Highlights 3Q08. High Demand Growth 3Q08 Brazil domestic RPK growth of 8.7% Net Revenues of R$1.8 billion in 3Q08 (+37% y-o-y)

Transcrição

1 3Q08 Results Presentation November 17, 2008

2 Highlights 3Q08 High Demand Growth 3Q08 Brazil domestic RPK growth of 8.7% (1, 2) Net Revenues of R$1.8 billion in 3Q08 (+37% y-o-y) Operating income of R$61.2 mm (3.4% margin) Consolidated CASK = R$17.4 cents / ASK Operating Performance in 3Q08 19 additional daily flight frequencies Breakeven load factor: 57.9% (-19.9pp over 2Q08) Load factor: 60% (- 4.6pp over 2Q08) Capacity (ASK): -7% over 2Q08 Pax volumes (RPK): -14% over 2Q08 Yield: R$27 cents (+39% over 2Q08) (1) 3Q08 vs. 3Q07 (2) Source: ANAC 1

3 Synergies from Restructuring GTA and VRG merged into one airline on Sep 30, 2008 Before Restructuring Current Structure Estimated Gains Flight Network GTA and VRG flight network were operated separately Integrated network ~R$105mm per year Operations VARIG aircraft could only operate VARIG destinations Integrated network ~R$55mm per year Each company had and used separate parts inventory Integrated inventory GTA pilots could not flight VRG aircraft and vice-versa Integrated network IT Systems Each company had different systems, operated and maintained separately Integrated systems ~R$20mm per year 2

4 RASK and CASK Evolution R$ cents R$ 4.2c ATC Restrictions VRG Acquisition ANAC Restrictions 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q GTA and VRG New Networks Integrated Network CADE Approval for VRG Acquisition US$ / barrel (1) Consolidated data, USGAAP (1) Quarterly average RASK CASK WTI 3

5 Network Integration VRG Network + GTA Network = Consolidated Network Caracas Panama City Panama City Caracas Bogota Bogota Boa Vista Macapá Boa Vista Macapá Santiago Manaus Buenos Aires Fortaleza Recife Salvador Brasília B. Horizonte Rio de Janeiro São Paulo Curitiba Florianópolis Porto Alegre Lima Santiago Manaus Belém São Luis Santarém Fortaleza Imperatriz Teresina Natal Marabá Juazeiro do Norte João Pessoa Porto Velho Campina Grande Palmas Recife Petrolina Aracaju Rio Branco Salvador Cuiabá Brasília Ilhéus Goiânia Uberlandia Porto Seguro B. Horizonte Santa Cruz Pres. Prudente Vitória Campo Grande Campinas Cabo Frio Maringá Rio de Janeiro Assunção Londrina Foz do Iguaçu Curitiba Joinville São Paulo Chapecó Navegantes Florianópolis Cordoba Caxias do Sul Porto Alegre Rosario Montevideo Buenos Aires Lima Santiago Manaus Belém São Luis Santarém Fortaleza Imperatriz Teresina Natal Marabá Juazeiro do Norte João Pessoa Porto Velho Campina Grande Palmas Recife Petrolina Aracaju Rio Branco Salvador Cuiabá Brasília Ilhéus Goiânia Uberlandia Porto Seguro B. Horizonte Santa Cruz Pres. Prudente Vitória Campo Grande Campinas Cabo Frio Maringá Rio de Janeiro Assunção Londrina Foz do Iguaçu Curitiba Joinville São Paulo Chapecó Navegantes Florianópolis Cordoba Caxias do Sul Porto Alegre Rosario Montevideo Buenos Aires More flight options Better segmentation More connectivity + = Less redundancy More efficient network Increased load factors 4

6 Highly Efficient Consolidated Network Better slot utilization in CGH No redundancy Panama City Lima Santiago Bogota Rio Branco Caracas Boa Vista Manaus Porto Velho Rosario Buenos Aires Macapá Belém Santarém Porto Alegre São Luis Imperatriz Teresina Marabá Juazeiro do Norte Campina Grande Palmas Montevideo Petrolina Fortaleza Natal João Pessoa Recife Aracaju Salvador Cuiabá Brasília Ilhéus Goiânia Uberlandia Porto Seguro B. Horizonte Santa Cruz Pres. Prudente Vitória Campo Grande Campinas Cabo Frio Maringá Rio de Janeiro Assunção Londrina Foz do Iguaçu Curitiba Joinville São Paulo Chapecó Navegantes Florianópolis Cordoba Caxias do Sul (1) Flights/day (average round-trip) 794 flights per day Separate Network Consolidated Network CGH-SDU GRU-SSA 7 4 GIG-REC 6 5 CGH-POA 10 9 BSB-SSA 6 4 GRU-FOR 4 2 CGH-VIX 2 4 CGH-CXJ - 2 GIG-BSB 9 11 CGH-LDB - 1 CGH-MGF - 1 CNF-CWB 2 3 (1) CGH (Congonhas, SP); SDU (Santos Dumont, RJ); GRU (Guarulhos, SP); SSA (Salvador, BA); GIG (Galeão, RJ); REC (Recife, PE); POA (Porto Alegre, RS); BSB (Brasília, DF); FOR (Fortaleza, CE); VIX (Vitória, ES); CXJ (Caxias do Sul, RS); LDB (Londrina, PR); MGF (Maringá, PR), CNF (Confins, MG), CWB (Curitiba, PR) Eliminate redundancies To create more flights options 5

7 Disciplined Capacity Growth mm ASKs 1Q08 2Q08 3Q08 4Q08E 2009E Domestic ASKs (1) 8,072 8,382 7,998 8,100 34,000 q-t-q growth 7% 4% -5% 1% 4% y-o-y growth 36% 22% 16% 7% 4% Internacional ASKs (1) 2,986 2,295 1,913 1,600 6,500 q-t-q growth 39% -23% -17% -16% -26% y-o-y growth 182% 15% -7% -26% -26% Total ASKs (1) 11,058 10,677 9,911 9,700 40,500 q-t-q growth 14% -3% -7% -2% -2% y-o-y growth 58% 21% 11% - -2% Net Aircraft Returns (1) (3) (1) Consolidated 6

8 Capacity and Network Expansion Number of Operating Aircraft (average) % 103 RPK (MM) -13.8% 6,897 5,944 5, % 3Q07 2Q08 3Q08 Flights/Day -1.4% % % ASK (MM) -7.1% 10,677 9,912 8, % 3Q07 2Q08 3Q08 Sep/07 Jun/08 Sep/08 3Q07 2Q08 3Q08 7

9 Net Revenues Net Revenues R$ MM 1, % 1,788.3 Higher Volumes (3Q08 vs 3Q07) RPK: +8.7% Average Fleet: +13.6% ASK: +10.9% Load factor: -1.2 p.p. 60.0% Low Fares (3Q08 vs 3Q07) Average Fares: +25.0% Yield: +24.7% RASK: +23.7% Breakeven Load Factor: -1.9 p.p. 3Q07 3Q08 Ancillary Revenues (3Q08 vs 3Q07) R$ 178.0MM (55.0% increase over 3Q07) 8

10 Profitability - 3Q07 x 3Q08 RASK (R$ cents) CASK (R$ cents) +36.3% USGAAP EBITDAR R$ million +34.4% % % Q07 3Q08 Fuel / ASK % 14.5% CASK Ex-Fuel % 3Q07 3Q08 3Q07 3Q08 3Q07 3Q08 EBITDAR Margin 9

11 Net Financial Results 3Q08 Net Financial Results: -R$399.8 MM Financial Income (R$ MM) Q % 4.5 3Q08 Investment of Cash Balances R$723.8mm of cash invested Average earning rate of 13.0% in BRL Financial Expense (R$ MM) 3Q07 3Q % Long-term Financing R$2.1 billion (including capital leases) Average maturity of 7.2 years Average interest rate of 6.2% (1) (1) Per annum, as of Sep 30,

12 Net Income Composition Net Revenues Fuel Costs R$ million USGAAP Commercial Expenses Salary Other Expenses Operating Expenses Net Financial Results 45.5 Net Income 3Q Taxes Net Loss 3Q08 3Q08 EPS: -R$1.47/share Net Margin: 3.5% -US$0.88/ADS Net Margin: -16.5% 11

13 Cash Flow Evolution R$ million USGAAP Financing Activities Q08 Cash. Cash Equivalents and Short-term Investments: Operating Activities Investing Activities Net Decrease in Cash (3Q08) 3Q08 Cash. Cash Equivalents and Short-term Investments: (1) (1) Excluding R$89.3mm in change in available-for-sale securities in 3Q08 as defined by SFAS

14 Investment Plans and Financing Capex (R$mm) R$mm Aircraft Acquisition 1,400 Pre-Delivery Payments 1,100 Other Investments (Hangar, IT, Spare Parts) 800 Total 3,300 Financing Sources (R$mm) R$mm Cost Term Aircraft Loan 1,200 ~5% pa ~12 years Pre-Delivery Payment Facilities 970 ~5% pa ~2 years Other Capex 350 ~6% pa ~7 years Own Resources 780 Total 3,

15 USD Exposure Balance Sheet Exposure (non-cash) Sep 30, 08E Medium Term Obligations Exposure (cash) 3Q08E USGAAP USGAAP Assets Liabilities US$mm US$mm US$mm Term Interest¹ Fuel $451 Cash in USD $98 Capital Leases $ a 5,00% Leasing $79 Aircraft Deposits $54 PDP Facility $ a 4,65% Insurance $6 Aircraft $580 Senior Notes $ a 7,25% PDP (cash portion) $4 Perp. Notes $200 na 8,75% Debt Amortization (cash) $20 IFC Loan $42 4.8a 6,03% Debt Interest $17 Bank Loan $60 <1.0a 4,15% Others $75 na na TOTAL $732 TOTAL $1.432 TOTAL $577 Net Balance Sheet Exposure $700 Hedge (1) Per annum, on Sep 30, 2008 Exposure FX Hedge on September 30, 2008 Hedge Ratio 4Q08 46% 1Q09 25% 2Q09 12% 3Q09 2% 4Q09 2% 14

16 Fleet Plan Fleet plan to facilitate profitable growth and reduce costs Order for NGs (32 delivered) Average Fleet Age (years) A 2008E 2009E 2010E 2011E 2012E s SFPs s s s 15

17 Guidance General Guidance 2008E (+/-) 2008E (+/-) Variation 2009E (+/-) (Consolidated, USGAAP) Previous Revised % Revised Domestic Market Growth (% RPKs) na Pax Transported (mm) ASKs, System (billion) Domestic International Fleet (end of period) RPKs, System (billion) Cargo and Other Revenues (R$ million) Departures (000) CASK ex-fuel (R$ cents) Fuel liters consumed (mm) 1,350 1, ,250 Fuel Price (R$ / liter) Average WTI (US$ / barrel) na Average Exchange Rate (R$ / US$) Estimated Tax Rate (%) pp Capital Expenditures (R$ mm) ,150 Total Adjusted Net Debt (1) / Total Cap. (%) pp 60 Average Shares Outstanding (mm) (2) (1) Balance sheet debt and capital leases plus 7x annual rent, less cash. (2) US GAAP. Total shares outstanding are based on general estimates and assumptions. The number of shares in the actual calculation of EPS will likely be different from those set forth above 16

18 Competitive Strengths Lower Costs Custos Baixos Low Fares and Differentiated Services Preço Justo com Serviço de Alto Valor Agregado Profit Growth Crescimento Sustentável e Rentabilidade Higher Load Maiores Taxas de Factors Ocupação 17

19 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.