Benzinga | Dec 10, 2021 07:38AM EST

GOL Linhas Areas Inteligentes Sees FY22 Total Fleet 135-140 On Average, Available Seat Capacity 70-80%, Seats 80-90%, Departures 80-90%

GOL Linhas A?reas Inteligentes S.A. ("GOL" or "Company"), (NYSE:GOL),

Brazil's largest domestic airline, today provides its preliminary financial outlook for 2022. GOL's guidance reflects expected passenger and loyalty program revenues, cash flow, interest expense, oil prices and exchange rates, and fleet and network plans. The information below is preliminary and unaudited.

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. These indicators are useful for investors and analysts who project GOL's results.

Highlights:

* To meet the expected domestic air travel demand for 2022 of approximately 100 billion RPKs, the Company plans to operate an average of 108 aircraft in its network during the year.

* Through the acceleration of its fleet transformation, including the addition of 18 and 16 Boeing MAX aircraft in 2H21 and 2022, respectively, GOL expects to end 2022 with 44 Boeing MAX aircraft in its fleet.

* The Company's revenue for 2022 is expected to increase around 100% compared to 2021. GOL estimates that its 2022 results will include R$1.2 billion of increased cash flow from important transactions entered into in 2021 including R$450 million from the re-incorporation of Smiles and R$700 million from the additional MAX aircraft in the fleet.

Financial Outlook 2019A 2022E

Total fleet (average) 126 135 - 140

Total operational fleet (average) 113 105 - 110

ASKs, System (% change yoy) 6.3% 70 - 80%

Seats, System (% change) 6.2% 80 - 90%

Departures, System (% change) 3.8% 80 - 90%

Average load factor (%) 82% ~82%

Ancillary revenues. net1 (R$bn) 0.8 ~0.8

Total net revenues (R$ billion) 13.9 ~14.0

Non-fuel CASK2 (US$ cents) 3.6 ~3.3

Fuel liters consumed (mm) 1,475 ~1,295

Gross Global Scope 1 emissions (000 m t CO2) 3,744 ~3,289

Total Fuel Consumed (1.000 liters per RPK) 35.3 ~34.6

GHG Emissions/Flight Hour (t CO2) 8.7 ~8.4

Fuel price (R$/liter) 2.8 ~3.8

EBITDA margin² (%) 28% ~25%

EBIT margin² (%) 15% ~11%

Net financial expense3 (R$bn) 1.4 ~1.8

Pre-tax margin3 (%) 5% ~1%

Effective income tax rate (%) 24% ~11%

Minority interest (R$ mm) 297 ~0

Capex, net (R$ mm) 639 ~700

MAX Aircraft Acquisitions (R$mm) - ~1,100

Aircraft Debt (7x Annual Acft Lease Payments) (US$bn) 2.9 ~3.3

Financial Debt (US$bn) 2.0 ~2.1

Net Debt4 / EBITDA2 (x) 4x ~6x

Fully-diluted shares out5 (mm) 391 ~435

EPS, fully diluted (R$) 1.90 ~0.26

Fully-diluted ADS out. 5 (mm) 195.5 ~217.5

EPADS, fully diluted (US$) 0.96 ~0.10

(1) Cargo. loyalty. buy-on-board and other ancillary revenues; (2) Recurring; (3) Excluding currency gains and losses and Unrealized losses on Exchangeable Senior Notes; (4) Including 7x annual aircraft lease payments and excluding perpetual bonds; (5) Includes stock option exercises that may be issued from the stock option program and related to Exchangeable Senior Notes.

The current guidance may be adjusted in order to incorporate the evolution of GOL's operating and financial performance and any eventual changes to the Brazilian economy and GOL's broader economic environment, including variations in economic growth, interest rates, exchange rates, and international oil price trends.



Investor Relations

ri@voegol.com.br

www.voegol.com.br/ir

+55(11) 2128-4700