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Financial Outlook

2017 Financial Guidance 2017E
Previous
2017E
Revised
2018E
Preliminary
Average operating fleet 115 116 118
ASKs, System (% change) + 0.5% + 0.5% 1% to 3%
- Domestic - + 0.5% 0% to 3%
- International - + 0.2% 7% to 10%
Seats, System (% change) - 2% - 3% 1% to 3%
Departures, System (% change) - 4% - 5% 1% to 3%
Average load factor (%) ~ 79% ~ 79% 79% to 80%
Cargo and other revenues (R$ billion) - ~ R$1.4 ~ R$ 1.6
Total net revenues (R$ billion) ~ R$10.3 ~ R$10.4 ~ R$11
Non-fuel CASK (R$ cents) ~ 13.7 ~ 14 ~ 15
Fuel liters consumed (mm) - ~ 1,370 ~ 1,400
Fuel price (R$ / liter) - ~ 2.1 ~ 2.2
Aircraft rent (R$mm) ~ R$1,000 ~ R$ 950 ~ R$ 950
EBITDA margin (%) ~ 14% ~ 14% ~ 16%
Operating (EBIT) margin (%) ~ 9% ~ 9% ~ 11%
Capital expenditures (R$mm) - ~ 600 ~ 600
Net Debt¹ / EBITDA (x) ~ 3.4x ~ 3.4x ~ 3.0x
Fully-diluted shares outstanding (million) 347.7 347.7 347.7
Earnings per share - fully diluted² (R$) 0.80 a 0.90 0.80 to 0.90 1.20 to 1.40
Fully-diluted ADS outstanding (million)³ 173.8 173.8 173.8
Earnings per ADS - fully diluted²,³ (US$) 0.50 to 0.56 0.50 to 0.56 0.75 to 0.90

(1) Excluding perpetual notes. (2) After minority interest. (3) 2017E Previous adjusted for change in share to ADR ratio from 5:1 to 2:1.