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Handbook 2005/2006 Ab ab Handbook 2005/2006 ab UBS AG P.O. Box, CH-8098 Zurich P.O. Box, CH-4002 Basel www.ubs.com UBS Handbook 2005/2006 Cautionary statement regarding forward-looking statements | This communication contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to the implementation of strategic initiatives, such as the European wealth management business, and other statements relating to our future business development and economic performance.While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, (1) general market, macro-economic, governmental and regulatory trends, (2) movements in local and international securities markets, currency exchange rates and interest rates, (3) competitive pressures, (4) technological developments, (5) changes in the financial position or creditworthiness of our customers, obligors and counterparties and developments in the markets in which they operate, (6) legislative developments, (7) management changes and changes to our Business Group structure and (8) other key factors that we have indicated could adversely affect our business and financial performance which are contained in other parts of this document and in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth elsewhere in this document and 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 2005. UBS is not under any obligation to (and expressly disclaims any such obligations to) update or alter its On the cover forward-looking statements whether as a result of new information, future events, or otherwise. “Together the world's most powerful team.” What ”You & Us” means to Gary Wai Bong Chan, who works for us in Tokyo. Imprint | Publisher/Copyright: UBS AG, Switzerland | Languages: English, German | SAP-No. 80532E-0601 Introduction 1 UBS financial highlights 2 Introduction UBS at a glance 3 Sources of information about UBS 4 Contacts 6 This is the sixth annual edition of our Handbook. UBS 7 Strategy and structure 8 In it, we describe ourselves – our strategy, organization, and Industry trends 14 businesses. We outline the principles by which we manage The making of UBS 17 risk, and report on last year’s developments in our credit risk, market risk, and treasury management areas. This year, we Our employees 19 have added a section, starting on page 19, which describes The UBS workforce 20 the relationship between UBS and its employees. Our Businesses 27 As in previous years, the Handbook also discusses our corpo- Global Wealth Management & rate governance arrangements and our relationships with Business Banking 28 regulators and shareholders, and provides comprehensive in- Global Asset Management 39 formation on UBS shares. Investment Bank 43 Corporate Center 48 You should read the Handbook in conjunction with the other Industrial Holdings 51 information published by UBS, as described on page 4. Financial Management 53 We sincerely hope that you will find our publications useful Risk management and control 54 and informative. We believe that UBS is one of the leaders in Credit risk 57 corporate disclosure, and we would be keen to hear your Market risk 70 views on how we might improve the content, information or Liquidity and funding management 80 presentation of our products. Operational risk 83 Motor-Columbus 85 Tom Hill Chief Communication Officer Capital Management & UBS Shares 87 UBS Capital management 88 Treasury shares 90 Dividends 92 UBS shares in 2005 94 Corporate Governance 97 Introduction and principles 98 Group structure and shareholders 99 Capital structure 101 Board of Directors 103 Group Executive Board 110 Compensation, shareholdings and loans 114 Shareholders’ participation rights 122 Change of control and defense measures 124 Auditors 125 Information policy 127 Regulation and supervision 129 Compliance with NYSE listing standards on corporate governance 132 Senior leadership 135 Corporate Responsibility 137 Global Reporting Initiative Content Index 147 1 Introduction UBS financial highlights UBS income statement For the year ended % change from CHF million, except where indicated 31.12.05 31.12.04 31.12.03 31.12.04 Net profit attributable to UBS shareholders 14,029 8,016 5,904 75 Basic earnings per share (CHF) 1 13.93 7.78 5.44 79 Diluted earnings per share (CHF) 1 13.36 7.40 5.19 81 Return on equity attributable to UBS shareholders (%) 2 39.4 25.5 17.8 Performance indicators from continuing operations 3 Basic earnings per share (CHF) 1 9.78 8.02 5.72 22 Return on equity attributable to UBS shareholders (%) 4 27.6 26.3 18.8 Financial Businesses 5 Operating income 39,896 35,971 32,957 11 Operating expenses 27,704 26,149 25,397 6 Net profit attributable to UBS shareholders 13,517 7,656 5,959 77 Cost/income ratio (%) 6 70.1 73.2 76.8 Net new money, wealth management businesses (CHF billion) 7 95.1 60.4 44.0 Personnel (full-time equivalents) 69,569 67,407 65,879 3 Pre-goodwill earnings from continuing operations 3 Operating income 39,896 35,971 32,957 11 Operating expenses 27,704 25,503 24,720 9 Net profit attributable to UBS shareholders 9,442 8,003 6,468 18 Cost/income ratio (%) 6 70.1 71.4 74.8 UBS balance sheet & capital management As at % change from CHF million, except where indicated 31.12.05 31.12.04 31.12.03 31.12.04 Balance sheet key figures Total assets 2,060,250 1,737,118 1,553,979 19 Equity attributable to UBS shareholders 44,324 33,941 33,659 31 Market capitalization 131,949 103,638 95,401 27 BIS capital ratios Tier 1 (%) 8 12.9 11.9 12.0 Total BIS (%) 14.1 13.8 13.5 Risk-weighted assets 310,409 264,832 252,398 17 Invested assets (CHF billion) 2,652 2,217 2,098 20 Long-term ratings Fitch, London AA+ AA+ AA+ Moody’s, New York Aa2 Aa2 Aa2 Standard & Poor’s, New York AA+ AA+ AA+ 1 For the EPS calculation, see note 8 to the financial statements. 2 Net profit attributable to UBS shareholders/average equity attributable to UBS shareholders less proposed distributions. 3 Excludes the amortization of goodwill in 2004 and 2003. Due to changes in accounting standards, there is no amortization of goodwill from 2005 onwards. 4 Net profit attributable to UBS shareholders from continuing operations/average equity attributable to UBS shareholders less proposed distributions. 5 Excludes results from industrial holdings. 6 Operating expenses/operating income less credit loss expense or recovery. 7 Includes Wealth Management International & Switzerland and Wealth Management US. Excludes interest and dividend income. 8 Includes hybrid Tier 1 capital, please refer to the BIS capital and ratios table in the capital management section and note 28 to the financial statements. From 2005 on, all tables, charts, comments and analysis reflect the integration of Wealth Management US into the new Global Wealth Management & Business Banking Business Group, the change in treatment of the Wealth Management US cash manage- ment business and the shift of the municipal securities business to the Investment Bank. Prior years have been restated to reflect those changes. From 2005, the entire private equity portfolio started being reported as part of the Industrial Holdings segment. Throughout this report, 2004 and 2003 results have been restated to reflect accounting changes (IAS 1, IFRS 2, IFRS 4, IAS 27, and IAS 28) effective 1 January 2005 as well as the presentation of discontinued operations. 2 Introduction UBS at a glance UBS is one of the world’s leading financial firms, serving a dis- fixed income, it is a first-rate global player. In foreign ex- cerning global client base. As an organization, it combines fi- change, it places first in many key industry rankings. In invest- nancial strength with a culture that embraces change. As an ment banking, it provides premium advice and execution ca- integrated firm, UBS creates added value for clients by draw- pabilities to its corporate client base worldwide. All its busi- ing on the combined resources and expertise of all its busi- nesses are sharply client-focused, providing innovative prod- nesses. ucts, top-quality research and comprehensive access to the UBS is present in all major financial centers worldwide, world’s capital markets. with offices in 50 countries. UBS employs more than 69,500 people, 39% in the Americas, 37% in Switzerland, 16% in Asset management the rest of Europe and 8% in the Asia Pacific time zone. UBS, a leading asset manager with invested assets of over UBS is one of the best-capitalized financial institutions in CHF 750 billion, provides a broad base of innovative capabil- the world, with a BIS Tier 1 ratio of 12.9%, invested assets of ities stretching from traditional to alternative investment so- CHF 2.65 trillion, shareholders’ equity of CHF 44.3 billion and lutions for, among other clients, financial intermediaries and market capitalization of CHF 131.9 billion on 31 December institutional investors across the world. 2005. Swiss corporate and individual clients Businesses UBS is the leading bank for Swiss corporate and individual clients. It serves around 2.6 million individual clients through Wealth management more than 3 million accounts, mortgages and other financial With more than 140 years of experience, an extensive global relationships. It also offers comprehensive banking and secu- network that includes one of the largest private client busi- rities services for 136,500 corporations, institutional investors, nesses in the US, and more than CHF 1,700 billion in invested public entities and foundations as well as 3,000 financial in- assets, UBS is the world’s leading wealth management busi- stitutions worldwide.
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