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| Statement |
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| Our fundamentals continue to improve as we reduced our leverage to 4x, as of September 30th this year, this third quarter from 9.5x by the end of last year |
| As capacity increase our fleet returns to 2019 levels, we believe that our dedication to cost efficient and our team's commitment to provide the best customer experience will reinforce GOL’s already consolidated competitive position in the market |
| So to conclude, I would like to thank our Eagles team for the new record on revenues that higher margins and the excellent experience they provide daily to our customers |
| They have been doing excellent and tireless work to improve our operational efficiency in our client's experience, which has been reflected in the achievement of record net revenue in this Q3 and consistency of margins quarter-over-quarter, and even the EBIT and EBITDA margins reaching a strong levels of 17.7% and 26.8% respectively |
| Our demand in domestic market continues to grow consistently and resiliency |
| In addition, business travel saw also 17.3% increase compared to the previous quarter and continues to improve consistently as companies continue to show return to office initiatives, with a comprehensive and proven business strategy together with the most-qualified team in the industry have created a healthy combination of capacity recovery and yield growth |
| We are committed to continue to deliver the best cost performance in the industry |
| This demonstrates the potential we have been achievement through the initiatives to diversify other revenues with Smiles and Gollog businesses |
| The first Smiles which has a directly relationship with the perception of a better flight experience expanded its customer base by more than 80% year-over-year and reached more than BRL1 billion in revenue |
| We are confident in our ability to deliver significant improvements, particularly in capturing upsides for reduction of our ex-fuel CASK |
| We want to grow again, bring back planes back to the operation, be more productive with the fleet and give people better access to better fares |
| And if you look to the baseline, the Company is generating a healthy profit a healthy EBITDA, that's why it means that for every aircraft that we are going to be adding back to the operation, we are going to be creating additional EBITDA, additional cash flow that can help, of course, the next coming year cash flow in order to address higher CapEx going forward |
| I'm extremely proud of this team's roles in rebuilding the best performing airline in the region |
| For another consecutive quarter, we achieve a record revenues for a third quarter of BRL4.7 billion with an EBIT operating margin of 17.7%, an increase of more than 11 percentage points comparing to the previous years, positioning GOL among the companies with the best operating performance in the sector |
| This has been achieved by the trust we have obtained from our customers, investors, suppliers, lessors, and in particular our teams who have done an impressive job and whose dedication has been the key factor that continues to drive us in this space of recovery |
| We reached BRL5.4 billion in sales volume this quarter demonstrating that future booking curves remain strong, and we have continuously high load factors |
| The third quarter was another solid milestone to demonstrate that GOL’s, strategy and execution in adding profitable growth is generating consistent results as we expected |
| Our business model has proven to be robust with a strong track records of execution and industry leadership |
| The rightsizing of our fleet, we will allow to deliver even higher levels of profitability and to optimize its low cost business model supported by higher aircraft utilization |
| We believe this is an opportunity to upside in cost efficiencies that does not existent for our competitors who are already pushing to the upper end of their historical fleet utilization |
| Our operation continues to build on the solid foundations we have established in the recent years and our commitment to provide reliability, profitability, and strengthening our balance sheet |
| Yield grew 4.5% in the period while our PRASK is up by 7.6% and our RASK increased 10.7% |
| This is strengthening of the partnership also provides for the enhancement of joint sales and more benefits for customers of GOL, Smiles and Air France-KLM, Flying Blue loyalty programs as well an expansion of the Air France-KLM workshop existing engine maintenance support for GOL’s CFM56 and LEAP engines |
| We had the best our GOL ever reported to ANAC with 8.2 million passenger support in Brazil |
| And of course, if that's happened, we can turn it into higher margins better cash flow |
| Our yields and RASK also reached a record levels growing 4.5% and 10.7% respectively to BRL47.43 |
| But we see that especially in the next quarters, a very stable environment in the yields and a very rational industry, and potentially for the first time in many, many years in Brazil, and not only in Brazil, but also in the region |
| Strengthening our balance sheet remains our top priority |
| So, the point is that, we are focus on now on putting the Company back on-track in terms of operational and productivity performance, and also that resolving, most of that capacity plus the CapEx issue that is something that if you can fix that, company will be behaving much better in terms of their financial performance because something that I wanted to highlight is that we are producing that EBIT and EBITDA generation even carrying this drag in our balance sheet |
| We continue on our discipline path to profitable capacity recover as can be seen, the 2.4 percentage point increase in our load factor while our aircraft utilization rate increased it by 2% to 11.3 hours per day |
| Statement |
|---|
| And the main problem, especially in this year was not the level of what GOL can generate in terms of digital, but also the lack of credit of availability, especially during the first half of the year |
| Like you saw, we took delivered of one MAX out of the 15 and we may take… [Technical Difficulty] Celso Ferrer I think we had a problem with our connection |
| And given the uncertainty, of course, this is structural overhead |
| To conclude my highlights and in order to provide the usual transparency to our investors, we are predating our financial outlook for this year, 2023, reflecting the nine months results that has been already delivered with a more challenging scenario for fuel costs for 4Q ‘23 that practically offset the benefit generating throughout the second quarter ‘23 mostly, and also the impacts on capacity derived from the quarantine certainty in our fleet plan that generate a lower dilution in our fixed cost especially on the CASK ex-fuel impact for the four 4Q ‘23 |
| Now we have some uncertainty |
| The industry has been impacted by uncertainties in the schedule of delivers of new aircraft by manufacturers |
| But also there is the challenge on the CapEx side, if we decide to return more planes, the then to fulfill the gap on the delivers, and that's what Mario answered before |
| Of course, one of the main challenges right now is how we can address the balance sheet issues, right, and also, the CapEx that has been remained from the previous years |
| Hey, Dan, sorry, I was answering your question and I had a connectivity problem |
| We had a problem with my connection here |
| But you can see that in terms of seats and also departures, we were in the low end and now we reduce that guidance related to seats |
| And so, this is one of the hurdles we are facing as well |
| That of course, hedge activities right now has been something especially here for the Brazil Airlines that is more costly |
| So we were just wondering if you could help us reconcile the downward revision in net revenue guidance |
| And so as I explained in my first comments here, we are going to face a temporal increase in our CASK ex-fuel for at least 12 months |
| While our ASKs increased by 5.2% comparing to last year, they are still 19.3% lower comparing to third quarter 2019 |
| So, we don't expect that the death recovery is going to be taken so fast |
| So, we are considering less departures and of course that is been impacting a lower number of revenue |
| And that was a result of that impact that we answered in the previous questions related to the lower number of MAX to be delivered |
| And no matter the fleet in our case, we mentioned a lot of the constraints we have right now |
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