SAO PAULO, April 30, 2019 /PRNewswire/ -- GOL Linhas Aéreas
Inteligentes S.A. ("GOL" or "Company"), (NYSE: GOL and B3: GOLL4),
Brazil's premier airline,
announces its consolidated results for the first quarter of 2019
(1Q19). All information is presented in accordance with IFRS, in
Brazilian Reais (R$) and all comparisons are with the first quarter
of 2018 (1Q18), unless otherwise stated.
Financial and Operational Highlights:
Improved operating indicators: RPKs increased by 6.4%,
totaling 10.6 billion in 1Q19, driven by 7% growth in the number of
transported passengers; ASK growth remained constrained at 5%. As a
result of strong passenger demand, GOL's revenue management, and
GOL's consistent operational excellence, the Company was able to
achieve (i) an average yield per passenger of 28.55 cents (R$), an increase of 1.9% compared to
1Q18; (ii) an average load factor of 81.5%, an increase of 1.1 p.p.
quarter-over-quarter; and (iii) on-time performance of 87.1% in
1Q19 according to Infraero's methodology and data from major
airports in Brazil.
Strong revenue growth: the combination of higher demand and
optimized pricing resulted in a net revenue for the quarter of
R$3.2 billion, the highest ever
recorded by the Company, and an increase of 8.3% compared to 1Q18.
Net RASK was 24.63 cents (R$) in
1Q19, an increase of 3.2% over 1Q18. Net PRASK increased 3.3% over
1Q18, reaching 23.27 cents (R$).
Average fare increased by 1.3% from R$335 to R$339.
GOL's 2019 net revenue guidance is approximately R$13 billion.
Cost environment: unit costs (CASK), excluding
non-recurring expenses increased by 4.7% to 20.44 cents (R$). On an ex-fuel basis and
excluding non-recurring expenses CASK increased 3.2%, due to (i) a
16.2% average depreciation of the Real against the US dollar that
impacted maintenance, landing fees and international services
costs; (ii) the termination of the federal payroll tax relief,
which increased the INSS payroll tax rate from 0% to 20%; and (iii)
a higher number of transported passengers and higher costs from
reimbursement of tickets and accommodation costs (mainly related to
the grounding of the MAX-8 fleet). Growth in CASK ex-fuel,
excluding non-recurring expenses, remained constrained at 3.2%,
totaling 12.80 cents (R$). GOL
remains the unit cost leader in South
America for the 18th consecutive year.
Solid margins: due to its strong cost control, and
management of capacity and yields, the Company achieved a positive
operating result for the 11th consecutive quarter, despite a 16.2%
average depreciation of the Real against the US dollar and a 9.3%
increase in price of jet fuel. The combination of stronger pricing
and higher demand permitted GOL to achieve an EBIT margin of 17%.
Operating income (EBIT) in 1Q19 was R$546.2
million, an increase of 1.3% compared to 1Q18 (R$539.1 million). EBITDA margin was 29.6% in
1Q19, increase of 1.9 p.p. q-o-q. GOL's 2019 EBIT margin and EBITDA
margin guidance is approximately 18% and 28%, respectively.
Balance sheet strengthening: the Real depreciated 17.2%
(end of period) against the U.S. dollar causing net exchange and
monetary variation losses of R$90.7
million. Net debt (excluding perpetual bonds) to LTM EBITDA
was 3.3x as of March 31, 2019. During
the quarter, GOL amortized R$147.9
million of its 7th issue of debentures. Total liquidity,
including cash, financial investments, restricted cash and accounts
receivable, was R$3.5 billion,
R$549.7 million higher in comparison
to December 31, 2018 and an increase
of R$421.5 million versus a year ago.
Restricted cash was R$469.3 million
in 1Q19, 42.9% lower than the R$822.1
million registered in 4Q18. The combination of GOL's
operational cash flow generation of R$253.6
million in the quarter and higher cash liquidity increased
the Company's financial flexibility. The combination of GOL's
operational cash flow generation of R$253.6
million in the quarter and higher cash liquidity increased
the Company's financial flexibility.
Access to earnings release, management videos, presentation and
full financials already available on: www.voegol.com.br/ir
1Q19 Earnings Call: April 30,
2019, 11:00 a.m. (US EDT),
Phone: +1 (412) 317-6382, Code: GOL
Investor Relations: ri@voegol.com.br, +55 (11) 2128-4700
About GOL Linhas Aéreas Inteligentes
S.A. (www.voegol.com.br): Brazil's largest airline group with three main
businesses: passenger transportation, cargo transportation and
coalition loyalty program.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.