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AMNA Ubs

Filed: 23 Jul 21, 6:05am

 

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 23, 2021

 

UBS Group AG

Commission File Number: 1-36764

 

UBS AG

Commission File Number: 1-15060

 

 

(Registrants’ Name)

 

Bahnhofstrasse 45, Zurich, Switzerland and
Aeschenvorstadt 1, Basel, Switzerland

(Address of principal executive offices)

 

Indicate by check mark whether the registrants file or will file annual reports under cover of
Form 20-F or Form 40-F.

 

Form 20-F                         Form 40-F 

 


 

This Form 6-K consists of the following legal entity financial information for half year ended June 30, 2021, which appears immediately following this page:

 

1.         UBS Group AG standalone financial information

2.         UBS Switzerland AG standalone interim financial statements

 


 

 

 

UBS Group AG standalone

Financial information for the six months ended 30 June 2021

 


 

Table of contents

UBS Group AG standalone

1

Income statement

1

Balance sheet

2

Basis of accounting

 

 

Appendix

3

Cautionary statement

Contacts

 


Switchboards

For all general inquiries
ubs.com/contact

Zurich +41-44-234 1111
London +44-207-567 8000
New York +1-212-821 3000
Hong Kong +852-2971 8888
Singapore +65-6495 8000

Investor Relations

Institutional, professional and retail investors are supported by UBS’s Investor Relations team.

UBS Group AG, Investor Relations
P.O. Box, CH-8098 Zurich, Switzerland

ubs.com/investors

Zurich +41-44-234 4100
New York +1-212-882 5734

Media Relations

Global media and journalists are supported by UBS’s Media Relations team

ubs.com/media

Zurich +41-44-234 8500
mediarelations@ubs.com

London +44-20-7567 4714
ubs-media-relations@ubs.com

New York +1-212-882 5858
mediarelations@ubs.com

Hong Kong +852-2971 8200
sh-mediarelations-ap@ubs.com


Office of the Group Company Secretary

The Group Company Secretary receives inquiries on compensation and related issues addressed to members of the Board of Directors.

UBS Group AG, Office of the
Group Company Secretary
P.O. Box, CH-8098 Zurich, Switzerland

sh-company-secretary@ubs.com

+41-44-235 6652

Shareholder Services

UBS’s Shareholder Services team,
a unit of the Group Company Secretary’s office, is responsible
for the registration of UBS Group AG registered shares.

UBS Group AG, Shareholder Services
P.O. Box, CH-8098 Zurich, Switzerland

sh-shareholder-services@ubs.com

+41-44-235 6652

US Transfer Agent

For global registered share-related
inquiries in the US.

Computershare Trust Company NA
P.O. Box 505000
Louisville, KY 40233-5000, USA

Shareholder online inquiries:
www-us.computershare.com/
investor/Contact

Shareholder website:
computershare.com/investor

Calls from the US +1-866-305-9566
Calls from outside the US               +1-781-575-2623
TDD for hearing impaired
+1-800-231-5469
TDD for foreign shareholders
+1-201-680-6610

 


Imprint

Publisher: UBS Group AG, Zurich, Switzerland | ubs.com
Language: English

© UBS 2021. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

 

 

  

 


 

UBS Group AG standalone

Income statement

 

 

 

 

 

 

 

 

USD million

 

CHF million

 

 

Year-to-date

 

Year-to-date

 

 

30.6.21

30.6.20

 

30.6.21

30.6.20

Dividend income from the investment in UBS AG

 

 4,539 

 2,550 

 

 4,149 

 2,462 

Other operating income

 

 1,068 

 911 

 

 977 

 875 

Operating income

 

 5,607 

 3,461 

 

 5,126 

 3,337 

Operating expenses

 

 935 

 901 

 

 855 

 866 

Operating profit / (loss) before tax

 

 4,672 

 2,560 

 

 4,271 

 2,472 

Tax expense / (benefit)

 

 3 

 1 

 

 3 

 1 

Net profit / (loss) for the period

 

 4,668 

 2,559 

 

 4,267 

 2,471 

 

 

Balance sheet

 

 

USD million

 

CHF million

 

 

30.6.21

31.12.20

 

30.6.21

31.12.20

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 12,678 

 8,784 

 

 11,728 

 7,779 

Non-current assets

 

 91,823 

 91,286 

 

 84,938 

 80,837 

of which: investment in UBS AG

 

 40,889 

 40,889 

 

 37,823 

 36,209 

Total assets

 

 104,501 

 100,071 

 

 96,666 

 88,616 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Short-term liabilities

 

 5,349 

 5,950 

 

 4,948 

 5,269 

Long-term liabilities

 

 57,060 

 54,120 

 

 52,782 

 47,925 

Total liabilities

 

 62,409 

 60,071 

 

 57,730 

 53,194 

of which: Deferred Contingent Capital Plan

 

 1,488 

 1,844 

 

 1,376 

 1,633 

of which: other deferred compensation plans

 

 2,287 

 2,596 

 

 2,116 

 2,299 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Share capital1,2

 

 377 

 393 

 

 370 

 386 

General reserve2,3

 

 26,161 

 27,048 

 

 25,682 

 26,506 

of which: statutory capital reserve

 

 26,161 

 27,048 

 

 25,682 

 26,506 

of which: capital contribution reserve

 

 26,161 

 27,048 

 

 25,682 

 26,506 

Voluntary earnings reserve2,3

 

 14,139 

 12,738 

 

 11,701 

 8,812 

Treasury shares2

 

 (3,254) 

 (4,020) 

 

 (3,085) 

 (3,917) 

of which: against capital contribution reserve

 

 (646) 

 (180) 

 

 (597) 

 (174) 

Reserve for own shares held by subsidiaries

 

 0 

 0 

 

 0 

 0 

Net profit / (loss)

 

 4,668 

 3,841 

 

 4,267 

 3,635 

Equity attributable to shareholders

 

 42,092 

 40,000 

 

 38,936 

 35,421 

Total liabilities and equity

 

 104,501 

 100,071 

 

 96,666 

 88,616 

1 Refer to “UBS shares” in the “Capital management” section of the UBS Group second quarter 2021 report for information about UBS Group AG shares.    2 During the second quarter of 2021, as approved by the Annual General Meeting held on 8 April 2021, the cancellation of 156,632,400 shares, each with a nominal value of CHF 0.10, purchased under the 2018–2021 share repurchase program has been executed. Share capital has been reduced by the nominal value of the repurchased shares upon cancellation, i.e., USD 16 million. Following the requirements of the Swiss tax law for Switzerland-domiciled companies with shares listed on a Swiss stock exchange, effective 1 January 2020, the capital contribution reserve has been reduced by 50% of the total capital reduction amount exceeding the nominal value upon cancellation of the shares repurchased from 2020 onward, i.e., USD 236 million. The voluntary earnings reserve has been reduced by the remaining portion of the total capital reduction amount exceeding the nominal value upon cancellation of the repurchased shares, i.e., USD 1,792 million.    3 During the second quarter of 2021, as approved by the Annual General Meeting held on 8 April 2021, the payment of an ordinary cash dividend of USD 0.37 (gross) per dividend-bearing share, totaling USD 1,301 million, was made, half of it from the capital contribution reserve within the general reserve and the other half from total profit available for appropriation. The remaining amount of total profit available for appropriation (i.e., USD 3,190 million from USD 3,841 million) has been appropriated to the voluntary earnings reserve.

 

 

1 


 

 

Basis of accounting

The UBS Group AG standalone financial statements are prepared in accordance with the principles of the Swiss Law on Accounting and Financial Reporting (32nd title of the Swiss Code of Obligations). More information about the accounting policies applied for the standalone financial statements of UBS Group AG is provided in Note 2 to the UBS Group AG standalone financial statements in the Annual Report 2020.

In preparing the interim financial information for UBS Group AG, the same accounting policies and methods of computation have been applied as in the annual financial statements as of 31 December 2020.

This interim financial information is unaudited and should be read in conjunction with the audited financial statements of UBS Group AG included in the Annual Report 2020.

  

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Cautionary Statement | This report 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 report. Refer to UBS’s Annual Report 2020 on Form 20-F, quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission on Form 6-K, available at ubs.com/investors, for additional information.

Rounding | Numbers presented throughout this report may not add up precisely to the totals provided in the tables and text. Percentages and percent changes disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be derived from numbers presented in related tables, are calculated on a rounded basis.

Tables | Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be 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. Values that are zero on a rounded basis can be either negative or positive on an actual basis.

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UBS Group AG

P.O. Box

CH-8098 Zurich

 

ubs.com

 

 

 

 


 

 

UBS Switzerland AG standalone

Interim financial statements for the six months ended 30 June 2021

 


 

Table of contents

UBS Switzerland AG standalone
interim financial statements

7

Income statement

8

Balance sheet

9

Basis of accounting and items impacting comparability

9

Joint and several liability

 

 

Appendix

10

Cautionary statement

Contacts

 


Switchboards

For all general inquiries
ubs.com/contact

Zurich +41-44-234 1111
London +44-207-567 8000
New York +1-212-821 3000
Hong Kong +852-2971 8888
Singapore +65-6495 8000

Investor Relations

Institutional, professional and retail
investors are supported by UBS’s Investor
Relations team.

UBS Group AG, Investor Relations
P.O. Box, CH-8098 Zurich, Switzerland

ubs.com/investors

Zurich +41-44-234 4100
New York +1-212-882 5734

Media Relations

Global media and journalists are supported
by UBS’s Media Relations team.

ubs.com/media

Zurich +41-44-234 8500
mediarelations@ubs.com

London +44-20-7567 4714
ubs-media-relations@ubs.com

New York +1-212-882 5858
mediarelations@ubs.com

Hong Kong +852-2971 8200
sh-mediarelations-ap@ubs.com


  

© UBS 2021. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. 

 

  

 


 

UBS Switzerland AG standalone interim financial statements

Income statement

 

 

Year-to-date

CHF million

 

30.6.21

30.6.20

Interest and discount income1

 

 1,535 

 1,628 

Interest and dividend income from trading portfolio

 

 1 

 0 

Interest and dividend income from financial investments

 

 36 

 69 

Interest expense2

 

 (67) 

 (120) 

Gross interest income

 

 1,505 

 1,577 

Credit loss (expense) / release

 

 83 

 (77) 

Net interest income

 

 1,588 

 1,501 

Fee and commission income from securities and investment business

 

 1,893 

 1,775 

Credit-related fees and commissions

 

 95 

 94 

Other fee and commission income

 

 362 

 335 

Fee and commission expense

 

 (219) 

 (437) 

Net fee and commission income

 

 2,131 

 1,767 

Net trading income

 

 391 

 368 

Net income from disposal of financial investments

 

 1 

 30 

Dividend income from investments in subsidiaries and other participations

 

 14 

 16 

Sundry ordinary income

 

 105 

 123 

Sundry ordinary expenses

 

 (6) 

 (5) 

Other income from ordinary activities

 

 114 

 163 

Total operating income

 

 4,224 

 3,799 

Personnel expenses

 

 1,155 

 1,103 

General and administrative expenses

 

 1,649 

 1,588 

Subtotal operating expenses

 

 2,804 

 2,691 

Depreciation and impairment of property, equipment and software

 

 39 

 26 

Amortization and impairment of goodwill and other intangible assets

 

 0 

 263 

Changes in provisions and other allowances and losses

 

 (1) 

 1 

Total operating expenses

 

 2,842 

 2,980 

Operating profit

 

 1,382 

 819 

Tax expense / (benefit)

 

 262 

 165 

Net profit / (loss) for the period

 

 1,121 

 654 

1 Interest and discount income includes negative interest income on financial assets of CHF 70 million and CHF 12 million for the periods ended 30 June 2021 and 30 June 2020, respectively.    2 Interest expense includes negative interest expense on financial liabilities of CHF 158 million and CHF 137 million for the periods ended 30 June 2021 and 30 June 2020, respectively.

 

7 


 

Balance sheet

CHF million

 

30.6.21

31.12.20

 

 

 

 

Assets

 

 

 

Cash and balances at central banks

 

 81,633 

 81,148 

Due from banks

 

 3,810 

 3,399 

Receivables from securities financing transactions

 

 8,048 

 3,565 

Due from customers

 

 53,714 

 49,894 

Mortgage loans

 

 158,736 

 156,418 

Trading portfolio assets

 

 1,782 

 1,838 

Derivative financial instruments

 

 2,157 

 2,794 

Financial investments

 

 11,985 

 16,425 

Accrued income and prepaid expenses

 

 224 

 228 

Investments in subsidiaries and other participations

 

 96 

 95 

Property, equipment and software

 

 614 

 473 

Other assets

 

 493 

 551 

Total assets

 

 323,291 

 316,829 

of which: subordinated assets

 

 0 

 1 

 

 

 

 

Liabilities

 

 

 

Due to banks

 

 30,516 

 30,688 

of which: total loss-absorbing capacity eligible

 

 16,261 

 16,000 

Payables from securities financing transactions

 

 785 

 501 

Due to customers

 

 264,905 

 259,792 

Trading portfolio liabilities

 

 446 

 297 

Derivative financial instruments

 

 1,422 

 1,528 

Loans from central mortgage institutions

 

 8,302 

 8,577 

Accrued expenses and deferred income

 

 842 

 751 

Other liabilities

 

 2,401 

 1,794 

Provisions

 

 267 

 266 

Total liabilities

 

 309,886 

 304,194 

 

 

 

 

Equity

 

 

 

Share capital

 

 10 

 10 

General reserve

 

 11,353 

 11,354 

of which: statutory capital reserve

 

 11,354 

 11,354 

of which: capital contribution reserve

 

 11,354 

 11,354 

Voluntary earnings reserve

 

 921 

 0 

Net profit / (loss) for the period

 

 1,121 

 1,271 

Total equity

 

 13,405 

 12,634 

Total liabilities and equity

 

 323,291 

 316,829 

of which: subordinated liabilities

 

 16,273 

 16,022 

of which: subject to mandatory conversion and / or debt waiver

 

 16,273 

 16,022 

 

 

 

8 


 

 

Balance sheet (continued)

CHF million

 

30.6.21

31.12.20

 

 

 

 

Off-balance sheet items

 

 

 

Contingent liabilities, gross

 

 10,181 

 8,961 

Sub-participations

 

 (960) 

 (1,068) 

Contingent liabilities, net

 

 9,221 

 7,893 

of which: guarantees to third parties related to subsidiaries

 

 15 

 14 

of which: credit guarantees and similar instruments

 

 2,754 

 2,443 

of which: performance guarantees and similar instruments

 

 2,355 

 2,402 

of which: documentary credits

 

 4,097 

 3,033 

Irrevocable commitments, gross

 

 16,473 

 17,090 

Sub-participations

 

 0 

 0 

Irrevocable commitments, net

 

 16,473 

 17,090 

of which: loan commitments

 

 15,594 

 16,212 

of which: payment commitment related to deposit insurance

 

 879 

 879 

Forward starting transactions1

 

 0 

 250 

of which: reverse repurchase agreements

 

 0 

 250 

Liabilities for calls on shares and other equity instruments

 

 50 

 50 

1 Cash to be paid in the future by either UBS or the counterparty.

 

Basis of accounting and items impacting comparability

The UBS Switzerland AG standalone financial statements are prepared in accordance with the interim reporting requirements of Swiss GAAP (the FINMA Accounting Ordinance, FINMA Circular 2020/1 ”Accounting – banks” and the Banking Ordinance).

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 2020. Major differences between Swiss GAAP requirements and International Financial Reporting Standards are described in Note 35 to the consolidated financial statements of UBS Group AG. Further information about the accounting policies applied for the standalone financial statements of UBS Switzerland AG is provided in Note 2 to the UBS Switzerland AG standalone financial statements as of 31 December 2020.

     In preparing the interim financial statements for UBS Switzerland AG, the same accounting policies and methods of computation have been applied as in the annual standalone financial statements as of 31 December 2020.

The interim financial statements are unaudited and should be read in conjunction with the audited 2020 standalone financial statements of UBS Switzerland AG, available under “Holding company and significant regulated subsidiaries and sub-groups” at ubs.com/investors

In the fourth quarter of 2020, UBS decided not to proceed with the transfer of a portion of Global Wealth Management business booked in Switzerland from UBS Switzerland AG to UBS AG. As a result of this decision, the beneficial ownership of that business was re-transferred from UBS AG to UBS Switzerland AG with an effective date of 31 December 2020. The compensation of UBS AG for its share of the profits for the first six months of 2020 of CHF 212 million is reflected in Fee and commission expense

 

 

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. The joint liability amount declines as obligations mature, terminate or are novated following the asset transfer date.

     As of 30 June 2021, the joint liability of UBS Switzerland AG for contractual obligations of UBS AG amounted to approximately CHF 7 billion, compared with CHF 9 billion as of 31 December 2020. 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. As of 30 June 2021, 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 exposure arising under this joint and several liability.

 

  

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Cautionary Statement | This report 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 report. Refer to UBS’s Annual Report 2020 on Form 20-F, quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission on Form 6-K, available at ubs.com/investors, for additional information.

Rounding | Numbers presented throughout this report may not add up precisely to the totals provided in the tables and text. Percentages and percent changes disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be derived from numbers presented in related tables, are calculated on a rounded basis.

Tables | Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be 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. Values that are zero on a rounded basis can be either negative or positive on an actual basis.

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UBS Group AG

P.O. Box

CH-8098 Zurich

 

ubs.com

 

 

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

 

 

UBS Group AG

 

 

 

By:     /s/ Christopher Castello         _

Name: Christopher Castello

Title: Group Controller and

            Chief Accounting Officer

 

 

By: _/s/ David Kelly_____________ 

Name:  David Kelly

Title:    Managing Director

 

 

 

 

UBS AG

 

 

 

 

By:     /s/ Christopher Castello  _____

      Name: Christopher Castello

      Title:    Controller and Chief Accounting Officer

 

 

By: _/s/ David Kelly_____________

Name:  David Kelly

Title:    Managing Director

 

 

 

 

Date:  July 23, 2021