SÃO PAULO, May 14, 2021
/PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE:
GOL and B3: GOLL4), ("GOL" or "Company"), Brazil's largest airline, today provides its
Investor Update for April/21. All information is presented
in Brazilian Reais (R$). The information below is preliminary and
unaudited.
Over the past 12 months, GOL's Management has been dedicated to
providing its shareholders with regular updates on key financial
and operational metrics, as the Company has navigated through the
Covid-19 pandemic. GOL believes it has been exceptional in its
transparency in this regard. As the rollout of the National Program
for Immunization in Brazil[1] accelerates and the cases
of Covid-19 in the country decreases, with the consequent
resumption in the demand for air travel, the Company will return to
its practice of quarterly investor updates, with its next update
scheduled for July (related to 2Q21).
"We remain committed to transparency for our investors, as
always," said Paulo Kakinoff, CEO. "As the need for regular monthly
updates subsides with the return of our liquidity to pre-pandemic
levels, we will refocus our efforts on communications about the
Company's priorities in the post-pandemic recovery, which by their
nature will be more medium-term. We are excited to share more
details with you in our next quarterly update."
In April/21, GOL's daily sales increased 75% in volume over
March/21. The Company operated flights to 67 destinations with
approximately 200 daily flights on peak days. GOL's consolidated
gross revenues for the month were approximately R$250 million and the average load factor was
83%, highlighting Management's on-going focus on maintaining
sustainable operations, through the continuous matching of seat
supply to the level of traveler demand. PRASK was R$20.58 cents, an increase of 38% over March/21,
and a year-on-year variation of +5% due to better ticket pricing,
through dynamic yield management, combined with the signs of demand
recovery following Covid-19's second wave in Brazil. Excluding
financial debt service, GOL's net cash consumption was neutral in
April.
The Company has the lowest financial leverage among its peers,
and ended April with short-term debt of approximately R$2.0 billion (versus R$3.9 billion in 2Q20), of which R$1.6 billion is comprised of working capital
loans, and of which approximately R$700
million is expected to be amortized in 2Q21.
On April 28, 2021, the Company
initiated an equity capital increase of up to R$512 million, led by its controlling
shareholders, the Constantino brothers. The controlling
shareholders informed GOL's Board of Directors prior to the
initiation of the equity capital increase that they intend to
acquire up to R$270 million in newly
issued shares of the Company to support the equity capital
increase.
On May 6, 2021, GOL successfully
priced an offering of US$300 million
of additional senior secured notes due 2026. The additional notes
were priced at par, representing an 8% yield to maturity. Moody's
assigned the notes a rating of B2. The Company intends to use the
proceeds from the offering of the additional notes for general
corporate purposes, including liability management and aircraft
acquisitions.
Pro forma for the notes offering, GOL ended the month of April
with approximately R$3.6 billion
in total liquidity. Including the expected proceeds from the
current rights offering, which the Company expects to conclude in
early June, GOL's balance sheet will return to over R$4.0 billion of liquidity. This is consistent
with the level of liquidity it maintained in 2019, prior to the
pandemic. Including financeable amounts of deposits and
unencumbered assets, GOL's potential liquidity sources will total
over R$7.0 billion.
Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55(11) 2128-4700
Media Relations
Becky
Nye, Montieth & Company
bnye@montiethco.com
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 127
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.
[1] Brazil ranks fifth in the number of
doses administered (48.3 million), after China, the United
States, India and the
United Kingdom. Approximately 33
million people (15% of the population) have already received at
least one dose of a Covid-19 vaccine, with around 16 million people
(7% of the population) fully vaccinated against Covid-19
(source: Our World in Data; May 11,
2021).
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SOURCE GOL Linhas Aéreas Inteligentes S.A.