Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes ______ No ___X___
Gol Linhas Aéreas
Inteligentes S.A.
Individual and Consolidated Interim
Financial Information for the Quarter Ended September 30, 2013 and Report on Review of Interim Financial Information
Deloitte Touche Tohmatsu Auditores Independentes
GOL LINHAS AÉREAS INTELIGENTES S.A.
Individual and Consolidated Interim Financial Information
September 30, 2013
(In thousands of Brazilian Reais)
Contents Individual Interim Financial Information for the nine-month Period Ended September 30, 2013 Statements of Value Added Consolidated Interim Financial Information for the nine-month Period Ended September 30, 2013
Management Report
01
Independent Auditor’s Report on Review of Interim Financial Information
08
Capital
10
Balance Sheets
11
Statements of Profit or Loss
13
Statements of Comprehensive Income
14
Statements of Cash Flows
15
Statements of Changes in Equity
16
18
Balance Sheets
19
Statements of Profit or Loss
21
Statements of Comprehensive Income
22
Statements of Cash Flows
23
Statements of Changes in Equity
24
Statements of Value Added
26
Notes to the Interim Financial Information
27
MESSAGE FROM MANAGEMENT
GOL posted operating income (EBIT) of R$37 million in 3Q13, a R$238 million improvement over 3Q12, accompanied by a margin of 1.7%, up by 12 percentage points. This increase was achieved despite the 13% average period depreciation of the Real against the Dollar and the highest jet fuel price in the Company’s history.
In the first nine months, revenue grew by R$244 million despite the 9.7% reduction in domestic seat supply, resulting in a positive 1.7% operating margin. We also reduced operating costs by around R$407 million in the period.
This upturn in revenue was achieved thanks to the Company's strategy of continuously managing PRASK, combining business travelers, who seek flexibility, punctuality and last-minute competitive fares, with passengers who plan their trips well ahead of time, typically for leisure, and look for lower fares. Consequently, our PRASK grew by 21.1% in 3Q13 and by 14.6% year-to-date.
The leadership in punctuality was maintained in the first nine months. In 2013, we were the company which registered the smallest percentage of delays, just 5.6%. In order to achieve this, we have been continuously improving our passengers’ check-in experience. Remote check-in already accounts for more than 60% of the total at those airports most used by business flyers. We implemented the “fast travel” concept to reduce boarding times and launched a new airport visual identity, aiming to simplify and clarify communications at the check-in counters and in stores. This new identity is already present at the Congonhas, Confins, Santos Dumont and Brasília airports, among others.
In addition, in November we launched a new seat configuration in airplanes, offering the GOL+, a new product exclusive to the Rio-São Paulo shuttle which provides a unique flying experience. With these changes, GOL will have the greatest offer of A-seal seats (an ANAC classification standard) on the shuttle route. All this in order to serve our passengers better every time and become an even more efficient company.
The Company is maintaining its commitment to high liquidity, crucial in times of high macroeconomic volatility. We closed September with a cash position of R$2.9 billion, or 35.1% of LTM net revenue. In 9M13 we also paid debt of around R$346 million, reducing the Company’s financial cost.
Our leverage ratio continues to decline due to the recovery of operating margins and the EBITDAR recomposition, thereby further strengthening our balance sheet. This quarter, the adjusted gross revenue/ LTM EBITDAR ratio fell by 30% over 2Q13. This downward trend should continue until the end of the year, thanks to prospects of a positive operating result in the period.
Our Smiles loyalty program has also become increasingly strong. In September, it launched Clube Smiles and in October it entered into an investment agreement with Netpoints, a loyalty company specializing in retail, with the purpose of increasing the program’s exposure to this segment and fueling its growth.
The ongoing monitoring of macroeconomic and market conditions as well as the speed of the Company’s response and decision-making, have led to an improvement in operating and financial indicators in the quarter. In 2014, we expect a scenario of stable supply in the Brazilian domestic market, with variation close to 0%, as we believe the Company is close to its appropriate size given the current economic scenario.
The Company is reaffirming its commitment to obtaining an operating margin of between 1% and 3% in 2013.
Once again, we would like to thank our Team of Eagles for their hard work, motivation and commitment.
Paulo Sérgio Kakinoff
CEO of GOL Linhas Aéreas Inteligentes S.A.
1
Aviation Market: Industry
Operating Data |
3Q13 |
3Q12 |
% |
9M13 |
9M12 |
% |
|
Total System |
|||||||
ASK (million) |
38,318 |
38,313 |
0.0% |
113,373 |
114,777 |
-1.2% |
|
RPK (million) |
29,689 |
29,610 |
0.3% |
85,568 |
84,819 |
0.9% |
|
Load Factor |
77.5% |
77.3% |
0.2 p.p. |
75.5% |
73.9% |
1.6 p.p. |
|
Domestic Market |
|||||||
ASK (million) |
29,521 |
30,008 |
-1.6% |
86,218 |
90,223 |
-4.4% |
|
RPK (million) |
22,673 |
22,801 |
-0.6% |
64,862 |
64,963 |
-0.2% |
|
Load Factor |
76.8% |
76.0% |
0.8 p.p. |
75.2% |
72.0% |
3.2 p.p. |
|
International Market |
|||||||
ASK (million) |
8,797 |
8,305 |
5.9% |
27,155 |
24,554 |
10.6% |
|
RPK (million) |
7,016 |
6,809 |
3.0% |
20,706 |
19,856 |
4.3% |
|
Load Factor |
79.8% |
82.0% |
-2.2 p.p. |
76.3% |
80.9% |
-4.6 p.p. |
National Civil Aviation Agency (ANAC) figures
In 3Q13, the aviation industry’s supply remained flat over 3Q12, while demand grew by 0.3%. Consequently, the load factor reached 77.5%, a 0.2 percentage point year-over-year upturn. In year-to-date terms, supply declined by 1.2%, while demand grew by 0.9% and the load factor stood at 75.5%, 1.6 percentage points higher than in 9M12.
Domestic supply fell by 1.6% over 3Q12, while demand declined by 0.6%. The domestic load factor grew by 0.8 percentage points, fueled by the reduction in supply. In 9M13, domestic supply decreased by 4.4% and demand remained flat in relation to 9M12, while the load factor increased by 3.2 percentage points.
Aviation Market: GOL
Operating Data |
3Q13 |
3Q12 |
% |
9M13 |
9M12 |
% |
|
Total System |
|||||||
ASK (million) |
12,446.6 |
12,996.3 |
-4.2% |
36,954.5 |
39,490.7 |
-6.4% |
|
RPK (million) |
8,658.8 |
9,586.1 |
-9.7% |
25,198.9 |
27,786.8 |
-9.3% |
|
Load Factor |
69.6% |
73.8% |
-4.2 p.p. |
68.2% |
70.4% |
-2.2 p.p. |
|
Domestic Market |
|
|
|
|
|
|
|
ASK (million) |
11,049.4 |
11,885.4 |
-7.0% |
32,816.6 |
36,334.8 |
-9.7% |
|
RPK (million) |
7,761.2 |
8,826.0 |
-12.1% |
22,675.6 |
25,709.0 |
-11.8% |
|
Load Factor |
70.2% |
74.3% |
-4.1 p.p. |
69.1% |
70.8% |
-1.7 p.p. |
|
International Market |
|
|
|
|
|
|
|
ASK (million) |
1,397.2 |
1,111.0 |
25.8% |
4,138.0 |
3,155.9 |
31.1% |
|
RPK (million) |
897.6 |
760.1 |
18.1% |
2,523.3 |
2,077.8 |
21.4% |
|
Load Factor |
64.2% |
68.4% |
-4.2 p.p. |
61.0% |
65.8% |
-4.9 p.p. |
( * ) Figures for July 2013 are preliminary; National Civil Aviation Agency (ANAC) figures for other periods.
Domestic Market
In line with its capacity adjustment process, in 3Q13 GOL’s domestic supply declined by 7.0% over 3Q12, giving a year-to-date downturn of 9.7%.
Domestic demand fell by 12.1% in the quarter, mainly as a result of the supply reduction. Consequently, the domestic load factor came to 70.2%, 4.1 percentage points lower than in 3Q12.
2
International Market
In 3Q13, international market supply moved up by 25.8% over the same period last year, mainly due to the new flights to Santo Domingo, Miami and Orlando launched at the end of 2012. In year-to-date terms, international supply increased by 31.1%. GOL continues focused on assessing potential new markets.
The upturn in supply in 3Q13 contributed to the 18.1% increase in international demand. As a result, the international load factor stood at 64.2% in the quarter, 4.2 percentage points down on 3Q12. The increased representativeness of the flights to Santo Domingo, where around 85% of our seats are available for sale on our 737-800 NG aircraft, reduces our load factor indicator. In accordance with ANAC’s methodology, the load factor is calculated over the aircraft’s total capacity.
PRASK, RASK and Yield
In 3Q13, yield grew by 28.4% year-over-year, due to the Company’s strategy of attracting more high-value passengers, who prioritize flexibility, punctuality and last-minute competitive fares. As a result, PRASK and RASK moved up by 21.1% and 17.1%, respectively. In the coming months, we expect lower PRASK and yield growth, due to the strong comparative base in the same period last year.
The graph below shows that PRASK growth has outpaced the reduction in supply.
Annual Variation in PRASK and Domestic ASK*
(*) Company Figures for July 2013; National Civil Aviation Agency (ANAC) figures for other periods.
3
Key Operating Indicators
Operating and Financial Indicators |
3Q13 |
3Q12 |
Chg. % |
9M13 |
9M12 |
Chg. % |
RPK Total (million) |
8,659 |
9,586 |
-9.7% |
25,199 |
27,787 |
-9.3% |
ASK Total (million) |
12,447 |
12,996 |
-4.2% |
36,955 |
39,490 |
-6.4% |
Total Load Factor |
69.6% |
73.8% |
-4.2 p.p. |
68.2% |
70.4% |
-2.2 p.p. |
Break-Even Load Factor (BELF) |
68.4% |
81.2% |
-12.8 p.p. |
67.1% |
76.8% |
-9.8 p.p. |
Revenue Passengers - Pax on Board (’000) |
9,028 |
10,416 |
-13.3% |
26,298 |
29,852 |
-11.9% |
Aircraft Utilization (Block Hours/Day) |
11.8 |
12.1 |
-2.4% |
11.7 |
12.2 |
-4.0% |
Departures |
79,510 |
88,109 |
-9.8% |
236,137 |
267,021 |
-11.6% |
Average Stage Length (km) |
894 |
868 |
3.1% |
897 |
874 |
2.6% |
Average Number of Operating Aircraft |
120 |
131 |
-8.7% |
121 |
133 |
-9.2% |
Fuel consumption (million liters) |
376 |
417 |
-9.9% |
1,121 |
1,266 |
-11.5% |
Employees at period end |
16,209 |
18,356 |
-11.7% |
16,209 |
18,356 |
-11.7% |
YIELD net (R$ cents) |
23.58 |
18.37 |
28.4% |
22.50 |
19.03 |
18.3% |
Passenger Revenue per ASK net (R$ cents) |
16.41 |
13.55 |
21.1% |
15.35 |
13.39 |
14.6% |
RASK net (R$ cents) |
17.92 |
15.30 |
17.1% |
16.85 |
15.15 |
11.2% |
CASK (R$ cents) |
17.62 |
16.85 |
4.6% |
16.57 |
16.54 |
0.2% |
CASK ex-fuel (R$ cents) |
10.28 |
9.63 |
6.7% |
9.43 |
9.43 |
0.0% |
Average Exchange Rate¹ |
2.29 |
2.03 |
12.8% |
2.12 |
1.92 |
10.5% |
End of period Exchange Rate¹ |
2.23 |
2.03 |
9.8% |
2.23 |
2.03 |
9.8% |
WTI (avg. per barrel, US$)² |
105.82 |
92.20 |
14.8% |
98.17 |
96.16 |
2.1% |
Price per liter Fuel(R$) |
2.43 |
2.25 |
8.3% |
2.35 |
2.22 |
6.1% |
Gulf Coast Jet Fuel Cost (avg. per liter, US$)³ |
0.78 |
0.79 |
-1.4% |
0.77 |
0.78 |
-1.0% |
1. Source: Banco Central;
2. Bloomberg;
3. Fuel expenses/liters consumed
Financial Debt Amortization Schedule (R$ million)
Year |
Debt in R$ million |
% Total |
% Real |
%USD |
2013 |
58 |
1.7% |
61.2% |
38.8% |
2014 |
125 |
3.7% |
59.9% |
40.1% |
2015 |
677 |
19.9% |
99.7% |
0.3% |
2016 |
258 |
7.6% |
100.0% |
0.0% |
2017 |
725 |
21.3% |
35.4% |
64.6% |
After 2017 |
1,116 |
32.8% |
0.1% |
99.9% |
No Maturity |
446 |
13.1% |
0.0% |
100.0% |
Total |
3,405 |
100.0% |
37.8% |
62.2% |
GOL’s loans and financing amortization profile, excluding interest and financial leasing, shows that the Company remains committed to reducing its short-term financial obligations, as can be seen from the position on September 30, 2013.
4
Main Financial Ratios
Financial Ratios |
3Q13 |
3Q12 |
Chg. % |
2Q13 |
Chg. % |
% of foreign currency debt (balance sheet) |
76.2% |
69.8% |
+6.4 p.p. |
76.6% |
-0.5 p.p. |
Cash and Equivalents as % of LTM Net Revenues |
35.1% |
22.9% |
+12.2 p.p. |
34.1% |
+1.0 p.p. |
Net Debt (R$ million) |
2,574.2 |
3,380.2 |
-23.8% |
2,827.4 |
-9.0% |
Gross Debt (R$ million) |
5,504.9 |
5,259.4 |
4.7% |
5,594.5 |
-1.6% |
Gross Adjusted Debt (R$ million) |
10,104.2 |
9,692.3 |
4.2% |
10,148.7 |
-0.4% |
Net Adjusted Debt (R$ million) |
7,173.4 |
7,813.1 |
-8.2% |
7,381.6 |
-2.8% |
Gross Adjusted Debt / EBITDAR (LTM) |
10.9x |
17.7x |
-6.8 x |
15.5x |
-4.7x |
Net Adjusted Debt / EBITDAR (LTM) |
7.7x |
14.3x |
-6.6 x |
11.3x |
-3.6x |
Net Financial Commitments / EBITDAR (LTM) |
6.0x |
11.1x |
-5.1 x |
9.2x |
-3.2x |
1- Financial commitments (gross debt + operational leasing contracts, in accordance with note 30 to the interim financial statements) less cash and cash equivalents and short-term financial investments);
2- Gross debt + LTM operational leasing expenses x 7;
3- Adjusted gross debt less cash, short-term financial investments and restricted cash. Certain variation calculations in this report may not match due to rounding.
Operational Fleet
The Company closed the quarter with an operational fleet of 140 Boeing 737-700 and 800 NG aircraft with an average age of 7.2 years, and a total fleet of 149 aircraft.
Period End Fleet |
3Q13 |
3Q12 |
Chg. |
2Q13 |
Chg. |
737-700 |
36 |
42 |
-6 |
37 |
-1 |
737-800 |
104 |
85 |
19 |
98 |
6 |
Total Operational |
140 |
127 |
13 |
135 |
5 |
737-300* |
8 |
20 |
-12 |
9 |
-1 |
767-300/200* |
1 |
3 |
-2 |
1 |
0 |
Total Non-Operational |
9 |
23 |
-14 |
10 |
-1 |
Total |
149 |
150 |
-1 |
145 |
4 |
* Aircraft not in GOL’s operations (Non-operational)
5
In 3Q13, the Company took delivery of six aircraft under operating lease contracts and returned one aircraft under an operating lease contract. In the first nine months, the Company also sub-leased five aircraft to Transavia Airlines, permitting greater seat supply flexibility, in line with the seasonality of the Brazilian and European markets.
The Company currently has eight B737-300s, five of these in the process of sale negotiations and the other three to be returned to the lessors by the end of the current year. In the first nine months of 2013, GOL returned 10 of these aircraft, one of which in September.
The Company leases its fleet through a combination of finance and operating leases. Out of the total of 141 aircraft, excluding Webjet’s, 95 were under operating leases and 46 were under finance leases. Of the 46 under finance leases, 40 have a purchase option when their leasing contracts terminate.
On September 30, 2013, the Company had 140 firm aircraft acquisition orders with Boeing, totaling around R$34.4 billion, excluding contractual discounts.
Aircraft Commitments (R$ million) |
2013 |
2014 |
2015 |
2016 |
>2016 |
Total |
Aircraft Commitments* |
186.1 |
1,680.5 |
1,668.8 |
1,736.3 |
29,122.5 |
34,394.3 |
* Considers the list price of the aircraft
Also on September 30, 2013, of the commitments mentioned above, the Company had obligations of R$4.6 billion in pre-delivery payments, which will be disbursed as per the table below:
Pre-Delivery Payments (R$ million) |
2013 |
2014 |
2015 |
2016 |
>2016 |
Total |
Pre-Delivery Payments |
35.1 |
226.2 |
323.4 |
140.9 |
3,830.4 |
4,556.1 |
The portion financed through long-term loans by U.S. Exim Bank with aircraft guarantees accounted for around 85% of the total aircraft cost. Other agents finance the acquisitions with equal or higher percentages, reaching up to 100%.
The Company has been paying for the aircraft acquisitions with its own resources, loans, cash flow from operations, short and long-term credit lines and financing by the supplier.
Future Fleet Plan
Fleet Plan – End of Period |
2013 |
2014 |
2015 |
2016 |
Boeing 737-700/800 NG |
136 |
137 |
140 |
140 |
Capex
GOL invested around R$188 million in 3Q13, 28% of which in the acquisition of aircraft (pre-delivery payments); around 71% in aircraft parts, reconfigurations and improvements; and around 1% in bases, IT and the expansion of the maintenance center in Confins, Minas Gerais (construction of the Wheel and Brake Workshop).
6
The amounts described above include only additions to fixed assets (excluding divestments, write-offs and the reimbursement of aircraft pre-delivery deposits), and do not include additions related to the entry of aircraft under finance leases due to the non-incidence of cash effects at the moment of acquisition, as a result of the financing structure for this type of operation.
For more information on fixed assets, see note 17 to the financial statements.
Financial Guidance
Due to the impact of the adverse macroeconomic scenario, GOL may revise its guidance on a quarterly basis to incorporate any developments in its operating and financial performance, as well as any changes in interest, FX, GDP and WTI and Brent oil price trends.
The Company is maintaining its 2013 operating margin guidance at between 1% and 3%, as announced at the beginning of the year.
2013 Guidance |
From |
To |
Real 9M13 |
Brazilian GDP Growth |
2.0% |
2.5% |
N.D. |
Annual Change in RASK |
= or > 10% |
11.2% | |
Annual Change in Domestic Supply (ASK) |
Around -9% |
-9.7% | |
CASK ex-fuel (R$ cents) |
10.0 |
9.5 |
9.43 |
Average Exchange Rate (R$/US$) |
2.20 |
2.10 |
2.12 |
Jet Fuel Price (QAV)* |
2.48 |
2.38 |
2.35 |
Operating Margin (EBIT) |
1% |
3% |
1.7% |
(*)The per-liter fuel price considers total fuel and lubricant expenses divided by period consumption.
For 2014, GOL expects domestic supply to remain stable, with variation close to 0% in relation to 2013. We understand that the Company is close to its appropriate size given the current economic scenario.
The Company compares estimated with actual results after disclosing its financial statements for the full year. The results of these annual comparisons are available in Section 11 of the Company’s Reference Form.
7
(Convenience Translation into English from the Original Previously Issued in Portuguese)
REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION
To the Board of Directors and Shareholders of
Gol Linhas Aéreas Inteligentes S.A.
São Paulo - SP
Introduction
We have reviewed the accompanying individual and consolidated interim financial information of Gol Linhas Aéreas Inteligentes S.A. and its subsidiaries (the “Company”), included in the Interim Financial Information Form (ITR), for the three-month period ended September 30, 2013, which comprises the statement of financial position as of September 30, 2013 and the related statements of operations and comprehensive income for the three and nine-month periods then ended and statements of changes in equity and cash flows for the nine-month period then ended, including the explanatory notes.
Management is responsible for the preparation of the individual interim financial information in accordance with CPC 21 (R1) - Interim Financial Reporting and the consolidated interim financial information in accordance with CPC 21 (R1) and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of review
We conducted our review in accordance with Brazilian and International Standards on review of interim financial information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion on the individual interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the Interim Financial Information (ITR) referred to above is not prepared, in all material respects, in accordance with CPC 21 (R1) applicable to the preparation of Interim Financial Information (ITR) and presented in accordance with the standards issued by the CVM.
8
Conclusion on the consolidated interim financial information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the Interim Financial Information (ITR) referred to above is not prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34 applicable to the preparation of Interim Financial Information (ITR) and presented in accordance with the standards issued by the CVM.
Other matters
Interim statements of value added
We also have reviewed the interim statements of value added (“DVA”), individual and consolidated, for the nine-month period ended September 30, 2013, prepared under the responsibility of Management, the presentation of which is required by the standards issued by CVM, applicable to the preparation of Interim Financial Information (ITR), and is considered as supplemental information for International Financial Reporting Standards - IFRS that do not require the presentation of DVA. These statements were subject to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that they are not prepared, in all material respects, consistently with the individual and consolidated interim financial information taken as a whole.
Convenience translation
The accompanying interim individual and consolidated financial information has been translated into English for the convenience of readers outside Brazil.
São Paulo, November 11, 2013
DELOITTE TOUCHE TOHMATSU |
André Ricardo Aguillar Paulon |
Auditores Independentes |
Engagement Partner |
9
Company Profile / Subscribed Capital
Number of shares
|
Current Quarter |
09/30/2013 | |
Paid-in capital |
143,858,204 |
Preferred |
135,003,122 |
Total |
278,861,326 |
Treasury |
2,146,725 |
Total |
2,146,725 |
10
Individual Financial Statements / Statement of Financial Position – Assets
(In Thousands of Brazilian Reais)
Line code |
Line item |
Current Quarter 09/30/2013 |
Prior Year 12/31/2012 |
1 |
Total assets |
2,387,269 |
2,754,027 |
1.01 |
Current assets |
408,149 |
447,888 |
1.01.01 |
Cash and cash equivalents |
394,527 |
247,145 |
1.01.02 |
Short-term investments |
2,539 |
176,413 |
1.01.06 |
Recoverable taxes |
10,353 |
6,693 |
1.01.07 |
Prepaid expenses |
723 |
312 |
1.01.08 |
Other current assets |
7 |
17,325 |
1.01.08.01 |
Non-current assets for sale |
7 |
7 |
1.01.08.01.01 |
Restricted cash |
7 |
7 |
1.01.08.03 |
Other |
- |
17,318 |
1.02 |
Noncurrent assets |
1,979,120 |
2,306,139 |
1.02.01 |
Long-term assets |
161,414 |
634,473 |
1.02.01.06 |
Deferred taxes |
72,243 |
81,406 |
1.02.01.08 |
Related-party transactions |
51,396 |
534,262 |
1.02.01.08.04 |
Others related-party transactions |
51,396 |
534,262 |
1.02.01.09 |
Other noncurrent assets |
37,775 |
18,805 |
1.02.01.09.03 |
Deposits |
17,412 |
18,548 |
1.02.01.09.04 |
Restricted cash |
20,363 |
257 |
1.02.02 |
Investments |
970,860 |
779,168 |
1.02.03 |
Property, plant and equipment |
846,846 |
892,498 |
11
Individual Financial Statements / Statement of Financial Position – Liabilities
(In Thousands of Brazilian Reais)
Line code |
Line item |
Current Quarter 09/30/2013 |
Prior Year 12/31/2012 |
2 |
Total liabilities |
2,387,269 |
2,754,027 |
2.01 |
Current liabilities |
63,911 |
48,557 |
2.01.01 |
Salaries, wages and benefits |
1,301 |
590 |
2.01.01.02 |
Salaries, wages and benefits |
1,301 |
590 |
2.01.02 |
Suppliers |
1,778 |
46 |
2.01.03 |
Taxes payable |
788 |
5,443 |
2.01.04 |
Short-term debt |
38,527 |
41,980 |
2.01.05 |
Other liabilities |
20,671 |
498 |
2.01.05.02 |
Other |
20,671 |
498 |
2.01.05.02.04 |
Other liabilities |
1,113 |
498 |
2.01.05.02.05 |
Derivatives transactions |
19,558 |
- |
2.01.06 |
Provisions |
846 |
- |
2.02 |
Noncurrent liabilities |
1,688,987 |
1,972,642 |
2.02.01 |
Long-term debt |
1,571,688 |
1,469,729 |
2.02.02 |
Other liabilities |
117,299 |
502,913 |
2.02.02.01 |
Liabilities with related-party transactions |
108,359 |
493,918 |
2.02.02.02 |
Other |
8,940 |
8,995 |
2.02.02.02.03 |
Taxes payable |
8,940 |
8,995 |
2.03 |
Shareholder’s equity |
634,371 |
732,828 |
2.03.01 |
Capital |
2,469,623 |
2,467,738 |
2.03.01.01 |
Issued capital |
2,501,574 |
2,499,689 |
2.03.01.02 |
Cost on issued shares |
(31,951) |
(31,951) |
2.03.02 |
Capital reserves |
113,696 |
105,478 |
2.03.02.01 |
Premium on issue of shares |
32,387 |
32,200 |
2.03.02.02 |
Special reserve |
29,187 |
29,187 |
2.03.02.05 |
Treasury shares |
(32,116) |
(35,164) |
2.03.02.07 |
Share-based payments |
84,238 |
79,255 |
2.03.05 |
Accumulated losses |
(2,520,574) |
(1,771,806) |
2.03.06 |
Equity valuation adjustments |
571,626 |
(68,582) |
2.03.06.01 |
Other comprehensive income |
(39,416) |
(68,582) |
2.03.06.02 |
Change in equity through Public Offer |
611,042 |
- |
12
Individual Financial Statements / Statements of Profit or Loss
(In Thousands of Brazilian Reais)
|
Current Quarter |
Current YTD |
Same Quarter Prior Year |
Prior Year YTD | |
Line code |
Line item |
07/01/2013 to 09/30/2013 |
01/01/2013 to 09/30/2013 |
07/01/2012 to 09/30/2012 |
01/01/2012 to 09/30/2012 |
3.04 |
Operating expenses/income |
(202,224) |
(558,236) |
(285,637) |
(890,644) |
3.04.02 |
General and administrative expenses |
(6,976) |
(16,966) |
(4,595) |
(15,205) |
3.04.04 |
Other operating income |
42,426 |
109,128 |
4,655 |
11,398 |
3.04.06 |
Equity in subsidiaries |
(237,674) |
(650,398) |
(285,697) |
(886,837) |
3.05 |
Income before income taxes and financial income/expenses |
(202,224) |
(558,236) |
(285,637) |
(890,644) |
3.06 |
Financial income/expenses |
(21,091) |
(187,050) |
(23,417) |
(169,148) |
3.06.01 |
Financial income |
6,102 |
17,350 |
5,355 |
36,524 |
3.06.01.01 |
Financial income |
6,102 |
17,350 |
5,355 |
36,524 |
3.06.02 |
Financial expenses |
(27,193) |
(204,400) |
(28,772) |
(205,672) |
3.06.02.01 |
Financial expenses |
(50,393) |
(133,946) |
(28,756) |
(106,211) |
3.06.02.02 |
Exchange variation, net |
23,200 |
(70,454) |
(16) |
(99,461) |
3.07 |
Loss before income taxes |
(223,315) |
(745,286) |
(309,054) |
(1,059,792) |
3.08 |
Income tax |
(642) |
(3,482) |
(298) |
(6,041) |
3.08.01 |
Current |
(1,423) |
(3,408) |
(277) |
(4,293) |
3.08.02 |
Deferred |
781 |
(74) |
(21) |
(1,748) |
3.09 |
Loss from continuing operations, net |
(223,957) |
(748,768) |
(309,352) |
(1,065,833) |
3.11 |
Loss for the period |
(223,957) |
(748,768) |
(309,352) |
(1,065,833) |
13
Individual Statements of Comprehensive Income
(In Thousands of Brazilian Reais)
|
Current Quarter |
Current YTD |
Same Quarter Prior Year |
Prior Year YTD | |
Line code |
Line item |
07/01/2013 to 09/30/2013 |
01/01/2013 to 09/30/2013 |
07/01/2012 to 09/30/2012 |
01/01/2012 to 09/30/2012 |
4.01 |
Loss for the period, net |
(223,957) |
(748,768) |
(309,352) |
(1,065,833) |
4.02 |
Other comprehensive income |
(130) |
29,166 |
(5,366) |
23,853 |
4.02.02 |
Cash flow hedges |
(197) |
44,191 |
(8,129) |
36,141 |
4.02.03 |
Tax effect |
67 |
(15,025) |
2,763 |
(12,288) |
4.03 |
Comprehensive loss for the period |
(224,087) |
(719,602) |
(314,718) |
(1,041,980) |
14
Individual Financial Statements / Statements of Cash Flows – Indirect Method
(In Thousands of Brazilian Reais)
|
Current Quarter |
Same Quarter Prior Year | |
Line code |
Line item |
07/01/2013 to 09/30/2013 |
07/01/2012 to 09/30/2012 |
6.01 |
Net cash used in operating activities |
258,226 |
(223,688) |
6.01.01 |
Cash flows from operating activities |
784,385 |
934,653 |
6.01.01.01 |
Depreciation and amortization |
- |
67 |
6.01.01.02 |
Deferred taxes |
74 |
1,748 |
6.01.01.03 |
Equity in subsidiaries |
650,398 |
886,837 |
6.01.01.04 |
Shared-based payments |
4,295 |
10,973 |
6.01.01.05 |
Exchange and monetary variations, net |
117,366 |
77,790 |
6.01.01.06 |
Interests on loans, net |
99,457 |
79,607 |
6.01.01.08 |
Interests paid |
(103,355) |
(92,447) |
6.01.01.09 |
Income tax paid |
(3,408) |
(4,293) |
6.01.01.10 |
Unrealized results of hedge, net of taxes |
19,558 |
- |
6.01.01.12 |
Provision for aicraft return |
- |
(25,629) |
6.01.02 |
Changes assets and liabilities |
222,609 |
(92,508) |
6.01.02.01 |
Deposits |
1,136 |
(4,933) |
6.01.02.02 |
Prepaid expenses and recoverable taxes |
5,864 |
(290) |
6.01.02.04 |
Tax obligations |
(1,302) |
2,176 |
6.01.02.07 |
Other obligations |
2,010 |
1,859 |
6.01.02.08 |
Suppliers |
1,732 |
(5,614) |
6.01.02.11 |
Others assets |
17,318 |
- |
6.01.02.12 |
Financial applications used for trading |
173,874 |
(85,706) |
6.01.02.13 |
Salaries, wages and benefits |
711 |
- |
6.01.02.14 |
Dividends and interest on capital through subsidiary |
21,266 |
- |
6.01.03 |
Other |
(748,768) |
(1,065,833) |
6.01.03.01 |
Net loss for the period |
(748,768) |
(1,065,833) |
6.02 |
Net cash generated by (used in) investing activities |
284,595 |
(150,648) |
6.02.02 |
Restricted cash |
(20,106) |
(1,213) |
6.02.04 |
Property, plant and equipment |
45,653 |
(149,435) |
6.02.05 |
Advance for future capital increase |
(223,818) |
- |
6.02.06 |
Credit with related parties |
482,866 |
- |
6.03 |
Net cash generated by (used in) financing activities |
(395,439) |
256,820 |
6.03.03 |
Credit with related parties |
(385,559) |
299,318 |
6.03.04 |
Capital increase |
1,885 |
579 |
6.03.06 |
Payments of loans and leases |
(15,000) |
(43,077) |
6.03.07 |
Disposal of treasury shares |
3,235 |
- |
6.05 |
Net increase (decrease) in cash and cash equivalents |
147,382 |
(117,516) |
6.05.01 |
Cash and cash equivalents at beginning of the period |
247,145 |
232,385 |
6.05.02 |
Cash and cash equivalents at end of the period |
394,527 |
114,869 |
15
Individual Financial Statements / Statements of Changes in Equity – From 01/01/2013 to 09/30/2013
(In Thousands of Brazilian Reais)
Line code |
Line item |
Capital stock |
Capital reserves, options granted and treasury shares |
Accumulated losses |
Other comprehensive income |
Total consolidated equity |
5.01 |
Opening balance |
2,467,738 |
105,478 |
(1,771,806) |
(68,582) |
732,828 |
5.03 |
Adjusted balance |
2,467,738 |
105,478 |
(1,771,806) |
(68,582) |
732,828 |
5.04 |
Shareholders capital transactions |
1,885 |
619,260 |
- |
- |
621,145 |
5.04.08 |
Share-based payments |
1,885 |
4,983 |
- |
- |
6,868 |
5.04.09 |
Treasury shares sold |
- |
3,235 |
- |
- |
3,235 |
5.04.10 |
Change on equity through IPO |
- |
611,042 |
- |
- |
611,042 |
5.05 |
Total comprehensive income (loss) |
- |
- |
(748,768) |
29,166 |
(719,602) |
5.05.01 |
Accumulated losses |
- |
- |
(748,768) |
- |
(748,768) |
5.05.02 |
Other comprehensive income |
- |
- |
- |
29,166 |
29,166 |
5.05.02.07 |
Other comprehensive results, net |
- |
- |
- |
29,166 |
29,166 |
5.07 |
Closing balance |
2,469,623 |
724,738 |
(2,520,574) |
(39,416) |
634,371 |
16
Individual Financial Statements / Statement of Changes in Equity – From 01/01/2012 to 09/30/2012
(In Thousands of Brazilian Reais)
Line code |
Line item |
Capital stock |
Capital reserves, options granted and treasury shares |
Accumulated losses |
Other comprehensive income |
Total consolidated equity |
5.01 |
Opening balance |
2,284,549 |
260,098 |
(259,468) |
(79,268) |
2,205,911 |
5.03 |
Adjusted balance |
2,284,549 |
260,098 |
(259,468) |
(79,268) |
2,205,911 |
5.04 |
Shareholders capital transactions |
183,189 |
(171,637) |
- |
- |
11,552 |
5.04.08 |
Share-based payments |
- |
10,973 |
- |
- |
10,973 |
5.04.10 |
Subscription of Capital on August 13, 2012 |
183,189 |
(183,189) |
- |
- |
- |
5.04.11 |
Advances for future capital increase |
- |
579 |
- |
- |
579 |
5.05 |
Total comprehensive income (loss) |
- |
- |
(1,065,833) |
23,853 |
(1,041,980) |
5.05.01 |
Accumulated losses |
- |
- |
(1,065,833) |
23,853 |
(1,041,980) |
5.07 |
Closing balance |
2,467,738 |
88,461 |
(1,325,301) |
(55,415) |
1,175,483 |
17
Individual Financial Statements / Statements of Value Added
(In thousands of Brazilian Reais)
|
Current YTD |
Prior Year YTD | |
Line code |
Line item |
01/01/2013 to 09/30/2013 |
01/01/2012 to 09/30/2012 |
7.01 |
Revenues |
109,128 |
11,398 |
7.01.02 |
Other income |
109,128 |
11,398 |
7.01.02.01 |
Other income operation |
109,128 |
11,398 |
7.02 |
Acquired from third parties |
(10,715) |
(1,585) |
7.02.02 |
Materials, energy, third-party services and other |
(10,715) |
(1,585) |
7.03 |
Gross value added |
98,413 |
9,813 |
7.04 |
Retentions |
- |
(67) |
7.04.01 |
Depreciation, amortization and exhaustion |
- |
(67) |
7.05 |
Added value produced |
98,413 |
9,746 |
7.06 |
Value added received in transfer |
(633,048) |
(850,313) |
7.06.01 |
Equity in subsidiaries |
(650,398) |
(886,837) |
7.06.02 |
Finance income |
17,350 |
36,524 |
7.07 |
Total wealth for distribution (distributed) |
(534,635) |
(840,567) |
7.08 |
Wealth for distribution (distributed) |
(534,635) |
(840,567) |
7.08.01 |
Employees |
5,822 |
12,160 |
7.08.02 |
Taxes |
3,911 |
7,434 |
7.08.03 |
Third party capital remuneration |
204,400 |
205,672 |
7.08.03.03 |
Other |
204,400 |
205,672 |
7.08.03.03.02 |
Financiers |
204,400 |
205,672 |
7.08.04 |
Return on own capital |
(748,768) |
(1,065,833) |
7.08.04.03 |
Loss for the period |
(748,768) |
(1,065,833) |
18
Consolidated Financial Statements / Statement of Financial Position – Assets
(In thousands of Brazilian Reais)
Line code |
Line item |
Current Quarter 09/30/2013 |
Prior Year 12/31/2012 |
1 |
Total assets |
10,397,870 |
9,027,098 |
1.01 |
Current assets |
3,501,759 |
2,087,983 |
1.01.01 |
Cash and cash equivalents |
1,629,300 |
775,551 |
1.01.02 |
Short-term investments |
1,117,137 |
585,035 |
1.01.02.01 |
Short-term investments fair value |
1,117,137 |
585,035 |
1.01.02.01.03 |
Restrictive cash |
161,869 |
7 |
1.01.02.01.04 |
Short-term investments |
955,268 |
585,028 |
1.01.03 |
Trade receivables |
368,947 |
325,665 |
1.01.04 |
Inventories |
135,342 |
138,039 |
1.01.06 |
Recoverable taxes |
92,902 |
110,999 |
1.01.07 |
Prepaid expenses |
83,739 |
62,328 |
1.01.08 |
Other current assets |
74,392 |
90,366 |
1.01.08.01 |
Other non-current assets |
4,817 |
2,575 |
1.01.08.01.02 |
Deposits |
4,817 |
2,575 |
1.01.08.03 |
Others |
69,575 |
87,791 |
1.01.08.03.03 |
Other credits |
51,399 |
68,921 |
1.01.08.03.04 |
Derivatives operation |
11,504 |
10,696 |
1.01.08.03.05 |
Assets held for sale |
6,672 |
8,174 |
1.02 |
Noncurrent assets |
6,896,111 |
6,939,115 |
1.02.01 |
Long-term assets |
1,396,662 |
1,353,385 |
1.02.01.06 |
Deferred and recoverable taxes |
394,715 |
433,353 |
1.02.01.07 |
Prepaid expenses |
28,596 |
35,456 |
1.02.01.09 |
Other noncurrent assets |
973,351 |
884,576 |
1.02.01.09.03 |
Restricted cash |
184,303 |
224,517 |
1.02.01.09.04 |
Deposits |
782,923 |
654,621 |
1.02.01.09.05 |
Other credits |
6,125 |
5,438 |
1.02.03 |
Property, plant and equipment |
3,814,079 |
3,885,799 |
1.02.04 |
Intangible |
1,685,370 |
1,699,931 |
1.02.04.01 |
Intangible |
1,685,370 |
1,699,931 |
19
Consolidated Financial Statements / Statement of Financial Position – Liabilities
(In thousands of Brazilian Reais)
Line code |
Line item |
Current Quarter 09/30/2013 |
Prior Year 12/31/2012 |
2 |
Total liabilities |
10,397,870 |
9,027,098 |
2.01 |
Current liabilities |
3,367,279 |
4,061,693 |
2.01.01 |
Salaries, wages and benefits |
227,705 |
207,518 |
2.01.01.02 |
Salaries, wages and benefits |
227,705 |
207,518 |
2.01.02 |
Suppliers |
434,665 |
480,185 |
2.01.03 |
Taxes payable |
68,462 |
73,299 |
2.01.04 |
Short-term debt |
450,162 |
1,719,625 |
2.01.05 |
Other liabilities |
2,036,909 |
1,401,116 |
2.01.05.02 |
Others |
2,036,909 |
1,401,116 |
2.01.05.02.04 |
Tax and landing fees |
236,620 |
240,739 |
2.01.05.02.05 |
Advance ticket sales |
1,209,459 |
823,190 |
2.01.05.02.06 |
Customer loyalty programs |
165,718 |
124,905 |
2.01.05.02.07 |
Advances from customers |
249,148 |
93,595 |
2.01.05.02.08 |
Other liabilities |
148,311 |
61,935 |
2.01.05.02.09 |
Liabilities from derivative transactions |
27,653 |
56,752 |
2.01.06 |
Provisions |
149,376 |
179,950 |
2.02 |
Noncurrent liabilities |
5,883,273 |
4,232,577 |
2.02.01 |
Long-term debt |
5,054,734 |
3,471,550 |
2.02.02 |
Other liabilities |
546,916 |
461,147 |
2.02.02.02 |
Others |
546,916 |
461,147 |
2.02.02.02.03 |
Customer loyalty programs |
451,516 |
364,307 |
2.02.02.02.04 |
Advances from customers |
16,991 |
- |
2.02.02.02.05 |
Tax obligations |
54,602 |
47,597 |
2.02.02.02.06 |
Other liabilities |
23,807 |
49,243 |
2.02.04 |
Provisions |
281,623 |
299,880 |
2.03 |
Consolidated equity |
1,147,318 |
732,828 |
2.03.01 |
Capital |
2,356,295 |
2,354,410 |
2.03.01.01 |
Issued capital |
2,501,574 |
2,499,689 |
2.03.01.02 |
Cost on issued shares |
(145,279) |
(145,279) |
2.03.02 |
Capital reserves |
113,696 |
105,478 |
2.03.02.01 |
Premium on issue of shares |
32,387 |
32,200 |
2.03.02.02 |
Special reserve |
29,187 |
29,187 |
2.03.02.05 |
Treasury shares |
(32,116) |
(35,164) |
2.03.02.07 |
Share-based payments |
84,238 |
79,255 |
2.03.05 |
Accumulated losses |
(2,407,246) |
(1,658,478) |
2.03.06 |
Equity valuation adjustments |
571,626 |
(68,582) |
2.03.06.01 |
Other comprehensive income |
(39,416) |
(68,582) |
2.03.06.02 |
Change on equity through Public Offer |
611,042 |
- |
2.03.09 |
Participation of non-controlling shareholders |
512,947 |
- |
20
Consolidated Financial Statements /Statements of Profit or Loss
(In Thousands of Brazilian Reais)
|
Current Quarter |
Current YTD |
Same Quarter Prior Year |
Prior Year YTD | |
Line code |
Line item |
07/01/2013 to 09/30/2013 |
01/01/2013 to 09/30/2013 |
07/01/2012 to 09/30/2012 |
01/01/2012 to 09/30/2012 |
3.01 |
Sales and services revenue |
2,230,501 |
6,228,002 |
1,987,338 |
5,984,064 |
3.01.01 |
Passenger |
2,042,142 |
5,670,810 |
1,760,050 |
5,286,304 |
3.01.02 |
Cargo and other |
188,359 |
557,192 |
227,288 |
697,760 |
3.02 |
Cost of sales and services |
(1,896,698) |
(5,373,167) |
(1,923,583) |
(5,765,699) |
3.03 |
Gross profit (loss) |
333,803 |
854,835 |
63,755 |
218,365 |
3.04 |
Operating expenses/income |
(296,768) |
(751,703) |
(264,411) |
(766,405) |
3.04.01 |
Selling expenses |
(176,871) |
(483,655) |
(155,844) |
(455,182) |
3.04.01.01 |
Marketing expenses |
(176,871) |
(483,655) |
(155,844) |
(455,182) |
3.04.02 |
General and administrative expenses |
(162,323) |
(377,176) |
(113,222) |
(322,621) |
3.04.04 |
Other operating income |
42,426 |
109,128 |
4,655 |
11,398 |
3.05 |
Income before income taxes and financial income/expenses |
37,035 |
103,132 |
(200,656) |
(548,040) |
3.06 |
Financial income/expenses |
(186,786) |
(718,693) |
(77,716) |
(551,255) |
3.06.01 |
Financial income |
202,535 |
382,743 |
89,084 |
301,067 |
3.06.01.01 |
Financial income |
202,535 |
382,743 |
89,084 |
301,067 |
3.06.02 |
Financial expenses |
(389,321) |
(1,101,436) |
(166,800) |
(852,322) |
3.06.02.01 |
Exchange variation, net |
(24,848) |
(299,379) |
(6,301) |
(266,442) |
3.06.02.02 |
Financial expenses |
(364,473) |
(802,057) |
(166,800) |
(852,322) |
3.07 |
Loss before income taxes |
(149,751) |
(615,561) |
(278,372) |
(1,099,295) |
3.08 |
Income tax (expenses) |
(47,290) |
(89,724) |
(30,980) |
33,462 |
3.08.01 |
Current |
(27,735) |
(56,107) |
(597) |
(5,192) |
3.08.02 |
Deferred |
(19,555) |
(33,617) |
(30,383) |
38,654 |
3.09 |
Loss from continuing operations |
(197,041) |
(705,285) |
(309,352) |
(1,065,833) |
3.11 |
Loss for the period |
(197,041) |
(705,285) |
(309,352) |
(1,065,833) |
3.11.01 |
Attributable to shareholders of the Company |
(223,957) |
(748,768) |
(309,352) |
(1,065,833) |
3.11.02 |
Attributable to non-controlling shareholders of the Company |
26,916 |
43,483 |
- |
- |
21
Consolidated Statements of Comprehensive Income
(In Thousands of Brazilian Reais)
|
Current Quarter |
Current YTD |
Same Quarter Prior Year |
Prior Year YTD | |
Line code |
Line item |
07/01/2013 to 09/30/2013 |
01/01/2013 to 09/30/2013 |
07/01/2012 to 09/30/2012 |
01/01/2012 to 09/30/2012 |
4.01 |
Loss for the period |
(197,041) |
(705,285) |
(309,352) |
(1,065,833) |
4.02 |
Other comprehensive income |
(130) |
29,166 |
(5,366) |
23,853 |
4.02.01 |
Cash flow hedges |
(197) |
44,191 |
(8,129) |
36,141 |
4.02.02 |
Tax effect |
67 |
(15,025) |
2,763 |
(12,288) |
4.03 |
Comprehensive loss for the period |
(197,171) |
(676,119) |
(314,718) |
(1,041,980) |
4.03.01 |
Attributable to shareholders of the Company |
(224,087) |
(719,602) |
(314,718) |
(1,041,980) |
4.03.02 |
Attributable to non-controlling shareholders |
26,916 |
43,483 |
- |
- |
22
Consolidated Financial Statements / Statements of Cash Flows – Indirect Method
(In Thousands of Brazilian Reais)
|
|
Current YTD |
Prior Year YTD |
Line code |
Line item |
01/01/2013 to 09/30/2013 |
01/01/2012 to 09/30/2012 |
6.01 |
Net cash provided by operating activities |
156,093 |
315,903 |
6.01.01 |
Cash flows from operating activities |
1,224,177 |
1,023,004 |
6.01.01.01 |
Depreciation and amortization |
380,465 |
372,159 |
6.01.01.02 |
Allowance for doubtful accounts |
22,133 |
4,029 |
6.01.01.03 |
Provisions for judicial deposits |
12,370 |
10,792 |
6.01.01.05 |
Reversion for inventory obsolescence |
(8,846) |
(364) |
6.01.01.06 |
Deferred taxes |
33,617 |
(38,654) |
6.01.01.07 |
Shared-based payments |
4,983 |
10,973 |
6.01.01.08 |
Exchange and monetary variations, net |
382,801 |
290,526 |
6.01.01.09 |
Interest on loans |
202,833 |
181,111 |
6.01.01.10 |
Unrealized hedge income |
47,925 |
13,658 |
6.01.01.14 |
Mileage program |
128,022 |
155,902 |
6.01.01.15 |
Write-off property, plant and equipment and intangible assets |
7,793 |
55,606 |
6.01.01.16 |
Profit share plan provision |
10,081 |
- |
6.01.01.17 |
Provisions |
- |
(25,629) |
6.01.01.18 |
Impairment losses |
- |
(7,105) |
6.01.02 |
Changes in assets and liabilities |
(362,799) |
358,732 |
6.01.02.01 |
Accounts receivable |
(65,415) |
(30,873) |
6.01.02.02 |
Inventories |
11,543 |
(1,211) |
6.01.02.03 |
Deposits |
(82,682) |
40,776 |
6.01.02.04 |
Prepaid expenses, insurance and recovery taxes |
28,731 |
86,577 |
6.01.02.05 |
Other assets |
16,027 |
3,770 |
6.01.02.06 |
Suppliers |