EBITDAR Reaches R$359.3mm With a 23.7% Margin
SAO PAULO, May 14 /PRNewswire-FirstCall/ -- GOL Linhas Aereas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), Latin America's largest low-cost, low-fare airline, announces today its results for the first quarter of 2009 (1Q09). The following financial and operating information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reais (R$); all comparisons are with the first quarter of 2008 (1Q08) and the fourth quarter of 2008 (4Q08). The definitions of financial and airline industry terms used in this release are available in the "glossary" section at the end of this document Operating and Financial Highlights
-- GOL posted a 1Q09 net income of R$61.4mm, with a net margin of 4.0%,
versus net losses of R$20.5mm in 1Q08 and R$541.6mm in 4Q08. This
result reflects the Company's new strategic positioning, focusing
operations on the domestic market and South America, and benefits from
the 4Q08 consolidation of GOL and VARIG's operations. This quarter
showed a still unfavorable but stable economic environment, marked by
the return of fuel costs to levels closer to their historical average. -- The EBITDAR margin reached 23.7% (R$359.3mm) in 1Q09, versus 15.3%
(R$245.7mm) in 1Q08 and 19.1% (R$296.5mm) in 4Q08. -- Net revenue totaled R$1,517.0mm, down 5.4% and 2.0%, respectively,
from 1Q08 and 4Q08, due to the consolidation and optimization of the
network, which eliminated flight overlaps. -- Operating costs and expenses totaled R$1,411.9mm, 9.2% less than 1Q08
and down 5.5% from 4Q08, with the reduction in sales and fuel
expenses.
-- GOL restructured its fleet plan based on the disciplined growth of its
service offering and the operation of new and modern aircraft, which
help reduce maintenance costs and increase passenger satisfaction. The
Company has rescheduled the delivery of 20 Boeing aircraft from 2011
and 2012 to between 2011 and 2014. Highlights (R$MM) 1Q09 1Q08 Chg.% 4Q08 Chg.% Net Revenue 1,517.0 1,604.4 -5.4% 1,548.6 -2.0%
Operating Expenses (1,411.9) (1,555.2) -9.2% (1,494.8) -5.5%
Operating Income
(EBIT) (R$mm) 105.1 49.2 113.6% 53.9 95.1%
Operating Margin 6.9% 3.1% +3.9 pp 3.5% +3.4 pp
EBITDAR (R$mm) 359.3 245.7 46.2% 296.5 21.2%
EBITDAR Margin 23.7% 15.3% +0.5 pp 19.1% +4.5 pp
Net Income (R$mm) 61.4 (20.5) nm -541.6 nm
-- In April 2009, GOL and Air France-KLM signed a commercial cooperation
agreement, aimed at integrating their respective mileage programs
(SMILES and Flying Blue) and implementing a bilateral code-share
agreement. This agreement is part of GOL's strategy to form
partnerships with some of the most important airlines in the long-haul
segment, adding value to SMILES and feeding traffic to GOL's network,
which is one of the largest in South America. The company has
approximately 800 daily flights to 49 cities in Brazil and the top 10
most popular international destinations in South America. -- On April 29, 2009, GOL signed a commercial agreement with Unidas Rent
a Car, one of Brazil's largest car rental chains. The partnership also
aims to increase network traffic by introducing the Fly & Drive
concept (aerial and terrestrial services package) in the country, and
grants a 50% discount on Unidas' daily rates for passengers who
purchase GOL tickets through its corporate websites in Brazil or
abroad.
-- In the same month, GOL announced new fare packages, tailored to
different passenger profiles that might include mileage bonus and
allow passengers to exchange tickets at no extra cost. These new
commercial options will ensure better service for business travelers
while also increasing the Company's yield management capacity.
Free Flexible Programmed Promotional Freedom to Exchange Tickets Minimum Extremely low
reschedule a Flexibility at stop-over at rates under
flight at no low costs destination certain
extra charge conditions 50% SMILES 25% SMILES Lower fares for
Mileage Bonus Mileage Bonus advanced online
booking
-- Also in April, GOLLOG, GOL's air cargo transport business, launched
GOLLOG Express, a new product designed to meet growing demand in the
express cargo market, offering door-to-door deliveries with previously
defined deadlines. Express delivery services are experiencing the
largest growth rates in the cargo transport segment and with this
launch, GOL is moving ahead with its strategic revenue diversification
plan, as well as improving utilization of its aircraft payload, ample
network and ground logistics services. -- The capital increase announced by the Company on March 20, 2009,
amount of R$203.5 mm was totally subscribed by the controling
shareholders and the shares will effectively be issued by the end of
May. The amount of R$100mm was credited during March, R$50mm was
credited on April and the remainder will be credited in May.
-- The Company required approval by the board of trade to issue its third
issue of simple, non-convertible debentures through VRG LINHAS AEREAS
S.A, in the total amount of R$400mm. The debentures will be partially
guaranteed by receivables and will b subscribed by the issuer bank,
and have maturity in 2 years, and initial grace period of 6 month. DATASOURCE: GOL Linhas Aereas Inteligentes S.A.
CONTACT: Leonardo Pereira, Vice-President and Chief Financial Officer, Rodrigo Alves, Head of Investor Relations, Guilherme Lima, Investor Relations, or Raquel Kim, Investor Relations, all of GOL Linhas Aereas Inteligentes S.A., +55-11-2128-4700 Web Site: http://www.voegol.com.br/
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