Goldman Sachs 2001 Annual Report Download - page 77

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page 75 GOLDMAN SACHS ANNUAL REPORT 2001
Selected Financial Data
AS OF OR FOR YEAR ENDED NOVEMBER
($ AND SHARE AMOUNTS IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2001 2000(4) 1999(5) 1998 1997
Income statement data
Total revenues $ 31,138 $ 33,000 $ 25,363 $ 22,478 $ 20,433
Interest expense 15,327 16,410 12,018 13,958 12,986
Net revenues 15,811 16,590 13,345 8,520 7,447
Compensation and benefits(1) 7,700 7,773 6,459 3,838 3,097
Nonrecurring employee initial public
offering and acquisition awards —290 2,257 — —
Amortization of employee initial public
offering and acquisition awards 464 428 268 — —
Other operating expenses 3,951 3,079 2,369 1,761 1,336
Pre-tax earnings(1) $ 3,696 $ 5,020 $ 1,992 $ 2,921 $ 3,014
Balance sheet data
Total assets $312,218 $284,410 $248,348 $205,739 $178,401
Long-term borrowings 31,016 31,395 20,952 19,906 15,667
Total liabilities 293,987 267,880 238,203 199,355 171,864
Shareholders’ equity 18,231 16,530 10,145 — —
Partners’ capital —— — 6,310 6,107
Common share data
Earnings per share—basic $ 4.53 $6.33 $5.69 — —
Earnings per share—diluted 4.26 6.00 5.57 — —
Dividends declared per share 0.48 0.48 0.24 — —
Book value per share 36.33 32.18 20.94 — —
Average common shares outstanding—basic 509.7 484.6 475.9 — —
Average common shares outstanding—diluted 541.8 511.5 485.8 — —
Selected data (unaudited)
Employees
United States 14,565 14,755 9,746 8,349 6,879
International 8,112 7,872 5,615 4,684 3,743
Total employees(2) 22,677 22,627(6) 15,361 13,033 10,622
Assets under supervision(3)
Assets under management $350,718 $293,842 $258,045 $194,821 $135,929
Other client assets 152,192 197,876 227,424 142,018 102,033
Total assets under supervision $502,910 $491,718 $485,469 $336,839 $237,962
(1) As a partnership, payments for services rendered by profit participating limited partners were accounted for as distributions of partners’ capital rather than as compensa-
tion and benefits expense. As a result, pre-tax earnings in 1998 and 1997 are not comparable with 2001, 2000 or 1999.
(2) 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 subsidiaries provide property management services.
(3) Substantially all assets under supervision are valued as of calendar month-end.
(4) In 2000, pre-tax earnings included a charge of $290 million ($180 million after taxes) related to the firm’s combination with SLK. Excluding this charge, diluted earnings per
share were $6.35.
(5) 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.
(6) Includes 2,600 employees related to the combination with SLK.