Macquarie Group, Ltd. · ASX:MQG
Macquarie — FY2020 Earnings Presentation
86 slides from Macquarie's earnings presentation, May 8, 2020
Slide 1: Presentation to investors and analysts
Presentation to investors and analysts Result announcement for the full year ended 31 March 2020 8 May 2020
Slide 2: Disclaimer
Macquarie I FY20 result announcement I macquarie.com Disclaimer The material in this presentation has been prepared by Macquarie Group Limited ABN 94 122 169 279 (MGL) and is general background information about Macquarie’s (MGL and its subsidiaries) activities current as at the date of this present
Slide 3: Agenda
Agenda 01 Introduction 02 Overview of Result 03 Result Analysis and Financial Management 04 Outlook 05 Appendices © MACQUARIE 2020
Slide 4: Introduction
01 Introduction Sam Dobson Head of Investor Relations © MACQUARIE 2020
Slide 5: Overview of Result
02 Overview of Result Shemara Wikramanayake Managing Director and Chief Executive Officer © MACQUARIE 2020
Slide 6: Macquarie's response to COVID-19
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie’s response to COVID-19 Employees Clients Portfolio Companies Community • Globally consistent and coordinated move to • Personal Banking clients a
Slide 7: About Macquarie
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices About Macquarie Annuity-style activities Markets-facing activities Net Profit Contribution ~63% Net Profit Contribution ~37% Macquarie Asset Management Ban
Slide 8: 2H20 result
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 2H20 result: $A1,274m down 13% on 1H20; down 24% on 2H19 2H20 1H20 2H20 v $Am $Am 1H20 Net operating income (excl. Credit and Other 6,906 6,459 7% impairme
Slide 9: 2H20 net profit contribution from Operating Groups
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 2H20 net profit contribution from Operating Groups $A2,580m down 10% on 1H20; down 27% on 2H19 ANNUITY-STYLE MARKETS-FACING ACTIVITIES flat ACTIVITIES ▼25%
Slide 10: FY20 result
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices FY20 result: $A2,731m down 8% on FY19 2H20 1H20 2H20 v FY20 FY19 FY20 v $Am $Am 1H20 $Am $Am FY19 Net operating income (excl. Credit and Other impairment 6
Slide 11: Net operating income movement
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Net operating income movement $Am 14,000 KEY DRIVERS • MAM: Increased base fees, performance fees, investment-related & other income, partially offset by l
Slide 12: FY20 net profit contribution from Operating Groups
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices FY20 net profit contribution from Operating Groups $A5,448m down 11% on FY19 ANNUITY-STYLE MARKETS-FACING ACTIVITIES ACTIVITIES $A3,439m ▲13% $A2,009m ▼35%
Slide 13: Financial performance
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 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 1,000 FY16 FY17
Slide 14: Business mix
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Business mix Annuity-style activities represent approximately 63% of the Group’s performance1 Net Profit Contribution2 $Am 6,500 Annuity-style businesses:
Slide 15: Assets under management
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Assets under management of $A606.9b AUM increased 10% from $A551.3b at 31 March 2019 Increase due to investments by managed funds, an acquisition by MAM an
Slide 16: Diversification by region
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversification by region International income 67% of total income1 Total staff2 15,849, International staff 58% of total Americas EMEA Asia Australia3 25%
Slide 17: Diversification by region
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversification by region 67% of total income1 in FY20 was generated offshore A 10% movement2 in AUD is estimated to have approximately a 7% impact on NPAT
Slide 18: Macquarie Asset Management
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management MACQUARIE INFRASTRUCTURE MACQUARIE INVESTMENT OPERATING INCOME AND REAL ASSETS (MIRA) MANAGEMENT (MIM) $A3,732m ▲12% • $A149.3b
Slide 19: Banking and Financial Services
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services PERSONAL BANKING BUSINESS BANKING WEALTH MANAGEMENT OPERATING INCOME • Home loan portfolio of $A52.1b, up 35% on • Business
Slide 20: Commodities and Global Markets
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets SPECIALISED OPERATING INCOME FINANCIAL EQUITY AND ASSET COMMODITY MARKETS 54%1 FUTURES 6%1 MARKETS 19%1 MARKETS 3%1 FINANCE
Slide 21: Macquarie Capital
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital ADVISORY AND CAPITAL SOLUTIONS INFRASTRUCTURE AND ENERGY GROUP OPERATING INCOME Summary Summary $A1,906m ▼ 33% • Maintained a leading mar
Slide 22: Funded balance sheet remains strong
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funded balance sheet remains strong Term liabilities exceed term assets 31 Mar 19 31 Mar 20 $Ab $Ab 180 180 ST wholesale issued paper 3% Other debt maturin
Slide 23: Basel III capital position
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Basel III capital position • APRA Basel III Group capital at Mar 20 of $A24.8b; Group capital surplus of $A7.1b 1,2 • APRA Basel III CET1 ratio: 12.2%; Har
Slide 24: Business capital requirements
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Business capital requirements1 FY20 KEY DRIVERS MAM $Ab • Primarily driven by asset realisations including the sale of Macquarie 20.0 $A2.0b increase AirFi
Slide 25: Strong regulatory ratios
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong regulatory ratios Bank Group (Mar 20) 17.5% 7.5% 190.0% 120.0% 14.9% 6.3% 173% 118% 14.0% 6.0% 160.0% 115.0% 5.7% 12.2% 110.0% 10.5% 4.5% 130.0% 105
Slide 26: Capital management
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Capital management Macquarie notes the strength of its capital position • Reported Level 3 surplus of $A7.1b1 – the highest Macquarie has reported • MBL Le
Slide 27: Final dividend
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Final dividend 2H20 ORDINARY DIVIDEND FY20 ORDINARY DIVIDEND FROM FROM $A1.80 (40% franked) ▼$A3.60 (45% franked) $A4.30 (40% franked) ▼$A5.75 (45% franked
Slide 28: Result Analysis and Financial Management
03 Result Analysis and Financial Management Alex Harvey Chief Financial Officer © MACQUARIE 2020
Slide 29: Income statement key drivers
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 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 interest and trad
Slide 30: Income statement by Operating Group NPC
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Income statement by Operating Group NPC $Am KEY DRIVERS 4,000 • MAM: Increased base fees, performance fees, investment-related and other income, partially
Slide 31: Credit and other impairment charge considerations
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Credit and other impairment charge considerations In assessing Macquarie’s expected credit loss provisioning on the loan portfolio, current and future macr
Slide 32: Credit and Other impairment charges
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Credit and Other impairment charges $Am KEY DRIVERS 1,100 • MAM: Higher credit and other impairment charges mainly due to a deterioration in current and ex
Slide 33: Macquarie Asset Management
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management Increased base fees, investment-related and other income, partially offset by lower net operating lease income and higher impair
Slide 34: MAM AUM movement
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices MAM AUM movement Increase due to investments by MIRA-managed funds, MIM acquisition and FX movements partially offset by recent market movements and a redu
Slide 35: MIRA EUM movement
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 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 14.4 0.5 (2.6)
Slide 36: Banking and Financial Services
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services Increase in Personal Banking income and lower expenses partially offset by Credit impairment charges and margin compression
Slide 37: Banking and Financial Services
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 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 72.2 12 60 6
Slide 38: Portfolio and credit overview
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Banking and Financial Services Portfolio and credit overview Portfolio dynamic 31-Mar-20 31-Mar-19 % change Home Loan Dynamic LVR Distribution 2% Funds Und
Slide 39: Commodities and Global Markets
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Consistent performance driven by strong client activity $Am Commodities KEY DRIVERS 2,200 ($A245m) • Commodities – Strong re
Slide 40: Growing client base
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Growing client base Specialised & Asset Client numbers Finance portfolio1 $Ab 1,200 1,500 10.0 1,200 1,476 1,150 1,168 1,462
Slide 41: Movement in regulatory capital
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 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 centrally with offse
Slide 42: Macquarie Capital
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Capital Results driven by lower investment-related income, lower fee and commission income, higher credit and other impairment charges and higher
Slide 43: Movement in regulatory capital
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 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 Investments Realisati
Slide 44: Costs of compliance
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Costs of compliance FY20 FY19 • The finance industry continues to see an increase in regulatory Regulatory project spend $Am $Am initiatives, resulting in
Slide 45: FY20 funded balance sheet initiatives
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices FY20 funded balance sheet initiatives • $A1.7b of equity capital raised in 1H20 through $A1.0b institutional placement and $A0.7b share purchase plan • $A2
Slide 46: Continued customer deposit growth
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Continued customer deposit growth Macquarie has been successful in pursuing its strategy of diversifying its funding sources by growing its deposit base •
Slide 47: Diversified issuance strategy
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Diversified issuance strategy Term funding as at 31 Mar 20 – diversified by currency1, tenor2 and type Currency Tenor Type • Well diversified issuance EUR
Slide 48: Loan and lease portfolios
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 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 35.6 Secured
Slide 49: Equity investments of $A7.5b
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Equity investments of $A7.5b1 Carrying value2 Carrying value2 Mar 20 Mar 19 Category $Ab $Ab Description Macquarie Asset Management (MIRA) managed 1.8 1.9
Slide 50: Regulatory update
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Regulatory update Australia • In light of the COVID-19 pandemic, APRA announced (on 19 Mar 20) temporary changes to its expectations regarding bank capital
Slide 51: Bank Group Basel III Common Equity Tier 1 Ratio
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Bank Group Basel III Common Equity Tier 1 (CET1) Ratio • APRA Basel III CET1 ratio: 12.2%1 • Harmonised Basel III CET1 ratio: 14.9%2 Bank Group Common Equi
Slide 52: Strong liquidity position maintained
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Strong liquidity position maintained • 173% average LCR for Mar 20 quarter, based on daily observations – Maintained well above regulatory minimum – Includ
Slide 53: Capital management update
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Capital management update Additional Tier 1 Capital • On 13 Mar 20, MBL announced the withdrawal of its offer of $A500m of Macquarie Bank Capital Notes 2 (
Slide 54: Outlook
04 Outlook Shemara Wikramanayake Managing Director and Chief Executive Officer © MACQUARIE 2020
Slide 55: Business activity since March 2020
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Business activity since 31 March 2020 Annuity-style businesses Markets-facing businesses Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capit
Slide 56: Factors impacting short-term outlook
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Factors impacting short-term outlook Annuity-style businesses Markets-facing businesses Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capita
Slide 57: Short-term outlook
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Short-term outlook • Market conditions are likely to remain challenging, especially given the significant uncertainty caused by the worldwide impact of COV
Slide 58: Medium term
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Medium term • Macquarie remains well-positioned to deliver superior performance in the medium term • Deep expertise in major markets • Build on our strengt
Slide 59: Approximate business Basel III Capital and ROE
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Approximate business Basel III Capital and ROE 31 Mar 20 APRA Basel III Capital1 Approx. FY20 Return on Approx. 14-year Average Return Operating Group @ 8.
Slide 60: Medium term
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Medium term Annuity-style businesses Markets-facing businesses Non-Banking Group Macquarie Asset Management (MAM) Macquarie Capital (MacCap) Non-Banking Gr
Slide 61: Presentation to investors and analysts
Presentation to investors and analysts Result announcement for the full year ended 31 March 2020 8 May 2020
Slide 62: A Appendix: Detailed Result Commentary
A Appendix Detailed Result Commentary © MACQUARIE 2020
Slide 63: Macquarie Asset Management
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Asset Management Result FY20 FY19 • Base fees of $A2,021m, up on FY19 $Am $Am – Foreign exchange movements, fees earned on the MAF joint venture,
Slide 64: Banking and Financial Services
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 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 average BFS deposi
Slide 65: Commodities and Global Markets
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Commodities and Global Markets Result FY20 FY19 • Commodities income of $A1,738m, down 12% on FY19 $Am $Am – Risk management products up 20% on FY19 reflec
Slide 66: Macquarie Capital
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices 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 income and ot
Slide 67: B Appendix: Additional information – Funding
B Appendix Additional information – Funding © MACQUARIE 2020
Slide 68: Macquarie funding structure
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie funding structure • MGL and MBL are Macquarie’s two primary external funding vehicles which have separate and distinct funding, capital and liqui
Slide 69: Balance sheet highlights
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Balance sheet highlights • Balance sheet remains solid and conservative – Term assets covered by term funding, stable deposits and equity – Minimal relianc
Slide 70: Funded balance sheet reconciliation
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funded balance sheet reconciliation • Macquarie’s statement of financial position is prepared based on generally accepted accounting principles which do no
Slide 71: Funding for Macquarie
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for Macquarie Mar 20 Mar 19 $Ab $Ab • Well diversified funding sources Funding sources • Minimal reliance on short-term wholesale funding markets C
Slide 72: Funding for the Bank Group
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for the Bank Group Mar 20 Mar 19 $Ab $Ab • Bank balance sheet remains liquid and well capitalised, with a diverse Funding sources range of funding
Slide 73: Funding for the Non-Bank Group
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Funding for the Non-Bank Group Mar 20 Mar 19 $Ab $Ab • Non-Bank Group is predominantly term funded Funding sources • Term funding beyond one year (excludin
Slide 74: Explanation of funded balance sheet reconciling items
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Explanation of funded balance sheet reconciling items Self-funded trading assets: Macquarie enters into stock borrowing and lending as well as repurchase a
Slide 75: Conservative long standing liquidity risk management framework
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Conservative long standing liquidity risk management framework Liquidity Policy • The key requirement of the MGL and MBL liquidity policies is that the ent
Slide 76: C Appendix: Additional information – Capital
C Appendix Additional information – Capital © MACQUARIE 2020
Slide 77: Macquarie Basel III regulatory capital
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie Basel III regulatory capital Harmonised APRA Basel III Basel III 31 Mar 20 $Am $Am Macquarie eligible capital Bank Group Gross Tier 1 capital 15,
Slide 78: Macquarie APRA Basel III regulatory capital
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie APRA Basel III regulatory capital Bank Group contribution Risk-weighted assets Tier 1 Deductions Capital Requirement1 31 Mar 20 $Am $Am $Am Credi
Slide 79: Macquarie regulatory capital
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie regulatory capital Non-Bank Group contribution • APRA has specified a regulatory capital framework for Macquarie • A dollar capital surplus is pr
Slide 80: Macquarie regulatory capital
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Macquarie regulatory capital Non-Bank Group contribution Assets Capital Requirement Equivalent Risk 31 Mar 20 $Ab $Am Weight Funded assets Cash and liquid
Slide 81: D Appendix: Additional information – ECL Provision inputs
D Appendix Additional information – ECL Provision inputs © MACQUARIE 2020
Slide 82: Expected Credit Loss – key indicators
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Expected Credit Loss – key indicators • Under the AASB 9 credit impairment model, losses are recognised on an Expected Credit Loss (ECL) basis. ECLs are re
Slide 83: E Appendix: Glossary
E Appendix Glossary © MACQUARIE 2020
Slide 84: Glossary
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary $A / AUD Australian Dollar CET1 Common Equity Tier 1 $US / USD United States Dollar CFM Commodities and Financial Markets £ / GBP Pound Sterling C
Slide 85: Glossary
Macquarie I FY20 result announcement I macquarie.com Introduction Overview of Result Result Analysis and Financial Management Outlook Appendices Glossary GIFII Macquarie Global Infrastructure Fund 2 MQA Macquarie Atlas Roads GIG Green Investment Group MREI Macquarie Real Estate Investments GLL GLL R
Slide 86: Presentation to investors and analysts
Presentation to investors and analysts Result announcement for the full year ended 31 March 2020 8 May 2020