UBS publishes Annual Report 2014
UBS’s Annual Report 2014 and Compensation Report are available online from today at www.ubs.com/annualreporting
Zurich/Basel, 13 March 2015 – UBS's Annual Report 2014 provides comprehensive information on the firm and its strategy, business, governance and financial performance. It contains both audited and unaudited information. Net profit attributable to UBS Group AG shareholders for 2014 was CHF 3.5 billion and diluted earnings per share for 2014 were CHF 0.91.
The 2014 results and the balance sheet in the Annual Report 2014 differ from those presented in UBS's fourth quarter 2014 report issued on 10 February 2015. The net effect of adjustments made subsequent to the publication of the unaudited fourth quarter 2014 report was a reduction in net profit attributable to UBS Group AG shareholders of CHF 105 million, which reduced basic and diluted earnings per share by CHF 0.03. The same effect was recorded at UBS AG consolidated level. Please refer to “Note 37 Events after the reporting period” in the “Financial information” section of the Annual Report 2014 for more information.
UBS's Annual Report 2014 consists of the following six sections.
- UBS Group – Changes to our legal structure provides information about the establishment of UBS Group AG as the holding company of the UBS Group. The changes to the firm's legal structure do not affect its strategy, its business and the way it serves its clients. They also have no material effect on the organization, processes, roles and responsibilities with respect to how UBS is managed and governed. Membership of the Board of Directors and Group Executive Board is the same for both UBS Group AG and UBS AG, respectively.
- Operating environment and strategy describes UBS’s strategy, business divisions and Corporate Center, and the factors affecting UBS and its business model, including market climate, industry drivers, regulatory developments and risk factors.
- Financial and operating performance outlines the performance of UBS and of each business division, as well as Corporate Center, for the past two calendar years.
- Risk, treasury and capital management describes UBS’s risk framework and explains how UBS manages and controls risk, including credit risk, market risk and operational risk and capital, liquidity and funding, as well as covering developments during 2014. It highlights which disclosures in the report support the objectives of the Enhanced Disclosure Task Force's recommendations to help banks disclose these issues in a transparent and comprehensible way. Additionally, it contains information on UBS shares.
- Corporate governance, responsibility and compensation provides information about UBS’s governance structure and sets out the guiding principles that govern compensation plans, as well as details of the compensation of senior management and the Board of Directors. It also discusses UBS’s standards for corporate behavior and responsibility, outlines demographic trends in the firm’s workforce and describes how personnel is managed and developed.
- Financial information consists of the audited consolidated financial statements of UBS Group AG and UBS AG for 2014 in accordance with International Financial Reporting Standards. It also contains audited standalone financial statements for UBS Group AG in accordance with the Swiss Code of Obligations and audited standalone financial statements for UBS AG in accordance with Swiss GAAP. Supplemental disclosures required under US Securities and Exchange Commission and Basel III Pillar 3 regulations are also included for UBS Group AG.
Annual Reports and Form 20-F
To give shareholders as well as other stakeholders access to information on UBS Group AG and on UBS AG, both in a combined manner and separately, three distinct documents are available on www.ubs.com/investors:
- a combined Annual Report providing all relevant and required disclosures for both UBS Group AG and UBS AG, which is also the basis for our combined Form 20-F filing
- an Annual Report for UBS Group AG only
- an Annual Report for UBS AG only, consisting of financial information related to UBS AG only, complemented by management discussion and analysis on a UBS Group level
UBS Shareholder Portal
In advance of our Annual General Meeting, registered shareholders can use UBS’s integrated Shareholder Portal to download UBS shareholder publications, manage subscriptions, update personal details and view shareholdings and voting rights.
Shareholders can order printed copies of UBS Group AG's Annual Report and Compensation Report and UBS AG's Annual Report via
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