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Financial Outlook

General Guidance
(Consolidated, IFRS)
2019E
Previous
2019E
Reviewed
2020E
Previous
2020E
Reviewed
Total fleet (average) 122 to 125 124 a 127 125 to 128 128 to 131
Total Operational fleet (average) ~117 119 ~120 123
ASKs, System (% change) 6 to 10 7 to 10 7 to 10 7 to 10
- Domestic 2 to 4 3 to 4 3 to 5 4 to 5
- International 35 to 45 35 to 40 10 to 20 25 to 35
Seats, System (% change) 3 to 4 4 to 5 1 to 3 4 to 5
Departures, System (% change) 3 to 5 4 to 5 1 to 3 4 to 5
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 ~13 ~14.2 ~14.5
Non-fuel CASK (R$ cents) ~13 ~14 ~13 ~14
Fuel liters consumed (mm) ~ 1,420 ~ 1,450 ~1,480 ~1,500
Fuel price (R$ / liter) ~ 2.9 ~ 3,0 ~3,0 ~3.1
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% ~22% ~20% ~22%
Minority interest4 (R$ mm) ~300 ~303 ~330 ~334
Capital expenditures, net (R$mm) ~650 ~700 ~600 ~650
Net Debt5 / EBITDA (x) ~3.0x ~2.9x ~2.5x ~2.4x
Fully-diluted shares outstanding (million) 348.7 384 348.7 384
Earnings per share - fully diluted (R$) 2.20 to 2.60 1.20 to 1.60 2.60 to 3.10 1.80 to 2.30
Fully-diluted ADS outstanding (million) 174.4 192 174.4 192.0
Earnings per ADS - fully diluted (US$) 1.20 to 1.40 0.70 to 0.90 1.60 to 1.90 1.00 to 1.30

(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 May 13, 2019

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