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Subject: ERN

GOL Announces Preliminary Outlook and Investor Guidance for 2018



SÃO PAULO, Dec. 7, 2017 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. ("GOL" or "Company"), (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, today provides general outlook and guidance for full year 2017 (revised) and 2018 (preliminary).

The Company's guidance highlights key metrics which impact financial results and drive long-term shareholder value. GOL provides forward-looking information that is focused on the main metrics the Company uses to measure business performance.

For full year 2017, GOL has adjusted its fuel and currency assumptions. The Company's full year 2017 and 2018 general guidance is presented below. These indicators are useful for analysts and investors who project GOL's results.

General Guidance

2017E

2017E

2018E

(Consolidated, IFRS)

Previous

Revised

Preliminary 

Operating fleet (average)

115

116

118

ASKs, System (% change)

0.5%

0.5%

1% to 3%

- Domestic

-

0.5%

0% to 3%

- International

-

0.2%

7% to 10%

Seats, System (% change)

-2%

-3%

1% to 3%

Departures, System (% change)

-4%

-5%

1% to 3%

Average load factor (%)

~ 79%

~ 79%

79% to 80%

Cargo and other revenues (R$ billion)

-

~ R$1.4

~ R$ 1.6

Total net revenues (R$ billion)

~ R$10.3

~ R$10.4

~ R$11

Non-fuel CASK (R$ cents)

~ 13.7

~ 14

~ 15

Fuel liters consumed (mm)

-

~ 1,370

~ 1,400

Fuel price (R$ / liter)

-

~ 2.1

~ 2.2

Aircraft rent (R$mm)

~ R$1,000

~ R$ 950

~ R$ 950

EBITDA margin (%)

~ 14%

~ 14%

~ 16%

Operating (EBIT) margin (%)

~ 9%

~ 9%

~ 11%

Capital expenditures (R$mm)

-

~ 600

~ 600

Net Debt1 / EBITDA (x)

~ 3.4x

~ 3.4x

~ 3.0x

Fully-diluted shares outstanding (million)

347.7

347.7

347.7

Earnings per share ? fully diluted2 (R$)

0.80 a 0.90

0.80 to 0.90

1.20 to 1.40

Fully-diluted ADS outstanding (million)3

173.8

173.8

173.8

Earnings per ADS ? fully diluted2, 3 (US$)

0.50 to 0.56

0.50 to 0.56

0.75 to 0.90

(1) Excluding perpetual notes. (2) After minority interest. (3) 2017E Previous adjusted for change in share to ADR ratio from 5:1 to 2:1.

In comparison with 4Q16, the Company expects an available seat capacity sequential increase in 4Q17 of approximately 2% in the domestic market and 9% in the international market.  For the 4Q17, GOL expects consolidated load factors in the range of 81% with consolidated passenger yields in the range of R$26 cents (up 5% versus 3Q17).  For the fourth quarter, the Company expects consolidated non-fuel CASK to be in the range of R$14.5 cents (down 4.5% versus 4Q16).  GOL expects that its hedging program will partially offset eventual increases in fuel prices due to higher oil prices; the Company has hedged approximately 40% of its fourth quarter fuel consumption and over 15% of its 2018 needs.

Investor Relations
ri@voegol.com.br
www.voegol.com.br/ir
+55 (11) 2128-4700

About GOL Linhas Aéreas Inteligentes S.A.

Brazil's largest airline group. GOL is Brazil's largest airline, carrying 33 million passengers annually on more than 700 daily flights to 63 destinations, 52 in Brazil and 11 in South America and the Caribbean, on a fleet of 120 Boeing 737 aircraft, with a further 120 Boeing 737 MAX on order. GOLLOG is a leading cargo transportation and logistics business serving more than 2,200 Brazilian municipalities and, through partners, 205 international destinations in 95 countries. SMILES is one of the largest coalition loyalty programs in Latin America, with over 12 million registered participants, allowing clients to accumulate miles and redeem tickets for more than 700 locations worldwide. GOL has a team of more than 15,000 highly skilled aviation professionals delivering Brazil's top on-time performance, and an industry leading 16 year safety record. GOL's shares are traded on the NYSE (GOL) and the B3 (GOLL4).

SOURCE GOL Linhas Aéreas Inteligentes S.A.


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