Business Context and Reporting Period
Company: Macro Bank Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: April 30, 2020
Context: The filing translates a submission to the Argentine Securities Commission (CNV) regarding a Shareholders' Meeting resolution to distribute cash dividends.
Key Financial Metrics
The filing does not provide comprehensive financial statements (revenue, profit, cash flow, or debt levels). It focuses exclusively on dividend distribution details:
- Total Dividend Declared: AR$ 12,788,268,160
- Dividend Per Share: AR$ 20
- Dividend Source (Pre-2018 Earnings): AR$ 8,548,398,000
- Dividend Source (Post-2018 Earnings): AR$ 4,239,870,160
Material Changes and Regulatory Constraints
Dividend Suspension: The effective distribution of the approved dividends is currently suspended pending authorization from the Central Bank of Argentina (BCRA).
Regulatory Basis: Pursuant to BCRA Communique "A" 6939, the distribution of profits by financial entities is suspended until June 30, 2020.
Management Commentary, Risks, and Tax Implications
Tax Withholding Rates:
- Pre-2018 Portion (AR$ 8.55B): Not subject to the 35% withholding rate under Section 74 of the Argentine Income Tax Law, as the distribution does not exceed earnings determined under that law.
- Post-2018 Portion (AR$ 4.24B): Subject to a 7% withholding rate under Section 97 of the Argentine Income Tax Law.
Contingency: The actual payment date is delegated to the Board of Directors and is conditional upon BCRA lifting the suspension on profit distributions.
Investor Verification Checklist
- Confirm whether the BCRA has granted authorization for dividend distribution after the June 30, 2020 suspension deadline.
- Verify the final effective date for dividend availability as determined by the Board of Directors.
- Review the company's full financial statements to assess the impact of the suspended dividend on liquidity and retained earnings.
- Monitor any updates regarding BCRA Communique "A" 6939 and its potential extension or modification.