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Consolidated Statement of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flow from / (used in) operating activities      
Net profit / (loss) [1] $ 4,310 $ 4,522 $ 1,046
Non-cash items included in net profit and other adjustments:      
Depreciation and impairment of property, equipment and software 1,765 1,228 1,053
Impairment of goodwill 110    
Amortization and impairment of intangible assets 65 65 71
Credit loss expense / (recovery) 78 118 131
Share of net profits of associates / joint ventures and impairment of associates (45) (528) (69)
Deferred tax expense / (benefit) 477 425 3,414
Net loss / (gain) from investing activities 220 (46) (198)
Net loss / (gain) from financing activities 6,493 (4,828) 2,109
Other net adjustments 854 (1,179) (855)
Net change in operating assets and liabilities:      
Loans and advances to banks / amounts due to banks (4,336) 3,504 (3,234)
Securities financing transactions 8,678 (11,230) (111)
Cash collateral on derivative instruments 2,839 (1,447) (2,454)
Loans and advances to customers (3,128) (5,213) (14,471)
Customer deposits 23,217 9,138 (12,962)
Financial assets and liabilities at FV held for trading and derivative financial instruments (18,829) 11,107 (23,544)
Brokerage receivables and payables (2,347) 11,432  
Financial assets at fair value not held for trading, other financial assets and liabilities 33 11,115 (1,978)
Provisions, other non-financial assets and liabilities 55 1,682 996
Income taxes paid, net of refunds (804) (951) (1,044)
Net cash flow from / (used in) operating activities 19,705 28,913 (52,099)
Cash flow from / (used in) investing activities      
Purchase of subsidiaries, associates and intangible assets (26) (287) (106)
Disposal of subsidiaries, associates and intangible assets [2] 114 137 339
Purchase of property, equipment and software (1,584) (1,688) (1,627)
Disposal of property, equipment and software 11 114 47
Purchase of financial assets measured at fair value through other comprehensive income (3,424) (1,999) (8,626)
Disposal and redemption of financial assets measured at fair value through other comprehensive income 3,913 1,361 15,250
Net (purchase) / redemption of debt securities measured at amortized cost (562) (3,770)  
Net (purchase) / redemption of financial assets held to maturity     (91)
Net cash flow from / (used in) investing activities (1,558) (6,132) 5,186
Cash flow from / (used in) financing activities      
Net short-term debt issued / (repaid) (17,149) (12,245) 24,500
Net movements in treasury shares and own equity derivative activity (1,559) (1,431) (730)
Distributions paid on UBS shares (2,544) (2,440) (2,259)
Repayment of lease liabilities [3] (518)    
Issuance of long-term debt, including debt issued designated at fair value 65,047 60,682 51,450
Repayment of long-term debt, including debt issued designated at fair value (68,883) (44,344) (45,187)
Net changes in non-controlling interests and preferred notes (8) (31) (787)
Net cash flow from / (used in) financing activities (25,614) 190 26,988
Total cash flow      
Cash and cash equivalents at the beginning of the year [4] 126,079 104,834 119,014
Net cash flow from / (used in) operating, investing and financing activities (7,467) 22,971 (19,925)
Effects of exchange rate differences on cash and cash equivalents 1,261 (1,726) 5,745
Cash and cash equivalents at the end of the year [4] 119,873 126,079 104,834
Net cash flow from / (used in) operating activities includes:      
Interest received in cash [5] 15,315 14,645 12,708
Interest paid in cash [5] 10,769 9,206 6,689
Dividends on equity investments, investment funds and associates received in cash [6] 3,145 2,322 1,828
UBS AG      
Cash flow from / (used in) operating activities      
Net profit / (loss) [1] 3,971 4,113 834
Non-cash items included in net profit and other adjustments:      
Depreciation and impairment of property, equipment and software 1,576 1,052 945
Impairment of goodwill 110 0 0
Amortization and impairment of intangible assets 65 65 71
Credit loss expense / (recovery) 78 117 131
Share of net profits of associates / joint ventures and impairment of associates (45) (528) (69)
Deferred tax expense / (benefit) 460 374 3,398
Net loss / (gain) from investing activities 220 (49) (198)
Net loss / (gain) from financing activities 6,506 (4,829) 2,763
Other net adjustments 862 (1,092) (1,077)
Net change in operating assets and liabilities:      
Loans and advances to banks / amounts due to banks (4,336) 3,504 (3,236)
Securities financing transactions 8,678 (11,230) (111)
Cash collateral on derivative instruments 2,842 (1,449) (2,454)
Loans and advances to customers (3,205) (4,152) (15,661)
Customer deposits 23,399 7,931 (12,073)
Financial assets and liabilities at FV held for trading and derivative financial instruments (18,873) 11,093 (23,560)
Brokerage receivables and payables (2,347) 11,432  
Financial assets at fair value not held for trading, other financial assets and liabilities 126 10,902 (1,801)
Provisions, other non-financial assets and liabilities (537) 1,377 (29)
Income taxes paid, net of refunds (741) (888) (1,021)
Net cash flow from / (used in) operating activities 18,805 27,744 [7] (53,147)
Cash flow from / (used in) investing activities      
Purchase of subsidiaries, associates and intangible assets (26) (287) [7] (106)
Disposal of subsidiaries, associates and intangible assets [2] 114 137 [7] 339
Purchase of property, equipment and software (1,401) (1,473) [7] (1,532)
Disposal of property, equipment and software 11 114 [7] 210
Purchase of financial assets measured at fair value through other comprehensive income (3,424) (1,999) [7] (8,626)
Disposal and redemption of financial assets measured at fair value through other comprehensive income 3,913 1,361 [7] 15,250
Net (purchase) / redemption of debt securities measured at amortized cost (562) (3,770) [7]  
Net (purchase) / redemption of financial assets held to maturity     (91)
Net cash flow from / (used in) investing activities (1,374) (5,918) [7] 5,444
Cash flow from / (used in) financing activities      
Net short-term debt issued / (repaid) (17,149) (12,245) [7] 24,500
Distributions paid on UBS shares (3,250) (3,098) [7] (2,219)
Repayment of lease liabilities [3] (496)    
Issuance of long-term debt, including debt issued designated at fair value 59,199 54,726 [7] 40,270
Repayment of long-term debt, including debt issued designated at fair value (68,883) (44,344) [7] (45,187)
Funding from UBS Group AG and its subsidiaries 5,848 [8] 5,956 [7],[8] 11,180 [9]
Dividends paid and repayments of preferred notes     (782)
Net changes in non-controlling interests (8) (31) [7] (5)
Net cash flow from / (used in) financing activities (24,738) 963 [7] 27,758
Total cash flow      
Cash and cash equivalents at the beginning of the year [11] 125,853 [7],[10] 104,787 [12] 118,984
Net cash flow from / (used in) operating, investing and financing activities (7,307) 22,789 [7] (19,944)
Effects of exchange rate differences on cash and cash equivalents 1,258 (1,722) [7] 5,749
Cash and cash equivalents at the end of the year [11] 119,804 [13] 125,853 [7],[10] 104,787 [12]
Net cash flow from / (used in) operating activities includes:      
Interest received in cash [14] 15,344 14,666 12,721
Interest paid in cash [14] 10,800 9,372 6,748
Dividends on equity investments, investment funds and associates received in cash [6] $ 3,145 $ 2,322 $ 1,828
[1]
Comparative figures in this table have been restated for the changes in Corporate Center cost and resource allocation to the business divisions and the changes in the equity attribution framework. Refer to further discussion in this note and in Note 1b
[2]
Includes dividends received from associates
[3]
Upon adoption of IFRS 16 on 1 January 2019, cash payments for the principal portion of the lease liability previously classified within operating activities have been reclassified to financing activities.
[4]
USD 3,192 million, USD 5,245 million and USD 2,497 million of cash and cash equivalents (mainly reflected in Loans and advances to banks) were restricted as of 31 December 2019, 31 December 2018 and 31 December 2017, respectively. Refer to “Note 26 Restricted and transferred financial assets” in the “Consolidated financial statements” section of the Annual Report 2019 for more information.
[5]
Interest received and paid in cash was restated to represent the total of interest on financial instruments measured at amortized cost / fair value through other comprehensive income (31 December 2018: USD 9,997 million interest received and USD 6,382 million interest paid and 31 December 2017: USD 10,455 million interest received and USD 5,425 million interest paid) and interest on financial instruments measured at fair value through profit or loss (31 December 2018: USD 4,648 million interest received and USD 2,823 million interest paid and 31 December 2017: USD 2,254 million interest received and USD 1,264 million interest paid).
[6]
Includes dividends received from associates reported within Net cash flow from / (used in) investing activities.
[7]
Upon adoption of IFRS 9 on 1 January 2018, cash flows from certain financial assets previously classified as available-for-sale assets have been reclassified from investing to operating activities as the assets are accounted for at fair value through profit or loss effective 1 January 2018. Refer to Note 1c of the Annual Report 2018 for more information
[8]
Represents funding from UBS Group AG to UBS AG.
[9]
Represents funding from UBS Group Funding (Switzerland) AG to UBS AG.
[10]
Comprises balances with an original maturity of three months or less. USD 5,245 million of cash and cash equivalents were restricted.
[11]
USD 3,192 million, USD 5,245 million and USD 2,497 million of cash and cash equivalents (mainly reflected in Loans and advances to banks) were restricted as of 31 December 2019, 31 December 2018 and 31 December 2017, respectively. Refer to “Note 26 Restricted and transferred financial assets” in the “Consolidated financial statements” section of the Annual Report 2019 for more information.
[12]
Comprises balances with an original maturity of three months or less. USD 2,497 of cash and cash equivalents were restricted.
[13]
Comprises balances with an original maturity of three months or less. USD 3,192 million of cash and cash equivalents were restricted.
[14]
Interest received and paid in cash was restated to represent the total of interest on financial instruments measured at amortized cost / fair value through other comprehensive income (31 December 2018: USD 10,013 million interest received and USD 6,549 million interest paid and 31 December 2017: USD 10,469 million interest received and USD 5,485 million interest paid) and interest on financial instruments measured at fair value through profit or loss (31 December 2018: USD 4,653 million interest received and USD 2,823 million interest paid and 31 December 2017: USD 2,252 million interest received and USD 1,264 million interest paid).