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GOLDMAN฀SAC H S ฀ 2 0 0 4 ฀ANNUAL฀ R E P O RT฀฀฀107
supplemental฀financial฀information
GOLDMAN฀SAC H S ฀ 2 0 0 4 ฀ANNUAL฀ R E P O RT฀฀฀107
BES฀•฀Phone฀(201)฀635-5240฀฀•฀FAX฀(201)฀635-5199
BPX/S10829฀•฀Flow฀16฀•฀Proof฀11฀•฀2/4/05฀•฀RUSH
Selected Financial Data
฀ ฀ ฀AS฀OF฀OR฀FOR฀THE฀YEAR฀ENDED฀NOVEMBER
฀฀ ฀ 2004฀ 2003฀ 2002฀ 2001฀ 2000(7)
Income statement data (IN฀MILLIONS)
Total revenues $฀฀29,839฀ $฀฀23,623฀ $฀฀22,854฀ $฀฀31,138฀ $฀฀33,000
Interest expense 8,888฀ 7,600฀ 8,868฀ 15,327฀ 16,410
Cost of power generation(1) 401฀ 11฀ —฀ —฀ —
Revenues, net of interest expense and
cost of power generation 20,550฀ 16,012฀ 13,986฀ 15,811฀ 16,590
Compensation and benefits 9,591฀ 7,393฀ 6,744฀ 7,700฀ 7,773
Nonrecurring employee initial public
offering and acquisition awards —฀ —฀ —฀ —฀ 290
Amortization of employee initial public
offering and acquisition awards 61฀ 122฀ 293฀ 464฀ 428
Other operating expenses 4,222฀฀ 4,052฀ 3,696฀ 3,951฀ 3,079
Pre-tax earnings $฀฀฀฀6,676฀ $฀฀฀฀4,445฀ $฀฀฀฀3,253฀ $฀฀฀฀3,696฀ $฀฀฀฀5,020
Balance sheet data (IN฀MILLIONS)
Total assets $531,379฀ $403,799฀ $355,574฀ $312,218฀ $284,410
Long-term borrowings(2) 80,696฀ 57,482฀ 38,711฀ 31,016฀ 31,395
Total liabilities 506,300฀ 382,167฀ 336,571฀ 293,987฀ 267,880
Shareholders’ equity 25,079฀ 21,632฀ 19,003฀ 18,231฀ 16,530
Common share data฀(IN฀MILLIONS,฀EXCEPT฀PER฀SHARE฀AMOUNTS)
Earnings per share
Basic $฀ ฀ ฀ 9.30฀ $฀ ฀ ฀ 6.15฀ $฀ ฀ ฀ ฀ 4.27฀ $฀ ฀฀ ฀ 4.53฀ $฀ ฀ ฀ ฀ 6.33
Diluted 8.92฀ 5.87฀ 4.03฀ 4.26฀ 6.00
Dividends declared per share 1.00฀ 0.74฀ 0.48฀ 0.48฀ 0.48
Book value per share(3) 50.77฀ 43.60฀ 38.69฀ 36.33฀ 32.18
Average common shares outstanding
Basic 489.5฀ 488.4฀ 495.6฀ 509.7฀ 484.6
Diluted 510.5฀ 511.9฀ 525.1฀ 541.8฀ 511.5
Selected data (UNAUDITED)
Employees
United States 13,278฀ 12,786฀ 12,511฀ 14,565฀ 14,755
International 7,444฀ 6,690฀ 7,228฀ 8,112฀ 7,872
Total employees 20,722฀ 19,476฀ 19,739฀ 22,677฀ 22,627
Assets under management (IN฀BILLIONS)(4)
Asset class
Money markets $฀ ฀ ฀ ฀฀ 90฀ $฀ ฀ ฀ ฀ ฀89฀ $฀ ฀ ฀ ฀ ฀108฀ $฀ ฀ ฀ ฀ ฀122฀ $฀ ฀ ฀ ฀ ฀ ฀72
Fixed income and currency 139฀ 115฀ 96฀ 71฀ 57
Equity(5) 126฀ 98฀ 86฀ 96฀ 107
Alternative investments(6) 97฀ 71฀ 58฀ 62฀ 58
Total assets under management $฀ ฀ ฀ ฀452฀฀ $฀ ฀ ฀ ฀373(8)฀ $฀ ฀ ฀ ฀ ฀348฀ $฀ ฀฀ ฀ ฀351฀ $฀ ฀ ฀ ฀ ฀294
(1)฀฀Cost฀of฀power฀generation฀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฀plant฀and฀related฀contractual฀assets.
(2)฀฀Long-term฀ debt฀includes฀ nonrecourse฀ debt฀ issued฀by฀ Funding฀ Corp,฀ consolidated฀ VIEs฀and฀ other฀ consolidated฀ entities.฀ Nonrecourse฀ debt฀ is฀ debt,฀ issued฀by฀
certain฀consolidated฀entities,฀that฀Group฀Inc.฀is฀not฀directly฀or฀indirectly฀obligated฀to฀repay.
(3)฀฀Book฀ value฀ per฀ share฀ is฀ based฀ on฀ common฀ shares฀ outstanding,฀ including฀ restricted฀ stock฀ units฀ granted฀ to฀ employees฀ with฀ no฀ future฀ service฀ requirements,฀
of฀ 494.0฀ million,฀ 496.1฀ million,฀ 491.2฀ million,฀ 501.8฀ million฀ and฀ 513.7฀ million฀ as฀ of฀ November฀ 2004,฀ November฀ 2003,฀ November฀ 2002,฀ November฀ 2001฀ and฀
November฀2000,฀respectively.
(4)฀฀Substantially฀all฀assets฀under฀management฀are฀valued฀as฀of฀calendar฀month฀end.
(5)฀฀Includes฀both฀fundamental฀equity฀and฀quantitative฀equity฀strategies.
(6)฀฀Includes฀other฀quantitative฀and/or฀non-traditional฀investment฀strategies฀(e.g.,฀hedge฀funds),฀merchant฀banking฀funds฀and฀vehicles฀where฀the฀firm฀contracts฀with฀
subadvisors฀for฀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)฀Includes฀$4฀billion฀in฀non-money฀market฀assets฀acquired฀in฀the฀firm’s฀combination฀with฀Ayco.฀