Goldman Sachs 2009 Annual Report Download - page 92

Goldman Sachs 2009 Annual Report
90
Consolidated Financial Statements
One Month Ended December 2008
Consolidated Statement of Earnings
One Month Ended
(in millions, except per share amounts) December 2008
Revenues
Investment banking $ 135
Trading and principal investments (964)
Asset management and securities services 327
Total non-interest revenues (502)
Interest income 1,687
Interest expense 1,002
Net interest income 685
Net revenues, including net interest income 183
Operating expenses
Compensation and bene ts 744
Brokerage, clearing, exchange and distribution fees 165
Market development 16
Communications and technology 62
Depreciation and amortization 111
Occupancy 82
Professional fees 58
Other expenses 203
Total non-compensation expenses 697
Total operating expenses 1,441
Pre-tax loss (1,258)
Bene t for taxes (478)
Net loss (780)
Preferred stock dividends 248
Net loss applicable to common shareholders $(1,028)
Loss per common share
Basic $ (2.15)
Diluted (2.15)
Dividends declared per common share $ 0.47
(1)
Average common shares outstanding
Basic 485.5
Diluted 485.5
(1) Rounded to the nearest penny. Exact dividend amount was $0.4666666per
common share and was re ective of a four-month period (December2008
through March 2009), due to the change in the  rm’s  scal year-end.
Consolidated Statement of Comprehensive Loss
One Month Ended
(in millions) December 2008
Net loss $(780)
Currency translation adjustment, net of tax (32)
Pension and postretirement liability adjustments, net of tax (175)
Net unrealized gains on available-for-sale securities, net of tax 37
Comprehensive loss $(950)
Consolidated Statement of Cash Flows
One Month Ended
(in millions) December 2008
Cash  ows from operating activities
Net loss $ (780)
Non-cash items included in net loss
Depreciation and amortization 143
Share-based compensation 180
Changes in operating assets and liabilities
Cash and securities segregated for
regulatory and other purposes (5,835)
Net receivables from brokers, dealers and
clearing organizations 3,693
Net payables to customers and counterparties (7,635)
Securities borrowed, net of securities loaned (18,030)
Securities sold under agreements to repurchase,
net of securities purchased under agreements
to resell and federal funds sold 190,027
Trading assets, at fair value (192,883)
Trading liabilities, at fair value 10,059
Other, net 7,156
Net cash used for operating activities (13,905)
Cash  ows from investing activities
Purchase of property, leasehold improvements
and equipment (61)
Proceeds from sales of property, leasehold
improvements and equipment 4
Business acquisitions, net of cash acquired (59)
Proceeds from sales of investments 141
Purchase of available-for-sale securities (95)
Proceeds from sales of available-for-sale securities 26
Net cash used for investing activities (44)
Cash  ows from  nancing activities
Unsecured short-term borrowings, net 2,816
Other secured  nancings (short-term), net (1,068)
Proceeds from issuance of other secured
 nancings (long-term) 437
Repayment of other secured  nancings (long-term),
including the current portion (349)
Proceeds from issuance of unsecured
long-term borrowings 9,310
Repayment of unsecured long-term borrowings,
including the current portion (3,686)
Derivative contracts with a  nancing element, net 66
Deposits, net 4,487
Common stock repurchased (1)
Proceeds from issuance of common stock,
including stock option exercises 2
Net cash provided by  nancing activities 12,014
Net decrease in cash and cash equivalents (1,935)
Cash and cash equivalents, beginning of period 15,740
Cash and cash equivalents, end of period $ 13,805
Supplemental Disclosures:
Cash payments for interest, net of capitalized interest, were $459million for the
one month ended December 2008.
Cash payments for income taxes, net of refunds, were $171 million for the one
month ended December 2008.
The accompanying notes are an integral part of these consolidated  nancial statements.