- GOL maintains a solid liquidity position, with no significant debt maturities until 2024;
- The Company meets growth in passenger demand by increasing capacity to a peak of 260 flights a day;
- Reliable, low-cost, flexible and efficient operations positions the Company to advance its market leadership in Brazil.
São Paulo, September 10, 2020 - GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or "Company"), Brazil's largest domestic airline, today provides its Investor Update for the month of August. All information is presented in Brazilian Reais (R$). The information below is preliminary and unaudited.
Since the last update on July 31, 2020, GOL increased its capacity to an average of 190 flights a day in August to service the 20% improvement in demand for air travel relative to July. In the month, GOL's consolidated gross sales were over R$500 million and average load factor was over 79%.
"GOL's flexible and efficient operating model enables us to quickly add routes as demand for travel resumes by adjusting our network almost simultaneously," said Paulo Kakinoff, CEO. "We also have the balance sheet discipline and sufficient liquidity to meet our debt obligations, finance our operations, accelerate profitable growth and assert our competitive advantage in the market."
Management will continue to diligently maintain equilibrium in the Company's cash flow, matching resources to demand levels. Management believes GOL's ability to execute on this is exceptional in the South American aviation market due to the following factors: its high efficiency structure composed predominantly of variable costs; its focus on domestic operations in Brazil; the continued support of its stakeholders and partners; and its use of a single aircraft type that provides for significant fleet and operational flexibility.
Added Kakinoff: "In the past six months, the global airline industry faced unparalleled challenges. GOL's differentiated operating model, investments in technology, strong balance sheet and trust among our Customers gave us an exceptional advantage in meeting these challenges. Moments like these provide GOL with the opportunity to once again prove the resilience of its business model. We firmly believe that GOL will strengthen its position in the South American aviation market."