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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.
Post balance sheet events
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.
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