ITAÚ UNIBANCO S.A. MANAGEMENT REPORT To our ... - Banco Itaú

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ITAÚ UNIBANCO S.A Statement of Changes in Stockholders’ Equity (Note 15) (In thousands of reais) Capital Capital reserves Revaluation reserves Revenue reserves Asset valuation adjustment Retained earnings (accumulated deficit) Total BALANCES AT 07/01/2010 Employee benefits - CVM Resolution No. 600, of October 7, 2009 (Note 17) Realization of revaluation reserve Granting of stock options recognized by subsidiaries Change in adjustment to market value Reversal of dividends Net Income 39,676,320 704,633 8,126 3,576,487 103,919 - 44,069,485 - - - 925,582 - - 925,582 - - (213) - - 213 - - 469 - - - - 469 - - - - (163,796) - (163,796) - - - - - 40,241 40,241 - - - - - 3,109,800 3,109,800 Appropriations: Legal reserve - - - 155,490 - (155,490) - Statutory reserves - - - 593,928 - (593,928) - Dividends and Interest on capital - - - - - (2,400,836) (2,400,836) BALANCES AT 12/31/2010 CHANGES IN THE PERIOD BALANCES AT 01/01/2009 Corporate restructuring - ESM of 02/28/2009 Realization of revaluation reserve Granting of stock options recognized by subsidiaries - Law No.11.638 Change in adjustment to market value Net Income Appropriations: 39,676,320 705,102 7,913 5,251,487 (59,877) - 45,580,945 - 469 (213) 1,675,000 (163,796) - 1,511,460 40,175,000 800,540 8,738 - (403,202) (1,167,800) 39,413,276 (498,680) (8,704) - 179,049 (2,679) - (331,014) - - (439) - - 439 - - 987 - - - - 987 - - - (8,272) 482,509 - 474,237 - - - - - 5,096,065 5,096,065 Legal reserve - - - 254,803 - (254,803) - Statutory reserves - - - 1,108,305 - (1,108,305) - Dividends and Interest on capital - - - - - (2,565,596) (2,565,596) BALANCES AT 12/31/2009 CHANGES IN THE PERIOD BALANCES AT 01/01/2010 Employee benefits - CVM Resolution No. 600, of October 7, 2009 (Note 17) Realization of revaluation reserve Granting of stock options recognized by subsidiaries Transfer of reserves – Granting of options recognized and other Change in adjustment to market value Dividends paid - Executive Board Meeting of 05/27/2010 Additional dividends - Year 2009 - ASM of 04/30/2010 Net Income Appropriations: 39,676,320 792,823 8,299 1,533,885 76,628 - 42,087,955 (498,680) (7,717) (439) 1,533,885 479,830 1,167,800 2,674,679 39,676,320 792,823 8,299 1,533,885 76,628 - 42,087,955 - - - 925,582 - - 925,582 - - (386) - - 386 - - 366 - - - - 366 - (88,087) - 84,152 3,935 - - - - - - (140,440) - (140,440) - - - (15,153) - - (15,153) - - - (49,145) - - (49,145) - - - - - 5,762,357 5,762,357 Legal reserve - - - 288,118 - (288,118) - Statutory reserves - - - 2,484,048 - (2,484,048) - Dividends and Interest on capital - - - - - (2,990,577) (2,990,577) BALANCES AT 12/31/2010 CHANGES IN THE PERIOD 39,676,320 705,102 7,913 5,251,487 (59,877) - 45,580,945 - (87,721) (386) 3,717,602 (136,505) - 3,492,990 The accompanying notes are an integral part of these financial statements.
ITAÚ UNIBANCO S.A. Consolidated Statement of Cash Flows (In thousands of reais) ADJUSTED NET INCOME Net Income Adjustments to net income: 2nd Half 2010 01/01 to 12/31/2010 01/01 to 12/31/2009 18,552,340 34,547,189 32,031,167 4,173,782 7,835,628 10,837,299 14,378,558 26,711,561 21,193,868 Adjustment to market value of securities and derivative financial instruments (assets/liabilities) (473,550) (444,122) (2,516,081) Effects of changes in exchange rates on cash and cash equivalents 519,614 560,633 2,768,840 Allowance for loan losses 7,393,274 14,865,310 16,119,874 Results from operations with subordinated debt 1,440,573 2,594,648 1,319,071 Results from securitization of foreign payment orders - - (309,741) Financial expenses on technical provisions for pension plan and capitalization 2,488,168 4,013,637 3,992,544 Depreciation and amortization 1,110,899 2,167,060 2,134,444 Adjustment to legal liabilities - tax and social security 113,642 181,759 (2,986,358) Adjustment to provision for contingent liabilities 319,732 1,057,721 (1,098,550) Deferred taxes 1,244,395 1,036,573 980,433 Equity in earnings of affiliates (111,053) (391,607) (202,391) Income from available-for-sale securities (1,132,953) (2,155,094) 2,295,982 Income from held-to-maturity securities (303,294) (440,168) 480,030 Amortization of goodwill on investments (Note 12h) - - (867,610) (Income) loss from sale of investments 86,704 (140,886) (386,655) Minority interest (Note 15e) 1,689,816 3,698,394 (955,607) Other (7,409) 107,703 425,643 CHANGE IN ASSETS AND LIABILITIES (Increase) decrease in interbank investments (Increase) decrease in securities and derivative financial instruments (assets/liabilities) (Increase) decrease in compulsory deposits with the Central Bank of Brazil (Increase) decrease in interbank and interbranch accounts (assets/liabilities) (Increase) decrease in loan, lease and other credit operations (Increase) decrease in other receivables and other assets (Increase) decrease in foreign exchange portfolio and negotiation and intermediation of securities (assets/liabilities) (Decrease) increase in deposits (Decrease) increase in deposits received under securities repurchase agreements (Decrease) increase in funds for issuance of securities (Decrease) increase in borrowings and onlending (Decrease) increase in credit card operations (Decrease) increase in securitization of foreign payment orders (37,308,091) (53,432,780) (5,205,259) 11,744,156 23,359,571 11,701,242 (44,238,223) (51,251,717) 4,951,417 (26,449,364) (69,708,856) (45,833) (266,861) 813,131 156,026 (33,129,028) (56,842,939) (12,885,182) (2,383,056) (1,098,270) 735,692 (531,987) (1,815) (114,015) 10,148,580 17,394,479 (8,333,833) 29,838,574 50,969,795 (10,471,126) 8,052,989 17,797,084 9,979,694 3,321,607 5,279,340 (8,411,245) 3,748,679 3,598,990 2,781,643 - - (3,518,992) (Decrease) increase in technical provisions for insurance, pension plan and capitalization 3,178,726 4,833,591 5,098,779 (Decrease) increase in other liabilities 870,861 3,940,448 6,596,760 (Decrease) increase in deferred income 90,808 87,806 (56,713) Payment of income tax and social contribution NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (1,304,552) (2,603,418) (3,369,573) (18,755,751) (18,885,591) 26,825,908 Interest on capital / dividends received from affiliated companies 50,198 103,610 78,843 Funds received from sale of available-for-sale securities 6,014,238 13,222,767 12,786,464 Funds received from redemption of held-to-maturity securities 263,970 264,366 458,342 Disposal of assets not for own use 160,422 262,386 281,013 Disposal of investments (23,400) 222,709 416,279 Disposal of investments in Banco Único net of assets and liabilities transferred - - 796,367 Payment of income tax and social contribution from sale of investments 22,371 (55,010) (131,463) Sale of fixed assets 52,172 89,851 58,770 Purchase of available-for-sale securities (7,520,731) (11,066,875) (8,451,613) Purchase of held-to-maturity securities (114,473) (582,120) - Purchase of minority interest in Itaú XL Seguros Corporativos S. A. (Note 2a) - (157,299) - Purchase of minority interest in Previtec - Previdência e Tecnologia Ltda. (Note 2a) (32,000) (32,000) - Net cash and cash equivalents of assets and liabilities arising from the purchase of Redecard S.A. and Others - - (477,994) Purchase of investments (89,165) (173,994) (35,791) Purchase of fixed assets (1,212,731) (1,899,661) (1,131,310) Purchase/Disposal of intangible assets (407,667) (537,917) (684,616) NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES (2,836,796) (339,187) 3,963,291 (Increase) decrease in subordinated debt 2,576,494 5,835,092 (1,694,139) Change in minority interest (558,897) (1,199,007) (7,041,199) Dividends and interest on capital paid (344,016) (2,629,895) (540,596) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,673,581 2,006,190 (9,275,934) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (19,918,966) (17,218,588) 21,513,265 Cash and cash equivalents at the beginning of the period 70,528,177 67,868,818 49,124,393 Effects of changes in exchange rates on cash and cash equivalents (519,614) (560,633) (2,768,840) Cash and cash equivalents at the end of the period (Note 4a) 50,089,597 50,089,597 67,868,818 The accompanying notes are an integral part of these financial statements.
Page 1 and 2: ITAÚ UNIBANCO S.A. MANAGEMENT REPO
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Page 9 and 10: The accounting pronouncements issue
Page 11 and 12: The consolidated financial statemen
Page 13 and 14: NOTE 4 - SUMMARY OF THE MAIN ACCOUN
Page 15 and 16: l) Intangible assets - correspond t
Page 17 and 18: p) II - Legal liabilities - tax and
Page 19 and 20: NOTE 6 - SECURITIES AND DERIVATIVE
Page 21 and 22: I- See below the composition of the
Page 23 and 24: II - Accounting hedge a) The purpos
Page 25 and 26: VI - Realized and unrealized gain o
Page 27 and 28: ) By maturity and risk levels 12/31
Page 29 and 30: NOTE 8 - FOREIGN EXCHANGE PORTFOLIO
Page 31 and 32: ) Funds from acceptance and issuanc
Page 33 and 34: d) Subordinated debt Funding obtain
Page 35 and 36: ) Assets Guaranteeing Technical Pro
Page 37 and 38: - Other Risks These are quantified
Page 39 and 40: c) Receivables - Reimbursement of c
Page 41 and 42: ) Prepaid expenses 12/31/2010 12/31
Page 43 and 44: d) Banking service fees 01/01 to 12
Page 45 and 46: f) Personnel expenses Compensation
Page 47 and 48: i) Other operating expenses Provisi
Page 49 and 50: ) Deferred taxes I - The deferred t
Page 51 and 52: III- The estimate of realization an
Page 53 and 54: ) Fixed and intangible assets NET B
Page 55 and 56: d) Reconciliation of net income and
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NOTE 16 - RELATED PARTIES Transacti
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) Defined benefit plan I - Main ass
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IV- Changes in net assets, actuaria
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NOTA 18 - INFORMATION ON FOREIGN SU
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In accordance with the operations c
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For managing cash liquidity in loca
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j) Exclusion of nonrecurring effect
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Independent Auditor’s Report To t
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ITAÚ UNIBANCO S.A. MANAGEMENT REPORT To our ... - Banco Itaú

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