GOL Reviews Financial Outlook
PRNewswire 30-Apr-2019 8:06 AM
SAO PAULO, April 30, 2019 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company"), (NYSE:GOL), Brazil's premier domestic airline, reviews its financial outlook for 2019 and 2020. Guidance is adjusted to reflect recent variations in oil prices, the depreciation of the BRL versus the USD and adjustments to the fleet plan.
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.
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Financial Outlook
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2019E
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|
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2020E
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(Consolidated, IFRS)
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Previous
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Revised
|
|
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Previous
|
Revised
|
|
Total fleet (average)
|
122 to 125
|
124 to 127
|
|
125 to 128
|
128 to 131
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Total operational fleet (average)
|
117
|
119
|
|
120
|
123
|
|
ASKs, System (% change)
|
6 to 10
|
7 to 10
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|
7 to 10
|
7 to 10
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- Domestic
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2 to 4
|
3 to 4
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3 to 5
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4 to 5
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- International
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35 to 45
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35 to 40
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|
10 to 20
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25 to 35
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Seats, System (% change)
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3 to 4
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4 to 5
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|
1 to 3
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4 to 5
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Departures, System (% change)
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3 to 5
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4 to 5
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|
1 to 3
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4 to 5
|
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Average load factor (%)
|
79 to 81
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79 to 81
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79 to 81
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79 to 81
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Ancillary revenues, net1(R$ bn)
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~1.0
|
~1.0
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|
~1.1
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~1.1
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Total net revenues (R$ billion)
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~12.9
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~13.0
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|
~14.2
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~14.5
|
|
Non-fuel CASK (R$ cents)
|
~13
|
~14
|
|
~13
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~14
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Fuel liters consumed (mm)
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~1,420
|
~1,450
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|
~1,480
|
~1,500
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Fuel price (R$/liter)
|
~2.8
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~3.0
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|
~2.9
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~3.1
|
|
EBITDA margin (%)
|
~28
|
~28
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~29
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~29
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EBIT margin (%)
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~18
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~18
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~19
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~19
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Net financial expense2(R$ bn)
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~1.2
|
~1.2
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|
~1.2
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~1.2
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Pre-tax margin (%)
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~10
|
~10
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|
~12
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~12
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Effective income tax rate (%)
|
~20
|
~22
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|
~20
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~22
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Minority interest3(R$ mm)
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~300
|
~303
|
|
~330
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~334
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Capex, net (R$ mm)
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~650
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~700
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~600
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~650
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Net Debt4/ EBITDA (x)
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~2.9x
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~2.9x
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|
~2.4x
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~2.4x
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|
Fully-diluted shares out.5 (mm)
|
384
|
384
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|
384
|
384
|
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EPS, fully diluted (R$)
|
2.40 to 2.80
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1.20 to 1.60
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2.80 to 3.30
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1.80 to 2.30
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|
Fully-diluted ADS out. 5 (mm)
|
192
|
192
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|
192
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192
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EPADS, fully diluted (US$)
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1.30 to 1.50
|
0.70 to 0.90
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|
1.70 to 2.00
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1.00 to 1.30
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(1) Gross revenue of cargo, loyalty, buy-on-board and other ancillary revenues; (2) Excluding currency gains and losses; (3) Source: average of analyst estimates reported on Bloomberg; (4) Excluding perpetual bonds. (5) Includes stock option exercises that may be issued from the stock option program and related to Exchangeable Senior Notes.
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. GOL is hedged for approximately 62% of its fuel consumption for the remainder of 2019, at an average cost of US$60.
Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55 (11) 2128-4700
About GOL Linhas Aéreas Inteligentes S.A. (www.voegol.com.br): Brazil's largest airline group with three main businesses: passenger transportation, cargo transportation and coalition loyalty program.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.
