Business Performance


During the year of 2010, Itaúsa and its subsidiaries presented consistent results. With stake in the industrial and financial areas, Itaúsa's net profit based on the IFRS was R$4,417 million – representing a 1.3% growth compared to 2009, with 18.0% return on average net equity. The net equity totaled R$26,302 million on December 31, 2010, representing a 13.4% increase during the year. It is important to point out that Itaúsa's net profit before the IFRS adjustments (BRGAAP) was of R$4,953 million – representing a 26.0% growth with relation to the previous year – and a 23.0% return on average net equity.

We further highlight that the incentives and benefits that the Itaúsa Conglomerate companies obtained from Brazilian Government, such as: The Workers' Meal Program (PAT), Children and Adolescent's Fund, Rouanet Cultural Incentive Law, the Fundiest and Fundopen financing lines and the reduction of tax rates, among other measures, totaled R$386.8 million in 2010.

Main Itaúsa Indicators – in R$ million, except where indicated
  Holding Company Non-Holding Companies Conglomerate
  2009 2010 2009 2010 2009 2010
BRGAAP            
Net Profit  3,930  4,953  7,812  9,714  11,742  14,667
Net Equity  19,786  23,743  38,170  44,424  57,956 68,167
Average ROE % 21.5 23.0 22.3 23.7 22.1 23.4
IFRS            
Net Profit  4,362  4,417  387  596  4,749  5,013
Net Equity  23,190  26,302  2,649  2,877  25,838  29,179
Average ROE % 20.6 18.0 20.7 23.4 21.2 19.5


Results by lot of 1,000 shares – in R$
  2009 2010 Var. Abs. Var. %
Net Profit of Holding – BRGAAP  0.93  1.14  0.20  21.9
Net Equity of Holding – BRGAAP  4.55  5.43  0.88  19.3
Net Profit of Holding – IFRS  1.03  1.01  (0.02)  (2.1)
Net Equity of Holding – IFRS  5.21  6.01  0.80  15.3
Interest on Own Capital and Dividends  0.28  0.33  0.04  15.1
Preferred Share Price  11.83  13.14  1.31  11.1
Market Capitalization – in R$ millions  51,411  57,478  6,067  11.8


Main Indicators of the Conglomerate Companies    
  January to December BRGAAP   Adjustments between BRGAAP and IFRS IFRS
Financial Services Area Industrial Area Consolidated/
Conglomerate(2)
Consolidated/
Conglomerate(2)
Itaú Unibanco
Holding S.A.
Duratex
S.A. (1)
Itautec
S.A.
Elekeiroz S.A.
Total Assets 2010  755,112  5,011  1,079  640  764,211  (488,576)  275,635
2009  608,273  4,336  1,294  584  615,961  (402,457)  213,504
Operating Revenues 2010  120,510  2,742  1,795  851  123,695  (75,753)  47,942
2009  111,994  1,930  1,872  571  117,369  (71,513)  45,856
Net Profit 2010  13,323  442  3  47  14,667  (9,654)  5,013
2009  10,067  178  54  4  11,742  (6,993)  4,749
Net Equity 2010  60,879  2,624  520  477  68,167  (38,988)  29,179
2009  50,683  2,331  496  443  57,956  (32,118)  25,838
Annual Return on Average Net Equity (%) 2010 24.1% 17.9% 2.5% 9.9% 23.4%  -   19.5%
2009 21.4% 7.8% 11.4% 0.9% 22.1%  -   21.2%
Internal Resource Generation (3) 2010  37,201  839  76  86  35,943  (20,569)  15,374
   37,887  301  35  (14)  36,013  (19,577)  16,436
The 2009 data includes the reclassifications made by the respective companies as to the disclosure of the accounting statements associated with the year 2010.
(1) Operating Revenue and Net Profit for 2009 include the January-August results for Duratex, and the September-December results for Duratex + Satipel.
(2) The Consolidated/Conglomerate data presents the net values of the consolidation eliminations and unrealized income from intercompany transactions.
(3) Refers to the funds resulting from the operations obtained through the Cash Flow Statement.



The main changes resulting from the adoption of the IFRS are demonstrated in the table below:

Reconciliations between BRGAAP and IFRS (in R$ million, except where indicated) Total Assets Net Equity Net Profit
  31/12/2009 31/12/2010 31/12/2009 31/12/2010 2009 2010
Consolidated before IFRS Adjustments  615,961  764,211  57,956  68,167  11,742  14,667
Adjustments between BRGAAP and IFRS  (402,457)  (488,576)  (32,118)  (38,988)  (6,993)  (9,654)
Proportional Consolidation of Itaú Unibanco  (398,487)  (483,988)  (36,044)  (42,084)  (7,424)  (9,128)
Credit Operations  1,159  679  1,159  679  196  (513)
Recognition of All Tax Credits  827  595  838  595  (83)  (239)
Retirement and Health Plans  573  44  573  44  169  76
Business Combination  1,029  717  1,029  717  148  (303)
Biological Assets  203  219  203  219  (4)  34
Surplus Dividends  -  -  380  445  -  -
Others  (7,761)  (6,842)  (256)  397  4  419
Consolidated in IFRS  213,504  275,635  25,838  29,179  4,749  5,013
Attributable to Non-Controlling Shareholders      2,649  2,877  387  596
Attributable to Controlling Shareholders      23,189  26,302  4,362  4,417


The values presented in "Adjustments between BRGAAP and IFRS" in the table of the previous page result basically from the adoption of the Brazilian Code of Civil Procedure (CPCs) below, which present the main changes involved with the adoption of the IFRS. The entire description of the adjustments made is available in Explanatory Note 2b of the complete accounting statements, that are part of this publication.


The following are the main events per company where the cited figures, when removed from the accounting statements, refer to the values under the IFRS (International Financial Reporting Standards) system for the industrial area companies. In the financial area, the Itaú Unibanco values refer to the BRGAAP model.


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