Operating income totals R$90mm, with a margin of 6.5%

SAO PAULO, Aug. 11 /PRNewswire-FirstCall/ -- GOL Linhas Aereas Inteligentes S.A. (Bovespa: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, announces today its results for the second quarter of 2009 (2Q09). The following financial and operating information, unless otherwise indicated, is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reais (R$), and all comparisons are with the second quarter of 2008 (2Q08) and first quarter of 2009 (1Q09).

Operating and Financial Highlights

• GOL's 2Q09 operating result (EBIT) was positive and totaled R$89.9mm, with an operating margin of 6.5%,versus a operating loss of R$295.3mm and a negative margin of 20.2% in 2Q08 and totaled R$105.1mm with a margin of 6.9% in 1Q09. Despite the second quarter is the less favorable of the year due seasonality, the Company achieved positive operating result for the fourth consecutive quarter.
  

• EBITDAR margin stood at 18.6% (R$258.8mm), versus a negative 7.8% in 2Q08 (a negative EBITDAR of R$114.4mm) and a positive margin of 23.7% (R$359.3mm) in 1Q09.
  

• GOL posted a 2Q09 net income of R$353.7mm, with a net margin of 25.4%, versus a net loss of R$166.5mm in 2Q08 and net income of R$61.4mm in 1Q09.
  

• Operating costs and expenses totaled R$1,304.1mm in 2Q09, 25.9% down on 2Q08, due to: (i) the operating synergies, thanks to the merger of GOL and VRG's operations as of 4Q08, especially in the sales & advertising and maintenance, materials & repairs lines, (ii) the reduction in the average jet fuel price, partially offset by the period exchange devaluation. In comparison with 1Q09, operating costs and expenses fell by 7.6%, thanks to the average Dollar devaluation against to the Real of 10.3% and also by the capture of operational synergies.
  

• On June 30, GOL entered into a partnership with Bradesco and Banco do Brasil for the issue and management of co-branded credit cards, enabling the banks to issue credit cards under the SMILES brand. As part of the agreement, GOL will receive around R$255.0mm (R$104mm of which already received in June 2009) from the sales of SMILES miles to the two institutions, the banks' right to access and use its database and a share in the revenue generated by the cards.
  

• GOL is continuing to restructure its cash and cash equivalents, which totaled R$613.7 mm in 2Q09, 55.5% up on the R$394.6mm recorded in the previous quarter. The Company intends to achieve a balance of at least R$800mm by the end of 2009 and R$1.2 billion by the close of 2010, representing approximately 13% and 19%, respectively, of last-12-month net revenue.