GOL Investor Update

Brazil - Português

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Jul 08, 2019, 08:06 ET

SÃO PAULO, July 8, 2019 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's premier domestic airline, provides its Investor Update. The information below for the quarter ended in June 2019 is preliminary and unaudited. For comparison purposes, second quarter 2018 results were adjusted in accordance with IFRS 16.

Overall Commentary¹

GOL expects an EBITDA margin for the quarter of 22% to 24%², an increase in relation to the quarter ended in June 2018 (16.4%³).
Passenger unit revenue (PRASK) for the second quarter is expected to be up approximately 24% year over year. For the quarter ended in June, GOL expects unit revenue (RASK) to increase approximately 23%. The increase in total unit cost was responsible for over 90% of the variation in unit revenue.
Non-fuel unit costs (CASK ex-fuel), are expected to increase by approximately 15%^2,3 in relation to the second quarter of the prior year, primarily due to the 9% depreciation of the Brazilian real in the year-over-year comparison, increases in payroll taxes due to the elimination of the Payroll Tax Relief Program, increases in landing and navigation expenses due to a 10% increase in rates, and increases in depreciation from five net additional aircraft in the fleet.
GOL's financial leverage, as measured by the Net Debt⁴/LTM EBITDA ratio, was approximately 3.2x at the end of the June 2019 quarter. The Company amortized R$100 million of debt in the quarter and total liquidity at quarter-end is expected to be at R$3.7 billion, above the R$3.5 billion of the previous quarter.

Preliminary and Unaudited Projection

EBITDA Margin²

EBIT Margin²

Ancillary Revenue (cargo and other)

Average fuel price per liter

Average exchange rate

Passenger unit revenue (PRASK)

CASK Ex-fuel^2,3

Total Demand – RPK

Total Capacity – ASK

Total Capacity – Seats

June Quarter 2019

22% - 24%

9% - 10%

6% of total net revenues

R$2.94 - R$3.02

R$3.92

June Quarter 2019

vs. June Quarter 2018

Up ~24%

Up ~15%

Up ~11.6%

Up ~6.5%

Up ~3.2%

¹ For comparison purposes, 2Q18 results adjusted in accordance with IFRS 16, unaudited.
² Excluding non-recurring expenses of approximately R$80 million in 2Q19.
³ Excluding net results of approximately R$86 million related to aircraft sales in 2Q18.
⁴ Excluding perpetual notes.

Investor Relations
[email protected]
www.voegol.com.br/ir
+55(11) 2128-4700

About GOL Linhas Aéreas Inteligentes S.A.: Brazil's largest airline group with three main businesses: passenger transportation, cargo transportation and coalition loyalty program.

SOURCE GOL Linhas Aéreas Inteligentes S.A.