SÃO PAULO, July 12,
2021 /PRNewswire/ -- GOL Linhas Aéreas
Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or
"Company"), Brazil's largest
airline, today provides an Investor Update on its
expectations for the second quarter of 2021. The information below
is preliminary and unaudited. The Company will discuss its 2Q21
results in a conference call on July 29,
2021.
|
2Q21
Commentary
|
- GOL expects a Loss
Per Share (EPS) and a Loss Per American Depositary Share (EPADS)
for 2Q21 of approximately R$3.251 and
US$1.231, respectively.
- EBITDA2
margin for the second quarter, excluding non-operating and
non-recurring expenses, is expected to be 16% to 18%, a decrease in
relation to the margin for the quarter ended in June 2020
(28%2).
- Passenger unit
revenue (PRASK) for the 2Q21 is expected to be approximately 17%
lower year-over-year. GOL anticipates unit revenue (RASK) to be 33%
lower when compared to 2Q20. Daily sales ended the quarter at
around R$21 million, representing a 200% increase over the end of
1Q21. At 85%, GOL's load factor continues to effectively match
supply with demand.
- Non-fuel unit costs
(CASK ex-fuel) for 2Q21, excluding non-operating and non-recurring
expenses, are expected to decrease approximately 55%2
compared to 2Q20 reported CASK ex-fuel, primarily due to four times
higher ASKs and the 1% appreciation of the Brazilian Real versus
the US dollar. Fuel unit costs (CASK fuel) are expected to increase
by approximately 54% year-over-year, mainly due to an 82% increase
in the average fuel price, partially offset by the higher fuel
efficiency consumption of MAX aircraft and by the BRL appreciation
versus USD.
- GOL's financial
leverage, as measured by the Net Debt3/LTM EBITDA ratio,
was approximately 11x at the end of June 2021. The Company
amortized around R$800 million of total debt in the quarter,
including R$420 million of financial debt and R$310 million of
aircraft lease debt. The Company also settled the R$744 million
payment to the minority shareholders of Smiles Fidelidade
S.A.
- Total liquidity at
the end of the June 2021 was R$1.7 billion, comprised of R$1.0
billion in cash and investments and R$0.7 billion in receivables.
Including the financeable amounts of deposits, GOL's liquidity
sources total approximately R$3.7 billion. This is consistent with
the Company's liquidity levels throughout the pandemic.
- GOL plans to
increase its 3Q21 capacity by approximately 80% over 2Q21, in
anticipation of stronger seasonal demand.
- In 2Q21, Gross
Global Scope 1 emissions were approximately 281.6 thousand metric
tons of CO2, a 42% reduction versus 1Q21, while Total
Fuel Consumed was 32.3 thousand liters per RPK, 6% lower compared
to 1Q21. The Greenhouse Gas Emissions per Flight Hour were around
8.5 tons of CO2, stable versus the 1Q21.
|
|
Preliminary and
Unaudited Projections 2Q21
|
|
Domestic Routes
Served (average) / % of 2019
Average Operating
Fleet / % of 2019
Net Operating
Revenues (R$ BN) / % of 2019
Load
Factor
EBITDA
Margin2
EBIT
Margin2
Capex (R$
MM)
Net Cash Burn
(R$MM/day)4
Other Revenue (cargo,
loyalty, other)
Average fuel price
per liter
Avg. exchange rate /
End of 2Q21 exchange rate
Gross Global Scope 1
emissions (000 m t CO2)
Total Fuel Consumed
(1,000 liters per RPK)
Greenhouse Gas
Emissions/Flight Hour (t CO2)
Passenger unit
revenue (PRASK)
Operating CASK
Ex-fuel2
Domestic Demand –
RPK
Domestic Capacity –
ASK
Domestic Capacity –
Seats
Total Demand –
RPK
Total Capacity –
ASK
Total Capacity –
Seats
|
2Q21
~126 /
87%
~55 /
50%
~1.0 /
31%
85.1%
16% - 18%
8% - 10%
~54
Neutral
15% of
revenues
R$3.38
- R$3.44
R$5.32 /
R$5.00
~281.6
~32.3
~8.5
2Q21 vs.
2Q20
Down ~17%
Down ~55%
Up ~345%
Up ~310%
Up
~328%
Up
~344%
Up
~307%
Up
~327%
|
1. Excluding gains and losses on
currency and Exchangeable Senior Notes.
2. Excluding non-operating expenses and
depreciation related to fleet idleness and personnel-related costs
of approximately R$914 million in
2Q21 and R$918 million in
2Q20.
3. Excluding Perpetual
Notes and Exchangeable Senior Notes.
4. Excluding payment of interest on
financial debts.
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 is Brazil's largest
airline, leader in the corporate and leisure segments. Since its
founding in 2001, it has been the airline with the lowest unit cost
in Latin America, which has
enabled the democratization of air transportation. The Company has
a strategic alliance with Air France-KLM, in addition to making
available to Customers many codeshare and interline agreements,
bringing more convenience and ease of connections to any place
served by these partnerships. With the purpose of "Being First for
Everyone", GOL offers the best travel experience to its passengers,
including: the largest inventory of seats and the most legroom; the
most complete platform with internet, movies and live TV; and the
best loyalty program SMILES. In cargo transportation, GOLLOG
delivers parcels to various regions in Brazil and abroad. The Company has a team of
15,000 highly qualified airline professionals focused on Safety,
GOL's number one value, and operates a standardized fleet of 127
Boeing 737 aircraft. 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.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.