SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 6-K/A
REPORT OF FOREIGN
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE
ACT OF 1934
For the month of
March 2021
(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___
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Investor Update
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São
Paulo, March 18, 2021 - GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), (“GOL” or “Company”),
Brazil’s largest domestic airline, provides an Investor Update. All information is presented in Brazilian Reais (R$).
The information below is preliminary and unaudited.
GOL’s current capacity planning scenario
assumes a 7% reduction in 1Q21 compared to 4Q20. In January 2021, the Company operated approximately 493 daily flights (59% of
the same period in 2020). In February 2021, GOL operated approximately 355 flight/day, placing the Company’s operations at
approximately 48% of the flight schedule in February 2020. In March/21, GOL implemented an even greater reduction and operates
approximately 250 flights/day, placing its operations at approximately 40% of March/20. During this current month, GOL is adapting
its fleet and will operate 59 aircraft in its network to control capacity and costs during this period of lower demand.
In 1Q21, the Company estimates an average
operating fleet of 74 aircraft, which will represent 67% of the average fleet operated in the same quarter of 2019. Revenue for
the quarter ended March 2021 is expected to decrease approximately 10% compared to the quarter ended December 2020.
GOL expects to end 1Q21 with R$1.9 billion
in liquidity and R$14.3 billion in adjusted net debt. Several important initiatives are relevant to ensure that the Company maintains
liquidity at the levels expected for the end of 1Q21.
With the objective of assisting investors
and analysts in understanding how GOL is approaching its short-term planning, the Company is also sharing the metrics below:
Metrics
|
4Q20A
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1Q21E
Previous
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1Q21E
Revised
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Brazil Quarterly GDP Growth1 (%)
Domestic Routes Served (average)
% of 2019
Average Operating Fleet
% of 2019
ASK (in million)
% of 2019
Load Factor (%)
|
+2.4%
~161
94%
~91
77%
~7,698
58%
~81%
|
+3.0%
~167
85%
~102
92%
~9,400
76%
~78%
|
+1.0%
~159
81%
~74
67%
~7,100
55%
~82%
|
Net Operating Revenues (R$ BN)
% of 2019
Capex (R$ MM)
Net Cash Generation (Burn) (R$/day)
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~1.9
50%
~62
~3
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~2.4
66%
~290
~(2)
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~1.7
52%
~100
~(3)
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Total Liquidity2 (R$ BN)
Net Debt3 (R$ BN)
Net Debt / LTM EBITDA Ratio3,4 (x)
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~2.6
~13.0
~5.3x
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~2.5
~13.1
~8x
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~1.9
~14.3
~17x
|
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(1)
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Sequential; Source: Brazilian
Central Bank.
|
|
(2)
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Cash and cash equivalents,
restricted cash, accounts receivable, securities and receivables.
|
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(3)
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Excluding perpetual bonds
and exchangeable notes.
|
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(4)
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Pro-forma, excluding non-operating
expenses and depreciation.
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1
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GOL
Linhas Aéreas Inteligentes S.A.
|
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Investor Update
|
Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55(11) 2128-4700
Media Relations
Becky Nye, Montieth & Company
bnye@montiethco.com
+1 646 864 3517
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 14,000 highly skilled aviation professionals
and operates a fleet of 128 Boeing 737 aircraft, delivering Brazil's top on-time performance and an industry leading 20-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”,
“Adjusted 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.
****
2
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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: March 18, 2021
GOL LINHAS AÉREAS INTELIGENTES S.A.
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By:
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/s/ Richard F. Lark, Jr.
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|
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Name: Richard F. Lark, Jr.
Title: Investor Relations Officer
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