SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 6-K
REPORT OF FOREIGN
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE
ACT OF 1934
For the month of
October 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___
|
Investor Update: GOL Adjusts 3Q21 Expectations
|
São Paulo,
October 11, 2021 - 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 third quarter of 2021. The Company
exceeded its financial forecasts during the quarter, despite the exchange rate devaluation. The information below is preliminary
and unaudited. The Company will discuss its 3Q21 results in a conference call on November 9, 2021.
Richard Lark, CFO, commented: “Our focus
heading into 4Q21 is on diligently matching our capacity to rising demand in the business travel segment, as well as leisure travel in
advance of the holiday season, increasing seat inventory for Black Friday sales and the return of international routes to Punta Cana,
Cancun and Montevideo.”
3Q21 Commentary
|
·
GOL expects a Loss Per Share (EPS) and a Loss Per American Depositary
Share (EPADS) for 3Q21 of approximately R$2.581 and US$0.991, respectively.
·
EBITDA2 margin for the third quarter, excluding non-operating
and non-recurring expenses, is expected to be 22% to 24%, a decrease in relation to the margin for the quarter ended in September 2020
(29%2).
·
Passenger unit revenue (PRASK) for the 3Q21 is expected to be
approximately 5% higher year-over-year. GOL anticipates unit revenue (RASK) to be 5% higher when compared to 3Q20. Daily sales ended the
quarter at around R$28 million, representing a 48% increase over the end of 2Q21. With an 82% load factor in the quarter, GOL continues
to effectively match supply with demand.
·
Non-fuel unit costs (CASK ex-fuel) for 3Q21, excluding non-operating
and non-recurring expenses, are expected to decrease approximately 11%2 compared to 3Q20 reported CASK ex-fuel, primarily due
to 82% higher ASKs. Fuel unit costs (CASK fuel) are expected to increase by approximately 45% year-over-year, mainly due to an 49% increase
in the average fuel price, which is partially offset by the higher fuel efficiency consumption of MAX aircraft.
·
GOL’s financial leverage, as measured by the Net Debt4/LTM
EBITDA ratio, was approximately 10x at the end of September 2021. The Company amortized around R$518 million of total debt in the quarter,
including R$100 million of financial debt and R$418 million of aircraft lease debt. In October 2021, GOL finalized the terms for the refinancing
of R$1.2 billion of short-term debt, with a final maturity in 2024, bringing the Company to its lowest levels of short-term debt since
2014. The average tenor of GOL’s liabilities has been raised to 3.3 years.
·
Liquidity at the end of the September 2021 was approximately
R$1.8 billion, comprised of R$1.1 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$3.8 billion. This is consistent with the Company’s liquidity levels
throughout the pandemic.
·
GOL plans to increase its 4Q21 capacity by approximately 30%
over 3Q21, in anticipation of stronger seasonal demand.
·
In 3Q21, Gross Global Scope 1 emissions were approximately 508.2
thousand metric tons of CO2, an 80% increase versus 2Q21, while Total Fuel Consumed was 33.9 thousand liters per RPK, 5% higher
compared to 2Q21. The Greenhouse Gas Emissions per Flight Hour were around 8.4 tons of CO2, stable versus the 2Q21.
|
1
|
|
|
Investor Update: GOL Adjusts 3Q21 Expectations
|
Preliminary and Unaudited Projections 3Q21
|
Domestic Routes Served (average) / % of 2019
Average Operating Fleet / % of 2019
Net Operating Revenues (R$ BN) / % of 2019
Load Factor
EBITDA Margin2
EBIT Margin2
Capex (R$ MM)
Net Cash Generation (R$MM/day)3
Other Revenue (cargo, loyalty, other)
Average fuel price per liter
Avg. exchange rate / End of 3Q21 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
Total Demand – RPK
Total Capacity – ASK
Total Capacity – Seats
|
3Q21
~134 / 84%
~76 / 66%
~1.8 / 50%
81.5%
22% - 24%
15% - 17%
~110
Neutral
~10% of revenues
R$3.42 - R$3.48
R$5.23 / R$5.44
~508.2
~33.9
~8.4
3Q21 vs. 3Q20
Up ~5%
Down ~11%
Up ~87%
Up ~82%
Up ~90%
|
|
1.
|
Excluding gains and losses on currency and Exchangeable
Senior Notes.
|
|
2.
|
Excluding non-operating expenses and depreciation
related to fleet idleness and personnel costs not directly related to operations of approximately R$926 million in 3Q21, of which R$510
million had no cash effect, and R$922 million in 3Q20, of which R$705 million had no cash effect.
|
|
3.
|
Includes advances from clients of R$233 million.
|
|
4.
|
Excluding Perpetual Notes and Exchangeable Senior
Notes.
|
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 alliances with American
Airlines and 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.
2
|
|
|
Investor Update: GOL Adjusts 3Q21 Expectations
|
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
|
|
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: October 11, 2021
GOL LINHAS AÉREAS INTELIGENTES S.A.
|
|
|
|
|
By:
|
/s/ Richard F. Lark, Jr.
|
|
|
Name: Richard F. Lark, Jr.
Title: Investor Relations Officer
|
Gol Linhas Aereas Inteli... (NYSE:GOL)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gol Linhas Aereas Inteli... (NYSE:GOL)
Historical Stock Chart
From Oct 2023 to Oct 2024