SAO PAULO, Aug. 15, 2016 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GLAI"), (BM&FBOVESPA: GOLL4 and NYSE: GOL), (S&P: CCC, Fitch: CC and Moody's: Caa3), Brazil's largest air transportation and travel services group, with annual revenues of R$10 billion, announces today its consolidated results for the second quarter of 2016.
- GOL's capacity measured by ASK in the domestic and international markets decreased by 8.9% and 12.2%, respectively, resulting in an overall GOL system reduction of 9.3% in the second quarter of 2016 compared to the same period in 2015.
- Demand for the Company's seats in the domestic market measured by RPK fell by 11.2% and 10.6% in the international market. The overall GOL system decrease was 11.2%.
- In 2Q16, GOL's total load factor fell by 1.6 percentage points, to 75.2%. The domestic market load factor was 76.0%, a reduction of 2.0 percentage points, and the load factor in the international market was 69.3%, an increase of 1.1 percentage points compared to the same period in 2015.
- The Company's net revenue totaled R$2.1 billion in 2Q16, a decrease of 2.0% from 2Q15. Net revenue for the last twelve months was R$10 billion.
- Ancillary and cargo revenues reached R$297.8 million in 2Q16, up 4.8% represented 14.3% of total net revenue. In the last twelve months, ancillary and cargo revenues totaled R$1.2 billion.
- With 14.1% devaluation of the Real against the US Dollar in the period, Brazilian inflation of around 9%, and the ASK reduction of 9.3%, year-over-year CASK excluding fuel expenses and non-recurring events increase of 15.7% in the second quarter.
- The non-recurring losses on the early return of aircraft under finance lease contracts were R$21.8 million in the quarter.
- Operating losses on a recurring basis (recurring EBIT) in 2Q16 were R$149.6 million - representing a margin of -7.2%. The EBITDA loss was R$39.5 million, representing a margin of -1.9%, and EBITDAR was R$247.0 million, representing a margin of 11.8%. Including the non-recurring event early return costs of aircraft under finance leases, the EBIT loss was R$171.4 million, representing a margin of -8.2%, the EBITDA loss was R$61.3 million, representing a margin of -2.9%, and EBITDAR was R$225.3 million, representing a margin of 10.8%.
- The appreciation of the Real against the US Dollar generated an accounting gain of R$778.8 million, and Net income was R$309.5 million in the second quarter.
- Financial leverage (adjusted gross debt/EBITDAR) was 8.4x at quarter-end, compared to 9.4x at the end of the first quarter of 2016, impacted by the Real's 9.8% appreciation over 1Q16.
- The Company renegotiated the amortization schedule of its Debentures with Brazilian banks totaling R$1.025 billion and received waivers of financial covenants on June 30, 2016. The new amortization schedule postpones R$225 million from 2016 and 2017 to 2019 at the same interest cost.
- GOL concluded in July 2016, a private exchange offer for its USD unsecured bonds, reducing GOL's total debt by U.S.$101.8 million (R$326.8 million) and providing an annual cash interest expense savings of approximately U.S.$9.3 million.