SÃO PAULO, July 13,
2023 /PRNewswire/ -- GOL Linhas Aéreas
Inteligentes S.A. (NYSE: GOL e B3: GOLL4) ("GOL" or
"Company"), Brazil's
largest domestic airline, today provides an Investor
Update on its expectations for the second quarter of 2023.
The information below is preliminary and unaudited. The Company
will discuss its 2Q23 results in a conference call on July 27, 2023.
Overall
Commentary
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- GOL expects Loss
Per Share (EPS) and Loss Per American Depositary Share (EPADS) for
2Q23 of approximately R$1.051 and US$0.451,
respectively.
- EBITDA margin for
the quarter is expected to be approximately 21%.
- Passenger unit
revenue (PRASK) for the second quarter is expected to be up
approximately 9% year over year, driven by an 8% decrease in
capacity versus the last quarter. Total unit revenue (RASK)
increased by approximately 12% compared to the same period of 2022,
mainly due to increases in revenues from cargo (Gollog), that more
than doubled its revenue over 2Q22, and loyalty (Smiles), that
recorded a revenue increase of 30% in the same period.
- Non-fuel unit costs
excluding freighter operations (CASK Ex-Fuel Adjusted3)
are expected to be flat compared to 2Q22, primarily due to higher
expenses related to parts and costs associated with redelivery of
aircraft, compensated by the year-over-year increase in capacity
(ASK) of 14%. Fuel unit costs (CASK Fuel) decreased approximately
18% compared to 2Q22, mainly due to a 19% decrease in the average
jet fuel price, partially compensated by a reduction in average
stage length, and total unit costs are expected to decrease
approximately 7% compared to the second quarter of
2022.
- Financial leverage
as measured by the Net Debt4/LTM EBITDA2
ratio was approximately 7.2x at quarter end, a reduction of 2.2x
compared to 4Q22 (~5.3x in IFRS-16). Excluding the GOL SSN, the
ratio was 6.0x (4.0x in IFRS-16). Total liquidity at quarter-end is
expected to be at R$ 4.1 billion5.
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Preliminary and
Unaudited Projection
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June Quarter
2023
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EBITDA
Margin
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~21%
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EBIT Margin
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~11%
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Other Revenue (cargo,
loyalty, other)
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~9% of total
revenues
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Average fuel price per
liter
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R$ 4.84
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Average exchange
rate
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R$ 4.95
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June Quarter 2023
vs.
June Quarter 2022
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Passenger unit revenue
(PRASK)
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Up ~9%
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CASK
Ex-fuel3
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Up ~1%
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Total Demand –
RPK
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Up ~13%
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Total Capacity –
ASK
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Up ~14%
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Total Capacity –
Seats
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Up ~20%
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- Excluding gains and losses on currency, Exchangeable Senior
Notes and Senior Secured Notes 2028.
- Excluding non-recurring results
- Excluding non-recurring results and costs related to the
freighter operations.
- Including 7x annual aircraft lease payments and excluding
perpetual bonds.
- Cash and cash equivalents, restricted cash, accounts
receivable and deposits.
GOL Investor Relations
ir@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 it was founded in 2001, the Company has the lowest
unit cost in Latin America,
democratizing air transportation. The Company has alliances with
American Airlines and Air France-KLM and makes available several
codeshares 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 13.9 thousand highly qualified aviation
professionals focused on Safety, GOL's #1 value, and operates a
standardized fleet of 142 Boeing 737 aircraft. The Company's shares
are traded on the NYSE (GOL) and the B3 (GOLL4). For further
information, go to 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.