bbd20160304_6k.htm - Generated by SEC Publisher for SEC Filing
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of March, 2016
Commission File Number 1-15250
 
 
BANCO BRADESCO S.A. 
(Exact name of registrant as specified in its charter)
 
BANK BRADESCO
(Translation of Registrant's name into English)
 
Cidade de Deus, s/n, Vila Yara
06029-900 - Osasco - SP
Federative Republic of Brazil
(Address of principal executive office)
 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.  Form 20-F ___X___ Form 40-F _______

 Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

Yes _______ No ___X____

 .

 
 

 

Notice to the Market

 

Disclosure of results for the years 2015 and 2014, in accordance to International Financial Reporting Standards (IFRS)

 

Banco Bradesco S.A. (“Bradesco”) announces to its shareholders, clients, collaborators and to the market in general that it prepared complete consolidated financial statements for the years ended December 31, 2015 and 2014, according to the International Financial Reporting Standards - IFRS, in conformity with the pronouncements issued by the International Accounting Standards Board - IASB, pursuant to Resolution 3,786/09 of the Brazilian Monetary Council (CMN) and CVM Rule 457/07.

 

See below, the main changes seen in our consolidated financial statements due to the adoption of IFRS:

 

Comparison between BR GAAP and IFRS - in Reais millions
 
Balance sheet 12/31/2015 12/31/2014
BR GAAP (1)  Differences (2)  IFRS  BR GAAP (1)  Differences (2)  IFRS 
Assets             
Cash and balances with banks  72,092  -  72,092  65,430  -  65,430 
Financial assets held for trading  159,623  -  159,623  78,498  -  78,498 
Financial assets available for sale  117,519  176  117,695  120,789  173  120,962 
Investments held to maturity  40,004  -  40,004  25,071  -  25,071 
Assets pledged as collateral  144,490  -  144,490  152,613  -  152,613 
Loans and advances to banks  35,620  -  35,620  72,975  -  72,975 
Loans and advances to customers (3)  332,784  12,085  344,869  319,059  9,005  328,064 
Non-current assets held for sale  1,247  -  1,247  1,006  -  1,006 
Investments in associated companies and joint ventures  5,824  (9)  5,815  4,336  (352)  3,984 
Property and equipament  5,496  8  5,504  4,647  54  4,701 
Intangible assets and goodwill  6,764  646  7,410  6,988  542  7,530 
Taxes to be offset  6,817  -  6,817  6,130  -  6,130 
Deferred income taxes  49,569  (4,171)  45,398  32,043  (3,655)  28,388 
Other assets  41,059  (940)  40,119  36,615  (1,516)  35,099 
Total assets  1,018,908  7,795  1,026,703  926,200  4,251  930,451 
 
Liabilities             
Deposits from banks  293,903  -  293,903  279,940  -  279,940 
Deposits from customers  194,510  -  194,510  210,032  -  210,032 
Financial liabilities held for trading  19,346  -  19,346  3,316  -  3,316 
Funds from securities issued  109,850  -  109,850  85,030  -  85,030 
Subordinated debt  50,283  -  50,283  35,822  -  35,822 
Insurance technical provisions and pension plans  170,941  -  170,941  146,559  -  146,559 
Other provisions  15,364  -  15,364  13,864  -  13,864 
Current income tax liabilities  2,781  -  2,781  3,602  -  3,602 
Deferred income tax liabilities  2,840  (2,068)  772  3,274  (2,466)  808 
Other liabilities  69,788  8,250  78,038  62,860  6,326  69,186 
Shareholders´ equity of controlling  88,907  1,883  90,790  81,508  660  82,168 
Non-controlling interest  395  (270)  125  393  (269)  124 
Total liabilities and shareholders´equity  1,018,908  7,795  1,026,703  926,200  4,251  930,451 

1)  Information presented herein consider amounts calculated pursuant to the accounting practices adopted in Brazil (BR GAAP), which are applicable to financial institutions, in accordance with the regulations of the Brazilian Central Bank, and classified according to the presentation model determined by IFRS;

2)  Differences refer to reclassification between accounts and other effects from the adoption of IFRS; and

3)  The loan and advances to customers’ portfolio is presented net of provision for impairment losses.

 

 

 

 

 

 
 

 

 

See below, reconciliation of Shareholders’ Equity and Net Income for the 2015 and 2014 years:

Reconciliation of Shareholders´Equity and Net Income - in R$ millions
 
Differences Shareholders´
Equity 		 Net Income  Shareholders´
Equity 		 Net Income 
12/31/205  2015  12/31/2014  2014 
BR GAAP  88,907  17,190  81,508  15,089 
1) Adjustment to the recoverable value of loans and advances  3,493  1,821  1,672  122 
2) Business combinations  509  184  325  135 
3) Hedge accounting adjustments  -  (307)  -  157 
Others  152  (38)  14  24 
Deferred income tax and social contribution of IFRS differences  (2,271)  (717)  (1,351)  (212) 
IFRS - Attributable to the controlling shareholder (1)  90,790  18,133  82,168  15,315 
Non-controlling shareholder  125  105  124  101 
IFRS - Attributable to the controlling and non-controlling shareholder(1)  90,915  18,238  82,292  15,416 
(1) The net income basis for the calculation of dividends and interest on capital paid to shareholders, is originally from BR GAAP, which was released on January 28, 2016.

 

Below is a description of the main changes from the adoption of IFRS:

1)     Adjustment to the recoverable value of loans and advances

 

Impairment of loans and advances were established based on the history of losses and other information about the clients of the organization at the balance sheet date and clear evidences that show losses had occurred after the initial recognition of the financial asset.

 

2)     Business combinations

 

Under IFRS, the identifiable assets and liabilities in business combinations and assets delivered as payment combinations were recognized at their fair value. Shares issued in the acquisition were recognized at their fair value on the date the control is transferred.

 

3)     Hedge accounting adjustments

 

These financial instruments were not designated as hedge instruments for IFRS purposes, and thus they were not treated as hedges for accounting purposes under IAS 39. Therefore, the amount recorded in equity under BR GAAP was reversed against retained earnings at the transition date.

 

 

The complete consolidated financial statements under IFRS, for the years ended December 31, 2015 and 2014, followed by the unqualified opinion of KPMG Independent Auditors, are available on our website www.bradesco.com.br/ir. 

 

 

 

 

Cidade de Deus, Osasco, S.P, March 07, 2016

 

 

Banco Bradesco S.A.

 

Luiz Carlos Angelotti

Managing Director and
Investor Relations Officer

 

 

 

 

Should you have any questions or require further information, please contact Mr. Carlos Wagner Firetti, phone 55 11 2194-0921, e-mail 4823.firetti@bradesco.com.br; Mrs. Ivani Benazzi de Andrade, phone 55 11 2194-0924, e-mail: 4823.ivani@bradesco.com.br or Mr. Carlos Tsuyoshi Yamashita, phone 55 11 2194-0920, e-mail: 4823.carlos@bradesco.com.br.

 

 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: March 7, 2016
 
BANCO BRADESCO S.A.
By:
  
/S/ Luiz Carlos Angelotti
    Luiz Carlos Angelotti 
Executive Managing Officer and
Investor Relations Officer
 
 
FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.