高盛Goldman Sachs Group Inc. (GS) 2004年年度报告「NYSE」.pdf

1、Goldman Sachs2004 annual reportfinancial highlights AS OF OR FOR THE YEAR ENDED NOVEMBER($AND SHARE AMOUNTS IN MILLIONS,EXCEPT PER SHARE AMOUNTS)2004 2003 2002operating results Net revenues Investment banking$3,374$2,711$2,830 Trading and principal investments 13,327 10,443 8,647Asset management and

2、 securities services 3,849 2,858 2,509 Total net revenues 20,550 16,012 13,986Pre-tax earnings 6,676 4,445 3,253 Net earnings 4,553 3,005 2,114 common share data Diluted earnings per share$8.92$5.87$4.03Average diluted common shares outstanding 510.5 511.9 525.1Dividends declared per share$1.00$0.74

3、$0.48Book value per share(1)50.77 43.60 38.69Tangible book value per share(2)(3)40.91 33.56 28.84financial condition and other operating data Total assets$531,379$403,799$355,574Long-term borrowings 80,696 57,482 38,711Shareholders equity 25,079 21,632 19,003Leverage ratio(4)21.2x 18.7x 18.7xAdjuste

4、d leverage ratio(5)15.1x 16.5x 15.2xDebt to equity ratio(6)3.2x 2.7x 2.0 x Return on average shareholders equity(7)19.8%15.0%11.3%Return on average tangible shareholders equity(8)25.2%19.9%15.3%selected data Total employees 20,722 19,476 19,739Assets under management($IN BILLIONS)$452$373$348(1)Book

5、 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 and 491.2 million as of November 2004,November 2003 and November 2002,respectively.(2)Tangible book value per share is compu

6、ted by dividing tangible shareholders equity by the number of common shares outstanding,including restricted stock units granted to employees with no future service requirements.(3)Tangible shareholders equity equals total shareholders equity less goodwill and identifiable intangible assets.See“Fina