Credicorp Ltd. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K, dated February 25, 2015, reports a material event regarding the Board of Directors' decisions for Credicorp Ltd. The filing pertains to the financial year ended December 31, 2014, and outlines matters approved for the Annual General Meeting of Shareholders scheduled for March 31, 2015.
Key Financial Metrics
- Net Income (2014): PEN 2,387,850,959.44
- Total Cash Dividend Declared: PEN 638,968,286.09
- Dividend Per Share: PEN 6.770 (equivalent to US$ 2.1873 based on an exchange rate of PEN/US$ 3.0952)
- Outstanding Shares: 94,382,317
- Reserve Transfers: PEN 1,250,000,000.00 to restricted especial reserves; PEN 570,482,788.99 to especial reserves.
- Total Restricted Especial Reserves: PEN 9,320,962,766.47
The filing does not provide specific values for revenue, operating margins, cash flow, debt levels, or liquidity ratios beyond the net income figure.
Material Changes and Corporate Actions
The primary material event is the declaration of a cash dividend and the transfer of funds to reserves. The Board approved the audited consolidated financial statements for 2014, audited by Paredes, Zaldívar, Burga & Asociados S.C.R.L. (Ernst & Young Global). Additionally, the Board recommended PricewaterhouseCoopers in Peru as the external auditor for the 2015 financial year.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, revenue outlook, or specific risk factors. It notes that restricted especial reserves cannot be utilized without authorization from the Superintendence of Banking, Insurance and Pension Fund Managers of Peru. The dividend payment is scheduled for May 15, 2015, to shareholders of record as of April 21, 2015.
Investor Verification Checklist
- Verify the final dividend payment date (May 15, 2015) and record date (April 21, 2015).
- Confirm the exchange rate used for the USD conversion of the dividend (PEN/US$ 3.0952) against market rates on the payment date.
- Review the full audited consolidated financial statements for 2014 to analyze revenue, margins, and debt levels not detailed in this summary.
- Monitor the upcoming Annual General Meeting on March 31, 2015, for shareholder approval of the dividend and auditor appointment.