2005
2004
% change
Net revenues, $ billion
24.78
20.55
20.6%
Pre-tax earnings, $ billion
8.27
6.68
23.8%
% of revenues
33.4%
32.5%
2005
2004
% change
Operating income, � m
448
401.2
11.7%
Pre-tax profit, � m
108.62
101.34
7.2%
% of operating income
24.2%
25.3%
Shareholders equity, � m
540.32
509.26
2005
2004
$ billion
%
$ billion
%
Short term borrowings
55.22
36%
54.96
41%
Long term borrowings
Secured
15.67
10%
12.09
9%
Unsecured
84.34
54%
68.61
51%
100.01
64%
80.7
59%
Total borrowings
155.23
100%
135.66
100%
Cash and cash equivalent
10.26
4.36
Net debt
144.97
131.30
Shareholders equity
28.00
25.08
76%
84%
2005
2004
� m
%
� m
%
Short term borrowings
132.22
15%
287.36
40%
Long term borrowings
729.28
85%
434.00
60%
Total borrowings
861.5
100%
721.36
100%
Cash and cash equivalent
1.25
0.85
Net debt
860.25
720.51
Shareholders equity
540.32
509.26
46%
59%
$ bln
Net profits
5.63
Cash flow
Net profits
5.63
Tax
-37.82
Footnotes
[1] Goldman Sachs, Annual Report 2005
[2] Close Brothers, Annual Report 2005
[3] Goldman Sachs, Annual Report 2005
[4] Close Brothers, Annual Report 2005
[5] Goldman Sachs, Annual Report 2005
[6] Close Brothers, Annual Report 2005
[7] Goldman Sachs, Annual Report 2005
[8] Close Brothers, Annual Report 2005
[9] Goldman Sachs, Annual Report 2005, Pg. 74
[10] Goldman Sachs, Annual Report 2005, Pg. 89
[11] Close Brothers, Annual Report 2005, Pg. 31
[12] Goldman Sachs, Annual Report 2005, Pg. 73
[13] Close Brothers, Annual Report 2005, Pg. 8
[14] Goldman Sachs, Annual Report 2005, Pg. 24
[15] Goldman Sachs, Annual Report 2005, Pg. 25
[16] Goldman Sachs, Annual Report 2005, Pg. 25
[17] Close Brothers, Annual Report 2005, Pg. 5
[18] Close Brothers, Annual Report 2005, Pg. 6
[19] Close Brothers, Annual Report 2005, Pg. 8