goldf1q15_6k.htm - Generated by SEC Publisher for SEC Filing
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 6-K
 
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the month of May, 2015
(Commission File No. 001-32221) ,
 
 
GOL LINHAS AÉREAS INTELIGENTES S.A.
(Exact name of registrant as specified in its charter)
 
GOL INTELLIGENT AIRLINES INC.
(Translation of Registrant's name into English)
 

 
Praça Comandante Linneu Gomes, Portaria 3, Prédio 24
Jd. Aeroporto 
04630-000 São Paulo, São Paulo
Federative Republic of Brazil
(Address of Regristrant's principal executive offices)

 

Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F ______

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___

If "Yes" is marked, indicated below the file number assigned to the
registrant in connection with Rule 12g3-2(b):
 

 

 

 

 

Individual and Consolidated

Interim Financial Information - ITR

 

GOL Linhas Aéreas Inteligentes S.A.

 

March 31, 2015

and Report on Review of Interim Financial Information

 

 

 

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Individual and Consolidated Interim Financial Information - ITR

March 31, 2015

 

 

Contents   
 
 
Performance report  01 
Audit committee statement  07 
Directors' statement on the interim financial information  08 
Directors' statement on the auditor’s report on review of interim financial information  09 
Independent auditor’s report on the interim financial information  10 
Capital  12 
 
Individual interim financial information – ITR for the period ended March 31, 2015   
 
Statements of financial position  13 
Statements of operations  15 
Statements of comprehensive loss  16 
Statements of cash flows  17 
Statements of changes in equity  18 
Statements of value added  20 
 
Consolidated interim financial information - ITR for the period ended March 31, 2015   
 
Statements of financial position  21 
Statements of operations  23 
Statements of comprehensive loss  24 
Statements of cash flows  25 
Statements of changes in equity  27 
Statements of value added  29 
Notes to the interim financial information - ITR  30 

 

 

 
 

 

Message from Management

 

We recorded an operating margin of 6.1% in 1Q15, with operating income (EBIT) of R$153.8 million, an increase of 6.5% year-over-year. Net revenue was R$2.5 billion, up 0.5% over the same period. Accumulated over the last 12 months, total net revenue registered a new historic high of R$10.1 billion.

The first months of this year were marked by the economic slowdown and a challenging competitive scenario. Even in this environment, we maintained the level of total revenue compared to 1Q14, through the diversification of revenue lines and continuous improvement of our operations and our products. The significant 32.8% increase in ancillary and cargo revenue in the quarter mitigated the decrease in ticket prices. Yield decreased by 8.6% and the PRASK fell by 6.3%, offset by an increase in load factor.

Regarding the industry, capacity for the quarter increased 6.4%, while demand grew 7.9%, both compared to 1Q14. We increased capacity by 4.0% and demand by 6.6%, which represented an expansion in load factor of 2.0 percentage points versus the same period in 2014. Although we have increased supply in the quarter, it is worth noting the zero growth forecast for the supply in 2015 will be maintained.

During this quarter, we broke two records in the national aviation segment, being: (i) the number of passengers transported in a single day by a single airline: 157,000 people on January 15, 2015, and (ii) we served more than 4 million customers in a month, in January of this year. We also led in on-time performance in the first quarter of this year, with 94.13% of flights on-time, according to data from Infraero for the domestic market. During the month of March, the index reached 96.72%, with over 23,000 domestic flights in the period.

We recorded as well the leadership in number of tickets issued for the corporate segment, in line with our focus to expand our portfolio of Corporate Customers. In addition, we had the largest growth in the sector, 14.2%, compared to the same period last year and reached 31.3% of share for this segment, according to Abracorp – Brazilian Association of Corporate Travel Agencies.

We inaugurated the new Gollog terminal at Congonhas Airport, which further strengthen ancillary revenues. With 2.1 thousand square meters, the space stands out for its easily accessible location in downtown Sao Paulo and for the operation itself. This inauguration is part of the strategy to modernize the infrastructure of our cargo transportation, improve service processes and increase efficiency in deliveries. We also signed cargo interline agreement with Air France and KLM. The partnership allows the sale of the service in all departure points offered by GOL to the destinations offered by both companies. It enables both companies to enter new markets.

We expanded sale points utilizing GDS (Global Distribution System), allowing us to increase sales in 15 new countries, in line with our strategy to increase international revenues for the company.

 

1

 
 

 

 

Although we have many achievements to celebrate, the current scenario of high exchange rate volatility and low economic activity causes us to continually manage our costs and to search for new sources of revenue. In this quarter the exchange rate at the end of March was 41.8% higher than the same period in 2014. GOL posted a net exchange variation of R$774.1 million negative (with no immediate cash effect), which explains the net loss of R$672.7 million in the quarter. Disconsidering the exchange rate impact, the result would be a net gain of R$100.0 million in the period.  We are attentive to opportunities of accessing the capital markets already considering the new corporate structure recently implemented with a view towards an eventual capitalization.

We reinforce the belief that the successful passage of this turbulent period, will be given by the discipline of execution our strategic plan and strengthening, even more, our pillars positioning; the obsessive search for the highest standard security; the lowest cost obtained through the gain of efficiency and; focus on intelligence, based on technology and in the relentless pursuit of efficiency to provide even better services to our customers.

I would like to take this opportunity to thank our clients, the trust of our investors and our Team of Eagles that, during this period, have realized that the plan has not changed and the tailwind will soon be in our favor again.

 

Paulo Sérgio Kakinoff

CEO of GOL Linhas Aéreas Inteligentes S.A.

 

 

 

2

 
 
 

Highlights of the subsidiary Smiles’ results in 1Q15

 

*         43.5% in the number of accrued ex-GOL miles compared to 1Q14;

*         Miles redeemed increase by 13.4% over 1Q14;

*         Operating income of R$85.0 million, 23.9% higher than in 1Q14;

*         Operating cash flow of R$335.1 million;

*         Net income of R$69.6 million, 11.1% lower than in 1Q14.

  

 

Smiles S.A. closed 1Q15 with operating income of R$85.0 million, 23.9% up on 1Q14, with an operating margin of 34.5%, thanks to the 43.5% increase in the number of accrued ex-GOL miles and healthy direct redemption margins. The financial result reflects the capital structure following the capital reduction, which led to a significant increase in the return on capital indicators.

 

 

3

 
 

 

Operating and Financial Indicators

 

Traffic Data

1Q15

1Q14

% Var.

4Q14

% Var.

Aviation Market - Industry

 

  

 

 

 

RPK Industry – Total

32,624

30,240

7.9%

32,452

0.5%

RPK Industry – Domestic

24,524

23,219

5.6%

24,919

-1.6%

RPK Industry - International

8,099

7,021

15.4%

7,533

7.5%

ASK Industry – Total

40,443

38,015

6.4%

39,962

1.2%

ASK Industry – Domestic

30,349

29,186

4.0%

30,794

-1.4%

ASK Industry - International

10,094

8,829

14.3%

9,167

10.1%

Industry Load Factor - Total

80.7%

79.5%

1.2 p,p

81.2%

-0.5 p,p

Industry Load Factor - Domestic

80.8%

79.6%

1.2 p,p

80.9%

-0.1 p,p

Industry Load Factor - International

80.2%

79.5%

0.7 p,p

82.2%

-2.0 p,p

Aviation Market – GOL

 

 

 

 

 

RPK GOL – Total

10,172

9,539

6.6%

10,352

-1.7%

RPK GOL – Domestic

8,920

8,502

4.9%

9,181

-2.8%

RPK GOL – International

1,252

1,037

20.7%

1,171

6.9%

ASK GOL – Total

13,033

12,529

4.0%

13,155

-0.9%

ASK GOL – Domestic

11,308

11,075

2.1%

11,497

-1.6%

ASK GOL - International

1,725

1,453

18.7%

1,657

4.1%

GOL Load Factor - Total

78.1%

76.1%

2.0 p,p

78.7%

-0.6 p,p

GOL Load Factor - Domestic

78.9%

76.8%

2.1 p,p

79.9%

-1.0 p,p

GOL Load Factor - International

72.6%

71.4%

1.2 p,p

70.7%

1.9 p,p

Operational Data

1Q15

1Q14

% Var.

4Q14

% Var,

Revenue Passengers - Pax on board ('000)

10,120.9

9,828.0

3.0%

10,709.2

-5.5%

Aircraft Utilization (Block Hours/Day)

11.7

11.6

0.6%

11.8

-0.6%

Departures

80,814

79,133

2.1%

83,342

-3.0%

Average Stage Length (km)

951

909

4.7%

932

2.0%

Fuel consumption (mm liters)

402

386

4.2%

409

-1.6%

Full-time equivalent employees at period end

16,825

16,157

4.1%

16,875

-0.3%

Average Operating Fleet

130

126

3.4%

129

0.8%

Financial Data

1Q15

1Q14

% Var.

4Q14

% Var,

Net YIELD (R$ cents)

21.90

23.95

-8.6%

23.58

-7.1%

Net PRASK (R$ cents)

17.09

18.23

-6.3%

18.55

-7.9%

Net RASK (R$ cents)

19.22

19.90

-3.4%

20.75

-7.4%

CASK (R$ cents)

18.03

18.74

-3.8%

19.45

-7.3%

CASK ex-fuel (R$ cents)

12.00

10.67

12.4%

11.92

0.7%

Spread RASK – CASK (R$ cents)

1.19

1.16

2.9%

1.30

-8.5%

Average Exchange Rate1

2.8702

2.3652

21.4%

2.5437

12.8%

End of period Exchange Rate1

3.2080

2.2630

41.8%

2.6562

20.8%

WTI (avg. per barrel, US$)2

48.6

98.7

-50.7%

73.2

-33.6%

Price per liter Fuel (R$)3

1.96

2.62

-25.3%

2.43

-19.4%

Gulf Coast Jet Fuel Cost (average per liter, US$)2

0.43

0.77

-44.2%

0.61

-29.7%

 

1. Source: Central Bank; 2. Source: Bloomberg; 3. Fuel expenses/liters consumed.       

 

4

 

 
 

 

 

Airline Market – Industry

 

In 1Q15, with reduced predictability in the economy and exchange rate, airlines have concentrated efforts to maintain the level of activity and deal with the rapidly changing demand profile. With this, the seat supply (ASK), increased by 6.4% and demand (RPK), in turn, increased by 7.9%. The load factor grew 1.2p.p., reaching 80.7%.

 

The number of passengers transported in the domestic market increased by 3.9% to 24.5 million. In the international market, more than 1.8 million passengers were transported, 18.8% higher than in the same period last year.

 

Domestic Market – GOL

 

Domestic supply increased by 2.1% over 1Q14, reflecting GOL’s substantial capacity management flexibility, allowing it to take advantage of seasonal market opportunities. It is worth noting that the forecast for zero growth in 2015 is maintained, so that domestic supply will adjust throughout the year.

 

Domestic demand had another quarter of evolution, with an increase of 4.9% compared to 2014, leading the domestic load factor to 78.9%, up 2.1p.p.

                                                                                                                                                                           

During the quarter, GOL transported 9.5 million passengers in the domestic market, 2.4% above the number of passengers in 2014.

 

Even with reduced economic activity in the country, GOL, once again, was the leader in tickets sold to corporate passangers, with a share of 31.3%, according to the Brazilian Association of Corporate Travel Agencies (Abracorp).

 

International Market – GOL

     

International supply increased by 18.7% in the year. The Company announced several new flights during the year, including to Tobago, in the Caribbean, from Guarulhos airport in São Paulo, beginning in January 2015, and to Mendoza, Argentina, beginning in July 2015.

 

International demand followed the pace of expansion higher than supply and raised 20.7% in the quarter, bringing the load factor to 72.6%, an increase of 1.2p.p.

 

GOL transported 579.3 thousand passengers in the international market in the quarter, 12.8% more than in 2014. The Company maintained its focus on gradually increasing its frequencies and destinations in other countries, expanding the share of foreign-currency revenue.

 

PRASK and Yield

 

As a result of the lower economic activity registered in the country and the exchange rate with high volatility, which ended the quarter 41.8% higher than the same period in 2014, the yield fell by 8.6% and PRASK partially benefited due to increased load factor by 2 p.p. and fell by 6.3% in the annual comparison.

 

5

 

 

 

Fleet Plan

2015

2016

>2016

Total

Fleet (End of Period)

140

139

 

 

Aircraft Commitments (R$ million)*

1,336.1

1,672.9

44,363.8

47,372.8

Pre-Delivery Payments (R$ million)

306.4

186.3

5,856.0

6,348.6

 

Fleet (End of Period)

1Q15

1Q14

Var.

Boeing 737-NG Family

140

147

-7

737-800 NG

105

111

-6

737-700 NG

35

36

-1

737-300 Classic*

-

7

-7

767-300/200*

-

1

-1

Opening for rent Type

  

 

 

Financial Leasing (737-NG and 767)

45

46

-1

Operating Leasing

95

102

-7

 

At the end of 1Q15, out of a total of 140 Boeing 737-NG aircraft, GOL was operating 136 aircraft on its routes. Of the 4 remaining aircraft, 3 were in the process of being returned to their lessors and 1 was sent via sub-leasing to an European airline.

 

GOL has 95 aircraft under operating leases and 45 under financial leases, 40 of which with a purchase option when their leasing contracts expire. In 1Q15, GOL received 1 aircraft B737 NG under operating lease and returned 2 B737 NGs.

 

The average age of the fleet was 7.5 years at the end of 1Q15. In order to maintain this indicator at low levels, the Company has 129 firm aircraft acquisition orders with Boeing for fleet renewal by 2026.

 

Capex

 

GOL posted a net investment of R$169.5 million in 1Q15, considering the return of the pre-delivery deposits returns when the aircraft is delivered. For more details on changes in property, plant and equipment, see Note 16 to the financial statements.

 

 

2015 Financial Guidance

 

2015 Financial Guidance

From

To

1Q15 Results

Annual Change in Domestic Supply (ASK)

Zero

2.1%

Average Exchange Rate (R$ /US$)

3.15

2.95

2.87

Jet Fuel Price

2.30

2.10

1.96

Operating Margin (EBIT)

2%

5%

6.1%

 

 

Due to the impact of the adverse macroeconomic scenario, GOL may revise its guidance 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.

 

6

 

 

Audit Committee statement

 

 

The Audit Committee of GOL LINHAS AÉREAS INTELIGENTES S.A., in accordance with its bylaws and legal provisions, examined the interim financial information for the period ended March 31, 2015. Based on the procedures performed, considering also the independent auditor’s report - Ernst & Young Auditores Independentes S.S., dated May 12, 2015, and the information and explanations received during the period, opines that these documents are able to be appreciated by the Board Shareholder’s Meeting.

 

 

 

 

São Paulo, May 11, 2015.

 

 

 

 

Richard F. Lark

Member of the Audit Committee

 

 

Antônio Kandir

Member of the Audit Committee  

 

 

Luiz Kaufmann

Member of the Audit Committee  

 

 

7

 

 

 

 

Directors' statement on the interim financial information

 

 

FOR THE PURPOSES OF ARTICLE 25, §1, Subsection VI, of CVM Rule 480/09.

 

In accordance with CVM Rule nº480/09, the Directors declare that discussed, reviewed and agreed with the interim financial information - ITR for the period ended March 31, 2015.

 

 

 

 

 

São Paulo, May 12, 2015.

 

 

 

 

Paulo Sérgio Kakinoff

Chief Executive Officer

 

 

Edmar Prado Lopes Neto

Vice President and Investor Relations Officer

 

 

 

 

 

 

 

 

8

 

 

Directors' statement on the auditor’s review of Interim Financial Information

 

 

FOR THE PURPOSES OF ARTICLE 25, §1, Subsection VI, of INSTRUÇÃO CVM 480/09.

 

In accordance with Instrução CVM 480/09, the Directors declare that discussed, reviewed and agreed with the report on review of interim financial information – ITR for the period ended March 31, 2015.

 

 

 

 

São Paulo, May 12, 2015.

 

 

 

 

Paulo Sérgio Kakinoff

Chief Executive Officer

 

 

Edmar Prado Lopes Neto

Vice President and Investor Relations Officer

 

 

9

 

 

(A free translation from the original in Portuguese into English)

 

Independent auditor’s report on interim financial information

 

To

The Shareholders, Board of Directors and Officers

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.. (“Company”), identified as Company and Consolidated, respectively, contained in the Quarterly Information (ITR) for the quarter ended March 31, 2015, which comprises the balance sheet as at March 31, 2015 and the related statement of operations, statement of comprehensive loss for the quarter,  the statement of changes in equity and statement of cash flows for the three-month period then ended, and a summary of significant accounting practices and other explanatory notes.

 

Company management is responsible for the preparation of interim individual financial information in accordance with the Technical Pronouncement of the Accounting

Pronouncements Committee (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 these information in compliance with the rules issued by the Brazilian Securities Commission (“CVM”), applicable to the preparation of Quarterly 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 according to the Brazilian and international review standards of interim financial information (NBC TR 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity, 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 inquiries, mainly of the people responsible for the financial and accounting matters, and the application of analytical and other review procedures. The scope of a review is significantly narrower than that of an audit conducted in accordance with audit standards and, accordingly, it did not permit us to obtain assurance that we took notice of all significant matters that could have been raised in an audit. Therefore, we did not

express an audit opinion.

 

 

10

 

Conclusion on the interim individual and consolidated financial information

Based on our review, we are not aware of any fact that makes us believe that the interim individual and consolidated financial information included in the Quarterly Information referred above was not prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34 applicable to the preparation of Quarterly Information (ITR), and presented in compliance with the rules issued by the CVM.

Other matters

Statements of value added

We have also reviewed the individual and consolidated statement of value added (SVA) for the three-month period ended March 31, 2015, prepared under the responsibility of the Company’s management, the presentation of which in the interim financial information is required by the rules of the CVM applicable to Quarterly Information (ITR), and as supplementary information under IFRS, whereby no statement of value added presentation is required. These statements have been subject to the same review procedures previously described and, based on our review, we are not aware of any fact that makes us believe that they were not prepared, in all material respects, according to the interim individual and consolidated financial information taken as a whole.

Audit and review of the amounts corresponding to prior period

The amounts correspondent to the statements of operations, of comprehensive loss, of changes in shareholders’ equity, of cash flows and of value added for the three-months period ended March 31, 2014 presented for comparison purposes, were previously reviewed by other independent accountants, who issued a review report of quarterly information dated May 14, 2014.

 

São Paulo, May 12, 2015.

 

ERNST & YOUNG

Auditores Independentes S.S.

CRC-2SP015199/O-6

 

Luiz Carlos Passetti
Accountant CRC-1SP144343/O-3		 Vanessa R. Martins
Accountant CRC-1SP244569/O

                           

11

 

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Company Profile / Subscribed Capital

 

 

 

Number of shares

Current Year

03/31/2015

Paid-in capital

5,035,037,140

Preferred

139,318,357

Total

5,174,355,497

Treasury

2,064,782

Total

2,064,782

 

 

 

 

12

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Individual Interim Financial Information / Statements of Financial Position – Assets

 

(In thousands of Brazilian Reais)

 

 

 

Line code

 

Line item

Current Year 03/31/2015

Prior Year 12/31/2014

1

Total assets

1,654,157

1,790,138

1.01

Current assets

566,733

561,036

1.01.01

Cash and cash equivalents

539,742

459,364

1.01.02

Short-term investments

114

56,491

1.01.06

Recoverable taxes

7,055

10,289

1.01.07

Prepaid expenses

348

532

1.01.08

Other current assets

19,474

34,360

1.01.08.01

Noncurrent assets for sale

7

7

1.01.08.01.01

Restricted cash

7

7

1.01.08.03

Others

19,467

34,353

1.02

Noncurrent assets

1,087,424

1,229,102

1.02.01

Long-term assets

192,313

186,195

1.02.01.06

Taxes

83,754

84,697

1.02.01.06.01

Deferred taxes

63,301

65,305

1.02.01.06.02

Recoverable taxes

20,453

19,392

1.02.01.08

Related-party transactions

53,847

52,778

1.02.01.08.04

Other related-party transactions

53,847

52,778

1.02.01.09

Other noncurrent assets

54,712

48,720

1.02.01.09.03

Deposits

29,227

26,706

1.02.01.09.04

Restricted cash

25,485

22,014

1.02.02

Investments

-

181,220

1.02.03

Property, plant and equipment

895,111

861,687

 

 

 

13

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Individual Interim Financial Information / Statements of Financial Position – Liabilities

 

(In thousands of Brazilian Reais)

 

 

 

Line code

 

Line item

Current Year 03/31/2015

Prior Year 12/31/2014

2

Total liabilities and stockholder’s equity

1,654,157

1,790,138

2.01

Current liabilities

55,289

58,908

2.01.01

Salaries, wages and benefits

590

519

2.01.01.02

Salaries, wages and benefits

590

519

2.01.02

Suppliers

723

437

2.01.03

Taxes payable

2,463

-

2.01.04

Short-term debt

50,970

56,619

2.01.05

Other liabilities

350

567

2.01.05.02

Others

350

567

2.01.05.02.04

Other liabilities

350

567

2.01.06

Provisions

193

766

2.02

Noncurrent liabilities

2,856,575

2,249,617

2.02.01

Long-term debt

2,535,529

2,098,209

2.02.02

Other liabilities

321,046

151,408

2.02.02.01

Liabilities with related-party transactions

186,826

151,408

2.02.02.02

Others

134,220

-

2.02.02.02.05

Loss on Investiment

134,220

-

2.03

Stockholder’s equity

(1,257,707)

(518,387)

2.03.01

Capital

2,581,951

2,581,913

2.03.01.01

Issued capital

2,618,837

2,618,748

2.03.01.02

Cost on issued shares

(36,886)

(36,886)

2.03.01.03

Shares to be issued

-

51

2.03.02

Capital reserves

168,558

165,772

2.03.02.01

Premium on issue of shares

32,387

32,387

2.03.02.02

Special reserve

70,979

70,979

2.03.02.05

Treasury shares

(31,132)

(31,357)

2.03.02.07

Share-based payments

96,324

93,763

2.03.05

Accumulated losses

(4,519,078)

(3,814,522)

2.03.06

Equity valuation adjustments

510,862

548,450

2.03.06.01

Equity valuation adjustments

(178,556)

(138,713)

2.03.06.02

Change in equity through public offer

689,418

687,163

 

 

 

14

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Individual Interim Financial Information / Statements of Operations

 

(In thousands of Brazilian Reais)

 

 

 

 

Current Year

Prior Year

Line code

Line item

01/01/2015 to 03/31/2015

01/01/2014 to 03/31/2014

3.04

Operating expenses/revenues

(273,834)

(150,410)

3.04.02

General and administrative expenses

(2,750)

(4,813)

3.04.04

Other operating income

8,009

48,373

3.04.06

Equity in subsidiaries

(279,093)

(193,970)

3.05

Loss before taxes and financial result

(273,834)

(150,410)

3.06

Financial result

(423,527)

19,221

3.06.01

Financial income

2,531

83,773

3.06.01.01

Financial income

2,531

2,135

3.06.01.02

Exchange variation, net

-

81,638

3.06.02

Financial expenses

(426,058)

(64,552)

3.06.02.01

Financial expenses

(55,524)

-

3.06.02.02

Exchange variation, net

(370,534)

-

3.07

Loss before taxes

(697,361)

(131,189)

3.08

Income taxes

(7,195)

(6)

3.08.01

Current

(5,035)

-

3.08.02

Deferred

(2,160)

(6)

3.09

Result from continuing operations, net

(704,556)

(131,195)

3.11

Net loss for the period

(704,556)

(131,195)

 

 

 

15

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Individual Statements of Comprehensive Loss

 

(In thousands of Brazilian Reais)

 

 

   

Current Year

Prior Year

Line code

Line item

01/01/2015 to 03/31/2015

01/01/2014 to 03/31/2014

4.01

Net loss for the period

(704,556)

(131,195)

4.02

Other comprehensive (loss) income

(39,843)

(29,711)

4.02.01

Cash flow hedges

(60,368)

(45,017)

4.02.02

Tax effect

20,525

15,306

4.03

Comprehensive loss for the period

(744,399)

(160,906)

 

 

 

 

16

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Individual Interim Financial Information / Statements of Cash Flows – Indirect Method

 

(In thousands of Brazilian Reais)

 

 

 

 

Current Year

Prior Year

Line code

Line item

01/01/2015 to 03/31/2015

01/01/2014 to 03/31/2014

6.01

Net cash used in operating activities

115,456

34,522

6.01.01

Cash flows from operating activities

745,415

153,250

6.01.01.02

Deferred taxes

2,160

6

6.01.01.03

Equity in subsidiaries

279,093

193,970

6.01.01.04

Share-based payments

1,190

1,592

6.01.01.05

Exchange and monetary variations, net

471,764

(62,787)

6.01.01.06

Interest on loans

51,808

44,065

6.01.01.07

Interest paid

(60,600)

(39,448)

6.01.01.09

Unrealized results of hedge, net

-

15,852

6.01.01.12

Write-off property, plant and equipment and intangible assets

-

-

6.01.02

Changes assets and liabilities

74,597

12,467

6.01.02.02

Financial applications used for trading

56,377

1,407

6.01.02.03

Deposits

(2,521)

(2,305)

6.01.02.04

Prepaid expenses and recoverable taxes

1,786

13,685

6.01.02.05

Other assets

14,886

50

6.01.02.06

Suppliers

286

(1,924)

6.01.02.07

Taxes payable

2,307

261

6.01.02.08

Other obligations

1,405

975

6.01.02.09

Salaries, wages and benefits

71

318

6.01.03

Others

(704,556)

(131,195)

6.01.03.01

Net loss for the year

(704,556)

(131,195)

6.02

Net cash used in investing activities

(39,314)

71,648

6.02.01

Advances for future capital increase

(2,621)

(90,000)

6.02.02

Related-party transactions

202

(192)

6.02.03

Restricted cash

(3,471)

(551)

6.02.05

Advance for future capital increase

-

65,703

6.02.06

Advances for property, plant and equipment acquisition

(33,424)

99,055

6.02.07

Capital increase on subsidiary

-

(2,367)

6.03

Net cash generated by financing activities

4,236

389,011

6.03.01

Loan funding

99

-

6.03.02

Loan and lease payment

-

-

6.03.03

Credit with related parties

4,099

389,011

6.03.05

Capital increase

89

-

6.03.07

Shares to be issued

(51)

-

6.05

Net increase (decrease) in cash and cash equivalents

80,378

495,181

6.05.01

Cash and cash equivalents at beginning of the year

459,364

343,793

6.05.02

Cash and cash equivalents at end of the year

539,742

838,974

 

 

17

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Individual Interim Financial Information / Statements of Changes in Equity – From 01/01/2015 to 03/31/2015

 

(In thousands of Brazilian Reais)

 

 

 

 

Line code

 

 

Line item

 

Capital

stock

Capital reserves, options granted and treasury shares

 

Accumulated

losses

Other comprehensive loss

Total equity

5.01

Opening balance

2,581,913

852,935

(3,814,522)

(138,713)

(518,387)

5.03

Adjusted balance

2,581,913

852,935

(3,814,522)

(138,713)

(518,387)

5.04

Stockholder’s capital transactions

38

5,041

-

-

5,079

5.04.08

Share-based payments

-

2,786

-

-

2,786

5.04.09

Stock options exercised

38

-

-

-

38

5.04.10

Gains on change on investment

-

2,255

-

-

2,255

5.05

Total comprehensive loss

-

-

(704,556)

(39,843)

(744,399)

5.05.01

Net loss for the period

-

-

(704,556)

-

(704,556)

5.05.02

Other comprehensive loss

-

-

-

(39,843)

(39,843)

5.05.02.06

Other comprehensive result, net

-

-

-

(39,843)

(39,843)

5.07

Closing balance

2,581,951

857,976

(4,519,078)

(178,556)

(1,257,707)

 

 

 

 

18

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Individual Interim Financial Information / Statements of Changes in Equity – From 01/01/2014 to 12/31/2014

 

(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

2,469,623

767,818

(2,568,353)

(18,162)

650,926

5.03

Adjusted balance

2,469,623

767,818

(2,568,353)

(18,162)

650,926

5.04

Shareholders’ capital transactions

-

73,970

-

-

73,970

5.04.11

Gains on investment sold

-

73,970

-

-

73,970

5.05

Total comprehensive result

-

1,592

(131,195)

(29,711)

(159,314)

5.05.02

Other comprehensive income

-

1,592

(131,195)

(29,711)

(159,314)

5.05.02.07

Other comprehensive income, net

-

-

-

(29,711)

(29,711)

5.05.02.08

Net loss for the period

-

-

(131,195)

-

(131,195)

5.05.02.09

Share-based payments

-

1,592

-

-

1,592

5.07

Closing balance

2,469,623

843,380

(2,699,548)

(47,873)

565,582

 

 

 

 

19

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Individual Interim Financial Information / Statements of Value Added

 

(In thousands of Brazilian Reais)

 

 

   

Current Year

Prior Year

Line code

Line item

01/01/2015 to 03/31/2015

01/01/2014 to 03/31/2014

7.01

Revenue

8,009

48,373

7.01.02

Other revenue

8,009

48,373

7.01.02.01

Other operating income

8,009

48,373

7.02

Acquired from third parties

(1,421)

(2,660)

7.02.02

Material, power, third-party services and other

(1,421)

(2,660)

7.03

Gross value added

6,588

45,713

7.05

Added value produced

6,588

45,713

7.06

Value added received in transfer

(276,562)

(191,835)

7.06.01

Equity in subsidiaries

(279,093)

(193,970)

7.06.02

Financial income

2,531

2,135

7.07

Total wealth for distribution

(269,974)

(146,122)

7.08

Wealth for distribution

(269,974)

(146,122)

7.08.01

Employees

1,480

2,220

7.08.01.01

Salaries

1,415

2,152

7.08.01.03

F.G.T.S.

65

68

7.08.02

Taxes

7,043

(61)

7.08.02.01

Federal taxes

7,043

(61)

7.08.03

Third-party capital remuneration

426,059

(17,086)

7.08.03.01

Interest

426,059

(32,987)

7.08.03.03

Other

-

15,901

7.08.03.03.01

Lenders

-

15,901

7.08.04

Return on own capital

(704,556)

(131,195)

7.08.04.03

Loss for the period

(704,556)

(131,195)

 

 

 

20

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Consolidated Interim Financial Information / Statements of Financial Position – Assets

 

(In thousands of Brazilian Reais)

 

 

 

Line code

 

Line item

Current Year 03/31/2015

Prior Year 12/31/2014

1

Total assets

10,328,493

9,976,647

1.01

Current assets

2,914,012

2,986,198

1.01.01

Cash and cash equivalents

1,956,292

1,898,773

1.01.02

Short-term investments

100,472

355,134

1.01.02.01

Short-term investments at fair value

100,472

355,134

1.01.02.01.03

Restricted cash

59,959

58,310

1.01.02.01.04

Short-term investments

40,513

296,824

1.01.03

Accounts receivable

447,830

352,284

1.01.04

Inventories

162,473

138,682

1.01.06

Recoverable taxes

74,574

81,245

1.01.07

Prepaid expenses

88,096

99,556

1.01.08

Other current assets

84,275

60,524

1.01.08.03

Others

84,275

60,524

1.01.08.03.03

Other credits

31,965

41,678

1.01.08.03.04

Rights on derivatives transactions

52,310

18,846

1.02

Noncurrent assets

7,414,481

6,990,449

1.02.01

Long-term assets

2,015,449

1,665,746

1.02.01.06

Taxes

704,431

557,309

1.02.01.06.01

Deferred Taxes

632,111

486,975

1.02.01.06.02

Recoverable taxes

72,320

70,334

1.02.01.07

Prepaid expenses

16,177

18,247

1.02.01.09

Other noncurrent assets

1,294,841

1,090,190

1.02.01.09.03

Restricted cash

339,043

273,240

1.02.01.09.04

Deposits

925,489

793,508

1.02.01.09.05

Other credits

30,309

23,442

1.02.02

Investments

22,443

8,483

1.02.03

Property, plant and equipment

3,675,243

3,602,034

1.02.03.01

Property, plant and equipment in operation

1,632,910

1,522,310

1.02.03.01.01

Other flight equipments

1,006,816

935,209

1.02.03.01.02

Advances for property, plant and equipment acquisition

495,292

456,197

1.02.03.01.04

Others

130,802

130,904

1.02.03.02

Property, plant and equipment under leasing

2,042,333

2,079,724

1.02.03.02.01

Property, plant and equipment under financial leasing

2,042,333

2,079,724

1.02.04

Intangible

1,701,46

1,714,186

1.02.04.01

Intangible

1,159,044

1,156,701

1.02.04.02

Goodwill

542,302

557,485

 

 

 

21

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Consolidated Interim Financial Information / Statements of Financial Position – Liabilities

 

(In thousands of Brazilian Reais)

 

 

Line code

 

Line item

Current Year

03/31/2015

Prior Year 12/31/2014

2

Total liabilities and equity

10,328,493

9,976,647

2.01

Current liabilities

4,346,397

4,212,646

2.01.01

Salaries, wages and benefits

290,836

255,440

2.01.01.02

Salaries, wages and benefits

290,836

255,440

2.01.02

Suppliers

677,980

686,151

2.01.03

Taxes payable

140,081

100,094

2.01.04

Short-term debt

1,171,286

1,110,734

2.01.05

Other liabilities

1,816,704

1,853,133

2.01.05.02

Others

1,816,704

1,853,133

2.01.05.02.04

Taxes and landing fees

300,159

315,148

2.01.05.02.05

Advance ticket sales

912,809

1,101,611

2.01.05.02.06

Mileage program

234,733

220,212

2.01.05.02.07

Advances from customers

93,671

3,196

2.01.05.02.08

Other liabilities

143,572

127,600

2.01.05.02.09

Liabilities from derivative transactions

131,760

85,366

2.01.06

Provisions

249,510

207,094

2.02

Noncurrent liabilities

7,019,585

6,096,975

2.02.01

Long-term debt

5,953,197

5,124,505

2.02.02

Other liabilities

745,096

693,904

2.02.02.02

Others

745,096

693,904

2.02.02.02.03

Mileage program

616,432

559,506

2.02.02.02.05

Taxes payable

36,811

34,807

2.02.02.02.06

Other liabilities

91,853

99,591

2.02.04

Provisions

321,292

278,566

2.03

Stockholder’s equity

(1,037,489)

(332,974)

2.03.01

Capital

2,468,623

2,468,585

2.03.01.01

Issued capital

2,618,837

2,618,748

2.03.01.02

Cost on issued shares

(150,214)

(150,214)

2.03.01.03

Shares to be issued

-

51

2.03.02

Capital reserves

168,558

165,772

2.03.02.01

Premium on issue of shares

32,387

32,387

2.03.02.02

Special reserve

70,979

70,979

2.03.02.05

Treasury shares

(31,132)

(31,357)

2.03.02.07

Share-based payments

96,324

93,763

2.03.05

Accumulated losses

(4,405,750)

(3,701,194)

2.03.06

Equity valuation adjustments

510,862

548,450

2.03.06.01

Equity valuation adjustments

(178,556)

(138,713)

2.03.06.02

Change in equity through public offer

689,418

687,163

2.03.09

Participation of non-controlling Company’s stockholders

220,218

185,413

 

 

22

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Consolidated Interim Financial Information /Statements of Operations

 

(In thousands of Brazilian Reais)

 

 

Current Year

Prior Year

Line code

Line item

01/01/2014 to 03/31/2014

01/01/2013 to 12/31/2014

3.01

Sales and services revenue

2,505,232

2,493,399

3.01.01

Passenger

2,227,458

2,284,288

3.01.02

Cargo and other

277,774

209,111

3.02

Cost of sales and/or services

(1,962,748)

(2,048,208)

3.03

Gross profit

542,484

445,191

3.04

Operating expenses

(388,641)

(300,741)

3.04.01

Sales expenses

(206,183)

(199,851)

3.04.01.01

Marketing expenses

(206,183)

(199,851)

3.04.02

General and administrative expenses

(189,244)

(148,817)

3.04.04

Other operating income

8,009

48,373

3.04.06

Equity in subsidiaries

(1,223)

(446)

3.05

Result before income taxes and financial result

153,843

144,450

3.06

Financial result

(866,553)

(193,782)

3.06.01

Financial income

140,403

160,239

3.06.01.01

Financial income

140,403

102,752

3.06.01.02

Exchange variation, net

-

57,487

3.06.02

Financial expenses

(1,006,956)

(354,021)

3.06.02.01

Exchange variation, net

(774,068)

-

3.06.02.02

Financial expenses

(232,888)

-

3.07

Loss before income taxes

(712,710)

(49,332)

3.08

Income taxes

39,988

(46,814)

3.08.01

Current

(84,467)

(39,256)

3.08.02

Deferred

124,455

(7,558)

3.09

Result from continuing operations, net

(672,722)

(96,146)

3.11

Net loss for the period

(672,722)

(96,146)

3.11.01

Attributable to Company’ stockholders

(704,556)

(131,195)

3.11.02

Attributable to non-controlling Company’ stockholders

31,834

35,049

 

 

 

 

23

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Consolidated Statements of Comprehensive Loss

 

(In thousands of Brazilian Reais)

 

 

   

Current Year

Prior Year

Line code

Line item

01/01/2015 to 03/31/2015

01/01/2014 to 03/31/2014

4.01

Net loss for the period

(672,722)

(96,146)

4.02

Other comprehensive income (loss)

(39,843)

(29,711)

4.02.01

Cash flow hedges

(60,368)

(45,017)

4.02.02

Tax effect

20,525

15,306

4.03

Comprehensive income/loss for the period

(712,565)

(125,857)

4.03.01

Attributable to Company’ stockholders

(744,399)

(160,906)

4.03.02

Attributable to non-controlling Company’ stockholders

31,834

35,049

 

 

 

24

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Consolidated Interim Financial Information / Statements of Cash Flows – Indirect Method

 

(In thousands of Brazilian Reais)

 

 

 

Current Year

Prior Year

 

Line code

 

Line item

01/01/2015 to 03/31/2015

01/01/2014 to 03/31/2014

6.01

Net cash generated by operating activities

525,747

459,138

6.01.01

Cash flows from operating activities

1,287,997

299,126

6.01.01.01

Depreciation and amortization

100,425

135,252

6.01.01.02

Allowance for doubtful accounts

6,050

4,195

6.01.01.03

Provisions for judicial deposits

12,526

4,650

6.01.01.05

Reversion for inventory obsolescence

14

(34)

6.01.01.06

Deferred taxes

(124,455)

7,558

6.01.01.07

Share-based payments

3,060

1,954

6.01.01.08

Exchange and monetary variations, net

1,066,238

3,216

6.01.01.09

Interest on loans and financial lease

141,115

99,306

6.01.01.10

Unrealized hedge results

4,678

15,852

6.01.01.12

Mileage program

71,447

15,275

6.01.01.13

Write-off property, plant and equipment and intangible assets

4,230

40

6.01.01.14

Equity in subsidiaries

1,223

446

6.01.01.15

Result share plan provision

1,446

11,416

6.01.02

Changes assets and liabilities

(89,528)

256,158

6.01.02.01

Accounts receivable

(101,596)

(143,114)

6.01.02.02

Financial applications used for trading

256,311

666,939

6.01.02.03

Inventories

(23,805)

(10,218)

6.01.02.04

Deposits

(22,539)

(52,684)

6.01.02.05

Prepaid expenses, insurance and tax recoverable

12,778

(12,665)

6.01.02.06

Other assets

2,843

13,299

6.01.02.07

Suppliers

(8,171)

8,025

6.01.02.08

Advanced ticket sales

(188,802)

(26,316)

6.01.02.09

Liabilities from Derivative Transactions

(52,116)

21,429

6.01.02.10

Advances from customers

90,475

(70,590)

6.01.02.11

Salaries, wages and benefits

33,950

2,654

6.01.02.12

Taxes and landing fees

(14,989)

8,364

6.01.02.13

Taxes payable

65,241

28,956

6.01.02.14

Provisions

31,533

(35,864)

6.01.02.15

Other Liabilities

8,234

7,408

6.01.02.16

Interest paid

(155,470)

(126,466)

6.01.02.17

Income tax paid

(23,405)

(22,999)

6.01.03

Others

(672,722)

(96,146)

6.01.03.01

Net loss for the year

(672,722)

(96,146)

6.02

Net cash used in investing activities

(272,962)

95,392

6.02.03

Restricted Cash

(67,452)

46,256

6.02.04

Property, Plant and Equipment

(157,062)

(81,645)

6.02.05

Intangible

(9,353)

(27,727)

6.02.06

Investment acquisition

-

(6,250)

6.02.07

Investment sale, net

-

65,703

6.02.08

Advances for property, plant and equipment acquisition

(39,095)

99,055

 

 

25

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Consolidated Interim Financial Information / Statements of Cash Flows – Indirect Method (Continued)

 

(In thousands of Brazilian Reais)

 

 

 

 

Current Year

Prior Year

Line code

Line item

01/01/2015 to 03/31/2015

01/01/2014 to 03/31/2014

6.03

Net cash (used in) generated by financing activities

(68,129)

(1,861)

6.03.01

Loan funding

191,174

70,645

6.03.02

Payments

(172,112)

(21,598)

6.03.04

Capital increase

5,041

-

6.03.06

Financial leasing payment

(92,181)

(50,908)

6.03.07

Shares to be issued

(51)

-

6.03.10

Cost on loans

-

-

6.04

Exchange and monetary variations, net

(127,137)

(62,766)

6.05

Net increase in cash and cash equivalents

57,519

489,903

6.05.01

Cash and cash equivalents at beginning of the year

1,898,773

1,635,647

6.05.02

Cash and cash equivalents at end of the year

1,956,292

2,125,550

 

 

26

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Consolidated Interim Financial Information / Statements of Changes in Equity – From 01/01/2015 to 03/31/2015

 

(In thousands of Brazilian Reais)

 

 

 

 

 

 

Line code

 

 

 

 

Line item

 

 

 

Capital Stock

Capital reserves, options

granted and

treasury shares

 

 

 

Accumulated losses

 

 

Other Comprehensive loss

 

 

 

Consolidated Equity

 

 

Non-controlling

Interests

 

 

Total consolidated

equity

5.01

Opening balance

2,468,585

852,935

(3,701,194)

(138,713)

(518,387)

185,413

(332,974)

5.03

Adjusted balance

2,468,585

852,935

(3,701,194)

(138,713)

(518,387)

185,413

(332,974)

5.04

Stockholder’s capital transactions

38

5,041

-

-

5,079

2,971

8,050

5.04.08

Share-based payments

-

2,786

-

-

2,786

274

3,060

5.04.09

Stock options exercised

38

-

-

-

38

4,952

4,990

5.04.10

Gains on change on investment

-

2,255

-

-

2,255

(2,255)

-

5.05

Total comprehensive (loss) income

-

-

(704,556)

(39,843)

(744,399)

31,834

(712,565)

5.05.01

Net loss for the period

-

-

(704,556)

-

(704,556)

31,834

(672,722)

5.05.02

Other comprehensive income (loss)

-

-

-

(39,843)

(39,843)

-

(39,843)

5.05.02.06

Other comprehensive results, net

-

-

-

(39,843)

(39,843)

-

(39,843)

5.07

Closing balance

2,468,623

857,976

(4,405,750)

(178,556)

(1,257,707)

220,218

(1,037,489)

 

 

 

27

 

 

GOL Linhas Aéreas Inteligentes S.A.

 

Consolidated Interim Financial Information / Statements of Changes in Equity – From 01/01/2013 to 12/31/2014

 

(In thousands of Brazilian Reais)

 

 

Line code

Line item

Capital Stock

Capital reserves, options

granted and

treasury shares

Accumulated losses

Other comprehensive loss