ROE — Return on Shareholders' Equity
Formula: ROE = Profit attributable to controlling shareholders / Average controlling shareholders' equity
- Profit attributable to controlling shareholders = CVM account 3.11.01
of the consolidated
DRE(income statement). When the company does not report the breakdown (no non-controlling interests), we use consolidated profit 3.11 with flaglucro_total_sem_minoritarios. - Controlling shareholders' equity = 2.03 minus 2.03.09 (non-controlling interests). Without line 2.03.09, we use total shareholders' equity — consistent with the numerator in the case with no non-controlling interests.
- Average: equity at the end of the previous year and at the end of the
current year. First year of the series: only the ending value, flag
pl_final_sem_media. -
Average equity ≤ 0: ROE is not published (flag
pl_nao_positivo) — ROE over negative equity is a number with no economic meaning. -
Financial institutions (bank/insurer chart of accounts): profit attributable to controlling shareholders (3.09.01 in the bank chart) over average consolidated equity (2.08), which includes non-controlling interests — flag
pl_consolidado_inclui_minoritarios. The stock page says so on the card ("average consolidated equity"). - Base date: 31 December of the fiscal year, from the DFP filed with the CVM. Next to the number, the stock page shows the profit, both equity figures, the average, the accounts and the date the CVM received the DFP ("Exact definition" block).
What this ROE is not. It is not the ROE a company reports in its own earnings release ("managerial" or "recurring" ROE), which may use adjusted profit and a different equity base. That figure is not in the statements filed with the CVM and is not reproduced here; the gap between the two is one of definition, not of arithmetic.
Source, treatment and limitations: see fontes_e_padronizacao.md.