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___
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
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-3Vanessa R. Martins
Accountant CRC-1SP244569/O
11
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
(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
(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
(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
(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
(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
(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
(In thousands of Brazilian Reais)
Line code |
Line item |
Capital stock |
Capital reserves, |
Accumulated losses |
Other comprehensive |
Total consolidated |
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
(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
(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
(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
(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
(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
(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
(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
(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
(In thousands of Brazilian Reais)
Line code |
Line item |
Capital Stock |
Capital reserves, options granted and treasury shares |
Accumulated losses |
Other comprehensive loss |