6-K 1 edgar2q24ubsgroupsta.htm edgar2q24ubsgroupsta
 
 
 
 
 
 
 
 
 
 
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
 
☒
 
Form 40-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.
 
edgarq24ubsgroupagstap3i0
UBS
 
Group AG
 
Standalone financial information
 
 
for the six months ended
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
 
1
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
 
 
3,000
 
6,000
 
2,758
 
5,361
Other operating income
 
3,121
 
3,091
 
2,799
 
2,808
Operating income
 
6,121
 
9,091
 
5,557
 
8,169
Impairment of the investment in Credit Suisse AG
 
21,855
 
19,648
Other operating expenses
 
3,004
 
3,184
 
2,691
 
2,895
Operating expenses
 
3,004
 
25,039
 
2,691
 
22,543
Extraordinary income
 
17,317
 
15,771
Extraordinary expenses
 
16,319
 
14,861
Operating profit / (loss) before tax
 
3,116
 
(14,950)
 
2,866
 
(13,465)
Tax expense / (benefit)
 
2
 
(9)
 
2
 
(8)
Net profit / (loss) for the period
 
3,115
 
(14,941)
 
2,865
 
(13,456)
Balance sheet
USD m
CHF m
30.6.24
31.12.23
30.6.24
31.12.23
Assets
Current assets
 
8,651
 
12,980
 
7,774
 
10,925
Non-current assets
 
198,082
 
195,872
 
178,001
 
164,864
of which: investment in UBS AG
1
 
72,567
 
65,210
of which: investment in UBS AG and Credit Suisse AG
 
72,567
 
61,079
Total assets
 
206,734
 
208,852
 
185,775
 
175,789
Liabilities
Short-term liabilities
 
7,285
 
10,973
 
6,547
 
9,236
Long-term liabilities
 
133,937
 
132,312
 
120,358
 
111,366
Total liabilities
 
141,222
 
143,285
 
126,905
 
120,601
of which: Deferred Contingent Capital Plan
 
1,684
 
1,694
 
1,513
 
1,426
of which: other deferred compensation plans
 
3,108
 
3,339
 
2,793
 
2,810
Equity
Share capital
2
 
346
 
346
 
341
 
341
Statutory capital reserve
3
 
44,228
 
45,356
 
42,413
 
43,440
of which: capital contribution reserve
 
31,603
 
32,731
 
32,621
 
33,648
of which: other statutory capital reserve
 
12,625
 
12,625
 
9,792
 
9,792
Statutory earnings reserve
 
27
 
44
 
22
 
37
of which: reserve for treasury shares held by subsidiaries
 
27
 
44
 
22
 
37
Voluntary earnings reserve
3
 
23,446
 
18,174
 
18,623
 
11,477
Treasury shares
 
(5,650)
 
(5,013)
 
(5,393)
 
(4,830)
of which: against capital contribution reserve
 
(1,208)
 
(1,133)
 
(1,121)
 
(1,053)
Net profit / (loss)
 
3,115
 
6,660
 
2,865
 
4,722
Equity attributable to shareholders
 
65,512
 
65,567
 
58,870
 
55,188
Total liabilities and equity
 
206,734
 
208,852
 
185,775
 
175,789
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
 
2
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
 
and
Extraordinary expenses
, respectively.
 
 
UBS Group AG standalone
 
3
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
 
4
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 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 |
 
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.
Websites |
 
In this report,
 
any website
 
addresses are provided
 
solely for information
 
and are not
 
intended to
 
be active links.
 
UBS does not
 
incorporate
 
the contents
of any such websites into this report.
edgarq24ubsgroupagstap9i0
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