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Financial Outlook

2017 Financial Guidance 2018E
Previous
2018E
Revised
2019E
Previous
2019E
Revised
Total fleet (average) 117 117 122 to 124 122 to 124
Total Operational fleet (average) * 110 * 116
ASKs, System (% change) 1% to 2% 1% to 2% 5% to 10% 5% to 10%
- Domestic 0% to 2% 0% to 2% 1% to 3% 1% to 3%
- International 6% to 8% 6% to 8% 30% to 40% 30% to 40%
Seats, System (% change) 0% to 2% 0% to 2% 3% to 5% 3% to 5%
Departures, System (% change) 0% to 2% 0% to 2% 2% to 5% 2% to 5%
Average load factor (%) 79% to 80% 79% to 80% 79% to 81% 79% to 81%
Cargo and other revenues (R$ billion) ~ R$ 1.2 ~ R$ 1.0 ~1.6 ~1.3
Total net revenues (R$ billion) ~ R$11 ~ R$11.5 ~12 ~12.5
Non-fuel CASK (R$ cents) ~ 14 ~ 13.5 ~15 ~14
Fuel liters consumed (mm) ~ 1,380 ~ 1,370 ~1,440 ~1,420
Fuel price (R$ / liter) ~ 2.5 ~ 2.9 ~2,6 ~2.9
Aircraft rent (R$mm) ~ R$ 960 ~ R$ 1100 ~1,000 ~1,000
EBITDA margin (%) ~ 16% ~ 16% ~18% ~17%
Operating (EBIT) margin (%) ~ 11% ~ 11% ~13% ~12%
Net financial expense² (R$ mm) ~650 ~800 ~500 ~500
Pre-tax margin2 (%) * ~4 * ~8
Effective income tax rate (%) ~5% ~23% ~0% ~10%
Minority interest3 (R$ mm) - ~289 * *
Capital expenditures, net (R$mm) ~700 ~750 ~600 ~600
Net Debt4 / EBITDA (x) ~2.8x ~2.8x ~2.5x ~2.5x
Fully-diluted shares outstanding (million) 348.4 348.7 348.7 348.7
Earnings per share - fully diluted² (R$) * 0.10 to 0.30 * 1.50 to 1.90
Earnings per share - fully diluted (R$) 0.9 to 1.10 (1.20) to (1.00) 1.70 to 2.30 1.50 to 1.90
Fully-diluted ADS outstanding (million) 174.2 174.4 174.4 174.4
Earnings per ADS - fully diluted² (US$) * 0.05 to 0.15 * 0.80 to 1.20
Earnings per ADS - fully diluted (US$) 0.50 to 0.65 (0.60) to (0.50) 1.00 to 1.50 0.80 to 1.20

1) Cargo, loyalty, buy-on-board and other ancillary revenues; (2) Excluding currency gains and losses; (3) Average of analyst estimates (Source: Bloomberg); (4) Excluding perpetual bonds; (*) Not provided.