9M16 Re Resul ults ts Novem ember r 7, 2016
Solid d Th Third Qu Quarter ter Lower industry capacity, stronger currency, fuel savings Traffic growth of 10% vs. 2Q16, Load factor of 80% Avg fare increase of 15.8% YoY and 6.1% vs 2Q16 Unit costs down by 6.4% Fleet reduction of 4 acft Ancillary revenues of R$302 million Profits of R$66 million Olympic Games: 7,200 athletes and 49 delegations transported 2
Brazil’s Favorite Airline Brazil’s Best Fare - Lowest Cost Carrier Nº1, Traffic 9M15 – 25 million pax Nº1 at Main Airports - 52 bases in Brazil Nº1, Service - Low Fares/On-time/Smiles Fwd Bookings and Load Factors increasing Order for 120 MAX new aircraft 15 years of GOL low fares in Brazil 3
Brazil’s Nº1Customer Experience Premium Lounge On-board rd Intern rnet et On On-Time e Perfor formance at at Guarulhos os Airport ort First t in S South th America GOL online CONNECTIVITY, CONTENT AND FUN ON BOARD More e Codesh share res -Copa -Aeroméxico -Emirates -Entertainment -Leather seats -Streaming media -Gourmet menu More e Milea eage e Benefits fits -Live TV -Made-to-order bar drinks -Movies -Free Wi-Fi - Expansion of -Cartoons miles accum. -Free showers -Sitcoms to -Flight maps promotional fares 4
Brazil’s Lowest Costs CASK ex-fuel and CASK in cents of R$ 25.7 24.5 23.3 20.0 18.2 17.4 15.5 13.4 OALA LAB ALAB +16% +23% +29% % > GOL (1) Source: 2015 Company reports - ANAC. 5 (2) Stage-length adjusted.
Brazil’s Nº1 º1Network twork 63 63 bases 52 52 airports served in Brazil 9 countries 140 40+ routes 34 34 million customers per year 33 B737-7 NG’s 33 102 02 B737-8 NG’s 120 20 B737-8 MAX’s on order Colocar mapa maior sem oceanos 6
Brazil’s Nº1 Market Share (*) (*) State GDP%¹ #1 #2 Share São o Paul ulo o CGH GRU VCP PPB 32.1% .1% 35% 35% Rio o de Janei neiro ro GIG SDU 11.8% .8% 46% 46% Mina nas Gera rais s CNF JDF MOC UDI 9.2% 2% 27% 27% Para raná ná CWB IGU LDB MGF 6.3% 3% 37% 37% Rio o Gra rand nde e do Sul ul POA CXJ 6.2% 2% 37% 37% Sant nta Cata tari rina na FLN JOI NVT XAP 4.0% 0% 36% 36% Bahi hia SSA BPS IOS 3.8% 8% 30% 30% Dis istr trito to Federa eral l BSB 3.3% 3% 32% 32% 7 (*) At main airports, in number of seats as of Sep, 2016 ¹ IBGE 2013 Brazilian GDP by state
Nº1 º1 in non-pa passen ssenge ger r reve venue nues Smil iles: R$398.3 million, +14.1% Cargo go: R$77.2 million Other her: R$224.8 million GOL+ L+Com Comfo fort: 100% of fleet Buy-on on Boar oard: 3.3 mm products sold 8
3Q 3Q16 16 P Profi fits ts reached ched R$ R$66 66 million lion 3Q16 3Q16 3Q15 9M16 16 9M15 % Var. % Var. (R$ million) Net Revenu enue 2,401.4 .4 2,489.6 6 5% 7,203.3 3 7,126.0 7,126.0 -3.5% 1.1% EBIT 232.6 232.6 8.9 8.9 498.3 498.3 (88.4) 88.4) 2,524% n.m. EBIT Margin 9.7% 7% 0.4% 9.3 pp 6.9% 9% -1.2% 8.1 pp Net Income (loss) s) 65.9 65.9 (2,133) 1,132 1,132 (3,161) n.m. n.m. Net Margin 2.7% 7% -85.7% 15.7% .7% -44.4% 88.4 pp 60.1 pp EPS (R$) 0.19 0.19 (6.14) 3.26 3.26 (9.10) n.m. (1) n.m. 9 (1) Before minority interest
3Q1 Q16 R 6 RASK +3. 3.3% 3% & C & CASK K -6. 6.4% 4% 3Q16 Q16 3Q15 9M16 9M15 % Var. % Var. ASKs (in billion of KM) 11.5 .5 12.3 34.5 .5 37.2 -6.7% -7.2% Seats (in million) 10.4 .4 13.0 32.9 .9 39.3 -20.1% -16.2% RPKs (in billion of KM) 9.2 9.2 9.7 26.8 .8 29.0 -5.3% -7.6% Load Factor 79.8% .8% 78.6% 77.5% .5% 77.8% 1.2 pp -0.3 pp Traffic (in million) 8.1 8.1 9.8 24.5 .5 29.3 -16.9% -16.3% Avg. Fare (R$) 258.5 8.5 223.3 258.2 8.2 213.7 15.8% 20.8% Net YIELD (R$ cents) 22.9 .9 22.5 23.7 .7 21.6 1.5% 9.5% Net PRASK (R$ cents) 18.3 .3 17.7 18.3 .3 16.8 3.0% 9.0% Net RASK (R$ cents) 20.9 .9 20.2 20.9 .9 19.1 3.3% 9.0% CASK (R$ cents) 18.8 .8 20.1 19.4 .4 19.4 -6.4% 0.2% CASK ex-fuel (R$ cents) 13.0 .0 13.5 13.6 .6 12.8 -3.1% 5.6% Operating Profit per ASK (R$ cents) 2.0 2.0 0.1 1.5 1.5 -0.2 n.m. n.m. 10
9M 9M16 16 B Bal alanc ance e Shee eet Sep/16 Sep/15 In R$ million Assets (incl. aircraft) 6,487 7,570 Cash and Accounts Receivable 1,829 3,554 Total al 8,316 11,124 24 Liabilities 5,206 4,823 R$3.1 R$3.1 billion debt reductio tion Debt 6,347 9,489 Shareholder’s Equity (3,237) (3,188) Total 8,316 11,124 24 Values in R$ million Financial ial Debt 3Q16 1,829 22% 22% 470 BRL BR 1.322 389 78% 78% USD US 885 290 621 475 477 247 681 603 76 405 228 242 5 19 76 75 68 70 6 5 71 14 17 Cash 4Q16 1Q17 2Q17 3Q17 4Q17 2018 2019 2020 2021 2022 2023 After 2023 Free Cash Debt in Reais (R$) Smiles Cash Debt in USD (R$) Restricted Cash Accounts Receivable 11 * Exchange rate of 3.2462 for amounts in US$.
Curren ent t Developments elopments Forward Booking and Load Factor rising 2016 traffic at 33 million – 4Q yields to increase Industry cutting capacity to same level as 2011 49 additional routes in 4Q Fuel 4Q16: 27% hedged at US$49.25 WTI 12
LF & F & Forwar ard d Booki kings ngs 2014 2015 Chg. (pp) 2015 2016 Chg. (pp) 2016 2017 Chg. (pp) Jan 78% 83% +5 Jan 83% 82% -1 Jan +2 Feb 77% 76% -1 Feb 76% 76% 0 Feb +3 Mar 74% 74% 0 Mar 74% 73% -1 Mar +4 Apr 76% 79% +3 Apr 79% 76% -3 May 75% 76% +1 May 76% 75% -1 Jun 75% 76% +1 Jun 76% 75% -1 Jul 79% 83% +4 Jul 83% 83% 0 Aug 77% 76% -1 Aug 76% 78% +2 Sep 76% 76% 0 Sep 76% 78% +2 Oct 79% 76% -3 Oct 0 Nov 79% 73% -6 Nov +3 Dec 79% 77% -2 Dec +3 13
Domesti mestic c Mar arket ket Ca Capac acity ity 2017 2017E Aircraf aft ASKs (ASK in billion) LAB 0 0 -3% OALA +8 A320s +10 to 15% 119.3 ALAB +8 A320s +10 to 15% 118.2 117.1 116.1 115.9 112.9 Industr try +16 A A320s +3 to to 5% 5% +7.9% OALA 43.5 47.6 43.4 44.3 44.1 41.6 (seats) -4.4% 42.5 43.7 38.7 ALAB 44.3 LAB 48.7 48.2 .-7.5% LAB 19.6 20.3 19.6 8.6 ALAB 18.9 14.5 3.2 -13.2% OALA 11.7 5.9 10.7 11.3 9.4 3.1 7.7 0.8 1.0 1.3 1.2 Others Jan/16 Mar/16 May/16 Jul/16 Sep/16 2011 2012 2013 2014 2015 2016 14 UDM
FY 20 2016 16 Ou Outloo look Load Factor up 1 p.p. to 78% Traffic of 33 million passengers Unit cost down in 4Q16 Average fares increasing in 4Q16 Jet fuel in Reais at same level as 3Q16 Margin at upper end of guidance 15
FY 20 2016 16 Ou Outloo look Prev eviou ious Revise sed His isto tori rical Guid idanc nce Guid idanc nce Stati tisti tic Resu sults ts Full ll-yea year r 2016 Full ll-yea year r 2016 +/- +/ 9M16 9M16 From To -5% -8% 8% 8% Total supply variation (ASK) -7.2% -15% -18% 17% 17% Total seats -16.2% Total volume of departures -16.6% -15% -18% 17% 17% 4% 6% 6% 6% Operating Margin (EBIT) 6.9% 16
B73 737 F 7 Flee eet Plan an MAX 800 700 129 124 122 120 117 5 13 25 94 92 91 88 84 28 25 24 23 20 2016 2017 2018 2019 2020 17
GOL OL Linhas nhas Aéreas Inte teli ligente gentes s S.A. Investo estor r Relation ons ri@voegol.com.br +55 11 2128 4700 www.voegol.com.br/ri 18
Discl claimer aimer This presentation may contain certain statements that express GOL Linhas Aéreas Inteligentes S.A. (“GOL”) management’s expectations, beliefs and assumptions about future events or results. Such statements are not historical fact, being based on currently available competitive, financial and economic data, and on current projections about the industries in which GOL operates. The verbs “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “plan”, “predict”, “project”, “target” and other similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future GOL performance. The factors that might affect performance include, but are not limited to: (i) market acceptance of GOL services; (ii) volatility related to (a) the Brazilian economy and financial and securities markets and (b) the highly competitive industries GOL operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies related to the transportation markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment; (vi) ability to maintain an ongoing process for introducing competitive new products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract customers in domestic and foreign jurisdictions. Other factors that could materially affect results can be found in GOL’s annual report on Form 20-F for the year ended December 31, 2015 as filed with the U.S. Securities and Exchange Commission on April 28, 2016, including under “Item 3. Key Information — D. Risk Factors” . All forward-looking statements in this presentation are based on information and data available as of the date they were made, and GOL undertakes no obligation to update them in light of new information or future development. 19
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