GOL Linhas Aéreas Inteligentes S.A. (NYSE:GOL) ("GOL" or "Company"), Brazil's largest airline, today provides an Investor Update on its expectations for the fourth quarter of 2022. The information below is preliminary and unaudited. The Company will discuss its 4Q22 results in a conference call on March 2, 2023.
| Overall Commentary |
- GOL expects a Loss Per Share (EPS) and Loss Per American Depositary Shares (EPADS) for 4Q22 of approximately R$2.31 and US$1.21, respectively.
- EBITDA margin for the quarter is expected to be approximately 20%2.
- Passenger unit revenue (PRASK) for the fourth quarter is expected to be up approximately 20% year over year, driven by the continued recovery in leisure travel demand combined with an increase in international travel. Smiles revenues increased by 64% when compared to same period of 2019 with a 21% growth in the customer base versus 4Q19. The total unit revenue (RASK) is expected to be up 23% year-over-year.
- Non-fuel unit costs (CASK Ex-Fuel) are expected to decrease approximately 12% compared to the fourth quarter of the prior year, primarily due to an increase in ASKs and productivity (aircraft utilization and operating efficiency). Fuel unit costs (CASK Fuel) are expected to increase approximately 42% year over year, driven by an 45% increase in the average jet fuel price, partially offset by a reduction of approximately 2% in fuel consumption per flight hour due to the higher number of 737-MAXs in the fleet.
- GOL's financial leverage, as measured by Net Debt3 / EBITDA2,4 ratio was approximately 10x at the end of December 2022 quarter (approximately 8x in IFRS-16). Total liquidity at quarter-end is expected to be at R$ 3.6 billion5.
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| Preliminary and Unaudited Projection |
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|
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| December Quarter 2022 |
| EBITDA Margin2 |
| ~20% |
|
| EBIT Margin2 |
| ~ 11% |
|
| Other Revenue (cargo, loyalty, other) | ~7% of total revenues |
| Average fuel price per liter |
| R$ 6.05 |
|
| Average Exchange rate |
| R$ 5.26 |
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|
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| December Quarter 2022 vs.
December Quarter 2021 |
| Passenger unit revenue (PRASK) |
| Up ~20% |
|
| CASK Ex-fuel2 |
| Down ~12% |
|
| Total Demand - RPK |
| Up ~27% |
|
| Total Capacity - ASK |
| Up ~31% |
|
| Total Capacity - Seats |
| Up ~28% |
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1. Excluding gains and losses on currency and Exchangeable Senior Notes.
2. Excluding non-recurring results of approximately $100 million.
3. Including 7x annual aircraft lease payments and excluding perpetual bonds.
4. Last twelve months.
5. Cash and cash equivalents, restricted cash, accounts receivable and deposits.
GOL Investor Relations
ri@voegol.com.br
+55(11) 2128-4700
