Gol Linhas Aéreas Inteligentes S.A.

Transcription

1 ITR - Quarterly Information 09/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 (Convenience Translation into English from the Original Previously Issued in Portuguese) Gol Linhas Aéreas Inteligentes S.A. Individual and Consolidated Interim Financial Information for the Quarter Ended September 30, 2011 and Report on Review of Interim Financial Information Deloitte Touche Tohmatsu Auditores Independentes

2 ITR - Quarterly Information 09/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Index Company data Capital Individual Financial Statements Balance Sheet - Assets Balance Sheet - Liability Income Statement Statements of Comprehensive Income Statements of Cash Flows Statement of Changes in Equity Statement of Changes in Equity 01/01/2011 to 09/30/ Statement of Changes in Equity 01/01/2010 to 09/30/ Statement of Value Added Consolidated Financial Statements Balance Sheet - Assets Balance sheet - Liability Income Statement Statement of Comprehensive Income Statements of Cash Flows Statement of Changes in Equity Statement of Changes in Equity 01/01/2011 to 09/30/ Statement of Changes in Equity 01/01/2010 to 09/30/ Statement of Value Added Comments on performance Notes Opinions and Statements Report on Review of Interim Financial Information... 69

3 ITR - Quarterly Information 09/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Company Profile / Subscribed Capital Number of Shares Current Quarter (Thousands) 09/30/2011 Paid-in Capital Common 137,032,734 Preferred 133,354,132 Total 270,386,866 Treasury Common 0 Preferred 2,317,125 Total 2,317,125 Page 1 of 62

4 ITR - Quarterly Information 09/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Individual Interim Financial Statements / Balance Sheets Assets (In Thousands of Brazilian Reais) Current Quarter Prior Year Line code Line item 09/30/ /31/ Total Assets 3,381,840 4,220, Current Assets 199, , Cash and Cash Equivalents 125, , Short-term Investments 24,948 19, Short-term Investments at Fair Value 24,948 19, Available for sale 24,948 19, Recoverable Taxes 36,448 34, Current Recoverable Taxes 36,448 34, Prepaid Expenses 1,720 5, Other Current Assets 10,300 2, Noncurrent Available for Sale Assets 10, Restricted Cash 10, Other 300 2, Noncurrent Assets 3,182,803 3,928, Long-term Assets 405, , Deferred Taxes 19,681 20, Deferred Income Taxes 19,681 20, Related-party Transactions 372, , Other Noncurrent Assets 13,596 7, Investments 2,023,366 2,750, Equity Investments 2,023,366 2,750, Equity in Subsidiaries 2,023,366 2,750, Property, Plant and Equipment 753, , Property, Plant and Equipment 753, , Advances for acquisition of aircraft 345, , Ownership right of Property, Plant and Equipment 407, , Intangible Assets Intangible Assets Concession Agreement Page 2 of 62

5 ITR - Quarterly Information 09/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Individual Interim Financial Statements / Balance Sheets - Liabilities (In Thousands of Brazilian Reais) Current Quarter Prior Year Line code Line item 09/30/ /31/ Total Liabilities and Equity 3,381,840 4,220, Current Liabilities 45,573 88, Salaries, Wages and Benefits Salaries, Wages and Benefits Accounts Payable 1,023 2, Taxes Payable 3, Short-term Debt 40,873 34, Short-term Debt 40,873 34, Other Current Liabilities 7 51, Other 7 51, Dividends Payable 7 51, Provisions Noncurrent Liabilities 1,338,896 1,202, Long-term Debt 1,331,004 1,193, Long-term Debt 1,331,004 1,193, Other Liabilities 7,892 9, Other 7,892 9, Consolidated Equity 1,997,371 2,929, Capital 2,297,268 2,296, Issued Capital 2,316,462 2,315, Cost on Issued Shares (19,194) (19,194) Capital Reserves 89,314 92, Treasury Shares (34,675) (11,887) Share-based Payments 63,726 43, Capital Reserve 60,263 60, Retained Earnings 529, , Accumulated Losses (843,269) Other Comprehensive Income (75,474) 11,073 Page 3 of 62

6 ITR - Quarterly Information 09/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Individual Interim Financial Statements /Income Statement (In Thousands of Brazilian Reais) Line code Line item Current Quarter Current YTD Same Quarter Prior Year Prior Year YTD 07/01/2011 to 09/30/ /01/2011 to 09/30/2011 (Restated) 07/01/2010 to 09/30/ /01/2010 to 09/30/ Operating Expenses/Income (332,729) (624,693) 82, , General and administrative expenses (7,512) (29,571) (10,649) (30,310) Other operating expenses - 7,356-17, Equity in subsidiaries (325,217) (602,478) 93, , Income Before Income Taxes and Financial Income/Expenses (332,729) (624,693) 82, , Finance Income/Expenses (180,329) (177,672) 25,913 (47,212) Financial income 3,359 14,513 56,732 26, Income from Investments 3,359 10,810 5,697 13, Exchange variation , Derivatives, Net Revenues , Other Financial Income - 3,703 1, Financial expenses (183,688) (192,185) (30,819) (73,371) Interest on Borrowings (27,509) (81,389) (25,144) (60,556) Exchange variation (156,120) (110,796) Other expenses (59) - - (432) Derivatives, Net Losses - - (5,675) (12,383) 3.07 Income Before Income Taxes (513,058) (802,365) 108,815 82, Income Tax (Expenses) (3,442) (3,442) 1,155 (417) Current (2,404) (2,404) 1, Deferred (1,038) (1,038) Profit from Continuing Operations (516,500) (805,807) 109,970 81, Profit (Loss) for the Period (516,500) (805,807) 109,970 81,985 Page 4 of 62

7 ITR - Quarterly Information 09/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Individual Interim Statements of Comprehensive Income (In Thousands of Brazilian Reais) Current Quarter Current YTD Same Quarter Prior Year Prior Year YTD Line code Line item 07/01/2011 to 09/30/ /01/2011 to 09/30/2011 (Restated) 07/01/2010 to 09/30/ /01/2010 to 09/30/ Net Profit (Loss) for the Period (516,500) (805,807) 109,970 81, Other Comprehensive Income (73,032) (86,547) 4,943 2, Comprehensive Income for the period (589,532) (892,354) 114,913 84,941 Page 5 of 62

8 ITR - Quarterly Information 09/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Individual Interim Financial Statements / Statements of Cash Flows Indirect Method In Thousands of Brazilian Reais) Current YTD Prior Year YTD Line code Line item 01/01/2011 to 09/30/ /01/2010 to 09/30/ Net Cash Provided by (Used in) Operating Activities (61,453) 44, Cash Flows from Operating Activities 741,197 (106,950) Depreciation and Amortization Deferred Taxes 1, Equity in subsidiaries 602,478 (142,162) Shared-based Payments 19,999 20, Exchange and Monetary Variations, Net 135,533 (12,519) Interests on Loans, Net 81,389 58, Derivatives, net result Interests Paid (95,380) (41,631) Income Tax Paid (3,440) (417) Unrealized Hedge Loss, Net of taxes (487) (23,645) Write-off of Property, Plant, Equipment, and Intangible Assets - 34, Changes Assets and Liabilities 3,157 69, Deposits (6,046) 46, Recoverable Taxes 1,870 67, Tax Obligation 3,958 (771) Other Liabilities 1,967 (34,388) Accounts Payable (1,187) Liabilities with derivatives operation - (10,224) Other Receivables 2, Other (805,807) 81, Net Income (loss) for the Period (805,807) 81, Net Cash Used in Investing Activities (102,277) (274,221) Short-term Investments (5,158) (124,575) Restricted Cash (10,000) 1, Purchase of Property, Plant and Equipment (87,119) (150,844) 6.03 Net Cash Generated by Financing Activities 59, , Debts - 551, Payments of Debts - (48,338) Credit with related parties 110,551 (291,855) Capital increase , Dividends Paid (51,443) (185,839) 6.05 Net Decrease in Cash and Cash Equivalents (103,815) (84,219) Cash and Cash Equivalents at Beginning of the Period 229, , Cash and Cash Equivalents at End of the Period 125, ,768 Page 6 of 62

9 ITR - Quarterly Information 09/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Individual Interim Financial Statements / Statements of Changes in Equity From 01/01/2011 to 09/30/2011 (In Thousands of Brazilian Reais) LINE CODE LINE ITEM CAPITAL STOCK CAPITAL RESERVES, OPTIONS GRANTED AND TREASURE SHARES INCOME RESERVES ACCUMULATED LOSSES OTHER COMPREHENSIVE INCOME TOTAL CONSOLIDATED EQUITY 5.01 Balance as of December 31, ,296,461 92, ,532-11,073 2,929, Error adjustment, net of taxes - note (37,462) - (37,462) 5.03 Restated balance as of January 1, ,296,461 92, ,532 (37,462) 11,073 2,891, Shareholders Capital Transactions 807 (2,789) (1,982) Capital Increase Stock Option - 19, , Repurchase of issued shares - (22,788) (22,788) 5.05 Total Other Comprehensive Income (805,807) (86,547) (892,354) Losses for the Period (805,807) - (805,807) Other Comprehensive Income (86,547) (86,547) 5.07 Balance as of December 31, ,297,268 89, ,532 (843,269) (75,474) 1,997,371 Page 7 of 62

10 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Individual Interim Financial Statements / Statement of Changes in Equity From 01/01/2010 to 09/30/2010 (In Thousands of Brazilian Reais) LINE CODE LINE ITEM CAPITAL STOCK CAPITAL RESERVES, OPTIONS GRANTED AND TREASURE SHARES INCOME RESERVES ACCUMULATED LOSSES OTHER COMPREHENSIVE INCOME TOTAL CONSOLIDATED EQUITY 5.01 Balance as of December 31, ,175,600 67, ,627 (230,419) 818 2,609, Adjusted Balance 2,175,600 67, ,627 (230,419) 818 2,609, Shareholders Capital Transactions 119,735 20, , Capital Increase 119, , Stock Option - 20, , Total Other Comprehensive Income ,985 2,956 84, Profit for the Period ,985-81, Other Comprehensive Income ,956 2, Balance as of December 31, ,295,335 88, ,627 (148,434) 3,774 2,835,326 Page 8 of 62

11 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Individual Interim Financial Statements / Statements of Value Added (In Thousands of Brazilian Reais) Current YTD Prior Year YTD Account Code Account Description 01/01/2011 to 09/30/2011 (Restated) 01/01/2010 to 09/30/ Revenues 7,356 17, Other Income 7,356 17, Acquired from Third Parties (6,862) (5,106) Materials, Energy, Outside Services and Other (6,272) (4,868) Other (590) (238) 7.03 Gross Value Added , Retentions (67) (67) Depreciation, Amortization and Exhaustion (67) (67) 7.05 Added Value Produced , Value Added Received in Transfer (505,414) 309, Equity equivalence result (602,478) 142, Finance income 97, , Total Wealth for Distribution (Distributed) (504,987) 321, Wealth for Distribution (Distributed) (504,987) 321, Employees 21,134 21, Taxes 3, Third Part Capital Remuneration 276, , Other 276, , Lessors 1,356 3, Lenders 274, , Own Capital Remuneration (805,807) 81, Retained earnings / Losses for the period (805,807) 81,985 Page 9 of 62

12 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Consolidated Interim Financial Statements / Balance Sheets Assets (In Thousands of Brazilian Reais) Line code Line item Current Quarter 09/30/2011 (Restated) Prior Year 12/31/ Total Assets 9,632,749 9,063, Current Assets 2,302,561 2,704, Cash and Cash Equivalents 1,302,673 1,955, Short-term Investments 163,176 22, Short-term Investments at Fair Value Available for sale Trade Receivables 326, , Customer 326, , Inventories 147, , Recoverable Taxes 135,660 88, Current Recoverable Taxes 135,660 88, Prepaid Expenses 79, , Other Current Assets 147,337 48, Others 147,337 48, Restricted Cash 106, Other Credits 41,337 48, Noncurrent Assets 7,330,188 6,358, Long-term Assets 2,281,324 1,630, Short-term Investments at Fair Value Available for sale Trade Receivables Trade and Other Receivables Deferred Taxes 926, , Deferred Income Taxes 926, , Prepaid Expenses 47,171 54, Related-party Transactions Other Noncurrent Assets 1,307, , Noncurrent Assets Held for Sale - 9, Restricted Cash 60,737 34, Deposits 691, , Short-term Investments 554, Investments Property, Plant and Equipment 3,781,771 3,460, Property, Plant and Equipment 1,076, , Other Flight Equipment 892, , Other 184, , Lease Property, Plant and Equipment 2,355,250 2,210, Property, Plant and Equipment on Finance Leases 2,355,250 2,210, Property, Plant and Equipment 350, , Advance of Property, Plant and Equipment Acquisition 350, , Intangible Assets 1,267,093 1,267, Intangible Assets. 724, , Concession Agreement Goodwill 542, ,302 Page 10 of 62

13 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Consolidated Interim Financial Statements / Balance Sheets - Liabilities (In Thousands of Brazilian Reais) Current Quarter Prior Year Line code Line item 09/30/ /31/ Total Liabilities and Equity 9,632,749 9,063, Current Liabilities 2,185,723 1,688, Salaries, Wages and Benefits 274, , Salaries, Wages and Benefits 274, , Accounts Payable 221, , Taxes Payable 51,111 58, Short-term Debt 441, , Short-term Debt 441, , Other Current Liabilities 1,179, , Others 1,179, , Dividends Payable 7 51, Tax and landing fees 174,886 85, Advance Ticket Sales 657, , Customer Loyalty Programs 61,233 55, Advance Ticket Sales 19,419 24, Other Current Liabilities 79,461 71, Losses on derivatives operation 186,637 1, Provisions 17,949 55, Noncurrent Liabilities 5,449,655 4,445, Short-term Debt 4,282,443 3,395, Short-term Debt 4,282,443 3,395, Other Current Liabilities 363, , Others 363, , Customer Loyalty Programs 178, , Advance Ticket Sales - 33, Taxes Payable 127,395 99, Others 57,210 34, Deferred Taxes 594, , Deferred Income Taxes 594, , Provisions 209,519 88, Provision for Tax, Labor, and Civil Contingencies 209,519 88, Consolidated Equity 1,997,371 2,929, Capital 2,183,940 2,183, Issued Capital 2,316,462 2,315, Cost on Issued Shares (132,522) (132,522) Capital Reserves 89,314 92, Treasury Shares (34,675) (11,887) Share-based Payments 63,726 43, Capital Reserve 60,263 60, Retained Earnings 642, , Treasury Shares Accumulated Losses (843,269) Other comprehensive income (75,474) 11,073 Page 11 of 62

14 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Consolidated Interim Financial Statements /Income Statement (In Thousands of Brazilian Reais) Line code Line item Current Quarter Current YTD Same Quarter Prior Year Prior Year YTD 07/01/2011 to 09/30/ /01/2011 to 09/30/2011 (Restated) 07/01/2010 to 09/30/ /01/2010 to 09/30/ Sales and services revenue 1,843,698 5,305,760 1,788,935 5,109, Passenger 1,632,572 4,715,005 1,601,303 4,579, Cargo and Other 211, , , , Cost of Sales and Services (1,614,525) (4,655,028) (1,358,339) (3,980,762) 3.03 Gross Revenue 229, , ,596 1,128, Operating Expenses/Income (304,232) (861,336) (243,397) (692,956) Selling expenses (166,971) (469,361) (95,933) (419,764) Marketing expenses (166,971) (469,361) (95,933) (419,764) General and Administrative expenses (137,261) (391,975) (147,464) (273,192) 3.05 Income Before Income Taxes and Financial Income/Expenses (75,059) (210,604) 187, , Financial Income/Expenses (572,821) (685,652) (20,308) (267,251) Financial income 39, , ,722 73, Income on Investments 39, ,944 28,181 69, Exchange variation, net ,541 3, Other financial income Financial expenses (612,200) (792,596) (139,030) (340,404) Interest on Borrowings (109,144) (285,337) (84,621) (242,768) Derivatives Net Losses (15,534) (109,002) (46,989) (90,493) Other expenses (11,119) (18,650) (7,420) (7,143) Exchange variation, net (476,403) (379,607) Income Before Income Taxes (647,880) (896,256) 166, , Income Tax (Expenses) 131,380 90,449 (56,921) (86,651) Current (2,581) (22,186) 1,107 (19,450) Deferred 133, ,635 (58,028) (67,201) 3.09 Profit from Continuing Operations (516,500) (805,807) 109,970 81, Consolidated Profit (Loss) for the Period (516,500) (805,807) 109,970 81, Attributable to Shareholders of the Company (516,500) (805,807) 109,970 81, Earnings Per Share (Reais per Share) Page 12 of 62

15 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Consolidated Interim Statements of Comprehensive Income (In Thousands of Brazilian Reais) Current Quarter Line code Line item 07/01/2011 to 09/30/2011 Current YTD 01/01/2011 to 09/30/2011 (Restated) Same Quarter Prior Year Prior Year YTD 07/01/2010 to 09/30/ /01/2010 to 09/30/ Net Consolidated Profit (Loss) for the Period (516,500) (805,807) 109,970 81, Other Comprehensive Income (73,032) (86,547) 4,943 2, Available for sale financial assets - (487) 435 (478) Cash Flow Hedges (110,654) (130,394) 6,828 5, Tax effect 37,622 44,334 (2,320) (1,764) 4.03 Consolidated Comprehensive Income for the period ( ) (892,354) 114,913 84, Attributable to Shareholders of the Company (589,532) (892,354) 114,913 84,941 Page 13 of 62

16 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Consolidated Interim Financial Statements / Statements of Cash Flows Indirect Method (In Thousands of Brazilian Reais) Line code Line item Current YTD 01/01/2011 to 09/30/2011 (Restated) Prior Year YTD 01/01/2010 to 09/30/ Net Cash Provided by Operating Activities 216, , Cash Flows from Operating Activities 1,061, , Depreciation and Amortization 271, , Allowance for Doubtful Accounts 6,939 5, Provisions for contingencies 4,224 9, Provisions for Onerous Contracts 15, Provision for Inventory Obsolescence 130 8, Deferred Taxes (112,635) 67, Shared-based Payments 19,999 20, Exchange and Monetary Variations, Net 379,607 (3,244) Interests on loans and other, net 285, , Unrealized Hedge income, Net of taxes 80,427 13, Provision for Return of Aircraft 30,022 4, Mileage Program 32,173 (58,292) Write-off of Property, Plant, Equipment, and Intangible Assets 5,919 4, Provision for profit sharing program 42, Changes in Assets and Liabilities (38,756) (365,918) Accounts receivable (30,519) 196, Inventories 23,500 (27,710) Deposits 13,762 39, Prepaid Expenses and Recovery Taxes (15,272) 5, Other Assets 72,636 11, Accounts Payable 5,209 (190,842) Advance ticket sales 130,214 (107,424) Advance from Customers (38,424) (128,686) Salaries, Wages and Benefits 26,306 (4,492) Sales Tax and Landing Fees 43,457 1, Tax Obligation 43,504 17, Provision (82,402) (40,404) Interests Paid (167,766) (97,968) Income Tax Paid (22,913) (19,450) Provision for profit sharing program (56,727) Other Liabilities 12,452 (11,855) Liabilities with derivatives operation (26,317) (10,224) Other (805,807) 81, Profit (Loss) for the Period (805,807) 81, Net Cash Used in Investing Activities (1,012,235) (865,166) Short term Investments (695,413) (109,571) Restricted Cash (132,237) (465,617) Intangible Assets (23,211) (57,085) Property, Plant and Equipment (161,374) (232,893) 6.03 Net Cash Generated by Financing Activities 143, , Debt Increase 559,349 1,483, Payments of Debt ( ) (823,310) Capital increase , Dividends Paid (51,443) (185,839) Payment of financing ( ) (169,181) 6.04 Exchange Variation on Cash and Cash Equivalents (1,511) (20,459) 6.05 Net Decrease in Cash and Cash Equivalents (653,185) (222,559) Cash and Cash Equivalents at Beginning of the Period 1,955,858 1,382, Cash and Cash Equivalents at End of the Period 1,302,673 1,159,849 Page 14 of 62

17 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Consolidated Interim Financial Statements / Statements of Changes in Equity From 01/01/2011 to 09/30/2011 (In Thousands of Brazilian Reais) LINE CODE LINE ITEM CAPITAL STOCK CAPITAL RESERVES, OPTIONS GRANTED AND TREASURE SHARES INCOME RESERVES ACCUMULATED OTHER COMPREHENSIVE INCOME EQUITY TOTAL NON- CONTROLLERS CONSOLIDATED LOSSES PARTICIPATION EQUITY 5.01 Balance as of December 31, ,183,133 92, ,860-11,073 2,929,169-2,929, Error adjustment, net of taxes - note (37,462) - (37,462) - (37,462) 5.03 Restated balance as of January 1st, ,183,133 92, ,860 (37,462) 11,073 2,891,707-2,891, Shareholders Capital Transactions 807 (2,789) (1,982) - (1,982) Capital Increase Stock Option - 19, ,999-19, Repurchase of issued shares - (22,788) (22,788) - (22,788) 5.05 Total Other Comprehensive Income (805,807) (86,547) (892,354) - (892,354) Net Profit for the Period (805,807) - (805,807) - (805,807) Other Comprehensive Income (86,547) (86,547) - (86,547) 5.07 Balance as of December 31, ,183,940 89, ,860 (843,269) (75,474) 1,997,371-1,997,371 Page 15 of 62

18 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Consolidated Interim Financial Statements / Statement of Changes in Equity From 01/01/2010 to 09/30/2010 (In Thousands of Brazilian Reais) LINE CODE LINE ITEM CAPITAL STOCK CAPITAL RESERVES, OPTIONS GRANTED AND TREASURE SHARES INCOME RESERVES ACCUMULATED LOSSES OTHER COMPREHENSIVE INCOME EQUITY TOTAL NON- CONTROLLERS PARTICIPATION CONSOLIDATED EQUITY 5.01 Balance as of December 31, ,062,272 67, ,627 (117,091) 818 2,609,986-2,609, Adjusted Balance 2,062,272 67, ,627 (117,091) 818 2,609,986-2,609, Shareholders Capital Transactions 119,735 20, , , Capital Increase 119, , , Stock Option - 20, ,664-20, Total Other Comprehensive Income ,985 2,956 84,941-84, Net Profit for the Period ,985-81,985-81, Other Comprehensive Income ,956 2,956-2, Balance as of 31, ,182,007 88, ,627 (35,106) 3,774 2,835,326-2,835,326 Page 16 of 62

19 ITR - Quarterly Information 06/30/2011 GOL LINHAS AÉREAS INTELIGENTES SA Version: 1 Consolidated Interim Financial Statements / Statements of Value Added (In Thousands of Brazilian Reais) Current YTD Prior Year YTD Account Code Account Description 01/01/2011 to 09/30/2011 (Restated) 01/01/2010 to 09/30/ Revenues 5,547,658 5,340, Other Revenues 5,554,597 5,346, Passenger, cargo and other passenger revenues 5, 554,597 5,346, Provision/Reversion of Doubtful Accounts (6,939) (6,302) 7.02 Acquired from Third Parties (3,591,976) (2,978,897) Materials, Energy, Outside Services and Other (1,116,954) (965,108) Other (2,475,022) (2,013,789) Fuel and Lubricant suppliers (2,175,393) (1,723,063) Aircraft Insurance (25,555) (36,054) Sales and Marketing (274,074) (254,672) 7.03 Gross Value Added 1,955,682 2,361, Retentions (271,487) (207,384) Depreciation, Amortization and Exhaustion (271,487) (207,384) 7.05 Wealth Created 1,684,195 2,153, Value Added Received in Transfer 849, , Finance income 849, , Total Wealth for Distribution (Distributed) 2,533,932 2,880, Wealth for Distribution (Distributed) 2, 533,932 2,880, Employees 1,112, , Taxes 342, , Third Part Capital Remuneration 1,884,788 1,410, Other 1,884,788 1,410, Lenders 1,535, , Lessors 349, , Own Capital Remuneration (805,807) 81, Retained earnings / Losses for the period (805,807) 81,985 Page 17 of 62

20 Management Comments G o l a n no u nc es t he t hird q u a rt e r re s ul t s t o day. T he pe r i od s r e s u l ts, d es p i te f al l ing s h o r t o f w h a t p l a n ne d a t t h e b eg i nn ing of th e y e a r, i n d ic a te t he be g inning o f a gradual an d s t ea d y r ecovery in o p e r a ti n g m a r g ins. I n th i s q ua r t e r t h e C o m p any s r e v e n ue s w e r e i m pa c t ed du e t o t h e low p ri c es th at p r e v ai l ed i n t he f i rs t h al f o f t h e y e a r d u e to a n e x t r e m e ly c o m pe t i ti v e s c en a r i o. F o ll o w i ng a pe r i o d of f i e r c e c o m p e ti t ion t h a t h a d a s ignifi c an t a dverse i m p ac t o n C o m pa n y s m a r g i ns, t h e ind u s t ry is s h o w ing s i g ns of g r eater r a t ional i ty g oi n g fo r w a r d, in li n e w ith G O L s s t r a t e gy. In , G O L a n n o un c ed i t s c o ns e rvative a p p r oa c h to w a r ds a d d i n g fl e e t an d c ap ac i t y, p r o jecti n g a n A S K i n c r e as e o f n o m o r e than 4 % in d o m e s t ic s u p pl y. G O L c o n t inues t o f o c u s o n t he c o s t re d uc t ion p l a n i n o rd e r to o nc e ag a i n a c hi ev e op e r a ti n g m a r g i ns i n t h at a r e ap p r o priate f or i t s b u s i n es s mo d e l. Th e pl a n an n ou n c e d i n 2 Q 11 r e m a i ns o ne o f the p r i o r i ti es f o r t he s ec o nd h a l f o f t h e y e a r. I n 4 Q 1 1, G O L e x pe c ts t o c o ns o li d a te a l l t h e initiatives it h a s i m p l e m e nted d u r ing t h e y e a r, t h e r es u l t s o f w h ic h w i l l b ec o m e f ul l y a p pa r e nt in , So f a r, t he C o m p a n y ha s re c og n i ze d o v e r a l l gai n s o f at leas t R $ 50 0 m m. A t t h e en d o f S e ptember t h e C o m p an y h a d a c a s h p o s i t i on o f a r o un d R $ 2 b il l i on, en s u ri n g t he s t r ong l i q ui d i ty t h at i s s o e s s en t i a l i n a v ol a ti l e ec o nomic scen a r io and no p re s s u r e o n t he d e bt a m o r t i za t i o n s c he d u le. D u r i n g t he q u a rt e r, G O L a c hi e v e d o ne m o r e important s t e p in i ts s t ra t e g ic p lan, w i th t h e ac q u is i tion o f W eb j et. In a ro u nd 6 0 da y s on ly, th e M O U w a s s igned, th e re qu i r e d d il i ge n c e w as c arried o u t, A N A C ' s a p p r o v a l w as ob t a i ne d, th e a g re e m e n t f o r t h e p u r c h a s e o f 10 0 % o f W e b jet w as s ign e d a nd t h e A P R O w a s e x ec u te d w i t h W e bj e t an d C A D E, r e g u l a ti n g f uture r e l a t i on s be t w e e n th e p a r t i es. G O L s i n i t i al pe r c ep t i on o f W eb j et as a n o pe r a ti o n al l y e f fi c ient c o m p an y w i th a h i gh ly m o t iv ated s t a ff w a s c on f i r m e d a n d i t s re s u lts w il l be i nc l ud e d in G O L s r e s u l ts as o f 4Q11. T h e C o m p an y i s c u r r e n t ly a w a i t ing C A D E s f i n a l a n a ly s i s o f th e t r an s ac t i on. E f f ec t iv e o pe r a tional c o o r di n ation wi l l c e r t ai nly r e s u lt in th e m o r e e f f icient e x e c ution of t he c o m p a n i es ' s t r a t eg y, h elping g en e r a te v a lue f o r c li e n ts, e m p l o y ee s a n d s ha r e h ol d e r s o f bo t h a i r li n es. T h e C o m p a ny m a i n t ai ns i t s po s i t iv e o u tl o ok fo r t h e f u tu r e. S t r en g t he n i n g th e b al a nc e s h e et o v e r the p a s t y ea r s p r ov e d t o b e instru m e n t a l, es p ecially in ti m e s o f ad v e rs e ec o no m i c c on d i ti o ns. G O L s o p t i on o f g r o w ing i n a ra t i o na l a n d s us t a inabl e m a n n e r i s n o w s u p po r te d by t he indus t r y a s a w h o l e. B y c o n c e n t r ating i ts e ffo r t s o n l o w e r i ng c o s ts, t h e C o m p a ny i s re a f fi rming i ts c o nv i c t i o n t h at, t h r o ug h o f f e r ing a t t ra c ti v e fa r es, i t w i ll c on t inue t o f u e l de m a n d i n o n e of t h e w o r l d s l a r g es t p o t e n tial m a r k e t s. G O L c o n t inues t o c on c e n t r a t e o n d y na m i c fa re m a n a g e m en t, be n e fi ti n g pa s s e ng e r s w h o plan t h ei r t r i p s we l l a h ea d o f t i m e with more attrac t iv e fares. G O L r e m a i n s c o m m i t t ed t o i ts l o w -c os t, low-fare s t r a te gy, a nd w i l l c on t i n ue t o do ev e r y th i ng p o s s i bl e t o m a i n t ai n i t s p o s i t ion a s t he b es t a i r li n e to f ly w i t h, w o r k f o r an d invest in. C o n s t a n t i no d e O l i ve i ra J u n i o r F o u nd e r an d CEO of GOL Linhas A é re a s In t e li g en t es S. A.

21 Operating Performance T o t a l S y s t e m 3 Q Q 1 0 V a r. % 2 Q 1 1 V a r. % A S K - G O L ( b i l l i o n ) % % A S K I n d u s t r y (billion) % % A S K - O t h e r s (billion) % % R P K - G O L ( b i l l i o n ) % % R P K - I n d u s t r y (billion) % % R P K - O t h e r s (billion) % % L o a d F a c t o r - G O L ( % ) 71.5% 68.4% +3.1 pp 66.5% +4.9 pp L o a d F a c t o r - I n d u s t r y ( % ) 73.4% 72.8% +0.5 pp 71.7% +1.6 pp L o a d F a c t o r - Others ( % ) 74.3% 75.1% -0.9 pp 74.2% +0.1 pp D o m e s t i c M a r k e t A S K - G O L ( b i l l i o n ) % % A S K - I n d u s t r y ( b i l l i o n ) % % A S K - Others ( b i l l i o n ) % % R P K - G O L ( b i l l i o n ) % % R P K - I n d u s t r y ( b i l l i o n ) % % R P K - Others ( b i l l i o n ) % % L o a d F a c t o r - G O L ( % ) 71.8% 69.7% +2.1 pp 67.0% +4.8 pp L o a d F a c t o r - I n d u s t r y ( % ) 70.9% 70.9% +0.1 pp 69.5% +1.4 pp L o a d F a c t o r - Others ( % ) 70.4% 71.6% -1.2 pp 71.0% -0.6 pp I n t e r n a t i o n a l M a r k e t A S K - G O L ( b i l l i o n ) % % A S K - I n d u s t r y ( b i l l i o n ) % % A S K - Others ( b i l l i o n ) % % R P K - G O L ( b i l l i o n ) % % R P K - I n d u s t r y ( b i l l i o n ) % % R P K - Others ( b i l l i o n ) % % L o a d F a c t o r - G O L ( % ) 67.7% 58.6% +9.1 pp 61.6% +6.0 pp L o a d F a c t o r - I n d u s t r y ( % ) 81.9% 79.1% +2.8 pp 79.4% +2.6 pp

22 L o a d F a c t o r - Other s ( % ) 83.9% 83.5% +0.4 pp 81.7% +2.2 pp Data from the Brazilian Civil Aviation Authority (ANAC): adjusted in accordance with the new methodology adopted as of October A dvanced C om parati v e D a ta ANAC In Oc tober 2010, ANAC altered its method for calculating monthly traffic information ( Official Letter no. 11/2010/GEAC/SRE/ANAC ) and republis hed t he data for the periods s ubsequent to J anuary All the 2010 operational data reflect the new m ethodology, and m ay not be entirely c omparable to the figures dis c losed at that time. According to ANAC, the c hanges were designed to align the data with the c oncepts adopted by the International Civil Aviation Organizati on (ICAO). The alteration was necessary because Brazil has joined the ICAO s s tatistical program and s upplies the latter s database with s everal industry d ata. The c hanges in the m ethodology r efer to the c alculation of ASK (seat s upply) and the c las s ific ation of domes tic legs of international flights, which are now c onsidered to be part of the domestic market. ANAC announced that it will republish the 2008 information at a later date. S upply GOL w as the most conservati ve Compan y in terms of suppl y grow th in 3Q11, increasing its total seat suppl y b y onl y 5.7% in relation to 3 Q10. In 2012, the Compan y w ill maintain this strateg y and estimates grow th of betw een 0.0 % and 4.0 % o n its domestic route n etw ork. Supply on GOL s total route network increased by 5.7%, due to: (i) the upturn in fleet produc tivity from 12.7 block hours/day in 3Q10 to 13.8 block hours/day in 3Q11; (ii) the s trategy of m aximizing aircraft occupation (increas e of 3.1 p.p.); and (iii) the higher number of destinations and m ore frequent flights between the periods (Montes Claros, Bridgetown and Aeroparque J orge Newberr y in Argentina). This growth in s upply was partially offset by: (i) the 1.6% reduction in the average s tage length (905Km, versus 920Km in 3Q10); (ii) the discontinuation of international c harter flights and the return of three B767s; and (iii) the discontinuation of flights to Bogota, Colombia. In c omparison with 2Q11, s upply increased by 9.5%, c hiefly due to period s easonali ty and the preparation of the Company s route network for 4Q11. D e mand - Domestic M a r k e t GOL s demand increased b y 13.5 % o ver 3Q10, m ainly due to the fare disc ounts that lasted throughout the first half and until midway thro ugh the last week of August, an d therefore s till fueled national traffic demand for m ost of the third quarter. As of the end of August, however, yields on the Company s main routes began to show a ne w trend as a result of the market s positive response to seat s upply management and cont rol. Consequently, domestic demand growt h slowed in comparison over the first half. In comparison with 2Q1 1, domestic demand grew b y 17. 5%, chiefly due to seasonality. In 2012, GOL will c ontinue to adopt a c onservative approach towards adding c apac ity, an d expects an increase of no m ore than 4% in its domestic s upply, accom panied by industry s domestic demand growth of between 2.5 x and 3.0x projected GDP growth for D e mand I nterna tion a l M a r k e t Demand on G OL s international route netw ork fell b y 16.1 % ye a r-on- yea r, m ainly due to: (i) the discontinuation of flights to Bogota, Colombia; and (ii) the discontinuation of international c harter flights with B767 airc raft, partially offset by: (i) m ore frequent flights to the Southern Cone and Caribbean region (Argentina and Punta Cana); and (ii) appreciation of the Real against the average Dollar of 6,5% in the period, which encouraged passenger traffic to Southern Cone and Caribbean. In relation to 2Q11, international demand increased by 18.9%, c hiefly due to s easonality and the increased frequency of flights to the Caribbean, partially offset by the average 2.5 % period depreciation of the Real against the Dollar. Load Factor and Y i e l ds

23 As a result of the above, the load factor on GOL s route network reached 71.5% in 3Q11, 3.1 p.p. up on the 68.4% reported in 3Q10 and 4.9 p.p. more than the 66.5% pos ted in 2Q11. In relation to 3Q10, yields declined by 7.6%, mainly due to the c om petitive s c enario in 1H11, which led to an increase in advanced book ings and hinde red yield recovery in the quarter. In the final m onths, howe ver, yields s hould record a recovery over their levels along the year. In the quarter -on-quarter c omparison, yields posted growth of 0.7% due to the GOL s efforts and the m ark et's positive respons e its supply management, as well as the recovery of yields in the domestic market. O p e r a t i n g D a t a 3 Q Q 1 0 ( * ) V a r. % 2 Q 1 1 ( * ) V a r. % R e v e n u e P a s s e n g e r s ( ) 9,396 8, % 8, % R e v e n u e P a s s e n g e r s K i l o m e t e r s ( R P K ) ( m m ) 8,906 8, % 7, % A v a i l a b l e S e a t K i l o m e t e r s ( A S K ) ( m m ) 12,465 11, % 11, % L o a d F a c t o r 71.4% 68.4% +3.1 pp 66.5% +4.9 pp B r e a k - E v e n L o a d F a c t o r ( B E L F 74.4% 61.2% pp 78.0% -3.7 pp A i r c r a f t U t i l i z a t i o n ( B l o c k H o u r s. D a y ) % % A v e r a g e F a r e ( R $ ) % % Y i e l d p e r P a s s e n g e r K i l o m e t e r N e t ( R $ c e n t s ) % % P a s s e n g e r R e v e n u e p e r A S K ( P R A S K ) ( R $ c e n t s ) % % O p e r a t i n g R e v. p e r A S K N e t ( R A S K ) ( R $ c e n t s ) % % O p e r a t i n g C o s t p e r A S K ( C A S K ) ( R $ c e n t s) % % O p e r a t i n g C o s t, E x - F u e l, p e r A S K ( R $ c e n t s ) % % Departures 79,512 74, % 74, % A v e r a g e S t a g e L e n g h t ( k m ) % % A v e r a g e N u m b e r o f O p e r a t i n g A i r c r a f t % % F u e l C o n s u m p t i o n ( m m l i t e r s ) % % F u l l - T i m e E q u i v a l e n t E m p l o y e e s a t P e r i o d E n d 18,606 18, % 18, % A v e r a g e E x c h a n g e R a t e ( 1 ) % % E n d o f P e r i o d E x c h a n g e R a t e ( 1 ) % % I n f l a t i o n ( I G P - M ) ( 2 ) 4.1% 7.9% -3.7 pp 3.1% +1.0 pp I n f l a t i o n ( I P C A ) ( 3 ) 5.0% 3.6% +1.4 pp 3.9% +1.1 pp W T I ( a v g. p e r b a r r e l, U S $ ) ( 4 ) % % G u l f C o a s t J e t F u e l C o s t ( a v g. p e r l i t e r, U S $ ) ( 4 ) % % S o u r c e s : ( 1 ) B r a z i l i a n C e n t r a l B a n k ( 2 ) F G V ( 3 ) I B G E ( 4 ) B l o o m b e r g

24 ( * ) 3 Q 1 0 o p e r a t i o n a l d a t a w e r e r e c a l c u l a t e d d u e t o t h e c h a n g e i n t h e m e t h o d o l o g y f o r c a l c u l a t i n g a i r t r a f f i c s t a t i s t i c s i n t r o d u c e d b y A n a c s D C A M a n u a l ( O f f i c i a l L e t t e r n o. 1 1 / / G E A C / S R E / A N A C ), p u b l i s h e d a n d e f f e c t i v e a s o f O c t o b e r ; ( * * ) 3 Q 1 0 l o a d f a c t o r c o r r e c t e d a c c o r d i n g t o t h e a v e r a g e n u m b e r o f o p e r a t i o n a l a i r c r a f t i n t h e p e r i o d. * C e r t a i n v a r i a t i o n c a l c u l a t i o n s i n t h i s r e p o r t m a y n o t m a t c h d u e t o r o u n d i n g. Fleet and Fleet Plan - GOL O n S e p t em b e r 3 0, , t h e C om p an y c l os ed th e q ua r t e r wi t h a s t an da r d i z e d op e r a ti o na l fl ee t o f 118 B a n d 80 0 N G a i r c r aft, wi t h a n a v e r a ge a g e o f 6. 8 y e a rs a n d a t o t a l f l ee t o f 1 24 a i rc r a f t. In 3 Q 1 1, t he C o m p a n y r eceived thre e ai r c r aft clas s i fi e d und e r f inanc i al leasing. O p e r a t i n g F l e e t S e a t s ( 1 ) 3 Q Q 1 0 V a r. % 2 Q 1 1 V a r. % R e g u l a r F l i g h t s B ( 1 ) - - B N G B N G B N G S F P S u b t o t a l 20, C h a r t e r s S e a t s ( 1 ) 3 Q Q 1 0 V a r, % 2 Q 1 1 V a r, % B E R ( 4 ) - - O p e r a t i n g T o t a l l ( 2 ) 20, ( 4 ) N o n O p e r a t i n g F l e e t S e a t s ( 1 ) 3 Q Q 1 0 V a r, % 2 Q 1 1 V a r, % B ( 3 ) - - B N G ( 2 ) - - B N G ( 2 ) - - B N G S F P ( 4 ) B E R ( 3 ) S u b T o t a l ( 4 ) 1, ( 3 ) 6 - T o t a l 29, (1) T o t a l n u m b e r o f s e a t s i n 3 Q 1 1 (2) I n c l u d e s r e g u l a r r o u t e n e t wo r k a i r c r a f t ( B s ) a n d c h a r t e r f l i g h t a i r c r a f t ( B s ). (3) T h e s e a i r c r a f t a r e n o l o n g e r p a r t o f t h e C o m p a n y s o p e r a t i o n s. (4) T h r e e B N G S F P a i r c r a f t we r e s u b l e a s e d t o a E u r o p e a n a i r l i n e a n d r e t u r n e d a t t h e e n d o f S e p t e m b e r

25 Th e C o m p a n y l e as e s i ts e n t i re f l e et t h r o ug h a c o m bi n a ti o n of f i n an c ial and op e r a ti o na l l ea s e s. O u t of t h e t o ta l o f 1 24 a i rc r a ft, 8 0 we r e u nd e r op e r ational l ea s e s an d 44 un d e r fi n a nc i al leases. G O L a lso h a s p u r c h a s e o ptions on 3 8 ai r c ra f t wh e n t he i r l e as i n g con t r ac t s t e r m inate. Th e C o m p a n y s f l ee t plan for a n d th e c om i n g y ea r s is be i ng r e v i s e d i n o rd e r to i nc l ud e W eb j et s r e q u i re d f leet r e no v a t i on s. I n , t h e incre as e i n th e t wo c o m p a ni es c o m bi n ed s ea t s up p ly wi l l n ot e xc e e d 4. 0 %. O p e r a t i n g F l e e t P l a n B N G B N G * T o t a l * I n c l u d e s S F P ( S h o r t F i e l d P e r f o r m a n c e ) a i r c r a f t A i r c r a f t P a y m e n t s F o r e c a s t ( R $ M M ) > T o t a l P r e - D e l i v e r e d D e p o s i t s ,046.1 A i r c r a f t A c q u i s i t i o n C o m m i t m e n t s , , , , ,996.2 T o t a l , , , , , ,042.4 * L i s t p r i c e s Capex G O L i n v e s t e d R $ 12 8 m m i n 3 Q 1 1, 59 % o f wh ic h i n t he a c q u is i ti o n o f a i r c r a ft f o r d el i v e r y b etwe e n a nd ( p r e -d e li v e r y d e p os i ts ) ; 3 4 % in t h e p u rc ha s e o f p a rt s ; a n d a r o un d 7 % i n I T a nd t he e xp a n s i o n o f t h e m ai n te n a nc e c e nter i n C o n f ins, Mi n a s G e r a is (c o ns t r u c t i on o f t he W heel and B r a k e W orks h op ). C a pex i n is es t im a t ed a t a r o un d R $5 5 0m m Ownership Breakdown ON % PN % T o t a l % I n v e s t m e n t F u n d i n V o l l u t o P a r t i c i p a t i o n s 137, 0 3 2, , 913, , 9 4 5, B o a r d 16-2, 0 0 6, , 0 0 6, T r e a s u r y S t o c k s - - 2, 3 1 7, , 3 1 7, F i d e l i t y I n v e s t m e n t s - - 7, 0 3 3, 5 0 0, , 0 3 3, 5 0 0, 2. 6 W e l l i n g t o n M a n a g e m e n t C o m p a n y - - 6, 7 2 2, , 7 2 2, F r e e - F l o a t , 6 3 1, , 6 3 1, T o t a l 137, 0 3 2, , 354, , 386,

26 Pro Forma Operational Data 3Q11 O p e r a t i o n a l D a t a 3 Q 1 1 G O L W E B J E T C O N S O L I D A D O A v a i l a b l e S e a t K i l o m e t e r s ( A S K ) ( m m ) 12, , , P a s s e n g e r s K i l o m e t e r s ( R P K ) ( m m ) 8, 906 1, , L o a d F a c t o r 71% 74% 72% R e v e n u e P a s s e n g e r s ( ) 9, 396 1, , B l o c k H o u r s 140, , , Departures 79, , , F u e l C o n s u m p t i o n ( m m l i t e r s ) A v e r a g e S t a g e L e n g h t ( k m ) A v e r a g e N u m b e r o f O p e r a t i n g A i r c r a f t K i l o m e t e r s F l o w n ( m m ) 71, , , Summary: 2011 Guidance I n J ul y G O L r e v i s e d its g ui d a nc e g i v e n t h e c u r r e n t d o m e s ti c c o m p e t itive s c e na r i o, c o n t i nu i ng h i g h f u e l cos ts a nd h igh e r - t h an - e xp e c t e d e xp e n s es Guidance Scenario 2011 Real Worst Best JAN-SEP B r a z i l i a n G D P G r o w t h 4.0% 5.0% 3.2% D o m e s t i c D e m a n d G r o w t h ( % R P K s ) % % 18.5% P a s s e n g e r s T r a n p o r t e d ( M M ) GOL Capacity (ASKs billion) Fleet (end of period) Y i e l d ( R $ c e n t s ) % G O L D e m a n d ( R P K s b i l l i o n ) D e p a r t u r e s ( ) C A S K E x - f u e l ( R $ c e n t s ) % F u e l L i t e r s C o n s u m e d ( b i l l i o n ) F u e l P r i c e ( R $. l i t e r ) A v e r a g e W T I ( U S $. b a r r e l ) A v e r a g e E x c h a n g e R a t e ( R $. U S $ ) O p e r a t i n g M a r g i n ( E B I T ) 1. 0 % 4. 0 % (4.0)% T h e C o m p a n y ' s q u a r t e r l y e a r n i n g s r e s u l t s r e f l e c t s i g n i f i c a n t a n d v a r i a b l e s e a s o n a l i t y, w h i c h l i m i t s t h e c o m p a r i s o n w i t h p r o j e c t i o n s r e l e a s e d r e g a r d i n g t h e e n t i r e f i s c a l y e a r. T h e C o m p a n y c o m p a r e s t h e f o r e c a s t s w i t h a c t u a l r e s u l t s a f t e r p u b l i s h i n g t h e f i n a n c i a l s t a t e m e n t s f o r e a c h f u l l f i s c a l y e a r. T h e a n n u a l r e s u l t s o f s u c h c o m p a r i s o n s c a n b e f o u n d i n t h e C o m p a n y s R e f e r e n c e F o r m, S e c t i o n 1 1.

27 1. General Information Gol Linhas Aéreas Inteligentes S.A. ( Company or GLAI ) is a publicly-listed company incorporated in accordance with Brazilian Corporate Laws, organized on March 12, The Company is engaged in, exercising shareholding control of its wholly-owned subsidiary VRG Linhas Aéreas S.A. ( VRG ), and through its subsidiaries or affiliates, essentially exploring: (i) regular and non-regular air transportation services of passengers, cargo and mailbags, domestically or internationally, according to the concessions granted by the competent authorities; (ii) additional passenger air chartering services. Additionally, GLAI is the direct parent company of the subsidiaries GAC Inc ( GAC ), Gol Finance ( Finance ), and indirect parent company of subsidiary SKY Finance II ( SKY II ) and Webjet Linhas Aereas S.A. ("Webjet"). GAC was established on March 23, 2006, according to the laws of the Cayman Islands, and its activities are related to the aircraft acquisition for its single shareholder GLAI, which provides financial support for its operating activities and settlement of obligations. GAC is the parent company of SKY Finance and SKY II, established on August 28, 2007 and November 30, 2009, respectively, both located in the Cayman Islands, whose activities are related to obtaining funds to finance aircraft acquisition. Sky Finance and Sky II were closed in 2010, after the liquidation of all funds raised by companies, considering that they were organized with the specific objective of obtaining such funds. Finance was established on March 16, 2006, according to the laws the Cayman Islands, and it is engaged in raising funds for aircraft acquisition. On April 9, 2007, the Company acquired VRG, a low-cost and low-fare airline company, which operates domestic and international flights using GOL and VARIG brands, and provides regular and non-regular air transportation services from/to the main destinations in Brazil, South America and the Caribbean. On February 28, 2011, the subsidiary VRG constituted a Participation Account company engaged in developing and operating on-board sales of food and beverages in domestic flights. VRG controls 50% of this company, which started to operate in September, On October 3, 2011, the Company acquired 100% indirect control of Webjet, through its subsidiary VRG celebrating the First Amendment of the stock purchase and sale contract. See note nº 30. The Company s shares are traded on the New York Stock Exchange (NYSE) and the São Paulo Stock Exchange (BM&FBOVESPA). The Company has entered into an Agreement for Adoption of Level 2 Differentiated Corporate Governance Practices with BM&FBOVESPA, and is included in the Special Corporate Governance Stock Index (IGC) and the Special Tag Along Stock Index (ITAG), which were created to identify companies committed to adopt differentiated corporate governance practices. 2. Basis of preparation and summary of significant accounting policies The interim financial information was authorized for issuance at the Board of Directors meeting held on March 26, The Company s registered office is at Rua Tamoios, 246, Jd. Aeroporto, São Paulo, Brazil. 2.1 Basis of preparation The quarterly interim consolidated financial statements were prepared for the period ended on September 30, 2011 in accordance with International Accounting Standards (IAS) no. 34, related to consolidated interim financial statements, as issued by the International Accounting Standards Board (IASB) and technical pronouncement CPC 21 Demonstração Intermediária (Interim Financial Reporting).