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GOODWILL

12 Months Ended

Dec. 31, 2018

GOODWILL

GOODWILL

NOTE 11 — GOODWILL

The changes in goodwill are as follows:

				Accumulated		Goodwill after
		Goodwill		impairment losses		Impairment losses
Balance as of January 1, 2016		18,099,186		(2,974,756)		15,124,430
(+/-) Foreign exchange effect		(2,645,368)		63,516		(2,581,852)
(-) Impairment		—		(2,678,582)		(2,678,582)
(-) Effect of selling of subsidiary		(393,980)		—		(393,980)
Balance as of December 31, 2016		15,059,838		(5,589,822)		9,470,016
(+/-) Foreign exchange effect		242,510		(169,979)		72,531
(-) Impairment		—		(849,438)		(849,438)
(-) Transfer to assets held for sale		(801,967)		—		(801,967)
Balance as of December 31, 2017		14,500,381		(6,609,239)		7,891,142
(+/-) Foreign exchange effect		2,283,577		(1,062,329)		1,221,248
Balance as of December 31, 2018		16,783,958		(7,671,568)		9,112,390

The amounts of goodwill by segment are as follows:

		2018		2017		2016
Brazil		373,135		373,135		380,644
Special Steel		2,854,888		2,487,364		2,508,056
North America		5,884,367		5,030,643		6,581,316
		9,112,390		7,891,142		9,470,016

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- Definition

The disclosure of goodwill. [Refer: Goodwill]

+ References

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- References

No definition available.

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