Business Context and Reporting Period
This Form 6-K filing by Grupo Supervielle S.A. (dated April 12, 2022) serves as a formal response to information requests from shareholder FGS-ANSES regarding the Ordinary Shareholders' Meeting (AGM) scheduled for April 27, 2022. The filing details corporate governance, shareholding structure, and financial data for the fiscal year ended December 31, 2021.
Key Financial Metrics
- Net Loss (2021): AR$ 1,201,459,615.67 (after taxes).
- Computable Loss: AR$ 1,012,141,312.83 (after adding back Board and Supervisory Committee fees charged to the income statement).
- Dividend Proposal: The Board proposes a cash dividend of AR$ 252,503,900 (in homogeneous currency as of Dec 31, 2021), funded by a partial reversal of the Voluntary Reserve.
- Board Remuneration (2021): Proposed global amount of AR$ 189,317,302.84 (approx. AR$ 162 million at historical values).
- Supervisory Committee Remuneration (2021): Proposed global amount of AR$ 524,270.
- External Auditor Fees (2021): Proposed AR$ 7,899,122 (excluding VAT).
- Personnel Count: Total employees decreased from 5,253 in 2018 to 4,811 in 2021.
Material Changes and Shareholding
Shareholding Structure (as of April 12, 2022):
- Julio Patricio Supervielle: 35.12% (160,422,901 total shares).
- Floating: 64.16% (293,022,310 total shares).
- FGS-ANSES: 0.72% (3,277,111 total shares).
Related Party Transactions: Grupo Supervielle provides management services to subsidiaries (including Banco Supervielle) at a cost-plus-20% margin. Fees received from subsidiaries totaled AR$ 242,928,000 in 2021 (historical currency plus VAT), up from AR$ 165,258,000 in 2020. Conversely, the Company paid AR$ 720,000 to Banco Supervielle for accounting and treasury services in 2021.
Outlook, Risks, and Management Commentary
- Financial Restatement: Financial statements for 2021 are restated in a homogeneous currency using the National Consumer Price Index (CPI) prepared by INDEC (base month: December 2016) in compliance with IAS 29.
- Dividend Rationale: The proposed dividend is intended to offset the obligation to pay personal property tax on shares and dividend withholdings, allowing shareholders to recover taxes without prejudice to the Company.
- Regulatory Status: The Company is not subject to Communication A 7421 of the Argentine Central Bank regarding profit distribution as it is not a financial entity under Law # 21,526.
- Board Stability: No resignations or replacements occurred in the Board of Directors or Supervisory Committee as of December 31, 2021.
Investor Verification Checklist
- Verify the specific inflation index (CPI) values used for the homogeneous currency restatement of the 2021 financial statements.
- Confirm the final approval of the AR$ 252,503,900 dividend payment at the April 27, 2022 AGM.
- Review the "Voting Recommendations and Motion Proposals" (ID # 2872187) for detailed Board performance metrics and candidate resumes for new appointments.
- Monitor the execution of the Audit Committee budget, which increased by 40% to AR$ 5,600,000 for 2022.
- Assess the impact of the continued decline in total personnel (down ~8% since 2018) on operational capacity.