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Share Name | Share Symbol | Market | Type |
---|---|---|---|
UBS Group AG | NYSE:UBS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.41 | 1.53% | 27.23 | 27.24 | 26.975 | 27.13 | 2,124,016 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: March 10, 2017
UBS Group AG
Commission File Number: 1-36764
UBS AG
Commission File Number: 1-15060
(Registrants' Names)
Bahnhofstrasse 45, Zurich, Switzerland, and
Aeschenvorstadt 1, Basel, Switzerland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20‑F or Form 40-F.
Form 20-F x Form 40-F o
This Form 6-K consists of the following legal entity financial information for the year ended 31 December 2016, which appears immediately following this page:
1. UBS Switzerland AG standalone financial statements for the year ended 31 December 2016
2. UBS Limited standalone financial and regulatory information for the financial year 2016
3. UBS Americas Holding LLC consolidated selected financial information for the financial year 2016
UBS Switzerland AG
Standalone financial statements and
regulatory information
for the year ended 31 December 2016
UBS Switzerland AG standalone financial statements (audited)
Balance sheet |
|
|
|
|
||||
|
|
|
|
|
|
|
|
% change from |
CHF million |
|
Note |
|
31.12.16 |
|
31.12.15 |
|
31.12.15 |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash and balances with central banks |
|
|
|
44,528 |
|
38,701 |
|
15 |
Due from banks |
|
|
|
4,355 |
|
3,477 |
|
25 |
Receivables from securities financing transactions |
|
7 |
|
25,930 |
|
23,672 |
|
10 |
of which: cash collateral on securities borrowed |
|
|
|
6,657 |
|
7,414 |
|
(10) |
of which: reverse repurchase agreements |
|
|
|
19,273 |
|
16,258 |
|
19 |
Due from customers |
|
8, 9 |
|
38,168 |
|
38,373 |
|
(1) |
Mortgage loans |
|
8, 9 |
|
146,061 |
|
148,492 |
|
(2) |
Trading portfolio assets |
|
10 |
|
1,673 |
|
1,736 |
|
(4) |
Positive replacement values |
|
11 |
|
2,133 |
|
2,274 |
|
(6) |
Financial investments |
|
12 |
|
27,002 |
|
22,878 |
|
18 |
Accrued income and prepaid expenses |
|
|
|
264 |
|
237 |
|
11 |
Investments in subsidiaries and other participations |
|
|
|
56 |
|
42 |
|
33 |
Property, equipment and software |
|
|
|
19 |
|
15 |
|
27 |
Goodwill and other intangible assets |
|
|
|
3,413 |
|
4,463 |
|
(24) |
Other assets |
|
13 |
|
893 |
|
817 |
|
9 |
Total assets |
|
|
|
294,497 |
|
285,176 |
|
3 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Due to banks |
|
|
|
13,248 |
|
19,280 |
|
(31) |
Payables from securities financing transactions |
|
7 |
|
6,903 |
|
8,997 |
|
(23) |
of which: cash collateral on securities lent |
|
|
|
1,518 |
|
2,493 |
|
(39) |
of which: repurchase agreements |
|
|
|
5,385 |
|
6,505 |
|
(17) |
Due to customers |
|
|
|
248,796 |
|
231,294 |
|
8 |
Trading portfolio liabilities |
|
10 |
|
154 |
|
128 |
|
20 |
Negative replacement values |
|
11 |
|
1,212 |
|
1,092 |
|
11 |
Bonds issued |
|
|
|
8,331 |
|
8,274 |
|
1 |
Accrued expenses and deferred income |
|
|
|
929 |
|
822 |
|
13 |
Other liabilities |
|
13 |
|
1,276 |
|
963 |
|
33 |
Provisions |
|
9 |
|
186 |
|
179 |
|
4 |
Total liabilities |
|
|
|
281,034 |
|
271,027 |
|
4 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Share capital |
|
16 |
|
10 |
|
10 |
|
0 |
General reserve |
|
|
|
12,139 |
|
13,072 |
|
(7) |
of which: statutory capital reserve |
|
|
|
12,139 |
|
13,072 |
|
(7) |
of which: capital contribution reserve |
|
|
|
12,139 |
|
13,072 |
|
(7) |
Voluntary earnings reserve |
|
|
|
0 |
|
0 |
|
|
Net profit / (loss) for the period |
|
|
|
1,313 |
|
1,068 |
|
23 |
Total equity |
|
|
|
13,463 |
|
14,149 |
|
(5) |
Total liabilities and equity |
|
|
|
294,497 |
|
285,176 |
|
3 |
of which: subordinated liabilities |
|
|
|
4,521 |
|
4,020 |
|
12 |
of which: subject to mandatory conversion and / or debt waiver |
|
|
|
4,521 |
|
4,020 |
|
12 |
1
UBS Switzerland AG standalone financial statements (audited)
Balance sheet (continued) |
|
|
|
|
||
|
|
|
|
|
|
% change from |
CHF million |
|
31.12.16 |
|
31.12.15 |
|
31.12.15 |
|
|
|
|
|
|
|
Off-balance sheet items |
|
|
|
|
|
|
Contingent liabilities, gross |
|
9,608 |
|
8,784 |
|
9 |
Sub-participations |
|
(976) |
|
(854) |
|
14 |
Contingent liabilities, net |
|
8,632 |
|
7,930 |
|
9 |
of which: guarantees to third parties related to subsidiaries |
|
7 |
|
9 |
|
(22) |
of which: credit guarantees and similar instruments |
|
3,180 |
|
3,313 |
|
(4) |
of which: performance guarantees and similar instruments |
|
2,442 |
|
2,318 |
|
5 |
of which: documentary credits |
|
3,002 |
|
2,291 |
|
31 |
Irrevocable commitments, gross |
|
8,780 |
|
7,982 |
|
10 |
Sub-participations |
|
(2) |
|
0 |
|
|
Irrevocable commitments, net |
|
8,778 |
|
7,982 |
|
10 |
of which: loan commitments |
|
7,906 |
|
7,117 |
|
11 |
of which: payment commitment related to deposit insurance |
|
872 |
|
865 |
|
1 |
Liabilities for calls on shares and other equity instruments |
|
43 |
|
37 |
|
16 |
Off-balance sheet items
UBS Switzerland AG is jointly and severally liable for the combined value added tax (VAT) liability of UBS entities that belong to the VAT group of UBS in Switzerland. This contingent liability is not included in the table above.
Swiss deposit insurance
Swiss banking law and the deposit insurance system require Swiss banks and securities dealers to jointly guarantee an amount of up to CHF 6 billion for privileged client deposits in the event that a Swiss bank or securities dealer becomes insolvent. The Swiss Financial Market Supervisory Authority (FINMA) estimates the share of UBS Switzerland AG from 1 July 2016 to 30 June 2017 to be CHF 872 million, which is reflected in the table above.
Joint and several liability
In June 2015, the Personal & Corporate Banking and Wealth Management businesses booked in Switzerland were transferred from UBS AG to UBS Switzerland AG through an asset transfer in accordance with the Swiss Merger Act. Under the Swiss Merger Act, UBS AG assumed joint liability for obligations existing on the asset transfer date, 14 June 2015, which were transferred to UBS Switzerland AG.
Similarly, under the terms of the asset transfer agreement UBS Switzerland AG assumed joint liability for approximately CHF 325 billion of contractual obligations of UBS AG existing on the asset transfer date, excluding the collateralized portion of secured contractual obligations and covered bonds. UBS Switzerland AG has no liability for new obligations incurred by UBS AG after the asset transfer date. Under certain circumstances, the Swiss Banking Act and the Bank Insolvency Ordinance of FINMA authorize FINMA to modify, extinguish or convert to common equity liabilities of a bank in connection with a resolution or insolvency of such bank. The joint liability amount declines as obligations mature, terminate or are novated following the asset transfer date. As of 31 December 2016, the joint liability of UBS Switzerland AG for contractual obligations of UBS AG amounted to CHF 91 billion compared with CHF 136 billion as of December 2015.
As of 31 December 2016, the probability of an outflow under this joint and several liability was assessed to be remote, and as a result, the table above does not include any exposures arising under this joint and several liability.
® Refer to “Establishment of UBS Switzerland AG” in the “Legal entity financial and regulatory information” section of the UBS Group AG Annual Report 2015 for more information
2
Statement of changes in equity |
||||||||||
CHF million |
|
Share capital |
|
Statutory capital reserve |
|
Voluntary earnings reserve |
|
Net profit / (loss) for the period |
|
Total equity |
Balance as of 1 January 2016 |
|
10 |
|
13,072 |
|
0 |
|
1,068 |
|
14,149 |
Dividends and other distributions |
|
|
|
(932) |
|
(1,068) |
|
|
|
(2,000) |
Net profit / (loss) appropriation |
|
|
|
|
|
1,068 |
|
(1,068) |
|
0 |
Net profit / (loss) for the period |
|
|
|
|
|
|
|
1,313 |
|
1,313 |
Balance as of 31 December 2016 |
|
10 |
|
12,139 |
|
0 |
|
1,313 |
|
13,463 |
In December 2016, an extraordinary dividend of CHF 2 billion was paid out of the voluntary earnings reserve (CHF 1,068 million) and statutory capital reserve (CHF 932 million) to UBS AG.
Statement of appropriation of retained earnings
Proposed appropriation of retained earnings
The Board of Directors proposes that the Annual General Meeting of Shareholders (AGM) on 21 April 2017 approve the following appropriation of retained earnings.
|
|
|
|
|
For the year ended |
CHF million |
|
31.12.16 |
Net profit for the period |
|
1,313 |
Retained earnings carried forward |
|
0 |
Total retained earnings available for appropriation |
|
1,313 |
|
|
|
Proposed appropriation of retained earnings |
|
|
Dividend distribution |
|
(191) |
Appropriation to voluntary earnings reserve |
|
(1,122) |
Retained earnings carried forward |
|
0 |
3
UBS Switzerland AG standalone financial statements (audited)
UBS Switzerland AG is incorporated and domiciled in Switzerland. Its registered office is at Bahnhofstrasse 45, CH-8001 Zurich, Switzerland. UBS Switzerland AG operates under the Swiss Code of Obligations and Swiss federal banking law as a corporation limited by shares (Aktiengesellschaft), a corporation that has issued shares of common stock to investors. UBS Switzerland AG is 100% owned by UBS AG.
UBS Switzerland AG standalone financial statements are prepared in accordance with Swiss GAAP (FINMA Circular 2015 / 1 and Banking Ordinance) and represent "reliable assessment statutory single-entity financial statements". The accounting policies are principally the same as for the consolidated financial statements of UBS Group AG outlined in Note 1 to the consolidated financial statements of UBS Group AG included in the UBS Group AG Annual Report 2016. Major differences between the Swiss GAAP requirements and International Financial Reporting Standards are described in Note 36 to the consolidated financial statements of UBS Group AG. The significant accounting policies applied for the standalone financial statements of UBS Switzerland AG are discussed below.
® Refer to the UBS Group AG Annual Report 2016 for more information
Risk management
UBS Switzerland AG is fully integrated into the Group-wide risk management process described in the audited part of the “Risk management and control” section of the UBS Group AG Annual Report 2016.
Further information on the use of derivative instruments and hedge accounting is provided in Notes 1 and 12 to the consolidated financial statements of UBS Group AG.
® Refer to the UBS Group AG Annual Report 2016 for more information
Compensation policy
The compensation structure and processes of UBS Switzerland AG conform to the compensation principles and framework of UBS Group AG. For detailed information refer to the Compensation Report of UBS Group AG.
® Refer to the UBS Group AG Annual Report 2016 for more information
Foreign currency translation
Transactions denominated in foreign currency are translated into Swiss francs at the spot exchange rate on the date of the transaction. At the balance sheet date, all monetary assets and liabilities, as well as equity instruments recorded in Trading portfolio assets and Financial investments denominated in foreign currency, are translated into Swiss francs using the closing exchange rate. Non-monetary items measured at historic cost are translated at the spot exchange rate on the date of the transaction. All currency translation effects are recognized in the income statement.
The main currency translation rates used by UBS Switzerland AG are provided in Note 34 to the consolidated financial statements of UBS Group AG.
® Refer to the UBS Group AG Annual Report 2016 for more information
Goodwill
As part of the business transfer, mainly of the Personal & Corporate Banking and Wealth Management businesses booked in Switzerland, from UBS AG effective 1 April 2015, UBS Switzerland AG recognized goodwill of CHF 5,250 million. This goodwill is amortized on a straight-line basis over five years and assessed for impairment annually.
Deferred taxes
Deferred tax assets are not recognized in UBS Switzerland AG’s standalone financial statements. However, deferred tax liabilities may be recognized for taxable temporary differences. Changes in the deferred tax liability balance are recognized in the income statement.
4
Note 2 Accounting policies (continued)
Services provided to and received from subsidiaries, affiliated entities, UBS AG and UBS Group AG
Services provided to and received from UBS Group AG or any of its subsidiaries are settled in cash as hard cost transfers or hard revenue transfers paid or received.
When the nature of the underlying transaction between UBS Switzerland AG and UBS Group AG or any of its subsidiaries contains a single, clearly identifiable service element, related income and expenses are presented in the respective income statement line item, e.g., Fee and commission income from securities and investment business, Other fee and commission income, Fee and commission expense, Net trading income or General and administrative expenses. To the extent the nature of the underlying transaction contains various service elements and is not clearly attributable to a particular income statement line item, related income and expenses are presented in Sundry ordinary income and Sundry ordinary expenses.
® Refer to Note 5 for more information
Pension and other post-employment benefit plans
Swiss GAAP permits the use of IFRS or Swiss accounting standards for pension and other post-employment benefit plans, with the election made on a plan-by-plan basis.
UBS Switzerland AG has elected to apply Swiss GAAP (FER 16) for its pension plan. The requirements of Swiss GAAP are better aligned with the specific nature of Swiss pension plans, which are hybrid in that they combine elements of defined contribution and defined benefit plans but are treated as defined benefit plans under IFRS. Swiss GAAP requires that the employer contributions to the pension fund are recognized as Personnel expenses in the income statement. The employer contributions to the Swiss pension fund are determined as a percentage of contributory compensation. Furthermore, Swiss GAAP requires an assessment as to whether, based on the financial statements of the pension fund prepared in accordance with Swiss accounting standards (FER 26), an economic benefit to, or obligation of, UBS Switzerland AG arises from the pension fund and is recognized in the balance sheet when conditions are met. Conditions for recording a pension asset or liability would be met if, for example, an employer contribution reserve is available or UBS Switzerland AG is required to contribute to the reduction of a pension deficit (on a FER 26 basis).
® Refer to Note 17 for more information
Subordinated assets and liabilities
Subordinated assets are comprised of claims that, based on an irrevocable written declaration, in the event of liquidation, bankruptcy or restructuring of the debtor, rank after the claims of all other creditors and may not be offset against amounts payable to the debtor nor secured by its assets. Subordinated liabilities are comprised of corresponding obligations.
Subordinated assets and liabilities that contain a point-of-non-viability clause in accordance with Swiss capital requirements per articles 29 and 30 of the Capital Adequacy Ordinance are disclosed as being subject to mandatory conversion and / or debt waiver and provide for the claim or the obligation to be written off or converted into equity in the event that the issuing bank reaches a point of non-viability.
Dispensations in the standalone financial statements
As UBS Switzerland AG has no listed shares outstanding and is within the scope of the UBS Group AG consolidated financial statements prepared in accordance with IFRS, UBS Switzerland AG is exempt from various disclosures in the standalone financial statements. The dispensations include the management report and the statement of cash flows, as well as various note disclosures.
5
UBS Switzerland AG standalone financial statements (audited)
|
|
For the year ended |
|
% change from |
||
CHF million |
|
31.12.16 |
|
31.12.15 |
|
31.12.15 |
Wealth Management |
|
399 |
|
280 |
|
43 |
Personal & Corporate Banking |
|
381 |
|
248 |
|
54 |
Other business divisions and Corporate Center |
|
24 |
|
206 |
|
(88) |
Total net trading income |
|
805 |
|
735 |
|
10 |
|
|
For the year ended |
|
% change from |
||
CHF million |
|
31.12.16 |
|
31.12.15 |
|
31.12.15 |
Interest rate instruments (including funds) |
|
(4) |
|
123 |
|
|
Foreign exchange instruments |
|
778 |
|
571 |
|
36 |
Equity instruments (including funds) |
|
7 |
|
11 |
|
(36) |
Credit instruments |
|
6 |
|
7 |
|
(14) |
Precious metal / commodities |
|
17 |
|
22 |
|
(23) |
Total net trading income |
|
805 |
|
735 |
|
10 |
|
|
For the year ended |
|
% change from |
||
CHF million |
|
31.12.16 |
|
31.12.15 |
|
31.12.15 |
Salaries |
|
1,299 |
|
976 |
|
33 |
Variable compensation – performance awards |
|
392 |
|
314 |
|
25 |
Variable compensation – other |
|
23 |
|
14 |
|
64 |
Contractors |
|
3 |
|
3 |
|
0 |
Social security |
|
105 |
|
80 |
|
31 |
Pension and other post-employment benefit plans |
|
242 |
|
181 |
|
34 |
Other personnel expenses |
|
45 |
|
41 |
|
10 |
Total personnel expenses |
|
2,109 |
|
1,608 |
|
31 |
6
|
|
For the year ended |
|
% change from |
||
CHF million |
|
31.12.16 |
|
31.12.15 |
|
31.12.15 |
Occupancy |
|
2 |
|
2 |
|
0 |
Rent and maintenance of IT equipment |
|
9 |
|
5 |
|
80 |
Communication and market data services |
|
29 |
|
23 |
|
26 |
Administration |
|
2,927 |
|
2,182 |
|
34 |
of which: hard cost transfers paid¹ |
|
2,817 |
|
2,097 |
|
34 |
Marketing and public relations |
|
177 |
|
148 |
|
20 |
Travel and entertainment |
|
97 |
|
75 |
|
29 |
Fees to audit firms |
|
7 |
|
2 |
|
250 |
of which: financial and regulatory audits |
|
7 |
|
1 |
|
600 |
of which: audit-related services |
|
0 |
|
0 |
|
|
Other professional fees |
|
102 |
|
69 |
|
48 |
Outsourcing of IT and other services |
|
120 |
|
78 |
|
54 |
Total general and administrative expenses |
|
3,469 |
|
2,583 |
|
34 |
1 Represents expenses for services provided by UBS Group AG and subsidiaries in the UBS Group to UBS Switzerland AG. |
|
|
For the year ended |
|
% change from |
||
CHF million |
|
31.12.16 |
|
31.12.15 |
|
31.12.15 |
Income tax expense / (benefit) |
|
350 |
|
199 |
|
76 |
of which: current |
|
350 |
|
199 |
|
76 |
of which: deferred |
|
0 |
|
0 |
|
|
Capital tax |
|
34 |
|
23 |
|
48 |
Total tax expense / (benefit) |
|
384 |
|
222 |
|
73 |
For the full year 2016, the weighted average tax rate, defined as the income tax expense divided by the sum of operating profit and extraordinary income minus extraordinary expenses and capital tax, was 21.0% (2015: 15.7%).
CHF billion |
|
31.12.16 |
31.12.15 |
|
|
|
|
On-balance sheet |
|
|
|
Receivables from securities financing transactions, gross |
|
26.1 |
24.4 |
Netting of securities financing transactions |
|
(0.2) |
(0.8) |
Receivables from securities financing transactions, net |
|
25.9 |
23.7 |
Payables from securities financing transactions, gross |
|
7.1 |
9.8 |
Netting of securities financing transactions |
|
(0.2) |
(0.8) |
Payables from securities financing transactions, net |
|
6.9 |
9.0 |
|
|
|
|
Off-balance sheet |
|
|
|
Fair value of assets received as collateral in connection with securities financing transactions |
|
121.9 |
118.1 |
of which: repledged |
|
100.4 |
102.9 |
of which: sold in connection with short sale transactions |
|
0.2 |
0.1 |
7
UBS Switzerland AG standalone financial statements (audited)
|
|
31.12.16 |
|
31.12.15 |
||||||||||||||||
|
|
Secured |
|
Unsecured |
|
Total |
|
Secured |
|
Unsecured |
|
Total |
||||||||
|
|
Secured by collateral |
|
Secured by other credit enhancements² |
|
|
|
|
|
Secured by collateral |
|
Secured by other credit enhancements² |
|
|
|
|
||||
CHF million |
|
Real estate |
|
Other collateral¹ |
|
|
|
|
|
|
Real estate |
|
Other collateral¹ |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On-balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due from customers, gross |
|
1,506 |
|
25,890 |
|
1,519 |
|
9,713 |
|
38,627 |
|
1,301 |
|
27,589 |
|
1,462 |
|
8,533 |
|
38,885 |
Mortgage loans, gross |
|
146,095 |
|
|
|
|
|
|
|
146,095 |
|
148,514 |
|
|
|
|
|
|
|
148,514 |
of which: residential mortgages |
|
126,442 |
|
|
|
|
|
|
|
126,442 |
|
127,252 |
|
|
|
|
|
|
|
127,252 |
of which: office and business premises mortgages |
|
6,975 |
|
|
|
|
|
|
|
6,975 |
|
7,908 |
|
|
|
|
|
|
|
7,908 |
of which: industrial premises mortgages |
|
2,890 |
|
|
|
|
|
|
|
2,890 |
|
3,170 |
|
|
|
|
|
|
|
3,170 |
of which: other mortgages |
|
9,788 |
|
|
|
|
|
|
|
9,788 |
|
10,184 |
|
|
|
|
|
|
|
10,184 |
Total on-balance sheet, gross |
|
147,600 |
|
25,890 |
|
1,519 |
|
9,713 |
|
184,722 |
|
149,815 |
|
27,589 |
|
1,462 |
|
8,533 |
|
187,400 |
Allowances |
|
(36) |
|
(71) |
|
(53) |
|
(332) |
|
(492) |
|
(28) |
|
(73) |
|
(57) |
|
(376) |
|
(534) |
Total on-balance sheet, net |
|
147,564 |
|
25,819 |
|
1,465 |
|
9,382 |
|
184,229 |
|
149,787 |
|
27,517 |
|
1,405 |
|
8,157 |
|
186,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent liabilities, gross |
|
184 |
|
2,481 |
|
1,112 |
|
5,831 |
|
9,608 |
|
175 |
|
2,452 |
|
1,033 |
|
5,125 |
|
8,784 |
Irrevocable commitments, gross |
|
606 |
|
528 |
|
83 |
|
7,562 |
|
8,780 |
|
1,251 |
|
82 |
|
304 |
|
6,345 |
|
7,982 |
Liabilities for calls on shares and other equities |
|
|
|
|
|
0 |
|
43 |
|
43 |
|
|
|
|
|
0 |
|
37 |
|
37 |
Total off-balance sheet |
|
790 |
|
3,009 |
|
1,196 |
|
13,436 |
|
18,430 |
|
1,425 |
|
2,535 |
|
1,336 |
|
11,507 |
|
16,804 |
1 Includes but not limited to deposits, securities, life insurance contracts, inventory, accounts receivable, patents and copyrights. 2 Includes credit default swaps and guarantees. |
|
|
31.12.16 |
|
31.12.15 |
||||||
CHF million |
|
Gross impaired financial instruments |
Allowances and provisions¹ |
Estimated liquidation proceeds of collateral |
Net impaired financial instruments |
|
Gross impaired financial instruments |
Allowances and provisions¹ |
Estimated liquidation proceeds of collateral |
Net impaired financial instruments |
Amounts due from banks |
|
3 |
3 |
0 |
0 |
|
3 |
3 |
0 |
0 |
Amounts due from customers |
|
649 |
464 |
12 |
174 |
|
702 |
512 |
22 |
168 |
Mortgage loans |
|
146 |
29 |
110 |
7 |
|
185 |
22 |
137 |
26 |
Guarantees and loan commitments |
|
236 |
41 |
10 |
185 |
|
275 |
31 |
4 |
239 |
Total impaired financial instruments |
|
1,034 |
536 |
132 |
366 |
|
1,164 |
568 |
163 |
433 |
1 Includes CHF 5 million collective loan loss allowances (December 2015: CHF 4 million). |
CHF million |
Balance as of 31.12.15 |
Increase recognized in the income statement |
Release recognized in the income statement |
Write-offs |
Recoveries and past due interest |
Reclassifications |
Foreign currency translation |
Balance as of 31.12.16 |
Specific allowances for amounts due from customers and mortgage loans |
530 |
113 |
(120) |
(53) |
25 |
(10) |
1 |
488 |
Specific allowances for amounts due from banks |
3 |
0 |
0 |
0 |
0 |
0 |
0 |
3 |
Collective allowances¹ |
4 |
1 |
0 |
0 |
0 |
0 |
0 |
5 |
Total allowances |
537 |
114 |
(120) |
(53) |
25 |
(10) |
1 |
495 |
1 Mainly relates to amounts due from customers. |
8
CHF million |
Balance as of 31.12.15 |
Increase recognized in the income statement |
Release recognized in the income statement |
Provisions used in conformity with designated purpose |
Recoveries |
Reclassifica- tions |
Balance as of 31.12.16 |
Default risk related to loan commitments and guarantees |
31 |
4 |
(4) |
0 |
0 |
10 |
41 |
Operational risks |
3 |
1 |
(1) |
0 |
0 |
0 |
3 |
Litigation, regulatory and similar matters¹ |
96 |
11 |
(8) |
(21) |
2 |
0 |
79 |
Restructuring |
13 |
59 |
(7) |
(33) |
0 |
0 |
32 |
Employee benefits |
27 |
0 |
(8) |
0 |
0 |
0 |
19 |
Other |
8 |
4 |
(1) |
(1) |
0 |
0 |
10 |
Total provisions |
179 |
79 |
(28) |
(56) |
2 |
10 |
186 |
1 Includes provisions for litigation resulting from security risks. |
CHF million |
|
31.12.16 |
|
31.12.15 |
|
|
|
|
|
Assets |
|
|
|
|
Trading portfolio assets |
|
1,673 |
|
1,736 |
of which: debt instruments¹ |
|
9 |
|
2 |
of which: listed |
|
5 |
|
1 |
of which: equity instruments |
|
20 |
|
7 |
of which: precious metals and other physical commodities |
|
1,645 |
|
1,728 |
Total assets measured at fair value |
|
1,673 |
|
1,736 |
of which: fair value derived using a valuation model |
|
23 |
|
6 |
of which: securities eligible for repurchase transactions in accordance with liquidity regulations² |
|
3 |
|
0 |
|
|
|
|
|
Liabilities |
|
|
|
|
Trading portfolio liabilities |
|
154 |
|
128 |
of which: debt instruments¹ |
|
106 |
|
64 |
of which: listed |
|
87 |
|
61 |
of which: equity instruments |
|
48 |
|
64 |
Total liabilities measured at fair value |
|
154 |
|
128 |
of which: fair value derived using a valuation model |
|
130 |
|
89 |
1 Includes money market paper. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank (SNB) or other central banks. |
9
UBS Switzerland AG standalone financial statements (audited)
|
|
31.12.16 |
|
31.12.15 |
||||||||
CHF million, except where indicated |
|
PRV² |
|
NRV³ |
|
Total notional values (CHF billion) |
|
PRV² |
|
NRV³ |
|
Total notional values (CHF billion) |
Interest rate contracts |
|
|
|
|
|
|
|
|
|
|
|
|
Forwards¹ |
|
26 |
|
30 |
|
10 |
|
13 |
|
19 |
|
5 |
Swaps |
|
2,776 |
|
2,563 |
|
189 |
|
3,393 |
|
3,099 |
|
213 |
of which: designated in hedge accounting relationships |
|
977 |
|
404 |
|
37 |
|
1,022 |
|
382 |
|
44 |
Over-the-counter (OTC) options |
|
84 |
|
80 |
|
5 |
|
81 |
|
78 |
|
3 |
Total |
|
2,886 |
|
2,673 |
|
203 |
|
3,488 |
|
3,196 |
|
222 |
Foreign exchange contracts |
|
|
|
|
|
|
|
|
|
|
|
|
Forwards |
|
563 |
|
547 |
|
41 |
|
551 |
|
517 |
|
42 |
Interest and currency swaps |
|
846 |
|
595 |
|
104 |
|
876 |
|
819 |
|
127 |
Over-the-counter (OTC) options |
|
332 |
|
332 |
|
28 |
|
245 |
|
244 |
|
31 |
Total |
|
1,742 |
|
1,473 |
|
172 |
|
1,672 |
|
1,580 |
|
200 |
Equity / index contracts |
|
|
|
|
|
|
|
|
|
|
|
|
Forwards |
|
26 |
|
26 |
|
4 |
|
18 |
|
21 |
|
3 |
Swaps |
|
1 |
|
1 |
|
0 |
|
2 |
|
2 |
|
0 |
Over-the-counter (OTC) options |
|
291 |
|
291 |
|
4 |
|
323 |
|
323 |
|
7 |
Exchange-traded options |
|
255 |
|
255 |
|
|
|
281 |
|
281 |
|
0 |
Total |
|
574 |
|
574 |
|
8 |
|
625 |
|
627 |
|
10 |
Credit derivative contracts |
|
|
|
|
|
|
|
|
|
|
|
|
Credit default swaps |
|
1 |
|
7 |
|
0 |
|
7 |
|
10 |
|
1 |
Total |
|
1 |
|
7 |
|
0 |
|
7 |
|
10 |
|
1 |
Commodity, precious metals and other contracts |
|
|
|
|
|
|
|
|
|
|
|
|
Forwards |
|
16 |
|
15 |
|
1 |
|
15 |
|
14 |
|
1 |
Swaps |
|
45 |
|
45 |
|
2 |
|
51 |
|
51 |
|
2 |
Over-the-counter (OTC) options |
|
195 |
|
195 |
|
7 |
|
176 |
|
176 |
|
6 |
Total |
|
256 |
|
255 |
|
10 |
|
242 |
|
241 |
|
9 |
Total before netting |
|
5,458 |
|
4,982 |
|
394 |
|
6,033 |
|
5,655 |
|
441 |
of which: trading derivatives |
|
4,481 |
|
4,578 |
|
|
|
5,011 |
|
5,273 |
|
|
of which: fair value derived using a valuation model |
|
4,432 |
|
4,532 |
|
|
|
4,968 |
|
5,223 |
|
|
of which: derivatives designated in hedge accounting relationships |
|
977 |
|
404 |
|
|
|
1,022 |
|
382 |
|
|
of which: fair value derived using a valuation model |
|
977 |
|
404 |
|
|
|
1,022 |
|
382 |
|
|
Netting with cash collateral payables / receivables |
|
|
|
(445) |
|
|
|
|
|
(804) |
|
|
Replacement value netting |
|
(3,325) |
|
(3,325) |
|
|
|
(3,759) |
|
(3,759) |
|
|
Total after netting |
|
2,133 |
|
1,212 |
|
|
|
2,274 |
|
1,092 |
|
|
of which: with bank and broker-dealer counterparties |
|
112 |
|
259 |
|
|
|
80 |
|
259 |
|
|
of which: other client counterparties |
|
2,021 |
|
954 |
|
|
|
2,194 |
|
833 |
|
|
1 Includes forward rate agreements. 2 PRV: positive replacement values. 3 NRV: negative replacement values. |
10
|
|
31.12.16 |
|
31.12.15 |
||
CHF million |
|
Carrying value |
Fair value |
|
Carrying value |
Fair value |
Debt instruments |
|
26,943 |
26,803 |
|
22,849 |
22,875 |
of which: held to maturity |
|
8,762 |
8,595 |
|
0 |
0 |
of which: available for sale |
|
18,181 |
18,208 |
|
22,849 |
22,875 |
Equity instruments |
|
18 |
18 |
|
0 |
0 |
Property |
|
42 |
42 |
|
29 |
29 |
Total financial investments |
|
27,002 |
26,863 |
|
22,878 |
22,904 |
of which: securities eligible for repurchase transactions in accordance with liquidity regulations¹ |
|
26,666 |
26,526 |
|
22,849 |
22,875 |
1 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank (SNB) or other central banks. |
CHF million |
|
31.12.16 |
31.12.15 |
Internal UBS rating¹ |
|
|
|
0–1 |
|
23,883 |
22,321 |
2–3 |
|
3,060 |
528 |
4–5 |
|
0 |
0 |
6–8 |
|
0 |
0 |
9–13 |
|
0 |
0 |
Non-rated |
|
0 |
0 |
Total financial investments – debt instruments |
|
26,943 |
22,849 |
1 Refer to Note 15 for more information. |
CHF million |
|
31.12.16 |
|
31.12.15 |
Deferral position for hedging instruments |
|
95 |
|
349 |
Settlement and clearing accounts |
|
292 |
|
101 |
VAT and other indirect tax receivables |
|
27 |
|
33 |
Other |
|
478 |
|
334 |
of which: other receivables from UBS Group AG and subsidiaries in the UBS Group |
|
417 |
|
293 |
Total other assets |
|
893 |
|
817 |
CHF million |
|
31.12.16 |
|
31.12.15 |
Settlement and clearing accounts |
|
593 |
|
338 |
VAT and other indirect tax payables |
|
112 |
|
115 |
Other |
|
571 |
|
510 |
of which: other payables to UBS Group AG and subsidiaries in the UBS Group |
|
333 |
|
323 |
Total other liabilities |
|
1,276 |
|
963 |
|
|
31.12.16 |
|
31.12.15 |
||||
CHF million |
|
Carrying value of pledged assets |
|
Effective commitment |
|
Carrying value of pledged assets |
|
Effective commitment |
Mortgage loans² |
|
19,887 |
|
14,138 |
|
24,980 |
|
16,235 |
Total pledged assets |
|
19,887 |
|
14,138 |
|
24,980 |
|
16,235 |
1 Excluding securities financing transactions. Refer to Note 7 for more information on securities financing transactions. 2 These pledged mortgage loans serve as collateral for existing liabilities against Swiss central mortgage institutions and for existing covered bond issuances. Of these pledged mortgage loans, approximately CHF 1.9 billion as of 31 December 2016 (approximately CHF 4.4 billion as of 31 December 2015) could be withdrawn or used for future liabilities or covered bond issuances without breaching existing collateral requirements. |
11
UBS Switzerland AG standalone financial statements (audited)
The table below provides a breakdown of total non-Swiss assets by credit rating. These credit ratings reflect the sovereign credit rating of the country to which the ultimate risk of the underlying asset is related. The ultimate country of risk for unsecured loan positions is the domicile of the immediate borrower or, in the case of a legal entity, the domicile of the ultimate parent entity. For collateralized or guaranteed positions, the ultimate country of risk is the domicile of the provider of the collateral or guarantor or, if applicable, the domicile of the ultimate parent entity of the provider of the collateral or guarantor. For mortgage loans, the ultimate country of risk is the country where the real estate is located. Similarly, the ultimate country of risk for property and equipment is the country where the property and equipment is located. Assets for which Switzerland is the ultimate country of risk are provided separately in order to reconcile them to total balance sheets assets.
® Refer to the “Risk management and control” section of the UBS Group AG Annual Report 2016 for more information
|
|
|
|
|
|
|
31.12.16 |
|
31.12.15 |
||
Classification |
Internal UBS rating |
Description |
Moody’s Investors Service |
Standard & Poor’s |
Fitch |
|
CHF million |
% |
|
CHF million |
% |
|
0 and 1 |
Investment grade |
Aaa |
AAA |
AAA |
|
44,870 |
15 |
|
40,924 |
14 |
Low risk |
2 |
|
Aa1 to Aa3 |
AA+ to AA– |
AA+ to AA– |
|
15,916 |
5 |
|
14,884 |
5 |
3 |
|
A1 to A3 |
A+ to A– |
A+ to AA– |
|
2,423 |
1 |
|
5,906 |
2 |
|
Medium risk |
4 |
|
Baa1 to Baa2 |
BBB+ to BBB |
BBB+ to BBB |
|
2,886 |
1 |
|
2,518 |
1 |
5 |
|
Baa3 |
BBB– |
BBB– |
|
1,837 |
1 |
|
1,248 |
0 |
|
High risk |
6 |
Sub-investment grade |
Ba1 |
BB+ |
BB+ |
|
1,327 |
0 |
|
884 |
0 |
7 |
|
Ba2 |
BB |
BB |
|
410 |
0 |
|
17 |
0 |
|
8 |
|
Ba3 |
BB– |
BB– |
|
61 |
0 |
|
16 |
0 |
|
9 |
|
B1 |
B+ |
B+ |
|
91 |
0 |
|
53 |
0 |
|
Very high risk |
10 |
|
B2 |
B |
B |
|
802 |
0 |
|
39 |
0 |
11 |
|
B3 |
B– |
B– |
|
271 |
0 |
|
99 |
0 |
|
12 |
|
Caa |
CCC |
CCC |
|
123 |
0 |
|
144 |
0 |
|
13 |
|
Ca to C |
CC to C |
CC to C |
|
41 |
0 |
|
33 |
0 |
|
Distressed |
Default |
Defaulted |
D |
D |
D |
|
1 |
0 |
|
0 |
0 |
Subtotal |
|
|
|
|
|
|
71,056 |
24 |
|
66,767 |
23 |
Switzerland |
|
|
|
|
|
|
223,440 |
76 |
|
218,410 |
77 |
Total assets |
|
|
|
|
|
|
294,497 |
100 |
|
285,176 |
100 |
|
|
31.12.16 |
|
31.12.15 |
||||
|
|
Par value in CHF |
Number of shares |
of which: dividend bearing |
|
Par value in CHF |
Number of shares |
of which: dividend bearing |
Share capital¹ |
|
10,000,000 |
100,000,000 |
100,000,000 |
|
10,000,000 |
100,000,000 |
100,000,000 |
of which: shares outstanding |
|
10,000,000 |
100,000,000 |
100,000,000 |
|
10,000,000 |
100,000,000 |
100,000,000 |
1 Registered shares issued. |
UBS Switzerland AG’s share capital is fully paid up. Each share has a par value of CHF 0.10 and entitles the holder to one vote at the UBS Switzerland AG shareholders’ meeting, if entered into the share register as having the right to vote, as well as a proportionate share of distributed dividends. UBS Switzerland AG does not apply any restrictions or limitations on the transferability of shares.
Non-distributable reserves
Non-distributable reserves consist of 50% of the share capital of UBS Switzerland AG, amounting to CHF 5 million as of 31 December 2016.
12
The sole direct shareholder of UBS Switzerland AG is UBS AG, which holds 100% of UBS Switzerland AG shares. These shares are entitled to voting rights. Indirect shareholders of UBS Switzerland AG, who do not have voting rights, include UBS Group AG, which holds 100% of UBS AG shares. Included in the table below are also direct shareholders of UBS Group AG (acting in their own name or in their capacity as nominees for other investors or beneficial owners) that were registered in the UBS Group AG share register with 3% or more of the share capital of UBS Group AG as of 31 December 2016 or as of 31 December 2015.
The shares and share capital of UBS Switzerland AG held by indirect shareholders represent their relative holding of UBS Group AG shares.
® Refer to Note 23 to the UBS Group AG standalone financial statements in the UBS Group AG Annual Report 2016 for more information on significant shareholders of UBS Group AG
a) Liabilities related to Swiss pension plan |
|
|
|
CHF million |
|
31.12.16 |
31.12.15 |
Provision for Swiss pension plan |
|
0 |
0 |
Bank accounts at UBS and UBS debt instruments held by Swiss pension fund |
|
216 |
262 |
UBS derivative financial instruments held by Swiss pension fund |
|
46 |
27 |
Total liabilities related to Swiss pension plan |
|
262 |
289 |
|
|
|
|
b) Swiss pension plan |
|
|
|
|
|
As of or for the year ended |
|
CHF million |
|
31.12.16 |
31.12.15 |
Pension plan surplus¹ |
|
2,458 |
2,264 |
Economic benefit / (obligation) of UBS Switzerland AG |
|
0 |
0 |
Change in economic benefit / obligation recognized in the income statement |
|
0 |
0 |
Employer contributions in the period recognized in the income statement |
|
211 |
158 |
Performance awards-related employer contributions accrued |
|
31 |
24 |
Total pension expense recognized in the income statement within Personnel expenses |
|
241 |
181 |
1 The pension plan surplus is determined in accordance with FER 26 and consists of the reserve for the fluctuation in asset value. The surplus did not represent an economic benefit for UBS Switzerland AG in accordance with FER 16 both as of 31 December 2016 and 31 December 2015. |
The Swiss pension plan had no employer contribution reserve both as of 31 December 2016 and 31 December 2015.
UBS Group AG is the grantor of the majority of UBS’s deferred compensation plans. Expenses for awards granted under such plans to UBS Switzerland AG employees are charged by UBS Group AG to UBS Switzerland AG.
® Refer to Note 27 to the UBS Group AG consolidated financial statements in the UBS Group AG Annual Report 2016 for more information
13
UBS Switzerland AG standalone financial statements (audited)
Transactions with related parties are conducted at internally agreed transfer prices or at arm’s length, or with respect to loans, fixed advances and mortgages to non-independent members of the Board of Directors and Group Executive Board members on the same terms and conditions that are available to other employees.
|
|
31.12.16 |
|
31.12.15 |
||||
CHF million |
|
Amounts due from |
|
Amounts due to |
|
Amounts due from |
|
Amounts due to |
Qualified shareholders¹ |
|
18,037 |
|
15,771 |
|
11,232 |
|
21,683 |
of which: due from / to banks |
|
925 |
|
8,356 |
|
743 |
|
13,881 |
of which: receivables / payables from securities financing transactions |
|
16,551 |
|
5,133 |
|
9,958 |
|
5,760 |
of which: due from / to customers |
|
67 |
|
1,692 |
|
169 |
|
1,442 |
Subsidiaries² |
|
56 |
|
1,831 |
|
35 |
|
380 |
of which: due from / to customers |
|
53 |
|
1,831 |
|
30 |
|
380 |
Affiliated entities³ |
|
384 |
|
1,057 |
|
1,239 |
|
2,232 |
of which: due from / to banks |
|
211 |
|
587 |
|
318 |
|
629 |
of which: receivables / payables from securities financing transactions |
|
0 |
|
0 |
|
372 |
|
786 |
of which: due from / to customers |
|
72 |
|
350 |
|
78 |
|
328 |
Members of governing bodies⁴ |
|
48 |
|
|
|
39 |
|
|
External auditors |
|
|
|
1 |
|
|
|
1 |
Other related parties⁵ |
|
465 |
|
|
|
468 |
|
|
1 Qualified shareholders of UBS Switzerland AG are UBS Group AG and UBS AG. 2 Subsidiaries of UBS Switzerland AG are UBS Card Center AG, Topcard Service AG and UBS Hypotheken AG. 3 Affiliated entities of UBS Switzerland AG are all direct and indirect subsidiaries of UBS Group AG including subsidiaries of UBS AG. 4 Members of governing bodies consist of members of the Board of Directors and Group Executive Board of UBS Group AG and UBS AG and members of the Board of Directors and Executive Board of UBS Switzerland AG. 5 Primarily relates to SIX Group AG, in which UBS AG has a 17.3% equity interest. |
CHF million |
|
31.12.16 |
|
31.12.15 |
Fiduciary deposits |
|
15,719 |
|
13,210 |
of which: placed with third-party banks |
|
9,757 |
|
7,246 |
of which: placed with subsidiaries and affiliated entities |
|
5,962 |
|
5,964 |
Total fiduciary transactions |
|
15,719 |
|
13,210 |
Fiduciary transactions encompass transactions entered into or granted by UBS Switzerland AG that result in holding or placing assets on behalf of individuals, trusts, defined benefit plans and other institutions. Unless the recognition criteria for the assets are satisfied, these assets and the related income are excluded from UBS Switzerland AG’s balance sheet and income statement, but disclosed in this Note as off-balance sheet fiduciary transactions. Client deposits that are initially placed as fiduciary transactions with UBS Switzerland AG may be recognized on UBS Switzerland AG’s balance sheet in situations in which the deposit is subsequently placed within UBS Switzerland AG. In such cases, these deposits are not reported in the table above.
14
|
|
For the year ended |
||
CHF billion |
|
31.12.16 |
|
31.12.15 |
Fund assets managed |
|
0 |
|
0 |
Discretionary assets |
|
88 |
|
88 |
Other invested assets |
|
447 |
|
444 |
Total invested assets |
|
535 |
|
532 |
of which: double count |
|
0 |
|
0 |
Net new money |
|
(3.5) |
|
(17.3) |
|
|
For the year ended |
||
CHF billion |
|
31.12.16 |
|
31.12.15 |
Total invested assets at the beginning of the year |
|
532 |
|
557 |
Net new money |
|
(4) |
|
(17) |
Market movements¹ |
|
9 |
|
(17) |
Foreign currency translation |
|
(2) |
|
9 |
Other effects |
|
(1) |
|
0 |
of which: acquisitions / (divestments) |
|
(1) |
|
0 |
Total invested assets at the end of the year² |
|
535 |
|
532 |
1 Includes interest and dividend income. 2 As of 31 December 2016 and 31 December 2015 there were no invested assets double counts. |
® Refer to Note 33 to the UBS Group AG consolidated financial statements in the UBS Group AG Annual Report 2016 for more information
15
UBS Switzerland AG standalone financial statements (audited)
16
UBS Switzerland AG standalone financial statements (audited)
UBS Switzerland
AG standalone
regulatory information
18
UBS
Switzerland AG standalone
regulatory information
Swiss SRB going and gone concern requirements and information
UBS Switzerland AG is considered a systemically relevant bank (SRB) under Swiss banking law and is subject to capital regulations on a standalone basis . In May 2016, the Swiss Federal Council adopted amendments to the too big to fail (TBTF) provisions, based on the cornerstones announced by the Swiss Federal Council in October 2015. The revised Capital Adequacy Ordinance forms the basis of a revised Swiss SRB framework, which became effective on 1 July 2016.
As of 31 December 2016, the phase-in going concern capital and leverage ratio requirements for UBS Switzerland AG standalone were 11.19% and 3.0%, respectively. The gone concern requirements on a phase-in basis were 3.5% for the RWA-based requirement and 1.0% for the LRD-based requirement.
UBS Switzerland AG standalone regulatory information
Swiss SRB loss-absorbing capacity
20
21
UBS Switzerland AG standalone regulatory information
Capital instruments
22
Liquidity coverage ratio
UBS Switzerland AG, as a Swiss SRB, is required to maintain a minimum LCR of 100%.
23
UBS Switzerland AG standalone regulatory information
Notice to investors | This document and the information contained herein are provided solely for information purposes, and are not to be construed as solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this document. Refer to UBS’s Annual Report 2016 for additional information. This report is available at www.ubs.com/investors.
Rounding | Numbers presented throughout this document may not add up precisely to the totals provided in the tables and text. Percentages, percent changes and absolute variances are calculated on the basis of rounded figures displayed in the tables and text and may not precisely reflect the percentages, percent changes and absolute variances that would be derived based on figures that are not rounded.
Tables | Within tables, blank fields generally indicate that the field is not applicable or not meaningful, or that information is not available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Percentage changes are presented as a mathematical calculation of the change between periods.
24
UBS Limited standalone
financial and regulatory information
Financial year 2016
25
UBS Limited standalone financial and regulatory information
Income statement |
|
|
|
|
|
|
|
For the year ended |
|
% change from |
|
GBP million |
|
31.12.16 |
31.12.15 |
|
31.12.15 |
Interest income |
|
377 |
289 |
|
30 |
Interest expense |
|
(394) |
(289) |
|
36 |
Net interest income |
|
(17) |
0 |
|
|
Credit loss (expense) / recovery |
|
(2) |
2 |
|
|
Net fee and commission income |
|
699 |
667 |
|
5 |
Net trading income |
|
68 |
42 |
|
62 |
Other income |
|
12 |
16 |
|
(25) |
Total operating income |
|
760 |
727 |
|
5 |
Total operating expenses |
|
563 |
538 |
|
5 |
Operating profit before tax |
|
197 |
189 |
|
4 |
Tax expense / (benefit) |
|
171 |
(52) |
|
|
Net profit |
|
26 |
241 |
|
(89) |
Statement of comprehensive income |
|
|
|
|
|
|
|
For the year ended |
|
% change from |
|
GBP million |
|
31.12.16 |
31.12.15 |
|
31.12.15 |
Net profit |
|
26 |
241 |
|
(89) |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
Other comprehensive income that may be reclassified to the income statement |
|
|
|
|
|
Financial investments available for sale |
|
|
|
|
|
Net unrealized gains / (losses) on financial investments available for sale |
|
0 |
(5) |
|
(100) |
Total other comprehensive income that may be reclassified to the income statement |
|
0 |
(5) |
|
(100) |
Total comprehensive income |
|
26 |
236 |
|
(89) |
Balance sheet |
|
|
|
|
|
|
|
|
|
|
% change from |
GBP million |
|
31.12.16 |
31.12.15 |
|
31.12.15 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Cash and balances with central banks |
|
3 |
5 |
|
(42) |
Due from banks |
|
1,054 |
841 |
|
25 |
Cash collateral on securities borrowed |
|
2,799 |
3,047 |
|
(8) |
Reverse repurchase agreements |
|
2,638 |
2,973 |
|
(11) |
Trading portfolio assets |
|
4,698 |
3,770 |
|
25 |
Positive replacement values |
|
17,451 |
17,668 |
|
(1) |
Cash collateral receivables on derivative instruments |
|
6,490 |
6,027 |
|
8 |
Loans and advances to customers |
|
1,054 |
791 |
|
33 |
Financial assets designated at fair value |
|
3,931 |
666 |
|
490 |
Financial assets available for sale |
|
123 |
3,163 |
|
(96) |
Deferred tax asset |
|
47 |
172 |
|
(73) |
Other assets |
|
333 |
319 |
|
4 |
Total assets |
|
40,621 |
39,442 |
|
3 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Due to banks |
|
2,715 |
2,309 |
|
18 |
Cash collateral on securities lent |
|
228 |
4 |
|
|
Repurchase agreements |
|
3,472 |
4,021 |
|
(14) |
Trading portfolio liabilities |
|
5,780 |
4,787 |
|
21 |
Negative replacement values |
|
17,904 |
18,040 |
|
(1) |
Cash collateral payables on derivative instruments |
|
6,153 |
5,966 |
|
3 |
Due to customers |
|
385 |
230 |
|
67 |
Financial liabilities designated at fair value |
|
724 |
728 |
|
(1) |
Other liabilities |
|
387 |
316 |
|
22 |
Total liabilities |
|
37,748 |
36,400 |
|
4 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Share capital |
|
227 |
227 |
|
0 |
Share premium |
|
2,184 |
2,184 |
|
0 |
Retained earnings |
|
226 |
396 |
|
(43) |
Cumulative net income recognized directly in equity, net of tax |
|
2 |
1 |
|
27 |
Other equity instruments |
|
235 |
235 |
|
0 |
Total equity |
|
2,874 |
3,042 |
|
(6) |
Total liabilities and equity |
|
40,622 |
39,442 |
|
3 |
|
1
UBS Limited standalone financial and regulatory information
Basis of accounting
The financial statements of UBS Limited are prepared in accordance with the International Financial Reporting Standards (IFRS) , as endorsed by the EU, and are stated in British pounds (GBP), the functional currency of the entity. UBS Limited is wholly owned by UBS AG, which is wholly owned by UBS Group AG, the ultimate parent company of the UBS Group.
This financial information is unaudited and should be read in conjunction with the audited financial statements of UBS Limited. The full Annual Report and Financial Statements of UBS Limited for the year ended 31 December 2016 will be made available in April 2017 under “Disclosure for legal entities” at www.ubs.com/investors.
2
Notice to investors | This document and the information contained herein are provided solely for information purposes, and are not to be construed as solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this document. Refer to UBS’s Annual Report 2016 for additional information. This report is available at www.ubs.com/investors.
Rounding | Numbers presented throughout this document may not add up precisely to the totals provided in the tables and text. Percentages, percent changes and absolute variances are calculated on the basis of rounded figures displayed in the tables and text and may not precisely reflect the percentages, percent changes and absolute variances that would be derived based on figures that are not rounded.
Tables | Within tables, blank fields generally indicate that the field is not applicable or not meaningful, or that information is not available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Percentage changes are presented as a mathematical calculation of the change between periods.
3
UBS Limited standalone financial and regulatory information
UBS Americas Holding LLC consolidated
selected financial information
Financial year 2016
4
UBS Americas Holding LLC consolidated financial and regulatory information
The financial statements of UBS Americas Holding LLC are prepared in accordance with accounting principles generally accepted in the US (US GAAP), and are stated in US dollars (USD), the functional currency of the entity. UBS Americas Holding LLC is wholly owned by UBS AG, which is wholly owned by UBS Group AG, the ultimate parent company of the UBS Group. The financial information is unaudited and should be read in conjunction with the audited financial statements of UBS Americas Holding LLC.
The table below provides the key regulatory capital components and capital ratios of UBS Americas Holding LLC (consolidated). This information is prepared in accordance with applicable US Basel III rules and has not been audited by the external auditors of UBS Americas Holding LLC.
1
UBS Americas Holding LLC consolidated financial and regulatory information
Notice to investors | This document and the information contained herein are provided solely for information purposes, and are not to be construed as solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this document. Refer to UBS’s Annual Report 2016 for additional information. This report is available at www.ubs.com/investors.
Rounding | Numbers presented throughout this document may not add up precisely to the totals provided in the tables and text. Percentages, percent changes and absolute variances are calculated on the basis of rounded figures displayed in the tables and text and may not precisely reflect the percentages, percent changes and absolute variances that would be derived based on figures that are not rounded.
Tables | Within tables, blank fields generally indicate that the field is not applicable or not meaningful, or that information is not available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Percentage changes are presented as a mathematical calculation of the change between periods.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: _/s/ Todd Tuckner ___________
Name: Todd Tuckner
Title: Group Controller and
Chief Accounting Officer
By: _/s/ David Kelly_____________
Name: David Kelly
Title: Managing Director
UBS AG
By: _/s/ Todd Tuckner ____________
Name: Todd Tuckner
Title: Group Controller and
Chief Accounting Officer
By: _/s/ David Kelly_____________
Name: David Kelly
Title: Managing Director
Date: March 10, 2017
3
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