SAO PAULO, April 28, 2014 /PRNewswire/ -- GOL Linhas Aereas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL), (S&P: B, Fitch: B-, Moody's: B3), the largest low-cost and low-fare airline in Latin America, in light of information included in its annual report on Form 20-F, as filed with the Securities and Exchange Comission - SEC today, hereby informs that the Venezuelan government announced new levels of exchange rates applicable to certain industries, including the airline industry, to be effective in 2014. The exchange rate for foreign airlines ceased to be the CADIVI (Comision de Administracion de Divisas) exchange rate, which was VEF 6.30 per US$ 1.00 as of February 13, 2013, and is now set at weekly auctions known as SICAD (Sistema Complementario de Administracion de Divisas), at VEF 10.70 per US$ 1.00 as of March 31, 2014. Although the Venezuelan government has assured the general public that such exchange rates will not apply to cash held in Venezuela prior to the resolution setting forth the new exchange rate levels, we cannot anticipate whether we will be able to timely transfer, in an economically viable manner, cash currently held in Venezuela. As of March 31, 2014, we had R$350.3 million in cash held in Venezuela. In light of the devaluation of the Venezuelan currency since December 31, 2013, we will record, as of March 31, 2014, a R$75.9 million impairment in connection with these funds, which will affect the financial result, with no impact on the operating result. Notwithstanding this uncertain scenario in Venezuela, we intend to repatriate the remaining balance.
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ABOUT GOL LINHAS AEREAS INTELIGENTES S.A.
GOL Linhas Aereas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL), the largest low-cost and low-fare airline in Latin America, offers around 910 daily flights to 65 destinations in 10 countries in South America, the Caribbean and the United States under the GOL and VARIG brands, using a young, modern fleet of Boeing 737-700 and 737-800 Next Generation aircraft, the safest, most efficient and most economical of their type.
SOURCE GOL Linhas Aéreas Inteligentes S.A.