Management Indicators. Soundness Indicators. It represents the ratio between provisions for bad debts and the volume of transactions past due over 60 days. The financial institutions are required to maintain investments in fixed assets, according to the level of adjusted reference equity.
On December 31, , Banco Santander was within this limit. Identify and comment on any event subsequent to the previous annual financial statements that may have caused relevant change in the information included therein. There were no subsequent events that have caused relevant changes in the financial statements. Describe the policy used for allocation of income recorded in the past three years by indicating:. The future dividends policy and the amount of future dividends or interest on shareholders' equity we will recommend as distribution to our shareholders shall depend on various factors, including, but not limited to our cash flow, financial condition including our capital base , investment plans, estimates, legal obligations, economic environment and other factors we shall consider relevant at the time.
Holders of our issued shares on the date when a dividend is declared are entitled to the dividends. According to the Brazilian Corporate Law, unclaimed dividends do not earn interests, are not adjusted to the inflation, and may be reversed to the Company three years after they have been declared. To that effect, on April 26, , our shareholders approved in the annual and special meetings a change in the payment date of dividends paid on net equity, referring specifically to the year , for up to days from the date they were determined by our Board of Directors and, in any case, in the year In , Santander Brasil distributed In , this percentage reached The remaining income for the year may be allocated to the statutory reserves account and used in the equalization of dividends.
In , Santander Brasil allocated 0. In the past three years, Santander Brasil did not retain income. This percentage represents mandatory dividends. The calculations regarding calculation of net income and allocations for reserves, as well as the amounts available for distribution, are based on our financial statements, which are prepared in accordance with the Accounting Practices Adopted in Brazil. Santander Brasil is not subject to any restrictions regarding the distribution of dividends.
In table form indicate for each of the last 3 fiscal years:. Adjusted net income for dividend purposes. Table for fiscal years , and Fiscal year December 31, Adjusted net income. Dividend distributed in relation to adjusted net income. Total distributed dividend. Withheld net income. Date of approval of withholding. Dividend Payment. Mandatory Dividend.
February 25, February 22, March 25, Interest on Equity. Report whether, in the last 3 fiscal years, dividends have been declared on retained earnings or reserves accounts established in prior fiscal years. Dividends were not declared on the retained earnings account in the last 3 fiscal years, under the capital budget. If the issuer so desires, another debt ratio, indicating:.
The reason why this index is appropriate for the correct understanding of the financial situation and the level of indebtedness of the issuer. Fiscal Year. Total amount of the debt, of any nature. Type of Index. Indebtedness level. Description and reason for utilization of another index.
December 31, Fiscal Year December 31, Type of debt. Less than a year. One to three years. Three to five years. Above five years. Unsecured Debt. Supply other information deemed relevant by the issuer. All relevant information was already described in the items above. Risk Factors. Describe risk factors that may influence investment decisions, especially those related to:. Our business, financial condition and results of operations could be materially and adversely affected if any of the risks described below occur.
We may face additional risks and uncertainties that are not presently known to us, or that we currently deem immaterial, which may also impair our business. Risks Relating to Brazil. The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy.
The Brazilian government frequently intervenes in the Brazilian economy and occasionally makes significant changes in policies and regulations. Our business, financial condition and results of operations, as well as the market price of our securities, may be adversely affected by changes in policies or regulations involving, among others:. Although the Brazilian government has implemented sound economic policies over the past few years, uncertainty over whether the Brazilian government will implement changes in policy or regulation in the future may contribute to economic uncertainty in Brazil and to heightened volatility in the Brazilian securities markets and in the securities issued abroad by Brazilian issuers.
These uncertainties and other developments in the Brazilian economy may adversely affect us and the market value of our securities. Government efforts to control inflation may hinder the growth of the Brazilian economy and could harm our business. Brazil has experienced extremely high rates of inflation in the past and has therefore implemented monetary policies that have resulted in one of the highest interest rates in the world.
Conversely, more lenient government and Central Bank policies and interest rate decreases may trigger increases in inflation, and, consequently, growth volatility and the need for sudden and significant interest rate increases, which could negatively affect our interest rate spreads. From January to August , the average interest rate in Brazil was With the favorable macroeconomic environment and inflation stability, the Central Bank began a cycle of reducing interest rates starting in September from After this period, in order to balance domestic demand, the Central Bank began another period of adjustment in interest rates, which reached As a bank in Brazil, the vast majority of our income, expenses, assets and liabilities are directly tied to interest rates.
Therefore, our results of operations and financial condition are significantly affected by inflation, interest rate fluctuations and related government monetary policies, all of which may materially and adversely affect the growth of the Brazilian economy, our loan portfolios, our cost of funding and our income from credit operations.
The increase in the base interest rates may adversely affect us by reducing the demand for our credit and investment products, increasing funding costs and risk of default by our customers.
The decreases in basic interest rates may also have negative effects on our results by reducing interest income. We also use an asset and liability management strategy to protect the net interest income. Any changes in interest rates may negatively impact our earnings, due to the asset and liability management strategy. Exchange rate volatility may have a material adverse effect on the Brazilian economy and on our business.
The Brazilian currency has during the past decades experienced frequent and substantial variations in relation to the U. Developments and the perception of risk in other countries, especially in the United States, Spain and in emerging market countries, may adversely affect our access to financing and the market price of our securities.
The market value of securities of Brazilian issuers is affected by economic and market conditions in other countries, including the United States, Spain where Santander Spain, our controlling shareholder, is based and other Latin American and emerging market countries. Crises in other emerging market countries may diminish investor interest in securities of Brazilian issuers, including our securities.
This could adversely affect the market price of our securities, restrict our access to the capital markets and compromise our ability to finance our operations in the future on favorable terms, or at all. We are exposed to the effects of the disruptions and volatility in the global financial markets and the economies in those countries where we do business, especially Brazil. The financial global markets have deteriorated sharply between and Major financial institutions, including some of the largest global commercial banks, investment banks and insurance companies have been experiencing significant difficulties, especially lack of liquidity and depreciation of financial assets.
These difficulties have constricted the ability of a number of major global financial institutions to engage in further lending activity and have caused losses. In addition, defaults by, and doubts about the solvency of certain financial institutions and the financial services industry generally have led to market-wide liquidity problems and could lead to losses or defaults by, and bankruptcies of, other institutions.
We are exposed to the disruptions and volatility in the global financial markets because of their effects on the financial and economic environment in the countries in which we operate, especially Brazil, such as a slowdown in the economy, an increase in the unemployment rate, a decrease in the purchasing power of consumers and the lack of credit availability.
We lend primarily to Brazilian borrowers, and these effects could materially and adversely affect our customers and increase our non-performing loans, resulting in increased risk associated with our lending activity and requiring us to make corresponding revisions to our risk management and loan loss reserve models. For example, in , we experienced an increase in our nonperforming loans overdue above 90 days from 5. After this period, the levels of these operations showed a decelerating trend and reached 5.
Continued or worsening disruption or volatility in the global financial markets could further increase negative effects on the financial and economic environment in Brazil and the other countries in which we operate, which could have a material adverse effect on us. Changes in regulation may negatively affect us. Brazilian financial markets are subject to extensive and continuous regulatory review by the Brazilian government, principally by the Central Bank and the CVM.
We have no control over government regulations, which govern all aspects of our operations, including regulations that impose:. The regulatory structure governing Brazilian financial institutions is continuously evolving, and the Central Bank has been known to react actively and extensively to developments in our industry.
For example, since early , the Central Bank has repeatedly amended the rules related to compulsory deposit requirements in order to adjust the market liquidity in light of financial and economic conditions. The measures of the Central Bank and the amendment of existing laws and regulations, or the adoption of new laws or regulations such as future implementation of Basel III rules related to regulatory capital could adversely affect our ability to provide loans, make investments or render certain financial services.
Our securities and derivative financial instruments are subject to market price and liquidity variations due to changes in economic conditions and may produce material losses. Financial instruments and securities represent a significant amount of our total assets. Any realized or unrealized future gains or losses from these investments or hedging strategies could have a significant impact on our income. These gains and losses, which we account for when we sell or mark-to-market investments in financial instruments, can vary considerably from one period to another.
We cannot forecast the amount of gains or losses in any future period, and the variations experienced from one period to another do not necessarily provide a meaningful forward-looking reference point. Gains or losses in our investment portfolio may create volatility in net revenue levels, and we may not earn a return on our consolidated investment portfolio, or on a part of the portfolio in the future.
Any losses on our securities and derivative financial instruments could materially and adversely affect our operating income and financial condition. In addition, any decrease in the value of these securities and derivatives portfolios may result in a decrease in our capital ratios, which could impair our ability to engage in lending activity at the levels we currently anticipate.
The increasingly competitive environment and recent consolidations in the Brazilian financial services market may adversely affect our business prospects. The Brazilian financial markets, including the banking, insurance and asset management sectors, are highly competitive.
We face significant competition in all of our main areas of operation from other Brazilian and international banks, both public and private, as well as insurance companies. In recent years, the presence of foreign banks and foreign insurance companies in Brazil has increased, as well as competition in the sectors of banking and insurance. Furthermore, the consolidation of the Brazilian financial sector, with the merger of large banks, especially in and , and the privatization of public banks have also increased competition in the Brazilian market for banking and financial services more competitive.
The compression of credit spreads by some of our competitors, following the public banks which aggressively increased their volume of loans with spreads lower than those charged by private banks in , may affect us negatively and reduce our market share.
An increase in competition may negatively affect our business results and prospects by, among other things:. We may experience increases in our level of past due loans as our loan portfolio matures. Our loan portfolio has grown substantially in recent years.
Any corresponding rise in our level of past due loans may lag behind the rate of loan growth. Rapid loan growth may also reduce our ratio of past due loans to total loans until growth slows or the portfolio becomes more seasoned. This may result in increases in our loan loss provisions, charge-offs and the ratio of past due loans to total loans. In addition, as a result of the increase in our loan portfolio and the lag in any corresponding rise in our level of past due loans, our historic loan loss experience may not be indicative of our future loan loss experience.
Our market, credit and operational risk management policies, procedures and methods may not be fully effective in mitigating our exposure to all risks, including unidentified or unanticipated risks. Some of our qualitative tools and metrics for managing risk are based upon our use of observed historical market behavior. We apply statistical and other tools to these observations to arrive at quantifications of our risk exposures. These qualitative tools and metrics may fail to predict future risk exposures.
These risk exposures could, for example, arise from factors we did not anticipate or correctly evaluate in our statistical models. This would limit our ability to manage our risks. Our losses thus could be significantly greater than the historical measures indicate.
In addition, our quantified modeling does not take all risks into account. Our more qualitative approach to managing those risks could prove insufficient, exposing us to material unanticipated losses.
If existing or potential customers believe our risk management is inadequate, they could take their business elsewhere. This could harm our reputation as well as negatively affect our revenues and profits. In addition, our businesses depend on the ability to process a large number of transactions efficiently and accurately. Losses can result from inadequate personnel, inadequate or failed internal control processes and systems, information systems failures or from external events that interrupt normal business operations.
We also face the risk that the design of our controls and procedures for mitigating operational risk proves to be inadequate or is circumvented. We have suffered losses from operational risk in the past, and there can be no assurance that we will not suffer material losses from operational risk in the future.
We may fail to recognize the contemplated benefits of the acquisition of Banco Real. We may fail to realize these projected cost savings and revenue generation in the time frame we anticipate or at all due to a variety of factors, including our inability to carry out headcount reductions, the implementation of our firm culture and the integration of our back office operations.
Moreover, the success of the acquisition will at least in part be subject to a number of political, economic and other factors that are beyond our control. If our reserves for future insurance policyholder benefits and claims are inadequate, we may be required to increase our reserves, which would adversely affect our results of operations and financial condition.
Our insurance companies establish and carry reserves to pay future insurance policyholder benefits and claims. If we conclude that our reserves, together with future premiums and financial surplus, are insufficient to cover future insurance policy benefits and claims, we would be required to increase our insurance reserves and incur income statement charges for the period in which we make the determination, which would adversely affect our results of operations and financial condition.
The profitability of our insurance operations may decline if mortality rates, or persistency rates differ significantly from our pricing expectations. We set prices for many of our insurance and annuity products based upon expected claims and payment patterns, using assumptions for mortality rates, or likelihood of death, and persistency rates.
In addition to the potential effect of natural or man-made disasters, significant changes in mortality or persistency could emerge gradually over time, due to changes in the natural environment, the health habits of the insured population, treatment patterns for disease or disability, or other factors.
Pricing of our insurance and deferred annuity products is also based in part upon expected persistency of these products, which is the probability that a policy or contract will remain in force from one period to the next. Results may also vary based on differences between actual and expected premium deposits and withdrawals for these products. Strong deviations in actual experience from our pricing assumptions could have an adverse effect on the profitability of our insurance products.
Although some of our insurance products permit us to increase premiums or adjust other charges and credits during the life of the policy or contract, the adjustments permitted under the terms of the policies or contracts may not be sufficient to maintain profitability. Some of our insurance products do not permit us to increase premiums or adjust other charges and credits or limit those adjustments during the life of the policy or contract.
Our controlling shareholder has a great deal of influence over our business. Santander Spain, our controlling shareholder, currently owns, indirectly, approximately Due to its share ownership, our controlling shareholder has the power to control us and our subsidiaries, including the power to:.
As a result, we may take actions that our other shareholders do not view as beneficial. Cancellation of units may have a material and adverse effect on the market for the units and on the value of the units. Holders of units may present these units or some of these units for cancellation in Brazil in exchange for the common shares and preferred shares underlying these units. If unit holders present a significant number of units for cancellation in exchange for the underlying common shares and preferred shares, the liquidity and price of the units may be materially and adversely affected.
The relative volatility and limited liquidity of the Brazilian securities markets may negatively affect the liquidity and market prices of the units and the ADSs. Although the Brazilian equity market is the largest in Latin America in terms of capitalization, it is smaller and less liquid than the major U.
The relative volatility and illiquidity of the Brazilian securities markets may substantially limit your ability to sell the units or ADSs at the time and price you desire and, as a result, could negatively impact the market price of these securities.
Actual or anticipated sales of a substantial number of units or our common shares or preferred shares in the future could decrease the market prices of the ADSs. Ocean Axis. Ocean World Lines. Pacific Direct Line. Pan Asia Line. Pan Continental Shipping. Bill of lading tracking - track-trace ; The bill of lading tracking page lets you track shipments for 48 companies. The application calculates storage time in ports of transhipment and instantly notifies the user about any delay.
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