MD&A and Financial Statements (PDF) - Banco Itaú

Itaú Unibanco S.A. – - September0, 2010 149
NOTE 18 - MARKET VALUE
The financial statements are prepared in accordance with accounting principles which assume the normal continuity of the operations of ITAÚ UNIBANCO HOLDING and its subsidiaries.
The book value of each financial instrument, whether included or not in the balance sheet, when compared to the value that might be obtained in an active market, or in the absence of such market, using the net
present value of future cash flows adjusted based on the current market interest, is approximately equal to the market value, or does not have a market quotation available, except for the instruments in the table
below:
09/30/2010 09/30/2009 09/30/2010 09/30/2009 09/30/2010 09/30/2009 09/30/2010 09/30/2009
Interbank deposits
13,152,143 16,596,680 13,166,430 16,663,406 14,287 66,726 14,287 66,726
Securities and derivative financial instruments
141,878,818 122,576,312 142,473,848 122,979,678 1,313,235 1,133,454 595,030 403,366
Adjustment of available-for-sale securities 704,756 713,484 - -
Adjustment of held-to-maturity securities 608,479 419,970 595,030 403,366
Loan, lease and other credit operations
255,750,989 213,031,059 256,539,233 213,428,817 788,244 397,758 788,244 397,758
Investments
BM&FBovespa 58,107 74,572 637,045 783,872 578,938 709,300 578,938 709,300
BPI 725,951 926,593 613,373 1,065,638 (112,578) 139,045 (112,578) 139,045
Cetip S.A. 34,682 - 368,269 - 333,587 - 333,587 -
Redecard S.A. 539,030 526,719 8,832,740 9,169,226 8,293,710 8,642,507 8,293,710 8,642,507
Serasa S.A. 244,817 257,885 639,621 650,798 394,804 392,913 394,804 392,913
Parent company 161,959 170,604 556,763 563,517 394,804 392,913 394,804 392,913
Minority stockholders (1) 82,858 87,281 82,858 87,281 - - - -
Funding and borrowings (2)
148,766,281 151,885,256 149,000,900 151,974,846 (234,619) (89,590) (234,619) (89,590)
Subordinated debt (Note 10f)
33,683,469 23,471,568 33,812,224 23,584,436 (128,755) (112,868) (128,755) (112,868)
Treasury shares
720,980 1,113,512 1,233,247 1,684,226 - - 512,267 570,714
Total unrealized
11,240,853 11,279,245 11,034,915 11,119,871
(1) The investment held by minority stockholders does not affect the result of ITAÚ UNIBANCO HOLDING;
(2) Funding is represented by interbank and time deposits and funds from acceptance and issuance of securities;
(3) It does not consider the corresponding tax effects.
BOOK VALUE MARKET
Unrealized income (loss) (3)
Results
Stockholders’ equity