2008 Growth Airline Conference

Transcrição

1 2008 Growth Airline Conference January 31, 2008

2 Safe Harbor The material contained in this presentation about GOL is of the date of this presentation. No representation or warranty, expressed or implied is made concerning, and no reliance should be placed on the accuracy, fairness, or completeness of this information. This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL s management concerning the future of the business and its continued access to capital to fund the Company s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in GOL s filed disclosure documents and are, therefore, subject to change without prior notice. 1

3 GOL Profile 52 domestic Brazil destinations 12 international destinations Over 77 million passengers carried High aircraft utilization Low operating costs Strong cash position Modern fleet: total Leading brands: E (1) At January 22,

4 High Revenue Productivity and Low Costs High aircraft productivity results in industry-leading revenue per aircraft Operating Revenue / Aircraft (1) (US$MM) Stage-Length Adjusted CASK (US$ cents) (1) Fuel Costs Variable costs Fixed costs GOL has low fixed costs (1) LTM September 30, 2007 for all airlines. Average exchange rates for relevant time periods used in conversion 3

5 Low Cost Provider GOL s Non-Fuel Unit Cost Trend R$ Cents E Driving costs lower High aircraft utilization Young fleet Controlled distribution costs Technology to improve efficiency Productive workforce 4

6 Fuel Price Impacts At forecast levels for 2008 revenues and expenses, historical WTI-USD/BRL pairs imply 10% to 20% EBITDA margins 1% rise in FX rate = R$ 40MM reduction in EBITDA 1% rise in WTI = R$ 32MM reduction in EBITDA Break Even WTI % EBITDA Margin Dec % to +30% +10% to +20% B-e to +10% B-e to -10% -10% to -20% -20% to -30% WTI / USDBRL history BRL/USD 5

7 Maintaining Cost Advantage Fleet standardization B737NGs for short haul B767ERs for long haul Smaller spare parts inventory Phased maintenance reduces ground time Reduce fleet age New, larger, fuel efficient SFP aircraft Returning B aircraft Lower distribution costs Increase in sales through internet channel GDS cost reductions Expand in-house aircraft maintenance services Doubling capacity in GOL Aircraft Maintenance Center Reduce aircraft financing costs 6

8 Best Value Proposition Segmentation & Differentiation Here everyone can fly The pleasure is in flying Value Highly-integrated Network Single-class domestic & international service Popularizing air travel First-time fliers Direct flights to first-rate destinations Single-class domestic & dual-class international Miles and Lounges 80-year old brand (40 years of international service) Premium Best Cost-Benefit Best Cost-Benefit Low-Cost Operating Platform 7

9 GOL Moving Forward Lower costs Narrow-body fleet entirely NGs (800s at GOL, 700s at VRG) Continually improving quality service and punctuality Strengthen position in key markets and re-defining network strategy Increase direct sales and partnerships Grow Smiles loyalty program and build Varig premium brand Increase sales to lower-income customers (installment sales) Increase corporate sales to small/medium-sized companies Increase cargo and ancillary revenues

10 Re-defining Long-Haul Network 9

11 GOL Network New York Paris Madrid Mexico City Panama City 6 Bogota Boa Vista Manaus Panama City Imperatriz Cruzeiro do Sul Marabá Marabá Porto Velho Manaus São Luis Teresina Fortaleza Palmas Petrolina Rio Branco São Luis Belé Belém Salvador Fortaleza Brasí Brasília Natal Goiânia Palmas Uberlandia B. Horizonte Recife Aracaju Salvador Brasí Brasília Belé ém Bel Fortaleza Goiânia Natal Teresina Porto Seguro B. Horizonte Vitó Vitória Recife Campinas Ribeirão Preto Rio de Janeiro Natal Porto Seguro Vitó Vitória Campo Grande Campinas Ribeirão Preto Rio de Janeiro Londrina Foz do Iguaç IguaçuCuritiba Sao Paulo Navegantes Chapecó Chapecó Florianópolis Caxias do Sul Santa Cruz Campo Grande Aracaju Recife Aracaju Goiânia Sao J. Rio Preto Uberlandia B. Horizonte Santa Cruz Campo Grande Porto Seguro Vitó Vitória Campinas Ribeirão Preto Rio de Janeiro Londrina Assunç Assunção Foz do Iguaç Iguaçu Curitiba Sao Paulo Joinville Chapecó Chapecó Navegantes Florianópolis Caxias do Sul Cordoba Porto Alegre January 2001 Porto Seguro January 2002 Vitó Vitória Campinas Ribeirão Preto Londrina Assunç Assunção Foz do Iguaç Iguaçu Curitiba Joinville Chapecó Chapecó Brasí Brasília Ilhé Ilhéus Salvador Aracaju Brasí Brasília Goiânia Sao J. Rio Preto Uberlandia B. Horizonte Pres. Prudente Recife Rio Branco Recife Petrolina Joao Pessoa Petrolina Palmas Natal Joao Pessoa Porto Velho Fernando de Noronha Natal Rio Branco Fortaleza Joao Pessoa Porto Velho Belé Belém Fortaleza Salvador São Luis Belé Belém Teresina Lima Teresina Juazeiro do Norte Campina Grande Palmas Manaus Manaus Lima Boa Vista Manaus São Luis Belé Belém Santaré Santarém C abo F rio January 2003 January 2004 Rio de Janeiro S. J. dos Campos Sao Paulo Navegantes Florianópolis January 2005 Caxias do Sul Cordoba Porto Alegre Rosario January 2006 Santiago Montevideo January 2007 Buenos Aires Rosario Salvador Brasíília Bras Goiânia B. Horizonte Porto Seguro Curitiba Navegantes Porto Alegre Sao Paulo Florianópolis Montevideo January 2008 Planned 2008 Buenos Aires Vitó ória Vit Campinas Rio de Janeiro Curitiba Navegantes Porto Alegre Buenos Aires Sao Paulo Florianópolis Porto Alegre 23 Aircraft (EoY) 27 Aircraft (EoY) 41 Aircraft (EoY) 65 Aircraft (EoY) 109 Aircraft (1) (1) January 22,

12 Brazilian Air Transport Trends Expansion of Long-haul International Service Congestion at main European airports and JFK Increased competition Bilateral alliances Stabilization of Domestic Service Improving Loads & Demand Stimulating Low Fares Industry Consolidation + Moderate Growth More Focused Competition Fleet Enhancements / Replacements Booming Economy Increasing Leisure and Economic Traffic Improvements in Aeronautical Infrastructure Management Decongestion of São Paulo Air Terminal 11

13 Positive Macroeconomic Outlook in Brazil Stable Exchange Rate (R$/US$) Healthy GDP Growth Jan-03 Aug-03 Mar-04 Nov-04 Jun-05 Jan-06 Sep-06 Apr-07 Dec-07 High correlation with yields Fuel / Aircraft Rental Expenses in US$; Revenues in R$ 0.5% 4.9% 5.2% 2.3% 3.7% 4.5% E 2008E Increase in overall economic activity Increase in air traffic demand (high elasticity) Reducing Interest Rates Growth in Average Income (R$) 23.3% 16.2% 19.0% 13.2% 11.2% 10.7% 8,378 9,498 10,692 11,662 12, E Consumer credit expansion should benefit spending Lower interest rates should boost overall investment levels Increase in disposable income Attractiveness of night flights / promotional fares Source: Central Bank of Brazil. Date: December 31,

14 Current Fleet Plan Fleet plan to facilitate profitable growth and reduce costs Order for NGs Seat CAGR = 6% A 2008E 2009E 2010E 2011E 2012E s SFPs s s s 13

15 2008 Capacity Plan Estimated ASK (1) Growth (Full-year 08 vs. annualized 4Q07) (+/-) GOL Transportes Aéreos S.A. 9% VRG Linhas Aéreas S.A. 74% Total System Domestic 18% International 33% 21% Industry Domestic 18% (2) International 40% (1) 4Q07 annualized compared to 2008 full-year. (2) Brazilian carriers capacity. 14

16 Taking Steps to Compete in Different Environment Fleet renewal Slower capacity growth Continued cost discipline Re-definition of long-haul network Growth in cargo and ancillary revenues Share buybacks 15