Business Context and Reporting Period
This Form 6-K filing by Banco Bradesco S.A. (Bank Bradesco) was submitted on December 9, 2013, regarding the fiscal year ending December 31, 2013. The report details a proposal by the Board of Executive Officers to pay complementary interest on shareholders' equity.
Key Financial Metrics
The filing focuses exclusively on shareholder distributions and does not provide data on revenue, profit, cash flow, margins, debt, or liquidity.
- Total Complementary Interest Proposed: R$1,421,300,000.00
- Per Share Amount (Gross): R$0.322567993 (Common) and R$0.354824792 (Preferred)
- Per Share Amount (Net of 15% Tax): R$0.274182794 (Common) and R$0.301601073 (Preferred)
- Total Shareholder Distributions for 2013 (Paid + Proposed): R$3,224,049,639.26
Material Changes and Distribution Details
The proposed complementary interest represents approximately 17.1 times the amount of the monthly interest paid. The filing outlines the following distribution schedule and totals for 2013:
| Description | Amount (R$) |
|---|---|
| Monthly interest paid (Jan-Dec 2013) | 889,835,448.20 |
| Intermediary interest (1st half) | 829,997,720.86 |
| Subtotal - Paid values | 1,719,833,169.06 |
| December interest (to be paid 1.2.2014) | 82,916,470.20 |
| Complementary interest (to be paid 3.7.2014) | 1,421,300,000.00 |
| Total 2013 Distributions | 3,224,049,639.26 |
Shares will trade "ex-right" on December 26, 2013. The record date for eligibility is December 23, 2013.
Guidance, Outlook, and Risks
The filing states that the complementary interest will be computed, net of withholding income tax, in the calculation of mandatory dividends for the fiscal year as per the company's bylaws. Management noted that the Company may distribute new interest and/or dividends based on the final results determined at the end of the 2013 fiscal year. No specific risks or contingencies regarding operations were disclosed in this document.
Investor Verification Checklist
- Verify the final approval of the complementary interest by the Board of Directors on December 23, 2013.
- Confirm the final 2013 fiscal year results to determine if additional mandatory dividends or interest will be declared.
- Check the actual payment date of March 7, 2014, for the complementary interest.
- Review the full 2013 Form 20-F for comprehensive financial metrics (revenue, net income, liquidity) not included in this 6-K.