GOL Linhas Aéreas Inteligentes (GOL), Brazil's largest domestic airline, has updated its financial forecasts in light of the expected approximately 30% increase in Brazilian jet fuel prices since the beginning of the year. For 2022, GOL states that it will maintain its focus on the fleet transformation and expects that by year end it will have 44 aircraft 737-MAXs in service, which will represent around 32% of the total fleet. As a result of this modernization process, GOL expects a reduction of approximately 8% in its unit cost (CASK).
GOL says that it has reported its best quarterly operating results since the outbreak of the pandemic due to focus on costs, achieving 36% adjusted EBITDA margin.
Gross sales in 4Q21 exceeded 4Q19 as GOL re-established flights between core markets in Brazil
Disciplined capacity management has protected liquidity. Load factor and aircraft utilization continued to improve, flight frequencies increased by 25% and market share grew in 4Q21
"In 2021, aiming at 'being the first for all', we made significant progress across multiple measures of success, derived from our winning business model, a highly flexible and efficient fleet, and by providing a Customer experience that continues to build preference for our brand," said Paulo Kakinoff, CEO. "What we achieved during the pandemic was made possible by the trust we received from our tireless and highly competent Team of Eagles, our Customers, our suppliers and our investors."
"For 2022, we'll maintain focus on the fleet transformation to the 737-MAX. We expect that by year's end we will have 44 aircraft of this model in service, which will represent around 30% of the total fleet. As a result of this modernization process, we expect a reduction of approximately 8% in unit cost (CASK)," added Kakinoff.
In the fourth quarter, GOL transported around 6.5 million customers, up 26.1% compared to 4Q20, and equivalent to 67.9% of the same quarter of 2019. In December/21, 2.5 million customers were transported, equivalent to 72.2% of the amount in December 2019.
Average load factor reached 82.6%, up 1.5 p.p. over 4Q20. Aircraft utilization reached 11.5 hours per day in 4Q21, a significant gain in productivity of 29.2% YoY.
GOL booked net revenue of R$2.9 billion in 4Q21, 54.5% higher than in 4Q20 and the highest since the outbreak of the pandemic. Around 3.9% of that amount was generated by the cargo business (GOLLOG) and the frequent- flyer program (Smiles). GOL’s net loss was R$682.1 million. The net debt ratio (including 7x annual lease payments and excluding perpetual bonds) to adjusted LTM EBITDA was 9,7x at December 31, 2021.
Revenue per Available Seat-Kilometer (RASK) reached R$33.15 cents, up by 34.9% over 4Q20 and 15.5% lower compared to the 4Q19. Average yield per passenger reached R$38.58 in 4Q21, up by 40% YoY and 16.3% higher in relation to 4Q19.Cost per Available Seat Kilometer (CASK) adjusted was R$23.43, an increase of 16.8% YoY, mainly driven by the CASK Fuel that increased 81.5%. The cost strictly linked to the operating fleet (CASK ex-fuel adjusted) reached R$11.92 in the period, a reduction of 13.1% over 4Q20.
At the end of the quarter, GOL’s financeable amounts of deposits and unencumbered assets, and potential sources of liquidity were approximately R$5.7 billion.