GOL Announces 3Q15 Earnings Release

SAO PAULO, Nov. 11, 2015 /PRNewswire/ -- GOL Linhas Aereas Inteligentes S.A. (BM&FBOVESPA: GOLL4 and NYSE: GOL), (S&P: B-, Fitch: B-, Moody's: B3), the largest low-cost and best-fare airline in Latin America, announces today its consolidated results for the third quarter of 2015. All information is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reais (R$), and all comparisons are with the third quarter of 2014 unless otherwise stated.

Quarter highlights

• The Company's net revenue reached R$2,489.6 million in the quarter, an increase of 1.1%, and R$7,126.0 million in 9M15, a decline of 2.9%, compared to the same periods in 2014.
  
  
• Ancillary and cargo revenues reached R$306.7 million, an increase of 12.6% compared to 3Q14, representing 12.3% of total net revenues. International revenues reached R$346.4 million, representing a 13.9% share of the total.
  
  
• GOL's domestic demand grew by 1.8% in the quarter and 3.8% in 9M15. This had a positive effect on the load factor of domestic flights, which increased to 79.3% in 3Q15 (an increase of 1.0 p.p.) and 78.7% from January to September (an increase of 1.7 p.p.). During the quarter, the total load factor expanded by 1.1 p.p. compared to the previous year, reaching 78.6%.
  
  
• Net RASK was R$20.21 in the quarter and total CASK was R$20.13, an increase of 6.4% compared to 2014. CASK, excluding fuel, was up by 19.2% in the same comparison, mainly impacted by an increase of 55.5% in the price of the Dollar against the Real.
  
  
• The operating result (EBIT) was R$8.9 million, down R$143.1 million compared to 3Q14. Operating margin was positive by 0.4% in the quarter, resulting in a decline of 5.8 p.p. due to the drop of the Brazilian economy activity and increased costs, mainly those denominated in US Dollars.
  
  
• EBITDAR was R$377.5 million, with a margin of 15.2%, a decrease of 3.6 p.p. compared to the same period of 2014. For 9M15 and the last twelve months, EBITDAR was R$937.1 million and R$1,419.3 million, with margin of 13.2% and 14.4%, respectively.
  
  
• GOL recorded a net loss of R$2,133.6 million in 3Q15, of which R$1,440.6 million, or 67.5%, are related to net monetary and exchange rate variations, mainly impacted by the mark to market valuation of the Company's financial liabilities from the Dollar price of R$3.97, compared to R$3.10 in 2Q15 (a variation of 28.1%).
  
  
• GOL ended the third quarter of 2015 with a solid cash position of R$3,073.3 million, representing 31.2% of the last twelve months net revenue. This is one of the highest rates in the whole of the aviation industry and considers the capital increase of R$461.3 million and the issuance of a long term loan with third parties in the amount of US$300 million, with Delta Air Lines as the guarantor of the transaction.
  
  
• The Company announced new operating margin (EBIT) guidance for 2015, with the range of -2% to neutral, compared the guidance of between 2 to 5%. This new guidance reflects the strong currency volatility and the drop in the Brazilian economic activity, which increased GOL's costs and expenses, as well as the lower passenger transportation revenue, a result of the change in the mix between leisure and corporate customers.

 

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SOURCE GOL Linhas Aéreas Inteligentes S.A.

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