Business Context and Reporting Period
This Form 6-K filing by UBS AG covers the period ending March 31, 2024, and was filed with the SEC on May 7, 2024. The document provides consolidated capitalization data prepared in accordance with IFRS Accounting Standards, presented in US dollars. It serves as an update to the annual report on Form 20-F for the year ended December 31, 2023, and the first quarter 2024 report.
Key Financial Metrics
The filing details the consolidated capitalization structure of UBS AG as of March 31, 2024, compared to December 31, 2023.
| Capitalization Item (USD millions) | As of Mar 31, 2024 | As of Dec 31, 2023 |
|---|---|---|
| Short-term debt issued | 75,966 | 83,094 |
| Long-term debt issued | 141,562 | 143,264 |
| Total debt issued | 217,527 | 226,357 |
| Equity attributable to shareholders | 55,046 | 55,234 |
| Equity attributable to non-controlling interests | 317 | 335 |
| Total capitalization | 272,890 | 281,926 |
As of March 31, 2024, 94% of the total debt issued was unsecured. The filing does not provide specific values for revenue, profit, cash flow, or operating margins; these metrics are referenced as being contained in the separate first quarter 2024 report.
Material Changes
- Total Debt: Decreased by $8,830 million (from $226,357 million to $217,527 million) compared to the prior quarter.
- Short-term Debt: Decreased by $7,128 million (from $83,094 million to $75,966 million).
- Long-term Debt: Decreased by $1,702 million (from $143,264 million to $141,562 million).
- Shareholder Equity: Decreased slightly by $188 million (from $55,234 million to $55,046 million).
- Total Capitalization: Decreased by $9,036 million (from $281,926 million to $272,890 million).
Guidance, Outlook, and Risks
This specific filing does not contain management commentary, forward-looking guidance, or a discussion of risks and contingencies. It is a capitalization disclosure intended to be read in conjunction with the annual Form 20-F and the first quarter 2024 Form 6-K report. The document notes that certain Basel III-compliant tier 2 capital instruments are included within long-term debt.
Investor Verification Checklist
- Verify the full Q1 2024 financial results (revenue, net income, and cash flow) in the separate Q1 2024 Form 6-K report referenced in this filing.
- Confirm the composition of the $70,788 million in funding from UBS Group AG included in total debt.
- Review the annual Form 20-F for detailed risk factors and liquidity management strategies not detailed in this capitalization table.
- Monitor the trend of short-term debt reduction to assess liquidity management effectiveness.