SÃO PAULO, Feb. 20, 2020
/PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or
"Company"), (NYSE: GOL and B3: GOLL4), Brazil's premier domestic airline, reviews its
financial outlook for 2020 and 2021. Guidance is adjusted to
reflect higher passenger revenues, lower loyalty program revenues,
higher cash flows, lower interest expense, variations in oil prices
and exchange rates, and adjustments to fleet and network plans.
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
(Consolidated, IFRS)
|
2020E
|
2021E
|
Previous
|
Revised
|
|
Preliminary
|
Total fleet
(average)
|
134 to 139
|
135 to
139
|
|
137 to
141
|
Total operational
fleet (average)
|
127
|
125
|
130
|
ASKs, System (%
change)
|
7 to 9
|
7 to
9
|
7 to
9
|
- Domestic
|
6 to 9
|
6 to
9
|
6 to
9
|
-
International
|
15 to 20
|
7 to
10
|
15 to
20
|
Seats, System (%
change)
|
6 to 8
|
8 to
10
|
6 to
8
|
Departures, System (%
change)
|
6 to 8
|
7 to
9
|
8 to
10
|
Net revenues (R$
billion)
|
~15.5
|
~15.4
|
~17.0
|
EBITDA margin
(%)
|
~30
|
~30
|
~31
|
EBIT margin
(%)
|
~19
|
~19
|
~20
|
Pre-tax
margin(1) (%)
|
~13
|
~13
|
~13
|
Effective income tax
rate (%)
|
~15
|
~15
|
~15
|
Minority interest
(%)
|
~311
|
~250
|
~270
|
Net Debt /
EBITDA(3) (x)
|
~2.0x
|
~2.0x
|
~1.9x
|
Fully-diluted
shares out. (2) (MM)
|
391
|
391
|
391
|
EPS, fully
diluted(1) (R$)
|
2.80 to
3.30
|
2.65 to
3.15
|
4.00 to
4.70
|
Fully-diluted ADS
out. (2) (MM)
|
195.5
|
195.5
|
195.5
|
EPADS, fully diluted
(1) (US$)
|
1.40 to
1.65
|
1.25 to
1.50
|
1.90 to
2.30
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Excluding currency
gains and losses and Unrealized gains/losses on Exchangeable
Notes;
|
(2)
|
Assumes stock option
exercises and conversion of the Exchangeable;
|
(3)
|
Excluding Perpetual
and Exchangeable Notes.
|
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.
The Company has hedged approximately 90% of its fuel consumption
for 1Q20 and 68% for 2020.
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 16,000 highly skilled aviation
professionals and operates a fleet of 137 Boeing 737 aircraft,
delivering Brazil's top on-time
performance and an industry leading 19 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. GOL discloses so-called
non-GAAP financial measures which are not recognized under IFRS or
U.S. GAAP. including "Net Debt", "total liquidity" and "EBITDA".
The Company's management believes that disclosure of non-GAAP
measures provides useful information to investors, financial
analysts and the public in their review of its operating
performance and their comparison of its 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.