Macquarie Group, Ltd. · ASX:MQG
Macquarie — Investor Presentation (September 2020)
78 slides from Macquarie's investor presentation, Sep 14, 2020
Slide 1: Investor Presentation and First Half 2021 Update (ASX media release)
Macquarie Group Limited ABN 94 122 169 279 50 Martin Place Telephone (61 2) 8232 3333 Sydney NSW 2000 Facsimile (61 2) 8232 7780 GPO Box 4294 Internet http://www.macquarie.com Sydney NSW 1164 AUSTRALIA ASX/Media Release INVESTOR PRESENTATION AND FIRST HALF 2021 UPDATE SYDNEY, 14 September 2020 – As
Slide 2: Jefferies Asia Forum Presentation to Investors and Analysts
Jefferies Asia Forum Presentation to Investors and Analysts 14 -16 September 2020 Alex Harvey Chief Financial Officer Sam Dobson Head of Investor Relations
Slide 3: Disclaimer
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Disclaimer This information has been prepared on a strictly confidential basis by Macquarie Group Limited ABN 94 122 169 279 (“Macquarie”) and
Slide 4: Agenda
Agenda 01 Macquarie’s response to COVID-19 02 Overview of Macquarie 03 FY20 Overview 04 Operating Groups 05 1Q21 Update 06 Outlook 07 Appendix
Slide 5: Macquarie's response to COVID-19
01 Macquarie’s response to COVID-19
Slide 6: Macquarie's response to COVID-19: Employees and Clients
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie’s response to COVID-19 Employees Clients • Gradual, voluntary return to office commenced in certain locations where safe • Personal
Slide 7: Macquarie's response to COVID-19: Portfolio Companies and Community
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie’s response to COVID-19 Portfolio Companies Community • Working with MIRA and Macquarie Capital portfolio companies to ensure • $A20m
Slide 8: Overview of Macquarie
02 Overview of Macquarie
Slide 9: Macquarie at a glance
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie at a glance Empowering people to innovate and invest for a better future Global financial group Diverse business mix • Headquartered
Slide 10: Why Macquarie?
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Why Macquarie? Unbroken profitability Earnings Consistent Strong return FY20 net profit: growth dividend growth on equity FY20: $A2,731m 10% 5
Slide 11: Macquarie's evolution is driven by our people
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie’s evolution is driven by our people Our people are closest to client needs and markets We seek to identify From positions of deep We
Slide 12: Diversification by region
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Diversification by region Business mix1 International income2 International staff3 Annuity-style activities FY20 FY20 FY20 ~63% 67% 58% FY07 F
Slide 13: Years of unbroken profitability through adjacent growth
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix 51 years of unbroken profitability FY16 Esanda through adjacent growth Advantage Funding FY19 FY15 AWAS GLL $Ab FY07 ValueInvest Total Thames
Slide 14: Stable earnings
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Stable earnings 5 year earnings volatility relative to Macquarie 10 year earnings volatility relative to Macquarie (since GFC) (includes GFC)
Slide 15: Strong shareholder returns
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Strong shareholder returns For purchases made and held to sale Macquarie has consistently outperformed the ASX 200, Diversified Financials and
Slide 16: Long term ratings stability
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix MACQUARIE BANK LIMITED Long term ratings stability Standard & Poor’s Ratings Movements from 2007 Rating movement (notches) AA+ AA AA- 3 5 6 5
Slide 17: Macquarie's approach to risk management
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie’s approach to risk management Strong focus on business accountability and risk ownership Stable and robust core risk management prin
Slide 18: Environmental, Social and Governance (ESG)
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Environmental, Social and Governance (ESG) Macquarie’s ESG commitment reflects our responsibility to clients, shareholders, communities, our p
Slide 19: FY20 Key ESG Milestones
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix FY20 Key ESG Milestones Environmental Environmental and Climate Sustainability Customer and People Business conduct Macquarie and social risk
Slide 20: FY20 Overview
03 FY20 Overview
Slide 21: Financial performance
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Financial performance Operating income Profit $Am FY20 $Am FY20 14,000 3,000 $A12,325m $A2,731m ▼3% ▼8% 10,000 ON FY19 2,000 ON FY19 6,000 1,0
Slide 22: Net operating income movement
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Net operating income movement $Am 14,000 KEY DRIVERS • MAM: Increased base fees, performance fees, investment-related & other income, partiall
Slide 23: Credit and other impairment charge considerations
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Credit and other impairment charge considerations In assessing Macquarie’s expected credit loss provisioning on the loan portfolio, current an
Slide 24: Credit and Other impairment charges
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Credit and Other impairment charges $Am KEY DRIVERS 1,100 • MAM: Higher credit and other impairment charges mainly due to a deterioration in c
Slide 25: Approximate business Basel III Capital and ROE
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Approximate business Basel As at 31 Mar 20 III Capital Approx. 14-year and ROE Operating Group APRA Basel III Capital1 @ 8.5% ($Ab) Approx. FY
Slide 26: Operating Groups
04 | Operating Groups
Slide 27: Net Profit Contribution by activity
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Net Profit Contribution by activity1 Annuity-style activities Markets-facing activities Net Profit Contribution ~63% Net Profit Contribution ~
Slide 28: Macquarie Asset Management
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie Asset Management FY20 Actively manages funds for investors across multiple asset classes awards MIRA MIM FY20 Net profit contributio
Slide 29: Macquarie Asset Management
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie Asset Management Actively manages funds for investors across multiple asset classes Net Profit Contribution1 ($Am) Base Fees ($Am) A
Slide 30: MIRA: Historical Income
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix MIRA: Historical Income MIRA performance fees and other income $Am (LHS) Average base fees (RHS)1 % of $Am MIRA base fees $Am (LHS) Average pe
Slide 31: Banking and Financial Services
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Banking and Financial Services Macquarie’s retail banking and financial FY20 services business awards FY20 Net profit contribution $A54.3b 4%
Slide 32: Banking and Financial Services
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Banking and Financial Services A technology-driven Australian retail bank and wealth manager Net Profit Contribution1 ($Am) BFS Deposits2 ($Ab
Slide 33: Commodities and Global Markets
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Commodities and Global Markets Provides clients with access to markets, FY20 Strong contribution from client activity across all financing, fi
Slide 34: Commodities and Global Markets
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Commodities and Global Markets Provides clients with access to markets, financing, financial hedging, research and market analysis and physica
Slide 35: Macquarie Capital
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie Capital Advises and invests alongside clients and FY20 Advisory and Infrastructure and partners to realise opportunity; develops and
Slide 36: Macquarie Capital
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie Capital Advises and invests alongside clients and partners to realise opportunity; develops and invests in infrastructure and energy
Slide 37: 1Q21 Update
05 | 1Q21 Update
Slide 38: 1Q21 Overview
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Mixed trading conditions with 1Q21 operating group contribution slightly down 1Q21 on the prior corresponding period (pcp) (1Q20) • Macquarie’
Slide 39: 1Q21 Overview: Annuity-style businesses
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie Asset Management Banking and Financial Services ~40% ~14% 1Q21 FY20 contribution1 • AUM of $A568.0b at Jun 20, down 5% on FY20 contr
Slide 40: 1Q21 Overview: Markets-facing businesses
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Commodities and Global Markets Macquarie Capital ~32% ~14% 1Q21 FY20 contribution1 • Increased activity as clients sought to rebalance their p
Slide 41: Funded balance sheet remains strong
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Funded balance sheet remains strong Term liabilities exceed term assets 31 Mar 19 31 Mar 20 30 Jun 20 $Ab $Ab $Ab 180 180 180 ST wholesale iss
Slide 42: Basel III capital position
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Basel III capital position • APRA Basel III Group capital at Jun 20 of $A24.2b; Group capital surplus of $A8.1b 1 • APRA Basel III CET1 ratio:
Slide 43: Business capital requirements
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Business capital requirements1 1Q21 key drivers $Ab 18.0 MAM $A17.7b (0.1) 0.1 (0.5) (0.0) • Mainly sell-down of European rail business 17.0 1
Slide 44: Capital management update
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Capital management Dividend Reinvestment Plan (DRP) • The Board determined that a 1.5% discount would apply to shares allocated under the DRP
Slide 45: Strong regulatory ratios
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Strong regulatory ratios Bank Group (Jun 20) 125.0% 17.5% 7.5% 190.0% 16.3% 6.6% 189% 120.0% 14.0% 6.0% 160.0% 118% 115.0% 6.0% 13.2% 110.0% 1
Slide 46: Regulatory update
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Australia Regulatory • On 30 Mar 20, APRA announced the deferral of its scheduled implementation of the Basel III reforms in Australia by one
Slide 47: Outlook
06 Outlook
Slide 48: Factors impacting short-term outlook
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Factors impacting short-term outlook Annuity-style businesses Markets-facing businesses Non-Banking Group Macquarie Asset Management (MAM) Mac
Slide 49: Short-term outlook
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Short-term Market conditions are likely to remain challenging, especially given the significant and unprecedented uncertainty outlook caused b
Slide 50: Medium-term outlook
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Medium-term outlook Macquarie remains well-positioned to deliver superior performance in the medium term Deep expertise in major markets Build
Slide 51: Medium term
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Medium term Annuity-style businesses Markets-facing businesses Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capital (MacCap) N
Slide 52: Appendix
07 Appendix
Slide 53: Select slides from Macquarie's result announcement for year ended 31 March 2020
A Select slides from Macquarie’s result announcement for the year ended 31 March 2020
Slide 54: Income statement key drivers
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Income statement key drivers 2H20 1H20 FY20 FY19 • Net interest and trading income of $A4,720m, up 4% on FY19 $Am $Am $Am $Am – Lower net inte
Slide 55: Income statement by Operating Group NPC
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Income statement by Operating Group NPC $Am KEY DRIVERS 4,000 • MAM: Increased base fees, performance fees, investment-related and other incom
Slide 56: Macquarie Asset Management
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie Asset Management Increased base fees, investment-related and other income, partially offset by lower net operating lease income and
Slide 57: MAM AUM movement
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix MAM AUM movement Increase due to investments by MIRA-managed funds, MIM acquisition and FX movements partially offset by recent market movemen
Slide 58: MIRA EUM movement
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix MIRA EUM movement Increase of 17% due to new equity raised and FX movements partially offset by equity returned $Ab 150 (2.4) (8.9) 11.8 140 1
Slide 59: Banking and Financial Services
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Banking and Financial Services Increase in Personal Banking income and lower expenses partially offset by Credit impairment charges and margin
Slide 60: Banking and Financial Services
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Banking and Financial Services Strong growth across deposit and loan products $Ab $Ab 100 18 90 16 16.3 16.0 80 86.0 15.2 82.5 14 79.1 70 13.7
Slide 61: Portfolio and credit overview
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Banking and Financial Services Portfolio and credit overview Portfolio dynamic 31-Mar-20 31-Mar-19 % change Home Loan Dynamic LVR Distribution
Slide 62: Commodities and Global Markets
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Commodities and Global Markets Consistent performance driven by strong client activity $Am Commodities KEY DRIVERS 2,200 ($A245m) • Commoditie
Slide 63: Commodities and Global Markets: Growing client base
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Commodities and Global Markets Growing client base Specialised & Asset Client numbers Finance portfolio1 $Ab 1,200 1,500 10.0 1,200 1,476 1,15
Slide 64: Movement in regulatory capital
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Commodities and Global Markets Movement in regulatory capital1 $Ab 6.0 5.5 0.6 (0.2) 0.6 FX impact on regulatory 5.0 capital is hedged central
Slide 65: Macquarie Capital
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie Capital Results driven by lower investment-related income, lower fee and commission income, higher credit and other impairment charg
Slide 66: Macquarie Capital: Movement in regulatory capital
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie Capital Movement in regulatory capital1 $Ab 6.0 2.7 (1.5) 5.5 5.0 4.5 4.2 4.0 3.5 3.0 3.0 2.5 2.0 1.5 1.0 0.5 0.0 31-Mar-19 Investme
Slide 67: Costs of compliance
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Costs of compliance FY20 FY19 • The finance industry continues to see an increase in regulatory Regulatory project spend $Am $Am initiatives,
Slide 68: Loan and lease portfolios
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Loan and lease portfolios1 – funded balance sheet Mar 20 Sep 19 Mar 19 Operating Group Category $Ab $Ab $Ab Description Home loans2 43.2 38.8
Slide 69: Equity investments of $A7.5b
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Equity investments of $A7.5b1 Carrying value2 Carrying value2 Mar 20 Mar 19 Category $Ab $Ab Description Macquarie Asset Management (MIRA) man
Slide 70: Detailed result commentary
B Detailed result commentary
Slide 71: Macquarie Asset Management
COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie I Presentation to Investors and Analysts I macquarie.com Macquarie Asset Management Result FY20 FY19 • Base fees of $A2,021m, up on FY19 $Am $Am – Foreign exchange movements, fees earned on the MAF j
Slide 72: Banking and Financial Services
COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie I Presentation to Investors and Analysts I macquarie.com Banking and Financial Services Result FY20 FY19 • Net interest and trading income of $A1,728m, up 3% on FY19 $Am $Am – 10% growth in the avera
Slide 73: Commodities and Global Markets
COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie I Presentation to Investors and Analysts I macquarie.com Commodities and Global Markets Result FY20 FY19 • Commodities income of $A1,738m, down 12% on FY19 $Am $Am – Risk management products up 20% o
Slide 74: Macquarie Capital
COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Macquarie I Presentation to Investors and Analysts I macquarie.com Macquarie Capital Result FY20 FY19 • Lower fee and commission income of $A951m, down 7% on FY19 due to lower debt capital markets $Am $Am fee
Slide 75: Glossary
C Glossary
Slide 76: Glossary
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Glossary $A / AUD Australian Dollar CET1 Common Equity Tier 1 $US / USD United States Dollar CFM Commodities and Financial Markets £ / GBP Pou
Slide 77: Glossary
Macquarie I Presentation to Investors and Analysts I macquarie.com COVID-19 Overview of Macquarie FY20 Overview Operating Groups 1Q21 Update Outlook Appendix Glossary GIFII Macquarie Global Infrastructure Fund 2 MQA Macquarie Atlas Roads GIG Green Investment Group MREI Macquarie Real Estate Investme
Slide 78: Jefferies Asia Forum
Jefferies Asia Forum Presentation to Investors and Analysts 14-16 September 2020 Alex Harvey Chief Financial Officer Sam Dobson Head of Investor Relations
Macquarie Group — Investor Presentation (September 2020) on 6ix