SÃO PAULO, Oct. 27,
2022 /PRNewswire/ -- GOL Linhas Aéreas
Inteligentes S.A. ("GOL" or "Company") (NYSE: GOL and B3:
GOLL4), Brazil's largest
domestic airline, today announced its consolidated results for the
third quarter of 2022 (3Q22). During this period, through its
Executive Team acting assertively in managing capacity and
increasing productivity, the Company recorded the highest yield in
its history, the highest net operating revenue in a quarter and
returned its ex-fuel unit costs to pre-pandemic levels.
All information in this release is presented in Reais (R$), in
accordance with international accounting standards (IFRS) and with
adjusted metrics, made available to enable comparability of this
quarter with the same period of the previous year (3Q21). Adjusted
indicators (recurring) exclude non-recurring expenses related to
the quarter's result and are detailed in the respective tables.
Highlights
- The highest net revenue in the Company's history, reaching
R$4,0 billion in 3Q22, 109% and 8%
above 3Q21 and 3Q19 figures, respectively;
- GOL continues to recover corporate demand and transported 6.9
million passengers in the quarter, 39% above 3Q21 but still
29% below the volume of 3Q19;
- Another record for yields, registering 45 cents (R$), 36% higher than in 4Q19 and a 4.5%
increase compared to the previous quarter;
- The lowest unit cost ex-fuel in Dollars since the beginning of
the pandemic, reaching 3.6 cents
(US$) or 4.5% lower than 3Q19, even with the supply 23% lower;
- Third quarter with EBIT margin of 6.5% and EBITDA margin of
17.3%, totaling R$1.7 billion of
EBITDA in the first nine months of the year;
- Total liquidity (cash and cash equivalents, financial
investments, deposits and accounts receivable) was R$3.7 billion; and
- GOL took delivery of three new Boeing 737 MAX-8 aircraft during
the quarter, totaling 37 (26% of the current fleet), contributing
to a greater cost efficiency and lower carbon emissions.
Comment from the CEO
Celso Ferrer, CEO, said: "My
primary focus is to provide value to our Customers in the current
economic climate. I believe we can achieve that by further
harnessing GOL's inherent strengths in its flexible and
cost-efficient business model. As such, in the last three months,
we have strengthened initiatives to increase productivity,
consistency in our operations and service to our Customers. I thank
our Team of Eagles, our Customers, Suppliers and Partners for their
support in achieving this goal."
SUMMARY OF the Third Quarter 2022
Results
- Revenue Passenger-Kilometers (RPK) increased 41%, while
Available Seat Kilometer (ASK) increased 41.3%;
- Net income grew 109.4%, reaching R$4,0
billion. Ancillary Revenues, mainly originated by SMILES and
GOLLOG, increased by 69.3% to R$250
million;
- The average and domestic load factor remained stable at 81%.
The international load factor was 84.3%;
- Aircraft utilization was 11.1 hours/day, a gain of 9% in
productivity;
- The number of passengers transported by Company was 6.9
million, an increase of 39.2%;
- Net Revenue per Available Seat Kilometer (RASK) increased 48.2%
to 39 cents (R$);
- Average yield per passenger increased 50.9% to 45 cents (R$), the highest level in GOL's
history;
- Recurring Cost per Available Seat Kilometer (CASK) increased by
6.5% to 36.45 cents (R$). CASK Fuel
increased 87.9% to 17.36 cents (R$),
due to the increase of 91.3% in the jet fuel price. Recurring CASK
Ex-Fuel decreased by 23.6% to 19.09
cents (R$) or 3.60 cents in
US$, a lower level compared to the same quarter of 2019;
- Recurring EBIT was R$261.7
million with a margin of 6.5%, while recurring EBITDA was
R$695.2 million with a margin of
17.3%;
- Operating activities generated approximately R$0.5 billion in 3Q22, leveraged by the increase
in billing volume and working capital initiatives, partially offset
by higher jet fuel prices;
- Recurring net loss was R$596.2
million (-R$1.94/share and
-US$0.75/ADS); and
- The net debt ratio (including 7x annual lease payments and
excluding the perpetual bond) to recurring EBITDA LTM reached 9.1x
as of September 30, 2022, a decrease
of 2.0x due to the growth of recurring EBITDA (+70%) in the last 12
months, which more than offset the 52% increase in adjusted net
debt.
FULL EARNINGS RELEASE & PRESENTATION
Access
the earnings release, presentation and full financial statements
at: www.voegol.com.br/ir
3Q22 Conference Call: October 27,
2022, 10h00 (New York time;
US EDT), Phone: +1 (412) 317-6382, Code: GOL, broadcast via webcast
(http://webcastlite.mziq.com/cover.html?webcastId=dc99b98a-4fe2-4743-b186-4c2906292cce).
Investor Relations: ri@voegol.com.br, +55(11) 2128-4700
About GOL Linhas Aéreas Inteligentes S.A.
(www.voegol.com.br): The largest airline in Brazil, leader in the corporate and leisure
segments. Since it was founded in 2001, the Company has the lowest
unit cost in Latin America, thus
democratizing air transportation of passengers.
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SOURCE GOL Linhas Aéreas Inteligentes S.A.