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Financial Outlook

General Guidance
(Consolidated, IFRS)
2019E
Previous
2019E
Reviewed
2020E
Previous
2020E
Reviewed
Total fleet (average) 122 to 125 122 to 125 125 to 128 125 to 128
Total Operational fleet (average) ~117 117 ~120 120
ASKs, System (% change) 6 to 10 6 to 10 7 to 10 7 to 10
- Domestic 2 to 4 2 to 4 3 to 5 3 to 5
- International 35 to 45 35 to 45 10 to 20 10 to 20
Seats, System (% change) 3 to 4 3 to 4 1 to 3 1 to 3
Departures, System (% change) 3 to 5 3 to 5 1 to 3 1 to 3
Average load factor (%) 79 to 81 79 to 81 79 to 81 79 to 81
Cargo and other revenues² (R$ billion) ~1.0 ~1.0 ~1.1 ~1.1
Total net revenues (R$ billion) ~12.9 ~12.9 ~14.2 ~14.2
Non-fuel CASK (R$ cents) ~13 ~13 ~13 ~13
Fuel liters consumed (mm) ~ 1,420 ~ 1,420 ~1,480 ~1,480
Fuel price (R$ / liter) ~ 2.9 ~ 2.8 ~3,0 ~2.9
EBITDA margin (%) ~ 27% ~ 28% ~28% ~29%
Operating (EBIT) margin (%) ~ 17% ~ 18% ~18% ~19%
Net financial expense² (R$ billion) ~1.2 ~1.2 ~1.2 ~1.2
Pre-tax margin³ (%) ~9 ~10 ~11 ~12
Effective income tax rate (%) ~20% ~20% ~20% ~20%
Minority interest4 (R$ mm) ~300 ~300 ~330 ~330
Capital expenditures, net (R$mm) ~650 ~650 ~600 ~600
Net Debt5 / EBITDA (x) ~3.0x ~2.9x ~2.5x ~2.4x
Fully-diluted shares outstanding (million) 348.7 349.9 348.7 349.9
Earnings per share - fully diluted (R$) 2.20 to 2.60 2.40 to 2.80 2.60 to 3.10 2.80 to 3.30
Fully-diluted ADS outstanding (million) 174.4 174.9 174.4 174.9
Earnings per ADS - fully diluted (US$) 1.20 to 1.40 1.30 to 1.50 1.60 to 1.90 1.70 to 2.00

(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 March 06, 2019

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