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© Reuters. By marcelo rochabrun
SAO PAULO (Reuters) – Gol (SA 🙂 said on Monday that it has enough cash and reserves for its operations by the end of the year, despite the fact that it has so far not organized a financial support of R $ 3 billion from the BNDES. .
The company had a net loss of 2.3 billion reais in the first three months of the year, practically due to the depreciation of the real against the dollar, which affects its expenses and financial costs. A year ago, Gol’s loss from January to the end of March had been 32 million reais.
The effects of the coronavirus pandemic, which forced the global airline industry to leave virtually most of its aircraft grounded, had little effect on the company’s balance sheet for the period, said Gol, who published unaudited figures on Monday.
The company said it postponed the balance sheet with the auditors’ approval until May 15 because they requested two more weeks to finish the job.
Last month, auditors at Colombian airline Avianca Holdings expressed “substantial doubts” about the company’s ability to continue operating within a year.
In Monday’s unaudited balance sheet, Gol said it expects to reduce its daily cash consumption to 7 million reais in the second half. If the company manages to meet this, it will have 2.6 billion reais in cash by the end of the year.
In the first quarter, Gol’s daily cash consumption was approximately R $ 22 million. The company said it expects the number to drop to 9 million by the end of June, less than the 12 million forecast for the second quarter.
The company also said it expects second-quarter revenue to be 900 million reais, up from 3.1 billion the previous year. The recurring profit margin before interest, taxes, depreciation and amortization (Ebitda) in the period is expected to fall from 25.9% to around 6%.
Gol stated that it intends to maintain a reduced supply until the end of the year, with an average fleet in the second quarter of 27 aircraft, for which it expects an occupancy rate of approximately 80%.
The expectation of the net debt / Ebitda ratio at the end of June is 2.9 times compared to 2.4 times at the end of March. In the first quarter of 2019, the leverage was 3.2 times.
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