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This excerpt taken from the PBR 6-K filed Apr 10, 2007. Employee benefit expense for retired participants The employee benefit expense consists of financial costs associated with expected pension and health care costs. Our employee benefit expense increased 2.3% to U.S.$ 1,017 million for 2006, as compared to U.S.$ 994 million for 2005. This increase was primarily attributable to the 10.7% increase in the value of the Real against the U.S. dollar in 2006, as compared to 2005. This increase was partially offset by the decrease of U.S.$ 96 million in the employee benefit expense for non-active participants due to the increase in expected return on plan assets regarding the good market performance during 2006. |
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