SAO PAULO, Jan. 11, 2019 /PRNewswire/ -- GOL Linhas
Aéreas Inteligentes S.A. ("GOL" or "Company"), (NYSE: GOL and B3:
GOLL4), Brazil's #1 airline,
reviews its financial outlook for 2018 and 2019 and provides a
preliminary outlook for 2020. Guidance is adjusted to reflect
demand forecasts, competitor capacity movements, recent variations
in oil prices, the appreciation of the USD versus the BRL, results
of the acceleration of 737 MAX aircraft into the GOL fleet and
preliminary estimates of IFRS16 adoption.
The Company's guidance highlights key metrics which impact
financial results and drive long-term shareholder value. GOL
provides forward-looking information that is focused on the main
metrics the Company uses to measure business performance. These
indicators are useful for investors and analysts who project GOL's
results. The Company is providing preliminary financial projections
adjusted for the impact of the adoption of IFRS 16, providing users
with greater transparency in relation to its expected impacts, as
well as allowing a better comparability between the projections
presented.
Financial
Outlook
|
2018E
|
2019E
|
2020E
|
(Consolidated,
IFRS)
|
Previous
|
Preliminary
IFRS16(1)
|
|
Previous-
|
Preliminary
IFRS16(1)
|
|
Preliminary
IFRS16(1)
|
Total fleet
(average)
|
118
|
118
|
|
121 to
123
|
122 to
125
|
|
125 to
128
|
Total operational
fleet (average)
|
110
|
110
|
|
~115
|
~117
|
|
~120
|
ASKs, System (%
change)
|
1to
2
|
2.9
|
|
5 to
10
|
6 to
10
|
|
7 to
10
|
- Domestic
|
0 to
2
|
2.3
|
|
1 to
3
|
2 to
4
|
|
3 to
5
|
-
International
|
6 to
8
|
7.6
|
|
30 to
40
|
35 to
45
|
|
10 to
20
|
Seats, System (%
change)
|
0 to
2
|
2.4
|
|
2 to
4
|
3 to
4
|
|
1 to
3
|
Departures, System (%
change)
|
0 to
2
|
0.0
|
|
2 to
5
|
3 to
5
|
|
1 to
3
|
Average load factor
(%)
|
79 to
80
|
79.9
|
|
79 to
81
|
79 to
81
|
|
79 to
81
|
Ancillary revenues,
net2 (R$ bn)
|
~
0.8
|
~
0.8
|
|
~
1.1
|
~
1.0
|
|
~
1.1
|
Total net revenues
(R$ billion)
|
~
11.5
|
~
11.4
|
|
~
12.8
|
~
12.9
|
|
~
14.2
|
Non-fuel CASK (R$
cents)
|
~
13.5
|
~
12.3
|
|
~
14
|
~
13
|
|
~
13
|
Fuel liters consumed
(mm)
|
~
1,370
|
~
1,390
|
|
~
1,420
|
~
1,420
|
|
~
1,480
|
Fuel price
(R$/liter)
|
~
2.9
|
~
2.9
|
|
~
2.9
|
~
2.9
|
|
~
3.0
|
EBITDA margin
(%)
|
~
16
|
~
26
|
|
~
17
|
~
27
|
|
~
28
|
EBIT margin
(%)
|
~
11
|
~
16
|
|
~
12
|
~
17
|
|
~
18
|
Net financial
expense3 (R$ billion)
|
~
0.8
|
~
1.5
|
|
~
0.5
|
~
1.2
|
|
~
1.2
|
Pre-tax
margin3 (%)
|
~ 4
|
~ 4
|
|
~ 8
|
~ 9
|
|
~
11
|
Effective income tax
rate (%)
|
~
23
|
~
23
|
|
~
10
|
~
20
|
|
~
20
|
Minority
interest4 (R$ mm)
|
~
280
|
~
280
|
|
~
320
|
~
300
|
|
~
330
|
Capex, net (R$
mm)
|
~
750
|
~
750
|
|
~
600
|
~
650
|
|
~
600
|
Net Debt5
/ EBITDA (x)
|
~
2.6x
|
~
3.6x
|
|
~
2.5x
|
~
3.0x
|
|
~
2.5x
|
Fully-diluted
shares out. (million)
|
348.7
|
348.7
|
|
348.7
|
348.7
|
|
348.7
|
EPS, fully
diluted (R$)
|
(2.00) to
(1.80)
|
(3.20) to
(2.90)
|
|
1.50 to
1.90
|
2.20 to
2.60
|
|
2.60 to
3.10
|
Fully-diluted ADS
out. (million)
|
174.4
|
174.4
|
|
174.4
|
174.4
|
|
174.4
|
EPADS, fully
diluted (US$)
|
(1.10) to
(1.10)
|
(1.80) to
(1.60)
|
|
0.80 to
1.20
|
1.20 to
1.40
|
|
1.60 to
1.90
|
|
|
|
|
|
|
|
|
|
|
(1) Considers adoption of IFRS
16;
(2) Net revenue of cargo,
loyalty, buy-on-board and other ancillary revenues;
(3) Excluding currency gains and
losses;
(4) Source: average of analyst
estimates reported on Bloomberg;
(5) Excluding
perpetual bonds.
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 GOL'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 serves more than 30 million passengers annually. With
Brazil's largest network,
GOL offers customers more than 700 daily flights to 69
destinations in 10 countries in South
America, Caribbean and
the United States. GOLLOG
is a leading cargo transportation and logistics business serving
more than 3,400 Brazilian municipalities and, through partners,
more than 200 international destinations in 95 countries.
SMILES is one of the largest coalition loyalty programs in
Latin America, with over 14
million registered participants, allowing clients to accumulate
miles and redeem tickets for more than 700 locations worldwide,
Headquartered in São Paulo. GOL has a team of more than
15,000 highly skilled aviation professionals and operates a fleet
of 120 Boeing 737 aircraft, with a further 133 Boeing 737 MAX on
order, delivering Brazil's top
on-time performance and an industry leading 17 year safety record.
GOL has invested billions of Reais in facilities, products
and services and technology to enhance the customer experience in
the air and on the ground. GOL's shares are traded on the NYSE
(GOL) and the B3 (GOLL4). For further information,
visit 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, we disclose so-called
non-GAAP financial measures which are not recognized under IFRS or
U.S. GAAP, including "Net Debt", "Adjusted Net Debt", "total
liquidity", "EBITDA" and EBITDAR". Our management believes that
disclosure of non-GAAP measures provides useful information to
investors, financial analysts and the public in their review of our
operating performance and their comparison of our 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.