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
March 2024
(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___
GOL
announces 4Q23 EARNINGS RESULTS
4Q23
Highlights:
| • | The Company
recorded of R$5.0 billion net operating revenue in the fourth quarter of 2023 (4Q23), representing a growth of 6.7% compared to the fourth
quarter of 2022 (4Q22); |
•
Approximately, 7.8 million passengers were transported in the
quarter, an increase of 0.6% compared to 4Q22;
•
In 4Q23, the recurring EBITDA margin reached 32.0% of revenue,
an increase of 7.3 percentage points compared to the same period in 2022;
•
CASK reduced 0.1% compared to 4Q22, and five new Boeing 737
MAX-8 aircraft were received in the quarter;
•
Net leverage³ reached 3.7x, 0.3x lower than 3Q23;
•
Cask ex-fuel increase 15.1% as an impact of the ASK reduction.
São
Paulo, March 28, 2024 - GOL Linhas Aéreas Inteligentes S.A. (“GOL” or “Company”) (NYSE: GOL and B3: GOLL4),
one of the leading airlines in Brazil and part of the Abra Group, today announced its consolidated results for the fourth quarter of 2023
(4Q23). The Company remained focused on operational efficiency through an optimized fleet and yield management, in addition to being dedicated
to the continuous delivery of excellence in the products offered to customers.
All information in this release is presented
in Reais (R$), in accordance with international accounting standards (IFRS) and with adjusted metrics, made available to enable comparison
of this quarter with the same period of the previous year (4Q22). Adjusted (recurring) indicators exclude non-recurring expenses related
to the quarter's results and are detailed in the respective tables.
Summary of the Fourth Quarter of 2023 (vs. 4Q22)
| · | The number
of Paid Passenger-Kilometers Transported (RPK) decreased by 1.0%, while the total Seat-Kilometer Offered (ASK) decreased by 5.6%; |
| · | Net Operational
Revenue expanded 6.7% to R$5.0 billion; |
| · | Load factor
was 84.0%, an increase of 3.9 p.p. Domestic load factor was 83.8%, 3.2 p.p. increase, and International load factor was 85.7%, increase
of 10.1 p.p; |
| · | Operational
aircraft utilization increased by 0.9% to 11.7 hours per day; |
| · | The number
of passengers transported increased by 0.6%, to 7.8 million; |
| · | Net Revenue
per Seat Kilometer Offered (RASK) increased 13.1% to 47.0 cents (R$); |
| · | Average yield
per passenger increased by 9.2%, a record of 52.6 cents (R$) for a fourth quarter; |
| · | Cost Per Seat
Kilometer (CASK) for passenger operations decreased by 1.9% to 35.31 cents (R$), while CASK Fuel decreased by 18.5% to 13.25 cents (R$),
due to the 22.0% reduction in jet fuel prices. |
| · | EBITDA was
R$1.62 billion with a 32.0% margin, while EBIT was R$1.2 billion with a 23.4% margin; |
| · | Net loss, excluding
effects of exchange rate variation and mark-to-market of of the derivative component of EESN, totaling R$1.1 billion in the quarter, was
R$22 million; |
| · | Adjusted net
debt to LTM recurring EBITDA ratio was 3.7x on 12/31/2023, a reduction of 0.3x compared to leverage on 9/30/2023. |
1) Recurrent EBITDA - there were no non-recurring
events for 4Q23; (2) cash, cash equivalents, financial investments, deposits and accounts receivable; (3) Adjusted Net Debt/UTM EBITDA
| 1 |  | GOL Linhas Aéreas Inteligentes S.A. |
 | Results Report Fourth Quarter, 2023 |
| | |
Operational and Financial Indicators
| Traffic Data - GOL (in millions) |
4Q23 |
4Q22 |
% Var. |
| RPK GOL – Total |
9,012 |
9,107 |
(1.0%) |
| RPK GOL – Domestic |
8,117 |
8,208 |
(1.1%) |
| RPK GOL – Foreign Market |
895 |
899 |
(0.4%) |
| ASK GOL – Total |
10,732 |
11,375 |
(5.7%) |
| ASK GOL – Domestic |
9,687 |
10,185 |
(4.9%) |
| ASK GOL – Foreign Market |
1,045 |
1,189 |
(12.1%) |
| GOL Load Factor – Total |
84.0% |
80.1% |
3.9 p.p. |
| GOL Load Factor – Domestic |
83.8% |
80.6% |
3.2 p.p. |
| GOL Load Factor – Foreign Market |
85.7% |
75.6% |
10.1 p.p. |
| Operating Data |
4Q23 |
4Q22 |
% Var. |
| Revenue Passengers - Pax on Board ('000) |
7,824 |
7,776 |
0.6% |
| Aircraft Utilization (Block Hours/Day) |
11.7 |
11.6 |
0.9% |
| Departures |
54,207 |
57,166 |
(5.2%) |
| Total Seats ('000) |
9,582 |
9,958 |
(3.8%) |
| Average Stage Length (km) |
1,105 |
1,130 |
(2.3%) |
| Fuel Consumption in the Period (mm liters) |
310 |
315 |
(1.3%) |
| Full-Time Employees (at period end) |
13,701 |
14,048 |
(2.5%) |
| Average Operating Fleet(1) |
101 |
110 |
(8.5%) |
| On-Time Departures |
86.7% |
79.0% |
7.7 p.p. |
| Flight Completion |
98.6% |
98.3% |
0.3 p.p. |
| Lost Baggage (per 1,000 pax) |
2.69 |
2.66 |
1.1% |
| Financial Data |
4Q23 |
4Q22 |
% Var. |
| Net YIELD (R$ cents) |
52.61 |
48.16 |
9.2% |
| Net PRASK (R$ cents) |
44.18 |
38.56 |
14.6% |
| Net RASK (R$ cents) |
46.98 |
41.55 |
13.1% |
| CASK (R$ cents) |
35.99 |
36.00 |
(0.1) |
| CASK Ex-Fuel (R$ cents) |
22.74 |
19.75 |
15.1% |
| CASK for passenger operations (R$ cents) (2) |
35.31 |
36.00 |
(1.9%) |
| CASK ex-fuel for passenger operations (R$ cents) (2) |
22.48 |
19.75 |
13.8% |
| Breakeven Load Factor Ex-Non Recurring Expenses |
64.3% |
68.1% |
(3.8 p.p.) |
| Average Exchange Rate(3) |
4.95 |
5.26 |
(5.9%) |
| End of Period Exchange Rate(3) |
4.84 |
5.22 |
(7.3%) |
| WTI (Average per Barrel, US$)(4) |
78.32 |
82.64 |
(5.2%) |
| Fuel Price per Liter (R$)(5) |
4.67 |
5.99 |
(22.0%) |
| Gulf Coast Jet Fuel Cost (average per liter, US$)(4) |
0.53 |
0.61 |
(13.1%) |
(1) Average fleet excluding subleased
and MRO aircraft. Some values may differ from quarterly information - ITR due to rounding; (2) Excludes costs related to the operation
of the cargo fleet (3) Source: Central Bank of Brazil; (4) Source: Bloomberg; (5) Fuel expenses excluding hedge results and PIS and COFINS
credits/liters consumed.
Domestic
Market
Demand
in the domestic market reached 8,117 million RPK, a reduction of 1.1% compared to 4Q22.
Supply
in the domestic market in turn reached 9,687 million ASK, representing a decrease of 4.9% year on year.
Load
factor was 83.8% and the Company transported approximately 7.4 million Customers in 4Q23, an increase of 0.4% compared to the same quarter
of the previous year.
International
Market
The
supply in the international market, measured in ASK, was 1,045 million and the demand (in RPK) was 895 million. During this period GOL
transported approximately 0.4 million passengers in this market.
Volume of Departures
and Total Seats
In
4Q23, the Company's total take-off volume was 54,207, representing a decrease of 5.2% compared to 4Q22. The total number of seats made
available on the market was 9.6 million, representing a decrease of 3.8% compared to the same period in 2022.
| 2 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
PRASK,
RASK, and Yield
Net
PRASK in 4Q23 was 14.6% higher compared to 4Q22, reaching 44.18 cents (R$). The Company's net RASK was 46.98 cents (R$), representing
an increase of 13.1% compared to the same period of the previous year. Net yield recorded in 4Q23 was 52.61 cents (R$), resulting in an
increase of 9.2% compared to 4Q22.
Income
Statement
| Income Statements in IFRS (R$ MM) |
4Q23 |
4Q22 |
% Var. |
| Net Operating Revenue |
5,042.5 |
4,726.6 |
6.7% |
| Passenger Transportation |
4,741.8 |
4,385.9 |
8.1% |
| Cargo and Others |
300.7 |
340.7 |
(11.7%) |
| Operating Costs and Expenses |
(3,862.2) |
(4,095.5) |
(5.7%) |
| Personnel |
(733.3) |
(668.2) |
9.7% |
| Personnel – Operations |
(446.9) |
(424.2) |
5.6% |
| Personnel – Others |
(286.4) |
(244.0) |
17.4% |
| Jet Fuel |
(1,421.8) |
(1,848.7) |
(23.1%) |
| ICMS Tax on Fuel |
(123.6) |
(178.2) |
(30.6%) |
| Fuel (ex-ICMS) |
(1,298.2) |
(1,670.5) |
(22.3%) |
| Landing Fees |
(216.2) |
(237.0) |
(8.8%) |
| Passenger Costs |
(136.7) |
(276.8) |
(50.6%) |
| Services |
(359.3) |
(273.8) |
31.2% |
| Sales and Marketing |
(273.5) |
(205.6) |
33.0% |
| Maintenance, Material and Repairs |
(544.4) |
(81.6) |
NM |
| Depreciation and Amortization |
(435.4) |
(461.8) |
(5.6%) |
| Others |
258.5 |
(42.0) |
NM |
| Operating Income (Expenses) (EBIT) |
1,180.2 |
631.2 |
87.0% |
| Operating Margin |
23.4% |
13.4% |
10.0 p.p. |
| Other Financial Revenues (Expenses) |
(2,053.2) |
(381.2) |
NM |
| Interest on Loans and Financing |
(892.1) |
(731.4) |
22.0% |
| Gains from Short-Term Investments |
(89.2) |
6.0 |
NM |
| Exchange Rate Cash Changes |
699.8 |
685.4 |
2.1% |
| Net Income (Loss) from Derivatives |
(21.1) |
(9.8) |
NM |
| Income (Expenses) from ESN and Capped Calls |
(1,775.7) |
2.1 |
NM |
| Other Net Revenues (Expenses) |
25.0 |
(333.5) |
NM |
| Income (Loss) before Income Tax/Social Contribution |
(873.0) |
250.0 |
NM |
| Net Margin before Taxes |
(17.3%) |
5.3% |
NM |
| Income Tax |
(224.7) |
(19.1) |
NM |
| Current Income Tax |
12.7 |
(2.5) |
NM |
| Deferred Income Tax |
(237.4) |
(16.6) |
NM |
| Net Income (Loss) after Minority Interest |
(1.097.7) |
230.9 |
NM |
| Net Margin |
(21.8%) |
4.9% |
NM |
| Net Income (Loss) before Minority Interest |
(1.097.7) |
230.9 |
NM |
| Financial Expenses |
2,053.2 |
381.2 |
NM |
| Expenses with Income Taxes |
224.7 |
19.1 |
NM |
| Depreciation and Amortization |
435.4 |
461.8 |
(5.7%) |
| Non-Recurring Expenses |
- |
75.0 |
NM |
| Recurring EBITDA |
1,615.7 |
1,168.0 |
38.3% |
| Recurring EBITDA Margin |
32.0% |
24.7% |
7.3 p.p. |
| Recurring EBIT |
1,180.2 |
706.2 |
67.1% |
| Recurring EBIT Margin |
23.4% |
14.9% |
8.5 p.p. |
| Recurring Pre-Tax Income¹ |
202.9 |
(362.5) |
NM |
| Recurring Pre-Tax Margin¹ |
4.0% |
(7.7%) |
NM |
| Recurring Net Income |
(21.8) |
(381.6) |
(94.3%) |
| Recurring Net Income Margin |
(0.4%) |
(8.1%) |
7.7 p.p. |
(1)
Excludes unrealized gains and losses from esn/capped calls mark-to-market and gains and losses from exchange variation on debt. (2) Excludes
net exchange and monetary variations. (3) Excludes effects of options and warrants related to ESNs and ESSNs. (4) Includes options effects
and warrants related to ESNs. (5) Not applicable. there is no forecast of dilution of injury in international accounting standards (IFRS).
Net
Revenue
In the fourth quarter, the Company recorded
R$5.0 billion net operating revenue, 6.7% higher than 4Q22 revenue and 32.6% higher than 4Q19. Ancillary revenues totaled R$301 million,
representing 6.0% of total net revenue in the fourth quarter of 2023.
Operational
Expenses
CASK in 4Q23 was 35.99 cents (R$), representing
a reduction of 0.1% compared to 4Q22, a result mainly influenced by the fall in fuel costs. The unit cost excluding fuel and cargo aircraft
operations increased by 13.8%. The unit cost of fuel fell by 18.5%, mainly due to the reduction in the price of aviation kerosene and
greater use of the new Boeing 737-MAX aircraft in GOL's operations.
The cost indicators per ASK are described
in this section and on a comparative basis. Explanations of the variations are based on the recurring reported figures.
| 3 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
| Operational Expenses (R$ MM) |
4Q23 |
4Q22 |
% Var. |
| Personnel |
(733.3) |
(668.2) |
9.7% |
| Personnel – Operations |
(446.9) |
(424.2) |
5.4% |
| Personnel – Others |
(286.4) |
(244.0) |
17.4% |
| Aviation Fuel |
(1,421.8) |
(1,848.7) |
(23.1%) |
| ICMS Tax on Fuel |
(123.6) |
(178.2) |
(30.6%) |
| Fuel (ex-ICMS) |
(1,298.2) |
(1,670.5) |
(22.3%) |
| Landing Fees |
(216.2) |
(237.0) |
(8.8%) |
| Passenger Costs |
(136.7) |
(276.8) |
(50.6%) |
| Services |
(359.3) |
(273.8) |
31.2% |
| Sales and Marketing |
(273.5) |
(205.6) |
33.0% |
| Maintenance. Material and Repairs |
(544.4) |
(81.6) |
NM |
| Depreciation and Amortization |
(435.4) |
(461.8) |
(5.6%) |
| Other Expenses |
258.5 |
(42.0) |
NM |
| Total Operating Expenses |
(3,862.2) |
(4,095.5) |
(5.7%) |
| Operating Expenses Ex-Fuel |
(2,440.4) |
(2,246.7) |
8.6% |
| Non-Recurring Expenses |
- |
(75.0) |
NM |
| Operating Expenses per ASK |
4Q23 |
4Q22 |
% Var. |
| Personnel |
(6.83) |
(5.87) |
16.4% |
| Personnel – Operations |
(4.16) |
(3.73) |
12.1% |
| Personnel – Others |
(2.67) |
(2.14) |
24.8% |
| Aviation Fuel |
(13.25) |
(16.25) |
(18.5%) |
| ICMS Tax on Fuel |
(1.15) |
(1.57) |
(26.8%) |
| Fuel (ex-ICMS) |
(12.10) |
(14.69) |
(17.6%) |
| Landing Fees |
(2.01) |
(2.08) |
(3.4%) |
| Passenger Costs |
(1.27) |
(2.43) |
(47.7%) |
| Services |
(3.35) |
(2.41) |
39.0% |
| Sales and Marketing |
(2.55) |
(1.81) |
40.9% |
| Maintenance. Material and Repairs |
(5.07) |
(0.72) |
NM |
| Depreciation and Amortization |
(4.06) |
(4.06) |
NM |
| Other Expenses |
2.41 |
(0.37) |
NM |
| CASK (R$ cents) |
(35.99) |
(36.00) |
(0,1%) |
| CASK Ex-Fuel |
(22.74) |
(19.75) |
15.1% |
| CASK for passenger operations (R$ cents) (1) |
(35.31) |
(36.00) |
(1.9%) |
| CASK Ex-Fuel for passenger operations (R$ cents) (1) |
(22.48) |
(19.75) |
13.8% |
(1)
Excludes non-recurring expenses.
Personnel
expenses per ASK: higher by 16.4%, mainly due to the increase in labor contingencies and payroll annual increase.
Aviation
fuel expenses per ASK: 18.5% lower, mainly due to the reduction in jet fuel price (QAV) and gains from tax incentives in regional
operations combined with greater use of the new Boeing 737-MAX aircraft in GOL's operations.
Landing
and take-off fees per ASK: 3.4% lower, mainly as a
result of the reduction in the number of takeoffs by 5.2% in the period.
Passenger
expenses per ASK: 47.7% lower, mainly due to lower
expenses related to accommodation and travel expenses resulted from flight cancellations.
Services
per ASK: an increase of 39.0% due to the cost of international
IT services, and hiring consulting companies related to the Company’s financial reorganization.
Commercial
and advertising per ASK: higher by 40.9%, due to the
higher generation of sales volume and commission expenses in the period.
Maintenance
and re pair material per ASK: an increase due to higher
expenses for the return of six aircraft in the period.
Depreciation
and amortization per ASK: lower by 0.1%, mainly due
to the extension of the average useful life for depreciation of capitalized maintenance.
Other
expenses per ASK: lower by more than 100%, due to the recovery of expenses in legal contingencies
and Sale and Leaseback gains referring to 5 aircraft.
| 4 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
Operating Results
Recurring EBIT recorded in 4Q23 was R$1.180.2
million, representing a recurring operating margin of 23.4%. On a per available seat kilometer basis, recurring EBIT reached 11.0 cents
(R$).
The EBITDA recorded in 4Q23 was R$1,615.7
million, representing a recurring margin of 32.0%. EBITDA on an available seat-kilometer basis in the period was 15.1 cents (R$).
| EBIT and EBITDA Reconciliation (R$ MM) |
4Q23 |
4Q22 |
% Var. |
| Net Income (Loss) |
(1.097.7) |
230.9 |
NM |
| (-) Non Recuring Events |
- |
(75.0) |
NM |
| Recuring Net Income (Loss) |
(1.097.7) |
305.9 |
NM |
| (-) Income Tax |
224.7 |
19.1 |
NM |
| (-) Net Financial Result |
2,053.2 |
381.2 |
NM |
| Recurring EBIT (1) |
1,180.2 |
706.2 |
67.1% |
| Recuring EBIT margin (1) |
23.4% |
14.9% |
8.5 p.p. |
| (-) Depreciation and Amortization |
435.4 |
461.8 |
(5.7%) |
| Recurring EBITDA |
1,615.7 |
1,168.0 |
38.3% |
| Recurring EBITDA margin |
32.0% |
24.7% |
7.3 p.p. |
| EBITDA Calculation (R$ cents/ASK) |
4Q23 |
4Q22 |
% Var. |
| Net Revenue |
46.98 |
41.55 |
13.0% |
| Recurring Operating Costs and Expenses |
(35.99) |
(35.35) |
2.0% |
| Recurring EBIT (1) |
11.00 |
6.21 |
77.4% |
| Depreciation and Amortization |
(4.06) |
(4.06) |
- |
| Recurring EBITDA (1) |
15.05 |
10.27 |
46.5% |
(1) Excludes non-recurring results.
*In accordance with CVM Instruction No. 527, the Company presents the reconciliation of EBIT and EBITDA, according to which: EBIT = net
profit (loss) (+) income taxes and social contributions (+) net financial result; and EBITDA = net profit (loss) (+) income taxes and
social contributions (+) net financial result (+) depreciation and amortization. Some values in the report may differ from quarterly information
- ITR due to rounding.
Results of Hedge
Operations
The Company uses hedge accounting
for the purpose of accounting for some of its derivative instruments. In 4Q23, GOL recognized a loss of R$21.1 million in its hedging
operations in the Company's financial results.
Fuel: GOL recognized net
losses of R$19.6 million in its hedging operations to mitigate the Company's exposure to changes in the price of aviation fuel on the
Company's financial results.
Interest:
Transactions to protect the cash flow of future leasing contracts, whose installments are exposed to floating rate volatility and the
loan interest rate swap transaction resulted in losses of R$2.3 million in financial results in 4Q23.
Exchange
rate: The Company recognized gains of R$0.8 million on foreign exchange hedging derivative transactions during 4Q23.
Income Tax
In
4Q23, the expense of Income Tax and Contributions was R$224.7 million, an increase compared to 4Q22 due to the decrease in taxable income
in the period.
Net Income
In 4Q23, the Company recorded a net loss
of R$1.1 billion and adjusted net loss of R$22 million excluding gains from net exchange variation of R$0.7 billion and a variation of
R$1.8 billion related to the results of Exchangeable Notes and Capped Calls).
Net Income (Expenses) (R$ MM) |
4Q23 |
4Q22 |
% Var. |
| Net Income (Loss) |
(1.097.7) |
230.9 |
NM |
| (-) Income (Expenses) from ESN/ESSN and Capped Calls(1) |
1,775.7 |
(2.1) |
NM |
| (-) Exchange Rate Changes. Net(2) |
(699.8) |
(685.4) |
2.1% |
| Net Income (Loss) for the Period(3) |
(21.8) |
(381.6) |
(94.3%) |
(1) Considering marking to market the ESSN derivative
due to changes in the share price (2) The difference between the value presented and the value disclosed in the income statement of the
quarterly information – ITR for the period ended December 31, 2021 is allocated to the results of ESN and capped calls. (3) Earnings
per share excludes the results of (i) net exchange variation; (ii) Exchangeable and capped calls; and (iii) excludes non-recurring results.
| 5 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
Cash flow
Operating activities generated approximately
R$25 million in 4Q23.
Investment activities consumed around R$256 million
net in the quarter, mainly due to the receipt of funds from the Sale and Leaseback operation.
Financing activities in 4Q23 generated R$20 million,
mainly impacted by R$500 million in loan acquisitions.
| Summarized Consolidated Cash Flow (R$ MM) |
4Q23 |
4Q22 |
% Var. |
| Net Income (Loss) for the Period |
(1,097,7) |
230,9 |
NM |
| Non-Cash Items Adjustment |
3,537,6 |
469,9 |
NM |
| Net Profit After Non-Cash Items Adjustment |
2,439,9 |
700,8 |
NM |
| Net Cash for Operating Activities |
25.2 |
952.2 |
(97.4%) |
| Net Cash Used in Investing Activities |
(256.2) |
(101.8) |
NM |
| Net Cash Flow |
(231.0) |
850.4 |
NM |
| Net Cash Used in Financing Activities |
19.7 |
(845.6) |
N |
| Net Increase (Decrease) in Total Cash(1) |
(211.2) |
4.8 |
NM |
| Total Cash at the Beginning of the Period |
993.7 |
587.7 |
69.1% |
| Total Cash at the End of the Period |
782.5 |
592.5 |
32.1% |
| (1) | Includes cash balances, cash
equivalents, financial investments. trade receivables and securities and amounts receivable. |
| 6 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
Cash and Indebtedness
In 4Q23, the Company's total cash (cash
and cash equivalents, financial investments) was R$782 million, an increase of 32.1% compared to the same period a year earlier.
On December 31, 2023, GOL recorded a
total of R$10.6 billion in Loans and Financing, of which R$1.3 billion is recorded in current liabilities. The total lease liability recorded
is R$9.4 billion.
Total gross debt recorded in 4Q23 was
R$20.0 billion, representing a decrease of 13.7% and 1.0% in relation to 4Q22 and 3Q23, respectively, even with the exchange rate variation
adversely impacting debts in foreign currency. The ratio of adjusted net debt to LTM EBITDA was 3.7x on 12/31/23. The Company's average
debt maturity period, excluding aircraft leases and perpetual bonds, was 3.2 years. The average rate on debt in Reais was 17.3% and on
obligations in US Dollars, excluding aircraft leasing and perpetual bonds, it was 13.3%.
| Cash (R$ MM) |
4Q23 |
4Q22 |
% Var. |
| Cash. Short-Term Investments and Restricted Cash |
782.5 |
592.5 |
32.1% |
| Total Cash |
782.5 |
592.5 |
32.1% |
| Total Cash as a % of LTM Net Revenue |
17.6% |
16.7% |
(0.9 p.p.) |
| Debt (R$ MM) |
4Q23 |
4Q22 |
% Var. |
| Bank Loans |
38.8 |
115.8 |
(66.5%) |
| Aircraft and Engines Financing and Maintenance |
118.9 |
373.3 |
(68.1%) |
| Leases (annual lease IFRS-16) |
9,441.4 |
11,207.0 |
(15.8%) |
| Bonds |
9,550.2 |
8,818.8 |
8.3% |
| Exchangeable Notes |
190.8 |
1,857.4 |
(89.7%) |
| Perpetual Notes |
684.9 |
819.6 |
(16.4%) |
| Total Loans and Financing |
20,025.0 |
23,191.9 |
(13.7%) |
| Financial Short-Term Debt (IFRS-16) |
1,261.6 |
1,126.6 |
12.0% |
| Financial Long-Term Debt (IFRS-16) |
9,322.0 |
10,858.3 |
(14.1%) |
| Long-Term Obligations with Derivatives |
38.8 |
115.8 |
(66.5%) |
| Debt and Leverage (R$ MM) |
4Q23 |
4Q22 |
% Var. |
| Gross Debt Ex-Perpetual Notes (R$ MM) |
19,340.0 |
22,372.3 |
(13.6%) |
| Total Cash (R$ MM) |
782.5 |
592.5 |
32.1% |
| Adjusted Net Debt (R$ MM) |
18,557.6 |
21,779.8 |
(14.8%) |
| % of Gross Debt in Foreign Currency |
48.3% |
46.6% |
1.7 p.p. |
| % of Short-Term Debt |
11.9% |
9.4% |
2.5 p.p. |
| % of Long-Term Debt |
88.1% |
90.6% |
(2.5 p.p.) |
| Total Loans and Financing |
20,025.0 |
23,191.9 |
(13.7%) |
|
- Perpetual Notes
|
684.9 |
819.6 |
(16.4%) |
|
- Total Cash
|
782.5 |
592.5 |
32.1% |
|
= Net Debt (Ex-Perpetual Notes)
|
18,557.6 |
21,779.8 |
(14.8%) |
| Adjusted EBITDA LTM(2) |
5,066.0 |
2,863.5 |
78.5% |
| Net Debt / EBITDA LTM(2) |
3.7x |
7.6x |
(3.9x) |
|
Gross Debt / EBITDA LTM(2)
|
3.8x |
7.8x |
(4.0x) |
| Adjusted Net Debt / EBITDA LTM(1) |
4.6x |
9.5x |
(4.8x) |
|
Adjusted Gross Debt / EBITDA LTM(1)
|
4.8x |
9.7x |
(4.9x) |
(1)
Debt and leverage consider the accounting Loans and Financing balance in the balance sheet andnot considers Derivative Obligations. The
ESSN2028 considers the fair value of the debt instrument, as recorded under Loans and Financing; (2) Excluding non-recurring expenses;
(3) Excluding perpetual notes and considering aircraft leases x 7 times.
| 7 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
Financial Debt Amortization Schedule (in billions)1
| 1- | Considers the financial obligations of each debt, not the accounting value of the debt. ESN 2024
and ESSN 2028 assumes no conversion into equity |
| 2- | Excluding perpetual bonds |
Fleet
At the end of 4Q23, GOL's total fleet was 141
Boeing 737 aircraft, of which 91 were NGs, 44 were MAXs, and 6 were Cargo NGs. The Company's fleet is 100% composed of medium-sized aircraft
(narrowbodies), with 97% financed via operating leases and 3% financed via finance leases.
| Total Fleet at End of Period |
4Q23 |
4Q22 |
Var. |
3Q23 |
Var. |
| Boeing 737 |
141 |
146 |
-5 |
141 |
0 |
| 737-700 NG |
16 |
20 |
-6 |
19 |
-3 |
| 737-800 NG |
75 |
86 |
-11 |
78 |
-3 |
| 737-800 NG Freighters |
6 |
2 |
4 |
5 |
1 |
| 737-MAX 8 |
44 |
38 |
6 |
39 |
5 |
As of December 31, 2023, GOL had 101 firm orders for the acquisition of Boeing 737-MAX aircraft, 64 of which were for the 737-MAX 8 model
and 37 for the 737-MAX 10 model.
| 8 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
ESG Review
Environment |
4Q23 |
2022 |
2021 |
2020 |
| Fuel |
|
|
|
|
| Total Fuel Consumed (GJ X 1.000) |
10,521 |
37,630 |
26,188 |
25,232 |
| % Renewable Fuel |
0 |
0 |
0 |
0 |
| Total Fuel Consumed (Liters X 1.000 / ASK) |
28.1 |
27.8 |
27.7 |
28.8 |
| Scope 1 Gross Global Emissions |
|
|
|
|
| Greenhouse gas (GHG) emissions (tons CO2) |
765,751 |
2,737.745 |
1,905.556 |
1,774.332 |
| Greenhouse gas (GHG)/Emissions/Flight Hour (TONS CO2) |
8.4 |
8.0 |
8.5 |
9.2 |
| Greenhouse gas (GHC) Compensated greenhouse gas (GHG) emissions (TONNES CO2) |
853 |
10,281 |
71 |
0 |
| Fleet |
|
|
|
|
| Fleet Average Age |
10.6 |
10.4 |
10.4 |
10.7 |
| Social |
|
|
|
|
| Labor Relations |
|
|
|
|
| Gender of Employees (% Male/Female) |
57/43 |
56/44 |
56/44 |
56/44 |
| Age: Under 30 Years (%) |
19 |
20 |
24 |
26 |
| Between 30 and 50 Years (%) |
67 |
68 |
65 |
63 |
| Over 50 Years (%) |
14 |
12 |
11 |
11 |
| Active Workforce Covered by Collective Bargaining Agreements (%) |
100 |
100 |
100 |
100 |
| Number and Duration of Strikes and Blocks (# Days) |
0 |
0 |
0 |
0 |
| Customer and Company Behavior |
|
|
|
|
| Punctuality (%) |
86.7 |
88.9 |
92.8 |
93.2 |
| Regularity (%) |
98.6 |
99.2 |
99.0 |
97.9 |
| Loss of Baggage (Per 1.000 Pax) |
2.69 |
2.37 |
2.06 |
2.10 |
| Safety |
|
|
|
|
| Number of Fatalities |
0 |
0 |
0 |
0 |
| Number of Government Surveillance and Security Actions |
0 |
0 |
0 |
0 |
| Governance |
|
|
|
|
| Administration |
|
|
|
|
| Independent Directors (%) |
55 |
55 |
55 |
55 |
| Participation of Women in Leadership Positions (%) |
35 |
35 |
35 |
35 |
| Committees and Policies |
|
|
|
|
| Number of Committees: All with Independent Members Included |
5 |
5 |
5 |
5 |
| Compliance Policy (Available on the Company's IR Site) |
ü |
ü |
ü |
ü |
| Disclosure of Information and Securities Trading Policy (Available on the Company's RI Website) |
ü |
ü |
ü |
ü |
| Shareholders' Meetings |
|
|
|
|
| Representation in the Voting Capital of the General Meetings (%) |
100 |
100 |
100 |
100 |
| 9 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
Consolidated Income Statement
| Income Statement (R$ MM) |
4Q23 |
4Q22 |
% Var. |
| Net Operating Revenue |
5,042 |
4,727 |
6.7% |
| Passenger Transportation |
4,742 |
4,386 |
8.1% |
| Cargo and Others |
301 |
341 |
(11.7%) |
| Operating Costs and Expenses |
(3,862) |
(4,095) |
(5.7%) |
| Personnel |
(733) |
(668) |
9.7% |
| Aviation Fuel |
(1,422) |
(1,849) |
(23.1%) |
| Landing Fees |
(216) |
(237) |
(8.8%) |
| Passenger Costs |
(137) |
(277) |
(50.6%) |
| Services |
(359) |
(274) |
31.2% |
| Sales and Marketing |
(273) |
(206) |
33.0% |
| Maintenance. Material and Repairs |
(545) |
(82) |
NM |
| Depreciation and Amortization |
(435) |
(462) |
(5.6%) |
| Others |
258 |
(42) |
NM |
| Equity Pickup |
- |
- |
NM |
| Operating Profit |
1,180 |
631 |
87.0% |
| Net Financial Result |
(2,053) |
(381) |
NM |
| Income (Loss) Before Income Taxes |
(873) |
250 |
NM |
| Current Income Tax/Social Contribution |
13 |
(3) |
NM |
| Deferred Income Tax/Social Contribution |
(237) |
(17) |
NM |
| Net Income (Loss) |
(1.098) |
231 |
NM |
| Number of Shares at the End of the Period (in Millions) |
418.7 |
418.7 |
- |
| 10 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
Consolidated Balance Sheets
| Consolidated Balance Sheets (R$000) |
4Q23 |
4Q22 |
% Var. |
| ASSETS |
16,726,194 |
16,970,285 |
(1.4%) |
| Current |
3,028,253 |
2,993,543 |
1.2% |
| Cash and Cash Equivalents |
323,928 |
169,035 |
91.6% |
| Investments |
315,901 |
404,113 |
(21.8%) |
| Trade Receivables |
825,196 |
887,734 |
(7.0%) |
| Inventories |
397,216 |
438,865 |
(9.5%) |
| Deposits |
264,524 |
380,267 |
(30.4%) |
| Advance to Suppliers and Third Parties |
431,136 |
302,658 |
42.4% |
| Taxes to Recover |
165,157 |
195,175 |
(15.4%) |
| Rights from Derivative Transactions |
810 |
16,250 |
(95.0%) |
| Other Credits |
304,385 |
199,446 |
52.6% |
| Non-current |
13,697,941 |
13,976,742 |
(2.0%) |
| Restricted Cash |
142,636 |
19,305 |
NM |
| Deposits |
2,291,413 |
2,279,503 |
0.5% |
| Advance to Suppliers and Third Parties |
101,515 |
49,698 |
104.3% |
| Taxes to Recover |
14,077 |
53,107 |
(73.5%) |
| Deferred Taxes |
155 |
77,251 |
(99.8%) |
| Other Credits |
22,645 |
33,187 |
(31.8%) |
| Rights from Derivative Transactions |
- |
13,006 |
NM |
| Property. Plant & Equipment |
9,187,700 |
9,588,696 |
(4.2%) |
| intangible Assets |
1,937,800 |
1,862,989 |
4.0% |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
16,726,194 |
16,970,285 |
(1.4%) |
| Current |
13,001,593 |
13,861,247 |
(6.2%) |
| Loans and Financing |
1,261,554 |
1,126,629 |
12.0% |
| Leases to Pay |
1,739,642 |
1,948,258 |
(10.7%) |
| Suppliers |
2,000,079 |
2,274,503 |
(12.1%) |
| Suppliers - Drawn risk |
39,877 |
29,941 |
33.2% |
| Labor Obligations |
647,729 |
600,451 |
7.9% |
| Taxes and Contributions to Collect |
205,261 |
258,811 |
(20.7%) |
| Airport Fees |
1,018,915 |
1,173,158 |
(13.1%) |
| Advance Ticket Sales |
3,130,772 |
3,502,556 |
(10.6%) |
| Frequent-Flyer Program |
1,765,664 |
1,576,849 |
12.0% |
| Advances from Ticket Sales |
148,712 |
354,904 |
(58.1%) |
| Provisions |
737,636 |
634,820 |
16.2% |
| Liabilities with Derivative Transactions |
8,929 |
519 |
NM |
| Other Liabilities |
296,823 |
379,848 |
(21.9%) |
| Non-current |
26,891,715 |
24,467,853 |
9.9% |
| Loans and Financing |
9,322,035 |
10,858,262 |
(14.1%) |
| Leases to Pay |
7,701,733 |
9,258,701 |
(16.8%) |
| Suppliers |
93,162 |
45,451 |
105.0% |
| Labor Obligations |
495,968 |
285,736 |
73.6% |
| Taxes and Contributions to Collect |
338,551 |
265,112 |
27.7% |
| Airport Fees |
605,527 |
218,459 |
177.2% |
| Frequent-Flyer Program |
239,209 |
292,455 |
(18.2%) |
| Lp Provisions |
2,680,191 |
2,894,983 |
(7.4%) |
| Deferred Taxes |
198,519 |
36,354 |
NM |
| Other Liabilities |
5,216,819 |
312,340 |
NM |
| Shareholders' Equity |
(23,167,114) |
(21,358,815) |
8.5% |
| Share Capital |
4,040,661 |
4,040,397 |
0.0% |
| Shares to Issue |
1,470 |
- |
NM |
| Treasury Shares |
(1,709) |
(38,910) |
(95.6%) |
| Capital Reserve |
399,838 |
1,178.568 |
(66.1%) |
| Equity Valuation Adjustments |
(616,734) |
(770,489) |
(20.0%) |
| Share-Based Compensation |
- |
- |
NM |
| Gains on Change in Investment |
(26,990.640) |
(25,768.381) |
4.7% |
| 11 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
Consolidated Cash Flow
| Consolidated Cash Flow (R$000) |
4Q23 |
4Q22 |
% Var. |
| Net Income (Loss) for the Period |
(1,097,706) |
230,910 |
NM |
| Depreciation - Aircraft Right of Use |
(241,369) |
278,879 |
(13.5%) |
| Depreciation and Amortization - Others |
194,078 |
182,942 |
6.1% |
| Provision for Doubtful Accounts |
(434) |
3,825 |
NM |
| Provisions for Inventory Obsolescence |
105 |
4,301 |
(97.6%) |
| Provision (Reversal) for Lower Deposits |
- |
(43,289) |
NM |
| Provision for Loss on Advances from Suppliers |
- |
(4) |
NM |
| Adjustment to Present Value of Assets and Liabilities |
(34,987) |
86,030 |
NM |
| Deferred Taxes |
237,394 |
16,567 |
NM |
| Equity Pickup |
- |
- |
NM |
| Write-off of Property. Plant & Equipment and Intangible Assets |
(40,284) |
24,936 |
NM |
| Sale-Leaseback |
(313,015) |
(7,315) |
NM |
| Amendment to Lease Agreements |
71,678 |
(176,667) |
NM |
| Constitution (Reversal) of Provision |
304,493 |
5,359 |
NM |
| Exchange Rate and Cash Changes. Net |
449,528 |
(685,150) |
NM |
| Interest on loans and Leases and Amortization of Costs, Premiums and Goodwill |
753,252 |
676,829 |
10.9% |
| Discount on Bond Repurchases |
(37,818) |
- |
- |
| Goodwill on Financing Operations |
98,535 |
- |
- |
| Derivative Results Recognized in Profit or Loss |
1,628.737 |
93,381 |
NM |
| Share-Based Compensation |
(2,587) |
13,002 |
NM |
| Other Provisions |
(12,485) |
(3,711) |
NM |
| Adjusted Net Income (Loss) |
2,439,902 |
700,825 |
NM |
| Changes in Operating Assets and Liabilities: |
|
|
|
| Investments |
(913,486) |
(43,085) |
NM |
| Trade Receivables |
218,180 |
61,117 |
NM |
| Inventories |
(240,713) |
(23,427) |
NM |
| Deposits |
(12,551) |
(49,372) |
(74.6%) |
| Advance to Suppliers and Third Parties |
(64,385) |
111,486 |
NM |
| Taxes to Recover |
66,472 |
342 |
NM |
| Variable Leases |
(1,951) |
825 |
NM |
| Suppliers |
(109,304) |
301,254 |
NM |
| Suppliers - Forfaiting |
(376) |
- |
NM |
| Advance Ticket Sales |
(506,441) |
(212.703) |
NM |
| Frequent-Flyer Program |
240,812 |
13,320 |
NM |
| Advances from Ticket Sales |
(177,030) |
221,160 |
NM |
| Labor Obligations |
(58,813) |
122,805 |
NM |
| Airport Fees |
(89,740) |
37,603 |
NM |
| Taxes to Collect |
(1,950) |
103,215 |
NM |
| Liabilities with Derivative Transactions |
(3,897) |
3,672 |
NM |
| Provisions |
(263,196) |
(141,341) |
86.2% |
| Other Credits (Liabilities) |
43,850 |
8,366 |
NM |
| Interest Paid |
(421,298) |
(233,571) |
NM |
| Net Cash in Operational Activities |
143,944 |
982,491 |
NM |
| Advance for Property, Plant & Equipment Acquisition, net |
- |
63,270 |
NM |
| Acquisition of Property, Plant & Equipment |
(192,937) |
(137,532) |
NM |
| Sale-Leaseback Transactions Received |
(232) |
- |
NM |
| Acquisition of Intangible Assets |
(63,226) |
(27,564) |
NM |
| Net Cash Used in Investment Activities |
(256,395) |
(101,826) |
NM |
| Fundraising in Loans and Financing |
581,490 |
- |
NM |
| Loan Payments |
(222,941) |
(104,804) |
NM |
| Lease Payments - Aircraft |
(301,625) |
(730,908) |
(58.7%) |
| Lease Payments - Others |
(37,800) |
(9,763) |
NM |
| Issues of warrants |
(873) |
- |
- |
| Capital Increase |
1,470 |
(84) |
NM |
| Net Cash from Financing Activities |
19,721 |
(845,580) |
NM |
| Exchange Rate Change of the Cash of Subsidiaries Abroad |
(106,483) |
(15,223) |
NM |
| Net Decrease in Cash and Cash Equivalents |
(199,213) |
19,862 |
NM |
| Cash and Cash Equivalents at the Start of the Period |
523,141 |
149,173 |
250.7% |
| Cash and Cash Equivalents at the End of the Period |
323,928 |
169,035 |
91.6% |
Subsequent Events
On January 25, 2024, GOL and its subsidiaries
filed for Chapter 11 in the United States Bankruptcy Court for the Southern District of New York (the “US Court”). Chapter
11 is a U.S. court-supervised reorganization process that companies use to raise capital, restructure their finances, and strengthen their
business operations over the long term while continuing to operate normally. On February 28, 2024, the US Court granted GOL's request
to access up to US$1 billion of debtor financing held by certain secured bondholders and/or their representatives, to be used for, among
other things, designated working capital expenditures, general corporate needs, and restructuring-related costs.
| 12 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
As a consequence of the Chapter 11 filing, on
January 26, 2024, the New York Stock Exchange (“NYSE”) suspended trading in GOL’s American Depositary Shares (the “ADSs”)
and will apply to the Securities and Exchange Commission (“SEC”) to delist the ADSs, as is customary following a Chapter 11
filing in accordance with Section 802.01D of the NYSE Listed Company Manual. GOL’s secured and unsecured debt is significantly in
excess of its assets.
GOL has filed with the U.S Court certain schedules
and statements of financial affairs setting forth, among other things, the assets, and liabilities of GOL (the “Statements and Schedules”).
The Statements and Schedules are prepared according to the requirements of applicable bankruptcy law and are subject to further amendments
or modifications by GOL.
Although, these materials provide the information
required under the Bankruptcy Code and U.S. Court, they are nonetheless unaudited and prepared in a format different from the consolidated
financial report historically prepared by GOL in accordance with IFRS (International Financial Reporting Standards). Certain information
contained in the Statements and Schedules may be prepared on an unconsolidated basis. Accordingly, the substance and format of the Statements
and Schedules may not for meaningful comparison with the publicly disclosed consolidated financial statements. Moreover, the Statements
and Schedules required by, and filed with, U.S Court are not prepared for the purpose of providing a basis for an investment decision
relating to GOL securities, or claims against GOL, or for comparison with other financial information required to be reported under applicable
securities law.
Glossary of Industry Terms
| · | AIRCRAFT LEASING: An
agreement through which a company (the lessor). acquires a resource chosen by its client (the lessee) for subsequent rental to the latter
for a determined period. |
| · | AVAILABLE SEAT KILOMETERS
(ASK): The aircraft seating capacity is multiplied by the number of kilometers flown. |
| · | BARREL OF WEST TEXAS INTERMEDIATE
(WTI): Intermediate oil from Texas. a region that refers to the name for concentrating oil exploration in the USA. WTI is used as
a reference point in oil for the US derivatives markets. |
| · | BRENT: Refers to oil
produced in the North Sea. traded on the London Stock Exchange. serving as a reference for the derivatives markets in Europe and Asia. |
| · | TOTAL CASH: Total cash.
financial investments and restricted cash in the short- and long-term. |
| · | OPERATING COST PER AVAILABLE
SEAT KILOMETER (CASK): Operating expenses divided by the total number of available seat kilometers. |
| · | OPERATING COST PER AVAILABLE
SEAT KILOMETER EX-FUEL (CASK EX-FUEL): Operating cost divided by total available seat kilometers excluding fuel expenses. |
| · | AVERAGE STAGE LENGTH:
It is the average number of kilometers flown per stage performed. |
| · | EXCHANGEABLE SENIOR NOTES
(ESN): Securities convertible into shares. |
| · | AIRCRAFT CHARTER: Flight
operated by a Company that is out of its normal or regular operation. |
| · | BLOCK HOURS: Time in
which the aircraft is in flight. plus taxi time. |
| · | LESSOR: The party renting
a property or other asset to another party. the lessee. |
| · | LONG-HAUL FLIGHTS: Long-distance
flights (in GOL’s case. flights of more than four hours). |
| · | REVENUE PASSENGERS: Total
number of passengers on board who have paid more than 25% of the full flight fare. |
| · | REVENUE PASSENGER KILOMETERS
PAID (RPK): Sum of the products of the number of paying passengers on a given flight and the length of the flight. |
| · | PDP: Credit for financing
advances for the acquisition of aircraft. |
| · | Load
Factor: Percentage of the aircraft’s capacity used in terms of seats
(calculated by dividing the RPK/ASK). |
| · | Break-Even
Load Factor: Load factor required for operating revenues to correspond to
operating expenses. |
| · | Aircraft
Utilization Rate: Average number of hours per day that the aircraft was in
operation. |
| · | Passenger
Revenue per Available Seat Kilometer (PRASK):
Total passenger revenue divided by the total available seat kilometers. |
| · | Operating
Revenue per Available Seat Kilometers (RASK): The operating revenue is divided
by the total available seat kilometers. |
| · | Sale-Leaseback:
A financial transaction whereby a resource is sold and then leased back. enabling use of the resource without owning it. |
| · | SLOT:
The right of an aircraft to take off or land at a given airport for a determined period. |
| · | Sub-Lease:
An arrangement whereby a lessor in a rent agreement leases the item rented to a fourth
party. |
| · | Freight
Load Factor (FLF):
Measure of capacity utilization (% of AFTKs used). Calculated by dividing FTK by AFTK. |
| · | Freight
Tonne Kilometers (FTK):
The demand for cargo transportation is calculated as the cargo's weight in tons multiplied by the total distance traveled. |
| · | Available
Freight Tonne Kilometer (AFTK):
Weight of the cargo in tons multiplied by the kilometers flown. |
| · | Yield
per Passenger Kilometer: The average value paid by a passenger to fly one
kilometer. |
| 13 | | GOL Linhas Aéreas Inteligentes S.A. |
| Results Report Fourth Quarter, 2023 |
| | |
Contact
E-mail: ir@voegol.com.br
Website: www.voegol.com.br/ir
About GOL Linhas Aéreas Inteligentes S.A.
GOL
is a leading domestic airline in Brazil and part of Abra Group. Since it was founded in 2001, the Company has the lowest unit cost in
Latin America, democratizing air transportation. The Company has alliances with American Airlines and Air France-KLM and makes available
several codeshares 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 13,700 highly qualified aviation professionals focused on Safety. GOL’s #1 value and operates
a standardized fleet of 141 Boeing 737 aircraft. The Company's shares are traded on the NYSE (GOL) and the B3 (GOLL4). For further information,
go to www.voegol.com.br/ir.
Non-Accounting
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,” “Total Cash” and "EBITDA". GOL’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 Total Cash in
making an investment decision.
*****
| 14 | | GOL Linhas Aéreas Inteligentes S.A. |
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: March 28, 2024
| GOL LINHAS AÉREAS INTELIGENTES S.A. |
| |
|
| |
|
| By: |
/s/ Mario Tsuwei Liao |
|
| |
Name: Mario Tsuwei Liao
Title: Chief Financial and IR Officer |
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