SAO PAULO, April 9, 2019 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and B3: GOLL4), Brazil's premier domestic airline, provides its Investor Update. The information below for the quarter ended in March 2019 is preliminary and unaudited. For comparison purposes, the results for the first quarter 2018 results were adjusted in accordance with IFRS 16.
Overall Commentary¹
GOL expects an EBITDA margin for the quarter of 29% to 30%, an increase in relation to the quarter ended in March 2018 (28%).
Passenger unit revenue (PRASK) for the first quarter is expected to be up approximately 3% year over year. For the quarter ended in March, GOL expects unit revenue (RASK) to increase approximately 3%.
Non-fuel unit costs (CASK ex-fuel), are expected to increase by approximately 3% in relation to the first quarter of the prior year, primarily due to the depreciation of the Brazilian real in the year-over-year comparison.
GOL's financial leverage, as measured by the Net Debt3/LTM EBITDA ratio, was approximately 3.2x (IFRS 16) at the end of the March 2019 quarter. The Company amortized R$203 million of debt in the quarter and total liquidity at quarter-end is expected to be at R$3.5 billion.
Preliminary and Unaudited Projection
March Quarter 2019
EBITDA Margin²
29% - 30%
EBIT Margin²
16% - 17%
Ancillary Revenue (cargo and other)
6% of total net revenues
Average fuel price per liter
R$2.70 - R$2.78
Average exchange rate
R$3.77
March Quarter 2019
vs. March Quarter 2018
Passenger unit revenue (PRASK)
Up ~3.0%
CASK Ex-fuel²
Up ~3.0%
Total Capacity ? ASK
Up ~5.0%
Total Capacity ? Seats
Up ~3.0%
1. For comparison purposes, 1Q18 results adjusted in accordance with IFRS 16, unaudited. 2. Excluding non-recurring expenses of approximately R$40 million. 3. Excluding perpetual notes.
About GOL Linhas Aéreas Inteligentes S.A. (www.voegol.com.br): Brazil's largest airline group with three main businesses: passenger transportation, cargo transportation and coalition loyalty program.
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