瑞银集团UBS AG (UBS) 2003年年度报告「NYSE」.pdf

1、Financial Report 2003ab1IntroductionOur Financial Report forms an essential part of our annual report-ing portfolio.It includes the audited Financial Statements of UBSfor 2002 and 2003,prepared according to International FinancialReporting Standards(IFRS)and reconciled to the United StatesGenerally

2、Accepted Accounting Principles(US GAAP),and theaudited financial statements of UBS AG(the“Parent Bank”)for2002 and 2003,prepared according to Swiss Banking Law require-ments.It also contains a discussion and analysis of the financialand business performance of UBS and its Business Groups,andaddition

3、al disclosures required under Swiss and US regulations.The Financial Report should be read in conjunction with the otherinformation published by UBS,described on page 4.We sincerely hope that you will find our annual reports useful andinformative.We believe that UBS is one of the leaders in corporat

4、edisclosure,although we would be very interested to hear yourviews on how we might improve the content,information andpresentation of the reporting products that we publish.Mark BransonChief Communication OfficerUBS AGIntroduction1UBS Financial Highlights2UBS at a Glance3Sources of Information4Conta

5、cts6Overview7Preparation and Presentation of Financial Information8Changes in Accounting and Presentation in 200410Measurement and Analysis of Performance12Critical Accounting Policies16Risk Factors22UBS Results25Business Group Results41Wealth Management&Business Banking42Global Asset Management52In

6、vestment Bank58Wealth Management USA67Corporate Center74Financial Statements79UBS AG(Parent Bank)185Additional Disclosure Required under SEC Regulations197CHF million,except where indicated%change fromFor the year ended31.12.0331.12.0231.12.0131.12.02Income statement key figuresOperating income33,97