Goldman Sachs 2002 Annual Report Download - page 95

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Supplem ental Financial Inform ation
92 G O L D M A N SA CH S 2002 AN N UA L R EPO RT
Selected Financial Data
AS OF OR FOR YEAR ENDED NOVEMBER
2002 2001 2000(4) 1999(5) 1998
Income statement data (IN MILLIONS)
Total revenues $ 22,854 $ 31,138 $ 33,000 $ 25,363 $ 22,478
Interest expense 8,868 15,327 16,410 12,018 13,958
Net revenues 13,986 15,811 16,590 13,345 8,520
Compensation and benefits(1) 6,744 7,700 7,773 6,459 3,838
Nonrecurring employee initial public
offering and acquisition awards —— 290 2,257 —
Amortization of employee initial public
offering and acquisition awards 293 464 428 268 —
Other operating expenses 3,696 3,951 3,079 2,369 1,761
Pre-tax earnings(1) $ 3,253 $ 3,696 $ 5,020 $ 1,992 $ 2,921
Balance sheet data (IN MILLIONS)
Total assets $355,574 $312,218 $284,410 $248,348 $205,739
Long-term borrowings 38,711 31,016 31,395 20,952 19,906
Total liabilities 336,571 293,987 267,880 238,203 199,355
Shareholders’ equity 19,003 18,231 16,530 10,145 —
Partners’ capital —— — — 6,310
Common share data (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Earnings per share
Basic $4.27 $ 4.53 $ 6.33 $ 5.69 —
Diluted 4.03 4.26 6.00 5.57 —
Dividends declared per share 0.48 0.48 0.48 0.24 —
Book value per share 38.69 36.33 32.18 20.94 —
Average common shares outstanding
Basic 495.6 509.7 484.6 475.9 —
Diluted 525.1 541.8 511.5 485.8 —
Selected data (UNAUDITED)
Employees
United States 12,511 14,565 14,755 9,746 8,349
International 7,228 8,112 7,872 5,615 4,684
Total employees(2) 19,739 22,677 22,627(6) 15,361 13,033
Assets under management (IN BILLIONS)
Asset class
Money markets $ 108 $ 122 $ 72 $ 48 $ 46
Fixed income and currency 96 71 57 58 50
Equity 86 96 107 98 69
Alternative investments(3) 58 62 58 54 30
Total assets under management $ 348 $ 351 $ 294 $ 258 $ 195
(1) As a partnership, payments for services rendered by profit-participating limited partners were accounted for as distributions of partners’ capital
rather than as compensation and benefits expense. As a result, pre-tax earnings in 1998 is not comparable with 2002, 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) Includes merchant banking, quantitative asset allocation and other similar funds that the firm manages, as well as funds where the firm recom-
mends one or more subadvisors for the firm’s clients.
(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 char-
itable 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.