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|
AS OF OR FOR YEAR ENDED NOVEMBER |
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($ AND SHARE AMOUNTS IN MILLIONS, EXCEPT PER SHARE AMOUNTS) |
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|
2003 |
|
|
2002 |
|
|
2001 |
|
|
|
Operating Results |
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
Investment banking |
|
$ |
2,711 |
|
$ |
2,830 |
|
$ |
3,836 |
|
Trading and principal investments |
|
|
10,443 |
|
|
8,647 |
|
|
9,570 |
|
Asset management and securities services |
|
|
2,858 |
|
|
2,509 |
|
|
2,405 |
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|
|
|
Total net revenues |
|
|
16,012 |
|
|
13,986 |
|
|
15,811 |
|
Pre-tax earnings |
|
|
4,445 |
|
|
3,253 |
|
|
3,696 |
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Net earnings |
|
|
3,005 |
|
|
2,114 |
|
|
2,310 |
|
|
|
Common Share Data |
|
Diluted earnings per share |
|
$ |
5.87 |
|
$ |
4.03 |
|
$ |
4.26 |
|
Average diluted common shares outstanding |
|
|
511.9 |
|
|
525.1 |
|
|
541.8 |
|
Dividends declared per share |
|
$ |
0.74 |
|
$ |
0.48 |
|
$ |
0.48 |
|
Book value per share(1) |
|
|
43.60 |
|
|
38.69 |
|
|
36.33 |
|
Tangible book value per share(2)(3) |
|
|
33.56 |
|
|
28.84 |
|
|
26.75 |
|
|
|
Financial Condition and Other Operating Data |
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Total assets |
|
$ |
403,799 |
|
$ |
355,574 |
|
$ |
312,218 |
|
Long-term borrowings |
|
|
57,482 |
|
|
38,711 |
|
|
31,016 |
|
Shareholders' equity |
|
|
21,632 |
|
|
19,003 |
|
|
18,231 |
|
Leverage ratio(4) |
|
|
18.7x |
|
|
18.7x |
|
|
17.1x |
|
Adjusted leverage ratio(5) |
|
|
16.5x |
|
|
15.2x |
|
|
14.5x |
|
Return on average shareholders' equity(6) |
|
|
15.0% |
|
|
11.3% |
|
|
13.0% |
|
Return on average tangible shareholders' equity(7) |
|
|
19.9% |
|
|
15.3% |
|
|
17.8% |
|
|
|
Selected Data |
|
Total employees(8) |
|
|
19,476 |
|
|
19,739 |
|
|
22,677 |
|
Assets under management ($ in billions) |
|
$ |
373 |
|
$ |
348 |
|
$ |
351 |
|
|
|
|
(1) |
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Book value per share is based on common shares outstanding, including restricted stock units granted to employees with no future service requirements, of 496.1 million, 491.2 million and 501.8 million as of November 2003, November 2002 and November 2001, respectively.
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(2) |
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Tangible book value per share is computed by dividing tangible shareholders’ equity by the number of common shares outstanding, including restricted stock units granted to employees with no future service requirements.
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(3) |
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Tangible shareholders’ equity equals total shareholders’ equity less goodwill and identifiable intangible assets. See “Financial Information—Management’s Discussion and Analysis—Capital and Funding” for further information regarding our tangible shareholders’ equity calculation.
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(4) |
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Leverage ratio equals total assets divided by shareholders’ equity.
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(5) |
|
Adjusted leverage ratio equals adjusted assets divided by tangible shareholders’ equity. Adjusted assets excludes (i) low-risk collateralized assets generally associated with our matched book and securities lending businesses (which we calculate by adding our securities purchased under agreements to resell and securities borrowed, and then subtracting our nonderivative short positions), (ii) cash and securities we segregate in compliance with regulations and (iii) goodwill and identifiable intangible assets. See “Financial Information—Management’s Discussion and Analysis—Capital and Funding” for further information regarding our adjusted leverage ratio calculation.
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(6) |
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Return on average shareholders’ equity is computed by dividing net earnings by average monthly shareholders’ equity.
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(7) |
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Return on average tangible shareholders’ equity is computed by dividing net earnings by average monthly tangible shareholders’ equity. See “Financial Information—Management’s Discussion and Analysis—Results of Operations” for further information regarding our return on average tangible shareholders’ equity calculation.
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(8) |
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Excludes employees of Goldman Sachs’ property management subsidiaries. Substantially all of the costs of these employees are reimbursed to Goldman Sachs by the real estate investment funds to which these companies provide property management and loan services.
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© Copyright 2007, The Goldman Sachs Group, Inc. All rights reserved.
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