2Q04 Results Presentation

2Q04 Results PresentationAugust 11, 2004

l:\eps\roadshow\fifa (5061665)\fifa section 1 due diligence presentation.ppt

2

June IPOJune IPO

Simultaneous listing on Bovespa and NYSE (1st in 5 years)

High demand in Brazil and abroad

Largest retail demand ever generated for Brazilian IPO

Successfully marketed and positioned vs. leading global peers

Listing price: R$ 26.57 or US$ 17.00 per ADS

Investor Allocation Profile

Retail25%

Institutional75%

US: 72% 20% retail

Brazil: 28% 41% retail


3

Value PropositionValue Proposition

One of world’s most profitable and fastest growing airlines

Among lowest operating costs globally

Young and modern fleet = low maintenance costs

Single class service = high efficiency & aircraft utilization

Opening up new markets


4

Financial & Operating HighlightsFinancial & Operating Highlights

2Q03 2Q04

318.9385.5

Net Revenues R$ MM

2Q03 2Q04

1,1551,423

Revenue Passenger Kilometers (RPK)

(millions)

2Q03 2Q04

Load Factor

62.6%68.9%

+8.3pp

+20.5%

+23.2%


5

Financial & Operating HighlightsFinancial & Operating Highlights

CASK(R$ cents)

2Q03 2Q04

EBITDAR R$ million

120.8

146.9

2Q03 2Q04 2Q03 2Q04

RASK(R$ cents)

17.318.7

16.818.1

+8.0%

+6.3%

+21.6%


6

Net Income CompositionNet Income Composition

Net Income 2Q04

Net Income2Q03

R$ million

+ R$ 50.7 million

73.2

Taxes

-32.1

Net Fin. Inc. (Exp.)

+66.3NetRevenues

+66.6

22.5

-24.2

FuelCosts

-22.5 Other Op.Costs


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Industry Benchmarks – 2Q04(1)Industry Benchmarks – 2Q04(1)

Net Income (US$ MM)

EBITDAR (US$ MM)

Mkt Cap(3) (US$ MM)

EV/EBITDAR(3,5)

EBITDAR Margin

P/E(3,4)

Net Income Margin

24(2)

47(2)

1,585

8.0

38.1%

13.3

19.0%

21

80

2,908

11.6

25.0%

34.3

6.7%

113

348

12,398

9.6

20.3%

31.1

6.6%

45(2)

79(2)

4,951

10.5

31.9%

18.4

18.1%

(1) Public information as of June 30, 2004 on each company’s website (2) Translated to US Dollars at June 30, 2004 rates R$3.1075 / US$1.00 and €1.2191 / US$1.00(3) At June 23, 2004 (GOL Pricing date)(4) P/E = Market Capitalization / Net Income of Estimated Calendar Year 2004 (IBES/WS)(5) EV/EBITDAR = (Market Capitalization + Net Debt) / EBITDAR of Estimated CY 2004 (IBES/WS)6) Period represented: The date of GOL’s pricing (6/23/04) through 8/3/04

Stock performance +2% -21% -13% -6%


8

OutlookOutlook

Agreement with Boeing for options up to 43 737-800 Next Generation aircraft

Up to five additional leased aircraft for capacity increase of 15% by year-end

Four new domestic markets: Porto Velho, Rio Branco, Joinville and Uberlândia

New Buenos Aires route in 4Q04

26% - 29%Operating Margins39% - 42%EBITDAR Margins

R$1.90 – 2.20Earnings per Share +/- R$ 1.9Net Revenues (R$ billion)

2004Financial Outlook (US GAAP)

This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL. These are merely projections and, as such, are based exclusively on the expectations of GOL’smanagement concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in GOL’s filed disclosure documents and are, therefore, subject to change without prior notice.

2Q04 Results Presentation

Documents

Transcript of 2Q04 Results Presentation