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Gol Linhas Aéreas Inteligentes S.A. (GOL), based in Rio de Janeiro, Brazil, is the country’s largest low-cost airline and a leader in both the corporate and leisure segments. Since its inception in 2001, GOL has revolutionized air travel in Latin America by offering the lowest unit costs, thereby making air transportation more accessible. The company operates a standardized fleet of 143 Boeing 737 aircraft, ensuring uniformity and reliability in its services.
GOL recently extended a decade-long commercial partnership with Air France-KLM, emphasizing improved connectivity and customer experience between Europe and Brazil. This collaboration covers over 125 destinations, aiming to meet 99% of the demand between these regions. The partnership includes expanded maintenance support from Air France Industries KLM Engineering & Maintenance.
Financially, GOL has shown resilience and growth. In Q3 of 2023, the company reported an EBITDA of R$1.25 billion, with a margin of 26.8%. CEO Celso Ferrer highlighted the importance of operational reliability, contributing to a record third-quarter revenue with a 17.7% operating margin. However, in January 2024, GOL filed for Chapter 11 bankruptcy in the U.S. to restructure its finances, securing US$950 million in debtor-in-possession financing to support ongoing operations.
Despite financial restructuring, GOL continues to maintain its high standards of service. The airline’s Smiles frequent-flyer program and Gollog cargo services are integral to its business model, contributing significantly to its revenue. The company operates with a team of approximately 14,000 aviation professionals who prioritize safety, GOL's number one value.
GOL is dedicated to offering the best travel experience, boasting the largest number of seats with more space, an extensive entertainment platform with internet, movies, and live TV, and solid partnerships with major airlines like American Airlines and Air France-KLM. For further information, visit GOL Investor Relations.
GOL Linhas Aéreas reported strong financial results for Q1 2023, achieving a record recurring EBITDA of
GOL Linhas Aéreas announced its fourth quarter 2022 results, highlighting a record recurring EBITDA of R$1.2 billion, the highest since 2019. The net operating revenue surged to R$4.7 billion, up 61.7% year-over-year. Despite the increase in operational efficiency, the average occupancy rate fell to 80.1%. The company reported a net income of R$230.9 million, resulting in R$0.55 per share. GOL's total liquidity reached R$4.1 billion, up 11.7% from the previous quarter. The CEO emphasized the focus on cost control and increasing margins and hinted at further productivity improvements in the upcoming year.
GOL Linhas Aéreas, Brazil's largest domestic airline, has updated its financial outlook for 2023. This preliminary and unaudited guidance reflects revisions in expected supply levels due to the recovery in corporate demand and impacts from global aircraft delivery schedules.
Key metrics include:
- Total operational fleet: 114-118 (revised from 118-122)
- Net revenues: Estimated at R$19.5 billion (down from R$20 billion)
- Average load factor: ~81% (up from ~80%)
- Fuel price: Estimated at ~R$5.4/liter (up from ~R$5.3)
- EBITDA margin: ~24% (unchanged)
This guidance may be adjusted based on operational performance and economic conditions.
On February 6, 2023, GOL Linhas Aéreas (NYSE: GOL) reported preliminary air traffic figures for January 2023. The airline saw a 6.2% increase in total supply (ASK) and an 8.9% rise in total demand (RPK), with a load factor of 84.7%. Domestic supply decreased by 3.0%, while demand slightly increased by 0.3%. Internationally, GOL's supply reached 1,175 million ASK and demand 396 million RPK, yielding a 77.5% load factor. Overall, GOL's operational performance indicates significant growth in passenger traffic and operational efficiency compared to January 2022.
GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL) projects a significant revenue increase of approximately 32% for 2023, driven by domestic air travel demand of 100 billion RPKs. The company plans to operate an average of 120 aircraft and expects to end the year with 53 Boeing MAX aircraft, contributing to lower costs and carbon emissions. Additionally, GOL anticipates R$4.5 billion in operating cash flow, with stable liquidity compared to year-end 2022. This outlook remains preliminary and unaudited.
GOL Linhas Aéreas Inteligentes provides a preliminary update for 4Q22, anticipating a loss per share of R$2.3 and US$1.2 per American Depositary Share. An estimated EBITDA margin of around 20% is expected. Passenger revenue (PRASK) is projected to rise 20% year-over-year, supported by strong leisure travel recovery. Although non-fuel costs (CASK Ex-Fuel) may drop by 12%, fuel costs (CASK Fuel) are expected to increase by 42%. Liquidity is anticipated at R$3.6 billion, and the net debt/EBITDA ratio is approximately 10x.
On January 3, 2023, GOL Linhas Aéreas Inteligentes announced its preliminary air traffic figures for December 2022, revealing a 21.1% increase in total supply (ASK) compared to December 2021. The load factor was reported at 77.9%, down 4 percentage points year-over-year. Domestic flights saw a 10.0% increase in supply and 5.6% in demand, while international flights had a load factor of 71.4%. Total departures rose 16.4% to 20,907, with 3,649 thousand seats available, marking a 16.5% increase. The report indicates strong domestic recovery but highlights a decrease in load factors and international performance.
GOL Linhas Aéreas Inteligentes S.A. (GOL) announced the issuance of US$196 million in senior secured amortizing notes due in 2026 and subordinated secured notes due in 2025. These notes carry an average cost of capital of 4.3% p.a. and are secured by unencumbered receivables valued at R$3.0 billion. The issuance aims to fulfill aircraft leasing obligations and includes a 12-month grace period for repayments. GOL continues to lead Brazil's airline sector, focusing on providing an exceptional travel experience for its customers.
GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL) announced the issuance of senior secured amortizing notes worth approximately US$200 million through its subsidiary GOL Finance. The notes feature a 5.00% interest rate due in 2026 and a 3.00% rate due in 2025, with an average capital cost of 4.3% per annum. These notes will satisfy certain aircraft leasing obligations and include a 12-month grace period before amortization begins. The securities are secured by unencumbered receivables valued at R$3.0 billion.
On December 5, 2022, GOL Linhas Aéreas Inteligentes S.A. (GOL) announced its preliminary air traffic figures for November 2022. Key highlights include a 29.7% increase in total supply (ASK) and a 28.5% rise in total demand (RPK). The load factor stood at 81.3%. Domestic operations showed a 19.6% increase in supply and an 18.7% growth in demand. International operations reported a load factor of 76.9% with 350 million ASK and 269 million RPK. The company continues to lead as Brazil's largest domestic airline.
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