Business Context and Reporting Period
This Form 6-K is a report of foreign private issuer filed by UBS Group AG and UBS AG on March 15, 2019. The filing provides consolidated capitalization data as of December 31, 2018, prepared in accordance with International Financial Reporting Standards (IFRS) in US dollars. It serves as a supplement to the annual report on Form 20-F for the year ended December 31, 2018.
Key Financial Metrics
The filing details the consolidated capitalization of UBS AG as of December 31, 2018, and September 30, 2018.
| Item (USD Million) | Dec 31, 2018 | Sep 30, 2018 |
|---|---|---|
| Short-term debt issued | 72,145 | 77,371 |
| Long-term debt issued | 76,131 | 83,268 |
| Total debt issued | 148,276 | 160,639 |
| Equity attributable to UBS AG shareholders | 52,256 | 51,089 |
| Equity attributable to non-controlling interests | 176 | 39 |
| Total capitalization | 200,708 | 211,766 |
The filing text does not provide clear values for revenue, profit, cash flow, or margins; these metrics are referenced as being contained in the separate Form 20-F annual report.
Material Changes
- Debt Reduction: Total debt issued decreased by $12,363 million (approximately 7.7%) from September 30, 2018, to December 31, 2018. This includes a $5,226 million reduction in short-term debt and a $7,137 million reduction in long-term debt.
- Equity Growth: Equity attributable to UBS AG shareholders increased by $1,167 million to $52,256 million. Equity attributable to non-controlling interests increased significantly from $39 million to $176 million.
- Capitalization Decline: Total capitalization decreased by $11,058 million to $200,708 million, driven primarily by the reduction in total debt.
Guidance, Outlook, and Risks
This specific Form 6-K does not contain management commentary, forward-looking guidance, or a discussion of risks and contingencies. It explicitly states that the report should be read in conjunction with the annual report on Form 20-F for the year ended December 31, 2018, which contains the comprehensive financial results and disclosures. The filing notes that SEC regulations require certain additional disclosures for registration statements, which are incorporated by reference into various Form F-3 and Form S-8 registration statements.
Investor Verification Checklist
- Verify the full annual financial results (revenue, net income, cash flow) in the Form 20-F filed on March 15, 2019, as they are not included in this 6-K.
- Confirm the composition of the debt reduction to understand if it was due to repayments, maturities, or reclassifications.
- Review the Form 20-F for details on the increase in non-controlling interests.
- Check the referenced registration statements (Form F-3 and S-8) for any updated offering terms or prospectus supplements.