GOL LINHAS AÉREAS INTELIGENTES S.A. GOL Provides Preliminary Financial Outlook for 2023 |
São Paulo, January 4, 2023 - GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), ("GOL" or "Company"), Brazil's largest domestic airline, provides its preliminary financial outlook for 2023. GOL's guidance reflects expected passenger and loyalty program revenues, cash flow, interest expense, oil prices and exchange rates, and fleet and network plans. All information is presented in Brazilian Reais (R$). The information below is preliminary and unaudited.
The Company's guidance highlights key metrics which impact financial results. GOL provides forward-looking information that is focused on the main metrics the Company uses to measure business performance. These indicators are useful for investors and analysts who project GOL's results.
Highlights:
| · | To meet the expected domestic air travel demand for 2023 of approximately 100 billion RPKs, the Company plans to operate an average of 120 aircraft in its network during the year. |
| · | GOL expects to end 2023 with 53 Boeing MAX aircraft in its fleet. The new and more efficient Boeing MAX will contribute to enhanced productivity, lower unit costs, and reduced carbon emissions. |
| · | The Company's revenue for 2023 is expected to increase around 32% compared to 2022. GOL estimates that its 2023 results will include savings of R$450 million from the re-incorporation of Smiles and R$400 million from the additional MAX aircraft in the fleet. In 2023, GOL expects to generate approximately R$4.5 billion of operating cash flow and neutral free cash flow after net capex and debt service. Total liquidity and available cash are expected to remain stable when compared to end of 2022. |
| Financial Outlook (Consolidated, IFRS) | 2022E | 2023E | ||
| Previous | Updated | Preliminary | ||
| Total operational fleet (average) | 100 - 102 | 102 | 118 - 122 | |
| ASKs, System (% change) | 50 - 55% | ~50% | 20 - 25% | |
| Seats, System (% change) | 50 - 55% | ~50% | 25 - 30% | |
| Departures, System (% change) | 50 - 55% | ~50% | 25 - 30% | |
| Average load factor (%) | ~81% | ~80% | ~80% | |
| Net revenues (R$bn) | ~15.4 | ~15.2 | ~20.0 | |
| Non-fuel CASK2 (US$ cents) | ~3.7 | ~3.7 | ~3.6 | |
| Fuel price (R$/liter) | ~5.9 | ~5.8 | ~5.3 | |
| EBITDA margin² (%) | ~19% | ~18% | ~24% | |
| EBIT margin² (%) | ~7% | ~7% | ~14% | |
| Net financial expense3 (R$bn) | ~1.9 | ~1.9 | ~2.0 | |
| Pre-tax margin3 (%) | ~0% | ~(13)% | ~4% | |
| Effective income tax rate (%) | ~0% | ~2% | ~24% | |
| Capex, net4 (R$mm) | ~650 | ~650 | ~700 | |
| Aircraft Acquisitions (R$mm) | ~900 | ~900 | ~1,000 | |
| Aircraft Debt (7x Annual Aircraft Rent) (US$bn) | ~3.2 | ~3.4 | ~3.5 | |
| Financial Debt (US$bn) | ~2.2 | ~2.3 | ~2.4 | |
| Net Debt5 / EBITDA2 (x) | ~9x | ~10x | ~6x | |
| Fully-diluted shares out6 (mm) | ~435 | ~435 | ~435 | |
| EPS, fully diluted (R$)3 | ~0 | ~(4.6) | ~0.3 | |
| Fully-diluted ADS out.6 (mm) | ~217.5 | ~217,5 | ~217.5 | |
| EPADS, fully diluted (US$)3 | ~0 | ~(2.3) | ~0.2 | |
| (1) | Cargo. loyalty. buy-on-board and other ancillary revenues; (2) Recurring operating results, excluding cargo aircraft; (3) Excluding currency gains and losses and Unrealized losses on Exchangeable Senior Notes; (4) Capex, net is calculated as gross capex (capitalized aircraft maintenance) less financed capex (credit facilities to finance assets and capitalized maintenance costs) ; (5) Including 7x annual aircraft lease payments and excluding perpetual bonds; and (6) Includes stock option exercises that may be issued from the stock option program and related to Exchangeable Senior Notes. |
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GOL Linhas Aéreas Inteligentes SA published this content on 04 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2023 12:17:03 UTC.
