Where are you: \ en-usa \ Financial and Operating Information \ Financial Outlook

Financial Outlook

2017 Financial Guidance 2018E
Previous
2018E
Revised
2019E³
Total fleet (average) 118 117 122 to 124
ASKs, System (% change) 1% to 3% 1% to 2% 5% to 10%
- Domestic 0% to 3% 0% to 2% 1% to 3%
- International 7% to 10% 6% to 8% 30% to 40%
Seats, System (% change) 1% to 3% 0% to 2% 3% to 5%
Departures, System (% change) 1% to 3% 0% to 2% 2% to 5%
Average load factor (%) 79% to 80% 79% to 80% 79% to 81%
Cargo and other revenues (R$ billion) ~ R$ 1.6 ~ R$ 1.2¹² ~1.6¹²
Total net revenues (R$ billion) ~ R$11 ~ R$11 ~12
Non-fuel CASK (R$ cents) ~ 15 ~ 14 ~15
Fuel liters consumed (mm) ~ 1,400 ~ 1,380 ~1,440
Fuel price (R$ / liter) ~ 2.2 ~ 2.5 ~2,6
Aircraft rent (R$mm) ~ R$ 950 ~ R$ 960 ~1,000
EBITDA margin (%) ~ 16% ~ 16% ~18%
Operating (EBIT) margin (%) ~ 11% ~ 11% ~13%
Net financial expense (R$ mm) - ~650 ~500
Effective income tax rate (%) ~0% ~5% ~0%
Capital expenditures (R$mm) ~600 ~700 ~600
Net Debt¹ / EBITDA (x) ~3.0x ~2.8x ~2.5x
Fully-diluted shares outstanding (million) 347.7 348.4 348.4
Earnings per share - fully diluted² (R$) 1.20 to 1.40 0.90 to 1.10 1.70 to 2.30
Fully-diluted ADS outstanding (million)³ 173.9 174.2 174.2
Earnings per ADS - fully diluted²,³ (US$) 0.75 to 0.90 0.50 to 0.65 1.00 to 1.50

(¹) Excluding perpetual bonds; (²) After participation of minority interest in Smiles S.A. (³) 2019 does not consider IFRS 16; (¹²) 2018 and 2019 consider IFRS 15