GOL Investor Update
GOL Linhas Aéreas, Brazil's largest airline, released a preliminary investor update on March 14, 2022. The company expects a 30% rise in jet fuel prices, impacting its 2022 financial forecasts. GOL's modernization plan aims for 44 Boeing 737-MAXs, potentially reducing unit costs by 8%. Updated forecasts estimate total net revenues at R$13.7 billion and an operational fleet average of 100-105 aircraft. GOL's average load factor is projected to remain around 82%, with non-fuel costs estimated at ~3.3 US cents.
- Reduction of unit costs (CASK) by approximately 8% due to fleet modernization.
- Projected total net revenues of R$13.7 billion.
- Average load factor maintained at ~82%.
- Expected 30% increase in Brazilian jet fuel prices impacting financial outlook.
- Reduction in operational fleet average from 105-110 to 100-105 aircraft.
- Lowered year-on-year growth projections for ASKs, seats, and departures.
SÃO PAULO, March 14, 2022 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or "Company"), Brazil's largest domestic airline, provides an Investor Update. All information is presented in Brazilian Reais (R$). The information below is preliminary and unaudited.
GOL is updating its financial forecasts in light of the expected approximately
To help investors and analysts understand how GOL addresses its near-term planning, the Company shares the following indicators:
Financial Outlook | 2022E Previous | 2022E Updated |
Total fleet (average) | 135 – 140 | 130 – 140 |
Total operational fleet (average) | 105 – 110 | 100 – 105 |
ASKs, System (% change yoy) | 70 – | 65 – |
Seats, System (% change) | 80 - | 65 – |
Departures, System (% change) | 80 – | 65 – |
Average load factor (%) | ~ | ~ |
Ancillary revenues. net1 (R$bn) | ~0.8 | ~0.8 |
Total net revenues (R$ billion) | ~14.0 | ~13.7 |
Non-fuel CASK2 (US$ cents) | ~3.3 | ~3.3 |
Fuel liters consumed (mm) | ~1,295 | ~1,200 |
Gross Global Scope 1 emissions (000 m t CO2) | ~3,289 | ~3,060 |
Total Fuel Consumed (1.000 liters per RPK) | ~34.6 | ~34.6 |
GHG Emissions/Flight Hour (t CO2) | ~8.4 | ~8.4 |
Fuel price (R$/liter) | ~3.8 | ~4.3 |
EBITDA margin² (%) | ~ | ~ |
EBIT margin² (%) | ~ | ~ |
Net financial expense3 (R$bn) | ~1.8 | ~1.8 |
Pre-tax margin3 (%) | ~ | ~ |
Effective income tax rate (%) | ~ | ~ |
Capex, net4 (R$ mm) | ~700 | ~700 |
MAX Aircraft Acquisitions (R$mm) | ~1,100 | ~1,100 |
Aircraft Debt (7x Annual Acft Lease Payments) (US$bn) | ~3.3 | ~3.3 |
Financial Debt (US$bn) | ~2.1 | ~2.1 |
Net Debt5 / EBITDA2 (x) | ~7x | ~8x |
Fully-diluted shares out6 (mm) | ~435 | ~435 |
EPS, fully diluted (R$) | ~0.26 | ~0 |
Fully-diluted ADS out.6 (mm) | ~217.5 | ~217.5 |
EPADS, fully diluted (US$) | ~0.10 | ~0 |
(1) Cargo. loyalty. buy-on-board and other ancillary revenues; (2) Recurring operating results, does not include non-recurring maintenance costs related to fleet transformation; (3) Excluding currency gains and losses and Unrealized losses on Exchangeable Senior Notes; (4) Capex, net is calculated as Gross capex (fleet capitalized maintenance) subtracted by financed Capex (credit facilities to finance assets acquisition and maintenance costs) ; (5) Including 7x annual aircraft lease payments and excluding perpetual bonds; and (6) Includes stock option exercises that may be issued from the stock option program and related to Exchangeable Senior Notes. | ||
Investor Relations
ri@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 founded in 2001, the Company has the lowest unit cost in Latin America, thus democratizing air transportation. The Company has alliances with American Airlines and Air FranceKLM, besides several codeshare 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 15,000 highly qualified aviation professionals focused on Safety, GOL's #1 value, and operates a standardized fleet of 127 Boeing 737 aircraft. The Company's shares are traded on the NYSE (GOL) and the B3 (GOLL4). For further information, visit www.voegol.com.br/ri.
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.
FAQ
What are GOL's updated financial forecasts for 2022?
How will rising fuel prices affect GOL's financial outlook?
What changes are being made to GOL's fleet strategy?
What is the projected average load factor for GOL in 2022?
