Exhibit 99.1
GOL LINHAS AÉREAS INTELIGENTES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of Brazilian Reais)
Condensed Consolidated Balance Sheet as of June 30, 2009
Parent Company | Issuer Subsidiary | Subsidiary Guarantor | Subsidiary Non Guarantor | Consolidating Adjustments | Consolidated | ||||||||||
Assets | |||||||||||||||
Non-current assets | |||||||||||||||
Property, plant and equipment, net | — | — | 2,142,935 | 953,501 | — | 3,096,436 | |||||||||
Intangible assets | 311 | — | 1,211,631 | — | — | 1,211,942 | |||||||||
Investments | 670,903 | — | — | — | (670,903 | ) | — | ||||||||
Other non-current assets | 940,901 | 823,343 | 1,579,074 | (490,357 | ) | (1,238,220 | ) | 1,614,741 | |||||||
Total non-current assets | 1,612,115 | 823,343 | 4,933,640 | 463,144 | (1,909,123 | ) | 5,923,119 | ||||||||
Current assets | |||||||||||||||
Other current assets | 139,578 | (231 | ) | 758,763 | 38,832 | (20,297 | ) | 916,645 | |||||||
Inventories of parts and supplies | — | — | 231,213 | — | — | 231,213 | |||||||||
Financial assets | 4,423 | — | 399,912 | 25,647 | — | 429,982 | |||||||||
Cash and cash equivalents | 1,043 | 18 | 177,587 | 5,096 | — | 183,744 | |||||||||
Total current assets | 145,044 | (213 | ) | 1,567,475 | 69,575 | (20,297 | ) | 1,761,584 | |||||||
Total assets | 1,757,159 | 823,130 | 6,501,115 | 532,719 | (1,929,420 | ) | 7,684,703 | ||||||||
1
GOL LINHAS AÉREAS INTELIGENTES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of Brazilian Reais)
Condensed Consolidated Balance Sheet as of June 30, 2009
Parent Company | Issuer Subsidiary | Subsidiary Guarantor | Subsidiary Non Guarantor | Consolidating Adjustments | Consolidated | ||||||||||
Total shareholders’ equity | 1,703,442 | (14,140 | ) | 720,723 | (6,454 | ) | (700,129 | ) | 1,703,442 | ||||||
Non-current liabilities | |||||||||||||||
Long-term debt | — | 820,499 | 1,566,585 | — | (61,327 | ) | 2,325,757 | ||||||||
Other non-current liabilities | 45,942 | — | 2,512,291 | 34,277 | (1,236,721 | ) | 1,355,789 | ||||||||
Total non-current liabilities | 45,942 | 820,499 | 4,078,876 | 34,277 | (1,298,048 | ) | 3,681,546 | ||||||||
Current liabilities | |||||||||||||||
Short-term debt | 577 | 16,771 | 364,000 | 497,256 | (7,171 | ) | 871,433 | ||||||||
Accounts payable | 1,875 | — | 318,794 | (858 | ) | — | 319,811 | ||||||||
Advance ticket sales | — | — | 486,425 | — | — | 486,425 | |||||||||
Smiles deferred revenue | — | — | 57,642 | — | 68,759 | 126,401 | |||||||||
Other current liabilities | 5,323 | — | 474,655 | 8,498 | 7,169 | 495,645 | |||||||||
Total current liabilities | 7,775 | 16,771 | 1,701,516 | 504,896 | 68,757 | 2,299,715 | |||||||||
Total liabilities and shareholders’ equity | 1,757,159 | 823,130 | 6,501,115 | 532,719 | (1,929,420 | ) | 7,684,703 | ||||||||
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GOL LINHAS AÉREAS INTELIGENTES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of Brazilian Reais)
Condensed Consolidated Income Statement for the six-month period ended June 30, 2009
Parent Company | Issuer Subsidiary | Subsidiary Guarantor | Subsidiary Non Guarantor | Consolidating Adjustments | Consolidated | |||||||||||||
Total operating revenues | — | — | 2,911,076 | — | — | 2,911,076 | ||||||||||||
Operating expenses | ||||||||||||||||||
Salaries | (3,126 | ) | — | (520,024 | ) | — | — | (523,150 | ) | |||||||||
Aircraft fuel | — | — | (875,860 | ) | — | — | (875,860 | ) | ||||||||||
Aircraft rent | — | — | (354,042 | ) | 173 | (25 | ) | (353,894 | ) | |||||||||
Aircraft insurance | — | — | (31,214 | ) | — | — | (31,214 | ) | ||||||||||
Sales and marketing | (200 | ) | — | (168,448 | ) | — | — | (168,648 | ) | |||||||||
Landing fees | — | — | (160,428 | ) | — | — | (160,428 | ) | ||||||||||
Aircraft and traffic servicing | (3,119 | ) | — | (173,493 | ) | (1,118 | ) | — | (177,730 | ) | ||||||||
Maintenance materials and repairs | — | — | (199,410 | ) | — | — | (199,410 | ) | ||||||||||
Depreciation and amortization | (44 | ) | — | (69,117 | ) | — | (1 | ) | (69,162 | ) | ||||||||
Other operating expenses | (695 | ) | — | (156,785 | ) | — | 940 | (156,540 | ) | |||||||||
Total operating expenses | (7,184 | ) | — | (2,708,821 | ) | (945 | ) | 914 | (2,716,036 | ) | ||||||||
Operating profit (loss) | (7,184 | ) | — | 202,255 | (945 | ) | 914 | 195,040 | ||||||||||
Total finance costs and other income (expense) | 185,577 | (2,452 | ) | 200,415 | (26,934 | ) | 467 | 357,073 | ||||||||||
Equity in income (loss) of subsidiary | 230,913 | — | — | — | (230,913 | ) | — | |||||||||||
Profit (loss) before income taxes | 409,306 | (2,452 | ) | 402,670 | (27,879 | ) | (229,532 | ) | 552,113 | |||||||||
Income taxes expense | 5,817 | — | (142,805 | ) | — | (2 | ) | (136,990 | ) | |||||||||
Profit (loss) for the year from continuing operations attributable to equity holders of the parent | 415,123 | (2,452 | ) | 259,865 | (27,879 | ) | (229,534 | ) | 415,123 |
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GOL LINHAS AÉREAS INTELIGENTES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of Brazilian Reais)
Condensed Consolidated Cash Flow Statement for the six-month period ended June 30, 2009
Parent Company | Issuer Subsidiary | Subsidiary Guarantor | Subsidiary Non Guarantor | Consolidating Adjustments | Consolidated | |||||||||||||
Cash flows from operating activities | ||||||||||||||||||
Net cash provided by (used in) operating activities | 85,085 | (162,932 | ) | (130,640 | ) | 55,563 | (156,241 | ) | (309,165 | ) | ||||||||
Cash flows from investing activities | ||||||||||||||||||
Investments in financial assets | 17,953 | — | (110,458 | ) | 5,439 | (84,132 | ) | (171,198 | ) | |||||||||
Net investments in restricted cash | 136,372 | — | 26,727 | — | — | 163,099 | ||||||||||||
Investments in permanent assets | (240,840 | ) | — | — | — | 240,840 | — | |||||||||||
Purchase of property, plant and equipment | — | — | (49,464 | ) | (72,188 | ) | — | (121,652 | ) | |||||||||
Purchase of intangible assets | (267 | ) | — | (6,259 | ) | — | — | (6,526 | ) | |||||||||
Net cash used in investing activities | (86,782 | ) | — | (139,454 | ) | (66,749 | ) | 156,708 | (136,277 | ) | ||||||||
Cash flows from financing activities | ||||||||||||||||||
Net proceeds from / repayment of debt | — | — | 369,772 | (5,829 | ) | — | 363,943 | |||||||||||
Repayments of finance leases | — | — | (107,618 | ) | — | — | (107,618 | ) | ||||||||||
Addition of treasury shares | — | — | — | — | — | — | ||||||||||||
Credits with related parties | (201,211 | ) | 162,930 | 19,718 | 19,030 | (467 | ) | — | ||||||||||
Dividends paid | — | — | — | — | — | — | ||||||||||||
Paid subscribed capital | 203,531 | — | — | — | — | 203,531 | ||||||||||||
Net cash provided by (used in) financing activities | 2,320 | 162,930 | 281,872 | 13,201 | (467 | ) | 459,856 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 623 | (2 | ) | 11,778 | 2,015 | — | 14,414 | |||||||||||
Cash and cash equivalents at beginning of the period | 420 | 20 | 165,809 | 3,081 | — | 169,330 | ||||||||||||
Cash and cash equivalents at end of the period | 1,043 | 18 | 177,587 | 5,096 | — | 183,744 |
4
GOL LINHAS AÉREAS INTELIGENTES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of Brazilian Reais)
Condensed Consolidated Income Statement for the six-month period ended June 30, 2008
Parent Company | Issuer Subsidiary | Subsidiary Guarantor | Subsidiary Non Guarantor | Consolidating Adjustments | Consolidated | |||||||||||||
Total operating revenues | (1,506 | ) | — | 2,528,278 | 542,517 | — | 3,069,289 | |||||||||||
Operating expenses | ||||||||||||||||||
Salaries | (2,739 | ) | — | (357,504 | ) | (128,097 | ) | — | (488,340 | ) | ||||||||
Aircraft fuel | — | — | (998,335 | ) | (399,439 | ) | — | (1,397,774 | ) | |||||||||
Aircraft rent | — | — | (173,649 | ) | (138,125 | ) | — | (311,774 | ) | |||||||||
Aircraft insurance | — | — | (12,543 | ) | (8,464 | ) | — | (21,007 | ) | |||||||||
Sales and marketing | (489 | ) | — | (205,221 | ) | (56,875 | ) | — | (262,585 | ) | ||||||||
Landing fees | — | — | (115,244 | ) | (65,168 | ) | — | (180,412 | ) | |||||||||
Aircraft and traffic servicing | (2,192 | ) | — | (136,127 | ) | (88,577 | ) | (31 | ) | (226,927 | ) | |||||||
Maintenance materials and repairs | — | — | (120,227 | ) | (22,509 | ) | — | (142,736 | ) | |||||||||
Depreciation and amortization | — | — | (58,134 | ) | (7,437 | ) | (44 | ) | (65,615 | ) | ||||||||
Other operating expenses | (704 | ) | — | (127,905 | ) | (89,605 | ) | 28 | (218,186 | ) | ||||||||
Total operating expenses | (6,124 | ) | — | (2,304,889 | ) | (1,004,296 | ) | (47 | ) | (3,315,356 | ) | |||||||
Operating profit (loss) | (7,630 | ) | — | 223,389 | (461,779 | ) | (47 | ) | (246,067 | ) | ||||||||
Total finance costs and other income (expense) | 51,932 | (1,755 | ) | 21,177 | 80,298 | (2 | ) | 151,650 | ||||||||||
Equity in income (loss) of subsidiary | (232,677 | ) | — | — | — | 232,677 | — | |||||||||||
Profit (loss) before income taxes | (188,375 | ) | (1,755 | ) | 244,566 | (381,481 | ) | 232,628 | (94,417 | ) | ||||||||
Income taxes expense | 1,336 | — | (59,718 | ) | (11,833 | ) | (22,407 | ) | (92,622 | ) | ||||||||
Profit (loss) for the year from continuing operations attributable to equity holders of the parent | (187,039 | ) | (1,755 | ) | 184,848 | (393,314 | ) | 210,221 | (187,039 | ) |
5
GOL LINHAS AÉREAS INTELIGENTES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of Brazilian Reais)
Condensed Consolidated Cash Flow Statement for the six-month period ended June 30, 2008
Parent Company | Issuer Subsidiary | Subsidiary Guarantor | Subsidiary Non Guarantor | Consolidating Adjustments | Consolidated | |||||||||||||
Cash flows from operating activities | ||||||||||||||||||
Net cash provided by (used in) operating activities | 247,716 | (75,850 | ) | 463,319 | (699,268 | ) | 192,977 | 128,894 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||
Investments in financial assets | 58,108 | — | 12,451 | 421,674 | (38,095 | ) | 454,138 | |||||||||||
Net investments in restricted cash | — | — | (11,924 | ) | — | — | (11,924 | ) | ||||||||||
Investments in permanent assets | — | — | — | — | — | — | ||||||||||||
Purchase of property, plant and equipment | (399 | ) | — | (124,120 | ) | (88,154 | ) | — | (212,673 | ) | ||||||||
Purchase of intangible assets | — | — | (713 | ) | (9,799 | ) | (7 | ) | (10,519 | ) | ||||||||
Net cash used in investing activities | 57,709 | — | (124,306 | ) | 323,721 | (38,102 | ) | 219,022 | ||||||||||
Cash flows from financing activities | ||||||||||||||||||
Net proceeds from / repayment of debt | — | — | (298,916 | ) | (171,093 | ) | — | (470,009 | ) | |||||||||
Repayments of finance leases | — | — | (33,191 | ) | (8,007 | ) | — | (41,198 | ) | |||||||||
Addition of treasury shares | (41,180 | ) | — | — | — | — | (41,180 | ) | ||||||||||
Credits with related parties | (501,740 | ) | 75,908 | 3,171 | 444,255 | (21,594 | ) | — | ||||||||||
Dividends paid | (72,388 | ) | — | — | — | — | (72,388 | ) | ||||||||||
Paid subscribed capital | — | — | — | — | — | — | ||||||||||||
Net cash provided by (used in) financing activities | (615,308 | ) | 75,908 | (328,936 | ) | 265,155 | (21,594 | ) | (624,775 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | (309,883 | ) | 58 | 10,077 | (110,392 | ) | 133,281 | (276,859 | ) | |||||||||
Cash and cash equivalents at beginning of the period | 319,434 | 23 | 170,932 | 216,012 | (133,281 | ) | 573,120 | |||||||||||
Cash and cash equivalents at end of the period | 9,551 | 81 | 181,009 | 105,620 | 296,261 |
6