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Financial Outlook

General Guidance
(Consolidated, IFRS)
2019E
Previous
2019E
Reviewed
2020E
Previous
2020E
Reviewed
Total fleet (average) 125 to 127 ~ 126 131 to 136 134 to 139
Total Operational fleet (average) 119 ~ 119 127 127
ASKs, System (% change) 9 to 11 ~ 9 6 to 8 7 to 9
- Domestic 5 to 6 ~ 5 5 to 6 6 to 9
- International 35 to 40 ~ 30 15 to 25 15 to 20
Seats, System (% change) 8 to 9 ~ 8 5 to 7 6 to 8
Departures, System (% change) 6 to 7 ~ 6 5 to 7 6 to 8
Average load factor (%) 79 to 81 ~ 81 80 to 82 80 to 82
Cargo and other revenues² (R$ billion) ~1.2 ~1.1 ~1.3 ~1.1
Total net revenues (R$ billion) ~13.5 ~13.7 ~15.5 ~15.5
Non-fuel CASK (R$ cents) ~14 ~14.5 ~14 ~14
Fuel liters consumed (mm) ~ 1,500 ~ 1,500 ~1,600 ~1,600
Fuel price (R$ / liter) ~ 2.9 ~ 2.9 ~3.1 ~3.0
EBITDA margin (%) ~ 28 ~ 29 ~29 ~30
Operating (EBIT) margin (%) ~ 18% ~ 17% ~19% ~19%
Net financial expense² (R$ billion) ~1.2 ~1.2 ~1.2 ~0.9
Pre-tax margin³ (%) ~10 ~7 ~12 ~13
Effective income tax rate (%) ~22% ~20% ~22% ~15%
Minority interest4 (R$ mm) ~293 ~290 ~320 ~311
Capital expenditures, net (R$mm) ~700 ~700 ~650 ~650
Net Debt5 / EBITDA (x) ~2.8x ~2.7x ~2.4x ~2.4x
Fully-diluted shares outstanding (million) 391 391 391 391
Earnings per share - fully diluted (R$) 1.40 to 1.70 ~ 0.90 2.00 to 2.50 2.80 to 3.30
Fully-diluted ADS outstanding (million) 195.5 195.5 195.5 195.5
Earnings per ADS - fully diluted (US$) 0.80 to 0.95 ~ 0.45 1.20 to 1.50 1.40 to 1.65

(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.

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