Investor Release: Restated figures for 2003 and 2002
On 22 April, UBS published restated figures for 2003 and 2002 that align our comparative prior periods to the changes we undertook in accounting and presentation on 1 January 2004.
The restatement consisted of the following changes in accounting and presentation:
early adoption of IAS 32 Financial Instrument: Disclosure and Presentation and IAS 39 Financial Instruments: Recognition and Measurement
change in the accounting for investment property from historical costs less accumulated depreciation to the fair value method
change in the accounting from credit risk losses incurred on over-the-counter (OTC) derivatives which are now reported in net trading income and no longer through credit loss expense
reclassification of corporate client assets in Business Banking Switzerland (except for pension funds) which will now be excluded from invested assets.
These changes lowered 2003 net profit by CHF 146 million and 2002's by CHF 5 million. The effects the changes have on our past results are described in detailed fashion in the attached investor release.
Please note that this restatement is not a correction of our reported figures, but the result of the application of different changes in accounting and presentation. Our restatement allows 2004's results to be compared with previous ones and are
being released as preliminary information ahead of our first quarter results.
The first quarter results will be released, as previously announced, on 4 May at 7:00 AM Central European Time.