GOL announces Investor Update
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.
The operational resumption that started in the middle of 2Q21 is expected to continue at an increasing pace as the population's immunization intensifies, and as we approach the summer season, therefore, GOL's current capacity planning scenario for 2H21 assumes a 46% increase over 2H20. To adapt costs to current levels of sales and demand, GOL will operate 102 aircraft in its network at the end of the period (versus 110 previously projected), which will represent 133% of the average fleet operated in 2H20 and 56% higher than 1H21. Revenue for the six-month period ending December 31, 2021 is expected to increase approximately 85% compared to the same period last year.
GOL expects to end 2H21 with R$4.2 billion in liquidity (versus R$4.5 billion previously projected) and R$15.3 billion in adjusted net debt (versus R$14.8 billion previously projected). Several important initiatives are relevant to ensure that the Company maintains liquidity at the levels expected for the end of 2021.
With the objective of assisting investors and analysts in understanding how GOL is approaching its short-term planning, the Company is also sharing the metrics below:
|
Metrics |
3Q21E |
2H21E |
|
|
Preliminary |
Revised |
||
|
Brazil GDP Variation¹ vs 2020 (%) |
+7.7% |
+2.9% |
+3.9% |
|
Domestic Routes Served (average) |
~133 |
~159 |
~168 |
|
Average Operating Fleet (EoP) |
~75 |
~110 |
~102 |
|
ASK Total (bi) |
~7.3 |
18.8 |
~17.2 |
|
Load Factor (%) |
~82% |
~80% |
~80% |
|
Operating CASK Ex-fuel² vs 2020 |
Down ~6% |
Down ~8% |
Down ~12% |
|
Gross Global Scope 1 emissions (000 m t CO2) |
~524.1 |
~1,395.0 |
~1,215.1 |
|
Total Fuel Consumed (1,000 liters per RPK) |
~34.2 |
~36.1 |
~34.3 |
|
Greenhouse Gas Emissions/Flight Hour (t CO2) |
~8.5 |
~7.9 |
~8.5 |
|
Net Operating Revenues (R$ BN) |
~1.8 |
~6.0 |
~5.4 |
|
Other Revenue (cargo, loyalty, other) |
~12% of revenues |
~7% of revenues |
~8% of revenues |
|
EBITDA² (R$ bi) |
~0.4 |
~2.0 |
~1.7 |
|
CAPEX (R$ MM) |
~0.1 |
~0.3 |
~0.3 |
|
Total Liquidity3 (R$ BN) |
~3.4 |
~4.5 |
~4.2 |
|
Net Debt4 (R$ BN) |
~15.0 |
~14.8 |
~15.3 |
|
Net Debt / LTM EBITDA Ratio4,5,6 (x) |
~2.9x |
~3.0x |
~3.0x |
(1) Versus the same period last year; Source: Brazilian Central Bank. (2) Excluding non-operating expenses and depreciation related to fleet idleness and personnel-related costs of approximately R$807 million in 3Q21, R$922 million in 3Q20, R$1.7 billion in 2H21 and R$1.6 billion in 2H20. (3) Cash and cash equivalents, restricted cash, accounts receivables and deposits (does not include unencumbered assets). (4) Excluding perpetual bonds and exchangeable notes. (5) Pro-forma, excluding non-operating expenses and depreciation, (6) 4Q21E EBITDA annualized.