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Gol (GOLL4) posted a loss of R$2.5 billion in the third quarter of 2021, an increase of 46.9%; Air Update Forecast

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Goal (all 4) reported a net loss of R$2.526 billion in the third quarter of 2021 (Q3 of 21). The result represents a growth of 46.9% compared to the same period in 2020.

Net operating income, in turn, amounted to Rls 1.915 billion in the third quarter of 21, an increase of 96.4% over the same period of the previous year.

According to the company, the positive revenue performance is due to the significant increase in the number of flights performed and revenue from freight transportation.

Recurring, adjusted earnings before interest, tax, depreciation and amortization (Ebitda) grew 81.6% over the same stage in 2020, when it was negative R$370.7 million.

Ebitda’s recurring and adjusted margin (Ebitda/net revenue) was -19.4% in the third quarter of 2021, an improvement of 1.5 percentage points over the same quarter of 2020.

The operating result (Ebit) was negative by R$752.5 million in the third quarter of the year 21, compared to R$760.4 million.

Adjusted operating expenses (CASK) were R$21.66, which showed an increase of 6.3% on a nominal basis, compared to adjusted CASK expenses in the third quarter of 2020.

The net financial result was R$1,967.2 billion, an increase of R$1,040 billion compared to the third quarter of 2020, mainly due to losses from exchange rate changes and monetary changes of R$1,010 billion.

indebtedness

On September 30, 2021, Gol’s total liquidity was R$ 2,080.3 billion, an increase of R$ 265 million compared to June 30, 2021.

Regarding adjusted net debt, the company reported an increase of 9.4% to R$15.475 billion.

Thus, the leverage ratio, measured as a ratio between adjusted net debt and adjusted Ebitda, was 9.7 times, an increase of 5.4 times compared to the third quarter of 2020.

Expectations

Gul also reported that the pace of recovery is expected to accelerate in the fourth quarter of 21, supported by the growth in the country’s vaccination rate, the entry into the high summer season, and the return of international flights.

As a result, the airline has updated its forecast for the fourth quarter of 2021. The planned capacity for the fourth quarter of 2021 will increase by 29% compared to the fourth quarter of 2021.

In order to adapt the operation to current demand levels, at the end of the period, GOL will have 102 aircraft operating in its network, which will represent 112% of the average fleet operated in the fourth quarter of 2020 and 36% larger compared to the third quarter of 21 .

The company expects loyalty program revenue to exceed R$600 million in Q421 and that consolidated revenue for the company in Q421 will increase approximately 40% compared to the same period last year.

GOL expects to end Q421 with R$3.8 billion in cash and R$15.8 billion in adjusted net debt.

Finally, it estimates that the loyalty program will reach total sales of over R$2.5 billion in 2022.

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