GOL Announces Notice to the Market
SAO PAULO, March 27, 2012 /PRNewswire/ -- GOL Linhas Aereas Inteligentes S.A. (BM&FBovespa: GOLL4 andNYSE: GOL) (S&P/Fitch:BB-/BB-, Moody's: B1), the largest low-cost and low-fare airline in Latin America, informs that re-presented with the date of march 26 of 2012 its quarterly information ("ITR") for the quarters ended March 31, June 30 and September 30, 2011, due to the need to adjust an amount recognized under passenger ticket sales in the quarter ended March 31, 2011, as a result of the implementation of a new revenue accounting system, as described below.
In April 2011, the Company concluded the implementation of its new revenue accounting and controlling system, and as a result identified a difference of R$56.80mm between deferred revenue recognized through the new system and the amount recognized in the financial statements, as detailed in the 1Q11 earnings release. Initially, the amount was recognized as a reduction in the passenger revenue line in the Company's 1Q11 income statement. After carefully analyzing the matter, however, the Company concluded that it would be more appropriate to show this amount in the opening balance of the retained earnings as of January 1, 2011, in accordance with paragraph 44 of CVM Resolution 592/09, "Politicas Contabeis, Mudança de Estimativa e Retificaçao de Erro" and IAS 8, "Accounting Policies, Changes in Accounting Estimates and Errors".
For further information about the reclassification performed, the Company recommends the consultation of the note 2.3 in the financial statements for the year ended of December 31, 2011.
To access the document, please visit our website: www.voegol.com.br/ir
Contact
Investor Relations
Leonardo Pereira – Vice-President and CFO
Edmar Lopes – Finance and IR Officer
Gustavo Mendes – Investor Relations
Ricardo Rocca – Investor Relations
Phone.: (11) 2128-4700
E-mail: [email protected]
Website: www.voegol.com.br/ir
Twitter: @GOLinvest
Corporate Communications
Phone.: (11) 2128-4413
E-mail: [email protected]
Twitter :@GOLcomunicacao
Media Relations
Edelman (USA and Europe):
Meaghan Smith and Robby Corrado
Phone.: +1 (212) 704-8196 / 704-4484
E-mail: [email protected]
[email protected]
SOURCE GOL Linhas Aereas Inteligentes S.A.
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