Business Context and Reporting Period
This Form 6-K filing by Banco Bradesco S.A. (Bank Bradesco) was submitted on December 5, 2003. The report announces the Board of Directors' approval of the payment of Complementary Interest on Own Capital for the fiscal year 2003. The filing does not contain a full annual financial report but focuses specifically on capital remuneration and shareholder distributions.
Key Financial Metrics
The filing details the distribution of Interest on Own Capital (JCP) for the fiscal year 2003. The total declared Interest on Own Capital for the year was R$1,347,085 thousand. This total comprises monthly payments, an intermediary payment for the first half of the year, and the complementary payment approved in this filing.
| Category | Amount (R$ thousands) |
|---|---|
| Monthly Payments | 262,691 |
| 1st Half - Intermediary | 231,915 |
| Complementary (Fiscal Year 2003) | 852,479 |
| Total Interest on Own Capital | 1,347,085 |
Per Share Distribution (per block of 1,000 stocks):
- Common Stock (ON): Total declared R$0.8180393 (Complementary portion: R$0.5121493).
- Preferred Stock (PN): Total declared R$0.8998433 (Complementary portion: R$0.5633643).
Taxation and Net Payment: Payments are subject to a 15% withholding Income Tax for individual stockholders, resulting in net payments of R$0.4353269 (ON) and R$0.4788597 (PN) per block of 1,000 stocks. Corporate stockholders are exempt from this tax and receive the full declared amount. The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
The filing does not provide comparative financial data against prior periods to assess material changes in revenue, earnings, or balance sheet items. The primary change reported is the specific declaration of the complementary interest payment for 2003, which represents 36.3 times the monthly interest paid.
Guidance, Outlook, and Risks
Management Commentary: The company states that its capital remuneration policy aims to create stockholder value by distributing Interest on Own Capital in the maximum amount allowed by current legislation. These distributions are included, net of withholding tax, in the calculation of the mandatory dividend as per the Company's Bylaws.
Forward-Looking Statements: The filing includes a standard disclaimer that statements regarding future operations, financial condition, liquidity, and dividend payments are based on management's current estimates and are subject to risks and uncertainties. There is no guarantee that expected events or trends will occur.
Payment Schedule: The complementary interest payment is scheduled to be settled on March 10, 2004.
Investor Verification Checklist
- Verify the record date for the complementary interest payment (December 5, 2003).
- Confirm the net payout amounts after the 15% withholding tax for individual investors versus the gross amount for corporate investors.
- Review the full Form 20-F for the fiscal year 2003 to obtain comprehensive revenue, profit, and balance sheet data not included in this 6-K.
- Check the settlement date of March 10, 2004, for the actual cash flow impact.