GOL Reports Net Revenues of R$2.6bn and EPS of R$0.46 for 1Q17

GOL Linhas Aereas Inteligentes S.A. («GOL»), (NYSE: GOL and B3: GOLL4), Brazil’s #1 airline, announces today its consolidated results for the first quarter (1Q17). All information is presented in accordance with International Financial Reporting Standards (IFRS) and in Brazilian Reals (R$), and all comparisons are with the first quarter of 2016 unless otherwise stated.

Operating and Financial Highlights

Net income after minority interest for the quarter was R$160.4 million (US$51.3 million), representing a 6.1% net margin. Earnings per share (EPS) after minority interest were R$0.46 and earnings per ADS after minority interest were US$0.007. Gross Revenue in 1Q17 was R$2.8 billion.

Operating result (EBIT) in 1Q17 was R$253.2 million, representing an EBIT margin of 9.6%. Adjusted operating result excluding non-recurring expenses was R$345.4 million, representing a margin of 13.1%.
Net cash flow in 1Q17 was negative R$175.1 million. Cash, cash equivalents, short-term investments and accounts receivable totaled R$1,517.2 million.

Excluding non-recurring expenses in 1Q17, total adjusted CASK was 19.14 cents (R$). Total adjusted CASK in the quarter decreased 5.6% when compared to the adjusted CASK in 1Q16. In 1Q17, total CASK increased by 7.4%, to 19.91 cents (R$), and total operating expenses increased by 5.3%, to R$2,392.8 million. Total cost in 1Q16 was lower due to gains on sale-leaseback operations in that quarter.

Adjusted CASK ex-fuel, excluding non-operating expenses, decreased 7.6% to 13.02 cents (R$). CASK ex-fuel increased 11.6%, achieving 13.79 cents (R$).

RPKs increased 0.7% from 9,497 million in 1Q16 to 9,561 million in 1Q17.

ASKs decreased by 2% from 12,262 million in 1Q16 to 12,019 million in 1Q17. Average load factor increased 2.1 percentage points to 79.6% and average passenger yields decreased 6.5% to 24.02 cents (R$), resulting in RASK of 22.01 cents (R$), a 0.5% reduction versus 1Q16. Average fares were R$279.7, a 2.6% increase in comparison with the average fares in the 1Q16 (R$272.5)…

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