SAO PAULO, March 29, 2016 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL), (S&P: CCC-, Fitch: CCC and Moody's: Caa1), the largest low-cost and best-fare airline in Latin America, announces today its consolidated results for the fourth quarter and the full year of 2015. All information is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reais (R$), and all comparisons are with the fourth quarter and full year of 2014 unless otherwise stated.
The Company's net revenue reached R$2,652.1 million in 4Q15, a decrease of 2.8% compared to the same period last year. In 2015, net revenue was R$9,778.0 million, down 2.9% compared to 2014.
Ancillary and cargo revenues reached R$325.9 million in 4Q15, up by 12.7% and representing 12.3% of total net revenues. In 2015, ancillary and cargo revenues recorded R$1,194.6 million, an increase of 17.1% and representing a 12.2% share of total revenue.
In 4Q15, the operating result (EBIT) was a negative R$95.3 million with a margin of 3.6%. For 2015, EBIT recorded a negative R$183.8 million with margin of 1.9%.
EBITDAR was R$398.9 million in the quarter, with a margin of 15.0%. In 2015, EBITDAR reached R$1,336.0 million, with a margin of 13.7%.
GOL registered a net loss of R$1,130.0 million in 4Q15 and R$4,291.2 million for 2015 – mainly impacted by the devaluation of the Real and of the Venezuela Bolivar against the US Dollar in operating expenses and in the balance of the Company's financial liabilities totaling R$2,767.3 million and additional R$844.1 million in income tax and deferred tax credits.
As a result of the environment and the macroeconomic expectations, in February and March 2016, the three major credit rating agencies reviewed the ratings of several companies in Brazil, including GOL. Fitch changed the rating from 'B-' to 'CCC', Moodys from 'B3' to 'Caa1' and Standard & Poors changed from 'B-' to 'CCC-'.
The Company ended 2015 with a cash position of R$2,299.5 million, representing 23.5% of its annual net revenue. This amount includes a loss of R$423.8 million of exchange rate variations in the last quarter of the year due to the devaluation of the Venezuela Bolivar against the US dollar.
In March 2016, we decided to hire Skyworks Capital LLC and PJT Partners (PJT). These companies are specialists in discussions with aircraft lessors and in the evaluation of initiatives to strengthen the Company's capital structure, liquidity and debt profile.