{
  "docId": "019dd923-5e88-73ef-bd58-99f08487f008",
  "docSlug": "1db65286cd5a9194",
  "documentTitle": "morgan stanley virtual hk summit march 2022",
  "authorId": "MorganStanley",
  "authorName": "Macquarie",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 54,
  "pageCount": 77,
  "prevPage": 53,
  "nextPage": 55,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 11,
  "notes": "The slide uses a waterfall chart to bridge financial performance between two periods.",
  "elementsJson": [
    "headline_text",
    "waterfall_chart",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd58-99f08487f008/54",
  "deckHref": "/decks/019dd923-5e88-73ef-bd58-99f08487f008",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd58-99f08487f008.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd58-99f08487f008#slide-54",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Increase driven by income related to the disposition of MIC assets and increased base fees, partially offset by gain on sale of Macquarie European Rail in prior corresponding period and lower performance fees.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-2e3a-7040-97ed-a679456939fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.55,
        "x": 0.03,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Waterfall chart showing 1H21 to 1H22 NPC variance",
      "attrs": null,
      "subkind": "waterfall",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "373dae82-7767-4fbb-ab2b-6b311ce13cf8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.03,
        "y": 0.88
      },
      "kind": "disclaimer",
      "text": "1. Investment-related income includes net income on equity, debt and other investments and share of net profits/ (losses) of associates and joint ventures, credit and other impairment reversals/(charges). Other income includes net interest and trading expense, other fee and commission income, net operating lease income, other income, internal management revenue and non-controlling interests. 2. Macquarie Infrastructure Corporation and Macquarie European Rail (MER) includes investment-related and other income, which is excluded from total MAM Investment-related and other income 3. Waddell & Reed (W&R) ongoing and one-offs include the net impact of operating income and expenses excluded from the other categories.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "526a3654-85e1-4900-b73d-f9f017b5b645",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.32,
        "x": 0.65,
        "y": 0.66
      },
      "kind": "list",
      "text": "Macquarie European Rail gain on sale in prior corresponding period",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12f421fd-5702-440e-97a9-2f844b1b8ea8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.32,
        "x": 0.65,
        "y": 0.42
      },
      "kind": "list",
      "text": "Lower operating expenses, primarily driven by foreign exchange movements",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "54e01e90-2459-465f-a26a-3089f261bed2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.32,
        "x": 0.65,
        "y": 0.58
      },
      "kind": "list",
      "text": "MIC income included recognition of the disposition fee, equity accounted income and the reversal of the impairment previously recognised",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "683a3357-1b18-4bec-81d4-6f4b8872e844",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.32,
        "x": 0.65,
        "y": 0.48
      },
      "kind": "list",
      "text": "Higher investment-related and other income due to increased Macquarie AirFinance income compared to the prior corresponding period, which included the impact of COVID-19",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "803b656a-f5c8-4d8a-851e-e966ed9d6ef0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.32,
        "x": 0.65,
        "y": 0.28
      },
      "kind": "list",
      "text": "Lower performance fees following a strong prior corresponding period. Current period included fees from a range of funds including MIP III, MEIF 4 and other Private Markets-managed funds, managed accounts and co-investors",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be4fb028-c806-45bd-a393-808b54a29393",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.32,
        "x": 0.65,
        "y": 0.72
      },
      "kind": "list",
      "text": "Waddell & Reed acquisition one-offs, driven by costs which are not expected to be repeated",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c03b5c5e-33d0-4d3e-88f1-0e6717995e1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.32,
        "x": 0.65,
        "y": 0.12
      },
      "kind": "list",
      "text": "Base fees up due to: Investments made by Private Markets-managed funds and mandates and contribution from Public Investments due to positive market movements; partially offset by foreign exchange movements and asset realisations in Private Markets-managed funds",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4b066a8-e218-4121-b79b-b704f6140173",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Net Profit Contribution: 1,305",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-2e3a-7040-97ed-aa92accfaf10",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.1,
        "x": 0.65,
        "y": 0.08
      },
      "kind": "paragraph",
      "text": "Key drivers",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c86e6790-8001-454b-8412-eecf16d94694",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.55,
        "x": 0.03,
        "y": 0.15
      },
      "kind": "title",
      "text": "Increase driven by income related to the disposition of MIC assets and increased base fees, partially offset by gain on sale of Macquarie European Rail in prior corresponding period and lower performance fees",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fc3106a-71ec-4bca-8d29-0ac896981ced",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.03,
        "y": 0.08
      },
      "kind": "title",
      "text": "Macquarie Asset Management",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58c5bea5-584e-4833-9b8f-d52d9e04cfa6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "c5fa4f49-d39e-4cdb-9c99-287fb427b8a9",
      "evidence": "Waterfall chart showing 1H21 to 1H22 NPC variance",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}