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Interim Financial Statements

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Interim Financial Statements Interim Financial Statements Itaúsa Headquarters | Paulista Avenue - São Paulo/Brazil Interim Financial Statements September 30, 2020 Itaúsa S.A. 1 Interim Financial Statements Contents MANAGEMENT REPORT ........................................................................................................................................................................................ 3 ITAÚSA’S MANAGEMENT .................................................................................................................................................................................. 17 FINANCIAL STATEMENTS .................................................................................................................................................................................. 18 NOTES TO THE INTERIM FINANCIAL STATEMENTS................................................................................................................................ 23 1. OPERATIONS ...................................................................................................................................................................................................... 23 2. BASIS OF PREPARATION AND PRESENTATION ................................................................................................................................... 24 3. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT ..................................................................................................................... 27 4. CASH AND CASH EQUIVALENTS ............................................................................................................................................................... 33 5. MARKETABLE SECURITIES ............................................................................................................................................................................. 33 6. TRADE ACCOUNTS RECEIVABLE ................................................................................................................................................................ 34 7. INVENTORIES ..................................................................................................................................................................................................... 35 8. DIVIDENDS AND INTEREST ON CAPITAL RECEIVABLE ..................................................................................................................... 35 9. OTHER ASSETS AND LIABILITIES ................................................................................................................................................................ 36 10. BIOLOGICAL ASSETS ..................................................................................................................................................................................... 37 11. DEFERRED INCOME TAX AND SOCIAL CONTRIBUTION ................................................................................................................ 38 12. RIGHT-OF-USE AND LEASES ..................................................................................................................................................................... 40 13. INVESTMENTS ................................................................................................................................................................................................. 42 14. PROPERTY, PLANT AND EQUIPMENT (PPE) ........................................................................................................................................ 48 15. INTANGIBLE ASSETS ..................................................................................................................................................................................... 49 16. TRADE ACCOUNTS PAYABLE .................................................................................................................................................................... 50 17. DEBTS ................................................................................................................................................................................................................. 51 18. DEBENTURES ................................................................................................................................................................................................... 53 19. PROVISIONS AND CONTINGENT ASSETS AND LIABILITIES ......................................................................................................... 54 20. EQUITY ............................................................................................................................................................................................................... 57 21. NET REVENUE .................................................................................................................................................................................................. 59 22. RESULT BY NATURE ...................................................................................................................................................................................... 59 23. OTHER INCOME AND EXPENSES ............................................................................................................................................................ 60 24. FINANCE RESULT ........................................................................................................................................................................................... 60 25. INCOME TAX AND SOCIAL CONTRIBUTION ...................................................................................................................................... 61 26. EARNINGS PER SHARE ................................................................................................................................................................................. 61 27. SEGMENT INFORMATION .......................................................................................................................................................................... 61 28. RELATED PARTIES .......................................................................................................................................................................................... 63 29. NON-CASH TRANSACTIONS .................................................................................................................................................................... 65 30. ADDITIONAL INFORMATION .................................................................................................................................................................... 65 31. SUBSEQUENT EVENTS ................................................................................................................................................................................. 66 INDEPENDENT AUDITOR’S REPORT .............................................................................................................................................................. 68 OPINION OF THE FISCAL CONCIL .................................................................................................................................................................. 70 SUMMARIZED MINUTES OF THE MEETING OF THE BOARD OF OFFICERS ................................................................................... 71 Itaúsa S.A. 2 Management Report We present the Management Report and the individual and consolidated Financial Statements of Itaúsa S.A. (Itaúsa) for the third quarter of 2020 (3Q20). These Financial Statements were prepared in accordance with the standards established by the Accounting Pronouncement Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), as well as the International Financial Reporting Standards (IFRS). Independent auditor’s report The Financial Statements were audited by PricewaterhouseCoopers Auditores Independentes (PwC) and have received an unqualified opinion from the external auditor. The Financial Statements were approved by the Fiscal Council. The Financial Statements were made available to the market on the websites of Itaúsa, B3 S.A. – Brasil, Bolsa, Balcão (B3) and the CVM. 1. Message from Management In line with a dynamic similar to other emerging and developed economies, Brazil has provided indicators that pointing out to a slight economic recovery from the most critical point of the recent crisis caused by the Covid- 19 pandemic, even though this trend has not yet been noted in the sectors most directly impacted by social distancing measures. However, a scenario of income recovery, through the gradual resumption of activities and government stimulus, combined with the uncertainties in connection with economy growth, the evolution of the Covid-19 pandemic and declining tax stimulus, has generated greater volatility in the business environment in the short-term. Against this backdrop, our group’s companies and as a result Itaúsa proceed to depict the developments of the crisis and the impacts of stimulus and other measures adopted by the Brazilian government on operations over the third quarter of 2020. Accordingly, an improvement could be noted in the operational performance of most of our investees, such as Alpargatas and Duratex, which outperformed in terms of sales volumes, margins and results
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