GOL Announces its 4Q14 Results

SAO PAULO, March 30, 2015 /PRNewswire/ -- GOL Linhas Aereas Inteligentes S.A. (NYSE: GOL and BM&FBOVESPA: GOLL4), (S&P: B, Fitch: B-, Moody's: B3), the largest low-cost and best-fare airline in Latin America, announces its 4Q14 Results.

Highlights

• Operating income (EBIT) of R$505 million in 2014, with an operating margin of 5.0%, up 89.8% compared to R$266 million recorded in 2013. In 4Q14, EBIT came to R$170.7 million, a 4.8% improvement over 4Q13, with a margin of 6.3%, up by 0.3 percentage point.
  
  
• Net revenue reached R$10 billion in the year, 12.4% more than in 2013, being R$9.0 billion in passenger revenue and R$1 billion in ancillary revenues, increasing its share of total revenue from 9.3%, in 2013, to 10.1%. International revenue amounted to R$1.2 billion, equivalent to 12% of the total. In 4Q14, net revenue totaled R$2.7 billion, in line with 4Q13.
  
  
• EBITDAR came to R$1.813 billion, with a margin of 18.0%, 18.8% up vs. 2013 and the Company's highest ever annual figure. In 4Q14, EBITDAR amounted to R$482.2 million, with a margin of 17.7%.
  
  
• The consolidated load factor increased by 7 percentage points in the year, reaching 76.9%, with the domestic up by 7 percentage points to 77.8%, and international load factors up by 8.3 percentage points to 71%. In 4Q14, the consolidated load factor was 78.7%, 3.9 percentage points higher than 4Q13.
  
  
• Net RASK came to R$20.33 cents in 2014, 12.7% more than 2013 and total CASK wasR$19.31 cents, up by 10,3%. CASK ex-fuel increased by 12.8% for the same period.
  
  
• In 2014, GOL obtained neutral operating cash flow and closed the year with a cash position of R$2.5 billion, representing 25% of its last 12 months net revenue.
  
  
• The financial leverage ratio (adjusted gross debt/EBITDAR) was 6.7x, versus 6.9x at the end of 2013, benefited by improved EBITDAR and partially affected by the 13.4% depreciation of the real.
  
  
• In 2014, GOL continued with its Liability Management initiatives. Dollar-denominated debt fell by 5% or US$97 million over 2013 , while debt in Reais (ex-Smiles) remained flat.

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

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SOURCE GOL Linhas Aéreas Inteligentes S.A.

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