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Financial Outlook

General Guidance
(Consolidated, IFRS)
2019E
Previous
2019E
Reviewed
2020E
Previous
2020E
Reviewed
Total fleet (average) 124 to 127 125 to 127 128 to 131 131 to 136
Total Operational fleet (average) 119 119 ~123 127
ASKs, System (% change) 7 to 10 9 to 11 7 to 10 6 to 8
- Domestic 3 to 4 5 to 6 4 to 5 5 to 6
- International 35 to 40 35 to 40 25 to 35 15 to 25
Seats, System (% change) 4 to 5 8 to 9 4 to 5 5 to 7
Departures, System (% change) 4 to 5 6 to 7 4 to 5 5 to 7
Average load factor (%) 79 to 81 79 to 81 79 to 81 80 to 82
Cargo and other revenues² (R$ billion) ~1.0 ~1.2 ~1.1 ~1.3
Total net revenues (R$ billion) ~13 ~13.5 ~14.5 ~15.5
Non-fuel CASK (R$ cents) ~14 ~14 ~14 ~14
Fuel liters consumed (mm) ~ 1,450 ~ 1,500 ~1,500 ~1,600
Fuel price (R$ / liter) ~ 3,0 ~ 2,9 ~3,1 ~3.1
EBITDA margin (%) ~ 28% ~ 28% ~29% ~29%
Operating (EBIT) margin (%) ~ 18% ~ 18% ~19% ~19%
Net financial expense² (R$ billion) ~1.2 ~1.2 ~1.2 ~1.2
Pre-tax margin³ (%) ~10 ~10 ~12 ~12
Effective income tax rate (%) ~22% ~22% ~22% ~22%
Minority interest4 (R$ mm) ~303 ~293 ~334 ~320
Capital expenditures, net (R$mm) ~700 ~700 ~650 ~650
Net Debt5 / EBITDA (x) ~2.9x ~2.8x ~2.4x ~2.4x
Fully-diluted shares outstanding (million) 384 391 384 391
Earnings per share - fully diluted (R$) 1.20 to 1.60 1.40 to 1.70 1.80 to 2.30 2.00 to 2.50
Fully-diluted ADS outstanding (million) 192 195.5 192.0 195.5
Earnings per ADS - fully diluted (US$) 0.70 to 0.90 0.80 to 0.95 1.00 to 1.30 1.20 to 1.50

(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.

Last Update on August 01, 2019

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