GOL Reports Net Revenues of R$2.7bn and EPS of R$(0.09) for 4Q16
Friday, February 17, 2017 6:48:00 AM ET
GOL Linhas Aereas Inteligentes S.A. ("GLAI"), (GOL AND BM& ), Brazils No. 1 airline, announces today its consolidated results for the fourth quarter (4Q16) and the full year of 2016. All information is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reais (R$), and all comparisons are with the fourth quarter and full year of 2015 unless otherwise stated.
Operating and Financial Highlights
-- Net loss for the quarter was R$30.2 million (US$ 8.7 million), representing a negative 1.1% net margin. Earnings per share (EPS) were R$(0.09) and earnings per ADS were US$(0.003). Reported full-year 2016 net income was R$1.1 billion (US$316.1 million), on revenues of R$9.9 billion, representing a net margin of 11.2%. Reported full-year 2016 earnings per share were R$3.17 (US$0.09 per ADS)
-- Operating result (EBIT) in 4Q16 was R$198.2 million, representing and EBIT margin of 7.4%. Full year 2016 EBIT reached R$696.5 million, representing a margin of 7.1%. Net cash flow in 4Q16 was R$93.8 million. Cash, cash equivalents, short-term investments and accounts receivable totaled R$1,922.4 million, an increase of R$93.7 million over 3Q16.
-- Operating cost per ASK (CASK), excluding non-operating expenses, decreased 10.1% from 21.94 cents (R$) in 4Q15 to 19.73 cents (R$) in 4Q16. Non-fuel CASK, excluding non-operating expenses, decreased 6.8% to 13.97 cents (R$) mainly due to lower level of aircraft rent per ASK
-- RPKs decreased 3.0% from 9,440 million in 4Q15 to 9,161 million in 4Q16. ASKs decreased by 5.7% from 12,518 million in 4Q15 to 11,800 million in 4Q16. Average load factor increased 2.2 percentage points to 77.6% and average passenger yields increased 3.8% to 25.57 cents (R$), resulting in RASK of 22.58 cents (R$), a 6.6% increase versus 4Q15. Average fares were R$289.0.
-- Net revenues reached R$2.7 billion, representing growth of 0.5%. Revenue per aircraft of US$6.3 million represented a high level of aircraft revenue productivity. Ancillary and cargo revenues decreased by 1.3% over 4Q15 to R$321.7 million, representing 12.1% of total net revenue. In the full year of 2016, ancillary and cargo revenues totaled R$1.2 billion.
-- GOL transported a total of 8.1 million passengers in 4Q16, and 15.4% decrease over 4Q15, and GOLs market share of the domestic and international regular air transportation at the end of 4Q16 was 36.3% and 10.6%, respectively, up from 35.8% and 12.3% and the end of 4Q15.
-- On-time arrivals and flight completion averaged, respectively, 94.0% and 98.3% (ANAC data) during 4Q16. In 2016, GOL was the most on-time airline in Brazil according to OAG (Official Airline Guide). Passenger complaints and lost baggage per 1,000 passengers averaged 1.7329 and 2.15, respectively.
-- Five Boeing 737 aircraft were returned to lessors during 4Q16, reducing the total fleet to 121 operating aircraft. Seven 737s will be returned during 1Q17. Total debt was reduced by R$2.9 billion during 2016 to R$6,379.2 billion.
-- GOLs ADRs had an average daily trading volume of US$3.7 million during 4Q16, as compared to US$493 thousand in 4Q15. GOLs PNs had an average daily trading volume of R$19.5 million during 4Q16, as compared to R$4.4 million in 4Q15.
-- During 2016, for the 11th consecutive year, GOL conducted its 404 certification process. GOL was one of the first foreign private issuers to assess the effectiveness of the Companys internal control over financial reporting and meet the requirements of Section 404 of the Sarbanes-Oxley Act of 2002.
For further information visit www.voegol.com.br/ir
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About GOL Linhas Aereas Inteligentes S.A. ("GLAI")
Brazils largest air transportation and travel services group with three main businesses: passenger transportation, cargo transportation and coalition loyalty program. GOL is Brazils largest airline, carrying 32mm 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 14,000 highly skilled aviation professionals delivering Brazils top on-time performance, and an industry leading 16 year safety record. GOLs shares are traded on the NYSE (GOL) and the BM&FBOVESPA (GOLL4).
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