Posted on: 29 March 2016 by Mark Howells
GOL Linhas Aéreas Inteligentes has posted its consolidated results for the fourth quarter (4Q15) and the full year of 2015, featuring a net revenue for the full year of R$9,778.0 million, down 2.9% compared with 2014’s figure, leading to a net loss of R$4,291.2 million for 2015.
The company's net revenue reached R$2,652.1 million in 4Q15, a decrease of 2.8% compared with the same period the previous year. In 4Q15, the operating result (EBIT) showed a loss of R$95.3 million with a margin of 3.6%. For the whole of 2015, the EBIT recorded was also a loss, this time of R$183.8 million with margin of 1.9%.
EBITDAR was R$398.9 million in the quarter, with a margin of 15.0%. In 2015, EBITDAR reached R$1,336.0 million, with a margin of 13.7%.
GOL registered a net loss of R$1,130.0 million in 4Q15 and R$4,291.2 million for 2015, which the company attributes mainly to the devaluation of the Real and of the Venezuela Bolivar against the US Dollar in operating expenses and in the balance of the company's financial liabilities totalling R$2,767.3 million and additional R$844.1 million in income tax and deferred tax credits.
As a result of the environment and the macroeconomic expectations, in February and March 2016, the three major credit rating agencies reviewed the ratings of several companies in Brazil, including GOL. Fitch changed the rating from 'B-' to 'CCC', Moodys from 'B3' to 'Caa1' and Standard & Poors changed from 'B-' to 'CCC-'.
GOL ended 2015 with a cash position of R$2,299.5 million, representing 23.5% of its annual net revenue. This amount includes a loss of R$423.8 million of exchange rate variations in the last quarter of the year due to the devaluation of the Venezuela Bolivar against the US dollar.
In March 2016, the company decided to hire Skyworks Capital LLC and PJT Partners – described as “specialists in discussions with aircraft lessors and in the evaluation of initiatives” – to strengthen the company's capital structure, liquidity and debt profile.