Business Context and Reporting Period
Macro Bank Inc. (Banco Macro S.A.) filed Form 6-K on March 8, 2019, submitting financial statements to the Buenos Aires Stock Exchange (BYMA) for the period ended December 31, 2018. The registrant is a foreign private issuer filing under Form 20-F.
Key Financial Metrics
All figures are in thousands of Argentine Pesos (AR$) unless otherwise noted.
- Net Income for the Year: 15,776,892 (Attributable to shareholders: 15,729,243; Non-controlling interests: 47,649).
- Total Comprehensive Income: 16,115,398 (Attributable to shareholders: 16,067,769).
- Net Shareholders' Equity: 54,637,952.
- Capital Stock: 669,663.
- Retained Earnings: 18,993,985.
The filing does not provide specific values for revenue, operating margins, cash flow, debt levels, or liquidity ratios.
Material Changes and Dividend Proposals
The Board of Directors proposed the following actions regarding the 2018 results:
- Cash Dividends: AR$ 10 per outstanding share, totaling AR$ 6,393,977,460. This amount represents 1,000% of the Bank's outstanding capital stock and will be distributed from the Optional Reserve Fund.
- Reserve Allocations: Aggregate Retained Earnings of approximately AR$ 19.2 billion are to be allocated as follows:
- AR$ 3.15 billion to the Legal Reserve Fund.
- AR$ 3.48 billion to the Statutory Reserve Fund (Special for first-time IFRS application).
- AR$ 12.58 billion to the Optional Reserve Fund for future distributions.
- Capitalization: No proposals were submitted for capitalization of profits or capital monetary adjustments.
Ownership Structure
As of the filing date, the capital stock and voting rights distribution is as follows:
| Shareholder | Capital Stock % | Voting Rights % |
|---|---|---|
| Other shareholders (Foreign Stock Exchange) | 28.77% | 26.96% |
| ANSES-F.G.S. Law N° 26.425 | 27.49% | 25.77% |
| Delfín Jorge Ezequiel Carballo | 16.68% | 18.37% |
| Jorge Horacio Brito | 16.59% | 18.55% |
| Other shareholders (Local Stock Exchange) | 6.15% | 6.30% |
| Own shares in portfolio | 4.32% | 4.05% |
Investor Verification Checklist
- Verify the approval of the proposed AR$ 10 per share cash dividend by shareholders.
- Confirm the impact of the 1,000% dividend payout on the Optional Reserve Fund and future liquidity.
- Review the full 2018 Form 20-F for missing metrics such as revenue, net interest margin, and non-performing loan ratios.
- Assess the implications of the Statutory Reserve Fund allocation related to the first-time application of IFRS.
- Monitor the concentration of voting rights among the top four shareholders (approx. 89% combined).