高盛Goldman Sachs Group Inc. (GS) 2005年年度报告「NYSE」.pdf

1、The Goldman Sachs Approach2005 annual reportgoldman sachs 2005 annual AS OF OR FOR THE YEAR ENDED NOVEMBER($AND SHARE AMOUNTS IN MILLIONS,EXCEPT PER SHARE AMOUNTS)200520042003operating results Net revenues Investment banking$3,671$3,374$2,711Trading and principal investments 16,362 13,32710,443Asset

2、 management and securities services 4,749 3,8492,858 Total net revenues 24,78220,55016,012Pre-tax earnings 8,273 6,6764,445 Net earnings 5,626 4,5533,005 Net earnings applicable to common shareholders 5,609 4,5533,005 common share data Diluted earnings per common share$11.21$8.92$5.87Average diluted

3、 common shares outstanding 500.2 510.5511.9Dividends declared per common share$1.00$1.00$0.74Book value per common share(1)57.02 50.7743.60Tangible book value per common share(2)(3)45.72 40.9133.56Ending stock price 134.12 104.8496.08financial condition and other operating data Total assets$706,804$

4、531,379$403,799Long-term borrowings 100,007 80,69657,482Total shareholders equity 28,002 25,07921,632Leverage ratio(4)25.2x 21.2x18.7xAdjusted leverage ratio(5)18.2x 15.1x16.5xDebt to equity ratio(6)3.6x 3.2x2.7xReturn on average common shareholders equity(7)21.8%19.8%15.0%Return on average tangible

5、 common shareholders equity(8)27.6%25.2%19.9%selected data Total employees 22,42520,72219,476Assets under management($IN BILLIONS)$532$452$373(1)Book value per common share is based on common shares outstanding,including restricted stock units granted to employees with no future service requirements

6、,of 460.4 million,494.0 million and 496.1 million as of November 2005,November 2004 and November 2003,respectively.(2)Tangible book value per common share is computed by dividing tangible common shareholders equity by the number of common shares outstanding,including restricted stock units granted t