SAO PAULO, Aug. 2, 2018 /PRNewswire/ -- GOL Linhas
Aéreas Inteligentes S.A. ("GOL" or "Company"), (NYSE: GOL and B3:
GOLL4), Brazil's #1 airline,
reviews its financial outlook for 2018 and 2019. Guidance is
adjusted to reflect competitor capacity movements, recent
variations in oil prices, the appreciation of the USD versus the
BRL, initial results of the introduction of 737 Max aircraft into
the fleet, lower loyalty program redemptions, GOL's yield
management activities, and lower tax credit utilization.
The Company's guidance highlights key metrics which impact
financial results and drive long-term shareholder value. GOL
provides forward-looking information that is focused on the main
metrics the Company uses to measure business performance. These
indicators are useful for investors and analysts who project GOL's
results.
Financial
Outlook
|
2018E
|
|
2019E
|
|
(Consolidated,
IFRS)
|
Previous
|
Revised
|
|
Previous
|
Revised
|
|
Total fleet
(average)
|
117
|
117
|
|
122 to 124
|
122 to 124
|
|
Total Operational
fleet (average)
|
*
|
110
|
|
*
|
116
|
|
ASKs, System (%
change)
|
1 to 2
|
1 to 2
|
|
5 to 10
|
5 to 10
|
|
- Domestic
|
0 to 2
|
0 to 2
|
|
1 to 3
|
1 to 3
|
|
-
International
|
6 to 8
|
6 to 8
|
|
30 to 40
|
30 to 40
|
|
Seats, System (%
change)
|
0 to 2
|
0 to 2
|
|
3 to 5
|
3 to 5
|
|
Departures, System (%
change)
|
0 to 2
|
0 to 2
|
|
2 to 5
|
2 to 5
|
|
Average load factor
(%)
|
79 to 80
|
79 to 80
|
|
79 to 81
|
79 to 81
|
|
Ancillary
revenues1 (R$ billion)
|
~ 1.2
|
~ 1.0
|
|
~ 1.6
|
~ 1.3
|
|
Total net revenues
(R$ billion)
|
~ 11
|
~ 11.5
|
|
~ 12
|
~ 12.5
|
|
Non-fuel CASK (R$
cents)
|
~ 14
|
~ 13.5
|
|
~ 15
|
~ 14
|
|
Fuel liters consumed
(mm)
|
~ 1,380
|
~ 1,370
|
|
~ 1,440
|
~ 1,420
|
|
Fuel price
(R$/liter)
|
~ 2.5
|
~ 2.9
|
|
~ 2.6
|
~ 2.9
|
|
EBITDA margin
(%)
|
~ 16
|
~ 16
|
|
~ 18
|
~ 17
|
|
Operating (EBIT)
margin (%)
|
~ 11
|
~ 11
|
|
~ 13
|
~ 12
|
|
Net financial
expense2 (R$ mm)
|
~ 650
|
~ 800
|
|
~ 500
|
~ 500
|
|
Pre-tax
margin2 (%)
|
*
|
~ 4
|
|
*
|
~ 8
|
|
Effective income tax
rate (%)
|
~ 5
|
~ 23
|
|
~ 0
|
~ 10
|
|
Minority
interest3 (R$ mm)
|
*
|
~ 289
|
|
*
|
*
|
|
Capital expenditures,
net (R$ mm)
|
~ 700
|
~ 750
|
|
~ 600
|
~ 600
|
|
Net Debt4
/ EBITDA (x)
|
~ 2.8x
|
~ 2.8x
|
|
~ 2.5x
|
~ 2.5x
|
|
Aircraft rent (R$
mm)
|
~ 960
|
~ 1,100
|
|
~ 1,000
|
~ 1,000
|
|
Fully-diluted
shares out. (million)
|
348.4
|
348.7
|
|
348.7
|
348.7
|
|
Earnings per share,
fully diluted2 (R$)
|
*
|
0.10 to
0.30
|
|
*
|
1.50 to
1.90
|
|
Earnings per share,
fully diluted (R$)
|
0.90 to
1.10
|
(1.20) to
(1.00)
|
|
1.70 to
2.30
|
1.50 to
1.90
|
|
Fully-diluted ADS
out. (million)
|
174.2
|
174.4
|
|
174.4
|
174.4
|
|
Earnings per ADS,
fully diluted2 (US$)
|
*
|
0.05 to
0.15
|
|
*
|
0.80 to
1.20
|
|
Earnings per ADS,
fully diluted (US$)
|
0.50 to
0.65
|
(0.60) to
(0.50)
|
|
1.00 to
1.50
|
0.80 to
1.20
|
|
|
|
|
|
|
|
|
|
(1) Cargo,
loyalty, buy-on-board and other ancillary revenues; (2) Excluding
currency gains and losses; (3) Average of analyst estimates
(Source: Bloomberg); (4) Excluding perpetual bonds; (*) Not
provided.
|
The current guidance may be adjusted in order to incorporate the
evolution of GOL's operating and financial performance and any
eventual changes to the Brazilian economy and GOL's broader
economic environment, including variations in economic growth,
interest rates, exchange rates, and international oil price
trends.
About GOL Linhas Aéreas Inteligentes S.A.
GOL serves more than 30 million passengers annually. With
Brazil's largest network,
GOL offers customers more than 700 daily flights to 67
destinations in 10 countries in South
America and the Caribbean.
GOLLOG is a leading cargo transportation and logistics
business serving more than 3,400 Brazilian municipalities and,
through partners, more than 200 international destinations in 95
countries. SMILES is one of the largest coalition loyalty
programs in Latin America, with
over 14 million registered participants, allowing clients to
accumulate miles and redeem tickets for more than 700 locations
worldwide. Headquartered in São Paulo, GOL has a team of
more than 15,000 highly skilled aviation professionals and operates
a fleet of 120 Boeing 737 aircraft, with a further 135 Boeing 737
MAX on order, delivering Brazil's
top on-time performance and an industry leading 17 year safety
record. GOL has invested billions of Reais in facilities,
products and services and technology to enhance the customer
experience in the air and on the ground. GOL's shares are traded on
the NYSE (GOL) and the B3 (GOLL4). For further information, visit
www.voegol.com.br/ir.
Disclaimer
This release contains forward-looking statements relating to the
prospects of the business, estimates for operating and financial
results, and those related to growth prospects of GOL. These are
merely projections and, as such, are based exclusively on the
expectations of GOL's management. Such forward-looking statements
depend, substantially, on external factors, in addition to the
risks disclosed in GOL's filed disclosure documents and are,
therefore, subject to change without prior notice. The Company's
non-financial information was not reviewed by the independent
auditors.
Non-GAAP Measures
To be consistent with industry practice, we disclose so-called
non-GAAP financial measures which are not recognized under IFRS or
U.S. GAAP, including "Net Debt", "Adjusted Net Debt", "total
liquidity", "EBITDA" and EBITDAR". Our management believes that
disclosure of non-GAAP measures provides useful information to
investors, financial analysts and the public in their review of our
operating performance and their comparison of our operating
performance to the operating performance of other companies in the
same industry 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.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.