Macquarie Group Limited and its subsidiaries  2014 Annual Financial Report  macquarie.com.au  Directors’ Report for the financial year ended 31 March 2014  continued  Events subsequent to balance date The net profit contributions for the financial year ending  31 March 2015 from Macquarie Capital, Macquarie  Securities and Banking and Financial Services are all  expected to be up on the financial year ended 31 March  2014, while Macquarie Funds (subject to performance fees),  Corporate and Asset Finance and Fixed Income, Currencies  and Commodities are expected to be broadly in line with the  financial year ended 31 March 2014.  The tax rate for the financial year ending 31 March 2015 is  currently expected to be broadly in line with the financial year  ended 31 March 2014.  Accordingly, the Group's result for the financial year ending  31 March 2015 is currently expected to be broadly in line  with the financial year ended 31 March 2014, with the  potential for a better result if market conditions continue to  improve. The Group's short term outlook remains subject to a range  of challenges including: market conditions; the impact of  foreign exchange; the cost of its continued conservative  approach to funding and capital; and potential regulatory  changes and tax uncertainties.  Macquarie remains well positioned to deliver superior  performance in the medium term due to: its deep expertise  in major markets; strength in diversity and ability to adapt its  portfolio mix to changing market conditions; the ongoing  benefits of continued cost initiatives; a strong and  conservative balance sheet; and a proven risk management  framework and culture. Macquarie’s financial risk management framework is outlined  in Note 38 to the financial statements contained within the  2014 Financial Report.  At the date of this report, the Directors are not aware  of any matter or circumstance which has arisen that  has significantly affected or may significantly affect the  operations of the Consolidated Entity, the results of those  operations or the state of affairs of the Consolidated Entity  in the financial years subsequent to 31 March 2014 not  otherwise disclosed in this report.  44 