Report of Foreign Issuer (6-k)
January 08 2020 - 6:14AM
Edgar (US Regulatory)
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 January 2020
(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___
São Paulo, January 8, 2020 - 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 December 2019 is preliminary and unaudited. For comparison purposes, fourth quarter 2018 results were adjusted in accordance with IFRS 16.
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Overall Commentary
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· GOL expects EPS and EPADS for the quarter of approximately R$0.601 and US$0.301, respectively.
· EBITDA margin for the quarter is expected to be 37% to 39%², an increase in relation to the quarter ended in December 2018 (16.3%3).
· Passenger unit revenue (PRASK) for the fourth quarter is expected to be up approximately 11% year over year. For the quarter ended in December, GOL expects unit revenue (RASK) to increase approximately 11%.
· Non-fuel unit costs (CASK ex-fuel) are expected to decrease by approximately 10%2,4 in relation to the fourth quarter of the prior year, primarily due to increased productivity (increase in ASKs, aircraft utilization and operating efficiency), partially offset by increased payroll taxes and increased depreciation from fifteen net additional aircraft in the fleet. Fuel unit costs (CASK fuel) are expected to decrease by approximately 21% year-over-year, positively impacted by a 13% decrease in the average fuel price and a 2% reduction in fuel consumption per flight hour.
· GOL’s financial leverage, as measured by the Net Debt5/LTM EBITDA ratio, was approximately 2.7x at the end of the December 2019 quarter. The Company amortized approximately R$100 million of debt in the quarter, and total liquidity at quarter-end is expected to be at R$4.3 billion, above the R$4.0 billion of the previous quarter.
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Preliminary and Unaudited Projection
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EBITDA Margin2
EBIT Margin2
Other Revenue (cargo, loyalty, other)
Average fuel price per liter
Average exchange rate
Passenger unit revenue (PRASK)
CASK Ex-fuel2,4
Total Demand – RPK
Total Capacity – ASK
Total Capacity – Seats
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December Quarter 2019
37% - 39%
26% - 27%
6% of total net revenues
R$2.80 - R$2.86
R$4.12
December Quarter 2019
vs. December Quarter 2018
Up ~11%
Down ~10%
Up ~6%
Up ~6%
Up ~9%
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1. Excluding gains and losses on currency and Exchangeable Senior Notes.
2. Excluding non-recurring expenses of approximately R$209 million in 4Q19.
3. For comparison purposes, 4Q18 results adjusted in accordance with IFRS 16, unaudited.
4. Excluding net results of approximately R$632 million related to aircraft sales in 4Q18.
5. Excluding perpetual notes.
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1
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GOL Linhas Aéreas Inteligentes S.A.
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Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55(11) 2128-4700
About GOL Linhas Aéreas Inteligentes S.A.
GOL serves more than 36 million passengers annually. With Brazil's largest network, GOL offers customers more than 750 daily flights to over 100 destinations in Brazil and in South America, the Caribbean and the United States. GOLLOG’s cargo transportation and logistics business serves more than 3,400 Brazilian municipalities and more than 200 international destinations in 95 countries. SMILES allows over 16 million registered clients to accumulate miles and redeem tickets to more than 700 destinations worldwide on the GOL partner network. Headquartered in São Paulo, GOL has a team of approximately 15,000 highly skilled aviation professionals and operates a fleet of 125 Boeing 737 aircraft, delivering Brazil's top on-time performance and an industry leading 18-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
The information contained in this press release has not been subject to any independent audit or review and contains “forward-looking” statements, estimates and projections that relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements other than statements of historical fact contained in this press release including, without limitation, those regarding GOL’s future financial position and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets in which GOL operates or is seeking to operate, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”, “predict”, “seek”, “should” or similar words or expressions, are forward-looking statements. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond GOL’s control, that may cause actual results, performance or events to differ materially from those expressed or implied in these statements. These forward-looking statements are based on numerous assumptions regarding GOL’s present and future business strategies and the environment in which GOL will operate in the future and are not a guarantee of future performance. Such forward-looking statements speak only as at the date on which they are made. None of GOL or any of its affiliates, officers, directors, employees and agents undertakes any duty or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. None of GOL or any of its affiliates, officers, directors, employees, professional advisors and agents make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Although GOL believes that the estimates and projections in these forward-looking statements are reasonable, they may prove materially incorrect and actual results may materially differ. As a result, you should not rely on these forward-looking statements.
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” and "EBITDA". 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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GOL Linhas Aéreas Inteligentes S.A.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 8, 2020
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GOL LINHAS AÉREAS INTELIGENTES S.A.
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By:
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/s/ Richard F. Lark, Jr.
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Name: Richard F. Lark, Jr.
Title: Investor Relations Officer
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FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates,” “believes,” “estimates,” “expects,” “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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