Macquarie Group, Ltd. · ASX:MQG
Macquarie — H1 FY2019 Earnings Presentation
82 slides from Macquarie's earnings presentation, Nov 2, 2018
Slide 1: Result announcement for the half-year ended 30 September 2018
Presentation to investors and analysts For personal use only Result announcement for the half-year ended 30 September 2018 2 November 2018
Slide 2: Disclaimer
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Disclaimer For personal use only The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (MGL) and is general bac
Slide 3: Agenda
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices For personal use only Agenda 01 Introduction 02 Overview of Result 03 Result Analysis and Financial Management 04 Outlook 05 Appendices MACQUARIE 2018
Slide 4: Introduction
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices For personal use only 01 Introduction Sam Dobson Head of Investor Relations MACQUARIE 2018
Slide 5: Overview of Result
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices For personal use only 02 Overview of Result Nicholas Moore Managing Director and Chief Executive Officer MACQUARIE 2018
Slide 6: About Macquarie: Diverse business mix
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices ABOUT MACQUARIE Diverse business mix For personal use only Annuity-style businesses (~60%) Capital markets facing businesses (~40%) Macquarie Asset Managem
Slide 7: 1H19 result: $A1,310m up 5% on 1H18
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 1H19 result: $A1,310m up 5% on 1H18; in line with 2H18 For personal use only 1H19 2H18 1H18 1H19 v 1H19 v $Am $Am $Am 1H18 2H18 Net operating income1 5,830
Slide 8: 1H19 net profit contribution from operating groups
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 1H19 net profit contribution from operating groups $A2,601m down 2% on 1H18; up 8% on 2H18 For personal use only ANNUITY-STYLE BUSINESSES CAPITAL MARKETS F
Slide 9: Financial performance
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Financial performance For personal use only Operating income $A5,830m Profit $A1,310m 1H19 OPERATING INCOME 1H19 PROFIT $Am $Am 8% ON 1H18 5% ON 1H18 6% ON
Slide 10: Assets under management of $A551.0 billion
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Assets under management of $A551.0 billion1 For personal use only AUM increased 11% from $A496.7 billion at 31 March 2018 The increase was attributable to:
Slide 11: Diversification by region
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversification by region For personal use only Asia International income 67% of total income1 Staff Total staff 14,869; International staff 55% of total 9
Slide 12: Diversification by region
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversification by region For personal use only 67% of total income1 in 1H19 was generated offshore A 10% movement2 in AUD is estimated to have approximate
Slide 13: Macquarie Asset Management
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management For personal use only 18 % OPERATING INCOME MACQUARIE INFRASTRUCTURE MACQUARIE INVESTMENT MACQUARIE SPECIALISED AND REAL ASSETS
Slide 14: Corporate and Asset Finance
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Corporate and Asset Finance For personal use only 19 % OPERATING INCOME ASSET FINANCE PRINCIPAL FINANCE $A758m ON 1H18 • Asset Finance portfolio of $A29.6b
Slide 15: Banking and Financial Services
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services For personal use only 5% OPERATING INCOME PERSONAL BANKING WEALTH MANAGEMENT BUSINESS BANKING $A864m ON 1H18 • Australian mo
Slide 16: Commodities and Global Markets
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets For personal use only 41 % OPERATING INCOME Commodity Markets Financial Markets Futures (Physical & Financial) 69%1 (Primary
Slide 17: Macquarie Capital
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital For personal use only 49 % OPERATING INCOME M&A ADVISORY AND CAPITAL MARKETS BALANCE SHEET POSITIONS $A867m ON 1H18 Summary highlights •
Slide 18: Funded balance sheet remains strong
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funded balance sheet remains strong For personal use only Term liabilities exceed term assets $Ab 31 Mar 18 $Ab 30 Sep 18 TOTAL CUSTOMER DEPOSITS8 $A52.3b
Slide 19: Basel III capital position
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Basel III capital position For personal use only APRA Basel III Group capital at Sep 18 of $A19.8b, Group capital surplus of $A3.4b1,2 $Ab Group regulatory
Slide 20: Continued strong business growth
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Continued strong business growth For personal use only Business Capital Requirements1 $Ab $A1.0b growth over 2H18 $A1.5b growth over 1H19 1H19 KEY DRIVERS
Slide 21: Strong regulatory ratios
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong regulatory ratios For personal use only Bank Group (Sep 18) 1. ‘Harmonised’ Basel III estimates are calculated in accordance with the BCBS Basel III
Slide 22: Interim dividend
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Interim dividend For personal use only 1H19 INTERIM ORDINARY DIVIDEND from in 1H18 $A2.05 $A 2.15 (45% franked) from $A3.20 in 2H18 (45% franked) (45% fran
Slide 23: Board changes
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Board changes For personal use only Shemara Jillian Broadbent AO Philip Coffey Nicholas Moore Wikramanayake • Effective 5 November 2018 Jillian Broadbent •
Slide 24: Operating groups update
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Operating groups update For personal use only • Effective 1 December 2018 – New Group Head of MAM and new Group Head of CAF Principal Martin Stanley Floria
Slide 25: Result Analysis and Financial Management
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices For personal use only 03 Result Analysis and Financial Management Alex Harvey Chief Financial Officer MACQUARIE 2018
Slide 26: Income Statement key drivers
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Income Statement key drivers For personal use only 1H19 2H18 1H18 • Net interest and trading income of $A2,229m, up 18% on 1H18 $Am $Am $Am – Increased con
Slide 27: Operating income
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Operating income For personal use only Operating income excluding AASB 15 up 5% $Am KEY DRIVERS • Following the adoption of AASB 15, $A141m of fee expenses
Slide 28: Operating expenses
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Operating expenses For personal use only Operating expenses excluding the impact of AASB 15 are up 8% $Am KEY DRIVERS • Following the adoption of AASB 15,
Slide 29: Income Statement by operating group
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Income Statement by operating group For personal use only Net profit contribution $Am 29
Slide 30: Macquarie Asset Management
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management For personal use only $Am KEY DRIVERS • Base fees up due to: – Investments made by MIRA-managed funds, increases in AUM primaril
Slide 31: MAM AUM movement
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices MAM AUM movement For personal use only $Ab 1. Includes movement in contractual insurance assets. 2. Includes acquisition of GLL Real Estate Partners. 3. MI
Slide 32: MIRA EUM movement
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices MIRA EUM movement For personal use only $Ab 1. Committed capital returned by unlisted funds or under mandates due to asset divestments, redemption or other
Slide 33: Corporate and Asset Finance
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Corporate and Asset Finance For personal use only $Am KEY DRIVERS • Lower Principal Finance contribution driven by decreased income from early repayments,
Slide 34: Corporate and Asset Finance: Asset Finance movement in the portfolio
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Corporate and Asset Finance For personal use only Asset Finance movement in the portfolio $Ab 34
Slide 35: Corporate and Asset Finance: Principal Finance portfolio
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Corporate and Asset Finance For personal use only Principal Finance movement in the portfolio Principal Finance exposure by category $Ab 35
Slide 36: Banking and Financial Services
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services For personal use only $Am KEY DRIVERS • Higher Personal Banking income driven by an 18% growth in average mortgage volumes •
Slide 37: Banking and Financial Services: balance sheet growth
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services For personal use only Strong balance sheet growth across the portfolios $Ab $Ab Data based on spot volumes at period end. 37
Slide 38: Commodities and Global Markets
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets For personal use only $Am Commodities KEY DRIVERS $A371m • Net interest and trading income (net of associated expenses) − Co
Slide 39: Commodities and Global Markets: Stable client base
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets For personal use only Stable client base 39
Slide 40: Macquarie Capital
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital For personal use only $Am KEY DRIVERS • Higher investment-related income: - Higher revenue from asset realisations and reclassifications
Slide 41: Macquarie Capital: Movement in regulatory capital
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital For personal use only Movement in regulatory capital $Ab 41
Slide 42: Costs of compliance
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Costs of compliance For personal use only 1H19 2H18 1H18 • The industry continues to see an increase in Regulatory project spend $Am $Am $Am regulatory ini
Slide 43: Balance sheet highlights
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Balance sheet highlights For personal use only • Balance sheet remains solid and conservative – Term assets covered by term funding, stable deposits and eq
Slide 44: Diversified issuance strategy
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversified issuance strategy For personal use only Term funding as at 30 Sep 18 – diversified by currency1, tenor2 and type Currency Tenor Type • Well div
Slide 45: Continued customer deposit growth
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Continued customer deposit growth For personal use only Macquarie has been successful in pursuing its strategy of diversifying its funding sources by growi
Slide 46: Loan and lease portfolios – Funded Balance Sheet
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Loan and lease portfolios1 – Funded Balance Sheet For personal use only Operating Sep 18 Mar 18 Group Category $Ab $Ab Description Asset Finance2 25.7 25.1
Slide 47: Equity investments of $A6.3b
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Equity investments of $A6.3b1 For personal use only Carrying value2 Carrying value2 Sep 18 Mar 18 Category $Ab $Ab Description Macquarie Asset Management (
Slide 48: Regulatory update
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Regulatory update For personal use only • Regulatory capital1 – APRA is yet to release final standards for Australian banks to ensure that their capital le
Slide 49: Adoption of new accounting standards
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Adoption of new accounting standards For personal use only • AASB 9 Financial Instruments adopted on 1 April 2018 – Comparative financial statements have n
Slide 50: Bank Group Basel III
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Bank Group Basel III Common Equity Tier 1 (CET1) Ratio For personal use only • APRA Basel III CET1 ratio: 10.4%1 • Harmonised Basel III CET1 ratio: 13.0%2
Slide 51: Strong liquidity position maintained
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong liquidity position maintained For personal use only • 159% average LCR for Sep 18 quarter, based on daily observations – Maintained well above regul
Slide 52: Capital management update
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Capital management update For personal use only • Share buyback – Given significant business growth in 1H19, Macquarie did not purchase any shares under th
Slide 53: Outlook
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices For personal use only 04 Outlook Shemara Wikramanayake Managing Director and Chief Executive Officer Designate MACQUARIE 2018
Slide 54: Factors impacting short-term outlook
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Factors impacting short-term outlook For personal use only Annuity-style businesses Capital markets facing businesses Macquarie Asset Management (MAM) Comm
Slide 55: Short-term outlook
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Short-term outlook For personal use only • While the impact of future market conditions makes forecasting difficult, we currently expect the FY19 result to
Slide 56: Medium-term
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Medium-term For personal use only • Macquarie remains well positioned to deliver superior performance in the medium-term • Deep expertise in major markets
Slide 57: Approximate business Basel III Capital and ROE
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Approximate business Basel III Capital and ROE For personal use only 30 Sep 18 1 APRA Basel III Capital Approx. 1H19 Return Approx. 12-Year Average Operati
Slide 58: Medium-term
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Medium-term For personal use only Annuity-style businesses Capital markets facing businesses Macquarie Asset Management (MAM) Commodities and Global Market
Slide 59: Presentation to investors and analysts
Presentation to investors and analysts For personal use only Result announcement for the half-year ended 30 September 2018 2 November 2018
Slide 60: Appendix A: Detailed Result Commentary
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices For personal use only A Appendix Detailed Result Commentary MACQUARIE 2018
Slide 61: Macquarie Asset Management: Result
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management For personal use only Result 1H19 2H18 1H18 • Base fees of $A884m, up on 1H18 $Am $Am $Am – Increased fees from investments made
Slide 62: Corporate and Asset Finance: Result
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Corporate and Asset Finance For personal use only Result 1H19 2H18 1H18 • Net interest and trading income of $A200m, down 40% on 1H18 mainly as a result of
Slide 63: Banking and Financial Services: Result
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services For personal use only Result 1H19 2H18 1H18 • Net interest and trading income of $A634m, up 9% on 1H18 $Am $Am $Am – 17% gro
Slide 64: Commodities and Global Markets: Result
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets For personal use only Result 1H19 2H18 1H18 • Commodities income of $A806m, significantly up on 1H18 $Am $Am $Am – Risk mana
Slide 65: Macquarie Capital: Result
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital For personal use only Result 1H19 2H18 1H18 • Increased fee and commission income: $Am $Am $Am - DCM: higher fee income in the US Fee and
Slide 66: Appendix B: Additional information - Funding
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices For personal use only B Appendix Additional information - Funding MACQUARIE 2018
Slide 67: Macquarie funding structure
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie funding structure For personal use only • MGL and MBL are Macquarie’s two primary external funding vehicles which have separate and distinct fund
Slide 68: Funded balance sheet reconciliation
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funded balance sheet reconciliation For personal use only • Macquarie’s statement of financial position is prepared based on generally accepted accounting
Slide 69: Funding for Macquarie
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for Macquarie For personal use only Sep 18 Mar 18 Sep 17 $Ab $Ab $Ab • Well diversified funding sources Funding sources • Minimal reliance on short
Slide 70: Funding for the Bank Group
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for the Bank Group For personal use only Sep 18 Mar 18 Sep 17 $Ab $Ab $Ab • Bank balance sheet remains liquid, well capitalised and with a diversit
Slide 71: Funding for the Non-Bank Group
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for the Non-Bank Group For personal use only Sep 18 Mar 18 Sep 17 $Ab $Ab $Ab • Non-Bank Group is predominately term funded Funding sources • Term
Slide 72: Explanation of Funded Balance Sheet reconciling items
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Explanation of Funded Balance Sheet reconciling items For personal use only • Self-funded trading assets: Macquarie enters into stock borrowing and lending
Slide 73: Conservative long standing liquidity risk management framework
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Conservative long standing liquidity risk management framework For personal use only Liquidity Policy • The key requirement of MGL and MBL’s liquidity poli
Slide 74: Appendix C: Additional information - Capital
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices For personal use only C Appendix Additional information - Capital MACQUARIE 2018
Slide 75: Macquarie Basel III regulatory capital
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Basel III regulatory capital For personal use only Surplus calculation Harmonised APRA Basel III Basel III 30 Sep 18 $Am $Am Macquarie eligible c
Slide 76: Macquarie APRA Basel III regulatory capital
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie APRA Basel III regulatory capital For personal use only Bank Group contribution Risk-weighted assets Tier 1 Deductions Capital Requirement1,2 30
Slide 77: Macquarie regulatory capital: Non-Bank Group contribution
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie regulatory capital For personal use only Non-Bank Group contribution • APRA has specified a regulatory capital framework for Macquarie • A dollar
Slide 78: Macquarie regulatory capital: Non-Bank Group contribution
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie regulatory capital For personal use only Non-Bank Group contribution Capital Assets Requirement Equivalent 30 Sep 18 $Ab $Am Risk Weight Funded a
Slide 79: Appendix D: Glossary
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices For personal use only D Appendix Glossary MACQUARIE 2018
Slide 80: Glossary
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary For personal use only $A / AUD Australian Dollar CFM Commodities and Financial Markets $US / USD United States Dollar CGM Commodities and Global M
Slide 81: Glossary
Macquarie | 1H19 result announcement | macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary For personal use only FY19 Full Year ending 31 March 2019 MIRA Macquarie Infrastructure and Real Assets GIG Green Investment Group MQA Macquarie A
Slide 82: Presentation to investors and analysts
Presentation to investors and analysts For personal use only Result announcement for the half-year ended 30 September 2018 2 November 2018