瑞银第二季度调整后¹税前利润达10亿瑞士法郎 全面采纳的BIS巴塞尔协议III普通股一级资本充足率为11.2% 瑞银将收购SNB StabFund股权，以提高2013年第四季度BIS巴塞尔协议III 普通股一级资本充足率70-90个基点
瑞银第二季度实现调整后¹税前利润10.22亿瑞士法郎。根据报告基准，集团税前利润为10.20亿瑞士法郎。在依旧充满挑战的环境下，瑞银主要业务表现强劲。尽管第二季度的税前费用总计约达8.65亿瑞士法郎，集团仍然取得前述业绩；有关费用是在集团继续处理遗留问题的过程中，主要用于诉讼、其他重要拨备以及金融资产亏损。瑞银全面采纳的国际清算银行（BIS）巴塞尔协议III普通股一级资本充足率上升至11.2%，继续加强了其在同类银行中作为资本最充足银行的地位。行至年中，瑞银已经超过了全面采纳的巴塞尔协议III风险加权资产的减少目标，其集团全面采纳的巴塞尔协议III风险加权资产减少200亿瑞士法郎至2, 390亿瑞士法郎，主要来自非核心和遗留资产组合的减少。
瑞银预期将于2013年第四季度行使期权收购SNB StabFund的股权，估计该项交易将提高瑞银领先于业界的全面采纳的巴塞尔协议III普通股一级资本充足率70-90个基点。
不计入有关瑞士与英国税收协议及重组的费用，财富管理业务录得四年来最高利润，并吸引了强健的资金流入。美洲财富管理业务再次录得最高纪录利润以及平均每名金融顾问所取得的最高纪录收入、投资资产和生产率。截至目前，瑞银财富管理业务已经获得超过360亿瑞士法郎的净新资金流入，与2012年上半年相比增加了50%。零售和企业业务利润在持续低利率的环境下仍有所提升。环球资产管理业务在充满挑战的第二季度中实现了稳定的调整后¹业绩。投资银行业务则有效地部署了资源以再度实现强劲业绩。
瑞银继续执行既定战略
- 调整后¹集团税前利润为10.22亿瑞士法郎；瑞银股东应占净利润为6.90亿瑞士法郎；摊薄后每股盈利为0.18瑞士法郎
- 调整后¹集团营业收入为72.51亿瑞士法郎，前一季度为79.83亿瑞士法郎，主要反映了较低的净利息和交易收入
- 调整后¹集团营业支出为62.29亿瑞士法郎，前一季度为60.81亿瑞士法郎，主要反映了较高的一般及行政成本
- 全面采纳的BIS 巴塞尔协议III普通股一级资本充足率提高了1.1%至11.2%；分阶段落实的BIS巴塞尔协议III普通股一级资本充足率提高了0.9%至16.2%
- 继续成功地实行集团资产负债表的去杠杆化，负债规模减少850亿瑞士法郎至11, 290亿瑞士法郎
- 瑞士SRB杠杆比率升至3.9%；杠杆率、资金比率和流动比率均高于监管要求
谈及瑞银第二季度业绩时，集团首席执行官Sergio P. Ermotti表示，“我对第二季度的业绩非常满意。业绩表现显示我们采取了正确的战略，而且我们的执行超前于目标。自2011年我们制定该项战略以来，我们每一季度都以明确而系统的方式来执行这一战略，建立起瑞银在业界中不可比拟的资本实力地位，并为我们的客户创造价值。”
2013年第二季度瑞银股东应占净利润为6.90亿瑞士法郎
2013年第二季度瑞银股东应占净利润为6.90亿瑞士法郎，前一季度为9.88亿瑞士法郎。根据调整后基准，第二季度的税前利润为10.22亿瑞士法郎，前一季度的税前利润为19.01亿瑞士法郎。根据报告基准，第二季度的税前利润为10.20亿瑞士法郎，前一季度的税前利润为14.47亿瑞士法郎。营业收入减少了3.86亿瑞士法郎，主要是由于较低的净利息和交易收入。营业支出增加了4,200万瑞士法郎，主要是由于较高的一般及行政费用，但这被减少的可变薪酬绩效奖励所部分抵消。第二季度，我们录得税项支出为1.25亿瑞士法郎，前一季度则为4.58亿瑞士法郎。优先股股东应占净利润为2.04亿瑞士法郎，前一季度为零。
财富管理业务第二季度的税前利润为5.57亿瑞士法郎，前一季度则为6.64亿瑞士法郎。调整后税前利润减少8,300万瑞士法郎至6.07亿瑞士法郎，包括有关瑞士与英国税收协议的1.04亿瑞士法郎费用。不计入这一费用，税前利润为7.11亿瑞士法郎，比前一季度增长2,100万瑞士法郎。营业收入为19.53亿瑞士法郎，前一季度则为19.13亿瑞士法郎。投资资产毛利率降低1个基点至90个基点，原因是平均投资资产比收入增长更快。营业支出增加1.46亿瑞士法郎至13.96亿瑞士法郎，主要由于有关瑞士与英国税收协议的费用。所有地区共录得净新资金流入101亿瑞士法郎。成本/收入比率从64.9%升至71.5%。按调整后基准，第二季度重组费用为5,000万瑞士法郎，前一季度为2,600万瑞士法郎，成本/收入比率从63.6%升至69.0%，维持在60%至70%的目标区间内。
美洲财富管理业务税前利润为2.58亿美元，前一季度则为2.51亿美元。根据重组费用调整后，税前利润增加700万美元，从2.62亿美元增至2.69亿美元。营业收入为17.92亿美元，前一季度则为17.37亿美元。营业支出为15.34亿瑞士法郎，前一季度为14.86亿美元。净新资金流入从92亿美元降至28亿美元，部分反映了由于客户缴纳年度所得税而撤回约25亿美元。投资资产毛利率不变，仍为80个基点，维持在75至85个基点的目标区间内。由于管理账户收费和利息收入的增加，经常性收入毛利率上升了3个基点；同时，由于交易收入和待售资产组合中金融投资销售所实现的收入有所减少，非经常性收入毛利率下降了3个基点。成本/收入比率为85.6%，大致与前一季度的85.5%保持一致。根据调整后基准，成本/收入比率为85.0%，前一季度为84.9%，维持在80%至90%的目标区间内。
投资银行业务录得税前利润7.75亿瑞士法郎，前一季度为9.77亿瑞士法郎。调整后税前利润为8.06亿瑞士法郎，前一季度为9.28亿瑞士法郎。本季度调整后专属股本回报率为38%，前一季度为47%，符合我们高于15%的目标。营业收入为22.50亿瑞士法郎，前一季度为27.83亿瑞士法郎。企业客户解决方案部门和投资客户服务部门收入均有下降。营业总支出从18.06亿瑞士法郎减少18%至14.75亿瑞士法郎，主要由于可变累积薪酬的减少。第二季度调整后重组费用为3,100万瑞士法郎，第一季度为600万瑞士法郎。营业支出从18.00亿瑞士法郎减少20%至14.44亿瑞士法郎。全面采纳的巴塞尔III风险加权资产略有减少，从2013年3月31日的690亿瑞士法郎减至2013年6月30日的670亿瑞士法郎，符合我们少于700亿瑞士法郎的目标。融资资产从2013年3月31日的1,860亿瑞士法郎减至2013年6月30日的1,790亿瑞士法郎，符合我们少于2,000亿瑞士法郎的目标。成本/收入比率从64.8%升至65.7%。根据调整后基准，成本/收入比率从65.9%改善至64.3%，略好于我们65%至85%的目标区间。
环球资产管理业务税前利润为1.38亿瑞士法郎，前一季度为1.90亿瑞士法郎。根据第一季度加拿大国内业务处置所获收益3,400万瑞士法郎和第一、第二季度重组费用调整后，税前利润为1.52亿瑞士法郎，前一季度为1.60亿瑞士法郎，主要是由于较高的营业支出。营业支出为3.52亿瑞士法郎，前一季度为3.27亿瑞士法郎。营业收入为4.89亿瑞士法郎，前一季度为5.17亿瑞士法郎。不计入货币市场流入，来自第三方的净新资金流入为16亿瑞士法郎，前一季度为42亿瑞士法郎。总毛利率为33个基点，第一季度为35个基点。不计入第一季度处置加拿大国内业务所获收益，毛利率保持不变，主要因为增加的平均投资资产所带来较高的净管理费被业绩报酬下降所部分抵消。这一毛利率水平维持在我们32至38个基点的目标区间内。成本/收入比率为72.0%，前一季度为63.2%。根据重组费用和加拿大国内业务处置所得收益调整后，成本/收入比率为69.1%，前一季度为66.9%，维持在我们60%至70%的目标区间内。
零售及企业业务税前利润为3.77亿瑞士法郎，前一季度为3.47亿瑞士法郎。调整后税前利润从3.62亿瑞士法郎增至3.90亿瑞士法郎，反映了较高的营业收入和总体稳定的营业支出。营业收入为9.48亿瑞士法郎，前一季度为9.19亿瑞士法郎。净新业务量增长率为负2.7%，反映了少量的企业业务流出，包括与瑞士邮政银行（Swiss PostFinance）获得银行牌照相关的业务流出，前一季度净新业务量增长率为4.7%。净息差上升3个基点至157个基点，反映了净利息收入增加2%，以及平均贷款额的小幅增加。净息差维持在140至180个基点的目标区间内。成本/收入比率降低2.2个百分点至60.0%，主要反映了收入的增加。经重组费用调整后，成本/收入比率从60.6%改善至58.7%，回落到我们50%至60%的目标区间内。
企业中心 – 核心职能部门录得税前亏损为1.42亿瑞士法郎，前一季度税前亏损为7.19亿瑞士法郎。按调整后基准，税前亏损为2.75亿瑞士法郎，前一季度税前亏损为3.98亿瑞士法郎。司库收入仍然保留在企业中心–核心职能部门，经分配至不同业务部门后，录得司库收入为负1.36亿瑞士法郎，前一季度为负2.55亿瑞士法郎。经分配至不同业务部门和企业中心–非核心和遗留资产组合后，支出减少了1.13亿瑞士法郎。
企业中心– 非核心和遗留资产组合在2013年第二季度录得税前亏损9.27亿瑞士法郎，前一季度税前亏损为2.45亿瑞士法郎。根据调整后基准，税前亏损为9.09亿瑞士法郎，前一季度调整后税前亏损为8,400万瑞士法郎。这主要是由于诉讼、监管和类似事宜拨备费用的增加、非核心利率和信贷组合收入的减少、SNB StabFund股票期权重新估值收入的减少，以及有关某些有争议的应收账款和对衍生组合进行负的借方估值调整的减值损失。资产负债表资产减少820亿瑞士法郎。全面采纳的BIS巴塞尔协议III风险加权资产减少170亿瑞士法郎至780亿瑞士法郎。
Results by business division and Corporate Center
CHF million | Total operating income | Total operating expenses | Operating profit / (loss) before tax | ||||||
For the quarter ended | 30.6.13 | 31.3.13 | % change | 30.6.13 | 31.3.13 | % change | 30.6.13 | 31.3.13 | % change |
Wealth Management | 1953 | 1913 | 2 | 1396 | 1250 | 12 | 557 | 664 | (16) |
Wealth Management Americas | 1692 | 1618 | 5 | 1449 | 1384 | 5 | 243 | 234 | 4 |
Investment Bank | 2250 | 2783 | (19) | 1475 | 1806 | (18) | 775 | 977 | (21) |
Global Asset Management | 489 | 517 | (5) | 352 | 327 | 8 | 138 | 190 | (27) |
Retail & Corporate | 948 | 919 | 3 | 571 | 572 | 0 | 377 | 347 | 9 |
Corporate Center | 57 | 24 | 138 | 1127 | 989 | 14 | (1070) | (964) | 11 |
of which: Core Functions | (17) | (479) | (96) | 126 | 239 | (47) | (142) | (719) | (80) |
of which: Non-core and | 73 | 504 | (86) | 1001 | 749 | 34 | (927) | (245) | 278 |
UBS | 7389 | 7775 | (5) | 6369 | 6327 | 1 | 1020 | 1447 | (30) |
资产负债表：截至2013年6月30日，我们的资产负债表为11,290亿瑞士法郎，比2013年3月31日减少了850亿瑞士法郎。融资资产，即剔除正重置价值以及场外交易衍生品抵押品的资产总额，减少了320亿瑞士法郎至7,650亿瑞士法郎，主要集中在企业中心 – 非核心和遗留资产组合以及投资银行业务，主要原因是投资组合资产交易的减少，这反映了我们的战略正在实施。
资本管理：截至2013年6月30日，我们的分阶段落实的BIS巴塞尔协议III普通股一级资本充足率为16.2%，比2013年3月31日增长了0.9个百分点。在2013年第二季度末，我们的分阶段落实的BIS巴塞尔协议III普通股一级资本减少8亿瑞士法郎至394亿瑞士法郎。我们的分阶段落实的巴塞尔协议III 风险加权资产减少198亿瑞士法郎至2,426亿瑞士法郎。根据全面采纳的基准，我们的BIS巴塞尔协议III普通股一级资本充足率上升了1.1个百分点至11.2%，我们的全面采纳的风险加权资产减少至2,392亿瑞士法郎。这符合我们之前的预测，我们预计将实现2014年我们的BIS巴塞尔协议III全面采纳的普通股一级资本充足率达到13%的目标。
投资资产：第二季度末，集团投资资产为23,480亿瑞士法郎，较前一季度减少250亿瑞士法郎。其中，财富管理业务的投资资产减少80亿瑞士法郎至8,620亿瑞士法郎，原因是190亿瑞士法郎的负投资收益大大抵消了100亿瑞士法郎的净新资金流入以及10亿瑞士法郎的外币汇兑收益。美洲财富管理业务的投资资产减少20亿瑞士法郎至8,430亿瑞士法郎。以美元计算，投资资产增加了10亿美元至8,920亿美元，反映了持续的净新资金流入，但大部分被20亿美元的负投资收益所抵消。环球资产管理业务的投资资产减少130亿瑞士法郎至5,860亿瑞士法郎，主要受到了来自60亿瑞士法郎的外币汇兑负收益、50亿瑞士法郎的负投资收益以及净新资金流出所带来的影响。
前景展望——第二季度末，市场对于美国最终结束量化宽松政策的反应提醒人们，全球的宽松货币政策目前仍难以解决有关结构性财政和经济问题的潜在挑战。2013年上半年，我们的收入增长和业务流量证明：在严峻的市场环境中，我们仍然能够有效地管理业务。然而，对于2013年第三季度，由于悬而未决的欧洲主权债务和银行系统问题以及美国财政问题仍未得到可持续且有效的改善，加之全球经济增长前景错综复杂，客户信心及客户活动的活跃程度可能会进一步受到影响。当前市场环境难以进一步改善，同时考虑到客户活动在夏季的季节性减少，将可能为收入增长、净息差和净新资金流入带来阻力。尽管如此，我们仍然坚信，我们的财富管理业务将继续吸引净新资金，这体现了新老客户对瑞银的坚定信任。我们有信心我们采取的措施将确保瑞银的长期成功，并将为我们的股东带来可持续回报。
¹ 除另外注明，在集团及业务部门层面的“调整后”数字不包括下列项目（在适用范围内）：集团2013年第二季度以指定公允价值计入财务负债的1.38亿自有信贷收益（2013年第一季度录得亏损1.81亿瑞士法郎）；集团2013年第二季度重组净费用1.40亿瑞士法郎（2013年第一季度净费用2.46亿瑞士法郎）；2013年第一季度，环球资产管理业务中处置加拿大国内业务所获3, 400万瑞士法郎收益，以及企业中心的核心职能部门所出售投资银行剩余自营业务获得的5, 500万瑞士法郎收益和相关外币汇兑损失2, 400万瑞士法郎；2013年第一季度集团以公开要约的形式回购债务产生的9, 200万瑞士法郎相关净亏损。
UBS key figures
| For the quarter ended | Year-to-date | |||
CHF million, except where indicated | 30.6.13 | 31.3.13 | 30.6.12 | 30.6.13 | 30.6.12 |
Group results | |||||
Operating income | 7,389 | 7,775 | 6,402 | 15,164 | 12,925 |
Operating expenses | 6,369 | 6,327 | 5,400 | 12,697 | 10,356 |
Operating profit / (loss) before tax | 1,020 | 1,447 | 1,002 | 2,467 | 2,569 |
Net profit / (loss) attributable to UBS shareholders | 690 | 988 | 524 | 1,678 | 1,558 |
Diluted earnings per share (CHF) 1 | 0.18 | 0.26 | 0.14 | 0.44 | 0.41 |
Key performance indicators 2, balance sheet and capital management, and additional information | |||||
Performance | |||||
Return on equity (RoE) (%) | 7.2 | 8.5 | 6.3 | 7.2 | 6.3 |
Return on tangible equity (%) 3 | 8.5 | 10.1 | 8.1 | 8.5 | 8.1 |
Return on risk-weighted assets, gross (%) 4 | 11.8 | 11.9 | 11.7 | 11.8 | 11.7 |
Return on assets, gross (%) | 2.5 | 2.5 | 1.9 | 2.5 | 1.9 |
Growth | |||||
Net profit growth (%) 5 | (30.2) | N/A | (49.4) | 7.7 | (44.5) |
Net new money growth (%) 6 | 1.8 | 3.7 | 1.8 | 2.8 | 1.2 |
Efficiency | |||||
Cost / income ratio (%) | 86.2 | 81.2 | 84.3 | 83.6 | 80.3 |
| As of | As of | |||
CHF million, except where indicated | 30.6.13 | 31.3.13 | 31.12.12 | 30.6.13 | 30.6.12 |
Capital strength | |||||
BIS Basel III common equity tier 1 capital ratio (%, phase-in) 7 | 16.2 | 15.3 | 15.3 | 16.2 |
|
BIS Basel III common equity tier 1 capital ratio (%, fully applied) 7 | 11.2 | 10.1 | 9.8 | 11.2 |
|
Swiss SRB leverage ratio (%) 7, 8 | 3.9 | 3.8 | 3.6 | 3.9 |
|
Balance sheet and capital management | |||||
Total assets | 1,129,071 | 1,213,844 | 1,259,797 | 1,129,071 | 1,410,233 |
Equity attributable to UBS shareholders | 47,073 | 47,239 | 45,949 | 47,073 | 50,503 |
Total book value per share (CHF) | 12.49 | 12.57 | 12.26 | 12.49 | 13.47 |
Tangible book value per share (CHF) | 10.73 | 10.79 | 10.54 | 10.73 | 10.87 |
BIS Basel III common equity tier 1 capital (phase-in) 7 | 39,398 | 40,235 | 40,032 | 39,398 |
|
BIS Basel III common equity tier 1 capital (fully applied) 7 | 26,817 | 26,176 | 25,182 | 26,817 |
|
BIS Basel III risk-weighted assets (phase-in) 7 | 242,626 | 262,454 | 261,800 | 242,626 |
|
BIS Basel III risk-weighted assets (fully applied) 7 | 239,182 | 258,701 | 258,113 | 239,182 |
|
BIS Basel III total capital ratio (%, phase-in) 7 | 20.5 | 18.9 | 18.9 | 20.5 |
|
BIS Basel III total capital ratio (%, fully applied) 7 | 13.5 | 11.8 | 11.4 | 13.5 |
|
Additional information | |||||
Invested assets (CHF billion) 9 | 2,348 | 2,373 | 2,230 | 2,348 | 2,163 |
Personnel (full-time equivalents) | 60,754 | 61,782 | 62,628 | 60,754 | 63,520 |
Market capitalization 10 | 61,737 | 55,827 | 54,729 | 61,737 | 42,536 |
Income statement
| For the quarter ended | % change from | Year-to-date | ||||
CHF million, except per share data | 30.6.13 | 31.3.13 | 30.6.12 | 1Q13 | 2Q12 | 30.6.13 | 30.6.12 |
Interest income | 3,541 | 3,484 | 4,397 | 2 | -19 | 7,025 | 8,527 |
Interest expense | (2333) | (2003) | (3008) | 16 | (22) | (4336) | (5549) |
Net interest income | 1208 | 1481 | 1389 | (18) | (13) | 2689 | 2978 |
Credit loss (expense) / recovery | (3) | (15) | (1) | (80) | 200 | (18) | 35 |
Net interest income after credit loss expense | 1205 | 1466 | 1387 | (18) | (13) | 2671 | 3013 |
Net fee and commission income | 4,236 | 4,123 | 3,648 | 3 | 16 | 8,360 | 7,487 |
Net trading income | 1760 | 2222 | 1364 | (21) | 29 | 3982 | 2340 |
Other income | 188 | (37) | 3 |
|
| 152 | 84 |
Total operating income | 7389 | 7775 | 6402 | (5) | 15 | 15164 | 12925 |
Personnel expenses | 3855 | 4100 | 3544 | (6) | 9 | 7955 | 6921 |
General and administrative expenses | 2,299 | 1,999 | 1,652 | 15 | 39 | 4,298 | 3,050 |
Depreciation and impairment of property and equipment | 196 | 208 | 179 | (6) | 9 | 404 | 337 |
Amortization and impairment of intangible assets | 20 | 20 | 26 | 0 | (23) | 40 | 48 |
Total operating expenses | 6369 | 6327 | 5400 | 1 | 18 | 12697 | 10356 |
Operating profit / (loss) before tax | 1020 | 1447 | 1002 | (30) | 2 | 2467 | 2569 |
Tax expense / (benefit) | 125 | 458 | 257 | (73) | (51) | 583 | 788 |
Net profit / (loss) | 895 | 989 | 745 | (10) | 20 | 1884 | 1781 |
Net profit / (loss) attributable to preferred noteholders | 204 | 0 | 220 |
| (7) | 204 | 220 |
Net profit / (loss) attributable to non-controlling interests | 1 | 1 | 2 | 0 | (50) | 2 | 3 |
Net profit / (loss) attributable to UBS shareholders | 690 | 988 | 524 | (30) | 32 | 1678 | 1558 |
Earnings per share (CHF) | |||||||
Basic | 0.18 | 0.26 | 0.14 | (31) | 29 | 0.45 | 0.41 |
Diluted | 0.18 | 0.26 | 0.14 | (31) | 29 | 0.44 | 0.41 |
UBS’s second quarter 2013 report, shareholders’ letter, media release and slide presentation will be available from Tuesday, 30 July, 06.45 (CEST) at www.ubs.com/quarterlyreporting.
UBS will hold the presentation of its second quarter 2013 results on Tuesday, 30 July. The results will be presented by Sergio P. Ermotti, Group Chief Executive Officer, Tom Naratil, Group Chief Financial Officer, Caroline Stewart, Global Head of Investor Relations, and Hubertus Kuelps, Group Head of Communications & Branding.
Time
- 09.00 CEST
- 08.00 BST
- 03.00 US EDT
Please note: The presentation and Q&A session will be broadcast via audio (NOT video) webcast with a simultaneous slideshow at www.ubs.com/quarterlyreporting.
Webcast playbacks: An audio playback of the webcast will be available from 12.00 CEST on 30 July 2013. An indexed, on-demand version of the webcast will be available from 18.00 (CEST).
UBS AG
Investor contact
Switzerland: +41-44-234 41 00
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 57
APAC: +852-297-1 82 00
Cautionary Statement Regarding Forward-Looking Statements
This report contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance and statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development. While these forward-looking statements represent UBS’s judgments and expectations concerning the matters described, 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 degree to which UBS is successful in executing its announced strategic plans and related organizational changes, its efficiency initiatives and its planned reduction in Basel III risk-weighted assets, and whether in each case those plans and changes will, when implemented, have the effects intended; (2) developments in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates and interest rates and the effect of economic conditions and market developments on the financial position or creditworthiness of UBS’s clients and counterparties; (3) changes in the availability of capital and funding, including any changes in UBS’s credit spreads and ratings; (4) changes in financial legislation and regulation in Switzerland, the US, the UK and other major financial centers which may impose more stringent capital and liquidity requirements or incremental tax requirements and constraints on remuneration; (5) possible changes to the legal entity structure or booking model of UBS Group in response to enacted, proposed or future legal and regulatory requirements, including capital requirements, the proposal to require non-US banks to establish intermediate holding companies for their US operations, and resolvability requirements; (6) changes in UBS’s competitive position, including whether differences in regulatory capital and other requirements among the major financial centers will adversely affect UBS’s ability to compete in certain lines of business; (7) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations; (8) the effects on UBS’s cross-border banking business of tax or regulatory developments and of possible changes in UBS’s policies and practices relating to this business; (9) UBS’s ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors including differences in compensation practices; (10) changes in accounting standards or policies, and accounting determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill and other matters; (11) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (12) whether UBS will be successful in keeping pace with competitors in updating its technology, particularly in trading businesses; (13) the occurrence of operational failures, such as fraud, unauthorized trading and systems failures; and (14) the effect that these or other factors or unanticipated events may have on our reputation and the additional consequences that this may have on our business and performance. Our business and financial performance could be affected by other factors identified 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 2012. 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.
Rounding
Numbers presented may not add up precisely to the totals provided in the tables and text. Percentages and percent changes are calculated based on rounded figures displayed in the tables and text and may not precisely reflect the percentages and percent changes that would be derived based on figures that are not rounded.
