The Goldman Sachs Group, Inc. (GS) 10-K 2003 FY Annual report

EXHIBIT 13.4

Supplemental Financial Information

SELECTED FINANCIAL DATA

		AS OF OR FOR YEAR ENDED NOVEMBER
		2003		2002		2001		2000(7)			1999(8)
Income statement data(IN MILLIONS)
Total revenues		$	23,623	$	22,854	$	31,138	$	33,000		$	25,363
Interest expense			7,600		8,868		15,327		16,410			12,018
Cost of power generation(1)			11		—		—		—			—
Revenues, net of interest expense and
	cost of power generation		16,012		13,986		15,811		16,590			13,345
Compensation and benefits			7,393		6,744		7,700		7,773			6,459
Nonrecurring employee initial public
	offering and acquisition awards		—		—		—		290			2,257
Amortization of employee initial public
	offering and acquisition awards		122		293		464		428			268
Other operating expenses			4,052		3,696		3,951		3,079			2,369
Pre-tax earnings		$	4,445	$	3,253	$	3,696	$	5,020		$	1,992
Balance sheet data(IN MILLIONS)
Total assets		$	403,799	$	355,574	$	312,218	$	284,410		$	248,348
Long-term borrowings(2)			57,482		38,711		31,016		31,395			20,952
Total liabilities			382,167		336,571		293,987		267,880			238,203
Shareholders’ equity			21,632		19,003		18,231		16,530			10,145
Common share data(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
Earnings per share
	Basic	$	6.15	$	4.27	$	4.53	$	6.33		$	5.69
	Diluted		5.87		4.03		4.26		6.00			5.57
Dividends declared per share			0.74		0.48		0.48		0.48			0.24
Book value per share(3)			43.60		38.69		36.33		32.18			20.94
Average common shares outstanding
	Basic		488.4		495.6		509.7		484.6			475.9
	Diluted		511.9		525.1		541.8		511.5			485.8
Selected data(UNAUDITED)
Employees
	United States		12,786		12,511		14,565		14,755			9,746
	International		6,690		7,228		8,112		7,872			5,615
Total employees(4)			19,476		19,739		22,677		22,627	(9)		15,361
Assets under management(IN BILLIONS)(5)
Asset class
	Money markets	$	89	$	108	$	122	$	72		$	48
	Fixed income and currency		115		96		71		57			58
	Equity		98		86		96		107			98
	Alternative investments(6)		71		58		62		58			54
Total assets under management		$	373	$	348	$	351	$	294		$	258

⁽¹⁾  Cost of power generation relates to the firm’s previously announced acquisition of East Coast Power L.L.C. This line includes all of the direct costs of the firm’s power plant
      operations (e.g., fuel, operations and maintenance), as well as the depreciation and amortization associated with the plants and related contractual assets.

⁽²⁾  Long-term debt includes nonrecourse debt of $3.2 billion issued by Funding Corp, $1.6 billion issued by consolidated VIEs and $0.6 billion issued by other consolidated entities.
      Nonrecourse debt is debt, issued by certain consolidated entities, that Group Inc. is not directly or indirectly obligated to repay through a guarantee, general partnership interest
      or contractual arrangement.

⁽³⁾  Book value per share is based on common shares outstanding, including restricted stock units granted to employees with no future service requirements, of 496.1 million,
      491.2 million, 501.8 million, 513.7 million and 484.6 million as of November 2003, November 2002, November 2001, November 2000 and November 1999, respectively.

⁽⁴⁾  Excludes employees of Goldman Sachs’ property management subsidiaries. Substantially all of the costs of these employees are reimbursed to Goldman Sachs by the real estate
      investment funds to which these companies provide property management and loan services.

⁽⁵⁾  Substantially all assets under management are valued as of calendar month end.

⁽⁶⁾  Includes merchant banking funds, quantitatively driven investment funds and other funds with nontraditional investment strategies that the firm manages, as well as funds where
      the firm recommends one or more subadvisors for the firm’s clients.

⁽⁷⁾  In 2000, pre-tax earnings included a charge of $290 million ($180 million after taxes), or $0.35 per average diluted common share outstanding, related to the firm’s combination
      with SLK.

⁽⁸⁾  In 1999, pre-tax earnings were reduced by nonrecurring expenses of $2.26 billion associated with the conversion to corporate form and the charitable contribution to
      The Goldman Sachs Foundation of $200 million made at the time of the initial public offering.

⁽⁹⁾  Includes 2,600 employees related to the combination with SLK.

GOLDMAN SACHS 2003 ANNUAL REPORT103