SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 6-K
REPORT OF FOREIGN
ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE
ACT OF 1934
For the month of
July 2022
(Commission File
No. 001-32221)
GOL LINHAS AÉREAS
INTELIGENTES S.A.
(Exact name of registrant
as specified in its charter)
GOL INTELLIGENT
AIRLINES INC.
(Translation of
registrant’s name into English)
Praça Comandante
Linneu Gomes, Portaria 3, Prédio 24
Jd. Aeroporto
04630-000 São Paulo, São Paulo
Federative Republic of Brazil
(Address of registrant’s
principal executive offices)
Indicate by check mark
whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F ______
Indicate by check
mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes ______ No ___X___
São
Paulo, July 11, 2022 - A GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL e B3: GOLL4) (“GOL” ou “Company”),
Brazil’s largest airline, today provides an Investor Update on its expectations for the second quarter of 2022. The information
below is preliminary and unaudited. The Company will discuss its 2Q22 results in a conference call on July 28, 2022.
Overall Commentary |
·
For 2Q22, GOL expects a Loss Per Share (EPS) and Loss Per American
Depositary Shares (EPADS) of approximately R$1.801 and US$0.751, respectively.
·
EBITDA margin for the quarter is expected to be approximately
10%2.
·
Passenger unit revenue (PRASK) for the second quarter is expected
to be up approximately 50% year over year, driven by the strong recovery in corporate travel on GOL’s domestic and regional networks
and the return of leisure travel on the Company’s international network. Smiles revenues increased by 48% when compared to same
period of 2019 with a 25% growth in the customer base versus 2Q19. Total unit revenue (RASK) is expected to be up approximately 40% year
over year.
·
Non-fuel unit costs (CASK Ex-Fuel) are expected to decrease
approximately 40%2 compared to the second quarter of the prior year, primarily due to the increase in productivity (ASKs, aircraft
utilization and operating efficiency) and the appreciation of the Brazilian Real versus the U.S. Dollar. Fuel unit costs (CASK Fuel) are
expected to increase approximately 73% year over year, driven by an 80% increase in the average jet fuel price, partially offset by a
reduction of approximately 6% 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 June 2022 quarter (8.4x in IFRS-16). Total liquidity at quarter-end
is expected to be at R$3.6 billion5. |
Preliminary and Unaudited Projection |
|
|
|
|
June Quarter 2022 |
EBITDA Margin2 |
|
~10% |
|
EBIT Margin2 |
|
~ 0% |
|
Other Revenue |
~8% of total revenues |
Average fuel price per liter |
|
R$ 6.10 |
|
Average Exchange rate |
|
R$ 4.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
June Quarter 2022 vs.
June Quarter 2021 |
|
|
|
|
Passenger unit revenue (PRASK) |
|
Up ~50% |
|
CASK Ex-fuel2 |
|
Down ~40% |
|
Total Demand - RPK |
|
Up ~100% |
|
Total Capacity - ASK |
|
Up ~125% |
|
Total Capacity - Seats |
|
Up ~130% |
|
|
|
|
|
|
|
|
|
1. Excluding gains and losses
on currency and Exchangeable Senior Notes.
2. Recurring; excludes non-recurring maintenance
costs related to fleet transformation of approximately R$ 270 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.
1 | | |
Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55(11) 2128-4700
About
GOL Linhas Aéreas Inteligentes S.A.
GOL
is the largest airline in Brazil, leader in the corporate and leisure segments. Since founded in 2001, the Company has the lowest unit
cost in Latin America, thus democratizing air transportation. The Company has alliances with American Airlines and Air FranceKLM, besides
several codeshare and interline agreements available to Customers, bringing more convenience and simple connections to any place served
by these partnerships. With the purpose of “Being the First for All”, GOL offers the best travel experience to its passengers,
including: the largest number of seats and more space between seats; the greatest platform with internet, movies and live TV; and the
best frequent-flyer program, SMILES. In cargo transportation, GOLLOG delivers orders to different regions in Brazil and abroad. The Company
has a team of 14,000 highly qualified aviation professionals focused on Safety, GOL’s #1 value, and operates a standardized fleet
of 142 Boeing 737 aircraft. The Company's shares are traded on the NYSE (GOL) and the B3 (GOLL4). For further information, visit www.voegol.com.br/ir.
Disclaimer
The information contained in this press release has
not been subject to any independent audit or review and contains “forward-looking” statements, estimates and projections that
relate to future events, which are, by their nature, subject to significant risks and uncertainties. All statements other than statements
of historical fact contained in this press release including, without limitation, those regarding GOL’s future financial position
and results of operations, strategy, plans, objectives, goals and targets, future developments in the markets in which GOL operates or
is seeking to operate, and any statements preceded by, followed by or that include the words “believe”, “expect”,
“aim”, “intend”, “will”, “may”, “project”, “estimate”, “anticipate”,
“predict”, “seek”, “should” or similar words or expressions, are forward-looking statements. The future
events referred to in these forward-looking statements involve known and unknown risks, uncertainties, contingencies and other factors,
many of which are beyond GOL’s control, that may cause actual results, performance or events to differ materially from those expressed
or implied in these statements. These forward-looking statements are based on numerous assumptions regarding GOL’s present and future
business strategies and the environment in which GOL will operate in the future and are not a guarantee of future performance. Such forward-looking
statements speak only as at the date on which they are made. None of GOL or any of its affiliates, officers, directors, employees and
agents undertakes any duty or obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except to the extent required by law. None of GOL or any of its affiliates, officers, directors, employees, professional
advisors and agents make any representation, warranty or prediction that the results anticipated by such forward-looking statements will
be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed
as the most likely or standard scenario. Although GOL believes that the estimates and projections in these forward-looking statements
are reasonable, they may prove materially incorrect and actual results may materially differ. As a result, you should not rely on these
forward-looking statements.
Non-GAAP
Measures
To be consistent with industry practice, GOL discloses
so-called non-GAAP financial measures which are not recognized under IFRS or U.S. GAAP, including “Net Debt”, “Adjusted
Net Debt”, “total liquidity” and "EBITDA". The Company’s management believes that disclosure of non-GAAP
measures provides useful information to investors, financial analysts and the public in their review of its operating performance and
their comparison of its operating performance to the operating performance of other companies in the same industry and other industries.
However, these non-GAAP items do not have standardized meanings and may not be directly comparable to similarly-titled items adopted by
other companies. Potential investors should not rely on information not recognized under IFRS as a substitute for the GAAP measures of
earnings or liquidity in making an investment decision.
****
2 | | |
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Date: July 11, 2022
GOL LINHAS AÉREAS INTELIGENTES S.A. |
|
|
|
|
By: |
/s/ Richard F. Lark, Jr. |
|
|
Name: Richard F. Lark, Jr.
Title: Investor Relations Officer |
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