Form 6-K Itau Unibanco Holding For: May 04

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

 

For the month of May 2016

Commission File Number: 001-15276

 

Itaú Unibanco Holding S.A.

(Exact name of registrant as specified in its charter)

 

Itaú Unibanco Holding S.A.

(Translation of Registrant’s Name into English)

 

Praça Alfredo Egydio de Souza Aranha, 100-Torre Conceicao - CEP

04344-902 São Paulo, SP, Brazil

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F: x  Form 40-F: ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes: ¨  No: x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes: ¨  No: x

 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes: ¨   No: x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-___________________. 

 

 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

 

	Itaú Unibanco Holding S.A.
		(Registrant)
Date: May 4, 2016	By:	/s/ Marcelo Kopel
		Name:	Marcelo Kopel
		Title:	Investor Relations Officer

  

	By:	/s/ Eduardo Mazzilli de Vassimon
		Name:	Eduardo Mazzilli de Vassimon
		Title:	Chief Financial Officer

  

 

EXHIBIT INDEX

 

99.1	Announcement to the Market

 

Exhibit 99.1

 

 

Announcement to the Market

 

Disclosure of results for the first quarter of 2016, according to International Financial
Reporting Standards – IFRS 

 

We present below the differences between our financial statements in BRGAAP¹ and in International Financial Reporting Standards - IFRS. We emphasize that the main difference in the result and equity relates to the allowance for loan losses, that uses the concept of incurred loss in IFRS and of expected loss in BRGAAP.

 

The complete consolidated financial statements under IFRS for the first quarter of 2016 are available at our website: www.itau.com.br/investor-relations

 

Comparison between BRGAAP¹ and IFRS

 

																						R$ million
						Adjustments and												Adjustments and
Balance Sheet		BRGAAP				Reclassifications 2				IFRS				BRGAAP				Reclassifications 2				IFRS
						Mar/31/2016												Dec/31/2015
Total Assets			1,283,071				(79,775	)			1,203,294				1,359,172				(82,758	)			1,276,415
Cash and Cash Equivalents, Reserve Requirements, Interbank Deposits, Securities Under Repurchase Agreements, Financial Assets and Derivatives3			662,077				(13,276	)			648,800				704,487				(14,520	)			689,967
Loan Operations			445,467				460				445,927				473,829				419				474,248
(-) Allowance for Loan Losses 4			(36,036	)			8,135				(27,901	)			(34,078	)			7,234				(26,844	)
Other Financial Assets 5			118,593				(64,558	)			54,035				122,637				(69,132	)			53,506
Tax Assets 6			58,916				(10,327	)			48,588				61,707				(9,557	)			52,149
Investments in associates and jointly controlled entities, Goodwill, Fixed and Intangible Assets, Assets Held for Sale and Other Assets			34,054				(209	)			33,845				30,590				2,798				33,389
Current Liabilities and Long Term Liabilities			1,174,625				(86,190	)			1,088,434				1,250,955				(88,600	)			1,162,356
Deposits			266,318				-				266,318				292,610				-				292,610
Deposits Received Under Securities Repurchase Agreements 3			318,964				(13,024	)			305,940				350,954				(14,311	)			336,643
Financial Liabilities Held for Trading, Derivatives, Interbank and Institutional funding			261,901				(379	)			261,521				282,575				(288	)			282,287
Other Financial Liabilities 5			130,990				(64,162	)			66,828				137,212				(68,498	)			68,715
Reserves for Insurance, Private Pension and Capitalization			137,677				319				137,996				132,053				295				132,349
Provisions and Other Liabilities			49,915				(3,135	)			46,779				44,943				(161	)			44,781
Tax Liabilities 6			8,860				(5,809	)			3,052				10,608				(5,637	)			4,971
Total Stockholders' Equity			108,446				6,415				114,860				108,217				5,842				114,059
Non-controlling interests			1,799				(26	)			1,773				1,755				52				1,807
Controlling Stockholders' Equity 7			106,647				6,441				113,087				106,462				5,790				112,252

1

BRGAAP represents the accounting practices adopted in Brazil for financial institutions, according to regulation of the Brazilian Central Bank;

2

Resulted from reclassifications between assets and liabilities and other effects from IFRS adoption;

3

Resulted from the elimination of transactions between the parent company and exclusive funds (mainly PGBL and VGBL fund quotas), which are consolidated under IFRS;

4

Implementation of the criteria for calculating the Allowance for Loan Losses as defined in IFRS;

5

Difference in accounting, mainly for Foreign Exchange Portfolio, which started to be considered as net effect of Assets and Liabilities;

6

Difference in accounting, mainly for deferred taxes, which are now treated as a net effect of Assets and Liabilities in each of the consolidated companies;

7

Conciliation of Controlling Stockholders' Equity is presented in the following table.

 

 

 

Below, the conciliation of the Result and Equity, and the conceptual description of the major adjustments.

 

Conciliation														R$ million
Adjustments		Equity								Result
		Mar/31/16				1st Q/16				4th Q/15				1st Q/15
BRGAAP - Values Attributable to Controlling Stockholders			106,647				5,184				5,698				5,733
(a) Allowance for Loan Losses			4,979				591				(730	)			(154	)
(b) Adjustment to market value of shares and quotas			160				-				-				-
(c) Acquisition of interest in Porto Seguro Itaú Unibanco Participações S.A.			465				(4	)			(4	)			(4	)
(d) Effective interest rate			(84	)			12				10				21
(e) Financial Leasing Operation			640				48				72				-
(f) Other adjustments			280				(120	)			(26	)			76
IFRS - Values Attributable to Controlling Stockholders			113,087				5,711				5,020				5,673
IFRS - Values Attributable to Minority Stockholders			1,773				(13	)			121				110
IFRS - Values Attributable to Controlling Stockholders and Minority Stockholders			114,860				5,698				5,141				5,783

 

Differences between IFRS and BRGAAP Financial Statements

(a) On IFRS (IAS 39), loan losses allowances must be made when there is objective evidence that loan operations have suffered a reduction in its value (Incurred Loss). On BRGAAP, the expected loss model is used ⁸ .

(b) On IFRS (IAS 39 and 32), stocks and quotas classified as permanents investments were measured at fair value and its gains and losses were recorded directly on Equity, with no impact on the income statement of the period.

(c) On IFRS, the effect of accounting at fair value the acquisition of the participation in Porto Seguro Itaú Unibanco Participações S.A. was recognized.

(d) On the IFRS (IAS 39), the assets and financial liabilities measured at amortized cost are recognized according to the methodology of effective interest rate, which appropriates the revenues and costs directly attributed to the acquisition, issue or disposal for the period of operation. On BRGAAP, the recognition of expenses and revenues from fees occurs at the time of contracting these operations.

(e) Under IFRS (IAS 17) the financial leasing operations are recorded as fixed assets on the other hand the Other Financial Liabilities. On BRGAAP, as of September 30, 2015, the consideration of these transactions are now recorded in income in accordance with CMN Resolution No. 3,617/08.

(f) Other Adjustments mainly comprise the difference in the eligibility of operations of the Cash Flow Hedge for purposes of IFRS and the reversal of the Goodwill Amortizations pursuant the BRGAAP. 

8

For more details see our Complete Financial Statements for the first quarter of 2016.

 

For comparison purposes, we present on the table below the Result and the Recurring Result according to the IFRS and the BRGAAP.

  

																																		R$ million
Recurring Result						1st Q/16												4th Q/15												1st Q/15
		BRGAAP				IFRS				Variation				BRGAAP				IFRS				Variation				BRGAAP				IFRS				Variation
Result - Attributable to Controlling Stockholders			5,184				5,711				527				5,698				5,020				(678	)			5,733				5,673				(60	)
Exclusion of the Non-Recurring Events			51				19				(32	)			75				121				46				75				51				(24	)
Increase of the Social Contribution Rate			-				-				-				-				27				27				-				-				-
Provision for contingencies - Economic Plans			25				25				-				28				28				-				42				42				-
Goodwill Amortization			32				-				(32	)			32				-				(32	)			60				37				(24	)
Tax rate increase - Porto Seguro S.A			-				-				-				(17	)			(17	)			-				-				-				-
Impairment			-				-				-				7				7				-				-				-				-
Program for the settlement or installment payment of taxes			(12	)			(12	)			-				4				4				-				(27	)			(27	)			-
Others			6				6				-				20				72				52				-				-				-
Recurring Result - Attributable to Controlling Stockholders			5,235				5,730				495				5,773				5,141				(632	)			5,808				5,724				(84	)

 

São Paulo, May 3, 2016.

 

Marcelo Kopel

Investor Relations Officer

 

 

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