高盛Goldman Sachs Group Inc. (GS) 2002年年度报告「NYSE」.pdf

1、Goldman Sachs2002 Annual ReportGOLDMAN SACHS 2002 ANNUAL REPORTFinancial HighlightscontentsLetter to Shareholders.2Promoting and Protecting Shareholder Interests.6Defining Client Relationships.10Defining Teamwork.16Defining Determination.20AS OF OR FOR YEAR ENDED NOVEMBER($AND SHARE AMOUNTS IN MILLI

2、ONS,EXCEPT PER SHARE AMOUNTS)20022001Operating ResultsNet revenuesInvestment banking$2,830$3,836Trading and principal investments5,2496,349Asset management and securities services 5,9075,626Total net revenues13,98615,811Pre-tax earnings3,2533,696Net earnings2,1142,310Common Share DataDiluted earning

3、s per share$4.03$4.26Average diluted common shares outstanding525.1541.8Dividends declared per share$0.48$0.48Book value per share(1)38.6936.33Financial Condition and Other Operating DataTotal assets$355,574$312,218Long-term borrowings38,71131,016Shareholders equity19,00318,231Leverage ratio(2)18.7x

4、17.1xAdjusted leverage ratio(3,4)15.2x14.5xReturn on average shareholders equity(5)11.3%13.0%Return on average tangible shareholders equity(6)15.3%17.8%Selected DataTotal employees19,73922,677Assets under management($in billions)$348$351(1)Book value per share is based on common shares outstanding,i

5、ncluding restricted stock units granted to employees with no future service require-ments,of 491.2 million as of November 2002 and 501.8 million as of November 2001.(2)Leverage ratio equals total assets divided by shareholders equity.(3)Adjusted leverage ratio equals adjusted assets divided by tangi

6、ble shareholders equity.Adjusted assets excludes(i)low-risk collateralized assets generally associated with our matched book and securities lending businesses(which we calculate by adding our securities purchased under agree-ments to resell and securities borrowed,and then subtracting our nonderivat