UBS Group AG 6-K, filed Aug 14, 2024
UBS Group AG (UBS)
6-K
2024-08-14
For: 2024-06-30
View Original
Added on
July 04, 2026
About this 6-K
UBS Group AG filed this 6-K on August 14, 2024.
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: August 14, 2024
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
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
☒
☐
This Form 6-K consists of the UBS Group AG standalone financial information for the six months ended 30
June 2024, which appears immediately following this page.
UBS Group AG
30 June 2024
Table of contents
UBS Group AG standalone financial information
1
1
Notes to the UBS Group AG standalone financial
information
2
2
2
Appendix
4
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
UBS’s Investor Relations team
manages relationships with
institutional investors, research
analysts and credit rating agencies.
ubs.com/investors
Zurich +41-44-234 4100
New York +1-212-882 5734
Media Relations
UBS’s Media Relations team manages
relationships with global media and
journalists.
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
handles inquiries directed to the
Chairman or to other members of the
Board of Directors.
UBS Group AG, Office of the
Group Company Secretary
PO Box, CH-8098 Zurich, Switzerland
sh-company-secretary@ubs.com
Zurich +41-44-235 6652
Shareholder Services
UBS’s Shareholder Services team,
a unit of the Group Company
Secretary’s office, manages
relationships with shareholders and
the registration of UBS Group AG
registered shares.
UBS Group AG, Shareholder Services
PO Box, CH-8098 Zurich,
Switzerland
sh-shareholder-services@ubs.com
Zurich +41-44-235 6652
US Transfer Agent
For global registered share-related
inquiries in the US.
Computershare Trust Company NA
PO Box 43006
Providence, RI, 02940-3006, USA
Shareholder online inquiries:
www.computershare.com/us/
investor-inquiries
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 2024. The key symbol and UBS are among the registered and
unregistered trademarks of UBS. All rights reserved.
UBS Group AG standalone
UBS Group AG standalone financial information
Income statement
USD m
CHF m
Year-to-date
Year-to-date
30.6.24
30.6.23
30.6.24
30.6.23
Dividend income from the investment in UBS AG
Other operating income
Operating income
Impairment of the investment in Credit Suisse AG
Other operating expenses
Operating expenses
Extraordinary income
Extraordinary expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss) for the period
Balance sheet
USD m
CHF m
30.6.24
31.12.23
30.6.24
31.12.23
Assets
Current assets
Non-current assets
of which: investment in UBS AG
1
of which: investment in UBS AG and Credit Suisse AG
Total assets
Liabilities
Short-term liabilities
Long-term liabilities
Total liabilities
of which: Deferred Contingent Capital Plan
of which: other deferred compensation plans
Equity
Share capital
2
Statutory capital reserve
3
of which: capital contribution reserve
of which: other statutory capital reserve
Statutory earnings reserve
of which: reserve for treasury shares held by subsidiaries
Voluntary earnings reserve
3
Treasury shares
of which: against capital contribution reserve
Net profit / (loss)
Equity attributable to shareholders
Total liabilities and equity
1 The merger of UBS AG and Credit Suisse AG was completed on 31 May 2024. 2 Refer to “Share information and earnings per share” in the “Risk, capital, liquidity and funding, and balance sheet” section of the
UBS Group second quarter 2024 report for information about UBS Group AG shares. 3 During the second quarter of 2024, as approved by the Annual General Meeting of shareholders, the payment of an ordinary
cash dividend of USD 0.70 (gross) per dividend-bearing share, totaling USD 2,256m (CHF 2,054m), was made, half from the capital contribution reserve within the statutory capital reserve and the other half from
total profit available for appropriation. The remaining amount of total profit available for appropriation (i.e., USD 5,532m from USD 6,660m (CHF 3,695m from CHF 4,722m)) was appropriated to the voluntary
earnings reserve.
UBS Group AG standalone
Notes to the UBS Group AG standalone financial information
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).
This interim financial information consists of a condensed balance sheet, an income statement, and notes, and it is
unaudited. It should be read in conjunction with the audited standalone financial statements and regulatory
information for the year ended 31 December 2023.
This interim financial information provides an update of the financial position of UBS Group AG to current and
future investors, as well as other interested stakeholders.
Accounting policies
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 standalone financial statements of UBS Group AG as of
31 December 2023. More information about the accounting policies applied is provided in Note 2 to the UBS Group
AG standalone financial statements as of 31 December 2023, available under “Holding company and significant
regulated subsidiaries and sub-groups” at
ubs.com/investors
.
Significant events
The acquisition of Credit Suisse Group AG
On 12 June 2023, UBS Group AG formally acquired Credit Suisse Group AG through merger by absorption. In the
standalone financial statements of UBS Group AG, the acquisition has been applied retroactively as of 1 January
2023, whereby assets of USD 108,029m (CHF 99,850m), liabilities of USD 83,512m (CHF 77,189m) and equity of
USD 24,517m (CHF 22,661m) have been recognized. In exchange, the transferring shareholders obtained 176m
UBS Group AG shares previously held as treasury shares. In addition, contingent liabilities of USD 879m (CHF 812m)
have been assumed.
Investments in UBS AG and Credit Suisse AG
On 31 May 2024, the merger of UBS AG and Credit Suisse AG was completed. Accordingly, cost, accumulated
impairment and book value of the investment in Credit Suisse AG have been transferred to the investment in UBS
AG. The merger had no impact on the financial position and performance of UBS Group AG in the reporting period,
because the investments had already been measured on a combined basis for impairment testing purposes, as a
“valuation unit,” as of 31 December 2023, as by that date the investments were economically closely interlinked
while the merger was being contemplated.
In the first half of 2023, UBS Group AG recorded an impairment of its investment in Credit Suisse AG of
USD 21,855m (CHF 19,648m) in the income statement in
Impairment of the investment in Credit Suisse AG
. This
impairment initially aligned the book value of the assets and liabilities acquired through the merger by absorption
of Credit Suisse Group AG as of 19 March 2023 with the fair value of the treasury shares provided to shareholders
of Credit Suisse Group AG as of 12 June 2023 (consideration-paid approach). This impairment was reversed by
31 December 2023, based on the aforementioned impairment testing.
Write-off of additional tier 1 instruments previously issued by Credit Suisse Group AG
On 19 March 2023, as ordered by the Swiss Financial Market Supervisory Authority (FINMA), additional tier 1 (AT1)
instruments previously issued by Credit Suisse Group AG in a total amount of USD 17,317m (CHF 15,771m) were
written off together with the corresponding internal AT1 instruments issued by Credit Suisse AG in a total amount
of USD 16,319m (CHF 14,861m). These amounts were included in the income statement for the first half of 2023
in
Extraordinary income
Extraordinary expenses
, respectively.
UBS Group AG standalone
Significant events (continued)
Cancellation of shares and change of the share capital currency in 2023
On 5 April 2023, the Annual General Meeting of shareholders (the AGM) approved the cancellation of 62,548,000
shares, each with a nominal value of CHF 0.10, purchased under the 2021 share repurchase program. The share
capital has been reduced by the nominal value of the repurchased shares upon cancellation, i.e., USD 7m (CHF 6m).
The capital contribution reserve and the voluntary earnings reserve were each reduced by 50% of the total capital
reduction amount exceeding the nominal value upon cancellation of the repurchased shares, i.e., each by
USD 554m (CHF 511m). Amounts disclosed in Swiss francs may differ from the purchase price of the shares due to
the applied method of converting US dollars to Swiss francs for presentation purposes.
Furthermore, as approved by the AGM, held on 5 April 2023, the share capital currency of UBS Group AG has been
changed from the Swiss franc to the US dollar. The conversion resulted in an increase of share capital by USD 22m
(CHF 20m), which was allocated to the Other statutory capital reserve. The following reduction of the nominal value
per share to USD 0.10 (from CHF 0.10) resulted in a share capital decrease of USD 28m (CHF 25m), which was
allocated to the Capital contribution reserve. As a consequence of the change in the share capital currency, the
Capital contribution reserve was also converted from Swiss francs to US dollars, resulting in an increase of
USD 1,602m (CHF 1,482m), with the offset recorded in the Other statutory capital reserve. The conversion was
implemented with a retroactive effect as of 1 January 2023 for accounting purposes based on the closing exchange
rate from 30 December 2022.
The aforementioned events of cancellation of shares and change of the share capital currency did not change the
total equity reported for UBS Group AG.
UBS Group AG standalone
Cautionary statement |
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 most recent annual report on
Form 20-
F,
quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission (the SEC) on Form 6-K, available at
ubs.com/investors
, for additional information.
Rounding |
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 |
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.
Websites |
of any such websites into this report.
UBS Group AG
PO 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/ Steffen Henrich
_
Name: Steffen Henrich
Title: Group Controller
By: /s/ David Kelly
_
Name: David Kelly
Title: Managing Director
UBS AG
By: /s/ Steffen Henrich
_
Name: Steffen Henrich
Title: Controller
By: /s/ David Kelly
_
Name: David Kelly
Title: Managing Director
Date: August 14, 2024