Business Context and Reporting Period
Company: Macro Bank Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: April 29, 2014
Context: The filing reports a Relevant Event regarding a Shareholders' Meeting held on April 29, 2014, in Buenos Aires, Argentina. The primary action was the resolution to distribute cash dividends derived from fiscal years 2010 and 2011.
Key Financial Metrics
The filing does not provide comprehensive financial statements (revenue, profit, cash flow, margins, debt, or liquidity) for the current period. It focuses exclusively on dividend distribution details:
- Total Dividend Amount: AR $596,254,288.56
- Dividend Per Share: AR $1.02 (outstanding shares)
- Source of Funds:
- Fiscal Year 2010 Income: AR $550,000,000
- Fiscal Year 2011 Income: AR $46,254,288.56
- Tax Status: The distribution is not subject to the 35% withholding under Section 69 of the Income Tax Law as it does not exceed determined income. However, applicable Income Tax withholdings under Law 26893 will be deducted upon payment.
Material Changes
The filing does not report material changes in operational performance, revenue, or balance sheet items compared to prior periods. The only material change reported is the authorization of a specific cash dividend payout from retained earnings of previous fiscal years.
Guidance, Outlook, and Risks
Regulatory Contingency: The effective payment of the approved dividend is conditional. The Board of Directors is authorized to make funds available only upon receipt of authorization from the BCRA (Central Bank of the Republic of Argentina). As of the filing date, this authorization has not yet been granted.
Management Commentary: The filing confirms the dividend is proportional to shareholdings and details the tax treatment applicable at the time of actual payment.
Investor Verification Checklist
- Verify the status of the BCRA (Central Bank of Argentina) authorization required for dividend payment.
- Confirm the exact date of dividend availability to shareholders once regulatory approval is received.
- Review the specific Income Tax withholdings under Law 26893 that will be deducted from the AR $1.02 per share gross amount.
- Check subsequent filings for confirmation of the dividend payout execution.