SÃO PAULO, March 18, 2021
/PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL"
or "Company") (NYSE: GOL and B3: GOLL4), Brazil's largest domestic airline, today
announced its consolidated results for the fourth quarter of 2020
(4Q20) and the full year 2020, also outlining its continued
initiatives in response to the Covid-19 pandemic.
All information is presented in Brazilian reais (R$), according
to both International Financial Reporting Standards (IFRS) and
adjusted metrics, and is made available to enable comparability of
this quarter with the same period last year. Such adjusted metrics
exclude expenses related to the portion of the non-operating fleet
that GOL grounded this quarter and are detailed in the table
showing "operating expenses". Comparisons are made to the fourth
quarter of 2019 (4Q19), unless otherwise specified.
"As the most challenging year in the history of commercial
aviation comes to a close, we continue to be focused on managing
the impacts of the Covid-19 pandemic on our business with
determination, clarity and confidence," said Paulo Kakinoff, CEO.
"The GOL business model is the main differential for us in
overcoming the challenges this crisis has posed to airlines. Our
single-type fleet operating model, low-cost structure with more
variable components and dominant position in Brazil's high-density traffic hubs enable us
to rapidly expand and contract routes to meet fluctuations in
demand, while maintaining discipline in capacity and profitability.
We believe that the current market conditions, while difficult, are
temporary, and that demand will continue to recover as the vaccine
roll-out progresses in Brazil. We
reiterate our confidence that GOL will emerge stronger and even
more resilient as markets normalize."
In December, the Company was the first airline worldwide to fly
the Boeing 737-MAX aircraft after it was grounded for 20 months,
following effective approval of the regulatory agencies – FAA and
ANAC – through a rigorous and complete recertification process that
ensured the highest levels of reliability and operational safety.
This state-of-the-art aircraft is a core pillar of GOL's strategy
for further strengthening its sustainability as a business, through
the continuous improvement of environmental, social and governance
metrics. The 737 MAX aircraft promotes a 16% reduction in carbon
emissions and consumes 15% less fuel than 737 NG, while also
enabling the Company to manage its network more effectively and fly
longer distances. According to MSCI, using its ESG Rating
Scorecard, GOL is rated as one of the most sustainable and carbon
efficient airlines in the world, reaching carbon emission rates up
to 20% below its industry peers.
"GOL recognizes the importance and need for environmental,
social and governance policies to ensure the perpetuity of the
business, creating value for the entire community," said
Celso Ferrer, Vice president of
Operations. "We have set out a Sustainability Policy to guide the
establishment environmental, social and governance programs
and strategies in line with the Sustainability Accounting
Standards Board ("SASB") standard for the airline industry."
Summary of 4Q20 Results
- Revenue Passenger-Kilometers (RPK) decreased 42% compared to
the same period in 2019, totaling 6.2 billion. RPK almost doubled
compared to 3Q20;
- Available Seat Kilometers (ASK) reduced 42% compared to 4Q19,
while it increased 93% over 3Q20;
- GOL transported 5.2 million Customers in the quarter, a 46%
year-on-year decline. In relation to 3Q20, the Company registered a
100% increase;
- Net revenues totaled R$1.9
billion, decreasing 50% from 4Q19, while expanding 94% over
3Q20. Monthly revenues went from R$574
million in October to R$784
million in December, a growth of 37% within 4Q20. Other
revenues (mainly cargo and loyalty) amounted to R$172 million, equivalent to 9.1% of total
revenues. In 2020, net revenue reached R$6.4
billion, lower than the R$13.9
billion registered in 2019;
- Net Revenue per Available Seat Kilometer (RASK) was
24.57 cents (R$), 14.4% lower than in
4Q19, and 0.6% higher than in 3Q20. Net Passenger Revenue per
Available Seat Kilometer (PRASK) was 22.34
cents (R$), a 17% reduction over 4Q19 and an increase of
1.5% in comparison to 3Q20;
- Adjusted EBITDA totaled R$558.5
million and adjusted EBIT was R$346.8
million, reflecting our rational and responsible management
of supply based on demand. In 2020, adjusted EBITDA and adjusted
EBIT were R$2.5 billion and
R$1.6 billion, respectively; and
- The net loss after minority interest was R$862 million, excluding exchange and monetary
variations, non-recurring net expenses, gains related to
Exchangeable Notes and capped calls unrealized results. In 2020,
net loss after minority interest was R$2.3
billion, while in 2019 GOL achieved net income of
R$0.7 billion.
MANAGEMENT VIDEOS WITH PRESENTATION & FULL EARNINGS
RELEASE
Access earnings release, management videos, presentation and
complete financial statements at: www.voegol.com.br/ir
4Q20 Conference Call: March 18,
2021, 11:00 a.m. (NY Time),
Phone: +1 (412) 317-6382, Code: GOL, with webcast
(https://webcastlite.mziq.com/cover.html?webcastId=16fe9605-38d6-4978-891d-f99e24b6fb6a)
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.