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GOL Linhas Aereas Inteligentes S.A. News
GOL Investor Update
4Q07 General Comments: * Re-launch of VARIG Brand and premium service (marketing) * Re-activation of Smiles program clients (marketing) * Preparation/Launch of Santiago, Madrid, Mexico City service (bases, crews, IT) * Delayed delivery of three 767-300s to January 2008 (6% ASK Reduction) * Fleet restructuring/modernization costs (VRG) * Flight network adjustments (reduced utilization and LFs in CGH) * Avg. fuel price/liter: R$ 1.64; Average fare: R$214 (+3% y-o-y) * CASK: R$14.6e (1); RASK: R$15.0e GOL Consolidated 3Q07A 4Q07G 4Q07E 4Q06A (+/-) (+/-) (+/-) (+/-) ASK Growth 72% 78% 60% 53% Load Factor 61% 66% - 67% 68% 68% Yield R$22 cents R$21 - R$22 R$21 cents R$23 cents cents Cask Ex-Fuel R$ 8.7 cents R$ 8.5 cents R$ 8.9 cents(1) R$ 9.4 cents (1) Excluding non-recurring expenses and restructuring costs. General Guidance Comments 4Q07: * Brazilian domestic passenger demand growth of 3.1x GDP (1) (3) * 4Q07 Brazil GDP growth of 5.2% (1) (4) * 4Q07 Brazil Domestic RPK growth of 16.0% (4) Industry Drivers and Metrics 2006A 2007G 2007E 2008G (+/-) (+/-) (+/-) (+/-) Brazil GDP Growth(%) 3.7 4.7 5.2 4.4 Brazil Domestic RPK Growth (%)(2) 12.3 9.3 11.3 (4) 11.7 Brazil Inflation 3.1 3.9 4.4 (3) 3.9 BRL / USD (R$, avg.) 2.18 1.95 1.95 1.82 WTI (US$, avg.) 66 71 72 90 (1) 4Q07 vs. 4Q06 (2) 2007 vs. 2006 (3) Source: Central Bank (4) Source: ANAC General Guidance Comments 2007 EoY: * Smiles Mileage Program Customers: 5.8mm * Voe Facil (Fly Easy) Installment Program cards issued: 649,000 * Increased Ancillary Revenues * 30% of 1Q08 Fuel Consumption Hedged at US$ 65 * Early Redemption of VRG Convertible Debentures * Exercise of 34 Purchase Options on 737-800 NGs * Accelerated delivery of 1 737-800 NG (Dec/07) * Initiated return of 737-300s GOL Drivers & Metrics 2006A 2007G 2007E 2008G (+/-) (+/-) (+/-) (+/-) Pax Transported (000) 17,700 24,100 23,690 32,000 ASKs, System (mm) 20,200 35,600 34,348 47,000 International ASK (% of total system) 10 22 21 25 RPKs, System (mm) 14,800 23,400 22,670 31,000 Cargo & Other Revenues (R$ mm) 126 380 380 750 Departures (000) 165 242 237 290 CASK ex-fuel (R$ cents) (1) 9.2 8.5 8.9 8.4 Fuel cost per liter (R$ / liter) 1.72 1.65 1.61 1.62 Fuel liters consumed (mm) 713 1,190 1,177 1,500 Pre-tax margins (%) (2) 21 6 - 7 3 8 - 10 Estimated tax rate (%) (2) 29 27 22 25 Capital expenditures (R$ mm) (2) 1,244 960 820 1,100 Total Cash Balance (R$ bn) 1.7 1.6 1.5 1.6 Total Net Adj. Debt (3)/ Total Cap. (%) (2) 27 50 69 55 Total Net Adj. Debt (3)/ EBITDAR (x) (2) 1.4 5.0 7.9 3.0 Dividends per Share (R$ cents per Q) 21 35 35 18 Total Shares Outstanding (mm) (4) 196.2 200.3 202.3 202.3 (1) CASK ex-fuel is a non-USGAAP financial measure (2) US GAAP (3) Balance sheet debt and capital leases plus 7x annual rent less cash (4) 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 Fleet Plan General Comments: * The Company currently operates 99 Boeing 737 aircraft, including the 300, 700NG and 800NG * In 2008, the Company plans to replace 737-300s with 737-700s and 737-800s. Combined Fleet Plan (Operating, EOP) 2007 2008 2009 2010 2011 2012 2013 2014 B737-300 27 0 0 0 0 0 0 0 B737-700 NG 31 31 31 27 25 16 8 0 B737-800 NG 17 33 22 19 15 13 11 8 B737-800 NG SFP 24 37 52 68 80 95 116 129 B767-300 ER 7 10 11 12 13 14 14 14 Total 106 111 116 126 132 138 149 151 Investor Relations (5511) 3169 6800 ri@golnaweb.com.br http://www.voegol.com.br/ir Media (5511) 3169 6967 comcorp@golnaweb.com.br Edelman; G. Juncadella and M. Smith +1 (212) 704-4448 / 704-8196 gabriela.juncadella@edelman.com; meaghan.smith@edelman.com
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