SÃO PAULO, March 8,
2023 /PRNewswire/ -- GOL Linhas Aéreas
Inteligentes S.A. ("GOL" or "Company") (NYSE: GOL and B3:
GOLL4), the largest domestic airline in Brazil, today announced its consolidated
results for the fourth quarter of 2022 (4Q22). During the quarter,
the Company recorded its highest EBITDA since the beginning of the
pandemic, resulting from Management's continued focus on achieving
higher productivity by increasing yields, reducing unit costs
excluding fuel, and improving fleet utilization. The combination of
higher productivity with strong tourism demand resulted in a
significant improvement in operating margins during the fourth
quarter.
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 (4Q21). Adjusted
(recurring) indicators exclude non-recurring expenses related to
the quarter's results, and are detailed in the respective
tables.
The financial information for the year ended December 31, 2022 and for the three-month period
ended December 31, 2022 disclosed
herein has not been audited or subject to limited review by GOL's
independent auditors. The complete financial statements for the
year ended December 31, 2022 is still
under review by the Company's independent auditors and will be
released to the market after the completion of the relevant work.
GOL does not anticipate adjustments or changes to the information
disclosed herein. However, should any adjustment be necessary, the
Company will timely inform the market.
4Q22 Highlights
- Recurring EBITDA reached R$1.2
billion, the highest since 4Q19; recurring EBIT margin was
15% and recurring EBITDA margin was 25%;
- Record net operating revenue of R$4.7
billion, 61.7% higher than 4Q21 and 24.3% higher than
4Q19;
- Net income of R$0.2 billion,
represents R$0.55 per share and
US$0.21 per ADS;
- Unit costs ex-fuel were 3.6 cents
(US$), the lowest since the pandemic outbreak and 12.3% lower than
4Q21; and
- Total liquidity (cash and cash equivalents, financial
investments, deposits and accounts receivable) was R$4.1 billion, 11.7% higher than 3Q22.
Comment from the CEO
Celso Ferrer, CEO, commented:
"This year was marked by the return to normal operations in many
aspects. We were focused on controlling costs and increasing our
margins, and our strong results in the fourth quarter are evidence
that our approach is working. Customer demand continues to grow,
particularly from business and "bleisure" travelers. During the
quarter, we also reactivated more routes from Congonhas and
Santos Dumont to serve the corporate
segment, an important source of continued growth in revenues. As we
head into 2023, we will maintain the consistency of our operational
performance and will strengthen our network with routes that
further enhance our productivity levels. GOL is on a steady course
for success. I'd like to thank all of our Customers, Team of
Eagles, suppliers, partners and shareholders for their trust in us,
which was essential to reach this point in the Company's
evolution."
SUMMARY OF the Fourth Quarter 2022 Results
(VS. 4Q21)
- Revenue Passenger Kilometers (RPK) increased by 25.1%, while
Available Seat Kilometers (ASK) increased by 29%;
- Net Revenue increased by 61.7%, reaching a record R$4.7 billion. Ancillary Revenues, mainly from
SMILES and GOLLOG, tripled to R$340.7
million during the quarter;
- The average occupancy (load factor) decreased by 2.5p.p. to
80.1%. The registered domestic load factor was 80.6%, 2.1 p.p.
lower than in 4Q21, while the international load factor was
75.6%;
- Aircraft utilization was an average of 11.6 hours per day;
- The number of passengers transported by the Company was 7.8
million, a year-over-year increase of 18.6%;
- Net Revenue per Available Seat Kilometer (RASK) increased by
25.3% to 41.5 cents (R$);
- Average yield per passenger increased by 24.8% to 48.2 cents (R$), the highest level in GOL's
history;
- Recurring Cost per Available Seat Kilometer (CASK) increased by
2% to 35.35 cents (R$). The CASK Fuel
increased by 40.9% to 16.25 cents
(R$), due to the 43.6% increase in aviation kerosene (QAV) prices.
The recurring CASK Ex-Fuel was reduced by 17.4% to 19.09 cents (R$), or 3.6
cents (US$);
- Recurring EBITDA was R$1.2
billion with a margin of 25%, while recurring EBIT was
R$706 million with a margin of
15%;
- The Company generated approximately R$0.8 billion of cash in 4Q22 due to higher
revenues and working capital initiatives, partially offset by the
increase in aviation fuel prices;
- Net income was R$230.9 million
(R$0.55/share and US$0.21/ADS), while recurring net loss was
R$381.5 million (-R$0.91/share and -US$0.35/ADS); and
- The net debt ratio (including 7x annual lease payments and
excluding perpetual bonds) over recurring LTM EBITDA was 9.5x as of
December 31, 2022, and 0.2x lower
than the leverage at the end of 2021. US$200
million of Secured Amortizing Notes were issued in December,
and higher lease payments were made in the quarter.
FULL EARNINGS RELEASE & PRESENTATION
Access
the earnings release, presentation and full financial statements
at: www.voegol.com.br/ir
4Q22 Conference Call: March 8,
2023, 09:00 am (New York time; US EDT), Phone: +1 (412)
317-6382, Code: GOL, broadcast via webcast
(https://webcastlite.mziq.com/cover.html?webcastId=e482b833-3183-4026-ac32-63f245f074b7).
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.