect of 2000. No dividend was paid out for the year 2001. A par value reduction of CHF 2.00 per share was paid on 10 July 2002. A dividend of CHF 2.00 per share was paid on 23 April 2003, CHF 2.60 on 20 April 2004 and CHF 3.00 on 26 April 2005. A dividend of CHF 3.20 per share will be paid on 24 April 2006, and a par value reduction of CHF 0.60 per share will be distributed in July 2006 subject to approval by shareholders at the Annual General Meeting. The USD amount per share will be determined on 20 April 2006. 4 Net profit attributable to UBS shareholders / average equity attributable to UBS shareholders less distributions.
As at | |||||
CHF million, except where indicated | 31.12.05 | 31.12.04 | 31.12.03 | 31.12.02 | 31.12.01 |
Balance sheet data | |||||
Total assets | 2,060,250 | 1,737,118 | 1,553,979 | 1,350,852 | 1,258,093 |
Equity attributable to UBS shareholders | 44,324 | 33,941 | 33,659 | 36,010 | 40,873 |
Average equity to average assets (%) | 1.81 | 1.86 | 2.25 | 2.67 | 3.03 |
Market capitalization | 131,949 | 103,638 | 95,401 | 79,448 | 105,475 |
Shares | |||||
Registered ordinary shares | 1,088,632,522 | 1,126,858,177 | 1,183,046,764 | 1,256,297,678 | 1,281,717,499 |
Treasury shares | 104,259,874 | 124,663,310 | 136,741,227 | 141,230,691 | 89,804,451 |
BIS capital ratios | |||||
Tier 1 (%) | 12.9 | 11.9 | 12.0 | 11.3 | 11.6 |
Total BIS (%) | 14.1 | 13.8 | 13.5 | 13.8 | 14.8 |
Risk-weighted assets | 310,409 | 264,832 | 252,398 | 238,790 | 253,735 |
Invested assets (CHF billion) | 2,652 | 2,217 | 2,098 | 1,959 | 2,448 |
Personnel Financial Businesses (full-time equivalents) | |||||
Switzerland | 26,028 | 25,990 | 26,662 | 27,972 | 29,163 |
Europe (excluding Switzerland) | 11,007 | 10,764 | 9,906 | 10,009 | 9,650 |
Americas | 27,136 | 26,232 | 25,511 | 27,350 | 27,463 |
Asia Pacific | 5,398 | 4,438 | 3,850 | 3,730 | 3,709 |
Total | 69,569 | 67,424 | 65,929 | 69,061 | 69,985 |
Long-term ratings 1 | |||||
Fitch, London | AA+ | AA+ | AA+ | AAA | AAA |
Moody's, New York | Aa2 | Aa2 | Aa2 | Aa2 | Aa2 |
Standard & Poor's, New York | AA+ | AA+ | AA+ | AA+ | AA+ |
1 See the Handbook 2005/2006, page 57 for information about the nature of these ratings.
Balance Sheet Data | |||||
As at | |||||
CHF million | 31.12.05 | 31.12.04 | 31.12.03 | 31.12.02 | 31.12.01 |
Assets | |||||
Total assets | 2,060,250 | 1,737,118 | 1,553,979 | 1,350,852 | 1,258,093 |
Due from banks | 33,644 | 35,419 | 31,959 | 32,777 | 27,736 |
Cash collateral on securities borrowed | 300,331 | 220,242 | 213,932 | 139,049 | 162,938 |
Reverse repurchase agreements | 404,432 | 357,164 | 320,499 | 294,067 | 269,256 |
Trading portfolio assets | 499,297 | 389,487 | 354,558 | 261,080 | 397,888 |
Trading portfolio assets pledged as collateral | 154,759 | 159,115 | 120,759 | 110,365 | |
Positive replacement values | 333,782 | 284,577 | 248,206 | 247,421 | 73,447 |
Loans | 269,969 | 232,167 | 212,670 | 211,707 | 226,535 |
Liabilities and Equity | |||||
Due to banks | 124,328 | 120,026 | 129,084 | 83,561 | 107,031 |
Cash collateral on securities lent | 77,267 | 61,545 | 53,278 | 36,870 | 30,317 |
Repurchase agreements | 478,508 | 422,587 | 415,863 | 366,858 | 368,620 |
Trading portfolio liabilities | 188,631 | 171,033 | 143,957 | 106,453 | 105,798 |
Negative replacement values | 337,663 | 303,712 | 254,768 | 247,206 | 71,443 |
Financial liabilities designated at fair value | 117,401 | 65,756 | 35,286 | 14,516 | |
Due to customers | 451,533 | 376,076 | 346,577 | 306,876 | 333,781 |
Debt issued | 160,710 | 117,856 | 88,874 | 115,798 | 158,307 |
Equity attributable to UBS shareholders | 44,324 | 33,941 | 33,659 | 36,010 | 40,873 |
US GAAP Income Statement Data | |||||
For the year ended | |||||
CHF million | 31.12.05 | 31.12.04 | 31.12.03 | 31.12.02 | 31.12.01 |
Operating income | |||||
Interest income | 59,039 | 38,991 | 39,802 | 39,612 | 51,817 |
Interest expense | (49,588) | (27,245) | (27,628) | (29,334) | (44,096) |
Net interest income | 9,451 | 11,746 | 12,174 | 10,278 | 7,721 |
Credit loss (expense) / recovery | 375 | 334 | (74) | (112) | (499) |
Net interest income after credit loss (expense) / recovery | 9,826 | 12,080 | 12,100 | 10,166 | 7,222 |
Net fee and commission income | 21,436 | 18,435 | 16,606 | 17,481 | 19,440 |
Net trading income | 6,864 | 4,795 | 3,944 | 5,870 | 8,889 |
Other income | 793 | 1,180 | 382 | (65) | 504 |
Revenues from Industrial Holdings | 8,674 | 3,648 | |||
Total operating income | 47,593 | 40,138 | 33,032 | 33,452 | 36,055 |
Operating expenses | |||||
Personnel expenses | 20,220 | 18,297 | 17,234 | 18,224 | 19,294 |
General and administrative expenses | 6,667 | 6,545 | 5,917 | 6,953 | 7,465 |
Depreciation of property and equipment | 1,414 | 1,365 | 1,368 | 1,573 | 1,759 |
Amortization of goodwill | 0 | 0 | 0 | 0 | 2,385 |
Amortization of other intangible assets | 201 | 180 | 110 | 1,443 | 298 |
Goods and materials purchased | 7,142 | 2,861 | |||
Restructuring costs | 0 | 0 | 0 | 0 | 112 |
Total operating expenses | 35,644 | 29,248 | 24,629 | 28,193 | 31,313 |
Operating profit from continuing operations before tax | 11,949 | 10,890 | 8,403 | 5,259 | 4,742 |
Tax expense | 3,078 | 2,015 | 1,790 | 456 | 1,323 |
Minority interests | (410) | (435) | (350) | (331) | (344) |
Net profit from continuing operations | 8,461 | 8,440 | 6,263 | 4,472 | 3,075 |
Net profit from discontinued operations | 3,853 | 372 | 250 | 435 | 159 |
Change in accounting principle: cumulative effect of adoption of | |||||
“AICPA Audit and Accounting Guide, Audits of Investment Companies” | |||||
on certain financial investments, net of tax | 639 | ||||
Cumulative adjustment of accounting for certain equity-based | |||||
compensation plans as cash settled, net of tax | 6 | ||||
Cumulative adjustment due to the adoption of SFAS 123 (revised 2004), | |||||
“Share-Based Payment” on 1 January 2005, net of tax | 38 | ||||
Net profit | 12,352 | 8,818 | 6,513 | 5,546 | 3,234 |
US GAAP Balance Sheet Data | |||||
As at | |||||
CHF million | 31.12.05 | 31.12.04 | 31.12.03 | 31.12.02 | 31.12.01 |
Assets | |||||
Total assets | 2,322,261 | 1,903,186 | 1,699,007 | 1,296,938 | 1,361,920 |
Due from banks | 33,427 | 35,286 | 31,758 | 32,481 | 27,550 |
Cash collateral on securities borrowed | 274,099 | 218,414 | 211,058 | 139,073 | 162,566 |
Reverse repurchase agreements | 404,432 | 357,164 | 320,499 | 294,086 | 269,256 |
Trading portfolio assets | 607,432 | 449,389 | 423,733 | 331,480 | 455,406 |
Trading portfolio assets pledged as collateral | 152,237 | 159,115 | 120,759 | 110,365 | |
Positive replacement values 1 | 337,409 | 284,468 | 248,924 | 83,757 | 73,474 |
Loans | 267,530 | 228,968 | 212,729 | 211,755 | 226,747 |
Goodwill | 28,104 | 26,977 | 26,775 | 28,127 | 29,255 |
Other intangible assets | 1,665 | 1,722 | 1,174 | 1,222 | 4,510 |
Other assets | 116,831 | 101,068 | 64,381 | 21,314 | 36,972 |
Liabilities and Equity | |||||
Due to banks | 127,252 | 119,021 | 127,385 | 83,178 | 106,531 |
Cash collateral on securities lent | 66,916 | 57,792 | 51,157 | 36,870 | 30,317 |
Repurchase agreements | 482,843 | 423,513 | 415,863 | 366,858 | 368,620 |
Trading portfolio liabilities | 193,965 | 190,907 | 149,380 | 117,721 | 119,528 |
Obligation to return securities received as collateral | 67,430 | 12,950 | 13,071 | 16,308 | 10,931 |
Negative replacement values 1 | 432,171 | 360,345 | 326,136 | 132,354 | 116,666 |
Due to customers | 466,410 | 386,913 | 347,358 | 306,872 | 333,766 |
Accrued expenses and deferred income | 18,707 | 14,830 | 13,673 | 15,330 | 17,289 |
Debt issued | 240,212 | 164,744 | 123,259 | 129,527 | 156,462 |
Shareholders' equity | 60,475 | 52,668 | 53,174 | 55,576 | 59,282 |
1 Positive and negative replacement values represent the fair value of derivative instruments. From 2003 onwards, they are presented on a gross basis under US GAAP.
The following table sets forth UBS's ratio of earnings to fixed charges for the periods indicated. Ratios of earnings to combined fixed charges and preferred stock dividend requirements are not presented as there were no preferred share dividends in any of the periods indicated.
For the year ended | |||||
31.12.05 | 31.12.04 | 31.12.03 | 31.12.02 | 31.12.01 | |
IFRS 1 | 1.24 | 1.35 | 1.24 | 1.11 | 1.13 |
US GAAP 1 | 1.23 | 1.37 | 1.28 | 1.17 | 1.10 |
1 The ratio is provided using both IFRS and US GAAP values, since the ratio is materially different under the two accounting standards.
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