Itaúsa reports net profit of R$ 7.1 billion in 2020
- Alpargatas and Duratex positively contribute with the holding’s
recurring results
- Itaúsa concludes investment in Copagaz, while negotiations with XP will
result in the 2nd largest company in the portfolio
Itaúsa, Brazilian investment holding, reported a net profit of R$ 7.1 billion in 2020 and Return
on Equity (ROE) of 13%. Alpargatas and Duratex, our investees from the retail and construction segments,
respectively, showed growth in their recurring results. Itaú Unibanco, the portfolio’s
largest investee, had its result impacted by the increase in provisions, however the fourth quarter has
already indicated a recovery and an efficient management of expenses.
Duratex concluded 2020 with a 41.7% growth in recurring EBITDA when compared to 2019, a
result of gains in productivity and market share in all its product lines and efficient management of
resources. The company was also benefited from a fast economic recovery in the construction and
renovations segments, motivated by public aid measures, besides historically low interest rates.
Alpargatas reported a net revenue of R$ 3.4 billion in 2020, 3% higher than the previous
year. The highlight was the global growth strategy from the Havaianas brand, which resulted in an
expressive increase of net revenue in the international market. In Brazil, there was a 128% growth in
sales on online channels, a historic record for the company.
Itaú Unibanco registered a net profit of R$ 18.9 billion in 2020. The total loans
portfolio grew 20.4% in 12 months, favored by credit to individuals – especially lines focused on
vehicles and real estate – and to small and medium-sized companies. The institution continues to
support individuals and enterprises through the Programa Travessia (Crossing Program). In the digital
business front, there were significant advances. In the end of 2020, digital clients (account holders,
cards, and companies) reached 24.2 million, an increase of 16.4% compared to the end of 2019.
It is also worth mentioning the conclusion of the acquisition of approximately 49% of Copagaz, in
December, increasing Itaúsa’s exposure to the energy sector by associating itself with a
leader in the distribution of LPG gás. The operation included the emission of non covertible
debentures in the ammount of R$ 1.3 billion with a 10 year term and a CDI + 2.40% per year rate.
In the beginning of this year, after the announcement of the segregation of XP’s shares held by
Itaú Unibanco, Itaúsa signed an agreement with XP Inc. and other parties so that after the
transaction, in a few months, it will have 15% of XP Inc., which in turn will become the second largest
investee in the holding’s portfolio, considering market value.
Itaúsa believes that both investments contribute to generating sustainable value to its
shareholders, prioritizing discipline and caution in the decision process of efficient capital
allocation.
For Alfredo Setubal, Itaúsa’s CEO, “we will still have a 2021 surrounded by
uncertainties, but we continue dedicated to delivering attractive returns to Itaúsa’s
shareholders in the long term”. “I believe our investees have been making the right decisions,
which makes them stronger and more prepared in their respective sectors, with market share gains, besides
growing returns”, he concludes.
Stock Buyback
Itaúsa’s Board of Directors authorized this month the acquisition of up to 250 million shares
issued by the company. This is because of the recent growth of the asset’s net values, detached from
Itaúsa’s market value, increasing, therefore, the holding’s discount and the potential
generation of value for all the portfolio companies.
This acquisition of shares issued by the company allows Itaúsa to have more opportunities of
efficient capital allocation – one of the holding’s strategic pillars – focusing on the
best interest of its shareholders.
ESG
For decades Itaúsa has been committed with several themes related to Corporate Sustainability,
which can be observed in many of the holding’s actions, in the prominence of its investees regarding
social and environmental aspects, and in the market’s acknowledgement through awards and inclusions
in internationally relevant indexes.
Itaúsa once again integrated the main sustainability corporate indexes in Brazil and abroad in
2020, besides having been recognized by Forbes as one of the best companies to work in, for its attitude
considering the Covid-19 crisis, among other themes related to ESG.
The holding also constituted, last year, the Corporate Governance Commission, which analyses the
market’s tendencies and benchmarks regarding best practices acknowledged internationally and new
regulations involving corporate governance.
About Itaúsa
Itaúsa is a Brazilian investment holding listed in the stock market with more than 45 years of
track record. With a diversified portfolio of leading companies in their respective fields and present in
more than 50 countries, the company has approximately 900,000 individual shareholders, being one of the
companies with the largest shareholder base in the Brazilian stock market.
It invests in relevant companies for the economy and their respective sectors, such as Itaú
Unibanco, Alpargatas, Duratex, Copagaz, and NTS, acting with integrity, ethics, discipline, and confidence
in all its actions, investment decisions and relationships. Its purpose is the creation of sustainable
value for shareholders and all of society.
Press office
Deal Comunicações: +55 11 2121-7430
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