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MarketScreener Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group Inc.    GS

GOLDMAN SACHS GROUP INC.

(GS)
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Goldman Sachs : 2019 Fourth Quarter Results Presentation

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01/15/2020 | 07:28am EST

Full Year and Fourth Quarter 2019 Earnings Results Presentation

January 15, 2020

Results Snapshot

Net Revenues

Net Earnings

EPS

2019

$36.55 billion

2019

$8.47 billion

2019

$21.03

4Q

$9.96 billion

4Q

$1.92 billion

4Q

$4.69

ROE1

ROTE1

Impact of Litigation

2019

10.0%

2019

10.6%

2019 EPS

-$3.16

4Q

8.7%

4Q

9.2%

2019 ROE / ROTE

-1.5pp /-1.6pp

Annual Highlights

#1 in Announced and Completed M&A2

Record FICC financing net revenues

#1 in Equity and equity-related offerings2

Record AUS3,4

2nd highest Investment Banking net revenues

Record Consumer & Wealth Management net revenues

1

Macro Perspectives

Constructive Fundamentals

Accelerating global growth

GDP Growth:

U.S.

Global

2020 │ 2021

+2.2% │ +2.4%

+3.4% │ +3.6%

Supportive sentiment and fundamentals

Strong Consumer

Low Global

Low U.S.

Sentiment

Inflation

Unemployment

Operating Backdrop in 4Q19

Macro Factors

U.S. - China Trade

Brexit

Low Global Rates

Steeper

Accommodative

Higher

Muted Corporate

Yield Curve

Central Banks

Equity Markets

Sentiment

U.S. 2-10 Year Spread

25bps Fed rate cut in

S&P 500: +9%

CEO Economic

~30bps wider

October

Stoxx Europe 600: +6%

Outlook Index:

-3% QoQ

2020 and 2021 estimated real gross domestic product (GDP) growth per Goldman Sachs Research

2

Financial Overview

Financial Results

$ in millions,

vs.

vs.

vs.

except per share amounts

4Q19

3Q19

4Q18

2019

2018

Investment Banking

$

2,064

12%

-6%

$

7,599

-7%

Global Markets

3,480

-2%

33%

14,779

2%

Asset Management

3,003

85%

52%

8,965

1%

Consumer & Wealth Management

1,408

7%

8%

5,203

1%

Net revenues

$

9,955

20%

23%

$

36,546

-%

Provision for credit losses

336

15%

51%

1,065

58%

Operating expenses

7,298

30%

42%

24,898

6%

Pre-tax earnings

2,321

-4%

-14%

10,583

-15%

Net earnings

1,917

2%

-24%

8,466

-19%

Net earnings to common

$

1,724

-4%

-26%

$

7,897

-20%

Diluted EPS

$

4.69

-2%

-22%

$

21.03

-17%

ROE1

8.7%

-0.3pp

-3.4pp

10.0%

-3.3pp

ROTE1

9.2%

-0.3pp

-3.6pp

10.6%

-3.5pp

Full Year Net Revenue Mix by Segment

Consumer & Wealth

Management

14%Investment

Banking

21%

Asset Management 25%

(FICC 20%)

(Equities 20%)

Global

FY19 Litigation Impact

Markets

Diluted EPS

$

-3.16

40%

ROE

-1.5pp

ROTE

-1.6pp

3

Investment Banking

Financial Results

vs.

vs.

vs.

$ in millions

4Q19

3Q19

4Q18

2019

2018

Financial advisory

$

855

23%

-29%

$

3,197

-7%

Equity underwriting

378

3%

23%

1,482

-9%

Debt underwriting

599

14%

37%

2,119

-10%

Underwriting

977

10%

31%

3,601

-10%

Corporate lending

232

-9%

-8%

801

7%

Net revenues

2,064

12%

-6%

7,599

-7%

Provision for credit losses

75

-18%

108%

333

169%

Full Year Worldwide League Table Rankings2

#1

Announced M&A

#1

Equity & equity-related

#1

Completed M&A

#1

Common stock offerings

#2

High-yield debt

Investment Banking Highlights

  • 4Q19 net revenues lower YoY
    • Financial advisory 4Q19 net revenues significantly lower YoY, compared with a strong prior year period, reflecting a significant decrease in industry-wide completed M&A volumes
    • Underwriting 4Q19 net revenues significantly higher YoY, driven by asset-backed activity and an increase in industry-wide equity underwriting transactions
  • 2019 net revenues lower YoY compared with a strong 2018, reflecting lower net revenues in Underwriting and Financial advisory
  • Overall backlog3 increased QoQ, reflecting increases in advisory and equity underwriting backlog, and essentially unchanged YoY

Investment Banking Net Revenues ($ in millions)

$2,193

$2,064

$251

$1,948

$1,746

$1,841

$232

$187

$437

$254

$128

$514

$599

$307

$482

$524

$262

$476

$366

$378

$1,198

$874

$855

$771

$697

4Q18

1Q19

2Q19

3Q19

4Q19

Financial advisory

Equity underwriting

Debt underwriting

Corporate lending

4

Global Markets - FICC

Financial Results

vs.

vs.

vs.

$ in millions

4Q19

3Q19

4Q18

2019

2018

FICC intermediation

$

1,382

5%

83%

$

6,009

5%

FICC financing

387

6%

17%

1,379

10%

FICC

1,769

5%

63%

7,388

6%

Equities intermediation

979

-9%

9%

4,374

-7%

Equities financing

732

-7%

17%

3,017

9%

Equities

1,711

-8%

12%

7,391

-1%

Net revenues

3,480

-2%

33%

14,779

2%

Provision for credit losses

20

25%

186%

35

-33%

FICC Highlights

  • 4Q19 net revenues significantly higher YoY compared with a weak 4Q18
    • FICC intermediation net revenues were significantly higher, reflecting higher net revenues across most major businesses
  • 2019 net revenues higher YoY, due to higher net revenues in FICC intermediation and FICC financing
  • 4Q19 operating environment generally characterized by improved market conditions compared with 3Q19, while client activity levels were lower

FICC Net Revenues ($ in millions)

$2,238

$366

$1,769

$1,702

$1,679

$262

$364

$387

$1,087

$330

$1,872

$1,440

$1,315

$1,382

$757

4Q18

1Q19

2Q19

3Q19

4Q19

Intermediation

Financing

5

Global Markets - Equities

Financial Results

vs.

vs.

vs.

$ in millions

4Q19

3Q19

4Q18

2019

2018

FICC intermediation

$

1,382

5%

83%

$

6,009

5%

FICC financing

387

6%

17%

1,379

10%

FICC

1,769

5%

63%

7,388

6%

Equities intermediation

979

-9%

9%

4,374

-7%

Equities financing

732

-7%

17%

3,017

9%

Equities

1,711

-8%

12%

7,391

-1%

Net revenues

3,480

-2%

33%

14,779

2%

Provision for credit losses

20

25%

186%

35

-33%

Equities Highlights

  • 4Q19 net revenues higher YoY
    • Equities financing net revenues were higher, reflecting improved spreads and higher average customer balances
    • Equities intermediation net revenues were higher, driven by cash products
  • 2019 net revenues essentially unchanged YoY, as lower net revenues in Equities intermediation were offset by higher net revenues in Equities financing
  • 4Q19 operating environment was characterized by generally higher global equity prices and lower levels of volatility compared with 3Q19

Equities Net Revenues ($ in millions)

$2,014

$1,802

$1,864

$1,711

$1,522

$860

$641

$784

$625

$732

$1,161

$1,154

$1,080

$979

$897

4Q18

1Q19

2Q19

3Q19

4Q19

Intermediation

Financing

6

Asset Management

Financial Results

vs.

vs.

vs.

$ in millions

4Q19

3Q19

4Q18

2019

2018

Management and other fees

$

666

1%

6%

$

2,600

-%

Incentive fees

45

88%

-33%

130

-66%

Equity investments

1,865

N.M.

96%

4,765

13%

Lending

427

25%

31%

1,470

-10%

Net revenues

3,003

85%

52%

8,965

1%

Provision for credit losses

120

48%

155%

274

71%

Equity Investments Asset Mix4

Asset Management Highlights

  • 4Q19 net revenues significantly higher YoY
    • Equity investments net revenues were significantly higher, reflecting net gains in public and private equities
    • Lending net revenues were significantly higher, primarily reflecting higher net gains from investments in debt instruments
    • Management and other fees were higher, reflecting higher average AUS
  • 2019 net revenues essentially unchanged YoY, reflecting higher net revenues in Equity investments, offset by significantly lower Incentive fees and lower net revenues in Lending

Asset Management Net Revenues ($ in millions)

$3,003

$2,548

$427

$351

$1,974

$1,793

$ in billions

4Q19

Corporate

$

17

Real estate

5

Total

$

22

$ in billions

4Q19

Public equity

$

2

Private equity

20

Total

$

22

$327

$351

$1,621

$1,865

$1,499

$341

$951

$805

$596

$67

$30

$31

$24

$45

$629

$607

$667

$660

$666

  • In addition, the firm's consolidated investment entities5 have a carrying value of $17 billion, funded with liabilities of approximately $9 billion, substantially all of which were nonrecourse

4Q18

1Q19

2Q19

3Q19

4Q19

Management and other fees

Incentive fees

Equity investments

Lending

7

Consumer & Wealth Management

Financial Results

vs.

vs.

vs.

$ in millions

4Q19

3Q19

4Q18

2019

2018

Management and other fees

$

967

10%

17%

$

3,475

6%

Incentive fees

19

-10%

-78%

81

-82%

Private banking and lending

194

-3%

-4%

783

-5%

Wealth management

1,180

7%

6%

4,339

-5%

Consumer banking

228

5%

23%

864

41%

Net revenues

1,408

7%

8%

5,203

1%

Provision for credit losses

121

17%

-8%

423

25%

Consumer & Wealth Management Highlights

  • 4Q19 net revenues higher YoY
    • Wealth management net revenues higher YoY, due to higher Management and other fees, reflecting higher average AUS, partially offset by lower Incentive fees
    • Consumer banking net revenues higher YoY, driven by higher net interest income, primarily reflecting an increase in deposit balances
  • 2019 net revenues essentially unchanged YoY, as significantly higher net revenues in Consumer banking and record Management and other fees were offset by significantly lower Incentive fees
  • Continued to scale our online deposit platform, as consumer deposits increased $24 billion in 2019 to $60 billion4

Consumer & Wealth Management Net Revenues ($ in millions)

$1,304

$1,249

$1,318

$1,408

$1,228

$228

$186

$217

$203

$216

$194

$202

$199

$203

$187

$19

$86

$13

$21

$28

$830

$794

$833

$881

$967

4Q18

1Q19

2Q19

3Q19

4Q19

Management and other fees Incentive fees Private banking and lending Consumer banking

8

Firmwide Assets Under Supervision

Firmwide Assets Under Supervision3,4

By Segment

vs.

vs.

$ in billions

4Q19

3Q19

4Q18

3Q19

4Q18

Asset Management

$

1,298

$

1,232

$

1,087

5%

19%

Consumer & Wealth Management

561

530

455

6%

23%

Firmwide AUS

$

1,859

$

1,762

$

1,542

6%

21%

By Asset Class

vs.

vs.

$ in billions

4Q19

3Q19

4Q18

3Q19

4Q18

Alternative investments

$

185

$

182

$

167

2%

11%

Equity

423

392

301

8%

41%

Fixed income

789

784

677

1%

17%

Long-term AUS

1,397

1,358

1,145

3%

22%

Liquidity products

462

404

397

14%

16%

Firmwide AUS

$

1,859

$

1,762

$

1,542

6%

21%

Long-Term AUS Net Flows3,4,6 ($ in billions)

$69

$20

$17

$3

$2

4Q18

1Q19

2Q19

3Q19

4Q19

Assets Under Supervision Highlights3,4

  • Firmwide AUS increased $317 billion6 in 2019 to a record $1.86 trillion, including Asset Management AUS increasing $211 billion6 and Consumer & Wealth Management increasing $106 billion6
    • Long-termnet inflows of $108 billion, primarily in fixed income and equity assets
    • Liquidity products net inflows of $65 billion
    • Net market appreciation of $144 billion, primarily in equity and fixed income assets
  • Over past five years, total cumulative organic long-term AUS net inflows of ~$195 billion

4Q19 AUS Mix3,4

Asset

Distribution

Region

Vehicle

Class

Channel

10%

Alternative

9%

Asia

10%

Private

investments

funds

30%

Wealth

15%

and other

23%

Equity

management

EMEA

32%

Public

funds

25%

Liquidity

Third-party

products

33%

distributed

76%

Americas

58%

Separate

Fixed

accounts

42%

income

37%

Institutional

9

Net Interest Income and Loans

Net Interest Income by Segment ($ in millions)

$3,767

$4,362

$1,661

$1,356

$1,065

$991

$1,008

$511

$482

$375

$425

$444

$1,607

$1,670

$136

$124

$165

$388

$316

$314

$322

$520

$92

$143

$142

2018

2019

4Q18

3Q19

4Q19

Consumer & Wealth Management

Asset Management

Global Markets

Investment Banking

Net Interest Income Highlights

  • 2019 net interest income increased $595 million YoY, reflecting growth in loans
  • 4Q19 net interest income increased $74 million YoY, reflecting growth in loans

Loans4

$ in billions

4Q19

3Q19

4Q18

Corporate

$

46

$

46

$

42

Commercial real estate

17

16

14

Residential real estate

7

7

8

Real estate

24

23

22

Wealth management

28

26

25

Consumer

5

5

5

Credit cards

2

1

-

Other

5

5

5

Allowance for loan and lease losses

(1)

(1)

(1)

Total Loans

$

109

$

105

$

98

Loan Highlights

  • Total loans increased $11 billion, up 11%, during 2019
  • Provision for credit losses was $1.07 billion for 2019, 58% higher YoY, primarily reflecting higher impairments (primarily related to corporate loans) and higher provisions related to consumer loans (reflecting growth in credit card loans). The 2019 firmwide net charge-off rate was 0.6%
  • Provision for credit losses was $336 million for 4Q19, 51% higher YoY, primarily reflecting higher impairments (primarily related to corporate loans). The 4Q19 annualized firmwide net charge-off rate was 0.7%

10

Expenses

Financial Results

vs.

vs.

vs.

$ in millions

4Q19

3Q19

4Q18

2019

2018

Compensation and benefits

$

3,046

12%

64%

$

12,353

-%

Brokerage, clearing, exchange and

814

-5%

-2%

3,252

2%

distribution fees

Market development

200

18%

-4%

739

-%

Communications and technology

308

9%

18%

1,167

14%

Depreciation and amortization

464

-2%

23%

1,704

28%

Occupancy

318

26%

48%

1,029

27%

Professional fees

366

5%

15%

1,316

8%

Expense Highlights

  • 2019 total operating expenses increased YoY, reflecting:

- Higher non-compensation expenses, which included:

  1. Significantly higher net provisions for litigation and regulatory proceedings ($1.24 billion in 2019 vs. $844 million in 2018)
  1. Higher expenses for consolidated investments and technology (primarily reflected in depreciation and amortization, communications and technology, occupancy, and other expenses)
      1. Higher expenses related to the firm's credit card and transaction banking activities (primarily reflected in professional fees and other expenses) and expenses related to United Capital
    • Compensation and benefits expenses were essentially unchanged
  • 2019 effective income tax rate of 20.0%, up from 16.2% for 2018, as 2018 included a $487 million income tax benefit related to the finalization of the enactment impact of the Tax Cuts and Jobs Act
    • 2020 effective tax rate expected to be ~21%

Efficiency Ratio3

Other expenses

1,782

N.M.

64%

3,338

18%

Total operating expenses

$

7,298

30%

42%

$

24,898

6%

Provision for taxes

$

404

-25%

138%

$

2,117

5%

Effective Tax Rate

20.0%

3.8pp

64%

68%

2018

2019

Impact of Litigation:

+2.3pp

+3.4pp

11

Capital and Balance Sheet

Capital3,4

$ in billions

4Q19

3Q19

4Q18

Common equity tier 1 (CET1) capital

$

74.9

$

75.7

$

73.1

Standardized RWAs

$

564

$

557

$

548

Standardized CET1 capital ratio

13.3%

13.6%

13.3%

Advanced RWAs

$

545

$

566

$

558

Advanced CET1 capital ratio

13.7%

13.4%7

13.1%

Supplementary leverage ratio

6.2%

6.2%

6.2%

Selected Balance Sheet Data4

$ in billions

4Q19

3Q19

4Q18

Total assets

$

993

$

1,007

$

932

Deposits

190

183

158

Unsecured long-term borrowings

207

217

224

Shareholders' equity

90

92

90

Average GCLA

237

238

229

Capital and Balance Sheet Highlights

  • Advanced CET1 ratio increased YoY, while Standardized CET1 ratio was unchanged
    • Decrease in Advanced RWAs reflected lower credit RWAs driven by updates to the firm's calculation of loss given default7
    • Increase in Standardized RWAs reflected higher credit RWAs
  • Returned $6.88 billion of capital to common shareholders during the year
    • Paid $1.54 billion in common stock dividends
    • Repurchased 25.8 million shares of common stock, for a total cost of $5.34 billion3
  • Maintained highly liquid balance sheet and robust liquidity metrics
    • Deposits increased $32 billion, reflecting strong growth in Consumer deposits
    • Continue to expect vanilla debt maturities to outpace issuance in 2020 although to a lesser extent than in 2019

Book Value

In millions, except per share amounts

4Q19

3Q19

4Q18

Basic shares3

361.8

369.3

380.9

Book value per common share

$

218.52

$

218.82

$

207.36

Tangible book value per common share1

$

205.15

$

205.59

$

196.64

12

Cautionary Note on Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the firm's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm's control. It is possible that the firm's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these statements. For information about some of the risks and important factors that could affect the firm's future results and financial condition and the forward-looking statements below, see "Risk Factors" in Part I, Item 1A of the firm's Annual Report on Form 10- K for the year ended December 31, 2018.

Information regarding the firm's assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets (GCLA) and the impact of adopting ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments" consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements regarding (i) the firm's planned 2020 vanilla debt issuance, (ii) the firm's 2020 effective income tax rate, (iii) estimated GDP growth, (iv) the timing and profitability of business initiatives, (v) the level of future compensation expense as a percentage of operating expenses, (vi) the firm's investment banking transaction backlog, and (vii) the projected growth of the firm's deposits and associated interest expense savings are forward-looking statements. Statements regarding the firm's planned 2020 vanilla debt issuance are subject to the risk that actual issuances may differ, possibly materially, due to changes in market conditions, business opportunities or the firm's funding needs. Statements about the firm's expected 2020 effective income tax rate are subject to the risk that the firm's 2020 effective income tax rate may differ from the anticipated rate indicated, possibly materially, due to, among other things, changes in the firm's earnings mix or profitability, the entities in which the firm generates profits and the assumptions made in forecasting the firm's expected tax rate and potential future guidance from the U.S. IRS. Statements regarding estimated GDP growth are subject to the risk that actual GDP growth may differ, possibly materially, due to, among other things, changes in general economic conditions. Statements about the timing and benefits of business initiatives are based on the firm's current expectations regarding our ability to implement these initiatives and may change, possibly materially, from what is currently expected. Statements about the level of compensation expense, including as a percentage of operating expenses, as the firm's platform business initiatives reach scale are subject to the risks that the compensation costs to operate the firm's businesses, including platform initiatives, may be greater than currently expected. Statements about the firm's investment banking transaction backlog are subject to the risk that transactions may be modified or not completed at all and associated net revenues may not be realized or may be materially less than those currently expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak of hostilities, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements regarding the projected growth of the firm's deposits and associated interest expense savings are subject to the risk that the actual growth and savings may differ, possibly materially, due to, among other things, market conditions and competition from other similar products.

13

Footnotes

1. Return on average common shareholders' equity (ROE) is calculated by dividing net earnings (or annualized net earnings for annualized ROE) applicable to common shareholders by average monthly common shareholders' equity. Tangible common shareholders' equity is calculated as total shareholders' equity less preferred stock, goodwill and identifiable intangible assets. Return on average tangible common shareholders' equity (ROTE) is calculated by dividing net earnings (or annualized net earnings for annualized ROTE) applicable to common shareholders by average monthly tangible common shareholders' equity. Tangible book value per common share (TBVPS) is calculated by dividing tangible common shareholders' equity by basic shares. Management believes that tangible common shareholders' equity and TBVPS are meaningful because they are measures that the firm and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders' equity, ROTE and TBVPS are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies.

The table below presents average and ending equity, and a reconciliation of average and ending common shareholders' equity to average and ending tangible common shareholders' equity:

AVERAGE FOR THE

AS OF

THREE MONTHS ENDED

YEAR ENDED

Unaudited, $ in millions

DECEMBER 31, 2019

DECEMBER 31, 2019

DECEMBER 31, 2019

SEPTEMBER 30, 2019

DECEMBER 31, 2018

Total shareholders' equity

$

90,808

$

90,297

$

90,265

$

92,012

$

90,185

Preferred stock

(11,203)

(11,203)

(11,203)

(11,203)

(11,203)

Common shareholders' equity

79,605

79,094

79,062

80,809

78,982

Goodwill and identifiable intangible assets

(4,862)

(4,464)

(4,837)

(4,886)

(4,082)

Tangible common shareholders' equity

$

74,743

$

74,630

$

74,225

$

75,923

$

74,900

  1. Dealogic - January 1, 2019 through December 31, 2019.
  2. For information about the following items, see the referenced sections in Part I, Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the firm's Quarterly Report on Form 10-Q for the period ended September 30, 2019: (i) investment banking transaction backlog - see "Results of Operations - Investment Banking" (ii) assets under supervision - see "Results of Operations - Investment Management" (iii) efficiency ratio - see "Results of Operations - Operating Expenses" (iv) basic shares - see "Balance Sheet and Funding Sources - Balance Sheet Analysis and Metrics" (v) share repurchase program - see "Equity Capital Management and Regulatory Capital - Equity Capital Management" and (vi) global core liquid assets - see "Risk Management - Liquidity Risk Management."
    For information about risk-based capital ratios and supplementary leverage ratio, see Note 20 "Regulation and Capital Adequacy" in Part I, Item 1 "Financial Statements" in the firm's Quarterly Report on Form 10-Q for the period ended September 30, 2019.
  3. Represents a preliminary estimate for the fourth quarter of 2019 and may be revised in the firm's Annual Report on Form 10-K for the year ended December 31, 2019.
  4. Includes consolidated investment entities reported in "Other assets" in the consolidated balance sheets, substantially all of which related to entities engaged in real estate investment activities. These assets are generally accounted for at historical cost less depreciation.
  5. Net inflows in assets under supervision for the year ended December 31, 2019 included $71 billion of total inflows (substantially all in equity and fixed income assets) in connection with the acquisitions of both Standard & Poor's Investment Advisory Services (SPIAS) and United Capital Financial Partners, Inc. (United Capital) in the third quarter of 2019 ($58 billion) and Rocaton Investment Advisors (Rocaton) in the second quarter of 2019 ($13 billion). SPIAS and Rocaton were included in the Asset Management segment and United Capital was included in the Consumer & Wealth Management segment.
  6. Beginning in the fourth quarter of 2019, the firm made changes to the calculation of loss given default for certain wholesale exposures. As of September 30, 2019, the estimated impact of these changes would have been an increase in the firm's Advanced common equity tier 1 capital ratio of approximately 1 percentage point.

14

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The Goldman Sachs Group Inc. published this content on 15 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 January 2020 12:27:01 UTC

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Sales 2020 36 844 M
EBIT 2020 12 426 M
Net income 2020 8 557 M
Debt 2020 122 B
Yield 2020 2,17%
P/E ratio 2020 9,92x
P/E ratio 2021 9,15x
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David Michael Solomon Chairman & Chief Executive Officer
John E. Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
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