GOL Records Operating Margin of 3.0% in 2013, 14.2 Percentage Points up on 2012

SAO PAULO, March 26, 2014 /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 low-fare airline in Latin America, announces today its results for the fourth quarter and full year of 2013.

Highlights

• The fourth-quarter operating profit (EBIT) came to R$162.9 million, with an operating margin of 6%, representing the Company's highest level of operational profitability in the last 10 quarters.  In the full year of 2013, EBIT totaled R$266.0 million with an operating margin of 3%, a 14.2 p.p. improvement over 2012.
• Net revenue totaled R$2,728.2 million in 4Q13, 29%, or R$609 million, up on 4Q12, fueled by the 19% upturn in yields and the 5.1 percentage points increase in the total load factor, which came to 74.8%. Annual net revenue reached the highest historical level for the Company, R$8,956.2 million, R$853 million, or 11%, up on 2012.
• GOL reduced its annual operating costs by R$319 million, underlining its commitment to adjusting its cost structure to a challenging macroeconomic scenario.  Despite the 11% depreciation of the Real against the average Dollar, record jet fuel prices, and the 7.4% decline in domestic supply, CASK increased by just 0.9% in the quarter and 0.7% in the year.
• GOL recorded a net loss of R$19.3 million in 4Q13, an improvement of R$428 million compared to 4Q12, leading to an annual net loss of R$724.6 million. Part of this result was due to the foreign exchange variation, which generated an expense of R$490 million in 2013.
• GOL's cash position closed the year at a historical record R$3 billion, corresponding to 34% of annual net revenue.

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ABOUT GOL LINHAS AEREAS INTELIGENTES S.A.

GOL Linhas Aereas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America.

SOURCE GOL Linhas Aéreas Inteligentes S.A.

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