GOL - 2Q15 Earnings Release

SAO PAULO, Aug. 13, 2015 /PRNewswire/ -- GOL Linhas Aereas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL), (S&P: B, Fitch: B-, Moody's: B3), the largest low-cost and best-fare airline in Latin America, announces today its consolidated results for the second quarter of 2015. All information is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian reais (R$), and all comparisons are with the second quarter of 2014, unless otherwise stated.

Quarter highlights

• Domestic demand grew by 4.7% in 2Q15 and 4.8% in 1H15, bringing the load factor to 78.0%, an increase of 2.0 p.p. in the quarter and 78.5%, an increase of 2.1 p.p. year to date, compared to the same periods of 2014. During the quarter, the total load factor expanded by 1.6 p.p., reaching 76.8%.
• GOL was the airline leader in on time performance in Brazil in the second quarter and in the first half 2015, reaching 96.53% and 95.32%, respectively.
• The Company also maintained its leadership in the number of tickets issued in the corporate sector, with 32.4% of share in the first half of the year, representing an increase of 16.6% in the total number of tickets sold in the country, compared to the same period last year.
• The Company's net revenue reached R$2.1 billion, a 10.5% decline compared to the same period in 2014 – reflecting the country's economic activity slowdown.
• Ancillary and cargo revenues reached R$284.3 million, an increase of 13.8% compared to 2Q14, representing 13.3% of total net revenues. International revenues had a share of 8.6%, reaching R$182.6 million.
• Impacted by the economic scenario, the Company had a negative operating result (EBIT) of R$251.1 million in 2Q15, with a negative operating margin of 11.8%, compared to operating income of R$37.8 million and margin of 1.6% in 2Q14.
• For the same reason mentioned above, EBITDAR totaled R$90.7 million, with a margin of 4.3%, a decrease of 11.5 p.p. compared to the same period of 2014. However, in the last twelve months, EBITDAR reached R$1.5 billion, with a margin of 15.3%.
• The Company's costs and expenses remained practically stable levels in the 2Q15, an increase of 1.6% over 2Q14. The result benefited from the fall of 11.4% in the price of jet fuel, which was R$2.21. The expense per ASK (CASK) totaled R$20.06, in line with the previous period.
• On July 10, 2015, aiming to further strengthen the Company's financial position and liquidity, GOL announced an agreement with its controlling shareholder and Delta Air Lines, Inc. (NYSE: DAL) ("Delta") which provides for a capital increase of up to US$146 million and the extension of the current partnership between the two airlines. Additionally, Delta will be the guarantor of a long-term loan with third parties valued at up to US$300 million.
• GOL ended the second quarter of 2015 with a solid cash position of R$2.1 billion, representing 20.9% of the last twelve months net revenue.
• The Company announced a new supply guidance for the year 2015, with the range of zero to a 1% reduction in the number of seats for the domestic market, resulting in a reduction of between 2% to 4% in the second half, when compared to the same period 2014.
• On July 15, 2015, GOL launched its new brand, consolidating important achievements after the implementation of new products, services, technology and customer care standards, which made for an even better flight experience.

For further information visit www.voegol.com.br/ir

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SOURCE GOL Linhas Aereas Inteligentes S.A.

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