/Users/andrea/_magisterarbeit/korpus/clean/testkorpus/41/file15.html NN ----------------------------------------- : Home NP Local NP Sitemap NP Service NP Finder NP Contact NP eng NN deu NP fra NP ita NP MediaCareer NP CandidatesAbout NP usUBS NNS Locations NNS Letter NN to TO Shareholders NP Introduction NN Mastering VVG heights NNS Creating VVG goodwill NN Building VVG confidence NN Making VVG ideas NNS happen VV Sensing VVG risk NN Bridging VVG gaps NNS The DT year NN in IN review NN Corporate JJ Governance NN Members NNS of IN the DT Board NP of IN Directors NPS UBS NP Financial NP Highlights VVZ UBS NP Results NNS UBS NP Targets NNS Results NNS Financial NP Businesses NNS Wealth NN Management NP Business NP Banking NP Global NP Asset NP Management NP Investment NP Bank NP Wealth NN Management NP USA NP Industrial NP Holdings NPS Letter NP from IN Group NP Auditors NNS Sources NNS of IN information NN UBS NP Homepage NP About IN us PP Annual JJ Reporting NP 2004 CD Annual NP Review NP UBS NP Targets VVZ Download NP UBS NP Targets VVZ 2 CD pages NNS 91 CD kBTable NN . SENT Performance NN against IN targetsVideo NN . SENT Clive NP Standish NP about IN the DT firm's JJ key JJ financial JJ metrics NNS targets NNS Measurement NN and CC analysis NN of IN performance NN UBS NP s NN performance NN is VBZ reported VVN in IN accordance NN with IN International NP Financial NP Reporting NP Standards NPS IFRS NP . SENT Additionally RB , , for IN several JJ years NNS , , we PP have VHP provided VVN comments NNS and CC analysis NN on IN an DT adjusted JJ basis NN which WDT excludes VVZ from IN the DT reported VVN amounts NNS certain JJ items NNS we PP term VV significant JJ financial JJ events NNS SFEs NP . SENT An DT additional JJ adjustment NN we PP use VVP in IN our PP$ results NNS discussion NN is VBZ the DT exclusion NN of IN the DT amortization NN of IN goodwill NN and CC other JJ acquired VVN intangible JJ assets NNS . SENT We PP will MD in IN future JJ change NN this DT approach NN as IN accounting NN standards NNS no RB longer RB require VV the DT amortization NN of IN goodwill NN , , by IN far RB the DT largest JJS adjustment NN we PP have VHP been VBN making VVG . SENT From IN 2005 CD onwards RB , , we PP will MD no RB longer RBR present JJ current JJ results NNS and CC targets NNS on IN this DT adjusted JJ basis NN . SENT Items NNS have VHP been VBN treated VVN as IN SFEs NP when WRB they PP are VBP eventspecific JJ , , significant JJ for IN the DT consolidated JJ statements NNS of IN UBS NP , , UBS NP specific JJ rather RB than IN industry NN wide JJ , , and CC not RB indicative JJ of IN or CC relevant JJ for IN future JJ performance NN . SENT Reflecting VVG that DT definition NN , , we PP had VHD no DT SFEs NP in IN 2004 CD and CC one CD in IN 2003 CD . SENT In IN second JJ quarter NN 2003 CD , , we PP recorded VVD a DT net JJ gain NN of IN CHF NP 2 CD million CD pre NP tax NN CHF NP 161 CD million CD from IN the DT sale NN of IN the DT Wealth NN Management NP USA NP Business NP Group NP s PP Correspondent NN Services NP Corporation NP CSC NP clearing NN business NN . SENT A DT substantial JJ portion NN of IN CSC NP s PP net JJ assets NNS comprised VVN goodwill NN stemming VVG from IN the DT PaineWebber NP acquisition NN . SENT After IN deducting VVG taxes NNS of IN CHF NP 159 CD million CD based VVN on IN the DT purchase NN price NN and CC the DT writedown NNS of IN the DT goodwill NN associated VVN with IN CSC NP , , the DT net JJ gain NN from IN the DT transaction NN was VBD CHF NP 2 CD million CD . SENT Performance NN against IN targets NNS At IN UBS NP , , we PP focus VVP on IN a DT consistent JJ set NN of IN four CD long JJ term NN financial JJ targets NNS defined VVN across IN periods NNS of IN varying VVG market NN conditions NNS and CC designed VVN to TO ensure VV that IN we PP deliver VVP continuously RB improving VVG returns NNS to TO our PP$ shareholders NNS . SENT We PP report VVP our PP$ performance NN against IN these DT targets NNS each DT quarter NN . SENT we PP seek VVP to TO increase VV the DT value NN of IN UBS NP by IN achieving VVG a DT sustainable JJ , , after IN tax NN return NN on IN equity NN of IN 15 CD 20 CD , , across IN periods NNS of IN varying VVG market NN conditionswe NNS aim VVP to TO increase VV shareholder NN value NN through IN double JJ digit NN average NN percentage NN growth NN in IN basic JJ earnings NNS per IN share NN EPS NP , , across IN periods NNS of IN varying VVG market NN conditionsthrough NN cost NN reduction NN and CC earnings NNS enhancement NN initiatives NNS we PP aim VVP to TO reduce VV UBS NP s PP cost VVD income NN ratio NN to TO a DT level NN that WDT compares VVZ positively RB with IN best JJS in IN class NN competitorswe NNS aim VVP to TO achieve VV a DT clear JJ growth NN trend NN in IN net JJ new JJ money NN in IN our PP$ wealth NN management NN units NNS . SENT The DT first JJ three CD targets NNS are VBP all RB reported VVN pre NP goodwill NN amortization NN , , and CC adjusted VVN for IN significant JJ financial JJ events NNS . SENT Return NN on IN equity NN and CC earnings NNS per IN share NN targets NNS are VBP calculated VVN on IN a DT full JJ UBS NP basis NN , , whereas IN our PP$ cost NN income NN ratio NN target NN is VBZ limited VVN to TO our PP$ financial JJ businesses NNS , , to TO avoid VV distortion NN from IN our PP$ industrial JJ holdings NNS . SENT UBS NP s PP performance NN against IN financial JJ targets NNS shows NNS . SENT Return NN on IN equity NN in IN 2004 CD was VBD 27 CD . SENT 7 CD , , up RB from IN 20 CD . SENT 5 LS a DT year NN earlier RBR and CC well RB above IN the DT target NN range NN of IN 15 CD to TO 20 CD . SENT The DT increase NN reflects VVZ the DT combined JJ impact NN of IN the DT share NN buyback NN program NN and CC dividend NN outpacing VVG retained JJ earnings NNS . SENT Basic JJ earnings NNS per IN share NN were VBD CHF NP 8 CD . SENT 60 CD in IN 2004 CD , , an DT increase NN of IN CHF NP 2 CD . SENT 17 CD or CC 34 CD from IN 2003 CD , , driven VVN by IN the DT increase NN in IN net JJ profit NN as IN well RB as IN the DT impact NN of IN share NN repurchases NNS . SENT The DT cost NN income NN ratio NN for IN UBS NP s PP financial JJ businesses NNS was VBD 70 CD . SENT 2 CD in IN 2004 CD , , an DT improvement NN from IN 73 CD . SENT 2 CD in IN 2003 CD , , and CC the DT lowest JJS level NN since IN PaineWebber NP became VVD part NN of IN UBS NP in IN 2000 CD . SENT Our PP$ wealth NN management NN businesses NNS continued VVD to TO show VV strong JJ inflows NNS of IN net JJ new JJ money NN . SENT For IN full JJ year NN 2004 CD , , net JJ new JJ money NN inflows NNS into IN our PP$ wealth NN management NN businesses NNS totaled VVD CHF NP 59 CD . SENT 4 CD billion CD , , up RB 17 CD from IN CHF NP 50 CD . SENT 8 CD billion CD in IN 2003 CD , , corresponding JJ to TO an DT annual JJ growth NN rate NN of IN 4 CD . SENT 4 CD of IN the DT asset NN base NN at IN the DT end NN of IN 2003 CD . SENT Performance NN against IN targets NNS For IN the DT year NN ended VVD 31 CD . SENT 12 CD . SENT 04 CD 31 CD . SENT 12 CD . SENT 03 CD RoE NNS as RB reported VVD 1 CD 24 CD . SENT 7 CD 17 CD . SENT 8 CD before IN goodwill NN and CC adjusted VVN for IN significant JJ financial JJ events NNS 2 CD 27 CD . SENT 7 CD 20 CD . SENT 5 CD Basic NP EPS NP CHF NP as RB reported VVD 3 CD 7 CD . SENT 68 CD 5 CD . SENT 59 CD before IN goodwill NN and CC adjusted VVN for IN significant JJ financial JJ events NNS 4 CD 8 CD . SENT 60 CD 6 CD . SENT 43 CD Cost NN income NN ratio NN of IN the DT Financial NP Businesses NNS 5 CD as RB reported VVD 6 CD 72 CD . SENT 6 CD 75 CD . SENT 6 CD before IN goodwill NN and CC adjusted VVN for IN significant JJ financial JJ events NNS 7 CD 70 CD . SENT 2 CD 73 CD . SENT 2 CD Net JJ new JJ money NN , , wealth NN management NN businesses NNS CHF NP billion CD 8 CD Wealth NN Management NP 42 CD . SENT 3 CD 29 CD . SENT 7 CD Wealth NN Management NP USA NP 17 CD . SENT 1 CD 21 CD . SENT 1 CD Total JJ 59 CD . SENT 4 CD 50 CD . SENT 81 CD Net JJ profit NN average NN shareholders NNS equity NN less JJR dividends NNS . SENT 2 CD Net JJ profit NN less RBR the DT amortization NN of IN goodwill NN and CC other JJ intangible JJ assets NNS and CC significant JJ financial JJ events NNS after IN tax NN average NN shareholders NNS equity NN less JJR dividends NNS . SENT 3 CD Details NNS of IN the DT EPS NP calculation NN can MD be VB found VVN in IN note NN 8 CD to TO the DT financial JJ statements NNS in IN the DT 2004 CD Financial NP Report NP . SENT 4 CD Net JJ profit NN less RBR the DT amortization NN of IN goodwill NN and CC other JJ intangible JJ assets NNS and CC significant JJ financial JJ events NNS after IN tax NN weighted JJ average NN shares NNS outstanding JJ . SENT 5 CD Excludes VVZ results NNS from IN Industrial NP Holdings NPS . SENT 6 CD Operating NN expenses NNS operating VVG income NN less CC credit NN loss NN expense NN or CC recovery NN . SENT 7 CD Operating VVG expenses NNS less RBR the DT amortization NN of IN goodwill NN and CC other JJ intangible JJ assets NNS and CC significant JJ financial JJ events NNS operating VVG income NN less CC credit NN loss NN expense NN or CC recovery NN and CC significant JJ financial JJ events NNS . SENT 8 CD Excludes VVZ interest NN and CC dividend NN income NN . SENT TopQuestion NN to TO the DT Group NP Chief NP Financial NP OfficerWhat NP are VBP the DT firm's JJ key JJ financial JJ metrics NNS targets NNS . SENT Watch VV the DT videoDownload NN . SENT You PP need VVP Macromedia NP Flash NP to TO be VB able JJ to TO watch VV the DT video NN . SENT The DT Flash NP Player NP is VBZ available JJ for IN free JJ . SENT Topcontinue JJ Important JJ legal JJ information NN please VVP read VV the DT disclaimer NN before IN proceeding NN . SENT Products NNS and CC services NNS in IN these DT webpages NNS may MD not RB be VB available JJ for IN residents NNS of IN certain JJ nations NNS . SENT Please UH consult VV the DT sales NNS restrictions NNS relating VVG to TO the DT service NN in IN question NN for IN further JJR information NN . SENT UBS NP 1998 CD 2005 CD . SENT All DT rights NNS reserved VVD . SENT Privacy NN Policy NP Order NP Our NP Annual NP Review NP provides VVZ a DT description NN of IN our PP$ business NN groups NNS and CC a DT summary NN of IN the DT year NN 2004 CD . SENT Full JJ Version NP Annual NP Review NP 2004 CD 1 CD 106 CD kB NN 2004 CD Report NN 19 CD pages NNS 449 CD kB NN PublicationsInformation NN tools NNS for IN investors NNS Annual JJ reporting NN documents NNS since IN 1998 CD are VBP available JJ online JJ 2004200320022001200019991998 CD