GOL Linhas Aereas has R$4.2 billion in total liquidity in Q1 report

Chicago, May 4 – GOL Linhas Aereas Inteligentes SA announced in its summary of first quarter results that the airline has R$4.2 billion in total liquidity after R$1.2 billion in payments of principal interest and leases, according to a press release.

The R$4.2 billion liquidity level remained at the same level recorded on Dec. 31.

Brazil’s largest domestic airline maintained that level partially through a sale and leaseback transaction in March.

GOL reduced its net debt by R$619.2 million in the transaction for 11 Boeing 737 NG aircraft, comprising a R$148.7 million decrease in debt and an increase in R$448.5 million in cash.

A portion of the funds were used for the early redemption of senior notes due in 2022.

The airline redeemed R$426.6 million of the notes.

Payments of principal and interest on debts and leases totaled R$1.2 billion.

The net debt, exclusive of exchangeable notes and perpetual bonds, to UDM EBITDA was 2.4x on March 31.

The company posted operating cash flow of R$1.1 billion in the quarter.

The airline is based in Sao Paulo.

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