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PBR » Topics » Managements Discussion and Analysis of PIFCos Financial Condition and Results of Operations

This excerpt taken from the PBR 20-F filed Jun 30, 2005.

Management’s Discussion and Analysis of PIFCo’s Financial Condition and Results of Operations

 

You should read the following discussion of PIFCo’s financial condition and results of operations together with PIFCo’s attached audited consolidated financial statements and the accompanying notes beginning on page F-143. PIFCo’s audited consolidated financial statements and the accompanying notes have been presented in U.S. dollars and prepared in accordance with U.S. GAAP. In addition, as our subsidiary, PIFCo also prepares financial statements in accordance with accounting practices adopted in Brazil.

 

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