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UBS publishes Annual Report 2017
Zurich/Basel, 9 March 2018 – The Annual Report 2017 provides comprehensive and detailed information on the firm, its strategy, business, governance, financial performance and risk, treasury and capital management, as well as on the regulatory and operating environment for the financial year 2017.
UBS net profit attributable to shareholders for 2017 was CHF 1.1 billion and diluted earnings per share were CHF 0.27. The 2017 results and the balance sheet as of 31 December 2017 differ from those presented in the unaudited fourth quarter 2017 report published on 22 January 2018 as a result of adjusting events after the reporting period. Provisions for litigation, regulatory and similar matters increased, which reduced 2017 operating profit before tax by CHF 141 million, 2017 net profit attributable to shareholders by CHF 112 million, and both basic and diluted earnings per share by CHF 0.03. The litigation note was updated for these and other events after the reporting period.
UBS’s Annual Report 2017 includes the following sections:
- Introduction includes the Letter to shareholders, key figures, UBS’s evolution including the current legal structure, and short profiles of the Board of Directors and Group Executive Board. It also explains the firm’s external reporting approach.
- Operating environment and strategy describes UBS’s strategy, business divisions and Corporate Center, and the factors affecting UBS and its business model, including market climate, regulatory developments, significant future accounting and financial reporting changes and risk factors.
- Financial and operating performance focuses on the performance of UBS and each business division, as well as Corporate Center, for the past two financial years.
- Risk, treasury and capital management describes UBS’s risk management framework and provides information on UBS shares. It explains developments in 2017 and provides an overview of how UBS manages and controls risk, including credit, market and operational risk and capital, liquidity and funding.
- Corporate governance, responsibility and compensation provides information about UBS’s governance structure and sets out the guiding principles that govern the compensation framework as well as details of the compensation of senior management and the Board of Directors. It also discusses UBS’s standards for corporate behavior and responsibility including its overarching sustainability approach in UBS and Society. Finally this section outlines demographic trends in the firm’s workforce and describes how personnel are managed and developed.
- Financial statements includes the audited consolidated financial statements of UBS Group AG for 2017, prepared in accordance with International Financial Reporting Standards (IFRS), as well as audited standalone financial statements of UBS Group AG for 2017 prepared in accordance with the Swiss Code of Obligations.
Annual Reports and Form 20-F
Information on UBS Group AG and on UBS AG is available on www.ubs.com/investors as follows:
- The Annual Report for UBS Group AG.
- The combined Annual Report, including management discussion and analysis on a consolidated UBS Group AG basis, UBS AG consolidated financial statements, additional information for UBS AG (consolidated) with respect to risk profile as well as capital and leverage ratios in line with the requirements for Swiss systemically relevant banks, and supplemental disclosures required under US Securities and Exchange Commission (SEC) regulations for both UBS Group AG (consolidated) and UBS AG (consolidated). This document forms the basis for our combined Form 20-F filing.
- Auszug aus dem Geschäftsbericht, the German translation of selected sections of UBS’s Annual Report 2017. This includes the Letter to shareholders, UBS Group AG key figures, audited UBS Group AG (consolidated) financial statements including disclosures required by IFRS in the Risk, treasury and capital management section, as well as, Group performance, Corporate governance, Compensation and UBS Group AG (standalone) financial statements.
Shareholders may request a hard copy of UBS’s Annual Report 2017 free of charge.
In addition, we provide at www.ubs.com/investors:
- Under “Annual reporting”, a consolidated Global Reporting Initiative (GRI) document, implementing the EU directive 2014/95 on disclosures of non-financial information, providing comprehensive disclosures on environmental, social and governance (ESG) factors.
- Under “SEC filings“, UBS Group AG and UBS AG Form 20-F and documents furnished to the SEC on Form 6-K. SEC documents are also available at www.sec.gov.
- Under “Pillar 3 disclosures”, disclosures required under Basel III Pillar 3 regulations for UBS Group AG and its significant regulated subsidiaries and sub-groups, which are published together in a single report.
- Under “Holding company and significant regulated subsidiaries and sub-groups”, standalone legal entity financial and regulatory information for those legal entities and sub-groups within the UBS Group that are considered by the Swiss Financial Market Supervisory Authority (FINMA) to be significant for Pillar 3 reporting purposes. This includes: (i) the audited standalone financial statements for UBS AG and UBS Switzerland AG, prepared in accordance with Swiss GAAP (Finma Circular 2015/ 1 and Banking Ordinance); (ii) standalone regulatory disclosures for UBS AG and UBS Switzerland AG.
Selected financial and regulatory information for all our significant regulated subsidiaries and sub-groups, including information for UBS Limited standalone and UBS Americas Holding LLC consolidated, is included in our Annual Report 2017.
UBS Group AG and UBS AG