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: July 31, 2015
UBS Group AG
Commission File Number: 1-36764
UBS AG
Commission File
Number: 1-15060
(Registrants Names)
Bahnhofstrasse 45, Zurich, 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 ¨
Explanatory Note
UBS produces regular quarterly reports, which are filed with the SEC under Form 6-K. These reports are prepared in accordance with International Financial Reporting Standards (IFRS). SEC regulations
require certain additional disclosure to be included in registration statements relating to offerings of securities. Certain of this additional disclosure was included with UBSs second quarter 2015 report submitted to the SEC on Form 6-K on
28 July 2015, and additional disclosure follows herein. This information should be read in conjunction with UBSs annual report on Form 20-F for the year ended 31 December 2014, filed with the SEC on 13 March 2015, as well as
UBSs first quarter 2015 report and second quarter report 2015 submitted to the SEC on Forms 6-K on 5 May 2015 and 28 July 2015, respectively.
Note 20 Supplemental guarantor information required under SEC regulations
Supplemental guarantor information required under SEC regulations
Guarantee of PaineWebber securities
Prior to its acquisition by UBS in 2000, Paine Webber Group Inc. (PaineWebber) was an SEC registrant. Upon acquisition, PaineWebber was merged into
UBS Americas Inc., a wholly owned subsidiary of UBS AG. Following the acquisition, UBS AG entered into a full and unconditional guarantee of the senior notes (Debt Securities) issued by PaineWebber. Under the guarantee, if UBS Americas Inc. fails to
make any timely payment under the Debt Securities agreements, the holders of the Debt Securities or the Debt Securities trustee may demand payment from UBS AG without first proceeding against UBS Americas Inc.
As of 30 June 2015, the amount of outstanding senior notes of UBS Americas Inc. was approximately CHF 145 million. These
senior notes mature between 2017 and 2018.
Guarantee of other securities
Certain US-domiciled entities that are 100% legally owned by UBS AG have outstanding trust preferred securities, which are registered under the US
Securities Act. These entities, UBS Preferred Funding Trust IV and UBS Preferred Funding Trust V, are not consolidated by UBS AG as UBS AG does not absorb any variability from the performance of these entities. However, UBS AG
has fully and unconditionally guaranteed these securities. The non-consolidated issuing US domiciled entities are presented in a separate column in the supplemental guarantor information
provided in the following tables. Amounts presented in this column are eliminated in the Elimination entries column, as these entities are not consolidated. UBS AGs obligations under the guarantee are subordinated to the prior payment in full
of the deposit liabilities of UBS AG and all other liabilities of UBS AG. As of 30 June 2015, the outstanding amount of the preferred securities was USD 1.3 billion and the amount of senior liabilities of UBS AG to which the holders of these
securities would be subordinated was approximately CHF 881 billion.
Joint liability of UBS Switzerland AG
In June 2015, the Retail & Corporate 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 terms of the asset transfer agreement, UBS Switzerland AG assumed joint liability for contractual obligations of UBS AG existing on the asset transfer date, including
the existing guarantee of abovementioned PaineWebber and other securities. To reflect this joint liability, UBS Switzerland AG is, on a prospective basis, presented in a separate column as a subsidiary co-guarantor.
Introduction
Note 20 Supplemental guarantor information required under SEC regulations (continued)
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Supplemental guarantor consolidated income
statement |
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CHF million For the six months ended 30 June 2015 |
|
|
UBS
AG (standalone)1 |
|
|
|
UBS Switzerland
AG (standalone)1 |
|
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|
UBS Americas
Inc.2 |
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UBS Preferred Funding Trust IV & V |
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Other subsidiaries2 |
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Elimination entries |
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UBS AG (consolidated) |
|
Operating income |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
5,056 |
|
|
|
1,121 |
|
|
|
824 |
|
|
|
31 |
|
|
|
745 |
|
|
|
(1,193 |
) |
|
|
6,583 |
|
Interest expense |
|
|
(3,311 |
) |
|
|
(286 |
) |
|
|
(320 |
) |
|
|
0 |
|
|
|
(674 |
) |
|
|
1,137 |
|
|
|
(3,454 |
) |
Net interest income |
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|
1,745 |
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|
835 |
|
|
|
504 |
|
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|
31 |
|
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|
71 |
|
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(57 |
) |
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|
3,129 |
|
Credit loss (expense)/recovery |
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(26 |
) |
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(5 |
) |
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|
4 |
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0 |
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|
|
3 |
|
|
|
(6 |
) |
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|
(29 |
) |
Net interest income after credit loss expense |
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|
1,719 |
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|
830 |
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|
507 |
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|
31 |
|
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|
75 |
|
|
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(62 |
) |
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|
3,100 |
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Net fee and commission income |
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2,094 |
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|
873 |
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|
3,721 |
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0 |
|
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2,193 |
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(49 |
) |
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|
8,832 |
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Net trading income |
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|
4,064 |
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|
233 |
|
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|
142 |
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0 |
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|
152 |
|
|
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(851 |
) |
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|
3,741 |
|
Other income |
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|
(624 |
) |
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|
208 |
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|
378 |
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0 |
|
|
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(601 |
) |
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|
1,612 |
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|
972 |
|
Total operating income |
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7,253 |
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|
2,144 |
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|
4,747 |
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|
31 |
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1,819 |
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|
650 |
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|
16,644 |
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Operating expenses |
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Personnel expenses |
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3,851 |
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|
534 |
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|
3,193 |
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0 |
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|
719 |
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|
0 |
|
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|
8,297 |
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General and administrative expenses |
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|
491 |
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|
769 |
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|
1,435 |
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0 |
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|
774 |
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|
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0 |
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|
3,470 |
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Depreciation and impairment of property, equipment and software |
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|
313 |
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4 |
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|
75 |
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0 |
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|
38 |
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0 |
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|
429 |
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Amortization and impairment of intangible assets |
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11 |
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0 |
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41 |
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0 |
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6 |
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|
0 |
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|
58 |
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Total operating expenses |
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4,666 |
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|
1,307 |
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|
4,743 |
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0 |
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|
1,537 |
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0 |
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12,254 |
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Operating profit/(loss) before tax |
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2,587 |
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|
837 |
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4 |
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31 |
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|
282 |
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|
650 |
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|
4,391 |
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Tax expense/(benefit) |
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|
690 |
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|
207 |
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(1 |
) |
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0 |
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|
213 |
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|
3 |
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|
1,112 |
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Net profit/(loss) |
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1,897 |
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|
630 |
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|
5 |
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|
31 |
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|
68 |
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|
647 |
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|
3,278 |
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Net profit/(loss) attributable to preferred noteholders |
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|
76 |
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0 |
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0 |
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31 |
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0 |
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(31 |
) |
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|
76 |
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Net profit/(loss) attributable to non-controlling interests |
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0 |
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|
0 |
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|
0 |
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|
0 |
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|
1 |
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|
|
0 |
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|
|
1 |
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Net profit/(loss) attributable to shareholders |
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1,821 |
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|
630 |
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|
5 |
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0 |
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|
67 |
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|
678 |
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|
3,201 |
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1 Amounts presented for UBS AG (standalone) and UBS Switzerland AG (standalone) represent IFRS-standalone information. Refer to the Supplemental
information (unaudited) for UBS AG (standalone) section of this report for UBS AG (standalone) financial information prepared in accordance with Swiss GAAP. Refer to the Financial information section of the UBS Group second quarter
2015 report for UBS Switzerland AG (standalone) interim financial statements prepared in accordance with Swiss GAAP. 2 Amounts presented in these columns serve as a basis for preparing UBS AG (consolidated) financial statements in accordance with IFRS.
Note 20 Supplemental guarantor information required under SEC regulations (continued)
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Supplemental guarantor consolidated statement of comprehensive
income |
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CHF million For the six months ended 30 June 2015 |
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UBS
AG (standalone)1 |
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UBS Switzerland
AG (standalone)1 |
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UBS Americas
Inc.2 |
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UBS Preferred Funding Trust IV & V |
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Other subsidiaries2 |
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Elimination entries |
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UBS AG (consolidated) |
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Comprehensive income attributable to shareholders |
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Net profit/(loss) |
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1,821 |
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|
630 |
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|
5 |
|
|
|
0 |
|
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|
67 |
|
|
|
678 |
|
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|
3,201 |
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Other comprehensive income |
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Other comprehensive income that may be reclassified to the income statement |
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Foreign currency translation, net of tax |
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|
(225 |
) |
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|
0 |
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|
(90 |
) |
|
|
0 |
|
|
|
(595 |
) |
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|
(666 |
) |
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|
(1,577 |
) |
Financial investments available-for-sale, net of tax |
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|
(60 |
) |
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|
3 |
|
|
|
(8 |
) |
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|
0 |
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(5 |
) |
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2 |
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|
(67 |
) |
Cash flow hedges, net of tax |
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|
(402 |
) |
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|
(156 |
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|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
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|
29 |
|
|
|
(530 |
) |
Total other comprehensive income that may be reclassified to the income statement, net of tax |
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|
(687 |
) |
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|
(153 |
) |
|
|
(98 |
) |
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|
0 |
|
|
|
(600 |
) |
|
|
(635 |
) |
|
|
(2,173 |
) |
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|
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|
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|
|
Other comprehensive income that will not be reclassified to the income statement |
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|
|
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Defined benefit plans, net of tax |
|
|
476 |
|
|
|
(348 |
) |
|
|
8 |
|
|
|
0 |
|
|
|
20 |
|
|
|
(18 |
) |
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|
138 |
|
Property revaluation surplus, net of tax |
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|
0 |
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|
0 |
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|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Total other comprehensive income that will not be reclassified to the income statement, net of tax |
|
|
476 |
|
|
|
(348 |
) |
|
|
8 |
|
|
|
0 |
|
|
|
20 |
|
|
|
(18 |
) |
|
|
138 |
|
|
|
|
|
|
|
|
|
Total other comprehensive income |
|
|
(211 |
) |
|
|
(501 |
) |
|
|
(89 |
) |
|
|
0 |
|
|
|
(580 |
) |
|
|
(654 |
) |
|
|
(2,035 |
) |
Total comprehensive income attributable to shareholders |
|
|
1,610 |
|
|
|
129 |
|
|
|
(84 |
) |
|
|
0 |
|
|
|
(513 |
) |
|
|
24 |
|
|
|
1,166 |
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to preferred noteholders |
|
|
(98 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(47 |
) |
|
|
0 |
|
|
|
47 |
|
|
|
(98 |
) |
Total comprehensive income attributable to non-controlling interests |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(2 |
) |
|
|
0 |
|
|
|
(2 |
) |
Total comprehensive income |
|
|
1,513 |
|
|
|
129 |
|
|
|
(84 |
) |
|
|
(47 |
) |
|
|
(515 |
) |
|
|
71 |
|
|
|
1,066 |
|
1 Amounts presented for UBS AG (standalone) and UBS Switzerland AG (standalone) represent IFRS-standalone information.
Refer to the Supplemental information (unaudited) for UBS AG (standalone) section of this report for UBS AG (standalone) financial information prepared in accordance with Swiss GAAP. Refer to the Financial information section
of the UBS Group second quarter 2015 report for UBS Switzerland AG (standalone) interim financial statements prepared in accordance with Swiss GAAP. 2 Amounts presented in these columns serve as a basis for preparing UBS AG (consolidated) financial statements in
accordance with IFRS.
Introduction
Note 20 Supplemental guarantor information required under SEC regulations (continued)
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Supplemental guarantor consolidated balance
sheet |
|
CHF million As of 30 June 2015 |
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UBS
AG (standalone)1 |
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UBS Switzerland
AG (standalone)1 |
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UBS Americas
Inc.2 |
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|
UBS Preferred Funding Trust IV & V |
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Other subsidiaries2 |
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|
Elimination entries |
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|
UBS AG (consolidated) |
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Assets |
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|
Cash and balances with central banks |
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|
47,542 |
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|
|
31,195 |
|
|
|
1,947 |
|
|
|
0 |
|
|
|
3,961 |
|
|
|
0 |
|
|
|
84,646 |
|
Due from banks |
|
|
45,717 |
|
|
|
16,748 |
|
|
|
12,226 |
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|
|
0 |
|
|
|
37,409 |
|
|
|
(98,757 |
) |
|
|
13,343 |
|
Cash collateral on securities borrowed |
|
|
29,373 |
|
|
|
7,852 |
|
|
|
38,632 |
|
|
|
0 |
|
|
|
6,320 |
|
|
|
(54,487 |
) |
|
|
27,689 |
|
Reverse repurchase agreements |
|
|
66,015 |
|
|
|
21,853 |
|
|
|
22,523 |
|
|
|
0 |
|
|
|
12,271 |
|
|
|
(61,814 |
) |
|
|
60,848 |
|
Trading portfolio assets |
|
|
88,929 |
|
|
|
3,409 |
|
|
|
6,895 |
|
|
|
1,223 |
|
|
|
33,950 |
|
|
|
(5,920 |
) |
|
|
128,486 |
|
of which: assets pledged as collateral which may be sold or repledged by counterparties |
|
|
43,177 |
|
|
|
0 |
|
|
|
3,510 |
|
|
|
0 |
|
|
|
9,408 |
|
|
|
(5,552 |
) |
|
|
50,544 |
|
Positive replacement values |
|
|
179,402 |
|
|
|
6,759 |
|
|
|
17,281 |
|
|
|
0 |
|
|
|
36,058 |
|
|
|
(65,819 |
) |
|
|
173,681 |
|
Cash collateral receivables on derivative instruments |
|
|
20,453 |
|
|
|
1,294 |
|
|
|
5,657 |
|
|
|
0 |
|
|
|
12,159 |
|
|
|
(14,721 |
) |
|
|
24,842 |
|
Financial assets designated at fair value |
|
|
5,301 |
|
|
|
0 |
|
|
|
268 |
|
|
|
0 |
|
|
|
2,878 |
|
|
|
(3,361 |
) |
|
|
5,087 |
|
Loans |
|
|
98,000 |
|
|
|
190,994 |
|
|
|
43,010 |
|
|
|
0 |
|
|
|
15,476 |
|
|
|
(31,998 |
) |
|
|
315,482 |
|
Financial investments available-for-sale |
|
|
28,753 |
|
|
|
24,009 |
|
|
|
5,177 |
|
|
|
0 |
|
|
|
8,832 |
|
|
|
0 |
|
|
|
66,771 |
|
Investments in subsidiaries and associates |
|
|
36,650 |
|
|
|
7 |
|
|
|
1 |
|
|
|
0 |
|
|
|
1 |
|
|
|
(35,751 |
) |
|
|
908 |
|
Property, equipment and software |
|
|
5,995 |
|
|
|
21 |
|
|
|
833 |
|
|
|
0 |
|
|
|
201 |
|
|
|
0 |
|
|
|
7,050 |
|
Goodwill and intangible assets |
|
|
352 |
|
|
|
0 |
|
|
|
5,004 |
|
|
|
0 |
|
|
|
892 |
|
|
|
(6 |
) |
|
|
6,242 |
|
Deferred tax assets |
|
|
2,657 |
|
|
|
1,001 |
|
|
|
6,113 |
|
|
|
0 |
|
|
|
282 |
|
|
|
(52 |
) |
|
|
10,000 |
|
Other assets |
|
|
14,319 |
|
|
|
1,540 |
|
|
|
11,361 |
|
|
|
0 |
|
|
|
2,835 |
|
|
|
(3,604 |
) |
|
|
26,451 |
|
Total assets |
|
|
669,459 |
|
|
|
306,684 |
|
|
|
176,927 |
|
|
|
1,223 |
|
|
|
173,525 |
|
|
|
(376,290 |
) |
|
|
951,528 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to banks |
|
|
41,896 |
|
|
|
33,344 |
|
|
|
32,540 |
|
|
|
3 |
|
|
|
4,247 |
|
|
|
(98,760 |
) |
|
|
13,270 |
|
Cash collateral on securities lent |
|
|
33,954 |
|
|
|
2,525 |
|
|
|
25,459 |
|
|
|
0 |
|
|
|
3,201 |
|
|
|
(54,487 |
) |
|
|
10,652 |
|
Repurchase agreements |
|
|
36,526 |
|
|
|
13,270 |
|
|
|
13,135 |
|
|
|
0 |
|
|
|
11,915 |
|
|
|
(61,814 |
) |
|
|
13,032 |
|
Trading portfolio liabilities |
|
|
20,530 |
|
|
|
217 |
|
|
|
4,612 |
|
|
|
0 |
|
|
|
10,668 |
|
|
|
(3,804 |
) |
|
|
32,224 |
|
Negative replacement values |
|
|
177,008 |
|
|
|
6,633 |
|
|
|
16,957 |
|
|
|
0 |
|
|
|
36,423 |
|
|
|
(65,819 |
) |
|
|
171,202 |
|
Cash collateral payables on derivative instruments |
|
|
30,728 |
|
|
|
193 |
|
|
|
6,463 |
|
|
|
0 |
|
|
|
15,939 |
|
|
|
(14,721 |
) |
|
|
38,603 |
|
Financial liabilities designated at fair value |
|
|
65,104 |
|
|
|
0 |
|
|
|
104 |
|
|
|
0 |
|
|
|
5,167 |
|
|
|
(4,008 |
) |
|
|
66,366 |
|
Due to customers |
|
|
95,472 |
|
|
|
229,562 |
|
|
|
45,721 |
|
|
|
0 |
|
|
|
43,755 |
|
|
|
(32,123 |
) |
|
|
382,387 |
|
Debt issued |
|
|
84,447 |
|
|
|
8,194 |
|
|
|
4,548 |
|
|
|
0 |
|
|
|
271 |
|
|
|
(205 |
) |
|
|
97,255 |
|
Provisions |
|
|
1,858 |
|
|
|
200 |
|
|
|
1,250 |
|
|
|
0 |
|
|
|
286 |
|
|
|
0 |
|
|
|
3,594 |
|
Other liabilities |
|
|
31,344 |
|
|
|
2,663 |
|
|
|
14,989 |
|
|
|
31 |
|
|
|
24,027 |
|
|
|
(3,675 |
) |
|
|
69,380 |
|
Total liabilities |
|
|
618,868 |
|
|
|
296,802 |
|
|
|
165,778 |
|
|
|
35 |
|
|
|
155,899 |
|
|
|
(339,416 |
) |
|
|
897,966 |
|
Equity attributable to shareholders |
|
|
48,751 |
|
|
|
9,882 |
|
|
|
11,149 |
|
|
|
(27 |
) |
|
|
17,589 |
|
|
|
(35,659 |
) |
|
|
51,685 |
|
Equity attributable to preferred noteholders |
|
|
1,840 |
|
|
|
0 |
|
|
|
0 |
|
|
|
1,216 |
|
|
|
0 |
|
|
|
(1,216 |
) |
|
|
1,840 |
|
Equity attributable to non-controlling interests |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
38 |
|
|
|
0 |
|
|
|
38 |
|
Total equity |
|
|
50,590 |
|
|
|
9,882 |
|
|
|
11,149 |
|
|
|
1,189 |
|
|
|
17,627 |
|
|
|
(36,875 |
) |
|
|
53,562 |
|
Total liabilities and equity |
|
|
669,459 |
|
|
|
306,684 |
|
|
|
176,927 |
|
|
|
1,223 |
|
|
|
173,525 |
|
|
|
(376,290 |
) |
|
|
951,528 |
|
1 Amounts presented for UBS AG (standalone) and UBS Switzerland AG (standalone) represent IFRS-standalone information. Refer to the Supplemental
information (unaudited) for UBS AG (standalone) section of this report for UBS AG (standalone) financial information prepared in accordance with Swiss GAAP. Refer to the Financial information section of the UBS Group second quarter
2015 report for UBS Switzerland AG (standalone) interim financial statements prepared in accordance with Swiss GAAP. 2 Amounts presented in these columns serve as a basis for preparing UBS AG (consolidated) financial statements in accordance with IFRS.
Note 20 Supplemental guarantor information required under SEC regulations (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental guarantor consolidated statement of cash
flows |
|
CHF million For the six months ended 30 June 2015 |
|
|
UBS AG1 |
|
|
|
UBS Switzerland
AG1 |
|
|
|
UBS Americas
Inc.1 |
|
|
|
Other subsidiaries1 |
|
|
|
UBS AG (consolidated) |
|
Net cash flow from/(used in) operating activities |
|
|
(6,610 |
) |
|
|
(1,556 |
) |
|
|
(4,625 |
) |
|
|
2,383 |
|
|
|
(10,408 |
) |
Cash flow from/(used in) investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of subsidiaries, associates and intangible assets |
|
|
(37 |
) |
|
|
0 |
|
|
|
(1 |
) |
|
|
0 |
|
|
|
(38 |
) |
Disposal of subsidiaries, associates and intangible assets2 |
|
|
172 |
|
|
|
0 |
|
|
|
12 |
|
|
|
5 |
|
|
|
190 |
|
Purchase of property, equipment and software |
|
|
(606 |
) |
|
|
0 |
|
|
|
(134 |
) |
|
|
(55 |
) |
|
|
(795 |
) |
Disposal of property, equipment and software |
|
|
504 |
|
|
|
0 |
|
|
|
4 |
|
|
|
13 |
|
|
|
520 |
|
Net (investment in)/divestment of financial investments
available-for-sale |
|
|
(17,562 |
) |
|
|
1,794 |
|
|
|
72 |
|
|
|
147 |
|
|
|
(15,549 |
) |
Net cash flow from/(used in) investing activities |
|
|
(17,529 |
) |
|
|
1,794 |
|
|
|
(48 |
) |
|
|
110 |
|
|
|
(15,673 |
) |
Cash flow from/(used in) financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net short-term debt issued/(repaid) |
|
|
4,438 |
|
|
|
0 |
|
|
|
881 |
|
|
|
33 |
|
|
|
5,353 |
|
Dividends paid on UBS shares |
|
|
(1,632 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(1,632 |
) |
Issuance of long-term debt, including financial liabilities designated at fair value |
|
|
32,649 |
|
|
|
328 |
|
|
|
0 |
|
|
|
228 |
|
|
|
33,204 |
|
Repayment of long-term debt, including financial liabilities designated at fair value |
|
|
(23,982 |
) |
|
|
(46 |
) |
|
|
(18 |
) |
|
|
(998 |
) |
|
|
(25,044 |
) |
Dividends paid and repayments of preferred notes |
|
|
(77 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(77 |
) |
Net changes of non-controlling interests |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(5 |
) |
|
|
(5 |
) |
Net activity in investments in subsidiaries3 |
|
|
(33,111 |
) |
|
|
33,283 |
|
|
|
0 |
|
|
|
(172 |
) |
|
|
0 |
|
Net cash flow from/(used in) financing activities |
|
|
(21,715 |
) |
|
|
33,564 |
|
|
|
863 |
|
|
|
(914 |
) |
|
|
11,799 |
|
Effects of exchange rate differences on cash and cash equivalents |
|
|
(4,320 |
) |
|
|
(4 |
) |
|
|
(583 |
) |
|
|
(689 |
) |
|
|
(5,595 |
) |
Net increase/(decrease) in cash and cash equivalents |
|
|
(50,173 |
) |
|
|
33,798 |
|
|
|
(4,392 |
) |
|
|
891 |
|
|
|
(19,876 |
) |
Cash and cash equivalents at the beginning of the period |
|
|
100,662 |
|
|
|
0 |
|
|
|
8,960 |
|
|
|
7,093 |
|
|
|
116,715 |
|
Cash and cash equivalents at the end of the period |
|
|
50,489 |
|
|
|
33,798 |
|
|
|
4,568 |
|
|
|
7,983 |
|
|
|
96,838 |
|
Cash and cash equivalents comprise: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and balances with central banks |
|
|
47,542 |
|
|
|
31,195 |
|
|
|
1,947 |
|
|
|
3,961 |
|
|
|
84,646 |
|
Due from
banks4 |
|
|
2,577 |
|
|
|
2,601 |
|
|
|
2,526 |
|
|
|
4,016 |
|
|
|
11,720 |
|
Money market
paper5 |
|
|
370 |
|
|
|
2 |
|
|
|
95 |
|
|
|
6 |
|
|
|
473 |
|
Total |
|
|
50,489 |
|
|
|
33,798 |
|
|
|
4,568 |
|
|
|
7,983 |
|
|
|
96,838 |
6 |
1 Cash flows generally represent a third-party view from a UBS AG (consolidated) perspective. As a consequence, the
non-consolidated UBS Preferred Funding Trusts IV and V are not presented in this table. For the six months ended 30 June 2015, these trusts had cash inflows of CHF 77 million from operating activities and an equivalent cash outflow for
dividends paid to preferred note holders. 2 Includes dividends received from
associates. 3
Includes transfer of cash and cash equivalents from UBS AG to UBS Switzerland AG of CHF 33,283 million. Refer to Changes in legal structure in the Financial information section of the UBS Group second quarter 2015 report for
more information on the business transfer from UBS AG to UBS Switzerland
AG. 4 Includes
positions recognized in the balance sheet under Due from banks and Cash collateral receivables on derivative instruments. 5 Money market paper is included in the balance sheet under Trading portfolio assets and Financial investments
available-for-sale. 6
CHF 3,404 million of cash and cash equivalents were restricted.
Introduction
Note 20 Supplemental guarantor information required under SEC regulations (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental guarantor consolidated income
statement |
|
CHF million For the six months ended 30 June 2014 |
|
|
UBS AG (standalone)1 |
|
|
|
UBS Americas Inc.2 |
|
|
|
Other subsidiaries2 |
|
|
|
Elimination entries |
|
|
|
UBS AG (consolidated) |
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
5,786 |
|
|
|
775 |
|
|
|
556 |
|
|
|
(589 |
) |
|
|
6,528 |
|
Interest expense |
|
|
(3,569 |
) |
|
|
(298 |
) |
|
|
(436 |
) |
|
|
588 |
|
|
|
(3,714 |
) |
Net interest income |
|
|
2,217 |
|
|
|
477 |
|
|
|
120 |
|
|
|
(1 |
) |
|
|
2,814 |
|
Credit loss (expense)/recovery |
|
|
5 |
|
|
|
7 |
|
|
|
0 |
|
|
|
2 |
|
|
|
14 |
|
Net interest income after credit loss expense |
|
|
2,223 |
|
|
|
484 |
|
|
|
120 |
|
|
|
2 |
|
|
|
2,829 |
|
Net fee and commission income |
|
|
3,233 |
|
|
|
3,503 |
|
|
|
1,716 |
|
|
|
(44 |
) |
|
|
8,408 |
|
Net trading income |
|
|
2,119 |
|
|
|
325 |
|
|
|
113 |
|
|
|
146 |
|
|
|
2,704 |
|
Other income |
|
|
724 |
|
|
|
(20 |
) |
|
|
(263 |
) |
|
|
24 |
|
|
|
465 |
|
Total operating income |
|
|
8,299 |
|
|
|
4,292 |
|
|
|
1,686 |
|
|
|
128 |
|
|
|
14,405 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses |
|
|
4,213 |
|
|
|
2,849 |
|
|
|
747 |
|
|
|
0 |
|
|
|
7,809 |
|
General and administrative expenses |
|
|
1,872 |
|
|
|
1,114 |
|
|
|
564 |
|
|
|
0 |
|
|
|
3,550 |
|
Depreciation and impairment of property, equipment and software |
|
|
287 |
|
|
|
68 |
|
|
|
40 |
|
|
|
0 |
|
|
|
396 |
|
Amortization and impairment of intangible assets |
|
|
3 |
|
|
|
29 |
|
|
|
8 |
|
|
|
0 |
|
|
|
39 |
|
Total operating expenses |
|
|
6,375 |
|
|
|
4,061 |
|
|
|
1,359 |
|
|
|
0 |
|
|
|
11,794 |
|
Operating profit/(loss) before tax |
|
|
1,924 |
|
|
|
232 |
|
|
|
327 |
|
|
|
128 |
|
|
|
2,611 |
|
Tax expense/(benefit) |
|
|
474 |
|
|
|
14 |
|
|
|
163 |
|
|
|
1 |
|
|
|
652 |
|
Net profit/(loss) |
|
|
1,450 |
|
|
|
218 |
|
|
|
164 |
|
|
|
127 |
|
|
|
1,958 |
|
Net profit/(loss) attributable to preferred noteholders |
|
|
111 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
111 |
|
Net profit/(loss) attributable to non-controlling interests |
|
|
0 |
|
|
|
0 |
|
|
|
2 |
|
|
|
0 |
|
|
|
2 |
|
Net profit/(loss) attributable to shareholders |
|
|
1,340 |
|
|
|
218 |
|
|
|
162 |
|
|
|
127 |
|
|
|
1,846 |
|
1 Amounts presented for UBS AG (standalone) represent IFRS-standalone information. Refer to the Supplemental
information (unaudited) for UBS AG (standalone) section of this report for UBS AG (standalone) financial information prepared in accordance with Swiss
GAAP. 2 Amounts
presented in these columns serve as a basis for preparing UBS AG (consolidated) financial statements in accordance with IFRS.
Note 20 Supplemental guarantor information required under SEC regulations (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental guarantor consolidated statement of comprehensive
income |
|
CHF million For the six months ended 30 June 2014 |
|
|
UBS AG (standalone)1 |
|
|
|
UBS Americas Inc.2 |
|
|
|
Other subsidiaries2 |
|
|
|
Elimination entries |
|
|
|
UBS AG (consolidated) |
|
Comprehensive income attributable to shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit/(loss) |
|
|
1,340 |
|
|
|
218 |
|
|
|
162 |
|
|
|
127 |
|
|
|
1,846 |
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income that may be reclassified to the income statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation, net of tax |
|
|
(19 |
) |
|
|
250 |
|
|
|
117 |
|
|
|
(435 |
) |
|
|
(87 |
) |
Financial investments available-for-sale, net of tax |
|
|
(3 |
) |
|
|
59 |
|
|
|
(2 |
) |
|
|
(7 |
) |
|
|
47 |
|
Cash flow hedges, net of tax |
|
|
472 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
472 |
|
Total other comprehensive income that may be reclassified to the income statement, net of tax |
|
|
450 |
|
|
|
309 |
|
|
|
115 |
|
|
|
(443 |
) |
|
|
432 |
|
|
|
|
|
|
|
Other comprehensive income that will not be reclassified to the income statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit plans, net of tax |
|
|
415 |
|
|
|
(31 |
) |
|
|
(24 |
) |
|
|
10 |
|
|
|
370 |
|
Property revaluation surplus, net of tax |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Total other comprehensive income that will not be reclassified to the income statement, net of tax |
|
|
415 |
|
|
|
(31 |
) |
|
|
(24 |
) |
|
|
10 |
|
|
|
370 |
|
|
|
|
|
|
|
Total other comprehensive income |
|
|
865 |
|
|
|
278 |
|
|
|
92 |
|
|
|
(433 |
) |
|
|
801 |
|
Total comprehensive income attributable to shareholders |
|
|
2,205 |
|
|
|
496 |
|
|
|
254 |
|
|
|
(306 |
) |
|
|
2,648 |
|
|
|
|
|
|
|
Total comprehensive income attributable to preferred noteholders |
|
|
96 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
96 |
|
Total comprehensive income attributable to non-controlling interests |
|
|
0 |
|
|
|
0 |
|
|
|
3 |
|
|
|
0 |
|
|
|
3 |
|
Total comprehensive income |
|
|
2,301 |
|
|
|
496 |
|
|
|
256 |
|
|
|
(306 |
) |
|
|
2,746 |
|
1 Amounts presented for UBS AG (standalone) represent IFRS-standalone information. Refer to the Supplemental
information (unaudited) for UBS AG (standalone) section of this report for UBS AG (standalone) financial information prepared in accordance with Swiss
GAAP. 2 Amounts
presented in these columns serve as a basis for preparing UBS AG (consolidated) financial statements in accordance with IFRS.
Introduction
Note 20 Supplemental guarantor information required under SEC regulations (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental guarantor consolidated balance
sheet |
|
CHF million As of 31 December 2014 |
|
|
UBS AG (standalone)1 |
|
|
|
UBS Americas Inc.2 |
|
|
|
Other subsidiaries2 |
|
|
|
Elimination entries |
|
|
|
UBS AG (consolidated) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and balances with central banks |
|
|
95,711 |
|
|
|
6,440 |
|
|
|
1,923 |
|
|
|
0 |
|
|
|
104,073 |
|
Due from banks |
|
|
32,448 |
|
|
|
7,099 |
|
|
|
52,637 |
|
|
|
(78,850 |
) |
|
|
13,334 |
|
Cash collateral on securities borrowed |
|
|
33,676 |
|
|
|
36,033 |
|
|
|
5,181 |
|
|
|
(50,827 |
) |
|
|
24,063 |
|
Reverse repurchase agreements |
|
|
64,496 |
|
|
|
24,417 |
|
|
|
30,328 |
|
|
|
(50,827 |
) |
|
|
68,414 |
|
Trading portfolio assets |
|
|
101,922 |
|
|
|
6,697 |
|
|
|
34,479 |
|
|
|
(4,943 |
) |
|
|
138,156 |
|
of which: assets pledged as collateral which may be sold or repledged by counterparties |
|
|
51,476 |
|
|
|
3,310 |
|
|
|
6,969 |
|
|
|
(5,737 |
) |
|
|
56,018 |
|
Positive replacement values |
|
|
262,073 |
|
|
|
19,597 |
|
|
|
51,327 |
|
|
|
(76,020 |
) |
|
|
256,978 |
|
Cash collateral receivables on derivative instruments |
|
|
25,501 |
|
|
|
5,503 |
|
|
|
14,487 |
|
|
|
(14,512 |
) |
|
|
30,979 |
|
Financial assets designated at fair value |
|
|
4,691 |
|
|
|
481 |
|
|
|
2,882 |
|
|
|
(3,562 |
) |
|
|
4,493 |
|
Loans |
|
|
299,032 |
|
|
|
43,566 |
|
|
|
16,553 |
|
|
|
(43,168 |
) |
|
|
315,984 |
|
Financial investments available-for-sale |
|
|
42,580 |
|
|
|
5,403 |
|
|
|
9,175 |
|
|
|
0 |
|
|
|
57,159 |
|
Investments in subsidiaries and associates |
|
|
27,163 |
|
|
|
2 |
|
|
|
1 |
|
|
|
(26,239 |
) |
|
|
927 |
|
Property, equipment and software |
|
|
5,792 |
|
|
|
823 |
|
|
|
238 |
|
|
|
0 |
|
|
|
6,854 |
|
Goodwill and intangible assets |
|
|
354 |
|
|
|
5,381 |
|
|
|
1,051 |
|
|
|
0 |
|
|
|
6,785 |
|
Deferred tax assets |
|
|
4,290 |
|
|
|
6,479 |
|
|
|
349 |
|
|
|
(57 |
) |
|
|
11,060 |
|
Other assets |
|
|
14,649 |
|
|
|
9,021 |
|
|
|
2,256 |
|
|
|
(2,857 |
) |
|
|
23,069 |
|
Total assets |
|
|
1,014,379 |
|
|
|
176,942 |
|
|
|
222,867 |
|
|
|
(351,860 |
) |
|
|
1,062,327 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to banks |
|
|
38,461 |
|
|
|
38,269 |
|
|
|
12,611 |
|
|
|
(78,850 |
) |
|
|
10,492 |
|
Cash collateral on securities lent |
|
|
33,284 |
|
|
|
22,961 |
|
|
|
3,761 |
|
|
|
(50,827 |
) |
|
|
9,180 |
|
Repurchase agreements |
|
|
22,087 |
|
|
|
12,548 |
|
|
|
28,010 |
|
|
|
(50,827 |
) |
|
|
11,818 |
|
Trading portfolio liabilities |
|
|
18,936 |
|
|
|
4,856 |
|
|
|
8,234 |
|
|
|
(4,068 |
) |
|
|
27,958 |
|
Negative replacement values |
|
|
258,680 |
|
|
|
19,448 |
|
|
|
51,993 |
|
|
|
(76,020 |
) |
|
|
254,101 |
|
Cash collateral payables on derivative instruments |
|
|
32,106 |
|
|
|
5,926 |
|
|
|
18,852 |
|
|
|
(14,512 |
) |
|
|
42,372 |
|
Financial liabilities designated at fair value |
|
|
73,857 |
|
|
|
130 |
|
|
|
5,598 |
|
|
|
(4,288 |
) |
|
|
75,297 |
|
Due to customers |
|
|
362,564 |
|
|
|
48,236 |
|
|
|
43,474 |
|
|
|
(43,294 |
) |
|
|
410,979 |
|
Debt issued |
|
|
86,894 |
|
|
|
157 |
|
|
|
4,312 |
|
|
|
(156 |
) |
|
|
91,207 |
|
Provisions |
|
|
2,725 |
|
|
|
1,268 |
|
|
|
372 |
|
|
|
0 |
|
|
|
4,366 |
|
Other liabilities |
|
|
33,699 |
|
|
|
17,615 |
|
|
|
21,985 |
|
|
|
(2,907 |
) |
|
|
70,392 |
|
Total liabilities |
|
|
963,293 |
|
|
|
171,415 |
|
|
|
199,201 |
|
|
|
(325,748 |
) |
|
|
1,008,162 |
|
Equity attributable to shareholders |
|
|
49,073 |
|
|
|
5,527 |
|
|
|
23,621 |
|
|
|
(26,113 |
) |
|
|
52,108 |
|
Equity attributable to preferred noteholders |
|
|
2,013 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,013 |
|
Equity attributable to non-controlling interests |
|
|
0 |
|
|
|
0 |
|
|
|
45 |
|
|
|
0 |
|
|
|
45 |
|
Total equity |
|
|
51,085 |
|
|
|
5,527 |
|
|
|
23,666 |
|
|
|
(26,113 |
) |
|
|
54,165 |
|
Total liabilities and equity |
|
|
1,014,379 |
|
|
|
176,942 |
|
|
|
222,867 |
|
|
|
(351,860 |
) |
|
|
1,062,327 |
|
1 Amounts presented for UBS AG (standalone) represent IFRS-standalone information. Refer to the Supplemental
information (unaudited) for UBS AG (standalone) section of this report for UBS AG (standalone) financial information prepared in accordance with Swiss
GAAP. 2 Amounts
presented in these columns serve as a basis for preparing UBS AG (consolidated) financial statements in accordance with IFRS.
Note 20 Supplemental guarantor information required under SEC regulations (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental guarantor consolidated statement of cash flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHF million For the six months ended 30 June 2014 |
|
|
UBS AG1 |
|
|
|
UBS Americas Inc.1 |
|
|
|
Other subsidiaries1 |
|
|
|
UBS AG (consolidated) |
|
Net cash flow from/(used in) operating activities |
|
|
5,234 |
|
|
|
(2,244 |
) |
|
|
2,809 |
|
|
|
5,799 |
|
Cash flow from/(used in) investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of subsidiaries, associates and intangible assets |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Disposal of subsidiaries, associates and intangible assets2 |
|
|
23 |
|
|
|
9 |
|
|
|
20 |
|
|
|
52 |
|
Purchase of property, equipment and software |
|
|
(644 |
) |
|
|
(114 |
) |
|
|
(28 |
) |
|
|
(787 |
) |
Disposal of property, equipment and software |
|
|
91 |
|
|
|
9 |
|
|
|
2 |
|
|
|
102 |
|
Net (investment in)/divestment of financial investments available-for-sale |
|
|
8,551 |
|
|
|
195 |
|
|
|
(2,804 |
) |
|
|
5,942 |
|
Net cash flow from/(used in) investing activities |
|
|
8,020 |
|
|
|
99 |
|
|
|
(2,811 |
) |
|
|
5,308 |
|
Cash flow from/(used in) financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net short-term debt issued/(repaid) |
|
|
(2,020 |
) |
|
|
0 |
|
|
|
(137 |
) |
|
|
(2,157 |
) |
Net movements in treasury shares and own equity derivative activity |
|
|
(722 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(722 |
) |
Dividends paid on UBS shares |
|
|
(938 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(938 |
) |
Issuance of long-term debt, including financial liabilities designated at fair
value |
|
|
17,826 |
|
|
|
0 |
|
|
|
230 |
|
|
|
18,056 |
|
Repayment of long-term debt, including financial liabilities designated at fair
value |
|
|
(19,020 |
) |
|
|
(469 |
) |
|
|
(221 |
) |
|
|
(19,711 |
) |
Dividends paid and repayment of preferred notes |
|
|
(81 |
) |
|
|
0 |
|
|
|
0 |
|
|
|
(81 |
) |
Net changes in non-controlling interests |
|
|
0 |
|
|
|
0 |
|
|
|
(4 |
) |
|
|
(4 |
) |
Net activity in investments in subsidiaries |
|
|
(632 |
) |
|
|
0 |
|
|
|
632 |
|
|
|
0 |
|
Net cash flow from/(used in) financing activities |
|
|
(5,589 |
) |
|
|
(470 |
) |
|
|
500 |
|
|
|
(5,559 |
) |
Effects of exchange rate differences on cash and cash equivalents |
|
|
8 |
|
|
|
(68 |
) |
|
|
(73 |
) |
|
|
(131 |
) |
Net increase/(decrease) in cash and cash equivalents |
|
|
7,674 |
|
|
|
(2,682 |
) |
|
|
426 |
|
|
|
5,418 |
|
Cash and cash equivalents at the beginning of the period |
|
|
77,123 |
|
|
|
11,249 |
|
|
|
7,911 |
|
|
|
96,284 |
|
Cash and cash equivalents at the end of the period |
|
|
84,798 |
|
|
|
8,567 |
|
|
|
8,337 |
|
|
|
101,702 |
|
Cash and cash equivalents comprise: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and balances with central banks |
|
|
68,633 |
|
|
|
6,231 |
|
|
|
2,750 |
|
|
|
77,615 |
|
Due from
banks3 |
|
|
14,606 |
|
|
|
2,303 |
|
|
|
5,481 |
|
|
|
22,391 |
|
Money market
paper4 |
|
|
1,558 |
|
|
|
32 |
|
|
|
105 |
|
|
|
1,695 |
|
Total |
|
|
84,798 |
|
|
|
8,567 |
|
|
|
8,337 |
|
|
|
101,702 |
5 |
1 Cash flows generally represent a third-party view from a UBS AG (consolidated)
perspective. 2
Includes dividends received from associates. 3 Includes positions recognized in the balance sheet under Due from banks and Cash collateral receivables on derivative instruments with bank counterparties. 4 Money market paper is included in the balance sheet under Trading portfolio assets and Financial
investments
available-for-sale. 5
CHF 3,580 million of cash and cash equivalents were restricted.
This Form 6-K is hereby incorporated by reference into (1) each of the registration
statements of UBS AG on Form F-3 (Registration Number 333-200212) and of UBS Group AG on Form S-8 (Registration Numbers 333-200634; 333-200635; 333-200641; and 333-200665) and Form F-4 (Registration Number 333-199011) and into each
prospectus outstanding under any of the foregoing registration statements, (2) any outstanding offering circular or similar document issued or authorized by UBS AG that incorporates by reference any Form 6-Ks of UBS AG that
are incorporated into its registration statements filed with the SEC, and (3) the base prospectus of Corporate Asset Backed Corporation (CABCO) dated June 23, 2004 (Registration Number 333-111572), the Form 8-K of
CABCO filed and dated June 23, 2004 (SEC File Number 001-13444), and the Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004 and May 17, 2004 (Registration Number 033-91744 and
033-91744-05).
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/ Sergio Ermotti |
Name: |
|
Sergio Ermotti |
Title |
|
Group Chief Executive Officer |
|
|
By: |
|
/s/ Tom Naratil |
Name: |
|
Tom Naratil |
Title |
|
Group Chief Financial Officer |
|
UBS AG |
|
|
By: |
|
/s/ Sergio Ermotti |
Name: |
|
Sergio Ermotti |
Title |
|
Group Chief Executive Officer |
|
|
By: |
|
/s/ Tom Naratil |
Name: |
|
Tom Naratil |
Title |
|
Group Chief Financial Officer |
Date: July 31, 2015
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