Note 13 - Investments in associates and joint ventures
| a) | The following table shows the main investments of ITAÚ UNIBANCO HOLDING: |
| Interest % at 12/31/2017 |
12/31/2017 | |||||||||||||||||||||||||||||||||||
| Total | Voting | Stockholders’ equity |
Other Comprehensive Income |
Net income | Investment | Equity in earnings |
Market value (h) |
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|
Associates |
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|
Porto Seguro Itaú Unibanco Participações S.A. (a) (b) |
42.93 | 42.93 | 4,744 | 39 | 795 | 2,783 | 327 | 3,571 | ||||||||||||||||||||||||||||
|
BSF Holding S.A. (c) |
49.00 | 49.00 | 2,097 | 1 | 233 | 1,610 | 109 | — | ||||||||||||||||||||||||||||
|
IRB-Brasil Resseguros S.A. (a) (d) (e) |
11.20 | 11.20 | 3,550 | (19 | ) | 987 | 402 | 130 | — | |||||||||||||||||||||||||||
|
Other (f) |
— | — | — | — | — | 172 | 10 | — | ||||||||||||||||||||||||||||
|
Joint Ventures - Other (g) |
— | — | — | — | — | 204 | (28 | ) | — | |||||||||||||||||||||||||||
|
Total |
— | — | — | — | — | 5,171 | 548 | — | ||||||||||||||||||||||||||||
| Interest % at 12/31/2016 |
12/31/2016 | 12/31/2015 | ||||||||||||||||||||||||||||||||||
| Total | Voting | Stockholders’ equity |
Other comprehensive income |
Net income | Investment | Equity in earnings |
Market value (h) |
Equity in earnings |
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|
Associates |
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|
Porto Seguro Itaú Unibanco Participações S.A. (a) (b) |
42.93 | 42.93 | 4,251 | 26 | 293 | 2,587 | 241 | 2,644 | 289 | |||||||||||||||||||||||||||
|
BSF Holding S.A. (c) |
49.00 | 49.00 | 2,067 | (1 | ) | 396 | 1,687 | 194 | — | 219 | ||||||||||||||||||||||||||
|
IRB-Brasil Resseguros S.A. (a) (d) (e) |
15.01 | 15.01 | 3,230 | (17 | ) | 745 | 478 | 109 | — | 102 | ||||||||||||||||||||||||||
|
Other (f) |
— | — | — | — | — | 114 | 13 | — | 12 | |||||||||||||||||||||||||||
|
Joint Ventures - Other (g) |
— | — | — | — | — | 207 | (29 | ) | — | (2 | ) | |||||||||||||||||||||||||
|
Total |
— | — | — | — | — | 5,073 | 528 | — | 620 | |||||||||||||||||||||||||||
| (a) | For purpose of recording the participation in earnings, at 12/31/2017 the position at 11/30/2017 was used and at 12/31/2016 the position at 11/30/2016 was used, in accordance with IAS 27. |
| (b) | For purposes of market value, the quoted share price of Porto Seguro S.A. was taken into account. The investment included the amounts of R$ 746 at 12/31/2017 and R$ 762 at 12/31/2016 that correspond to the difference between the interest in the net assets at fair value of Porto Seguro Itaú Unibanco Participações S.A. and the investment book value. |
| (c) | In May 2012 Itaú Unibanco S.A. acquired 137,004,000 common shares of BSF Holding S.A. (parent company of Banco Carrefour) for R$ 816 which corresponds to 49% of interest in its capital. The investment amount includes R$ 582 to goodwill on 12/31/2017. |
| (d) | Previously accounted for as a financial instrument. As from the 4th quarter of 2013, after completing the privatization process, ITAÚ UNIBANCO HOLDING started to exercise a significant influence over IRB. Accordingly, as from this date, the investment has been accounted for under the equity method. |
| (e) | Investments partially sold on 07/28/2017 and 08/28/2017. |
| (f) | At 12/31/2017, includes interest in total capital and voting capital of the following companies: Gestora de Inteligência de Crédito S.A (20% total and voting capital),Compañia Uruguaya de Medios de Procesamiento S.A. (35.83% total and voting capital and 39.58% on 12/31/2016), Rias Redbanc S.A. (25% total and voting capital and 25% on 12/31/2016), Kinea Private Equity Investimentos S.A. (80% total capital and 49% voting capital; 80% total capital and 49% voting capital on 12/31/2016) and Tecnologia Bancária S.A. (28,95% total capital and voting capital and 24.92% on 12/31/2016). |
| (g) | At 12/31/2017, includes interest in total capital and voting capital of the following companies: Olimpia Promoção e Serviços S.A. (50% total and voting capital and 50% on 12/31/2016); Conectcar Soluções de Mobilidade Eletronica S.A.(50% capital total e votante; 50% on 12/31/2016) and includes income not arising from profit subsidiaries. |
| (h) | Disclosed only for public companies. |
At 12/31/2017, ITAÚ UNIBANCO HOLDING receives / recognizes dividends and interest on capital of the unconsolidated companies being the main IRB-Brasil Resseguros S.A. in the amount of R$ 87 (R$ 104 at 12/31/2016 and R$ 73 at 12/31/2015), BSF Holding S.A in the amount of R$ 281 (R$ 62 at 12/31/2016 and R$ 58 at 12/31/2015) and Porto Seguro Itaú Unibanco Participações S.A. in the amount of R$ 246 (R$ 222 at 12/31/2016 and R$ 240 at 12/31/2015).
| b) | Other information |
The table below shows the summary of the aggregate financial information of the investees under the equity method of accounting.
| 12/31/2017 | 12/31/2016 | 12/31/2015 | ||||||||||
|
Total Assets (*) |
21,472 | 20,819 | 20,183 | |||||||||
|
Total Liabilities (*) |
11,081 | 11,272 | 11,477 | |||||||||
|
Total Income (*) |
12,388 | 14,868 | 22,083 | |||||||||
|
Total Expenses (*) |
(10,374 | ) | (13,401 | ) | (20,255 | ) | ||||||
| (*) | Represented by IRB-Brasil Resseguros S.A., in the amount of R$ 14,631 (R$ 14,313 at 12/31/2016 and 14,690 at 31/12/2015) related to assets, R$ 11,080 (R$ 11,083 at 12/31/2016 and R$ 11,477 em 31/12/2015) related to liabilities, R$ 11,340 (R$ 14,142 at 12/31/2016 and R$ 20,928 at 31/12/2015) related to income and of R$ (10.353) (R$ (13.397) at 12/31/2016 and R$ (20,254) em 31/12/2015) related to expenses. |
The investees do not have contingent liabilities to which ITAÚ UNIBANCO HOLDING is significantly exposed.