SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER 
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of April 2021

(Commission File No. 001-32221)

GOL LINHAS AÉREAS INTELIGENTES S.A.

(Exact name of registrant as specified in its charter)

GOL INTELLIGENT AIRLINES INC.

(Translation of registrant’s name into English)

Praça Comandante Linneu Gomes, Portaria 3, Prédio 24
Jd. Aeroporto 
04630-000 São Paulo, São Paulo
Federative Republic of Brazil

(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file 
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___

Parent Company and Consolidated

Quarterly Information (ITR)

GOL Linhas Aéreas Inteligentes S.A.

March 31, 2021

with Review Report on the Quarterly Information

Gol Linhas Aéreas Inteligentes S.A.

Parent Company and Consolidated Quarterly Information (ITR)

March 31, 2021

Contents

Comments on the Performance

On January 15, 2021, GOL passed the milestone of 20 years in operation, characterized by innovation and the democratization of air transport in Brazil.

“Despite the quiet celebrations due to the Covid-19 pandemic, we reinforce our sincere thanks to our Customers and our Team of Eagles, who are central to the Company’s journey. We know that the challenges will always exist, but we will continue to provide this essential service to Brazilians, whether for leisure travel, business or, more recently, with the transport of health professionals and distribution of vaccines,” commented Kakinoff.

Customer experience and personal Safety: GOL’s Net Promoter Score (NPS) was 38 in the quarter, a solid metric resulting from the best-in-market product and a highly engaged Customer service team. GOL won the Top of Mind award for the fourth consecutive year as the most remembered airline in the country. “The investments in our product and in our Customer experience over the years made technological innovations aimed at simplifying and improving the process for traveling with GOL possible,” said Eduardo Bernardes, Vice president of Sales and Marketing.

In March, the Brazilian Administrative Council for Economic Defense (Cade) released the terms and conditions established by the commercial partnership between GOL and American Airlines, an important milestone towards international recovery, bringing more products, services and innovation to the US-Brazil air corridor, in addition to the best connectivity and Customer experience in the Brazil’s main hubs.

Sustainability as a strategic driver: GOL is committed to reaching zero net carbon emissions by 2050 with the use of sustainable aviation fuel alternatives, or SAFs (Sustainable Aviation Fuels), and through operational and technical improvements that reduce greenhouse gas (GHG) emissions, in line with IATA guideline and to comply with the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). The projections for next three years and a comprehensive path on getting to net zero in 2050 can be found in the expanded ESG section of the Company’s IR website (https://ir.voegol.com.br).

“We hope to encourage the airline industry as a whole to tackle environmental, social and governance issues by becoming more sustainable and transparent,” added Eduardo Bernardes. “At the same time, we are working on building a more robust sustainability policy, in addition to leading on technological and infrastructure advances, necessary to enable the transition to a low-carbon future.”

Sales: In the first quarter, consolidated gross sales reached approximately R$1.6 billion, GOL’s average daily sales reached R$18 million, which represents around 54% of pre-pandemic sales levels. The beginning of the quarter was very positive for the Company, which captured the resumption after the “first wave” of Covid-19. In January, GOL reached a new record of passengers transported since the beginning of the pandemic, with more than 93,000 Customers served in a single day. However, due to the decline in demand for travel due to the increase in Covid-19 cases in Brazil, combined with the transition to the low season, there was a 25% drop in the search for airline tickets compared to 4Q20, with a 53% reduction in the volume of daily sales in the period.

Smiles: Revenue in 1Q21 was reduced in 11.8%, compared to 1Q20, to R$151.1 million. The operating result in 1Q21 decreased R$19.6 million to R$58.9 million, mainly due to the reduction in the volume of miles redeemed by participants in the Loyalty Program and due to the Covid-19 pandemic restrictions. Operating margin was 39.0% and net income in 1Q21 was R$47.7 million, a decrease of R$8.6 million compared to 1Q20.

Cargo: GOLLOG launched Super Expresso in January/21, a service that enables same-day parcel delivery, using the capillarity and national reach of the Company’s efficient network. In February/21, GOLLOG entered into a partnership with the Comporte group, formed by the companies Tex, União, Itamarati, Cruz and Elux, to increase multimodal delivery services and strengthen the concept of “last mile”, combining the efficiency of road transportation with the capillarity of the Company’s network.

Adjustments of network and fleet: Compared to 4Q20, GOL reduced daily operations by 10%, reaching 364 in 1Q21, to serve 159 markets, representing 53% of the daily frequency in 1Q20, 144 of which are operated by the Company and 15 via GOL's partners, which include the bases Passo Fundo (PFB), Joinville (JOI), Juiz de Fora (IZA), Presidente Prudente (PPB) and Cabo Frio (CFB), operated in high season by GOL. The Company remains attentive to the determinations of the governments of other countries and the behavior of the demand to act again with its international network. GOL ended 1Q21 with a total fleet of 127 B737s, of which 8 MAX and 77 aircraft in operation, a reduction of 13 aircraft compared to the end of December/20.

“Matching capacity to demand has always been a competitive advantage of our fleet management. The Company returned the most aircraft in recent years among its regional peers, which demonstrates our flexibility to meet the market conditions of demand almost instantly,” said Celso Ferrer, Vice President of Operations. “Most of the aircraft returns occurred organically, as they followed our renewal schedule, which provides for the return of NGs and the arrival of 737 MAXs. As a result, we were able to better balance our supply without the need to pressure unit fares, in order to be able to dilute the cost pressure in case of aircraft excess in the fleet. We also do not face the same concerns as our competitors with fleet complexity or large aircraft exposure exclusively destined for specific markets. During the pandemic, we continued to lead the industry in capacity management, maintaining high load factors, consistent with the pre-pandemic period.”

Synergies from GLA and Smiles Merger: On March 24, 2021, shareholders of GOL and the majority of Smiles’ minority shareholders approved, in extraordinary meeting, the corporate reorganization to combine the Company’s two operating subsidiaries: GLA and Smiles. The merger makes the GOL Group more competitive and substantially reduces the risks that each company faces in this pandemic.

At the end of March, the Company announced through its subsidiary Smiles, the distribution of R$500 million in dividends. Thus, the value of the exchange ratio for the options to be chosen by Smiles’ minority shareholders was automatically adjusted and the amount due in national currency was consequently reduced by R$4.027 per share. Upcoming events and deadlines will be timely disclosed in the respective notice of confirmation.

Liquidity and financial obligations: On March 31, 2021, the Company’s short-term debt was R$2.3 billion, of which approximately R$1.2 billion corresponds to working capital loans with local banks, which GOL maintains a good relationship and that represent low amortization pressure. In addition, the Company has preserved the capacity of its collateral pool program, part of which was used to issue Secured Senior Notes 2026 at the end of December/2020, and with the potential to generate additional liquidity.

The merger with Smiles increases GOL’s creditworthiness, and the frequent flyer program can be utilized as an unencumbered asset. Considering the financeable values of deposits and unencumbered assets, the Company's potential sources of liquidity exceed R$5 billion. The average maturity of GOL's long-term debt, excluding aircraft leases and perpetual notes, is approximately 3.2 years, with the main obligations already addressed in our cash flow.

“We have obtained incredible support from our main lessor partners and working capital providers who have supported us in rebalancing our financial commitments in line with our working capital volume,” said Richard Lark, Chief Financial Officer. During the quarter, GOL fully honored the interest payments on its capital market debt in the amount of R$215 million and used approximately R$230 million of its restricted cash to amortize working capital debt that exceeded credit limits with local banks, due to the exchange rate devaluation of the period. Additionally, the level of accounts receivable decreased by R$197 million when compared to the end of 4Q20 due to the temporary reduction in the level of the supply, that reflects the lower volume of forward bookings and if the level of receivables in 4Q20 was maintained, would result in stable liquidity.

“Even in an atypical year, the Company stands out among few airlines in the world that has amortized more than R$4.1 billion of debt over the past 12 months, by its conscious liquidity management and the extraction of value from its current assets. This discipline will allow GOL to focus its operation on growth and profitability more efficiently, with a stronger balance sheet and with fewer operating and financial liabilities compared to its competitors,” concluded Lark.

Operating and Financial Indicators

(1) Source: Brazilian Central Bank; (2) Source: Bloomberg; (3) Fuel expenses excluding hedge results and PIS/COFINS credits/liters consumed; (4) Excluding non-recurring expenses and Idle expenses. (5) Average operating fleet excluding aircraft in sub-leasing and MRO. Certain calculations may not match with the financial statements due to rounding. (6) Considers only expenses related to current operating levels (1Q21).

Domestic market

GOL’s domestic demand was 5,592 million RPK, a decrease by 43.8%, while ASK supply reduced 43.8% in comparison to 1Q20, and the load factor reached 79.9% in the quarter. The Company transported 4.5 million Clients during the quarter, a decrease of 46.1% compared with the same quarter in 2020.

International market

In 1Q21, the Company carried out non-regular charter flights for soccer teams in championships. As most country borders were closed, GOL did not offer regular international flights.

Volume of Departures and Total Seats

The total volume of the Company’s departures was 32,797, a decrease of 47.9% over 1Q20. The total number of seats available to the market was 5.7 million in the first quarter of 2021, a decrease of 47.0% quarter-over-quarter.

PRASK, Yield and RASK

Net PRASK decreased by 14.2% in the quarter when compared to 1Q20, reaching 20.24 cents (R$), due to the decline of the levels of net passenger revenue and the ASK reduction of 43.8% in the quarter. GOL’s net RASK was 22.40 cents (R$) in 1Q21, a decrease of 11.3% over 1Q20. Net yield decreased 14.3% over 1Q20, reaching 25.33 cents (R$).

Net revenue

Quarterly net revenue totaled R$1.6 billion, representing a decrease of 50.2% when compared to 1Q20, mainly due to a sharper reduction in demand, due to the second wave of COVID-19 cases with pressure on hospital network that impacted the increase in the number of cancellations and no-shows. Despite the significant decrease in the number of flights operated, cargo transportation revenues had a lower level of decrease, at 15.2%, mainly due to the readjustment in the prices of certain products and the launch of CHEGOL, a new fast and efficient delivery service. Loyalty program revenues decreased 11.8% compared to 1Q20.

Operating results

Adjusted EBIT for the quarter was R$208.3 million. Operating margin was 13.3%. On an available seat-kilometer basis, adjusted EBIT was 2.98 cents (R$).

Adjusted EBITDA totaled R$353.8 million in the period. EBITDA margin was 22.6%. Adjusted EBITDA per available seat-kilometer was 5.06 cents (R$).

(1) Excluding non-recurring expenses and related to fleet idleness. * In accordance with CVM Instruction n.527, the Company presents the reconciliation of EBIT and EBITDA, whereby: EBIT = net income (loss) (+) income tax and social contribution (+) net financial result; and EBITDA = net income (loss) (+) income tax and social contributions (+) net financial result (+) depreciation and amortization. Some report values ​​may differ from the financial statements due to rounding. (2) Considers expenses strictly related to current operating levels (1Q21).

Fleet

At the end of 1Q21, GOL's total fleet was 127 Boeing 737 aircraft, comprised of 119 NGs and eight (8) MAXs (operational). At the end of 1Q20, GOL's total fleet was 131 aircraft, of which seven (7) were MAXs (non-operational). The average age of the Company's fleet was 11.2 years at the end of 1Q21.

GOL does not operate widebody aircraft, and has no aircraft financed via the capital markets, EETCs or finance leases. Its operating fleet is 100% composed of narrowbody aircraft financed via operating leases.

As of March 31, 2021, GOL had 95 firm orders for the acquisition of Boeing 737 MAX aircraft, of which 73 were orders for 737 MAX-8 and 22 orders were for 737 MAX-10. The Company's fleet plan returns up to eleven (11) operational aircraft by the end of 2021, with the flexibility to return even more aircraft if necessary.

During the first quarter, GOL maintained flexibility for the duration of its fixed monthly payments contracts remaining variable (power-by-the-hour). The agreements signed by GOL with its lessors allow the extension of the deferrals in order to be adjusted proportionally to the recovery of capacity during the year 2021, in order to allow a lower volume of payments. Leasing remeasurement took into account the new payment flows, the discount rate and the exchange rate on the date of the contractual changes. The calculated effects were recorded as a reduction in the lease liability in the amount of R$26.6 million, with a corresponding increase in fixed assets of R$2.5 million and a loss of R$16.7 million in the operating result.

Glossary of Industry Terms

Disclaimer

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial income (expenses), and those related to growth prospects of GOL, which are, by nature, subject to significant risks and uncertainties. The estimates and forecasts in this document involve known and unknown risks, uncertainties, contingencies, and other factors, many of which are beyond GOL’s control and which may lead the results, performances, or events to be substantially different from those expressed or implied in these statements. The forward-looking statements in this document are based on several assumptions related to GOL’s current and future business strategies and GOL’s future operating environment and are not a guarantee of future performance. GOL does not issue any statement or provide any guarantee that the results anticipated by the estimates in this document will be equivalent to those effectively achieved by GOL. Although GOL believes that the estimates here are reasonable, they may prove incorrect, and the final results may differ. These are merely estimates and projections and, as such, are based exclusively on management’s expectations for GOL. Such forward-looking statements depend, substantially, on external factors and risks presented in the disclosure documents filed by GOL, apply exclusively to the date they were issued and are, therefore, subject to change without prior notice.

Non-Accounting Measures

To be consistent with industry practice, the Company discloses so-called non-GAAP financial measures, which are not recognized under IFRS or other accounting standards, including “Net Debt”, “Total Liquidity” and “EBITDA”. GOL’s Management believes that disclosure of non-GAAP measures provides useful information to investors, financial analysts, and the public in their review of its operating performance and their comparison of its operating performance to the operating performance of other airlines and other industries. However, these non-GAAP items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by other companies. Potential investors should not rely on information not recognized under IFRS as a substitute for the GAAP measures of earnings or liquidity in making an investment decision.

Report of the Statutory Audit Committee (“SAC”)

The Statutory Audit Committee of Gol Linhas Aéreas Inteligentes S.A., in compliance with its legal and statutory obligations, has reviewed the Parent Company and Consolidated Quarterly Information (ITR) for the three-month period ended on March 31, 2021. Based on the procedures we have undertaken and considering the independent auditors’ review report issued by Grant Thornton Auditores Independentes and the information and explanations we have received during the quarter, we conclude that these documents can be submitted to the assessment of the Board of Directors.

São Paulo, April 27, 2021

André Béla Jánszky

Member of the Statutory Audit Committee

Antônio Kandir

Member of the Statutory Audit Committee

Francis James Leahy Meaney

Member of the Statutory Audit Committee

Statement of the Executive Officers on the Parent Company and Consolidated Quarterly Information (ITR)

Under the provisions of CVM Instruction 480/09, the executive officers state that they have discussed, reviewed, and approved the Parent Company and Consolidated Quarterly Information (ITR) for the three-month period ended on March 31, 2021.

São Paulo, April 27, 2021

Paulo Sérgio Kakinoff

Chief Executive Officer

Richard Freeman Lark Jr.

Executive Vice President, Chief Financial Officer, and Investor Relations Officer

Statement of the Executive officers on the Independent Auditors’ Review Report

Under the provisions of CVM Instruction 480/09, the Executive Board states that it has discussed, reviewed, and agreed with the conclusion of the review report from the independent auditor, Grant Thornton Auditores Independentes, on the Parent Company and Consolidated Quarterly Information (ITR) for the three-month period ended on March 31, 2021.

São Paulo, April 27, 2021

Paulo Sérgio Kakinoff

Chief Executive Officer

Richard Freeman Lark Jr.

Executive Vice President, Chief Financial Officer, and Investor Relations Officer

(Free translation from the original issued in Portuguese. In the event of any discrepancies, the Portuguese language version shall prevail.)

Independent auditor’s report on review of interim financial information

To the Board of directors and shareholders of

Gol Linhas Aéreas Inteligentes S.A.

São Paulo – SP

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Gol Linhas Aéreas Inteligentes S.A. (the Company), comprised in the Quarterly Information Form for the quarter ended March 31, 2021, comprising the balance sheet as of March 31, 2021 and the respective statements of income, of comprehensive income, of changes in shareholders’ equity and of cash flows for the period of three months then ended, including the footnotes.

Management is responsible for the preparation of the individual interim financial information in accordance with the NBC TG 21 – Interim Financial Reporting and of the consolidated interim financial information in accordance with the NBC TG 21 and with the international standard IAS 34 – Interim Financial Reporting, as issued by the International Accounting Standards Board (Iasb), such as for the presentation of these information in accordance with the standards issued by the Brazilian Exchange Securities Commission, applicable to the preparation of interim financial information. Our responsibility is to express a conclusion on this interim financial information based on our review.

Review scope

We conducted our review in accordance with the Brazilian and International standards on reviews of interim information (NBC TR 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). The review of interim information consists of making inquiries, primarily of persons responsible for the financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the audit standards and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the individual interim financial information included in the quarterly information form referred to above has not been prepared, in all material respects, in accordance with NBC TG 21 applicable to the preparation of interim financial information, and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission.

Conclusion on the consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial information included in the quarterly information form referred to above has not been prepared, in all material respects, in accordance with NBC TG 21 and IAS 34 applicable to the preparation of interim financial information, and presented in accordance with the standards issued by the Brazilian Securities and Exchange Commission.

Emphasis of matter

Significant uncertainty as to the ability to continue as a going concern

We draw attention to Note 1, which states that the individual and consolidated interim financial information were prepared under the assumption of going concern. As described in the aforementioned note, the Company has faced recurring reductions in operations, mainly due to the effects of the COVID-19 pandemic, with a significant decrease in demand (a 52% reduction in passengers revenues in the first quarter of 2021 compared to the first quarter of 2020), and recorded net working capital deficit and equity deficiency as of March 31, 2021 which, together with other events and conditions, indicate the existence of material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. The plans and actions being developed by Management to restore the Company’s financial economic balance and financial position are described in Note 1. The individual and consolidated interim financial information do not include any adjustment that may arise from the result of such uncertainty. Our review conclusion is not qualified regarding this matter.

Other matters

Statements of value added

The quarterly information referred to above includes the individual and consolidated statements of value added for the period of three months ended March 31, 2021, prepared under the responsibility of the Company's management and presented as supplementary information for the purposes of IAS 34.
These statements were submitted to the same review procedures in conjunction with the review of the Company's interim financial information in order to conclude they are reconciliated to the interim financial information and to the accounting records, as applicable, and whether the structure and content are in accordance with the criteria established in the NBC TG 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that the accompanying statements of value added were not prepared, in all material respects, in accordance with the individual and consolidated interim financial information taken as a whole.

Review of figures corresponding to the comparative period

The review of the individual and consolidated interim financial information for the period of three months ended March 31, 2020 was conducted under the responsibility of other independent auditor, which issued a review report thereon, without qualifications, on June 29, 2020.

São Paulo, April 27, 2021

Daniel Gomes Maranhão Junior

Assurance Partner

Grant Thornton Auditores Independentes

Balance Sheets March 31, 2021 and December 31, 2020 (In thousand of Reais)

The accompanying notes are an integral part of the Parent Company and Consolidated Quarterly Information (ITR).

Balance Sheets March 31, 2021 and December 31, 2020 (In thousand of Reais)

The accompanying notes are an integral part of the Parent Company and Consolidated Quarterly Information (ITR).

Income Statement Quarters ended March 31, 2021 and 2020 (In thousands of Brazilian reais - R$, except basic and diluted earnings (loss) per share)

The accompanying notes are an integral part of the parent company and consolidated interim financial information.

Statements of Comprehensive Income (Expenses) Quarters ended March 31, 2021 and 2020 (In thousands of Brazilian Reais - R$)

The accompanying notes are an integral part of the parent company and consolidated interim financial information.

Statements of Changes in Shareholders’ Equity Quarters ended March 31, 2021 and 2020 (In thousands of Brazilian Reais - R$)

The accompanying notes are an integral part of the parent company and consolidated interim financial information.

Cash Flow Statements Quarters ended March 31, 2021 and 2020 (In thousands of Brazilian Reais - R$)

Cash Flow Statements Quarters ended March 31, 2021 and 2020 (In thousands of Brazilian Reais - R$)

(*) Exchangeable Senior Notes

Transactions that do not affect cash are presented in Note 35 of this Quarterly Information.

The accompanying notes are an integral part of the parent company and consolidated interim financial information.

Statement of Value Added Quarters ended March 31, 2021 and 2020 (In thousands of Brazilian Reais - R$)

The accompanying notes are an integral part of the parent company and consolidated interim financial information.

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

Gol Linhas Aéreas Inteligentes S.A. (“Company” or “GOL”) is a limited liability company incorporated on March 12, 2004, under Brazilian laws. The Company’s bylaws state that the corporate purpose is exercising the equity control of GOL Linhas Aéreas S.A. (“GLA”), which provides scheduled and non-scheduled air transportation services for passengers, develops frequent-flyer programs, among others.

The Company’s shares are traded on B3 S.A. - Brasil, Bolsa, Balcão (“B3”) and the New York Stock Exchange (“NYSE”) under the ticker GOLL4 and GOL, respectively. The Company adopts B3’s Special Corporate Governance Practices Level 2 and is part of the Special Corporate Governance (“IGC”) and Special Tag-Along (“ITAG”) indexes, created to distinguish companies that commit to special corporate governance practices.

The Company’s official headquarters are located at Praça Comandante Linneu Gomes, s/n, Portaria 3, Prédio 24, Jardim Aeroporto, São Paulo, Brazil.

The Covid-19 pandemic continues to significantly impact global economic activity in 2021. In Brazil, the recent increase in cases and deaths, coupled with new variants, has led state and municipal authorities to expand restrictions on circulation and operation of non-essential activities, directly affecting the demand for airline tickets.

The Company, through its Executive Committee, with its entire management body, works promptly to support society, monitor demand, and define financial and operational strategies.

In 2021, the Company has the initiative to transport Covid-19 vaccines for free – with GOLLOG – and health professionals to work directly in the fight against the pandemic, besides crediting 1,000 Smiles miles to each GOL segment flown at no cost. There are also active and strict protocols for aircraft hygiene and safety and health, besides actions to reduce human contact throughout the entire chain.

Since the pandemic started, GOL, readjusting its airline network, has had consistent occupancy rates at a level close to 80%. The flexible business model based on a single type of fleet is key to follow the drop of over 90% in passenger demand during the lockdown and sanitary barriers. In February and March 2021, there was a drop in the search for the Company’s airline tickets, compared to January 2021, and a lower sales volume due to the persistent decrease in the demand for travel due to the pandemic’s advance in the country. Responding to the sudden drop in sales and the increase in cancellations and no-shows, GOL’s airline network was reduced to bring costs up to the demand level.

The Management works continuously towards people’s health and integrity and manages the cash and has enough funds to meet financial obligations in the next twelve months. However, the scenario remains challenging due to uncertainties on the pandemic, recovery of the Brazilian economy, and demand in the airline industry.

The Company’s greatest commitment will continue to be people’s integrity and health. Following WHO guidelines to the letter, the Company is currently working with its ecosystem to help advance the vaccination calendar, which should lead to the resumption of economic activity, as seen in initial forecasts in countries with advanced immunization

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

As already mentioned, the pandemic’s impacts were immediate and severe for the Company. The main consequence was the reduction in the operational air network, verified by the drop in the Company’s net revenue and margins. The table below details the reclassifications made in the period, which are directly related to the Covid-19 pandemic and additional disclosures:

Like all other business organizations, the Company cannot foresee the duration of the pandemic and the extent of the impacts caused by it on future business, results, and cash generation. For this reason, when preparing this quarterly information, the Management considered the most recent forecasts available, duly reflected in the Company’s business plans. In the period ended March 31, 2021, no adjustment was needed regarding impairments on the Company’s recoverable taxes, deferred tax assets, Property, Plant & Equipment, and intangible assets.

Net current capital on March 31, 2021, is negative by R$284,372 in the parent company and R$8,413,524 in the consolidated (R$233,276 and R$7,152,865 negative on December 31, 2020, in the parent company and the consolidated, respectively). The variation is mainly due to the lower balance of cash and cash equivalents and accounts receivable, totaling R$258,117 and R$196,895, respectively, and a higher balance of leases payable totaling R$616,144, due to the drop in operation due to the economic crisis from the pandemic and liquidity management. Of the consolidated negative net current capital, on March 31, 2021, R$2,971,691 refers to advances from ticket sales and the frequent-flyer program, which are expected to be substantially recognized with the Company’s services.

On March 31, 2021, the Company also had a negative shareholders’ equity position attributed to the controlling shareholders of R$16,833,747 (R$14,407,092 on December 31, 2020). The variation in the three-month period ended March 31, 2021, is mainly due to the pandemic’s impacts on the Company’s operations, detailed in the previous note, and by the devaluation of Real against the US Dollar, by around 9.6 %, which negatively affected the period’s consolidated result due to exchange variations totaling R$1,537,240.

The Company is highly sensitive to the domestic macroeconomic scenario and the U.S. dollar, as approximately 95.6% of the indebtedness (loans and financing and leases) is linked to US dollars (“US$”) and 40.0% of costs are also linked to US dollars. In contrast, the capacity to adjust ticket prices charged to its customers to offset the U.S. dollar appreciation depends on the capacity (offer) and ticket prices practiced by the competitors.

Over the past four years, the Management has taken many measures to adapt the size of its fleet to demand, matching the supply of seats to the demand level, thus promoting high occupancy rates, reducing costs, and adjusting the capital structure, as well as implementing initiatives to restructure its balance sheet.

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

With the pandemic’s outbreak, leading to a never-seen-before economic crisis, the Management reorganized the Company’s business. By continuously monitoring Covid-19’s impacts on economic activity, the Company works promptly to ensure business sustainability, considering the market’s management and the Company’s financial position.

Besides monitoring operations and sales, given the uncertainty, the Management monitors possible measures to rebalance the current net capital for 2021, which, if necessary, may involve: issuing debt notes with long-term maturity to settle short-term liabilities; new renegotiations with financial institutions and suppliers and reducing the fleet and firm orders with Boeing. These measures, if adopted, have the purpose of optimizing the capital structure, and the definition will be based on a rigorous assessment of the economic situation and current prospects.

Our Parent Company and Consolidated Quarterly Information have been prepared on an accounting base of continuity, which includes the continuity of operations, realization of assets and compliance with liabilities and commitments in the usual course of business, in compliance with the business plan prepared by Management, reviewed and approved, at least annually, by GOL’s Board of Directors.

Although there is still significant uncertainty about how long it will take for the airline industry to recover, and this leads to a material uncertainty about our ability to remain in operation, on March 31, 2021, the parent company and consolidated quarterly information do not include any adjustments that may result from the inability to continue operating.

The corporate structure of the Company and its subsidiaries, on March 31, 2021, is shown below:

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

The Company’s equity interest in the share capital of its subsidiaries, on March 31, 2021, is shown below:

The subsidiaries GAC Inc., GOL Finance, and GOL Finance Inc. are entities created for the specific purpose of continuing financial operations and related to the Company’s fleet. They do not have their own governing body and decision-making autonomy. Therefore, their assets and liabilities are consolidated in the Parent Company.

The subsidiaries Smiles Fidelidade S.A. and Smiles Viajes Y Turismo S.A., incorporated and controlled by Smiles Fidelidade S.A., both headquartered in Buenos Aires, Argentina, have the purpose of promoting Smiles Program’s operations and the sale of airline tickets in this country.

The subsidiary Smiles Fidelidade also controls Smiles Viagens e Turismo S.A. (“Smiles Viagens”), which has as its main purpose intermediating travel organization services by booking or selling airline tickets, accommodation, tours, among others.

The investment funds AirFim and Fundo Sorriso, controlled by GLA and Smiles Fidelidade, respectively, have the characteristic of an exclusive fund and act as an extension of the subsidiaries to carry out operations with derivatives and financial investments so that the Company consolidates the assets and liabilities of this fund.

On March 24, 2021, the shareholders of Smiles Fidelidade S.A. (“Smiles”) and GOL approved the proposal for the merger of shares involving Smiles.

The incorporation proposal includes the following steps, which will be implemented concurrently and interdependently:

·      the Company incorporating Smiles Fidelidade’s shares and issuing the Company’s preferred shares and redeemable preferred shares for Smiles Fidelidade’s shareholders;

·      the Company incorporating GLA’s shares and issuing the Company’s preferred shares and redeemable preferred shares for GLA’s shareholders; and

·      Redeeming the GLA’s and Company’s redeemable preferred shares paying in cash based on redeeming the Company’s redeemable preferred shares to Smiles Fidelidade’s shareholders.

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

Whit the merger of shares, Smiles Fidelidade will become a wholly owned subsidiary of GLA, with the purpose to maximize value for all shareholders by aligning the interests of the two companies while ensuring the airline’s and miles program’s continuity, simplifying the corporate governance, strengthening the capital structure, and reducing operating, administrative, and financial costs, as well as tax inefficiencies.

The merger’s development is in line with the deadlines defined in the approved proposal, and the evolution of this process is timely communicated at the Company’s electronic address. On March 31, 2021, there is no impact of this transaction on the quarterly information.

In December 2016, as a result of the investigations involving the Company, GOL signed an agreement with the Federal Public Prosecution’s Office (“Agreement”), in which the Company agreed to pay fines and improve its compliance program, in exchange for the Office’s commitment to not file a lawsuit of any nature related to activities under the Agreement, as disclosed in the financial statements for the fiscal years ended December 31, 2017, 2018, 2019, and 2020.

The Company voluntarily informed the U.S. Department of Justice (“DOJ”), the Securities and Exchange Commission (“SEC”) and the Brazilian Securities and Exchange Commission (“CVM”) about the Agreement and the independent external investigation hired by the Company, and about the Agreement.

The investigation, completed in April 2017, revealed that immaterial payments were made to politically exposed people and were duly reported to the authorities. None of the Company’s current employees, representatives or members of the Board of Directors and Management was aware of any illegal purpose behind the transactions identified or any illegal benefit for the Company from the transactions under investigation.

The Company will continue to report any developments on the matter, following the analyses already started by these bodies, imposing new fines and sanctions on the Company.

Since 2016, the Company took several steps to strengthen and expand its internal control and compliance programs, detailed in the annual financial statements. Besides, the Management is constantly reinforcing to its employees, customers, and suppliers its commitment to continue improving its internal control and compliance programs.

There were no new developments on the matter during the period ended March 31, 2021.

The Company’s consolidated quarterly information (ITR) was prepared under accounting practices adopted in Brazil and the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The accounting practices adopted in Brazil include those outlined in Brazilian Corporate Law and the technical pronouncements, guidelines and interpretations issued by the Accounting Pronouncements Committee (“CPC”) and approved by the Federal Accounting Council (“CFC”) and the Brazilian Securities and Exchange Commission (“CVM”).

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

The Company’s Parent Company and Consolidated Quarterly Information (ITR) was prepared using the Brazilian real (“R$”) as the functional and presentation currency. Figures are expressed in thousands of Brazilian reais, except when stated otherwise. The items disclosed in foreign currencies are duly identified when applicable.

The Parent Company and Consolidated Quarterly Information (ITR) preparation requires the Management to make judgments, use estimates, and adopt assumptions affecting the amounts presented of revenues, expenses, assets, and liabilities. However, the uncertainty inherent in these judgments, assumptions and estimates could give rise to results that require a significant adjustment to the book value of certain assets and liabilities in future reporting periods.

The Company is continually reviewing its judgments, estimates, and assumptions.

When preparing this Parent Company and Consolidated Quarterly Information (ITR), the Management used disclosure criteria, considering regulatory aspects and the relevance of the transactions to understand the changes in the Company’s economic and financial position and its performance since the end of the fiscal year ended December 31, 2020, as well as the restatement of relevant information included in the annual financial statements disclosed on March 17, 2021.

The Management confirms that all material information in this Parent Company and Consolidated Quarterly Information (ITR) is being demonstrated and corresponds to the information used by the Management in the development of its business management activities.

The Parent Company and Consolidated Quarterly Information (ITR) has been prepared based on historical cost, except for the following material items recognized in the statements of financial position:

The Company’s Parent Company and Consolidated Quarterly Information (ITR) for the three-month period ended March 31, 2021, has been prepared considering that the Company will continue as a going concern, realizing assets, and settling liabilities in the normal course of business, as per Note 1.2.

The Board of Directors authorized this Parent Company and Consolidated Quarterly Information (ITR) at a Meeting held on April 27, 2021.

The Parent Company and Consolidated Quarterly Information (ITR) presented herein was prepared based on policies, accounting practices and estimate calculation methods adopted and presented in detail in the annual financial statements for the year ended December 31, 2020, released on March 17, 2021.

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

On the first quarter of 2021, CPC issued the Standards Technical Review Nr. 17 resulting from the “Reform of Reference Interest Rate - Phase 2”, duly approved by CVM, through CVM Resolution 18/2021, effective for fiscal years beginning after January 1, 2021.

On March 31, 2021, IASB extended the possibility of applying the practical expedient with benefits granted to tenants in lease agreements for years beginning on or after April 1, 2021, with early adoption allowed.

Both changes did not impact the Company’s quarterly information. Additionally, in the period ended March 31, 2021, standards or pronouncements issued in previous periods with an impact on the Company’s quarterly information did not enter into force.

Foreign currency transactions are recorded at the exchange rate change prevailing on the transactions' date. Monetary assets and liabilities designated in foreign currency are calculated based on the exchange rate change on the balance sheet date. Any difference resulting from the translation of currencies is recorded under the item “Exchange rate change, net” in the income statement for the period.

The main exchange rates in reais in effect on the base date of this Parent Company and Consolidated Quarterly Information (ITR) are as follows:

Under normal economic and social conditions, the Company expects revenues and operating income (expense) from its flights to be at their highest levels in the summer and winter months of January and July, respectively, and during the last weeks of December and in the year-end holiday period. Given the high proportion of fixed costs, this seasonality tends to drive changes in operating income (expense) across the fiscal-year quarters. In the current context, considering all current unpredictability and uncertainty, operations have shown a behavior negatively correlated with cases and deaths by Covid-19. That is, periods of high demand are seen when there are fewer cases and deaths.

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

The breakdown of cash equivalents is as follows:

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

The decrease in restricted cash linked to import financing and working capital loan, in the period ended March 31, 2021, refers to using the asset to pay for debt operations to which they were linked.

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

The aging list of trade receivables, net of allowance for expected loss on trade receivables accounts, is as follows:

The changes in the expected loss on trade receivables are as follows:

The changes in the provision for obsolescence are as follows:

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

(*) During the three-month period ended March 31, 2021, the subsidiary GLA recorded PIS and COFINS extemporaneous tax credits in the total amount of R$57,422 (R$126,675 in the fiscal year ended December 31, 2020).

Notes on the Parent Company and Consolidated Quarterly Information (ITR) March 31, 2021 (In thousands of Brazilian Reais - R$, except when otherwise indicated)

The positions of deferred assets and liabilities are presented below and comply with the enforceable offset legal rights that consider taxes levied by the same tax authority under the same tax entity.