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PBR » Topics » 15.3 Impairment of goodwill from expectations of future profitability

This excerpt taken from the PBR 6-K filed Mar 31, 2009.

15.3 Impairment of goodwill from expectations of future profitability

In 2008, Petrobras América Inc., an indirect subsidiary of Petrobras, recorded a loss through devaluation of the goodwill paid for the acquisition of the companies Pasadena Refining System, Inc. and Pasadena Trading Company in the amount of R$ 384.431. The determining factors for the calculation were: (a) a constant, substantial decline in the price of crude oil and products in the last twelve months, (b) a decrease in refined products and gross margin of the wholesale market, and (c) a decrease in the demand for refined products.

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