高盛Goldman Sachs Group Inc. (GS) 2003年年度报告「NYSE」.pdf

1、everycatalystelicits areactiongoldman sachs 2003 annual reportContentsLetter to Shareholders3A Strategic Reaction10An Innovative Reaction14A Resilient Reaction18A Global Reaction22A Cooperative Reaction26Our Core Businesses28Financial Information31Board Members,Officers and Directors104International

2、 Advisors and Offices110Our Business Principles111Shareholder Information112Financial HighlightsAS OF OR FOR YEAR ENDED NOVEMBER($AND SHARE AMOUNTS IN MILLIONS,EXCEPT PER SHARE AMOUNTS)200320022001Operating ResultsNet revenuesInvestment banking$2,711$2,830$3,836Trading and principal investments10,44

3、38,6479,570Asset management and securities services2,8582,5092,405Total net revenues16,01213,98615,811Pre-tax earnings4,4453,2533,696Net earnings3,0052,1142,310Common Share DataDiluted earnings per share$5.87$4.03$4.26Average diluted common shares outstanding511.9525.1541.8Dividends declared per sha

4、re$0.74$0.48$0.48Book value per share(1)43.6038.6936.33Tangible book value per share(2)(3)33.5628.8426.75Financial Condition and Other Operating DataTotal assets$403,799$355,574$312,218Long-term borrowings57,48238,71131,016Shareholders equity21,63219,00318,231Leverage ratio(4)18.7x18.7x17.1xAdjusted

5、 leverage ratio(5)16.5x15.2x14.5xReturn on average shareholders equity(6)15.0%11.3%13.0%Return on average tangible shareholders equity(7)19.9%15.3%17.8%Selected DataTotal employees(8)19,47619,73922,677Assets under management($in billions)$373$348$351(1)Book value per share is based on common shares

6、outstanding,including restricted stock units granted toemployees with no future service requirements,of 496.1 million,491.2 million and 501.8 million as ofNovember 2003,November 2002 and November 2001,respectively.(2)Tangible book value per share is computed by dividing tangible shareholders equity