Slide 1: Result Announcement for the full year ended 31 March 2010
Macquarie Group Limited For personal use only Result Announcement for the full year ended 31 March 2010 Presentation to Investors and Analysts 30 April 2010 Nicholas Moore, Managing Director and Chief Executive Officer Greg Ward, Chief Financial Officer
Slide 2: Disclaimer
Disclaimer For personal use only 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 sum
Slide 3: Agenda
Agenda For personal use only 1. Introduction – Richard Sheppard 2. Overview of result and outlook – Nicholas Moore 3. Result analysis and financial management – Greg Ward 4. Appendices Unless otherwise specified all information is for the full year ended 31 Mar 10 and movements are on the prior year
Slide 4: Introduction
For personal use only Introduction Richard Sheppard Deputy Managing Director Macquarie Group Limited Result Announcement for the full year ended 31 March 2010 30 April 2010 – Presentation to Investors and Analysts
Slide 5: Overview of Result and Outlook
For personal use only Overview of Result and Outlook Nicholas Moore Managing Director and Chief Executive Officer Macquarie Group Limited Result Announcement for the full year ended 31 March 2010 30 April 2010 – Presentation to Investors and Analysts
Slide 6: About Macquarie
About Macquarie For personal use only Global provider of banking, financial, advisory, investment and funds management services Main business focus is providing products and services to clients Listed on Australian Securities Exchange (ASX: MQG; ADR: MQBKY) Regulated by APRA, Australian bank
Slide 7: Result reflects improved market conditions
Result reflects improved market conditions For personal use only Profit of $A1,050m, up 21% on FY09 and 2H10 up 19% on 1H10 All operating businesses delivered improved results in FY10 compared to FY09 Operating income before writedowns, impairments, equity accounted gains/(losses) and one-off
Slide 8: Result reflects improved market conditions
Result reflects improved market conditions For personal use only Mar 10 Mar 09 $Am $Am Net operating income 6,638 5,526 Total operating expenses (5,344) (4,537) Operating profit before income tax 1,294 989 Tax expense (201) (15) Operating profit after income tax 1,093 974 Profit attributable to mino
Slide 9: Writedowns, impairments, equity accounted gains/(losses) and one-off items
Writedowns, impairments, equity accounted gains/(losses) and one-off items For personal use only 2H10 1H10 FY09 $Am $Am $Am Gains from listed fund initiatives1 (MCG, MLE, MAp, MMG, MIG, 125 414 - A-REITs) Liability management ⎯ MIPS - 127 197 ⎯ Subordinated debt - 55 - Net fair value adjustment on f
Slide 10: Financial performance
Financial performance For personal use only $Am FY10 operating income of $A6,638m $Am FY10 profit of $A1,050m 4,000 20% increase on FY09 800 21% increase on FY09 2,000 400 0 0 2H08 1H09 2H09 1H10 2H10 2H08 1H09 2H09 1H10 2H10 $A $A FY10 DPS of $A1.86 FY10 EPS of $A3.20 3.00 3% increase on FY09 2.00
Slide 11: Operating income by region
Operating income by region For personal use only 1,800 1,600 1,400 1,200 Operating income $Am1 2H08 1H09 2H09 1,000 1H10 2H10 800 600 400 200 0 Australia Asia Americas Europe, Middle East & Africa 1. Operating income excludes earnings on capital and other corporate items. 11
Slide 12: Diversified by region
Diversified by region International income1 52% of total For personal use only Total staff over 14,6002; international staff 50% of total EUROPE, MIDDLE EAST ASIA AMERICAS & AFRICA3 Income: $A863m (13% of total) Income: $A1,139m (18% of total) Income: $A1,349m (21% of total) Staff: 1,473 Staff: 2,41
Slide 13: Macquarie well positioned as Asia Pacific's leading provider of broking and advisory services
Macquarie well positioned as Asia Pacific’s leading provider of broking and advisory services For personal use only Asia 10 year operating income CAGR of 36% Our research coverage of over 1,200 Asia-Pacific stocks is A leading issuer of equity derivative products in the HK one of the largest in
Slide 14: Diversified income
Diversified income For personal use only Operating income by source Operating income before writedowns, impairments, equity accounted gains/(losses) and one-off items 12 months to 31 Mar 09 12 months to 31 Mar 10 $A7.2b $A7.0b Institutional and retail cash equities 9% 15% 17% 18% Equity derivatives
Slide 15: Evolution over the last three years
Evolution over the last three years For personal use only Operating income before writedowns, impairments, equity accounted gains/(losses) and one-off items 12 months to 31 Mar 07 12 months to 31 Mar 10 $A7.0b $A7.0b Institutional and retail cash equities 10% 15% 17% 15% 18% Equity derivatives 8% 22
Slide 16: Assets under management of $A326b
Assets under management of $A326b For personal use only Significant increase in AUM due to Delaware acquisition in Jan 10 ⎯ Excluding Delaware1, reported AUM decreased by $A68b mainly due to the listed fund initiatives and strengthening of the $A since Mar 09 Pro-forma AUM includes impact of CMT
Slide 17: Market conditions and activity – Macquarie Securities
Market conditions and activity Macquarie Securities – operating income up 10% on prior year, net profit For personal use only contribution up 111% on prior year Cash Equities and Underwriting Advisory Funds Balance Management Derivatives/Delta 1 Sheet Australia Asia US Market conditions Market condi
Slide 18: Market conditions and activity – Macquarie Securities
Market conditions and activity Macquarie Securities – operating income up 10% on prior year, net profit For personal use only contribution up 111% on prior year Cash Equities and Underwriting Advisory Funds Balance Management Derivatives/Delta 1 Sheet Canada Europe South Africa Market conditions Mar
Slide 19: Market conditions and activity – Macquarie Capital
Market conditions and activity Macquarie Capital – operating income up 11% on prior year, net profit contribution up 156% on prior year For personal use only 448 deals valued at $A121b (299 deals valued at $A203b prior year) Cash Equities Underwriting Advisory Funds management Balance Sheet Infrastr
Slide 20: Market conditions and activity – Macquarie Capital
Market conditions and activity Macquarie Capital – operating income up 11% on prior year, net profit contribution up 156% on prior year For personal use only 448 deals valued at $A121b (299 deals valued at $A203b prior year) Cash Equities Underwriting Advisory Funds management Balance Sheet Resource
Slide 21: Market conditions and activity – Macquarie Funds Group
Market conditions and activity Macquarie Funds Group – operating income up 27% on prior year, net profit contribution up 111% on FY09 For personal use only Total MFG AUM $A210b – up 322% on FY09 Advisory Cash Equities Underwriting Advisory Funds management Balance Sheet Australia Offshore Market con
Slide 22: Market conditions and activity – Fixed Income, Currencies and Commodities
Market conditions and activity Fixed Income, Currencies and Commodities – operating income up 43% For personal use only on prior year, net profit contribution up 62% on prior year Cash Equities Underwriting Advisory Funds Balance Management Sheet Foreign Energy Agriculture Metals Emerging US Credit
Slide 23: Market conditions and activity – Other banking divisions
Market conditions and activity For personal use only Other banking divisions Cash Equities Underwriting Advisory Funds Balance Management Sheet Corporate and Asset Finance Real Estate Banking Operating income up 116% on prior year, net profit Operating loss reduced by 63% on prior year, net loss con
Slide 24: Market conditions and activity – Banking and Financial Services
Market conditions and activity Banking and Financial Services – operating income up 55% For personal use only on prior year, net profit contribution of $A261m1 Funds Balance Private Wealth Intermediary Management Sheet Private Wealth/Direct Intermediary Funds Management Balance Sheet Market conditio
Slide 25: Strong funding and balance sheet position
Strong funding and balance sheet position For personal use only Retail deposits increased from $A13.4b at Mar 09 to $A15.5b at Mar 10 ⎯ On 22 Apr 10 CMT unit holders approved the transfer of funds to CMA, effective 31 Jul 10 (CMT volume at 31 Mar 10 was $A9.5b1) Removal of Government guarantee w
Slide 26: Funded balance sheet remains strong
Funded balance sheet remains strong For personal use only Macquarie Group Limited $Ab 30 September 2009 $Ab 31 March 2010 $Ab 31 March 2010 Pro-forma1 90 90 90 Impact of CMT/CMA initiative ST wholesale issued paper (6%) 6.5x 80 80 80 excess Other debt2 maturing in the next 12 mths (8%) ST wholesale
Slide 27: Consistently strong capital base
Consistently strong capital base For personal use only Well capitalised – surplus over Group’s minimum regulatory capital requirement of $A4.0b Core equity represents 91% of the Group’s capital base $Ab 12 $A11.8b CPS $A10.2b MIS $A9.3b 10 MIPS Core equity 8 $A7.2b 6 $A4.8b 4 2 0 2006 2007 2008
Slide 28: Update on recent initiatives
Update on recent initiatives For personal use only Macquarie Securities Macquarie Capital A global specialist offering unique insights into energy, resources, commodities, Integrated global M&A, DCM, ECM and principal investing platform infrastructure, real estate, quant and FIG sectors driven b
Slide 29: Update on recent initiatives
Update on recent initiatives For personal use only Fixed Income, Currencies & Commodities Macquarie Funds Group Specialist in global commodity markets offering tailored price risk management Strong, established fund management franchise, particularly in Australia solutions to significant commodi
Slide 30: Update on recent initiatives
Update on recent initiatives For personal use only Corporate and Asset Finance Banking and Financial Services Strong technical expertise to provide finance and asset management solutions Premium advice, service and products to Australian retail investors to over 200,000 clients through Australia
Slide 31: Macquarie model – focus over the medium term
Macquarie model – focus over the medium term For personal use only Client driven business ⎯ Main business focus is providing products and services to clients ⎯ Trading businesses focussed on client transactions ⎯ Minimal proprietary trading Alignment of interests with shareholders, investors, st
Slide 32: Dividends
Dividends For personal use only Historic payout ratio 50 – 60% FY10 dividend set at $A1.86 ~ 60% payout ratio ― 2H10 dividend $A1.00, up from 1H10 dividend of $A0.86 ― Dividend remains unfranked Dividend reinvestment plan ― Discount removed ― Scheme rules being amended to allow shares to be so
Slide 33: Outlook
Outlook For personal use only Market conditions continue to improve but continuing uncertainty makes forecasting difficult Subject to market conditions, we currently expect improved operating results for all of our businesses in FY11 compared to FY10 (refer to slides 72-74) FY11 trading likely
Slide 34: Medium-term outlook
Medium-term outlook For personal use only Over the medium-term we continue to be well placed due to: ⎯ Global depth and reach of our businesses ⎯ Diversification of business mix ⎯ Strong committed team with interests aligned to shareholders ⎯ Strong balance sheet, capital and funding ⎯ Effective r
Slide 35: Result Analysis and Financial Management
For personal use only Result Analysis and Financial Management Greg Ward Chief Financial Officer Macquarie Group Limited Result Announcement for the year ended 31 March 2010 30 April 2010 – Presentation to Investors and Analysts
Slide 36: Key drivers of year
Key drivers of year For personal use only Improved equity markets, cash equities well up on prior year Good ECM activity, reasonable corporate finance and advisory deal flow, slightly down on prior year Good contribution from base fees, performance fees well down on prior year Strong contrib
Slide 37: Income Statement
Income Statement For personal use only Mar 10 Mar 09 $Am $Am Key drivers Net interest income 1,080 938 Strong growth in corporate lending and leasing portfolio Fee and commission income 3,721 4,045 M&A total deal value down, ECM up, performance fees down Trading income 1,574 1,328 Strong contributio
Slide 38: Impairment charges and equity accounted gains/losses
Impairment charges and equity accounted gains/losses For personal use only 2H10 1H10 FY09 $Am $Am $Am Impairment & equity accounted gains/losses of funds management assets and other co- investments Listed Macquarie-managed funds (28) 45 442 Real estate equity investments 54 92 193 US portfolios of a
Slide 39: Macquarie Securities
Macquarie Securities For personal use only Result Mar 10 Mar 09 Net trading income up 17% on prior year: $Am $Am — Strong contribution from Arbitrage Trading activities as a result of favourable spreads in exchange traded instruments, Net trading income (including net particularly in Taiwanese, In
Slide 40: Macquarie Capital
Macquarie Capital For personal use only Result Mar 10 Mar 09 Interest expense down 33% on prior year due to lower interest $Am $Am rates Net interest income/(expense)1 (255) (381) Base fees down 12% on prior year Base fees 463 524 — EUM $A38.6b – 28% down on prior year Performance fees 12 218 —
Slide 41: Macquarie Funds
Macquarie Funds For personal use only Result Mar 10 Mar 09 Acquisition of Delaware Investments in Jan 10 $Am $Am ⎯ Increased AUM by $A151b at Mar 10 Base fees 234 142 ⎯ Increased headcount by 521 Net interest income1 45 65 Base fees up 65% on prior year to $A234m Other fee and commission income
Slide 42: Assets under management of $A326b
Assets under management of $A326b For personal use only $Ab 400 8.7 (5.7) (8.3) (27.7) 350 (27.2) (6.3) (10.0) 149.1 Funds no longer 300 managed by Macquarie (MAp, MIG, MMG, MCW, MLE, MCG, A- REITs platform) 250 325.7 Strengthening of 315.7 AUD 200 243.1 Delaware Investments acquired Jan 10 150 Mar-
Slide 43: Fixed Income, Currencies and Commodities
Fixed Income, Currencies and Commodities For personal use only Result Mar 10 Mar 09 Commodities trading income up 10% on prior year: $Am $Am — Consolidation and growth of the Macquarie Energy franchise in the US gas and power business Commodities1 713 650 — Agricultural Commodities contribution br
Slide 44: Corporate and Asset Finance
Corporate and Asset Finance For personal use only Result Mar 10 Mar 09 Interest income up significantly: $Am $Am — Loan and finance lease portfolios $A12.9b at Mar 10, up from $A6.9b at Mar 09 Net interest income1 361 129 — Acquisition of $A1.0b Ford Credit portfolio in Oct 09 Fee, commission and
Slide 45: Real Estate Banking
Real Estate Banking For personal use only Result Mar 10 Mar 09 REB net loss of $A152m reduced from a net loss of $Am $Am $A362m in the prior year, driven by significant Net interest income1 (22) (4) reduction in writedowns and impairment charges Base fees 30 26 Base and performance fees up on pr
Slide 46: Banking and Financial Services
Banking and Financial Services For personal use only Result Mar 10 Mar 09 Net interest income growth $Am $Am — Retail deposits up 16% from $A13.4b at Mar 09 to $A15.5b at Net interest income1 551 425 Mar 10 due to focus on cash offerings, including Cash Base fees 199 229 Management Account Brokera
Slide 47: Expenses
Expenses For personal use only Expenses up 18%; compensation ratio 42.9% (FY09: 40.7%) ⎯ Compensation expenses up 27% Expense to income ratio 80.5% (FY09: 82.1%) $Am 5,400 89 20 (4) 5,344 742 (40) 5,200 5,000 Increased office space 4,800 in Sydney, New York, London; impact of acquisitions 4,600
Slide 48: Taxation
Taxation For personal use only 2H10 1H10 FY09 $Am $Am $Am Net profit before tax 762 532 989 Add back: writedowns and impairment charges 96 758 2,044 Net profit before impairments and tax 858 1,290 3,033 Prima facie tax @ 30% 257 387 910 Income tax permanent differences (64) (124) (282) Income tax ex
Slide 49: Balance sheet highlights
Balance sheet highlights For personal use only Balance sheet remains solid and conservative ⎯ Term assets covered by term funding and equity ⎯ As foreshadowed, surplus cash and liquids are being deployed Retail deposits continuing to grow, up 12% from Sep 09 to $A15.5b at Mar 10 ⎯ Strong inflows
Slide 50: Funded balance sheet
Funded balance sheet For personal use only Mar 10 $Ab Mar 09 $Ab Well diversified funding sources Funding sources Wholesale issued paper: Retail deposit base continues to grow, Negotiable certificates of deposit 1.9 4.7 representing a stable and reliable source Commercial paper 3.0 3.0 Net trade
Slide 51: Continued retail deposit growth
Continued retail deposit growth For personal use only Macquarie has been successful in pursuing its strategy of diversifying its funding sources through growing its deposit base ⎯ Focus has been on improving the composition and quality of the deposit base ⎯ Particularly good growth in the recently
Slide 52: Growth of loan asset portfolio
Growth of loan asset portfolio For personal use only $Ab 34 Corporate lending portfolio 32 growth 1.0 (0.8) (1.2) 30 2.6 (1.1) Acquisition of 28 $A1b Ford Credit 3.7 portfolio (Oct 09) 26 Reduction in operating lease Mortgages portfolio 29.5 24 Canada 25.3 22 20 Mar-09 CAF Lending Mortgages Ford Cre
Slide 53: Loan asset portfolio quality
Loan asset portfolio quality For personal use only Net Net carrying Provisions carrying Provisions value coverage value coverage Mar 10 Mar 10 Mar 09 Mar 09 Loan category $Ab %1 $Ab %1 Mortgages Secured by residential mortgages and supported by mortgage insurance Aust: arrears2 = 1.0%, most loans
Slide 54: Reduced equity investment portfolio
Reduced equity investment portfolio1 For personal use only $Ab Significant disposals include MCG, Puget 10.0 Energy, MW Cell, Bendigo & Adelaide Bank 9.0 Equity impairments since 31 Mar 09 8.0 1.3 (1.1) (0.7) 7.0 (0.4) 6.0 (0.8) Significant acquisitions (0.1) 5.0 Listed include BrisConnections, Incl
Slide 55: Equity investments of $A5.6b
Equity investments of $A5.6b For personal use only Carrying value Carrying value Mar-10 Mar-09 Category1 $Am $Am Description Debt investment entities 225 284 Largely relates to holding in Diversified CMBS Investments Inc. Underlying investments are commercial mortgage-backed securities that are high
Slide 56: Positions in Listed Macquarie-managed funds & fund managers
Positions in Listed Macquarie-managed funds & fund managers1 For personal use only Net carrying Market Unrealised value2 value gain/(loss) FY10 Initiatives completed to close the valuation gap $Am $Am $Am MAp Airports 1,152 1,245 93 Successful internalisation of management; sold stakes in JAT (~$A26
Slide 57: Sustained business performance
Sustained business performance For personal use only Macquarie Capital Funds’ ten largest infrastructure businesses1 have shown resilience in challenging markets The majority of these assets experienced improvement in operational performance with an average 1 year EBITDA growth of 9% Acquisition
Slide 58: Group capital surplus of $A4.0b
Group capital surplus of $A4.0b For personal use only Group capital of $A11.8b at 31 Mar 10, a $A4.0b buffer of capital in excess of the Group’s minimum regulatory capital requirements Strong Banking Group capital ratios - Tier 1: 11.5%; Total Capital: 13.3% $Ab 6.0 Option exercises, MEREP 5.0 0
Slide 59: Regulatory developments
Regulatory developments For personal use only The Basel Committee and APRA have recently announced proposals to enhance the capital and liquidity frameworks ⎯ Proposals are mostly still in draft form and remain subject to calibration and finalisation during 2010 and 2011, with implementation expec
Slide 60: Appendix: Additional information – Funding
For personal use only Appendix Additional information – Funding Macquarie Group Limited Result Announcement for the year ended 31 March 2010 30 April 2010 – Presentation to Investors and Analysts
Slide 61: Group funding structure
Group funding structure For personal use only 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 and intra-group funding to MGL MGL provides funding pre
Slide 62: Funded balance sheet reconciliation
Funded balance sheet reconciliation For personal use only 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 63: Funding for the Bank Group
Funding for the Bank Group For personal use only 31 March 2010 Mar 10 Mar 09 $Ab $Ab Bank balance sheet remains very liquid, Funding sources well capitalised and with a diversity of Negotiable certificates of deposit 1.9 4.7 funding sources Commercial paper 3.0 3.0 Net trade creditors - 0.2 Term
Slide 64: Funding for the Non-Bank Group
Funding for the Non-Bank Group For personal use only 31 March 2010 Mar 10 Mar 09 Non-Bank Group is predominantly term $Ab $Ab funded Funding sources MBL intra-group loan to MGL 1.2 3.8 Term funding beyond 1 year (excluding Net trade creditors 0.5 0.2 equity) has a weighted average term to Struct
Slide 65: Explanation of Funded Balance Sheet
Explanation of Funded Balance Sheet Reconciling Items For personal use only 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 66: Appendix: Additional information – Capital
For personal use only Appendix Additional information – Capital Macquarie Group Limited Result Announcement for the year ended 31 March 2010 30 April 2010 – Presentation to Investors and Analysts
Slide 67: Macquarie Group regulatory capital – surplus calculation
Macquarie Group regulatory capital For personal use only Surplus calculation $Am Macquarie Group eligible capital: Banking Group Gross Tier 1 capital 7,930 Non-Bank eligible capital 3,880 Eligible capital 11,810 (a) Macquarie Group capital requirement: Banking Group contribution Risk-weighted assets
Slide 68: Macquarie Group regulatory capital – Banking Group contribution
Macquarie Group regulatory capital For personal use only Banking Group contribution Risk-weighted Tier 1 Capital assets Deductions Requirement1 $Am $Am $Am Credit and equity risk On balance sheet 26,824 1,878 Off balance sheet 9,615 673 Credit and equity risk subtotal 36,439 2,551 Market risk 2,480
Slide 69: Non-Banking Group framework
Macquarie Group regulatory capital For personal use only Non-Banking Group framework 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) fo
Slide 70: Non-Banking Group contribution
Macquarie Group regulatory capital For personal use only Non-Banking Group contribution Capital Equivalent Assets Requirement Risk Weight $Ab $Am Funded assets Cash and liquid assets 2.1 23 13% Loan assets1 1.4 85 76% Debt investment securities 0.3 17 72% Co-investment in Macquarie-managed funds and
Slide 71: Appendix: Additional information – Outlook operating groups
For personal use only Appendix Additional information – Outlook operating groups Macquarie Group Limited Result Announcement for the full year ended 31 March 2010 30 April 2010 – Presentation to Investors and Analysts
Slide 72: Outlook operating groups
Outlook operating groups For personal use only Macquarie Securities Group Subject to market conditions, currently expect FY11 to be up on FY10 Vision to be a global broker with strong Asia Pacific foundations over the medium term Improved market conditions should provide good growth opportunit
Slide 73: Outlook operating groups
Outlook operating groups For personal use only Macquarie Funds Group Subject to market conditions, currently expect FY11 result to be well up on FY10 Expect much larger contribution from Delaware Investments in FY11 given the full year impact Strong relative investment performance across numer
Slide 74: Outlook operating groups
Outlook operating groups For personal use only Real Estate Banking Division Recovering commercial real estate markets and improved economic conditions generally provides an expectation for FY11 to be up on FY10 Maintaining the focus on increasing asset realisations through sales of development p
Slide 75: Appendix: Glossary
For personal use only Appendix Glossary Macquarie Group Limited Result Announcement for the full year ended 31 March 2010 30 April 2010 – Presentation to Investors and Analysts
Slide 76: Glossary
Glossary For personal use only $A Australian Dollar Aust Australia $C Canadian Dollar AVS Available for Sale $US United States Dollar BFS Banking and Financial Services £ Pound Sterling bps Basis points ¥ Japanese Yen CAF Corporate and Asset Finance Division € Euro CAGR Compound Annual Growth Rate 1
Slide 77: Glossary
Glossary For personal use only ECM Equity Capital Markets KRW South Korean Won EMEA Europe, the Middle East and Africa KRX Korea Exchange EPS Earnings Per Share Lat Am Latin America EUM Equity Under Management LNG Liquefied Natural Gas ex Excluding LVR Loan to Value Ratio FIG Financial Institutions
Slide 78: Glossary
Glossary For personal use only MIP Macquarie Infrastructure Partners RBA Reserve Bank of Australia MIPS Macquarie Income Preferred Securities RBS Royal Bank of Scotland MIS Macquarie Income Securities REB Real Estate Banking Division MLE Macquarie Leisure RTS Relational Technology Services MMG Macqu
Slide 79: Result Announcement for the full year ended 31 March 2010
Macquarie Group Limited For personal use only Result Announcement for the full year ended 31 March 2010 Presentation to Investors and Analysts 30 April 2010 Nicholas Moore, Managing Director and Chief Executive Officer Greg Ward, Chief Financial Officer