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Financial Outlook

General Guidance
(Consolidated, IFRS)
2018E
Previous
2018E
IFRS 16, Prelimilary¹
2019E
Previous
2019E
IFRS 16, Preliminary¹
2020E
IFRS 16, Preliminary¹
Total fleet (average) 118 118 121 to 123 122 to 125 125 to 128
Total Operational fleet (average) 110 110 115 117 120
ASKs, System (% change) 1 to 2 2,9 5 to 10 6 to 10 7 to 10
- Domestic 1 to 2 2,3 1 to 3 2 to 4 3 to 5
- International 6 to 8 7,6 30 to 40 35 to 45 10 to 20
Seats, System (% change) 0 to 2 2,4 2 to 4 3 to 4 1 to 3
Departures, System (% change) 0 to 2 0 2 to 5 3 to 5 1 to 3
Average load factor (%) 70 to 80 79,9 79 to 81 79 to 81 79 to 81
Cargo and other revenues² (R$ billion) ~0.8 ~0.8 ~1.1 ~1.0 ~1.1
Total net revenues (R$ billion) ~1.5 ~11.4 ~12.8 ~12.9 ~14.2
Non-fuel CASK (R$ cents) ~13.5 ~12.3 ~14 ~13 ~13
Fuel liters consumed (mm) ~1,370 ~ 1,390 ~1,420 ~1,420 ~1,480
Fuel price (R$ / liter) ~ 2.9 ~ 2.9 ~2,9 ~2.9 ~3.0
EBITDA margin (%) ~ 16% ~ 26% ~17% ~27% ~28
Operating (EBIT) margin (%) ~ 11% ~ 16% ~12% ~17% ~18
Net financial expense² (R$ billion) ~0.8 ~1.5 ~0.5 ~1.2 ~1.2
Pre-tax margin³ (%) ~4 ~4 ~8 ~9 ~11
Effective income tax rate (%) ~23% ~23% ~10% ~20% ~20
Minority interest4 (R$ mm) ~280 ~280 ~320 ~300 ~330
Capital expenditures, net (R$mm) ~750 ~750 ~600 ~650 -600
Net Debt5 / EBITDA (x) ~2.6x ~3.6x ~2.5x ~3.0x ~2.5x
Fully-diluted shares outstanding (million) 348.7 348.7 348.7 348.7 348.7
Earnings per share - fully diluted (R$) (2.00) to (1.80) (3.20) to (2.90) 1.50 to 1.90 2.20 to 2.60 2.60 to 3.10
Fully-diluted ADS outstanding (million) 174.4 174.4 174.4 174.4 174.4
Earnings per ADS - fully diluted (US$) (1.10) to (1.00) (1.80) to (1.60) 0.80 to 1.20 1.20 to 1.40 1.60 to 1.90

(1) Considers adoption of IFRS 16; (2) Net revenue of cargo, loyalty, buy-on-board and other ancillary revenues; (3) Excluding currency gains and losses; (4) Source: average of analyst estimates reported on Bloomberg; (5) Excluding perpetual bonds.