Accumulated

Goodwill after

Goodwill

impairment losses

Impairment losses

Balance as of January 1, 2019

16,783,958

(7,671,568)

9,112,390

(+/-) Foreign exchange effect

661,247

(304,326)

356,921

Balance as of December 31, 2019

17,445,205

(7,975,894)

9,469,311

(+/-) Foreign exchange effect

4,976,383

(2,342,175)

2,634,208

Balance as of December 31, 2020

22,421,588

(10,318,069)

12,103,519

(+/-) Foreign exchange effect

1,469,190

(595,284)

873,906

Results in operations with subsidiary and joint ventures (note 3.4)

(549,898)

—

(549,898)

Balance as of December 31, 2021

23,340,880

(10,913,353)

12,427,527