SÃO PAULO, March 8,
2023 /PRNewswire/ -- GOL Linhas Aéreas
Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or
"Company"), Brazil's largest
domestic airline, updates its financial outlook for 2023. The
information below is preliminary and unaudited.
GOL provides forward-looking information that is focused on the
main metrics the Company uses to measure its business performance.
These indicators are useful for investors and analysts who project
GOL's results.
The Company updates its financial forecasts to reflect revisions
in the level of supply expected for the year 2023 in view of
expectations of recovery in corporate demand and impacts on the
global chain of aircraft deliveries and the supply chain.
|
Financial Outlook
(Consolidated, IFRS)
|
2023E
|
1Q23E
|
|
Previous
|
Updated
|
Preliminary
|
|
Total operational fleet
(average)
|
118 - 122
|
114-118
|
108
|
|
ASKs, System (%
change)
|
20 - 25%
|
15 - 20%
|
11 - 13%
|
|
Seats, System (%
change)
|
25 - 30%
|
20 - 25%
|
14 – 16%
|
|
Departures, System (%
change)
|
25 - 30%
|
20 - 25%
|
14 – 16%
|
|
Average load factor
(%)
|
~80%
|
~81%
|
~82%
|
|
Net revenues
(R$bn)
|
~20.0
|
~19,5
|
~4,8
|
|
Non-fuel
CASK2 (US$ cents)
|
~3.6
|
~3,6
|
~3,8
|
|
Fuel price
(R$/liter)
|
~5.3
|
~5,4
|
~5,7
|
|
EBITDA margin²
(%)
|
~24%
|
~24%
|
~22%
|
|
EBIT margin²
(%)
|
~14%
|
~14%
|
~12%
|
|
Net financial
expense3 (R$bn)
|
~2.0
|
~2,1
|
~0,6
|
|
Pre-tax
margin3 (%)
|
~4%
|
~3%
|
~1%
|
|
Effective income tax
rate (%)
|
~24%
|
~24%
|
~24%
|
|
Capex,
net4 (R$mm)
|
~700
|
~600
|
~150
|
|
Aircraft
Acquisitions (R$mm)
|
~1,000
|
~800
|
0
|
|
Aircraft Debt (7x
Annual Aircraft Rent) (US$bn)
|
~3.5
|
~3,5
|
~3,5
|
|
Financial Debt
(US$bn)
|
~2.4
|
~2,7
|
~2,7
|
|
Net Debt5 /
EBITDA2 (x)
|
~6x
|
~6x
|
9x
|
|
Fully-diluted shares
out6 (mm)
|
~435
|
~435
|
~435
|
|
EPS, fully
diluted (R$)3
|
~0.3
|
~0.3
|
~0
|
|
Fully-diluted ADS
out.6 (mm)
|
~217.5
|
~217,5
|
~217,5
|
|
EPADS, fully diluted
(US$)3
|
~0.2
|
~0,2
|
~0
|
(1) Cargo. loyalty. buy-on-board and other ancillary
revenues; (2) Recurring operating results, excluding cargo
aircraft; (3) Excluding currency gains and losses and Unrealized
losses on Exchangeable Senior Notes; (4) Capex, net is
calculated as gross capex (capitalized aircraft maintenance) less
financed capex (credit facilities to finance assets and capitalized
maintenance costs) ; (5) Including 7x annual aircraft lease
payments and excluding perpetual bonds; and (6) Includes stock
option exercises that may be issued from the stock option program
and related to Exchangeable Senior Notes.
The current guidance may be adjusted in order to incorporate the
evolution of GOL's operating and financial performance and any
eventual changes to the Brazilian economy and the Company's broader
economic environment, including variations in economic growth,
interest rates, exchange rates, and international oil price
trends.
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 146 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/ri.
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.