Quarterly net revenue totaled R$1.9 billion,
representing an increase of 96.4% when compared to 3Q20. In addition to the significant increase in passenger flights, cargo transportation
revenues increased by 53.9%, due to the readjustment in the prices of certain products, higher transported volumes, with emphasis on the
growth in transport through CHEGOL, a fast and efficient delivery service.
Operating Expenses
Adjusted
CASK was 21.66 cents (R$), a nominal increase of 6.3% compared to adjusted CASK in 3Q20, and 10% lower excluding exchange variations,
primarily due to a 49% higher fuel price.
The
breakdown of costs and the Company’s operating expenses is shown below, where the adjusted metrics exclude expenses related to
42% of the operating fleet that was grounded this quarter:
Operating Costs and Expenses (R$ MM)
|
3Q21
|
3Q21 Adjusted
|
3Q20 Adjusted
|
% Var.
|
9M21
|
9M21
Adjusted
|
9M20
Adjusted
|
% Var.
|
Salaries, Wages and Benefits
|
(504.0)
|
(315.3)
|
(163.8)
|
92.5%
|
(1,438.1)
|
(796.7)
|
(823.4)
|
-3.2%
|
Salaries, Wages and Benefits –
Operations
|
(293.5)
|
(183.6)
|
(90.1)
|
103.8%
|
(902.0)
|
(499.7)
|
(525.7)
|
-4.9%
|
Salaries, Wages and Benefits - Others
|
(210.5)
|
(131.7)
|
(73.6)
|
78.9%
|
(536.1)
|
(297.0)
|
(297.6)
|
-0.2%
|
Aircraft Fuel
|
(672.5)
|
(678.5)
|
(257.3)
|
163.7%
|
(1,614.8)
|
(1,563.2)
|
(1,317.6)
|
18.6%
|
Taxes on Aircraft Fuel
|
(69.7)
|
(69.7)
|
(22.8)
|
205.7%
|
(217.3)
|
(217.3)
|
(162.7)
|
33.6%
|
Aircraft Fuel (ex-Taxes)
|
(602.8)
|
(608.8)
|
(234.5)
|
159.6%
|
(1,397.6)
|
(1,345.9)
|
(1,154.9)
|
16.5%
|
Landing Fees
|
(120.6)
|
(121.9)
|
(69.2)
|
76.2%
|
(304.4)
|
(307.7)
|
(291.2)
|
5.7%
|
Passenger Costs
|
(144.0)
|
(107.3)
|
(53.4)
|
100.9%
|
(370.5)
|
(278.2)
|
(252.1)
|
10.4%
|
Services Provided
|
(195.5)
|
(40.0)
|
(36.2)
|
10.5%
|
(575.0)
|
(104.1)
|
(239.0)
|
-56.4%
|
Sales and Marketing
|
(107.0)
|
(7.8)
|
(6.9)
|
13.0%
|
(231.8)
|
(22.9)
|
(129.7)
|
-82.3%
|
Maintenance Materials and Repairs
|
(246.4)
|
(85.4)
|
(26.8)
|
218.7%
|
(487.7)
|
(142.3)
|
(159.1)
|
-10.6%
|
Depreciation and Amortization
|
(262.5)
|
(126.5)
|
(122.5)
|
3.3%
|
(753.9)
|
(350.9)
|
(703.2)
|
-50.1%
|
Other
|
(415.1)
|
(94.3)
|
(77.3)
|
22.0%
|
(820.0)
|
(255.0)
|
554.8
|
NM
|
|
(119.2)
|
-
|
-
|
NM
|
(262.4)
|
-
|
-
|
NM
|
Idle Expenses – Salaries, Wages
and Benefits
|
(295.8)
|
(94.3)
|
(77.3)
|
22.0%
|
(557.2)
|
(255.0)
|
554.8
|
NM
|
Other Income (Expenses)
|
(2,667.5)
|
(1,576.9)
|
(813.3)
|
93.9%
|
(6,596.3)
|
(3,821.1)
|
(3,360.4)
|
13.7%
|
Total Operating Expenses
|
(1,995.0)
|
(898.4)
|
(556.1)
|
61.6%
|
(4,981.4)
|
(2,257.9)
|
(2,042.8)
|
10.5%
|
Operating Expenses Ex-Fuel
|
(119.3)
|
-
|
-
|
NM
|
(307.8)
|
-
|
-
|
NM
|
Non-Recurring Expenses
|
(504.0)
|
(315.3)
|
(163.8)
|
92.5%
|
(1,438.1)
|
(796.7)
|
(823.4)
|
-3.2%
|
Operating Costs and Expenses per ASK
|
3T21 Contábil
|
3T21 Ajustado
|
3T20 Ajustado
|
% Var.
|
9M21 Contábil
|
9M21
Ajustado
|
9M20 Ajustado
|
% Var.
|
Salaries, Wages and Benefits
|
(6.92)
|
(4.33)
|
(4.10)
|
5.6%
|
(7.85)
|
(4.35)
|
(4.72)
|
-7.8%
|
Salaries, Wages and Benefits -
Operations
|
(4.03)
|
(2.52)
|
(2.26)
|
11.5%
|
(4.93)
|
(2.73)
|
(3.01)
|
-9.3%
|
Salaries, Wages and Benefits - Others
|
(2.89)
|
(1.81)
|
(1.84)
|
-1.6%
|
(2.93)
|
(1.62)
|
(1.71)
|
-5.3%
|
Aircraft Fuel
|
(9.24)
|
(9.32)
|
(6.44)
|
44.7%
|
(8.82)
|
(8.54)
|
(7.55)
|
13.1%
|
Taxes on Aircraft Fuel
|
(0.96)
|
(0.96)
|
(0.57)
|
68.4%
|
(1.19)
|
(1.19)
|
(0.93)
|
28.0%
|
Aircraft Fuel (ex-Taxes)
|
(8.28)
|
(8.36)
|
(5.87)
|
42.4%
|
(7.63)
|
(7.35)
|
(6.62)
|
11.0%
|
Landing Fees
|
(1.66)
|
(1.67)
|
(1.73)
|
-3.5%
|
(1.66)
|
(1.68)
|
(1.67)
|
0.6%
|
Passenger Costs
|
(1.98)
|
(1.47)
|
(1.34)
|
9.7%
|
(2.02)
|
(1.52)
|
(1.44)
|
5.6%
|
Services Provided
|
(2.69)
|
(0.55)
|
(0.91)
|
-39.6%
|
(3.14)
|
(0.57)
|
(1.37)
|
-58.4%
|
Sales and Marketing
|
(1.47)
|
(0.11)
|
(0.17)
|
-35.3%
|
(1.27)
|
(0.13)
|
(0.74)
|
-82.4%
|
Maintenance Materials and Repairs
|
(3.38)
|
(1.17)
|
(0.67)
|
74.6%
|
(2.66)
|
(0.78)
|
(0.91)
|
-14.3%
|
Depreciation and Amortization
|
(3.61)
|
(1.74)
|
(3.07)
|
-43.3%
|
(4.12)
|
(1.92)
|
(4.03)
|
-52.4%
|
Other
|
(5.70)
|
(1.29)
|
(1.94)
|
-33.5%
|
(4.48)
|
(1.39)
|
3.18
|
NM
|
Idle Expenses – Depreciation
|
(1.64)
|
-
|
-
|
NM
|
(1.43)
|
-
|
-
|
NM
|
Idle Expenses–Salar,Wagesand Benefits
|
(0.00)
|
-
|
-
|
NM
|
(0.00)
|
-
|
-
|
NM
|
Other Income (Expenses)
|
(4.06)
|
(1.29)
|
(1.94)
|
-33.5%
|
(3.04)
|
(1.39)
|
3.18
|
NM
|
CASK
|
(36.64)
|
-
|
-
|
NM
|
(36.02)
|
-
|
-
|
NM
|
CASK(1)
|
(35.00)
|
-
|
-
|
NM
|
(34.34)
|
-
|
-
|
NM
|
CASK Ex-Fuel(1)
|
(25.76)
|
-
|
-
|
NM
|
(25.52)
|
-
|
-
|
NM
|
Adjusted CASK(2)
|
-
|
(21.66)
|
(20.37)
|
6.3%
|
-
|
(20.87)
|
(19.26)
|
8.4%
|
Adjusted CASK Ex-Fuel(2)
|
-
|
(12.34)
|
(13.93)
|
-11.4%
|
-
|
(12.33)
|
(11.71)
|
5.3%
|
|
|
|
|
|
|
|
|
|
(1)
Excluding non-recurring results, net, and expenses related to fleet idleness. (2) Considers expenses strictly related to current operating
levels
Salaries,
wages and benefits per ASK: Increase of 5.6%, mainly due to the scaling back of operational team salaries, in accordance with
agreements with union agreements, partially offset by ASKs higher by 82.4%.
8
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Aviation
fuel per ASK: Increase of 44.7%, mainly due to higher average jet fuel prices, which increased by 47.0%, partially offset by
the higher fuel efficiency of 737 MAX-8 aircraft.
Landing
fees per ASK: Decrease of 3.5%, mainly due to the 82.4% increase in ASKs, partially offset by the adjustment in the price paid
to concessionaries.
Passenger
costs per ASK: Increase of 9.7%, mainly due to higher expenses with ramp services due to the 87.3% increase in departures and
91.7% in passengers compared to 3Q20, partially offset by the 82.4% increase in ASKs.
Services
provided per ASK: Decrease of 39.6% over 3Q20, mainly due to lowerexpenses in 3Q21, with higher ASKs and dilution of fixed operating
costs, partially offset by the depreciation of the real against the dollar by 3.1%.
Sales
and marketing per ASK: Decrease by 35.3%, mainly due to higher ASKs, partially offset by higher sales in the period.
Maintenance
materials and repairs per ASK: Increase of 74.6% compared to 3Q20, mainly due to the return to operation of stored aircraft,
required maintenance for fleet transformation and the 2% depreciation of the real against the dollar, partially offset by higher ASKs.
Depreciation
and amortization per ASK: Depreciation and amortization expenses decreased 43.3% over 3Q20, mainly due to higher ASKs in the
period.
Other
income (expenses), net per ASK: expenses reduced 33.5% in the quarterly comparison, due to cost dilution through higher ASKs.
Operating Results
Adjusted EBIT for the quarter was R$338.1
million. Operating margin was 17.7%. On an available seat-kilometer basis, adjusted EBIT was 4.64 cents (R$).
Adjusted EBITDA totaled R$464.7 million
in the period. EBITDA margin was 24.3%. Adjusted EBITDA per available seat-kilometer was 6.38 cents (R$).
EBIT and EBITDA reconciliation (R$ MM)*
|
3Q21
|
3Q20
|
% Var.
|
9M21
|
9M20
|
% Var.
|
Net Income (Loss) before NCI(1)
|
(2,407.5)
|
(1,322.4)
|
82.1%
|
(4,066.7)
|
(5,196.7)
|
-21.7%
|
(-) Income Taxes
|
(192.9)
|
8.4
|
NM
|
(160.3)
|
54.9
|
NM
|
(-) Financial Result
|
1,967.2
|
927.1
|
112.2%
|
2,449.6
|
5,267.1
|
-53.5%
|
EBIT(1)
|
(633.2)
|
(387.0)
|
63.6%
|
(1,777.4)
|
125.3
|
NM
|
EBIT Margin
|
-33.1%
|
-39.7%
|
6.6 p.p.
|
-39.4%
|
2.8%
|
NM
|
(-) Depreciation and Amortization
|
262.5
|
182.9
|
43.5%
|
753.9
|
828.2
|
-9.0%
|
EBITDA(1)
|
(370.7)
|
(204.1)
|
81.6%
|
(1,023.5)
|
953.5
|
NM
|
EBITDA Margin(1)
|
-19.4%
|
-20.9%
|
1.5 p.p.
|
-22.7%
|
21.3%
|
NM
|
Adjusted EBIT(2)
|
338.1
|
161.6
|
109.2%
|
690.0
|
1,120.1
|
-38.4%
|
Adjusted EBIT Margin(2)
|
17.7%
|
16.6%
|
1.1 p.p.
|
15.3%
|
25.0%
|
-9.7 p.p.
|
Adjusted EBITDA(2)
|
464.7
|
284.1
|
63.6%
|
1,040.9
|
1,823.3
|
-42.9%
|
Adjusted EBITDA Margin(2)
|
24.3%
|
29.1%
|
-4.8 p.p.
|
23.1%
|
40.7%
|
-17.6 p.p.
|
EBITDA Calculation (R$ cents/ASK)
|
3Q21
|
3Q20
|
% Var.
|
9M21
|
9M20
|
% Var.
|
Net Revenues
|
26.31
|
24.42
|
7.8%
|
24.63
|
25.68
|
-4.3%
|
Operating Expenses(1)
|
(35.00)
|
(34.12)
|
2.6%
|
(34.34)
|
(24.97)
|
37.2%
|
EBIT(1)
|
(8.70)
|
(9.69)
|
-10.3%
|
(9.71)
|
0.72
|
NM
|
Depreciation and Amortization
|
(3.61)
|
(4.58)
|
-21.7%
|
(4.12)
|
(4.75)
|
-12.8%
|
EBITDA(1)
|
(5.09)
|
(5.11)
|
0.0%
|
(5.59)
|
5.47
|
NM
|
Adjusted EBIT(2)
|
4.64
|
4.05
|
15.0%
|
3.77
|
6.42
|
-40.6%
|
Adjusted EBITDA(2)
|
6.38
|
7.12
|
-9.9%
|
5.68
|
10.45
|
-45.7%
|
(1) Excluding non-recurring
expenses and related to fleet idleness. * In accordance with CVM Instruction 527, the Company presents the reconciliation of EBIT and
EBITDA, whereby: EBIT = net income (loss) (+) income tax and social contribution (+) net financial result; and EBITDA = net income (loss)
(+) income tax and social contributions (+) net financial result (+) depreciation and amortization. Some report values may differ from
the financial statements due to rounding. (2) Considers expenses strictly related to current operating levels.
Financial Results
The net financial result was R$1,967.2
million, an increase of R$1,040 million compared to 3Q20, mainly due to losses from exchange and monetary variations higher by R$1,010
million, a reduction of R$17.7 million in gains from financial investments, gains on ESN gains and capped call of R$37 million, partially
offset by interest expenses on loans and financing, which increased by R$101.5 million and net result from derivatives higher by R$1.6
million in the quarterly comparison.
Interest
on loans: increase of 25.6%, from R$395.9 million to R$497.4 million, mainly due to the increase in the average interest rate
from 2% to 5.1%., partially offset by an average total debt approximately R$1.0 billion lower than the same period last year and the BRL
exchange rate valuation of 2.8% versus 2Q21
Gains
from financial investments: totaled R$4.8 million, a decrease of R$14.7 million compared to 3Q20, mainly due to lower investments.
9
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Net
exchange and monetary variation: totaled gains of R$1.485 billion, an increase of R$1.01 billion in 2Q21 compared to 3Q20, primarilydue
to the effects of the 8.1% depreciation of the dollar against the Real in the quarter.
Net
result of derivatives: registered R$0.7 million gains in 3Q21, in comparison to R$2.1 million loss in 3Q20, mainly due to oil
fuel price hedge operations.
ESN
and capped calls results: registered losses of R$138 million, due to R$43 million of unrealized gains from mark-to-market on the
convertible portion, R$48.7 million of losses with interest, R$170.1 million negative exchange rate variation and R$37 million of gains
realized on capped calls.
Other
net financial expenses: totaled R$1,967.2 million expenses in 3Q21, in comparison to R$927.1 million of expenses in 3Q20.
Results of Hedge
Operations
GOL
uses hedge accounting for some of its derivative instruments. However, due to the temporary interruption of all international flights,
the Company no longer recognizes hedge accounting operations. In 3Q21, GOL recognized net losses of R$1.3 million in its hedge operations,
of which R$ 0.3 million were gains recorded in the operating result and R$1.6 million in losses were recorded in the financial result.
The
Company has marked-to-market its derivative transactions and all required margins aredeposited with its counterparties in restricted cash.
Upon settlement of these operations at their maturity date, such amounts deposited as initial margin are released and converted from restricted
cash to available cash.
Interest:
swap transactions to protect the cash flow from future leases, whose installments are exposed to the volatility of the Libor rate until
aircraft are received, resulted in losses of R$1.6 million in the financial result in 3Q21.
Exchange
rate: the Company did not recognized gains or losses from foreign exchange hedge derivative during 3Q21.
Income taxes
Income
taxes in the quarter represented an expense of R$192.9 million, compared to an income tax expense of R$8.4 million in 3Q20. The subsidiary
GLA has net operating loss carryforwards, comprised of accumulated income tax losses and negative basis of social contribution, their
use is limited to 30% of the annual taxable income, without limitation period, in the amount of R$9.6 billion, and such amount is not
recorded in the Company's balance sheet.
Loyalty Program - Smiles
The Company closed 3Q21 with a 5% increase in
the total number of Smiles customers, reaching 19 million participants. Smiles’ total revenue reached R$624.4 million, increasing
28% over 2Q21 and 39% over 3Q20. The volume of miles accumulated in the period grew 39% compared to 2Q21, mainly driven by the accumulation
of miles from banks, retail and services.
Net Income and Earnings per Share
In 3Q21, the Company reported net loss
after minority interest of R$2.5 billion (R$884.6 million excluding loss from exchange and monetary variations of R$1,485.8 million, non-recurring
net losses of R$119.3 million and a positive variation of R$37.1 million related to Exchangeable Notes and capped calls unrealized results).
This compares to net loss of R$1.72 billion
(excluding non-recurring loss of R$373.5 million, exchange and monetary variations losses of R$474.2 million and losses of R$0.1 million
related to Exchangeable Notes and capped calls unrealized results) during 3Q20, a decrease of R$872 million.
10
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Net Result (R$ MM)
|
3Q21
|
3Q20
|
% Var.
|
9M21
|
9M20
|
% Var.
|
Net Income (loss) after minority shareholders
|
(2,526.7)
|
(1,719.8)
|
46.9%
|
(4,412.2)
|
(6,005.0)
|
-26.5%
|
(-) ESN And Capped Calls Unrealized Results
|
37.1
|
0.1
|
NM
|
(17.1)
|
298.0
|
NM
|
(-) Exchange Variations, Net(1)
|
1,485.8
|
474.2
|
213.3%
|
1,081.5
|
3,483.8
|
-69.0%
|
(-) Non-Recurring Expenses and Revenue, Net
|
119.3
|
373.5
|
-68.1%
|
307.8
|
757.9
|
-59.4%
|
Adjusted Net Income (Loss)(4)
|
(884.6)
|
(872.0)
|
1.4%
|
(3,039.9)
|
(1,465.3)
|
107.5%
|
EPS And EPADS
|
3Q21
|
3Q20
|
% Var.
|
9M21
|
9M20
|
% Var.
|
Weighted Average Shares Outstanding(2)
|
396.2
|
355.8
|
11.4%
|
396.2
|
355.7
|
11.4%
|
Weighted Average Shares ADS Outstanding(2)
|
198.1
|
177.8
|
11.4%
|
198.1
|
177.8
|
11.4%
|
Earnings (Loss) per basic share in R$
|
(6.38)
|
(4.83)
|
32.1%
|
(11.14)
|
(16.88)
|
-34.0%
|
Earnings (Loss) per basic ADS in US$
|
(2.44)
|
(1.80)
|
35.6%
|
(4.18)
|
(6.65)
|
-37.1%
|
Recurring Earnings (Loss) per basic share in R$ (4)
|
(2.23)
|
(2.45)
|
-9.0%
|
(7.67)
|
(4.12)
|
86.2%
|
Recurring Earnings (Loss) per basic ADS in US$(4)
|
(0.85)
|
(0.91)
|
-6.6%
|
(2.88)
|
(1.62)
|
77.8%
|
Earnings Per Diluted Share and Diluted ADS
|
3Q21
|
3Q20
|
% Var.
|
9M21
|
9M20
|
% Var.
|
Weighted Average Shares Outstanding(2)
|
434.9 434.9
|
393.2 393.2
|
10.6%
|
434.9
|
393.1 393.1
|
10.6%
|
Weighted Average Shares ADS Outstanding(2)
|
217.4 217.4
|
196.6 196.6
|
10.6%
|
217.4
|
196.5 196.5
|
10.6%
|
Earnings (Loss) Per Diluted Share in R$(5)
|
-
|
-
|
NM
|
-
|
-
|
NM
|
Earnings (Loss) Per Diluted ADS in US$(5)
|
-
|
-
|
NM
|
-
|
-
|
NM
|
(1) The difference between the amount
presented and the amount disclosed in the financial information for the period ended in June 30, 2021, is allocated to the ESN and capped
calls results. (2) Considers the ratio of 35 common shares per preferred share. Total number of diluted shares considered in calculation
was 433.1 million in 2Q21, including the dilution from ESNs conversion into shares. (3) Considers the ratio of 2 preferred shares per
ADS. (4) Earnings per share excludes results of (i) exchange variation, net; (ii) Exchangeable and capped calls; and (iii) non-recurring
expenses. (5) Not applicable, there is no provision for dilution of net losses in international accounting standards (IFRS).
Cash Flow
As of September 30, 2021, total liquidity (cash
and cash equivalents, cash investments, restricted cash, accounts receivable and securities and receivables) totaled R$2,080.3 billion,
R$265 million higher compared to June 30, 2021.
Operating activities provided R$369 million
in 3Q21, compared to an operating cash outflow of R$35.5 million in 3Q20, demonstrating the improvement in the Company's operations, mainly
resulting from an increase in the forward bookings.
Investment activities consumed a net R$364.6
million in the quarter, mainly due to capital expenditures in the period for increasing spare parts inventories and engine overhauls for
the increase in operating fleet.
Cash generated by financing activities in 3Q21
totaled R$261.4 million, including the amortization of short-term debt.
Consolidated Cash Flow Summary (R$ MM)
|
3Q21
|
3Q20
|
% Var.
|
2T21
|
% Var.
|
Net Income (Loss) For The Period
|
(2,526.7)
|
(1,695.9)
|
49.0%
|
658.0
|
NM
|
Adjustment of Non-Cash Items
|
2,655.7
|
1,670.0
|
59.0%
|
-784.5
|
NM
|
Net Income After Adjusting Non-Cash Items
|
129.0
|
(25.9)
|
NM
|
(126.5)
|
NM
|
Net Cash Provided to (Used In) Operating Activities
|
369.0
|
(35.5)
|
NM
|
(56.4)
|
NM
|
Net Cash Used In Investment Activities
|
(364.6)
|
(107.2)
|
240.1%
|
(25.9)
|
NM
|
Net Cash Flow
|
4.4
|
(142.6)
|
NM
|
(82.2)
|
NM
|
Net Cash Used in Financing Activities
|
261.4
|
(920.5)
|
NM
|
99.1
|
163.8%
|
Net Increase (Decrease) in Cash, Equivalents and A/R(1)
|
265.8
|
(1,063.1)
|
NM
|
16.8
|
NM
|
Total Liquidity at The Beginning of Period
|
1.814.5
|
3,305.5
|
-45.1%
|
1,797.7
|
0.9%
|
Accounts Receivable Beginning of Period
|
717.4
|
536.1
|
33.8%
|
542.8
|
32.2%
|
Accounts Receivable End of Period
|
638.9
|
790.9
|
-19,2%
|
717.4
|
-10.9%
|
Total Liquidity at The End of Period
|
2,080.3
|
2,242.3
|
-7.2%
|
1,814.5
|
14.6%
|
(1) Includes cash, cash equivalents, short-term
investments, restricted cash, accounts receivable and securities and receivables.
Liquidity and Indebtedness
As of September 30, 2021, the Company reached
a total liquidity (cash and cash equivalents, securities, restricted cash, and accounts receivable) of R$2,080.3 billion, an increase
of R$265.8 million over June 30, 2021, and R$162 million lower compared to September 30, 2020.
GOL registered total loans and financings,
as of September 30, 2021, of R$17.9 billion (including leases), flat versus 2Q21, includingthe
amortization of R$518 million in debt, comprised by R$100 million of loans and financings and R$418 million related to lease obligations.
In October, GOL refinanced R$1.2 billion of
short-term debt with instruments with a final maturity in 2024. allowing the Company to return to its lowest short-term debt since 2014
(around R$0.5 billion).
The net debt (excluding perpetual bonds and
Exchangeable Notes) to LTM EBITDA ratio was 9.7x on September 30, 2021 and Exchangeable Notes, the ratio of net debt to LTM EBITDA ratio
was 10.1x on June 30, 2021.
11
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
The average maturity of the Company's long-term
debt in 3Q21, excluding aircraft leases and financings and perpetual notes, was 3.3 years. GOL’s average interest rate on local-currency
debt increased to 10.6%, and its average interest rate on U.S. Dollars, excluding aircraft leases and financing and perpetual notes, increased
to 6.5%.
Liquidity (R$ MM)
|
3Q21
|
3Q20
|
%Var.
|
2Q21
|
%Var.
|
Cash, Cash Equivalents and Restricted Cash
|
1,441.5
|
1,451.4
|
-0.7%
|
1,097.1
|
31.4%
|
Short-Term Receivable & Securities and Receivables
|
638.9
|
790.9
|
-19.2%
|
717.4
|
-10.9%
|
Total Liquidity
|
2,080.3
|
2,242.3
|
-7.2%
|
1,814.5
|
14.6%
|
Total Liquidity as % of LTM Net Revenues
|
32.5%
|
27.1%
|
5.4 p.p.
|
33.2%
|
-0.7 p.p.
|
Liquidity (R$ MM)
|
1,441.5
|
1,451.4
|
-0.7%
|
1,097.1
|
31.4%
|
Indebtedness (R$ MM)
|
3Q21
|
3Q20
|
% Var.
|
2Q21
|
% Var.
|
Loans and Financings
|
-2,023.0
|
1,642.6
|
NM
|
191.3
|
NM
|
Aircraft Financing
|
2,306.9
|
1,757.9
|
31.2%
|
1,272.2
|
81.3%
|
Aircraft Rent
|
9,066.1
|
7,983.4
|
13.6%
|
7,664.7
|
18.3%
|
Debt Issuance
|
7,566.5
|
4,212.9
|
79.6%
|
6,258.6
|
20.9%
|
Exchangeable Notes
|
219.0
|
1,905.2
|
-88.5%
|
1,786.2
|
-87.7%
|
Perpetual Notes
|
854.4
|
765.1
|
11.7%
|
785.7
|
8.7%
|
Total Loans and Financings
|
17,989.9
|
18,267.1
|
-1.5%
|
17,958.7
|
0.2%
|
Short-term debt
|
3,953.1
|
5,338.1
|
-25.9%
|
3,606.6
|
9.6%
|
Short-term Debt in US$
|
580.9
|
808.1
|
-28.1%
|
561.7
|
3.4%
|
Short-term Debt in BRL
|
793.6
|
779.9
|
1.8%
|
796.8
|
-0.4%
|
Long-term debt
|
16,911.6
|
12,929.0
|
30.8%
|
14,352.1
|
17.8%
|
Long-term Debt in US$
|
3,107.4
|
2,263.2
|
37.3%
|
2,867.0
|
8.4%
|
Long-term Debt in BRL
|
9.3
|
163.2
|
-94.3%
|
10.7
|
-13.1%
|
Debt and Leverage (R$ MM)
|
3Q21
|
3Q20
|
Var.
|
2Q21
|
Var.
|
Gross Debt
|
16,916.5
|
15,596.8
|
8.5%
|
15,386.7
|
9.9%
|
(-) Total Cash
|
1,441.5
|
1,451.4
|
-0.7%
|
1,097.1
|
31.4%
|
Net Debt
|
15,475.0
|
14,145.4
|
9.4%
|
14,289.7
|
8.3%
|
% of debt in Foreign Currency
|
97.0%
|
96.5%
|
0.5 p.p.
|
96.5%
|
0.5 p.p.
|
% of debt in Short-Term
|
18.9%
|
29.2%
|
-10.3 p.p.
|
20.1%
|
-1.2 p.p.
|
% of debt in Long-Term
|
81.1%
|
70.8%
|
10.3 p.p.
|
79.9%
|
1.2 p.p.
|
Total financing and loans
|
20,864.8
|
18,267.1
|
14.2%
|
17,958.7
|
16.2%
|
- Perpetual bonus
|
854.4
|
765.1
|
11.7%
|
785.7
|
8.7%
|
- Exchangeable Senior Notes
|
219.0
|
1,905.2
|
-88.5%
|
1,786.2
|
-87.7%
|
- Total Cash
|
1,441.5
|
1,451.4
|
-0.7%
|
1,097.1
|
31.4%
|
= Net Debt (ex-perpetual bônus)
|
18,349.8
|
14,145.4
|
29.7%
|
14,289.7
|
28.4%
|
LTM EBITDA
|
-1,373.6
|
1,348.8
|
NM
|
-1,461.2
|
-6.0%
|
Operational EBITDA LTM
|
1,599.4
|
3,288.0
|
-51.4%
|
1,418.8
|
12.7%
|
Net Debt / LTM EBITDA(2)
|
9.7 x
|
4.3 x
|
5.4 x
|
10.1 x
|
-0.4x
|
Gross Debt / LTM EBITDA(2)
|
10.6 x
|
4.7 x
|
5.8 x
|
10.8 x
|
-0.3x
|
|
(1)
|
Excluding Perpetual and Exchangeable Notes. (2) Excluding non-operating
expenses and depreciation.
|
Financial Debt Amortization Schedule (in milion)¹,²
1-
Currency of issuance or contract.
2- Considers the net amortization schedule of working
capital refinancing credit lines.
|
12
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Fleet
At the end of 3Q21, GOL's total fleet was 129
Boeing 737 aircraft, comprised of 114 NGs and 15 MAXs (operational). At the end of 3Q20, GOL's total fleet was 129 aircraft, of which
seven were MAXs (non- operational). The average age of the Company's fleet was 11.1 years at the end of 3Q21.
GOL‘s operating fleet is 100% composed
of narrow body aircraft financed via operating leases.
Total Fleet at Period-end
|
3Q21
|
3Q20
|
%Var.
|
2Q21
|
%Var.
|
B737s
|
129
|
129
|
0
|
127
|
2
|
B737-7 NG
|
23
|
22
|
1
|
23
|
0
|
B737-8 NG
|
91
|
100
|
-9
|
94
|
-3
|
B737-8 MAX 8
|
15
|
7
|
8
|
10
|
5
|
As of September 30, 2021, GOL had 95 firm orders
for the acquisition of Boeing 737 MAX aircraft, of which 73 were orders for 737 MAX-8s and 22 orders were for 737 MAX-10s. The Company's
plan is to return up to six aircraft by the end of 2021, with the flexibility to return even more aircraft if necessary
Fleet Plan
|
2021E
|
2022E
|
2023E
|
>2024E
|
Total
|
Operating Fleet at the End of the Year
|
102
|
115
|
|
|
|
Aircraft Commitments (R$ MM)
|
452.8
|
2,592.8
|
3,853.3
|
21,117.6
|
28,016.5
|
During the third quarter, GOL maintained flexibility on its fixed monthly payments via variable contracts. The agreements signed with
its lessors allow for the extension of deferrals in order to be adjusted proportionally to the recovery of capacity during 202. Lease
liability measurement took into account the new payment flows, the discount rate and the exchange rate on the date of the contractual
changes. The calculated effects were recorded as an increase in the lease liability in the amount of R$47.4 million, with a corresponding
decrease in fixed assets.
GOL recently signed agreements to acquire 28 additional
Boeing 737 MAX-8 aircraft, which should reduce the Company’s unit costs by 8% in 2022.
The 28 B 737 MAX 8 aircraft will replace 23 B
737-800 NGs by the end of 2022. The Company currently operates 15 737 MAX aircraft and has returned 18 B737 NGs in the past 18 months.
Due to the new agreements, GOL will end 2021 with 28 737 MAX-8 aircraft (~20% of the total fleet). By the end of 2022, the Company will
have 44 737 MAX aircraft (32% of the total fleet). With current purchase commitments for 737 MAX, GOL expects to meet its goal of a 75%
MAX fleet by 2030.
13
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Outlook
The pace of the recovery is expected to increase
in 4Q21, supported by the growth of the country’s vaccination rate, entry into Brazil’s summer high season and the return
of international flights. GOL’s 4Q21 capacity plan is up by 29% over 4Q20. To meet expected demand, GOL will have 102 aircraft operating
its network at the end of the period, representing 112% of the average fleet in 4Q20 and up by 36% over 3Q21.
We expect loyalty program revenue of over R$600
million in 4Q21 and the Company’s consolidated revenue for 4Q21 is expected to increase around 40% year-on-year.
GOL expects to close 4Q21 with R$3.8 billion in
liquidity and R$15.8 billion in adjusted net debt. We estimate that our frequent flyer program will achieve gross revenues of over R$2.5
billion in 2022.
With the objective of assisting investors and
analysts in understanding how GOL is approaching its short-term planning, the Company is sharing these metrics:
Metrics
|
4Q21E
|
|
Brazil GDP Variation¹ vs 2020 (%)
|
+2.6%
|
Domestic Routes Served (average)
|
~174
|
Average Operating Fleet (EoP)
|
~102
|
ASK Total (bi)
|
~9.6
|
Load Factor (%)
|
~82%
|
Operating CASK Ex-fuel² vs 2020
|
Reduction of ~12%
|
Gross Global Scope 1 emissions (000 m t CO2)
|
~666.3
|
Total Fuel Consumed (1,000 liters per RPK)
|
~33.3
|
Greenhouse Gas Emissions/Flight Hour (t CO2)
|
~8.2
|
Net Operating Revenues (R$ BN)
|
~2.6
|
Other Revenue (cargo, loyalty, other)
|
~8% of revenue
|
EBITDA² (R$ bi)
|
~0.8
|
CAPEX (R$ MM)
|
~0.4
|
Total Liquidity3 (R$ BN)
|
~3.8
|
Net Debt4 (R$ BN)
|
~15.8
|
Net Debt / LTM EBITDA Ratio 4,5,6 (x)
|
~5.2x
|
(1) Versus the same period last
year; Source: Brazilian Central Bank. (2) Excluding non-operating expenses and depreciation related to fleet idleness and personnel-related
costs of approximately R$978 million in 4Q21, R$665 million in 4Q20. (3) Cash and cash equivalents, restricted cash, accounts receivables
and deposits (does not include unencumbered assets). (4) Excluding perpetual bonds and exchangeable notes. (5) Pro-forma, excluding non-operating
expenses and depreciation, (6) 4Q21E EBITDA annualized.
Environmental, Social and Governance (“ESG”)
Information
GOL aims to be a world leader in making air travel
more sustainable. The Company launched a new Environmental, Social and Governance section on its investor relations website (www.voegol.com.br/ir),
including detailed information using SASB and TCFD metrics, and a specific subsection for projections. The new website content is aligned
with GOL’s commitment to improving the sustainability of its business through strong corporate governance, being first for all Employees
and Customers by driving inclusion and accessibility, and by reaching net zero carbon emissions in 2050.
Since 2010, GOL prepared annual sustainability
reports based on Global Reporting Initiative guidelines, an international standard for reporting environmental, social and economic performance.
By adopting these parameters and providing related data to the public, the Company is reinforcing its accountability with various stakeholders
through added transparency and credibility. Among GOL’s initiatives are its voluntary adherence, since 2016, to the Carbon Pricing
Leadership Coalition, which is a global initiative to price carbon emissions, as well as multiple campaigns and associations dedicated
to promoting best ESG practices both in the airline industry and generally. The Company also maintains social initiatives relating to
its workforce, customer satisfaction and safety, as well as governance initiatives through leadership, committees, policies and shareholder
meetings.
GOL has implemented significant improvements
in the disclosures about the Company’s sustainability actions, providing more ESG data to investors. GOL hopes to motivate the airline
industry as a whole to tackle environmental, social and governance issues by becoming more transparent on sustainability.
The Company invites the managers of ESG-oriented
investment funds to review GOL’s sustainability actions and reporting philosophy on its investor relations website: www.voegol.com.br/ir.
14
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
ESG Projections
GOL is providing investors with projections for
three SASB metrics.
Metrics
|
Actual
|
Projections1)
|
2017
|
2018
|
2019
|
2020
|
2021E
|
2022E
|
2023E
|
Gross Global Scope 1 Emissions (000 m t CO2)
|
3,316.6
|
3,394.3
|
3,743.9
|
1,938.5
|
~1,910
|
~3,289
|
~3,041
|
Total Fuel Consumed (1,000 liters per RPK)
|
37.0
|
36.5
|
35.3
|
35.9
|
~33.0
|
~34.9
|
~40.7
|
Greenhouse gas emissions / flight hour (t CO2)
|
8.1
|
8.3
|
8.7
|
9.2
|
~8.4
|
~8.3
|
~8.3
|
(1) Preliminary and unaudited information.
ESG Comments
Environmental: Climate change
could cause an increase in extreme weather and natural disasters, which could affect airline operations, alongside social and political
events resulting from these risks. As such, GOL seeks to be a global industry leader in advancing sustainable aviation by, among other
measures, reducing greenhouse gas emissions by means of efficient fuel use and network management.
GOL is a pioneer in incentivizing the research
and development of biofuel technology, was the first Brazilian airline to release its greenhouse gas inventory based on the Greenhouse
Gas Protocol – it has been qualified under the Gold Standard since 2011. GOL is a member of national and international entities
such as the GHG Protocol Brazilian Program, the Brazilian Biofuel and Biokerosene Union (Ubrabio), the IATA’s Environmental Committee,
the Group of Users of Sustainable Aviation Fuel (Safug), the Brazilian Platform for Renewable Fuel and Biokerosene (PBB) and the Minas
Gerais State Biokerosene Platform (PMB).
The Company also manages greenhouse gas emissions
(“GHGs”) through fuel efficiency and network management. Over the past decade, the Company has reduced its CO2 emissions per
passenger by 26%. In addition, the Company is expanding its selective waste collection program, seeking to reduce waste sent to landfills.
Since 2016, GOL is in the ICO2 Index, and has voluntarily adhered to the Carbon Pricing Leadership Coalition (CPLC), a global initiative
to adequately price carbon to mitigate climate change and decarbonize the economy. In 2020, the Company was the only Brazilian company
to be included in a select list of 13 global airlines that received Stage 1 certification of the IATA Environmental Assessment, IEnvA,
which is validation that GOL has developed a consistent environmental policy and is fulfilling its responsibilities. According to MSCI
in its ESG Rating Scorecard, GOL was rated as one of the most sustainable and carbon efficient airlines in the world, reducing its carbon
emission rates up to 20% below its industry peers.
By the end of 2021, GOL will seek to achieve
IEnvA Stage 2. The Company is also member of Below50, which puts together entities that undertake to use renewable fuel that reduce GHG
emissions by 50% or more, if compared to equivalent fossil fuel consumption.
To achieve these environmental objectives, GOL
is actively looking to adopt new aviation technologies that reduce fuel consumption and GHG emissions. As part of that strategy, the Company
operates a standardized fleet and is anticipating the transition to 737 MAX-8s, which consume 15% less fuel and produce 16% fewer carbon
emissions than the 737-800 NG aircraft.
GOL also has an action plan to comply with the
Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). Measures planned by the Company are in line with the positioning
of the Brazilian Ministries of Infrastructure and Foreign Affairs, the Civil Aviation Secretariat (SAC) and the National Civil Aviation
Agency (ANAC), which has proposed that Brazilian airlines join CORSIA by 2027 when participation will be mandatory. By 2025, GOL intends
to use 1% of SAF in its total consumption and, by 2050, the goal is to achieve zero net carbon emissions.
In 3Q21, Gross Global Scope 1 emissions (in
thousand metric tons of CO2) were approximately 508.2, an 80% reduction versus 2Q21, mainly due to the increase in operations, while Total
Fuel Consumed (in litersx1000 per RPK) was 27.0, 2% lower compared to 2Q21, and Greenhouse Gas Emissions per Flight Hour (in tons of CO2)
were around 8.4, 15% higher versus the 2Q21.
Social: The GOL Institute, a non-profit
association focused on training low-income young people to work in the aviation industry, celebrated its 17th anniversary in November
2021. Fueling the success of the initiative, in 2014, the Company institutionalized the signature of its social projects through the GOL
Institute, which became the protagonist of its social performance. GOL currently supports over 57 organizations, including AACD, Amigos
do Bem, the Brazilian Paralympic Committee, Teto, Fundação GOL de Letra and Instituto Fernando Fernandes.
Since the beginning of the pandemic, the Company
has been working on new initiatives, including the free transport of Health professionals flying for work, which reinforces its pioneering
spirit and concern for the Safety of all Brazilians.
15
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Governance: GOL was one of the
first Foreign Private Issuers (FPIs) in South America to conform to the requirements of Sarbanes-Oxley Law (SOX), Section 404 and uses
the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) to internal controls. The Company
also is in accord with Section 302 of the same Act, which defines that director executives shall personally declare their responsibility
for disclosure of information. These certifications have improved and reaffirmed GOL’s commitments to good corporate governance
practices.
The Company adopts Level 2 of Differentiated
Corporate Governance Practices from B3 and is included in the Special Corporate Governance Stock Index (“IGC”) and the Special
Tag Along Stock Index (“ITAG”), which were created for companies committed to apply the differentiated corporate governance
practices.
Safety is the Company’s number 1 value
and guides its actions. GOL’s Information Technology team acts on protecting the Company's servers in a timely manner, using the
most advanced protection tools available, in addition to periodically disseminating alerts and information to make employees aware of
the different types of cyber risks and scams applied on the internet, and how better to act and defend against them. GOL has a Privacy
Policy and Conditions of Use for users' data and is adapting to the new General Data Protection Regulation (GDPR) to improve the experience
of Customers in all digital channels.
GOL has also sought to simplify its corporate
governance through reorganization of its subsidiaries and the reincorporation of Smiles shares by GLA, concluded in the 3Q21. The Company
believes the proposed transaction is an important milestone to maximize future value for both the shareholders by increasing the Group’s
market competitiveness.
Environmental
|
3Q21
|
2020
|
2019
|
2018
|
Fuel
|
|
|
|
|
Total
Fuel Consumed (GJ x 1,000)
|
6,982
|
25,232
|
51,492
|
48,935
|
%
Fuel Renewable
|
0
|
0
|
0
|
0
|
Total
Fuel Consumed (liters x 1,000 /ASK)
|
27.0
|
28.8
|
28.9
|
29.2
|
Gross
global Scope 1 emissions
|
|
|
|
|
Greenhouse
gas (GHG) emissions (tons CO2)
|
508,171
|
1,938.497497497
|
3,743.873
|
3,394.307
|
Greenhouse
gas (GHG) emissions/flight hour (tons CO2)
|
8.4
|
9.2
|
8.7
|
8.3
|
Greenhouse
gas (GHG) eliminated (tons CO2)
|
9,885
|
45,373
|
92,221
|
70,606
|
Greenhouse
gas (GHG) compensated (tons CO2)
|
35.5
|
0
|
0
|
0
|
Fleet
|
|
|
|
|
Average
Age of Fleet
|
11.1
|
11.0
|
9.9
|
9.5
|
Social
|
3Q21
|
2020
|
2019
|
2018
|
Labor
Relations
|
|
|
|
|
Employee
Gender (% Male/Female)
|
55/45
|
56/44
|
55/45
|
55/45
|
Age:
Under 30 years (%)
|
21
|
26
|
26
|
29
|
Between
30 and 50 years (%)
|
66
|
63
|
62
|
60
|
Over
50 years (%)
|
13
|
11
|
12
|
11
|
Active
Workforce Under Collective-Bargaining Agreements (%)
|
100
|
100
|
100
|
100
|
Number
and Duration Of Strikes And Lockout (# days)
|
0
|
0
|
0
|
0
|
Customer
& Company behavior
|
|
|
|
|
On-time
Departures (%)
|
95.69
|
93.22
|
88.98
|
91.82
|
Flight
Completion (%)
|
99.18
|
97.92
|
98.10
|
98.49
|
Lost
Baggage (per 1,000 pax)
|
1.93
|
2.10
|
2.09
|
2.03
|
Safety
|
|
|
|
|
Number
of Fatalities
|
-
|
0
|
0
|
0
|
Number
of Governmental Enforcement Actions and Aviation Safety
|
-
|
0
|
0
|
0
|
Governance
|
3Q21
|
2020
|
2019
|
2018
|
Management
|
|
|
|
|
Independent
Directors (%)
|
55
|
55
|
50
|
44
|
Participation
of Woman in Leadership Positions (%)
|
35
|
35
|
33
|
38
|
Committees
and Policies
|
|
|
|
|
Number
of Committees: All With Independent Members Included
|
5
|
5
|
5
|
5
|
Compliance
Policy (on IR Website)
|
ü
|
ü
|
ü
|
ü
|
Disclosure
of Information and Securities Trading Policy (IR website)
|
ü
|
ü
|
ü
|
ü
|
Shareholder
Meetings
|
|
|
|
|
Representation
of Voting Capital at the Shareholders Meetings (%)
|
100
|
100
|
100
|
100
|
16
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Consolidated Income Statement
(R$ MM)
|
3Q21
|
3Q20
|
% Var.
|
9M21
|
9M20
|
% Var.
|
Net Operating Revenues
|
1,915,051
|
974,920
|
96.4%
|
4,511,050
|
4,480,495
|
0.7%
|
Passenger
|
1,767,430
|
879,026
|
101.1%
|
4,071,282
|
4,063,662
|
NM
|
Cargo and Other
|
147,621
|
95,894
|
53.9%
|
439,768
|
416,833
|
NM
|
Total net Operating Expenses
|
(2,667,503)
|
(1,735,367)
|
53.7%
|
(6,596,255)
|
(5,113,121)
|
29.0%
|
Salaries
|
(503,968)
|
(365,642)
|
37.8%
|
(1,438,079)
|
(1,114,097)
|
29.1%
|
Aircraft Fuel
|
(672,519)
|
(316,314)
|
112.6%
|
(1,614,834)
|
(1,453,237)
|
11.1%
|
Landing Fees
|
(120,628)
|
(69,584)
|
73.4%
|
(304,382)
|
(291,657)
|
4.4%
|
Passenger Costs
|
(143,959)
|
(61,481)
|
134.2%
|
(370,549)
|
(264,705)
|
40.0%
|
Services Provided
|
(195,472)
|
(201,643)
|
-3.1%
|
(574,953)
|
(516,363)
|
11.3%
|
Sales and Marketing
|
(106,987)
|
(60,454)
|
77.0%
|
(231,837)
|
(221,496)
|
4.7%
|
Maintenance, Materials and Repairs
|
(246,401)
|
(62,829)
|
292.2%
|
(487,732)
|
(280,896)
|
73.6%
|
Depreciation and Amortization
|
(262,496)
|
(182,891)
|
43.5%
|
(753,924)
|
(828,161)
|
-9.0%
|
Others
|
(415,073)
|
(414,529)
|
0.1%
|
(819,965)
|
(142,509)
|
475.4%
|
Idleness - Depreciation
|
(119,192)
|
(268,318)
|
-55.6%
|
(262,402)
|
(615,667)
|
-57.4%
|
Idleness - Employees
|
(73)
|
(72,894)
|
-99.9%
|
(394)
|
(160,802)
|
-99.8%
|
Other income (expenses)
|
(295,808)
|
(73,317)
|
303.5%
|
(557,170)
|
633,960
|
-187.9%
|
Equity Results
|
-
|
-
|
NM
|
-
|
-
|
NM
|
Operating Result
|
(752,452)
|
(760,447)
|
-1.1%
|
(2,085,205)
|
(632,626)
|
229.6%
|
Financial Income (Expense), net
|
(1,967,158)
|
(927,108)
|
112.2%
|
(2,449,557)
|
(5,267,102)
|
-53.5%
|
Income (Loss) Before Income Taxes
|
(2,719,610)
|
(1,687,555)
|
61.2%
|
(4,534,762)
|
(5,899,728)
|
-23.1%
|
Current Income and Social Contribution
Taxes
|
(3,356)
|
(42,093)
|
-92.0%
|
(48,944)
|
(77,946)
|
-37.2%
|
Deferred Income and Social Contribution
Taxes
|
196,240
|
33,723
|
NM
|
209,224
|
23,059
|
NM
|
Net Income (Loss) Before Non- Controlling Interests
|
(2,526,726)
|
(1,695,925)
|
49.0%
|
(4,374,482)
|
(5,954,615)
|
-26.5%
|
Non-Controlling Interests From Smiles
|
(1)
|
23,845
|
NM
|
37,733
|
50,337
|
-25.0%
|
Net Income (Loss) After Non-Controlling Interests
|
(2,526,725)
|
(1,719,770)
|
46.9%
|
(4,412,215)
|
(6,004,952)
|
-26.5%
|
Income (Losses) Per Preference Share After Non-Controlling Interests
|
(6.378)
|
(4.835)
|
31.9%
|
(11.137)
|
(16.882)
|
-34.0%
|
Income (Losses) Per Common Share After Non-Controlling Interests
|
(2.439)
|
(1.798)
|
35.7%
|
(4.177)
|
(6.647)
|
-37.2%
|
Number of Shares at The End of The Period (MM)
|
396.2
|
355.8
|
11.4%
|
396.2
|
355.7
|
11.4%
|
17
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Consolidated Balance Sheet
(R$ Thousands)
|
3Q21
|
4Q20
|
Var %
|
ASSETS
|
12,955,075
|
12,814,136
|
1.1%
|
Current Assets
|
2,768,221
|
3,245,351
|
-14.7%
|
Cash And Cash Equivalents
|
1,043,358
|
662,830
|
57.4%
|
Short-Term Investments
|
89,943
|
628,343
|
-85.7%
|
Restricted Cash
|
210,523
|
355,769
|
-40.8%
|
Trade Receivables
|
638,864
|
739,699
|
-13.6%
|
Inventories
|
239,001
|
195,638
|
22.2%
|
Advances For Suppliers
|
264,716
|
318,769
|
-17.0%
|
Recoverable Income Taxes
|
157,677
|
186,955
|
-15.7%
|
Derivatives
|
2,602
|
12,526
|
-79.2%
|
Other Current Assets
|
121,537
|
144,822
|
-16.1%
|
Noncurrent Assets
|
10,186,854
|
9,568,785
|
6.5%
|
Long-Term Investments
|
289
|
992
|
-70.9%
|
Restricted Cash
|
97,343
|
188,838
|
-48.5%
|
Deposits
|
1,898,858
|
2,058,455
|
-7.8%
|
Advances For Suppliers
|
97,332
|
89,701
|
8.5%
|
Recoverable Income Taxes
|
120,186
|
318,404
|
-62.3%
|
Deferred Taxes
|
53,541
|
53,563
|
0.0%
|
Other Noncurrent Assets
|
33,455
|
34,338
|
-2.6%
|
Derivatives
|
107,290
|
116,283
|
-7.7%
|
Investments
|
-
|
815
|
NM
|
Property, Plant And Equipment
|
5,968,074
|
4,960,288
|
20.3%
|
Intangible Assets
|
1,810,486
|
1,747,108
|
3.6%
|
Liabilities and Shareholders’ Equity (Deficit)
|
12,670,773
|
12,814,136
|
-1.1%
|
Current Liabilities
|
11,214,551
|
10,398,216
|
7.9%
|
Short-Term Debt
|
1,848,112
|
2,353,279
|
-21.5%
|
Leases
|
2,138,765
|
1,317,008
|
62.4%
|
Suppliers
|
1,773,284
|
1,612,536
|
10%
|
Salaries
|
373,417
|
334,670
|
11.6%
|
Income Taxes Payable
|
61,876
|
73,614
|
-15.9%
|
Landing Fees
|
634,353
|
907,958
|
-30.1%
|
Advance Ticket Sales
|
2,297,031
|
2,050,799
|
12.0%
|
Mileage Program
|
1,236,598
|
1,258,502
|
-1.7%
|
Advances From Customers
|
88,731
|
27,897
|
218.1%
|
Provisions
|
330,648
|
169,381
|
95.2%
|
Derivatives
|
-
|
5,297
|
NM
|
Other Current Liabilities
|
408,107
|
287,275
|
42.1%
|
Noncurrent Liabilities
|
19,735,836
|
16,182,979
|
22.0%
|
Long-Term Debt
|
9,950,575
|
7,623,687
|
30.5%
|
Leases
|
6,961,029
|
6,267,184
|
11.1%
|
Suppliers
|
38,742
|
32,658
|
18.6%
|
Salaries
|
28,079
|
-
|
NM
|
Taxes Payable
|
25,964
|
32,362
|
0.0%
|
Mileage Program
|
338,576
|
322,460
|
5.0%
|
Provisions
|
1,756,620
|
1,353,515
|
29.8%
|
Deferred Taxes
|
10,211
|
219,634
|
-95.4%
|
Other Noncurrent Liabilities
|
626,040
|
331,479
|
88.9%
|
Shareholders' Equity (Deficit)
|
(18,279,614)
|
(13,767,059)
|
32.8%
|
Capital Stock
|
4,041,424
|
3,009,436
|
34.3%
|
Advance For Future Capital Increase
|
12
|
1,180
|
-99.0%
|
Treasury Shares
|
(41,514)
|
(62,215)
|
-33.3%
|
Capital Reserves
|
94,249
|
207,246
|
-54.5%
|
Equity Valuation Adjustments
|
(934,041)
|
(577,369)
|
61.8%
|
Share-based compensation
|
(21,397,585)
|
(16,985,370)
|
26.0%
|
Effects on change in equity interest
|
-
|
640,033
|
NM
|
Accumulated Losses
|
12,955,075
|
12,814,136
|
1.1%
|
Non-Controlling Interests
|
2,768,221
|
3,245,351
|
-14.7%
|
18
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Consolidated Cash Flow
(RS Thousands)
|
3Q21
|
3Q20
|
% Var.
|
9M21
|
9M20
|
% Var.
|
Net Loss for the Period
|
(2.526.726)
|
(1.695.925)
|
49,0%
|
(4.374.482)
|
(5.954.615)
|
-26,5%
|
Depreciation - aeronautical right of use
|
164.539
|
-
|
NM
|
444.760
|
-
|
NM
|
Depreciation and Amortization - Others
|
154.476
|
451.209
|
-65,8%
|
508.893
|
1.469.790
|
-65,4%
|
Allowance (Reversal) for Doubtful Accounts
|
1.246
|
(842)
|
NM
|
165
|
598
|
-72,4%
|
Provisions for Legal Proceedings
|
360.370
|
105.591
|
241,3%
|
514.974
|
219.160
|
135,0%
|
Provision for Inventory Obsolescence
|
3
|
535
|
-99,4%
|
57
|
608
|
-90,6%
|
Recovery of out-of-date credits
|
-
|
-
|
NM
|
(57.422)
|
(126.675)
|
-54,7%
|
Present Value of Assets and Liabilities
|
17.446
|
21.160
|
-17,6%
|
53.975
|
48.603
|
11,1%
|
Deferred Taxes
|
(196.240)
|
(33.723)
|
NM
|
(209.224)
|
(23.059)
|
NM
|
Share-Based Payments
|
6.578
|
6.579
|
0,0%
|
15.388
|
16.984
|
-9,4%
|
Sale-Leaseback
|
-
|
-
|
NM
|
-
|
(112.591)
|
NM
|
Actuarial Losses on Post-Employment Benefit
|
4.353
|
2.019
|
115,6%
|
13.060
|
8.024
|
62,8%
|
Exchange and Monetary Variations, net
|
1.439.407
|
373.010
|
285,9%
|
1.041.209
|
3.812.024
|
-72,7%
|
Interest on Loans, Leases and Amorti. of Cost and Goodwill
|
464.133
|
415.537
|
11,7%
|
1.362.644
|
1.075.638
|
26,7%
|
Provision and Amortization for Aircraft and Engine Return
|
176.517
|
9.656
|
NM
|
334.409
|
90.883
|
268,0%
|
Provision (reversal) for reduction of maintenance reserve
|
(165.842)
|
(5.138)
|
NM
|
10.521
|
-
|
NM
|
Write-off of deposits to guarantee leases and maintenance
|
264.397
|
47.172
|
NM
|
264.397
|
117.310
|
125,4%
|
Result Of Derivatives Recognized In Results
|
(39.343)
|
(22.196)
|
77,3%
|
41.014
|
668.447
|
-93,9%
|
Unrealized Hedge Results - ESN
|
(43.245)
|
(103.740)
|
-58,3%
|
(168.199)
|
(512.876)
|
-67,2%
|
Provision for Labor Obligations
|
47.977
|
78.403
|
-38,8%
|
142.467
|
131.494
|
8,3%
|
Write-Off of Property, Plant and Equip. and Intang. Assets
|
912
|
58.128
|
-98,4%
|
2.495
|
91.617
|
-97,3%
|
Provision for loss on advances from suppliers
|
(65)
|
-
|
NM
|
(4.705)
|
-
|
NM
|
Other provisions
|
(1.887)
|
8.921
|
NM
|
(4.127)
|
54.500
|
NM
|
Adjusted Net Result
|
129.006
|
(283.644)
|
NM
|
(67.731)
|
1.075.864
|
NM
|
Trade Recei.ables
|
80.562
|
(254.094)
|
NM
|
100.754
|
451.337
|
-77,7%
|
Short-Term Investments
|
(59.318)
|
110.221
|
NM
|
(43.331)
|
231.223
|
NM
|
Inventories
|
(26.190)
|
17.917
|
NM
|
(43.420)
|
(1.112)
|
NM
|
Deposits
|
(50.495)
|
158.855
|
NM
|
(85.535)
|
(64.624)
|
32,4%
|
Deposit in guarantee of lease agreements
|
-
|
(33.629)
|
NM
|
-
|
-
|
NM
|
Recoverable Taxes
|
101.614
|
51.598
|
96,9%
|
284.918
|
47.947
|
NM
|
Variable leases
|
4.090
|
-
|
NM
|
21.884
|
-
|
NM
|
Suppliers
|
205.606
|
121.004
|
69,9%
|
156.885
|
336.321
|
-53,4%
|
Suppliers – Forfaiting
|
23.629
|
9.152
|
158,2%
|
23.629
|
(143.010)
|
NM
|
Advance Ticket Sales
|
298.018
|
223.661
|
33,2%
|
246.232
|
(160.218)
|
NM
|
Mileage Program
|
(49.608)
|
26.625
|
NM
|
(5.788)
|
379.938
|
NM
|
Advances From Customers
|
33.853
|
5.966
|
NM
|
60.834
|
3.565
|
NM
|
Salaries
|
(27.923)
|
(91.840)
|
-69,6%
|
(75.641)
|
(188.515)
|
-59,9%
|
Landing Fees
|
(18.716)
|
91.221
|
NM
|
10.697
|
52.087
|
-79,5%
|
Taxes Receivables
|
832
|
37.906
|
-97,8%
|
24.646
|
40.142
|
-38,6%
|
Derivatives
|
(1.434)
|
545.300
|
NM
|
131.897
|
-
|
NM
|
Fuel derivatives premium payment
|
-
|
-
|
NM
|
-
|
-
|
NM
|
Settlements of derivative transactions
|
-
|
(749.915)
|
NM
|
-
|
(749.915)
|
NM
|
Advances to Suppliers
|
(65.754)
|
(69.680)
|
-5,6%
|
51.127
|
(139.149)
|
NM
|
Legal and Aircraft Returns Payments
|
(186.390)
|
(94.950)
|
96,3%
|
(424.372)
|
(198.914)
|
113,3%
|
Other Credits and Obligations, net
|
191.765
|
176.922
|
8,4%
|
462.699
|
125.246
|
269,4%
|
Interest Paid
|
(206.255)
|
(265.207)
|
-22,2%
|
(585.199)
|
(546.360)
|
7,1%
|
Income Taxes Paid
|
(2.310)
|
(21.884)
|
-89,4%
|
(42.782)
|
(51.060)
|
-16,2%
|
Net Cash Flows From (Used in) Operating Activities
|
374.582
|
(288.495)
|
NM
|
202.403
|
500.793
|
-59,6%
|
Restricted cash
|
5.949
|
421.124
|
-98,6%
|
38.471
|
(108.750)
|
NM
|
Short-Term Investments of Smiles
|
4.310
|
980.889
|
-99,6%
|
610.425
|
497.777
|
22,6%
|
Advances for Property, Plant and Equipment Acquisition, net
|
(202.970)
|
(34.657)
|
NM
|
(232.347)
|
(91.439)
|
154,1%
|
Aircraft sales receipt
|
-
|
-
|
NM
|
-
|
-
|
NM
|
Advanced return to suppliers
|
-
|
-
|
NM
|
11.590
|
136.962
|
-91,5%
|
Acquisition of Fixed Assets
|
(91.055)
|
(56.953)
|
59,9%
|
(195.331)
|
(507.095)
|
-61,5%
|
Acquisition of Intangible Assets
|
(70.585)
|
(15.544)
|
NM
|
(122.462)
|
(47.910)
|
155,6%
|
Net Cash From (Used in) Investing Activities
|
(354.351)
|
1.294.859
|
NM
|
110.346
|
(120.455)
|
NM
|
Loan and Financing Funding
|
760.204
|
1.403.092
|
-45,8%
|
2.272.725
|
1.846.113
|
23,1%
|
Costs of borrowing and repurchase of securities
|
-
|
(6.041)
|
NM
|
-
|
-
|
NM
|
Loan Payments
|
(99.836)
|
(2.061.446)
|
-95,2%
|
(672.628)
|
(2.761.194)
|
-75,6%
|
Lease Payments – Aeronautical
|
(396.396)
|
(256.531)
|
54,5%
|
(912.287)
|
(784.433)
|
16,3%
|
Lease Payments – Others
|
(2.595)
|
-
|
NM
|
(11.602)
|
-
|
NM
|
Acquisition of interest from non-controlling shareholders
|
-
|
-
|
NM
|
(744.450)
|
-
|
NM
|
Premium Payments on Derivative Transactions
|
-
|
-
|
NM
|
-
|
-
|
NM
|
Treasury shares disposal
|
-
|
-
|
NM
|
588
|
-
|
NM
|
Dividends And Interest Equity Paid to Non-Control.Interest
|
-
|
-
|
NM
|
(260.131)
|
(14.811)
|
NM
|
(Payment) receipt of capped call premium
|
-
|
-
|
NM
|
-
|
21.800
|
NM
|
Capital increase
|
-
|
-
|
NM
|
423.061
|
-
|
NM
|
Net Cash Used in Financing Activities
|
12
|
396
|
-97,0%
|
920
|
674
|
36,5%
|
Foreign Exchange Variation on Cash Held In Foreign
|
261.389
|
(920.530)
|
NM
|
96.196
|
(1.691.851)
|
NM
|
Currencies
|
1.469
|
(2.972)
|
NM
|
(28.417)
|
164.842
|
NM
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
283.089
|
82.862
|
241,6%
|
380.528
|
(1.146.671)
|
NM
|
Cash and Cash Equivalents at Beginning of the Period
|
760.269
|
415.892
|
82,8%
|
662.830
|
1.645.425
|
-59,7%
|
Cash and Cash Equivalents at The End of the Period
|
1.043.358
|
498.754
|
109,2%
|
1.043.358
|
498.754
|
109,2%
|
19
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Glossary of industry terms
|
·
|
AIRCRAFT
LEASING: an agreement through which a company (the lessor), acquires a resource chosen by its client (the lessee) for subsequent rental
to the latter for a determined period.
|
|
·
|
AIRCRAFT
UTILIZATION: the average number of hours operated per day by the aircraft.
|
|
·
|
AVAILABLE
SEAT KILOMETERS (ASK): the aircraft seating capacity multiplied by the number of kilometers flown.
|
|
·
|
AVAILABLE
FREIGHT TONNE KILOMETER (AFTK): cargo capacity in tonnes multiplied by number of kilometers flown.
|
|
·
|
AVERAGE
STAGE LENGTH: the average number of kilometers flown per flight.
|
|
·
|
EXCHANGEABLE
SENIOR NOTES (ESN): convertible securities.
|
|
·
|
BLOCK
HOURS: the time an aircraft is in flight plus taxiing time.
|
|
·
|
BREAKEVEN
LOAD FACTOR: the passenger load factor that will result in passenger revenues being equal to operating expenses.
|
|
·
|
BRENT:
oil produced in the North Sea, traded on the London Stock Exchange and used as a reference in the European and Asian derivatives markets.
|
|
·
|
CHARTER:
a flight operated by an airline outside its normal or regular operations.
|
|
·
|
FREIGHT
LOAD FACTOR (FLF): percentage of cargo capacity that is actually utilized (calculated dividing FTK by AFTK)
|
|
·
|
FREIGHT
TONNE KILOMETERS (FTK): weight of revenue cargo in tonnes multiplied by number of kilometers flown by such tonnes.
|
|
·
|
LESSOR:
the party renting a property or other asset to another party, the lessee.
|
|
·
|
LOAD
FACTOR: the percentage of aircraft seating capacity that is actually utilized (calculated by dividing RPK by ASK).
|
|
·
|
LONG-HAUL
FLIGHTS: long-distance flights (in GOL's case, flights of more than four hours' duration).
|
|
·
|
OPERATING
COST PER AVAILABLE SEAT KILOMETER (CASK): operating expenses divided by the total number of available seat kilometers.
|
|
·
|
OPERATING
COST PER AVAILABLE SEAT KILOMETER EX-FUEL (CASK EX-FUEL): operating cost divided by the total number of available seat kilometers
excluding fuel expenses.
|
|
·
|
OPERATING
REVENUE PER AVAILABLE SEAT KILOMETER (RASK): total operating revenue divided by the total number of available seat kilometers.
|
|
·
|
PASSENGER
REVENUE PER AVAILABLE SEAT KILOMETER (PRASK): total passenger revenue divided by the total number of available seat kilometers.
|
|
·
|
PDP:
credit for advance payments for aircraft purchases financing.
|
|
·
|
REVENUE
PASSENGERS: the total number of passengers on board who have paid more than 25% of the full flight fare.
|
|
·
|
REVENUE
PASSENGER KILOMETERS (RPK): the sum of the products of the number of paying passengers on a given flight and the length of the flight.
|
|
·
|
SALE-LEASEBACK:
a financial transaction whereby a resource is sold and then leased back, enabling use of the resource without owning it.
|
|
·
|
SLOT:
the right of an aircraft to take off or land at a given airport for a determined period of time.
|
|
·
|
SUB-LEASE:
an arrangement whereby a lessor in a rent agreement leases the item rented to a fourth party.
|
|
·
|
TOTAL
CASH: the sum of cash, financial investments and short and long-term restricted cash.
|
|
·
|
WTI
BARREL: West Texas Intermediate - the West Texas region, where US oil exploration is concentrated. Serves as a reference for the US
petroleum byproduct markets.
|
|
·
|
YIELD
PER PASSENGER KILOMETER: the average value paid by a passenger to fly one kilometer.
|
20
|
GOL Linhas Aéreas Inteligentes S.A.
|
|
Earnings Report
Third Quarter 2021
|
Contacts
E-mail: ri@voegol.com.br
Telefone: +55 (11) 2128-4700
Website: www.voegol.com.br/ri
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/ri.
Disclaimer
This
release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results,
and those related to growth prospects of GOL that are, by their nature, subject to significant risks and uncertainties. The estimates
and projections contained in this document involve known and unknown risks, uncertainties, contingencies and other factors, many of which
are beyond GOL's control, and which may cause the results, performance or events to be substantially different from those expressed or
implied in these forward-looking statements. The forward-looking statements contained in this document are based on numerous assumptions
relating to GOL's current and future business strategies and the environment in which GOL will operate in the future and are not a guarantee
of future performance. GOL does not issue any representation or guarantee that the results anticipated by the estimates contained in this
document will be equivalent to those actually achieved by GOL. Although GOL believes that the estimates presented are reasonable, they
may prove to be incorrect and the final results may differ. These are only estimates and projections and, as such, are based exclusively
on the expectations of GOL's Management. Such forward-looking statements depend substantially on external factors, in addition to the
risks presented in the disclosure documents filed by GOL, apply exclusively to the date they were given and are, therefore, subject to
change without prior notice.
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,” “total liquidity” and “EBITDA.” GOL’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 measures do not have standardized meanings and may not be directly comparable to similarly titled measures adopted by other companies.
Potential investors should not rely on information not recognized under IFRS as a substitute for the IFRS measures of earnings or liquidity.
*****
21
|
GOL Linhas Aéreas Inteligentes S.A.
|
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: November 9, 2021
GOL LINHAS AÉREAS INTELIGENTES S.A.
|
|
|
|
|
By:
|
/s/ Richard F. Lark, Jr.
|
|
|
Name: Richard F. Lark, Jr.
Title: Investor Relations Officer
|
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