Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | GOL Intelligent Airlines Inc. |
Entity Central Index Key | 0001291733 |
Entity Incorporation, State or Country Code | D5 |
Entity Address, Address Line One | Praça Comandante Linneu Gomes |
Entity Address, Address Line Two | Jardim Aeroporto |
Entity Address, City or Town | Portaria 3 |
Entity Address, Country | BR |
Entity Address, Postal Zip Code | 7881 |
Title of 12(b) Security | American Depositary Shares |
Trading Symbol | GOL |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Auditor Name | Ernst & Young Auditores Independentes S/S Ltda. |
Auditor Location | São Paulo, Brazil |
Auditor Firm ID | 1448 |
Ordinary shares [member] | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,863,682,500 |
Preference shares [member] | |
Entity Addresses [Line Items] | |
Entity Common Stock, Shares Outstanding | 336,919,404 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Praça Comandante Linneu Gomes |
Entity Address, Address Line Two | Jardim Aeroporto |
Entity Address, City or Town | São Paulo |
Entity Address, Country | BR |
Entity Address, Postal Zip Code | 04626-020 |
City Area Code | +55 |
Local Phone Number | 11 2128-4700 |
Contact Personnel Name | Mario Tsuwei Liao |
Contact Personnel Fax Number | +55 11 5098-2341 |
Contact Personnel Email Address | ri@voegol.com.br |
Consolidated statements of fina
Consolidated statements of financial position - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Cash and cash equivalents | R$ 323928 | R$ 169035 |
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$ 16726194 | R$ 16970285 |
Consolidated statements of comp
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$ 17251510 | R$ 14153076 | R$ 6880135 |
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$ 38005 | ||
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 chan
Consolidated statements of changes in equity - BRL (R$) R$ in Thousands | Issued Of Capital [Member] | Advance For Future Capital Increase [Member] | Treasury shares [member] | Premium On Transfer Of Shares [Member] | Special Premium Reserve Of Subsidiary [Member] | Reserve of share-based payments [member] | Cash Flow Hedge Reserve [Member] | Post Employment Benefit [Member] | Cumulative Currency Translation Adjustment Of Subsidiaries [Member] | Effects From Changes In The Equity Investments [Member] | Retained earnings [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total |
Beginning balance, value at Dec. 31, 2020 | R$ 3009436 | R$ 1180 | R$ 62215 | R$ 17497 | R$ 83229 | R$ 106520 | R$ 1311076 | R$ 26669 | R$ 564 | R$ 759812 | R$ 16985370 | R$ 14407092 | R$ 640033 | R$ 13767059 |
IfrsStatementLineItems [Line Items] | ||||||||||||||
Other comprehensive income (loss), net | (392,275) | (41,524) | (468) | (434,267) | (271) | (434,538) | ||||||||
Other comprehensive loss, net | 392,275 | 41,524 | 468 | 434,267 | 271 | 434,538 | ||||||||
Loss for the year | (7,221,538) | (7,221,538) | 37,734 | (7,183,804) | ||||||||||
Total comprehensive income (loss) for the year | 392,275 | 41,524 | 468 | (7,221,538) | (6,787,271) | 38,005 | (6,749,266) | |||||||
Share-based payments expense | 21,578 | 21,578 | 263 | 21,841 | ||||||||||
Stock options exercised | 2,103 | (1,177) | 926 | 926 | ||||||||||
Capital increase | 420,734 | 420,734 | 420,734 | |||||||||||
Treasury shares sold | 867 | (279) | 588 | 588 | ||||||||||
Treasury shares transferred Transfer of Treasury Shares | 19,834 | (6,198) | (13,636) | |||||||||||
Interest on shareholders’ equity distributed by Smiles | (236,992) | (236,992) | ||||||||||||
Acquisition of interest from non-controlling shareholders | 606,839 | 744,450 | (909,980) | 441,309 | (441,309) | |||||||||
Redemption of preferred shares | (744,450) | (744,450) | (744,450) | |||||||||||
Balances on December 31, 2023 at Dec. 31, 2021 | 4,039,112 | 3 | (41,514) | 11,020 | 83,229 | 114,462 | (918,801) | 14,855 | 1,032 | (150,168) | (24,206,908) | (21,053,678) | (21,053,678) | |
IfrsStatementLineItems [Line Items] | ||||||||||||||
Other comprehensive income (loss), net | 305,448 | (17,514) | (5,341) | 282,593 | 282,593 | |||||||||
Other comprehensive loss, net | (305,448) | 17,514 | 5,341 | (282,593) | (282,593) | |||||||||
Loss for the year | (1,561,473) | (1,561,473) | (1,561,473) | |||||||||||
Total comprehensive income (loss) for the year | 305,448 | (17,514) | (5,341) | (1,561,473) | (1,278,880) | (1,278,880) | ||||||||
Share-based payments expense | 26,184 | 26,184 | 26,184 | |||||||||||
Stock options exercised | 1,285 | (3) | 1,282 | 1,282 | ||||||||||
Capital increase | 946,261 | 946,261 | 946,261 | |||||||||||
Treasury shares sold | 37 | (21) | 16 | 16 | ||||||||||
Treasury shares transferred Transfer of Treasury Shares | 2,567 | (1,516) | (1,051) | |||||||||||
Balances on December 31, 2023 at Dec. 31, 2022 | 4,040,397 | (38,910) | 955,744 | 83,229 | 139,595 | (613,353) | (2,659) | (4,309) | (150,168) | (25,768,381) | (21,358,815) | (21,358,815) | ||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Other comprehensive income (loss), net | 252,576 | (34,503) | (64,318) | 153,755 | 153,755 | |||||||||
Other comprehensive loss, net | (252,576) | 34,503 | 64,318 | (153,755) | (153,755) | |||||||||
Loss for the year | (1,222,259) | (1,222,259) | (1,222,259) | |||||||||||
Total comprehensive loss for the year | 252,576 | (34,503) | (64,318) | (1,222,259) | (1,068,504) | (1,068,504) | ||||||||
Capital increase due to exercise of stock options (Note 25.1) | 264 | 1,470 | 1,734 | 1,734 | ||||||||||
Stock option | 8,177 | 8,177 | 8,177 | |||||||||||
Fair value impacts from transaction with controlling shareholder | (844,542) | (844,542) | (844,542) | |||||||||||
Treasury shares transferred Transfer of Treasury Shares | 37,201 | (28,846) | (8,355) | |||||||||||
Subscription warrants (Note 25.3) | 94,836 | 94,836 | 94,836 | |||||||||||
Balances on December 31, 2023 at Dec. 31, 2023 | R$ 4040661 | R$ 1470 | R$ 1709 | R$ 82356 | R$ 178065 | R$ 139417 | R$ 360777 | R$ 37162 | R$ 68627 | R$ 150168 | R$ 26990640 | R$ 23167114 | R$ 23167114 |
Consolidated statements of cash
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$ 1222259 | R$ 1561473 | R$ 7183804 |
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$ 323928 | R$ 169035 | R$ 486258 |
Operating context
Operating context | 12 Months Ended |
Dec. 31, 2023 | |
Operating Context | |
Operating context | 1. Operating context Gol Linhas Aéreas Inteligentes S.A. (“Company” or “GOL”) is a corporation incorporated on March 12, 2004 under Brazilian corporate laws. The Company’s bylaws states that the corporate purpose is exercising the equity control of GOL Linhas Aéreas S.A. (“GLA”), which provides scheduled and non-scheduled air transportation services for passengers and cargo, maintenance services for aircraft and components, develops frequent-flyer programs, among others. As of December 31, 2023, the Company’s shares were traded on B3 S.A. - Brasil, Bolsa, Balcão (“B3”) and on the New York Stock Exchange (“NYSE”) under the ticker GOLL4 and GOL, respectively. As a result of the voluntary reorganization petition under Chapter 11 Bankruptcy Code filed with the United States Bankruptcy Court on January 25, 2024, the NYSE suspended trading of the Company's American Depositary Shares ("ADSs"). See explanatory note 1.2 and 35. The Company adopts the Differentiated Corporate Governance Practices Level 2 of B3 and is part of the indices of Shares with Differentiated Corporate Governance ("IGC") and Shares with Differentiated Tag Along ("ITAG"), created to distinguish companies committed to differentiated corporate governance practices. The Company’s official headquarters are located at Praça Comandante Linneu Gomes, s/n, portaria 3, prédio 24, Jardim Aeroporto, São Paulo, Brazil. 1.1. Corporate structure The corporate structure of the Company and its subsidiaries, on December 31, 2023, is presented below : The Company’s equity interest in the capital stock of its subsidiaries, on December 31, 2023, is presented below: Schedule of ownership structure Entity Incorporation Date Location Principal activity Type of control % of interest in the capital stock in the capital stock December 31, 2023 December 31, 2022 GAC March 23, 2006 Cayman Islands Aircraft acquisition Direct 100.00 100.00 Gol Finance Inc. March 16, 2006 Cayman Islands Fundraising Direct 100.00 100.00 Gol Finance June 21, 2013 Luxembourg Fundraising Direct 100.00 100.00 GLA April 9, 2007 Brazil Flight transportation Direct 100.00 100.00 GTX February 8, 2021 Brazil Equity investments Direct 100.00 100.00 Smiles Fidelidade February 6, 2023 Brazil Loyalty program Indirect 100.00 - Smiles Viagens August 10, 2017 Brazil Tourism agency Indirect 100.00 100.00 Smiles Fidelidade Argentina November 7, 2018 Argentina Loyalty program Indirect 100.00 100.00 Smiles Viajes Argentina November 20, 2018 Argentina Tourism agency Indirect 100.00 100.00 AirFim November 7, 2003 Brazil Investment fund Indirect 100.00 100.00 Fundo Sorriso July 14, 2014 Brazil Investment fund Indirect 100.00 100.00 (a) Companies with functional currency in Argentine pesos (ARS). The subsidiaries GAC Inc., GOL Finance and GOL Finance Inc. are entities created for the specific purpose of continuing financial operations and related to the Company's fleet. They do not have their own governing body and decision-making autonomy. Therefore, their assets and liabilities in the Parent Company. GTX S.A., direct subsidiary by the Company, is pre-operational and its corporate purpose is to manage its own assets and have an interest in the capital of other companies. Smiles Fidelidade, incorporated in February 2023 is also in the pre-operational stage, has as purpose the development and management of a customer loyalty program, whether own or third-party; the sale of rights to redeem prizes within the scope of the customer loyalty program; and provide general tourism services, among others. Smiles Viagens e Turismo S.A. (“Smiles Viagens”), has as main purpose intermediating travel organization services by booking or selling airline tickets, accommodation, tours, among others. The subsidiaries Smiles Fidelidade Argentina and Smiles Viajes Y Turismo S.A., both headquartered in Buenos Aires, Argentina, have the purpose to promote Smiles Program’s operations and the sale of airline tickets in this country. The investment funds Airfim and Fundo Sorriso, controlled by GLA, have the characteristic of an exclusive fund and act as an extension to carry out operations with derivatives and financial investments, so that the Company consolidates the assets and liabilities of these funds. 1.2. Capital Structure and Financial Restructuring 1.2.1. Capital Structure On December 31, 2023, the Company’s negative consolidated net working capital reached R$ 9,973,340 10,867,704 The Company also had a negative shareholders’ equity position attributed to the controlling shareholders, totaling R$ 23,167,114 21,358,815 The Company is highly sensitive to the macroeconomic scenario and Brazilian Real’s (“BRL”) volatility, as approximately 94.3% of the indebtedness (loans and financing and leases) is indexed to US dollars (“US$”) and 48.6% of costs are also indexed to US dollars, while the capacity to adjust ticket prices charged to its customers in order to offset the U.S. dollar appreciation is dependent on capacity (offer) and ticket prices practiced by the competitors. The Company continues to work on improving its operational efficiency and increasing profitability, in addition to addressing challenges related to its capital structure, aiming to deleverage and strengthen its financial position, as well as addressing deferred engine maintenance. GOL's operational indicators related to punctuality, regularity, occupancy rates and daily use of the operational fleet demonstrate its focus on efficiency and productivity, even in a scenario of reduced aircraft availability. 1.2.2. Chapter 11 Filing Despite an operational model focused on efficiency and productivity, the Company has been facing liquidity problems, challenges mainly brought about by the COVID-19 pandemic, as a result of which the Company, aligned with the impacts of the airline industry globally, suffered unprecedented disruption to its business. Accordingly, the volatility in operating cashflow caused by substantial decline in air travel demand, as a result of operational impediments, and dramatic reduction in revenue and cash generation created significant liquidity and resource constraints during the pandemic years. To manage this scenario, the Company reached agreements to defer certain lease, tax, and other regulatory obligations, as well as financial obligations related to extending and rolling-over funded debt maturities. The result was the continued operations of the Company’s business in spite of these pandemic-related challenges, but with a substantial increase in deferred and unpaid liabilities. While the Company’s operations have recovered following the pandemic and currently the Company is funding its future operating costs and certain necessary investments through operational cash flow, many of these deferred and unpaid liabilities and deferred maintenance obligations remain outstanding and require cash flow review The Company has executed certain transactions and undertaken a number of other efforts to address these financial events, many of which have provided temporary relief and necessary liquidity at key moments. Several market-driven factors continue to compound the Company’s liquidity challenges including elevated fuel prices, the consistently low valuation of the BRL against the U$ (affecting costs in dollars relative to revenues in reais), and climbing interest rates, among others. Persistent supply chain disruptions and constrained capacity in the Maintenance, Repair and Operation industry have made it difficult to find timely provision of required maintenance, leading to a buildup of near-term required maintenance and related costs. Delays in the 2023 scheduled delivery of new aircraft have prevented the Company from placing new planes into service to offset those undergoing maintenance as described above. As a result, the Company has reduced the number of operationally-ready aircraft in the fleet and caused the Company to be unable to increase or even maintain its operating capacity. These operational limitations, in turn, have reduced revenue and cash generation, exacerbating the liquidity constraints and operational challenges. On January 25, 2024, GOL and its subsidiaries (collectively, the “Debtors”) commenced Chapter 11 cases (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). Chapter 11 is a court-supervised, reorganization process that businesses use to raise capital, restructure their finances, and strengthen their business operations for the long term, while continuing to operate as normal. The commencement of the Chapter 11 Cases is intended to allow the Debtors to reorganize, improve liquidity, reject unprofitable contracts, and amend capacity purchase agreements to enable sustainable profitability. As part of the Chapter 11 Cases, the Debtors will continue to operate their businesses in the ordinary course and the Debtors’ board and management will remain in place. Following commencement of the Chapter 11 Cases, the Debtors obtained relief from the Bankruptcy Court to operate their businesses in the ordinary course and to pay or otherwise honor, in the Debtors’ discretion, certain prepetition obligations. These obligations relate to, among others, certain employee wages, salaries and benefits, taxes, insurance, and the payment of certain vendors and suppliers. As described in more detail in explanatory note 35 - Subsequent Events, on February 28, 2024, the Bankruptcy Court granted, on a final basis, the Debtors’ request to access up to US$1 billion of debtor-in-possession (“DIP”) financing from certain secured bondholders and/or their designees, to be used for, among other things, designated working capital expenses, general corporate needs, and costs related to restructuring. During the DIP financing period, the Company must maintain a minimum liquidity of $200 million from April 1, 2024, until November 30, 2024, and U$$250 million thereafter. Immediately upon the commencement of the Chapter 11 Cases, a global automatic stay of adverse creditor collection and enforcement action went into effect pursuant to section 362 of Title 11 of the United States Code (the “Bankruptcy Code”) to prevent, among others, the Debtors’ creditors from exercising remedies with respect to the Debtors’ prepetition obligations. Plan of Reorganization The Debtors expect to address their prepetition liabilities under a chapter 11 plan of reorganization, subject to Bankruptcy Court approval. A plan of reorganization determines the rights and satisfaction of claims of various creditors and parties-in-interest and is subject to the ultimate outcome of negotiations and Bankruptcy Court decisions ongoing through the date on which the plan of reorganization is confirmed. Which may result in impacts on the Company's financial statements. A confirmed plan of reorganization or other arrangement may materially change the amounts and classifications in the Company’s financial statements. The Company presently expects that any proposed plan of reorganization will provide, among other things, mechanisms for settlement of claims against the Debtors’ estates, settlement of the Company’s existing equity and debt holders, and certain corporate governance and administrative matters pertaining to the reorganized Company. Any proposed plan of reorganization will be subject to revision prior to submission to the Bankruptcy Court based upon discussions with the Company’s creditors and other interested parties, and thereafter in response to interested parties’ objections and the requirements of the Bankruptcy Code and Bankruptcy Court. There is no guarantee that the reorganization plan will be approved. Going Concern These Financial Statements have been prepared on a going concern basis, which includes the continuity of operations, realization of assets and compliance with liabilities and commitments in the ordinary course of business. As a result of the Chapter 11 Cases, the Company’s operations and ability to develop and execute its financial condition, liquidity and its continuation as a going concern are subject to a high degree of risk and uncertainty associated with the Chapter 11 Cases. The outcome of the Chapter 11 Cases is dependent upon factors that are outside of the Company’s control, including actions of the Bankruptcy Court. These Financial Statements do not include any adjustments that might result from the outcome of this uncertainty. 1.3. Cargo and logistics services agreement In April 2022, the Company signed a 10-year cargo service agreement with Mercado Livre. This agreement provides for a dedicated cargo fleet with 6 (six) Boeing 737-800 BCFs, including another 6 cargo aircraft by 2025. During the year ended December 31, 2023, the Company received 4 cargo aircraft, totaling 6 cargo aircraft in operation on this date. GOL's agreement with Mercado Livre is part of the Company's investment to meet the needs of the growing Brazilian e-commerce market. As a result, the Company plans to expand its services and significantly increase the available cargo carrying capacity in 2024 to generate additional revenue. 1.4. Agreement between the Controlling Shareholder and main investors of Avianca In May, 2022, the Company received notification from its controlling shareholder MOBI Fundo de Investimento em Participações Multiestratégia (previously MOBI Fundo de Investimento em Ações Investimento no Exterior) (“MOBI”) that a Master Contribution Agreement was signed with the main shareholders of Investment Vehicle 1 Limited (“Avianca Holding”), including Kingsland International Group S.A., Elliott International L.P. and South Lake One LLC. Under the terms of the Master Contribution Agreement, MOBI contributed its shares in GOL, and the main investors of Avianca Holding contributed their shares in Avianca Holding to Abra Group Limited (“Abra”), a privately held company, incorporated under the laws of England and Wales. Additionally, the parties agreed to enter into a Shareholders' Agreement to govern their rights and obligations as shareholders of Abra. GOL and Avianca will continue to operate independently, maintaining their respective brands and cultures. 1.5. MAP Transportes Aéreos In June, 2021, GOL signed an agreement to acquire MAP Transportes Aéreos Ltda., a domestic Brazilian airline with routes to regional destinations from Congonhas Airport in São Paulo, considering the Company's commitment to expand the Brazilian demand for air transportation and consolidate itself rationally in the local market. In December, 2021, through SG Order 1929/2021, the Administrative Council for Economic Defense (CADE) approved the operation without restrictions. The conclusion of the transaction is subject to other precedent conditions, which have not yet been fulfilled. Therefore, on December 31, 2023, there are no impacts on the Company's Financial Statements. MAP may be acquired for R$ 28 28.00 25 |
Management_s statement, basis f
Management’s statement, basis for preparing and presenting the financial statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Management’s statement, basis for preparing and presenting the financial statements | 2. Management’s statement, basis for preparing and presenting the financial statements The Company’s financial statements were prepared in accordance with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The Company’s financial statements were prepared using the Brazilian Real (“R$”) as the functional and presentation currency. Figures are expressed in thousands of Brazilian reais, except when stated otherwise. The items disclosed in foreign currencies are duly identified, when applicable. The preparation of the Company’s financial statements requires Management to make judgments, use estimates, and adopt assumptions affecting the stated amounts of revenues, expenses, assets, and liabilities. However, the uncertainty inherent in these judgments, assumptions, and estimates could give rise to results that require a material adjustment of the book value of certain assets and liabilities in future reporting fiscal years. The Company is continually reviewing its judgments, estimates, and assumptions. The Management, when preparing these financial statements, used the following disclosure criteria: (i) regulatory requirements; (ii) relevance and specificity of the information on the Company’s operations to users; (iii) the informational needs of users of financial statements; and (iv) information from other entities in the same industry, mainly in the international market. The Management confirms that all the material information in these financial statements are being demonstrated and corresponds to the information used by the Management in the development of its business management activities. The financial statements have been prepared based on historical cost, with the exception of the following material items recognized in the statements of financial position: · cash, cash equivalents and financial investments measured at fair value; · derivative financial instruments measured at fair value; and · investments accounted for using the equity method. The financial statements of the Company for the year ended December 31, 2023, have been prepared on the basis of the going concern assumption, which includes the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Please refer to explanatory note 1.2. |
Approval of consolidated statem
Approval of consolidated statements | 12 Months Ended |
Dec. 31, 2023 | |
Approval Of Consolidated Statements | |
Approval of consolidated statements | 3. Approval of consolidated statements The approval and authorization for the issuance of these financial statements took place at the Board of Directors’ meeting held on May 14, 2024. |
Summary of significant accounti
Summary of significant accounting practices | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Summary of significant accounting practices | 4. Summary of significant accounting practices 4.1. Consolidation The Company consolidates all entities over which it has control, control is obtained when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to direct the relevant activities of the investee. It is usually assumed that a majority of voting rights results in control. To support this assumption, and when the Company holds less than a majority of the voting rights of an investee, the Company considers all relevant facts and circumstances when assessing if it has power over an investee. The Company reassesses if it has control of an investee if facts and circumstances indicate changes in one or more elements of control listed above. The consolidation of a subsidiary starts when the Company obtains control over the subsidiary. It ends when the Company loses control over the subsidiary. The change in equity interest in a subsidiary, without losing control, is accounted for as an equity transaction. Accounting practices were uniformly applied to all consolidated companies, consistent with those used by the parent company and adopted in the previous year. All transactions and balances between GOL and its subsidiaries were eliminated in the consolidation, as well as the unrealized profits or losses from these transactions, including charges and taxes. The income (expenses) and each component of other comprehensive income (expenses) are attributed to both the shareholders of the parent company and to the non-controlling shareholders, even if doing so results in a loss to non-controlling shareholders. 4.2. Cash and cash equivalents The Company classifies in this group the balances of cash, automatic bank deposits, financial investments, and securities with immediate liquidity, which, according to analyzes, are readily convertible into a known amount of cash with an insignificant risk of change in value. Financial investments classified in this group, due to their very nature, are measured at fair value through income (expenses) and will be used by the Company in a short period of time. 4.3. Financial investments In the presentation and measurement of financial assets, the Company considers the provisions of IFRS 9 - “Financial Instruments”, which establishes that financial assets must be initially measured at fair value less costs directly linked to their acquisition. In turn, the subsequent measurement is divided into two categories: 4.3.1. Amortized cost Financial investments are measured at amortized cost when both of the following conditions are met: · the Company plans to hold the financial asset to collect the contractual cash flows; and · the contractual cash flows represent only the payments of interest and principal (“SPPI”). 4.3.2. Fair value Financial investments measured at fair value are divided into two categories: · through comprehensive income (expenses) · through profit or loss Financial Investments assigned as guarantees linked to short and long-term financial instruments, deposits for leasing operations and other passive operations are disclosed in Note 6. 4.4. Trade receivables They are initially measured at the invoiced amount, which approximate the fair value given their short-term nature, net of allowance for expected loss. In compliance with IFRS 9 – “Financial Instruments”, the allowance for expected loss on trade receivables accounts was measured through a simplified approach, using historical data, projecting the expected loss over the contractual life, by segmenting the receivables portfolio into groups that have the same receipt pattern and according to the respective maturity terms. In addition, for certain cases, the Company carries out individual analyzes to assess the receipt credit risks. 4.5. Inventories Inventory balances mainly include materials for maintenance and replacement of parts. Inventories are measured at the average acquisition cost plus expenses such as non-recoverable taxes and customs expenses incurred in the acquisition and transportation expenses until the current location of the items. Provisions for inventory obsolescence are recorded for those items that have no expectation of realization. 4.6. Income tax and social contribution 4.6.1. Current taxes In Brazil, includes income tax (“IRPJ”) and social contribution on profit (“CSLL”), which are calculated monthly based on the taxable income, after offsetting tax losses and negative social contribution base, limited to 30 15 10 9 4.6.2. Deferred taxes Deferred taxes represent credits and debits on IRPJ’s tax losses and negative CSLL bases, as well as temporary differences between the tax and accounting bases. Deferred tax and contribution assets and liabilities are classified as non-current. A deferred tax assets is recognized only to the extent the Company’s internal studies indicate that it is probable that future taxable income will be available to realize these deferred taxes. Deferred tax assets and liabilities are presented net if there is an enforceable legal right to offset tax liabilities against tax assets. However, for presentation purposes, if related to taxes levied by the same tax authority under the same taxable entity, the balances of tax assets and liabilities that do not meet the legal criterion of realization are disclosed separately. Deferred tax assets and liabilities were measured at the rates that are expected to be applicable in the period in which the asset is realized, or the liability is settled, based on the tax rates and legislation in force on the date of the financial statements. Management’s projections of future taxable income are prepared based on the business plans and are reviewed and approved annually by the Company’s Board of Directors. 4.7. Rights and obligations with derivative financial instruments Variations in interest rates, foreign exchange rates and aviation fuel prices expose the Company and its subsidiaries to risks that may affect their financial performance. To mitigate such risks, the Company, through its subsidiaries, contracts derivative financial instruments that may or may not be designated for hedge accounting and, if designated, are classified as cash flow hedge. Derivatives financial instruments are measured at fair value at recognition and at subsequent reporting dates. 4.7.1. Derivative financial instruments not designated as hedge accounting The Company may contract derivative financial instruments that are not designated for hedge accounting when the Risk Management’s purposes do not require such classification. Transactions not designated as hedge accounting have the change in their fair value accounted for directly in the financial income (expenses). 4.7.2. Derivative instruments classified as cash flow hedge The instruments designated as cash flow hedge have the purpose of protecting future income (expenses) from changes in interest rates, fuel prices and in foreign exchange. The actualness of the variations is estimated based on statistical methods of correlation and by the proportion between the hedge’s gains and losses and the variation of the costs and expenses protected. The actual variations in fair value are recorded in the shareholders’ equity in “Other comprehensive income”, up to the recognition of the result of the hedged object. The inefficiencies found in each reporting period are recognized in the financial income (expenses). The hedge transactions recorded in “Other comprehensive income” are net of tax effects. 4.7.3. Derecognition and write-off of derivative financial instruments The hedge accounting is discontinued prospectively when the Company and its subsidiaries (i) cancel the protection relationship; (ii) the derivative instrument expires or is sold, terminated or executed, (iii) when there is low predictability of realization of the hedge’s object, or (iv) when it no longer qualifies as hedge accounting. If the operation is discontinued, any gains or losses previously recognized in “Other comprehensive income” and accumulated in equity up to that date are recognized immediately in the result for the year. 4.8. Deposits 4.8.1. Deposits for the maintenance of aircraft and engines Refer to payments made in US dollars to lessors for the future maintenance of aircraft and engines. The realization of these assets occurs, substantially, in the use of the deposit for payment to the workshop when the maintenance is carried out or through the receipt of financial resources, according to the negotiations carried out with the lessors. The exchange rate change of these payments is recognized as an expense or income in the financial income expenses). The Management regularly assesses the impairment of these deposits based on the eligibility of the application of such amounts in future maintenance events and believes that the figures reflected in the balance sheet are realizable. Some of the agreements foresee that, if there are no maintenance events with the possibility of using the deposits, the deposits for this operation are not refundable. Such amounts are retained by the lessor and represent payments made according to the use of the components until the return date. Accordingly, the amounts in this category are recognized directly in the income (expenses) for the fiscal year under “Maintenance, material and repairs”, considering the regular impairment test or when the asset is returned. 4.8.2. Court deposits In the course of the lawsuits brought against the Company and on which the legitimacy of the claims is questioned, the Company may be required to make appeals and/or judicial deposits to continue its defense strategy. These amounts are monetarily restated, mostly by inflation indexes, and are characterized as not immediately available resources by the Company, pending a judicial decision. 4.8.3. Deposits in guarantee and collateral for lease agreements Deposits and guarantees are denominated in U.S. dollars and updated monthly by the foreign exchange rates. Deposits are refundable to the Company at the end of the lease agreements or offset against future obligations formalized upon return of the leased asset. 4.9. Property, plant and equipment Property, plant and equipment, including rotables (spare parts), are recorded at acquisition and/or construction cost. Interest and financial charges directly related to the acquisition, construction or production of a good that necessarily requires significant time to complete are capitalized as part of the cost of the corresponding asset. Every item of the property, plant and equipment that has a significant cost in relation to the total asset is depreciated separately. The estimated economic useful life of property, plant and equipment, for purposes of depreciation, is shown in Note 13. The estimated market price at the end of its useful life is the premise used to set the residual value of the Company’s property, plant and equipment. The residual value and useful life of the assets are reviewed annually by the Company. Any variation due to changes in the expectation of using such items results in prospective changes. The book value of the property, plant and equipment is analyzed to verify possible impairment loss when facts or changes in circumstances indicate that the book value is greater than the estimated recoverable amount. The book value of the aircraft is annually tested for impairment, even if there are no circumstances that indicate losses. An item of property, plant and equipment is written-off after disposal or when there are no future economic benefits resulting from the continued use of the asset. Any gains or losses on the sale or write-off of an item are established by the difference between the amount received on the sale and the book value of the asset and are recognized in the income (expenses). Additionally, the Company adopts the following treatment for the groups below: 4.9.1. Prepayments for aircraft acquisition Refers to prepayments in U.S. dollars made to Boeing for the acquisition of 737-MAX aircraft. Prepayments are converted at the historical rate. 4.9.2. Lease agreements Lease agreements are recognized, measured, presented and disclosed in accordance with IFRS 16 – “Leases”. The Company adopts exemptions for lessees, set forth in the standard, for short-term leases and leases of “low value” assets. In accordance with IFRS 16 - "Leases”, determining short-term leases based on the underlying asset class associated with the right of use is permitted. In this context, the Company utilizes this prerogative to adjust the recognition of short-term leases for non-aeronautical assets in compliance with applicable accounting standards. 4.9.2.1. Right-of-use assets The Company recognizes the right-of-use assets on the starting date of the lease (that is, on the date when the underlying asset is available for use). The cost of right-of-use assets includes the amount of recognized lease liabilities, initial direct costs incurred and lease payments made up to the starting date, less any lease incentives received. The initial measurement of a right-of-use asset also includes an estimate of the costs to be incurred by the Company when returning the underlying asset, restoring the underlying asset to the condition required by the lease terms and conditions. The Company incurs an obligation for these costs, either on the start date or due to using the underlying asset during the term of the contract. After the start date, the right-of-use are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any new remeasurements of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shortest period between the lease term and the estimated useful lives of the assets. In certain cases, if the ownership of the leased asset is transferred to the Company at the end of the lease term or if the cost represents the exercise of a call option, depreciation is calculated using the estimated useful life of the asset. 4.9.2.2. Lease liabilities On the lease’s start date, the Company recognizes lease payments to be made during the lease term, according to the agreement schedule, measured at the present value. Lease payments include: (i) fixed payments (including fixed payments in-substance) less any lease incentives receivable; (ii) variable lease payments that depend on an index or rate and; (iii) expected amounts to be paid under residual value guarantees. Lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payment of fines for terminating the lease, if the lease term reflects the exercise of the option to terminate the lease by the Company. When calculating the present value of lease payments, the Company uses its incremental loan rate on the starting date when the interest rate implied by the lease cannot be immediately determined. Variable lease payments that do not depend on an index or rate recognized as expenses in the period in which the event or condition that generates these payments occurs. After the start date, the value of the lease liability is increased to reflect the time elapsed and, therefore, the increase in interest and reduced for the lease payments made. In addition, the book value of lease liabilities is remeasured if there is a change in leases, considering changes in the lease term, changes in lease payments (for example, changes in future payments resulting from a change in an index or rate used to determine such lease payments) or changes in the valuation of a call option on the underlying asset. The Company reassess the lease liability whenever certain events occur and recognizes the remeasured balance of the lease liability as an adjustment to the right-of-use asset. However, if the book value of the right-of-use asset is reduced to zero and there is a further reduction in the measured lease liability, the Company recognizes any remaining balance of the remeasured in income (expenses). 4.9.2.3. Sale-leaseback transactions Sale-leaseback transactions occur when the Company sells an asset and leases it back. These transactions are initially analyzed within the scope of IFRS 15 – “Revenue from Contracts with Customers” with the aim of verifying whether the performance obligation has been met, and therefore accounting for the sale of the asset. Once this requirement has been met, the calculation to recognize the result of sale-leaseback transactions uses the fair value of the negotiated asset as a reference. For new goods, the source of information to obtain the fair value is the market price for items of a similar nature, considering the good’s conditions. If the item already belongs to Gol, the calculation for fair value intelligence is carried out using an internal methodology, based on the methodology applied in the market. After the fair value is defined, gains or losses are initially calculated based on the difference between the fair value and the book value of the assets and subsequently adjusted according to the proportionality of the right of use transferred to the lessor (the latter being the actual value recognized in the result as income or loss). The proportionality calculation is carried out considering the present value of the lease payments adjusted by the advances or additional financing. 4.9.3. Capitalization of expenses with major maintenance of engines, aircraft, landing gear and APU’s (Auxiliary Power Unit) Expenses with major maintenance events, which include replacement of parts and labor, are capitalized only when there is an extension of the estimated useful life of the corresponding asset. Such costs are capitalized and depreciated over the estimated period to be incurred until the next major maintenance or the return of the asset, whichever occurs first. Expenses incurred that do not extend the useful lives of assets are recognized directly in the statement of operations. 4.10. Intangible assets 4.10.1. Finite useful life Intangible assets acquired are measured at the cost of their initial recognition. The useful life of an intangible asset is evaluated as finite or indefinite. Intangible assets generated internally, excluding development costs, are not capitalized, and the expense is reflected in the statement of operations for the fiscal year in which it was incurred. Intangible assets with finite lives are amortized over their useful economic lives and are assessed for impairment whenever there is an indication of impairment. The amortization period and method for an intangible asset with a finite life are reviewed at least at the end of each fiscal year. The amortization of intangible assets with finite lives is recognized in the statement of operations in the expense category consistent with the useful economic life of the intangible asset. 4.10.2. Indefinite useful life 4.10.2.1. Goodwill for Expected Future Profitability In this category, the amounts corresponding to the goodwill arising from business combinations carried out by the Company and its subsidiaries are recorded. The goodwill value is tested annually by comparing the book value with the recoverable value of the cash-generating unit. The Management evaluates and establishes assumptions to assess the impact of macroeconomic and operational changes, to estimate future cash flows and measure the recoverable value of assets. 4.10.2.2. Airport operation rights (“Slots”) In the business combination of GLA and Webjet, slots were acquired, recognized at their fair values on the acquisition date and were not amortized. The estimated useful life of these rights was considered indefinite due to several factors and considerations, including requirements and permits to operate in Brazil and the limited availability of use rights at the most important airports in terms of air traffic volume. The book value of these rights is assessed annually, based on cash-generating unit regarding its recoverable amount or in cases of changes in circumstances that indicate that the book value may not be recoverable. 4.11. Impairment of non-financial assets The Company annually reviews internal and external sources of information to assess events or changes in economic and technological conditions, or in operations that may indicate the devaluation of an asset or cash-generating unit. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs of disposal and value in use. When the book value of an asset or cash-generating unit exceeds its recoverable amount, a provision for impairment is recognized. When estimating the value in use, estimated future cash flows are discounted to present value, using a pre-tax discount rate reflecting the weighted average cost of capital for the cash-generating unit. For the purposes of assessing the impairment, assets are grouped at the lowest level for which there is separately identifiable cash flow (Cash-Generating Unit or CGU). A previously recognized impairment loss is reversed, except on goodwill, only when changes occur to estimates used to calculate the asset's recoverable amount. 4.12. Loans and financing Loans and financing are initially recognized at fair value less any directly attributable transaction costs. After the initial recognition, these financial liabilities are measured at amortized cost using the effective interest method, except for the contracted derivatives linked to Exchangeable Senior Notes, which are measured at fair value through profit or loss. Gains and losses are recognized in the statement of operations when the liabilities are written off. The amortized cost is calculated considering any negative discount or premium in the contract and fees or costs that are fully part of the effective interest rate method. Amortization using the effective interest rate method is included as a financial expense in the statement of operations, except when subject to capitalization. 4.13. Suppliers and other obligations They are initially recognized at fair value and subsequently increased, when applicable, by the corresponding charges and monetary and exchange rate changes incurred up to the closing dates of the financial statements. 4.13.1. Suppliers - Factoring Management carried out a negotiation with suppliers with the purpose of extending payment terms. Accordingly, the Company signed an agreement with financial institutions that allows receivables from its suppliers to be factored. Considering that the anticipation of this receipt with the financial institutions is an option of the suppliers, as well, the Company is not reimbursed and/or benefited by the financial institution with discounts for payment before the maturity date agreed with the supplier, there is no change in the degree of subordination in case of judicial execution (see Note 19). 4.14. Advance ticket sales Represents the Company’s obligations to provide air transportation services and other ancillary services to its clients, net of breakage revenue already recognized in the statement of operations, as detailed in Note 4.17.1. 4.15. Provisions Provisions are recognized when the Company has a present obligation, formalized or not, as a result of a past event, and it is probable that economic benefits will be required to settle the obligation and a reliable estimate of its value can be made. 4.15.1. Provision for aircraft and engine return Aircraft lease agreements regularly provide for contractual obligations establishing conditions for return. The Company makes provisions for the return costs, since these present obligations, arising from past events and which will generate future disbursements, which are measured with reasonable certainty. The expenses initially expected basically refer to aircraft reconfiguration (interior and exterior), obtaining licenses and technical certifications, return checks, painting, among others, as established in the agreement. The estimated cost is recorded at the present value in property, plant and equipment. After initial recognition, the liability is updated according to the capital remuneration rate estimated by the Company, with a corresponding entry in income (expenses). Any changes in the estimate of expenses to be incurred are recorded prospectively. Besides the estimated expenses for aircraft reconfiguration, the lease agreements include requirements for aircraft components conditions to be observed when returning the aircraft. This provision depends on the actual use of the aircraft and engines, maintenance events during the contractual period, among others, and, it is recorded from the moment the Company has the necessary elements to reliably estimate the expenses to be incurred, considering the period they become a present obligation due to the condition of the engines and components. The Company estimates the provision to return the aircraft and engines at present value when the effect of the time value of money is relevant, based on the end of the lease agreement, when the disbursement will be necessary. 4.15.2. Provision for tax, fiscal and labor risks The Company is a party to a number of judicial and administrative proceedings, mainly in Brazil, whose assessments of the likelihood of loss include an analysis of the available evidence, the hierarchy of laws, the available jurisprudence, the most recent court decisions, and their relevance in the legal system, as well as the assessment of external lawyers. The Company classifies the risk of loss in legal proceedings as probable, possible, or remote. The provision recorded in relation to such lawsuits is set by the Company's Management, based on the analysis of its legal counsel, and reasonably reflects the estimated probable losses. If the Company has lawsuits whose values are not known or reasonably estimated, but the likelihood of loss is probable, these will not be recorded, but their nature will be disclosed. Provisions are reviewed and adjusted to reflect changes in circumstances, such as the applicable statute of limitations, conclusions of tax inspections, or additional exposures identified based on new matters or court decisions. 4.16. Post-employment benefits The Company recognizes actuarial assets and liabilities related to the health care plan benefits offered to its employees in accordance with IAS 19 – “Employee Benefits”. Actuarial gains and losses are recognized in other comprehensive income (expenses) based on the actuarial report prepared by independent experts, while the benefits paid directly by the Company, the cost of current service and the cost of interest are recognized in the income (expense) for the fiscal year. 4.17. Recognition of revenue 4.17.1. Revenue from passengers, cargo and ancillary services Passenger revenue is recognized when air transportation is actually provided. Tickets sold but not yet used are recorded in the item of advance from ticket sales, representing deferred revenue from tickets sold to passengers to be transported at a future date, net of the estimated breakage revenue. Breakage revenue calculates, on a historical basis, tickets issued that will expire due to non-use, that is, passengers who have purchased tickets and are highly likely not to use them. The calculations are reviewed at least once a year to reflect and capture changes in customer behavior in relation to ticket expiration. It should be noted that future events can significantly change the profile of customers and their historical pattern. Revenues from cargo shipments are recognized when performance obligations are met. Other revenues that include charter services, on-board sales services, flight rebooking fees, baggage drop-off, and other additional services are recognized along with the primary passenger transportation obligation. 4.17.2. Mileage revenue The Smiles Program has the purpose to build customer loyalty by granting mileage credits to participants. The obligation generated by issuing miles is measured based on the price at which the miles were sold to Smiles’ air and non-air partners, considered as the fair value of the transaction. The revenue from the mileage program with air products and services, which are offered by the entity itself, is recognized at the time of transportation, as the entity's performance obligation becomes exclusively the air transportation and related services, with GLA being the entity that controls the specified service before it is transferred to the customer. For exchanges of awards with services and products not linked to the entity of the same economic group, the performance obligation is fulfilled at the time of redemption of miles by the participants of the Smiles program. As a result of its characteristics, the miles program also provides the possibility of recognizing a breakage revenue. The Company calculates the breakage estimate through the probability of miles that have a high expiration potential to their non-use, considering the behavioral history of Smiles Program’s members. It should be noted that future events can significantly change the profile of customers and their historical pattern of redemption of miles. Such changes may lead to significant changes in the balance of deferred revenue, as well as in the recognition of breakage revenue reviewed annually. 4.17.3. Adoption of hedge accounting to protect future revenues with passengers and ancillary services In the regular course of its operations, the Company has recurring sales in U.S. dollars (“US$”), mainly as a result of international routes in South, Central, and North America. On August 1, 2019, Management has adopted the cash flow hedge accounting as a way to reduce the volatility for these future foreign currency revenues, which are considered highly probable, as provided for and stated in Paragraph 6.3.1 of IFRS 9 – “Financial Instruments”, using as hedge instruments the lease agreements recorded as a debt due to the adoption of IFRS 16 – “Leases”. With the adoption of hedge accounting, the foreign exchange gains and losses arising from the lease agreements (hedge instrument) will be accumulated in shareholders’ equity, “Adjustments to equity valuation”, appropriated to the Company’s income (expenses) upon the realization of the revenues from sales in US$. Hedge accounting derives from the natural hedge of the Company’s operations, portrayed by cash flow (revenues and amortization of debt in US$) and does not represent an increase in financial costs, enabling partial elimination of currency volatility from the Company's results. The final equity position is not affected by the adoption of this accounting practice. The elements of hedge accounting are: (1) hedged: highly probable sales revenue in US$; (2) hedge instrument: lease contracts linked to the US$; (3) amount designated: 60 months of highly probable revenues, totaling a notional amount of US$903,102 at the initial adoption; (4) nature of the hedged risk: exchange rate change; (5) specification of the hedged risk: USD/BRL spot exchange rate change; (6) type of hedge: cash flow. 4.18. Share-based compensation 4.18.1. Stock options The Company offers stock option plans to its executives. The Company recognizes as an expense in the statement of operations, on a straight-line basis, the fair value of the options or shares, calculated on the grant date by the Black-Scholes method, during the period of service required by the plan, as a corresponding entry to the shareholders’ equity. The accumulated expense recognized reflects the Company’s best estimate of the number of shares that will be vested. The expense or revenue from the movement occurred during the fiscal year is recognized in the statement of operations. The effect of outstanding options is reflected as an additional dilution in the calculation of diluted earnings per share, when applicable. 4.18.2. Restricted shares The Company can also offer to its executives a plan to transfer restricted shares, taking place at the end of stipulated deadline from the grant date, as set forth in each program’s plan, provided that the beneficiary has held his/her employment relationship during this period. Such transfer occurs preferably through shares held in treasury. The impact of any revision of the number of restricted shares that will not be acquired in relation to the original estimates, if any, is recognized in the income (expenses) for the fiscal year, in such a way that the accumulated expense reflects the revised estimates with the corresponding adjustment in the shareholders’ equity. 4.19. Profit-sharing for employees and members of Management The Company’s employees |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash And Cash Equivalents | |
Cash and cash equivalents | 5. Cash and cash equivalents Schedule of cash and cash equivalents 2023 2022 Cash and bank deposits 287,879 121,660 Cash equivalents 36,049 47,375 Total 323,928 169,035 The breakdown of cash equivalents is as follows: Schedule of breakdown of cash equivalents 2023 2022 Local currency Private bonds - 10 Automatic deposits 36,049 47,334 Total local currency 36,049 47,344 Foreign currency Private bonds - 31 Total foreign currency - 31 Total 36,049 47,375 |
Financial investments
Financial investments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Investments | |
Financial investments | 6. Financial investments Schedule of short-term investments Weighted average rate (p.a.) 2023 2022 Local currency Automatic applications 10.0% of CDI 57,687 - Government bonds 99.9% of CDI 1,871 3,880 Private bonds 98.2% of CDI 211,420 253,386 Investment funds 80.8% of CDI 10,027 10,576 Total local currency(*) 281,005 267,842 Foreign currency Investment funds 26.45% 177,532 155,576 Total foreign currency 177,532 155,576 Total 458,537 423,418 Current 315,901 404,113 Non-current 142,636 19,305 (*) Of the total amount recorded on December 31, 2023, R$279,196 (R$266,553 on December 31, 2022), refer to investments used as guarantees linked to deposits for lease operations, derivative financial instruments, lawsuits and loans and financing. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Trade receivables | 7. Trade receivables Schedule of trade receivable 2023 2022 Local currency Credit card administrators 287,984 287,754 Travel agencies 308,268 317,487 Cargo agencies 94,860 45,986 Airline partner companies 10,116 12,465 Other 13,153 31,477 Total local currency 714,381 695,169 Foreign currency Credit card administrators 52,371 80,812 Travel agencies 20,762 83,517 Cargo agencies 953 968 Airline partner companies 32,259 33,075 Other 23,632 16,741 Total foreign currency 129,977 215,113 Total gross 844,358 910,282 Allowance for expected loss on trade receivables accounts (19,162) (22,548) Total 825,196 887,734 The aging list of trade receivables, net of allowance for expected loss on trade receivables accounts, is as follows: Schedule of aging list of trade receivables 2023 2022 Not yet due Until 30 days 518,053 722,923 31 to 60 days 82,224 48,923 61 to 90 days 55,286 16,681 91 to 180 days 62,220 381 181 to 360 days 5,703 23,590 Above 360 days 1,597 7 Total not yet due 725,083 812,505 Overdue Until 30 days 39,228 46,856 31 to 60 days 14,660 9,321 61 to 90 days 6,808 3,383 91 to 180 days 24,911 9,845 181 to 360 days 13,327 2,598 Above 360 days 1,179 3,226 Total overdue 100,113 75,229 Total 825,196 887,734 The changes in an expected loss on trade receivables are as follows: Schedule of changes in allowance for doubtful accounts 2023 2022 Balance at the beginning of the year (22,548) (19,280) (Additions) Reversals 3,386 (3,268) Balances at the end of the year (19,162) (22,548) According to IFRS 9, an entity should recognize a provision for expected credit losses, reflecting the Company's estimate that a future event will occur and result in the non-receipt of cash flows. The Company's provision for expected credit losses on trade receivables is made by assessing expected losses, considering judgments based on the Company's best knowledge. According to IFRS 9, the Company utilizes the practical expedient in estimating expected credit losses for accounts receivable from customers, based on historical losses using a provision matrix. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Inventories | 8. Inventories Schedule of inventories 2023 2022 Consumables 36,893 26,494 Parts and maintenance materials 320,398 365,659 Advances to suppliers 39,925 46,712 Total 397,216 438,865 The changes in the provision for obsolescence are as follows: Schedule of changes in the provision for obsolescence 2023 2022 Balances at the beginning of the year (9,611) (6,176) Additions (597) (4,876) Write-offs 940 1,441 Balances at the end of the year (9,268) (9,611) |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Deposits Abstract | |
Deposits | 9. Deposits Schedule of deposits 2023 2022 Court deposits 510,317 591,177 Deposit in guarantee for lease agreements 937,432 934,204 Maintenance deposits 1,044,967 1,134,389 Others 63,221 - Total 2,555,937 2,659,770 Current 264,524 380,267 Non-current 2,291,413 2,279,503 9.1. Maintenance deposits The Company makes deposits in U.S. dollars for the maintenance of aircraft and engines, which will be used in future events as established in certain lease agreements. Maintenance deposits do not exempt the Company, as a lessee, from contractual obligations related to the maintenance or the risk associated with operating activities. These deposits can be replaced by bank guarantees or letters of credit (SBLC - stand by letter of credit) as according to the conditions established in the aircraft lease agreement. The Company has the right to choose to perform maintenance internally or through its suppliers. As of December 31, 2023, no letter of credit had been executed against the Company. The Company has two categories of maintenance deposits: · Maintenance guarantee 164,314 231,222 · Maintenance reserve 880,653 903,167 9.2. Court deposits Court deposits and blocks represent guarantees of tax, civil and labor lawsuits, kept in court until the resolution of the disputes to which they are related. Part of the court deposits refers to civil and labor lawsuits arising from succession requests in lawsuits filed against Varig S.A. or also labor lawsuits filed by employees who do not belong to GLA or any related party. Bearing in mind that the Company is not a legitimate party to be the defendant in these legal actions, whenever blockages occur, its exclusion and respective release of retained resources are demanded. As of December 31, 2023, the blocked amounts referring to Varig S.A.'s succession proceedings and third-party proceedings were R$ 47,754 70,904 51,577 100,427 9.3. Deposits in guarantee for leases agreements As required by the lease agreements, the Company makes guarantee deposits (in U.S. dollars) to the leasing companies, which can be redeemed if replaced by other bank guarantees or fully redeemed at maturity. |
Advance to suppliers and third
Advance to suppliers and third parties | 12 Months Ended |
Dec. 31, 2023 | |
Advance To Suppliers And Third Parties | |
Advance to suppliers and third parties | 10. Advance to suppliers and third parties Schedule of advance to suppliers and third parties 2023 2022 Advance to domestic suppliers 292,563 227,036 Advance to international suppliers 193,451 65,141 Advance for materials and repairs 46,637 60,179 Total 532,651 352,356 Current 431,136 302,658 Non-current 101,515 49,698 |
Recoverable taxes
Recoverable taxes | 12 Months Ended |
Dec. 31, 2023 | |
Recoverable Taxes | |
Recoverable taxes | 11. Recoverable taxes Schedule of recoverable taxes 2023 2022 IRPJ and CSLL prepayments 51,699 36,249 PIS and COFINS to recover 92,281 187,322 Taxes withheld by public entities 24,633 10,836 Value added tax (VAT) abroad 4,648 6,037 Other 5,973 7,838 Total 179,234 248,282 Current 165,157 195,175 Non-current 14,077 53,107 |
Deferred taxes
Deferred taxes | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Taxes | |
Deferred taxes | 12. Deferred taxes 12.1. Deferred tax assets (liabilities) The positions of deferred assets and liabilities are presented below and comply with the enforceable offset legal rights that consider taxes levied by the same tax authority under the same tax entity. See the recognized deferred taxes for the entities stated below: Schedule of deferred tax assets (liabilities) - noncurrent 2021 Statement of operations Shareholders’ Equity and Others (*) 2022 Statement of operations Shareholders’ Equity and Others (*) 2023 Deferred taxes assets – GOL and Smiles Argentina Income tax losses carry forward 50,385 4,534 - 54,919 (54,919) - - Negative basis of social contribution 18,137 1,633 - 19,770 (19,770) - - Temporary differences: Provision for loss with other credits 7,132 (4,958) - 2,174 (2,021) - 153 Provision for legal proceedings and tax obligations (94) 139 - 45 (45) - - Others 239 99 5 343 (3,243) 2,902 2 Total deferred taxes – assets 75,799 1,447 5 77,251 (79,998) 2,902 155 Deferred taxes assets (liabilities) – GLA Temporary differences: Slots (353,226) - - (353,226) - - (353,226) Depreciation of engines and parts for aircraft maintenance (202,522) (25,356) - (227,878) (118,837) - (346,715) Breakage provision (197,246) (102,783) - (300,029) (96,009) - (396,038) Goodwill amortization for tax purposes (143,297) (46,914) - (190,211) (46,915) - (237,126) Derivative transactions (502) 22,687 - 22,185 13,238 - 35,423 Allowance for expected loss on trade receivable and other credits 209,141 (8,351) - 200,790 (133,097) - 67,693 Provision for aircraft and engine return 310,746 (4,597) - 306,149 90,453 - 396,602 Provision for legal proceedings and tax liabilities 243,826 31,057 - 274,883 16,710 - 291,593 Aircraft leases and others 84,500 102,755 - 187,255 86,716 - 273,971 Others 48,169 (4,441) - 43,728 25,578 - 69,306 Total deferred taxes – liabilities (411) (35,943) - (36,354) (162,163) - (198,517) Total effect of deferred taxes - Income (Expenses) - (34,496) - - (242,161) (*) Exchange rate change recognized in other comprehensive income. The direct subsidiary GLA has tax losses and negative bases of social contribution in the determination of taxable profit, to be offset against 30% of future annual tax profits, with no prescription period, not recorded in the balance sheet, in the following amounts: Schedule of tax losses and negative bases of social contribution 2023 2022 Accumulated income tax losses 15,041,786 14,989,912 Potential tax credit 5,114,207 5,096,570 The reconciliation of actual income taxes and social contribution rates for the years ended December 31, 2023, 2022 and 2021 is as follows: Schedule of reconciliation of income taxes expense 2023 2022 2021 Loss before income tax and social contribution (956,781) (1,517,675) (7,376,227) Combined tax rate 34% 34% 34% Income at the statutory tax rate 325,306 516,010 2,507,917 Adjustments to calculate the effective tax rate: Tax rate difference on the results of offshores subsidiaries (532,269) (26,841) (171,981) Non-deductible expenses, net (354,762) (270,066) (118,734) Exchange rate change on foreign investments (174,633) 46,239 (82,085) Tax Benefit 136,819 194,588 - Benefit (not constituted) on tax loss, negative basis and temporary differences 334,061 (503,728) (1,942,695) Total income tax (265,478) (43,798) 192,422 Income tax and social contribution Current (23,317) (9,302) (48,862) Deferred (242,161) (34,496) 241,284 Total income (loss) taxes (265,478) (43,798) 192,422 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Property, plant and equipment | 13. Property, plant and equipment The breakdown of and changes in property, plant and equipment are as follows: Schedule of composition of property, plant and equipment 2022 2023 Weighted average rate (p.a.) Historical cost Accumulated depreciation Net opening balance Additions Contractual amendment Depreciation Write-offs and transfers Net ending balance Historical cost Accumulated depreciation Flight equipment Aircraft - RoU (1) 10.68% 1,406,085 (69,869) 1,336,216 14,939 - (119,488) (39,573) 1,192,094 1,380,225 (188,131) Aircraft - RoU (1) 16.07% 8,148,917 (2,827,551) 5,321,366 387,609 (45,274) (745,348) (3,691) 4,914,662 8,142,660 (3,227,998) Spare parts and engines - Own (3) (4) 6.60% 2,188,299 (1,061,674) 1,126,625 458,976 - (143,105) (186,941) 1,255,555 2,139,023 (883,468) Spare parts and engines – RoU (1) 48.53% 146,188 (91,077) 55,111 136,153 1,068 (53,820) (3,912) 134,600 275,981 (141,381) Aircraft and engine improvements 40.08% 3,447,804 (2,453,250) 994,554 502,004 (71,677) (465,628) (30,040) 929,213 3,292,621 (2,363,408) Tools 10.00% 63,183 (36,326) 26,857 6,337 - (4,546) (127) 28,521 68,809 (40,288) 15,400,476 (6,539,747) 8,860,729 1,506,018 (115,883) (1,531,935) (264,284) 8,454,645 15,299,319 (6,844,674) Non-aeronautical property, plant and equipment Vehicles 20.00% 11,996 (10,349) 1,647 1,448 - (750) - 2,345 12,722 (10,377) Machinery and equipment 10.00% 62,926 (51,514) 11,412 1,950 - (1,925) (36) 11,401 63,537 (52,136) Furniture and fixtures 10.00% 33,870 (23,549) 10,321 2,085 - (2,099) (62) 10,245 34,013 (23,768) Computers, peripherals and equipment 19.78% 52,220 (42,317) 9,903 4,969 - (5,293) (47) 9,532 43,613 (34,081) Computers, peripherals and equipment – RoU (1) 43.60% 33,518 (25,579) 7,939 6,421 - (6,468) - 7,892 39,939 (32,047) Third-party property improvements 20.35% 185,621 (176,432) 9,189 334 - (4,831) - 4,692 185,929 (181,237) Third-party properties – RoU (1) 18.11% 254,130 (43,603) 210,527 2,201 8,368 (22,996) - 198,100 264,699 (66,599) Construction in progress - 14,456 - 14,456 991 - - (398) 15,049 15,049 - 648,737 (373,343) 275,394 20,399 8,368 (44,362) (543) 259,256 659,501 (400,245) Impairment losses (2) - (20,488) - (20,488) (25,887) - - - (46,375) (46,375) - Total property, plant and equipment in use 16,028,725 (6,913,090) 9,115,635 1,500,530 (107,515) (1,576,297) (264,827) 8,667,526 15,912,445 (7,244,919) Advances to suppliers - 473,061 - 473,061 68,751 - - (21,638) 520,174 520,174 - Total 16,501,786 (6,913,090) 9,588,696 1,569,281 (107,515) (1,576,297) (286,465) 9,187,700 16,432,619 (7,244,919) 2021 2022 Weighted average rate (p.a.) Historical cost Accumulated depreciation Net opening balance Additions Contractual amendment Depreciation Write-offs and transfers Net ending balance Historical cost Accumulated depreciation Flight equipment Aircraft - RoU (1) 10.66% - - - 1,406,085 - (69,869) - 1,336,216 1,406,085 (69,869) Aircraft - RoU (1) 16.69% 7,127,628 (1,958,755) 5,168,873 1,337,200 (186,580) (987,591) (10,536) 5,321,366 8,148,917 (2,827,551) Spare parts and engines - Own (3) (4) 7.21% 2,062,646 (963,949) 1,098,697 208,237 - (144,843) (35,466) 1,126,625 2,188,299 (1,061,674) Spare parts and engines – RoU (1) 30.35% 129,223 (62,908) 66,315 17,343 (378) (28,169) - 55,111 146,188 (91,077) Aircraft and engine improvements 37.41% 3,143,372 (2,370,691) 772,681 604,953 - (363,149) (19,931) 994,554 3,447,804 (2,453,250) Tools 10.00% 56,826 (32,327) 24,499 6,407 - (4,024) (25) 26,857 63,183 (36,326) 12,519,695 (5,388,630) 7,131,065 3,580,225 (186,958) (1,597,645) (65,958) 8,860,729 15,400,476 (6,539,747) Non-aeronautical property, plant and equipment Vehicles 20.00% 11,076 (9,915) 1,161 920 - (434) - 1,647 11,996 (10,349) Machinery and equipment 10.00% 62,837 (50,824) 12,013 1,341 - (1,928) (14) 11,412 62,926 (51,514) Furniture and fixtures 10.00% 32,508 (22,024) 10,484 1,778 - (1,937) (4) 10,321 33,870 (23,549) Computers, peripherals and equipment 19.72% 49,636 (40,869) 8,767 4,937 - (3,785) (16) 9,903 52,220 (42,317) Computers, peripherals and equipment – RoU (1) 49.69% 23,210 (20,251) 2,959 10,308 - (5,328) - 7,939 33,518 (25,579) Third-party property improvements 20.32% 183,345 (166,832) 16,513 3 - (9,683) 2,356 9,189 185,621 (176,432) Third-party properties – RoU (1) 13.13% 28,819 (24,186) 4,633 171,084 54,720 (19,910) - 210,527 254,130 (43,603) Construction in progress - 15,410 - 15,410 1,402 - - (2,356) 14,456 14,456 - 406,841 (334,901) 71,940 191,773 54,720 (43,005) (34) 275,394 648,737 (373,343) Impairment losses (2) - (26,854) - (26,854) 6,366 - - - (20,488) (20,488) - Total property, plant and equipment in use 12,899,682 (5,723,531) 7,176,151 3,778,364 (132,238) (1,640,650) (65,992) 9,115,635 16,028,725 (6,913,090) Advances to suppliers - 499,019 - 499,019 92,811 - - (118,769) 473,061 473,061 - Total 13,398,701 (5,723,531) 7,675,170 3,871,175 (132,238) (1,640,650) (184,761) 9,588,696 16,501,786 (6,913,090) (1) Right of Use (“RoU”). (2) Refers to provisions for impairment losses for rotable items (spare parts), classified under “Parts and spare engines", recorded by the Company in order to present its assets according to the actual capacity for the generation of expected future benefits. (3) On December 31, 2023 and 2022, the balance of spare parts is granted as a guarantee to the Senior Secured Notes 2026 and 2028, as per Note 16. (4) On December 31, 2023, there are no engines of the Company pledged as collateral to the Spare Engine Facility and the Loan Facility. (17 engines as of December 31, 2022). The Company evaluates its property, plant, and equipment using the cost method, meaning that after initial recognition, an item of property, plant, and equipment is presented at cost less any accumulated depreciation and impairment losses. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Intangible assets | 14. Intangible assets The breakdown of and changes in intangible assets are as follows: Schedule of changes in intangible assets Weighted average rate (p.a.) 2022 2023 Historical cost Accumulated amortization Net opening balance Additions Amortization Write-offs and transfers Net ending balance Historical cost Accumulated amortization Goodwill - 542,302 - 542,302 - - - 542,302 542,302 - Slots - 1,038,900 - 1,038,900 - - - 1,038,900 1,038,900 - Softwares 29.32 554,939 (273,152) 281,787 168,017 (90,962) (2,244) 356,598 639,490 (282,892) Softwares 10,000 (10,000) - - - - - - - Total 2,146,141 (283,152) 1,862,989 168,017 (90,962) (2,244) 1,937,800 2,220,692 (282,892) Weighted average rate (p.a.) 2021 2022 Historical cost Accumulated amortization Net opening balance Additions Amortization Write-offs and transfers Net ending balance Historical cost Accumulated amortization Goodwill - 542,302 - 542,302 - - - 542,302 542,302 - Slots - 1,038,900 - 1,038,900 - - - 1,038,900 1,038,900 - Softwares 26.41 508,650 (268,476) 240,174 119,462 (77,651) (198) 281,787 554,939 (273,152) Others 20.00 10,000 (8,167) 1,833 - (1,833) - - 10,000 (10,000) Total 2,099,852 (276,643) 1,823,209 119,462 (79,484) (198) 1,862,989 2,146,141 (283,152) The balances of goodwill and airport operating rights (slots) were tested for impairment on December 31, 2023 and 2022, through the discounted cash flow of the cash-generating unit (CGU) of air transportation. The Company operates a single cash-generating unit, considering that revenue depends on different assets that cannot be individually assessed for measuring the value in use. To establish the book value of the CGU, the Company considers not only the recorded intangible assets but also all tangible assets necessary for conducting business, as it is only through the use of this set that the Company will generate economic benefits. The results obtained were compared with the carrying amount of the cash-generating unit, and as a result, the Company did not recognize impairments regarding the recoverable amount of its CGU. No impairment loss was recorded as of the current date. The assumptions used in the impairment testing of intangible assets align with internal projections for the five-year period. For the period beyond five years, extrapolation is applied using a perpetuity growth rate. The discounted cash flow that determined the carrying amount of the cash-generating unit was prepared in accordance with the Company's business plan, updated with the advent of the Chapter 11 process mentioned in explanatory note 1.2, and approved by the Company's Board of Directors. The main assumptions taken into consideration by the Company to determine the value in use of the cash-generating unit are: • Capacity and fleet: considers the use, the aircraft capacity used in each flight and the projected size of the fleet in use. • Demand: market efficiency is the main input to estimate the Company’s demand growth. Management considers market efficiency to be the ratio between its market share and its seat share. This indicator reflects how efficiently the Company uses its share of the market’s total supply based on how much demand for air transportation it absorbs. • Revenue per passenger: considers the average price charged by GLA and the effects of market variables (see the variables used below). • Operating costs related to the business: based on the historical cost and adjusted by indicators, such as inflation, supply, demand and variation of the U.S. dollar. The Company also considered market variables such as GDP (source: Central Bank of Brazil), US dollar (source: Central Bank of Brazil), kerosene barrel (source: Brazilian Agency of Oil - “ANP”) and interest rate (source: Bloomberg). The following tables demonstrate the sensitivity of the variation in the result of the calculated value in use compared to the book value as of December 31, 2023, and 2022: Schedule of book value Air transportation 2023 2022 Book value 4,471,882 3,803,774 Value in use 36,537,575 34,224,861 Discount rate 17.21 15.79 Perpetuity growth rate 3.48 3.37 Sensitivity test 10% variation Value in use 30,725,353 28,513,408 Amendment of the value in use (5,812,222) (5,711,453) 25% variation Value in use 24,193,541 21,713,858 Amendment of the value in use (12,344,034) (12,511,003) |
Other receivables and amounts
Other receivables and amounts | 12 Months Ended |
Dec. 31, 2023 | |
Other Receivables And Amounts | |
Other receivables and amounts | 15. Other receivables and amounts Schedule of other receivables and amounts 2023 2022 Prepaid expenses (1) 95,668 105,502 Commissions with agencies or card administrators 89,195 67,604 Others (2) 142,167 59,527 Total 327,030 232,633 Current 304,385 199,446 Non-Current 22,645 33,187 (1) Refers to insurance and advances to employees, among others. (2) Balances to be used in aircraft return costs. |
Loans and financing
Loans and financing | 12 Months Ended |
Dec. 31, 2023 | |
Loans And Financing | |
Loans and financing | 16. Loans and financing The breakdown of and changes in short and long-term loans and financing are as follows: Schedule of changes in short and long-term loans 2022 2023 Maturity Interest rate p.a. Current Non-current Total Funding Unrealized gain (loss) from ESN Payments Interest incurred Interest paid Exchange rate change Amortization of costs and premium Total Current Non-current Domestic currency contracts Debentures (a) 06/2026 17.23% 640,046 431,973 1,072,019 886,000 - (1,090,976) 164,954 (165,537) - 585 867,045 347,614 519,431 Working capital (b) 10/2025 17.76% 76,710 39,071 115,781 - - (76,417) 13,345 (13,934) - - 38,775 36,632 2,143 Foreign currency contracts Import financing (d) 05/2024 14.28% 77,193 - 77,193 - - (45,361) 8,415 (9,442) (4,787) - 26,018 26,018 - ESN 2024 (e) 07/2024 3.75% 38,114 1,819,315 1,857,429 - (14,894) (1,639,173) 69,936 (56,007) (26,525) 15 190,781 190,781 - Spare Engine Facility (f) 09/2024 6.00% 30,265 93,963 124,228 - - (115,171) 3,338 (4,686) (8,057) 348 - - - Credit Facility (n) 11/2024 0.00% - - - 104,377 - (13,842) 2,199 - 146 - 92,880 92,880 - Senior Notes 2025 (g) 01/2025 7.00% 98,919 3,372,353 3,471,272 - - (1,592,644) 138,950 (182,740) (139,446) 5,772 1,701,164 48,352 1,652,812 Senior Secured Notes 2026 (h) 06/2026 8.00% - 3,272,229 3,272,229 - - (2,007,389) 128,728 (125,675) (101,462) 16,663 1,183,094 - 1,183,094 Senior Secured Amortizing Notes (i) 06/2026 4.76% 121,111 882,168 1,003,279 220,634 - (161,868) 46,242 (44,883) (79,089) 7,605 991,920 479,148 512,772 Loan Facility (j) 03/2028 6.71% 27,682 144,182 171,864 - - (159,198) 8,532 (10,191) (12,274) 1,267 - - - Senior Secured Notes 2028 (l) 03/2028 18.00% - - - 7,363,736 - (6,407,576) 740,357 (154,122) (237,777) - 1,304,618 4,346 1,300,272 ESSN 2028 (1) 03/2028 18.00% - - - 6,923,269 (3,409,360) - 284,107 (177,697) (117,959) - 3,502,360 21,921 3,480,439 (2) - 8.75% 16,589 803,008 819,597 - - (79,615) 61,857 (65,182) (51,723) - 684,934 13,862 671,072 Total 1,126,629 10,858,262 11,984,891 15,498,016 (3,424,254) (13,389,230) 1,670,960 (1,010,096) (778,953) 32,255 10,583,589 1,261,554 9,322,035 2021 2022 Maturity Interest rate p.a. Current Non-current Total Funding Unrealized gain (loss) from ESN Payments Interest incurred Interest paid Exchange rate change Amortization of costs and Goodwill Total Current Non-current Domestic currency contracts Debentures (a) 10/2024 18.76% 109,519 1,055,249 1,164,768 - - (82,574) 187,332 (211,713) - 14,206 1,072,019 640,046 431,973 Working capital (b) 10/2025 18.84% 48,239 9,757 57,996 110,000 - (51,383) 10,447 (11,279) - - 115,781 76,710 39,071 Foreign currency contracts Financing with Ex-lm Bank (c) 10/2022 3.56% 99,396 - 99,396 - - (91,231) 1,415 (988) (9,931) 1,339 - - - Import financing (d) 03/2023 11.59% 138,034 - 138,034 - - (51,889) 8,780 (8,669) (9,063) - 77,193 77,193 - ESN 2024 (e) 07/2024 3.75% 40,764 1,947,463 1,988,227 - (132,626) - 207,028 (84,037) (128,292) 7,129 1,857,429 38,114 1,819,315 Spare Engine Facility (f) 09/2024 6.00% 24,651 125,106 149,757 - - (17,321) 4,848 (3,478) (9,860) 282 124,228 30,265 93,963 Senior Notes 2025 (g) 01/2025 7.00% 105,797 3,598,981 3,704,778 - - - 234,900 (239,917) (237,683) 9,194 3,471,272 98,919 3,372,353 Senior Secured Notes 2026 (h) 06/2026 8.00% - 3,451,977 3,451,977 - - - 268,457 (271,848) (232,429) 56,072 3,272,229 - 3,272,229 Senior Secured Amortizing Notes (i) 06/2026 4.76% - - - 1,003,279 - - - - - - 1,003,279 121,111 882,168 Loan Facility (j) 03/2028 7.11% 50,471 218,040 268,511 - - (79,366) 11,372 (10,944) (17,964) 255 171,864 27,682 144,182 (2) - 8.75% 17,743 858,843 876,586 - - - 69,533 (69,778) (56,744) - 819,597 16,589 803,008 Total 634,614 11,265,416 11,900,030 1,113,279 (132,626) (373,764) 1,004,112 (912,651) (701,966) 88,477 11,984,891 1,126,629 10,858,262 (1) Exchangeable Senior Notes see Note 32.2. (2) On December 31, 2020, includes the removal of related parties, considering the securities issued by Gol Finance, held by GLA, totaling R$10,609, These securities were resold, so there is no elimination in the fiscal year ended December 31, 2023. (a) The debentures refer to: (i) 7th issuance in 3 series: 84,500 remaining titles by subsidiary GLA, originally in October 2018 for the early full settlement of the 6th issuance; and (ii) 8th issuance: 610,217 titles by subsidiary GLA in October 2021 aimed at refinancing short-term debt. The debentures have surety guarantees from the Company and real guarantees provided by GLA in the form of fiduciary assignment of certain credit card receivables, with the preservation of the rights to anticipate receivables from these guarantees. Both issuances were last renegotiated in September 2023, with changes in term, interest rate, reduction of collateral, and removal of other related obligations. On September 26, 2023, the Company renegotiated the 7th and 8th issuances, as mentioned in explanatory note 16.1.1. (b) Issuance of operations aimed at maintaining and managing the Company's working capital. The working capital guarantee is tied to credit card receivables. (c) Secured financing obtained by the subsidiary Gol Finance in August 2020, from Delta Airlines, secured through Smiles shares and other assets, fully settled in 2021. (d) Credit lines with private banks, used for financing the import of spare parts and aeronautical equipment. Guarantees are tied to CDB. (e) Issuance of Exchangeable Senior Notes ("ESN") by subsidiary Gol Finance in March, April, and July 2019, maturing in 2024, where the bondholders will have the right to exchange them for American Depositary Shares ("ADSs") of the Company. (f) Loan secured by the Company's own engines, maturing in 2024. (g) Issuances of Senior Notes 2025 by subsidiary Gol Finance in December 2017 and February 2018, for repurchase of Senior Notes and general purposes of the Company. (h) Issuances of Senior Secured Notes 2026 by subsidiary Gol Finance in December 2020, May, and September 2021, maturing in 2026. The SSN 2026 have guarantees tied to Smiles receivables. (i) Issuance of Senior Secured Amortizing Notes by subsidiary Gol Finance, in December 2022, January, April, June, and July 2023, maturing in 2025 (Series B) and 2026 (Series A), in exchange for the full compliance of certain aircraft lease payment obligations, which are under deferral agreement. (j) Loans secured by 3 engines as of December 31, 2023, executed between 2017 and 2020. (k) Issuance of Perpetual Bonds by subsidiary Gol Finance in April 2006 for financing aircraft acquisitions. (l) Issuance of Senior Secured Notes 2028 by subsidiary Gol Finance with Abra, between March and September 2023, maturing in 2028. See explanatory note 16.1.3. (m) Issuance of Exchangeable Senior Secured Notes ("ESSN") by subsidiary Gol Finance in September 2023, maturing in 2028. The ESSN 2028 have guarantees tied to Gol and Smiles intellectual property and Gol Spare Parts. (n) Credit line through the strategic cooperation agreement with AIR FRANCE -KLM ("AFKL"), maturing in 2024. See explanatory note 16.1.4. On December 31, 2023 total loans and financing of the consolidated included funding costs and premiums totaling R$ 71,616 178,706 9 17,753 16.1. New funding and renegotiations during the year ended on December 31, 2023 16.1.1. Debentures On September 26, 2023, General Bondholders' Meetings were held to deliberate on the change of maturity for the First Series, Second Series, Third Series of the 7 th th The outstanding balance of R$ 886,000 These renegotiations were assessed in accordance with IFRS 9 - "Financial Instruments", and met the definitions of contractual modification. 16.1.2. Import Financing During the year ended December 31, 2023 the Company, through its subsidiary GLA, raised funds and renegotiated the due dates of the import financing debt, impacting the interest rate, disclosed in table above. The remaining conditions of this operation remained unchanged. Such operations are part of a credit line maintained for engine maintenance, import financing in order to purchase spare parts and aircraft equipment. These renegotiations were assessed in accordance with IFRS 9, and did not meet the definitions for derecognition of liabilities. 16.1.3. Senior Secured Amortizing Notes On December 30, 2023 the Company issued Senior Secured Amortizing Notes in addition to replace those issued on December 30, 2022, as shown in the table below: Schedule of senior secured amortizing notes Operation Amount Costs, premiums, goodwill Exchange Maturity Date (US$ thousand) (R$ thousand) (US$ thousand) (R$ thousand) rate (a.a.) Date 01/27/2023 6,993 35,499 365 1,826 5.0% 06/30/2026 04/20/2023 19,976 100,873 578 2,700 3.0% 06/30/2025 06/07/2023 9,000 44,207 214 1,160 3.0% 06/30/2025 07/19/2023 8,970 43,055 34 161 5.0% 06/30/2026 12/31/2023 - - (569) (2,847) - - Total 44,939 223,634 622 3,000 16.1.4. Credit Facility In October 2023, the Company announced the expansion of its strategic partnership with Air France – KLM. In November 2023, GOL received the amounts related to the credit line totaling US$25,000, with R$77,000 (US$16,000) coming from Air France and R$43,571 (US$9,000) from KLM, which fair value at initial recognition was R$72,892 (US$14,818 thousand) for Air France and R$41,438 (US$8,365 thousand) for KLM, with maturity in November 2024, without the incidence of interest. 16.1.5. Senior Secured Notes and Exchangeable Senior Secured Notes 2028 In accordance with the controlling shareholder transaction disclosed in explanatory note 1.4, in February 2023, the Company and Abra signed the Support Agreement with Abra's commitment to invest in the Company from the issuance of Senior Secured Notes maturing in 2028. For this purpose, Abra agreed to issue Senior Secured Notes ("SSNs") maturing in 2028, convertible into Exchangeable Senior Secured Notes ("ESSNs") maturing in 2028, and the Ad-Hoc Group agreed to exchange certain existing Senior Notes of the Company (ESN 2024, Senior Notes 2025, Senior Secured Notes 2026, and perpetual bonds) for the SSNs. In March 2023, Abra issued the SSNs and entered into the Senior Secured Note Purchase Agreement with GOL as the guarantor and paying agent, GOL Finance as the issuer, and with the guarantee of Smiles Fidelidade S.A. On the same date, GOL issued Senior Secured Notes 2028 ("SSNs 2028") to Abra, which provide for an interest rate of 18.0% p.a., payable semi-annually, with 4.5% in cash coupons and 13.5% p.a. in PIK (payment in kind). SSNs 2028 are backed by intellectual property, system infrastructure, data, and Smiles loyalty program manuals, in addition to shared collateral with the Senior Secured Notes 2026. Part of the issuance was used for the repurchase of 90.1% of ESN 2024, 47.3% of Senior Notes 2025, 61.4% of Senior Secured Notes 2026, and 9.9% of Perpetual Bonds, valued at a total amount of R$ 5,192,880 Up to September 29, 2023, the Company issued R$ 6,494,496 1,258,031 6,934,269 1,343,181 On the same date, the Company converted R$ 5,911,181 1,180,442 6,407,575 1,279,570 The ESSNs 2028 issued on September 29, 2023, have the same maturity date and interest payment terms as the previously existing SSNs 2028 previously in force. In the context of this transaction, the Company issued a total of 1,008,166,796 991,951,681 The Company conducted the initial measurement of the fair value of the financial liability, considering the revenue approach, resulting in the amount of R$ 6,789,995 1,355,938 3,409,360 680,837 Between October 1, 2023, and December 31, 2023, the Company issued additional Senior Secured Notes 2028 to Abra in the total amount of R$ 407,990 82,364 22,349 4,550 16.2. Loans and financing – Non-current On December 31, 2023, the maturities of loans and financing recorded in non-current liabilities were as follows: Schedule of maturities of loans and financing 2025 2026 2027 2028 Without maturity date Total In domestic currency Debentures 345,879 173,552 - - - 519,431 Working capital 2,143 - - - - 2,143 In foreign currency Senior Notes 2025 1,652,812 - - - - 1,652,812 Senior Secured Notes 2026 - 1,183,094 - - - 1,183,094 Senior Secured Amortizing Notes 376,994 135,778 - - - 512,772 Senior Secured Notes 2028 - - - 1,300,272 - 1,300,272 ESSN 2028 - - - 3,480,439 - 3,480,439 Perpetual Bonds - - - - 671,072 671,072 Total 2,377,828 1,492,424 - 4,780,711 671,072 9,322,035 16.3. Fair value The fair value of loans and financing as of December 31, 2023, is as follows: Schedule of fair value of loans and financing Book value (*) Fair value Debentures 867,045 867,045 ESN 2024 190,781 155,799 Senior Notes 2025 1,701,164 563,671 Senior Secured Notes 2026 1,183,094 439,994 Senior Secured Amortizing Notes 991,920 622,424 Senior Secured Notes 2028 1,304,618 392,065 ESSN 2028 3,502,360 1,879,613 Perpetual bonds 684,934 217,884 Other loans and financing 157,673 157,673 Total 10,583,589 5,296,168 (*) Total net of funding costs. 16.4. Covenants The Company has covenants in the Debentures and the Senior Secured Amortizing Notes. On December 31, 2023, the Company was in compliance with the indicators stipulated in the 7 th th In the operation of the Senior Secured Amortizing Notes, the Company adheres to fulfilling collateral conditions related to receivables on a quarterly basis. As of December 31, 2023, the Company held GLA receivables as collateral for this contract, meeting the contractual conditions. The next measurement will be in June 2024. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Leases | 17. Leases On December 31, 2023, the balance of leases to pay includes: (i) R$ 3,684 15,670 9,437,691 11,191,289 The breakdown and changes in the present value of future lease payments are shown below: Schedule of leases Weighted average rate (p.a.) 2022 2023 Current Non-current Total Additions Write-offs Contractual amendment Payments (1) Clearing with Deposits and other assets Interest incurred Interest paid Exchange rate change Total Current Non-current Agreements in local currency With purchase option 18.55 5,036 3,313 8,349 6,421 - - (5,742) - 1,238 (1,250) - 9,016 5,232 3,784 Without purchase option 11.30 37,219 221,342 258,561 2,201 - 8,368 (63,597) - 27,894 - - 233,427 23,840 209,587 Agreements in foreign currency With purchase option 7.19 133,884 1,257,198 1,391,082 15,643 (46,860) - (128,018) - 90,398 (92,657) (92,632) 1,136,956 118,177 1,018,779 Without purchase option 14.30 1,756,449 7,776,848 9,533,297 574,254 (46,007) (112,290) (2,317,084) (64,935) 1,106,571 - (615,514) 8,058,292 1,588,709 6,469,583 Total 1,932,588 9,258,701 11,191,289 598,519 (92,867) (103,922) (2,514,441) (64,935) 1,226,101 (93,907) (708,146) 9,437,691 1,735,958 7,701,733 Weighted average rate (p.a.) 2021 2022 Current Non-current Total Additions Write-offs Contractual amendment Payments (1) Clearing with Deposits and other assets Interest incurred Interest paid Exchange rate change Total Current Non-current Agreements in local currency With purchase option 17.47 - - - 10,308 - - (1,959) - 505 (505) - 8,349 5,036 3,313 Without purchase option 10.52 29,456 8,552 38,008 171,084 (242) 54,720 (38,257) - 33,248 - - 258,561 37,219 221,342 Agreements in foreign currency With purchase option 7.24 - - - 1,552,433 - - (178,415) - 64,821 (57,852) 10,095 1,391,082 133,884 1,257,198 Without purchase option 11.75 1,999,791 8,696,745 10,696,536 1,334,588 2,328 (363,625) (2,600,276) (23,707) 1,218,045 - (730,592) 9,533,297 1,756,449 7,776,848 Total 2,029,247 8,705,297 10,734,544 3,068,413 2,086 (308,905) (2,818,907) (23,707) 1,316,619 (58,357) (720,497) 11,191,289 1,932,588 9,258,701 (1) Includes the amount of R$129,890 paid with the issuance of the Senior Secured Amortizing Notes (R$461,566 on December 31, 2022). In the fiscal year ended December 31, 2023, the Company recognized R$ 98,902 26,914 In the context of dedicated cargo aircraft operations, the Company earned sublease revenue amounting to R$ 45,639 6,663 The future payments of leases liabilities agreements are detailed as follows: Schedule of future payments of financial lease agreements 2023 2022 2023 - 3,059,448 2024 2,853,542 2,325,227 2025 2,150,980 2,055,173 2026 1,857,786 1,798,293 2027 1,683,326 1,624,277 2028 1,291,683 1,186,761 2028 onwards 5,689,758 4,787,948 Total minimum lease payments 15,527,075 16,837,127 Less total interest (6,085,700) (5,630,167) Present value of minimum lease payments 9,441,375 11,206,960 Less current portion (1,739,642) (1,948,259) Non-current portion 7,701,733 9,258,701 17.1. Sale-leaseback transactions During the fiscal year ended December 31, 2023, the Company recorded a net gain of R$ 428,578 140,368 17.2. Credit of PIS and COFINS The Company is entitled to PIS and COFINS credits on the lease contracts that adhere to IFRS 16, upon their payments. Below, we present the potential amounts of these taxes as of December 31, 2023: Schedule of PIS and COFINS credits on the lease contracts Face Value Adjusted to Present Value Lease Consideration 477,515 224,730 PIS and COFINS potentiall (9.25%) 44,170 20,788 |
Suppliers
Suppliers | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Suppliers Abstract | |
Suppliers | 18. Suppliers Schedule of suppliers 2023 2022 Domestic Currency 1,765,777 1,858,820 Foreign Currency 327,464 461,134 Total 2,093,241 2,319,954 Current 2,000,079 2,274,503 Non-current 93,162 45,451 |
Suppliers - Factoring
Suppliers - Factoring | 12 Months Ended |
Dec. 31, 2023 | |
Suppliers - Factoring | |
Suppliers - Factoring | 19. Suppliers - Factoring The Company has contracts that allow suppliers to receive rights in advance from a financial institution. These operations do not imply any changes to the securities issued by their suppliers, and the original trading conditions, including maturity and value, are maintained. On December 31, 2023, the amount recorded under current liabilities from factoring operations reached R$ 39,877 29,941 The balance recorded under "Supplier - drawn risk" refers to advances made by suppliers through the assignment of credit, based on the agreement signed by the Company with Banco Rendimento. In this operation, suppliers can advance their invoices directly with banks only after delivering the goods to the Company, with a term of 120 days and a rate that varies according to the DI of this period, but without the need to have any credit line contracted with the entity. For the Company, the original commercial conditions are maintained, with the same maturity period, rates, and amounts involved; only the right to receive the invoices is transferred from the supplier to the financial institution. |
Salaries, wages and benefits
Salaries, wages and benefits | 12 Months Ended |
Dec. 31, 2023 | |
Salaries Wages And Benefits | |
Salaries, wages and benefits | 20. Salaries, wages and benefits Schedule of salaries wages and benefits 2023 2022 INSS installment 221,490 190,776 Other labor obligations 426,239 409,675 Total Current Assets 647,729 600,451 INSS Installment 495,968 285,736 Total Non-Current Assets 495,968 285,736 Total Labor Obligations 1,143,697 886,187 Current 647,729 600,451 Non-Current 495,968 285,736 20.1. Movement of installments Schedule of consolidated Consolidated Balances as of December 31, 2021 400,495 Installments 451,914 Interest 91,468 Payments (57,690) Balances as of December 31, 2022 886,187 Installments 275,057 Interest 133,204 Payments (150,751) Balances as of December 31, 2023 1,143,697 |
Taxes payable
Taxes payable | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Taxes payable | 21. Taxes payable Schedule of taxes payable Consolidated 2023 2022 PIS and COFINS 150 91,316 Installments (a) 461,520 341,756 Income Tax on Salaries 51,817 54,364 Income Tax and Social Contribution to Collect 8,543 22,125 Others 21,782 14,362 Total 543,812 523,923 Current 205,261 258,811 Non-Current 338,551 265,112 (a) In the year ended December 31, 2023, the Company carried out three accessions to the simplified federal tax installment plan of PIS, COFINS, IR and CS, with a maturity period of 5 years. 21.1. Movement of installments Schedule of federal taxes Federal Taxes Balances as of December 31, 2021 34,213 Installments 334,479 Interest 14,094 Payments (41,030) Balances as of December 31, 2022 341,756 Installments 175,555 Interest 45,555 Payments (101,346) Balances as of December 31, 2023 461,520 |
Advance ticket sales
Advance ticket sales | 12 Months Ended |
Dec. 31, 2023 | |
Advance Ticket Sales | |
Advance ticket sales | 22. Advance ticket sales On December 31, 2023, the balance of advance from ticket sales classified in current liabilities was R$ 3,130,772 3,502,556 9,014,774 8,828,006 61 56 Balances of advance from ticket sales are shown net of breakage corresponding to R$ 443,444 232,752 On December 31, 2023, the Company has reimbursements to pay for advance air tickets totaling R$ 11,492 48,566 |
Mileage program
Mileage program | 12 Months Ended |
Dec. 31, 2023 | |
Mileage Program | |
Mileage program | 23. Mileage program Schedule of mileage program 2023 2022 Mileage program 2,739,189 2,533,410 Breakage (734,316) (664,106) Total 2,004,873 1,869,304 Current 1,765,664 1,576,849 Non-current 239,209 292,455 Breakage consists of the estimate of miles with a high potential to expire without being used. IFRS 15 – “Revenue from Contract with Customers” provides for the recognition of revenue by the estimate (breakage) over the contractual period, therefore, before the miles are redeemed, given that this is not expected before expiration. The calculation is based on the historical behavior of Smiles customers’ mileage consumption, and through statistical analysis, the Company’s projections of mileage redemption and the rate of mileage non-usage by customers, recognizing the corresponding breakage revenue. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Provisions | 24. Provisions Schedule of provisions Post-employment benefits Aircraft and engine return Legal proceedings (a) Total Balances on December 31, 2021 75,439 2,679,833 832,050 3,587,322 Constitution (Reversal) of provision 12,562 35,450 296,524 344,536 Provisions used (97) (166,816) (315,731) (482,644) Amendment of assumptions (28,290) - - (28,290) Plan experience 45,806 - - 45,806 Present value adjustment 7,977 231,800 - 239,777 Exchange rate and monetary variation - (179,072) 2,368 (176,704) Balances on December 31, 2022 113,397 2,601,195 815,211 3,529,803 Constitution (Reversal) of provision 9,860 519,673 475,854 1,005,387 Provisions used (556) (637,067) (440,258) (1,077,881) Amendment of assumptions 32,950 - - 32,950 Plan experience 1,553 - - 1,553 Present value adjustment 13,380 93,190 - 106,570 Exchange rate change - (188,282) 7,727 (180,555) Balances on December 31, 2023 170,584 2,388,709 858,534 3,417,827 On December 31, 2023 Current - 737,636 - 737,636 Non-current 170,584 1,651,073 858,534 2,680,191 Total 170,584 2,388,709 858,534 3,417,827 On December 31, 2022 Current - 634,820 - 634,820 Non-current 113,397 1,966,375 815,211 2,894,983 Total 113,397 2,601,195 815,211 3,529,803 (a) The provisions used consider write-offs due to the revaluation of estimates and settled processes. 24.1. Provisions for post-employment benefits The Company offers to its employees health care plans that, due to complying with current laws, generate obligations with post-employment benefits. During the year ended December 31, 2023, the Company incurred an experience loss mainly due to the increase in the number of retirees with the right to lifelong extension, in accordance with actuarial assumptions. The amounts related to the change in the discount rate and plan experience were recognized in other comprehensive income. The actuarial assumptions applied when measuring the post-employment benefit are presented below: Schedule of actuarial assumptions actuarial assumptions Actuarial assumptions 2023 2022 Weighted average of assumptions to determine the defined benefit obligation Nominal discount rate p.a. 9.71 11.62 Actual discount rate p.a. 5.49 5.97 Long-term estimated inflation rate p.a. 4.00 5.33 HCCTR - Nominal medical inflation rate p.a. 7.38 8.75 HCCTR - Actual medical inflation rate p.a. 3.25 3.25 Mortality table AT-2000 loosened by 10% AT-2000 loosened by 10% Weighted Average of Assumptions to Determine the Cost (revenue) of the Defined Benefit Nominal discount rate 11.84 10.59 Actual discount rate p.a. 5.48 5.97 Long-term estimated inflation rate 5.33 5.02 HCCTR - Nominal medical inflation rate p.a. 8.75 8.43 HCCTR - Actual medical inflation rate p.a. 3.25 3.25 Mortality table AT-2000 loosened by 10% AT-2000 loosened by 10% 24.2. Provision for aircraft and engine return Such provisions consider identifiable contractual obligations at the commencement of the lease contract - scheduled maintenance, painting, tire and brake replacement, overall landing gear overhaul, Legislation, and removal of the entertainment system - with the aim of meeting the contractual return conditions as well as the costs to be incurred related to the reconfiguration of aircraft upon their return. The initial recognition is recorded against the fixed assets, under the heading of " Aircraft and engine improvements." The Company also has a provision to return aircraft and engines as compensation for the service costs, considering the current conditions of the aircraft and engines and the forecast of use until the actual return. These provisions are measured at present value and will be disbursed until the aircraft and engines redelivery. 24.3. Provision for legal proceedings On December 31, 2023, the Company and its subsidiaries are involved in certain legal matters arising from the regular course of their business, which include civil, administrative, tax, social security, and labor lawsuits. The Company's Management believes that the provision for tax, civil and labor risks, recorded in accordance with IAS 37, is sufficient to cover possible losses on administrative and judicial proceedings, as shown below: Schedule of provisions related to civil and labor suits Probable loss Possible loss 2023 2022 2023 2022 Civil 169,317 165,475 69,923 74,212 Labor 442,768 425,711 162,216 137,245 Tax 246,449 224,025 1,405,541 1,247,288 Total 858,534 815,211 1,637,680 1,458,745 Provisions are reviewed based on the evolution of lawsuits and the history of losses through the best current estimate. Within the scope of tax lawsuits, the Company discusses the non-application of the additional 1 166,973 160,424 The Company is discussing the non-incidence of social security contributions on the constitutional one-third vacation pay, in light of an unfavorable decision for GOL issued by the TRF of the 1 st The tax lawsuits presented below were assessed by Management and legal counsel as relevant and with possible risk on December 31, 2023: · Tax on Services of Any Nature (ISS), amounting to R$ 37,332 34,265 · Customs fine totaling R$ 76,870 71,888 · Goodwill BSSF Air Holdings (“BSSF”), totaling R$ 45,147 69,932 · In 2018, the merged company Smiles received a Tax Notice for the fiscal years 2014 and 2015, due to: (i) the deductibility of the goodwill allocated as future profitability after the merger of GA Smiles by Smiles S.A. on December 31, 2013 and (ii) the deductibility of the financial expenses of the debentures issued in June 2014. The balance of R$ 153,931 141,454 · In 2021, the merged Smiles received a Tax Notice for 2016 and 2017, due to the deductibility of the goodwill allocated as future profitability after the merger of GA Smiles by Smiles S.A. on December 31, 2013. The balance of R$ 67,205 61,031 · Also in 2021, the Brazilian Federal Revenue Service filed administrative proceedings against the Company due to not approving offsetting social security contribution credits from August 2018. The balance of R$ 193,172 122,901 · During the year ended December 31, 2022, Gol, as Smiles' successor, received a Notice of Infraction related to the years from 2017 to 2019 issued due to: (i) deductibility of goodwill allocated as future profitability after the merger process of GA Smiles on December 31, 2013 and (ii) offsetting of Webjet's tax loss. The amount of R$ 595,142 534,659 There are other tax lawsuits assessed by Management and legal counsel as a possible risk, totaling R$ 236,751 211,157 1,405,540 1,247,287 Civil lawsuits are mainly related to compensation claims in general related to flight delays and cancellations, baggage loss and damage. Labor lawsuits consist, essentially, of issues related to overtime, hazardous duty additional, unhealthy additional, and salary differences. 24.3.1. Active Lawsuits In 2007, the Company filed an arbitration at the International Court of Arbitration (“ICC”) against the sellers of VRG and its controlling shareholders due to the purchase price adjustment. In January 2011, ICC ruled in GOL’s favor. The procedure to enforce the arbitration decision started at the Cayman Court, jurisdiction of one of the defendants, which ruled in May 2022 in GOL’s favor, confirming that the court decision can be fully enforced. In May 2022, an agreement between the parties was signed, settled in June 2023, through which GOL received US$ 42,000 204,330 |
Shareholders_ equity
Shareholders’ equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Shareholders’ equity | 25. Shareholders’ equity 25.1. Capital stock On February 15, 2023, the Company's Board of Directors approved the voluntary conversion of 210 common shares into 6 preferred shares, all registered and without par value and without changing the value of the Company's capital stock. On July 26, 2023, the Company's Board of Directors approved an increase in the social capital amounting to R$ 264 85,827 1,470 On December 31, 2023, the Company's share capital was R$ 4,040,661 4,040,397 3,200,601,904 2,863,682,500 336,919,404 3,200,516,281 2,863,682,710 336,833,571 157,495 The Company’s shares are held as follows: Schedule of shares 2023 2022 Common shares Preferred shares Total Common shares Preferred shares Total Abra MOBI LLP (1) (2) (3) 50.00 18.80 24.89 - - - Abra Kingsland LLP (3) 50.00 18.80 24.89 - - - MOBI (1) (2) (3) - - - 100.00 38.93 50.87 American Airlines Inc. - 6.60 5.31 - 6.60 5.31 Path Brazil (2) - - - - 3.22 2.59 Abra Group Limited - 3.76 3.02 - - - Others - 1.47 1.18 - 1.41 1.14 Market - 50.58 40.70 - 49.84 40.09 Total 100.00 100.00 100.00 100.00 100.00 100.00 (1) In the context of the 2019 issued Exchangeable Senior Notes 2024, MOBI lent up to 14,000,000 ADSs to Bank of America Corporation, which operates the ADS lending mechanism, to facilitate privately traded derivative transactions or other hedge activities related to the Exchangeable Senior Notes. As of September 30, 2023, 4,477,760 preferred shares, equivalent to 1.1% of the total, were pledged for this operation, to be returned to MOBI at the maturity of the Exchangeable Senior Notes or upon termination of the lending agreement. As part of the closing of transactions involved in the creation of Abra Group Limited, the ADSs were transferred to Abra MOBI LLP and Abra Kingsland LLP and partially canceled. On August 11, 2023, 11,761,120 ADSs were canceled, and the underlying preferred shares of GOL were delivered to Abra's affiliates. Currently, there are 2,238,880 ADSs in circulation subject to the ADS lending agreement with Bank of America Corporation, which will be returned upon maturity of the Exchangeable Senior Notes or upon termination of the ADS lending agreement. (2) Refers to legal entities controlled by the controlling shareholders (Constantino family). (3) In the context of the agreement between the controlling shareholder and the main shareholders of Avianca, in the fiscal year ending on December 31, 2023, MOBI transferred 100% of the common shares of the Company to Abra. In the same period, Abra transferred 50% of the common shares of the Company from its ownership to Abra Kingsland LLP and 50% of the common shares to Abra MOBI LLP. Abra holds 99.99% of the economic rights of Abra MOBI LLP and Abra Kingsland LLP. The authorized share capital on December 31, 2023 and December 31, 2022 is R$ 17 25.2. Treasury shares On December 31, 2023, the Company had 50,112 1,709 1,140,940 38,910 8.97 7.34 25.3. Subscription warrants On August 14, 2023, the Company's Board of Directors approved the issuance of up to 1,891,497,584 5.84 5.82 After the conclusion of the preferential rights period for the Company's shareholders, 883,161,640 1,008,335,944 • 991,951,681 • 16,215,115 • 169,148 |
Results per share
Results per share | 12 Months Ended |
Dec. 31, 2023 | |
Results Per Share | |
Results per share | 26. Results per share Basic earnings per share are calculated by dividing the net income for the year attributed to the Company’s controlling shareholders by the weighted average number of all classes of shares outstanding during the year. Diluted earnings (loss) per share are calculated by adjusting the weighted average number of shares outstanding by instruments potentially convertible into shares. On December 31, 2023, December 31, 2022 and December 31, 2021, the Company has two categories of potentially dilutive shares (Convertible Senior Secured Notes (ESSN) and stock options), as described in notes 16 and 27. The Company's loss per share was determined as follows: Schedule of earnings (loss) per share 2023 2022 2021 Common shares Preferred shares Total Common shares Preferred shares Total Common shares Preferred shares Total Numerator Net loss for the year attributed to controlling shareholders (238,851) (983,408) (1,222,259) (311,590) (1,249,883) (1,561,473) (1,560,971) (5,660,567) (7,221,538) Denominator Weighted average number of outstanding shares (in thousands) 2,863,683 336,821 2,863,683 327,062 2,863,683 295,486 Basic and Diluted (loss) per share (0.083 (2.920 (0.109 (3.822 (0.545 (19.157 Due to the loss incurred in the year ended December 31, 2023, 2022 and 2021 the potentially convertible instruments were not considered in the total number of shares outstanding for the determination of diluted loss per share as they have an anti-dilutive effect. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Share-based payments | 27. Share-based payments The Company has two additional compensation plans for its executives: the Stock Option Plan ("Option Plan") and the Restricted Share Plan, both aiming to encourage and align the goals of the Company, managers and employees, and mitigate the risks to generate value for the Company from losing its executives, strengthening their commitment and productivity to long-term results. 27.1. Stock option plan - GOL The beneficiaries of the Company’s stock option plan are allowed to purchase shares at the price agreed on the grant date after three or four years from the grant date, provided that they maintain their employment relationship up to the end of this period. The stock options vesting in 3 years become vested at 20 30 50 4 20 20 30 30 All stock options may also be exercised within 10 Schedule of stock options plan Grant year Grant date Total options granted Number of options outstanding Exercise price of the option (in Reais) Fair value at grant date (in Reais) Estimated volatility of share price Expected dividend yield Risk-free return rate Average remaining maturity (in years) 2014 August 12, 2014 653,130 66,873 11.31 7.98 52.66 3.27 11.00 0.5 2015 August 11, 2015 1,930,844 169,764 9.35 3.37 55.57 5.06 13.25 1.5 2016 June 30, 2016 5,742,732 482,315 2.62 1.24 98.20 6.59 14.25 2.4 2017 August 8, 2017 947,767 190,819 8.44 7.91 80.62 1.17 11.25 3.5 2018 May 24, 2018 718,764 196,675 20.18 12.68 55.58 0.60 6.50 4.3 2019 October 28, 2019 1,749,223 529,613 25.40 12.10 61.98 3.17 9.00 5.8 2020 July 30, 2020 760,986 212,490 20.57 14.44 71.37 0.92 6.24 6.5 2021 July 28, 2021 658,189 240,256 21.05 14.44 74.34 0.00 8.85 7.5 2022 October 26, 2022 4,168,040 2,931,891 10.26 6.23 75.23 0.00 12.76 8.8 Total 17,329,675 5,020,696 12.38 19.36 (a) Fair value calculated by the average between R$8.20, R$7.89 and R$7.85 for their vesting periods (2014, 2015 and 2016). (b) Fair value calculated by the average between R$3.61, R$3.30 and R$3.19 for their vesting periods (2015, 2016 and 2017). (c) Fair value was calculated by the average between R$1.29, R$1.21 and R$1.22 for their vesting periods (2016, 2017 and 2018). (d) Fair value calculated by the average between R$8.12, R$7.88 and R$7.72 for their vesting periods (2017, 2018 and 2019). (e) Fair value calculated by the average between R$13.26, R$12.67 and R$12.11 for their vesting periods (2018, 2019 and 2020). (f) Fair value calculated by the average between R$12.90, R$12.32 and R$11.65 for their vesting periods (2019, 2020 and 2021). (g) Fair value calculated by the average between R$15.39, R$14.89, R$14.31 and R$13.64 for their vesting periods (2020, 2021, 2022 and 2023). (h) Fair value calculated by the average between R$6.79, R$6.50, R$6.15 and R$5.74 for their vesting periods (2021, 2022, 2023 and 2024). The price of the Company's share traded on B3 on December 31, 2023 was R$ 8.97 7.34 The movement of stock options during the fiscal year ended December 31, 2023 is shown below: Schedule of stock options outstanding Number of stock options Weighted average exercise price Options outstanding on December 31, 2021 7,432,661 12.90 Options granted 4,168,040 10.26 Options exercised (207,179) 4.52 Options canceled and adjustments in estimated prescribed rights (3,320,757) 20.78 Outstanding options on December 31, 2022 8,072,765 13.00 Repurchased or Cancelled Options (1,452,148) 3.97 Options exercised (224,983) 2.79 Options canceled and adjustments in estimated prescribed rights (1,374,938) 13.47 Outstanding options on December 31, 2023 5,020,696 12.38 Number of options exercisable on: December 31, 2022 3,507,890 16.04 December 31, 2023 4,655,951 13.60 The expense recognized in income (expenses) for the fiscal year corresponding to the stock option plans for the fiscal year ended December 31, 2023 was R$ 9,631 14,102 On October 17, 2023, stock options were repurchased for R$ 12,742 5,762 27.2. Restricted share plan - GOL The table below shows the plans that have transferable shares on December 31, 2023. Schedule of stock option plan Grant year Approval date Total shares granted Total vested shares Average price at grant date 2018 May 24, 2018 773,463 - 20.18 2020 July 30, 2020 801,311 - 20.57 2021 April 30, 2021 858,068 534,838 21.05 2022 October 26, 2022 637,830 548,207 10.26 Total December 31, 2023 3,070,672 1,083,045 The movement in the restricted shares for the fiscal year ended December 31, 2023 is as follows: Schedule of movement in stock options outstanding Total restricted shares Restricted shares outstanding on December 31, 2021 1,546,250 Shares transferred (*) (75,232) Restricted shares cancelled and adjustments in estimated expired rights 27,039 Restricted shares granted 637,830 Restricted shares outstanding on December 31, 2022 2,135,887 Shares transferred (950,941) Restricted shares cancelled and adjustments in estimated expired rights (101,901) Restricted shares outstanding on December 31, 2023 1,083,045 The expense recognized in income (expenses) for the fiscal year corresponding to the stock option plans for the fiscal year ended December 31, 2023 was R$ 7,121 12,082 |
Transactions with related parti
Transactions with related parties | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Transactions with related parties | 28. Transactions with related parties 28.1. Transportation and consulting services In the course of its operations, the Company, by itself and through its subsidiaries, entered into agreements with the companies listed below, which are owned by the Company's main shareholders: · Expresso Caxiense S.A.: · Viação Piracicabana Ltda.: On December 31, 2023, the subsidiary GLA recognized a total expense related to these services of R$ 3,000 6,455 55 737 28.2. Contracts of UATP (“Universal Air Transportation Plan”) to grant credit limit The subsidiary GLA entered into UATP account opening agreements with the related parties indicated below: Aller Participações S.A.; BR Mobilidade Baixada Santista S.A.; Comporte Participações S.A. (“Comporte”); Empresa Cruz de Transportes Ltda.; Empresa Princesa do Norte S.A.; Expresso Itamarati S.A.; Expresso Maringá do Vale S.A.; Expresso União Ltda.; Glarus Serviços Tecnologia e Participações S.A.; Limmat Participações S.A.; Quality Bus Comércio de Veículos S.A.; Super Quadra Empreendimentos Imobiliários S.A.; Thurgau Participações S.A.; Transporte Coletivo Cidade Canção Ltda.; Turb Transporte Urbano S.A.; Vaud Participações S.A.; e Viação Piracicabana Ltda.; all with no expiration date, whose purpose is to issue credits to purchase airline tickets issued by the Company. The UATP account (virtual card) is accepted as a payment means on the purchase of airfare and related services, seeking to simplify billing and make feasible payment between the participating companies. These contracts were entered into under market conditions, in line with those prevailing in transactions that the Company would enter into with third parties. The companies indicated above are owned by the Company's main shareholders. 28.3. Multimodal transport commercial partnership agreement Company´s subsidiary GLA entered into a commercial partnership agreement with the companies União Transporte, Itamarati Express and Cruz Encomedas (together denominated, “Grupo Comporte”), Tex Transportes, effective until January 2024, the purpose of which is to provide multimodal transport, including road freight transport by the Partners and air transport services provided by GLA. In order to achieve the Agreement, GLA signed a Contract for the provision of multimodal transport services with each of these companies. The parties will be remunerated for the value of the service related to the section operated by each party, through the issuance of the respective CTe, in accordance with the values established in the price tables practiced by each Party. These contracts were entered into under market conditions, in line with those prevailing in transactions that the Company would enter into with third parties. The companies indicated above are owned by the Company's main shareholders. 28.4. Commercial partnership agreement Pagol During the year ended December 31, 2023, the Company entered into two agreements with the related party Pagol Participações Societárias Ltda (“Pagol”). The Company and Pagol entered into a Commercial Agreement for the promotion of financial products offered by Pagol to the customers, suppliers, and employees of the Company. This Agreement has a duration of 10 years, and its implementation depends on conditions precedent established in the contract, with the possibility of the Company receiving a commission revenue, to be negotiated between the parties, according to the products offered. Subsequently, on April 4, 2023, the Parties included Pagol Sociedade de Crédito Direto S.A. as a party to the Agreement. As part of the commercial agreement, during the year ended December 31, 2022, the Company entered into an agreement for the Intermediation of Credit Assignment Operations, which allows the Company's suppliers to prepay their receivables with Pagol. As of December 31, 2023, the subsidiary GLA did not engage in transactions related to these services (R$ 3,735 In November, 2022, the Company entered into an agreement to associate Pagol with the Smiles Program, for the acquisition and granting of redemption rights embodied in Smiles miles to its customers, as an incentive to acquire the products/services offered by Pagol. The amount will be paid by Pagol, monthly, corresponding to the miles acquired in the period. This Agreement is valid for 12 (twelve) months from its signature, and the period may be extended by mutual agreement between the Parties. On December 31, 2023, the Company conducted transactions under this agreement totaling R$ 133,626 14,597 Under the commercial agreement, in May 2023, the Company entered into the Agreement for the Granting of Private Payroll Loans with Pagol Sociedade de Crédito Direto S.A., aiming to provide loan(s) and financing(s) to its employees. In December 2023, the Company signed a Partnership Agreement with Pagol, through which it will provide Pagol employees with an incentive for the acquisition of the Company's miles. These contracts were entered into under market conditions, in line with those prevailing in transactions that the Company would enter into with third parties. The company indicated above is owned by Company's main shareholders. 28.5. Commercial partnership agreement Comporte In December, 2022, the Company entered into an agreement with the related party Comporte Participações S.A. (“Comporte”), the purpose of which is the advance sale of Smiles miles for Comporte to offer to its customers directly or indirectly. The contract established the advance sale of Smiles miles in the amount of R$ 70,000 These contracts were entered into under market conditions, in line with those prevailing in transactions that the Company would enter into with third parties. The companies indicated above are owned by the Company's main shareholders. 28.6. Guarantor/Co-signer in Lease Agreement – AAP Administração Patrimonial S.A. In December 2023, AAP Administração Patrimonial S.A. acted as a guarantor for Gol in the Private Instrument of Atypical Lease Agreement entered into by the subsidiary GLA and Mais Shopping Fundo de Investimento Imobiliário for the installation of an agency for the sale of air tickets and travel packages, with a term of 48 (forty-eight) months, starting from November 30, 2023, and ending on November 29, 2027. This transaction was carried out under market conditions, in line with those prevailing in transactions that the Company would engage in with third parties. The mentioned company above is owned by the main shareholders of the Company. 28.7. Support agreement - Abra In accordance with the controlling shareholder transaction disclosed in explanatory notes 1.4 and 16.1.5, in March 2023, the Company and Abra signed the Support Agreement with Abra's commitment to invest in the Company through the issuance of Senior Secured Notes due in 2028. The amounts related to this transaction are recognized under “Loans and Financing”. 28.8. Agreements with Avianca In the context of the formation of Abra, Aerovias del Continente Americano S.A. ("Avianca") became a related party. The subsidiary GLA has the following contracts with Avianca group companies: (i) Codeshare Agreement, signed in October 2019, for the sharing of their airline codes to expand the offering of air traffic between the negotiating companies to their customers; (ii) Frequent Flyer and Loyalty Program Participation Agreement, signed in July 2020, for mutual participation in the Smiles and LifeMiles Loyalty Program; (iii) Special Prorate Agreement, signed in June 2023, for the sharing of revenue between the airlines; and (iv) Reciprocal Lounge Access Agreement, signed in September 2023, for the sharing of lounge access for their customers, and (v) Participation Agreement, entered into on December 01, 2023, for participation in the mileage program. These contracts were entered into on market terms, in line with those prevailing in agreements that the Company would enter into with other airlines. 28.9. Legal Services Agreement On December 27, 2023, the subsidiary GLA entered into a Legal Services Agreement with CFMA S.C. ("Cambiaso & Ferrari Abogados") for an indefinite period. CFMA S.C. will be remunerated solely for the services rendered, in accordance with the prices established in the fee schedule practiced by the contracting party. This agreement was entered into on market terms, in line with those prevailing in transactions that the Company would engage in with third parties. The aforementioned Company is owned by executives considered key personnel of the Company. 28.10. Compensation of key management personnel Schedule of compensation of key management personnel 2023 2022 2021 Salaries, bonus and benefits (*) 44,229 48,061 45,014 Payroll charges 11,700 12,760 11,981 Share-based compensation 17,221 19,106 21,798 Total 73,150 79,927 78,793 (*) Includes compensation for members of the Management and audit committee. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Revenue | 29. Revenue Schedule of revenue 2023 2022 2021 Passenger transportation (a) 17,253,631 14,621,481 7,119,086 Cargo transportation 964,240 530,578 361,648 Mileage Revenue 622,018 546,104 267,344 Other revenue 108,927 84,360 36,866 Gross revenue 18,948,816 15,782,523 7,784,944 Related tax (b) (174,792) (583,798) (351,560) Net revenue 18,774,024 15,198,725 7,433,384 (a)Of Of the total amount, the total of R$377,829 on December 31, 2023, is made up of the revenue from non-attendance of passengers, rescheduling, ticket cancellation (R$272,807 on December 31, 2022). (b) The PIS and COFINS rates on revenues arising from regular passenger air transportation earned in the period ended December 31, 2023 were reduced to 0 (zero) with the enactment of Provisional Measure 1,147/2022, which was converted into Law 14,592/2023. Revenue by geographical location is as follows: Schedule of revenue by geographical location 2023 % 2022 % 2021 % Domestic 16,365,889 87.2 13,411,513 88.2 7,174,373 96.5 International 2,408,135 12.8 1,787,212 11.8 259,011 3.5 Net revenue 18,774,024 100.0 15,198,725 100.0 7,433,384 100.0 |
Financial results
Financial results | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Financial results | 30. Financial results Schedule of detail of financial results 2023 2022 2021 Financial income Interest on financial investments 211,118 90,552 36,982 Others (a) 361,143 25,965 11,812 Financial income 572,261 116,517 48,794 Financial expenses Interest and costs on loans and financing (1,880,381) (1,063,118) (896,091) Interest on leases (1,226,101) (1,316,619) (880,626) Interest on the provision for aircraft return (93,190) (231,800) (57,976) Commissions, bank charges and interest on other operations (722,200) (589,002) (318,570) Others (323,110) (316,345) (47,782) Financial expenses (4,244,982) (3,516,884) (2,201,045) Derivative financial instruments Conversion right and derivatives – ESN,net (b) (1,766,819) 42,025 200,267 Other derivative financial instruments, net (33,511) (44,651) (1,515) Derivative financial instruments (1,800,330) (2,626) 198,752 Monetary and foreign exchange rate variation, net 1,177,292 1,328,204 (1,588,133) Total (4,295,759) (2,074,789) (3,541,632) (a) For the fiscal year ended on December 31, 2023, the amount of R$10,850, refer to PIS and COFINS levied on financial revenues earned, as per Decree No. 8,426 of April 1, 2015 (R$16,864 and R$16,791 for the years ended December 31, 2022 and 2021, respectively ). (b) See explanatory Note 32.2 (ESN 2024, ESSN 2028 and Capped call). |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments | |
Commitments | 31. Commitments 31.1. Aircraft purchase commitment On December 31, 2023, the Company had 101 91 18,827,647 20,574,804 3,888,965 3,943,271 Schedule of approximate amount of firm orders 2023 2022 2023 - 4,234,480 2024 3,882,344 5,847,873 2025 3,349,889 6,970,535 2026 onwards 11,595,414 3,521,916 Total 18,827,647 20,574,804 Of the total commitments presented above, the Company should disburse the amount of R$ 6,400,686 1,322,101 Schedule of advances for aircraft acquisitions 2023 2022 2023 - 1,642,175 2024 1,439,432 1,990,773 2025 1,132,693 2,355,513 2026 onwards 3,828,561 1,182,264 Total 6,400,686 7,170,725 31.2. Fuel purchase commitment The Company has a commitment to purchase aircraft fuel at a fixed price in the future for use in its operations, which complements its exposure risk management strategy. As of December 31, 2023, the purchase commitments until 2024 amount to R$ 538,661 |
Financial instruments and risk
Financial instruments and risk management | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Financial instruments and risk management | 32. Financial instruments and risk management Operational activities expose the Company and its subsidiaries to market risk, credit risk and liquidity risk. These risks can be mitigated by using of anticipated fuel purchase transactions with the distributor ("fixed price contract") and swap derivatives, futures and options contracts based on oil, U.S. dollar and interest markets. Financial instruments are managed by the Financial Policy Committee (“CPF”) in line with the Risk Management Policy approved by the Risk Policy Committee (“CPR”) and submitted to the Board of Directors. The CPR establishes guidelines, limits, and monitors the controls, including mathematical models adopted to continuously monitor the exposures and possible financial impacts, in addition to preventing the exploitation of operations of a speculative nature with financial instruments. The Company does not hedge the entire risk exposure; therefore, the company is subject to market variations for a significant part of its assets and liabilities exposed to the above risks. The decisions on the part to be hedged consider the financial risks and costs of the hedging and are set and reviewed at least monthly, in line with CPR’s strategies. The income (expenses) obtained from the operations and the application of controls to manage risks are part of the monitoring carried out by the Committee and have been satisfactory to the proposed goals. 32.1. Accounting classifications of financial instruments The accounting classifications of the Company’s financial instruments on December 31, 2023 and December 31, 2022 are as follows: Schedule of classifications of financial instruments at fair value Measured at fair value through profit or loss Amortized cost 2023 2022 2023 2022 Assets Financial investments 458,537 423,418 - - Trade receivables - - 825,196 887,734 Deposits (a) - - 1,982,399 2,068,593 Rights from Derivative Transactions 810 29,256 - - Other Credits - - 327,030 232,633 Liabilities Loans and financing (b) 9 17,753 10,574,655 11,967,138 Leases to Pay - - 9,441,375 11,206,959 Suppliers - - 2,093,241 2,319,954 Suppliers - Factoring - - 39,877 29,941 Airport fees and charges 1,624,442 1,391,617 Derivative liabilities 5,019,438 536 - - Other liabilities - - 503,137 692,171 (a) Excludes court deposits, as described in Note 9. (b) The amounts on December 31, 2023 and December 31, 2022, classified as measured at fair value through profit or loss, are related to the derivative contracted through Exchange Senior Notes 2024. In the fiscal year ended December 31, 2023, there was no change in the classification between categories of the financial instruments. 32.2. Derivative and non-derivative financial instruments The Company's derivative financial instruments were recognized as follows in the balance sheet: Schedule of derivative financial instruments Fuel Interest rate Foreign curency rate Capped call ESN Revenue hedge Total Fair value changes Rights (obligations) with derivatives on December 31, 2021 6,890 - - 107,170 (162,568) - (48,508) Gains (losses) recognized in income (expenses) - (688) 417 (100,168) 144,815 - 44,376 Gains recognized in equity valuation adjustments (38,100) - - - - - (38,100) Settlements (payments) during the year 53,465 152 (417) - - - 53,200 Rights (obligations) with derivatives on December 31, 2022 22,255 (536) - 7,002 (17,753) - 10,968 Gains (losses) recognized in income (expenses) (26,454) 124 (360) (6,922) (1,763,530) - (1,797,142) Payments (Receipts) during the year (4,479) 482 769 - 2,568 - (660) Gains (Losses) recognized as foreign exchange variation - - - - 1,778,706 1,778,706 Derivatives embedded in new contracts - - - - (5,010,509) - (5,010,509) Rights (obligations) with derivatives on December 31, 2023 (8,678) 70 409 80 (5,010,518) - (5,018,637) Rights and obligations from derivative transactions – Current (8,678) 70 409 80 - - (8,119) Loans and financing - - - - (9) - (9) Obligations from derivative transactions – Non-Current - - - - (5,010,509) - (5,010,509) Changes in the equity valuation adjustments Balances on December 31, 2020 (9,228) (296,829) - - - (612,744) (918,801) Fair value adjustments during the year (38,100) - - - - (38,100) Adjustments of hedge accounting of revenue - - - - 175,675 175,675 Net reversals to income (expenses) 47,328 6,280 - - - 114,265 167,873 Balance on December 31, 2022 - (290,549) - - - (322,804) (613,353) Adjustments of hedge accounting of revenue - - - - - 80,191 80,191 Net reversal to income (expenses) - 6,792 - - - 165,593 172,385 Balances on December 31, 2023 - (283,757) - - - (77,020) (360,777) Effects on income (expenses) (26,454) (6,698) (360) (6,922) (1,763,530) (245,783) (2,049,747) Revenue - - - - - (170,030) (170,030) Financial result (26,454) (6,698) (360) (6,520) (1,760,298) - (1,800,330) Monetary and foreign exchange rate variation, net - - - (402) (3,232) (75,753) (79,387) The Company may adopt hedge accounting for derivatives contracted to hedge cash flow and that qualify for this classification as per IFRS 9 – “Financial Instruments”. On December 31, 2023, the Company adopts cash flow hedge for the interest rate (mainly the Libor interest rates), and for aeronautical fuel protection and future revenue in U.S. Dollars. Cash flow hedges are scheduled for realization and, therefore, reclassification to expense according to the following periods: Schedule of reclassification to profit or loss 2024 2025 2026 2027 2028 2028 onwards Total Interest rate (6,770) (35,899) (36,205) (36,082) (35,285) (133,517) (283,758) Revenue hedge (77,020) - - - - - (77,020) Total (83,790) (35,899) (36,205) (36,082) (35,285) (133,517) (360,778) 32.3. Market risks Market risk is represented by the risk of fluctuations in the fair value of a financial instrument’s future cash flows due to variations in the market prices. The main market prices with an impact on the Company are: fuel price, exchange rate and interest rate. The sensitivity analysis of financial instruments was prepared with the purpose to estimate the impact on profit (loss) before taxes and shareholders’ equity on: open derivatives position, currency exposure and interest rates on December 31, 2023 for the market risks considered relevant by the Company's management. In the probable scenario, in the Company's assessment, the maintenance of market levels was considered, so that there are no impacts on profit (loss) before taxes and shareholders’ equity. The Company also considered the following scenarios in the risk variable: · 10% deterioration (adverse scenario I); · 25% deterioration (adverse scenario II); The estimates presented do not necessarily reflect the amounts to be ascertained in the next financial statements. The use of different methodologies can have a material effect on the estimates presented. 32.3.1. Fuel The aircraft fuel prices fluctuate due to the volatility of the price of crude oil by product price fluctuations. The Company uses different instruments to hedge its exposure to the fuel price. The choice depends on factors such as liquidity in the market, the market price of the components, levels of volatility, availability, and margin deposit. The main instruments are futures, calls, calls spreads, collars and swaps. The Company’s strategy for Fuel Risk Management is based on statistical models. Through the developed model, the Company can (i) measure the economic relationship between the hedging instrument and the hedged object, thus able to assess if the relationship between the price of aviation fuel and the price of foreign fuel behaves as expected; and (ii) adequately define the hedged index, thus able to establish the appropriate volume to be contracted to hedge the number of liters of fuel that will be consumed in a given period. The Company’s models consider the potential factors of inefficiency that may impact on risk management strategies, such as changes in the pricing of aviation fuel by suppliers and the mismatch of the term of the hedging instrument and the hedged object. The Company has hedged by hedge contracts approximately 13 The table below shows the sensitivity analysis considering the fluctuation of prices of air fuel priced in U.S. dollars, based on the barrel price on December 31, 2023 at US$71.65: Schedule of fuel risk Fuel Barrel price (in USD) Impact (in thousand of Reais) Decline in prices/barrel (-25%) 53.88 (3,467) Decline in prices/barrel (-10%) 64.66 (2,846) Increase in prices/barrel (+10%) 79.02 6,530 Increase in prices/barrel (+25%) 89.80 29,942 32.3.2. Interest rate The Company’s strategy for interest risk management combines fixed and floating interest rates and establishes if it will be necessary to expand or reduce the interest rate exposures. The company manages its exposure by calculating the Basis Point Value (“BPV”) of each agreement and uses volumes that correspond to the amount of BPVs necessary to achieve the goals proposed in the Risk Management to contract derivatives. Through statistical models, the company proves the economic relationship between the hedging instrument and the hedged object, considering potential factors of ineffectiveness, such as the mismatch of the term of the hedging instrument and the hedged object. The Company is mainly exposed to lease transactions indexed to changes in the interest rate until the aircraft is received. To mitigate such risks, the Company can use derivative financial instruments. On December 31, 2023, the Company held financial investments and loans and financing with different types of fees. Its sensitivity analysis of non-derivative financial instruments examined the impact on annual interest rates only for positions with material amounts on December 31, 2023 that were exposed to fluctuations in interest rates, as the scenarios below show. The amounts show the impacts on Income (Expenses) according to the scenarios adopted below: Schedule of fluctuations in interest rates Financial investments net of financial debt (a) Risk CDI rate increase SOFR rate increase Reference rates 11.65 5.38 Exposure amount (probable scenario) (b) (612,539) (216,799) Remote favorable scenario (-25%) 24,052 2,916 Possible favorable scenario (-10%) 9,621 1,166 Possible adverse scenario (+10%) (9,621) (1,166) Remote adverse scenario (+25%) (24,052) (2,916) (a) Refers to the sum of the amounts invested and raised in the financial market and indexed to the CDI and SOFR rates. (b) Book balances recorded as of December 31, 2023. 32.3.3. Exchange rate Foreign currency risk derives from the possibility of unfavorable fluctuation of foreign currency to which the Company’s liabilities or cash flows are exposed. The Company is mainly exposed to the exchange rate change of the U.S. dollar. The Company’s foreign currency exposure is summarized below: Schedule of foreign currency exposure 2023 2022 Assets Cash, cash equivalents and financial investments 460,799 274,186 Trade receivables 129,977 215,113 Deposits 1,982,399 2,068,593 Derivative assets 810 29,256 Total Assets 2,573,985 2,587,148 Liabilities Loans and financing (9,677,769) (10,797,091) Leases (9,198,932) (10,940,049) Suppliers (327,464) (461,134) Provisions (2,388,709) (2,601,195) Derivative liabilities (5,010,509) - Total Liabilities (26,603,383) (24,799,469) Exchange rate exposure liabilities (24,029,398) (22,212,321) Commitments not recorded in the statements of financial position Future obligations resulting from firm aircraft orders (18,827,647) (20,574,804) Total (18,827,647) (20,574,804) Total exchange rate exposure R$ (42,857,045) (42,787,125) Total exchange rate exposure - US$ (8,852,384) (8,200,380) Exchange rate (R$/US$) 4.8413 5.2177 As of December 31, 2023, the Company adopted the closing exchange rate of R$4.8413/US$1.00 as a likely scenario. The table below shows the sensitivity analysis and the effect on income (expenses) of exchange rate fluctuations in the exposure amount of the period as of December 31, 2023: Schedule of foreign currency risk Exchange rate Effect on income (expenses) Net liabilities exposed to the risk of appreciation of the U.S. dollar 4.8413 24,029,398 Dollar depreciation (-25%) 3.6310 6,007,350 Dollar depreciation (-10%) 4.3572 2,402,940 Dollar appreciation (+10%) 5.3254 (2,402,940) Dollar appreciation (+25%) 6.0516 (6,007,350) 32.3.4. Capped call The Company, through Gol Equity Finance, in the context of the pricing of the ESN issued on March 26, April 17 and July 17, 2019, contracted private derivative transactions (Capped call) with part of the note subscribers with the purpose of minimizing the potential dilution of the Company’s preferred shares and ADSs. 32.4. Credit risk Credit risk is inherent in the Company’s operating and financing activities, mainly in cash and cash equivalents, financial investments and trade receivables. Financial assets classified as cash, cash equivalents, and financial investments are deposited with counterparties rated investment grade or higher by S&P or Moody's (between AAA and AA-), pursuant to risk management policies. Credit limits are set for all customers based on internal credit rating criteria and carrying amounts represent the maximum credit risk exposure. Customer creditworthiness is assessed based on an internal system of extensive credit rating. Outstanding trade receivables are frequently monitored by the Company. Derivative financial instruments are contracted in the over-the-counter market (OTC) with counterparties rated investment grade or higher, or in a commodities and futures exchange (B3 or NYMEX), thus substantially mitigating credit risk. The Company's obligation is to evaluate counterparty risk involved in financial instruments and periodically diversify its exposure. 32.5. Liquidity risk The Company is exposed to liquidity risk in two distinct ways: (i) market prices, which vary in accordance with the types of assets and markets where they are traded, and (ii) cash flow liquidity risk related to difficulties in meeting the contracted operating obligations at the maturity dates. In order to manage liquidity risk, the Company invests its funds in liquid assets (government bonds, CDBs and investment funds with daily liquidity) and its Cash Management Policy requires the weighted average maturity of its debt to be longer than the weighted average term of its investment portfolio term. The schedules of financial liabilities held by the Company's financial liabilities on December 31, 2023 and December 31, 2022 are as follows: Schedule of financial liability Less than 6 months 6 to 12 months 1 to 5 years More than 5 years Total Loans and financing 352,055 909,499 8,650,963 671,072 10,583,589 Leases 1,082,355 657,287 3,951,886 3,749,847 9,441,375 Suppliers 2,000,079 - 93,162 - 2,093,241 Suppliers – Factoring 39,877 - - - 39,877 Derivative liabilities - 8,929 5,010,509 - 5,019,438 Other liabilities 26,840 269,983 206,314 - 503,137 On December 31, 2023 3,501,206 1,845,698 17,912,834 4,420,919 27,680,657 Loans and financing 723,756 402,873 10,055,253 803,009 11,984,891 Leases 1,210,715 737,543 4,886,666 4,372,035 11,206,959 Suppliers 2,274,503 - 45,451 - 2,319,954 Suppliers – Factoring 29,941 - - - 29,941 Derivative liabilities 260 259 17 - 536 Other liabilities 225,752 154,096 312,323 - 692,171 On December 31, 2022 4,464,927 1,294,771 15,299,710 5,175,044 26,234,452 32.6. Measurement of the fair value of financial instruments To meet the disclosure requirements of financial instruments measured at fair value, the Company and its subsidiaries must group these instruments at levels 1 to 3 based on the observable degree of fair value: · Level 1: Fair value measurements are obtained from quoted (unadjusted) prices in identical active or passive markets; · Level 2: Fair value measurements are obtained from other variables other than the quoted prices included within Level 1, which are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and · Level 3: Fair value measurements are obtained from valuation techniques that include variables for the asset or liability but are not based on observable market data (unobservable data). The following table shows a summary of the financial instruments measured at the fair value of the Company and its subsidiaries, including their related classifications of the valuation method, on December 31, 2023 and 2022: Schedule of classifications of the valuation method 2023 2022 Fair value level Book value Fair value Book value Fair value Financial investments Level 2 458,537 458,537 423,418 423,418 Derivatives assets Level 2 810 810 29,256 29,256 Loans and financing Level 1 (9) (9) (17,753) (17,753) Derivatives liabilities Level 2 (5,019,438) (5,019,438) (536) (536) The fair value of financial instruments measured at amortized cost was not disclosed since the fair value approximates their book value based on the established conditions, mainly due to the short term of maturity of these assets and liabilities. The fair values for loans and financing, which differ from the book balances, in turn, are disclosed in Note 16. 32.7. Capital management The Company seeks alternatives to capital in order to meet its operational needs, aiming a capital structure that considers suitable parameters for the financial costs, the maturities of funding and its guarantees. The Company monitors its financial leverage ratio, which corresponds to net indebtedness, including short and long-term loans and financing and leases. The following table shows the financial leverage: Schedule of capital management 2023 2022 Total loans and financing 10,583,589 11,984,891 Total leases 9,441,375 11,206,959 (-) Cash and cash equivalentes (323,928) (169,035) (-) Financial investments (458,537) (423,418) Net indebtedness 19,242,499 22,599,397 |
Non-cash transactions
Non-cash transactions | 12 Months Ended |
Dec. 31, 2023 | |
Non-cash Transactions | |
Non-cash transactions | 33. Non-cash transactions Schedule of non cash transaction 2023 2022 2021 Amortization of debt with investments (Financial investments / Loans and financing) - - 198,270 Restricted Cash Debt Amortization (Restricted Cash / Loans and Financing) - 23,707 41,974 Right of Use of Flight Equipment (Property, Plant & Equipment / Leases Payable) - 613,879 2,295,903 Right of Use non-aeronautical assets (Property, Plant & Equipment / Leases Payable) 252,654 181,392 - Financial Lease Agreement Renegotiation (Property, Plant & Equipment / Leases Payable) - 163,925 778,379 Write-off of lease agreements (other income/ leases payable) 46,007 2,328 - Sale-leaseback (Property, plant and equipment / Leases) 307,391 2,454,534 209,065 Provision for aircraft return (Property, plant and equipment / Provisions) 36,296 (66,154) 27,024 Post-employment benefit actuarial gain (Provisions / Equity valuation adjustments) 34,503 17,516 41,524 Unrealized income (expenses) of derivatives (Derivative assets / Equity valuation adjustments) - 305,488 328,955 Capital increase issuing shares to non-controlling shareholders (Share capital / Non-controlling interest) - - 606,839 Capital Reserve Recognized - - 744,450 Income (Expenses) on the Sale of Treasury Shares - 21 279 Transfer of Treasury Shares 19,472 2,567 19,834 Deposit for guarantee 235,383 38,931 - Fair value gain on transaction with controller (loans/capital reserve) 844,542 - - Conversion of SSN 2028 into ESSN 2028 (loans/financing) 6,407,576 - - Deferred income tax on foreign exchange variation in subsidiaries 2,902 - - Issuance of Senior Secured Amortizing Notes (Deposits/ Loans and financing/ Leases) - 1,003,279 - |
Liabilities from financing acti
Liabilities from financing activities | 12 Months Ended |
Dec. 31, 2023 | |
Liabilities From Financing Activities | |
Liabilities from financing activities | 34. Liabilities from financing activities The changes in the liabilities of the Company’s financing activities are shown below for the years ended December 31, 2023, 2022 and 2021: Schedule of changes in liabilities arising from financing activities 2023 Non-cash transactions Adjustments to profit Opening balance Net cash flows (used in) from financing activities Net cash used in operating activities Offsetting with deposits and others Acquisition of fixed assets with new contracts and contractual amendments Transfer of treasury shares Payment with issue of shares Exchange rate changes, net Interest on loans and amortization of goodwill costs Unrealized derivatives results Fair value of issuance, transaction costs Closing balance Loans and financing 11,984,891 3,074,842 (1,185,966) (105,294) (15,643) - - (780,826) 1,880,381 (3,424,254) (844,542) 10,583,589 Leases 11,206,959 (2,355,457) (94,429) (282,244) 448,590 - - (708,145) 1,226,101 - - 9,441,375 Share capital 4,040,397 264 - - - - - - - - 4,040,661 Shares to issue - 1,470 - - - - - - - - 1,470 Treasury shares (38,910) - - - - 37,201 - - - - - (1,709) Capital reserves 1,178,568 94,836 - - - (37,201) 8,177 - - - (844,542) 399,838 2022 Non-cash transactions Adjustments to profit Opening balance Net cash flows (used in) from financing activities Net cash used in operating activities Acquisition of property, plant & equipment under new agreements and contractual amendment Write-off of lease or Senior Secured Amortizing Notes Transfer of treasury shares Payment with issue of shares Exchange rate changes, net Provision for interest and cost amortization Unrealized derivatives results Share-based compennsation Closing balance Loans and financing 11,900,030 (263,764) (912,651) - 1,003,279 - - (701,966) 1,092,589 (132,626) - 11,984,891 Leases 10,762,984 (2,357,341) (58,357) 2,723,031 (459,480) - - (720,497) 1,316,619 - - 11,206,959 Share capital 4,039,112 694 - - - - 591 - - - - 4,040,397 Shares to issue 3 588 - - - - (591) - - - - - Treasury shares (41,514) 37 - - - 2,588 - - - - - (38,910) Capital reserves 208,711 946,261 - - - (2,588) - - - - 26,184 1,178,568 2021 Non-Cash Transactions Adjustments to profit . Opening balance Net cash flows (used in) from financing activities Net cash used in operating activities Acquisition of property, plant & equipment under new agreements and contractual amendment Transaction with non-controlling shareholders, shares to be issued and sale/transfer of treasury shares Amortization with related assets Distribution of interim dividends Exchange rate changes, net Provision for interest and cost amortization Unrealized derivatives results Closing balance Loans and financing 9,976,966 1,359,595 (704,409) - - (198,270) - 756,861 896,091 (186,804) 11,900,030 Leases 7,584,192 (1,449,285) 16,652 3,255,646 - (41,973) - 517,126 880,626 - 10,762,984 Dividends and interest on shaholders’ equity to pay (1) 23,139 (260,131) - - - - 236,992 - - - - Share capital 3,009,436 420,734 - - 608,942 - - - - - 4,039,112 Shares to issue 1,180 926 - - (2,103) - - - - - 3 Treasury shares (62,215) 588 - - 20,113 - - - - - (41,514) Capital reserves 207,246 (744,450) 21,578 - 724,337 - - - - - 208,711 (1) The amount is recorded in the Other liabilities group, in current liabilities. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Subsequent events | 35. Subsequent events 35.1. Senior Secured Notes 2028 On January 22, 2024, the Company issued Abra Senior Secured Notes in the amount of R$ 87,335 17,647 35.2. Chapter 11 On January 25, 2024, the Company and its subsidiaries have voluntarily filed for Chapter 11 in the United States Bankruptcy Court for the Southern District of New York, as mentioned in section Capital Structure and Chapter 11 Filing above. On January 26, 2024, the New York Stock Exchange (“NYSE”) has suspended trading in the Company’s American Depositary Shares (the “ADSs”) and will apply to the Securities and Exchange Commission (“SEC”) to delist the ADSs, as is customary following a Chapter 11 filing in accordance with Section 802.01D of the NYSE Listed Company Manual. GOL enters the Chapter 11 Cases with a financing commitment for US$ 950 350 150 50 1 450 The DIP financing, along with cash generated from ongoing operations, will provide substantial liquidity to support operations in the normal course during the Chapter 11 process. With the support of the court-supervised process and the additional liquidity from the DIP financing, GOL’s passenger flights, its GOLLOG cargo flights, Smiles Loyalty program and other company operations are continuing in the normal course. Additionally, on April 10, 2024, the court overseeing the Company’s Chapter 11 proceedings approved Term Sheets that had been negotiated with five aircraft lessors of GOL. The court approval of these Term Sheets indicates the potential to move forward in finalizing agreements with the Company’s aircraft lessors in the forthcoming weeks. Furthermore, it should be noted that, as part of the restructuring process the Company is undergoing, the Company has the opportunity to decide if it will accept or reject certain contracts, including aircraft leases. Therefore, it is expected that certain aircraft will be returned to lessors, as typically occurs in similar proceedings. Although the Bankruptcy Filing may have triggered defaults for certain of the Debtors’ obligations, which are unenforceable under the Bankruptcy Code, counterparties are stayed from taking any actions as a result of such purported defaults. The Chapter 11 retains most of the actions on the debtors so the repayment of the debt is not accelerated. The Company continues to present its financial information as of December 31, 2023, including its interest bearing loan and leases, in accordance with the originally agreed conditions, pending future agreements that it may reach with its creditors under Chapter 11. |
Summary of significant accoun_2
Summary of significant accounting practices (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Consolidation | 4.1. Consolidation The Company consolidates all entities over which it has control, control is obtained when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to direct the relevant activities of the investee. It is usually assumed that a majority of voting rights results in control. To support this assumption, and when the Company holds less than a majority of the voting rights of an investee, the Company considers all relevant facts and circumstances when assessing if it has power over an investee. The Company reassesses if it has control of an investee if facts and circumstances indicate changes in one or more elements of control listed above. The consolidation of a subsidiary starts when the Company obtains control over the subsidiary. It ends when the Company loses control over the subsidiary. The change in equity interest in a subsidiary, without losing control, is accounted for as an equity transaction. Accounting practices were uniformly applied to all consolidated companies, consistent with those used by the parent company and adopted in the previous year. All transactions and balances between GOL and its subsidiaries were eliminated in the consolidation, as well as the unrealized profits or losses from these transactions, including charges and taxes. The income (expenses) and each component of other comprehensive income (expenses) are attributed to both the shareholders of the parent company and to the non-controlling shareholders, even if doing so results in a loss to non-controlling shareholders. |
Cash and cash equivalents | 4.2. Cash and cash equivalents The Company classifies in this group the balances of cash, automatic bank deposits, financial investments, and securities with immediate liquidity, which, according to analyzes, are readily convertible into a known amount of cash with an insignificant risk of change in value. Financial investments classified in this group, due to their very nature, are measured at fair value through income (expenses) and will be used by the Company in a short period of time. |
Financial investments | 4.3. Financial investments In the presentation and measurement of financial assets, the Company considers the provisions of IFRS 9 - “Financial Instruments”, which establishes that financial assets must be initially measured at fair value less costs directly linked to their acquisition. In turn, the subsequent measurement is divided into two categories: 4.3.1. Amortized cost Financial investments are measured at amortized cost when both of the following conditions are met: · the Company plans to hold the financial asset to collect the contractual cash flows; and · the contractual cash flows represent only the payments of interest and principal (“SPPI”). 4.3.2. Fair value Financial investments measured at fair value are divided into two categories: · through comprehensive income (expenses) · through profit or loss Financial Investments assigned as guarantees linked to short and long-term financial instruments, deposits for leasing operations and other passive operations are disclosed in Note 6. |
Trade receivables | 4.4. Trade receivables They are initially measured at the invoiced amount, which approximate the fair value given their short-term nature, net of allowance for expected loss. In compliance with IFRS 9 – “Financial Instruments”, the allowance for expected loss on trade receivables accounts was measured through a simplified approach, using historical data, projecting the expected loss over the contractual life, by segmenting the receivables portfolio into groups that have the same receipt pattern and according to the respective maturity terms. In addition, for certain cases, the Company carries out individual analyzes to assess the receipt credit risks. |
Inventories | 4.5. Inventories Inventory balances mainly include materials for maintenance and replacement of parts. Inventories are measured at the average acquisition cost plus expenses such as non-recoverable taxes and customs expenses incurred in the acquisition and transportation expenses until the current location of the items. Provisions for inventory obsolescence are recorded for those items that have no expectation of realization. |
Income tax and social contribution | 4.6. Income tax and social contribution 4.6.1. Current taxes In Brazil, includes income tax (“IRPJ”) and social contribution on profit (“CSLL”), which are calculated monthly based on the taxable income, after offsetting tax losses and negative social contribution base, limited to 30 15 10 9 4.6.2. Deferred taxes Deferred taxes represent credits and debits on IRPJ’s tax losses and negative CSLL bases, as well as temporary differences between the tax and accounting bases. Deferred tax and contribution assets and liabilities are classified as non-current. A deferred tax assets is recognized only to the extent the Company’s internal studies indicate that it is probable that future taxable income will be available to realize these deferred taxes. Deferred tax assets and liabilities are presented net if there is an enforceable legal right to offset tax liabilities against tax assets. However, for presentation purposes, if related to taxes levied by the same tax authority under the same taxable entity, the balances of tax assets and liabilities that do not meet the legal criterion of realization are disclosed separately. Deferred tax assets and liabilities were measured at the rates that are expected to be applicable in the period in which the asset is realized, or the liability is settled, based on the tax rates and legislation in force on the date of the financial statements. Management’s projections of future taxable income are prepared based on the business plans and are reviewed and approved annually by the Company’s Board of Directors. |
Rights and obligations with derivative financial instruments | 4.7. Rights and obligations with derivative financial instruments Variations in interest rates, foreign exchange rates and aviation fuel prices expose the Company and its subsidiaries to risks that may affect their financial performance. To mitigate such risks, the Company, through its subsidiaries, contracts derivative financial instruments that may or may not be designated for hedge accounting and, if designated, are classified as cash flow hedge. Derivatives financial instruments are measured at fair value at recognition and at subsequent reporting dates. 4.7.1. Derivative financial instruments not designated as hedge accounting The Company may contract derivative financial instruments that are not designated for hedge accounting when the Risk Management’s purposes do not require such classification. Transactions not designated as hedge accounting have the change in their fair value accounted for directly in the financial income (expenses). 4.7.2. Derivative instruments classified as cash flow hedge The instruments designated as cash flow hedge have the purpose of protecting future income (expenses) from changes in interest rates, fuel prices and in foreign exchange. The actualness of the variations is estimated based on statistical methods of correlation and by the proportion between the hedge’s gains and losses and the variation of the costs and expenses protected. The actual variations in fair value are recorded in the shareholders’ equity in “Other comprehensive income”, up to the recognition of the result of the hedged object. The inefficiencies found in each reporting period are recognized in the financial income (expenses). The hedge transactions recorded in “Other comprehensive income” are net of tax effects. 4.7.3. Derecognition and write-off of derivative financial instruments The hedge accounting is discontinued prospectively when the Company and its subsidiaries (i) cancel the protection relationship; (ii) the derivative instrument expires or is sold, terminated or executed, (iii) when there is low predictability of realization of the hedge’s object, or (iv) when it no longer qualifies as hedge accounting. If the operation is discontinued, any gains or losses previously recognized in “Other comprehensive income” and accumulated in equity up to that date are recognized immediately in the result for the year. |
Deposits | 4.8. Deposits 4.8.1. Deposits for the maintenance of aircraft and engines Refer to payments made in US dollars to lessors for the future maintenance of aircraft and engines. The realization of these assets occurs, substantially, in the use of the deposit for payment to the workshop when the maintenance is carried out or through the receipt of financial resources, according to the negotiations carried out with the lessors. The exchange rate change of these payments is recognized as an expense or income in the financial income expenses). The Management regularly assesses the impairment of these deposits based on the eligibility of the application of such amounts in future maintenance events and believes that the figures reflected in the balance sheet are realizable. Some of the agreements foresee that, if there are no maintenance events with the possibility of using the deposits, the deposits for this operation are not refundable. Such amounts are retained by the lessor and represent payments made according to the use of the components until the return date. Accordingly, the amounts in this category are recognized directly in the income (expenses) for the fiscal year under “Maintenance, material and repairs”, considering the regular impairment test or when the asset is returned. 4.8.2. Court deposits In the course of the lawsuits brought against the Company and on which the legitimacy of the claims is questioned, the Company may be required to make appeals and/or judicial deposits to continue its defense strategy. These amounts are monetarily restated, mostly by inflation indexes, and are characterized as not immediately available resources by the Company, pending a judicial decision. 4.8.3. Deposits in guarantee and collateral for lease agreements Deposits and guarantees are denominated in U.S. dollars and updated monthly by the foreign exchange rates. Deposits are refundable to the Company at the end of the lease agreements or offset against future obligations formalized upon return of the leased asset. |
Property, plant and equipment | 4.9. Property, plant and equipment Property, plant and equipment, including rotables (spare parts), are recorded at acquisition and/or construction cost. Interest and financial charges directly related to the acquisition, construction or production of a good that necessarily requires significant time to complete are capitalized as part of the cost of the corresponding asset. Every item of the property, plant and equipment that has a significant cost in relation to the total asset is depreciated separately. The estimated economic useful life of property, plant and equipment, for purposes of depreciation, is shown in Note 13. The estimated market price at the end of its useful life is the premise used to set the residual value of the Company’s property, plant and equipment. The residual value and useful life of the assets are reviewed annually by the Company. Any variation due to changes in the expectation of using such items results in prospective changes. The book value of the property, plant and equipment is analyzed to verify possible impairment loss when facts or changes in circumstances indicate that the book value is greater than the estimated recoverable amount. The book value of the aircraft is annually tested for impairment, even if there are no circumstances that indicate losses. An item of property, plant and equipment is written-off after disposal or when there are no future economic benefits resulting from the continued use of the asset. Any gains or losses on the sale or write-off of an item are established by the difference between the amount received on the sale and the book value of the asset and are recognized in the income (expenses). Additionally, the Company adopts the following treatment for the groups below: 4.9.1. Prepayments for aircraft acquisition Refers to prepayments in U.S. dollars made to Boeing for the acquisition of 737-MAX aircraft. Prepayments are converted at the historical rate. 4.9.2. Lease agreements Lease agreements are recognized, measured, presented and disclosed in accordance with IFRS 16 – “Leases”. The Company adopts exemptions for lessees, set forth in the standard, for short-term leases and leases of “low value” assets. In accordance with IFRS 16 - "Leases”, determining short-term leases based on the underlying asset class associated with the right of use is permitted. In this context, the Company utilizes this prerogative to adjust the recognition of short-term leases for non-aeronautical assets in compliance with applicable accounting standards. 4.9.2.1. Right-of-use assets The Company recognizes the right-of-use assets on the starting date of the lease (that is, on the date when the underlying asset is available for use). The cost of right-of-use assets includes the amount of recognized lease liabilities, initial direct costs incurred and lease payments made up to the starting date, less any lease incentives received. The initial measurement of a right-of-use asset also includes an estimate of the costs to be incurred by the Company when returning the underlying asset, restoring the underlying asset to the condition required by the lease terms and conditions. The Company incurs an obligation for these costs, either on the start date or due to using the underlying asset during the term of the contract. After the start date, the right-of-use are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any new remeasurements of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shortest period between the lease term and the estimated useful lives of the assets. In certain cases, if the ownership of the leased asset is transferred to the Company at the end of the lease term or if the cost represents the exercise of a call option, depreciation is calculated using the estimated useful life of the asset. 4.9.2.2. Lease liabilities On the lease’s start date, the Company recognizes lease payments to be made during the lease term, according to the agreement schedule, measured at the present value. Lease payments include: (i) fixed payments (including fixed payments in-substance) less any lease incentives receivable; (ii) variable lease payments that depend on an index or rate and; (iii) expected amounts to be paid under residual value guarantees. Lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payment of fines for terminating the lease, if the lease term reflects the exercise of the option to terminate the lease by the Company. When calculating the present value of lease payments, the Company uses its incremental loan rate on the starting date when the interest rate implied by the lease cannot be immediately determined. Variable lease payments that do not depend on an index or rate recognized as expenses in the period in which the event or condition that generates these payments occurs. After the start date, the value of the lease liability is increased to reflect the time elapsed and, therefore, the increase in interest and reduced for the lease payments made. In addition, the book value of lease liabilities is remeasured if there is a change in leases, considering changes in the lease term, changes in lease payments (for example, changes in future payments resulting from a change in an index or rate used to determine such lease payments) or changes in the valuation of a call option on the underlying asset. The Company reassess the lease liability whenever certain events occur and recognizes the remeasured balance of the lease liability as an adjustment to the right-of-use asset. However, if the book value of the right-of-use asset is reduced to zero and there is a further reduction in the measured lease liability, the Company recognizes any remaining balance of the remeasured in income (expenses). 4.9.2.3. Sale-leaseback transactions Sale-leaseback transactions occur when the Company sells an asset and leases it back. These transactions are initially analyzed within the scope of IFRS 15 – “Revenue from Contracts with Customers” with the aim of verifying whether the performance obligation has been met, and therefore accounting for the sale of the asset. Once this requirement has been met, the calculation to recognize the result of sale-leaseback transactions uses the fair value of the negotiated asset as a reference. For new goods, the source of information to obtain the fair value is the market price for items of a similar nature, considering the good’s conditions. If the item already belongs to Gol, the calculation for fair value intelligence is carried out using an internal methodology, based on the methodology applied in the market. After the fair value is defined, gains or losses are initially calculated based on the difference between the fair value and the book value of the assets and subsequently adjusted according to the proportionality of the right of use transferred to the lessor (the latter being the actual value recognized in the result as income or loss). The proportionality calculation is carried out considering the present value of the lease payments adjusted by the advances or additional financing. 4.9.3. Capitalization of expenses with major maintenance of engines, aircraft, landing gear and APU’s (Auxiliary Power Unit) Expenses with major maintenance events, which include replacement of parts and labor, are capitalized only when there is an extension of the estimated useful life of the corresponding asset. Such costs are capitalized and depreciated over the estimated period to be incurred until the next major maintenance or the return of the asset, whichever occurs first. Expenses incurred that do not extend the useful lives of assets are recognized directly in the statement of operations. |
Intangible assets | 4.10. Intangible assets 4.10.1. Finite useful life Intangible assets acquired are measured at the cost of their initial recognition. The useful life of an intangible asset is evaluated as finite or indefinite. Intangible assets generated internally, excluding development costs, are not capitalized, and the expense is reflected in the statement of operations for the fiscal year in which it was incurred. Intangible assets with finite lives are amortized over their useful economic lives and are assessed for impairment whenever there is an indication of impairment. The amortization period and method for an intangible asset with a finite life are reviewed at least at the end of each fiscal year. The amortization of intangible assets with finite lives is recognized in the statement of operations in the expense category consistent with the useful economic life of the intangible asset. 4.10.2. Indefinite useful life 4.10.2.1. Goodwill for Expected Future Profitability In this category, the amounts corresponding to the goodwill arising from business combinations carried out by the Company and its subsidiaries are recorded. The goodwill value is tested annually by comparing the book value with the recoverable value of the cash-generating unit. The Management evaluates and establishes assumptions to assess the impact of macroeconomic and operational changes, to estimate future cash flows and measure the recoverable value of assets. 4.10.2.2. Airport operation rights (“Slots”) In the business combination of GLA and Webjet, slots were acquired, recognized at their fair values on the acquisition date and were not amortized. The estimated useful life of these rights was considered indefinite due to several factors and considerations, including requirements and permits to operate in Brazil and the limited availability of use rights at the most important airports in terms of air traffic volume. The book value of these rights is assessed annually, based on cash-generating unit regarding its recoverable amount or in cases of changes in circumstances that indicate that the book value may not be recoverable. |
Impairment of non-financial assets | 4.11. Impairment of non-financial assets The Company annually reviews internal and external sources of information to assess events or changes in economic and technological conditions, or in operations that may indicate the devaluation of an asset or cash-generating unit. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs of disposal and value in use. When the book value of an asset or cash-generating unit exceeds its recoverable amount, a provision for impairment is recognized. When estimating the value in use, estimated future cash flows are discounted to present value, using a pre-tax discount rate reflecting the weighted average cost of capital for the cash-generating unit. For the purposes of assessing the impairment, assets are grouped at the lowest level for which there is separately identifiable cash flow (Cash-Generating Unit or CGU). A previously recognized impairment loss is reversed, except on goodwill, only when changes occur to estimates used to calculate the asset's recoverable amount. |
Loans and financing | 4.12. Loans and financing Loans and financing are initially recognized at fair value less any directly attributable transaction costs. After the initial recognition, these financial liabilities are measured at amortized cost using the effective interest method, except for the contracted derivatives linked to Exchangeable Senior Notes, which are measured at fair value through profit or loss. Gains and losses are recognized in the statement of operations when the liabilities are written off. The amortized cost is calculated considering any negative discount or premium in the contract and fees or costs that are fully part of the effective interest rate method. Amortization using the effective interest rate method is included as a financial expense in the statement of operations, except when subject to capitalization. |
Suppliers and other obligations | 4.13. Suppliers and other obligations They are initially recognized at fair value and subsequently increased, when applicable, by the corresponding charges and monetary and exchange rate changes incurred up to the closing dates of the financial statements. 4.13.1. Suppliers - Factoring Management carried out a negotiation with suppliers with the purpose of extending payment terms. Accordingly, the Company signed an agreement with financial institutions that allows receivables from its suppliers to be factored. Considering that the anticipation of this receipt with the financial institutions is an option of the suppliers, as well, the Company is not reimbursed and/or benefited by the financial institution with discounts for payment before the maturity date agreed with the supplier, there is no change in the degree of subordination in case of judicial execution (see Note 19). |
Advance ticket sales | 4.14. Advance ticket sales Represents the Company’s obligations to provide air transportation services and other ancillary services to its clients, net of breakage revenue already recognized in the statement of operations, as detailed in Note 4.17.1. |
Provisions | 4.15. Provisions Provisions are recognized when the Company has a present obligation, formalized or not, as a result of a past event, and it is probable that economic benefits will be required to settle the obligation and a reliable estimate of its value can be made. 4.15.1. Provision for aircraft and engine return Aircraft lease agreements regularly provide for contractual obligations establishing conditions for return. The Company makes provisions for the return costs, since these present obligations, arising from past events and which will generate future disbursements, which are measured with reasonable certainty. The expenses initially expected basically refer to aircraft reconfiguration (interior and exterior), obtaining licenses and technical certifications, return checks, painting, among others, as established in the agreement. The estimated cost is recorded at the present value in property, plant and equipment. After initial recognition, the liability is updated according to the capital remuneration rate estimated by the Company, with a corresponding entry in income (expenses). Any changes in the estimate of expenses to be incurred are recorded prospectively. Besides the estimated expenses for aircraft reconfiguration, the lease agreements include requirements for aircraft components conditions to be observed when returning the aircraft. This provision depends on the actual use of the aircraft and engines, maintenance events during the contractual period, among others, and, it is recorded from the moment the Company has the necessary elements to reliably estimate the expenses to be incurred, considering the period they become a present obligation due to the condition of the engines and components. The Company estimates the provision to return the aircraft and engines at present value when the effect of the time value of money is relevant, based on the end of the lease agreement, when the disbursement will be necessary. 4.15.2. Provision for tax, fiscal and labor risks The Company is a party to a number of judicial and administrative proceedings, mainly in Brazil, whose assessments of the likelihood of loss include an analysis of the available evidence, the hierarchy of laws, the available jurisprudence, the most recent court decisions, and their relevance in the legal system, as well as the assessment of external lawyers. The Company classifies the risk of loss in legal proceedings as probable, possible, or remote. The provision recorded in relation to such lawsuits is set by the Company's Management, based on the analysis of its legal counsel, and reasonably reflects the estimated probable losses. If the Company has lawsuits whose values are not known or reasonably estimated, but the likelihood of loss is probable, these will not be recorded, but their nature will be disclosed. Provisions are reviewed and adjusted to reflect changes in circumstances, such as the applicable statute of limitations, conclusions of tax inspections, or additional exposures identified based on new matters or court decisions. |
Post-employment benefits | 4.16. Post-employment benefits The Company recognizes actuarial assets and liabilities related to the health care plan benefits offered to its employees in accordance with IAS 19 – “Employee Benefits”. Actuarial gains and losses are recognized in other comprehensive income (expenses) based on the actuarial report prepared by independent experts, while the benefits paid directly by the Company, the cost of current service and the cost of interest are recognized in the income (expense) for the fiscal year. |
Recognition of revenue | 4.17. Recognition of revenue 4.17.1. Revenue from passengers, cargo and ancillary services Passenger revenue is recognized when air transportation is actually provided. Tickets sold but not yet used are recorded in the item of advance from ticket sales, representing deferred revenue from tickets sold to passengers to be transported at a future date, net of the estimated breakage revenue. Breakage revenue calculates, on a historical basis, tickets issued that will expire due to non-use, that is, passengers who have purchased tickets and are highly likely not to use them. The calculations are reviewed at least once a year to reflect and capture changes in customer behavior in relation to ticket expiration. It should be noted that future events can significantly change the profile of customers and their historical pattern. Revenues from cargo shipments are recognized when performance obligations are met. Other revenues that include charter services, on-board sales services, flight rebooking fees, baggage drop-off, and other additional services are recognized along with the primary passenger transportation obligation. 4.17.2. Mileage revenue The Smiles Program has the purpose to build customer loyalty by granting mileage credits to participants. The obligation generated by issuing miles is measured based on the price at which the miles were sold to Smiles’ air and non-air partners, considered as the fair value of the transaction. The revenue from the mileage program with air products and services, which are offered by the entity itself, is recognized at the time of transportation, as the entity's performance obligation becomes exclusively the air transportation and related services, with GLA being the entity that controls the specified service before it is transferred to the customer. For exchanges of awards with services and products not linked to the entity of the same economic group, the performance obligation is fulfilled at the time of redemption of miles by the participants of the Smiles program. As a result of its characteristics, the miles program also provides the possibility of recognizing a breakage revenue. The Company calculates the breakage estimate through the probability of miles that have a high expiration potential to their non-use, considering the behavioral history of Smiles Program’s members. It should be noted that future events can significantly change the profile of customers and their historical pattern of redemption of miles. Such changes may lead to significant changes in the balance of deferred revenue, as well as in the recognition of breakage revenue reviewed annually. 4.17.3. Adoption of hedge accounting to protect future revenues with passengers and ancillary services In the regular course of its operations, the Company has recurring sales in U.S. dollars (“US$”), mainly as a result of international routes in South, Central, and North America. On August 1, 2019, Management has adopted the cash flow hedge accounting as a way to reduce the volatility for these future foreign currency revenues, which are considered highly probable, as provided for and stated in Paragraph 6.3.1 of IFRS 9 – “Financial Instruments”, using as hedge instruments the lease agreements recorded as a debt due to the adoption of IFRS 16 – “Leases”. With the adoption of hedge accounting, the foreign exchange gains and losses arising from the lease agreements (hedge instrument) will be accumulated in shareholders’ equity, “Adjustments to equity valuation”, appropriated to the Company’s income (expenses) upon the realization of the revenues from sales in US$. Hedge accounting derives from the natural hedge of the Company’s operations, portrayed by cash flow (revenues and amortization of debt in US$) and does not represent an increase in financial costs, enabling partial elimination of currency volatility from the Company's results. The final equity position is not affected by the adoption of this accounting practice. The elements of hedge accounting are: (1) hedged: highly probable sales revenue in US$; (2) hedge instrument: lease contracts linked to the US$; (3) amount designated: 60 months of highly probable revenues, totaling a notional amount of US$903,102 at the initial adoption; (4) nature of the hedged risk: exchange rate change; (5) specification of the hedged risk: USD/BRL spot exchange rate change; (6) type of hedge: cash flow. |
Share-based compensation | 4.18. Share-based compensation 4.18.1. Stock options The Company offers stock option plans to its executives. The Company recognizes as an expense in the statement of operations, on a straight-line basis, the fair value of the options or shares, calculated on the grant date by the Black-Scholes method, during the period of service required by the plan, as a corresponding entry to the shareholders’ equity. The accumulated expense recognized reflects the Company’s best estimate of the number of shares that will be vested. The expense or revenue from the movement occurred during the fiscal year is recognized in the statement of operations. The effect of outstanding options is reflected as an additional dilution in the calculation of diluted earnings per share, when applicable. 4.18.2. Restricted shares The Company can also offer to its executives a plan to transfer restricted shares, taking place at the end of stipulated deadline from the grant date, as set forth in each program’s plan, provided that the beneficiary has held his/her employment relationship during this period. Such transfer occurs preferably through shares held in treasury. The impact of any revision of the number of restricted shares that will not be acquired in relation to the original estimates, if any, is recognized in the income (expenses) for the fiscal year, in such a way that the accumulated expense reflects the revised estimates with the corresponding adjustment in the shareholders’ equity. |
Profit-sharing for employees and members of Management | 4.19. Profit-sharing for employees and members of Management The Company’s employees are entitled to profit sharing based on certain goals agreed upon annually, while administrators are entitled based on statutory provisions proposed by the Board of Directors and approved by the shareholders. The amount of profit sharing is recognized in the statement of operations for the period in which the goals are achieved. |
Financial results | 4.20. Financial results Include interest revenues on amounts invested, exchange rate changes on assets and liabilities, changes in the fair value of financial assets measured at fair value through profit or loss, gains and losses on hedge instruments that are recognized in the income (expenses), interest on loans and financing, commissions and bank charges, among others. Interest revenues and expenses are recognized in the statement of operations using the effective interest method. |
Earnings (loss) per share | 4.21. Earnings (loss) per share Basic earnings per share are calculated by dividing the net income for the fiscal year attributed to the Company’s controlling shareholders by the weighted average number of all classes of shares outstanding during the year. Diluted earnings (loss) per share are calculated by adjusting the weighted average number of shares outstanding by instruments potentially convertible into shares unless these adjustments are not dilutive. Although there are differences between common and preferred shares in terms of voting rights and preference in case of liquidation, the Company’s preferred shares do not grant the right to receive fixed dividends. Preferred shares have the economic power and the right to receive dividends 35 times greater than common shares. Accordingly, the Company considers that the economic power of preferred shares is greater than that of common shares. Therefore, the result for the fiscal year attributed to the controlling shareholders is allocated proportionally in relation to the total economic participation of the amount of common and preferred shares. |
Information by segment | 4.22. Information by segment An operating segment is a component of the Company that engages in business activities to generate revenues and incur expenses. Operating segments reflect how the Company's management reviews financial information for decision-making purposes. The Company conducts quantitative and qualitative analyses as required by the current pronouncements. The Company regularly manages its business and makes resource allocation decisions considering the existence of only one operating segment, air transportation. The operations of this segment primarily originate from the subsidiary GLA, providing passenger air transportation services, with the main revenue-generating assets being its aircraft. Other segment revenues mainly come from cargo operations, loyalty programs, third-party aircraft maintenance, among others. The table below shows the quantitative analysis of the total gross revenue of the air transportation segment by revenue line: Schedule of quantitative analysis of total gross revenue and air transportation segment by revenue line Parameters 2023 2022 Quantitative Passenger transportation 91.1 92.6 Others 8.9 7.4 |
Transactions in foreign currency | 4.23. Transactions in foreign currency Foreign currency transactions are recorded at the exchange rate prevailing on the date on which the transactions take place. Monetary assets and liabilities designated in foreign currency are calculated based on the exchange rate on the balance sheet date. Any difference resulting from the translation of currencies is recorded under the item “Monetary and foreign exchange rate variation, net” in the statement of operations. The exchange rate changes in reais in effect on the base date of these consolidated financial statements are as follows: Schedule of exchange rate effect on consolidated financial statements Final Rate Average Rate 2023 2022 2023 2022 U.S. Dollar 4.8413 5.2177 4.9959 5.1630 Argentinian Peso 0.0060 0.0295 0.0192 0.0406 |
New accounting standards and pronouncements adopted in the current year | 4.24. New accounting standards and pronouncements adopted in the current year The standards listed below have become valid for annual periods beginning on or after January 1, 2023. 4.24.1. Amendments to IAS 8: Definition of Accounting Estimates The amendments to IAS 8 (Accounting Policies, Changes in Accounting Estimates and Errors) clarify the distinction between changes in accounting estimates, changes in accounting policies, and correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. These changes had no impact on the financial statements of the Company. 4.24.2. Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) The amendments to IAS 1 (Presentation of Financial Statements) and IFRS Practice Statement 2 provide guidance and examples to assist entities in applying materiality judgments to disclosures of accounting policies. The changes aim to help entities provide more useful disclosures of accounting policies, replacing the requirement for entities to disclose their "significant" accounting policies with a requirement to disclose their "material" accounting policies, Additionally, guidance is added on how entities apply the concept of materiality when making decisions about disclosures of accounting policies. The amendments impacted the accounting policy disclosures of the Company but not the measurement, recognition, or presentation of items in the Company's financial statements. 4.24.3. Deferred Taxes related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 12) The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exemption, so it no longer applies to transactions generating equal taxable and deductible temporary differences, such as leases and decommissioning liabilities. These changes had no impact on the financial statements of the Company. |
Main accounting estimates and assumptions used | 4.25. Main accounting estimates and assumptions used As disclosed in note 2, Management has made judgments that have a significant effect on the amounts recognized in the financial statements, as follows: · estimated losses on doubtful receivables (Note 7); · analysis of recoverability of maintenance deposits (Note 9); · annual analysis of the recoverable value of deferred taxes (Note 12); · useful life of the fixed assets and intangible assets with defined useful life (Notes 13 and 14); · analysis of the recoverable value of goodwill and slots (Note 14); · revenue from breakage of tickets and miles (Note 22 and 23); · provision for aircraft and engine returns (Note 24); · provision for post-employment benefits (Note 24); · provision for tax, civil and labor risks (Note 24); · share-based compensation transactions (Note 27); · rights and obligations with derivative operations (Note 32); and · fair value of financial instruments (Note 32). The Company continuously reviews the assumptions used in its accounting estimates. The effect of the revisions to the accounting estimates in recognized in the financial statements in the period in which such revision is made. |
New accounting standards and pronouncements not yet adopted | 4.26. New accounting standards and pronouncements not yet adopted 4.26.1. Amendment to IAS 7: Statement of Cash Flows and IFRS 7: Financial Instruments On May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of these contracts. The aim is to assist financial statement users in understanding the effects of supplier finance agreements on an entity's liabilities, cash flows, and liquidity risk exposure. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024. It is not expected that these changes will have a significant impact on the Company's financial statements. 4.26.2. Amendments to IFRS 16: Lease Liability in a Sale and Leaseback In September 2022, the IASB issued amendments to IFRS 16 (Leases) to specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted and that fact must be disclosed. The amendments are not expected to have a material impact on the Group’s financial statements. 4.26.3. Amendments to IAS 1: Classification of Liabilities as Current or Non-current In January 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 (Presentation of financial statements) to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement. • That a right to defer must exist at the end of the reporting period. • That classification is unaffected by the likelihood that an entity will exercise its deferral right. • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments are effective for annual reporting periods beginning on or after 1 January 20243 and must be applied retrospectively. The Group is currently assessing the impact the amendments will have on current practice and whether existing loan agreements may require renegotiation. |
Operating context (Tables)
Operating context (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Context | |
Schedule of ownership structure | Schedule of ownership structure Entity Incorporation Date Location Principal activity Type of control % of interest in the capital stock in the capital stock December 31, 2023 December 31, 2022 GAC March 23, 2006 Cayman Islands Aircraft acquisition Direct 100.00 100.00 Gol Finance Inc. March 16, 2006 Cayman Islands Fundraising Direct 100.00 100.00 Gol Finance June 21, 2013 Luxembourg Fundraising Direct 100.00 100.00 GLA April 9, 2007 Brazil Flight transportation Direct 100.00 100.00 GTX February 8, 2021 Brazil Equity investments Direct 100.00 100.00 Smiles Fidelidade February 6, 2023 Brazil Loyalty program Indirect 100.00 - Smiles Viagens August 10, 2017 Brazil Tourism agency Indirect 100.00 100.00 Smiles Fidelidade Argentina November 7, 2018 Argentina Loyalty program Indirect 100.00 100.00 Smiles Viajes Argentina November 20, 2018 Argentina Tourism agency Indirect 100.00 100.00 AirFim November 7, 2003 Brazil Investment fund Indirect 100.00 100.00 Fundo Sorriso July 14, 2014 Brazil Investment fund Indirect 100.00 100.00 (a) Companies with functional currency in Argentine pesos (ARS). |
Summary of significant accoun_3
Summary of significant accounting practices (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of quantitative analysis of total gross revenue and air transportation segment by revenue line | Schedule of quantitative analysis of total gross revenue and air transportation segment by revenue line Parameters 2023 2022 Quantitative Passenger transportation 91.1 92.6 Others 8.9 7.4 |
Schedule of exchange rate effect on consolidated financial statements | Schedule of exchange rate effect on consolidated financial statements Final Rate Average Rate 2023 2022 2023 2022 U.S. Dollar 4.8413 5.2177 4.9959 5.1630 Argentinian Peso 0.0060 0.0295 0.0192 0.0406 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash And Cash Equivalents | |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents 2023 2022 Cash and bank deposits 287,879 121,660 Cash equivalents 36,049 47,375 Total 323,928 169,035 |
Schedule of breakdown of cash equivalents | Schedule of breakdown of cash equivalents 2023 2022 Local currency Private bonds - 10 Automatic deposits 36,049 47,334 Total local currency 36,049 47,344 Foreign currency Private bonds - 31 Total foreign currency - 31 Total 36,049 47,375 |
Financial investments (Tables)
Financial investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Investments | |
Schedule of short-term investments | Schedule of short-term investments Weighted average rate (p.a.) 2023 2022 Local currency Automatic applications 10.0% of CDI 57,687 - Government bonds 99.9% of CDI 1,871 3,880 Private bonds 98.2% of CDI 211,420 253,386 Investment funds 80.8% of CDI 10,027 10,576 Total local currency(*) 281,005 267,842 Foreign currency Investment funds 26.45% 177,532 155,576 Total foreign currency 177,532 155,576 Total 458,537 423,418 Current 315,901 404,113 Non-current 142,636 19,305 (*) Of the total amount recorded on December 31, 2023, R$279,196 (R$266,553 on December 31, 2022), refer to investments used as guarantees linked to deposits for lease operations, derivative financial instruments, lawsuits and loans and financing. |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of trade receivable | Schedule of trade receivable 2023 2022 Local currency Credit card administrators 287,984 287,754 Travel agencies 308,268 317,487 Cargo agencies 94,860 45,986 Airline partner companies 10,116 12,465 Other 13,153 31,477 Total local currency 714,381 695,169 Foreign currency Credit card administrators 52,371 80,812 Travel agencies 20,762 83,517 Cargo agencies 953 968 Airline partner companies 32,259 33,075 Other 23,632 16,741 Total foreign currency 129,977 215,113 Total gross 844,358 910,282 Allowance for expected loss on trade receivables accounts (19,162) (22,548) Total 825,196 887,734 |
Schedule of aging list of trade receivables | Schedule of aging list of trade receivables 2023 2022 Not yet due Until 30 days 518,053 722,923 31 to 60 days 82,224 48,923 61 to 90 days 55,286 16,681 91 to 180 days 62,220 381 181 to 360 days 5,703 23,590 Above 360 days 1,597 7 Total not yet due 725,083 812,505 Overdue Until 30 days 39,228 46,856 31 to 60 days 14,660 9,321 61 to 90 days 6,808 3,383 91 to 180 days 24,911 9,845 181 to 360 days 13,327 2,598 Above 360 days 1,179 3,226 Total overdue 100,113 75,229 Total 825,196 887,734 |
Schedule of changes in allowance for doubtful accounts | Schedule of changes in allowance for doubtful accounts 2023 2022 Balance at the beginning of the year (22,548) (19,280) (Additions) Reversals 3,386 (3,268) Balances at the end of the year (19,162) (22,548) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of inventories | Schedule of inventories 2023 2022 Consumables 36,893 26,494 Parts and maintenance materials 320,398 365,659 Advances to suppliers 39,925 46,712 Total 397,216 438,865 |
Schedule of changes in the provision for obsolescence | Schedule of changes in the provision for obsolescence 2023 2022 Balances at the beginning of the year (9,611) (6,176) Additions (597) (4,876) Write-offs 940 1,441 Balances at the end of the year (9,268) (9,611) |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Deposits Abstract | |
Schedule of deposits | Schedule of deposits 2023 2022 Court deposits 510,317 591,177 Deposit in guarantee for lease agreements 937,432 934,204 Maintenance deposits 1,044,967 1,134,389 Others 63,221 - Total 2,555,937 2,659,770 Current 264,524 380,267 Non-current 2,291,413 2,279,503 |
Advance to suppliers and thir_2
Advance to suppliers and third parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Advance To Suppliers And Third Parties | |
Schedule of advance to suppliers and third parties | Schedule of advance to suppliers and third parties 2023 2022 Advance to domestic suppliers 292,563 227,036 Advance to international suppliers 193,451 65,141 Advance for materials and repairs 46,637 60,179 Total 532,651 352,356 Current 431,136 302,658 Non-current 101,515 49,698 |
Recoverable taxes (Tables)
Recoverable taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Recoverable Taxes | |
Schedule of recoverable taxes | Schedule of recoverable taxes 2023 2022 IRPJ and CSLL prepayments 51,699 36,249 PIS and COFINS to recover 92,281 187,322 Taxes withheld by public entities 24,633 10,836 Value added tax (VAT) abroad 4,648 6,037 Other 5,973 7,838 Total 179,234 248,282 Current 165,157 195,175 Non-current 14,077 53,107 |
Deferred taxes (Tables)
Deferred taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Taxes | |
Schedule of deferred tax assets (liabilities) - noncurrent | Schedule of deferred tax assets (liabilities) - noncurrent 2021 Statement of operations Shareholders’ Equity and Others (*) 2022 Statement of operations Shareholders’ Equity and Others (*) 2023 Deferred taxes assets – GOL and Smiles Argentina Income tax losses carry forward 50,385 4,534 - 54,919 (54,919) - - Negative basis of social contribution 18,137 1,633 - 19,770 (19,770) - - Temporary differences: Provision for loss with other credits 7,132 (4,958) - 2,174 (2,021) - 153 Provision for legal proceedings and tax obligations (94) 139 - 45 (45) - - Others 239 99 5 343 (3,243) 2,902 2 Total deferred taxes – assets 75,799 1,447 5 77,251 (79,998) 2,902 155 Deferred taxes assets (liabilities) – GLA Temporary differences: Slots (353,226) - - (353,226) - - (353,226) Depreciation of engines and parts for aircraft maintenance (202,522) (25,356) - (227,878) (118,837) - (346,715) Breakage provision (197,246) (102,783) - (300,029) (96,009) - (396,038) Goodwill amortization for tax purposes (143,297) (46,914) - (190,211) (46,915) - (237,126) Derivative transactions (502) 22,687 - 22,185 13,238 - 35,423 Allowance for expected loss on trade receivable and other credits 209,141 (8,351) - 200,790 (133,097) - 67,693 Provision for aircraft and engine return 310,746 (4,597) - 306,149 90,453 - 396,602 Provision for legal proceedings and tax liabilities 243,826 31,057 - 274,883 16,710 - 291,593 Aircraft leases and others 84,500 102,755 - 187,255 86,716 - 273,971 Others 48,169 (4,441) - 43,728 25,578 - 69,306 Total deferred taxes – liabilities (411) (35,943) - (36,354) (162,163) - (198,517) Total effect of deferred taxes - Income (Expenses) - (34,496) - - (242,161) (*) Exchange rate change recognized in other comprehensive income. |
Schedule of tax losses and negative bases of social contribution | Schedule of tax losses and negative bases of social contribution 2023 2022 Accumulated income tax losses 15,041,786 14,989,912 Potential tax credit 5,114,207 5,096,570 |
Schedule of reconciliation of income taxes expense | Schedule of reconciliation of income taxes expense 2023 2022 2021 Loss before income tax and social contribution (956,781) (1,517,675) (7,376,227) Combined tax rate 34% 34% 34% Income at the statutory tax rate 325,306 516,010 2,507,917 Adjustments to calculate the effective tax rate: Tax rate difference on the results of offshores subsidiaries (532,269) (26,841) (171,981) Non-deductible expenses, net (354,762) (270,066) (118,734) Exchange rate change on foreign investments (174,633) 46,239 (82,085) Tax Benefit 136,819 194,588 - Benefit (not constituted) on tax loss, negative basis and temporary differences 334,061 (503,728) (1,942,695) Total income tax (265,478) (43,798) 192,422 Income tax and social contribution Current (23,317) (9,302) (48,862) Deferred (242,161) (34,496) 241,284 Total income (loss) taxes (265,478) (43,798) 192,422 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of composition of property, plant and equipment | Schedule of composition of property, plant and equipment 2022 2023 Weighted average rate (p.a.) Historical cost Accumulated depreciation Net opening balance Additions Contractual amendment Depreciation Write-offs and transfers Net ending balance Historical cost Accumulated depreciation Flight equipment Aircraft - RoU (1) 10.68% 1,406,085 (69,869) 1,336,216 14,939 - (119,488) (39,573) 1,192,094 1,380,225 (188,131) Aircraft - RoU (1) 16.07% 8,148,917 (2,827,551) 5,321,366 387,609 (45,274) (745,348) (3,691) 4,914,662 8,142,660 (3,227,998) Spare parts and engines - Own (3) (4) 6.60% 2,188,299 (1,061,674) 1,126,625 458,976 - (143,105) (186,941) 1,255,555 2,139,023 (883,468) Spare parts and engines – RoU (1) 48.53% 146,188 (91,077) 55,111 136,153 1,068 (53,820) (3,912) 134,600 275,981 (141,381) Aircraft and engine improvements 40.08% 3,447,804 (2,453,250) 994,554 502,004 (71,677) (465,628) (30,040) 929,213 3,292,621 (2,363,408) Tools 10.00% 63,183 (36,326) 26,857 6,337 - (4,546) (127) 28,521 68,809 (40,288) 15,400,476 (6,539,747) 8,860,729 1,506,018 (115,883) (1,531,935) (264,284) 8,454,645 15,299,319 (6,844,674) Non-aeronautical property, plant and equipment Vehicles 20.00% 11,996 (10,349) 1,647 1,448 - (750) - 2,345 12,722 (10,377) Machinery and equipment 10.00% 62,926 (51,514) 11,412 1,950 - (1,925) (36) 11,401 63,537 (52,136) Furniture and fixtures 10.00% 33,870 (23,549) 10,321 2,085 - (2,099) (62) 10,245 34,013 (23,768) Computers, peripherals and equipment 19.78% 52,220 (42,317) 9,903 4,969 - (5,293) (47) 9,532 43,613 (34,081) Computers, peripherals and equipment – RoU (1) 43.60% 33,518 (25,579) 7,939 6,421 - (6,468) - 7,892 39,939 (32,047) Third-party property improvements 20.35% 185,621 (176,432) 9,189 334 - (4,831) - 4,692 185,929 (181,237) Third-party properties – RoU (1) 18.11% 254,130 (43,603) 210,527 2,201 8,368 (22,996) - 198,100 264,699 (66,599) Construction in progress - 14,456 - 14,456 991 - - (398) 15,049 15,049 - 648,737 (373,343) 275,394 20,399 8,368 (44,362) (543) 259,256 659,501 (400,245) Impairment losses (2) - (20,488) - (20,488) (25,887) - - - (46,375) (46,375) - Total property, plant and equipment in use 16,028,725 (6,913,090) 9,115,635 1,500,530 (107,515) (1,576,297) (264,827) 8,667,526 15,912,445 (7,244,919) Advances to suppliers - 473,061 - 473,061 68,751 - - (21,638) 520,174 520,174 - Total 16,501,786 (6,913,090) 9,588,696 1,569,281 (107,515) (1,576,297) (286,465) 9,187,700 16,432,619 (7,244,919) 2021 2022 Weighted average rate (p.a.) Historical cost Accumulated depreciation Net opening balance Additions Contractual amendment Depreciation Write-offs and transfers Net ending balance Historical cost Accumulated depreciation Flight equipment Aircraft - RoU (1) 10.66% - - - 1,406,085 - (69,869) - 1,336,216 1,406,085 (69,869) Aircraft - RoU (1) 16.69% 7,127,628 (1,958,755) 5,168,873 1,337,200 (186,580) (987,591) (10,536) 5,321,366 8,148,917 (2,827,551) Spare parts and engines - Own (3) (4) 7.21% 2,062,646 (963,949) 1,098,697 208,237 - (144,843) (35,466) 1,126,625 2,188,299 (1,061,674) Spare parts and engines – RoU (1) 30.35% 129,223 (62,908) 66,315 17,343 (378) (28,169) - 55,111 146,188 (91,077) Aircraft and engine improvements 37.41% 3,143,372 (2,370,691) 772,681 604,953 - (363,149) (19,931) 994,554 3,447,804 (2,453,250) Tools 10.00% 56,826 (32,327) 24,499 6,407 - (4,024) (25) 26,857 63,183 (36,326) 12,519,695 (5,388,630) 7,131,065 3,580,225 (186,958) (1,597,645) (65,958) 8,860,729 15,400,476 (6,539,747) Non-aeronautical property, plant and equipment Vehicles 20.00% 11,076 (9,915) 1,161 920 - (434) - 1,647 11,996 (10,349) Machinery and equipment 10.00% 62,837 (50,824) 12,013 1,341 - (1,928) (14) 11,412 62,926 (51,514) Furniture and fixtures 10.00% 32,508 (22,024) 10,484 1,778 - (1,937) (4) 10,321 33,870 (23,549) Computers, peripherals and equipment 19.72% 49,636 (40,869) 8,767 4,937 - (3,785) (16) 9,903 52,220 (42,317) Computers, peripherals and equipment – RoU (1) 49.69% 23,210 (20,251) 2,959 10,308 - (5,328) - 7,939 33,518 (25,579) Third-party property improvements 20.32% 183,345 (166,832) 16,513 3 - (9,683) 2,356 9,189 185,621 (176,432) Third-party properties – RoU (1) 13.13% 28,819 (24,186) 4,633 171,084 54,720 (19,910) - 210,527 254,130 (43,603) Construction in progress - 15,410 - 15,410 1,402 - - (2,356) 14,456 14,456 - 406,841 (334,901) 71,940 191,773 54,720 (43,005) (34) 275,394 648,737 (373,343) Impairment losses (2) - (26,854) - (26,854) 6,366 - - - (20,488) (20,488) - Total property, plant and equipment in use 12,899,682 (5,723,531) 7,176,151 3,778,364 (132,238) (1,640,650) (65,992) 9,115,635 16,028,725 (6,913,090) Advances to suppliers - 499,019 - 499,019 92,811 - - (118,769) 473,061 473,061 - Total 13,398,701 (5,723,531) 7,675,170 3,871,175 (132,238) (1,640,650) (184,761) 9,588,696 16,501,786 (6,913,090) (1) Right of Use (“RoU”). (2) Refers to provisions for impairment losses for rotable items (spare parts), classified under “Parts and spare engines", recorded by the Company in order to present its assets according to the actual capacity for the generation of expected future benefits. (3) On December 31, 2023 and 2022, the balance of spare parts is granted as a guarantee to the Senior Secured Notes 2026 and 2028, as per Note 16. (4) On December 31, 2023, there are no engines of the Company pledged as collateral to the Spare Engine Facility and the Loan Facility. (17 engines as of December 31, 2022). |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of changes in intangible assets | Schedule of changes in intangible assets Weighted average rate (p.a.) 2022 2023 Historical cost Accumulated amortization Net opening balance Additions Amortization Write-offs and transfers Net ending balance Historical cost Accumulated amortization Goodwill - 542,302 - 542,302 - - - 542,302 542,302 - Slots - 1,038,900 - 1,038,900 - - - 1,038,900 1,038,900 - Softwares 29.32 554,939 (273,152) 281,787 168,017 (90,962) (2,244) 356,598 639,490 (282,892) Softwares 10,000 (10,000) - - - - - - - Total 2,146,141 (283,152) 1,862,989 168,017 (90,962) (2,244) 1,937,800 2,220,692 (282,892) Weighted average rate (p.a.) 2021 2022 Historical cost Accumulated amortization Net opening balance Additions Amortization Write-offs and transfers Net ending balance Historical cost Accumulated amortization Goodwill - 542,302 - 542,302 - - - 542,302 542,302 - Slots - 1,038,900 - 1,038,900 - - - 1,038,900 1,038,900 - Softwares 26.41 508,650 (268,476) 240,174 119,462 (77,651) (198) 281,787 554,939 (273,152) Others 20.00 10,000 (8,167) 1,833 - (1,833) - - 10,000 (10,000) Total 2,099,852 (276,643) 1,823,209 119,462 (79,484) (198) 1,862,989 2,146,141 (283,152) |
Schedule of book value | Schedule of book value Air transportation 2023 2022 Book value 4,471,882 3,803,774 Value in use 36,537,575 34,224,861 Discount rate 17.21 15.79 Perpetuity growth rate 3.48 3.37 Sensitivity test 10% variation Value in use 30,725,353 28,513,408 Amendment of the value in use (5,812,222) (5,711,453) 25% variation Value in use 24,193,541 21,713,858 Amendment of the value in use (12,344,034) (12,511,003) |
Other receivables and amounts (
Other receivables and amounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Receivables And Amounts | |
Schedule of other receivables and amounts | Schedule of other receivables and amounts 2023 2022 Prepaid expenses (1) 95,668 105,502 Commissions with agencies or card administrators 89,195 67,604 Others (2) 142,167 59,527 Total 327,030 232,633 Current 304,385 199,446 Non-Current 22,645 33,187 (1) Refers to insurance and advances to employees, among others. (2) Balances to be used in aircraft return costs. |
Loans and financing (Tables)
Loans and financing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loans And Financing | |
Schedule of changes in short and long-term loans | Schedule of changes in short and long-term loans 2022 2023 Maturity Interest rate p.a. Current Non-current Total Funding Unrealized gain (loss) from ESN Payments Interest incurred Interest paid Exchange rate change Amortization of costs and premium Total Current Non-current Domestic currency contracts Debentures (a) 06/2026 17.23% 640,046 431,973 1,072,019 886,000 - (1,090,976) 164,954 (165,537) - 585 867,045 347,614 519,431 Working capital (b) 10/2025 17.76% 76,710 39,071 115,781 - - (76,417) 13,345 (13,934) - - 38,775 36,632 2,143 Foreign currency contracts Import financing (d) 05/2024 14.28% 77,193 - 77,193 - - (45,361) 8,415 (9,442) (4,787) - 26,018 26,018 - ESN 2024 (e) 07/2024 3.75% 38,114 1,819,315 1,857,429 - (14,894) (1,639,173) 69,936 (56,007) (26,525) 15 190,781 190,781 - Spare Engine Facility (f) 09/2024 6.00% 30,265 93,963 124,228 - - (115,171) 3,338 (4,686) (8,057) 348 - - - Credit Facility (n) 11/2024 0.00% - - - 104,377 - (13,842) 2,199 - 146 - 92,880 92,880 - Senior Notes 2025 (g) 01/2025 7.00% 98,919 3,372,353 3,471,272 - - (1,592,644) 138,950 (182,740) (139,446) 5,772 1,701,164 48,352 1,652,812 Senior Secured Notes 2026 (h) 06/2026 8.00% - 3,272,229 3,272,229 - - (2,007,389) 128,728 (125,675) (101,462) 16,663 1,183,094 - 1,183,094 Senior Secured Amortizing Notes (i) 06/2026 4.76% 121,111 882,168 1,003,279 220,634 - (161,868) 46,242 (44,883) (79,089) 7,605 991,920 479,148 512,772 Loan Facility (j) 03/2028 6.71% 27,682 144,182 171,864 - - (159,198) 8,532 (10,191) (12,274) 1,267 - - - Senior Secured Notes 2028 (l) 03/2028 18.00% - - - 7,363,736 - (6,407,576) 740,357 (154,122) (237,777) - 1,304,618 4,346 1,300,272 ESSN 2028 (1) 03/2028 18.00% - - - 6,923,269 (3,409,360) - 284,107 (177,697) (117,959) - 3,502,360 21,921 3,480,439 (2) - 8.75% 16,589 803,008 819,597 - - (79,615) 61,857 (65,182) (51,723) - 684,934 13,862 671,072 Total 1,126,629 10,858,262 11,984,891 15,498,016 (3,424,254) (13,389,230) 1,670,960 (1,010,096) (778,953) 32,255 10,583,589 1,261,554 9,322,035 2021 2022 Maturity Interest rate p.a. Current Non-current Total Funding Unrealized gain (loss) from ESN Payments Interest incurred Interest paid Exchange rate change Amortization of costs and Goodwill Total Current Non-current Domestic currency contracts Debentures (a) 10/2024 18.76% 109,519 1,055,249 1,164,768 - - (82,574) 187,332 (211,713) - 14,206 1,072,019 640,046 431,973 Working capital (b) 10/2025 18.84% 48,239 9,757 57,996 110,000 - (51,383) 10,447 (11,279) - - 115,781 76,710 39,071 Foreign currency contracts Financing with Ex-lm Bank (c) 10/2022 3.56% 99,396 - 99,396 - - (91,231) 1,415 (988) (9,931) 1,339 - - - Import financing (d) 03/2023 11.59% 138,034 - 138,034 - - (51,889) 8,780 (8,669) (9,063) - 77,193 77,193 - ESN 2024 (e) 07/2024 3.75% 40,764 1,947,463 1,988,227 - (132,626) - 207,028 (84,037) (128,292) 7,129 1,857,429 38,114 1,819,315 Spare Engine Facility (f) 09/2024 6.00% 24,651 125,106 149,757 - - (17,321) 4,848 (3,478) (9,860) 282 124,228 30,265 93,963 Senior Notes 2025 (g) 01/2025 7.00% 105,797 3,598,981 3,704,778 - - - 234,900 (239,917) (237,683) 9,194 3,471,272 98,919 3,372,353 Senior Secured Notes 2026 (h) 06/2026 8.00% - 3,451,977 3,451,977 - - - 268,457 (271,848) (232,429) 56,072 3,272,229 - 3,272,229 Senior Secured Amortizing Notes (i) 06/2026 4.76% - - - 1,003,279 - - - - - - 1,003,279 121,111 882,168 Loan Facility (j) 03/2028 7.11% 50,471 218,040 268,511 - - (79,366) 11,372 (10,944) (17,964) 255 171,864 27,682 144,182 (2) - 8.75% 17,743 858,843 876,586 - - - 69,533 (69,778) (56,744) - 819,597 16,589 803,008 Total 634,614 11,265,416 11,900,030 1,113,279 (132,626) (373,764) 1,004,112 (912,651) (701,966) 88,477 11,984,891 1,126,629 10,858,262 (1) Exchangeable Senior Notes see Note 32.2. (2) On December 31, 2020, includes the removal of related parties, considering the securities issued by Gol Finance, held by GLA, totaling R$10,609, These securities were resold, so there is no elimination in the fiscal year ended December 31, 2023. (a) The debentures refer to: (i) 7th issuance in 3 series: 84,500 remaining titles by subsidiary GLA, originally in October 2018 for the early full settlement of the 6th issuance; and (ii) 8th issuance: 610,217 titles by subsidiary GLA in October 2021 aimed at refinancing short-term debt. The debentures have surety guarantees from the Company and real guarantees provided by GLA in the form of fiduciary assignment of certain credit card receivables, with the preservation of the rights to anticipate receivables from these guarantees. Both issuances were last renegotiated in September 2023, with changes in term, interest rate, reduction of collateral, and removal of other related obligations. On September 26, 2023, the Company renegotiated the 7th and 8th issuances, as mentioned in explanatory note 16.1.1. (b) Issuance of operations aimed at maintaining and managing the Company's working capital. The working capital guarantee is tied to credit card receivables. (c) Secured financing obtained by the subsidiary Gol Finance in August 2020, from Delta Airlines, secured through Smiles shares and other assets, fully settled in 2021. (d) Credit lines with private banks, used for financing the import of spare parts and aeronautical equipment. Guarantees are tied to CDB. (e) Issuance of Exchangeable Senior Notes ("ESN") by subsidiary Gol Finance in March, April, and July 2019, maturing in 2024, where the bondholders will have the right to exchange them for American Depositary Shares ("ADSs") of the Company. (f) Loan secured by the Company's own engines, maturing in 2024. (g) Issuances of Senior Notes 2025 by subsidiary Gol Finance in December 2017 and February 2018, for repurchase of Senior Notes and general purposes of the Company. (h) Issuances of Senior Secured Notes 2026 by subsidiary Gol Finance in December 2020, May, and September 2021, maturing in 2026. The SSN 2026 have guarantees tied to Smiles receivables. (i) Issuance of Senior Secured Amortizing Notes by subsidiary Gol Finance, in December 2022, January, April, June, and July 2023, maturing in 2025 (Series B) and 2026 (Series A), in exchange for the full compliance of certain aircraft lease payment obligations, which are under deferral agreement. (j) Loans secured by 3 engines as of December 31, 2023, executed between 2017 and 2020. (k) Issuance of Perpetual Bonds by subsidiary Gol Finance in April 2006 for financing aircraft acquisitions. (l) Issuance of Senior Secured Notes 2028 by subsidiary Gol Finance with Abra, between March and September 2023, maturing in 2028. See explanatory note 16.1.3. (m) Issuance of Exchangeable Senior Secured Notes ("ESSN") by subsidiary Gol Finance in September 2023, maturing in 2028. The ESSN 2028 have guarantees tied to Gol and Smiles intellectual property and Gol Spare Parts. (n) Credit line through the strategic cooperation agreement with AIR FRANCE -KLM ("AFKL"), maturing in 2024. See explanatory note 16.1.4. |
Schedule of senior secured amortizing notes | Schedule of senior secured amortizing notes Operation Amount Costs, premiums, goodwill Exchange Maturity Date (US$ thousand) (R$ thousand) (US$ thousand) (R$ thousand) rate (a.a.) Date 01/27/2023 6,993 35,499 365 1,826 5.0% 06/30/2026 04/20/2023 19,976 100,873 578 2,700 3.0% 06/30/2025 06/07/2023 9,000 44,207 214 1,160 3.0% 06/30/2025 07/19/2023 8,970 43,055 34 161 5.0% 06/30/2026 12/31/2023 - - (569) (2,847) - - Total 44,939 223,634 622 3,000 |
Schedule of maturities of loans and financing | Schedule of maturities of loans and financing 2025 2026 2027 2028 Without maturity date Total In domestic currency Debentures 345,879 173,552 - - - 519,431 Working capital 2,143 - - - - 2,143 In foreign currency Senior Notes 2025 1,652,812 - - - - 1,652,812 Senior Secured Notes 2026 - 1,183,094 - - - 1,183,094 Senior Secured Amortizing Notes 376,994 135,778 - - - 512,772 Senior Secured Notes 2028 - - - 1,300,272 - 1,300,272 ESSN 2028 - - - 3,480,439 - 3,480,439 Perpetual Bonds - - - - 671,072 671,072 Total 2,377,828 1,492,424 - 4,780,711 671,072 9,322,035 |
Schedule of fair value of loans and financing | Schedule of fair value of loans and financing Book value (*) Fair value Debentures 867,045 867,045 ESN 2024 190,781 155,799 Senior Notes 2025 1,701,164 563,671 Senior Secured Notes 2026 1,183,094 439,994 Senior Secured Amortizing Notes 991,920 622,424 Senior Secured Notes 2028 1,304,618 392,065 ESSN 2028 3,502,360 1,879,613 Perpetual bonds 684,934 217,884 Other loans and financing 157,673 157,673 Total 10,583,589 5,296,168 (*) Total net of funding costs. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of leases | Schedule of leases Weighted average rate (p.a.) 2022 2023 Current Non-current Total Additions Write-offs Contractual amendment Payments (1) Clearing with Deposits and other assets Interest incurred Interest paid Exchange rate change Total Current Non-current Agreements in local currency With purchase option 18.55 5,036 3,313 8,349 6,421 - - (5,742) - 1,238 (1,250) - 9,016 5,232 3,784 Without purchase option 11.30 37,219 221,342 258,561 2,201 - 8,368 (63,597) - 27,894 - - 233,427 23,840 209,587 Agreements in foreign currency With purchase option 7.19 133,884 1,257,198 1,391,082 15,643 (46,860) - (128,018) - 90,398 (92,657) (92,632) 1,136,956 118,177 1,018,779 Without purchase option 14.30 1,756,449 7,776,848 9,533,297 574,254 (46,007) (112,290) (2,317,084) (64,935) 1,106,571 - (615,514) 8,058,292 1,588,709 6,469,583 Total 1,932,588 9,258,701 11,191,289 598,519 (92,867) (103,922) (2,514,441) (64,935) 1,226,101 (93,907) (708,146) 9,437,691 1,735,958 7,701,733 Weighted average rate (p.a.) 2021 2022 Current Non-current Total Additions Write-offs Contractual amendment Payments (1) Clearing with Deposits and other assets Interest incurred Interest paid Exchange rate change Total Current Non-current Agreements in local currency With purchase option 17.47 - - - 10,308 - - (1,959) - 505 (505) - 8,349 5,036 3,313 Without purchase option 10.52 29,456 8,552 38,008 171,084 (242) 54,720 (38,257) - 33,248 - - 258,561 37,219 221,342 Agreements in foreign currency With purchase option 7.24 - - - 1,552,433 - - (178,415) - 64,821 (57,852) 10,095 1,391,082 133,884 1,257,198 Without purchase option 11.75 1,999,791 8,696,745 10,696,536 1,334,588 2,328 (363,625) (2,600,276) (23,707) 1,218,045 - (730,592) 9,533,297 1,756,449 7,776,848 Total 2,029,247 8,705,297 10,734,544 3,068,413 2,086 (308,905) (2,818,907) (23,707) 1,316,619 (58,357) (720,497) 11,191,289 1,932,588 9,258,701 (1) Includes the amount of R$129,890 paid with the issuance of the Senior Secured Amortizing Notes (R$461,566 on December 31, 2022). |
Schedule of future payments of financial lease agreements | Schedule of future payments of financial lease agreements 2023 2022 2023 - 3,059,448 2024 2,853,542 2,325,227 2025 2,150,980 2,055,173 2026 1,857,786 1,798,293 2027 1,683,326 1,624,277 2028 1,291,683 1,186,761 2028 onwards 5,689,758 4,787,948 Total minimum lease payments 15,527,075 16,837,127 Less total interest (6,085,700) (5,630,167) Present value of minimum lease payments 9,441,375 11,206,960 Less current portion (1,739,642) (1,948,259) Non-current portion 7,701,733 9,258,701 |
Schedule of PIS and COFINS credits on the lease contracts | Schedule of PIS and COFINS credits on the lease contracts Face Value Adjusted to Present Value Lease Consideration 477,515 224,730 PIS and COFINS potentiall (9.25%) 44,170 20,788 |
Suppliers (Tables)
Suppliers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Suppliers Abstract | |
Schedule of suppliers | Schedule of suppliers 2023 2022 Domestic Currency 1,765,777 1,858,820 Foreign Currency 327,464 461,134 Total 2,093,241 2,319,954 Current 2,000,079 2,274,503 Non-current 93,162 45,451 |
Salaries, wages and benefits (T
Salaries, wages and benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Salaries Wages And Benefits | |
Schedule of salaries wages and benefits | Schedule of salaries wages and benefits 2023 2022 INSS installment 221,490 190,776 Other labor obligations 426,239 409,675 Total Current Assets 647,729 600,451 INSS Installment 495,968 285,736 Total Non-Current Assets 495,968 285,736 Total Labor Obligations 1,143,697 886,187 Current 647,729 600,451 Non-Current 495,968 285,736 |
Schedule of consolidated | Schedule of consolidated Consolidated Balances as of December 31, 2021 400,495 Installments 451,914 Interest 91,468 Payments (57,690) Balances as of December 31, 2022 886,187 Installments 275,057 Interest 133,204 Payments (150,751) Balances as of December 31, 2023 1,143,697 |
Taxes payable (Tables)
Taxes payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of taxes payable | Schedule of taxes payable Consolidated 2023 2022 PIS and COFINS 150 91,316 Installments (a) 461,520 341,756 Income Tax on Salaries 51,817 54,364 Income Tax and Social Contribution to Collect 8,543 22,125 Others 21,782 14,362 Total 543,812 523,923 Current 205,261 258,811 Non-Current 338,551 265,112 (a) In the year ended December 31, 2023, the Company carried out three accessions to the simplified federal tax installment plan of PIS, COFINS, IR and CS, with a maturity period of 5 years. |
Schedule of federal taxes | Schedule of federal taxes Federal Taxes Balances as of December 31, 2021 34,213 Installments 334,479 Interest 14,094 Payments (41,030) Balances as of December 31, 2022 341,756 Installments 175,555 Interest 45,555 Payments (101,346) Balances as of December 31, 2023 461,520 |
Mileage program (Tables)
Mileage program (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Mileage Program | |
Schedule of mileage program | Schedule of mileage program 2023 2022 Mileage program 2,739,189 2,533,410 Breakage (734,316) (664,106) Total 2,004,873 1,869,304 Current 1,765,664 1,576,849 Non-current 239,209 292,455 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of provisions | Schedule of provisions Post-employment benefits Aircraft and engine return Legal proceedings (a) Total Balances on December 31, 2021 75,439 2,679,833 832,050 3,587,322 Constitution (Reversal) of provision 12,562 35,450 296,524 344,536 Provisions used (97) (166,816) (315,731) (482,644) Amendment of assumptions (28,290) - - (28,290) Plan experience 45,806 - - 45,806 Present value adjustment 7,977 231,800 - 239,777 Exchange rate and monetary variation - (179,072) 2,368 (176,704) Balances on December 31, 2022 113,397 2,601,195 815,211 3,529,803 Constitution (Reversal) of provision 9,860 519,673 475,854 1,005,387 Provisions used (556) (637,067) (440,258) (1,077,881) Amendment of assumptions 32,950 - - 32,950 Plan experience 1,553 - - 1,553 Present value adjustment 13,380 93,190 - 106,570 Exchange rate change - (188,282) 7,727 (180,555) Balances on December 31, 2023 170,584 2,388,709 858,534 3,417,827 On December 31, 2023 Current - 737,636 - 737,636 Non-current 170,584 1,651,073 858,534 2,680,191 Total 170,584 2,388,709 858,534 3,417,827 On December 31, 2022 Current - 634,820 - 634,820 Non-current 113,397 1,966,375 815,211 2,894,983 Total 113,397 2,601,195 815,211 3,529,803 (a) The provisions used consider write-offs due to the revaluation of estimates and settled processes. |
Schedule of actuarial assumptions actuarial assumptions | Schedule of actuarial assumptions actuarial assumptions Actuarial assumptions 2023 2022 Weighted average of assumptions to determine the defined benefit obligation Nominal discount rate p.a. 9.71 11.62 Actual discount rate p.a. 5.49 5.97 Long-term estimated inflation rate p.a. 4.00 5.33 HCCTR - Nominal medical inflation rate p.a. 7.38 8.75 HCCTR - Actual medical inflation rate p.a. 3.25 3.25 Mortality table AT-2000 loosened by 10% AT-2000 loosened by 10% Weighted Average of Assumptions to Determine the Cost (revenue) of the Defined Benefit Nominal discount rate 11.84 10.59 Actual discount rate p.a. 5.48 5.97 Long-term estimated inflation rate 5.33 5.02 HCCTR - Nominal medical inflation rate p.a. 8.75 8.43 HCCTR - Actual medical inflation rate p.a. 3.25 3.25 Mortality table AT-2000 loosened by 10% AT-2000 loosened by 10% |
Schedule of provisions related to civil and labor suits | Schedule of provisions related to civil and labor suits Probable loss Possible loss 2023 2022 2023 2022 Civil 169,317 165,475 69,923 74,212 Labor 442,768 425,711 162,216 137,245 Tax 246,449 224,025 1,405,541 1,247,288 Total 858,534 815,211 1,637,680 1,458,745 |
Shareholders_ equity (Tables)
Shareholders’ equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of shares | Schedule of shares 2023 2022 Common shares Preferred shares Total Common shares Preferred shares Total Abra MOBI LLP (1) (2) (3) 50.00 18.80 24.89 - - - Abra Kingsland LLP (3) 50.00 18.80 24.89 - - - MOBI (1) (2) (3) - - - 100.00 38.93 50.87 American Airlines Inc. - 6.60 5.31 - 6.60 5.31 Path Brazil (2) - - - - 3.22 2.59 Abra Group Limited - 3.76 3.02 - - - Others - 1.47 1.18 - 1.41 1.14 Market - 50.58 40.70 - 49.84 40.09 Total 100.00 100.00 100.00 100.00 100.00 100.00 (1) In the context of the 2019 issued Exchangeable Senior Notes 2024, MOBI lent up to 14,000,000 ADSs to Bank of America Corporation, which operates the ADS lending mechanism, to facilitate privately traded derivative transactions or other hedge activities related to the Exchangeable Senior Notes. As of September 30, 2023, 4,477,760 preferred shares, equivalent to 1.1% of the total, were pledged for this operation, to be returned to MOBI at the maturity of the Exchangeable Senior Notes or upon termination of the lending agreement. As part of the closing of transactions involved in the creation of Abra Group Limited, the ADSs were transferred to Abra MOBI LLP and Abra Kingsland LLP and partially canceled. On August 11, 2023, 11,761,120 ADSs were canceled, and the underlying preferred shares of GOL were delivered to Abra's affiliates. Currently, there are 2,238,880 ADSs in circulation subject to the ADS lending agreement with Bank of America Corporation, which will be returned upon maturity of the Exchangeable Senior Notes or upon termination of the ADS lending agreement. (2) Refers to legal entities controlled by the controlling shareholders (Constantino family). (3) In the context of the agreement between the controlling shareholder and the main shareholders of Avianca, in the fiscal year ending on December 31, 2023, MOBI transferred 100% of the common shares of the Company to Abra. In the same period, Abra transferred 50% of the common shares of the Company from its ownership to Abra Kingsland LLP and 50% of the common shares to Abra MOBI LLP. Abra holds 99.99% of the economic rights of Abra MOBI LLP and Abra Kingsland LLP. |
Results per share (Tables)
Results per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Results Per Share | |
Schedule of earnings (loss) per share | Schedule of earnings (loss) per share 2023 2022 2021 Common shares Preferred shares Total Common shares Preferred shares Total Common shares Preferred shares Total Numerator Net loss for the year attributed to controlling shareholders (238,851) (983,408) (1,222,259) (311,590) (1,249,883) (1,561,473) (1,560,971) (5,660,567) (7,221,538) Denominator Weighted average number of outstanding shares (in thousands) 2,863,683 336,821 2,863,683 327,062 2,863,683 295,486 Basic and Diluted (loss) per share (0.083 (2.920 (0.109 (3.822 (0.545 (19.157 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of stock options plan | Schedule of stock options plan Grant year Grant date Total options granted Number of options outstanding Exercise price of the option (in Reais) Fair value at grant date (in Reais) Estimated volatility of share price Expected dividend yield Risk-free return rate Average remaining maturity (in years) 2014 August 12, 2014 653,130 66,873 11.31 7.98 52.66 3.27 11.00 0.5 2015 August 11, 2015 1,930,844 169,764 9.35 3.37 55.57 5.06 13.25 1.5 2016 June 30, 2016 5,742,732 482,315 2.62 1.24 98.20 6.59 14.25 2.4 2017 August 8, 2017 947,767 190,819 8.44 7.91 80.62 1.17 11.25 3.5 2018 May 24, 2018 718,764 196,675 20.18 12.68 55.58 0.60 6.50 4.3 2019 October 28, 2019 1,749,223 529,613 25.40 12.10 61.98 3.17 9.00 5.8 2020 July 30, 2020 760,986 212,490 20.57 14.44 71.37 0.92 6.24 6.5 2021 July 28, 2021 658,189 240,256 21.05 14.44 74.34 0.00 8.85 7.5 2022 October 26, 2022 4,168,040 2,931,891 10.26 6.23 75.23 0.00 12.76 8.8 Total 17,329,675 5,020,696 12.38 19.36 (a) Fair value calculated by the average between R$8.20, R$7.89 and R$7.85 for their vesting periods (2014, 2015 and 2016). (b) Fair value calculated by the average between R$3.61, R$3.30 and R$3.19 for their vesting periods (2015, 2016 and 2017). (c) Fair value was calculated by the average between R$1.29, R$1.21 and R$1.22 for their vesting periods (2016, 2017 and 2018). (d) Fair value calculated by the average between R$8.12, R$7.88 and R$7.72 for their vesting periods (2017, 2018 and 2019). (e) Fair value calculated by the average between R$13.26, R$12.67 and R$12.11 for their vesting periods (2018, 2019 and 2020). (f) Fair value calculated by the average between R$12.90, R$12.32 and R$11.65 for their vesting periods (2019, 2020 and 2021). (g) Fair value calculated by the average between R$15.39, R$14.89, R$14.31 and R$13.64 for their vesting periods (2020, 2021, 2022 and 2023). (h) Fair value calculated by the average between R$6.79, R$6.50, R$6.15 and R$5.74 for their vesting periods (2021, 2022, 2023 and 2024). |
Schedule of stock options outstanding | Schedule of stock options outstanding Number of stock options Weighted average exercise price Options outstanding on December 31, 2021 7,432,661 12.90 Options granted 4,168,040 10.26 Options exercised (207,179) 4.52 Options canceled and adjustments in estimated prescribed rights (3,320,757) 20.78 Outstanding options on December 31, 2022 8,072,765 13.00 Repurchased or Cancelled Options (1,452,148) 3.97 Options exercised (224,983) 2.79 Options canceled and adjustments in estimated prescribed rights (1,374,938) 13.47 Outstanding options on December 31, 2023 5,020,696 12.38 Number of options exercisable on: December 31, 2022 3,507,890 16.04 December 31, 2023 4,655,951 13.60 |
Schedule of stock option plan | Schedule of stock option plan Grant year Approval date Total shares granted Total vested shares Average price at grant date 2018 May 24, 2018 773,463 - 20.18 2020 July 30, 2020 801,311 - 20.57 2021 April 30, 2021 858,068 534,838 21.05 2022 October 26, 2022 637,830 548,207 10.26 Total December 31, 2023 3,070,672 1,083,045 |
Schedule of movement in stock options outstanding | Schedule of movement in stock options outstanding Total restricted shares Restricted shares outstanding on December 31, 2021 1,546,250 Shares transferred (*) (75,232) Restricted shares cancelled and adjustments in estimated expired rights 27,039 Restricted shares granted 637,830 Restricted shares outstanding on December 31, 2022 2,135,887 Shares transferred (950,941) Restricted shares cancelled and adjustments in estimated expired rights (101,901) Restricted shares outstanding on December 31, 2023 1,083,045 |
Transactions with related par_2
Transactions with related parties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of compensation of key management personnel | Schedule of compensation of key management personnel 2023 2022 2021 Salaries, bonus and benefits (*) 44,229 48,061 45,014 Payroll charges 11,700 12,760 11,981 Share-based compensation 17,221 19,106 21,798 Total 73,150 79,927 78,793 (*) Includes compensation for members of the Management and audit committee. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue | |
Schedule of revenue | Schedule of revenue 2023 2022 2021 Passenger transportation (a) 17,253,631 14,621,481 7,119,086 Cargo transportation 964,240 530,578 361,648 Mileage Revenue 622,018 546,104 267,344 Other revenue 108,927 84,360 36,866 Gross revenue 18,948,816 15,782,523 7,784,944 Related tax (b) (174,792) (583,798) (351,560) Net revenue 18,774,024 15,198,725 7,433,384 (a)Of Of the total amount, the total of R$377,829 on December 31, 2023, is made up of the revenue from non-attendance of passengers, rescheduling, ticket cancellation (R$272,807 on December 31, 2022). (b) The PIS and COFINS rates on revenues arising from regular passenger air transportation earned in the period ended December 31, 2023 were reduced to 0 (zero) with the enactment of Provisional Measure 1,147/2022, which was converted into Law 14,592/2023. |
Schedule of revenue by geographical location | Schedule of revenue by geographical location 2023 % 2022 % 2021 % Domestic 16,365,889 87.2 13,411,513 88.2 7,174,373 96.5 International 2,408,135 12.8 1,787,212 11.8 259,011 3.5 Net revenue 18,774,024 100.0 15,198,725 100.0 7,433,384 100.0 |
Financial results (Tables)
Financial results (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of detail of financial results | Schedule of detail of financial results 2023 2022 2021 Financial income Interest on financial investments 211,118 90,552 36,982 Others (a) 361,143 25,965 11,812 Financial income 572,261 116,517 48,794 Financial expenses Interest and costs on loans and financing (1,880,381) (1,063,118) (896,091) Interest on leases (1,226,101) (1,316,619) (880,626) Interest on the provision for aircraft return (93,190) (231,800) (57,976) Commissions, bank charges and interest on other operations (722,200) (589,002) (318,570) Others (323,110) (316,345) (47,782) Financial expenses (4,244,982) (3,516,884) (2,201,045) Derivative financial instruments Conversion right and derivatives – ESN,net (b) (1,766,819) 42,025 200,267 Other derivative financial instruments, net (33,511) (44,651) (1,515) Derivative financial instruments (1,800,330) (2,626) 198,752 Monetary and foreign exchange rate variation, net 1,177,292 1,328,204 (1,588,133) Total (4,295,759) (2,074,789) (3,541,632) (a) For the fiscal year ended on December 31, 2023, the amount of R$10,850, refer to PIS and COFINS levied on financial revenues earned, as per Decree No. 8,426 of April 1, 2015 (R$16,864 and R$16,791 for the years ended December 31, 2022 and 2021, respectively ). (b) See explanatory Note 32.2 (ESN 2024, ESSN 2028 and Capped call). |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments | |
Schedule of approximate amount of firm orders | Schedule of approximate amount of firm orders 2023 2022 2023 - 4,234,480 2024 3,882,344 5,847,873 2025 3,349,889 6,970,535 2026 onwards 11,595,414 3,521,916 Total 18,827,647 20,574,804 |
Schedule of advances for aircraft acquisitions | Schedule of advances for aircraft acquisitions 2023 2022 2023 - 1,642,175 2024 1,439,432 1,990,773 2025 1,132,693 2,355,513 2026 onwards 3,828,561 1,182,264 Total 6,400,686 7,170,725 |
Financial instruments and ris_2
Financial instruments and risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of classifications of financial instruments at fair value | Schedule of classifications of financial instruments at fair value Measured at fair value through profit or loss Amortized cost 2023 2022 2023 2022 Assets Financial investments 458,537 423,418 - - Trade receivables - - 825,196 887,734 Deposits (a) - - 1,982,399 2,068,593 Rights from Derivative Transactions 810 29,256 - - Other Credits - - 327,030 232,633 Liabilities Loans and financing (b) 9 17,753 10,574,655 11,967,138 Leases to Pay - - 9,441,375 11,206,959 Suppliers - - 2,093,241 2,319,954 Suppliers - Factoring - - 39,877 29,941 Airport fees and charges 1,624,442 1,391,617 Derivative liabilities 5,019,438 536 - - Other liabilities - - 503,137 692,171 (a) Excludes court deposits, as described in Note 9. (b) The amounts on December 31, 2023 and December 31, 2022, classified as measured at fair value through profit or loss, are related to the derivative contracted through Exchange Senior Notes 2024. |
Schedule of derivative financial instruments | Schedule of derivative financial instruments Fuel Interest rate Foreign curency rate Capped call ESN Revenue hedge Total Fair value changes Rights (obligations) with derivatives on December 31, 2021 6,890 - - 107,170 (162,568) - (48,508) Gains (losses) recognized in income (expenses) - (688) 417 (100,168) 144,815 - 44,376 Gains recognized in equity valuation adjustments (38,100) - - - - - (38,100) Settlements (payments) during the year 53,465 152 (417) - - - 53,200 Rights (obligations) with derivatives on December 31, 2022 22,255 (536) - 7,002 (17,753) - 10,968 Gains (losses) recognized in income (expenses) (26,454) 124 (360) (6,922) (1,763,530) - (1,797,142) Payments (Receipts) during the year (4,479) 482 769 - 2,568 - (660) Gains (Losses) recognized as foreign exchange variation - - - - 1,778,706 1,778,706 Derivatives embedded in new contracts - - - - (5,010,509) - (5,010,509) Rights (obligations) with derivatives on December 31, 2023 (8,678) 70 409 80 (5,010,518) - (5,018,637) Rights and obligations from derivative transactions – Current (8,678) 70 409 80 - - (8,119) Loans and financing - - - - (9) - (9) Obligations from derivative transactions – Non-Current - - - - (5,010,509) - (5,010,509) Changes in the equity valuation adjustments Balances on December 31, 2020 (9,228) (296,829) - - - (612,744) (918,801) Fair value adjustments during the year (38,100) - - - - (38,100) Adjustments of hedge accounting of revenue - - - - 175,675 175,675 Net reversals to income (expenses) 47,328 6,280 - - - 114,265 167,873 Balance on December 31, 2022 - (290,549) - - - (322,804) (613,353) Adjustments of hedge accounting of revenue - - - - - 80,191 80,191 Net reversal to income (expenses) - 6,792 - - - 165,593 172,385 Balances on December 31, 2023 - (283,757) - - - (77,020) (360,777) Effects on income (expenses) (26,454) (6,698) (360) (6,922) (1,763,530) (245,783) (2,049,747) Revenue - - - - - (170,030) (170,030) Financial result (26,454) (6,698) (360) (6,520) (1,760,298) - (1,800,330) Monetary and foreign exchange rate variation, net - - - (402) (3,232) (75,753) (79,387) |
Schedule of reclassification to profit or loss | Schedule of reclassification to profit or loss 2024 2025 2026 2027 2028 2028 onwards Total Interest rate (6,770) (35,899) (36,205) (36,082) (35,285) (133,517) (283,758) Revenue hedge (77,020) - - - - - (77,020) Total (83,790) (35,899) (36,205) (36,082) (35,285) (133,517) (360,778) |
Schedule of fuel risk | Schedule of fuel risk Fuel Barrel price (in USD) Impact (in thousand of Reais) Decline in prices/barrel (-25%) 53.88 (3,467) Decline in prices/barrel (-10%) 64.66 (2,846) Increase in prices/barrel (+10%) 79.02 6,530 Increase in prices/barrel (+25%) 89.80 29,942 |
Schedule of fluctuations in interest rates | Schedule of fluctuations in interest rates Financial investments net of financial debt (a) Risk CDI rate increase SOFR rate increase Reference rates 11.65 5.38 Exposure amount (probable scenario) (b) (612,539) (216,799) Remote favorable scenario (-25%) 24,052 2,916 Possible favorable scenario (-10%) 9,621 1,166 Possible adverse scenario (+10%) (9,621) (1,166) Remote adverse scenario (+25%) (24,052) (2,916) (a) Refers to the sum of the amounts invested and raised in the financial market and indexed to the CDI and SOFR rates. (b) Book balances recorded as of December 31, 2023. |
Schedule of foreign currency exposure | Schedule of foreign currency exposure 2023 2022 Assets Cash, cash equivalents and financial investments 460,799 274,186 Trade receivables 129,977 215,113 Deposits 1,982,399 2,068,593 Derivative assets 810 29,256 Total Assets 2,573,985 2,587,148 Liabilities Loans and financing (9,677,769) (10,797,091) Leases (9,198,932) (10,940,049) Suppliers (327,464) (461,134) Provisions (2,388,709) (2,601,195) Derivative liabilities (5,010,509) - Total Liabilities (26,603,383) (24,799,469) Exchange rate exposure liabilities (24,029,398) (22,212,321) Commitments not recorded in the statements of financial position Future obligations resulting from firm aircraft orders (18,827,647) (20,574,804) Total (18,827,647) (20,574,804) Total exchange rate exposure R$ (42,857,045) (42,787,125) Total exchange rate exposure - US$ (8,852,384) (8,200,380) Exchange rate (R$/US$) 4.8413 5.2177 |
Schedule of foreign currency risk | Schedule of foreign currency risk Exchange rate Effect on income (expenses) Net liabilities exposed to the risk of appreciation of the U.S. dollar 4.8413 24,029,398 Dollar depreciation (-25%) 3.6310 6,007,350 Dollar depreciation (-10%) 4.3572 2,402,940 Dollar appreciation (+10%) 5.3254 (2,402,940) Dollar appreciation (+25%) 6.0516 (6,007,350) |
Schedule of financial liability | Schedule of financial liability Less than 6 months 6 to 12 months 1 to 5 years More than 5 years Total Loans and financing 352,055 909,499 8,650,963 671,072 10,583,589 Leases 1,082,355 657,287 3,951,886 3,749,847 9,441,375 Suppliers 2,000,079 - 93,162 - 2,093,241 Suppliers – Factoring 39,877 - - - 39,877 Derivative liabilities - 8,929 5,010,509 - 5,019,438 Other liabilities 26,840 269,983 206,314 - 503,137 On December 31, 2023 3,501,206 1,845,698 17,912,834 4,420,919 27,680,657 Loans and financing 723,756 402,873 10,055,253 803,009 11,984,891 Leases 1,210,715 737,543 4,886,666 4,372,035 11,206,959 Suppliers 2,274,503 - 45,451 - 2,319,954 Suppliers – Factoring 29,941 - - - 29,941 Derivative liabilities 260 259 17 - 536 Other liabilities 225,752 154,096 312,323 - 692,171 On December 31, 2022 4,464,927 1,294,771 15,299,710 5,175,044 26,234,452 |
Schedule of classifications of the valuation method | Schedule of classifications of the valuation method 2023 2022 Fair value level Book value Fair value Book value Fair value Financial investments Level 2 458,537 458,537 423,418 423,418 Derivatives assets Level 2 810 810 29,256 29,256 Loans and financing Level 1 (9) (9) (17,753) (17,753) Derivatives liabilities Level 2 (5,019,438) (5,019,438) (536) (536) |
Schedule of capital management | Schedule of capital management 2023 2022 Total loans and financing 10,583,589 11,984,891 Total leases 9,441,375 11,206,959 (-) Cash and cash equivalentes (323,928) (169,035) (-) Financial investments (458,537) (423,418) Net indebtedness 19,242,499 22,599,397 |
Non-cash transactions (Tables)
Non-cash transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-cash Transactions | |
Schedule of non cash transaction | Schedule of non cash transaction 2023 2022 2021 Amortization of debt with investments (Financial investments / Loans and financing) - - 198,270 Restricted Cash Debt Amortization (Restricted Cash / Loans and Financing) - 23,707 41,974 Right of Use of Flight Equipment (Property, Plant & Equipment / Leases Payable) - 613,879 2,295,903 Right of Use non-aeronautical assets (Property, Plant & Equipment / Leases Payable) 252,654 181,392 - Financial Lease Agreement Renegotiation (Property, Plant & Equipment / Leases Payable) - 163,925 778,379 Write-off of lease agreements (other income/ leases payable) 46,007 2,328 - Sale-leaseback (Property, plant and equipment / Leases) 307,391 2,454,534 209,065 Provision for aircraft return (Property, plant and equipment / Provisions) 36,296 (66,154) 27,024 Post-employment benefit actuarial gain (Provisions / Equity valuation adjustments) 34,503 17,516 41,524 Unrealized income (expenses) of derivatives (Derivative assets / Equity valuation adjustments) - 305,488 328,955 Capital increase issuing shares to non-controlling shareholders (Share capital / Non-controlling interest) - - 606,839 Capital Reserve Recognized - - 744,450 Income (Expenses) on the Sale of Treasury Shares - 21 279 Transfer of Treasury Shares 19,472 2,567 19,834 Deposit for guarantee 235,383 38,931 - Fair value gain on transaction with controller (loans/capital reserve) 844,542 - - Conversion of SSN 2028 into ESSN 2028 (loans/financing) 6,407,576 - - Deferred income tax on foreign exchange variation in subsidiaries 2,902 - - Issuance of Senior Secured Amortizing Notes (Deposits/ Loans and financing/ Leases) - 1,003,279 - |
Liabilities from financing ac_2
Liabilities from financing activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Liabilities From Financing Activities | |
Schedule of changes in liabilities arising from financing activities | Schedule of changes in liabilities arising from financing activities 2023 Non-cash transactions Adjustments to profit Opening balance Net cash flows (used in) from financing activities Net cash used in operating activities Offsetting with deposits and others Acquisition of fixed assets with new contracts and contractual amendments Transfer of treasury shares Payment with issue of shares Exchange rate changes, net Interest on loans and amortization of goodwill costs Unrealized derivatives results Fair value of issuance, transaction costs Closing balance Loans and financing 11,984,891 3,074,842 (1,185,966) (105,294) (15,643) - - (780,826) 1,880,381 (3,424,254) (844,542) 10,583,589 Leases 11,206,959 (2,355,457) (94,429) (282,244) 448,590 - - (708,145) 1,226,101 - - 9,441,375 Share capital 4,040,397 264 - - - - - - - - 4,040,661 Shares to issue - 1,470 - - - - - - - - 1,470 Treasury shares (38,910) - - - - 37,201 - - - - - (1,709) Capital reserves 1,178,568 94,836 - - - (37,201) 8,177 - - - (844,542) 399,838 2022 Non-cash transactions Adjustments to profit Opening balance Net cash flows (used in) from financing activities Net cash used in operating activities Acquisition of property, plant & equipment under new agreements and contractual amendment Write-off of lease or Senior Secured Amortizing Notes Transfer of treasury shares Payment with issue of shares Exchange rate changes, net Provision for interest and cost amortization Unrealized derivatives results Share-based compennsation Closing balance Loans and financing 11,900,030 (263,764) (912,651) - 1,003,279 - - (701,966) 1,092,589 (132,626) - 11,984,891 Leases 10,762,984 (2,357,341) (58,357) 2,723,031 (459,480) - - (720,497) 1,316,619 - - 11,206,959 Share capital 4,039,112 694 - - - - 591 - - - - 4,040,397 Shares to issue 3 588 - - - - (591) - - - - - Treasury shares (41,514) 37 - - - 2,588 - - - - - (38,910) Capital reserves 208,711 946,261 - - - (2,588) - - - - 26,184 1,178,568 2021 Non-Cash Transactions Adjustments to profit . Opening balance Net cash flows (used in) from financing activities Net cash used in operating activities Acquisition of property, plant & equipment under new agreements and contractual amendment Transaction with non-controlling shareholders, shares to be issued and sale/transfer of treasury shares Amortization with related assets Distribution of interim dividends Exchange rate changes, net Provision for interest and cost amortization Unrealized derivatives results Closing balance Loans and financing 9,976,966 1,359,595 (704,409) - - (198,270) - 756,861 896,091 (186,804) 11,900,030 Leases 7,584,192 (1,449,285) 16,652 3,255,646 - (41,973) - 517,126 880,626 - 10,762,984 Dividends and interest on shaholders’ equity to pay (1) 23,139 (260,131) - - - - 236,992 - - - - Share capital 3,009,436 420,734 - - 608,942 - - - - - 4,039,112 Shares to issue 1,180 926 - - (2,103) - - - - - 3 Treasury shares (62,215) 588 - - 20,113 - - - - - (41,514) Capital reserves 207,246 (744,450) 21,578 - 724,337 - - - - - 208,711 (1) The amount is recorded in the Other liabilities group, in current liabilities. |
Operating context (Details)
Operating context (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
G A C [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | GAC | |
Date of incorporation | Mar. 23, 2006 | |
Location | Cayman Islands | |
Principal activity | Aircraft acquisition | |
Type of control | Direct | |
% of interest in the capital stock | 100% | 100% |
Gol Finance Inc [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | Gol Finance Inc. | |
Date of incorporation | Mar. 16, 2006 | |
Location | Cayman Islands | |
Principal activity | Fundraising | |
Type of control | Direct | |
% of interest in the capital stock | 100% | 100% |
Gol Finance [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | Gol Finance | |
Date of incorporation | Jun. 21, 2013 | |
Location | Luxembourg | |
Principal activity | Fundraising | |
Type of control | Direct | |
% of interest in the capital stock | 100% | 100% |
G L A [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | GLA | |
Date of incorporation | Apr. 09, 2007 | |
Location | Brazil | |
Principal activity | Flight transportation | |
Type of control | Direct | |
% of interest in the capital stock | 100% | 100% |
G T X [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | GTX | |
Date of incorporation | Feb. 08, 2021 | |
Location | Brazil | |
Principal activity | Equity investments | |
Type of control | Direct | |
% of interest in the capital stock | 100% | 100% |
Smiles Fidelidade [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | Smiles Fidelidade | |
Date of incorporation | Feb. 06, 2023 | |
Location | Brazil | |
Principal activity | Loyalty program | |
Type of control | Indirect | |
% of interest in the capital stock | 100% | |
Smiles Viagens [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | Smiles Viagens | |
Date of incorporation | Aug. 10, 2017 | |
Location | Brazil | |
Principal activity | Tourism agency | |
Type of control | Indirect | |
% of interest in the capital stock | 100% | 100% |
Smiles Fidelidade Argentina [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | Smiles Fidelidade Argentina | |
Date of incorporation | Nov. 07, 2018 | |
Location | Argentina | |
Principal activity | Loyalty program | |
Type of control | Indirect | |
% of interest in the capital stock | 100% | 100% |
Smiles Viajes Argentina [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | Smiles Viajes Argentina | |
Date of incorporation | Nov. 20, 2018 | |
Location | Argentina | |
Principal activity | Tourism agency | |
Type of control | Indirect | |
% of interest in the capital stock | 100% | 100% |
Air Fim [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | AirFim | |
Date of incorporation | Nov. 07, 2003 | |
Location | Brazil | |
Principal activity | Investment fund | |
Type of control | Indirect | |
% of interest in the capital stock | 100% | 100% |
Fundo Sorriso [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Entity | Fundo Sorriso | |
Date of incorporation | Jul. 14, 2014 | |
Location | Brazil | |
Principal activity | Investment fund | |
Type of control | Indirect | |
% of interest in the capital stock | 100% | 100% |
Operating context (Details Narr
Operating context (Details Narrative) - BRL (R$) R$ / shares in Units, R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Net working capital | R$ 9973340 | R$ 10867704 |
Consolidated deficit | 23,167,114 | R$ 21358815 |
Map Transportes Aereos [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Acquisition amount to be paid | R$ 28000 | |
Preferred per shares | R$ 28.00 | |
Cash to be paid | R$ 25000 |
Summary of significant accoun_4
Summary of significant accounting practices (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Passenger transportation | 91.10% | 92.60% |
Others | 8.90% | 7.40% |
Summary of significant accoun_5
Summary of significant accounting practices (Details 1) | 12 Months Ended | |
Dec. 31, 2023 R$ / $ R$ / $ | Dec. 31, 2022 R$ / $ R$ / $ | |
United States of America, Dollars | ||
IfrsStatementLineItems [Line Items] | ||
Final Rate | 4.8413 | 5.2177 |
Average rate | 4.9959 | 5.1630 |
Argentina, Pesos | ||
IfrsStatementLineItems [Line Items] | ||
Final Rate | 0.0060 | 0.0295 |
Average rate | 0.0192 | 0.0406 |
Summary of significant accoun_6
Summary of significant accounting practices (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
IfrsStatementLineItems [Line Items] | |
Taxable income | 30% |
Description of hedge instruments | (1) hedged: highly probable sales revenue in US$; (2) hedge instrument: lease contracts linked to the US$; (3) amount designated: 60 months of highly probable revenues, totaling a notional amount of US$903,102 at the initial adoption; (4) nature of the hedged risk: exchange rate change; (5) specification of the hedged risk: USD/BRL spot exchange rate change; (6) type of hedge: cash flow. |
Additional Applying Tax [Member] | |
IfrsStatementLineItems [Line Items] | |
Applicable tax rate | 15% |
I R P J [Member] | |
IfrsStatementLineItems [Line Items] | |
Applicable tax rate | 10% |
C S L L [Member] | |
IfrsStatementLineItems [Line Items] | |
Applicable tax rate | 9% |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash And Cash Equivalents | ||||
Cash and bank deposits | R$ 287879 | R$ 121660 | ||
Cash equivalents | 36,049 | 47,375 | ||
Total | R$ 323928 | R$ 169035 | R$ 486258 | R$ 662830 |
Cash and cash equivalents (De_2
Cash and cash equivalents (Details 1) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Cash equivalents | R$ 36049 | R$ 47375 |
Local Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash equivalents | 36,049 | 47,344 |
Local Currency [Member] | Private Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash equivalents | 10 | |
Local Currency [Member] | Automatic Deposits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash equivalents | 36,049 | 47,334 |
Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash equivalents | 31 | |
Foreign Currency [Member] | Private Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash equivalents | R$ 31 |
Financial investments (Details)
Financial investments (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Total | R$ 458537 | R$ 423418 |
Current investments | 315,901 | 404,113 |
Non current investments | 142,636 | 19,305 |
Local Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total investments | R$ 281005 | 267,842 |
Local Currency [Member] | Automatic Applications [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate equivalent | 10.0% of CDI | |
Total investments | R$ 57687 | |
Local Currency [Member] | Government Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate equivalent | 99.9% of CDI | |
Total investments | R$ 1871 | 3,880 |
Local Currency [Member] | Private Bonds [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate equivalent | 98.2% of CDI | |
Total investments | R$ 211420 | 253,386 |
Local Currency [Member] | Investment funds [member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate equivalent | 80.8% of CDI | |
Total investments | R$ 10027 | 10,576 |
Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total investments | 177,532 | 155,576 |
Foreign Currency [Member] | Investment funds [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total investments | R$ 177532 | R$ 155576 |
Weighted average rate equivalent, Foreign currency | 26.45% |
Trade receivables (Details)
Trade receivables (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | R$ 844358 | R$ 910282 |
Allowance for expected loss on trade receivables accounts | (19,162) | (22,548) |
Total Trade Receivables | 825,196 | 887,734 |
Local Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 714,381 | 695,169 |
Local Currency [Member] | Credit Card Administrators [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 287,984 | 287,754 |
Local Currency [Member] | Travel Agencies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 308,268 | 317,487 |
Local Currency [Member] | Cargo Agencies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 94,860 | 45,986 |
Local Currency [Member] | Airline Partner Companies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 10,116 | 12,465 |
Local Currency [Member] | Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 13,153 | 31,477 |
Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 129,977 | 215,113 |
Foreign Currency [Member] | Credit Card Administrators [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 52,371 | 80,812 |
Foreign Currency [Member] | Travel Agencies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 20,762 | 83,517 |
Foreign Currency [Member] | Cargo Agencies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 953 | 968 |
Foreign Currency [Member] | Airline Partner Companies [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | 32,259 | 33,075 |
Foreign Currency [Member] | Other [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Gross trade receivables | R$ 23632 | R$ 16741 |
Trade receivables (Details 1)
Trade receivables (Details 1) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables | R$ 825196 | R$ 887734 |
Currents Not Later Than One Month [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 518,053 | 722,923 |
Currents Later Than One Month And Not Later Than Two Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 82,224 | 48,923 |
Currents Later Than Two Month And Not Later Than Three Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 55,286 | 16,681 |
Currents Later Than Three Months And Not Later Than Six Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 62,220 | 381 |
Currents Later Than Six Months And Not Later Than One Year [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 5,703 | 23,590 |
Currents Later Than One Year [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 1,597 | 7 |
Currents [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 725,083 | 812,505 |
Not later than one month [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 39,228 | 46,856 |
Later than one month and not later than two months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 14,660 | 9,321 |
Later Than Two Month And Not Later Than Three Months [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 6,808 | 3,383 |
Later than three months and not later than six months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 24,911 | 9,845 |
Later Than Six Months And Not Later Than One Year Membe [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 13,327 | 2,598 |
Later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 1,179 | 3,226 |
Overdue [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | R$ 100113 | R$ 75229 |
Trade receivables (Details 2)
Trade receivables (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Balance at the beginning of the year | R$ 22548 | R$ 19280 |
(Additions) Reversals | 3,386 | (3,268) |
Balances at the end of the year | R$ 19162 | R$ 22548 |
Inventories (Details)
Inventories (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Consumables | R$ 36893 | R$ 26494 |
Parts and maintenance materials | 320,398 | 365,659 |
Advances to suppliers | 39,925 | 46,712 |
Total | R$ 397216 | R$ 438865 |
Inventories (Details 1)
Inventories (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Balances at the beginning of the year | R$ 9611 | R$ 6176 |
Additions | (597) | (4,876) |
Write-offs | 940 | 1,441 |
Balances at the end of the year | R$ 9268 | R$ 9611 |
Deposits (Details)
Deposits (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Deposits Abstract | ||
Court deposits | R$ 510317 | R$ 591177 |
Deposit in guarantee for lease agreements | 937,432 | 934,204 |
Maintenance deposits | 1,044,967 | 1,134,389 |
Others | 63,221 | |
Total | 2,555,937 | 2,659,770 |
Current | 264,524 | 380,267 |
Non-current | R$ 2291413 | R$ 2279503 |
Deposits (Details Narrative)
Deposits (Details Narrative) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Maintenance guarantee | R$ 164314 | R$ 231222 |
Maintenance reserve | 880,653 | 903,167 |
Legal proceedings contingent liability [member] | ||
IfrsStatementLineItems [Line Items] | ||
Blocked amounts under judicial deposits | 47,754 | 51,577 |
Third Party Claim Contingent Liability [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Blocked amounts under judicial deposits | R$ 70904 | R$ 100427 |
Advance to suppliers and thir_3
Advance to suppliers and third parties (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Advance To Suppliers And Third Parties | ||
Advance to domestic suppliers | R$ 292563 | R$ 227036 |
Advance to international suppliers | 193,451 | 65,141 |
Advance for materials and repairs | 46,637 | 60,179 |
Total | 532,651 | 352,356 |
Current | 431,136 | 302,658 |
Non-current | R$ 101515 | R$ 49698 |
Recoverable taxes (Details)
Recoverable taxes (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Recoverable Taxes | ||
IRPJ and CSLL prepayments | R$ 51699 | R$ 36249 |
PIS and COFINS to recover | 92,281 | 187,322 |
Taxes withheld by public entities | 24,633 | 10,836 |
Value added tax (VAT) abroad | 4,648 | 6,037 |
Other | 5,973 | 7,838 |
Total | 179,234 | 248,282 |
Current | 165,157 | 195,175 |
Non-current | R$ 14077 | R$ 53107 |
Deferred taxes (Details)
Deferred taxes (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | R$ 155 | R$ 77251 | R$ 75799 |
Statement of operations | (79,998) | 1,447 | |
Shareholders equity and other | 2,902 | 5 | |
Total deferred taxes - liabilities | |||
Statement of operations | (242,161) | (34,496) | |
Income Tax Losses Carry Forward [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 54,919 | 50,385 | |
Statement of operations | (54,919) | 4,534 | |
Shareholders equity and other | |||
Negative Basis Of Social Contribution [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 19,770 | 18,137 | |
Statement of operations | (19,770) | 1,633 | |
Shareholders equity and other | |||
Provision For Loss With Other Credits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 153 | 2,174 | 7,132 |
Statement of operations | (2,021) | (4,958) | |
Shareholders equity and other | |||
Provision For Legal Proceedings And Tax Obligations [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 45 | (94) | |
Statement of operations | (45) | 139 | |
Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 2 | 343 | 239 |
Statement of operations | (3,243) | 99 | |
Shareholders equity and other | 2,902 | 5 | |
Slots [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | (353,226) | (353,226) | (353,226) |
Statement of operations | |||
Shareholders equity and other | |||
Depreciation Of Engines and Parts For Aircraft Maintenance [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | (346,715) | (227,878) | (202,522) |
Statement of operations | (118,837) | (25,356) | |
Shareholders equity and other | |||
Breakage Provision [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | (396,038) | (300,029) | (197,246) |
Statement of operations | (96,009) | (102,783) | |
Shareholders equity and other | |||
Reversal Of Goodwill Amortization For Tax Purposes [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | (237,126) | (190,211) | (143,297) |
Statement of operations | (46,915) | (46,914) | |
Shareholders equity and other | |||
Derivative Transactions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 35,423 | 22,185 | (502) |
Statement of operations | 13,238 | 22,687 | |
Shareholders equity and other | |||
Allowance For Expenses Loss On Trade Receivables And Other Credits [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 67,693 | 200,790 | 209,141 |
Statement of operations | (133,097) | (8,351) | |
Shareholders equity and other | |||
Provision For Aircraft And Engine Return [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 396,602 | 306,149 | 310,746 |
Statement of operations | 90,453 | (4,597) | |
Shareholders equity and other | |||
Provision For Legal Proceedings And Tax Liabilities 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 291,593 | 274,883 | 243,826 |
Statement of operations | 16,710 | 31,057 | |
Shareholders equity and other | |||
Aircraft Leases And Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 273,971 | 187,255 | 84,500 |
Statement of operations | 86,716 | 102,755 | |
Shareholders equity and other | |||
Other 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | 69,306 | 43,728 | 48,169 |
Statement of operations | 25,578 | (4,441) | |
Shareholders equity and other | |||
Total Deferred Taxes Liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total deferred taxes - assets | R$ 198517 | (36,354) | (411) |
Statement of operations | R$ 162163 | (35,943) | |
Shareholders equity and other |
Deferred taxes (Details 2)
Deferred taxes (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Taxes | ||
Accumulated income tax losses | R$ 15041786 | R$ 14989912 |
Potential tax credit | R$ 5114207 | R$ 5096570 |
Deferred taxes (Details 3)
Deferred taxes (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Taxes | |||
Loss before income tax and social contribution | R$ 956781 | R$ 1517675 | R$ 7376227 |
Combined tax rate | 34% | 34% | 34% |
Income at the statutory tax rate | R$ 325306 | R$ 516010 | R$ 2507917 |
Adjustments to calculate the effective tax rate: | |||
Tax rate difference on the results of offshores subsidiaries | (532,269) | (26,841) | (171,981) |
Non-deductible expenses, net | (354,762) | (270,066) | (118,734) |
Exchange rate change on foreign investments | (174,633) | 46,239 | (82,085) |
Tax Benefit | 136,819 | 194,588 | |
Benefit (not constituted) on tax loss, negative basis and temporary differences | 334,061 | (503,728) | (1,942,695) |
Total income tax | (265,478) | (43,798) | 192,422 |
Income tax and social contribution | |||
Current | (23,317) | (9,302) | (48,862) |
Deferred | (242,161) | (34,496) | 241,284 |
Total income (loss) taxes | R$ 265478 | R$ 43798 | R$ 192422 |
Property, plant and equipment_2
Property, plant and equipment (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Property, plant and equipment, beginning balance | R$ 9588696 | ||
Property, plant and equipment, ending balance | 9,187,700 | R$ 9588696 | |
Property Plant And Equipment In Use [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | 15,912,445 | 16,028,725 | R$ 12899682 |
Accumulated depreciation | (7,244,919) | (6,913,090) | (5,723,531) |
Property, plant and equipment, beginning balance | 9,115,635 | 7,176,151 | |
Additions | 1,500,530 | 3,778,364 | |
Contractual amendments | (107,515) | (132,238) | |
Depreciation | (1,576,297) | (1,640,650) | |
Write-offs and transfers | (264,827) | (65,992) | |
Property, plant and equipment, ending balance | 8,667,526 | 9,115,635 | |
Advances To Suppliers [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | 520,174 | 473,061 | 499,019 |
Accumulated depreciation | |||
Property, plant and equipment, beginning balance | 473,061 | 499,019 | |
Additions | 68,751 | 92,811 | |
Contractual amendments | |||
Depreciation | |||
Write-offs and transfers | (21,638) | (118,769) | |
Property, plant and equipment, ending balance | 520,174 | 473,061 | |
Property Plant And Equipment In Use Total [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | 16,432,619 | 16,501,786 | 13,398,701 |
Accumulated depreciation | (7,244,919) | (6,913,090) | (5,723,531) |
Property, plant and equipment, beginning balance | 9,588,696 | 7,675,170 | |
Additions | 1,569,281 | 3,871,175 | |
Contractual amendments | (107,515) | (132,238) | |
Depreciation | (1,576,297) | (1,640,650) | |
Write-offs and transfers | (286,465) | (184,761) | |
Property, plant and equipment, ending balance | 9,187,700 | 9,588,696 | |
Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | 15,299,319 | 15,400,476 | 12,519,695 |
Accumulated depreciation | (6,844,674) | (6,539,747) | (5,388,630) |
Property, plant and equipment, beginning balance | 8,860,729 | 7,131,065 | |
Additions | 1,506,018 | 3,580,225 | |
Contractual amendments | (115,883) | (186,958) | |
Depreciation | (1,531,935) | (1,597,645) | |
Write-offs and transfers | (264,284) | (65,958) | |
Property, plant and equipment, ending balance | R$ 8454645 | R$ 8860729 | |
Gross carrying amount [member] | Aircraft - ROU with Purchase Option [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 10.68% | 10.66% | |
Historical cost | R$ 1380225 | R$ 1406085 | |
Accumulated depreciation | (188,131) | (69,869) | |
Property, plant and equipment, beginning balance | 1,336,216 | ||
Additions | 14,939 | 1,406,085 | |
Contractual amendments | |||
Depreciation | (119,488) | (69,869) | |
Write-offs and transfers | (39,573) | ||
Property, plant and equipment, ending balance | R$ 1192094 | R$ 1336216 | |
Gross carrying amount [member] | Aircraft R O U With No Purchase Option [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 16.07% | 16.69% | |
Historical cost | R$ 8142660 | R$ 8148917 | 7,127,628 |
Accumulated depreciation | (3,227,998) | (2,827,551) | (1,958,755) |
Property, plant and equipment, beginning balance | 5,321,366 | 5,168,873 | |
Additions | 387,609 | 1,337,200 | |
Contractual amendments | (45,274) | (186,580) | |
Depreciation | (745,348) | (987,591) | |
Write-offs and transfers | (3,691) | (10,536) | |
Property, plant and equipment, ending balance | R$ 4914662 | R$ 5321366 | |
Gross carrying amount [member] | Spare Parts And Engines Own [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 6.60% | 7.21% | |
Historical cost | R$ 2139023 | R$ 2188299 | 2,062,646 |
Accumulated depreciation | (883,468) | (1,061,674) | (963,949) |
Property, plant and equipment, beginning balance | 1,126,625 | 1,098,697 | |
Additions | 458,976 | 208,237 | |
Contractual amendments | |||
Depreciation | (143,105) | (144,843) | |
Write-offs and transfers | (186,941) | (35,466) | |
Property, plant and equipment, ending balance | R$ 1255555 | R$ 1126625 | |
Gross carrying amount [member] | Spare Parts And Engines Rou [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 48.53% | 30.35% | |
Historical cost | R$ 275981 | R$ 146188 | 129,223 |
Accumulated depreciation | (141,381) | (91,077) | (62,908) |
Property, plant and equipment, beginning balance | 55,111 | 66,315 | |
Additions | 136,153 | 17,343 | |
Contractual amendments | 1,068 | (378) | |
Depreciation | (53,820) | (28,169) | |
Write-offs and transfers | (3,912) | ||
Property, plant and equipment, ending balance | R$ 134600 | R$ 55111 | |
Gross carrying amount [member] | Aircraft And Engine Overhauling [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 40.08% | 37.41% | |
Historical cost | R$ 3292621 | R$ 3447804 | 3,143,372 |
Accumulated depreciation | (2,363,408) | (2,453,250) | (2,370,691) |
Property, plant and equipment, beginning balance | 994,554 | 772,681 | |
Additions | 502,004 | 604,953 | |
Contractual amendments | (71,677) | ||
Depreciation | (465,628) | (363,149) | |
Write-offs and transfers | (30,040) | (19,931) | |
Property, plant and equipment, ending balance | R$ 929213 | R$ 994554 | |
Gross carrying amount [member] | Tools [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 10% | 10% | |
Historical cost | R$ 68809 | R$ 63183 | 56,826 |
Accumulated depreciation | (40,288) | (36,326) | (32,327) |
Property, plant and equipment, beginning balance | 26,857 | 24,499 | |
Additions | 6,337 | 6,407 | |
Contractual amendments | |||
Depreciation | (4,546) | (4,024) | |
Write-offs and transfers | (127) | (25) | |
Property, plant and equipment, ending balance | R$ 28521 | R$ 26857 | |
Gross carrying amount [member] | Vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 20% | 20% | |
Historical cost | R$ 12722 | R$ 11996 | 11,076 |
Accumulated depreciation | (10,377) | (10,349) | (9,915) |
Property, plant and equipment, beginning balance | 1,647 | 1,161 | |
Additions | 1,448 | 920 | |
Contractual amendments | |||
Depreciation | (750) | (434) | |
Write-offs and transfers | |||
Property, plant and equipment, ending balance | R$ 2345 | R$ 1647 | |
Gross carrying amount [member] | Machinery [member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 10% | 10% | |
Historical cost | R$ 63537 | R$ 62926 | 62,837 |
Accumulated depreciation | (52,136) | (51,514) | (50,824) |
Property, plant and equipment, beginning balance | 11,412 | 12,013 | |
Additions | 1,950 | 1,341 | |
Contractual amendments | |||
Depreciation | (1,925) | (1,928) | |
Write-offs and transfers | (36) | (14) | |
Property, plant and equipment, ending balance | R$ 11401 | R$ 11412 | |
Gross carrying amount [member] | Fixtures and fittings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 10% | 10% | |
Historical cost | R$ 34013 | R$ 33870 | 32,508 |
Accumulated depreciation | (23,768) | (23,549) | (22,024) |
Property, plant and equipment, beginning balance | 10,321 | 10,484 | |
Additions | 2,085 | 1,778 | |
Contractual amendments | |||
Depreciation | (2,099) | (1,937) | |
Write-offs and transfers | (62) | (4) | |
Property, plant and equipment, ending balance | R$ 10245 | R$ 10321 | |
Gross carrying amount [member] | Computers And Peripherals Own [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 19.78% | 19.72% | |
Historical cost | R$ 43613 | R$ 52220 | 49,636 |
Accumulated depreciation | (34,081) | (42,317) | (40,869) |
Property, plant and equipment, beginning balance | 9,903 | 8,767 | |
Additions | 4,969 | 4,937 | |
Contractual amendments | |||
Depreciation | (5,293) | (3,785) | |
Write-offs and transfers | (47) | (16) | |
Property, plant and equipment, ending balance | R$ 9532 | R$ 9903 | |
Gross carrying amount [member] | Computers And Peripherals Rou [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 43.60% | 49.69% | |
Historical cost | R$ 39939 | R$ 33518 | 23,210 |
Accumulated depreciation | (32,047) | (25,579) | (20,251) |
Property, plant and equipment, beginning balance | 7,939 | 2,959 | |
Additions | 6,421 | 10,308 | |
Contractual amendments | |||
Depreciation | (6,468) | (5,328) | |
Write-offs and transfers | |||
Property, plant and equipment, ending balance | R$ 7892 | R$ 7939 | |
Gross carrying amount [member] | Third Party Property Improvement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 20.35% | 20.32% | |
Historical cost | R$ 185929 | R$ 185621 | 183,345 |
Accumulated depreciation | (181,237) | (176,432) | (166,832) |
Property, plant and equipment, beginning balance | 9,189 | 16,513 | |
Additions | 334 | 3 | |
Contractual amendments | |||
Depreciation | (4,831) | (9,683) | |
Write-offs and transfers | 2,356 | ||
Property, plant and equipment, ending balance | R$ 4692 | R$ 9189 | |
Gross carrying amount [member] | Third Partyproperties R O U [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average annual depreciation rate | 18.11% | 13.13% | |
Historical cost | R$ 264699 | R$ 254130 | 28,819 |
Accumulated depreciation | (66,599) | (43,603) | (24,186) |
Property, plant and equipment, beginning balance | 210,527 | 4,633 | |
Additions | 2,201 | 171,084 | |
Contractual amendments | 8,368 | 54,720 | |
Depreciation | (22,996) | (19,910) | |
Write-offs and transfers | |||
Property, plant and equipment, ending balance | 198,100 | 210,527 | |
Gross carrying amount [member] | Construction in progress [member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | 15,049 | 14,456 | 15,410 |
Accumulated depreciation | |||
Property, plant and equipment, beginning balance | 14,456 | 15,410 | |
Additions | 991 | 1,402 | |
Contractual amendments | |||
Depreciation | |||
Write-offs and transfers | (398) | (2,356) | |
Property, plant and equipment, ending balance | 15,049 | 14,456 | |
Gross carrying amount [member] | Non Aeronautical Property Plant And Equipment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | 659,501 | 648,737 | 406,841 |
Accumulated depreciation | (400,245) | (373,343) | (334,901) |
Property, plant and equipment, beginning balance | 275,394 | 71,940 | |
Additions | 20,399 | 191,773 | |
Contractual amendments | 8,368 | 54,720 | |
Depreciation | (44,362) | (43,005) | |
Write-offs and transfers | (543) | (34) | |
Property, plant and equipment, ending balance | 259,256 | 275,394 | |
Accumulated impairment [member] | Property Plant And Equipment In Use [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | (46,375) | (20,488) | (26,854) |
Accumulated depreciation | |||
Property, plant and equipment, beginning balance | (20,488) | (26,854) | |
Additions | (25,887) | 6,366 | |
Contractual amendments | |||
Depreciation | |||
Write-offs and transfers | |||
Property, plant and equipment, ending balance | R$ 46375 | R$ 20488 |
Intangible assets (Details)
Intangible assets (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Historical cost | R$ 2220692 | R$ 2146141 | R$ 2099852 |
Accumulated amortization | (282,892) | (283,152) | (276,643) |
Balance as of beginning of period | 1,862,989 | 1,823,209 | |
Additions | 168,017 | 119,462 | |
Amortization | (90,962) | (79,484) | |
Write-offs and transfers | (2,244) | (198) | |
Balance as of end of period | 1,937,800 | 1,862,989 | 1,823,209 |
Gross carrying amount [member] | Goodwill [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | 542,302 | 542,302 | 542,302 |
Accumulated amortization | |||
Balance as of beginning of period | 542,302 | 542,302 | |
Additions | |||
Amortization | |||
Write-offs and transfers | |||
Balance as of end of period | 542,302 | 542,302 | 542,302 |
Gross carrying amount [member] | Slots [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | 1,038,900 | 1,038,900 | 1,038,900 |
Accumulated amortization | |||
Balance as of beginning of period | 1,038,900 | 1,038,900 | |
Additions | |||
Amortization | |||
Write-offs and transfers | |||
Balance as of end of period | 1,038,900 | 1,038,900 | 1,038,900 |
Gross carrying amount [member] | Computer software [member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | 639,490 | 554,939 | 508,650 |
Accumulated amortization | (282,892) | (273,152) | (268,476) |
Balance as of beginning of period | 281,787 | 240,174 | |
Additions | 168,017 | 119,462 | |
Amortization | (90,962) | (77,651) | |
Write-offs and transfers | (2,244) | (198) | |
Balance as of end of period | R$ 356598 | R$ 281787 | 240,174 |
Average annual depreciation rate | 29.32% | 26.41% | |
Gross carrying amount [member] | Others [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Historical cost | R$ 10000 | 10,000 | |
Accumulated amortization | (10,000) | (8,167) | |
Balance as of beginning of period | 1,833 | ||
Additions | |||
Amortization | (1,833) | ||
Write-offs and transfers | |||
Balance as of end of period | R$ 1833 | ||
Average annual depreciation rate | 20% |
Intangible assets (Details 1)
Intangible assets (Details 1) - Goodwill [Member] - Air Transportation [Member] - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Book value | R$ 4471882 | R$ 3803774 |
Value in use | R$ 36537575 | R$ 34224861 |
Discount rate | 17.21% | 15.79% |
Perpetuity growth rate | 3.48% | 3.37% |
Value in use | R$ 30725353 | R$ 28513408 |
Amendment of the value in use | (5,812,222) | (5,711,453) |
Cash generating variation unit value in use | 24,193,541 | 21,713,858 |
Amendment of the value in use | R$ 12344034 | R$ 12511003 |
Other receivables and amounts_2
Other receivables and amounts (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Receivables And Amounts | ||
Prepaid expenses(1) | R$ 95668 | R$ 105502 |
Commissions with agencies or card administrators | 89,195 | 67,604 |
Others(2) | 142,167 | 59,527 |
Total | 327,030 | 232,633 |
Current | 304,385 | 199,446 |
Non-Current | R$ 22645 | R$ 33187 |
Loans and financing (Details)
Loans and financing (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Current | R$ 1261554 | R$ 1126629 | |
Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Current | 1,261,554 | 1,126,629 | R$ 634614 |
Noncurrent | 9,322,035 | 10,858,262 | 11,265,416 |
Total | 10,583,589 | 11,984,891 | 11,900,030 |
Funding | 15,498,016 | 1,113,279 | |
Unrealized gain (loss) from ESN | (3,424,254) | (132,626) | |
Payments | (13,389,230) | (373,764) | |
Interest incurred | 1,670,960 | 1,004,112 | |
Interest paid | (1,010,096) | (912,651) | |
Exchange rate change | (778,953) | (701,966) | |
Amortization of costs and premium | R$ 32255 | R$ 88477 | |
Debentures [Member] | Short And Long Term Loans And Financing [Member] | Domestic Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 06/2026 | 10/2024 | |
Interest rate p.a. | 17.23% | 18.76% | |
Current | R$ 347614 | R$ 640046 | 109,519 |
Noncurrent | 519,431 | 431,973 | 1,055,249 |
Total | 867,045 | 1,072,019 | 1,164,768 |
Funding | 886,000 | ||
Unrealized gain (loss) from ESN | |||
Payments | (1,090,976) | (82,574) | |
Interest incurred | 164,954 | 187,332 | |
Interest paid | (165,537) | (211,713) | |
Exchange rate change | |||
Amortization of costs and premium | R$ 585 | R$ 14206 | |
Working Capital [Member] | Short And Long Term Loans And Financing [Member] | Domestic Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 10/2025 | 10/2025 | |
Interest rate p.a. | 17.76% | 18.84% | |
Current | R$ 36632 | R$ 76710 | 48,239 |
Noncurrent | 2,143 | 39,071 | 9,757 |
Total | 38,775 | 115,781 | 57,996 |
Funding | 110,000 | ||
Unrealized gain (loss) from ESN | |||
Payments | (76,417) | (51,383) | |
Interest incurred | 13,345 | 10,447 | |
Interest paid | (13,934) | (11,279) | |
Exchange rate change | |||
Amortization of costs and premium | |||
Import Financing [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 05/2024 | 03/2023 | |
Interest rate p.a. | 14.28% | 11.59% | |
Current | R$ 26018 | R$ 77193 | 138,034 |
Noncurrent | |||
Total | 26,018 | 77,193 | 138,034 |
Funding | |||
Unrealized gain (loss) from ESN | |||
Payments | (45,361) | (51,889) | |
Interest incurred | 8,415 | 8,780 | |
Interest paid | (9,442) | (8,669) | |
Exchange rate change | (4,787) | R$ 9063 | |
Amortization of costs and premium | |||
E S N 2024 [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 07/2024 | 07/2024 | |
Interest rate p.a. | 3.75% | 3.75% | |
Current | R$ 190781 | R$ 38114 | 40,764 |
Noncurrent | 1,819,315 | 1,947,463 | |
Total | 190,781 | 1,857,429 | 1,988,227 |
Funding | |||
Unrealized gain (loss) from ESN | (14,894) | (132,626) | |
Payments | (1,639,173) | ||
Interest incurred | 69,936 | 207,028 | |
Interest paid | (56,007) | (84,037) | |
Exchange rate change | (26,525) | (128,292) | |
Amortization of costs and premium | R$ 15 | R$ 7129 | |
Spare Engine Facility [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 09/2024 | 09/2024 | |
Interest rate p.a. | 6.00% | 6.00% | |
Current | R$ 30265 | 24,651 | |
Noncurrent | 93,963 | 125,106 | |
Total | 124,228 | 149,757 | |
Funding | |||
Unrealized gain (loss) from ESN | |||
Payments | (115,171) | (17,321) | |
Interest incurred | 3,338 | 4,848 | |
Interest paid | (4,686) | (3,478) | |
Exchange rate change | (8,057) | (9,860) | |
Amortization of costs and premium | R$ 348 | 282 | |
Credit Facility [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 11/2024 | ||
Interest rate p.a. | 0.00% | ||
Current | R$ 92880 | ||
Noncurrent | |||
Total | 92,880 | ||
Funding | 104,377 | ||
Unrealized gain (loss) from ESN | |||
Payments | (13,842) | ||
Interest incurred | 2,199 | ||
Exchange rate change | R$ 146 | ||
Senior Notes 2025 [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 01/2025 | 01/2025 | |
Interest rate p.a. | 7.00% | 7.00% | |
Current | R$ 48352 | R$ 98919 | 105,797 |
Noncurrent | 1,652,812 | 3,372,353 | 3,598,981 |
Total | 1,701,164 | 3,471,272 | 3,704,778 |
Funding | |||
Payments | (1,592,644) | ||
Interest incurred | 138,950 | 234,900 | |
Interest paid | (182,740) | (239,917) | |
Exchange rate change | (139,446) | (237,683) | |
Amortization of costs and premium | R$ 5772 | R$ 9194 | |
Senior Secured Notes 2026 [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 06/2026 | 06/2026 | |
Interest rate p.a. | 8.00% | 8.00% | |
Current | |||
Noncurrent | R$ 1183094 | 3,272,229 | 3,451,977 |
Total | 1,183,094 | 3,272,229 | 3,451,977 |
Funding | |||
Payments | (2,007,389) | ||
Interest incurred | 128,728 | 268,457 | |
Interest paid | (125,675) | (271,848) | |
Exchange rate change | (101,462) | (232,429) | |
Amortization of costs and premium | R$ 16663 | R$ 56072 | |
Senior Secured Amortizing Notes [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 06/2026 | 06/2026 | |
Interest rate p.a. | 4.76% | 4.76% | |
Current | R$ 479148 | R$ 121111 | |
Noncurrent | 512,772 | 882,168 | |
Total | 991,920 | 1,003,279 | |
Funding | 220,634 | R$ 1003279 | |
Payments | (161,868) | ||
Interest incurred | 46,242 | ||
Interest paid | (44,883) | ||
Exchange rate change | (79,089) | ||
Amortization of costs and premium | R$ 7605 | ||
Loan Facility [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 03/2028 | 03/2028 | |
Interest rate p.a. | 6.71% | 7.11% | |
Current | R$ 27682 | 50,471 | |
Noncurrent | 144,182 | 218,040 | |
Total | 171,864 | 268,511 | |
Funding | |||
Payments | (159,198) | (79,366) | |
Interest incurred | 8,532 | 11,372 | |
Interest paid | (10,191) | (10,944) | |
Exchange rate change | (12,274) | (17,964) | |
Amortization of costs and premium | R$ 1267 | 255 | |
Senior Secured Notes 2028 [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 03/2028 | ||
Interest rate p.a. | 18.00% | ||
Current | R$ 4346 | ||
Noncurrent | 1,300,272 | ||
Total | 1,304,618 | ||
Funding | 7,363,736 | ||
Payments | (6,407,576) | ||
Interest incurred | 740,357 | ||
Interest paid | (154,122) | ||
Exchange rate change | R$ 237777 | ||
E S S N 2028 [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 03/2028 | ||
Interest rate p.a. | 18.00% | ||
Current | R$ 21921 | ||
Noncurrent | 3,480,439 | ||
Total | 3,502,360 | ||
Funding | 6,923,269 | ||
Unrealized gain (loss) from ESN | (3,409,360) | ||
Interest incurred | 284,107 | ||
Interest paid | (177,697) | ||
Exchange rate change | R$ 117959 | ||
Perpetual Bonds [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Interest rate p.a. | 8.75% | 8.75% | |
Current | R$ 13862 | R$ 16589 | 17,743 |
Noncurrent | 671,072 | 803,008 | 858,843 |
Total | 684,934 | 819,597 | 876,586 |
Funding | |||
Payments | (79,615) | ||
Interest incurred | 61,857 | 69,533 | |
Interest paid | (65,182) | (69,778) | |
Exchange rate change | R$ 51723 | (56,744) | |
Amortization of costs and premium | |||
Financing With Exlm Bank [Member] | Short And Long Term Loans And Financing [Member] | Foreign Currency Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Maturity of the contract | 10/2022 | ||
Interest rate p.a. | 3.56% | ||
Current | 99,396 | ||
Noncurrent | |||
Total | R$ 99396 | ||
Funding | |||
Unrealized gain (loss) from ESN | |||
Payments | (91,231) | ||
Interest incurred | 1,415 | ||
Interest paid | (988) | ||
Exchange rate change | (9,931) | ||
Amortization of costs and premium | R$ 1339 |
Loans and financing (Details 1)
Loans and financing (Details 1) - Gol Linhas Aereas S.A. ("GLA") [Member] R$ in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 USD ($) | |
IfrsStatementLineItems [Line Items] | ||
Notional amount | R$ 223634 | $ 44,939 |
Cost of sales | R$ 3000 | $ 622 |
Loan Facility [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Operation date | 01/27/2023 | 01/27/2023 |
Notional amount | R$ 35499 | $ 6,993 |
Cost of sales | R$ 1826 | $ 365 |
Borrowings, interest rate basis | 5.0% | 5.0% |
Maturity Date | 06/30/2026 | 06/30/2026 |
Loan Facility 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Operation date | 04/20/2023 | 04/20/2023 |
Notional amount | R$ 100873 | $ 19,976 |
Cost of sales | R$ 2700 | $ 578 |
Borrowings, interest rate basis | 3.0% | 3.0% |
Maturity Date | 06/30/2025 | 06/30/2025 |
Loan Facility 2 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Operation date | 06/07/2023 | 06/07/2023 |
Notional amount | R$ 44207 | $ 9,000 |
Cost of sales | R$ 1160 | $ 214 |
Borrowings, interest rate basis | 3.0% | 3.0% |
Maturity Date | 06/30/2025 | 06/30/2025 |
Loan Facility 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Operation date | 07/19/2023 | 07/19/2023 |
Notional amount | R$ 43055 | $ 8,970 |
Cost of sales | R$ 161 | $ 34 |
Borrowings, interest rate basis | 5.0% | 5.0% |
Maturity Date | 06/30/2026 | 06/30/2026 |
Loan Facility 4 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Operation date | 12/31/2023 | 12/31/2023 |
Notional amount | ||
Cost of sales | R$ 2847 | $ (569) |
Loans and financing (Details 2)
Loans and financing (Details 2) R$ in Thousands | Dec. 31, 2023 BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Loans and financing | R$ 9322035 |
Twenty Twenty Five [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 2,377,828 |
Twenty Twenty Six [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 1,492,424 |
Twenty Twenty Seven [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Twenty Twenty Eight [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 4,780,711 |
Without Maturity Date [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 671,072 |
Debentures Two [Member] | Foreign Currency Long-term Borrowings [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 519,431 |
Debentures Two [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Five [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 345,879 |
Debentures Two [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Six [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 173,552 |
Debentures Two [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Seven [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Debentures Two [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Eight [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Debentures Two [Member] | Foreign Currency Long-term Borrowings [Member] | Without Maturity Date [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Statement Table | Foreign Currency Long-term Borrowings [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 2,143 |
Statement Table | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Five [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 2,143 |
Statement Table | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Six [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Statement Table | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Seven [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Statement Table | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Eight [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Statement Table | Foreign Currency Long-term Borrowings [Member] | Without Maturity Date [Member] | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Secured Notes 2025 [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 1,652,812 |
Secured Notes 2025 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Five [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 1,652,812 |
Secured Notes 2025 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Six [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Secured Notes 2025 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Seven [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Secured Notes 2025 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Eight [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Secured Notes 2025 [Member] | Foreign Currency Long-term Borrowings [Member] | Without Maturity Date [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Exchange rate | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 1,183,094 |
Exchange rate | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Five [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Exchange rate | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Six [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 1,183,094 |
Exchange rate | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Seven [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Exchange rate | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Eight [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Exchange rate | Foreign Currency Long-term Borrowings [Member] | Without Maturity Date [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Senior Secured Amortizing Notes [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 512,772 |
Senior Secured Amortizing Notes [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Five [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 376,994 |
Senior Secured Amortizing Notes [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Six [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 135,778 |
Senior Secured Amortizing Notes [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Seven [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Senior Secured Amortizing Notes [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Eight [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Senior Secured Amortizing Notes [Member] | Foreign Currency Long-term Borrowings [Member] | Without Maturity Date [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Senior Secured Notes 2028 [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 1,300,272 |
Senior Secured Notes 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Five [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Senior Secured Notes 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Six [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Senior Secured Notes 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Seven [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Senior Secured Notes 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Eight [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 1,300,272 |
Senior Secured Notes 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Without Maturity Date [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
E S S N 2028 [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 3,480,439 |
E S S N 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Five [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
E S S N 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Six [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
E S S N 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Seven [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
E S S N 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Eight [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 3,480,439 |
E S S N 2028 [Member] | Foreign Currency Long-term Borrowings [Member] | Without Maturity Date [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Perpetual Bonds [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | 671,072 |
Perpetual Bonds [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Five [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Perpetual Bonds [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Six [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Perpetual Bonds [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Seven [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Perpetual Bonds [Member] | Foreign Currency Long-term Borrowings [Member] | Twenty Twenty Eight [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | |
Perpetual Bonds [Member] | Foreign Currency Long-term Borrowings [Member] | Without Maturity Date [Member] | United States of America, Dollars | |
IfrsStatementLineItems [Line Items] | |
Loans and financing | R$ 671072 |
Loans and financing (Details 3)
Loans and financing (Details 3) R$ in Thousands | Dec. 31, 2023 BRL (R$) |
IfrsStatementLineItems [Line Items] | |
Book value | R$ 10583589 |
Fair value | 5,296,168 |
Debentures [Member] | |
IfrsStatementLineItems [Line Items] | |
Book value | 867,045 |
Fair value | 867,045 |
E S N 2024 [Member] | |
IfrsStatementLineItems [Line Items] | |
Book value | 190,781 |
Fair value | 155,799 |
Senior Notes 2025 [Member] | |
IfrsStatementLineItems [Line Items] | |
Book value | 1,701,164 |
Fair value | 563,671 |
Exchange rate | |
IfrsStatementLineItems [Line Items] | |
Book value | 1,183,094 |
Fair value | 439,994 |
Secured Amortizing Notes [Member] | |
IfrsStatementLineItems [Line Items] | |
Book value | 991,920 |
Fair value | 622,424 |
Senior Secured Notes 2028 [Member] | |
IfrsStatementLineItems [Line Items] | |
Book value | 1,304,618 |
Fair value | 392,065 |
E S S N 2028 [Member] | |
IfrsStatementLineItems [Line Items] | |
Book value | 3,502,360 |
Fair value | 1,879,613 |
Perpetual Notes [Member] | |
IfrsStatementLineItems [Line Items] | |
Book value | 684,934 |
Fair value | 217,884 |
Other [Member] | |
IfrsStatementLineItems [Line Items] | |
Book value | 157,673 |
Fair value | R$ 157673 |
Loans and financing (Details Na
Loans and financing (Details Narrative) R$ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 29, 2023 BRL (R$) shares | Sep. 29, 2023 USD ($) shares | Sep. 30, 2023 BRL (R$) | Sep. 30, 2023 USD ($) | Mar. 31, 2023 BRL (R$) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 BRL (R$) | Sep. 29, 2023 USD ($) | Sep. 26, 2023 BRL (R$) | |
IfrsStatementLineItems [Line Items] | |||||||||||
Premiums costs | R$ 71616 | R$ 178706 | |||||||||
Outstanding balance | R$ 886000 | ||||||||||
Description of credit facility | In November 2023, GOL received the amounts related to the credit line totaling US$25,000, with R$77,000 (US$16,000) coming from Air France and R$43,571 (US$9,000) from KLM, which fair value at initial recognition was R$72,892 (US$14,818 thousand) for Air France and R$41,438 (US$8,365 thousand) for KLM, with maturity in November 2024, without the incidence of interest. | ||||||||||
Repurchase of debt | R$ 5192880 | ||||||||||
Issuance of senior secured notes to Abra | R$ 6494496 | $ 1,258,031,000 | |||||||||
fair value of senior secured notes | R$ 6934269 | 1,343,181,000 | |||||||||
Subscription bonuses | shares | 1,008,166,796 | 1,008,166,796 | |||||||||
Abra [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Fair value of the financial liability | R$ 6789995 | $ 1,355,938 | |||||||||
Conversion of bonds into shares | R$ 3409360 | $ 680,837,000 | |||||||||
Additional senior secured notes issued | R$ 407990 | $ 82,364,000 | |||||||||
Fair value senior secured notes | R$ 22349 | $ 4,550,000 | |||||||||
Exchangeable Senior Secured Notes 2028 [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Conversion of debt | R$ 5911181 | $ 1,180,442,000 | |||||||||
Shares issued for future conversion | shares | 991,951,681 | 991,951,681 | |||||||||
Senior Secured Notes 2028 [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Conversion of debt | R$ 6407575 | $ 1,279,570,000 | |||||||||
Exchangeable Senior Notes [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Fair value of the derivative financial instrument | R$ 9 | R$ 17753 |
Leases (Details)
Leases (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Current right of use leases at beginning | R$ 1932588 | R$ 2029247 |
Non current right of use leases at beginning | 9,258,701 | 8,705,297 |
Current right of use leases at beginning | 11,191,289 | 10,734,544 |
Additions | 598,519 | 3,068,413 |
Write offs | (92,867) | 2,086 |
Contractual amendment | (103,922) | (308,905) |
Payments | (2,514,441) | (2,818,907) |
Clearing with deposits | (64,935) | (23,707) |
Interest incurred | 1,226,101 | 1,316,619 |
Interest paid | (93,907) | (58,357) |
Exchange rate change | (708,146) | (720,497) |
Total right of use leases at ending | 9,437,691 | 11,191,289 |
Current right of use leases at ending | 1,735,958 | 1,932,588 |
Non current right of use leases at ending | R$ 7701733 | R$ 9258701 |
Agreements In Local Currency With Purchase Option [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | 18.55% | 17.47% |
Current right of use leases at beginning | R$ 5036 | |
Non current right of use leases at beginning | 3,313 | |
Current right of use leases at beginning | 8,349 | |
Additions | 6,421 | 10,308 |
Write offs | ||
Contractual amendment | ||
Payments | (5,742) | (1,959) |
Clearing with deposits | 0 | |
Interest incurred | 1,238 | 505 |
Interest paid | (1,250) | (505) |
Exchange rate change | 0 | |
Total right of use leases at ending | 9,016 | 8,349 |
Current right of use leases at ending | 5,232 | 5,036 |
Non current right of use leases at ending | R$ 3784 | R$ 3313 |
Agreements In Local Currency Without Purchase Option [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | 11.30% | 10.52% |
Current right of use leases at beginning | R$ 37219 | R$ 29456 |
Non current right of use leases at beginning | 221,342 | 8,552 |
Current right of use leases at beginning | 258,561 | 38,008 |
Additions | 2,201 | 171,084 |
Write offs | (242) | |
Contractual amendment | 8,368 | 54,720 |
Payments | (63,597) | (38,257) |
Clearing with deposits | 0 | |
Interest incurred | 27,894 | 33,248 |
Interest paid | ||
Exchange rate change | 0 | |
Total right of use leases at ending | 233,427 | 258,561 |
Current right of use leases at ending | 23,840 | 37,219 |
Non current right of use leases at ending | R$ 209587 | R$ 221342 |
Agreements In Foreign Currency With Purchase Option [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | 7.19% | 7.24% |
Current right of use leases at beginning | R$ 133884 | |
Non current right of use leases at beginning | 1,257,198 | |
Current right of use leases at beginning | 1,391,082 | |
Additions | 15,643 | 1,552,433 |
Write offs | (46,860) | |
Contractual amendment | ||
Payments | (128,018) | (178,415) |
Clearing with deposits | ||
Interest incurred | 90,398 | 64,821 |
Interest paid | (92,657) | (57,852) |
Exchange rate change | (92,632) | 10,095 |
Total right of use leases at ending | 1,136,956 | 1,391,082 |
Current right of use leases at ending | 118,177 | 133,884 |
Non current right of use leases at ending | R$ 1018779 | R$ 1257198 |
Agreements In Foreign Currency With Out Purchase Option [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Weighted average rate | 14.30% | 11.75% |
Current right of use leases at beginning | R$ 1756449 | R$ 1999791 |
Non current right of use leases at beginning | 7,776,848 | 8,696,745 |
Current right of use leases at beginning | 9,533,297 | 10,696,536 |
Additions | 574,254 | 1,334,588 |
Write offs | (46,007) | 2,328 |
Contractual amendment | (112,290) | (363,625) |
Payments | (2,317,084) | (2,600,276) |
Clearing with deposits | (64,935) | (23,707) |
Interest incurred | 1,106,571 | 1,218,045 |
Interest paid | ||
Exchange rate change | (615,514) | (730,592) |
Total right of use leases at ending | 8,058,292 | 9,533,297 |
Current right of use leases at ending | 1,588,709 | 1,756,449 |
Non current right of use leases at ending | R$ 6469583 | R$ 7776848 |
Leases (Details 1)
Leases (Details 1) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total minimum lease payments | R$ 15527075 | R$ 16837127 |
Less total interest | (6,085,700) | (5,630,167) |
Present value of minimum lease payments | 9,441,375 | 11,206,960 |
Less current portion | (1,739,642) | (1,948,259) |
Noncurrent portion | 7,701,733 | 9,258,701 |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total minimum lease payments | 0 | 3,059,448 |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total minimum lease payments | 2,853,542 | 2,325,227 |
Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total minimum lease payments | 2,150,980 | 2,055,173 |
Later Than Five Years And Not Later Than Sis Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total minimum lease payments | 1,857,786 | 1,798,293 |
Later Than Six Years And Not Later Than Seven Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total minimum lease payments | 1,683,326 | 1,624,277 |
Later Than Seven Years And Not Later Than Eight Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total minimum lease payments | 1,291,683 | 1,186,761 |
Later Than Eight Years And Not Later Than Nine Years Onwards [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total minimum lease payments | R$ 5689758 | R$ 4787948 |
Leases (Details 2)
Leases (Details 2) R$ in Thousands | Dec. 31, 2023 BRL (R$) |
Notes and other explanatory information [abstract] | |
Face value of lease consideration | R$ 477515 |
Adjusted to present value of lease consideration | 224,730 |
Face value of PIS and COFINS potentiall | 44,170 |
Adjusted to present value of PIS and COFINS potentiall | R$ 20788 |
Leases (Details Narrative)
Leases (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Leases payable | R$ 3684 | R$ 15670 |
Future lease payments | 9,437,691 | 11,191,289 |
Directly in cost of services | 98,902 | 26,914 |
Sublease revenue | 45,639 | 6,663 |
Net gain balance | R$ 428578 | R$ 140368 |
Suppliers (Details)
Suppliers (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total | R$ 2093241 | R$ 2319954 |
Current | 2,000,079 | 2,274,503 |
Non-current | 93,162 | 45,451 |
Domestic Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 1,765,777 | 1,858,820 |
Foreign Currency [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | R$ 327464 | R$ 461134 |
Suppliers - Factoring (Details
Suppliers - Factoring (Details Narrative) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Suppliers - Factoring | ||
Suppliers - forfeiting | R$ 39877 | R$ 29941 |
Salaries, wages and benefits (D
Salaries, wages and benefits (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Salaries Wages And Benefits | ||
INSS installment | R$ 221490 | R$ 190776 |
Other labor obligations | 426,239 | 409,675 |
Total Current Assets | 647,729 | 600,451 |
INSS Installment | 495,968 | 285,736 |
Total Non-Current Assets | 495,968 | 285,736 |
Total Labor Obligations | 1,143,697 | 886,187 |
Current | 647,729 | 600,451 |
Non-Current | R$ 495968 | R$ 285736 |
Salaries, wages and benefits _2
Salaries, wages and benefits (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Salaries Wages And Benefits | ||
Consolidated, beginning balance | R$ 886187 | R$ 400495 |
Installments | 275,057 | 451,914 |
Interest | 133,204 | 91,468 |
Payments | (150,751) | R$ 57690 |
Consolidated, ending balance | R$ 1143697 |
Taxes payable (Details)
Taxes payable (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
PIS and COFINS | R$ 150 | R$ 91316 |
Installments | 461,520 | 341,756 |
Income Tax on Salaries | 51,817 | 54,364 |
Income Tax and Social Contribution to Collect | 8,543 | 22,125 |
Others | 21,782 | 14,362 |
Total | 543,812 | 523,923 |
Current | 205,261 | 258,811 |
Non-current | R$ 338551 | R$ 265112 |
Taxes payable (Details 1)
Taxes payable (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Federal taxes, beginning balance | R$ 341756 | R$ 34213 |
Installments | 175,555 | 334,479 |
Interest | 45,555 | 14,094 |
Payments | (101,346) | R$ 41030 |
Federal taxes, ending balance | R$ 461520 |
Advance ticket sales (Details N
Advance ticket sales (Details Narrative) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 BRL (R$) Integer | Dec. 31, 2022 BRL (R$) Integer | |
Advance Ticket Sales | ||
Advances from ticket sales | R$ 3130772 | R$ 3502556 |
Unused tickets sales number | Integer | 9,014,774 | 8,828,006 |
Average period | 61 days | 56 days |
Net of breakage | R$ 443444 | R$ 232752 |
Non-performed transports | R$ 11492 | R$ 48566 |
Mileage program (Details)
Mileage program (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total | R$ 2004873 | R$ 1869304 |
Current | 1,765,664 | 1,576,849 |
Non-current | 239,209 | 292,455 |
Mileage Program [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 2,739,189 | 2,533,410 |
Breakage [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | R$ 734316 | R$ 664106 |
Provisions (Details)
Provisions (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Balance as of beginning of period | R$ 3529803 | R$ 3587322 |
Constitution (Reversal) of provision | 1,005,387 | 344,536 |
Provisions used | (1,077,881) | (482,644) |
Amendment of assumptions | 32,950 | (28,290) |
Plan experience | 1,553 | 45,806 |
Present value adjustment | 106,570 | 239,777 |
Exchange rate change | (180,555) | (176,704) |
Balance as of ending of period | 3,417,827 | 3,529,803 |
Current | 737,636 | 634,820 |
Non-current | 2,680,191 | 2,894,983 |
Total | 3,417,827 | 3,529,803 |
Provisions Post Employment Benefit [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance as of beginning of period | 113,397 | 75,439 |
Constitution (Reversal) of provision | 9,860 | 12,562 |
Provisions used | (556) | (97) |
Amendment of assumptions | 32,950 | (28,290) |
Plan experience | 1,553 | 45,806 |
Present value adjustment | 13,380 | 7,977 |
Exchange rate change | ||
Balance as of ending of period | 170,584 | 113,397 |
Current | ||
Non-current | 170,584 | 113,397 |
Total | 170,584 | 113,397 |
Provision For Aircraft And Engine Return [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance as of beginning of period | 2,601,195 | 2,679,833 |
Constitution (Reversal) of provision | 519,673 | 35,450 |
Provisions used | (637,067) | (166,816) |
Amendment of assumptions | ||
Plan experience | ||
Present value adjustment | 93,190 | 231,800 |
Exchange rate change | (188,282) | (179,072) |
Balance as of ending of period | 2,388,709 | 2,601,195 |
Current | 737,636 | 634,820 |
Non-current | 1,651,073 | 1,966,375 |
Total | 2,388,709 | 2,601,195 |
Legal proceedings provision [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance as of beginning of period | 815,211 | 832,050 |
Constitution (Reversal) of provision | 475,854 | 296,524 |
Provisions used | (440,258) | (315,731) |
Amendment of assumptions | ||
Plan experience | ||
Present value adjustment | ||
Exchange rate change | 7,727 | 2,368 |
Balance as of ending of period | 858,534 | 815,211 |
Current | ||
Non-current | 858,534 | 815,211 |
Total | R$ 858534 | R$ 815211 |
Provisions (Details 1)
Provisions (Details 1) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Nominal discount rate p.a. | 9.71% | 11.62% |
Actual discount rate p.a. | 5.49% | 5.97% |
Long-term estimated inflation rate p.a. | 4% | 5.33% |
HCCTR - Nominal medical inflation rate p.a. | 7.38% | 8.75% |
HCCTR - Actual medical inflation rate p.a. | 3.25% | 3.25% |
Mortality table | AT-2000 loosened by 10% | AT-2000 loosened by 10% |
Nominal discount rate | 11.84% | 10.59% |
Actual discount rate p.a. | 5.48% | 5.97% |
Long-term estimated inflation rate | 5.33% | 5.02% |
HCCTR - Nominal medical inflation rate p.a. | 8.75% | 8.43% |
HCCTR - Actual medical inflation rate p.a. | 3.25% | 3.25% |
Mortality table | AT-2000 loosened by 10% | AT-2000 loosened by 10% |
Provisions (Details 2)
Provisions (Details 2) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Probable loss in provisions beginning | R$ 858534 | R$ 815211 |
Possible loss in provisions ending | 1,637,680 | 1,458,745 |
Provision For Possible Loss Of Civil Lawsuits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Probable loss in provisions beginning | 169,317 | 165,475 |
Possible loss in provisions ending | 69,923 | 74,212 |
Provision For Possible Loss Of Labor Lawsuits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Probable loss in provisions beginning | 442,768 | 425,711 |
Possible loss in provisions ending | 162,216 | 137,245 |
Provision For Possible Loss Of Taxes [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Probable loss in provisions beginning | 246,449 | 224,025 |
Possible loss in provisions ending | R$ 1405541 | R$ 1247288 |
Provisions (Details Narrative)
Provisions (Details Narrative) R$ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 BRL (R$) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 BRL (R$) | |
IfrsStatementLineItems [Line Items] | ||||
Additional financial effect of claims | R$ 1405540 | R$ 1247287 | ||
Tax on services | 37,332 | 34,265 | ||
Customs penalty | 76,870 | 71,888 | ||
Goodwill | 45,147 | 69,932 | ||
Estimated financial effect of claims, total | R$ 236751 | 211,157 | ||
Litigation settlement amount awarded | R$ 204330 | $ 42,000 | ||
Gol Linhas Aereas S.A. ("GLA") [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Additional non-incidence percenatge imports | 1% | |||
Additional financial effect of claims | R$ 166973 | 160,424 | ||
G A Smiles By Smiles S A [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Estimated financial effect of claims | 153,931 | 141,454 | ||
Smiles S A [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Estimated financial effect of claims | 67,205 | 61,031 | ||
Brazilian [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Estimated financial effect of claims | 193,172 | 122,901 | ||
Smiles Successor [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Estimated financial effect of claims | R$ 595142 | R$ 534659 |
Shareholders' equity (Details)
Shareholders' equity (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 100% | 100% |
Ordinary shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 100% | 100% |
Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 100% | 100% |
Abra MOBI LLP [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 24.89% | |
Abra MOBI LLP [Member] | Ordinary shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 50% | |
Abra MOBI LLP [Member] | Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 18.80% | |
Kingsland [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 24.89% | |
Kingsland [Member] | Ordinary shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 50% | |
Kingsland [Member] | Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 18.80% | |
Mobi Fia [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 50.87% | |
Mobi Fia [Member] | Ordinary shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 100% | |
Mobi Fia [Member] | Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 38.93% | |
American Airlines Inc [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 5.31% | 5.31% |
American Airlines Inc [Member] | Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 6.60% | 6.60% |
Path Brazil [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 2.59% | |
Path Brazil [Member] | Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 3.22% | |
Abra Group Limited [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 3.02% | |
Abra Group Limited [Member] | Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 3.76% | |
Other related parties [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 1.18% | 1.14% |
Other related parties [member] | Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 1.47% | 1.41% |
Market [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 40.70% | 40.09% |
Market [Member] | Preference shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Percentage of shares held | 50.58% | 49.84% |
Shareholders_ equity (Details N
Shareholders’ equity (Details Narrative) - BRL (R$) R$ / shares in Units, R$ in Thousands | 12 Months Ended | |||
Aug. 14, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 14, 2022 | |
IfrsStatementLineItems [Line Items] | ||||
Number of shares issued | 3,200,601,904 | 3,200,516,281 | ||
Exercise of options | R$ 1470 | |||
Share capital | 4,040,661 | R$ 4040397 | ||
Reduced costs to issue | 157,495 | 157,495 | ||
Authorized capital stock | R$ 17000000 | R$ 17000000 | ||
Treasury shares | 50,112 | 1,140,940 | ||
Treasury value | R$ 1709 | R$ 38910 | ||
Market value of treasury shares | R$ 8.97 | R$ 7.34 | ||
Subscription warrants | 1,891,497,584 | |||
Subscription warrants shares | R$ 5.84 | |||
Subscription warrants exercise price | R$ 5.82 | |||
Subscription warrants un subscribed paid | 883,161,640 | |||
Subscription warrants subscribed paid | 1,008,335,944 | |||
Subscribed paid by GOL equity finance | 991,951,681 | |||
Subscribed and paid by minority shareholders | 16,215,115 | |||
Subscribed shares canceled | 169,148 | |||
Preferred Shares [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of shares issued | 336,919,404 | 336,833,571 | ||
Common Stocks [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of shares issued | 2,863,682,500 | 2,863,682,710 | ||
Board of Directors Chairman [Member] | Preferred Shares [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Increase in share capital | R$ 264 | |||
Number of shares issued | 85,827 |
Results per share (Details)
Results per share (Details) - BRL (R$) R$ / shares in Units, shares in Thousands, R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Net loss for the fiscal year attributed to controlling shareholders | R$ 1222259 | R$ 1561473 | R$ 7221538 |
Common Shares [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net loss for the fiscal year attributed to controlling shareholders | R$ 238851 | R$ 311590 | R$ 1560971 |
Weighted average number of outstanding shares (in thousands) | 2,863,683 | 2,863,683 | 2,863,683 |
Basic loss per share | R$ 0.083 | R$ 0.109 | R$ 0.545 |
Diluted loss per share | R$ 0.083 | R$ 0.109 | R$ 0.545 |
Preference shares [member] | |||
IfrsStatementLineItems [Line Items] | |||
Net loss for the fiscal year attributed to controlling shareholders | R$ 983408 | R$ 1249883 | R$ 5660567 |
Weighted average number of outstanding shares (in thousands) | 336,821 | 327,062 | 295,486 |
Basic loss per share | R$ 2.920 | R$ 3.822 | R$ 19.157 |
Diluted loss per share | R$ 2.920 | R$ 3.822 | R$ 19.157 |
Share-based payments (Details)
Share-based payments (Details) | 12 Months Ended |
Dec. 31, 2023 shares R$ / shares | |
IfrsStatementLineItems [Line Items] | |
Total options granted | 17,329,675 |
Number of options outstanding | 5,020,696 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 12.38 |
Average Remaining Maturity (In Years) | 19 years 4 months 9 days |
Ranges Of Exercise Prices For Outstanding Share Options One [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant Year 2022 | 2014 |
Grant date | Aug. 12, 2014 |
Total options granted | 653,130 |
Number of options outstanding | 66,873 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 11.31 |
Fair value at grant date (in Reais) | R$ / shares | R$ 7.98 |
Estimate volatility of share price | 52.66% |
Expected dividend yield | 3.27% |
Risk-free return rate | 11% |
Average Remaining Maturity (In Years) | 6 months |
Ranges Of Exercise Prices For Outstanding Share Options Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant Year 2022 | 2015 |
Grant date | Aug. 11, 2015 |
Total options granted | 1,930,844 |
Number of options outstanding | 169,764 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 9.35 |
Fair value at grant date (in Reais) | R$ / shares | R$ 3.37 |
Estimate volatility of share price | 55.57% |
Expected dividend yield | 5.06% |
Risk-free return rate | 13.25% |
Average Remaining Maturity (In Years) | 1 year 6 months |
Ranges Of Exercise Prices For Outstanding Share Options Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant Year 2022 | 2016 |
Grant date | Jun. 30, 2016 |
Total options granted | 5,742,732 |
Number of options outstanding | 482,315 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 2.62 |
Fair value at grant date (in Reais) | R$ / shares | R$ 1.24 |
Estimate volatility of share price | 98.20% |
Expected dividend yield | 6.59% |
Risk-free return rate | 14.25% |
Average Remaining Maturity (In Years) | 2 years 4 months 24 days |
Ranges Of Exercise Prices For Outstanding Share Options Four [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant Year 2022 | 2017 |
Grant date | Aug. 08, 2017 |
Total options granted | 947,767 |
Number of options outstanding | 190,819 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 8.44 |
Fair value at grant date (in Reais) | R$ / shares | R$ 7.91 |
Estimate volatility of share price | 80.62% |
Expected dividend yield | 1.17% |
Risk-free return rate | 11.25% |
Average Remaining Maturity (In Years) | 3 years 6 months |
Ranges Of Exercise Prices For Outstanding Share Options Five [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant Year 2022 | 2018 |
Grant date | May 24, 2018 |
Total options granted | 718,764 |
Number of options outstanding | 196,675 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 20.18 |
Fair value at grant date (in Reais) | R$ / shares | R$ 12.68 |
Estimate volatility of share price | 55.58% |
Expected dividend yield | 0.60% |
Risk-free return rate | 6.50% |
Average Remaining Maturity (In Years) | 4 years 3 months 18 days |
Ranges Of Exercise Prices For Outstanding Share Options Six [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant Year 2022 | 2019 |
Grant date | Oct. 28, 2019 |
Total options granted | 1,749,223 |
Number of options outstanding | 529,613 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 25.40 |
Fair value at grant date (in Reais) | R$ / shares | R$ 12.10 |
Estimate volatility of share price | 61.98% |
Expected dividend yield | 3.17% |
Risk-free return rate | 9% |
Average Remaining Maturity (In Years) | 5 years 9 months 18 days |
Ranges Of Exercise Prices For Outstanding Share Options Seven [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant Year 2022 | 2020 |
Grant date | Jul. 30, 2020 |
Total options granted | 760,986 |
Number of options outstanding | 212,490 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 20.57 |
Fair value at grant date (in Reais) | R$ / shares | R$ 14.44 |
Estimate volatility of share price | 71.37% |
Expected dividend yield | 0.92% |
Risk-free return rate | 6.24% |
Average Remaining Maturity (In Years) | 6 years 6 months |
Ranges Of Exercise Prices For Outstanding Share Options Eight [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant Year 2022 | 2021 |
Grant date | Jul. 28, 2021 |
Total options granted | 658,189 |
Number of options outstanding | 240,256 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 21.05 |
Fair value at grant date (in Reais) | R$ / shares | R$ 14.44 |
Estimate volatility of share price | 74.34% |
Expected dividend yield | 0% |
Risk-free return rate | 8.85% |
Average Remaining Maturity (In Years) | 7 years 6 months |
Ranges Of Exercise Prices For Outstanding Share Options Nine [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant Year 2022 | 2022 |
Grant date | Oct. 26, 2022 |
Total options granted | 4,168,040 |
Number of options outstanding | 2,931,891 |
Exercise price of the option (in Reais) | R$ / shares | R$ / shares | R$ 10.26 |
Fair value at grant date (in Reais) | R$ / shares | R$ 6.23 |
Estimate volatility of share price | 75.23% |
Expected dividend yield | 0% |
Risk-free return rate | 12.76% |
Average Remaining Maturity (In Years) | 8 years 9 months 18 days |
Share-based payments (Details 1
Share-based payments (Details 1) | 12 Months Ended | |
Dec. 31, 2023 shares R$ / shares | Dec. 31, 2022 shares R$ / shares | |
IfrsStatementLineItems [Line Items] | ||
Number of stock options granted | shares | 17,329,675 | |
Weighted average exercise price options repurchased or cancelled options | shares | R$ / shares | R$ 12.38 | |
Number of stock options number of options exercisable at ending | shares | 4,655,951 | 3,507,890 |
Weighted average exercise price number of options exercisable | R$ / shares | R$ 13.60 | R$ 16.04 |
Stock Option Plan [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of stock options outstanding at beginning | shares | 8,072,765 | 7,432,661 |
Weighted average exercise price options outstanding at beginning | shares | R$ / shares | R$ 13.00 | R$ 12.90 |
Number of stock options granted | shares | 4,168,040 | |
Weighted average exercise price options repurchased or cancelled options | shares | R$ / shares | R$ 3.97 | R$ 10.26 |
Number of stock options exercised | shares | (224,983) | (207,179) |
Weighted average exercise price options exercised | shares | R$ / shares | R$ 2.79 | R$ 4.52 |
Number of stock options canceled and adjustments in estimated prescribed rights | shares | (1,374,938) | (3,320,757) |
Weighted average exercise price options canceled and adjustments in estimated prescribed rights | shares | R$ / shares | R$ 13.47 | R$ 20.78 |
Number of stock options repurchased or cancelled options | shares | (1,452,148) | |
Number of stock options outstanding at ending | shares | 5,020,696 | 8,072,765 |
Weighted average exercise price options outstanding at ending | shares | R$ / shares | R$ 12.38 | R$ 13.00 |
Share-based payments (Details 2
Share-based payments (Details 2) | 12 Months Ended |
Dec. 31, 2023 R$ / shares shares | |
Restricted Shares Plan One [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant year 2022 | 2018 |
Approval date | May 24, 2018 |
Total shares granted | 773,463 |
Total vested shares | |
Average fair value at grant date | R$ / shares | R$ / shares | R$ 20.18 |
Restricted Shares Plan Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant year 2022 | 2020 |
Approval date | Jul. 30, 2020 |
Total shares granted | 801,311 |
Total vested shares | |
Average fair value at grant date | R$ / shares | R$ / shares | R$ 20.57 |
Restricted Shares Plan Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant year 2022 | 2021 |
Approval date | Apr. 30, 2021 |
Total shares granted | 858,068 |
Total vested shares | 534,838 |
Average fair value at grant date | R$ / shares | R$ / shares | R$ 21.05 |
Restricted Shares Plan Four [Member] | |
IfrsStatementLineItems [Line Items] | |
Grant year 2022 | 2022 |
Approval date | Oct. 26, 2022 |
Total shares granted | 637,830 |
Total vested shares | 548,207 |
Average fair value at grant date | R$ / shares | R$ / shares | R$ 10.26 |
Restricted Shares Plan Five [Member] | |
IfrsStatementLineItems [Line Items] | |
Approval date | Dec. 31, 2023 |
Total shares granted | 3,070,672 |
Total vested shares | 1,083,045 |
Share-based payments (Details 3
Share-based payments (Details 3) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Restricted shares outstanding as beginning | 2,135,887 | 1,546,250 |
Shares transferred | (950,941) | (75,232) |
Restricted shares cancelled and adjustments in estimated expired rights | (101,901) | 27,039 |
Restricted shares granted | 637,830 | |
Restricted shares outstanding as Ending | 1,083,045 | 2,135,887 |
Share-based payments (Details N
Share-based payments (Details Narrative) - BRL (R$) R$ / shares in Units, R$ in Thousands | 12 Months Ended | ||
Oct. 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | |||
Stock option exercise grant date term | 10 years | ||
Stock options repurchased | R$ 12742 | ||
Capital reserve | R$ 5762 | ||
Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Stock option plans income (expenses) | R$ 9631 | R$ 14102 | |
Restricted Shares Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Stock option plans income (expenses) | R$ 7121 | R$ 12082 | |
Smiles S A [Member] | Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Period of stock options exercised | 4 years | ||
Gol Linhas A Reas Inteligentes S. A [Member] | Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Share price one | R$ 8.97 | R$ 7.34 | |
Share Based Compensation Vesting Tranche One [Member] | Smiles S A [Member] | Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Vesting percentage | 20% | ||
Share Based Compensation Vesting Tranche One [Member] | Gol Linhas A Reas Inteligentes S. A [Member] | Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercisable percentage | 20% | ||
Share Based Compensation Vesting Tranche Two [Member] | Smiles S A [Member] | Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Vesting percentage | 30% | ||
Share Based Compensation Vesting Tranche Two [Member] | Gol Linhas A Reas Inteligentes S. A [Member] | Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercisable percentage | 20% | ||
Share Based Compensation Vesting Tranche Three [Member] | Smiles S A [Member] | Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Vesting percentage | 50% | ||
Share Based Compensation Vesting Tranche Three [Member] | Gol Linhas A Reas Inteligentes S. A [Member] | Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercisable percentage | 30% | ||
Share Based Compensation Vesting Tranche Four [Member] | Gol Linhas A Reas Inteligentes S. A [Member] | Stock Option Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Exercisable percentage | 30% |
Transactions with related par_3
Transactions with related parties (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Salaries, bonus and benefits (*) | R$ 44229 | R$ 48061 | R$ 45014 |
Payroll charges | 11,700 | 12,760 | 11,981 |
Share-based compensation | 17,221 | 19,106 | 21,798 |
Total | R$ 73150 | R$ 79927 | R$ 78793 |
Transactions with related par_4
Transactions with related parties (Details Narrative) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reserve Quantities [Line Items] | ||
Total related party transaction | R$ 133626 | |
Total related party transaction receivable | 14,597 | |
Sale in advance | 70,000 | |
Pagol Participaco Societarias Ltda [Member] | ||
Reserve Quantities [Line Items] | ||
Expense related to services | R$ 3735 | |
Suppliers [Member] | ||
Reserve Quantities [Line Items] | ||
Expense related to services | 3,000 | 6,455 |
Payable to related companies | R$ 55 | R$ 737 |
Revenue (Details)
Revenue (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | |||
Passenger transportation (a) | R$ 17253631 | R$ 14621481 | R$ 7119086 |
Cargo transportation | 964,240 | 530,578 | 361,648 |
Mileage Revenue | 622,018 | 546,104 | 267,344 |
Other revenue | 108,927 | 84,360 | 36,866 |
Gross revenue | 18,948,816 | 15,782,523 | 7,784,944 |
Related tax (b) | (174,792) | (583,798) | (351,560) |
Total net revenue | R$ 18774024 | R$ 15198725 | R$ 7433384 |
Revenue (Details 1)
Revenue (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Revenue | R$ 18774024 | R$ 15198725 | R$ 7433384 |
Percentage of earning ratio by geographical area | 100% | 100% | 100% |
Country of domicile [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | R$ 16365889 | R$ 13411513 | R$ 7174373 |
Percentage of earning ratio by geographical area | 87.20% | 88.20% | 96.50% |
Foreign countries [member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | R$ 2408135 | R$ 1787212 | R$ 259011 |
Percentage of earning ratio by geographical area | 12.80% | 11.80% | 3.50% |
Financial results (Details)
Financial results (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial income | |||
Interest on financial investments | R$ 211118 | R$ 90552 | R$ 36982 |
Others (a) | 361,143 | 25,965 | 11,812 |
Financial income | 572,261 | 116,517 | 48,794 |
Financial expenses | |||
Interest and costs on loans and financing | (1,880,381) | (1,063,118) | (896,091) |
Interest on leases | (1,226,101) | (1,316,619) | (880,626) |
Interest on the provision for aircraft return | (93,190) | (231,800) | (57,976) |
Commissions, bank charges and interest on other operations | (722,200) | (589,002) | (318,570) |
Others | (323,110) | (316,345) | (47,782) |
Financial expenses | (4,244,982) | (3,516,884) | (2,201,045) |
Derivative financial instruments | |||
Conversion right and derivatives – ESN,net (b) | (1,766,819) | 42,025 | 200,267 |
Other derivative financial instruments, net | (33,511) | (44,651) | (1,515) |
Derivative financial instruments | (1,800,330) | (2,626) | 198,752 |
Monetary and foreign exchange rate variation, net | 1,177,292 | 1,328,204 | (1,588,133) |
Total | R$ 4295759 | R$ 2074789 | R$ 3541632 |
Commitments (Details)
Commitments (Details) - Business combinations [member] - Aircraft [member] - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Total | R$ 18827647 | R$ 20574804 |
Later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 4,234,480 | |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 3,882,344 | 5,847,873 |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 3,349,889 | 6,970,535 |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | R$ 11595414 | R$ 3521916 |
Commitments (Details 1)
Commitments (Details 1) - Business combinations [member] - Aircraft [member] - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Total | R$ 6400686 | R$ 7170725 |
Later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 1,642,175 | |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 1,439,432 | 1,990,773 |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 1,132,693 | 2,355,513 |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | R$ 3828561 | R$ 1182264 |
Commitments (Details Narrative)
Commitments (Details Narrative) R$ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 BRL (R$) Integer | Dec. 31, 2023 USD ($) | Dec. 31, 2022 BRL (R$) Integer | Dec. 31, 2022 USD ($) Integer | |
IfrsStatementLineItems [Line Items] | ||||
Purchase commitments | R$ 538661 | |||
Business combinations [member] | Aircraft [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of firm orders | Integer | 101 | 91 | 91 | |
Future commitments resulting from estimate of contractual discounts | R$ 18827647 | R$ 20574804 | ||
Future commitments resulting from firm aircraft orders | $ | $ 3,888,965 | $ 3,943,271 | ||
Future commitment resulting from operating lease | R$ 6400686 | |||
Future commitments resulting from corresponding | $ | $ 1,322,101 |
Financial instruments and ris_3
Financial instruments and risk management (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Other credits | R$ 142167 | R$ 59527 |
Suppliers _ factoring | 39,877 | 29,941 |
At fair value [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial investments | 458,537 | 423,418 |
Trade receivables | ||
Deposits | ||
Rights from derivative transactions | 810 | 29,256 |
Other credits | ||
Loans and financing | 9 | 17,753 |
Leases to pay | ||
Suppliers | ||
Suppliers _ factoring | ||
Derivatives liabilities | 5,019,438 | 536 |
Other labilities | ||
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 825,196 | 887,734 |
Deposits | 1,982,399 | 2,068,593 |
Rights from derivative transactions | ||
Other credits | 327,030 | 232,633 |
Loans and financing | 10,574,655 | 11,967,138 |
Leases to pay | 9,441,375 | 11,206,959 |
Suppliers | 2,093,241 | 2,319,954 |
Suppliers _ factoring | 39,877 | 29,941 |
Airport fees and charges | 1,624,442 | 1,391,617 |
Derivatives liabilities | ||
Other labilities | R$ 503137 | R$ 692171 |
Financial instruments and ris_4
Financial instruments and risk management (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Gains (losses) recognized in equity valuation adjustments | R$ 153755 | R$ 282593 | R$ 434538 |
Rights and obligations from derivative transactions -Current | 8,929 | 519 | |
Obligations from derivative transactions -Non-Current | 5,010,509 | 17 | |
Fuel Derivative [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Rights (obligations) with derivatives as of beginning | 22,255 | 6,890 | |
Gains (losses) recognized in income (expenses) | (26,454) | ||
Gains (losses) recognized in equity valuation adjustments | (38,100) | ||
Settlements (payments received) during the year | 53,465 | ||
Payments (Receipts) during the year | (4,479) | ||
Gains (Losses) recognized as foreign exchange variation | |||
Derivatives embedded in new contracts | |||
Rights (obligations) with derivatives as of ending | (8,678) | 22,255 | 6,890 |
Rights and obligations from derivative transactions -Current | (8,678) | ||
Balances as of beginning | (9,228) | ||
Fair value adjustments during the year | (38,100) | ||
Net reversal to income (expenses) | 47,328 | ||
Balances as of ending | (9,228) | ||
Effects on income (expenses) | (26,454) | ||
Financial results | (26,454) | ||
Interest Rate Derivative Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Rights (obligations) with derivatives as of beginning | (536) | ||
Gains (losses) recognized in income (expenses) | 124 | (688) | |
Settlements (payments received) during the year | 152 | ||
Payments (Receipts) during the year | 482 | ||
Rights (obligations) with derivatives as of ending | 70 | (536) | |
Rights and obligations from derivative transactions -Current | 70 | ||
Balances as of beginning | (290,549) | (296,829) | |
Net reversal to income (expenses) | 6,792 | 6,280 | |
Balances as of ending | (283,757) | (290,549) | (296,829) |
Effects on income (expenses) | (6,698) | ||
Financial results | (6,698) | ||
Foreign Currency Derivatives [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Rights (obligations) with derivatives as of beginning | |||
Gains (losses) recognized in income (expenses) | (360) | 417 | |
Settlements (payments received) during the year | (417) | ||
Payments (Receipts) during the year | 769 | ||
Rights (obligations) with derivatives as of ending | 409 | ||
Rights and obligations from derivative transactions -Current | 409 | ||
Effects on income (expenses) | (360) | ||
Financial results | (360) | ||
Capped Call [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Rights (obligations) with derivatives as of beginning | 7,002 | 107,170 | |
Gains (losses) recognized in income (expenses) | (6,922) | (100,168) | |
Rights (obligations) with derivatives as of ending | 80 | 7,002 | 107,170 |
Rights and obligations from derivative transactions -Current | 80 | ||
Effects on income (expenses) | (6,922) | ||
Financial results | (6,520) | ||
Financial results - Monetary and foreign exchange variations | (402) | ||
Exchangeable Senior Notes [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Rights (obligations) with derivatives as of beginning | (17,753) | (162,568) | |
Gains (losses) recognized in income (expenses) | (1,763,530) | 144,815 | |
Payments (Receipts) during the year | 2,568 | ||
Gains (Losses) recognized as foreign exchange variation | 1,778,706 | ||
Derivatives embedded in new contracts | (5,010,509) | ||
Rights (obligations) with derivatives as of ending | (5,010,518) | (17,753) | (162,568) |
Loans and financing | (9) | ||
Obligations from derivative transactions -Non-Current | (5,010,509) | ||
Effects on income (expenses) | (1,763,530) | ||
Financial results | (1,760,298) | ||
Financial results - Monetary and foreign exchange variations | (3,232) | ||
Hedging Instruments 1 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Rights (obligations) with derivatives as of beginning | 10,968 | (48,508) | |
Gains (losses) recognized in income (expenses) | (1,797,142) | 44,376 | |
Gains (losses) recognized in equity valuation adjustments | (38,100) | ||
Settlements (payments received) during the year | 53,200 | ||
Payments (Receipts) during the year | (660) | ||
Gains (Losses) recognized as foreign exchange variation | 1,778,706 | ||
Derivatives embedded in new contracts | (5,010,509) | ||
Rights (obligations) with derivatives as of ending | (5,018,637) | 10,968 | (48,508) |
Rights and obligations from derivative transactions -Current | (8,119) | ||
Loans and financing | (9) | ||
Obligations from derivative transactions -Non-Current | (5,010,509) | ||
Balances as of beginning | (613,353) | (918,801) | |
Fair value adjustments during the year | (38,100) | ||
Adjustments of hedge accounting of revenue | 80,191 | 175,675 | |
Net reversal to income (expenses) | 172,385 | 167,873 | |
Balances as of ending | (360,777) | (613,353) | (918,801) |
Effects on income (expenses) | (2,049,747) | ||
Net revenue | (170,030) | ||
Financial results | (1,800,330) | ||
Financial results - Monetary and foreign exchange variations | (79,387) | ||
Revenue Hedge [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances as of beginning | (322,804) | (612,744) | |
Adjustments of hedge accounting of revenue | 80,191 | 175,675 | |
Net reversal to income (expenses) | 165,593 | 114,265 | |
Balances as of ending | (77,020) | R$ 322804 | R$ 612744 |
Effects on income (expenses) | (245,783) | ||
Net revenue | (170,030) | ||
Financial results | |||
Financial results - Monetary and foreign exchange variations | R$ 75753 |
Financial instruments and ris_5
Financial instruments and risk management (Details 2) - Cash flow hedges [member] R$ in Thousands | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
IfrsStatementLineItems [Line Items] | |
2024 | R$ 83790 |
2025 | (35,899) |
2026 | (36,205) |
2027 | (36,082) |
2028 | (35,285) |
2028 onwards | (133,517) |
Total | (360,778) |
Interest rate swap contract [member] | |
IfrsStatementLineItems [Line Items] | |
2024 | (6,770) |
2025 | (35,899) |
2026 | (36,205) |
2027 | (36,082) |
2028 | (35,285) |
2028 onwards | (133,517) |
Total | (283,758) |
Revenue Derivatives [Member] | |
IfrsStatementLineItems [Line Items] | |
2024 | (77,020) |
Total | R$ 77020 |
Financial instruments and ris_6
Financial instruments and risk management (Details 3) - Fuel Derivative [Member] - Fuel Risk [Member] R$ in Thousands | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
Decline In Prices Barrel 25 [Member] | |
IfrsStatementLineItems [Line Items] | |
Exchange rate | 53.88 |
Total exposure | R$ 3467 |
Decline In Prices Barrel 10 [Member] | |
IfrsStatementLineItems [Line Items] | |
Exchange rate | 64.66 |
Total exposure | R$ 2846 |
Increase In Prices Barrel Plus 10 [Member] | |
IfrsStatementLineItems [Line Items] | |
Exchange rate | 79.02 |
Total exposure | R$ 6530 |
Increase In Prices Barrel Plus 25 [Member] | |
IfrsStatementLineItems [Line Items] | |
Exchange rate | 89.80 |
Total exposure | R$ 29942 |
Financial instruments and ris_7
Financial instruments and risk management (Details 4) R$ in Thousands | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
Financial Investments Net Of Loans And Financing C D I Rate Drop [Member] | |
IfrsStatementLineItems [Line Items] | |
Reference rates | 11.65% |
Exposure amount (probable scenario) | R$ 612539 |
Financial Investments Net Of Loans And Financing C D I Rate Drop [Member] | Remote Favorable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Possible adverse scenario | 24,052 |
Financial Investments Net Of Loans And Financing C D I Rate Drop [Member] | Possible Favorable Scenario One [Member] | |
IfrsStatementLineItems [Line Items] | |
Possible adverse scenario | 9,621 |
Financial Investments Net Of Loans And Financing C D I Rate Drop [Member] | Possible Favorable Scenario Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Possible adverse scenario | (9,621) |
Financial Investments Net Of Loans And Financing C D I Rate Drop [Member] | Possible Favorable Scenario Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Possible adverse scenario | R$ 24052 |
Financial Investments Net Of Loans And Financing Libor Rate Increase [Member] | |
IfrsStatementLineItems [Line Items] | |
Reference rates | 5.38% |
Exposure amount (probable scenario) | R$ 216799 |
Financial Investments Net Of Loans And Financing Libor Rate Increase [Member] | Remote Favorable Scenario [Member] | |
IfrsStatementLineItems [Line Items] | |
Possible adverse scenario | 2,916 |
Financial Investments Net Of Loans And Financing Libor Rate Increase [Member] | Possible Favorable Scenario One [Member] | |
IfrsStatementLineItems [Line Items] | |
Possible adverse scenario | 1,166 |
Financial Investments Net Of Loans And Financing Libor Rate Increase [Member] | Possible Favorable Scenario Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Possible adverse scenario | (1,166) |
Financial Investments Net Of Loans And Financing Libor Rate Increase [Member] | Remote Favorable Scenario One [Member] | |
IfrsStatementLineItems [Line Items] | |
Possible adverse scenario | R$ 2916 |
Financial instruments and ris_8
Financial instruments and risk management (Details 5) R$ in Thousands, $ in Thousands | Dec. 31, 2023 BRL (R$) R$ / $ | Dec. 31, 2023 USD ($) R$ / $ | Dec. 31, 2022 BRL (R$) R$ / $ | Dec. 31, 2022 USD ($) R$ / $ |
IfrsStatementLineItems [Line Items] | ||||
Deposits | R$ 2555937 | R$ 2659770 | ||
Total Assets | 16,726,194 | 16,970,285 | ||
Loans and financing | 9,322,035 | |||
Currency risk [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Cash, cash equivalents and financial investments | 460,799 | 274,186 | ||
Trade receivables | 129,977 | 215,113 | ||
Deposits | 1,982,399 | 2,068,593 | ||
Derivative assets | 810 | 29,256 | ||
Total Assets | 2,573,985 | 2,587,148 | ||
Loans and financing | (9,677,769) | (10,797,091) | ||
Leases | (9,198,932) | (10,940,049) | ||
Suppliers | (327,464) | (461,134) | ||
Provisions | (2,388,709) | (2,601,195) | ||
Derivative liabilities | (5,010,509) | |||
Total Liabilities | (26,603,383) | (24,799,469) | ||
Exchange rate exposure liabilities | (24,029,398) | (22,212,321) | ||
Future obligations resulting from firm aircraft orders | (18,827,647) | (20,574,804) | ||
Commitments Not Recorded Statements Of Financial Position | (18,827,647) | (20,574,804) | ||
Total exchange rate exposure - US$ | R$ 42857045 | $ (8,852,384) | R$ 42787125 | $ (8,200,380) |
Exchange rate (R$/US$) | R$ / $ | 4.8413 | 4.8413 | 5.2177 | 5.2177 |
Financial instruments and ris_9
Financial instruments and risk management (Details 6) - Foreign Currency Derivatives [Member] - Currency risk [member] R$ in Thousands | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
IfrsStatementLineItems [Line Items] | |
Average foreign exchange rate | 4.8413 |
Exposure to credit risk on loan commitments and financial guarantee contracts | R$ 24029398 |
Dollar Depreciation Minus 25 Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Average foreign exchange rate | 3.6310 |
Exposure to credit risk on loan commitments and financial guarantee contracts | R$ 6007350 |
Dollar Depreciation Minus 10 Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Average foreign exchange rate | 4.3572 |
Exposure to credit risk on loan commitments and financial guarantee contracts | R$ 2402940 |
Dollar Appreciation Plus 10 Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Average foreign exchange rate | 5.3254 |
Exposure to credit risk on loan commitments and financial guarantee contracts | R$ 2402940 |
Dollar Appreciation Plus 25 Percent [Member] | |
IfrsStatementLineItems [Line Items] | |
Average foreign exchange rate | 6.0516 |
Exposure to credit risk on loan commitments and financial guarantee contracts | R$ 6007350 |
Financial instruments and ri_10
Financial instruments and risk management (Details 7) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Loans and financing | R$ 9322035 | |
Liquidity risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Loans and financing | 10,583,589 | R$ 11984891 |
Leases | 9,441,375 | 11,206,959 |
Suppliers | 2,093,241 | 2,319,954 |
Suppliers factoring | 39,877 | 29,941 |
Derivative financial liabilities1 | 5,019,438 | 536 |
Other liabilities | 503,137 | 692,171 |
Total | 27,680,657 | 26,234,452 |
Current [member] | Liquidity risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Loans and financing | 352,055 | 723,756 |
Leases | 1,082,355 | 1,210,715 |
Suppliers | 2,000,079 | 2,274,503 |
Suppliers factoring | 39,877 | 29,941 |
Derivative financial liabilities1 | 260 | |
Other liabilities | 26,840 | 225,752 |
Total | 3,501,206 | 4,464,927 |
Later than six months and not later than one year [member] | Liquidity risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Loans and financing | 909,499 | 402,873 |
Leases | 657,287 | 737,543 |
Derivative financial liabilities1 | 8,929 | 259 |
Other liabilities | 269,983 | 154,096 |
Total | 1,845,698 | 1,294,771 |
Later than one year and not later than five years [member] | Liquidity risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Loans and financing | 8,650,963 | 10,055,253 |
Leases | 3,951,886 | 4,886,666 |
Suppliers | 93,162 | 45,451 |
Derivative financial liabilities1 | 5,010,509 | 17 |
Other liabilities | 206,314 | 312,323 |
Total | 17,912,834 | 15,299,710 |
Later than five years and not later than ten years [member] | Liquidity risk [member] | ||
IfrsStatementLineItems [Line Items] | ||
Loans and financing | 671,072 | 803,009 |
Leases | 3,749,847 | 4,372,035 |
Total | R$ 4420919 | R$ 5175044 |
Financial instruments and ri_11
Financial instruments and risk management (Details 8) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Level 2 of fair value hierarchy [member] | Book Value [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial investments | R$ 458537 | R$ 423418 |
Derivatives assets | 810 | 29,256 |
Derivatives liabilities | (5,019,438) | (536) |
Level 2 of fair value hierarchy [member] | Fair Value [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial investments | 458,537 | 423,418 |
Derivatives assets | 810 | 29,256 |
Derivatives liabilities | (5,019,438) | (536) |
Level 1 of fair value hierarchy [member] | Book Value [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Loans and financing | (9) | (17,753) |
Level 1 of fair value hierarchy [member] | Fair Value [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Loans and financing | R$ 9 | R$ 17753 |
Financial instruments and ri_12
Financial instruments and risk management (Details 9) - Capital Management [Member] - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total loans and financing | R$ 10583589 | R$ 11984891 |
Total leases | 9,441,375 | 11,206,959 |
(-) Cash and cash equivalentes | (323,928) | (169,035) |
(-) Financial investments | (458,537) | (423,418) |
Net indebtedness | R$ 19242499 | R$ 22599397 |
Financial instruments and ri_13
Financial instruments and risk management (Details Narrative) | Dec. 31, 2023 |
Notes and other explanatory information [abstract] | |
Percentage of consumption of hedging | 13% |
Non-cash transactions (Details)
Non-cash transactions (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-cash Transactions | |||
Amortization of debt with investments (Financial investments / Loans and financing) | R$ 198270 | ||
Restricted Cash Debt Amortization (Restricted Cash / Loans and Financing) | 23,707 | 41,974 | |
Right of Use of Flight Equipment (Property, Plant & Equipment / Leases Payable) | 613,879 | 2,295,903 | |
Right of Use non-aeronautical assets (Property, Plant & Equipment / Leases Payable) | 252,654 | 181,392 | |
Financial Lease Agreement Renegotiation (Property, Plant & Equipment / Leases Payable) | 163,925 | 778,379 | |
Write-off of lease agreements (other income/ leases payable) | 46,007 | 2,328 | |
Sale-leaseback (Property, plant and equipment / Leases) | 307,391 | 2,454,534 | 209,065 |
Provision for aircraft return (Property, plant and equipment / Provisions) | 36,296 | (66,154) | 27,024 |
Post-employment benefit actuarial gain (Provisions / Equity valuation adjustments) | 34,503 | 17,516 | 41,524 |
Unrealized income (expenses) of derivatives (Derivative assets / Equity valuation adjustments) | 305,488 | 328,955 | |
Capital increase issuing shares to non-controlling shareholders (Share capital / Non-controlling interest) | 606,839 | ||
Capital Reserve Recognized | 744,450 | ||
Income (Expenses) on the Sale of Treasury Shares | 21 | 279 | |
Transfer of Treasury Shares | 19,472 | 2,567 | 19,834 |
Deposit for guarantee | 235,383 | 38,931 | |
Fair value gain on transaction with controller (loans/capital reserve) | 844,542 | ||
Conversion of SSN 2028 into ESSN 2028 (loans/financing) | 6,407,576 | ||
Deferred income tax on foreign exchange variation in subsidiaries | 2,902 | ||
Issuance of Senior Secured Amortizing Notes (Deposits/ Loans and financing/ Leases) | R$ 1003279 |
Liabilities from financing ac_3
Liabilities from financing activities (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Net cash flows (used in) from financing activities | R$ 626458 | R$ 1673546 | R$ 672023 |
Net cash flows from operating activities | 1,821,748 | 2,168,772 | 705,562 |
Transfer of treasury shares | 19,472 | 2,567 | 19,834 |
Short And Longterm Borrowings [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Opening balance | 11,984,891 | 11,900,030 | 9,976,966 |
Net cash flows (used in) from financing activities | 3,074,842 | (263,764) | 1,359,595 |
Net cash flows from operating activities | (1,185,966) | (912,651) | (704,409) |
Offsetting with deposits and others | (105,294) | ||
Acquisition of property, plant and equipment under new agreements and contractual amendment | (15,643) | ||
Acquisition of property, plant and equipment under new agreements and contractual amendment | |||
Write-off of lease or Senior Secured Amortizing Notes | 1,003,279 | ||
Transaction with Non-controlling shareholders, shares to be issued and sale/transfer of treasury shares | |||
Amortization with related assets | (198,270) | ||
Distribution of interim dividends | |||
Transfer of treasury shares | |||
Payment with issue of shares | |||
Exchange rate changes, net | (780,826) | (701,966) | 756,861 |
Provision for interest and cost amortization | 1,092,589 | 896,091 | |
Interest on loans and amortization of goodwill costs | 1,880,381 | ||
Unrealized derivatives results | (3,424,254) | (132,626) | (186,804) |
Share-based compensation | |||
Fair value of issuance, transaction costs | (844,542) | ||
Closing balance | 10,583,589 | 11,984,891 | 11,900,030 |
Leases [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Opening balance | 11,206,959 | 10,762,984 | 7,584,192 |
Net cash flows (used in) from financing activities | (2,355,457) | (2,357,341) | (1,449,285) |
Net cash flows from operating activities | (94,429) | (58,357) | 16,652 |
Offsetting with deposits and others | (282,244) | ||
Acquisition of property, plant and equipment under new agreements and contractual amendment | 448,590 | ||
Acquisition of property, plant and equipment under new agreements and contractual amendment | 2,723,031 | 3,255,646 | |
Write-off of lease or Senior Secured Amortizing Notes | (459,480) | ||
Amortization with related assets | (41,973) | ||
Transfer of treasury shares | |||
Payment with issue of shares | |||
Exchange rate changes, net | (708,145) | (720,497) | 517,126 |
Provision for interest and cost amortization | 1,316,619 | 880,626 | |
Interest on loans and amortization of goodwill costs | 1,226,101 | ||
Unrealized derivatives results | |||
Fair value of issuance, transaction costs | |||
Closing balance | 9,441,375 | 11,206,959 | 10,762,984 |
Issued capital [member] | |||
IfrsStatementLineItems [Line Items] | |||
Opening balance | 4,040,397 | 4,039,112 | 3,009,436 |
Net cash flows (used in) from financing activities | 264 | 694 | 420,734 |
Transaction with Non-controlling shareholders, shares to be issued and sale/transfer of treasury shares | 608,942 | ||
Payment with issue of shares | 591 | ||
Closing balance | 4,040,661 | 4,040,397 | 4,039,112 |
Shares To Be Issued [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Opening balance | 3 | 1,180 | |
Net cash flows (used in) from financing activities | 1,470 | 588 | 926 |
Transaction with Non-controlling shareholders, shares to be issued and sale/transfer of treasury shares | (2,103) | ||
Payment with issue of shares | 8,177 | (591) | |
Closing balance | 1,470 | 3 | |
Treasury shares [member] | |||
IfrsStatementLineItems [Line Items] | |||
Opening balance | (38,910) | (41,514) | (62,215) |
Net cash flows (used in) from financing activities | 37 | 588 | |
Transaction with Non-controlling shareholders, shares to be issued and sale/transfer of treasury shares | 20,113 | ||
Transfer of treasury shares | 37,201 | 2,588 | |
Closing balance | (1,709) | (38,910) | (41,514) |
Capital Reservers [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Opening balance | 1,178,568 | 208,711 | 207,246 |
Net cash flows (used in) from financing activities | 94,836 | 946,261 | (744,450) |
Net cash flows from operating activities | 21,578 | ||
Transaction with Non-controlling shareholders, shares to be issued and sale/transfer of treasury shares | 724,337 | ||
Transfer of treasury shares | (37,201) | (2,588) | |
Share-based compensation | 26,184 | ||
Fair value of issuance, transaction costs | (844,542) | ||
Closing balance | R$ 399838 | 1,178,568 | 208,711 |
Dividends And Interest On Shaholdersequity To Pay [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Opening balance | 23,139 | ||
Net cash flows (used in) from financing activities | (260,131) | ||
Distribution of interim dividends | 236,992 | ||
Closing balance |
Subsequent events (Details Narr
Subsequent events (Details Narrative) - Nonadjusting Event [Member] R$ in Thousands, $ in Thousands | Feb. 28, 2024 USD ($) | Jan. 22, 2024 BRL (R$) | Jan. 22, 2024 USD ($) | Apr. 11, 2024 USD ($) | Apr. 10, 2024 USD ($) | Jan. 30, 2024 USD ($) | Jan. 29, 2024 USD ($) |
IfrsStatementLineItems [Line Items] | |||||||
Senior Secured Notes | R$ 87335 | $ 17,647 | |||||
Financing commitment | $ 950,000 | ||||||
Proceeds from financing commitment first installment | $ 350,000 | $ 350,000 | |||||
Proceeds from financing commitment second installment | $ 150,000 | ||||||
Proceeds from financing commitment additional installment | 50,000 | ||||||
Proceeds from financing commitment total installment | $ 1,000,000 | ||||||
Proceeds from financing commitment final installment | $ 450,000 | $ 450,000 |