GOL announces its results for 4Q15 and 2015
March 29 2016 - 10:22PM
PR Newswire (US)
SAO PAULO, March 29, 2016 /PRNewswire/ -- GOL Linhas
Aéreas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL),
(S&P: CCC-, Fitch: CCC and Moody's: Caa1), the largest
low-cost and best-fare airline in Latin
America, announces today its consolidated results for the
fourth quarter and the full year of 2015. All information is
presented in accordance with International Financial Reporting
Standards (IFRS) and in Brazilian Reais (R$), and all comparisons
are with the fourth quarter and full year of 2014 unless otherwise
stated.
Quarter highlights
- The Company's net revenue reached R$2,652.1 million in 4Q15, a decrease of 2.8%
compared to the same period last year. In 2015, net revenue was
R$9,778.0 million, down 2.9% compared
to 2014.
- Ancillary and cargo revenues reached R$325.9 million in 4Q15, up by 12.7% and
representing 12.3% of total net revenues. In 2015, ancillary and
cargo revenues recorded R$1,194.6
million, an increase of 17.1% and representing a 12.2% share
of total revenue.
- In 4Q15, the operating result (EBIT) was a negative
R$95.3 million with a margin of 3.6%.
For 2015, EBIT recorded a negative R$183.8
million with margin of 1.9%.
- EBITDAR was R$398.9 million in
the quarter, with a margin of 15.0%. In 2015, EBITDAR reached
R$1,336.0 million, with a margin of
13.7%.
- GOL registered a net loss of R$1,130.0
million in 4Q15 and R$4,291.2
million for 2015 – mainly impacted by the devaluation of the
Real and of the Venezuela Bolivar against the US Dollar in
operating expenses and in the balance of the Company's financial
liabilities totaling R$2,767.3
million and additional R$844.1
million in income tax and deferred tax credits.
- As a result of the environment and the macroeconomic
expectations, in February and March
2016, the three major credit rating agencies reviewed the
ratings of several companies in Brazil, including GOL. Fitch changed the
rating from 'B-' to 'CCC', Moodys from 'B3' to 'Caa1' and Standard
& Poors changed from 'B-' to 'CCC-'.
- The Company ended 2015 with a cash position of R$2,299.5 million, representing 23.5% of its
annual net revenue. This amount includes a loss of R$423.8 million of exchange rate variations in
the last quarter of the year due to the devaluation of the
Venezuela Bolivar against the US dollar.
- In March 2016, we decided to hire
Skyworks Capital LLC and PJT Partners (PJT). These companies are
specialists in discussions with aircraft lessors and in the
evaluation of initiatives to strengthen the Company's capital
structure, liquidity and debt profile.
For further information visit
www.voegol.com.br/ir
CONTACTS
INVESTOR RELATIONS
Phone: +55 (11) 2128-4700
E-mail: ri@golnaweb.com.br
CORPORATE COMMUNICATIONS
Phone: +55 (11) 2128-4183
E-mail: comcorp@golnaweb.com.br
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SOURCE GOL Linhas Aereas Inteligentes S.A.
Copyright 2016 PR Newswire
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