Business Context and Reporting Period
Company: Macro Bank Inc. (Banco Macro S.A.)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: May 23, 2022
Context: The filing announces the authorization by the Central Bank of the Republic of Argentina to pay a cash dividend and/or dividend in kind. The Board of Directors established a payment schedule consisting of 12 monthly installments.
Key Financial Metrics
Dividend Authorization: The Central Bank authorized a total aggregate dividend amount of AR $19,751,444,343.74.
Per Share Amount: AR $30.89 per share.
Distribution Ratio: Represents 20% of total distributable earnings.
Capital Stock: AR $639,413,408.
Initial Payment (Installments 1-6): AR $9,875,722,171.88 (AR $15.44 per share), representing 1,544.5% of capital stock.
Subsequent Payments (Installments 7-12): AR $1,645,953,695.31 per installment.
Material Changes and Payment Schedule
The filing details a specific 12-month payment schedule approved on May 23, 2022, following shareholder meetings on April 30, 2022, and Central Bank authorization on May 12, 2022.
- Installments 1-6: Payable June 7, 2022 (Aggregate: AR $9,875,722,171.88).
- Installment 7: July 6, 2022 (AR $1,645,953,695.31).
- Installment 8: August 2, 2022 (AR $1,645,953,695.31).
- Installment 9: September 6, 2022 (AR $1,645,953,695.31).
- Installment 10: October 4, 2022 (AR $1,645,953,695.31).
- Installment 11: November 1, 2022 (AR $1,645,953,695.31).
- Installment 12: December 6, 2022 (AR $1,645,953,695.31).
Management Commentary, Risks, and Tax Implications
Tax Withholding: The dividend distribution is split into two tax categories based on the fiscal year of the earnings:
1. AR $8,548,398,000.00: Derived from income prior to January 1, 2018. This portion is not subject to the 35% tax withholding under Section 74 of the Argentine Income Tax Law.
2. AR $1,327,324,171.88: Derived from income from fiscal years beginning on or after January 1, 2018. This portion is subject to a 7% tax withholding under Section 97 of the Argentine Income Tax Law.
Payment Logistics: Dividends will be made available at Caja de Valores S.A. in Buenos Aires. The filing does not provide specific revenue, profit, or debt metrics for the reporting period, focusing solely on the dividend distribution event.
Investor Verification Checklist
- Verify the record date for shareholder eligibility (June 6, 2022).
- Confirm the specific tax withholding rate applicable to the investor's jurisdiction regarding the split between pre-2018 and post-2018 earnings.
- Monitor the availability of funds at Caja de Valores S.A. on the scheduled dates.
- Review the full text of the Central Bank's Communique "A" 7421 for any additional regulatory conditions.