PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
Vila Olímpia
05457-006 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):
GOL Investor Update
São Paulo, March 28, 2008 - GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4), the parent company of GOL Transportes Aéreos S.A. and VRG Linhas Aéreas S.A., provides its updated investor.
Current News
GOL and VRG have recently added service to the following city pairs:
| GTA | Weekly | Start | VRG | Weekly | Start | |
| City Pair | Freq. | Date | City Pair | Freq. | Date | |
| Rio de Janeiro (Galeão) - Cabo Frio | 2x | 5-jan-08 | Rio de Janeiro (Galeão) - São Paulo (Guarulhos) | 7x | 28-jan-08 | |
| Cabo Frio - Buenos Aires | 2x | 5-jan-08 | São Paulo (Guarulhos) - Madri | 7x | 28-jan-08 | |
| Buenos Aires - Cabo Frio | 2x | 5-jan-08 | Madri - São Paulo (Guarulhos) | 7x | 28-jan-08 | |
| Cabo Frio - Rio de Janeiro (Galeão) | 2x | 5-jan-08 | São Paulo (Guarulhos) - Rio de Janeiro (Galeão) | 7x | 28-jan-08 | |
| Rio de Janeiro (Galeão) - São Paulo (Guarulhos) | 2x | 1-feb-08 | Rio de Janeiro (Galeão) - Brasília | 7x | 11-feb-08 | |
| São Paulo (Guarulhos) - Rio de Janeiro (Galeão) | 2x | 1-feb-08 | Brasília - Belo Horizonte (Confins) | 7x | 11-feb-08 | |
| São Paulo (Guarulhos) - Porto Alegre | 7x | 11-feb-08 | Belo Horizonte (Confins) - Brasília | 7x | 12-feb-08 | |
| Porto Alegre - Curitiba | 7x | 11-feb-08 | Brasília - Rio de Janeiro (Galeão) | 7x | 12-feb-08 | |
| Curitiba - Belo Horizonte (Confins) | 7x | 11-feb-08 | Belo Horizonte (Confins) - São Paulo (Congonhas) | 6x | 24-mar-08 | |
| Belo Horizonte (Confins) - Curitiba | 7x | 11-feb-08 | Salvador - São Paulo (Congonhas) | 7x | 24-mar-08 | |
| Curitiba - Porto Alegre | 7x | 11-feb-08 | São Paulo (Congonhas) - Salvador | 14x | 24-mar-08 | |
| Porto Alegre - São Paulo (Guarulhos) | 7x | 11-feb-08 | Salvador - Brasília | 20x | 24-mar-08 | |
| São Paulo (Guarulhos) - Goiania | 7x | 11-feb-08 | Brasília - Salvador | 20x | 24-mar-08 | |
| Goiania - São Paulo (Guarulhos) | 7x | 12-feb-08 | Porto Alegre - Brasília | 7x | 24-mar-08 | |
| São Paulo (Guarulhos) - Navegantes | 7x | 16-feb-08 | Brasília - Recife | 7x | 24-mar-08 | |
| Navegantes - São Paulo (Guarulhos) | 7x | 16-feb-08 | Recife - Brasília | 7x | 24-mar-08 | |
| Porto Alegre - Brasília | 7x | 17-feb-08 | Brasília - Porto Alegre | 7x | 24-mar-08 | |
| Brasília - Imperatriz | 7x | 17-feb-08 | São Paulo (Guarulhos) - Recife | 7x | 24-mar-08 | |
| Imperatriz - São Luis | 7x | 17-feb-08 | Recife - Fernando de Noronha | 7x | 24-mar-08 | |
| Brasília - Natal | 4x | 17-feb-08 | Fernando de Noronha - Recife | 7x | 24-mar-08 | |
| São Paulo (Guarulhos) - Navegantes | 7x | 1-mar-08 | Recife - São Paulo (Guarulhos) | 7x | 24-mar-08 | |
| Navegantes - Joinville | 7x | 1-mar-08 | Belo Horizonte (Confins) - Brasília | 14x | 24-mar-08 | |
| Joinville - São Paulo (Guarulhos) | 7x | 1-mar-08 | Brasília - Belo Horizonte (Confins) | 14x | 24-mar-08 | |
| São Paulo (Guarulhos) - Joinville | 7x | 1-mar-08 | Salvador - Rio de Janeiro (Galeão) | 14x | 24-mar-08 | |
| Joinville - Navegantes | 7x | 1-mar-08 | Rio de Janeiro (Galeão) - Salvador | 14x | 24-mar-08 | |
| Navegantes - São Paulo (Guarulhos) | 7x | 1-mar-08 | São Paulo (Congonhas) - Brasília | 33x | 24-mar-08 | |
| Brasília - São Paulo (Congonhas) | 32x | 24-mar-08 | ||||
| Rio de Janeiro (Galeão) - Brasília | 14x | 24-mar-08 | ||||
| Brasília - Manaus | 7x | 24-mar-08 | ||||
| Manaus - Brasília | 7x | 24-mar-08 | ||||
| Brasília - Rio de Janeiro (Galeão) | 13x | 24-mar-08 | ||||
| Brasília - Fortaleza | 14x | 24-mar-08 | ||||
| Fortaleza - Brasília | 14x | 24-mar-08 | ||||
Specific details regarding frequency and start dates can be found on the websites www.voegol.com.br and www.varig.com
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General Guidance
General Comments 1Q08E:
 |
Brazilian domestic demand growth at 2.1x GDP |
| |
Brazilian 1Q08e GDP Growth at 4.6% (1) (3) |
| |
Brazilian 1Q08e Domestic RPK Growth at 9.5% (1) (4) |
| Industry Metrics | 4T07A | 1Q08E |
| (+/-) | (+/-) | |
| Brazilian GDP Growth (%) | 6.2 (3) | 4.6 (1) (6) |
| Domestic RPK Growth (%) | 16.0 (2) (4) | 9.5 (1) (7) |
| Brazilian Inflation (%, IPCA) | 5.7 (3) | 5.1 (6) |
| BRL / USD (R$, average) | 1.79 (3) | 1.74 (6) |
| WTI (US$, average) | 90 (5) | 98 (8) |
| (1) | 1Q08 vs. 1Q07 |
| (2) | 4Q07 vs. 4Q06 |
| (3) | Source: Brazilian Central Bank |
| (4) | Source: ANAC |
| (5) | Source: Bloomberg |
| (6) | Source: MCM Consultores |
| (7) | Source: GOL |
| (8) | Source: Bank Analyst Projections |
1T08E
General Comments:
| |
Average fuel price/liter: R$ 1.81 |
| |
Average Fare: R$ 236 |
| |
CASK: R$14.7e cents |
| |
RASK: R$14.5e cents |
| Consolidated | 4Q07A | 1Q08G | 1Q08E | 1Q07A |
| (+/-) | (+/-) | (+/-) | (+/-) | |
| ASK Growth | 60% | 65% | 57% | 62% |
| Load Factor | 68% | 67-69% | 62-63% | 70% |
| Yield (cents) | R$21 | R$21 | R$21 | R$20 |
| Cask ex-fuel (cents) | R$ 10.1 | R$ 8.5 | R$ 8.5 | R$ 7.9 |
ASKs by Aircraft Type
| 1Q08 | ||
| (quarter average) | ||
| B737 | B767 | |
| Available Seat Kilometers (ASK) - as a percentage of total ASKs (%) | 86% | 14% |
GOL’s average stage length is projected to be approximately 1,020 kilometers in 1Q08 versus 949 kilometers in the 1Q07.
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Aircraft Delivery Schedule
As of December 30, 2007, GOL’s fleet was comprised of 102 Boeing 737 aircraft and 9 Boeing 767s and had on order 101 aircraft with options to acquire additional 34 aircraft. The 2008 delivery schedule and related financings are:
| B737-800 SFP firm | Committed Financing | |
| Mortgage (Exim) | Sale/Leaseback | |
| 1Q08 | 1 | 0 |
| 2008E | 5 | 4 |
During the first quarter, GOL received into its consolidated fleet 7 aircraft, including 4 Boeing 737s and 3 Boeing 767s, and returned 7 Boeing 737-300s.
Fuel Hedges
The Company continues to enter into advanced fuel derivative agreements to reduce its exposure to fluctuations in fuel price. Currently, the agreements covering 2008 are:
| 1Q08 | ||
| Estimated Fuel Liters Consumed (mm) | 376 | |
| Estimated Fuel Price per Liter (R$) | 1.81 | |
| Liters (% of estimated consumption) | 226 million (60%) | |
| HO and WTI with average price of US$90/bbl | ||
Operating Margin
(Estimated EBIT margin, US GAAP)
| 1Q08 | |
| Estimated Operating Margin (%) | -2 - 0% |
Income Before Income Taxes
(Estimated EBT Margin, US GAAP)
| 1Q08 | |
| Estimated Pre-Tax Margin (%) | 1 - 3% |
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Tax Rate
GOL currently expects an annual effective tax rate in U.S. GAAP of approximately 27%. However, its actual tax rate in both first quarter and full year 2008 could differ due to the non-deductibility of certain items for tax purposes.
Weighted Average Shares Outstanding
Share count estimates for calculating basic and diluted earnings per share are:
| 1Q08 | |
| Basic | Diluted |
| 202.0 mm | 202.0 mm |
The number of shares used in our actual earnings per share calculations will likely be different from those stated above.
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About GOL Linhas Aéreas Inteligentes S.A.
GOL Linhas Aéreas Inteligentes S.A. is the parent company of low-cost airlines GOL Transportes Aéreos S.A. (“GTA”, which operates the GOL brand) and VRG Linhas Aéreas S.A. (“VRG”, which operates the VARIG brand). GTA and VRG offer daily flights to more destinations in Brazil than any other domestic airline while providing customers with the most convenient flight schedules in the country. The airlines operate a young, modern fleet of Boeing aircraft, the safest and most comfortable aircraft of its class, with low maintenance, fuel and training costs, and high aircraft utilization and efficiency ratios. In addition to safe and reliable services, which stimulate brand recognition and customer satisfaction, the Company’s service is recognized as the best value proposition in the market. Growth plans include increasing frequencies in existing markets and adding service to additional markets in both Brazil and other high-traffic travel destinations. Shares are listed on the NYSE (GOL) and the Bovespa (GOLL4) stock exchanges.
CONTACT: GOL Linhas Aéreas Inteligentes S.A.
| Investor Relations | ||
| Ph: (5511) 3169 6800 | ||
| E-mail: ri@golnaweb.com.br | ||
| Site: www.voegol.com.br/ir | ||
| Media – Brazil & Latin America | Media – U.S. & Europe | |
| Ph: (5511) 3169 6967 | Edelman; G. Juncadella and M. Smith | |
| E-mail: comcorp@golnaweb.com.br | Ph: +1 (212) 704-4448 / 704-8196 | |
| E-mail:gabriela.juncadella@edelman.com; | ||
| meaghan.smith@edelman.com | ||
This release 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’s management 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.
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GOL LINHAS AÉREAS INTELIGENTES S.A. |
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By: |
/S/ Richard F. Lark, Jr.
|
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Name: Richard F. Lark, Jr.
Title: Executive Vice President – Finance, Chief Financial Officer |
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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.