EX-13.4 10 y94357exv13w4.htm SELECTED FINANCIAL DATA SELECTED FINANCIAL DATA
 

EXHIBIT 13.4

Supplemental Financial Information

SELECTED FINANCIAL DATA

                                           
      AS OF OR FOR YEAR ENDED NOVEMBER
     
      2003   2002   2001   2000(7)   1999(8)
     
 
 
 
 
Income statement data (IN MILLIONS)
                                       
Total revenues
   $ 23,623     $ 22,854     $ 31,138     $ 33,000     $ 25,363  
Interest expense
     7,600       8,868       15,327       16,410       12,018  
Cost of power generation(1)
     11       —       —       —       —  
 
    
     
     
     
     
 
Revenues, net of interest expense and
                                        
 
cost of power generation
     16,012       13,986       15,811       16,590       13,345  
Compensation and benefits
     7,393       6,744       7,700       7,773       6,459  
Nonrecurring employee initial public
                                        
 
offering and acquisition awards
     —       —       —       290       2,257  
Amortization of employee initial public
                                        
 
offering and acquisition awards
     122       293       464       428       268  
Other operating expenses
     4,052       3,696       3,951       3,079       2,369  
 
    
     
     
     
     
 
Pre-tax earnings
   $ 4,445     $ 3,253     $ 3,696     $ 5,020     $ 1,992  
Balance sheet data (IN MILLIONS)
                                       
Total assets
   $ 403,799     $ 355,574     $ 312,218     $ 284,410     $ 248,348  
Long-term borrowings(2)
     57,482       38,711       31,016       31,395       20,952  
Total liabilities
     382,167       336,571       293,987       267,880       238,203  
Shareholders’ equity
     21,632       19,003       18,231       16,530       10,145  
Common share data (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
                                        
Earnings per share
                                        
 
Basic
   $ 6.15     $ 4.27     $ 4.53     $ 6.33     $ 5.69  
 
Diluted
     5.87       4.03       4.26       6.00       5.57  
Dividends declared per share
     0.74       0.48       0.48       0.48       0.24  
Book value per share(3)
     43.60       38.69       36.33       32.18       20.94  
Average common shares outstanding
                                        
 
Basic
     488.4       495.6       509.7       484.6       475.9  
 
Diluted
     511.9       525.1       541.8       511.5       485.8  
Selected data (UNAUDITED)
                                        
Employees
                                        
 
United States
     12,786       12,511       14,565       14,755       9,746  
 
International
     6,690       7,228       8,112       7,872       5,615  
 
    
     
     
     
     
 
Total employees(4)
     19,476       19,739       22,677       22,627 (9)     15,361  
Assets under management (IN BILLIONS)(5)
                                        
Asset class
                                        
 
Money markets
   $ 89     $ 108     $ 122     $ 72     $ 48  
 
Fixed income and currency
     115       96       71       57       58  
 
Equity
     98       86       96       107       98  
 
Alternative investments(6)
     71       58       62       58       54  
 
    
     
     
     
     
 
Total assets under management
   $ 373     $ 348     $ 351     $ 294     $ 258  
 
    
     
     
     
     
 

(1)  Cost of power generation relates to the firm’s previously announced acquisition of East Coast Power L.L.C. This line includes all of the direct costs of the firm’s power plant
      operations (e.g., fuel, operations and maintenance), as well as the depreciation and amortization associated with the plants and related contractual assets.
 
(2)  Long-term debt includes nonrecourse debt of $3.2 billion issued by Funding Corp, $1.6 billion issued by consolidated VIEs and $0.6 billion issued by other consolidated entities.
      Nonrecourse debt is debt, issued by certain consolidated entities, that Group Inc. is not directly or indirectly obligated to repay through a guarantee, general partnership interest
      or contractual arrangement.
 
(3)  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, 501.8 million, 513.7 million and 484.6 million as of November 2003, November 2002, November 2001, November 2000 and November 1999, respectively.
 
(4)  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.
 
(5)  Substantially all assets under management are valued as of calendar month end.
 
(6)  Includes merchant banking funds, quantitatively driven investment funds and other funds with nontraditional investment strategies that the firm manages, as well as funds where
      the firm recommends one or more subadvisors for the firm’s clients.
 
(7)  In 2000, pre-tax earnings included a charge of $290 million ($180 million after taxes), or $0.35 per average diluted common share outstanding, related to the firm’s combination
      with SLK.
 
(8)  In 1999, pre-tax earnings were reduced by nonrecurring expenses of $2.26 billion associated with the conversion to corporate form and the charitable contribution to
      The Goldman Sachs Foundation of $200 million made at the time of the initial public offering.
 
(9)  Includes 2,600 employees related to the combination with SLK.

GOLDMAN SACHS 2003 ANNUAL REPORT 103