Item 1: Annual Report, Group and Parent Company Accounts for 2001, Reports of the Group and Parent Company Auditors
The Board of Directors proposes that the report on the financial year 2001 and the Group and Parent Company Accounts for 2001 be approved.
The reports of the Board of Directors and the Group Executive Board are contained in the Financial Report. Additional information on strategy and organization of the Group, its activities and those of the Business Groups, on risk management and control as well as on corporate governance can be found in the Handbook 2001/2002". Copies of both publications can be ordered by shareholders and are also available on the internet at www.ubs.com/investors.
All shareholders registered in the share register automatically receive a copy of the Annual Review, which contains summary information with regard to our business performance in 2001.
The Group income statement shows total operating income of CHF 37,114 million and total operating expenses of CHF 30,396 million, resulting in pre-tax profit of CHF 6,718 million and consolidated net profit of CHF 4,973 million. Total consolidated assets amounted to CHF 1,253 billion at year-end 2001, shareholders' equity to CHF 43.5 billion.
Parent company net profit amounted to CHF 4,655 million. With total operating income of CHF 22,328 million and total operating expenses of CHF 14,312 million, operating profit stood at CHF 8,016 million. Depreciations, write-offs and provisions amounted to CHF 2,790 million, extraordinary income to CHF 95 million. Extraordinary expenses came to CHF 7 million and taxes totaled CHF 659 million.
Ernst & Young Ltd. as Group and Statutory Auditors recommend in unqualified reports to the Annual General Meeting that the Group and Parent Company Accounts be approved. The Group Auditors confirm that the Group financial statements present fairly, in all material respects, the consolidated financial position of UBS AG as of 31 December 2001 and 2000, and the consolidated results of operations and cash flows for each of the three years in the period ended 31 December 2001, in conformity with International Accounting Standards (IAS) and they comply with the Swiss law". The Statutory Auditors express their opinion that the accounting records and financial statements and the proposed appropriation of available earnings comply with the Swiss law and the company's articles of association".