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Financial Outlook

2017 Financial Guidance 2018E
Previous
2018E
Revised
2019E
Previous
2019E
Revised
Total fleet (average) 117 118 122 to 124 121 to 123
Total Operational fleet (average) 110 110 116 115
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% 2% to 4%
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) ~1.0 ~1.0 ~1.3 ~1.2
Total net revenues (R$ billion) ~ 1.5 ~11.5 ~12.5 ~12.8
Non-fuel CASK (R$ cents) ~ 13.5 ~ 13.5 ~14 ~14
Fuel liters consumed (mm) ~ 1,370 ~ 1,370 ~1,420 ~1,420
Fuel price (R$ / liter) ~ 2.9 ~ 2.9 ~2,9 ~2.9
EBITDA margin (%) ~ 16% ~ 16% ~17% ~17%
Operating (EBIT) margin (%) ~ 11% ~ 11% ~12% ~12%
Net financial expense² (R$ mm) ~800 ~800 ~500 ~500
Pre-tax margin2 (%) ~4 ~4 ~8 ~8
Effective income tax rate (%) ~23% ~23% ~10% ~10%
Minority interest3 (R$ mm) ~289 ~280 * *
Capital expenditures, net (R$mm) ~750 ~750 ~600 ~600
Net Debt4 / EBITDA (x) ~2.8x ~2.6x ~2.5x ~2.5x
Fully-diluted shares outstanding (million) 348.7 348.7 348.7 348.7
Aircraft rent (R$mm) ~ 1100 ~1100 ~1,000 ~1,000
Earnings per share - fully diluted² (R$) 0.10 to 0.30 0.05 to 0.25 1.50 to 1.90 1.50 to 1.90
Earnings per share - fully diluted (R$) (1.20) to (1.00) (2.00) to (1.80) 1.50 to 1.90 1.50 to 1.90
Fully-diluted ADS outstanding (million) 174.4 174.4 174.4 174.4
Earnings per ADS - fully diluted² (US$) 0.05 to 0.15 0.03 to 0.10 0.80 to 1.20 0.80 to 1.20
Earnings per ADS - fully diluted (US$) (0.60) to (0.50) (1.10) to (1.00) 0.80 to 1.20 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.