Highlights:
-
GOL reports best operational results since the beginning of the pandemic, with a 5.6% EBIT
margin and 16.8% EBITDA margin;
- Sales in the first quarter of 2022 surpassed the same
pre-pandemic period in 2019 – particularly in March that saw 60%
sales growth driven by a strong recovery in the corporate
segment;
- Fifth consecutive quarter of increased yield per passenger,
reaching a record of R$36.77 for a
first quarter;
- Load factor
(+1.1 pp) and aircraft utilization (+13.4%) continued to expand, confirming
- the ongoing
demand recovery and the efficacy of GOL's capacity management processes;
- The Company took delivery of eight new Boeing 737 MAX-8
aircraft in the quarter, driving operating cost efficiencies, lower
carbon emissions.
SÃO PAULO,
April 28,
2022 /PRNewswire/ -- GOL Linhas
Aéreas Inteligentes
S.A. ("GOL" or "Company") (NYSE: GOL and B3:
GOLL4), Brazil's largest
domestic airline, has provided its consolidated results for the
first quarter of 2022 (1Q22). In the first quarter, the Company
continued its focus on structural cost cutting initiatives by
accelerating its fleet transformation, renegotiating with
suppliers, diluting fixed costs and other initiatives.
All information in this press release is presented in Brazilian
Reais (R$), as per the international accounting standards
(IFRS) and with adjusted metrics, made available to enable the
comparison of this quarter with the same year-ago quarter (1Q21).
Adjusted (recurring) indicators exclude non-recurring expenses
linked to the quarter's results and
are detailed in their respective tables.
Paulo Kakinoff, CEO of GOL, said: "Our ability
to emerge from one of the worst crises in the history
of the airline industry as a more competitive company with strong
results is a testament to our flexible business model, which allows
us to quickly adapt to current market
dynamics. When paired with the execution
of our experienced Team of Eagles, these
competitive advantages will continue to drive our sustainable sales
growth over the long- term."
FIRST QUARTER 2022 EARNINGS HIGHLIGHTS
- Paid Passenger-Kilometers
(RPK) increased 46.5%, while total Offered Seat-Kilometers (ASK) grew
by 44.4%;
- Net Revenue increased over 100% to R$3.2
billion. Ancillary Revenue, chiefly driven by the SMILES
and GOLLOG business units, increased 37.9%
to R$209 million;
- Average load factor increased by
1.1 pp to 81.0%. The domestic
load factor increased by 1.3 pp to
81.2%, while the international load factor totaled
75.6%;
- Aircraft utilization reached 11 hours per day, a 13.4% increase
in productivity;
- Passengers transported by GOL increased
49.5% to 6.7 million, which was equivalent to
73.4% of the 1Q19 figure;
- Net Revenue per Seat-Kilometer Offered
(RASK) increased 42.2% to R$31.85;
- Average yield per passenger increased 45.2% to a first quarter
record of R$36.77;
- Recurring Cost per Available Seat Kilometer (CASK) increased by
6.5% to R$30.06. Fuel CASK increased
47.4% to R$11.93 due to the 60%
increase in jet fuel (QAV) prices;
- Recurring EBIT totaled R$181.4 million, while
Recurring EBITDA was R$542.2 million;
- Net Income totaled R$2,6 billion,
or R$6.58 in earnings per share and
US$2.52 in earnings per ADS,
primarily due to currency and exchange rate fluctuations;
- Operating cash generation totaled R$1.8
million/day, including operational inflows, outflows, and
lease payments. As of the end of the first quarter, liquidity
reached approximately R$3.3 billion,
excluding unencumbered assets;
- The net debt ratio (including 7x annual lease payments and
excluding the perpetual bond) to recurring EBITDA
LTM reached 10.1x as of March 31, 2022, an increase of 0.4x as
compared to December 31, 2021,
primarily due to deliveries of 8 aircraft for
accelerated transition to a 737-MAX fleet.
MANAGEMENT VIDEOS WITH THE FULL EARNINGS RELEASE & PRESENTATION
Access the earnings release,
management videos, presentation and full financial statements at: www.voegol.com.br/ri
1Q22 Conference Call: April 28, 2022, 09:00 a.m.
(New York time; US EDT), Phone: +1
(412) 317-6382, Code: GOL, broadcast via webcast
(https://webcastlite.mziq.com/cover.html?webcastId=19f33d98-973a-430d-87e5- 193ff9bf1639).
Investor Relations: ri@voegol.com.br, +55(11)
2128-4700
About GOL Linhas Aéreas Inteligentes
S.A. (www.voegol.com.br): The largest airline
in Brazil, leader in the corporate and leisure segments. Since
founded in 2001, the Company has the lowest unit
cost
in Latin America, thus democratizing air transportation.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.