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Interests in associates and joint ventures
 12 Months Ended
Dec. 31, 2022
Entity [Table]  
Disclosure of interests in associates and joint ventures [text block]
b) Interests in associates and
 
joint ventures
As of 31 December 2022 and 2021,
 
no associate or joint
 
venture was individually material to
 
the Group. Also, there were
no significant restrictions on the
 
ability of associates
 
or joint ventures to
 
transfer funds to
 
UBS Group AG or
 
its subsidiaries
as cash
 
dividends or
 
to repay
 
loans or
 
advances made.
 
There
 
were no
 
quoted market
 
prices for
 
any associates
 
or joint
ventures of the Group.
In 2022,
 
UBS
 
reclassified its
 
minority
 
investment
 
(
49
%) in
 
its Japanese
 
real
 
estate joint
 
venture, Mitsubishi
 
Corp.-UBS
Realty Inc.,
 
of
 
USD
44
m
 
to
Properties
 
and
 
other
 
non-current
 
assets
 
held
 
for
 
sale
 
and
 
sold
 
the
 
shareholding.
 
The sale
resulted in a
 
pre-tax gain of
 
USD
848
m in
 
2022, which was recognized
 
in
Other income
. UBS’s asset
 
management, wealth
management and investment banking
 
businesses operating in Japan
 
were not affected by the sale.
Investments in associates and joint
 
ventures
USD m
2022
2021
Carrying amount at the beginning of the year
1,243
1,557
Additions
3
1
Reclassifications
1
(44)
(386)
Share of comprehensive income
(41)
150
of which: share of net profit
2
32
105
of which: share of other comprehensive income
3
(73)
45
Share of changes in retained earnings
0
1
Dividends received
(31)
(39)
Foreign currency translation
(30)
(39)
Carrying amount at the end of the year
1,101
1,243
of which: associates
1,098
1,200
of which: SIX Group AG, Zurich
4
954
1,043
of which: other associates
144
157
of which: joint ventures
3
43
of which: Mitsubishi Corp.-UBS Realty Inc.,
 
Tokyo
1
40
of which: other joint ventures
3
3
1 In 2022, UBS reclassified
 
its minority investment
 
(
49
%) in Mitsubishi Corp.-UBS
 
Realty Inc. of USD
44
m to Properties and
 
other non-current assets
 
held for sale and sold
 
the investment in the
 
same year.
 
In 2021,
UBS reclassified its minority investment
 
(
48.8
%) in Clearstream Fund Centre
 
AG of USD
386
m to Properties and other non-current
 
assets held for sale and sold the
 
investment in the same year.
 
2 For 2022, consists
of USD
27
m from associates and USD
5
m from joint ventures (for 2021, consists of USD
79
m from associates and USD
26
m from joint ventures).
 
3 For 2022, consists of negative USD
73
m from associates (for 2021,
consists of USD
44
m from associates and
 
USD
1
m from joint ventures).
 
4 In 2022, UBS
 
AG’s equity interest
 
amounted to
17.31
%. UBS AG is represented
 
on the Board of Directors.
UBS AG  
Entity [Table]  
Disclosure of interests in associates and joint ventures [text block]
Note 28
 
Interests in subsidiaries and other entities
 
(continued)
 
b) Interests in associates and
 
joint ventures
As of 31 December 2022
 
and 2021,
 
no associate or joint venture
 
was individually material
 
to UBS AG. Also,
 
there were
no significant
 
restrictions on
 
the ability of
 
associates or
 
joint ventures
 
to transfer funds
 
to UBS
 
AG or its
 
subsidiaries as
cash
 
dividends
 
or
 
to
 
repay
 
loans
 
or
 
advances
 
made.
 
There
 
were
 
no
 
quoted
 
market
 
prices
 
for
 
any
 
associates
 
or
 
joint
ventures of UBS AG.
In 2022, UBS AG reclassified its minority investment (
49
%) in its Japanese real estate joint venture, Mitsubishi Corp.-UBS
Realty Inc.,
 
of
 
USD
44
m
 
to
Properties
 
and
 
other
 
non-current
 
assets
 
held
 
for
 
sale
 
and
 
sold
 
the
 
shareholding.
 
The sale
resulted in
 
a pre-tax gain
 
of USD
848
m in 2022, which
 
was recognized in
Other income
. UBS
 
AG’s asset management,
wealth management and investment banking
 
businesses operating in Japan
 
were not affected by the sale.
Investments in associates and joint
 
ventures
USD m
2022
2021
Carrying amount at the beginning of the year
1,243
1,557
Additions
3
1
Reclassifications
1
(44)
(386)
Share of comprehensive income
(41)
150
of which: share of net profit
2
32
105
of which: share of other comprehensive income
3
(73)
45
Share of changes in retained earnings
0
1
Dividends received
(31)
(39)
Foreign currency translation
(30)
(39)
Carrying amount at the end of the year
1,101
1,243
of which: associates
1,098
1,200
of which: SIX Group AG, Zurich
4
954
1,043
of which: other associates
144
157
of which: joint ventures
3
43
of which: Mitsubishi Corp.-UBS Realty Inc.,
 
Tokyo
1
40
of which: other joint ventures
 
3
 
3
1 In 2022, UBS AG reclassified its minority investment (
49
%) in Mitsubishi Corp.-UBS Realty
 
Inc. of USD
44
m to Properties and other non-current assets held for sale and sold the
 
investment in the same year. In 2021,
UBS AG reclassified
 
its minority
 
investment (
48.8
%) in Clearstream
 
Fund Centre
 
AG of
 
USD
386
m to Properties
 
and other
 
non-current assets
 
held for sale
 
and sold the investment
 
in the same
 
year.
 
2 For 2022,
consists of USD
27
m from associates and
 
USD
5
m from joint ventures (for 2021,
 
consists of USD
79
m from associates and
 
USD
26
m from joint ventures).
 
3 For 2022, consists
 
of negative USD
73
m from associates
(for 2021, consists of USD
44
m from associates and USD
1
m from joint ventures).
 
4 In 2022, UBS AG’s
 
equity interest amounted
 
to
17.31
%. UBS AG is represented
 
on the Board of Directors.