SÃO PAULO, April 29, 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 first quarter of 2021
(1Q21), 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 first
quarter of 2020 (1Q20), unless otherwise specified.
The 1Q21 was marked by three relevant trends for GOL's
resumption of growth going forward:
The first is related to the merger between GLA ("GOL Linhas
Aéreas") and Smiles, whose approval was granted by shareholders in
the respective extraordinary meetings on March 24, 2021. This transaction is expected to
provide operating and financial synergies to both companies that
can exceed R$400 million per year,
mainly through a more dynamic management of the inventory of seats,
unification of marketing initiatives, optimization of yield
management and greater tax efficiency.
"The shareholders of GOL and Smiles recognize the high potential
to generate value for the integrated entities, as well as the
differential generated by synergies in maximizing the Group's
competitive performance," said Paulo Kakinoff, CEO. "The
transaction will be self-financed through Smiles' own cash
generation, and it has significant benefits when considering the
potential operational, financial and tax synergies that were not
available in the configuration of separate companies."
The other important trend was the second wave of the Covid-19
pandemic in Brazil, which reached
its peak at the end of March. This situation, combined with the
beginning of the low season in Brazil, led to a pause in the market recovery
process during the first quarter. GOL flexibly readjusted its
flight network in response to the lower demand, protecting the
balance sheet and liquidity.
"Since the beginning of the pandemic, the Company has maintained
the necessary agility to adjust its supply according to
fluctuations in demand, and it remains to be a differentiator for
us. Fortunately, we are already seeing a promising decline in the
second wave of Covid-19 cases, including the virus transmission
rate in Brazil falling below 1 for
the first time since November/20. GOL has seen a corresponding
resumption in ticket sales over the last few weeks. Based on the
experience of airlines in the United
States and United Kingdom,
countries that are more advanced than Brazil in the roll-out of vaccines, we expect
the National Program for Immunization to positively impact on the
normalization of demand for air travel in Brazil," added Kakinoff.
The third trend is the Company's long-term commitment to
sustainability. This is a key component in combating the effects of
the pandemic and is a strategic driver for perpetuity and growth of
the business going forward. GOL remains committed to being a leader
in sustainability and is focused on reaching net zero carbon
emissions by 2050. Recently, the Company increased the transparency
of its ESG reporting, including detailed information using SASB and
TCFD metrics and, for the first time, a specific subsection for
projections at its IR website (www.voegol.com.br/ir). By adopting
these standards and providing additional relevant data to the
public, GOL reinforces the transparency and accountability with its
various stakeholders.
Summary of 1Q21 Results
- Revenue Passenger-Kilometers (RPK) decreased 44% compared to
the same period in 2020, totaling 5.6 billion;
- Available Seat Kilometers (ASK) reduced 44% compared to
1Q20;
- GOL transported 4.5 million Customers in the
quarter, a 46% year-on-year reduction;
- Net revenues totaled R$1.6
billion, decreasing 50% from 1Q20. Other revenues (mainly
cargo and loyalty) amounted to R$151
million, equivalent to 9.7% of total revenues;
- Net Revenue per Available Seat Kilometer (RASK) was
22.40 cents (R$), 11.3% lower than in
1Q20. Net Passenger Revenue per Available Seat Kilometer (PRASK)
was 20.24 cents (R$), a 14.2%
reduction over 1Q20;
- Adjusted EBITDA totaled R$354
million (23% margin) and adjusted EBIT was R$208 million (13% margin), reflecting GOL's
rational and responsible management of supply based on demand;
and
- The net loss after minority interest was R$892 million, excluding exchange and monetary
variations, non-recurring net expenses, gains related to
Exchangeable Notes and capped calls unrealized results.
MANAGEMENT VIDEOS WITH PRESENTATION & FULL EARNINGS
RELEASE
Access earnings release, management videos, presentation and
complete financial statements at: www.voegol.com.br/ir
1Q21 Conference Call: April 29,
2021, 11:00 a.m. (NY Time),
Phone: +1 (412) 317-6382, Code: GOL, with webcast
(https://webcastlite.mziq.com/cover.html?webcastId=5bf988dc-1f76-4ad4-8b5b-ceb858103e12)
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.