SÃO PAULO, May 14, 2024
/PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or
"Company") (NYSE: GOL and B3: GOLL4), one of the leading
airlines in Brazil and part of the
Abra Group, today announced its consolidated results for the first
quarter of 2024 (1Q24). The Company remained focused on operational
efficiency through its single fleet model and diligent yield
management, while striving for excellence in the products offered
to Customers.
All information in this release is presented in Reais (R$), in
accordance with international accounting standards (IFRS) and with
adjusted metrics, made available to enable comparison of this
quarter with the same period of the previous year (1Q23). Adjusted
(recurring) indicators exclude non-recurring expenses related to
the quarter's results and are detailed in the respective
tables.
1Q24 HIGHLIGHTS
- The Company's recurring EBITDA margin in 1Q24 was 30.3%, an
improvement of 5.1 p.p. compared to the same period of the previous
year;
- Net operating revenue was R$4.7
billion in 1Q24;
- On January 25th, the Company
filed for Chapter 11 in United
States to restructure its balance sheet and enhance its
capabilities to remain one of the leading airlines in Brazil;
- GOL secured a total of US$1.0
billion of "debtor-in-possession" loan financing (the "DIP
Loan Commitments"), of which US$550
million was funded by the end of 1Q24. Since the end of the
1Q24. GOL has fully drawn the remaining US$450 million of DIP Loan Commitments;
- Cash increased to R$2.0 billion,
150% higher than the end of 1Q23 (R$0.8
billion) due to the initial DIP Loan financing funded in
1Q24 (which excluded the undrawn US$450
million of DIP Loan Commitments) and Accounts Receivable
increased to R$2.0 billion, twice the
1Q23's amount (R$1.0 billion) as a
result of lower receivables factoring;
- Recurring CASK reduced by 5.3% when compared to 1Q23 due to
decrease in fuel price. Recurring CASK ex-fuel increased by 8.9%
due to the return of one Boeing 737 NG aircraft and delivery of two
new Boeing 737 MAX-8 in the quarter, in addition to non-recurring
financial restructuring costs within the context of Chapter
11;
- Net leverage³ reached 4.0x, 2.0x lower than 1Q23;
- During 1Q24, the Company received two new Boeing 737 MAX-8 and
returned one Boeing 737 NG as part of its fleet renewal
process.
CEO COMMENTS
Celso Ferrer, Chief Executive
Officer, commented: "The first quarter of 2024 was marked by the
improvement on our operational performance, with Adjusted EBITDA
for 1Q, at R$1.4 billion and an
Adjusted EBITDA margin of 30.3%, demonstrating our consistency and
efficiency in our path during the financial restructuring.
March 2024 saw us back into first
place as the most on-time airline in Brazil (A15²) according to ANAC. We
demonstrated strong continued execution of our commercial strategy,
together with initiatives from the Smiles and Gollog business
units, allowing us to deliver solid results. We also maintained a
disciplined approach to cost control. I am impressed by the
dedication of our Team of Eagles to improve our products and
processes in order to enhance our operational reliability and
continue to deliver value to customers. At the same time, we have
made progress in GOL's U.S. court-supervised restructuring process,
including securing US$ 1.0 billion
DIP Loan Commitments (of which US$550 million was drawn by the
end of the 1Q24; renegotiating agreements with the majority
of the aircraft under leases with lessors to ensure GOL has the
right capacity to continue to serve our current destinations; and
making progress on the financing plan that will underpin our
standalone Plan of Reorganization."
SUMMARY OF THE FIRST QUARTER 2024 RESULTS (VS. 1Q23)
- The number of international Revenue Passenger Kilometers (RPK)
increased by 39.6% compared to 1Q23, with total RPK decreasing by
4.1% in the same period, in line with our investment in the
international services;
- Total international Seat Kilometers Offered (ASK) increased by
27.0% compared to 1Q23, while total ASK decreased by 3.9% in the
same period given domestic market conditions;
- Net Operating Revenue decreased 4.2% to R$4.7 billion;
- Load factor remained stable and reached 83.1%, a 0.2%
improvement compared to 1Q23. Domestic load factor decreased 1.3%
to 82.7%, while International load factor improved 7.8% to
85.6%;
- Operational aircraft utilization increased by 1.7% to 11.9
hours per day;
- Total passengers carried decreased by 8.3%, to 7.3
million;
- Net Revenue per Seat Kilometer Offered (RASK) decreased 0.3% to
43.7 cents (R$);
- Average yield per passenger reduced 0.7%, to 48.2 cents (R$);
- Recurring Cost Per Seat Kilometer (CASK) is down 5.3% at
34.44 cents (R$), due in most part to
lower fuel prices and lower consumption per ASK (0.9%) driven by
our growth on international routes;
- Cost Per Seat Kilometer excluding fuel costs and non-recurring
items (CASK Ex-fuel) increased 8.9% to 22.44
cents (R$) compared to 1Q23;
- Recurring EBITDA was R$1.4
billion with a 30.3% margin, while recurring EBIT was
R$1.0 billion with a 21.2%
margin;
- Adjusted net loss was R$ 130
million, excluding the effects of the exchange rate
variation and the mark-to-market of the ESSN derivative component,
which represented R$3.9 billion in
the 1Q24;
- Adjusted net debt to LTM recurring EBITDA was 4.0x on 1Q24, a
reduction of 2.0x compared to 1Q23.
FULL EARNINGS RELEASE & PRESENTATION
Access the earnings release, presentation and full financial
statements at: www.voegol.com.br/ir
Investor Relations: ir@voegol.com.br
About GOL Linhas Aéreas Inteligentes S.A.
GOL is a leading domestic airline in Brazil and part of Abra Group. 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
13,700 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.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.