PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
Jd. Aeroporto
04630-000 São Paulo, São Paulo
Federative Republic of Brazil
annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F ______
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes ______ No ___X___
registrant in connection with Rule 12g3-2(b):
(Free translation into English from the original previously issued in Portuguese)
Individual and Consolidated
Financial Statements
GOL Linhas Aéreas Inteligentes S.A.
December 31, 2015
and Independent Auditor’s Report
GOL Linhas Aéreas Inteligentes S.A.
Individual and Consolidated Financial statements
December 31, 2015
| Contents | |
| Message from Management | 01 |
| Annual report of the statutory audit committee (CAE) | 05 |
| Directors' statement on the financial statements | 07 |
| Directors' statement on Independent Auditor’s Report | 08 |
| Independent auditor’s report on the financial statements | 09 |
| Capital | 11 |
| Individual financial statements for the year ended December 31, 2015 | |
| Statements of financial position | 12 |
| Statements of operations | 14 |
| Statements of comprehensive loss | 15 |
| Statements of cash flows | 16 |
| Statements of changes in equity | 17 |
| Statements of value added | 19 |
| Consolidated financial statements for the year ended December 31, 2015 | |
| Statements of financial position | 20 |
| Statements of operations | 22 |
| Statements of comprehensive loss | 23 |
| Statements of cash flows | 24 |
| Statements of changes in equity | 26 |
| Statements of value added | 28 |
| Notes to the financial statements | 29 |
Message from Management
GOL’s 2015 financial results reflect the Brazilian economic scenario since the end of 2014, which impacted the national aviation industry.
GOL recorded an operating loss of R$183.8 million in the year, with a negative margin of 1.9%. In 2015, net loss was R$4,291.2 million - mainly a result of the devaluation of the Real and of the Venezuelan Bolivar against the US Dollar, as well as lower deferred tax credits and income tax. For the last five years, the exchange rate impact to GOL totaled R$4,481.3 million, which in turn resulted in accounting terms of a negative shareholder equity of R$4,322.4 million.
In the last quarter of the year, we intensified the strategy of capacity rationalization in the domestic market, reducing ASK by 3.7%. For 2016, we have reviewed our supply projection, that is: (i) the reduction of 15 to 18% on the availability of seats, (ii) 15 to 18% lower volume of departures - compared to at least 6%; and (iii) 5 to 8% lower ASK. This initiative aims to adjust the Company to the current level of demand in the market, as well as mitigate the 10.7% inflationary impact and the 47.0% exchange rate effect on our 2015 results.
Operating within this adverse environment, we ended the year with approximately R$2.3 billion in total cash - equivalent to 23.5% of the revenue accumulated in the last twelve months. This position already considers a loss of R$423.8 million in funds held in Venezuela, after conversion at the (SIMAD) exchange rate of BS 200 per Dollar, in line with the Company's decision to suspend flights to this country.
Maintaining our strategy to strengthen liquidity, we have conducted a transaction for advance ticket sales in 2016 in the amount of R$1 billion for Smiles – conditioned on measures to be taken by GOL, including, but not limited to the following: (i) the sale of 5 aircraft; (ii) the suspension of 7 destinations; (iii) the change in new aircraft deliveries for years 2016 and 2017 from 15 to 1 and (iv) the reduction of at least 6% of the volume of departures in the year.
In accordance with the Company's business plan, we started a project with PJT, a financial advisory services firm, and with Skyworks, advisory services firm for the revision of aircraft contracts. These companies were retained to assist with capital structure optimization and to review the obligations of aircraft under operating lease contracts. These, along with other initiatives involving all GOL’s stakeholders, will compose a reversal plan to improve current results and lead to the resumption of positive free cash flow.
Together with the previous measures and with the same commitment to improve the customer experience and improving operational indicators, we have reached major milestones in 2015, such as the total volume of operations in the domestic market, amounting to 270,446 flights - the largest among Brazilian airlines. We also received the "Outstanding Company by Consumidor Moderno" excellence in service award, in the segment "Airlines", and we maintained our leadership in on time perfomance with a 95.4% rate – which represents 0.9 percentage points above the industry average. These results reaffirm our focus on excellence in customer service.
As already announced in 2015, we will be the first Brazilian, South and Central American airline to provide in-flight entertainment and wi-fi access, which will be easily accessed through a mobile or portable entertainment device, whether smartphone, tablet or notebook. All of our aircraft will also feature renovated seats with an ecological leather finish, something that will provide even more comfort to the customers.
In addition to the new connectivity and entertainment platform, we have repositioned the Comfort Class, which, from now on, will be called Class GOL Premium. Our international flight passengers will enjoy exclusive benefits that will make every moment of the journey - from check-in to the landing - a pleasant experience with even more comfort and convenience through the entire flight.
With the full confidence that we are building an even stronger, robust and efficient GOL - even in this turbulent period -, we count on the commitment and dedication of our Team of Eagles, the satisfaction and loyalty of our Customers and support of our investors and partners.
Paulo Sérgio Kakinoff
CEO of GOL Linhas Aéreas Inteligentes S.A.
1
Operating and financial indicators
|
Traffic Data - GOL |
4Q15 |
4Q14 |
% Var. |
2015 |
2014 |
% Var. |
|
RPK GOL – Total |
9,440 |
10,352 |
-8.8% |
38,411 |
38,084 |
0.9% |
|
RPK GOL - Domestic |
8,415 |
9,181 |
-8.3% |
33,903 |
33,730 |
0.5% |
|
RPK GOL - International |
1,025 |
1,171 |
-12.5% |
4,509 |
4,354 |
3.6% |
|
ASK GOL – Total |
12,518 |
13,155 |
-4.8% |
49,744 |
49,503 |
0.5% |
|
ASK GOL – Domestic |
11,071 |
11,497 |
-3.7% |
43,450 |
43,373 |
0.2% |
|
ASK GOL - International |
1,447 |
1,657 |
-12.7% |
6,294 |
6,130 |
2.7% |
|
GOL Load Factor - Total |
75.4% |
78.7% |
-3.3 p,p |
77.2% |
76.9% |
0.3 p,p |
|
GOL Load Factor - Domestic |
76.0% |
79.9% |
-3.9 p,p |
78.0% |
77.8% |
0.2 p,p |
|
GOL Load Factor - International |
70.8% |
70.7% |
0.1 p,p |
71.6% |
71.0% |
0.6 p,p |
|
Operational Data |
4Q15 |
4Q14 |
% Var. |
2015 |
2014 |
% Var. |
|
Revenue Passengers - Pax on board ('000) |
9,583.5 |
10,709.2 |
-10.5% |
38,867.9 |
39,748.6 |
-2.2% |
|
Aircraft Utilization (Block Hours/Day) |
11.1 |
11.8 |
-5.7% |
11.3 |
11.5 |
-1.5% |
|
Departures |
79,377 |
83,342 |
-4.8% |
315,902 |
317,594 |
-0.5% |
|
Average Stage Length (km) |
933 |
932 |
0.0% |
933 |
912 |
2.3% |
|
Fuel consumption (mm liters) |
391 |
409 |
-4.2% |
1,551 |
1,538 |
0.8% |
|
Full-time employees at period end |
16,472 |
16,875 |
-2.4% |
16,472 |
16,875 |
-2.4% |
|
Average Operating Fleet |
132 |
129 |
2.1% |
129 |
126 |
2.3% |
|
Financial Data |
4Q15 |
4Q14 |
% Var. |
2015 |
2014 |
% Var. |
|
Net YIELD (R$ cents) |
24.64 |
23.58 |
4.5% |
22.35 |
23.75 |
-5.9% |
|
Net PRASK (R$ cents) |
18.58 |
18.55 |
0.2% |
17.26 |
18.27 |
-5.6% |
|
Net RASK (R$ cents) |
21.19 |
20.75 |
2.1% |
19.66 |
20.33 |
-3.3% |
|
CASK (R$ cents) |
21.94 |
19.45 |
12.8% |
20.02 |
19.31 |
3.7% |
|
CASK ex-fuel (R$ cents) |
14.99 |
11.92 |
25.8% |
13.38 |
11.55 |
15.9% |
|
Average Exchange Rate 1 |
3.8441 |
2.5437 |
51.1% |
3.3313 |
2.3533 |
41.6% |
|
End of period Exchange Rate 1 |
3.9048 |
2.6562 |
47.0% |
3.9048 |
2.6562 |
47.0% |
|
WTI (avg. per barrel, US$) 2 |
42.2 |
73.2 |
-42.4% |
48.8 |
93.0 |
-47.5% |
|
Price per liter Fuel (R$) 3 |
2.22 |
2.43 |
-8.3% |
2.13 |
2.50 |
-14.8% |
|
Gulf Coast Jet Fuel Cost (average per liter, US$)2 |
0.34 |
0.61 |
-44.6% |
0.40 |
0.72 |
-44.0% |
1. Source: Central Bank; 2. Source: Bloomberg; 3. Fuel expenses/liters consumed.
2
Domestic market – GOL
Domestic supply reduced by 3.7% in the quarter, remaining stable in 2015 and in line with the 2015 projections for the reduction of -1% to stable.
Domestic demand fell by 8.3% in 4Q15, leading the load factor to 76.0%. In 2015, demand was higher by 0.5% compared to 2014, with the load factor registering 78.0% - an increase of 0.2 p.p.
GOL transported 9.1 million passengers in the domestic market in the quarter and 36.8 million passengers in the year, representing a decrease of 10.6% and 2.4%, respectively, and when compared to the same period in 2014. The Company maintained its leadership position in the number of transported passengers in Brazil’s domestic aviation market.
GOL remained the leader in tickets sold to corporate passengers in the Brazilian domestic market, with a share of 31.6% in 2015 – according to the Brazilian Association of Corporate Travel Agencies (Abracorp).
International market - GOL
In the international market, supply was reduced by 12.7% in 4Q15, and showed an increase of 2.7% in 2015 - due to network adjustments over the year. Demand fell by 12.5% in the quarter, registering a lead factor of 70.8%. In 2015, international demand increased by 3.6%, leading the load factor to 71.6%, 0.6 p.p. higher.
During the quarter, GOL transported 495.0 thousand passengers in the international market, 8.4% lower than in 2014. In 2015, the Company transported 2.1 million passengers, an increase of 0.6% compared to the same period in 2014.
PRASK and Yield
Net PRASK grew by 0.2% and 4.9% and yield increased by 4.5% and 9.3%, in comparison with 4Q14 and 3Q15, respectively. In 2015, net PRASK decreased by 5.6% and yield fell by 5.9%.
Operational fleet and fleet plan
|
Fleet plan |
2016 |
2017 |
2018 |
>2018 |
Total |
|
Fleet (End of Period) |
140 |
139 |
142 |
|
|
|
Aircraft Commitments (R$ million)* |
1,337.8 |
- |
2,141.5 |
55,407.2 |
58,886.5 |
|
Pre-Delivery Payments (R$ million) |
6.7 |
343.7 |
579.3 |
6,450.9 |
7,380.5 |
*Considers aircraft list price
|
Final |
4Q15 |
4Q14 |
Var. |
3Q15 |
Var. |
|
Família Boeing 737-NG |
144 |
141 |
+3 |
144 |
- |
|
737-800 NG |
107 |
106 |
+1 |
107 |
- |
|
737-700 NG |
37 |
35 |
+2 |
37 |
- |
|
737-300 Classic* |
- |
3 |
-3 |
- |
- |
|
Opening for rent Type |
4Q15 |
4Q14 |
Var. |
3Q15 |
Var. |
|
Financial Leasing (737-NG and 767) |
46 |
45 |
+1 |
46 |
- |
|
Operating Leasing |
98 |
96 |
+2 |
98 |
- |
*Non-operational
At the end of 4Q15, out of a total of 144 Boeing 737-NG aircraft, GOL was operating 142 aircraft on its routes. The other 2 remaining aircraft were in the process of being returned to the lessors.
3
GOL has 98 aircraft under operating leases and 46 under financial leases, 40 of which with a purchase option when their leasing contracts expire.
The average age of the fleet was 7.7 years at the end of 4Q15. In order to maintain this indicator at low levels, the Company has 124 firm aircraft acquisition orders with Boeing for fleet renewal by 2027.
|
Capex GOL posted a net investment of R$905.5 million in 2015, considering the return of the pre-delivery deposits returns when the aircraft is delivered R$603.9 million in engines. For more details on changes in property, plant and equipment, see Note 15 of the financial statements. |
 |
2015 Guidance
|
2015 Financial Guidance |
From |
To |
2015 Results |
|
Annual Change in Domestic Supply (ASK) |
0 |
-1% |
0% |
|
Average Exchange Rate (R$ /US$) |
3.40 |
3.30 |
3.33 |
|
Jet Fuel Price |
2.25 |
2.15 |
2.14 |
|
Operating Margin (EBIT) |
-2% |
0% |
-1.9% |
4
Annual report of the statutory audit committee (CAE)
CAE comprises three independent members elected by the Company’s Board of Directors. As primary duties, CAE aims to supervise the quality and integrity of the financial reports, compliance with legal, regulatory and statutory requirements, the adherence of the processes relating to risk management and the auditors activities, both internal and the independent, and to supervise and evaluate the execution of contracts of any nature between the Company or its subsidiaries. It also from CAE’s activity to provide for the registration and the exercise of independent auditors in the Brazilian securities market (CVM), in addition to performing the Audit Committee functions in accordance with the Sarbanes Oxley Act, which the Company is subject to be as a Company registered in Securities and Exchange Commission (SEC).
For the relevant discussions related to the year ended December 31, 2015, CAE met nine times and, within its scope, carried out the following activities:
a) Analyzed the annual work plan and discuss the results of the activities performed by independent auditors;
b) Supervised the activities and performance of the Company's internal audit, analyzing the annual work plan, discussing the results of the activities performed and revisions made. The issues raised by the Internal Audit on improvements in the internal control environment are discussed with the managers / directors responsible for the purpose of regularization and the most relevant cases;
c) Supervised and analyzed the effectiveness, quality and integrity of internal control mechanisms in order to, among others, monitor compliance with the legislations relating to the financial statements, including quarterly financial information and other interim statements;
d) Examined, evaluated and commented in advance, agreements of several types between the Company or its subsidiaries on one hand, and the controlling shareholder on the other hand, given the standards usually applied on the market for agreements of the same nature between independent parties;
e) Reviewed the adherence of material transactions with the Company's related parties, along with The Management and the internal audit;
f) Met with the independent auditors, Ernst & Young, and were discussed, among others, the following topics: the relationship and the communication between CAE and the auditors, internal and external, scope of the line of work from the auditors and the conclusions presented by the implementation of the Independent Auditors' work plan;
g) Held the activity report and the operation of CAE during the year 2015, through a specific form, following the good corporate governance practices.
Internal controls
Based on the work program and the agenda for the year 2015, CAE was reported on the main processes within the Company, assessing the quality and commitment of senior Management members with their continuous improvement. As a result of meetings with the internal areas of the Company, CAE had the opportunity to provide the Board of Directors suggestions for improvement in the processes, as well as monitor the implementation and enforcement of the recommendations for improvement identified during the audit process and in discussions with the business areas and internal controls. Based on the data acquired, CAE believes that the internal controls system of the Company and its subsidiaries is adequate to the size and complexity of its business and structured, in order to ensure the efficiency of its operations, systems that generation of financial reports, and compliance with internal and external standards to the transactions subjected.
Risk management
The members of CAE, in the exercise of its duties and legal responsibilities, analyzed the major external, internal and continuity risks, making its recommendations directly to the Board of Directors meetings, contributing and ratifying the actions taken in 2015.
Especially given the complex of the economic scenario in Brazil and the consequent impact on the Company's results, CAE continuously reviewed along with the Board the financial implications and risks, and reported its conclusions to the Board of Directors.
Financial statements
The CAE members, in the exercise of its duties and legal responsibilities, analyzed the financial statements, accompanied by the independent auditors and the board's annual report for the year ended December 31, 2015. Considering the information provided by the Company’s Management and Ernst & Young Independent Auditors S.S., CAE evaluated that information and adequately reflect, in all material respects, the equity and financial position of the Company and its subsidiaries. For this reason, they recommend unanimously the approval of the documents mentioned above by the Board of Directors for submission to the Annual General Meeting of Shareholders, pursuant to the Law of Corporations.
São Paulo, March 28, 2016.
Luiz Kaufmann
Member of the Statutory Audit Committee
Richard F. Lark
Member of the Statutory Audit Committee
Antônio Kandir
Member of the Statutory Audit Committee
5
Directors' statement on the financial statements
FOR THE PURPOSES OF ARTICLE 25, §1, Subsection VI, of CVM Rule 480/09.
In accordance with CVM Rule nº480/09, the Directors declare that discussed, reviewed and agreed with the financial statements for the year ended December 31, 2015.
São Paulo, March 28, 2016.
Paulo Sérgio Kakinoff
Chief Executive Officer
Edmar Prado Lopes Neto
Vice President and Investor Relations Officer
6
Directors' statement on the financial statements
FOR THE PURPOSES OF ARTICLE 25, §1, Subsection VI, of CVM Rule 480/09.
In accordance with Instrução CVM 480/09, the Directors declare that discussed, reviewed and agreed with the report on review of financial statements for the year ended December 31, 2015.
São Paulo, March 28, 2016.
Paulo Sérgio Kakinoff
Chief Executive Officer
Edmar Prado Lopes Neto
Vice President and Investor Relations Officer
7
(A free translation from Portuguese into English of Independent Auditor’s Report on Individual and Consolidated Financial Statements prepared in Brazilian currency in accordance with accounting practices adopted in Brazil and International Financial Reporting Standards (IFRS), issued by International Accounting Standards Board – IASB)
Independent auditor’s report on financial statements
To the Shareholders, Board of Directors and Officers of
Gol Linhas Aéreas Inteligentes S.A.
São Paulo - SP
We have audited the accompanying individual and consolidated financial statements of Gol Linhas Aéreas Inteligentes S.A. (“the Company”), identified as individual and consolidated, respectively, which comprise the balance sheet as at December 31, 2015, and the related income statement, statement of comprehensive income, statement of changes in equity, and statement of cash flows for the year then ended, and a summary of significant accounting practices and other explanatory information.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of the individual and consolidated financial statements in accordance with the accounting practices adopted in Brazil, and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and for such internal controls as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Brazilian and international standards on auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation and fair presentation of the Company’s financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting practices used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the aforementioned individual and consolidated financial statements present fairly, in all material respects, the individual and consolidated financial position of Gol Linhas Aéreas Inteligentes S.A. at December 31, 2015, the individual and consolidated performance of its operations and the respective cash flows for the year then ended in accordance with the accounting practices adopted in Brazil and with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
8
Other matters
Statements of value added
We have also audited the individual and consolidated statements of value added for the year ended December 31, 2015, prepared under the responsibility of Management, the presentation of which is required by the Brazilian Corporation Law for publicly held companies , and as supplementary information under the IFRS, whereby no statement of value added presentation is required. These statements have been subject to the same auditing procedures previously described and, in our opinion, are presented fairly, in all material respects, in relation to the overall financial statements.
São Paulo – March 28, 2015
ERNST & YOUNG
Auditores Independentes S.S.
CRC-2SP015199/O-6
Luiz Carlos Passetti
Accountant CRC-1SP144343/O-3
9
 |
Company Profile / Subscribed Capital |
|
Number of shares |
Current Year |
|
12/31/2015 | |
|
Paid-in capital |
5,035,037,140 |
|
Preferred |
203,383,968 |
|
Total |
5,238,421,108 |
|
Treasury shares |
1,526,769 |
|
Total |
1,526,769 |
10
|
|
Individual Financial Statements / Statements of Financial Position – Assets (In thousands of Brazilian Reais – R$) |
|
Line code |
Line item |
Current Year 12/31/2015 |
Prior Year 12/31/2014 |
|
1 |
Total assets |
2,842,386 |
1,790,138 |
|
1.01 |
Current assets |
683,732 |
561,036 |
|
1.01.01 |
Cash and cash equivalents |
387,323 |
459,364 |
|
1.01.02 |
Short-term investments |
195,293 |
56,491 |
|
1.01.06 |
Recoverable taxes |
5,980 |
10,289 |
|
1.01.07 |
Prepaid expenses |
203 |
532 |
|
1.01.08 |
Other current assets |
94,933 |
34,360 |
|
1.01.08.01 |
Noncurrent assets for sale |
59,324 |
7 |
|
1.01.08.01.01 |
Restricted cash |
59,324 |
7 |
|
1.01.08.03 |
Others |
35,609 |
34,353 |
|
1.02 |
Noncurrent assets |
2,158,654 |
1,229,102 |
|
1.02.01 |
Long-term assets |
962,616 |
186,195 |
|
1.02.01.06 |
Taxes |
25,235 |
84,697 |
|
1.02.01.06.01 |
Deferred taxes |
7,952 |
65,305 |
|
1.02.01.06.02 |
Recoverable taxes |
17,283 |
19,392 |
|
1.02.01.08 |
Related-party transactions |
882,641 |
52,778 |
|
1.02.01.08.04 |
Other related-party transactions |
882,641 |
52,778 |
|
1.02.01.09 |
Other noncurrent assets |
54,740 |
48,720 |
|
1.02.01.09.03 |
Deposits |
31,281 |
26,706 |
|
1.02.01.09.04 |
Restricted cash |
23,459 |
22,014 |
|
1.02.02 |
Investments |
213,219 |
181,220 |
|
1.02.03 |
Property, plant and equipment |
982,819 |
861,687 |
11
|
|
Individual Financial Statements / Statements of Financial Position – Liabilities
(In thousands of Brazilian Reais – R$) |
|
Line code |
Line item |
Current Year 12/31/2015 |
Prior Year 12/31/2014 |
|
2 |
Total liabilities and stockholder’s equity |
2,842,386 |
1,790,138 |
|
2.01 |
Current liabilities |
136,027 |
58,908 |
|
2.01.01 |
Salaries, wages and benefits |
384 |
519 |
|
2.01.01.02 |
Salaries, wages and benefits |
384 |
519 |
|
2.01.02 |
Suppliers |
6,873 |
437 |
|
2.01.03 |
Taxes payable |
302 |
- |
|
2.01.04 |
Short-term debt |
127,598 |
56,619 |
|
2.01.05 |
Other liabilities |
870 |
567 |
|
2.01.05.02 |
Others |
870 |
567 |
|
2.01.05.02.04 |
Other liabilities |
870 |
567 |
|
2.01.06 |
Provisions |
- |
766 |
|
2.02 |
Noncurrent liabilities |
7,252,821 |
2,249,617 |
|
2.02.01 |
Long-term debt |
4,238,782 |
2,098,209 |
|
2.02.02 |
Other non-current liabilities |
27,237 |
151,408 |
|
2.02.02.01 |
Liabilities with related-party transactions |
27,237 |
151,408 |
|
2.02.04 |
Provisions |
2.986.802 |
- |
|
2.02.04.02 |
Others provisions |
2.986.802 |
- |
|
2.02.04.02.04 |
Loss on investiment |
2.986.802 |
- |
|
2.03 |
Shareholder’s equity |
(4.546.462) |
(518,387) |
|
2.03.01 |
Issued capital |
3,038,215 |
2,581,913 |
|
2.03.01.01 |
Capital |
3,080,110 |
2,618,748 |
|
2.03.01.02 |
Cost on issued shares |
(41,895) |
(36,886) |
|
2.03.01.03 |
Shares to be issued |
- |
51 |
|
2.03.02 |
Capital reserves |
179,288 |
165,772 |
|
2.03.02.01 |
Premium on issue of shares |
27,882 |
32,387 |
|
2.03.02.02 |
Special reserve |
70,979 |
70,979 |
|
2.03.02.05 |
Treasury shares |
(22,699) |
(31,357) |
|
2.03.02.07 |
Treasury shares |
103,126 |
93,763 |
|
2.03.05 |
Accumulated losses |
(8.275.405) |
(3,814,522) |
|
2.03.06 |
Equity valuation adjustments |
511,440 |
548,450 |
|
2.03.06.01 |
Equity valuation adjustments |
(178,939) |
(138,713) |
|
2.03.06.02 |
Change in equity through public offer |
690,379 |
687,163 |
12
|
|
Individual Financial Statements / Statements of Operations (In thousands of Brazilian Reais – R$) |
|
|
|
Current Year |
Prior Year |
|
Line code |
Line item |
01/01/2015 to 12/31/2015 |
01/01/2014 to 12/31/2014 |
|
3.04 |
Operating expenses/revenues |
(3,311,111) |
(854,373) |
|
3.04.02 |
General and administrative expenses |
(15,044) |
(13,046) |
|
3.04.04 |
Other operating income |
25,695 |
72,295 |
|
3.04.06 |
Equity in subsidiaries |
(3,321,762) |
(913,622) |
|
3.05 |
Loss before income taxes and financial result |
(3,311,111) |
(854,373) |
|
3.06 |
Financial result |
(1,078,652) |
(409,234) |
|
3.06.01 |
Financial income |
26,212 |
12,269 |
|
3.06.01.01 |
Financial income |
26,212 |
12,269 |
|
3.06.02 |
Financial expenses |
(1,104,864) |
(421,503) |
|
3.06.02.01 |
Financial expenses |
(291,082) |
(259,182) |
|
3.06.02.02 |
Exchange variation, net |
(813,782) |
(162,321) |
|
3.07 |
Loss before income taxes |
(4,389,763) |
(1,263,607) |
|
3.08 |
Income taxes |
(71,120) |
17,438 |
|
3.08.01 |
Current |
(11,031) |
74 |
|
3.08.02 |
Deferred |
(60,089) |
17,364 |
|
3.09 |
Result from continuing operations, net |
(4,460,883) |
(1,246,169) |
|
3.11 |
Net loss for the year |
(4,460,883) |
(1,246,169) |
|
3.99 |
Losses per share |
|
|
|
3.99.01 |
Basic loss per share |
|
|
|
3.99.01.01 |
Common |
(0.422) |
(0.128) |
|
3.99.01.02 |
Preferred |
(14.764) |
(4.482) |
|
3.99.02 |
Diluted loss per share |
|
|
|
3.99.02.01 |
Common |
(0.422) |
(0.128) |
|
3.99.02.02 |
Preferred |
(14.765) |
(4.477) |
13
|
|
Individual Financial Statements / Statements of Comprehensive Loss (In thousands of Brazilian Reais – R$) |
|
|
|
Current Year |
Prior Year |
|
Line code |
Line item |
01/01/2015 to 12/31/2015 |
01/01/2014 to 12/31/2014 |
|
4.01 |
Net loss for the year |
(4,460,883) |
(1,246,169) |
|
4.02 |
Other comprehensive income |
(40,226) |
(120,551) |
|
4.02.02 |
Cash flow hedges |
(60,949) |
(182,653) |
|
4.02.03 |
Tax effect |
20,723 |
62,102 |
|
4.03 |
Comprehensive loss for the year |
(4,501,109) |
(1,366,720) |
|
|
Individual Financial Statements / Statements of Cash Flows – Indirect Method (In thousands of Brazilian Reais – R$) |
|
|
|
Current Year |
Prior Year |
|
Line code |
Line item |
01/01/2015 to 12/31/2015 |
01/01/2014 to 12/31/2014 |
|
6.01 |
Net cash used in operating activities |
(232,049) |
(121,661) |
|
6.01.01 |
Cash flows from operating activities |
3,548,482 |
1,172,243 |
|
6.01.01.02 |
Deferred taxes |
60,089 |
(17,364) |
|
6.01.01.03 |
Equity in subsidiaries |
3,321,762 |
913,622 |
|
6.01.01.04 |
Share-based payments |
3,992 |
5,597 |
|
6.01.01.05 |
Exchange and monetary variations, net |
133,681 |
245,627 |
|
6.01.01.06 |
Interest on loans |
247,023 |
147,968 |
|
6.01.01.07 |
Unrealized results of hedge, net |
- |
15,901 |
|
6.01.01.08 |
Interest paid |
(207,032) |
(139,108) |
|
6.01.01.09 |
Income tax paid |
(11,034) |
- |
|
6.01.02 |
Changes assets and liabilities |
680,352 |
(47,735) |
|
6.01.02.01 |
Deposits |
(4,575) |
(6,536) |
|
6.01.02.02 |
Prepaid expenses and recoverable taxes |
5,981 |
7,807 |
|
6.01.02.03 |
Suppliers |
6,436 |
(3,333) |
|
6.01.02.04 |
Taxes payable |
8,600 |
(1,682) |
|
6.01.02.05 |
Other obligations |
6,795 |
906 |
|
6.01.02.06 |
Other assets |
(1,256) |
9,643 |
|
6.01.02.07 |
Financial applications used for trading |
658,506 |
(53,967) |
|
6.01.02.09 |
Salaries, wages and benefits |
(135) |
(573) |
|
6.01.03 |
Others |
(4,460,883) |
(1,246,169) |
|
6.01.03.01 |
Net loss for the year |
(4,460,883) |
(1,246,169) |
|
6.02 |
Net cash used in investing activities |
(1,322,776) |
(113,461) |
|
6.02.01 |
Investment acquisition, net |
- |
65,703 |
|
6.02.02 |
Restricted cash |
(60,762) |
(1,811) |
|
6.02.03 |
Advances for property, plant and equipment acquisition |
(121,132) |
29,145 |
|
6.02.05 |
Advances for future capital increase |
(570,897) |
- |
|
6.02.06 |
Related-party transactions |
(731,174) |
(245) |
|
6.02.07 |
Capital increase on subsidiary |
(570,897) |
(830,802) |
|
6.02.08 |
Dividends received by subsidiary |
161,189 |
80,693 |
|
6.02.09 |
Capital decrease by subsidiary |
- |
543,856 |
|
6.03 |
Net cash generated by financing activities |
1,364,830 |
350,693 |
|
6.03.01 |
Loan funding |
1,064,404 |
760,774 |
|
6.03.02 |
Loan and lease payment |
- |
(1,007,791) |
|
6.03.03 |
Credit (debt) with related parties |
(155,876) |
485,420 |
|
6.03.07 |
Cost on issue of shares |
(5,009) |
(4,935) |
|
6.03.09 |
Shares to be issued |
- |
51 |
|
6.03.10 |
Capital increase |
461,311 |
117,174 |
|
6.04 |
Exchange and monetary variations, net |
117,954 |
- |
|
6.05 |
Net increase (decrease) in cash and cash equivalents |
(72,041) |
115,571 |
|
6.05.01 |
Cash and cash equivalents at beginning of the year |
459,364 |
343,793 |
|
6.05.02 |
Cash and cash equivalents at end of the year |
387,323 |
459,364 |
15
|
|
Individual Financial Statements / Statements of Changes in Equity From 01/01/2015 to 31/12/2015 (In thousands of Brazilian Reais – R$) |
|
Line code |
Line item |
Capital stock |
Capital reserves, options granted and treasury shares |
Accumulated losses |
Other comprehensive loss |
Total equity (deficit) |
|
5.01 |
Opening balance |
2,581,913 |
852,935 |
(3,814,522) |
(138,713) |
(518,387) |
|
5.03 |
Adjusted balance |
2,581,913 |
852,935 |
(3,814,522) |
(138,713) |
(518,387) |
|
5.04 |
Stockholder’s capital transactions |
456,302 |
16,732 |
- |
- |
473,034 |
|
5.04.01 |
Capital increase |
461,273 |
- |
- |
- |
461,273 |
|
5.04.02 |
Cost on share issue |
(5,009) |
- |
- |
- |
(5,009) |
|
5.04.08 |
Stock options exercised |
- |
13,516 |
- |
- |
13,516 |
|
5.04.09 |
Capital increase for exercise of stock option |
38 |
- |
- |
- |
38 |
|
5.04.10 |
Gain on dilution of equity interest |
- |
3,216 |
- |
- |
3,216 |
|
5.05 |
Total comprehensive loss |
- |
- |
(4,460,883) |
(40,226) |
(4,501,109) |
|
5.05.01 |
Net loss for the period |
- |
- |
(4,460,883) |
- |
(4,460,883) |
|
5.05.02 |
Other comprehensive loss |
- |
- |
- |
(40,226) |
(40,226) |
|
5.05.02.06 |
Other comprehensive result, net |
- |
- |
- |
(40,226) |
(40,226) |
|
5.07 |
Closing balance |
3,038,215 |
869,667 |
(8,275,405) |
(178,939) |
(4,546,462) |
16
|
|
Individual Financial Statements / Statements of Changes in Equity From 01/01/2014 to 12/31/2014 (In thousands of Brazilian Reais – R$) |
|
Line code |
Line item |
Capital stock |
Capital reserves, options granted and treasury shares |
Accumulated losses |
Other comprehensive income |
Total equity (deficit) |
|
5.01 |
Opening balance |
2,469,623 |
767,818 |
(2,568,353) |
(18,162) |
650,926 |
|
5.03 |
Adjusted balance |
2,469,623 |
767,818 |
(2,568,353) |
(18,162) |
650,926 |
|
5.04 |
Shareholders’ capital transactions |
112,290 |
85,117 |
- |
- |
197,407 |
|
5.04.01 |
Capital increase |
116,403 |
- |
- |
- |
116,403 |
|
5.04.02 |
Cost on issue of shares |
(4,935) |
- |
- |
- |
(4,935) |
|
5.04.03 |
Share-based payments |
- |
9,084 |
- |
- |
9,084 |
|
5.04.09 |
Capital increase by exercise of stock options |
822 |
- |
- |
- |
822 |
|
5.04.10 |
Gains on change on investment |
- |
2,063 |
- |
- |
2,063 |
|
5.04.11 |
Gains on investment sold - G.A. Smiles |
- |
73,970 |
- |
- |
73,970 |
|
5.05 |
Total comprehensive result |
- |
- |
(1,246,169) |
(120,551) |
(1,366,720) |
|
5.05.01 |
Net loss for the year |
- |
- |
(1,246,169) |
- |
(1,246,169) |
|
5.05.02 |
Other comprehensive result |
- |
- |
- |
(120,551) |
(120,551) |
|
5.05.02.06 |
Other comprehensive results, net |
- |
- |
- |
(120,551) |
(120,551) |
|
5.07 |
Closing balance |
2,581,913 |
852,935 |
(3,814,522) |
(138,713) |
(518,387) |
17
|
|
Individual Financial Statements / Statements of Value Added (In thousands of Brazilian Reais – R$)
|
|
|
|
Current Year |
Prior Year |
|
Line code |
Line item |
01/01/2015 to 12/31/2015 |
01/01/2014 to 12/31/2014 |
|
7.01 |
Revenue |
25,695 |
72,295 |
|
7.01.02 |
Other revenue |
25,695 |
72,295 |
|
7.01.02.01 |
Other operating income |
25,695 |
72,295 |
|
7.02 |
Acquired from third parties |
(10,064) |
(7,375) |
|
7.02.02 |
Material, power, third-party services and other |
(9,716) |
(7,375) |
|
7.02.04 |
Others |
(348) |
- |
|
7.02.04.01 |
Sales and advertising |
(348) |
- |
|
7.03 |
Gross value added |
15,631 |
64,920 |
|
7.05 |
Added value produced |
15,631 |
64,920 |
|
7.06 |
Value added received in transfer |
(2,876,489) |
(901,353) |
|
7.06.01 |
Equity in subsidiaries |
(3,321,762) |
(913,622) |
|
7.06.02 |
Financial income |
445,273 |
12,269 |
|
7.07 |
Total wealth for distribution |
(2,860,858) |
(836,433) |
|
7.08 |
Wealth for distribution |
(2,860,858) |
(836,433) |
|
7.08.01 |
Employees |
4,944 |
6,921 |
|
7.08.01.01 |
Salaries |
5,087 |
6,650 |
|
7.08.01.03 |
F.G.T.S. |
(143) |
271 |
|
7.08.02 |
Taxes |
73,039 |
(18,688) |
|
7.08.02.01 |
Federal taxes |
73,039 |
(18,688) |
|
7.08.03 |
Third-party capital remuneration |
1,522,042 |
421,503 |
|
7.08.03.01 |
Interest |
1,522,042 |
345,494 |
|
7.08.03.03 |
Other |
- |
76,009 |
|
7.08.03.03.01 |
Financiers |
- |
76,009 |
|
7.08.04 |
Return on own capital |
(4,460,883) |
(1,246,169) |
|
7.08.04.03 |
Loss for the year |
(4,460,883) |
(1,246,169) |
18
|
|
Consolidated Financial Information / Statements of Financial Position – Assets (In thousands of Brazilian Reais – R$)
|
|
Line code |
Line item |
Current Year 12/31/2015 |
Prior Year 12/31/2014 |
|
1 |
Total assets |
10,368,397 |
9,976,647 |
|
1.01 |
Current assets |
2,461,566 |
2,986,198 |
|
1.01.01 |
Cash and cash equivalents |
1,072,332 |
1,898,773 |
|
1.01.02 |
Short-term investments |
551,044 |
355,134 |
|
1.01.02.01 |
Short-term investments at fair value |
551,044 |
355,134 |
|
1.01.02.01.03 |
Restricted cash |
59,324 |
58,310 |
|
1.01.02.01.04 |
Short-term investments |
491,720 |
296,824 |
|
1.01.03 |
Accounts receivable |
462,620 |
352,284 |
|
1.01.04 |
Inventories |
199,236 |
138,682 |
|
1.01.06 |
Recoverable taxes |
58,074 |
81,245 |
|
1.01.07 |
Prepaid expenses |
87,211 |
99,556 |
|
1.01.08 |
Other current assets |
31,049 |
60,524 |
|
1.01.08.03 |
Others |
31,049 |
60,524 |
|
1.01.08.03.03 |
Other credits |
29,283 |
41,678 |
|
1.01.08.03.04 |
Rights on derivatives transactions |
1,766 |
18,846 |
|
1.02 |
Noncurrent assets |
7,906,831 |
6,990,449 |
|
1.02.01 |
Long-term assets |
1,917,188 |
1,665,746 |
|
1.02.01.06 |
Taxes |
181,173 |
557,309 |
|
1.02.01.06.01 |
Deferred Taxes |
107,788 |
486,975 |
|
1.02.01.06.02 |
Recoverable taxes |
73,385 |
70,334 |
|
1.02.01.07 |
Prepaid expenses |
10,075 |
18,247 |
|
1.02.01.09 |
Other noncurrent assets |
1,725,940 |
1,090,190 |
|
1.02.01.09.03 |
Restricted cash |
676,080 |
273,240 |
|
1.02.01.09.04 |
Deposits |
1,020,074 |
793,508 |
|
1.02.01.09.05 |
Other credits |
29,786 |
23,442 |
|
1.02.02 |
Investments |
18,424 |
8,483 |
|
1.02.03 |
Property, plant and equipment |
4,256,614 |
3,602,034 |
|
1.02.03.01 |
Property, plant and equipment in operation |
2,174,641 |
1,522,310 |
|
1.02.03.01.01 |
Other flight equipments |
1,419,599 |
935,209 |
|
1.02.03.01.02 |
Advances for property, plant and equipment acquisition |
623,843 |
456,197 |
|
1.02.03.01.04 |
Others |
131,199 |
130,904 |
|
1.02.03.02 |
Property, plant and equipment under leasing |
2,081,973 |
2,079,724 |
|
1.02.03.02.01 |
Property, plant and equipment under financial leasing |
2,081,973 |
2,079,724 |
|
1.02.04 |
Intangible |
1,714,605 |
1,714,186 |
|
1.02.04.01 |
Intangible |
1,172,303 |
1,156,701 |
|
1.02.04.02 |
Goodwill |
542,302 |
557,485 |
19
|
|
Consolidated Financial Information / Statements of Financial Position – Assets (In thousands of Brazilian Reais – R$)
|
|
Line code |
Line item |
Current Year 12/31/2015 |
Prior Year 12/31/2014 |
|
2 |
Total liabilities and equity |
10,368,397 |
9,976,647 |
|
2.01 |
Current liabilities |
5,542,008 |
4,212,646 |
|
2.01.01 |
Salaries, wages and benefits |
250,635 |
255,440 |
|
2.01.01.02 |
Salaries, wages and benefits |
250,635 |
255,440 |
|
2.01.02 |
Suppliers |
900,682 |
686,151 |
|
2.01.03 |
Taxes payable |
118,957 |
100,094 |
|
2.01.04 |
Short-term debt |
1,396,623 |
1,110,734 |
|
2.01.05 |
Other liabilities |
2,668,403 |
1,853,133 |
|
2.01.05.02 |
Others |
2,668,403 |
1,853,133 |
|
2.01.05.02.04 |
Taxes and landing fees |
313,656 |
315,148 |
|
2.01.05.02.05 |
Advance ticket sales |
1,206,655 |
1,101,611 |
|
2.01.05.02.06 |
Mileage program |
770,416 |
220,212 |
|
2.01.05.02.07 |
Advances from customers |
13,459 |
3,196 |
|
2.01.05.02.08 |
Other current liabilities |
222,774 |
127,600 |
|
2.01.05.02.09 |
Liabilities from derivative transactions |
141,443 |
85,366 |
|
2.01.06 |
Provisions |
206,708 |
207,094 |
|
2.02 |
Noncurrent liabilities |
9,148,829 |
6,096,975 |
|
2.02.01 |
Long-term debt |
7,908,303 |
5,124,505 |
|
2.02.02 |
Other non-current liabilities |
331,606 |
693,904 |
|
2.02.02.02 |
Others |
331,606 |
693,904 |
|
2.02.02.02.03 |
Mileage program |
221,242 |
559,506 |
|
2.02.02.02.05 |
Taxes payable |
39,054 |
34,807 |
|
2.02.02.02.06 |
Other liabilities |
71,310 |
99,591 |
|
2.02.03 |
Deferred taxes |
245,355 |
- |
|
2.02.03.01 |
Deferred income tax and social Contribution |
245,355 |
- |
|
2.02.04 |
Provisions |
663,565 |
278,566 |
|
2.03 |
Stockholder’s equity |
(4,322,440) |
(332,974) |
|
2.03.01 |
Capital |
2,924,887 |
2,468,585 |
|
2.03.01.01 |
Issued capital |
3,080,110 |
2,618,748 |
|
2.03.01.02 |
Cost on issued shares |
(155,223) |
(150,214) |
|
2.03.01.03 |
Shares to be issued |
- |
51 |
|
2.03.02 |
Capital reserves |
179,288 |
165,772 |
|
2.03.02.01 |
Premium on issue of shares |
27,882 |
32,387 |
|
2.03.02.02 |
Special reserve |
70,979 |
70,979 |
|
2.03.02.05 |
Treasury shares |
(22,699) |
(31,357) |
|
2.03.02.07 |
Share-based payments |
103,126 |
93,763 |
|
2.03.05 |
Accumulated losses |
(8,162,077) |
(3,701,194) |
|
2.03.06 |
Equity valuation adjustments |
511,440 |
548,450 |
|
2.03.06.01 |
Equity valuation adjustments |
(178,939) |
(138,713) |
|
2.03.06.02 |
Change in equity through public offer |
690,379 |
687,163 |
|
2.03.09 |
Non-controlling interests |
224,022 |
185,413 |
20
|
|
Consolidated Financial Information / Statements of Operations (In thousands of Brazilian Reais – R$) |
|
|
Current Year |
Prior Year | |
|
Line code |
Line item |
01/01/2015 to 12/31/2015 |
01/01/2014 to 12/31/2014 |
|
3.01 |
Sales and services revenue |
9,778,007 |
10,066,214 |
|
3.01.01 |
Passenger |
8,583,388 |
9,045,831 |
|
3.01.02 |
Cargo and other |
1,194,619 |
1,020,383 |
|
3.02 |
Cost of sales and/or services |
(8,260,357) |
(8,147,202) |
|
3.03 |
Gross profit |
1,517,650 |
1,919,012 |
|
3.04 |
Operating expenses |
(1,701,427) |
(1,414,070) |
|
3.04.01 |
Sales expenses |
(1,041,041) |
(877,140) |
|
3.04.01.01 |
Marketing expenses |
(1,041,041) |
(877,140) |
|
3.04.02 |
General and administrative expenses |
(682,140) |
(606,735) |
|
3.04.04 |
Other operating income |
25,695 |
72,295 |
|
3.04.06 |
Equity in subsidiaries |
(3,941) |
(2,490) |
|
3.05 |
Income before taxes and financial result |
(183,777) |
504,942 |
|
3.06 |
Financial result |
(3,263,323) |
(1,457,622) |
|
3.06.01 |
Financial income |
332,567 |
407,716 |
|
3.06.01.01 |
Financial income |
332,567 |
407,716 |
|
3.06.02 |
Financial expenses |
(3,595,890) |
(1,865,338) |
|
3.06.02.03 |
Exchange variation, net |
(2,266,999) |
(436,207) |
|
3.06.02.04 |
Financial expenses |
(1,328,891) |
(1,429,131) |
|
3.07 |
Loss before income taxes |
(3,447,100) |
(952,680) |
|
3.08 |
Tax expenses |
(844,140) |
(164,601) |
|
3.08.01 |
Current |
(196,140) |
(120,784) |
|
3.08.02 |
Deferred |
(648,000) |
(43,817) |
|
3.09 |
Net loss from continuing operations |
(4,291,240) |
(1,117,281) |
|
3.11 |
Net loss for the year |
(4,291,240) |
(1,117,281) |
|
3.11.01 |
Attributable to Company’ shareholders |
(4,460,883) |
(1,246,169) |
|
3.11.02 |
Attributable to non-controlling Company’ shareholders |
169,643 |
128,888 |
|
3.99 |
Losses per share |
|
|
|
3.99.01 |
Basic loss per share |
|
|
|
3.99.01.01 |
Common |
(0.422) |
(0.128) |
|
3.99.01.02 |
Preferred |
(14.764) |
(4.482) |
|
3.99.02 |
Diluted loss per share |
|
|
|
3.99.02.01 |
Common |
(0.422) |
(0.128) |
|
3.99.02.02 |
Preferred |
(14.765) |
(4.477) |
21
|
|
Consolidated Financial Information / Statements of Comprehensive Loss (In thousands of Brazilian Reais – R$) |
|
|
|
Current Year |
Prior Year |
|
Line code |
Line item |
01/01/2015 to 12/31/2015 |
01/01/2014 to 12/31/2014 |
|
4.01 |
Net loss for the year |
(4,291,240) |
(1,117,281) |
|
4.02 |
Other comprehensive income (loss) |
(40,226) |
(120,551) |
|
4.02.02 |
Cash flow hedges |
(60,949) |
(182,653) |
|
4.02.03 |
Tax effect |
20,723 |
62,102 |
|
4.03 |
Comprehensive income for the year |
(4,331,466) |
(1,237,832) |
|
4.03.01 |
Attributable to Company’ shareholders |
(4,501,109) |
(1,366,720) |
|
4.03.02 |
Attributable to non-controlling Company’ shareholders |
169,643 |
128,888 |
22
|
|
Consolidated Financial Statements / Statements of Cash Flows – Indirect Method (In thousands of Brazilian Reais – R$)
|
|
|
|
Current Year |
Prior Year |
|
Line code |
Line item |
01/01/2015 to 12/31/2015 |
01/01/2014 to 12/31/2014 |
|
6.01 |
Net cash generated by operating activities |
(599,467) |
1,129,192 |
|
6.01.01 |
Cash flows from operating activities |
3,547,345 |
1,681,186 |
|
6.01.01.01 |
Depreciation and amortization |
419,690 |
463,296 |
|
6.01.01.02 |
Allowance for doubtful accounts |
39,287 |
17,143 |
|
6.01.01.03 |
Provisions for judicial deposits |
44,460 |
12,245 |
|
6.01.01.05 |
Reversion for inventory obsolescence |
(414) |
631 |
|
6.01.01.06 |
Deferred taxes |
648,000 |
43,817 |
|
6.01.01.07 |
Share-based payments |
14,352 |
10,338 |
|
6.01.01.08 |
Exchange and monetary variations, net |
1,723,441 |
636,637 |
|
6.01.01.09 |
Interest on loans and financial lease |
600,410 |
446,636 |
|
6.01.01.10 |
Unrealized hedge results, net |
18,475 |
15,901 |
|
6.01.01.12 |
Mileage program |
- |
- |
|
6.01.01.13 |
Write-off property, plant and equipment and intangible assets |
25,069 |
5,418 |
|
6.01.01.14 |
Equity in subsidiaries |
3,941 |
2,490 |
|
6.01.01.15 |
Result share plan provision |
10,633 |
27,000 |
|
6.01.01.17 |
Transaction effect between shareholders |
- |
(366) |
|
6.01.02 |
Changes assets and liabilities |
144,428 |
565,287 |
|
6.01.02.01 |
Accounts receivable |
(149,623) |
(44,606) |
|
6.01.02.02 |
Inventories |
(60,140) |
(22,169) |
|
6.01.02.03 |
Deposits |
21,077 |
138,561 |
|
6.01.02.04 |
Prepaid expenses, insurance and tax recoverable |
21,253 |
(32,101) |
|
6.01.02.05 |
Other assets |
6,051 |
1,654 |
|
6.01.02.06 |
Suppliers |
210,474 |
183,231 |
|
6.01.02.07 |
Advanced ticket sales |
105,044 |
(118,191) |
|
6.01.02.08 |
Advances from customers |
10,263 |
(168,210) |
|
6.01.02.09 |
Salaries, wages and benefits |
(15,438) |
(5,144) |
|
6.01.02.10 |
Taxes and landing fees |
(1,492) |
43,814 |
|
6.01.02.11 |
Taxes payable |
233,930 |
125,789 |
|
6.01.02.12 |
Provisions |
(61,386) |
(151,423) |
|
6.01.02.13 |
Other Liabilities |
71,321 |
85,899 |
|
6.01.02.14 |
Interest paid |
(548,773) |
(427,698) |
|
6.01.02.15 |
Income tax paid |
(213,555) |
(123,716) |
|
6.01.02.16 |
Liabilities from derivative transactions |
(6,267) |
(67,199) |
|
6.01.02.17 |
Financial applications used for trading |
309,749 |
1,019,303 |
|
6.01.02.18 |
Mileage program |
211,940 |
- |
|
6.01.03 |
Others |
(4,291,240) |
(1,117,281) |
|
6.01.03.01 |
Net loss for the year |
(4,291,240) |
(1,117,281) |
|
6.02 |
Net cash used in investing activities |
(1,259,157) |
(431,610) |
|
6.02.01 |
Investment acquisition |
- |
(25,791) |
|
6.02.02 |
Restricted cash |
(403,854) |
(77,094) |
|
6.02.03 |
Property, plant and equipment |
(391,731) |
(199,176) |
|
6.02.04 |
Intangible |
(42,812) |
(46,308) |
|
6.02.05 |
Investment sale, net |
- |
65,703 |
|
6.02.06 |
Cash from incorporation |
- |
- |
|
6.02.07 |
Advances for property, plant and equipment acquisition |
(167,646) |
11,566 |
|
6.02.08 |
Financial applications |
(254,416) |
(160,510) |
|
6.02.09 |
Dividends received by subsidiary |
1,302 |
- |
23
|
|
Consolidated Financial Statements / Statements of Cash Flows – Indirect Method (In thousands of Brazilian Reais – R$)
|
|
|
|
Current Year |
Prior Year |
|
Line code |
Line item |
01/01/2015 to 12/31/2015 |
01/01/2014 to 12/31/2014 |
|
6.03 |
Net cash (used in) generated by financing activities |
750,190 |
(309,584) |
|
6.03.01 |
Loan funding |
2,468,531 |
2,152,544 |
|
6.03.02 |
Capital increase on subsidiary |
- |
- |
|
6.03.03 |
Payments |
(1,632,039) |
(1,797,308) |
|
6.03.04 |
Dividend Paid |
(119,256) |
(67,409) |
|
6.03.06 |
Financial leasing payment |
(409,519) |
(255,903) |
|
6.03.09 |
Cost on issue of shares |
(5,009) |
(4,935) |
|
6.03.11 |
Shares to be issued |
- |
51 |
|
6.03.13 |
Capital decrease by subsidiary |
- |
(456,144) |
|
6.03.14 |
Interest on capital paid through subsidiary |
(17,566) |
- |
|
6.03.15 |
Capital increase |
461,311 |
117,174 |
|
6.03.16 |
Capital increase from non-controlling shareholders |
3,737 |
2,346 |
|
6.04 |
Exchange and monetary variations, net |
281,993 |
(124,872) |
|
6.05 |
Net increase in cash and cash equivalents |
(826,441) |
263,126 |
|
6.05.01 |
Cash and cash equivalents at beginning of the year |
1,898,773 |
1,635,647 |
|
6.05.02 |
Cash and cash equivalents at end of the year |
1,072,332 |
1,898,773 |
24
|
|
Consolidated Financial Statements / Statements of Changes in Equity From 01/01/2015 to 31/12/2015 (In thousands of Brazilian Reais – R$)
|
|
Line code |
Line item |
Capital Stock |
Capital reserves, options granted and treasury shares |
Accumu-lated losses |
Other Comprehen-sive loss |
Equity (deficit) attributable to equity holders of the parent |
Non-controlling Interests |
Total equity (deficit) |
|
5.01 |
Opening balance |
2,468,585 |
852,935 |
(3,701,194) |
(138,713) |
(518,387) |
185,413 |
(332,974) |
|
5.03 |
Adjusted balance |
2,468,585 |
852,935 |
(3,701,194) |
(138,713) |
(518,387) |
185,413 |
(332,974) |
|
5.04 |
Stockholder’s capital transactions |
456,302 |
16,732 |
- |
- |
473,034 |
(131,034) |
342,000 |
|
5.04.01 |
Capital increase |
461,273 |
- |
- |
- |
461,273 |
- |
461,273 |
|
5.04.02 |
Cost of issued shares |
(5,009) |
- |
- |
- |
(5,009) |
- |
(5,009) |
|
5.04.06 |
Dividend distributed |
- |
- |
- |
- |
- |
(119,256) |
(119,256) |
|
5.04.07 |
Interests on capital |
- |
- |
- |
- |
- |
(17,566) |
(17,566) |
|
5.04.08 |
Stock options exercised |
- |
13,516 |
- |
- |
13,516 |
836 |
14,352 |
|
5.04.09 |
Capital increase for exercise of stock option |
38 |
- |
- |
- |
38 |
3,737 |
3,775 |
|
5.04.10 |
Gains on change on investment |
- |
3,216 |
- |
- |
3,216 |
1,215 |
4,431 |
|
5.05 |
Total comprehensive result |
- |
- |
(4,460,883) |
(40,226) |
(4,501,109) |
169,643 |
(4,331,466) |
|
5.05.01 |
Net loss for the year |
- |
- |
(4,460,883) |
- |
(4,460,883) |
169,643 |
(4,291,240) |
|
5.05.02 |
Other comprehensive result |
- |
- |
- |
(40,226) |
(40,226) |
- |
(40,226) |
|
5.05.02.06 |
Other comprehensive results, net |
- |
- |
- |
(40,226) |
(40,226) |
- |
(40,226) |
|
5.07 |
Closing balance |
2,924,887 |
869,667 |
(8,162,077) |
(178,939) |
(4,546,462) |
224,022 |
(4,322,440) |
25
|
|
Consolidated Financial Statements / Statements of Changes in Equity From 01/01/2014 to 31/12/2014 (In thousands of Brazilian Reais – R$) |
|
Line code |
Line item |
Capital Stock |
Capital reserves, options granted and treasury shares |
Accumu-lated losses |
Other Comprehen-sive loss |
Equity (deficit) attributable to equity holders of the parent |
Non-controlling Interests |
Total equity (deficit) |
|
5.01 |
Opening balance |
2,356,295 |
767,818 |
(2,455,025) |
(18,162) |
650,926 |
567,574 |
1,218,500 |
|
5.03 |
Adjusted balance |
2,356,295 |
767,818 |
(2,455,025) |
(18,162) |
650,926 |
567,574 |
1,218,500 |
|
5.04 |
Stockholder’s capital transactions |
112,290 |
85,117 |
- |
- |
197,407 |
(480,593) |
(283,186) |
|
5.04.01 |
Capital increase |
116,403 |
- |
- |
- |
116,403 |
- |
116,403 |
|
5.04.02 |
Cost on issued shares |
(4,935) |
- |
- |
- |
(4,935) |
- |
(4,935) |
|
5.04.06 |
Dividend |
- |
- |
- |
- |
- |
(67,409) |
(67,409) |
|
5.04.08 |
Share-based payments |
- |
9,084 |
- |
- |
9,084 |
1,254 |
10,338 |
|
5.04.09 |
Capital increase through stock options |
822 |