Gol Intelligent Airlines Inc.

CIK:0001291733|SEC Filings

Consolidated statements of comprehensive income (loss) - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net revenue
Passenger	R$ 17,251,510	R$ 14,153,076	R$ 6,880,135
Mileage program, cargo and other	1,522,514	1,045,649	553,249
Total net revenue	18,774,024	15,198,725	7,433,384
Salaries, wages and benefits	(2,522,655)	(2,278,823)	(2,034,069)
Aircraft fuel	(5,950,351)	(6,288,371)	(2,631,900)
Landing fees	(901,156)	(777,349)	(456,006)
Aircraft, traffic and mileage servicing	(1,209,212)	(922,366)	(915,373)
Passenger service expenses	(811,703)	(882,842)	(549,517)
Sales and marketing	(918,583)	(817,404)	(406,553)
Maintenance, materials and repairs	(1,364,612)	(461,612)	(2,200,678)
Depreciation and amortization	(1,667,259)	(1,720,134)	(1,335,813)
Other income (expenses), net	(89,515)	(492,710)	(738,070)
Total operating costs and expenses	(15,435,046)	(14,641,611)	(11,267,979)
Income (Loss) before financial income (expenses), exchange rate variation, net and income tax and social contribution	3,338,978	557,114	(3,834,595)
Financial income (expenses)
Financial income	572,261	116,517	48,794
Financial expenses	(4,244,982)	(3,516,884)	(2,201,045)
Derivative financial instruments	(1,800,330)	(2,626)	198,752
Total financial income (expenses)	(5,473,051)	(3,402,993)	(1,953,499)
Loss before exchange rate variation, net and income tax and social contribution	(2,134,073)	(2,845,879)	(5,788,094)
Monetary and foreign exchange rate variation, net	1,177,292	1,328,204	(1,588,133)
Loss before income tax and social contribution	(956,781)	(1,517,675)	(7,376,227)
Income tax and social contribution
Current	(23,317)	(9,302)	(48,862)
Deferred	(242,161)	(34,496)	241,285
Total income (loss) taxes	(265,478)	(43,798)	192,423
Loss for the year	(1,222,259)	(1,561,473)	(7,183,804)
Net income (loss) attributable to:
Equity holders of the parent company	(1,222,259)	(1,561,473)	(7,221,538)
Non-controlling interest shareholders			37,734
Basic and diluted loss per share
Loss for the year	(1,222,259)	(1,561,473)	(7,183,804)
Other comprehensive income (loss) – items that are or may be reclassified subsequently to profit or loss
Cash flow hedge, net of income tax and social contribution	252,576	305,448	392,275
Actuarial income (loss) from post-employment benefits, net of income tax and social contribution	(34,503)	(17,514)	41,524
Currency translation adjustment of subsidiaries	(64,318)	(5,341)	739
Total	153,755	282,593	434,538
Total comprehensive loss for the year	(1,068,504)	(1,278,880)	(6,749,266)
Comprehensive income (loss) attributable to:
Equity holders of the parent company	(1,068,504)	(1,278,880)	(6,787,271)
Non-controlling interest shareholders			R$ 38,005
Common Shares [Member]
Basic and diluted loss per share
Basic loss per share	R$ 0.083	R$ 0.109	R$ 0.545
Diluted loss per share	0.083	0.109	0.545
Preferred Shares [Member]
Basic and diluted loss per share
Basic loss per share	2.920	3.822	19.157
Diluted loss per share	R$ 2.920	R$ 3.822	R$ 19.157

Consolidated statements of cash flows - BRL (R$) R$ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of cash flows [abstract]
Loss for the year	R$ (1,222,259)	R$ (1,561,473)	R$ (7,183,804)
Adjustments to reconcile the net loss to cash generated from operating activities
Depreciation – aeronautical ROU	918,656	1,085,629	673,205
Depreciation and amortization – others	748,603	634,505	662,608
Allowance for expected credit losses	(3,386)	3,268	1,233
Provision for inventory obsolescence	597	4,876	687
Provision (Reversal) for reduction of deposits		(37,005)	13,574
Reversal of provision for loss on prepayment from suppliers		(1,091)	(4,364)
Adjustment to present value of assets and liabilities	106,570	239,777	65,818
Deferred taxes	242,161	34,496	(241,285)
Disposals of property, plant and equipment and intangible assets	8,012	68,276	3,881
Sale-leaseback gains	(428,578)	(140,368)	(5,913)
Amendments of lease agreements	3,593	(176,667)	(27,701)
Recognition of provisions and contingencies	969,091	278,382	2,408,648
Foreign exchange and monetary variation, net	(1,184,466)	(1,327,272)	1,462,918
Interest, costs, discounts and premiums on loans and financing and leases	2,929,316	2,409,208	1,776,717
Discount on financing operations	(37,818)
Gains (losses) from derivative transactions	1,722,816	172,506	(131,144)
Share-based payments	8,177	26,184	21,841
Other provisions	(30,408)	(7,731)	(6,096)
Total	4,750,677	1,705,500	(509,177)
Changes in operating assets and liabilities:
Financial investments	(125,736)	(98,500)	50,832
Trade receivables	63,309	(44,458)	(111,571)
Inventories	(241,298)	(174,156)	(74,634)
Deposits	(57,172)	(307,819)	159,896
Advance to suppliers and third parties	(180,295)	(4,785)	66,354
Recoverable taxes	69,048	1,085	255,992
Variable and short-term leases	(522)	2,399	16,652
Suppliers	(275,859)	445,787	241,800
Suppliers – factoring	9,936	7,208	22,733
Advance ticket sales	(371,784)	832,087	619,670
Mileage program	135,569	252,173	36,169
Advances from customers	(206,192)	117,812	209,195
Salaries, wages and benefits	257,510	485,692	65,825
Landing fees	232,825	203,383	280,276
Tax obligations	19,889	378,030	83,430
Liabilities with derivative transactions	(5,702)	(53,200)	128,415
Provisions	(1,077,881)	(444,358)	(507,158)
Other assets and liabilities, net	(70,571)	(163,543)	418,228
Interest paid	(1,104,003)	(971,008)	(704,409)
Income tax and social contribution paid		(557)	(42,956)
Net cash flows from operating activities	1,821,748	2,168,772	705,562
Financial investments in subsidiary - Smiles			594,300
Cash received from sale and leaseback transactions		69,819	14,584
Advances for property, plant and equipment acquisition, net		(92,811)	(319,927)
Acquisition of property, plant and equipment	(703,972)	(645,056)	(315,995)
Acquisition of intangible assets	(168,017)	(119,462)	(152,584)
Net cash flows from (used in) investing activities	(871,989)	(787,510)	(179,622)
Loans and financing issued, net of costs	1,990,671	110,000	2,893,170
Loans and financing payments	(665,633)	(373,764)	(1,533,575)
Payments of lease liabilities – aeronautical ROU	(1,978,727)	(2,317,125)	(1,431,689)
Payments of lease liabilities – others	(69,339)	(40,216)	(17,596)
Subscription warrants	94,836
Treasury shares sold		16	588
Capital increase	1,734	947,543	420,734
Shares to be issued			926
Dividends and interest on shareholders’ equity paid to non-controlling shareholders			(260,131)
Acquisition of interest from non-controlling shareholders			(744,450)
Net cash flows used in financing activities	(626,458)	(1,673,546)	(672,023)
Foreign exchange variation on cash held in foreign currencies	(168,408)	(24,939)	(30,489)
Net decrease in cash and cash equivalents	154,893	(317,223)	(176,572)
Cash and cash equivalents at the beginning of the year	169,035	486,258	662,830
Cash and cash equivalents at the end of the year	R$ 323,928	R$ 169,035	R$ 486,258

Consolidated statements of financial position - BRL (R$) R$ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current
Cash and cash equivalents	R$ 323,928	R$ 169,035
Financial investments	315,901	404,113
Trade receivables	825,196	887,734
Inventories	397,216	438,865
Deposits	264,524	380,267
Advance to suppliers and third parties	431,136	302,658
Recoverable taxes	165,157	195,175
Derivative assets	810	16,250
Other credits and amounts	304,385	199,446
Total current assets	3,028,253	2,993,543
Non-Current
Financial investments	142,636	19,305
Deposits	2,291,413	2,279,503
Advances to suppliers and third parties	101,515	49,698
Recoverable taxes	14,077	53,107
Derivative assets	155	77,251
Deferred taxes		13,006
Other credits and amounts	22,645	33,187
Property, plant & equipment	9,187,700	9,588,696
Intangible assets	1,937,800	1,862,989
Total non-current assets	13,697,941	13,976,742
Total	16,726,194	16,970,285
Current
Loans and financing	1,261,554	1,126,629
Leases	1,739,642	1,948,258
Suppliers	2,000,079	2,274,503
Suppliers - factoring	39,877	29,941
Salaries, wages and benefits	647,729	600,451
Taxes payable	205,261	258,811
Landing fees	1,018,915	1,173,158
Advance ticket sales	3,130,772	3,502,556
Mileage program	1,765,664	1,576,849
Advances from customers	148,712	354,904
Provisions	737,636	634,820
Derivatives liabilities	8,929	519
Other liabilities	296,823	379,848
Total current liabilities	13,001,593	13,861,247
Non-Current
Loans and financing	9,322,035	10,858,262
Leases	7,701,733	9,258,701
Suppliers	93,162	45,451
Salaries, wages and benefits	495,968	285,736
Taxes payable	338,551	265,112
Landing fees	605,527	218,459
Mileage program	239,209	292,455
Provisions	2,680,191	2,894,983
Derivatives liabilities	5,010,509	17
Deferred taxes	198,517	36,354
Other liabilities	206,313	312,323
Total non-current liabilities	26,891,715	24,467,853
Equity (deficit)
Capital stock	4,040,661	4,040,397
Advances for future capital increase	1,470
Treasury shares	(1,709)	(38,910)
Capital reserve	399,838	1,178,568
Equity valuation adjustments	(616,734)	(770,489)
Accumulated losses	(26,990,640)	(25,768,381)
Total deficit	(23,167,114)	(21,358,815)
Total liabilities and deficit	R$ 16,726,194	R$ 16,970,285