Results 4Q18. Feb. 28, GRU (SP) SDU (RJ) Fare: US$62

Transcription

1 Results 4Q18 Feb. 28, 2019 GRU (SP) SDU (RJ) Fare: US$62

2 4Q18 Highlights Indicators 4Q18 Var. x 4Q17 ASK (BN) % Traffic (000) 8, % Net operating revenues: R$3.2 billion (+10.1% vs. 4Q17) RPK (BN) % Load Factor 81.9% +0.9 p.p. Average Fare: R$ 334 (+6.7% vs. 4Q17) Yield (R$ cents) % Pax Revenue (R$ MM) 2, % RASK (R$ cents) % CASK (R$ cents) % Aircraft utilization: 11.5 block hours/day (-7.0% vs. 4Q17) Net Debt 1 /LTM EBITDA: 2.1x Operating Income (R$ MM) % Operating Margin 21.0% +7.7 p.p. 1. Excludes perpetual bonds. 2

3 Capacity and Network RPK (BN) Number of Operating Aircraft (end of period) % % 4Q17 3Q18 4Q18 ASK (BN) +0.4% Flights/Day -0.8% % % 4Q17 3Q18 4Q18 4Q17 3Q18 4Q18 4Q17 3Q18 4Q18 3

4 New Markets International Expansion Four daily flights from BSB and FOR, operating with the lowest unit cost GOL offers the only nonstop service between Brazil and Quito (Ecuador), and has begun sale of tickets between Brazil and Cancun (Mexico). BSB-MCO: the longest 737 regular flight in the world Only Premium Economy Service in Latin America to US with middle seats blocked 4

5 Outlook 2019 and 2020 Financial Outlook 2019E (1) 2020E (1) (Consolidated, IFRS) Previous Revised Previous Revised Total fleet (average) 122 to to to to 128 Total operational fleet (average) ~ ~ ASKs, System (% change) 6 to 10 6 to 10 7 to 10 7 to 10 - Domestic 2 to 4 2 to 4 3 to 5 3 to 5 - International 35 to to to to 20 Seats, System (% change) 3 to 4 3 to 4 1 to 3 1 to 3 Departures, System (% change) 3 to 5 3 to 5 1 to 3 1 to 3 Average load factor (%) 79 to to to to 81 Ancillary revenues, net 2 (R$ bn) ~ 1.0 ~ 1.0 ~ 1.1 ~ 1.1 Total net revenues (R$ billion) ~ 12.9 ~ 12.9 ~ 14.2 ~ 14.2 Non-fuel CASK (R$ cents) ~ 13 ~ 13 ~ 13 ~ 13 Fuel liters consumed (mm) ~ 1,420 ~ 1,420 ~ 1,480 ~ 1,480 Fuel price (R$/liter) ~ 2.9 ~ 2.8 ~ 3.0 ~ 2.9 EBITDA margin (%) ~ 27 ~ 28 ~ 28 ~ 29 EBIT margin (%) ~ 17 ~ 18 ~ 18 ~ 19 Net financial expense 3 (R$ billion) ~ 1.2 ~ 1.2 ~ 1.2 ~ 1.2 Pre-tax margin 3 (%) ~ 9 ~ 10 ~ 11 ~ 12 Effective income tax rate (%) ~ 20 ~ 20 ~ 20 ~ 20 Minority interest 4 (R$ mm) ~ 300 ~ 300 ~ 330 ~ 330 Capex, net (R$ mm) ~ 650 ~ 650 ~ 600 ~ 600 Net Debt 5 / EBITDA (x) ~ 3.0x ~ 2.9x ~ 2.5x ~ 2.4x Fully-diluted shares out. (million) EPS, fully diluted (R$) 2.20 to to to to 3.30 Fully-diluted ADS out. (million) EPADS, fully diluted (US$) 1.20 to to to to 2.00 (1) Considers adoption of IFRS 16; (2) Net revenue of cargo, loyalty, buy-on-board and other ancillary revenues; (3) Excluding currency gains and losses; (4) Source: average of analyst estimates reported on Bloomberg; (5) Excluding perpetual bonds. 5

6 Financial Review 4Q18 CGH (SP) SSA (BA) Fare: US$242

7 Operating profit for December Quarter 10th consecutive quarter reporting positive operating profit Total Liquidity of R$3.0 billion in 4Q18 (R$3.2 billion in 4Q17) 26.6% EBITDA margin and 21.0% operating margin, 8.4 p.p. and 7.7 p.p. respectively, above 4Q17 margins December Quarter 2018 Operating (EBIT) margin 21.0% Ancillary revenue (cargo and other) 6.7% of Total Rev. Passenger unit revenue (PRASK) change q-o-4q17 Up 7.7% Fuel price (change q-o-q ) Average exchange rate to US$ R$3.28 (up 40.3%) R$3.81 CASK ex-fuel change q-o-4q17 Down 19.4% CASK ex-fuel (Excluding aircraft sales gains and returns costs) change q-o-4q17 Up 3.9% GOL System capacity (ASK) change q-o-4q17 Up 2.4% GOL System capacity (Seats) change q-o-4q17 Up 1.9% 7

8 Load Factor and Forward Bookings Var. (pp) Jan 83% 84% +1 Feb 78% 78% 0 Mar 76% 79% +3 Apr 79% 80% +1 May 77% 77% 0 Jun 78% 77% -1 Jul 82% 82% 0 Aug 78% 77% -1 Sep 80% 78% -2 Oct 81% 79% -2 Nov 81% 83% +2 Dec 81% 84% Var. (pp) Jan 84% 85% +1 Feb 78% +1 Mar 79% +1 Apr 80% +1 8

9 Profitability (EBITDA) 4Q17 vs 4Q18 RASK (R$ cents) CASK (R$ cents) EBITDA (R$ million) +33.8% % -2.0% % Q17 4Q18 Fuel CASK % 26.6% EBITDA Margin CASK Ex-fuel -19.4% 4Q17 4Q18 4Q17 4Q18 4Q17 4Q18 9

10 Net Financial Results Financial Income (R$ MM) * Net Financial Results: 4Q17 4Q Financial Expense (R$ MM) Q18: R$(17.6) MM 4Q17: R$(422.6) MM Reduced average cost 230.1* 4Q17 4Q18 *Monetary and exchange variation 10

11 Net Income Composition (R$ MM) +476 Net revenues Other operating expenses/ revenues Income tax Minority interest Q17 Net Result Net margin: +0.1% Fuel costs -305 Salaries, wages and benefits Maintenance materials and repairs Net financial results (ex-fx) F/X Gains 4Q18 Net Result Net margin: +15.7%

12 Cash Flow Operating Cash Flow Margin 21,7% 25,1% 4Q17 4Q18 in R$ million 4Q17 4Q18 Operating cash flow Investing cash flow (362.8) (484.8) Financing cash flow (327.5) Net increase (decrease) in cash and cash equivalents 1,068.9 (9.6) Total liquidity 1 3, ,980.0 (1) Consolidated cash. cash equivalents and account receivables. (2) Includes foreign exchange variation on foreign subsidiaries. 12

13 Liquidity and Leverage Liquidity 1 (R$ MM) Total Liquidity + Deposits2 Liquidity 2 / LTM Net Revenues 37,2% 34,6% ,9% Interest Coverage (R$ MM) EBITDAR LTM EBITDAR LTM / Interest+Rent EBITDA LTM / Interest 2,9x 2,6x 2,1x 1,7x 1,5x 1,6x Q17 3Q18 4Q18 Short Term Debt (R$ MM) Short Term Debt Liquidity / Short Term Debt 4Q17 3Q18 4Q18 Financial Leverage Net Debt (ex-perp) Net Debt (Ex-Perp) / LTM EBITDA 2,7x ,4x ,4x ,0x 3,2x ,1x Q17 3Q18 4Q18 4Q17 3Q18 4Q18 (1) Cash. equivalents short term investments. restricted cash and receivables (2) Includes maintenance /and lease deposits. 13

14 CGH (SP) REC (PE) Fare: US$112 Q&A 4Q18

15 Disclaimer This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of GOL, as well as the expected impact of the recently issued, but not yet adopted, accounting standard IFRS 16. These are merely estimates and projections and, as such, are based exclusively on the expectations of GOL s management. Such forward-looking statements depend, substantially, on external factors, in addition to the risks disclosed in GOL s filed disclosure documents and are, therefore, subject to change without prior notice. The Company's nonfinancial information and estimates regarding the impact of recently issued, but not yet adopted, accounting standard IFRS 16 were not reviewed by the independent auditors. The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and other similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future GOL performance. The factors that might affect performance include. but are not limited to: (I) market acceptance of GOL services; (ii) volatility related to the Brazilian economy and financial and securities markets. and the highly competitive industries GOL operates in; (iii) changes in domestic and foreign legislation and taxation, and government policies related to the transportation markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment; (vi) ability to maintain an ongoing process for introducing competitive new products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract customers in domestic and foreign jurisdictions. Other factors that could materially affect results can be found in GOL s annual report on Form 20-F as filed with the U.S. Securities and Exchange Commission, particularly under Risk Factors session. All forward-looking statements in this presentation are based on information and data available as of the date they were made, and GOL undertakes no obligation to update them in light of new information or future development. 15

16 CGH (SP) FLN (SC) Fare: US$51 Investor Relations