Investor presentation and outlook update
07 September 2011
As part of its regular investor communications program, Macquarie Group (Macquarie) (ASX: MQG; ADR: MQBKY) will be presenting at various international investor conferences throughout September.
Contained within the presentation is an update to the short term outlook statement that Macquarie provided at the Group’s Annual General Meeting on 28 July 2011. Notably:
the Group’s capital markets facing businesses (Macquarie Capital, Macquarie Securities Group, and Fixed Income, Currencies and Commodities) experienced difficult trading conditions in August 2011
given these difficult trading conditions, and the previously foreshadowed factors of a higher tax rate in 1H12 and not having the benefit of the MAp Available for Sale (AVS) reclassification (which was included within 1H11), it is expected that 1H12 result will be lower than 1H11
Macquarie continues to expect an improved result for FY12 on FY11 if market conditions for the remainder of FY12 are not worse than the prior corresponding period, however, it should be noted that market conditions are particularly uncertain at the current time. Macquarie’s expectation for FY12 also assumes that it receives the cash amount to be made available to investors which was noted in MAp’s recent announcement.
Both 1H12 and FY12 outlooks are subject to market conditions, which are very volatile, the completion rate of transactions and the conducting of period end reviews.
Download Presentation (pdf 1.27MB)
+61 2 8232 8845
+61 2 8232 6016