Recurring operating income of
R$842 million and
margin of 17.1%
SÃO PAULO, April 26,
2023 /PRNewswire/ -- GOL Linhas Aéreas
Inteligentes S.A. ("GOL" or "Company") (NYSE: GOL and B3:
GOLL4), the largest domestic airline in Brazil, today announced its consolidated
results for the first quarter of 2023 (1Q23). During the quarter,
the Company concluded its tenth capital raise in the last three
years, which led to a reduction of its short-term liabilities. The
quarter also showed ongoing improvement in operating results which
advanced GOL's recovery process, and positioned the Company to make
even further gains as growth in air travel continues.
All information in this release is presented in Reais (R$), 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 (1Q22). Adjusted
(recurring) indicators exclude non-recurring expenses related to
the quarter's results, and are detailed in the respective
tables.
1Q23 HIGHLIGHTS
- Record recurring EBITDA of R$ 1.2
billion and positive operating cash flow due to higher
operating volumes in the quarter enabled by accelerated debt
reduction;
- Record net operating revenue of R$4.9
billion, 52.8% higher than 1Q22 and 4.1% above 4Q22;
- Net income of R$620 million,
representing R$1.48 per share and
US$0.57 per ADS;
- Unit cost ex-fuel of 3.9 cents
(US$), 12.4% higher than 1Q22;
- Net leverage of 7.9x (6.0x in IFRS16 and 4.6x excluding the SSN
due 2028), 1.6x. lower than 4Q22;
- Total liquidity (cash and cash equivalents, financial
investments, deposits and accounts receivable) of R$4.4 billion, 36% higher than 1Q22; and
- 2023 outlook reiterated for EPADS of ~US$0.20 (fully diluted) and Net Debt/EBITDA of
~6x.
COMMENTS
Celso Ferrer, Chief Executive
Officer, commented: "2023 is off to a strong start thanks to the
excellent work and dedication of our Team of Eagles. During the
quarter we delivered another sequential increase in our operating
performance. We continue to add supply and with our disciplined
approach to costs further drive higher levels of
productivity. In January, we reached operating fleet
utilization levels above 12 hours a day, a level last seen in
2019. As the market recovery continues, our objective is to
increase annual average utilization and strengthen our
low-cost operating model with our standardized fleet. We
also successfully completed a transformative financial
transaction that strengthens our capital structure, significantly
reduces maturities over the next three years, and provides an
additional source of liquidity to help drive our growth. I am
extremely proud of the work of the Team of Eagles and how,
together, we achieved another successful quarter,
demonstrating extraordinary commitment to safety and to serving our
Customers."
SUMMARY OF THE FIRST QUARTER 2023 RESULTS (VS. 1Q22)
- The number of Revenue Passenger Kilometers (RPK) increased by
14.1%, while Available Seat Kilometers (ASK) increased by
11.0%;
- Net Revenue increased by 52.8%, reaching a record R$4.9 billion. Ancillary Revenues, mainly from
SMILES and GOLLOG, increased 83.8%, reaching R$383.6 million;
- Load factor increased by 2.3 pp to 83.3%. The domestic load
factor was 84.0%, 2.8 pp higher than in 1Q22, while the
international load factor was 77.8%;
- Aircraft utilization was 11.7 hours per day;
- The number of passengers transported by the Company was 7.9
million, a year-over-year increase of 17.7%;
- Net Revenue per Available Seat Kilometer (RASK) increased by
37.7% to 43.8 cents (R$);
- Average yield per passenger increased by 32.0% to 48.5 cents (R$), the highest level in GOL's
history;
- Recurring Cost per Available Seat Kilometer (CASK) increased by
20.9% to 36.35 cents (R$). CASK Fuel
increased by 32.0% to 15.75 cents
(R$), due to the 24.4% increase in jet fuel prices. Recurring CASK
ex-Fuel excluding cargo freighter operations increased by 12% to
20.24 cents (R$), or 3.9 cents (US$) due to inflationary effects on
variable costs and an increase in take-offs per ASK;
- Recurring EBITDA was R$1.2
billion with a margin of 25.2%, while recurring EBIT was
R$841.5 million with a margin of
17.1%;
- The Company generated approximately R$0.2 billion of free cash flow in 1Q23 due to
higher revenues and working capital initiatives, partially offset
by the increase in aviation fuel prices;
- Net income was R$619.5 million
(R$1.48/share and US$0.57/ADS), while recurring net income was
R$136.4 million (R$0.33/share and US$0.13/ADS); and
- The net debt ratio (including 7x annual lease payments and
excluding perpetual bonds) over recurring LTM EBITDA was 7.9x as of
March 31, 2023, 1.6x lower than the
leverage at the end of 2022 (6.0x under IFRS16 and 4.6x excluding
SSN 2028). In March, a private placement of Senior Secured Notes
maturing in 2028 in the amount of up to US$1.4 billion was concluded with Abra Group,
GOL's controlling shareholder.
FULL EARNINGS RELEASE & PRESENTATION
Access the earnings release, presentation and full financial
statements at: www.voegol.com.br/ir
1Q23 Conference Call: April 26,
2023, 09:00 am (New York time; US EDT), broadcast via webcast
(https://mzgroup.zoom.us/webinar/register/WN_3zBVsoE5TUiU6-SdOxvzVQ#/registration).
Investor Relations: ir@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 it was founded in 2001, the Company has the lowest
unit cost in Latin America, thus
democratizing air transportation of passengers.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.