Highlights:
- Best quarterly operating results since the outbreak of the
pandemic due to focus on costs, achieving 36%
adjusted EBITDA margin
- Gross sales in 4Q21 exceeded 4Q19
as GOL reestablished
flights between core markets in Brazil
- Disciplined capacity management has protected liquidity
- Load factor and aircraft utilization continued to improve,
flight frequencies increased by 25% and market share grew in
4Q21
- Fourth consecutive quarter of higher yields, with significant
synergies from Smiles
- Lowest short-term debt in four years; bolstered liquidity
- Transition to MAX to drive cost efficiencies, equity value and
lower carbon emissions
SÃO PAULO, March 14,
2022 /PRNewswire/ -- GOL
Linhas Aéreas Inteligentes S.A. ("GOL" or
"Company") (NYSE: GOL and B3: GOLL4), Brazil's largest domestic airline, announced
today its consolidated results for the fourth quarter of 2021
(4Q21) and the 2021 fiscal year, and outlined its continued
initiatives in response to the recovery of demand
for air travel in Brazil.
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 (4Q20).
Adjusted metrics exclude
expenses related to the portion
of the non-operating fleet grounded
during the period and are detailed
in the table showing operating expenses.
"In 2021, aiming at 'being the first for all', we made
significant progress across multiple measures of success, derived
from our winning business model, a highly flexible and efficient
fleet, and by providing a Customer experience that continues
to build preference for our brand," said Paulo Kakinoff, CEO. "What
we
achieved during the pandemic was made possible
by the trust we received
from our tireless and highly competent
Team of Eagles, our Customers, our suppliers
and our investors."
"For 2022, we'll maintain focus on the fleet transformation to
the 737-MAX. We expect that by year's end we will have 44
aircraft of this model in service, which will represent around 30%
of the total fleet. As a result
of this modernization process, we expect a reduction
of approximately 8% in unit cost (CASK),"
added Kakinoff.
4Q21 Earnings Summary
- Revenue Passenger Kilometers (RPK) increased 16.6% over 4Q20,
and reached 67.3% over 4Q19. RPK of Dec/21 was 74.3%
of the Dec/19 figure;
- Total Seat Kilometer Offered (ASK) grew by 14.5% compared to
4Q20, equivalent to 66.5% of 4Q19. ASK of Dec/21 was 74.5%
of the Dec/19 ASK;
- In the fourth quarter, GOL transported around 6.5 million
Customers, up 26.1% compared to 4Q20,
and equivalent to 67.9% of the same quarter of 2019. In December/21, 2.5 million Customers were transported, equivalent to 72.2%
of the amount in December/19;
- Average load factor reached 82.6%, up
1.5 p.p. over 4Q20. This higher load
factor results from GOL's efficient capacity management
supported by proprietary data analytics tools;
- Aircraft utilization reached 11.5 hours per day in 4Q21, a
significant gain in productivity of 29.2% YoY;
- Net Revenue was R$2.9 billion in
4Q21, 54.5% higher than in 4Q20 and the highest since the outbreak
of the pandemic. Around 3.9% of that amount was generated by the
cargo business (GOLLOG) and the frequent- flyer
program (Smiles);
- Revenue per Available Seat-Kilometer (RASK) reached
R$33.15 cents, up by 34.9% over 4Q20
and 15.5% lower compared to the 4Q19;
- Average yield per passenger reached R$38.58 in 4Q21, up by
40% YoY and 16.3% higher in relation to 4Q19, positively impacted by the Company's optimized management of seat inventory after fully integrating Smiles in addition
to key investments in technology and other
IT systems;
- Cost per Available Seat Kilometer (CASK) adjusted was
R$23.43, an increase of 16.8% YoY,
mainly driven by the CASK Fuel that increased 81.5%. The cost
strictly linked to the operating fleet (CASK ex-fuel
adjusted) reached R$11.92 in the period, a reduction
of 13.1% over 4Q20;
- Adjusted EBIT was R$856.6 million
with margin reaching 29.3%, 11.0 p.p. higher than 4Q20 and 4.2
p.p. lower than 4Q19, as demand continued
on its recovery trend;
- Adjusted EBITDA reached R$1,052 million,
equivalent to a 36.0% margin
and 6.5p.p. above 4Q20, reflecting the Company's success
balancing supply and demand;
- Net Loss was R$682.1 million,
excluding currency and exchange rate variations, non-recurring net
expenses, gains related to Exchangeable Notes and unrealized
results from capped calls;
- The net debt ratio (including 7x annual lease payments and
excluding perpetual bonds) to adjusted LTM EBITDA was
9,7x at December 31, 2021; and
- Cash generation was R$6.3
million/day in 4Q21, including operational inflows and
outflows and lease payments. At the end of the quarter, including
the financeable amounts of deposits and unencumbered assets,
the Company's potential sources of liquidity
were approximately R$5.7 billion.
MANAGEMENT VIDEOS WITH PRESENTATION & FULL EARNINGS
RELEASE
Access earnings release, management videos, presentation and
complete financial statements at: www.voegol.com.br/ir
4Q21 Conference Call: March 14,
2022, 11:00 a.m. (NY Time),
Phone: +1 (412) 317-6382, Code: GOL, with webcast
(https://webcastlite.mziq.com/cover.html?webcastId=2024b15e-c999-4fc6-bd37-da25e1bedaa1)
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.