SÃO PAULO, Oct. 8, 2019
/PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE:
GOL and B3: GOLL4), Brazil's
premier domestic airline, provides its Investor Update. The
information below for the quarter ended in September 2019 is preliminary and unaudited. For
comparison purposes, third quarter 2018 results were adjusted in
accordance with IFRS 16.
Overall
Commentary¹
|
- GOL expects an
EBITDA margin for the quarter of 29% to 31%1, an
increase in relation to the quarter ended in September 2018
(18.9%²).
- Passenger unit
revenue (PRASK) for the third quarter is expected to be up
approximately 20% year over year. For the quarter ended in
September, GOL expects unit revenue (RASK) to increase
approximately 19%.
- Non-fuel unit costs
(CASK ex-fuel) are expected to increase by approximately
15%1,3 in relation to the third quarter of the
prior year, primarily due to increases in payroll tax rates due to
the elimination of the Payroll Tax Relief Program, increased
commissions due to increased forward sales, increases in landing
and navigation expenses due to a 10% increase in rates, increases
in depreciation from six net additional aircraft in the fleet, and
costs associated with MAX aircraft delivery delays. Fuel unit costs
(CASK fuel) are expected to decrease by approximately 7% year over
year, negatively impacted by a 1.3% increase in fuel consumption
per flight hour from the delayed delivery of MAX aircraft in the
quarter.
- GOL's financial
leverage, as measured by the Net Debt4/LTM EBITDA ratio,
was approximately 2.9x at the end of the September 2019 quarter.
The Company amortized R$182 million of debt in the quarter and
total liquidity at quarter-end is expected to be at R$4.0 billion,
above the R$3.7 billion of the previous quarter.
|
Preliminary and
Unaudited Projection
|
|
September Quarter
2019
|
EBITDA
Margin1
|
29% -
31%
|
EBIT
Margin1
|
17%
- 18%
|
Ancillary Revenue
(cargo and other)
|
6% of total net
revenues
|
Average fuel price
per liter
|
R$2.90 -
R$2.98
|
Average exchange
rate
|
R$3.97
|
|
|
|
September Quarter
2019
vs. September
Quarter 2018
|
Passenger unit
revenue (PRASK)
|
Up ~20%
|
CASK
Ex-fuel1,3
|
Up ~15%
|
Total Demand –
RPK
|
Up ~12.8%
|
Total Capacity –
ASK
|
Up ~7.6%
|
Total Capacity –
Seats
|
Up ~7.8%
|
1. Excluding non-recurring expenses of approximately
R$79 million in 3Q19.
2. For comparison purposes, 3Q18 results adjusted in accordance
with IFRS 16, unaudited.
3. Excluding net results of approximately R$102 million related to aircraft sales in
3Q18.
4. Excluding perpetual notes.
Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55(11) 2128-4700
About GOL Linhas Aéreas Inteligentes S.A.: 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.