Business Context and Reporting Period
This Form 6-K filing by Banco Bradesco S.A. (Bank Bradesco) reports a material fact regarding a Special Meeting of the Board of Directors held on December 6, 2010. The filing pertains to the fiscal year ending December 31, 2010, and details the approval of a significant distribution to shareholders.
Key Financial Metrics
The filing focuses on shareholder distributions rather than operational financial statements. Key figures include:
- Complementary Interest on Own Capital: R$1,906,000,000.00 approved for payment.
- Per Share Distribution (Gross): R$0.482461664 per common share and R$0.530707830 per preferred share.
- Net Payment (after 15% Withholding Tax): R$0.410092414 per common share and R$0.451101656 per preferred share.
- Total 2010 Distributions: R$3,053,643,271.66 (including monthly dividends, intermediary interest, and the new complementary interest).
- Payment Date: February 18, 2011.
The filing text does not provide clear values for revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios for the period.
Material Changes
The primary material change is the declaration of Complementary Interest, which represents approximately 36 times the monthly dividend amount paid (gross) and 31 times the monthly dividend amount (net of tax). This distribution is in addition to the monthly dividends and intermediary interest already paid or scheduled for payment in early 2011.
Guidance, Outlook, and Risks
Management Commentary: The Board noted that the interest paid will be computed net of Withholding Income Tax for the calculation of mandatory dividends for the 2010 fiscal year. The Company reserved the right to distribute new interest and/or dividends based on the final results determined at the end of the 2010 fiscal year.
Risks and Contingencies: The filing includes a standard forward-looking statements disclaimer, noting that actual results may differ materially from expectations due to economic conditions, industry trends, and operating factors. Specific contingencies mentioned include the handling of funds for shareholders with frozen accounts or missing tax identification numbers (CPF/CNPJ), where amounts will be held by the Company until legal requirements are satisfied.
Investor Verification Checklist
- Verify the record date of December 6, 2010, to confirm eligibility for the R$1.9 billion Complementary Interest payment.
- Confirm the ex-right trading date of December 7, 2010, for share price adjustments.
- Review the final 2010 audited financial statements to determine if additional dividends or interest will be declared based on the final fiscal year results.
- Check the impact of the 15% Withholding Income Tax on net returns for individual versus corporate shareholders.