Gol improved its second-quarter cash position by 41% to 2.8 billion reals ($1.2 billion) - its highest quarterly balance, largely, due to the carrier's initial public offering of its Smiles loyalty programme in April.
The balance, which is a 71% increase from the first quarter, is equivalent to 34% of net revenue of the last 12 months, says Gol in an earnings statement today. This increase was due to the cash entry of approximately R$1.5 billion in May from the IPO, and the R$400 million advanced sale of Smiles miles to financial institutions.
GOL closed the quarter with a 44% improvement in its financial leverage ratio, compared with the previous three-month period.
"This downward trajectory should continue until the end of the year due to prospects of a positive annual operating result," says Gol.
During the quarter, the carrier took delivery of three Boeing 737-800s under operating leases and one unit under a finance lease. It also returned one aircraft under an operating lease contract. Gol also sub-leased five aircraft to Transavia Airlines "in line with the seasonality of the Brazilian and European markets" from the period from April through October.
In the first half, Gol says it returned nine Webjet aircraft and negotiations are under way for the sale of the 10 remaining B737-300s by the end of 2013.
Gol had 146 aircraft on order at quarter end with "obligations" of R$4.6 billion in pre-delivery payments.