SÃO PAULO, Oct. 31,
2019 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A.
("GOL" or "Company") (NYSE: GOL and B3: GOLL4),
Brazil's largest domestic airline
by market share, today announces its consolidated results for the
third quarter of 2019 (3Q19).
All information is presented in Brazilian Reais (R$), in
accordance with international accounting standards (IFRS), and
comparisons are with the third quarter 2018, unless stated
otherwise. The information contained herein should be read along
with the quarterly information for the nine-month period ended
September 30, 2019 submitted to the
Securities and Exchange Commission (SEC) and to the Comissão de
Valores Mobiliários (CVM).
Summary
- Net revenue was R$3.7 billion,
the highest ever recorded by GOL for a third quarter, and an
increase of 28.3% compared to 3Q18.
- EBITDA margin was 30.7% in 3Q19, an increase of 11.8 p.p.
quarter-over-quarter. GOL's 2019 EBIT margin and EBITDA margin
guidance is approximately 17% and 29%, respectively.
- Revenue per Passenger Kilometer (RPK) increased 12.8% totaling
11.1 billion in 3Q19, driven by 13.0% growth in the number of
transported passengers, while Available Seat Kilometer (ASK) growth
was 7.6%.
- The Company transported almost 10 million customers during the
quarter, a growth of 13.0% over the same period last year, and
achieved a 38% market share in the Brazilian domestic market,
according to ANAC data. GOL transported 39% of passengers in the
corporate segment, according to ABRACORP data.
- R$463.2 million of financial debt
was amortized in the quarter.
Strong operating indicators:
Revenue per Passenger Kilometer (RPK) increased 12.8% totaling
11.1 billion in 3Q19, driven by a 13.0% growth in the number
of transported passengers, while Available Seat Kilometer (ASK)
growth was 7.6%. Strong passenger demand and dynamic revenue
management enabled GOL to offset the increase in operating unit
costs. The Company achieved:
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(i)
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Average yield per
passenger of 31.50 cents (R$), an increase of 14.8% compared to
3Q18;
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(ii)
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Average load factor
of 82.9%, an increase of 3.8 p.p. quarter-over-quarter;
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(iii)
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On-time performance
of 91.2% in 3Q19 according to Infraero and data from major
airports.
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Record revenues:
Net revenue was R$3.7 billion, the
highest ever recorded by the Company, and an increase of 28.3% over
3Q18. GOL carried 9.8 million Customers in the quarter (+13.0% over
3Q18), with 9.2 million in the domestic market (+11.4% over 3Q18)
and 0.6 million in the international market (+48.6% over 3Q18). Net
Revenue per Available Seat Kilometer (RASK) was 27.67 cents (R$) in 3Q19, an increase of 19.2%
over 3Q18. Net Passenger Revenue per Available Seat Kilometer
(PRASK) was 26.12 cents (R$) in 3Q19,
an increase of 20.4% over 3Q18. The net revenue guidance for 2019
is approximately R$13.7 billion.
Controlled costs:
Unit costs based on Cost per Available Seat Kilometer (CASK),
excluding non-recurring expenses, increased by 5.8%, from
21.28 cents (R$) in 3Q18 to
22.51 cents (R$), mainly due to
higher depreciation, higher personnel expenses and higher passenger
costs. Fuel costs per ASK decreased 6.7%, mainly due to a reduction
of fuel taxes, partially offset by additional consumption due to
the MAX delays. CASK ex-fuel, excluding non-recurring expenses,
increased by 14.2%. GOL has the lowest unit costs in its
markets. GOL's 2019 non-fuel CASK guidance is approximately
14.5 cents (R$).
Healthy margins:
Due to strong cost control and yield management, the Company
achieved a positive operating result for the 13th consecutive
quarter. 3Q19 demand enabled GOL to achieve an EBIT margin of
18.6% in the quarter, the highest since 2006. Operating
income (EBIT) was R$691.9 million in
the quarter, R$450.5 million higher
than in 3Q18. EBITDA margin was 30.7%, an increase of 11.8
p.p. q-o-q. GOL's 2019 EBIT margin and EBITDA margin guidance
is approximately 17% and 29%, respectively.
Balance sheet strengthening:
GOL reported operating cash flow generation of R$1.1 billion in the quarter. Total liquidity was
R$4.0 billion, R$369.7 million higher in comparison to
June 30, 2019 and R$1.0 billion higher than a year ago. GOL has
effected R$935.6 million in financial
debt repayments in 2019. The U.S. Dollar appreciated 4.0% (end of
period) against Brazilian Real causing net exchange and monetary
variation losses of R$623.3 million.
Net debt (excluding perpetual bonds) to LTM EBITDA was 2.9x as of
September 30, 2019.
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(1)
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Earnings per
diluted share excludes results from (i) exchange variation, net;
(ii) Exchangeable Senior Notes and capped calls; and (iii)
non-recurring expenses, net.
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MANAGEMENT VIDEOS & FULL EARNINGS RELEASE
Access earnings release, management videos, presentation and
complete financial statements at: www.voegol.com.br/ri
3Q19 Conference Call: October 31,
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.