Goldman Sachs 2003 Annual Report Download - page 102

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Notes to Consolidated Financial Statements
100 GOLDMAN SACHS 2003 ANNUAL REPORT
Geographic Information
Due to the highly integrated nature of international finan-
cial markets, the firm manages its businesses based on the
profitability of the enterprise as a whole. Accordingly,
management believes that profitability by geographic
region is not necessarily meaningful.
The firm’s revenues, expenses and identifiable assets are
generally allocated based on the country of domicile of
the legal entity providing the service.
The following table sets forth the total net revenues, pre-tax earnings and identifiable assets of the firm and its consol-
idated subsidiaries by geographic region allocated on the basis described above:
AS OF OR FOR YEAR ENDED NOVEMBER
(IN MILLIONS) 2003 2002 2001
Net revenues
United States $ 10,040 $ 8,633 $ 10,228
Other Americas 231 352 187
United Kingdom 3,610 2,991 3,483
Other Europe 427 479 473
Asia 1,704 1,531 1,440
Total net revenues $ 16,012 $ 13,986 $ 15,811
Pre-tax earnings
United States $ 3,105 $ 1,850 $ 2,418
Other Americas 217 293 260
United Kingdom 610 525 665
Other Europe 90 173 241
Asia 658 624 475
Other(1) (235) (212) (363)
Total pre-tax earnings $ 4,445 $ 3,253 $ 3,696
Identifiable assets
United States $ 400,996 $ 393,333 $ 340,409
Other Americas 1,241 3,284 2,637
United Kingdom 184,476 144,608 131,812
Other Europe 8,022 8,573 8,129
Asia 26,650 25,422 25,367
Eliminations and other(2) (217,586) (219,646) (196,136)
Total identifiable assets $ 403,799 $ 355,574 $ 312,218
(1) Includes the following expenses that have not been allocated to the firm’s segments: (i) amortization of employee initial public offering awards of
$80 million, $212 million and $363 million for the years ended November 2003, November 2002 and November 2001, respectively, and (ii) provi-
sions for a number of litigation and regulatory proceedings of $155 million for the year ended November 2003.
(2) Reflects eliminations and certain assets that are not allocable to a particular geographic region.