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, July 2, 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 | VRG | Weekly | Start | ||
| Start Date | ||||||
| City Pair | Freq. | City Pair | Freq. | Date | ||
| Brasília - Recife | 7x | 12-may-08 | São Paulo/Guarulhos - Recife | 7x | 7-apr-08 | |
| Recife - Juazeiro do Norte | 7x | 12-may-08 | Recife - São Paulo/Guarulhos | 7x | 8-apr-08 | |
| Juazeiro do Norte - Recife | 7x | 12-may-08 | São Paulo/Guarulhos - Manaus | 7x | 9-jun-08 | |
| Recife - Brasília | 7x | 12-may-08 | Manaus - São Paulo/Guarulhos | 7x | 9-jun-08 | |
| São Paulo/Guarulhos - Brasília | 7x | 2-jun-08 | ||||
| Brasília - Porto Velho | 7x | 2-jun-08 | ||||
| Porto Velho - Rio Branco | 7x | 2-jun-08 | ||||
| Rio Branco - Brasília | 7x | 2-jun-08 | ||||
| Brasília - São Paulo/Guarulhos | 7x | 2-jun-08 | ||||
Specific details regarding frequency and start dates can be found on the websites www.voegol.com.br and www.varig.com
General Guidance
General Comments 2Q08E:
• Brazilian domestic demand growth at 1.8x GDP
• Brazilian 2Q08e GDP Growth at 5.2% (1) (3)
• Brazilian 2Q08e Domestic RPK Growth at 10.4% (1) (4)
| Industry Metrics | 1Q08A | 2Q08E | ||
| (+/-) | (+/-) | |||
| Brazilian GDP Growth (%) | 5.8 (3) | 5.2 (1) (3) | ||
| Domestic RPK Growth (%) | 10.2 (2) (4) | 10.4 (1) (7) | ||
| Brazilian Inflation (%, IPCA) | 6.1 (3) | 6.6 (6) | ||
| BRL / USD (R$, average) | 1.74 (3) | 1.65 (6) | ||
| WTI (US$, average) | 98 (5) | 124 (8) | ||
| (1) | 2Q08 vs. 2Q07 |
| (2) | 1Q08 vs. 1Q07 |
| (3) | Source: Brazilian Central Bank |
| (4) | Source: ANAC |
| (5) | Source: Bloomberg |
| (6) | Source: MCM Consultores |
| (7) | Source: GOL |
| (8) | Source: Bank Analyst Projections |
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2Q08E
General Comments:
• Average fuel price/liter: R$ 2.12
• Average Fare: R$ 194
• CASK: R$16.5e cents
• RASK: R$13.5e cents
| Consolidated | 1Q08A | 2Q08G | 2Q08E | 2Q07A | ||||
| (+/-) | (+/-) | (+/-) | (+/-) | |||||
| ASK Growth | 58% | 25% | 23% | 87% | ||||
| Load Factor | 62% | 61-63% | 64-65% | 66% | ||||
| Yield (cents) | R$22 | R$20 | R$19 | R$18 | ||||
| Cask ex-fuel (cents) | R$ 8.8 | R$ 8.5 | R$ 9.4 | R$ 8.6 | ||||
ASKs by Aircraft Type
| 2Q08 | ||||
| (quarter average) | ||||
| B737 | B767 | |||
| Available Seat Kilometers (ASK) - as a | 85% | 15% | ||
| percentage of total ASKs (%) | ||||
GOL’s average stage length is projected to be approximately 940 kilometers in 2Q08 versus 958 kilometers in the 2Q07.
Aircraft Delivery Schedule
As of March 31, 2008, GOL’s fleet was comprised of 103 Boeing 737 aircraft and 11 Boeing 767s and had on order 99 aircraft with options to acquire additional 40 aircraft. The 2008 delivery schedule and related financings are:
| B737-800 SFP firm | Committed Financing | |||
| Mortgage (Exim) | Sale/Leaseback | |||
| 2Q08 | 2 | 0 | ||
| 2008E | 5 | 4 | ||
During the second quarter, GOL received into its consolidated fleet 2 Boeing 737 aircraft, and returned 3 Boeing 737-300s and one 767-300.
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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:
| 2Q08 | ||
| Estimated Fuel Liters Consumed (mm) | 357 | |
| Estimated Fuel Price per Liter (R$) | 2.12 | |
| 150 million (42%) | ||
| Liters (% of estimated consumption) | HO and WTI with average price of US$95.6/bbl | |
Operating Margin
(Estimated EBIT margin, US GAAP)
| 2Q08 | ||
| Estimated Operating Margin (%) | -23 -21% | |
Income Before Income Taxes
(Estimated EBT Margin, US GAAP)
| 2Q08 | ||
| Estimated Pre-Tax Margin (%) | -19 -17% | |
Tax Rate
GOL currently expects an annual effective tax rate in U.S. GAAP of approximately 25%. However, its actual tax rate in both second 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:
| 2Q08 | |
| Basic | Diluted |
| 201.2 mm | 201.2 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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| CONTACT: | About GOL Linhas Aéreas Inteligentes S.A. | |
| IR | GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) is the parent company of Brazilian airlines GOL Transportes Aéreos S.A. and VRG Linhas Aéreas S.A. GTA offers over 640 daily flights to 57 destinations connecting the most important cities in Brazil as well as the main destinations in South America. VRG offers over 120 daily flights to 14 destinations in Brazil. GTA and VRG 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. The Company’s service is recognized as the best value proposition in the market. | |
| Ph.: (5511) 3169-6800 | ||
| ri@golnaweb.com.br | ||
| www.voegol.com.br/ir | ||
| Media | ||
| Ph.: (5511) 3169-6967 | ||
| comcorp@golnaweb.com.br | ||
| Edelman: | ||
| M. Smith & N. Dean | ||
| Ph: 1 (212) 704-8196 / 704-4484 | 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. . Such forward-looking statements depend, substantially, on external factors, besides those disclosed in GOL’s filed disclosure documents and are, therefore, subject to change without prior notice. | |
| meaghan.smith@edelman.com | ||
| noelle.dean@edelman.com | ||
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GOL LINHAS AÉREAS INTELIGENTES S.A. |
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By: |
/S/ Anna Cecília Bettencourt Cochrane |
|
Name: Anna Cecília Bettencourt Cochrane
Title: Investor Relations 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.