Ad hoc releases
UBS publishes 2008 annual report
UBS is today publishing its annual report for 2008. The report is available at www.ubs.com/annualreporting.
UBS's annual report for 2008 provides comprehensive information on the firm, its business, governance and financial performance. It contains both audited and non-audited information.
The 2008 annual report consists of five sections:
Strategy, performance and responsibility
This section provides a description of UBS, its strategy, organizational structure and financial performance for the last three years. It also discusses UBS's standards for corporate behavior and responsibility, outlines demographic trends in its workforce and describes how personnel is managed and developed.
UBS business divisions and Corporate Center
This section provides a description of each business division and their performance for the last two years.
Risk and treasury management
In addition to outlining the principles by which UBS manages and controls risk, this section provides an account of developments in credit risk, market risk, operational risk and treasury management during 2008, including additional Basel II Pillar 3 disclosures. It also provides information on UBS shares.
Corporate governance and compensation
Comprehensive information on UBS's governance arrangements is included in this section, which also explains how UBS manages its relationships with regulators and shareholders. Compensation of senior management is discussed here.
This comprises the audited consolidated financial statements of UBS Group for 2008, 2007 and 2006, prepared according to the International Financial Reporting Standards (IFRS). It also includes the audited financial statements of UBS AG (the parent bank) for 2008 and 2007, prepared according to Swiss banking law. Additional disclosure required by Swiss and US regulations is included where appropriate.
The 2008 results and the balance sheet in UBS's 2008 annual report differ from those presented in UBS's fourth quarter 2008 report issued on 10 February 2009 due to: (1) the settlement agreements with the US Department of Justice and Securities and Exchange Commission related to the US cross-border case; and (2) the determination by the Swiss National Bank (SNB) of the 30 September 2008 valuation of approximately USD 7.8 billion of securities not yet transferred by UBS to the SNB StabFund, as described UBS's 2008 annual report. The full effect of the settlement agreements, and all but approximately CHF 0.1 billion of the SNB pricing adjustment, are taken into account in UBS's 2008 results and the balance sheet in UBS's 2008 annual report. The total impact on net profit after tax was negative CHF 1,190 million.
UBS will also file its annual report on Form 20-F with the US SEC today. The Form 20-F filing contains UBS's complete audited financial statements, in addition to other information, and will be available for viewing and downloading at www.ubs.com/sec-filings.
Hard copies of UBS's annual report, and the summary review booklet (which is also online today), will be available from 19 March 2009 onwards and can be requested by contacting UBS - either by telephone, email, online registration or in writing - using the contact details below:
Print & Publications
Postfach, CH-8098 Zuerich
Cautionary Statement Regarding Forward-Looking Statements
This release contains statements that constitute “forward-looking statements”, including but not limited to statements relating to the anticipated effect of transactions described herein, risks arising from the current market crisis and other risks specific to UBS’s business, strategic initiatives, future business development and economic performance. While these forward-looking statements represent UBS’s judgments and expectations concerning the development of its business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. These factors include, but are not limited to: (1) the extent and nature of future developments in the market segments that have been or may be affected by the current market crisis and their effect on UBS’s assets and exposures, including UBS’s remaining net and gross exposures related to the United States mortgage market; (2) developments affecting the availability of capital and funding to UBS and other financial institutions, including any changes in UBS’s credit spreads and ratings; (3) other market and macroeconomic developments, including movements in local and international securities markets, credit spreads, currency exchange rates and interest rates; (4) changes in internal risk control and limitations in the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (5) the possible consequences of governmental investigations of certain of UBS’s past business activities, including the possibility that tax or regulatory authorities in various jurisdictions will focus on the cross-border wealth management services provided by UBS and other financial institutions; (6) the degree to which UBS is successful in implementing its remediation plans and strategic and organizational changes, and whether those plans and changes will have the effects anticipated; (7) changes in the financial position or creditworthiness of UBS’s customers, obligors and counterparties, and developments in the markets in which they operate, including possible failures resulting from the current market crisis and adverse economic environment; (8) management changes and changes to the internal or overall structure of UBS’s business divisions; (9) the occurrence of operational failures, such as fraud, unauthorized trading and systems failures; (10) legislative, governmental and regulatory developments, including the effect of new and more stringent capital requirements and of direct or indirect regulatory constraints on UBS’s business activities; (11) changes in accounting standards or policies, and accounting determinations affecting the recognition of gain or loss, the valuation of goodwill and other assets or other matters; (12) changes in and the effect of competitive pressures, including the possible loss of key employees as a result of compensation issues or for other reasons; (13) technological developments; and (14) the impact of all such future developments on positions held by UBS, on its short-term and longer-term earnings, on the cost and availability of funding and on UBS’s capital ratios. In addition, these results could depend on other factors that we have previously indicated could adversely affect our business and financial performance which are contained in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS’s Annual Report on Form 20-F for the year ended 31 December 2008. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
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