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