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Vueling and GOL announce 2010 results

Shares in Brazilian LCC GOL dropped 4.4% yesterday, on another day of share price drops for most LCCs. The carrier reported a 67% decline in net profit for the three months ended 31-Dec-2010, as fuel and labour costs increased.

GOL financial highlights for the three months ended 31-Dec-2010:

  • Revenue: USD1117 million, +15.6% year-on-year;
    • Ancillary: USD102.7 million, -19.1%;
  • Operating costs: USD960.2 million, +7.3%;
    • Fuel: USD349.1 million, +29.4%;
    • Labour: USD205.4 million, +14.7%;
  • Operating profit: USD156.4 million, +119.8%;
  • Net profit: USD78.9 million, -66.8%;
  • Passenger traffic (RPKs): +6.4%;
    • Domestic: +6.9%;
    • International: +8.4%;
  • Load factor: 71.1%, -2.3 ppts;
    • Domestic: 71.1%, -3.1 ppts;
    • International: 70.6%, +3.7 ppts;
  • Breakeven load factor: 61.1%, -6.8 ppts;
  • Average fare: USD113.11, +13.0%;
  • Yield: USD 12.19 cents, +12.9%;
  • Passenger revenue per ASK: USD 8.67 cents, +9.4%;
  • Operating revenue per ASK: USD 9.54 cents, +4.6%;
  • Cost per ASK: USD 8.21 cents, -2.9%;
  • Cost per ASK excl fuel: USD 5.24 cents, -11.5%;
  • Average sector length: 910 km, +1.8%;
  • Total assets: USD5413 million, +3.9%;
  • Total liabilities: USD3664 million, -2.3%;
  • 2011 forecast:
    • Passenger numbers: 33 million to 36 million;
    • Yield: USD 11.64 cents to USD 12.54 cents;
    • Cost per ASK excl fuel: USD 5.31 cents to USD 5.08 cents;
    • Operating margin: 11.5% to 14.0%.

*Based on the conversion rate at USD1 = BRL1.67451

Vueling revenue up 4% - financial highlights:

  • Three months ended 31-Dec-2010:
    • Revenue: EUR167.0 million, +4% year-on-year;
      • Ancillary: EUR22.6 million, +14%;
    • Costs: EUR124.0 million, +9%;
      • Fuel: EUR45.2 million, +45%;
    • EBIT* (loss): (EUR7.5 million), compared to a loss of EUR500,000 in p-c-p;
    • Net profit (loss): (EUR4.4 million), compared to a loss of EUR13.0 million in p-c-p;
    • Passenger numbers: 2.5 million, +3%;
    • Load factor: 71.7%, +1.9 ppt;
    • Average fare: EUR58.06, -1%;
    • Revenue per ASK: EUR 5.38 cents, +5%;
    • Cost per ASK: EUR 5.62 cents, +9%;
    • Cost per ASK excl fuel: EUR 4.17 cents, stable;
    • Sector length: 887 km, -2%;
  • 12 months ended 31-Dec-2010:
    • Revenue: EUR796.5 million, +32%;
      • Ancillary: EUR93.4 million, +32%;
    • Costs: EUR538.3 million, +42%;
      • Fuel: EUR184.0 million, +76%;
    • EBIT*: EUR60.1 million, -16%;
    • Net profit: EUR46.0 million, +66%;
    • Passenger numbers: 11.0 million, +35%;
    • Load factor: 73.2%, -0.5 ppt;
    • Average fare: EUR63.71, -1%;
    • Revenue per ASK: EUR 5.87 cents, -1%;
    • Cost per ASK: EUR 5.43 cents, +4%;
    • Cost per ASK excl fuel: EUR 4.07 cents, -3%;
    • Sector length: 893 km, -1%;
    • Debt: EUR23.9 million, +85%;
    • Total cash: EUR231.0 million, +61%. 

*2009 EBIT are before restructuring costs

 GOL financial highlights for the three months ended 31-Dec-2010:

  • Revenue: USD1117 million, +15.6% year-on-year;
    • Ancillary: USD102.7 million, -19.1%;
  • Operating costs: USD960.2 million, +7.3%;
    • Fuel: USD349.1 million, +29.4%;
    • Labour: USD205.4 million, +14.7%;
  • Operating profit: USD156.4 million, +119.8%;
  • Net profit: USD78.9 million, -66.8%;
  • Passenger traffic (RPKs): +6.4%;
    • Domestic: +6.9%;
    • International: +8.4%;
  • Load factor: 71.1%, -2.3 ppts;
    • Domestic: 71.1%, -3.1 ppts;
    • International: 70.6%, +3.7 ppts;
  • Breakeven load factor: 61.1%, -6.8 ppts;
  • Average fare: USD113.11, +13.0%;
  • Yield: USD 12.19 cents, +12.9%;
  • Passenger revenue per ASK: USD 8.67 cents, +9.4%;
  • Operating revenue per ASK: USD 9.54 cents, +4.6%;
  • Cost per ASK: USD 8.21 cents, -2.9%;
  • Cost per ASK excl fuel: USD 5.24 cents, -11.5%;
  • Average sector length: 910 km, +1.8%;
  • Total assets: USD5413 million, +3.9%;
  • Total liabilities: USD3664 million, -2.3%;
  • 2011 forecast:
    • Passenger numbers: 33 million to 36 million;
    • Yield: USD 11.64 cents to USD 12.54 cents;
    • Cost per ASK excl fuel: USD 5.31 cents to USD 5.08 cents;
    • Operating margin: 11.5% to 14.0%.

*Based on the conversion rate at USD1 = BRL1.67451

Selected PEA daily share price movements (% change): 23-Feb-2011