Macquarie Group, Ltd. · ASX:MQG
Macquarie — Investor Day (February 2014)
84 slides from Macquarie's investor day presentation, Feb 11, 2014
Slide 1: Operational Briefing
For personal use only Operational Briefing Presentation to Investors and Analysts 11 February 2014
Slide 2: Disclaimer
For personal use only Di l i Disclaimer The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (Macquarie) and is general background information about Macquarie’s activities current as at the date of this presentation. This information is given in summary f
Slide 3: Agenda
For personal use only A Agenda d 10 05 – 10.10 10.05 10 10 Introduction – Karen Khadi 10.10 – 10.30 Update since the interim result – Nicholas Moore 10 30 – 10.55 10.30 10 55 Asia – Alex Harvey 10.55 – 11.20 Americas – Michael McLaughlin 11 20 – 11.35 11.20 11 35 M i T Morning Tea 11.35 – 12.00 Macq
Slide 4: Update since the Interim Result Announcement
For personal use only Update since the Interim Res lt Announcement Result Anno ncement Nicholas Moore Managing Director and Chief Executive Officer
Slide 5: About Macquarie: Building for the long term
For personal use only About Macquarie: B ildi ffor th Building the llong tterm Macquarie • Top 50 global asset manager with $A430.7b1 of assets under management • Provides clients with access to a diverse range of capabilities and products, including infrastructure and real asset management, securit
Slide 6: 3Q14 Overview
For personal use only 3Q14 O Overview i • Since our 1H14 result announcement, market conditions continued to show signs of improvement, however client activity y remains subdued for some capital p markets facing g businesses • Macquarie’s annuity-style businesses (Macquarie Funds, Banking and Financ
Slide 7: Overview: Annuity-style businesses
For personal use only Overview: A Annuity-style it t l businesses b i Operating Group Market positions Developments since 1H14 Macquarie Funds • Top 50 global asset manager, Australia’s largest global asset • AUM $A430.7b6 up 13% driven by FX, market movements and acquisitions manager, top five insu
Slide 8: Overview: Capital markets facing businesses
For personal use only Overview: C it l market Capital k t ffacing i b businesses i Operating Group Market positions Developments since 1H14 Macquarie Securities • Global execution and distribution capabilities, with the leading institutional broker • Increased ECM activity, particularly in Australia
Slide 9: Distribution of SYD securities to Macquarie shareholders
For personal use only Distribution of SYD securities to M Macquarie i shareholders h h ld • Following shareholder approval at our general meeting on 12 Dec 13, the distribution of SYD securities to eligible g shareholders was completed p in Jan 14. The distribution had the following g impact p on Ma
Slide 10: Board update
For personal use only B d update Board d t • John Niland retired as a Director from the boards of Macquarie Group Limited and Macquarie Bank Limited on 31 Dec 13 • Nicola Wakefield Evans joined the Boards of Macquarie Group Limited and Macquarie Bank Limited as an Independent Director on 7 Feb 14 •
Slide 11: Short term outlook
For personal use only Sh t tterm outlook Short tl k • Summarised below are the outlook statements for each Operating Group • FY14 results will vary with market conditions, particularly the capital markets facing businesses, some of which continue to experience subdued market conditions Net profit co
Slide 12: Short term outlook
For personal use only Sh t tterm outlook Short tl k • Consistent with our previous statements to the market, while market volatility makes forecasting difficult,, we continue to expect p the FY14 net profit p contribution1 from operating p gggroups p to be up p on FY13 • Tax rate is currently expect
Slide 13: 13,578 staff in over 28 countries
For personal use only 13,578 13 5781 staff t ff in i over 28 countries ti Europe, Middle East Asia Americas & Africa2 Staff: 1,200 Staff: 3,408 Staff: 2,6643 Europe Asia Canada Amsterdam Bangkok Manila Calgary Dublin Beijing Mumbai Montreal USA Frankfurt Gurgaon Seoul Toronto Atlanta Los Angeles Gen
Slide 14: Funded balance sheet remains strong
For personal use only F d db Funded balance l sheet h t remains i strong t $Ab 31 March 2013 $Ab 30 September 2013 $Ab 31 December 2013 100 100 100 SYD Airports distribution (1%) SYD Airports p investment (1%) ( ) 90 90 ST wholesale issued paper (9%) 90 ST wholesale issued ST wholesale issued paper
Slide 15: Basel III capital position
For personal use only B Basel l III capital it l position iti • APRA Basel III Group capital of $A12.7b, Group surplus of $A2.7b1 at Dec 13 • Strong Bank Group APRA Basel III CET1 ratio – Common Equity Tier 1: 9.7%; Tier 1: 10.8%2 • Dec 13 Group capital surplus figure includes the impact of the Jan
Slide 16: Regulatory update
For personal use only R Regulatory l t update d t • In May 2013, APRA issued its draft rules for Conglomerates. Whilst the rules are yet to be finalised, our current assessment is that Macquarie q has sufficient capital p to meet the minimum APRA capital p requirements for Conglomerates, which are e
Slide 17: Medium term
For personal use only M di Medium tterm • Macquarie remains well positioned to deliver superior performance in the medium term • Deep expertise in major markets • Build on our strength in diversity and continue to adapt our portfolio mix to changing market conditions – Annuity-style income is provid
Slide 18: Approximate business Basel III capital & ROE
For personal use only Approximate business Basel ase III Cap Capital ta & ROE O pre peSSYD d distribution st but o 30 September 2013 1 APRA Basel III Capital Approx. 1H14 Return Operating Group @ 8.5% ($Ab) on Ordinary Equity2 Approx 7-Year Average Approx. Annuity-style businesses 5.5 Return on Ordi
Slide 19: Medium term
For personal use only M di Medium tterm • Annuity-style business that is diversified across regions, products, asset classes and investor types MFG • Well positioned for organic growth with several strongly performing products and an efficient operating platform • Any improvement in market confidenc
Slide 20: Macquarie in Asia
For personal use only Macquarie Macq arie in Asia Alex Harvey Regional Head – Asia
Slide 21: Asian market conditions
For personal use only A i market Asian k t conditions diti Growing outbound investments1 Asian fund pools 500 35% 5 of the top 10 FDI Outfflows, Asia ($USb) 400 of all SWF assets are in Asia2 300 Sovereign Wealth Funds2 and Pension Funds3 are in Asia with assets in excess of $US 200 6 7tr 6.7tr 4 0t
Slide 22: Macquarie in Asia: snapshot
For personal use only M Macquarie i iin A Asia: i snapshot h t Hong Kong Strong foundations Beijing Shanghai Seoul Tokyo Regional hubs in Hong Kong and Singapore Gurgaon Taipei Mumbai Hsin Chu 14 locations in 11 markets Bangkok Manila Kuala Lumpur Singapore Staff: 3,408 (~50% in global Shared Servic
Slide 23: Macquarie in Asia: operating groups
For personal use only M Macquarie i iin A Asia: i operating ti groups MFG: 34 infrastructure & real AUM of $US38b estate businesses managed No.1 foreign asset manager Asian Alpha strategy by MIRA in 5 countries in Korea1 and awarded Best Market in Asia and 210+ staff in 7 markets across Asia, includ
Slide 24: Macquarie in Asia: operating groups
For personal use only M Macquarie i iin A Asia: i operating ti groups MacCap: Full service corporate No.1 M&A advisor in Completed 27 ECM Awarded the Most finance franchise with SE Asia, No.1 in the transactions raising over capital deployment Philippines and Innovative Deal of the $US5b since Year
Slide 25: Macquarie in Asia
For personal use only M Macquarie i iin A Asia i Operating income from Asia 2 500 2,500 1H14 operating ti income i Operational leverage 27% increase on prior achieved with cost 485 half and rationalisation 2,000 401 347 40% increase on pcp1 programme 1H12 1H13 1H14 Capturing $Am Across the board 1,5
Slide 26: Local franchises: connecting Asia to the world
For personal use only M Macquarie i iin A Asia i 1 Local franchises: connecting Asia to the world Utilise local expertise and focus on cross border flows within Asia and globally 2 One firm Provide clients with the full range g of our capabilities p to deliver results Ideas driven Ideas-driven 3 Emp
Slide 27: Local expertise
For personal use only L Local l expertise ti Presence across 11 markets and expanded strategic alliances Platform snapshot Key strategic alliances Operations established in Asia since 1995 Approximately 90% of country heads are local Growing importance of Asian institutional client base Membership/l
Slide 28: Connecting Asia to the world
For personal use only C Connecting ti A Asia i tto th the world ld Macquarie Capital FICC State Grid • Active price maker in all 10 Asian currencies in FX and rates Acquired an Investment in Refinancing and sale + G10 interest in of Macarthur Wind Cockatoo Coal SPIAA & SP AusNet Undisclosed $US360 m
Slide 29: One firm: focus on key clients
For personal use only O firm: One fi focus f on key k clients li t Adviser to Blue Transmission on the acquisition of the London Array offshore Top-up placement in SM transmission assets Investments Corp. Institutional Placement £460 million $US143 million $US182 million September 2013 August 2013 J
Slide 30: One firm in action: insurance
For personal use only O firm One fi in i action: ti insurance i Research coverage of Global team of 60+ providing 26 insurance companies financial advisory to financial with market cap of approx. institutions $US420b1 No.3 No 3 M&A Advisor to Structured Products Insurance Insurance companies in Asia
Slide 31: Ideas-driven: identifying opportunities
For personal use only Id Ideas-driven: di id identifying tif i opportunities t iti Private Capital Markets Capital Deployment 'Asia Private Placement Client is Top 5 state owned Residential Partnership Agent of the Year' in 2008, enterprise in China with HK- 2009, 2011 and 2012 with APG led Goodman
Slide 32: Summary
For personal use only Summary Local franchises: connecting Asia to the world 1 Asia is an important component of Macquarie Group’s global business 2 One firm Our approach provides clients with the full range of our capabilities and is delivering results Ideas driven Ideas-driven 3 We are creating a
Slide 33: Macquarie in the Americas
For personal use only Macquarie Macq arie in the Americas Michael McLaughlin Country Head – US
Slide 34: Americas market conditions
For personal use only A Americas i market k t conditions diti Investment banking activity in the US is picking up Total managed assets in North America2 $UStr US IPOs for FY14 YTD1 are up 21% on the 40 36 34 33 31 corresponding period in FY13 24 20 Credit markets remain robust despite Fed tapering.
Slide 35: Macquarie in the Americas: snapshot
For personal use only M Macquarie i iin th the A Americas: i snapshot h t Collaborative, flexible, client-centric business model USA Canada New York Toronto Majority of operating groups present Austin Calgary Bloomfield Hills, MI Montreal Boston Vancouver C l b d Carlsbad 24 locations in 4 countries
Slide 36: Macquarie in the Americas: operating groups
For personal use only M Macquarie i iin th the A Americas: i operating ti groups MFG: I f Infrastructure t t and real asset management, 29 infrastructure and Investment real estate businesses Fixed Income, Equities AUM of $US220.5b in and Insurance AUM of managed by MIRA in the Management and Americ
Slide 37: Macquarie in the Americas: operating groups
For personal use only M Macquarie i iin th the A Americas: i operating ti groups MSG: Global institutional 32% increase Ranked No.1 securities house full 646 stocks in equity trading for Australian equities under coverage1 service execution volume since 2010 by US institutions2 MacCap: Advisory, cap
Slide 38: Macquarie in the Americas
For personal use only M Macquarie i iin th the A Americas i Generating 32% of Group’s operating income1 A growing business Americas Operating p g Income 2,500 Increase from 11% to 39% growth in staff since Dec 08 32% in global income Operating Growth through contribution since 1H102 Groups adjacenci
Slide 39: Unlocking opportunities
For personal use only U l ki opportunities Unlocking t iti 1 Specialist expertise Utilise local, specialist expertise to capitalise on current and emerging trends 2 One firm Team aligned g across operating p gggroups p and regions, g ,ppromoting g collaboration Brand recognition 3 Increasing brand a
Slide 40: Specialist expertise: examples of significant opportunities
For personal use only Specialist expertise: examples l off significant i ifi t opportunities t iti Our specialist platform is geared towards unlocking opportunities in emerging and current macro trends Growth in funds management Demand for infrastructure investment Significant growth in asset manage
Slide 41: Growth in Funds Management: securities
For personal use only Growth in Funds Management: securities iti Increasing total fixed income and equities assets under management and fund performance D l Delaware IInvestments AUM1 $USb 250 193 200 +37% 150 141 2013 Lipper Awards (of 180 firms)2 • Best Overall Small Fund Group 100 • 8 fund awards
Slide 42: Growth in Funds Management: real assets
For personal use only Growth in Funds Management: reall assets t Recent investments in the region Investing in real assets in the Americas $US26.2b in infrastructure and real estate assets under managementt in i th the A Americas i 23 2,3 Investments in 29 portfolio businesses and properties in
Slide 43: Demand for infrastructure investment
For personal use only D Demand d ffor iinfrastructure f t t investment i t t US fiscal dilemma: Large, diverse opportunity set 31 states faced budget shortfalls in 20131 630+ transactions announced in the US and Canada since 20072 $US3.6tr $ S investment needed by 20203 WA MT ME Corporate and di
Slide 44: Demand for infrastructure investment: Macquarie's expertise
For personal use only D Demand d ffor iinfrastructure f t t investment i t t Macquarie’s expertise: World leader in infrastructure and real assets US leadership in PPPs Advisor on 8 of last 13 major US transportation PPPs • Financial advisor, developer 70+ dedicated and investor Broad experience y i
Slide 45: Changing energy landscape
For personal use only Ch Changing i energy llandscape d After 40 years of decline, US oil production is growing significantly; demand and supply areas changing US crude oil production long term history Traditional demand area becomes supply area m BPD 12 10 8 6 Arab Oil 4 Embargo US Shale 2 Revoluti
Slide 46: Changing energy landscape: Macquarie's expertise
For personal use only Ch Changing i energy llandscape d Macquarie’s expertise: Energy markets presence with physical and financial trading, risk, capital provision and advisory capabilities Top North American gas marketers1: Risk Company Bcf/d Physical Management i Advisory BP 21.50 Shell Energy Ene
Slide 47: Impact of Private Equity
For personal use only I Impact t off Private P i t Equity E it Increase in unrealised PE investments Opportunities ● $US1tr in 'dry powder' ● $US2.5tr in unrealised value ● Corporate buyers and private equity continue to have significant un-invested cash $USb Private Equity AUM Advisory 4,000 ● Spon
Slide 48: Impact of Private Equity
For personal use only I Impact t off Private P i t Equity E it Macquarie participated in more than $US45b of sponsor-related advisory, debt and equity transactions since January 2013 Advisory Capital Markets Capital Solutions Sale of PSAV Sale to Sale of Presentation Services to Undisclosed Acquisit
Slide 49: One firm: Connecting the Americas to Asia
For personal use only One firm: C Connecting ti th the A Americas i tto A Asia i Bringing specialist expertise to the Americas by leveraging foundations in Asia T l t expertise Talent, ti R l cross-border Real b d results lt ● Exclusive financial advisor to ADVISORY Gibson Guitar on its capital ● No
Slide 50: Brand recognition: Communicating our strengths
For personal use only Brand recognition: C Communicating i ti our strengths t th Advancing Macquarie’s brand awareness in markets and among target clients PAGE 50
Slide 51: Unlocking opportunities
For personal use only U l ki opportunities Unlocking t iti Specialist expertise 1 Invest in specialised resources to unlock opportunities Target core themes and manage resources to capture value 2 One firm Team aligned g across operating p gggroups p and regions, g p promoting g collaboration Brand
Slide 52: Macquarie Securities Group
For personal use only Macquarie Sec rities Group Securities Gro p Stevan Vrcelj Group Head
Slide 53: Macquarie Securities Group
For personal use only M Macquarie i SSecurities iti G Group Innovative specialists leveraging Asia-Pacific insights to the world • Global institutional securities house with strong Equity capital Research Asia-Pacific foundations covering sales, research, markets ECM, execution and derivatives activ
Slide 54: Cash equities: Key differentiators
For personal use only C h equities Cash iti Key differentiators Research coverage Execution Liquidity Agency focused Recognised by Bloomberg as a No.1 execution quality in Asia 'The Trade Asia' award for top energy forecaster in 2011, 2012 and 2013 1 service to Asian clients for second year running
Slide 55: Cash equities: Research
For personal use only C h equities Cash iti Research...deep local expertise Technology, Utilities & Media & Tele- Financial Industrials communications Services Oil & Gas Real Estate Infrastructure Commodities 200+ equity analysts with local 200 2,220 stocks under 2,220+ Multiple award winner presenc
Slide 56: Cash equities: ECM team
For personal use only C h equities Cash iti Highly experienced ECM team focused on sectors with deep global expertise Initial Public Offerings Convertibles C tibl PIPEs 100 ECM executives… and hybrids ECM 15 offices… At-the-market Rights offerings Offerings Follow-on Raisings $US400b raised since 20
Slide 57: Cash equities: Australia/New Zealand IPOs
For personal use only C h equities Cash iti Australia/New Zealand: Macquarie completed more high value IPOs over $A70m in 2013 than any other investment bank, raising a total of $A6.7b 14 $A6.7b raised 12 12 Number of IIPOs over $A70m m 10 $A2 b $A2.5b raised 8 8 $A4.8b raised $A3b $A1.3b 6 raised r
Slide 58: Cash equities: Corporate access
For personal use only C h equities Cash iti Corporate access • Conferences 2013 Global corporate access • Non deal roadshows • Marketingg 49,525 meetings 1,626 non deal roadshows 1,461 client roadshows 69 conferences & corporate days 5,600 institutional investors 1,300 corporate participants PAGE 58
Slide 59: Cash equities: Global reach...local expertise
For personal use only C h equities Cash iti Global reach...local expertise Access to over 100 liquidity venues • Execution • Program Trading • Transitions • DMA • Algos • CSA CS • Equity Finance • ADR • ETF Trading PAGE 59
Slide 60: Cash equities: Complementary execution businesses
For personal use only C h equities Cash iti Complementary execution businesses...global reach...local expertise Electronic execution • Provides traders with a comprehensive suite of algorithms, tools and analytics; enabling access to over 100 liquidity venues throughout 33 countries through an intui
Slide 61: Derivatives
For personal use only D i ti Derivatives Structured Equity Derivatives Solutions Client Equity Finance Arbitrage No.1 listed warrants in Top 3 broker in European No.1 GDR commodity ETFs 1 Singapore, No.2 in Thailand 1 broker in Indonesia3 No.1 market share in $A9b notional in ETFs . Able Traded 2 Ar
Slide 62: Derivatives: Innovative
For personal use only D i ti Derivatives Innovative • Over 237 million hits in 2013 on HK Warrants website up 300% on 2012 with 1.7 million unique visitors • Award winning service Capital Weekly Quamnet Outstanding Yahoo! 'Emotive Brand' Top Warrant Issuer Pro-Choice Warrant Issuer Warrant Issuer aw
Slide 63: Evolution: History of MSG earnings
For personal use only E l ti Evolution: History Hi t off MSG earnings i Net profit contribution1 Total operating income and expenses $Am $Am 1,250 2,500 Full Year Other Income (including Derivatives) Half Year ECM 1,000 Brokerage / commissions 2,000 Operating Expenses 750 1,500 500 1,000 250 500 - (
Slide 64: Evolution: Legacy business update
For personal use only E l ti Evolution: L Legacy b business i update d t Since 2011 Legacy businesses1 $Am $ - Exited Significantly 2H12 1H13 2H13 1H14 12 Businesses globally scaled back 5 other businesses (20) (40) (60) 1H14 headcount 1H14 expenses (80) 26% on 1H11 30% on 1H11 (100) (120) (140) • C
Slide 65: Go forward
For personal use only G forward Go f d • Continuing focus on improving returns from go forward businesses • Select growth initiatives that are tightly aligned to our core business • Investment in infrastructure initiatives PAGE 65
Slide 66: Challenges and opportunities
For personal use only Ch ll Challenges and d opportunities t iti • Ongoing regulatory change: OTC derivative reforms, regulatory reporting requirements, banking regulations • IT investment in core infrastructure and platforms • Industry wide acceleration in compliance obligations and costs • Asset a
Slide 67: Summary
For personal use only Summary 1 MSG has evolved and adapted to market conditions Maintained strong equities franchise across diverse geographies and 2 products and services Scope for organic growth, growth focussed on core competencies 3 and expertise Well positioned for an improvement in market con
Slide 68: Risk Management Group
For personal use only Risk Management Gro Groupp Stephen Allen Group Head
Slide 69: Macquarie's risk management approach
For personal use only M Macquarie’s i ’ risk i k managementt approach h Macquarie’s risk management approach has served Macquarie well for over 40 years Requirement for Ownership Understanding independent of risk at the worst case sign off by Risk sign-off business level outcomes Management PAGE 69
Slide 70: RMG's oversight of risk based on five key principles
For personal use only RMG’s oversight of risk b based d on fifive kkey principles i i l Independence Centralised Approval of all Continuous Frequent prudential new business assessment monitoring management activities PAGE 70
Slide 71: Risk Management Group: Broad and comprehensive
For personal use only Risk Management Group: B d and Broad d comprehensive h i Credit Risk Market Risk Model Risk Operational Risk Risk Management Group Compliance Internal Audit Prudential, Capital Data Policy and Markets (PCM) PAGE 71
Slide 72: Growth in RMG: Reflecting business evolution and growth
For personal use only Growth in RMG: R fl ti b Reflecting business i evolution l ti and d growth th RMG headcount FY00 to 31 Dec 13 600 4.5% RMG headcount 500 % RMG headcount of Macquarie 4.0% 400 3.5% 300 3.0% 200 2 5% 2.5% 100 2.0% 0 1.5% Dec-13 3 FY00 0 FY01 1 FY02 2 FY03 3 FY04 4 FY05 5 FY06 6 F
Slide 73: Growth in RMG across geographies
For personal use only Growth in RMG: Reflecting business evolution and growth across geographies1 Asia Americas EMEA 76 staff 99 staff 79 staff ~50% 50% ANZ 262 staff of staff outside of ANZ up from 5% in 20002 1. As at 31 Dec 13 (excluding contractors). 2. As at 31 Mar 00. PAGE 73
Slide 74: Market risk: trading activities predominantly client based
For personal use only Market risk: Macquarie’s trading activities predominantly client based Daily y trading g profit p and loss FY10 – FY141 Days 70 FY10 60 FY11 50 FY12 FY13 40 1 FY14 30 20 10 0 <0 >0 >5 <--5 >12. 5 >17. 5 >22. 5 >27. 5 <-27. 5 <-22. 5 <-17. 5 <-12. 5 >2. 5 >7. 5 >10 >15 >20 >25 <
Slide 75: Credit risk: Credit performance relatively stable
For personal use only Credit risk: Credit performance relatively stable over recent years Loan performance history FY91 – 1H14 8% Collective provision to loans, advances and leases (Balance sheet) 7% Net impaired assets to loans, advances and leases (Balance sheet) 6% % Net Credit losses to loans, a
Slide 76: Operational risk
For personal use only O Operational ti l risk i k Mature operational risk framework Ongoing evolution and change... Clear approval and change process • Internal operations • External environment Low level of operational risk events and incidents PAGE 76
Slide 77: Compliance: Focus on regulatory change
For personal use only Compliance: F Focus on regulatory l t change h • Maintaining M i t i i strong t regulatory l t relationships l ti hi With APRA and other prudential and markets 190 regulators, enabling Macquarie to understand and provide input on proposed rule changes and their i impacts t wher
Slide 78: Compliance approach
For personal use only C Compliance li approach h Regional Local leadership expertise Global principles and strategy Local Local relationships decision-making PAGE 78
Slide 79: Risk management at Macquarie
For personal use only Ri k managementt att Macquarie Risk M i Core Consistent, Global team Responding to principles global risk reflecting regulatory remain management business change g unchanged framework p footprint PAGE 79
Slide 80: Glossary
For personal use only Glossary
Slide 81: Glossary
For personal use only Glossary Gl $A Australian Dollar AUM Assets Under Management $C Canadian Dollar b Billions $NZ New Zealand Dollar Bcf/d Billion cubic feet per day $US United States Dollar BFS Banking and Financial Services ¥ Japanese Yen BIS Bank for International Settlements 1H Half year ende
Slide 82: Glossary
For personal use only Glossary Gl ETF Exchange Traded Fund LNG Liquefied Natural Gas FDI Foreign Direct Investment m Million FICC Fixed Income, Currencies and Commodities M&A Mergers and Acquisitions FUA Funds Under Administration MacCap Macquarie Capital FX Foreign Exchange MBL Macquarie Bank Limit
Slide 83: Glossary
For personal use only Glossary Gl NPAT Net Profit After Tax SYD Sydney Airport Limited NYSE New York Stock Exchange TMET Telecommunications Media Telecommunications, Media, Entertainment and Technology NZX New Zealand Stock Exchange tr Trillion OTC Over The Counter UK United Kingdom P&L Profit and L
Slide 84: Operational Briefing
For personal use only Operational Briefing Presentation to Investors and Analysts 11 February 2014