GOL announces Operating Profit of R$327 million and Net Income of R$328 million for the period

SAO PAULO, Nov. 8, 2017 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, announces its consolidated results for the third quarter (3Q17). All information is presented in accordance with IFRS.

Financial and Operational Highlights:

- Net revenue reached R$2.7 billion, an increase of 13.2% compared to 3Q16.

- Recurring operating income (EBIT) in 3Q17 was R$326.9 million, an increase of 49.3% compared to 3Q16. This is the fifth consecutive quarter with positive operating results. Recurring EBIT margin increased 2.9 p.p. in relation to 3Q16.

- Auxiliary and cargo revenues increased by 7.0% in 3Q17, reaching R$323.3 million.

- Net income in the period was a profit of R$327.6 million, after Smiles' minority interest, representing a net margin of 12.1%. A positive result in comparison to the loss of R$0.9 million in 3Q16. In this quarter, the EPS was of R$0.94 and the EPADS was of US$1.49.

- Net cash flow in 3Q17 was R$419.3 million. Cash, cash equivalents, short-term investments and accounts receivable increased to R$2,118.1 million.

- Adjusted total net debt, excluding perpetual bonds, decreased by R$3.4 billion when compared to 3Q16, reaching R$10.2 billion in 3Q17.

- The Company's average operating fleet was 109 Boeing 737 aircraft, with a utilization of 12.3 block hours per day.

- The average load factor in 3Q17 increased by 0.4 p.p. compared to 3Q16, reaching 80.2%. The average yield per passenger increased by 8.6% in the quarter.

"Brazilian macroeconomic remains a challenging environment, once again we renew our commitment to continuous improving customer experience, strong discipline in seats supply, growth in load factor, and cost control to generate better operating results. As a result, we achieved good operating results, with recurring EBITDA margin increasing by 3.7 p.p. in relation to 3Q16", commented CEO Paulo Kakinoff.

3Q17 Earnings Call: November 8, 2017, 11:30 a.m. (US EDT), Phone: [phone], Code: GOL

Access to 3Q17 earnings release, full financials and webcast: www.voegol.com.br/ir

Investor Relations: [e-mail], [phone]

About GOL Linhas Aéreas Inteligentes S.A.: Brazil's largest airline group with three main businesses: passenger transportation, cargo transportation and coalition loyalty program.

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SOURCE GOL Linhas Aéreas Inteligentes S.A.

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