Business Context and Reporting Period
Company: Macro Bank Inc.
Filing Type: Form 6-K (Foreign Private Issuer)
Date: February 19, 2009
Reporting Period: Balance sheet and earnings for the period ended December 31, 2008.
Context: The filing provides financial results and a dividend distribution proposal to the Bolsa de Comercio de Buenos Aires in compliance with Section 62 of its rules.
Key Financial Metrics
| Metric | Value (AR$) |
|---|---|
| Income of the Period (Earnings) | 660,050 |
| Capital Stock | 683,979 |
| Total Shareholders' Equity | 2,816,597 |
| Retained Income | 1,251,569 |
Note: The filing text does not provide clear values for revenue, operating margins, cash flow, debt levels, or liquidity ratios. The figures above are expressed in Argentine Pesos (AR$) as presented in the source text.
Material Changes and Dividend Proposal
The Board of Directors has proposed the following distribution of earnings:
- Cash Dividend: AR$0.25 per outstanding share.
- Total Distribution Amount: AR$149,869,743.25.
- Yield on Capital: Represents 21.91% of the Bank's current capital stock (AR$683,978,973).
- Outstanding Shares: 599,478,973 shares (calculated as of February 18, 2009, after repurchasing 84,500,000 shares).
- Tax Status: The distribution is not subject to the 35% withholding tax under Argentine Income Tax Law as it does not exceed determined income.
- Capitalization: No capitalization of earnings or monetary adjustments was proposed.
Condition: Payment of the cash dividend is subject to authorization from the Central Bank of the Republic of Argentina.
Ownership Structure
The controlling group (Messrs. Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, and Juan Pablo Brito Devoto) holds the following:
- Class A Shares: 10,469,149
- Class B Shares: 234,989,318
- Total Capital Stock Held: 245,458,467 (35.89% of total)
The controlling group does not own debt securities convertible into shares or options to purchase shares.
Investor Verification Checklist
- Verify the authorization status of the cash dividend from the Central Bank of the Republic of Argentina.
- Confirm the exchange rate used to convert the reported AR$ figures to USD for international comparison.
- Review the full audited financial statements for the year ended December 31, 2008, to obtain missing data on revenue, debt, and liquidity.
- Validate the calculation of outstanding shares following the reported repurchase of 84,500,000 shares.