SÃO PAULO, Jan. 3, 2023
/PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE:
GOL e B3: GOLL4) ("GOL" or "Company"),
Brazil's largest airline, today
provides an Investor Update on its expectations for the
fourth quarter of 2022. The information below is preliminary and
unaudited. The Company will discuss its 4Q22 results in a
conference call on March 2, 2023.
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Overall
Commentary
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- GOL expects a Loss
Per Share (EPS) and Loss Per American Depositary Shares (EPADS) for
4Q22 of approximately R$2.31 and US$1.21,
respectively.
- EBITDA margin for
the quarter is expected to be approximately
20%2.
- Passenger unit
revenue (PRASK) for the fourth quarter is expected to be up
approximately 20% year over year, driven by the continued recovery
in leisure travel demand combined with an increase in international
travel. Smiles revenues increased by 64% when compared to same
period of 2019 with a 21% growth in the customer base versus 4Q19.
The total unit revenue (RASK) is expected to be up 23%
year-over-year.
- Non-fuel unit costs
(CASK Ex-Fuel) are expected to decrease approximately 12% compared
to the fourth quarter of the prior year, primarily due to an
increase in ASKs and productivity (aircraft utilization and
operating efficiency). Fuel unit costs (CASK Fuel) are expected to
increase approximately 42% year over year, driven by an 45%
increase in the average jet fuel price, partially offset by a
reduction of approximately 2% in fuel consumption per flight hour
due to the higher number of 737-MAXs in the fleet.
- GOL's financial
leverage, as measured by Net Debt3 /
EBITDA2,4 ratio was approximately 10x at the end of
December 2022 quarter (approximately 8x in IFRS-16). Total
liquidity at quarter-end is expected to be at R$ 3.6
billion5.
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Preliminary and
Unaudited Projection
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December Quarter
2022
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EBITDA
Margin2
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~20%
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EBIT
Margin2
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~ 11%
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Other Revenue (cargo,
loyalty, other)
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~7% of total
revenues
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Average fuel price per
liter
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R$ 6.05
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Average Exchange
rate
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R$ 5.26
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December Quarter
2022 vs.
December Quarter 2021
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Passenger unit revenue
(PRASK)
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Up ~20%
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CASK
Ex-fuel2
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Down ~12%
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Total Demand -
RPK
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Up ~27%
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Total Capacity -
ASK
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Up ~31%
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Total Capacity -
Seats
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Up ~28%
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1. Excluding gains and losses on currency and Exchangeable
Senior Notes.
2. Excluding non-recurring results of
approximately $100
million.
3. Including 7x annual aircraft lease
payments and excluding perpetual bonds.
4. Last twelve
months.
5. Cash and cash equivalents, restricted cash,
accounts receivable and deposits.
GOL Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55(11) 2128-4700
About GOL Linhas Aéreas Inteligentes S.A.
GOL is 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. The Company
has alliances with American Airlines and Air FranceKLM, besides
several codeshare and interline agreements available to Customers,
bringing more convenience and simple connections to any place
served by these partnerships. With the purpose of "Being the First
for All", GOL offers the best travel experience to its passengers,
including: the largest number of seats and more space between
seats; the greatest platform with internet, movies and live TV; and
the best frequent-flyer program, SMILES. In cargo transportation,
GOLLOG delivers orders to different regions in Brazil and abroad. The Company has a team of
14,000 highly qualified aviation professionals focused on Safety,
GOL's #1 value, and operates a standardized fleet of 145 Boeing 737
aircraft. The Company'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.