AZUL Azul SA

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 20-F/A 

	(Amendment No. 1)

☐    REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2022

OR

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

OR

☐    SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission file number: 001-38049 

AZUL SA

(Exact name of Registrant as specified in its charter)

N/A
(Translation of the Registrant’s name into English)

Federative Republic of Brazil
(Jurisdiction of incorporation or organization)

Avenida Marcos Penteado de Ulhôa Rodrigues, n. 939, 8th floor
Edifício Jatobá, Condomínio Castelo Branco Office Park

Tamboré, Barueri, State of São Paulo, Zip Code 06460-040
Federative Republic of Brazil
(Address of principal executive offices)

Alexandre Wagner Malfitani (Chief Financial Officer and Investor Relations Officer)
E-mail: invest@voeazul.com.br
Telephone: +55 (11) 4831-2880
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

 Business Contact Avenida Marcos Penteado de Ulhôa Rodrigues, n. 939, 8th floor Edifício Jatobá, Condomínio Castelo Branco Office Park 

 

Title of each class	Trading Symbol	Name of each exchange on which registered
Preferred Shares without par value ☒	AZUL	New York Stock Exchange*
American Depositary Shares (as evidenced by American Depositary Receipts), each representing three Preferred Shares		New York Stock Exchange

 

*Not for trading purposes, but only in connection with the listing on the New York Stock Exchange of American Depositary Shares representing those Preferred Shares.

 

Securities registered or to be registered pursuant to Section 12 (g) of the Act: None 

Securities for which there is a reporting obligation pursuant to Section 15 (d) of the Act: None 

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

    928,965,058    Common Shares
    335,623,408    Preferred Shares

 

---

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒    No ☐

 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Securities Exchange Act of 1934.

Yes ☐    No ☒

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒    No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒    No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer   ☐

Emerging growth company ☐

 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act.  ☐

 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404 (b) of the Sarbanes-Oxley Act (15 U.S.C. 7262 (b)) by the registered public accounting firm that prepared or issued its audit report. 

Yes ☒    No ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

 

Indicate by check mark whether the registrant has filed a report or an attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))

Yes   ☒    No ☐

 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

 

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ☒

Other ☐

 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

Item 17 ☐    Item  18   ☐

 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐    No ☒

 

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15 (d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court:

Yes ☐    No ☐

 

Auditor Name: Ernst & Young Auditores Independentes S/S Ltda. Auditor Location: São Paulo, Brazil Firm ID: 1448

 

 

 

 

 

 

PART III

 

ITEM 18.    FINANCIAL STATEMENTS

 

See each Report of Independent Registered Public Accounting Firm of EY included herewith each of which replaces the corresponding Report of Independent Registered Public Accounting Firm of EY appearing on pages F-3 to F-5 and on page F-6, respectively, of the Original Filing.

 

ITEM 19.    EXHIBITS

 

Exhibit Number	Description
12.1*	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12.2*	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1*	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
13.2*	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
23.1*	Consent of Ernst & Young Auditores Independentes S/S Ltda.
104.1*	Cover Page Interactive Data File (formatted as Inline XBRL)
* Filed herewith.

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Shareholders and the Board of Directors of

Azul S.A.

 

Opinion on the Financial Statements

 

We have audited the accompanying consolidated statement of financial position of Azul S.A. (the “Company“) as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive loss, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2022, and the related notes (collectively referred to as the “consolidated financial statements“). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board - IASB.

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated April 19, 2023, expressed an adverse opinion thereon.

 

Basis for Opinion

 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

 

 

Critical Audit Matters

 

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

 

Air Traffic Liability - Breakage Revenue

 

	Description of the Matter	At December 31, 2022, the Company’s air traffic liability balance, representing deferred revenue related to air transportation service and loyalty program (“TudoAzul”) points, was R$ 4,660,271 thousand.   As disclosed in Note 29.1 to the consolidated financial statements, the Company defers air transportation service and its loyalty program issued points and recognizes revenue when air transportation service is actually provided. In accounting for the air traffic liability, the Company estimates the air tickets and TudoAzul points that will expire unused (breakage). The Company recognizes breakage revenue in proportion to the usage of the related tickets or proportionally during the period in which the remaining points are actually redeemed.   Breakage revenue on tickets sold is estimated using statistical models primarily based on historical data, ticket terms and customers’ travel behavior. Breakage revenue on outstanding loyalty program points is estimated using statistical models based on historical data, including redemption patterns.   Auditing the Company’s accounting for breakage revenue was complex due to the judgment involved, such as expectations of the expiration of unused tickets and loyalty program points future redemption patterns.
	How We Addressed the Matter in our audit	To test the estimate of breakage revenue, our audit procedures included, among others, comparing breakage rates with historical data and analyzing breakage rate trends over the years. We also evaluated the financial statements disclosures included in Note 29 to the consolidated financial statements.

Maintenance Reserve Deposits

 

	Description of the Matter	As disclosed in Note 9.2 to the consolidated financial statements, at December 31, 2022, the Company’s aggregate current and non-current maintenance reserve deposits balance totaled R$2,610,943 thousand, net of the provision for loss of R$446,342 thousand, resulting in a net balance of R$2,164,601 thousand. Certain master lease agreements provide for the payment of aircraft and engine maintenance reserve deposits made to the lessors to be held as collateral for the performance of major maintenance activities, and therefore these deposits are reimbursable upon completion of the maintenance event.   As disclosed in Note 9.1.2, at December 31, 2022, the Company assesses whether the maintenance reserve deposits required by the master lease agreements are expected to be recovered based on the expected usage of the aircraft and timing of future maintenance events. A provision for loss is recorded for deposits that are not probable to be recovered.   Auditing the recoverability of the maintenance reserve deposits was specially challenging due to the degree of judgment required in estimating the expected usage of the aircraft and timing of future maintenance events.
	How We Addressed the Matter in our audit	To test the maintenance reserve deposits balance net of the provision for loss, our audit procedures included, among others, confirming maintenance reserve deposit balances for individual contracts with the respective lessors; tracing elements of actual maintenance expenses incurred to supporting documentation; evaluating the Company’s analysis of the recoverability of the maintenance reserve deposits that includes the assessment of the timing of future maintenance event and expected usage of the aircraft; comparing relevant inputs in the Company´s estimate to contractual agreements with the lessors. We also assessed the Company’s disclosures in respect of its maintenance reserve deposits in Notes 9.1.2 and 9.2 to the consolidated financial statements.

Assessment of the impacts of the COVID-19 pandemic and capital structure and net working capital

 

Description of the Matter

As discussed in Note 1.2 and 1.4 to the consolidated financial statements, as a result of the effects of COVID-19 global pandemic during the years 2020 and 2021, the Company and the aviation industry experienced a significant decline in the demand for air transportation services. The Company has suffered recurring losses, has presented a total negative equity (deficit) and has a working capital deficiency of R$10,184,169 thousand as of December 31, 2022. Management has taken a series of measures to address the situation created by the pandemic and concluded that those measures allow the Company to continue operating and fulfilling its obligations in the normal course of business, and that, therefore, the use of the going concern basis of accounting continues to be applicable for the preparation of the Company’s consolidated financial statements.   Auditing management assessment was complex and required significant auditor judgement, as the judgements and assumptions applied by management in making their assessment include estimating future demand and revenue as well as evaluating the impacts from negotiations with lessors and financial institutions, the Company’s access to additional capital and other future market conditions that are subject to significant estimation uncertainty. Those assumptions and judgements are forward-looking and could be affected by future economic events and market conditions.

 

 

How We Addressed the Matter in our audit

To test management assessment our audit procedures included, among others, involving our valuation specialists to assist in evaluating the management financial forecasting model and key assumptions; testing the mathematical accuracy of that model; comparing key inputs against historical financial information and records; performing a sensitivity analysis; inspecting supporting documentation such as lease contract amendments and renegotiations; and assessing management application of the relevant accounting framework. We also assessed the Company’s disclosures in respect of its assessment of the impacts of the COVID-19 pandemic and capital structure and net working capital in Notes 1.2 and 1.4 to the consolidated financial statements.

 

/s/ ERNST & YOUNG Auditores Independentes S/S Ltda.

 

We have served as the Company’s auditor since 2009.

 

São Paulo, Brazil

April 19, 2023

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Shareholders and the Board of Directors of

 

Azul S.A.

 

Opinion on Internal Control over Financial Reporting

 

We have audited Azul S.A.’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weaknesses described below on the achievement of the objectives of the control criteria, Azul S.A. (the Company) has not maintained effective internal control over financial reporting as of December 31, 2022, based on the COSO criteria. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weaknesses have been identified and included in management’s assessment. Management has identified material weaknesses related to the identification, design and execution of relevant controls in information technology general controls (ITGC) and related information produced by entity that support underlying data used in routine and non-routine business and financial reporting processes and controls, to fully address the requirements of the COSO criteria.

 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s consolidated statements of financial position as of December 31, 2022 and 2021, and the related consolidated statements of operations, comprehensive loss, changes in equity, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes. These material weaknesses were considered in determining the nature, timing and extent of audit tests applied in our audit of the 2022 consolidated financial statements, and this report does not affect our report dated April 19, 2023, which expressed an unqualified opinion thereon.

 

Basis for Opinion

 

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

 

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

 

Definition and Limitations of Internal Control Over Financial Reporting

 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

/s/ ERNST & YOUNG Auditores Independentes S/S Ltda.

 

São Paulo, Brazil

April 19, 2023

 

SIGNATURES

 

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and has duly caused and authorized the undersigned to sign this Amendment No. 1 to Annual Report on Form 20-F/A on its behalf.

 

Azul S.A.

 

	By:	/s/ John Peter Rodgerson
		Name: John Peter Rodgerson
		Title: Chief Executive Officer
	By:	/s/ Alexandre Wagner Malfitani
		Name: Alexandre Wagner Malfitani
		Title: Chief Financial Officer and Investor Relations Officer

 

 

Barueri/SP, Brazil

December 28, 2023

Exhibit 12.1

 

CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) AS ADOPTED UNDER SECTION 302 OF THE SARBANES-OXLEY ACT

 

I, John Peter Rodgerson, certify that:

 

1.        I have reviewed the Annual Report on Form 20-F of Azul S.A. (the “company”), as amended by the Amendment No. 1 on Form 20-F/A (the “report”);

 

2.        Based on my knowledge, the report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;

 

3.        Based on my knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in the report;

 

4.        The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which the report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in the report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by the report based on such evaluation; and

 

(d)

Disclosed in the report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

 

 

5.        The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

 

(a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

 

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

 

 

Barueri/SP, Brazil, December 28, 2023

 

By: /s/ John Peter Rodgerson               

Name: John Peter Rodgerson

Title: Chief Executive Officer

Exhibit 12.2

 

CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) AS ADOPTED UNDER SECTION 302 OF THE SARBANES-OXLEY ACT

 

I, Alexandre Wagner Malfitani, certify that:

 

1.

I have reviewed the Annual Report on Form 20-F of Azul S.A. (the “company”), as amended by the Amendment No. 1 on Form 20-F/A (the “report”);

 

2.

Based on my knowledge, the report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by the report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in the report;

 

4.

The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which the report is being prepared;

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)

Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in the report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by the report based on such evaluation; and

 

(d)

Disclosed in the report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

 

 

 

5.

The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

 

(a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

 

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

 

 

Barueri/SP, Brazil - December 28, 2023

 

 

By: /s/ Alexandre Wagner Malfitani        Name: Alexandre Wagner Malfitani

Title: Chief Financial Officer and Investor Relations Officer

Exhibit 13.1

 

Azul S.A.

 

Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the filing with the U.S. Securities and Exchange Commission by Azul S.A. (the “company”) of its Annual Report on Form 20-F for the fiscal year ended December 31, 2022, as amended by the Amendment No. 1 on Form 20-F/A on the date hereof (the “Report”), pursuant to Exchange Act Rules 13a - 14(b) or 15d - 14(b) and to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of the company hereby certifies, to such officer´s knowledge, that:

 

(a)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(b)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company.

 

 

Barueri/SP, Brazil - December 28, 2023

By: /s/ John Peter Rodgerson    

Name: John Peter Rodgerson

Title: Chief Executive Officer

 

 

 

 

A signed original of this written statement required by Section 906 has been provided to the company and will be retained by the company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

Exhibit 13.2

 

 

Azul S.A.

 

Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

In connection with the filing with the U.S. Securities and Exchange Commission by Azul S.A. (the “company”) of its Annual Report on Form 20-F for the fiscal year ended December 31, 2022, as amended by the Amendment No. 1 on Form 20-F/A on the date hereof (the “Report”), pursuant to Exchange Act Rules 13a - 14(b) or 15d - 14(b) and to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of the company hereby certifies, to such officer´s knowledge, that:

 

(a)          the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(b)          the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company.

 

 

By: /s/ Alexandre Wagner Malfitani           

Name: Alexandre Wagner Malfitani

Title: Chief Financial Officer and Investor Relations Officer

 

 

 

 

 

Barueri/SP, Brazil - December 28, 2023

 

 

A signed original of this written statement required by Section 906 has been provided to the company and will be retained by the company and furnished to the U.S. Securities and Exchange Commission or its staff upon request.

Exhibit 23.1

 

Consent of Independent Registered Public Accounting Firm

 

 

We consent to the incorporation by reference in the Registration Statement (Form F-3 No. 333-257584) of Azul S.A. of our reports dated April 19, 2023, with respect to the consolidated financial statements of Azul S.A., and the effectiveness of internal control over financial reporting of Azul S.A., included in the Annual Report (Form 20-F) for the year ended December 31, 2022, as amended by the Amendment No. 1 on Form 20-F/A.

 

 

/s/ ERNST & YOUNG Auditores Independentes S/S Ltda.

 

São Paulo, Brazil

December 28, 2023

v3.23.4

Cover	12 Months Ended
	Dec. 31, 2022 shares
Entity Addresses [Line Items]
Document Type	20-F/A
Amendment Flag	true
Amendment Description	EXPLANATORY NOTE   Azul S.A. (the “Company”) filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2022 with the Securities and Exchange Commission (the “SEC”) on April 20, 2023 (the “Original Filing”).   This Amendment No. 1 on Form 20-F/A (this “Amendment”) is filed by the Company with the SEC solely to amend the Reports of Independent Registered Public Accounting Firm of Ernst & Young Auditores Independentes S/S Ltda. (“EY”), the Company’s independent registered public accounting firm, in Item 18 “Financial Statements” in the Original Filing to correct errors in such reports.   This Amendment corrects the Report of Independent Registered Public Accounting Firm of EY on financial statements appearing on pages F-3 to F-5 of the Original Filing by deleting from such report three paragraphs commencing “We obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over…”, each of which was included under the sub-heading “How We Addressed the Matter in our audit” therein. This Amendment also corrects the Report of Independent Registered Public Accounting Firm of EY on internal control over financial reporting appearing on page F-6 of the Original Filing by inserting the following sentence into such report: “These material weaknesses were considered in determining the nature, timing and extent of audit tests applied in our audit of the 2022 consolidated financial statements, and this report does not affect our report dated April 19, 2023, which expressed an unqualified opinion thereon.”   In addition, this Amendment also amends Item 19 “Exhibits” in the Original Filing by (i) replacing EY’s Consent of Independent Registered Public Accounting Firm with an updated Consent of Independent Registered Public Accounting Firm attached to this Amendment as Exhibit 23.1, and (ii) as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, including as Exhibits to this Amendment currently dated certifications from the Company’s Chief Executive Officer and Chief Financial Officer as required by Section 302 and 906 of the Sarbanes-Oxley Act of 2002, which certifications are attached to this Amendment as Exhibits 12.1, 12.2, 13.1 and 13.2.   Except as described above, this Amendment does not modify or update disclosures in, or exhibits to, the Original Filing. Therefore, this Amendment speaks as of April 20, 2023 (the filing date of the Original Filing) and, except as described above, does not modify or update any other disclosures contained in the Original Filing for other events or information subsequent to the date of the filing of the Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing and the Company’s filings with the SEC subsequent to the filing of the Original Filing.   For the avoidance of doubt, there have been no changes to the Company’s consolidated financial statements set forth in the Original Filing.
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-38049
Entity Registrant Name	AZUL SA
Entity Central Index Key	0001432364
Entity Incorporation, State or Country Code	D5
Entity Address, Address Line One	Avenida Marcos Penteado de Ulhôa Rodrigues, n. 939, 8th floor Edifício Jatobá, Condomínio Castelo Branco Office Park
Entity Address, City or Town	Barueri
Entity Address, Country	BR
Entity Address, Postal Zip Code	06460-040
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Ernst & Young Auditores Independentes S/S Ltda.
Auditor Location	São Paulo, Brazil
Auditor Firm ID	1448
Preferred Shares
Entity Addresses [Line Items]
Title of 12(b) Security	Preferred Shares
No Trading Symbol Flag	true
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	335,623,408
American Depositary Shares
Entity Addresses [Line Items]
Title of 12(b) Security	American Depositary Shares (as evidenced by American Depositary Receipts), each representing three Preferred Shares
Trading Symbol	AZUL
Security Exchange Name	NYSE
Common Shares
Entity Addresses [Line Items]
Entity Common Stock, Shares Outstanding	928,965,058
Business Contact
Entity Addresses [Line Items]
Entity Address, Address Line One	Avenida Marcos Penteado de Ulhôa Rodrigues, n. 939, 8th floor Edifício Jatobá, Condomínio Castelo Branco Office Park
Entity Address, City or Town	Barueri
Entity Address, Country	BR
Entity Address, Postal Zip Code	06460-040
Contact Personnel Name	Alexandre Wagner Malfitani
Contact Personnel Email Address	invest@voeazul.com.br

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