Macquarie Group, Ltd. · ASX:MQG
Macquarie — Merrill Lynch 26th Australian Investment Conference (September 2011)
77 slides from Macquarie's conference presentation, Sep 7, 2011
Slide 1: ASX/Media Release: Investor presentation and outlook update
Macquarie Group Limited ABN 94 122 169 279 No.1 Martin Place Telephone (61 2) 8232 3333 Sydney NSW 2000 Facsimile (61 2) 8232 7780 GPO Box 4294 Internet http://www.macquarie.com.au Sydney NSW 1164 AUSTRALIA For personal use only ASX/Media Release Investor presentation and outlook update SYDNEY, 7 Se
Slide 2: Macquarie Group Limited - Merrill Lynch 26th Australian Investment Conference
For personal use only Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Slide 3: Disclaimer
For personal use only Disclaimer 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 summa
Slide 4: Agenda
For personal use only Agenda 1. About Macquarie 2. Update on market conditions 3. Short term outlook and medium term 4. 1Q12 5. Appendix A – FY11 Review 3
Slide 5: 1. About Macquarie
For personal use only 1. About Macquarie Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Slide 6: About Macquarie
For personal use only About Macquarie Building for the medium term Top 40 global asset manager with $A304b1 of assets under management Macquarie Funds Provides clients with access to a diverse range of capabilities and products, including investment management, infrastructure and other real asse
Slide 7: Financial performance
Financial performance For personal use only Full year ended 31 March 2011 FY11 Operating income of $A7,644m FY11 Profit of $A956m 2H11 up 9% on 1H11 2H11 up 37% on 1H11 $Am $Am 800 4,000 400 2,000 0 0 2H09 1H10 2H10 1H11 2H11 2H09 1H10 2H10 1H11 2H11 FY11 Earnings Per Share of $A2.83 FY11 Dividends
Slide 8: Diversified income
For personal use only Diversified income Operating income1 by source Increase in income from annuity style businesses2 more than offset impact from subdued market conditions 12 months to 31 March 10 12 months to 31 March 11 $A7.0b $A7.6b Institutional and retail cash equities 16% Equity derivatives
Slide 9: Diversified by region
Diversified by region For personal use only International income1 60% of total Total staff over 15,5002; international staff 53% of total EUROPE, MIDDLE EAST ASIA AMERICAS & AFRICA3 Income: $A1,009m (14% of total) Income: $A1,150m (16% of total) Income: $A2,229m (30% of total) Staff: 1,613 Staff: 2,
Slide 10: Diversified income: Operating income by region
For personal use only Diversified income Operating income by region 64% of operating income in 2H11 is generated offshore – FX translation estimated to have a negative impact of approx. 5% due to strengthening of AUD by an average of 10% against major currencies ome $Am1 Operating Inco 9 1. Operatin
Slide 11: 2. Update on market conditions
For personal use only 2. Update on market conditions Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Slide 12: Update on market conditions
For personal use only Update on market conditions European Sovereign Spread1 VOLATILITY ‘FEAR’ INDEX2 bps Index AGM 50 1600 AGM Greece 45 Ireland France 1200 Spain 40 Portugal Italy 35 800 30 25 400 20 15 0 10 Jan 07 Sep 07 May 08 Jan 09 Sep 09 May 10 Jan 11 Sep 11 Jan 11 Feb 11 Mar 11 Apr 11 May 11
Slide 13: Update on market conditions
For personal use only Update on market conditions DOW JONES UBS COMMODITY INDEX1 AUD/USD Index $US 180 AGM 1.15 AGM 1.10 1.05 160 1.00 0.95 140 0.90 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 S&P NORTH AMERICAN RESOUR
Slide 14: Update on market conditions
For personal use only Update on market conditions $USb GLOBAL M&A COMPLETED1 MUTUAL FUND FLOWS2 4,500 M&A Completed 5yr quarterly average $USb Net cash flow into long term stock US mutual funds (3m average)… 40 4,000 35 3,500 30 3,000 25 2,500 20 2,000 15 1,500 10 1,000 5 0 500 -5 0 -10 FY08 FY09 FY
Slide 15: 2. Short term outlook and medium term
For personal use only 2. Short term outlook and medium term Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Slide 16: Short term outlook update
For personal use only Short term outlook update Market uncertainty remains, making forecasting difficult Summarised below are the outlook statements for each operating group, the FY12 results for which will vary with market conditions N t profit Net fit contribution t ib ti FY07-FY11 FY07-FY11 O
Slide 17: Short term outlook update
For personal use only Short term outlook update Since our previous update on 28 July 2011, the capital markets facing businesses experienced difficult trading conditions in August 2011 Given these difficult trading conditions along with the higher tax rate in 1H12 and not having the benefit of t
Slide 18: Medium term
For personal use only Medium term Macquarie is well positioned to deliver superior performance in the medium term Continue to adapt our portfolio mix to changing market conditions ⎯ Annuity style income is provided by three significant businesses which are delivering superior returns following yea
Slide 19: 3. 1Q12
For personal use only 3. 1Q12 Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Slide 20: 1Q12 - Macquarie Funds
For personal use only 1Q12 - Macquarie Funds 1Q12 up on 1Q111 INFLOWS CONTINUE AS A RESULT OF STRONG INVESTMENT PERFORMANCE ACROSS ASSET CLASSES AND INVESTMENT STRATEGIES Inflows $A5.1b $A5 1b of net inflows in 1Q12 1Q12, including $A4 $A4.6b 6b in MIM strategies and over $A700m in MIRA funds Highes
Slide 21: Assets under management of $A308b
For personal use only Assets under management of $A308b Jun 11 broadly in line with Mar 11 – Net fund inflows and equity movements broadly offset by decrease due to FX movements $Ab 350 Fi d iincome Fixed Di Direct t iinfrastructure f t t $A326b Equities Cash $A310b $A308b Direct real estate Curre
Slide 22: 1Q12 - Corporate and Asset Finance
For personal use only 1Q12 - Corporate and Asset Finance 1Q12 up on 1Q111 PORTFOLIOS PERFORMING STRONGLY Asset and loan portfolio: Asset and loan portfolio growth – flat on prior quarter (4Q11)2 – up 11% on pcp2 (1Q11) Extending finance through the customer value chain – from manufacturer to end use
Slide 23: 1Q12 - Banking and Financial Services
For personal use only 1Q12 - Banking and Financial Services 1Q12 in line with 1Q111 REMAINS NO.1 RANKED RETAIL FULL SERVICE BROKER2 Private Wealth/Direct Named ‘Outstanding Institution’ at Australian Private Banking Awards3 Outstanding Institution MPW ASX retail turnover up 5% on prior quarter (4Q11
Slide 24: 1Q12 - Macquarie Securities
For personal use only 1Q12 - Macquarie Securities 1Q12 down on 1Q111 SUBDUED EQUITY MARKETS AND CHALLENGING ECM CONDITIONS Cash Australia: Market share marginally down on pcp (1Q11) No.1 equity research/advisory share for European and US institutional investors (Australian equities)2 Continued build
Slide 25: 1Q12 - Macquarie Capital
For personal use only 1Q12 - Macquarie Capital 1Q12 up on 1Q111 ACTIVITY LEVELS BROADLY IN LINE WITH PCP (1Q11) 1Q12 114 Deals $A24b (1Q11 118 Deals $A16b) 23 deals at $ $A12.8b ((1Q11: Q 16 deals at $ $A2.6b)) Australia/NZ Including: Royal Adelaide Hospital (Sponsor, Advisory); Fletcher Building (A
Slide 26: 1Q12 - Fixed Income, Currencies and Commodities
For personal use only 1Q12 - Fixed Income, Currencies and Commodities 1Q12 down on 1Q111 REDUCED VOLUMES AND SUBDUED VOLATILITY IN MOST MARKETS Metals Modest client activity Low equity realisations Asian Markets Phase 1 build out complete MBL Singapore Branch Agriculture Geopolitical tensions and ad
Slide 27: Funded balance sheet remains strong
For personal use only Funded balance sheet remains strong $Ab 31 March 2010 31 March 2011 30 June 2011 90 Short term paper Short term paper 80 Debt maturing Debt maturing < 1 year1 Cash and liquid < 1 year1 Cash and liquid assets assets Short term paper 70 Debt maturing < 1 year1 Cash and liquid ass
Slide 28: Group capital surplus of $A2.9b
For personal use only Group capital surplus of $A2.9b Group capital of $A11.6b as at 30 Jun 11, a $A2.9b buffer of capital in excess of the Group’s minimum regulatory capital requirements Capital has been deployed across the Group to support business growth Strong g Banking g Group p capital p
Slide 29: 4. Appendix A - FY11 overview
For personal use only 4. Appendix A – FY11 overview Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Slide 30: 2H11 result
For personal use only 2H11 result Net profit of $A553m, up 37% on 1H11 Operating income $A4.0b, up 9% on 1H11 As foreshadowed: ⎯ MFG, CAF and BFS continued to see good activity levels throughout 2H11 benefiting from organic growth and a range of recent initiatives ⎯ Improved general market con
Slide 31: FY11 result
For personal use only FY11 result Net profit of $A956m, down 9% on FY10 Operating income $A7.6b, up 15% on FY10 p g expenses Operating p $A6.4b, up p 19% on FY10 p primarily y due to the full yyear effect of the expanded p g global p platform ⎯ Employment expenses $A3.9b, up 25% on FY10 primar
Slide 32: Financial performance reflected improved market conditions in 2H11
Financial performance reflected improved market For personal use only conditions in 2H11 compared to 1H11 2H11 1H11 Mar 11 Mar 10 $Am $Am $Am $Am Net operating income 3,983 3,661 7,644 6,638 Total operating expenses (3,208) (3,165) (6,373) (5,344) Operating profit before income tax 775 496 1,271 1,2
Slide 33: Diversified income: Operating income by source
For personal use only Diversified income Operating income1 by source Increase in income from annuity style businesses2 more than offset impact from subdued market conditions 12 months to 31 March 10 12 months to 31 March 11 $A7.0b $A7.6b Institutional and retail cash equities 16% Equity derivatives
Slide 34: Diversified income: Operating income by source 2007-2011
For personal use only Diversified income Operating income1 by source 2007 - 2011 Increase in income from annuity style businesses2 more than offset impact from subdued market conditions 12 months to 31 March 07 12 months to 31 March 11 $A7.0b $A7.6b 11% 15% 16% Institutional and retail 8% 27% cash e
Slide 35: Funded balance sheet remains strong
For personal use only Funded balance sheet remains strong Macquarie Group Limited $Ab 31 March 2010 $Ab 30 September 2010 $Ab 31 March 2011 90 90 ST wholesale 90 issued paper (3%) ST wholesale issued paper (6%) 80 80 Other debt1 maturing in 80 Other debt1 maturing in the next 12 mths (8%) the next 1
Slide 36: Assets under management of $A310b
For personal use only Assets under management of $A310b Decrease in AUM due to: ⎯ Impact of CMT transfer into CMA ($A9.6b in Jul 10) ⎯ Net fund inflows and equity movements of $A21b, more than offset by decrease due to FX of $A27b $Ab $ 350 Fixed income Direct infrastructure $A326b Equities Cash $
Slide 37: Consistently strong capital base
For personal use only Consistently strong capital base Well capitalised – surplus over Group’s minimum regulatory capital requirement of $A3.0b Core equity represents 88% of the Group’s capital base Capital increased in FY11 due to PMI issue, net of reductions from the MEREP on-market purchase
Slide 38: Macquarie Securities
Macquarie Securities For personal use only Operating income of $A1,299m, down 12% on prior year Net profit contribution of $A175m, down 70% on prior year Australia Asia US Europe Activity Activity Activity Activity Cash Market share for FY11 of 9.2% down from Increased market share for FY11 in K
Slide 39: Macquarie Securities
Macquarie Securities For personal use only Operating income of $A1,299m, down 12% on prior year Net profit contribution of $A175m, down 70% on prior year Canada South Africa Activity Activity Platform Growth Cash Market share for FY11 of 1.9% up from Market share for FY11 of 3.9% up from Conti
Slide 40: Macquarie Capital
Macquarie Capital For personal use only Operating income of $A1,001m, up 46% on prior year Net profit contribution of $A281m, up from $A56m loss on prior year 547 transactions valued at $A159b1 (448 transactions valued at $A121b prior year) Australia and NZ Asia 83 deals valued at $A93b in FY11, up
Slide 41: Macquarie Capital
Macquarie Capital For personal use only Operating income of $A1,001m, up 46% on prior year Net profit contribution of $A281m, up from $A56m loss on prior year 547 transactions valued at $A159b1 (448 transactions valued at $A121b prior year) EMEA Americas 57 deals valued at $A17b in FY11, up 7%2 on p
Slide 42: Macquarie Funds
Macquarie Funds For personal use only Operating income of $A1,410m, down 2% on prior year Net profit contribution of $A602m, down 26% on prior year1 Operating income before gains from listed fund initiatives $A1,301m, up 51% on prior year2 Macquarie Infrastructure and Real Assets Macquarie Investmen
Slide 43: Fixed Income, Currencies and Commodities
Fixed Income, Currencies and Commodities For personal use only Operating income of $A1,416m, down 2% on prior year Net profit contribution of $A575m, down 30% on prior year Fixed Income and Metals Asian Markets Agriculture Energy US and European Credit Foreign Exchange Activity Activity Activity Act
Slide 44: Corporate and Asset Finance
Corporate and Asset Finance For personal use only Operating income of $A786m, up 69% on prior year Net profit contribution of $A501m, up 96% on prior year Activity Platform Growth Asset and loan portfolio of $A17.3b at FY11, up 22% on prior year and 2H11 up 9% on 1H11 Continued to access global
Slide 45: Banking and Financial Services
Banking and Financial Services For personal use only Operating income of $A1,494m, up 19% on prior year Net profit contribution of $A275m, up 5% on prior year Global client numbers 1.04 million, up 40,000 on prior year Private Wealth/Direct Intermediary Funds Management Deposits Activity Activity Ac
Slide 46: Further Information: FY11 Result Analysis
For personal use only Further Information FY11 Result Analysis Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Slide 47: Income Statement key drivers
For personal use only Income Statement key drivers Net interest income up 18% on prior year to $A1,275m 2H11 1H11 Mar 11 Mar 10 $Am $Am $Am $Am – Growth in lending and leasing volumes, including acquisition of $A1.0b GMAC portfolio in Apr 10 and the full year impact of the acquisition of the Ford
Slide 48: Gains/(losses) from writedowns, impairments, equity accounting and one-off items
Gains/(losses) from writedowns, impairments, For personal use only equity accounting and one-off items 2H11 1H11 Mar 11 Mar 10 $Am $Am $Am $Am Gains from listed fund initiatives1 14 95 109 539 Equity investment impairments (77) (53) (130) (470) Equity accounted gains/(losses)1 94 85 179 (148) Loan a
Slide 49: Macquarie Securities Result
For personal use only Macquarie Securities Result Mar 11 Mar 10 Net trading income down 24% on FY10: $Am $Am – Challenging market conditions Net trading income – Retail and institutional product revenues down on prior year across all 366 479 (including net interest income)1 regions with exception
Slide 50: Macquarie Capital Result
For personal use only Macquarie Capital Result Mar 11 Mar 10 Net interest expense up 34% on prior year resulting from higher interest $Am $Am rates Net interest expense1 (151) (113) Advisory and capital markets activity: 547 deals valued at approx. Fee and commission income 796 837 $A159b (448 d
Slide 51: Macquarie Funds Result
For personal use only Macquarie Funds Result Mar 11 Mar 10 Base fees up 25% on prior year to $A873m $Am $Am – Benefitting from full year effect of Delaware Investments which Base fees 873 697 increased AUM by $A151b in Jan 10 Other fee and commission income 280 214 – Partially offset by decreases
Slide 52: Assets under management of $A310b
For personal use only Assets under management of $A310b $Ab 335 330 21.0 325 (26.7) 320 (9.6) 6.7 (6.8) 315 325.7 310 305 309.8 300 Mar 10 CMT / CMA Asset acquisitions Asset disposals Net inf lows and FX (impact of Mar 11 conversion equity movements1 strengthening AUD) 51 1. Includes the impact of n
Slide 53: Fixed Income, Currencies and Commodities Result
For personal use only Fixed Income, Currencies and Commodities Result Mar 11 Mar 10 Commodities trading income down 8% on prior year: $Am $Am – Challenging trading conditions during the year Commodities1 618 671 – Lower client term hedging activity in some commodities markets Foreign exchange prod
Slide 54: Corporate and Asset Finance Result
For personal use only Corporate and Asset Finance Result Mar 11 Mar 10 Net interest income up significantly: $Am $Am – Loan and finance lease portfolios increased 12% on the prior year, Net interest income1 583 382 including the acquisition of $A1.0b GMAC portfolio in Apr 10 Fee, commission and tr
Slide 55: Growth of loan and lease asset portfolio
For personal use only Growth of loan and lease asset portfolio1 $Ab 38 1.6 (0.8) 36 1.4 34 32 4.5 30 28 36.2 Growth in Mortgages 26 Canada partially offset Increase in corporate Acquisition of GMAC auto by reduction in 29.5 lending portfolio lease portfolio and ILFC Australian Mortgages 24 aircraft
Slide 56: Loan and lease asset portfolio quality
For personal use only Loan and lease asset portfolio quality Net carrying Provisions Net carrying Provisions value coverage value coverage Mar 11 Mar 11 Mar 10 Mar 10 Loan category $Ab %1 $Ab %1 Description Mortgages Secured by residential mortgages and supported by mortgage insurance - Australia 2.
Slide 57: Banking and Financial Services Result
For personal use only Banking and Financial Services Result Mar 11 Mar 10 Net interest income growth $Am $Am – Retail deposits up 72% from $A15.5b at Mar 10 to $A26.6b at Mar Net interest income1 713 551 11 primarily due to conversion of CMT to CMA in Jul 10 Base fees 76 199 – Australian mortgage
Slide 58: Real Estate Banking Result
For personal use only Real Estate Banking Result Mar 11 Mar 10 Net interest expense down from $A37m in Mar 10 to $A12m in $Am $Am Mar 11 due to reduction in investment portfolio Net interest expense1 (12) (37) Base and performance fees down significantly on prior year Base fees 1 30 – FY10 inclu
Slide 59: Expenses
For personal use only Expenses Expenses up 19% on prior year; compensation ratio 47.3% (FY10: 42.9%) ⎯ Employment expenses up 25% on prior year, average headcount up 17% on prior year Expense to income ratio 83.4% (FY10: 80.5%) $Am 6,500 100 140 6,000 789 5,500 Employment expense impacted by org
Slide 60: Taxation
For personal use only Taxation FY11 FY10 $Am $Am Net profit before tax 1,271 1,294 Add back: writedowns and impairment charges and equity accounted gains/(losses) 79 854 Net profit before writedowns, impairments, equity accounted gains/(losses) and tax 1,350 2,148 Prima facie tax @ 30% 405 644 Incom
Slide 61: Equity investments of $A5.2b
For personal use only Equity investments of $A5.2b Carrying value Carrying value Mar 11 Mar 10 Category $Am $Am Description Debt investment entities 148 225 Largely relates to holding in Diversified CMBS Investments Inc. Underlying investments are commercial mortgage-backed securities that are highl
Slide 62: Further Information: FY11 Funding
For personal use only Further Information FY11 Funding Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Slide 63: Strong funding and balance sheet position
For personal use only Strong funding and balance sheet position Diverse and stable funding base, minimal reliance on short term wholesale funding markets Total deposits increased to $A31.6b at Mar 11 from $A19.6b at Mar 10 ⎯ Retail deposits increased to $26 $26.6b 6b at Mar 11 from $A15 $A15.5b
Slide 64: Well diversified funding sources
For personal use only Well diversified funding sources Diversity of MGL funding sources Term funding (drawn and undrawn1) maturing beyond one year (including equity and hybrids) Wholesale issued paper Deposits - corporate & wholesale Deposits - retail $Ab Structured notes 20 Equity & hybrids Loan ca
Slide 65: Continued retail deposit growth
For personal use only Continued retail deposit growth Macquarie has been successful in pursuing its strategy of diversifying its funding sources through growing its deposit base ⎯ Retail deposits increased to $A26.6b at Mar 11 from $A15.5b at Mar 10, primarily driven by $A9.6b of CMT funds transfe
Slide 66: Group funding structure
For personal use only Group funding structure MGL and MBL are the Group’s two primary external funding vehicles which have separate and distinct funding, capital and liquidity management arrangements MBL provides funding to the Bank Group MGL provides funding predominantly to the Non-Bank Grou
Slide 67: Funded balance sheet reconciliation
For personal use only Funded balance sheet reconciliation The Group’s statutory balance sheet is prepared based on generally accepted accounting principles which do not represent actual funding requirements A funded balance sheet reconciliation has been prepared to reconcile the reported assets
Slide 68: Funded balance sheet March 2011
For personal use only Funded balance sheet 31 March 2011 Mar 11 Mar 10 Well diversified funding sources $Ab $Ab Funding sources Minimal reliance on short term wholesale funding Negotiable certificates of deposit 1.7 1.9 Commercial paper 3.5 3.0 markets Net trade creditors 0.5 0.4 Structured note
Slide 69: Funding for the Bank Group March 2011
For personal use only Funding for the Bank Group 31 March 2011 Mar 11 Mar 10 Bank balance sheet remains very liquid, well $Ab $Ab capitalised and with a diversity of funding sources Funding sources Negotiable certificates of deposit 1.7 1.9 Term funding beyond one year (excluding equity) has Com
Slide 70: Funding for the Non-Bank Group March 2011
For personal use only Funding for the Non-Bank Group 31 March 2011 Mar 11 Mar 10 Non-Bank Group is predominantly term funded $Ab $Ab Funding sources Term funding beyond one year (excluding equity) has MBL intra-group loan to MGL 0.7 1.2 Net trade creditors 0.5 0.5 a weighted average term to matu
Slide 71: Explanation of Funded Balance Sheet reconciling items
Explanation of Funded Balance Sheet For personal use only reconciling items Self funded trading assets: There are a number of entries on the balance sheet that arise from the normal course of trading activity we conduct with our clients and counterparties. They typically represent both sides of a
Slide 72: Further Information: FY11 Capital
For personal use only Further Information FY11 Capital Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Slide 73: Macquarie Group regulatory capital: Surplus calculation
For personal use only Macquarie Group regulatory capital Surplus calculation Mar 11 $Am Macquarie Group eligible capital: Banking Group Gross Tier 1 capital 8,519 Non-Bank eligible capital 3,570 Eligible capital 12,089 (a) Macquarie Group capital requirement: Banking Group contribution Risk-weighted
Slide 74: Macquarie Group regulatory capital: Banking Group contribution
For personal use only Macquarie Group regulatory capital Banking Group contribution Risk-weighted Capital Tier 1 Deductions 31 March 2011 assets Requirement1 $Am $Am $Am Credit risk On balance sheet 27,935 1,955 Off balance sheet 12,870 901 Credit risk total 40,805 2,856 Equity risk 1,912 134 Market
Slide 75: Macquarie Group regulatory capital: Non-Banking Group contribution
For personal use only Macquarie Group regulatory capital Non-Banking Group contribution APRA has specified a regulatory capital framework for MGL A dollar capital surplus is produced; no capital ratio calculation is specified APRA has approved Macquarie’s Economic Capital Adequacy Model (ECAM)
Slide 76: Macquarie Group regulatory capital: Non-Banking Group contribution
For personal use only Macquarie Group regulatory capital Non-Banking Group contribution Capital Assets Equivalent Risk 31 March 2011 $Ab Requirement Weight $Am Funded assets Cash and liquid assets 2.2 24 14% Loan assets1 28 2.8 278 124% Assets held for sale 0.1 42 648% Debt investment securities 0.2
Slide 77: Macquarie Group Limited - Merrill Lynch 26th Australian Investment Conference
For personal use only Macquarie Group Limited Merrill Lynch 26th Australian Investment Conference 7 September 2011
Macquarie Group — Merrill Lynch 26th Australian Investment Conference (September 2011) on 6ix