GOL Reports Net Revenues of R$2.6bn and EPS of R$0.46 for 1Q17

USA - English

• Brazil - Português

SAO PAULO, May 10, 2017 /PRNewswire/ -- GOL Linhas Aereas Inteligentes S.A. ("GOL"), (NYSE: GOL and B3: GOLL4), Brazil's #1 airline, announces today its consolidated results for the first quarter (1Q17). All information is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reals (R$), and all comparisons are with the first quarter of 2016 unless otherwise stated.

Operating and Financial Highlights

• Net income after minority interest for the quarter was R$160.4 million (US$51.3 million), representing a 6.1% net margin. Earnings per share (EPS) after minority interest were R$0.46 and earnings per ADS after minority interest were US$0.007. Gross Revenue in 1Q17 was R$2.8 billion.

• Operating result (EBIT) in 1Q17 was R$253.2 million, representing an EBIT margin of 9.6%.  Adjusted operating result excluding non-recurring expenses was R$345.4 million, representing a margin of 13.1%.

• Net cash flow in 1Q17 was negative R$175.1 million. Cash, cash equivalents, short-term investments and accounts receivable totaled R$1,517.2 million.

• Excluding non-recurring expenses in 1Q17, total adjusted CASK was 19.14 cents (R$). Total adjusted CASK in the quarter decreased 5.6% when compared to the adjusted CASK in 1Q16. In 1Q17, total CASK increased by 7.4%, to 19.91 cents (R$), and total operating expenses increased by 5.3%, to R$2,392.8 million. Total cost in 1Q16 was lower due to gains on sale-leaseback operations in that quarter.  

• Adjusted CASK ex-fuel, excluding non-operating expenses, decreased 7.6% to 13.02 cents (R$). CASK ex-fuel increased 11.6%, achieving 13.79 cents (R$).

• RPKs increased 0.7% from 9,497 million in 1Q16 to 9,561 million in 1Q17.

• ASKs decreased by 2% from 12,262 million in 1Q16 to 12,019 million in 1Q17.  Average load factor increased 2.1 percentage points to 79.6% and average passenger yields decreased 6.5% to 24.02 cents (R$), resulting in RASK of 22.01 cents (R$), a 0.5% reduction versus 1Q16. Average fares were R$279.7, a 2.6% increase in comparison with the average fares in the 1Q16 (R$272.5).

• Net revenues reached R$2.6 billion, representing a reduction of 2.5%. Revenue per aircraft was R$23.1 million (US$7.3 million). Ancillary and cargo revenues increased by 27% quarter over quarter to R$349.2 million, which represents 13.2% of net revenues and an increase of 3.1 percentage points over 1Q16.

• GOL transported a total of 8.2 million passengers in 1Q17, an 8.3% decrease over 1Q16. GOL's market share of the domestic and international regular air transportation at the end of 1Q17 was 35.0% and 11.7%. Such shares were 32.6% and 13.5% at the end of 1Q16.

• On-time departures and flight completion were, respectively, 94.6% and 98.8% (ANAC data) during 1Q17. Passenger complaints and lost baggage per 1,000 passengers achieved 1.43 and 2.17, respectively. 

• Total adjusted net debt, excluding aircraft in return and the perpetual notes, reduced by R$918 million during 1T17 to R$10.8 billion. The ratio of net adjusted debt to annualized EBITDAR, proforma for aircraft in return, was 4.6x at March 31, 2017.

• GOL's ADRs had an average daily trading volume of US$4.5 million during 1Q17, as compared to US$1.4 million in 1Q16.  GOL's preferred shares (PN) had an average daily trading volume of R$27.7 million during 1Q17, as compared to R$10.3 million in 1Q16. 

For further information visit www.voegol.com.br/ir

CONTACTS

INVESTOR RELATIONS
Phone: +55 (11) 2128-4700
E-mail: [email protected]

About GOL Linhas Aereas Inteligentes S.A. ("GOL")

Brazil's largest air transportation and travel services group with three main businesses: passenger transportation, cargo transportation and coalition loyalty program. GOL is Brazil's largest airline, carrying 33mm p.a. on more than 700 daily flights to 63 destinations in Brazil and 11 destinations in South America and the Caribbean on a fleet of over 120 Boeing 737 aircraft, with a further 120 Boeing 737s on order. GOLLOG is a leading cargo transportation and logistics business serving more than 3,000 Brazilian municipalities and, through partners, 90 international destinations in 47 countries. SMILES is one of the largest coalition loyalty programs in Latin America, with over 11 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 Aereas Inteligentes S.A.

Related Links

http://www.voegol.com.br/ir