EX-99.1 8 dex991.htm RULE 3-10 REGULATION S-X CONSOLIDATED CONDENSED FINANCIAL INFORMATION Rule 3-10 Regulation S-X Consolidated Condensed Financial Information

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
                                

 

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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   

 

3

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   

 

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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, 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   

 

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