Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F/A |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38049 |
Entity Registrant Name | AZUL SA |
Entity Incorporation, State or Country Code | D5 |
Entity Address, Address Line One | Avenida Marcos Penteado de Ulhôa Rodrigues, n. 939, 8th floorEdifício Jatobá, Condomínio Castelo Branco Office Park |
Entity Address, City or Town | Barueri, State of São Paulo |
Entity Address, Postal Zip Code | 06460-040 |
Entity Address, Country | BR |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001432364 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Avenida Marcos Penteado de Ulhôa Rodrigues, n. 939, 8th floorEdifício Jatobá, Condomínio Castelo Branco Office Park |
Entity Address, City or Town | Barueri, State of São Paulo |
Entity Address, Postal Zip Code | 06460-040 |
Entity Address, Country | BR |
Contact Personnel Name | Alexandre Wagner Malfitani |
Contact Personnel Email Address | invest@voeazul.com.br |
Country Region | +55 |
City Area Code | 11 |
Local Phone Number | 4831-2880 |
Common shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 928,965,058 |
Preferred shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Preferred Shares |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 335,750,796 |
No Trading Symbol Flag | true |
American Depositary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares (as evidenced by American Depositary Receipts), each representing three Preferred Shares |
Trading Symbol | AZUL |
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young Auditores Independentes S/S Ltda. |
Auditor Firm ID | 1448 |
Auditor Location | São Paulo, Brazil |
Consolidated statements of fina
Consolidated statements of financial position - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | R$ 1897336 | R$ 668348 |
Accounts receivable | 1,109,408 | 1,803,998 |
Aircraft sublease | 14,592 | 70,193 |
Inventories | 799,208 | 721,738 |
Deposits | 515,692 | 1,025,168 |
Taxes recoverable | 219,433 | 234,891 |
Derivative financial instruments | 21,909 | 36,054 |
Advances to suppliers | 221,051 | 121,697 |
Other assets | 245,518 | 189,849 |
Total current assets | 5,044,147 | 4,871,936 |
Non-current assets | ||
Long-term investments | 780,312 | 733,043 |
Aircraft sublease | 16,210 | 105,860 |
Deposits | 1,777,803 | 1,514,393 |
Derivative financial instruments | 0 | 235,896 |
Other assets | 143,781 | 328,005 |
Property and equipment | 2,295,851 | 1,953,089 |
Right-of-use assets | 9,011,558 | 7,552,548 |
Intangible assets | 1,463,247 | 1,426,523 |
Total non-current assets | 15,488,762 | 13,849,357 |
Total assets | 20,532,909 | 18,721,293 |
Current liabilities | ||
Loans and financing | 1,100,051 | 1,112,940 |
Reverse factoring | 290,847 | 753,352 |
Leases | 3,687,392 | 4,025,948 |
Convertible instruments | 25,807 | 14,789 |
Accounts payable | 2,277,841 | 2,517,828 |
Airport taxes and fees | 588,404 | 831,897 |
Air traffic liability and loyalty program | 5,205,876 | 4,140,025 |
Salaries and benefits | 474,797 | 479,412 |
Taxes payable | 142,168 | 193,588 |
Derivative financial instruments | 68,905 | 69,365 |
Provisions | 736,430 | 834,288 |
Other liabilities | 150,362 | 82,673 |
Total current liabilities | 14,748,880 | 15,056,105 |
Non-current liabilities | ||
Loans and financing | 8,598,861 | 6,119,759 |
Leases | 11,459,019 | 10,556,885 |
Non-current convertible instruments | 1,175,803 | 1,388,930 |
Accounts payable | 1,320,927 | 516,971 |
Airport taxes and fees | 1,171,679 | 502,872 |
Taxes payable | 112,287 | 71,595 |
Derivative financial instruments | 840 | 175,210 |
Deferred income tax and social contribution | 39,526 | 0 |
Provisions | 2,404,423 | 2,408,706 |
Other liabilities | 828,512 | 931,760 |
Total non-current liabilities | 27,111,877 | 22,672,688 |
Equity | ||
Issued capital | 2,314,821 | 2,313,941 |
Advance for future capital increase | 789 | 61 |
Capital reserve | 2,029,610 | 1,970,098 |
Treasury shares | (9,041) | (10,204) |
Other comprehensive income | 3,106 | 5,281 |
Accumulated losses | (25,667,133) | (23,286,677) |
Negative equity position | (21,327,848) | (19,007,500) |
Total liabilities and equity | R$ 20532909 | R$ 18721293 |
Consolidated statements of oper
Consolidated statements of operations - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating revenue | |||
Passenger revenue | R$ 17227728 | R$ 14594945 | R$ 8811044 |
Other revenues | 1,326,697 | 1,353,122 | 1,164,685 |
Total Revenue | 18,554,425 | 15,948,067 | 9,975,729 |
Operating expenses | |||
Aircraft fuel | (5,890,485) | (6,561,288) | (3,257,223) |
Salaries and benefits | (2,408,364) | (1,954,568) | (1,748,441) |
Airport taxes and fees | (1,059,258) | (911,246) | (677,653) |
Auxiliary services for air transport | (807,563) | (641,900) | (395,533) |
Maintenance | (898,282) | (616,209) | (546,647) |
Advertising and publicity | (779,264) | (699,003) | (403,987) |
Depreciation and amortization | (2,404,223) | (2,094,448) | (1,544,333) |
Impairment and onerous contracts | 245,636 | 1,102,791 | 1,075,682 |
Insurance | (89,492) | (103,216) | (80,256) |
Other | (2,802,036) | (2,039,425) | (2,342,543) |
Total operating expenses | (16,893,331) | (14,518,512) | (9,920,934) |
Operating profit | 1,661,094 | 1,429,555 | 54,795 |
Financial result | |||
Financial income | 220,141 | 277,289 | 154,280 |
Financial expenses | (5,608,771) | (4,793,782) | (3,838,243) |
Derivative financial instruments, net | (238,458) | 958,005 | 864,184 |
Foreign currency exchange, net | 1,625,064 | 1,406,566 | (1,443,046) |
Financial result | (4,002,024) | (2,151,922) | (4,262,825) |
Result from related party transactions | 0 | 0 | (5,178) |
Loss before income tax and social contribution | (2,340,930) | (722,367) | (4,213,208) |
Deferred income tax and social contribution | (39,526) | 0 | 0 |
Loss for the year | R$ 2380456 | R$ 722367 | R$ 4213208 |
Common shares | |||
Financial result | |||
Basic net income (loss) per share | R$ 0.09 | R$ 0.03 | R$ 0.16 |
Diluted net income (loss) per share | (0.09) | (0.03) | (0.16) |
Preferred shares | |||
Financial result | |||
Basic net income (loss) per share | (6.85) | (2.08) | (12.19) |
Diluted net income (loss) per share | R$ 6.85 | R$ 2.08 | R$ 12.19 |
Consolidated statements of comp
Consolidated statements of comprehensive loss - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Loss for the year | R$ 2380456 | R$ 722367 | R$ 4213208 |
Other comprehensive income that may be reclassified to profit or loss in subsequent periods: | |||
Post-employment benefit | (2,175) | (518) | 5,144 |
Total comprehensive loss | R$ 2382631 | R$ 722885 | R$ 4208064 |
Consolidated statements of chan
Consolidated statements of changes in equity - BRL (R$) R$ in Thousands | Total | Issued capital | Advance for future capital increase | Treasury shares | Capital reserve | Other comprehensive income | Accumulated losses | |
Beginning balance at Dec. 31, 2020 | R$ 14148750 | R$ 2246367 | R$ 20625 | R$ 13182 | R$ 1947887 | R$ 655 | R$ 18351102 | |
Loss for the year | (4,213,208) | (4,213,208) | ||||||
Post-employment benefit | 5,144 | 5,144 | ||||||
Total comprehensive loss | (4,208,064) | 5,144 | (4,213,208) | |||||
Share buyback | (16,198) | 16,198 | ||||||
Share-based payment (*) | [1] | 40,009 | 44,509 | (20,505) | 17,421 | (1,416) | ||
Ending balance at Dec. 31, 2021 | (18,333,003) | 2,290,876 | 120 | (11,959) | 1,946,471 | 5,799 | (22,564,310) | |
Loss for the year | (722,367) | (722,367) | ||||||
Post-employment benefit | (518) | (518) | ||||||
Total comprehensive loss | (722,885) | (518) | (722,367) | |||||
Share buyback | (3,923) | 3,923 | ||||||
Share-based payment (*) | [1] | 52,311 | 23,065 | (59) | 5,678 | 23,627 | ||
Ending balance at Dec. 31, 2022 | (19,007,500) | 2,313,941 | 61 | (10,204) | 1,970,098 | 5,281 | (23,286,677) | |
Loss for the year | (2,380,456) | (2,380,456) | ||||||
Post-employment benefit | (2,175) | (2,175) | ||||||
Total comprehensive loss | (2,382,631) | (2,175) | (2,380,456) | |||||
Share buyback | (6,826) | (6,826) | ||||||
Share-based payment (*) | [1] | 69,109 | 880 | 728 | 7,989 | 59,512 | ||
Ending balance at Dec. 31, 2023 | R$ 21327848 | R$ 2314821 | R$ 789 | R$ 9041 | R$ 2029610 | R$ 3106 | R$ 25667133 | |
[1](*) |
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 | |
Cash flows from operating activities | |||
Loss for the year | R$ 2380456 | R$ 722367 | R$ 4213208 |
Adjustments to reconcile net (loss) for the year to net cash flow | |||
Depreciation and amortization | 2,404,223 | 2,094,448 | 1,544,333 |
Gain (loss) from impairment of assets and onerous contracts | (245,636) | (1,102,791) | (1,075,682) |
Derivative financial results, net | 238,458 | (958,005) | (864,184) |
Share-based payment | 71,643 | (18,250) | 17,180 |
Foreign currency exchange, net | (1,616,363) | (1,464,235) | 1,431,508 |
Financial income and expenses, net | 5,313,867 | 3,968,455 | 3,418,852 |
Provisions | (160,957) | 438,375 | 646,606 |
Disposal of prepaid expenses | 269,486 | 208,923 | 0 |
Result from modification of lease contracts and provision | (204,017) | (93,113) | (24,323) |
Result on disposal or sale, of fixed assets, right of use, intangible assets and inventories | 297,349 | 147,311 | 832 |
Deferred tax (income) and social contribution | 39,526 | 0 | 0 |
Sale and leaseback | 6,356 | (33,155) | (22,736) |
Adjusted net (loss) profit | 4,033,479 | 2,465,596 | 859,178 |
Changes in operating assets and liabilities | |||
Accounts receivable | 876,955 | (1,107,114) | (270,334) |
Aircraft sublease | 19,485 | 68,393 | 65,032 |
Inventories | (153,502) | (159,486) | (159,118) |
Deposits | (453,090) | (606,219) | (421,612) |
Taxes recoverable | 16,312 | (122,338) | 26,009 |
Derivative financial results, net | (137,998) | 477,581 | (24,520) |
Advances to suppliers | (2,888,463) | (629,450) | (86,936) |
Other assets | (128,116) | (186,128) | (318,236) |
Accounts payable | 2,795,585 | 2,274,014 | 1,119,312 |
Reverse factoring | 0 | 0 | (1,356,689) |
Airport taxes and fees | 227,996 | 356,067 | 50,369 |
Air traffic liability and loyalty program | 1,134,387 | 963,680 | 574,944 |
Salaries and benefits | 13,151 | 113,828 | 185,692 |
Taxes payable | (26,793) | 7,131 | 59,320 |
Provisions of changes in operating assets and liabilities | (237,456) | (179,391) | (395,361) |
Other liabilities | 72,589 | (129,019) | 406,869 |
Total changes in operating assets and liabilities | 1,131,042 | 1,141,549 | (545,259) |
Interest paid | (1,724,830) | (1,169,830) | (624,535) |
Net cash provided (used) by operating activities | 3,439,691 | 2,437,315 | (310,616) |
Short-term investments | |||
Acquisition of short-term investments | 0 | (10,422) | (98,788) |
Redemption of short-term investments | 0 | 11,939 | 189,470 |
Restricted cash | 6,145 | 0 | 0 |
Payment for acquisition of subsidiary | 0 | (30,317) | (20,000) |
Cash received on sale of property and equipment | 0 | 518,739 | 0 |
Cash received in the sale and leaseback operation | 91,688 | 321,266 | 21,256 |
Acquisition of intangible assets | (168,971) | (198,525) | (152,542) |
Acquisition of property and equipment | (464,354) | (624,239) | (624,286) |
Acquisition of capitalized maintenance | (338,990) | (628,293) | 0 |
Net cash used in investing activities | (874,482) | (639,852) | (684,890) |
Loans and financing | |||
Proceeds | 4,733,292 | 200,000 | 3,071,274 |
Repayment | (1,907,123) | (819,182) | (390,985) |
Reverse factoring | (831,477) | (818,274) | 0 |
Lease payment | (2,353,262) | (2,772,581) | (1,799,815) |
Payment of convertible debt instruments | (542,496) | 0 | 0 |
Payment of costs with proceeds | (486,658) | (12,633) | (75,645) |
Advance for future capital increase | 789 | 61 | 24,004 |
Capital increase | 819 | 22,945 | 0 |
Treasury shares | (6,826) | (3,923) | (16,198) |
Net cash provided (used) by financing activities | (1,392,942) | (4,203,587) | 812,635 |
Exchange rate changes on cash and cash equivalents | 56,721 | 673 | 191,855 |
Increase (decrease) in cash and cash equivalents | 1,228,988 | (2,405,451) | 8,984 |
Cash and cash equivalents at the beginning of the year | 668,348 | 3,073,799 | 3,064,815 |
Cash and cash equivalents at the end of the year | R$ 1897336 | R$ 668348 | R$ 3073799 |
Operations
Operations | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of joint operations [abstract] | |
Operations | OPERATIONS Azul S.A. (“The Company” or “Azul”) is a corporation governed by its bylaws, as per Law No. 6404/76 and by the corporate governance level 2 listing regulation of B3 S.A. – Brasil, Bolsa, Balcão (“B3”). Azul was incorporated on January 3, 2008, and its core business comprises the operation of regular and non-regular airline passenger services, cargo or mail, passenger charter, provision of maintenance and hangarage services for aircraft, engines, parts and pieces, aircraft acquisition and lease, development of frequent-flyer programs, development of related activities and equity holding in other companies since the beginning of its operations on December 15, 2008. Azul carries out its activities through its subsidiaries, mainly Azul Linhas Aéreas Brasileiras S.A. (“ALAB”) and Azul Conecta Ltda. (“Conecta”), which hold authorization from government authorities to operate as airlines and ATS Viagens e Turismo Ltda (“Azul Viagens”). Azul’s shares are traded on B3 and on the New York Stock Exchange (“NYSE”) under tickers AZUL4 and AZUL, respectively. Azul is headquartered at Avenida Marcos Penteado de Ulhôa Rodrigues, 939, 8th floor, in the city of Barueri, state of São Paulo, Brazil. 1.1 Organizational structure The Company’s organizational structure as of December 31, 2023 is as follows: The table below lists the operational activities in which Azul’s subsidiaries are engaged, as well as the changes in ownership that occurred in the year, when applicable. % Equity interest December 31, Company Type of investment Main activity State Country 2023 2022 Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) Direct Equity holding in other companies George Town Cayman Islands 24.8 % — Azul IP Cayman Ltd. (Azul Cayman) Indirect Intellectual property owner George Town Cayman Islands 100.0 % — IntelAzul S.A. (IntelAzul) Direct Frequent-flyer program São Paulo Brazil 100.0 % 100.0 % Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) Indirect Equity holding in other companies George Town Cayman Islands 25.0 % — Azul Linhas Aéreas Brasileiras S.A. (ALAB) Direct Airline operations São Paulo Brazil 100.0 % 100.0 % Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) Indirect Equity holding in other companies George Town Cayman Islands 25.0 % — Azul Conecta Ltda. (Conecta) Indirect Airline operations São Paulo Brazil 100.0 % 100.0 % ATS Viagens e Turismo Ltda. (Azul Viagens) Indirect Travel packages São Paulo Brazil 99.9 % 99.9 % ATSVP Viagens Portugal, Unipessoal LDA (Azul Viagens Portugal) Indirect Travel packages Lisbon Portugal 100.0 % — Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) Indirect Equity holding in other companies George Town Cayman Islands 25.0 % — Cruzeiro Participações S.A. (Cruzeiro) Indirect Equity holding in other companies São Paulo Brazil 99.9 % 99.9 % Azul Investments LLP (Azul Investments) Indirect Funding Delaware USA 100.0 % 100.0 % Azul SOL LLC (Azul SOL) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Azul Finance LLC (Azul Finance) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Azul Finance 2 LLC (Azul Finance 2) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Blue Sabiá LLC (Blue Sabiá) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Canela Investments LLC (Canela) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Canela Turbo Three LLC (Canela Turbo) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Azul Saira LLC (Azul Saira) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Azul Secured Finance LLP (Azul Secured) Indirect Funding Delaware USA 100.0 % — Azul Viagens Portugal was incorporated in March 2023, Azul Secured May 2023 and Azul IP Cayman Holdco and Azul IP Cayman in June 2023. 1.2 Seasonality The Company’s operating revenues depend substantially on the general volume of passenger and cargo traffic, which is subject to seasonal changes. Our passenger revenues are generally higher during the summer and winter holidays, in January and July respectively, and in the last two weeks of December, which corresponds to the holiday season. Considering the distribution of fixed costs, this seasonality tends to cause variations in operating results between the quarters of the fiscal year. It should be noted that the COVID-19 pandemic impacted the behavior related to the frequency of travels of the Company’s customers, in the first quarter of 2022 and 2021, thus impacting the accumulated result for the year presented for comparative purposes. |
Net Working Capital and Capital
Net Working Capital and Capital Structure | 12 Months Ended |
Dec. 31, 2023 | |
Net Working Capital and Capital Structure Abstract [Abstract] | |
Net Working Capital and Capital Structure | NET WORKING CAPITAL AND CAPITAL STRUCTURE 2.1 Contextualization Throughout the year ended December 31, 2023, the Company focused its efforts on executing the debt restructuring plan. Discussions with creditors began at the end of 2022, with the signing of agreements concentrated in the third and fourth quarters of 2023. The main actions taken in this process are presented in detail below, however, it is necessary to clarify the facts and conditions that led the Company to promote such restructuring: From the founding of the Company until the outbreak of the COVID-19 pandemic, Azul demonstrated through its results the strengths of its economic foundations. As an airline with a differentiated business strategy, supported by its regional routes, where there was very little or even no competition, until that moment the Company had shown exponential growth. As is generally known, in March 2020, the World Health Organization (“WHO”) classified the COVID-19 as a “public health emergency of international concern” and declared it a pandemic. From this moment, a sharp rupture was noted in the global economic activity, unleashing an unprecedented global economic crisis. It is worth remembering that the speed of spread and contagion of the disease have caused countries around the world, including Brazil, to adopt measures to recommend social distancing, travel restrictions and the closure of borders. As a consequence, the airline industry was one of the first and hardest hit in its operations and results. In order to face this absolutely challenging scenario, the Company, through its Executive Committee, started to monitor and establish operational and financial strategies to go through this period of crisis until the resumption of operations. Among the main actions to achieve the established strategies, the following stand out: 2.1.1 Resizing of the airline network One of the first and most important actions taken by Management in response to the economic crisis unleashed by the COVID-19 pandemic was the resizing of its airline network, with reductions in capacity that reached its peak in April 2020. At this moment, the volume of ASKs (seat-kilometers offered) offered in the domestic market accounted fo r only 13% of the volume of the same period of 2019, represented by approximately 70 daily flights, and in turn the demand reduced to 11% of the total of the previous year. Remembering that until then the Company operated almost 1,000 daily flights. This situation severely impacted the Company's ability to generate cash and be able to honor financial commitments made in the pre-pandemic period. 2.1.2 Cost reductions Faced with the difficulties imposed by the pandemic scenario, the Company adopted several measures to reduce its fixed and variable costs, including: (i) suspension of hiring, (ii) launch of unpaid leave and voluntary dismissal programs; (iii) reduction of salaries of executive committee members and directors; (iv) reduction of general salary expenses by around 65%, in the period between March and August 2020, and (v) collective agreement to reduce the working hours of pilots and flight attendants for 18 months. 2.1.3 Strengthening of cash Throughout the period, with the evolution of the pandemic, Management endeavored to keep the cash levels necessary to face the crisis, requiring reaching new agreements with suppliers, bank creditors and lessors, within this scope the main actions taken were: • access to the capital market through the issuance of debentures; • postponement of payment of profit sharing of 2019; • negotiation of new payment conditions with suppliers for cash preservation; • suspension of business travels and discretionary expenses; • negotiation to reduce airports fee; • agreement for postponement of delivery of aircraft model E2; • agreement with lessors with a reduction of approximately 77% of the cash outflow for the period between April and December 2020; • renegotiation of the conditions and maturities of debentures and obligations of FINAME; and • Issuance of debentures convertible into shares in the amount of R$ 1,745,900 (equivalent to US$323,195 ) with maturity in 5 years and interest of 7.5% p.a. in the first year and 6.0% p.a. from the second year onwards, with semi-annual settlements. 2.1.4 Scenario after the COVID-19 pandemic After the most critical moments due to the COVID-19 pandemic have passed, both the global and Brazilian economies are facing additional problems such as: • abrupt increases in oil prices that directly impact aircraft fuel costs; • significant devaluation of the Real against the US$; • growth in inflation rates in the most developed markets such as the United States and Europe; • shortage of credit, causing a significant increase in interest rates for raising funds; and • crisis in the supply chain of maintenance materials that puts adverse pressure on costs for the Company. Given this situation, Management, in December 2022, established a strategy to renegotiate all its debts, whose execution extended throughout 2023 due to the large number of stakeholders involved and the complexity of the topics under discussion, as follows: 2.1.4.1 Issuance of simple debentures In June 2023, the Board of Directors approved the issuance of simple debentures, non-convertible into shares, with security interest and additional personal guarantee, in a single series, from ALAB respectively, in the total amount of R$600,000; with a nominal unit value of R$1, rate equivalent to CDI 6.0% p.a. and maturity in June, 2024. The resources were fully and exclusively used to pay for aircraft fuel. 2.1.4.2 Issuance of debt securities 2028 – Senior notes 2028 In July 2023, the Company issued and priced a debt securities issue of R$3,831,040 (equivalent to US$800,000) in principal amount, with funding costs of R$187,658. Nominal interest corresponds to 11.9% p.a., and will be paid quarterly, in February, May, August and November of each year, starting on November 2023. The principal Senior Notes 2028 amount will mature in August 2028, unless redeemed or repurchased in advance and canceled in accordance with the terms of issuance, by the Company. In October 2023, the Company issued additional notes in the principal amount of R$186,005 (equivalent to US$36,778). Such notes were issued in exchange for the aggregate principal amount of R$190,819 (equivalent to US$37,730) of the Senior Notes 2024. In February 2024, the Company issued additional notes in the principal amount of R$740,585 (equivalent to US$148,700). Such notes were issuance to qualified institutional investors. 2.1.4.3 Debt securities exchange offers (“exchange offer”) In June 2023, the Company announced its subsidiary Azul Investments issued: • an offer exchange debt securities with interest of 5.9% p.a. due 2024 (Senior Notes 2024) for debt securities with interest of 11.5% p.a. due 2029, and • an offer to exchange debt securities with interest of 7.3% p.a. due 2026 (Senior Notes 2026) for debt securities with interest of 10.9% p.a. due 2030. In July and October 2023, the Company concluded its exchange offers and issued: • R$1,410,967 (equivalent US$294,215) in principal amount of 11.5% p.a. debt securities due 2029 (which were issued in exchange for R$1,410,967 (equivalent to US$294,215) of the aggregate principal amount of the Senior Notes 2024); • R$2,725,010 (equivalent to US$568,219) in the principal amount of 10.9% p.a. debt securities due 2030 (which were issued in exchange for R$2,725,166 (equivalent to US$568,252) of the aggregate principal amount of the Senior Notes 2026); and • R$186,005 (equivalent to US$36,778) in principal amount of 11.5% p.a. debt securities due 2028 (which were issued in exchange for R$190,819 (equivalent to US$37,730) of the aggregate principal amount of the Senior Notes 2024). In total, 90.0% of the principal amount of the Senior Notes 2024 and 2026 were exchanged for debt securities 2029 and 2030, as shown below: Description US$ % exchanged 5.9% Senior notes 2024 331,945 83.0 % 7.3% Senior notes 2026 568,252 94.7 % Total 900,197 90.0 % 2.1.4.4 Renegotiation of convertible debentures In July and August 2023, the Company and the debenture holders made changes to the original conditions of the convertible debenture debts. In summary: • Conversion Price: from R$32.26 to R$22.78 per preferred share; • Nominal interest rate: 6.0% p.a. to 12.3% p.a; and. • Maturity October 2025 to October 2028. The mandatory early redemption corresponds to R$542,496 (equivalent to US$108,900) and was determined as follows: • the redemption value of each eligible debenture was 120% of the updated nominal unit value of the debentures, that is, the updated nominal unit value of the debentures plus a premium of 20% on the aforementioned value; and • any and all interest and monetary updates incurred and not paid. 2.1.4.5 Renegotiation of lease obligations In March 2023, forbearance agreements were signed between the Company and its main lessors. Such contracts aimed to temporarily suspend payments related to aircraft leases, while new deadlines and methods for paying obligations were being negotiated, mainly deferrals negotiated during the COVID-19 pandemic, as well as the difference between the contractual leasing rates of Azul and current market rates. During the year ended December 31, 2023, the Company defined the renegotiation conditions and entered into definitive agreements with the lessors, who agreed to receive negotiable debt securities maturing in 2030 ("Notes") and debt with the possibility of settlement in Azul preferred shares or cash, at the Company's discretion ("Convertible to equity”) in order to reflect the Company's new cash generation, its improved capital structure and the reduction in its credit risk. Until December 31, 2023, the Company had renegotiated 119 lease contracts. In general, the conditions agreed between the Company and lessors are as follows: • Notes: R$1,385,115 (equivalent to US$286,014), with interest to be paid quarterly from December 2023, with interest of 7.5% p.a., and principal maturity in June 2030; and • Convertible to equity: R$2,178,740 (equivalent to US$450,032), and consecutive quarterly payments, starting in July 2024. The costs incurred in these renegotiations correspond to R$84,421 and were recorded in profit or loss, as required by IFRS 9 – Financial Instruments. 2.1.4.6 Renegotiation of obligations with accounts payable of aircraft services and parts Renegotiations with suppliers of aircraft services and parts mostly followed the same model as the renegotiation of lease obligations, that is, the Company issued: • Notes: R$408,541 (equivalent of US$84,386), with interest to be paid quarterly from December 2023, with interest of 7.5% p.a. and principal maturity in June 2030; and • Convertible to equity: R$159,775 (equivalent to US$33,002), with consecutive quarterly payments, starting in January 2025. 2.2 Net working capital and capital structure As of December 31, 2023, after the renegotiations, the Company's working capital and equity position are as shown below: December 31, December 31, Description 2023 2022 Variation 2021 Variation Net working capital (9,704,733) (10,184,169) 479,436 (5,863,917) (4,320,252) Equity (21,327,848) (19,007,500) (2,320,348) (18,333,003) (674,497) The variation in the balance of net working capital, which represents a reduction in the deficit of approximately 4.7%, is specifically a consequence of the debt restructuring actions presented in note 2.1.4. The increase in the negative position of equity is mainly due to the Company's negative financial result, which exceeded operating profit by R$2,380,456 for the year ended December 31, 2023. In view of the above, despite the increase in the negative equity position, Management assessed and concluded that the Company is capable of continuing its operations and fulfilling its obligations in accordance with the contracted maturities. This assessment is based on the Company's business plan approved by the Board of Directors in December 2023 and the entire liability restructuring process described in these financial statements. The Company's business plans include planned future actions, macroeconomic and aviation sector assumptions, such as level of demand for air transport with corresponding increase in traffic and fares, estimated exchange rates and fuel prices. The Company's Management monitors and informs the Board of Directors about performance in relation to the approved plan. Based on this conclusion, these consolidated financial statements were prepared based on the going concern principle. 2.3 Acceleration of fleet transformation In 2019, the Company’s Management approved the replacement plan for the Embraer E195 (“E1”) model aircraft. On the same date, the Company signed letters of intent to sublease a total of 54 aircraft and 4 engines to other airline operators (“operators”). The change in the intended use of the aircraft triggered a review to verify the recoverability of the assets (impairment), which resulted in the recognition of a loss of R$2,075,582 and the constitution of an onerous contract of R$821,751 at that time. Until December 31, 2022, there were partial reversals of provisions for impairment and onerous contracts, in the amount of R$1,102,791, corresponding to 46 aircraft and 4 engines, resulting from changes due to the economic consequences of the COVID-19 pandemic. Until December 31, 2023, there was a reversal of provisions for impairment, in the amount of R$245,636, resulting from the decision not to continue with plans to sublease the aircraft. It is worth remembering that these aircraft have never stopped being operated by the Company and will remain in use until the end of the lease contracts. 2.3.1 Breakdown of balances of provision of impairment and onerous contracts December 31, Description 2023 2022 Provision for impairment of right-of-use assets — (110,349) Provision for impairment of property and equipment (143,790) (279,077) Total provision for impairment of Company assets (143,790) (389,426) Total (143,790) (389,426) 2.3.2 Movement of the provision for impairment and onerous contracts Description Impairment of assets Onerous contracts Total At December 31, 2021 (912,154) (693,407) (1,605,561) Reversals 516,157 586,634 1,102,791 Consumption — 178,126 178,126 Interest incurred — (100,975) (100,975) Foreign currency exchange — 29,622 29,622 Transfers 6,571 — 6,571 At December 31, 2022 (389,426) — (389,426) Reversals 245,636 — 245,636 At December 31, 2023 (143,790) — (143,790) |
Declaration of Management, Basi
Declaration of Management, Basis of Preparation and Presentation of The Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Basis for preparation and presentation of the financial statements [Abstract] | |
DECLARATION OF MANAGEMENT, BASIS FOR PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS | DECLARATION OF MANAGEMENT, BASIS OF PREPARATION AND PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The Company’s consolidated financial statements have been prepared based on the real (“R$”) as the functional and presentation currency. All currencies shown are expressed in thousands unless otherwise noted. The Company operates mainly through its aircraft and other assets that support flight operations, making up its cash generating unit (CGU) and its only reportable segment: air transport. The preparation of the Company's consolidated financial statements requires Management to make judgments, use estimates and adopt assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. However, the uncertainty related to these judgments, assumptions and estimates can lead to results that require a significant adjustment to the carrying amount of assets, liabilities, revenue and expenses in future years. When preparing these consolidated financial statements of the Company, Management used the following disclosure criteria to understand the changes observed in the equity and in its performance, since the end of the last fiscal year ended December 31, 2022, disclosed on March 6, 2023: (i) regulatory requirements; (ii) relevance and specificity of the information on the operations; (iii) informational needs of users of the consolidated financial statements; and (iv) information from other entities participating in the passenger air transport market and cargo. Management confirms that all relevant information specific to the consolidated financial statements, is presented and corresponds to that used by Management when carrying out its business management activities. As a result of improvements made to the presentation of some items in the statement of financial position, statements of operations and of cash flow for the current year, the following changes in presentation were retrospectively adjusted for to ensure comparability of amounts in the previous periods: December 31, 2022 Statement of financial position As reported Reclassifications Reclassified Assets Prepaid expenses 182,891 (182,891) — Other assets 6,958 182,891 189,849 Non-current assets Prepaid expenses 319,000 (319,000) — Other assets 9,005 319,000 328,005 Liabilities and equity Current assets Loans and financing 1,127,729 (14,789) 1,112,940 Convertible debt instruments — 14,789 14,789 Insurance payable 84,985 (84,985) — Accounts payable 2,432,843 84,985 2,517,828 Reimbursement to customers 13,822 (13,822) — Other liabilities 68,851 13,822 82,673 Non-current assets Loans and financing 7,508,689 (1,388,930) 6,119,759 Convertible debt instruments — 1,388,930 1,388,930 Total 11,754,773 — 11,754,773 December 31, 2022 Statement of Operations As reported Reclassifications Reclassified Rental (203,398) 203,398 — Insurance (81,665) (21,551) (103,216) Other (1,857,578) (181,847) (2,039,425) (2,142,641) — (2,142,641) December 31, 2021 Statement of Operations As reported Reclassifications Reclassified Changes in operating assets and liabilities Insurance — (80,256) (80,256) Other (2,422,799) 80,256 (2,342,543) (2,422,799) — (2,422,799) December 31, 2022 Statement of Cash Flows As reported Reclassifications Reclassified Changes in operating assets and liabilities Prepaid expenses (274,563) 274,563 — Other assets 88,435 (274,563) (186,128) Insurance payable (1,404) 1,404 — Accounts payable 2,275,418 (1,404) 2,274,014 Reimbursement to customers (169,967) 169,967 — Other liabilities 40,948 (169,967) (129,019) Cash flows from investing activities Acquisition of property and equipment (1,252,532) 628,293 (624,239) Acquisition of capitalized maintenance — (628,293) (628,293) Total 706,335 — 706,335 December 31, 2021 Statement of Cash Flows As reported Reclassifications Reclassified Changes in operating assets and liabilities Prepaid expenses (364,107) 364,107 — Advances to suppliers (120,266) 33,330 (86,936) Other assets 79,201 (397,437) (318,236) Insurance payable 40,669 (40,669) — Accounts payable 1,078,643 40,669 1,119,312 Reimbursement to customers (63,507) 63,507 — Airports fees 80,788 (30,419) 50,369 Other liabilities 439,957 (33,088) 406,869 Government installment payment program (7,399) 7,399 — Taxes payable 66,719 (7,399) 59,320 Cash flows from investing activities Cash received in the sale and leaseback operation — 21,256 21,256 Cash flows from financing activities Proceeds from sale and leaseback 21,256 (21,256) — Total 1,251,954 — 1,251,954 The consolidated financial statements have been prepared on the historical cost basis, except for the following material items recognized in the statement of financial position: Fair value: • Short-term investments classified as cash and cash equivalents; • Short-term investments; • Derivative financial instruments; and • Debenture conversion right. 3.1. Approval and authorization for issue of the consolidated financial statements The approval and authorization for the issuance of these consolidated financial statements occurred at the Board of Directors’ meeting held on May,15 2024. |
Material accounting policies
Material accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of changes in accounting estimates [abstract] | |
Significant accounting estimates | MATERIAL ACCOUNTING POLICIES The material accounting policies adopted by the Company are described in each corresponding explanatory note, except those that refer to more than one explanatory note, described below. The accounting policies have been consistently applied for the comparative years presented and for the Company’s consolidated financial statements. 4.1 Consolidation The consolidated financial statements include information about the Company and its subsidiaries in which held direct or indirect control. Control of a subsidiary is achieved when Company is exposed, or has rights, to variable returns in such subsidiaries and has the power to influence the investee's operating and financial decisions. The financial statements of the subsidiaries have been prepared using the same accounting policies as the Company. All assets, liabilities, equity, income and expenses related to transactions between related parties are eliminated in full in the consolidation process. 4.2 Impairment The Company performs an annual review for impairment indicators in order to assess events or changes in economic, technological, or operating conditions that may indicate that an asset is impaired. The recoverable amount of an asset or cash-generating unit is the higher of its fair value, less costs to sell and its value in use. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, a provision for impairment is set up by adjusting the carrying amount. The previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount. The reversal is limited, so that the carrying amount of the asset does not exceed its recoverable amount, nor does it exceed the carrying amount previously determined, net of depreciation or amortization. In estimating the asset's value in use, estimated future cash flows are discounted to present value, using a pre-tax discount rate that reflects the weighted average cost of capital for the cash-generating unit. 4.3 Main accounting estimates As disclosed in explanatory note 3, Management makes judgments that have a significant effect on the amounts recognized in the consolidated financial statements, namely: Description Note Provision for impairment of aircraft and engines and onerous contracts 2.3 Provision for losses with maintenance reserves 11 Analysis of the recoverable value of goodwill and slots 17 Revenue from ticket breakage and loyalty programs 25 Provision for return of aircraft and engines 28.1.1 Provision for tax, civil, labor and other risks 28.1.2 The Company continually reviews the assumptions used in its accounting estimates. The effect of revisions to accounting estimates is recognized in the financial statements in the year in which such revisions are made. 4.4 New or amended accounting standards and principles effective in 2023 The following accounting standards came into force from January 1, 2023. Standard Amendment Impact IAS 8 Definition of accounting estimates Yes, but no changes IAS 1 and IFRS Practice statement 2 Disclosure of accounting policies Yes, but no changes IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Yes IAS 12 Pillar Two Model Rules No IFRS 17 Insurance contracts No 4.5 New or amended accounting standards and principles, effective from 2024 onwards The following accounting standards came into force on January 1, 2024 and, in Management's opinion, will not significantly impact the Company's statements of financial position or of operations. Standard Amendment IAS 1 Classification of liabilities as current and non-current and non-current liabilities with covenants IFRS 16 Lease liability in a sale and leaseback IAS 7 and IFRS 7 Disclosures: Supplier finance arrangements IAS 21 The effects of changes in exchange rates 4.6 Foreign currency transactions Foreign currency transactions are recorded at the exchange rate in effect at the date the transactions take place. Monetary assets and liabilities designated in foreign currency are determined based on the exchange rate in effect on the balance sheet date, and any difference resulting from currency conversion is recorded in the line “Foreign currency exchange, net” in the statement of operations for the year. The exchange rates in Brazilian reais are as follows: Exchange rates Final rate Average rate Year ended December 31, Year ended December 31, Description 2023 2022 Variation 2021 Variation 2023 2022 Variation 2021 Variation U.S. dollar 4.8413 5.2177 (7.2) % 5.5805 (6.5) % 4.9553 5.1655 (4.1) % 5.3956 (4.3) % Euro 5.3516 5.5694 (3.9) % 6.3210 (11.9) % 5.3325 5.4420 (2.0) % 6.3784 (14.7) % |
Operating segments
Operating segments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company considers that it has a single operating segment: air transport. This segment corresponds to 99.0% of the Company's revenues and combines passenger and cargo transport. It has a functional relationship, making them inseparable from other revenues and reflects the way in which the Company's Management analyzes financial information to make decisions. The Company’s chief operating decision makers are the executive directors. The Company segregates revenues as shown below: Revenue December 31, 2023 % Air transport 18,374,696 99.0 % Other income 179,729 1.0 % Total 18,554,425 100.0 % |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS 6.1 Accounting policies Cash and cash equivalents include cash balances, bank deposits and short-term investments with immediate liquidity, which are readily convertible into a known amount of cash with an insignificant risk of change in value. Financial investments designated as cash equivalents classified in this group are measured at fair value through profit or loss. 6.2 Breakdown of cash and cash equivalents Weighted average rate p.a. December, 31 Description 2023 2022 Cash and bank deposits 271,857 101,737 Cash equivalents: Bank Deposit Certificate – CDB 100.9 % of CDI 1,354,020 352,971 Repurchase agreements 94.7 % of CDI 268,432 210,443 Time Deposit (a) 3.4 % 2,985 2,616 Others — % 42 581 1,897,336 668,348 (a) Investment in U.S. dollar. |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of short and long term investments [Abstract] | |
SHORT AND LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS 7.1 Accounting policies In the presentation and measurement of financial investments, the Company considers the provisions of IFRS 9 – Financial Instruments, which determines that financial assets are initially measured at fair value less costs directly attributable to their acquisition. In turn, the subsequent measurement is divided into two categories: 7.1.1 Amortized cost Long-term investments are measured at amortized cost when all the following conditions are met: • The Company plans to hold the financial asset to collect cash flows set forth in contract; • Contractual cash flows represent solely payments of principal and interest (“SPPI”); and • The Company did not opt for the fair value methodology in order to eliminate measurement inconsistencies or an “accounting mismatch”. 7.1.2 Fair value • Through comprehensive income : short-term investments are measured at fair value through comprehensive income when both of the following conditions are met: (i) the Company plans to hold the financial asset to collect cash flows set forth in contract and sell the asset; and (ii) contractual cash flows represent SPPI. • Through profit or loss : it is considered to be a residual category, in other words, the Company does not plan to hold the financial asset to collect cash flows set forth in contract and/or sell the asset, and is measured at fair value through profit or loss. Financial instruments designated at fair value through profit or loss are used to eliminate or significantly reduce an accounting mismatch, and are therefore measured at fair value. 7.2 TAP Bond On March 14, 2016, the Company acquired Series A convertible bond issued by TAP ("TAP Bond") in the amount of €90 million. The TAP Bond has a maturity of 10 years from its issuance, with annual interest of 3.75% until September 20, 2016 and 7.5% in subsequent years. The accrued interest will be paid on the maturity date or early redemption of the securities, whichever occurs first. TAP Bond is being measured at fair value through profit or loss. 7.3 Breakdown of short-term investments Weighted average December 31, Description Maturity 2023 2022 TAP Bond 7.5 % Sep-26 780,312 733,043 780,312 733,043 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE 8.1 Accounting policies Accounts receivable are measured based on the invoiced amount, net of expected losses on receivables, and approximate the fair value given their short-term nature. Considering the requirements of IFRS 9 – Financial Instruments, the allowance for expected losses on receivables is measured by applying the simplified approach, through the use of historical data, projecting the expected loss over the life of the contract, by segmenting the receivables portfolio into groups that have the same pattern of collection and according to their respective maturities. Additionally, for certain cases, the Company carries out individual analyses to assess the risks of collection of the receivables to recognize an additional provision, if necessary. 8.2 Breakdown of accounts receivable December 31, Description 2023 2022 Local currency Credit card companies 498,609 1,109,197 Cargo and travel agencies 282,654 282,438 Travel package financing entities 29,203 135,168 Loyalty program partners 114,932 69,035 Others 40,121 41,973 Total local currency 965,519 1,637,811 Foreign currency Credit card companies 18,556 15,913 Reimbursement receivable for maintenance reserves 57,528 78,801 Airline partner companies 8,612 39,612 Clearinghouse – agencies and cargo 30,533 26,363 Others 55,894 29,582 Total foreign currency 171,123 190,271 Total 1,136,642 1,828,082 Allowance for expected credit losses (27,234) (24,084) Total net 1,109,408 1,803,998 In Brazil, credit card receivables are not exposed to credit risk of the cardholder. The balances can easily be converted into cash, when necessary, by discounting these receivables with credit card companies. During the year ended December 31, 2023, the Company anticipated the receipt of R$10,359,302 in accounts receivable from credit card administrators, without right of return, with an average rate of 1.0% on the anticipated amount. On the same date, the balance of accounts receivable is net of R$3,349,391 due to such advances (R$1,735,432 on December 31, 2022). The breakdown of accounts receivable by maturity, net of allowance for expected losses, is as follows: December 31, Description 2023 2022 Not past due Up to 30 days 645,669 583,523 31 to 60 days 111,142 177,992 61 to 90 days 45,650 140,758 91 to 180 days 73,458 397,205 181 to 360 days 94,227 344,541 970,146 1,644,019 Past due Up to 30 days 69,913 55,941 31 to 60 days 6,043 9,377 61 to 90 days 46,085 3,313 91 to 180 days 15,769 2,441 181 to 360 days 568 11,334 Over 360 days 884 77,573 139,262 159,979 Total 1,109,408 1,803,998 Until May 10, 2024, of the total amount due within 90 days, 64,871 was received. The movement of the allowance for expected losses is as follows: December 31, Description 2023 2022 Balances at the beginning of the year (24,084) (17,817) Additions (34,183) (17,333) Reversal 29,098 10,750 Write-off of uncollectible amounts 1,935 316 Balances at the end of the year (27,234) (24,084) |
Aircraft sublease
Aircraft sublease | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of aircraft sublease receivables [Abstract] | |
Aircraft sublease | AIRCRAFT SUBLEASE 9.1 Accounting policies Aircraft subleases are transactions whereby the lessee, in this case the Company, subleases an asset that is leased from a third party, thus becoming an intermediate lessor. IFRS 16 – Leases, requires an intermediate lessor to classify the sublease as finance or operating. Considering that the contracts entered into by the Company up to December 31, 2023 cover most of the term of the head lease, the subleases were accounted for as follows: • Derecognition of the right-of-use asset related to the head lease and recognition of the receivables arising from the sublease contracts at present value; • Recognition in profit or loss for the year of any difference between the right of use written off and the receivables arising from the sublease contract at present value; • The lease liability with respect to the head lease continued to be recognized in the statement of financial position; • Recognition of financial income over the term of the sublease; and • Recognition of financial expenses relating to obligations of the head lease contract. As of December 31, 2023, the Company has 3 aircraft under sublease (8 aircraft as of December 31, 2022). 9.2 Breakdown of aircraft sublease December 31, Description 2023 2022 2023 — 89,293 2024 15,386 70,396 2025 15,386 50,127 2026 4,001 7,951 Gross sublease 34,773 217,767 Accrued interest (3,971) (25,838) Provision for losses — (15,876) Net sublease 30,802 176,053 Current 14,592 70,193 Non-current 16,210 105,860 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
INVENTORIES | INVENTORIES 10.1. Accounting policies Inventory balances mainly comprise parts and materials for maintenance. Inventories are measured at average acquisition cost plus expenses such as non-recoverable taxes, customs expenses, and transportation expenses. Expenses with freight on transfers between operational bases are not capitalized. Provisions for obsolescence of inventories are recorded for items not expected to be realized. 10.2. Breakdown of inventories December 31, Description 2023 2022 Maintenance materials and parts 825,499 741,101 Flight attendance, uniforms and others 21,367 21,922 Provision for losses (47,658) (41,285) Total net 799,208 721,738 Set out below is the movement of the provision for losses: December 31, Description 2023 2022 Balances at the beginning of the year (41,285) (38,935) Additions (23,151) (5,652) Reversal 16,778 3,302 Balances at the end of the year (47,658) (41,285) |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of security deposits and maintenance reserves [Abstract] | |
Security deposits and maintenance reserves | DEPOSITS 11.1 Accounting policies 11.1.1 Security deposits Security deposits are represented by amounts deposited by the Company, mostly to the lessors of aircraft and engines, as guarantee for the fulfillment of the lease contract. Security deposits do not bear interest and are reimbursable at the end of the contracts. Judicial deposits are also classified in this group. 11.1.2 Maintenance reserves Certain master lease agreements provide for the payment of aircraft and engine maintenance reserves made to the lessors to be held as collateral for the performance of major maintenance activities, and therefore these deposits are reimbursable upon completion of the maintenance event in an amount equal to or less than: • the amount of the maintenance reserve held by the lessor associated with the specific maintenance event; or • the costs related to the specific maintenance event. Substantially all of these maintenance reserve payments are calculated based on an aircraft utilization measure, such as flight hours or cycles. As of the reporting date, we assess whether the maintenance reserve deposits required by the master lease agreements are expected to be recovered based on the expected future usage of the aircraft and timing of future maintenance events. A provision for loss is recognized for deposits that are not likely to be recovered. Aircraft and engine maintenance reserves are classified as current or non-current depending on the dates on which the amounts are expected to be recovered. 11.2 Breakdown of deposits December, 31 Description 2023 2022 Security deposits 418,537 374,960 Maintenance reserves 2,153,310 2,610,943 Total 2,571,847 2,985,903 Provision for loss (278,352) (446,342) Total, net 2,293,495 2,539,561 Current 515,692 1,025,168 Non-current 1,777,803 1,514,393 The movement of security deposits and maintenance reserves is as follows: Description Security deposits Maintenance reserves Total At December 31, 2021 319,530 1,644,889 1,964,419 Additions 123,796 714,079 837,875 Transfers (48,688) (14,847) (63,535) Provision inclusions and (reversals), net — (15,110) (15,110) Use by the lessor — (59,721) (59,721) Foreign currency exchange (19,678) (104,689) (124,367) At December 31, 2022 374,960 2,164,601 2,539,561 Additions 234,972 357,759 592,731 Transfers (169,432) (417,725) (587,157) Provision inclusions and (reversals), net — 135,284 135,284 Use by the lessor — (221,054) (221,054) Foreign currency exchange (21,963) (143,907) (165,870) At December 31, 2023 418,537 1,874,958 2,293,495 Current 64,788 450,904 515,692 Non-current 353,749 1,424,054 1,777,803 At December 31, 2022 Current 77,241 947,927 1,025,168 Non-current 297,719 1,216,674 1,514,393 The movement of the allowance for maintenance reserves losses is as follows: |
Taxes Recoverable
Taxes Recoverable | 12 Months Ended |
Dec. 31, 2023 | |
Taxes Recoverable [Abstract] | |
TAXES RECOVERABLE | TAXES RECOVERABLE 12.1 Accounting policies Taxes recoverable represent rights that will be realized through offsets against taxes payable arising from the Company’s operating activities. The Company continuously reviews the realizability of these assets and, when necessary, provisions are made to ensure that these assets are accounted for at their realizable value. These amounts are presented net of a provision for losses, which is immaterial for additional disclosures. 12.2 Breakdown of taxes recoverable December 31, Description 2023 2022 Social Integration Program ("PIS") and Contribution to Social Security Financing ("COFINS") 73,029 135,176 Withholding income tax 121,216 39,528 Income taxes 8,315 29,359 Tax on the Circulation of Goods and Services ("ICMS") 19,940 21,661 Others (3,067) 9,167 219,433 234,891 |
ADVANCES TO SUPPLIERS
ADVANCES TO SUPPLIERS | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
ADVANCES TO SUPPLIERS | ADVANCES TO SUPPLIERS 13.1 Accounting policies Advances to suppliers represent advance payment for goods or services that will be delivered in the future. These amounts are presented net of provisions for losses of R$28,676 (R$23,057 as of December 31, 2022). 13.2 Breakdown of advances to suppliers December 31, Description 2023 2022 Local currency 118,442 90,810 Foreign currency 102,609 30,887 221,051 121,697 |
Income tax and contribution
Income tax and contribution | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
INCOME TAX AND CONTRIBUTION | INCOME TAX AND CONTRIBUTION 14.1 Accounting policies 14.1.1 Current taxes In Brazil, current taxes comprise corporate income tax (“IRPJ”) and social contribution on profit (“CSLL”), which are calculated monthly based on the taxable profit, after offsetting tax losses carryforwards, limited to 30% of taxable profit. A combined rate of 34% applies to this base. Income from foreign subsidiaries is subject to taxation in accordance with the rates and legislation in force. In Brazil such income is taxed in accordance with Law No. 12,973/14, which states that a parent company of a foreign subsidiary adds such income to its taxable income for the period. 14.1.2 Deferred taxes Deferred taxes represent credits and debits on tax loss carryforwards, as well as temporary differences between the tax and accounting bases. Deferred tax and contribution assets and liabilities are classified as non-current. An impairment loss on these assets is recognized when the Company's internal studies indicate that the future use of these credits is not likely. Deferred tax assets and liabilities are presented net if there is a legally enforceable right to set off tax liabilities against tax assets, and if they are related to taxes levied by the same tax authority on the same taxable entity, therefore, for presentation purposes, balances of tax assets and liabilities which do not meet the legal criteria for realization are disclosed separately. Deferred tax assets and liabilities are 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 at the reporting date. The projections of future taxable profits on tax loss carryforwards are prepared based on the business plans and are reviewed and approved annually by the Board of Directors. 14.1.3 Uncertainty over income tax treatments On January 1, 2019, the accounting standard IFRIC 23 – Uncertainty over Income Tax Treatments, became effective, addressing the application of recognition and measurement requirements when there is uncertainty over income tax treatments. The Company analyzes relevant tax decisions of higher courts and whether they conflict in any way with the positions adopted. For known uncertain tax positions, when necessary, the Company establishes a provision based on the legal opinions issued by its legal advisors. The Company evaluates continuously the positions taken in which there are uncertainties about the tax treatment adopted. 14.1.4 International Tax Reform – Pillar Two Model Rules Amendments to IAS 12 – Income Taxes, became effective in response to the Organization for Economic Co-operation and Development (“OECD”) Pillar Two rules on Base Erosion and Profit Shifting (“BEPS”): These changes had no impact on the Company's consolidated financial statements. 14.2 Breakdown of deferred taxes Description December 31, Profit or loss December 31, Deferred tax liability on taxable temporary differences Breakage (176,884) (19,039) (195,923) Foreign currency exchange — (191,219) (191,219) Leases (2,620,461) (414,124) (3,034,585) Others (516) (541) (1,057) (2,797,861) (624,923) (3,422,784) Deferred tax asset on deductible temporary differences 2,797,861 585,397 3,383,258 Total income tax and deferred social contribution — (39,526) (39,526) Provision for deferred taxes — (39,526) (39,526) 14.3 Reconciliation of the effective income tax rate December 31, Description 2023 2022 2021 Loss before income tax and social contribution (2,340,930) (722,367) (4,213,208) Combined nominal tax rate 34 % 34 % 34 % Taxes calculated at nominal rates 795,916 245,605 1,432,491 Adjustments to determine the effective rate Result from investments not taxed abroad 298,972 100,586 — Unrecorded benefit on tax losses and temporary differences (1,189,039) (700,826) (1,593,326) Mark to market of convertible debt instruments (8,584) 176,737 281,932 Permanent differences 43,764 154,669 (116,876) Rate differential 24,377 29,189 — Others (4,932) (5,960) (4,221) (39,526) — — Deferred income tax and social contribution (39,526) — — — — — Effective rate (1.7) % — % — % The Company has tax losses that are available indefinitely for offset against 30% of future taxable profits on which deferred tax assets were not recognized as it is not probable that future taxable profits will be available for offset, as below: December 31, Description 2023 2022 2021 Tax loss and negative bases 18,325,916 12,863,038 8,843,805 Tax loss (25%) 4,581,479 3,215,760 2,210,951 Negative social contribution base (9%) 1,649,332 1,157,673 795,942 |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT 15.1 Accounting policies Property and equipment, are stated at acquisition cost. Depreciation is calculated according to the estimated economic useful life of each asset using the straight-line method. The estimated economic useful lives, residual values and depreciation methods are reviewed annually and the effects of any changes in estimates are accounted for prospectively. The carrying amounts of property and equipment items are tested annually to identify any indication of impairment or when facts or changes in circumstances indicate that the carrying amount is greater than the estimated recoverable amount. An item of property and equipment is derecognized upon its disposal or when no future economic benefits are expected from the continued use of the asset. Any gains or losses arising on the sale or derecognition of an item are determined by the difference between the amount received on the sale and the carrying amount of the asset and are recognized in profit or loss. The Company receives credits from manufacturers when purchasing certain aircraft and engines, which can be used to pay for maintenance services. These credits are recorded as a reduction in the acquisition cost of aircraft and related engines. During the year ended December 31, 2023, the Company hired experts to review the useful life of its property and equipment. This review had no impact on these financial statements. 15.1.1 Sale and leaseback transactions Initially, sale and leaseback transactions are analyzed within the scope of IFRS 15 – Revenue from Contracts with Customers, in order to verify whether the performance obligation has been satisfied, and therefore to account for the sale of the asset. If this requirement is not met, it is a finance arrangement with the asset given as guarantee. If the requirements related to the performance obligation set out are met, the Company measures a right-of-use asset arising from the sale and leaseback transaction in proportion to the carrying amount of the asset related to the right of use retained by the Company. Accordingly, only the gains or losses related to the rights transferred to the buyer-lessor are recognized. During the year ended December 31, 2023, the Company carried out a “sale and leaseback” transaction for an engine, where the proceeds, net of sales costs, amounted to a loss of R$6,356 (gain of R$33,155 as of December 31, 2022) and was recognized in the statement of operations under the line item “Other”. 15.1.2 Advance payments for acquisition of aircraft Advance payments for the acquisition of aircraft are recognized in property and equipment. 15.2 Breakdown of property and equipment Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Transfers (b) December 31, Cost Aircraft (a) 2,656,771 388,247 (392,148) 21,243 2,674,113 Improvements 524,075 104,167 (97,188) 24,358 555,412 Equipment and facilities 222,482 30,296 (56,968) — 195,810 Others 32,205 2,340 (5,314) — 29,231 Construction in progress 44,243 88,991 (13,984) (23,155) 96,095 Advance payments for acquisition of aircraft 109,487 192,399 — (3,846) 298,040 3,589,263 806,440 (565,602) 18,600 3,848,701 Depreciation Aircraft (a) 9 % (965,066) (230,143) 119,285 — (1,075,924) Improvements 14 % (214,411) (71,643) 97,067 — (188,987) Equipment and facilities 11 % (151,732) (25,139) 56,011 — (120,860) Others 8 % (25,888) (2,715) 5,314 — (23,289) (1,357,097) (329,640) 277,677 — (1,409,060) Property and equipment 2,232,166 476,800 (287,925) 18,600 2,439,641 Impairment (279,077) — 135,287 — (143,790) Total property and equipment, net 1,953,089 476,800 (152,638) 18,600 2,295,851 (a) Includes aircraft, engines, simulators and flight equipment. (b) The transfer balances are between “Property and equipment”, “Right - of - use assets” and “Intangible assets". Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Transfers (b) December 31, Cost Aircraft (a) 2,519,231 815,578 (903,072) 225,034 2,656,771 Improvements 506,678 7,869 (9,213) 18,741 524,075 Equipment and facilities 199,119 18,767 (407) 5,003 222,482 Others 29,905 2,073 (20) 247 32,205 Construction in progress 52,174 47,427 (5,009) (50,349) 44,243 Advance payments for acquisition of aircraft 85,607 23,880 — — 109,487 3,392,714 915,594 (917,721) 198,676 3,589,263 Depreciation Aircraft (a) 9 % (811,322) (223,828) 108,911 (38,827) (965,066) Improvements 10 % (174,092) (48,399) 8,080 — (214,411) Equipment and facilities 11 % (129,236) (22,721) 225 — (151,732) Others 12 % (22,400) (3,492) 4 — (25,888) (1,137,050) (298,440) 117,220 (38,827) (1,357,097) Property and equipment 2,255,664 617,154 (800,501) 159,849 2,232,166 Impairment (294,490) — 15,413 — (279,077) Total property and equipment, net 1,961,174 617,154 (785,088) 159,849 1,953,089 (a) Includes aircraft, engines, simulators and flight equipment. (b) |
Right-of-use Assets
Right-of-use Assets | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Right-of-use Asset | RIGHT-OF-USE ASSETS 16.1 Accounting policies IFRS 16 – Leases, requires lessees at the commencement date of a contract to recognize a lease liability to make payments and an asset representing the right to use the underlying asset over the lease term (a right-of-use asset - “ROU”). Lessees must separately recognize interest expense on the lease liability and the depreciation expense of the right-of-use asset in profit or loss. Lessees are also required to reassess the lease liability in the event of certain events, for example, a change in the lease term, or a change in future lease payment flows as a result of a change in an index or rate used to determine such payments. In general, the lessee must recognize the remeasurement amount of the lease liability as an adjustment to the right-of-use asset. Considering the dollar-denominated environment in which the Company raises funds, in determining the discount rate the Company used as a basis incremental borrowing rates at the commencement and/or modification dates of the lease agreements in foreign currency. 16.1.1 Componentization of aircraft At the receipt and initial recognition of right-of-use assets, the Company allocates the total cost of the aircraft between five major components, airframe, auxiliary power unit (“APU”) or propeller, landing gear and two engines. The useful life of each component is determined according to the estimated period until the next maintenance event, limited to the end of the lease term and/or the estimated useful life of the component. 16.1.2 Capitalization of heavy maintenance events Heavy maintenance events that increase the useful life of assets are capitalized. Such contracts can be of the “power-by-the-hour” type, in which the amounts owed to maintenance providers are calculated based on the flight hours and cycles. Subsequently, they are depreciated during the respective period of use considering the shorter period between the next scheduled maintenance event or until the end of the lease. Repairs and other routine maintenance are recognized in profit or loss in the period in which they are incurred. 16.1.3 Recognition of contractual obligations relating to return of aircraft The costs resulting from the maintenance events that will be carried out immediately before the return of the aircraft to the lessors are recognized as an obligation at present value, with an offsetting entry increasing the cost of the asset, as long as they can be reasonably estimated. Assets are depreciated on a straight-line basis over the lease contract term, while liabilities are updated by interest rates and exchange effects. 16.2 Breakdown of right-of-use assets Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Modifications Transfers (b) December 31, Cost Aircraft (a) 12,753,324 1,063,167 (833,855) 1,281,755 15,548 14,279,939 Maintenance of aircraft and engines 1,938,788 568,874 (892,072) (30,128) (33,426) 1,552,036 Restoration of aircraft and engines 1,819,438 501,864 (455,967) (165,725) — 1,699,610 Others 226,621 21,763 — 76,266 — 324,650 16,738,171 2,155,668 (2,181,894) 1,162,168 (17,878) 17,856,235 Depreciation Aircraft (a) 8 % (7,228,226) (958,351) 769,937 — (914) (7,417,554) Maintenance of aircraft and engines 17 % (1,159,612) (327,401) 870,634 — — (616,379) Restoration of aircraft and engines 31 % (628,522) (557,984) 455,967 29,038 — (701,501) Others 22 % (58,914) (50,329) — — — (109,243) (9,075,274) (1,894,065) 2,096,538 29,038 (914) (8,844,677) Right-of-use assets 7,662,897 261,603 (85,356) 1,191,206 (18,792) 9,011,558 Impairment (110,349) — 110,349 — — — Right-of-use assets, net 7,552,548 261,603 24,993 1,191,206 (18,792) 9,011,558 (a) Includes aircraft, engines, and simulators. (b) The balances of transfers are between “Property and equipment”, “Right-of-use assets” and “Intangible assets”. Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Modifications Transfers (b) December 31, Cost Aircraft (a) 11,476,271 1,436,969 (66,458) 49,271 (142,729) 12,753,324 Maintenance of aircraft and engines 1,542,856 628,293 (209,458) (15,242) (7,661) 1,938,788 Restoration of aircraft and engines 1,387,738 678,685 (246,985) — — 1,819,438 Others 89,226 193,359 (67,416) 11,452 — 226,621 14,496,091 2,937,306 (590,317) 45,481 (150,390) 16,738,171 Depreciation Aircraft (a) 7 % (6,438,766) (847,541) 19,254 — 38,827 (7,228,226) Maintenance of aircraft and engines 20 % (1,052,190) (313,613) 206,191 — — (1,159,612) Restoration of aircraft and engines 34 % (380,649) (468,050) 220,177 — — (628,522) Others 44 % (19,240) (39,674) — — — (58,914) (7,890,845) (1,668,878) 445,622 — 38,827 (9,075,274) Right-of-use assets 6,605,246 1,268,428 (144,695) 45,481 (111,563) 7,662,897 Impairment (605,651) — 488,731 — 6,571 (110,349) Right-of-use assets, net 5,999,595 1,268,428 344,036 45,481 (104,992) 7,552,548 (a) Includes aircraft, engines, and simulators. (b) The balances of transfers are between “Aircraft sublease”, “Property and equipment”, “Right-of-use assets”, “Intangible assets” and “Other assets”. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets and goodwill [abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS 17.1 Accounting policies 17.1.1 Definite useful life Intangible assets acquired are measured at cost at the time of their initial recognition. After initial recognition, intangible assets with finite useful lives, generally software, are stated at cost, less accumulated amortization and accumulated impairment losses, where applicable. Intangible assets generated internally, excluding development costs, are not capitalized and the expense is recognized in profit or loss when incurred. 17.1.2 Indefinite useful life 17.1.2.1 Goodwill Goodwill was recognized from the business combinations of IntelAzul and Conecta. Goodwill is tested annually for impairment by comparing the carrying amount of the CGU to which goodwill has been allocated with its value in use. Management makes judgments and establishes assumptions to assess the impact of macroeconomic and operational changes, in order to estimate future cash flows and measure the recoverable amount of its CGU. 17.1.2.2 Rights of operations in airports (slots) In the business combinations of IntelAzul and Conecta, slots were acquired that were recognized at their fair values on the acquisition date and not amortized. The estimated useful life of these rights was considered indefinite due to several factors and considerations, including applications and authorizations for permission to operate in Brazil and limited availability of operating rights at the most important airports in terms of air traffic volume. Slots are tested annually for impairment by comparing the carrying amount of the CGU to which slots have been allocated with its value in use. 17.2 Breakdown of intangible assets Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Transfers (a) December 31, Cost Goodwill — 901,417 — — — 901,417 Slots — 126,547 — — — 126,547 Software — 946,516 251,683 (422,080) 192 776,311 1,974,480 251,683 (422,080) 192 1,804,275 Amortization Software 19 % (547,957) (182,264) 389,193 — (341,028) (547,957) (182,264) 389,193 — (341,028) Total intangible assets, net 1,426,523 69,419 (32,887) 192 1,463,247 (a) The balances of transfers are between “Property and equipment”, “Right-of-use assets”, and "Intangible assets”. Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs December 31, Cost Goodwill 901,417 — — 901,417 Slots 126,547 — — 126,547 Software 748,049 198,525 (58) 946,516 1,776,013 198,525 (58) 1,974,480 Amortization Software 17 % (417,975) (129,982) — (547,957) (417,975) (129,982) — (547,957) Total intangible assets, net 1,358,038 68,543 (58) 1,426,523 17.3 Impairment of intangible assets without a finite useful life As of December 31, 2023, the Company performed its annual impairment test of the carrying amount of its cash generating unit to which goodwill and slots are allocated, through determining its value in use by reference to future discounted cash flows. The assumptions used in the impairment tests of goodwill and slots are consistent with the Company's operating plans and internal projections, prepared for a period of five years. After this period, a perpetuity rate of growth of operating projections is assumed. The discounted cash flow that determined the value in use of the cash-generating unit was prepared according to the Company’s business plan approved by the Board of Directors in December 2023. The following assumptions were considered: • Fleet and capacity : plan for operational fleet, utilization and capacity of aircraft in each route; • Passenger revenue : historical revenue per seat per kilometer flown with growth in line with the Company's business plan; • Operating costs : specific performance indicators by cost line, in line with the Company's business plan, as well as macroeconomic assumptions; and • Investment needs : aligned with the Company’s business plan. The macroeconomic assumptions commonly adopted include the Gross Domestic Product (“GDP”) and projections of the US dollar, both obtained from the Focus Report issued by the Central Bank of Brazil, in addition to future kerosene barrel prices and interest rates, obtained from specific Bloomberg disclosures. The result of the goodwill and slots impairment test demonstrated that the estimated recoverable amount of the CGU is significantly greater than its carrying amount and, therefore, no impairment loss was identified. To estimate the value in-use of the CGU, a pre-tax discount rate of 11.4% (11.5% as of December 31, 2022) and a growth rate in perpetuity of 3.0% (3.0% as of December 31, 2022) were used. December 31, Description 2023 2022 Carrying amount – Goodwill and slots 1,027,964 1,027,964 |
Loans and financing
Loans and financing | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
LOANS AND FINANCING | LOANS AND FINANCING 18.1 Accounting policies Loans and financing are initially recognized at fair value less any directly attributable transaction costs. After initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. 18.2 Movement of loans and financing Description Average nominal rate p.a. Effective rate Maturity December 31, Funding Transfers (a) Payment of principal Payment of interest Interest incurred Foreign currency exchange Effects of restriction (b) Amortized cost December 31, Principal payable Interest Payable Amortized cost December 31, In foreign currency – US$ Senior notes – 2024 5.9 % 6.3 % Oct-24 2,097,402 — (1,596,972) — (92,985) 76,569 (157,024) 1,212 3,897 332,099 329,472 3,441 (814) 332,099 Senior notes – 2026 7.3 % 7.8 % Jun-26 3,095,665 — (2,725,010) — (126,950) 121,218 (253,595) 34,278 6,966 152,572 153,701 464 (1,593) 152,572 Senior notes – 2028 11.9 % 13.5 % Aug-28 — 3,643,382 186,005 — (173,450) 218,885 31,138 — 16,771 3,922,731 4,051,093 42,960 (171,322) 3,922,731 Senior notes – 2029 11.5 % 11.5 % May-29 — — 1,410,967 (277,961) (52,893) 65,165 20,267 — — 1,165,545 1,153,751 11,794 — 1,165,545 Senior notes – 2030 10.9 % 10.9 % May-30 — — 2,725,010 — (112,453) 140,308 24,648 — — 2,777,513 2,750,921 26,592 — 2,777,513 Aircraft, engines and others 6.5 % 9.3 % Mar-29 731,224 — (1,067) (402,994) (42,727) 47,720 (53,401) — 5,524 284,279 283,965 1,808 (1,494) 284,279 Sofr 1M + 4.6% 10.0 % May-26 — 79,222 — — — 196 (332) — — 79,086 78,890 196 — 79,086 5,924,291 3,722,604 (1,067) (680,955) (601,458) 670,061 (388,299) 35,490 33,158 8,713,825 8,801,793 87,255 (175,223) 8,713,825 In local currency – R$ Working capital CDI + 3.1 % CDI +3,1 % Feb-24 496,997 301,098 — (770,795) (59,807) 58,454 — — 1,544 27,491 27,190 301 — 27,491 Sep-25 2,675 — — (546) (155) 183 — — — 2,157 2,157 — — 2,157 — Debentures CDI + 5.4 % 16.3 % Dec-28 747,170 585,661 — (431,530) (123,907) 131,629 — — 10,049 919,072 913,521 28,409 (22,858) 919,072 — Aircraft, engines and others Selic +5.5 % 17.4 % May-25 19,284 — — (4,697) (4,714) 2,868 — — 30 12,771 12,851 — (80) 12,771 6.3 % 6.3 % Mar-27 42,282 — — (18,600) (2,111) 1,912 — — 113 23,596 23,596 — — 23,596 — 1,308,408 886,759 — (1,226,168) (190,694) 195,046 — — 11,736 985,087 979,315 28,710 (22,938) 985,087 Total in R$ 7,232,699 4,609,363 (1,067) (1,907,123) (792,152) 865,107 (388,299) 35,490 44,894 9,698,912 9,781,108 115,965 (198,161) 9,698,912 Current 1,112,940 1,100,051 1,100,051 Non-current 6,119,759 8,598,861 8,598,861 (a) The balance of transfers are between “Loans and financing” and “Leases”. (b) Refers mainly to the acceleration of the amortization of funding costs considered extinguished in accordance with the requirements of paragraph 3.3.2 of IFRS 9 – Financial instruments, which determines that a substantial modification of the terms of a debt instrument, or a portion thereof, will be accounted for with an extinguishment of such instrument. Description Average nominal rate p.a. Effective rate Maturity December 31, Funding Payment of principal Payment of interest Interest incurred Foreign currency exchange Amortized cost December 31, 2022 Principal payable Interest accrued Amortized cost December 31, 2022 In foreign currency – US$ Senior notes – 2024 5.9 % 6.3 % Oct-24 2,236,910 — — (120,924) 120,487 (146,308) 7,237 2,097,402 2,087,079 21,798 (11,475) 2,097,402 Senior notes – 2026 7.3 % 7.8 % Jun-26 3,298,018 — — (227,525) 222,675 (208,927) 11,424 3,095,665 3,130,620 9,457 (44,412) 3,095,665 Aircraft and engines 6.0 % 9.3 % Mar-29 1,096,955 — (306,668) (43,061) 52,940 (74,467) 5,525 731,224 733,697 4,669 (7,142) 731,224 Libor 3M + 2.6 % Libor 3M + 2.6 % Mar-22 1,561 — (1,428) — 6 (139) — — — — — — 6,633,444 — (308,096) (391,510) 396,108 (429,841) 24,186 5,924,291 5,951,396 35,924 (63,029) 5,924,291 In local currency – R$ Working capital CDI +3.9 % 18.6 % Feb-24 643,699 227,467 (369,623) (108,887) 104,030 — 311 496,997 495,631 1,798 (432) 496,997 2.9 % 2.9 % Sep-25 23,202 — (20,728) (1,031) 1,232 — — 2,675 2,648 27 — 2,675 Debentures (a) CDI + 5.0 % 16.3 % Dec-27 733,017 (12,308) (74,056) (50,908) 147,029 — 4,396 747,170 694,921 70,820 (18,571) 747,170 Aircraft and engines Selic + 5.5 % 17.4 % May-25 28,038 — (8,350) (4,374) 3,910 — 60 19,284 19,386 18 (120) 19,284 6.2 % CDI + 6.2 % Mar-27 84,330 — (42,324) (3,863) 4,017 — 122 42,282 42,397 7 (122) 42,282 1,512,286 215,159 (515,081) (169,063) 260,218 — 4,889 1,308,408 1,254,983 72,670 (19,245) 1,308,408 Total in R$ 8,145,730 215,159 (823,177) (560,573) 656,326 (429,841) 29,075 7,232,699 7,206,379 108,594 (82,274) 7,232,699 Current 984,266 1,112,940 1,112,940 Non-current 7,161,464 6,119,759 6,119,759 (a) The amount of R$12,308 refers to costs to be amortized due to the renegotiation of the debentures. 18.3 Schedule of amortization of long-term debt December 31, Description 2023 2022 2023 — 1,112,940 2024 1,100,051 2,397,036 2025 222,201 234,919 2026 355,930 3,306,081 2027 116,146 172,205 After 2027 7,904,584 9,518 9,698,912 7,232,699 Current 1,100,051 1,112,940 Non-current 8,598,861 6,119,759 18.4 Main loan and financing operations 18.4.1 Funding occurred in 2023 18.4.1.1 Working capital During the first quarter, the Company raised R$302,252 at costs of R$1,154, a rate equivalent to CDI+6.4% p.a. and a single payment of interest and principal in June 2023. During the second quarter, the payment deadline was postponed to September 2023 and the interest rate was postponed to CDI+6.5% p.a. In July 2023 the balance was paid in advance. 18.4.1.2 Debentures During the second quarter, the Company granted the 11th issue of simple debentures, not convertible into shares, of the type with real guarantee, with additional personal guarantee, in a single series, in the principal amount of R$600,000, with a nominal unit face value of R$1, costs of R$11,872, rate equivalent to CDI+6.0% p.a. and maturity in June 2024. Interest will be amortized monthly. The resources were fully and exclusively used to pay for the supply aircraft fuel. 18.4.1.3 Senior notes 2028 In July 2023, the Company completed a private offering of senior debt securities for a principal amount of R$3,831,040, (equivalent to US$800,000), costs funding were from R$187,658, with interest of 11.9% p.a. paid quarterly starting in November 2023 and principal due in August 2028. The net proceeds will be used to pay certain debts, obligations and other corporate purposes. In October 2023, the Company issued additional notes for a principal amount of R$186,005 (equivalent to US$36,778). Such notes were issued in exchange for the aggregate principal amount of R$190,819 (equivalent to US$37,730) of the Senior Notes 2024. 18.4.1.4 Aircraft and engines In November 2023, the Company financed R$79,222, with interest of 4.6%p.a. plus the variation in the Secured Overnight Financing Rate (“SOFR”) and maturity in May 2026. 18.4.2 Renegotiations occurred in 2023 18.4.2.1 Debentures During the first quarter, the Company renegotiated the terms of the debentures, with a principal amount of R$700,000, costs of R$2,467 in order to extend the maturity date from December 2027 to December 2028. There was no change in interest rates. In accordance with IFRS 9 – Financial Instruments, the Company concluded that the renegotiation does not fall within the scope of debt extinguishment. For this reason, any costs or fees incurred were deducted from the debt balance. 18.4.2.2 Aircraft and engines During the first quarter, the Company renegotiated the deferral of the payment from March 31, 2023 to December 31, 2023 of an installment in the amount of R$194,330, changing the weighted average rate from 6.5% p.a. to 7.4% p.a. Linked to this renegotiation, in the second quarter, the weighted average rate of the entire contract was renegotiated, changing from 7.4% p.a. to 8.6% p.a. In December 2023 the balance was paid in advance. In accordance with IFRS 9 - Financial Instruments, the Company concluded that the renegotiation does not fall within the scope of debt extinguishment. For this reason, any costs or fees incurred were deducted from the debt balance. 18.4.2.3 Senior notes In June, 2023, the Company announced its subsidiary Azul Investments issued: • an offer exchange debt securities with interest of 5.9% p.a due 2024 (Senior Notes 2024) for debt securities with interest of 11.5% p.a. due 2029; and • an offer to exchange debt securities with interest of 7.3% p.a due 2026 (Senior Notes 2026) for debt securities with interest of 10.9% p.a. due 2030. In July and October 2023, the Company concluded its exchange offers and as a consequence issued: • R$1,410,967 (equivalent to US$294,215) in principal amount with interest of 11.5% p.a. due 2029 (which were issued in exchange for R$1,410,967 (equivalent to US$294,215) in aggregate principal amount of the Senior Notes 2024); • R$2,725,010 (equivalent to US$568,219) in the principal amount with interest of 10.9% p.a. maturing in 2030 (which were issued in exchange for R$2,725,166 (equivalent to US$568,252) in the principal amount of the Senior Notes 2026); and. • R$186,005 (equivalent to US$36,778) in principal amount with interest of 11.5% p.a. due 2028 (which were issued in exchange for R$190,819 (equivalent to US$37,730) in aggregate principal amount of Senior Notes 2024); In total, 90.0% of the principal value of the 2024 and 2026 Senior Notes was exchanged for 2028 and 2030 debt securities, as shown below: Description Total principal amount offered for exchange US$ % exchanged 5.9% Senior notes 2024 331,945 83.0 % 7.3% Senior notes 2026 568,252 94.7 % Total 900,197 90.0 % Due to debt renegotiations, the amount of R$199,635 was recorded in the statements of operations, under the line “Debt restructuring”. The amount refers to R$35,490 of the effects of extinguishing the debt and R$164,145 of new costs incurred, not capitalized as it concerns the extinguishment of the original debts. 18.5 Covenants As of December 31, 2023, the Company has loans and financing subject to covenants related to the indebtedness level and the debt service coverage ratio. Covenant related to: Restrictive clause Frequency of measurement Indicators for the measurement Reached 9th and 10th issue of debentures Annual (i) Adjusted debt service coverage ratio (DSCR). (i) equal to or greater than 1.2 (ii) less than or equal to 6.5 in 2023; 5.0 in 2024 and 2025; and 4.5 in 2026 and 2027. Waiver 11th issue of debentures Annual (i) index obtained by adjusted net debt/adjusted EBITDA. (i) financial leverage less than or equal to 3.75%.as of December 31, 2023 Reached Aircraft financing Annual (i) Adjusted debt service coverage ratio (DSCR); and (i) equal to or greater than 1.2; and (ii) less than or equal to 6.5. Waiver Engine maintenance financing Quarterly/Annual (i) Adjusted debt service coverage ratio (DSCR); and (i) equal to or greater than 1.2; and (ii) less than or equal to 5.5. Waiver The Company requested waivers from its counterparties, and obtained them for the year ended December 31, 2023. Therefore, the related debt is classified in these financial statements in accordance with the contractual flow originally established. 18.6 Guarantees The package of guarantees for the debt renegotiations and the issuance of Senior Notes 2028, which took place during 2023, consists of the fiduciary assignment of the flow of receivables from Azul Viagens and the loyalty program and the fiduciary sale of the loyalty program's intellectual property. The Senior Notes 2028 and the Convertible Debentures are guaranteed in the first degree and the Senior Notes 2029 and 2030 are guaranteed in the second degree. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Lease liabilities [abstract] | |
LEASES | LEASES 19.1 Accounting policies Lease liabilities are recognized, measured, presented and disclosed in accordance with IFRS – 16 Leases, against right-of-use assets, the accounting policies adopted by the Company for leasing operations are presented in note 16. 19.2 Renegotiations During the year ended December 31, 2023, the Company defined the conditions for renegotiations and began to sign, who agreed to receive negotiable debt securities maturing in 2030 and shares priced to reflect Azul's new cash generation, its improved capital structure and the reduction of its credit risk. Until December 31, 2023, the Company had renegotiated 119 lease contracts under these new conditions. In general, the conditions agreed between the Company and lessors are as follows: • Notes: R$1,385,115 (equivalent to US$286,104), with interest to be paid quarterly from December 2023, with interest of 7.5% p.a., and principal maturity in June 2030; and • Convertible to equity: R$2,178,740 (equivalent to US$450,032), with interest-free and consecutive quarterly payments, starting in July 2024. The costs incurred in these transactions correspond to R$84,421 and were recognized in the statement of operations as required by IFRS 9 – Financial Instruments. December 31, Description 2023 2022 Leases 12,455,827 14,582,833 Leases – Notes 1,030,845 — Leases – Convertible to equity 1,659,739 — 15,146,411 14,582,833 Current liabilities 3,687,392 4,025,948 Non-current assets 11,459,019 10,556,885 19.3 Movement of Leases Description Average remaining term Weighted average rate December 31, Additions Modifications Payments Interest incurred Transfers (b) Write-offs Foreign currency exchange December 31, Lease without purchase option: Aircraft (a) 8.1 16.3 % 13,585,810 1,086,943 1,090,251 (2,834,794) 2,209,708 (2,544,154) (103,107) (922,775) 11,567,882 Others 4.6 10.3 % 185,527 21,763 76,266 (55,934) 19,194 — — (9,562) 237,254 Lease with purchase option: Aircraft (a) 5.0 13.8 % 811,496 — 70,806 (192,819) 99,766 (90,815) — (47,743) 650,691 Total 14,582,833 1,108,706 1,237,323 (3,083,547) 2,328,668 (2,634,969) (103,107) (980,080) 12,455,827 Current 4,025,948 3,349,056 Non-current 10,556,885 9,106,771 (a) Includes aircraft, engines, and simulators. (b) The transfer balances are between “Loans and financing”, “Leases”; “Leases: Notes and Convertible to equity”; “Accounts payable” and “Other liabilities”. Description Average remaining term Weighted average rate December 31, Additions Modifications Payments Interest incurred Write-offs Foreign currency exchange December 31, 2022 Lease without purchase option: Aircraft (a) 7.6 21.3 % 13,724,647 1,507,577 55,342 (3,220,152) 2,400,049 (1,123) (880,530) 13,585,810 Other 4.9 9.8 % 71,869 193,360 11,452 (38,031) 15,798 (67,416) (1,505) 185,527 Lease with purchase option: Aircraft (a) 5.8 18.5 % 1,094,059 113,231 (113,993) (345,503) 117,281 — (53,579) 811,496 Total 14,890,575 1,814,168 (47,199) (3,603,686) 2,533,128 (68,539) (935,614) 14,582,833 Current 3,497,665 4,025,948 Non-current 11,392,910 10,556,885 (a) Includes aircraft, engines, and simulators. 19.4 Leases – Notes Description Average remaining term Weighted average rate December,31 2022 Additions Interest incurred Transfers (a) Foreign currency exchange December 31, 2023 Financing with lessors – Notes 6.5 14.8 % — 11,097 36,292 1,018,404 (34,948) 1,030,845 Total — 11,097 36,292 1,018,404 (34,948) 1,030,845 Current — 121,948 Non-current — 908,897 (a) The transfer balances are between “Leases” and “Leases: Notes and Convertible to equity”. 19.5 Leases – Convertible to equity Description Average remaining term Weighted average rate December,31 2022 Additions Interest incurred Transfers (a) Foreign currency exchange December,31 2023 Financing with lessors – Convertible to equity 3.6 14.6 % — 17,270 55,597 1,640,771 (53,899) 1,659,739 Total — 17,270 55,597 1,640,771 (53,899) 1,659,739 Current — 216,388 Non-current — 1,443,351 (a) The transfer balances are between “Leases” and “Leases: Notes and Convertible to equity”. 19.6 Schedule of amortization of leases December 31, Description 2023 2022 2023 — 4,387,911 2024 3,570,147 4,162,958 2025 2,851,258 3,579,587 2026 2,615,718 3,237,509 2027 2,226,313 2,909,201 After 2027 9,594,071 8,512,031 Minimum lease payments 20,857,507 26,789,197 Financial charges (8,401,680) (12,206,364) Present value of minimum lease payments 12,455,827 14,582,833 Current 3,349,056 4,025,948 Non-current 9,106,771 10,556,885 19.7 Schedule of amortization of leases – Notes Description December 31, 2023 2024 130,432 2025 103,883 2026 103,883 2027 103,883 After 2027 1,644,823 Minimum lease payments 2,086,904 Financial charges (1,056,059) Present value of minimum lease payments 1,030,845 Current 121,948 Non-current 908,897 There were no comparative balances as of December 31, 2022. 19.8 Schedule of amortization of Leases – Convertible to equity Description December 31, 2023 2024 235,897 2025 726,247 2026 726,247 2027 490,348 Minimum lease payments 2,178,739 Financial charges (519,000) Present value of minimum lease payments 1,659,739 Current 216,388 Non-current 1,443,351 There were no comparative balances as of December 31, 2022. 19.9 Covenants As of December 31, 2023, the Company has lease liabilities subject to covenants related to the indebtedness level and the debt service coverage ratio. Covenant related to: "Indicators for the measurement" Frequency of measurement Required Reached Aircraft financing Annual (i) Adjusted debt service coverage ratio (DSCR); and (i) equal to or greater than 1.2; and (ii) less than or equal to 5.5. Waiver |
Convertible Instruments
Convertible Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Convertible Instruments | CONVERTIBLE DEBT INSTRUMENTS 20.1 Accounting policies As required by IFRS 9 – Financial Instruments, the right to convert convertible debentures into shares was measured at fair value through profit or loss as it is an embedded derivative. 20.2 Renegotiations In July 2023, the Company concluded the renegotiation of the convertible debentures, with a principal value of R$1,745,900, changing the maturity date from October 2025 to October 2028, at a nominal rate of 6.0% p.a. to 12.3% p.a. and the conversion price from R$32.26 to R$22.78. In accordance with IFRS 9 – Financial Instruments, the Company concluded that the renegotiation of the debentures falls within the scope of debt extinguishment. Therefore, the values recorded previously were extinguished and a new debt was recorded. For this reason, any costs or fees incurred were recognized in the statement of operations. Due to the modification of the debt, the amount of R$352,430, composed of the effect of the restructuring of R$233,068 (expenses of R$346,555 related to the extinction and reconstitution of the conversion right and income of R$113,487 related to the extinction and reconstitution of the debt) and R$119,362 of new costs incurred, was recorded in the statement of operations, under the line “Restructuring of debentures”. The balance presented below debentures includes the right to convert the debt into Company shares in the amount of R$488,775 (R$116,971 as of December 31, 2022). 20.3 Movement of convertible debt instruments Description Average nominal rate p.a. Effective rate (a) Maturity December 31, 2022 Variation of conversion right Payment of principal Payment of interest Interest incurred Foreign currency exchange Restructuring result Amortized cost December 31, 2023 In foreign currency – US$ Debentures 12.3 % 12.3 % Oct-28 1,403,719 25,249 (542,496) (100,928) 242,608 (62,232) 233,068 2,622 1,201,610 Total in R$ 1,403,719 25,249 (542,496) (100,928) 242,608 (62,232) 233,068 2,622 1,201,610 Current 14,789 25,807 Non-current 1,388,930 1,175,803 (a) Does not consider the conversion right. Description Average nominal rate p.a. Effective rate (a) Maturity December 31, 2021 Variation of conversion right Payment of interest Interest incurred Foreign currency exchange Amortized cost December 31, 2022 In foreign currency – US$ Debentures 6.0 % a 7.5 % 6.6 % Oct-25 1,873,001 (519,815) (105,891) 231,103 (79,212) 4,533 1,403,719 Total in R$ 1,873,001 (519,815) (105,891) 231,103 (79,212) 4,533 1,403,719 Current 39,124 14,789 Non-current 1,833,877 1,388,930 (a) Does not consider the conversion right. 20.4 Schedule of amortization Description December 31, 2023 December 31, 2022 2023 — 14,789 2024 25,807 — 2025 — 1,388,930 After 2026 1,175,803 — 1,201,610 1,403,719 Current 25,807 14,789 Non-current 1,175,803 1,388,930 |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
ACCOUNTS PAYABLE | ACCOUNTS PAYABLE 21.1 Accounting policies Amounts payable to suppliers are initially recognized at fair value and subsequently increased, when applicable, by the corresponding charges and monetary and exchange variations. 21.2 Breakdown of accounts payable As described in note 2.1.4.6, negotiations with suppliers of aircraft services and parts mostly followed the same model as the renegotiation of lease obligations, i.e. the Company issued Notes in the equivalent amount of R$408,541 (equivalent of US$84,386), with interest of 7.5% p.a. to be paid quarterly from December 2023, and principal due in June 2030), as well as Convertible to equity, in the total amount of R$159,775 (equivalent US$33,002), with consecutive quarterly payments, starting in January 2025. December 31, Description 2023 2022 Accounts payable 3,077,225 3,034,799 Accounts payable – Notes 401,702 — Accounts payable – Convertible to equity 119,841 — 3,598,768 3,034,799 Current 2,277,841 2,517,828 Non-current 1,320,927 516,971 21.3 Movement of accounts payable 21.3.1 Accounts payable – Notes Description December 31, 2022 Addition Interest incurred Foreign currency exchange December 31, 2023 Financing with accounts payable – Notes — 401,824 8,357 (8,479) 401,702 Total — 401,824 8,357 (8,479) 401,702 Current — 11,624 Non-current — 390,078 21.3.2 Accounts payable – Convertible to equity Description December 31, 2022 Addition Interest incurred Foreign currency exchange December 31, 2023 Financing with accounts payable – Convertible to equity — 118,809 3,347 (2,315) 119,841 Total — 118,809 3,347 (2,315) 119,841 Non-current — 119,841 |
Reserve Factoring
Reserve Factoring | 12 Months Ended |
Dec. 31, 2023 | |
Factoring [Abstract] | |
FACTORING | REVERSE FACTORING 22.1 Accounting policies The Company negotiates with suppliers with the aim of extending its payment terms. Agreements were entered into with financial institutions that allow the Company’s suppliers, mainly of fuel, to receive advances on amounts due from the Company with interest rates ranging between 1.19% to 1.27% p.m. When an amount is advanced by a supplier with the financial institution, is transferred from the item “Accounts payable” to “Reverse factoring”. 22.2 Movement of reverse factoring Description Consolidated At December 31, 2021 3,694 Addition 1,541,948 Interest incurred 79,460 Interest paid (53,476) Payment (818,274) At December 31, 2022 753,352 Addition 391,676 Interest incurred 17,010 Interest paid (39,714) Payment (831,477) At December 31, 2023 290,847 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS 23.1 Accounting policies Changes in interest rates, exchange rates and aviation fuel prices expose the Company to risks that may affect its financial performance. In order to mitigate such risks, the Company contracts derivative financial instruments. Changes in their fair value are recognized directly in profit or loss. 23.2 Breakdown of derivative financial instruments Changes in fair value Interest rate swap Forward – fuel Option fuel Forward – foreign currency Conversion right debentures Total At December 31, 2021 (213,257) 9,383 — 270,640 (636,786) (570,020) Gains (losses) recognized in result 33,519 440,065 — (35,394) 519,815 958,005 Payment (receipts) 568 (478,149) — — — (477,581) At December 31, 2022 (179,170) (28,701) — 235,246 (116,971) (89,596) Gains (losses) recognized in result (34,075) (168,378) 13,796 (24,552) (25,249) (238,458) Payments (receipts) 213,245 136,977 (1,530) (210,694) — 137,998 Restructuring (b) — — — — (346,555) (346,555) At December 31, 2023 — (60,102) 12,266 — (488,775) (536,611) Rights with current derivative financial instruments — 757 21,152 — — 21,909 Obligations with current derivative financial instruments — (60,019) (8,886) — — (68,905) Obligations with non-current derivative financial instruments — (840) — — — (840) Non-current convertible instruments — — — — (488,775) (488,775) — (60,102) 12,266 — (488,775) (536,611) . (a) Refers to the effects of the extinction and reconstitution of the conversion right. Changes in fair value Options – foreign currency Interest rate swap Forward – fuel Forward – foreign currency Conversion right (debentures) Total Rights (obligations) with derivatives at December 31, 2020 8,947 (269,491) (81,274) 349,093 (1,465,999) (1,458,724) Gains (losses) recognized in result (10,222) 48,571 75,075 (78,453) 829,213 864,184 Payment in cash 1,275 7,663 15,582 — — 24,520 Rights (obligations) with derivatives at December 31, 2021 — (213,257) 9,383 270,640 (636,786) (570,020) Rights with current derivative financial instruments — 73,794 9,383 — — 83,177 Rights with non-current derivative financial instruments — — — 270,640 — 270,640 Obligations with current derivative financial instruments — (77,509) — — — (77,509) Obligations with non-current derivative financial instruments — (209,542) — — — (209,542) Long-term loans and financing — — — — (636,786) (636,786) — (213,257) 9,383 270,640 (636,786) (570,020) |
Airport taxes and fees
Airport taxes and fees | 12 Months Ended |
Dec. 31, 2023 | |
Airport taxes and fees abstract [Abstract] | |
Airport taxes and fees | AIRPORT TAXES AND FEES 24.1 Accounting policies The amounts payable in airport taxes and fees are initially recognized at fair value and subsequently increased, when applicable, by the corresponding charges and monetary and exchange variations. 24.2 Breakdown of airport taxes and fees December, Description 2023 2022 Airport fees 1,490,514 1,087,232 Boarding tax 248,689 213,093 Others 20,880 34,444 1,760,083 1,334,769 Current 588,404 831,897 Non-current 1,171,679 502,872 |
Air traffic liability and Loyal
Air traffic liability and Loyalty Program | 12 Months Ended |
Dec. 31, 2023 | |
Air traffic liability [Abstract] | |
Air traffic liability | AIR TRAFFIC LIABILITY AND LOYALTY PROGRAM 25.1 Accounting policies This represents the Company’s obligations for the early receipt of air transport services and other auxiliary services related to the main obligation with its customers. They are accounted for at the amount of the transaction and as they are non-monetary items they are not subject to exchange differences or monetary adjustment of any nature. The liability is derecognized when the related transport services are provided. 25.2 Breakdown of air traffic liability and loyalty program December 31, Description 2023 2022 Air traffic liability and loyalty program 5,782,121 4,660,271 Breakage (576,245) (520,246) 5,205,876 4,140,025 Average use term (a) 56 days 48 days (a) |
Salaries and Benefits
Salaries and Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of attribution of expenses by nature to their function [text block] | SALARIES AND BENEFITS 26.1 Accounting policies Salaries and benefits obligations are initially recognized at fair value, on an accrual basis. 26.2 Breakdown salaries and benefits December,31 Description 2023 2022 Short-term benefits 473,060 478,568 Share-based payment 1,737 844 474,797 479,412 |
Taxes Payable
Taxes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Taxes payable | TAXES PAYABLE 27.1 Accounting policies Taxes payable represent tax obligations arising from the Company’s operating activities, mainly from the transport of passengers and cargo. 27.2 Breakdown of taxes payable December 31, Description 2023 2022 Government installment payment program federal 157,970 96,547 Social Integration Program (" PIS ") and Contribution to Social Security Financing (" COFINS ") 4,231 55,385 Taxes withheld 76,520 49,906 Import taxes 13,483 15,189 Others 2,251 48,156 254,455 265,183 Current 142,168 193,588 Non-current 112,287 71,595 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [abstract] | |
PROVISIONS | PROVISIONS 28.1 Accounting policies 28.1.1 Provision for return of aircraft and engines Aircraft and engines held under lease agreements without purchase options have contractual obligations establishing conditions for their return. The Company provides for return costs, since these are present obligations arising from past events and which will generate future disbursements, which are reliably measured. These expenses basically refer to aircraft reconfiguration (interior and exterior), obtaining licenses and technical certifications, verifications of returns, maintenance, painting, etc., as established in the contract. The estimated cost of return is initially recognized at present value as part of the cost of right-of-use assets, and the provision for aircraft return costs is recorded in the “Provisions” account. After initial recognition, the liability is updated according to the capital remuneration rate estimated by the Company, with a corresponding entry recorded in the financial result. Any changes in the estimate of expenses to be incurred are recognized prospectively against the right of use asset or in the statement of operations for the year, if the right-of-use balance is insufficient. 28.1.2 Tax, civil, labor and other risks The Company is party to several legal and administrative proceedings, mainly in Brazil. Assessments of the likelihood of loss in these cases include an analysis of the available evidence, the hierarchy of laws, the available case laws, the most recent court decisions and their significance in the legal system, as well as the assessment of external lawyers. Provisions are revised 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. The Company’s Management believes that the provision for tax, civil and labor risks is sufficient to cover any losses on legal and administrative proceedings. 28.1.3 Post-employment benefits The Company recognizes actuarial liabilities related to health insurance benefits offered to its employees in accordance with IAS 19 – Employee Benefits. Actuarial gains and losses are recognized in other comprehensive income based on the actuarial report prepared by independent experts, while the current service cost and the interest cost are recognized in profit or loss. 28.2 Breakdown of provisions Description Return of aircraft and engines (a) Tax, civil, labor and other risks Onerous contracts Post -employment benefit Total At December 31, 2021 2,241,439 558,982 693,407 5,761 3,499,589 Additions 678,252 181,136 (586,634) 113 272,867 Write-offs (228,034) (179,391) (178,126) — (585,551) Interest incurred 144,563 — 100,975 609 246,147 Effect of change in financial assumptions — — — (888) (888) Effect of plan experience — — — 1,406 1,406 Foreign currency exchange (160,954) — (29,622) — (190,576) At December 31, 2022 2,675,266 560,727 — 7,001 3,242,994 Additions 501,864 216,778 — 115 718,757 Modifications (250,134) — — — (250,134) Write-offs (401,014) (237,313) — — (638,327) Interest incurred 239,078 17,581 — 760 257,419 Benefit paid by the plan — — — (141) (141) Effect of change in financial assumptions — — — (23) (23) Effect of plan experience — — — 2,198 2,198 Foreign currency exchange (191,890) — — — (191,890) At December 31, 2023 2,573,170 557,773 — 9,910 3,140,853 At December 31, 2023 Current 497,525 238,905 — — 736,430 Non-current 2,075,645 318,868 — 9,910 2,404,423 At December 31, 2022 Current 654,897 179,391 — — 834,288 Non-current 2,020,369 381,336 — 7,001 2,408,706 (a) Nominal discount rate 10.7% p.a. (11.2% p.a as of December 31, 2022 .) 28.2.1 Tax, civil, labor and other risks The balances of the proceedings with estimates of probable and possible losses are shown below: Probable loss Possible loss December 31, December 31, Description 2023 2022 2023 2022 Tax 284,638 263,495 432,109 376,510 Civil 131,464 107,980 49,930 57,871 Labor 141,671 121,842 68,789 43,423 Other — 67,410 — — 557,773 560,727 550,828 477,804 28.2.1.1 Tax 28.2.1.1.1 Probable loss The Company discusses the non-application of the additional charge of 1% of COFINS on imports of aircraft, parts and components, in the amount of R$219,695 (as of December 31, 2022 R$209,496). Such classification is due to decisions from higher courts considering the legality of the collection of the additional charge on the imports made by airlines. 28.2.1.1.2 Possible loss In 2022, the Company was assessed by the Federal Revenue Service due to alleged infringement relating to Social Security Contribution on Gross Revenue (payroll tax relief), totaling approximately R$255,042. Tax assessment notices are being discussed at the administrative and judicial levels. The Company has social security distribution in the amount of R$69,768 related to the non-incidence of the Employer's Social Security Contribution on the amounts deducted under private pension and health plan. The discussion is based on the fact that the expenses are not included in the concept of remuneration and, therefore, are not subject to collection. The values are dispersed and it is not possible to highlight any specific process. 28.2.1.2 Civil The Company has civil lawsuits, mainly related to compensation actions in general, such as flight delays and cancellations, lost and damaged luggage, among others. The values are dispersed and it is not possible to highlight any specific process. 28.2.1.3 Labor The Company has labor complaints, mainly related to discussions related to overtime, hazard pay, unhealthy conditions and equal pay. The values are scattered and it is not possible to highlight any specific process. 28.2.1.4 Others The amounts recorded under this heading are related to the contingent liabilities assumed as a result of the business combination with Conecta. During the year ended December 31, 2023, the process was concluded and the Company was ordered to pay R$3,776, so the reversal of R$63,634 was recorded in the statements of operations for the year . 28.2.2 Post-employment benefit Below are the assumptions used to calculate post-employment benefits: December 31, Weighted average of assumptions 2023 2022 Nominal discount rate p.a. 9.92 % 10.96 % Actual discount rate p.a. 5.79 % 5.78 % Estimated inflation rate in the long term p.a. 3.90 % 4.90 % HCCTR – Average nominal inflation rate p.a. 7.02 % 8.05 % HCCTR – Actual nominal inflation rate p.a. 3.00 % 3.00 % Mortality table AT-2000 downrated by 10 % AT-2000 downrated by 10 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS 29.1 Accounting policies Transactions with related parties were entered into in the ordinary course of the Company’s business, at prices, terms and financial charges according to the conditions established between the parties. Such operations include, among other aspects, shared service agreements and loan agreements. 29.2 Related-party transactions 29.2.1 Compensation of key management personnel The Company’s employees are entitled to profit sharing based on certain goals agreed annually. In turn, executives are entitled to bonuses based on statutory provisions proposed by the Board of Directors and approved by the shareholders. The amount of profit sharing is recognized in profit or loss for the year in which the goals are achieved. Key management personnel comprise the directors, officers and members of the Executive Committee and directors. Expenses incurred with remuneration and the respective charges, paid or payable, are shown below: December 31, Description 2023 2022 2021 Short-term benefits 19,429 58,788 30,080 Post-employment benefit 595 — — Share-based payment 63,529 (17,441) 13,042 83,553 41,347 43,122 Stock-based compensation plan, considers stock option plans, RSU and phantom shares. Such plans are expected to be settled in up to eight years and, therefore, and does not represent a cash outflow. 29.3 Technology service sharing contract The Company carried out transactions with Águia Branca Participações S.A., one of its shareholders, for the sharing of information technology resources for an indefinite period. The total amount of services acquired during the year ended December 31, 2023 was R$52 (R$52 as of December 31, 2022), recorded under the line “Other”, in the statements of operations. As of December 31, 2023, there were no amounts to be paid as a result of this transaction. 29.4 Ticket sales contract In March 2018, the Company entered into a ticket sales contract with Caprioli Turismo Ltda., a travel agency owned by the Caprioli family (which holds an indirect stake in the Company through TRIP former shareholders), whereby Caprioli Turismo Ltda. is granted a R$20 credit line for the purchase and resale of tickets for flights operated by the Company. This credit line is guaranteed by a non-interest bearing promissory note in the same amount payable. 29.5 Aircraft sublease The Company signed sublease agreements for three aircraft with Breeze Aviation Group (“Breeze”), an airline founded by the controlling shareholder of Azul, headquartered in the United States. The transaction was voted and approved by 97% of Azul's shareholders at the Extraordinary General Meeting held on March 2, 2020. Following good corporate practices, the controlling shareholder did not participate in the voting. Until December 31, 2023, the operations with Breeze as recorded the following balances: December 31, Creditor Debtor Type of operation 2023 2022 ALAB Breeze Aircraft sublease 30,802 67,056 ALAB Breeze Maintenance reservation refund 3,901 — Breeze ALAB Maintenance reservation refund (19,559) (14,456) December 31, Revenues Expenses Type of operation 2023 2022 ALAB Breeze Interest incurred 5,824 7,589 29.6 Lilium In August 2021, the Company announced plans to make a strategic partnership with Lilium GmbH , a wholly owned subsidiary of Lilium N.V.(“Lilium”), which has ultimately become a related party as the Company’s Board of Directors’ Chairman was elected independent member of Lilium’s Board of Directors. As of December 31, 2023 and 2022, the Company has no outstanding balances with Lilium . 29.7 Azorra In August 2022, the Company made agreements for purchase and sale of aircraft and engines with entities that are part of Azorra Aviation Holdings LLC . (“ Azorra ”) group, which has become a related party as the Company’s Board of Directors’ Chairman was elected independent member of Azorra’s Board of Directors. The transactions between the Company and the Azorra group are shown below: December 31, Creditor Debtor Type of operation 2023 2022 ALAB Azorra Maintenance reserves — 107,286 ALAB Azorra Security deposits 4,643 3,913 Azorra ALAB Leases (302,947) (113,832) Azorra Azul Investments Leases – Notes (74,572) — Azorra Azul Leases – Convertible to equity (102,683) — December 31, Revenues Expenses Type of operation 2023 2022 Azorra ALAB Interest incurred 17,106 10,983 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
EQUITY | EQUITY 30.1 Issued capital Value Quantity Description Company’s capital AFAC (a) Common shares Preferred shares At December 31, 2021 2,290,876 120 928,965,058 333,680,010 Capital payment — (23,065) — — Share-based payment 23,065 23,006 — 1,943,398 At December 31, 2022 2,313,941 61 928,965,058 335,623,408 Capital payment 880 (880) — — Share-based payment — 1,608 — 124,388 At December 31, 2023 2,314,821 789 928,965,058 335,747,796 (a) Advance for future capital increase. As established in the Company’s bylaws, each common share is entitled to one vote. Preferred shares of any class do not have voting rights, however, they do provide their holders with: • Capital repayment priority; • The right to be included in a public offer for the purchase of shares, due to the transfer of control of the Company, under the same conditions and for a price per share equivalent to seventy-five (75) times the price per share paid to the controlling shareholder; • The right to receive amounts equivalent to seventy-five (75) times the price per common share after the division of the remaining assets among the shareholders; and • The right to receive dividends equal to seventy-five (75) times the amount paid to each common share. Company shareholding structure is presented below: December 31, 2023 December 31, 2022 Shareholder Common shares Preferred shares % economic participation Common shares Preferred shares % economic participation David Neeleman 67.0 % 2.2 % 4.5 % 67.0 % 2.2 % 4.5 % Shareholders Trip (a) 33.0 % 4.0 % 5.0 % 33.0 % 4.4 % 5.4 % United Airlines Inc — % 8.0 % 7.8 % — % 8.0 % 7.8 % Blackrock — % 5.0 % 4.8 % — % 5.0 % 4.8 % Others — % 80.7 % 77.8 % — % 80.3 % 77.4 % Treasury shares — % 0.1 % 0.1 % — % 0.1 % 0.1 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (a) This refers to Trip Participações S.A., Trip Investimentos Ltda. and Rio Novo Locações Ltda. The Company is authorized, by resolution of the Board of Directors, to increase the issued capital, regardless of any amendments to bylaws, with the issue of up to 230,000,000 new preferred shares. The Board of Directors will set the conditions for the issue, including price and payment term. 30.2 Treasury shares 30.2.1 Accounting policies Own equity instruments that are acquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of these equity instruments. Any difference between the carrying amount and the fair value, if the share is reissued, is recognized in share premium. 30.2.2 Movement of treasury shares Description Number of shares Amount paid Average cost (in R$) At December 31, 2021 384,529 11,959 31.10 Repurchase 313,102 3,923 12.53 Transfers (347,632) (5,678) — At December 31, 2022 349,999 10,204 29.15 Repurchase 591,866 6,826 11.53 Transfers (441,866) (7,989) — At December 31, 2023 499,999 9,041 18.08 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE 31.1 Accounting policies Basic earnings (loss) per share is calculated by dividing the profit or loss for the year attributed to the Company's controlling shareholders by the weighted average number of all classes of shares outstanding, except treasury shares, during the year. Diluted earnings (loss) per share is calculated by adjusting the weighted average number of shares outstanding, except treasury shares, by instruments potentially convertible into shares. However, due to the losses reported in the years ended December 31, 2023, and 2022, these instruments issued by the company have a non-dilutive effect and therefore were not considered in the total number of shares outstanding to determine the diluted loss per share. Although there are differences between common and preferred shares as to voting and preemptive rights in the event of liquidation, the Company's preferred shares do not grant the right to receive fixed dividends. Preferred shares have economic power and the right to receive dividends 75 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 profit or loss for the year attributable to the controlling shareholders is allocated proportionally in relation to the total economic participation of the amount of common and preferred shares. 31.2 Earnings (loss) per share calculation Years ended December 31, Description 2023 2022 2021 Numerator Loss for the year (2,380,456) (722,367) (4,213,208) Denominator Weighted average number of common shares 928,965,058 928,965,058 928,965,058 Weighted average number of preferred shares 335,145,967 335,291,821 333,286,277 Economic value of preferred shares 75 75 75 Weighted average number of equivalent preferred shares (a) 347,532,168 347,678,022 345,672,478 Weighted average number of equivalent common shares (b) 26,064,912,583 26,075,851,633 25,925,435,858 Weighted average number of presumed conversions 220,081,929 77,059,124 63,296,103 Weighted average number of preferred shares that would have been issued the average share price at the market price 4,041,744 3,290,760 2,711,861 Average share price at market price (in reais) 14.35 18.17 36.87 Basic loss per common share – R$ (0.09) (0.03) (0.16) Diluted loss per common share – R$ (0.09) (0.03) (0.16) Basic loss per preferred share – R$ (6.85) (2.08) (12.19) Diluted loss per preferred share – R$ (6.85) (2.08) (12.19) (a) This refers to the participation in the value of the Company's total equity, calculated as if all 928,965,058 common shares had been converted into 12,386,201 preferred shares at the conversion ratio of 75 common shares for each preferred share. (b) This refers to the participation in the value of the Company's total equity, calculated as if the weighted average of preferred shares had been converted into common shares at the conversion ratio of 75 common shares for each one preferred share. |
Share-Based Payment
Share-Based Payment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE-BASED PAYMENT | SHARE-BASED PAYMENT 32.1 Accounting policies The Company offers executives share-based compensation plans to be settled with Company shares or cash, according to which the Company receives services as consideration. The cost of instruments is measured based on fair value on the date they were granted or at the end of the reporting period for phantom shares. To determine the fair value of purchase options, the Company uses the Black-Scholes model. The cost of transactions settled with equity securities is recognized in profit or loss under “Salaries and benefits”, together with a corresponding increase in the “Capital reserve” or “Salaries and benefits” liability for phantom shares, over the period in which performance and/or service condition are met, ending on the date on which the employee acquires the full right to the award (vesting date) or settlement and cancellation for phantom shares. The outstanding liability is revalued at fair value at the end of the reporting period. 32.2 Compensation plans The Company has three share-based compensation plans: the Stock Option Plan (“Option Plan”), the Restricted Stock Option Plan (“RSU”) and the Stock Purchase Plan ("phantom shares"). All of them aim to stimulate and promote the alignment of the objectives of the Company, shareholders, management and employees, and mitigate the risks in the generation of value of the Company by the loss of its executives, strengthening their commitment and productivity in the long-term results. The movement of the plans is as follows: Number of shares Description Option plan RSU Phantom shares Total At December 31, 2021 3,923,686 1,366,386 5,136,682 10,426,754 Granted 17,089,417 1,006,779 — 18,096,196 Exercised (1,943,398) (479,098) — (2,422,496) Canceled — (98,666) (4,810,210) (4,908,876) At December 31, 2022 19,069,705 1,795,401 326,472 21,191,578 Granted 1,800,000 500,000 — 2,300,000 Exercised (124,388) (609,313) (22,884) (756,585) Canceled (223,633) (142,023) (56,658) (422,314) At December 31, 2023 20,521,684 1,544,065 246,930 22,312,679 December, 31 Description 2023 2022 Share price (in reais) 16.01 11.01 Weighted average price of the stock option (in reais) 12.93 11.84 Weighted average price of the phantom shares (in reais) 10.35 — Cash inflow stock option plan 1,608 23,006 Flat cash inflow of phantom shares 237 — Total obligation related to the phantom shares 1,736 844 Income tax regarding RSU transfer 3,239 1,427 The expenses of share-based compensation plans are shown below: Years ended December, 31 Description 2023 2022 2021 Option plan 61,646 29,368 5,933 RSU 9,093 1,366 15,877 Phantom shares 904 (48,984) (4,630) 71,643 (18,250) 17,180 The reversal of expenses in 2022 and 2021 was due to the reduction in the fair value of shares in these periods. 32.3 Assumptions 32.3.1 Option plan During the third quarter of 2023, the Company granted one program with the following conditions: Date of grant Option exercise price (in R$) Fair value of the option on the grant (in R$) Historical volatility Expected dividend Average risk-free rate of return Exercise rate per tranche Deadline remainder of vesting period (in years) Purchasing period up to (years) Total options granted Total outstanding options Total options available for exercise December 11, 2009 3.42 1.93 47.7 % 1.1 % 8.8 % 25.0 % 0.0 4.0 5,032,800 182,870 182,870 March 24, 2011 6.44 4.16 54.8 % 1.1 % 12.0 % 25.0 % 0.0 4.0 1,572,000 84,000 84,000 April 5, 2011 6.44 4.16 54.8 % 1.1 % 12.0 % 25.0 % 0.0 4.0 656,000 6,200 6,200 June 30, 2014 19.15 11.01 40.6 % 1.1 % 12.5 % 25.0 % 0.0 4.0 2,169,122 708,993 708,993 July 1, 2015 14.51 10.82 40.6 % 1.1 % 15.7 % 25.0 % 0.0 4.0 627,810 177,592 177,592 July 1, 2016 14.50 10.14 43.1 % 1.1 % 12.2 % 25.0 % 0.0 4.0 820,250 280,124 280,124 July 6, 2017 22.57 12.82 43.4 % 1.1 % 10.3 % 25.0 % 0.0 4.0 680,467 442,796 442,796 March 14, 2017 11.85 4.82 50.6 % 1.1 % 11.3 % 20.0 % 0.0 5.0 9,343,510 — — August 8, 2022 11.07 8.10 70.0 % — % 13.0 % 25.0 % 2.6 4.0 1,774,418 1,731,390 439,962 August 8, 2022 11.07 6.40 68.8 % — % 13.2 % 25.0 % 1.6 4.0 1,514,999 1,399,999 669,500 August 19, 2022 11.07 7.39 67.2 % — % 13.6 % 100.0 % 0.0 1.0 4,900,000 4,824,333 4,824,333 August 19, 2022 11.07 11.54 74.6 % — % 12.7 % 33.0 % 3.6 5.0 8,900,000 8,900,000 — July 7, 2023 15.60 10.80 75.4 % — % 11.6 % 25.0 % 3.5 4.0 1,800,000 1,783,387 — 39,791,376 20,521,684 7,816,370 32.3.2 RSU During the third quarter the 2023, the Company granted one program with the following conditions: Date of grant Exercise rate per tranche Fair value of share Remaining term of the vesting period (in years) Purchasing period up to (years) Total Total not July 7, 2019 25.0 % 51.65 0.0 4.0 170,000 — June 19, 2020 25.0 % 21.80 0.4 4.0 1,382,582 255,126 July 7, 2021 25.0 % 42.67 1.5 4.0 300,000 118,661 July 7, 2022 25.0 % 11.72 2.5 4.0 335,593 230,693 July 7, 2022 25.0 % 11.72 2.5 4.0 671,186 444,761 July 7, 2023 25.0 % 19.32 3.5 4.0 500,000 494,824 3,359,361 1,544,065 32.3.3 Phantom shares Date of grant Option exercise price Average fair value of option Historical volatility Expected dividend Average risk-free rate of return Exercise rate per tranche Remaining term of the vesting period Purchasing period up to (years) Total granted Total outstanding Total options available for exercise August 7, 2018 20.43 3.89 74.9 % 0 % 10.0 % 25.0 % 0.0 4.0 707,400 53,520 53,520 July 7, 2019 42.09 1.08 74.9 % 0 % 10.0 % 25.0 % 0.0 4.0 405,000 — — April 30, 2020 10.35 7.87 74.9 % 0 % 10.0 % 33.3 % 0.0 3.0 3,250,000 153,160 153,160 April 30, 2020 10.35 8.60 73.8 % 0 % 9.8 % 25.0 % 0.3 4.0 1,600,000 38,820 38,820 August 17, 2021 33.99 3.46 71.4 % 0 % 9.8 % 25.0 % 1.6 4.0 580,000 1,430 1,430 6,542,400 246,930 246,930 |
Sales Revenue
Sales Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of sales revenue [Abstract] | |
SALES REVENUE | REVENUE 33.1 Accounting policies 33.1.1 Revenue from passenger transport Revenue from passenger transport is recognized when air transportation is actually provided. Tickets sold, but not yet used are recorded as “Air traffic liability and loyalty program” account, net of breakage revenue estimate (note 25). Breakage revenue represents tickets issued that are expected to expire unused, that is, passengers who have purchased tickets and are very likely not to use them. Breakage revenue is estimated using statistical models primarily based on historical data, ticket terms and customers’ travel behavior. Breakage revenue is recognized in proportion to the usage of the related tickets. At least annually, the calculations and the statistical model are reviewed in order to reflect and capture changes in customer behavior regarding ticket expiration. Other revenues that include charter services, flight rescheduling fees, baggage dispatch and other additional services are recognized when the services are rendered. In the loyalty program, customers accumulate points based on the amount spent on air transportation and in accordance with the partners' rules. The amount of points earned depends on the customer's category in the loyalty program, market, fare class and other factors including promotional campaigns. Using historical data, the Company estimates the points that will expire without being used and recognizes the corresponding revenue in the issue of the point (breakage) considering the average exchange term. When the transportation service occurs, the portion of the ticket price allocated to air transportation is recognized as revenue and the portion corresponding to loyalty program points is deferred in accordance with IFRS 15. The Company determines the estimated selling price of the air transportation and points as if each element had been sold on a separate basis and was therefore based on the stand-alone selling price. The Company also sells loyalty program points to customers and partners, including credit card companies, financial institutions and retail companies. The related revenue is deferred and recognized when points are redeemed, based on the weighted average price of points sold. Issued points not yet used are recognized under “Air traffic liability and loyalty program”, until their effective use or expiration. 33.1.2 Other revenue Other revenues mainly include the transportation of cargo and travel packages and are recognized when performance obligations are met. 33.2 Breakdown of revenue Years ended December 31, Description 2023 2022 2021 Passenger revenue 17,229,732 15,020,757 9,101,576 Other revenues 1,487,286 1,513,582 1,301,090 Total 18,717,018 16,534,339 10,402,666 Taxes levied Passenger revenue (2,004) (425,812) (290,532) Other revenues (160,589) (160,460) (136,405) Total taxes (a) (162,593) (586,272) (426,937) Total revenue 18,554,425 15,948,067 9,975,729 (a) As of January 1, 2023, the PIS and COFINS rates on revenues arising from regular passenger air transport activities were reduced to zero, in accordance with Law 14,592/2023. Revenues by geographical location are as follows: Years ended December 31, Description 2023 2022 2021 Domestic revenue 14,675,974 13,013,202 8,849,486 Foreign revenue 3,878,451 2,934,865 1,126,243 Total revenue 18,554,425 15,948,067 9,975,729 |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
FINANCIAL RESULT | FINANCIAL RESULT 34.1 Accounting policies Financial income and expenses include interest income, leases, loans and financing, exchange differences, changes in the fair value of financial assets and liabilities measured at fair value through profit or loss, gains and losses on derivative instruments, commissions and bank charges, among others. Interest income and expenses are recognized in the statement of profit or loss using the effective interest method. 34.2 Breakdown of financial result Consolidated Years ended December, 31 Description 2023 2022 2021 Financial income Interest on short-term investments 91,353 198,290 105,051 Sublease receivables 13,314 60,930 26,846 TAP Bond fair value 66,053 — 15,935 Others 49,421 18,069 6,448 220,141 277,289 154,280 Financial expenses Interest on loans and financing (865,107) (656,326) (420,682) Interest on lease (2,420,557) (2,533,128) (2,433,640) Interest on convertible debt instruments (242,608) (231,103) (201,303) Interest on factoring credit card receivables (334,896) (211,528) (55,395) Interest on provisions (257,419) (246,147) (237,740) Interest on reverse factoring (17,010) (79,460) (18,228) Interest accounts payable and airport taxes and fees (418,066) (282,434) (101,168) Guarantee commission (142,937) (158,651) (109,661) Amortized cost of loans and financing (44,894) (29,075) (38,861) Amortized cost of convertible debt instruments (2,622) (4,533) (3,756) Cost of financial operations (84,453) (69,416) (56,060) TAP Bond fair value (25,736) (181,726) — Debt restructuring (199,635) — — Restructuring of debentures (352,430) — — Others (200,401) (110,255) (161,749) (5,608,771) (4,793,782) (3,838,243) Derivative financial instruments, net (238,458) 958,005 864,184 Foreign currency exchange, net 1,625,064 1,406,566 (1,443,046) Financial result, net (4,002,024) (2,151,922) (4,262,825) |
Risk Management
Risk Management | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
RISK MANAGEMENT | RISK MANAGEMENT 35.1 Accounting policies Operating activities expose the Company to the following financial risks: (i) market risk, related to interest rate, fuel price and exchange rate, (ii) credit risk and (iii) liquidity risk. The risks are monitored by the Company’s management and can be mitigated through the use of swaps, terms and options, interest, in the oil markets and currency . All activities with derivative financial instruments for risk management are carried out by specialists with skill, experience and adequate supervision. It is the Company's policy not to operate transactions for speculative purposes. 35.2 Fair value hierarchy of financial instruments The following hierarchy is used to determine the fair value of financial instruments: Level 1: quoted prices, without adjustment, in active markets for identical assets and liabilities; Level 2: other techniques for which all inputs that have a significant effect on the fair value recorded are directly or indirectly observable; and Level 3: techniques that use data that have a significant effect on the fair value recorded that are not based on observable market data. The fair value hierarchy of the Company's consolidated financial instruments, as well as the comparison between carrying amounts and fair values, are presented below: Carrying amount Fair value December 31, December 31, Description Note Level 2023 2022 2023 2022 Assets Cash and cash equivalents 6 2 1,897,336 668,348 1,897,336 668,348 Long-term investments 7 2 780,312 733,043 780,312 733,043 Derivative financial instruments 23 2 21,909 271,950 21,909 271,950 Liabilities Loans and financing 18 2 (9,698,912) (7,232,699) (9,796,608) (6,187,389) Convertible instruments 20 2 (712,835) (1,286,748) (712,835) (1,286,748) Convertible debt instruments – conversion right 20 2 (488,775) (116,971) (488,775) (116,971) Derivative financial instruments 23 2 (69,745) (244,575) (69,745) (244,575) Financial instruments carried at amortized cost whose fair value is a reasonable approximation of their book value, mainly due to the short maturity of these assets and liabilities, have not been presented above. 35.3 Market risks 35.3.1 Interest rate risk 35.3.1.1 Sensitivity analysis As of December 31, 2023, the Company held financial assets and liabilities linked to various types of rates. In the sensitivity analysis of non-derivative financial instruments, the impact on annual interest was only considered on positions with values exposed to such fluctuations: Consolidated Exposure to CDI Exposure to SOFR Exposure to LIBOR Description Rate (p.a.) December 31, Weighted rate (p.a.) December 31, Weighted rate (p.a.) December 31, Exposed assets (liabilities), net 11.7 % 674,747 5.3 % (423,134) 5.6 % (93,687) Effect on profit or loss Interest rate devaluation by -50% 5.8 % (39,205) 2.7 % 11,297 2.8 % 2,618 Interest rate devaluation by -25% 8.7 % (19,602) 4.0 % 5,648 4.2 % 1,309 Interest rate appreciation by 50% 17.5 % 39,205 8.0 % (11,297) 8.4 % (2,618) Interest rate appreciation by 25% 14.6 % 19,602 6.7 % (5,648) 7.0 % (1,309) Assets and liabilities linked to LIBOR are being reviewed and will be updated using alternative published rates. The Company estimates that the updated cash flows will be economically equivalent to the original ones. 35.3.1 Aircraft fuel price risk (“QAV”) The price of fuel may vary depending on the volatility of the price of crude oil and its derivatives. To mitigate losses linked to variations in the fuel market, the Company had, as of December 31, 2023, forward transactions on fuel (note 23). 35.3.2.1 Sensitivity analysis The following table demonstrates the sensitivity analysis in US dollars of the price fluctuation of QAV liter: Exposure to price Description Average price per liter December 31, 2023 Aircraft fuel 4.85 (5,890,485) Effect on profit or loss Devaluation by -50% 2.43 2,945,243 Devaluation by -25% 3.64 1,472,621 Appreciation by 50% 7.28 (2,945,243) Appreciation by 25% 6.06 (1,472,621) 35.3.1 Foreign exchange risk The foreign exchange risk arises from the possibility of unfavorable exchange differences to which the Company's cash flows are exposed. The equity exposure to the main variations in exchange rates is shown below: Exposure to US$ Exposure to € December 31, December 31, Description 2023 2022 2023 2022 Assets Cash and cash equivalents 82,975 56,487 4,092 8,052 Long-term investments — — 780,312 733,043 Accounts receivable 115,024 166,012 2,876 — Aircraft sublease 30,802 176,053 — — Deposits 2,196,474 2,471,349 — — Other assets 26,207 12,636 — — Total assets 2,451,482 2,882,537 787,280 741,095 Liabilities Loans and financing (8,889,048) (5,879,553) — — Leases (14,043,101) (14,525,385) — — Convertible debt instruments (1,201,610) (1,419,738) — — Accounts payable (2,040,546) (1,031,059) — — Airport taxes and fees (21,994) (20,320) — — Provisions and other liabilities (2,681,857) (3,020,947) — — Total liabilities (28,878,156) (25,897,002) — — Net exposure (26,426,674) (23,014,465) 787,280 741,095 Net exposure in foreign currency (5,458,590) (4,410,845) 147,111 133,066 35.3.3.1 Sensitivity analysis Exposure to US$ Exposure to € Description Closing rate December 31, Closing rate December 31, Exposed assets (liabilities), net 4.8413 (26,426,674) 5.3516 787,280 Effect on profit or loss Foreign currency devaluation by -50% 2.4207 13,213,337 2.6758 (393,640) Foreign currency devaluation by -25% 3.6310 6,606,669 4.0137 (196,820) Foreign currency appreciation by 50% 7.2620 (13,213,337) 8.0274 393,640 Foreign currency appreciation by 25% 6.0516 (6,606,669) 6.6895 196,820 35.4 Credit risk Credit risk is inherent to the Company's operating and financial activities, mainly disclosed in cash and cash equivalents, long-term investments, accounts receivable, aircraft sublease, security deposits and maintenance reserves. Financial assets classified as cash and cash equivalents are deposited with counterparties that have a minimum investment grade rating in the assessment made by agencies S&P Global Ratings, Moody's or Fitch (between AAA and A+). The TAP Bond is guaranteed by intellectual property rights and credits related to the TAP mileage program. Credit limits are established for all customers based on internal classification criteria and the carrying amounts represent the maximum credit risk exposure. Outstanding receivables from customers are frequently monitored by the Company and, when necessary, allowances for expected credit losses are recognized. Derivative financial instruments are contracted on the over-the-counter market (OTC) from counterparties with a minimum investment grade rating, or on commodities and futures exchanges (B3 and NYMEX), which substantially mitigates the credit risk. The Company assesses the risks of counterparties in financial instruments and diversifies its exposure periodically. 35.5 Liquidity risk The maturity schedules of the Company’s consolidated financial liabilities as of December 31, 2023 are as follows: December 31, 2023 Description Carrying amount Contractual cash flows Until 1 year From 2 to 5 years After 5 years Loans and financing 9,698,912 15,035,043 2,068,226 10,066,315 2,900,502 Reverse factoring 290,847 294,164 294,164 — — Leases 15,146,411 25,123,150 3,936,476 13,921,792 7,264,882 Convertible debt instruments 1,201,610 1,883,787 143,109 1,740,678 — Accounts payable 3,598,768 3,988,050 2,370,980 1,138,958 478,112 Airport taxes and fees 1,760,083 2,019,044 759,679 1,259,365 — Derivative financial instruments 69,745 69,745 68,905 840 — 31,766,376 48,412,983 9,641,539 28,127,948 10,643,496 35.6 Capital management The Company seeks capital alternatives in order to satisfy its operational needs, aiming at a capital structure that it considers adequate for the financial costs and the maturity dates of funding and its guarantees. The Company continuously monitors its net indebtedness, see note 2 with details of the Company's actions in the year ended December 31, 2023. |
Non-Cash Transactions
Non-Cash Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Non-cash transaction [Abstract] | |
NON-CASH TRANSACTIONS | NON-CASH TRANSACTIONS December 31, 2023 Description Acquisition of property and equipment Acquisition of capitalized maintenance Acquisition of intangible Maintenance reserves Reverse factoring Loans and financing Sale and leaseback Compensation of sublease Compensation of lease Acquisition of lease Addition the ARO Modification Transfers Total Accounts receivable — — — — — — — — (401,267) — — — 587,157 185,890 Aircraft sublease — — — — — — — (39,505) — — — — — (39,505) Inventories — — — — — — — — — — — — 22,110 22,110 Deposits — — — 116,173 — — — — — — — — (587,157) (470,984) Advances to suppliers — — — — — — — — — — — — (2,783,489) (2,783,489) Property and equipment 208,154 — — — 79,222 (3,845) — (641) 5,052 — — 73,310 361,252 Right-of-use assets — 229,884 — — — — — — — 1,084,930 501,864 987,188 (18,792) 2,785,074 Intangible assets — — 82,712 — — — — — — — — — 192 82,904 Loans and financing — — — — — (79,222) — — — — — — 1,067 (78,155) Leases — — — — — — — 39,505 239,000 (1,137,073) — (1,237,322) (24,207) (2,120,097) Accounts payable (208,154) (229,884) (82,712) (116,173) 391,676 — 3,845 — 38,950 10,785 — — 2,672,703 2,481,036 Reverse factoring — — — — (391,676) — — — — — — — — (391,676) Provisions — — — — — — — — — — (501,864) 250,134 97,819 (153,911) Other assets and liabilities — — — — — — — — 123,958 36,306 — — (40,713) 119,551 — — — — — — — — — — — — — — December 31, 2022 Description Sublease Acquisition of property and equipment Maintenance reserves Reverse factoring Consumption in credit Sale and leaseback Loans and financing Reclassifications Lease Modification Transfers Total Accounts receivable — — — — — — — — (84,429) — 15,537 (68,892) Aircraft sublease (55,948) — — — — — — — (40,586) — — (96,534) Deposits — — 147,416 — — (8,916) 27,792 — — — — 166,292 Inventories — — — — — — — — — — (7,321) (7,321) Advances to suppliers — — — — — — — — — — (687,731) (687,731) Property and equipment — 279,406 — — — 11,150 — — 65,370 — 171,798 527,724 Right-of-use assets 55,948 — — — — — — — 2,378,433 45,481 (159,850) 2,320,012 Loans and financing — — — — — — (27,792) — — — — (27,792) Leases — — — — — — — — (1,640,102) 47,199 — (1,592,903) Accounts payable — (279,406) (147,416) 1,541,948 42,771 (2,234) — 462,485 — — 44,673 1,662,821 Reverse factoring — — — (1,541,948) — — — — — — — (1,541,948) Airport fees — — — — — — — (760,839) — — — (760,839) Taxes — — — — — — — 298,354 — — — 298,354 Provisions — — — — — — — — (678,252) — 406,160 (272,092) Other assets and liabilities — — — — (42,771) — — — — — 216,734 173,963 Result — — — — — — — — (434) (92,680) — (93,114) — — — — — — — — — — — — |
Commitments and Guarantees
Commitments and Guarantees | 12 Months Ended |
Dec. 31, 2023 | |
Capital commitments [abstract] | |
Commitments and Guarantees | COMMITMENTS 37.1 Aircraft acquisition Through contracts with manufacturers and lessors, the Company committed to acquiring certain aircraft, as follows: December,31 Description 2023 2022 Lessors 31 32 Manufacturers 96 112 127 144 The amounts shown below are discounted to present value using the weighted discount rate for lease operations, equivalent to 15.8% (21.0% as of December 31, 2022) and do not necessarily represent a cash outflow, as the Company is evaluating the acquisition of financing to meet these commitments. December 31, Description 2023 2022 2023 — 2,025,240 2024 916,053 1,544,642 2025 1,290,764 1,969,208 2026 4,991,454 2,414,533 2027 4,359,775 1,361,299 After 2027 4,889,906 4,650,961 16,447,952 13,965,883 37.2 Letters of credit The position of the letters of credit in use by the Company follows, for the following purposes: December, 31 2023 2022 Description R$ US$ R$ US$ Security deposits and maintenance reserves 1,979,883 408,957 2,453,336 470,194 Bank guarantees 9,161 — 44,563 — 1,989,044 408,957 2,497,899 470,194 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsequent events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS 38.1 Issuance of debt securities In February 2024, the subsidiary Azul Secured issued additional notes in the principal amount of R$740,585 (equivalent to US$148,700) of the Senior Notes 2028. The additional notes were issued to qualified institutional investors. The net proceeds will be used by the Company for general corporate purposes. 38.2 Renegotiation of lease obligations In February 2024, the Company signed definitive agreements with the lessor of 17 aircraft where it renegotiated a new payment profile and the receipt of part of the debt in Convertible to equity. 38.3 Sublease In February 2024, the Company finalized the sublease agreement for an aircraft, returning to the Company's operations. 38.4 Debentures In March 2024, the Company announced the second issue of simple debentures, not convertible into shares, in the amount of R$250,000, maturing in 2027, quarterly interest of CDI + 6% p.a., without guarantees. |
Material accounting policies (P
Material accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of changes in accounting estimates [abstract] | |
Consolidation | Consolidation The consolidated financial statements include information about the Company and its subsidiaries in which held direct or indirect control. Control of a subsidiary is achieved when Company is exposed, or has rights, to variable returns in such subsidiaries and has the power to influence the investee's operating and financial decisions. The financial statements of the subsidiaries have been prepared using the same accounting policies as the Company. All assets, liabilities, equity, income and expenses related to transactions between related parties are eliminated in full in the consolidation process. |
Impairment | Impairment The Company performs an annual review for impairment indicators in order to assess events or changes in economic, technological, or operating conditions that may indicate that an asset is impaired. The recoverable amount of an asset or cash-generating unit is the higher of its fair value, less costs to sell and its value in use. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, a provision for impairment is set up by adjusting the carrying amount. The previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount. The reversal is limited, so that the carrying amount of the asset does not exceed its recoverable amount, nor does it exceed the carrying amount previously determined, net of depreciation or amortization. In estimating the asset's value in use, estimated future cash flows are discounted to present value, using a pre-tax discount rate that reflects the weighted average cost of capital for the cash-generating unit. |
Disclosure of Accounting Policy for Main accounting estimate Explanatory [Text Block] | Main accounting estimates As disclosed in explanatory note 3, Management makes judgments that have a significant effect on the amounts recognized in the consolidated financial statements, namely: Description Note Provision for impairment of aircraft and engines and onerous contracts 2.3 Provision for losses with maintenance reserves 11 Analysis of the recoverable value of goodwill and slots 17 Revenue from ticket breakage and loyalty programs 25 Provision for return of aircraft and engines 28.1.1 Provision for tax, civil, labor and other risks 28.1.2 The Company continually reviews the assumptions used in its accounting estimates. The effect of revisions to accounting estimates is recognized in the financial statements in the year in which such revisions are made. |
Description of accounting policy for New or amended accounting standards and principles effective in 2023 [Text Block] | New or amended accounting standards and principles effective in 2023 The following accounting standards came into force from January 1, 2023. Standard Amendment Impact IAS 8 Definition of accounting estimates Yes, but no changes IAS 1 and IFRS Practice statement 2 Disclosure of accounting policies Yes, but no changes IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Yes IAS 12 Pillar Two Model Rules No IFRS 17 Insurance contracts No |
Description of Accounting Policy for New or amended accounting standards and principles, effective from 2024 onwards Explanatory [Text Block] | New or amended accounting standards and principles, effective from 2024 onwards The following accounting standards came into force on January 1, 2024 and, in Management's opinion, will not significantly impact the Company's statements of financial position or of operations. Standard Amendment IAS 1 Classification of liabilities as current and non-current and non-current liabilities with covenants IFRS 16 Lease liability in a sale and leaseback IAS 7 and IFRS 7 Disclosures: Supplier finance arrangements IAS 21 The effects of changes in exchange rates |
Foreign currency transactions | Foreign currency transactions Foreign currency transactions are recorded at the exchange rate in effect at the date the transactions take place. Monetary assets and liabilities designated in foreign currency are determined based on the exchange rate in effect on the balance sheet date, and any difference resulting from currency conversion is recorded in the line “Foreign currency exchange, net” in the statement of operations for the year. The exchange rates in Brazilian reais are as follows: Exchange rates Final rate Average rate Year ended December 31, Year ended December 31, Description 2023 2022 Variation 2021 Variation 2023 2022 Variation 2021 Variation U.S. dollar 4.8413 5.2177 (7.2) % 5.5805 (6.5) % 4.9553 5.1655 (4.1) % 5.3956 (4.3) % Euro 5.3516 5.5694 (3.9) % 6.3210 (11.9) % 5.3325 5.4420 (2.0) % 6.3784 (14.7) % |
Taxes Payable (Policies)
Taxes Payable (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Description of accounting policy for taxes payable [Policy Text Block] | Accounting policies Taxes payable represent tax obligations arising from the Company’s operating activities, mainly from the transport of passengers and cargo. |
Operations (Tables)
Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of joint operations [abstract] | |
Schedule of Equity Interest in Subsidiaries of the Company | % Equity interest December 31, Company Type of investment Main activity State Country 2023 2022 Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) Direct Equity holding in other companies George Town Cayman Islands 24.8 % — Azul IP Cayman Ltd. (Azul Cayman) Indirect Intellectual property owner George Town Cayman Islands 100.0 % — IntelAzul S.A. (IntelAzul) Direct Frequent-flyer program São Paulo Brazil 100.0 % 100.0 % Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) Indirect Equity holding in other companies George Town Cayman Islands 25.0 % — Azul Linhas Aéreas Brasileiras S.A. (ALAB) Direct Airline operations São Paulo Brazil 100.0 % 100.0 % Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) Indirect Equity holding in other companies George Town Cayman Islands 25.0 % — Azul Conecta Ltda. (Conecta) Indirect Airline operations São Paulo Brazil 100.0 % 100.0 % ATS Viagens e Turismo Ltda. (Azul Viagens) Indirect Travel packages São Paulo Brazil 99.9 % 99.9 % ATSVP Viagens Portugal, Unipessoal LDA (Azul Viagens Portugal) Indirect Travel packages Lisbon Portugal 100.0 % — Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) Indirect Equity holding in other companies George Town Cayman Islands 25.0 % — Cruzeiro Participações S.A. (Cruzeiro) Indirect Equity holding in other companies São Paulo Brazil 99.9 % 99.9 % Azul Investments LLP (Azul Investments) Indirect Funding Delaware USA 100.0 % 100.0 % Azul SOL LLC (Azul SOL) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Azul Finance LLC (Azul Finance) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Azul Finance 2 LLC (Azul Finance 2) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Blue Sabiá LLC (Blue Sabiá) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Canela Investments LLC (Canela) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Canela Turbo Three LLC (Canela Turbo) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Azul Saira LLC (Azul Saira) Indirect Aircraft financing Delaware USA 100.0 % 100.0 % Azul Secured Finance LLP (Azul Secured) Indirect Funding Delaware USA 100.0 % — Azul Viagens Portugal was incorporated in March 2023, Azul Secured May 2023 and Azul IP Cayman Holdco and Azul IP Cayman in June 2023. |
Net Working Capital and Capit_2
Net Working Capital and Capital Structure (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Working Capital and Capital Structure Abstract [Abstract] | |
Summary Of debt exchanges | Description US$ % exchanged 5.9% Senior notes 2024 331,945 83.0 % 7.3% Senior notes 2026 568,252 94.7 % Total 900,197 90.0 % |
Summary of financial obligations renegotiation | December 31, December 31, Description 2023 2022 Variation 2021 Variation Net working capital (9,704,733) (10,184,169) 479,436 (5,863,917) (4,320,252) Equity (21,327,848) (19,007,500) (2,320,348) (18,333,003) (674,497) The variation in the balance of net working capital, which represents a reduction in the deficit of approximately 4.7%, is specifically a consequence of the debt restructuring actions presented in note 2.1.4. |
Breakdown of balances of provision for impairment and onerous contracts | December 31, Description 2023 2022 Provision for impairment of right-of-use assets — (110,349) Provision for impairment of property and equipment (143,790) (279,077) Total provision for impairment of Company assets (143,790) (389,426) Total (143,790) (389,426) |
Movement of provision for impairment and onerous contracts | Description Impairment of assets Onerous contracts Total At December 31, 2021 (912,154) (693,407) (1,605,561) Reversals 516,157 586,634 1,102,791 Consumption — 178,126 178,126 Interest incurred — (100,975) (100,975) Foreign currency exchange — 29,622 29,622 Transfers 6,571 — 6,571 At December 31, 2022 (389,426) — (389,426) Reversals 245,636 — 245,636 At December 31, 2023 (143,790) — (143,790) |
Declaration of Management, Ba_2
Declaration of Management, Basis of Preparation and Presentation of The Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Basis for preparation and presentation of the financial statements [Abstract] | |
Schedule of reclassifications | December 31, 2022 Statement of financial position As reported Reclassifications Reclassified Assets Prepaid expenses 182,891 (182,891) — Other assets 6,958 182,891 189,849 Non-current assets Prepaid expenses 319,000 (319,000) — Other assets 9,005 319,000 328,005 Liabilities and equity Current assets Loans and financing 1,127,729 (14,789) 1,112,940 Convertible debt instruments — 14,789 14,789 Insurance payable 84,985 (84,985) — Accounts payable 2,432,843 84,985 2,517,828 Reimbursement to customers 13,822 (13,822) — Other liabilities 68,851 13,822 82,673 Non-current assets Loans and financing 7,508,689 (1,388,930) 6,119,759 Convertible debt instruments — 1,388,930 1,388,930 Total 11,754,773 — 11,754,773 December 31, 2022 Statement of Operations As reported Reclassifications Reclassified Rental (203,398) 203,398 — Insurance (81,665) (21,551) (103,216) Other (1,857,578) (181,847) (2,039,425) (2,142,641) — (2,142,641) December 31, 2021 Statement of Operations As reported Reclassifications Reclassified Changes in operating assets and liabilities Insurance — (80,256) (80,256) Other (2,422,799) 80,256 (2,342,543) (2,422,799) — (2,422,799) December 31, 2022 Statement of Cash Flows As reported Reclassifications Reclassified Changes in operating assets and liabilities Prepaid expenses (274,563) 274,563 — Other assets 88,435 (274,563) (186,128) Insurance payable (1,404) 1,404 — Accounts payable 2,275,418 (1,404) 2,274,014 Reimbursement to customers (169,967) 169,967 — Other liabilities 40,948 (169,967) (129,019) Cash flows from investing activities Acquisition of property and equipment (1,252,532) 628,293 (624,239) Acquisition of capitalized maintenance — (628,293) (628,293) Total 706,335 — 706,335 December 31, 2021 Statement of Cash Flows As reported Reclassifications Reclassified Changes in operating assets and liabilities Prepaid expenses (364,107) 364,107 — Advances to suppliers (120,266) 33,330 (86,936) Other assets 79,201 (397,437) (318,236) Insurance payable 40,669 (40,669) — Accounts payable 1,078,643 40,669 1,119,312 Reimbursement to customers (63,507) 63,507 — Airports fees 80,788 (30,419) 50,369 Other liabilities 439,957 (33,088) 406,869 Government installment payment program (7,399) 7,399 — Taxes payable 66,719 (7,399) 59,320 Cash flows from investing activities Cash received in the sale and leaseback operation — 21,256 21,256 Cash flows from financing activities Proceeds from sale and leaseback 21,256 (21,256) — Total 1,251,954 — 1,251,954 |
Material accounting policies (T
Material accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of changes in accounting estimates [abstract] | |
New accounting standards and pronouncements not yet adopted | Standard Amendment IAS 1 Classification of liabilities as current and non-current and non-current liabilities with covenants IFRS 16 Lease liability in a sale and leaseback IAS 7 and IFRS 7 Disclosures: Supplier finance arrangements IAS 21 The effects of changes in exchange rates |
Summary of exchange |rates | Exchange rates Final rate Average rate Year ended December 31, Year ended December 31, Description 2023 2022 Variation 2021 Variation 2023 2022 Variation 2021 Variation U.S. dollar 4.8413 5.2177 (7.2) % 5.5805 (6.5) % 4.9553 5.1655 (4.1) % 5.3956 (4.3) % Euro 5.3516 5.5694 (3.9) % 6.3210 (11.9) % 5.3325 5.4420 (2.0) % 6.3784 (14.7) % |
Operating segments (Tables)
Operating segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of segment | Revenue December 31, 2023 % Air transport 18,374,696 99.0 % Other income 179,729 1.0 % Total 18,554,425 100.0 % |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Weighted average rate p.a. December, 31 Description 2023 2022 Cash and bank deposits 271,857 101,737 Cash equivalents: Bank Deposit Certificate – CDB 100.9 % of CDI 1,354,020 352,971 Repurchase agreements 94.7 % of CDI 268,432 210,443 Time Deposit (a) 3.4 % 2,985 2,616 Others — % 42 581 1,897,336 668,348 (a) Investment in U.S. dollar. |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of short and long term investments [Abstract] | |
Schedule short-term investments measured at fair value through profit or loss | Weighted average December 31, Description Maturity 2023 2022 TAP Bond 7.5 % Sep-26 780,312 733,043 780,312 733,043 |
Accounts Receivables (Tables)
Accounts Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other receivables [abstract] | |
Disclosure of trade and other receivables and allowance for doubtful accounts | December 31, Description 2023 2022 Local currency Credit card companies 498,609 1,109,197 Cargo and travel agencies 282,654 282,438 Travel package financing entities 29,203 135,168 Loyalty program partners 114,932 69,035 Others 40,121 41,973 Total local currency 965,519 1,637,811 Foreign currency Credit card companies 18,556 15,913 Reimbursement receivable for maintenance reserves 57,528 78,801 Airline partner companies 8,612 39,612 Clearinghouse – agencies and cargo 30,533 26,363 Others 55,894 29,582 Total foreign currency 171,123 190,271 Total 1,136,642 1,828,082 Allowance for expected credit losses (27,234) (24,084) Total net 1,109,408 1,803,998 |
Schedule of Aging of Accounts Receivables | The breakdown of accounts receivable by maturity, net of allowance for expected losses, is as follows: December 31, Description 2023 2022 Not past due Up to 30 days 645,669 583,523 31 to 60 days 111,142 177,992 61 to 90 days 45,650 140,758 91 to 180 days 73,458 397,205 181 to 360 days 94,227 344,541 970,146 1,644,019 Past due Up to 30 days 69,913 55,941 31 to 60 days 6,043 9,377 61 to 90 days 46,085 3,313 91 to 180 days 15,769 2,441 181 to 360 days 568 11,334 Over 360 days 884 77,573 139,262 159,979 Total 1,109,408 1,803,998 |
Schedule of Changes in the Allowance for Doubtful Accounts | December 31, Description 2023 2022 Balances at the beginning of the year (24,084) (17,817) Additions (34,183) (17,333) Reversal 29,098 10,750 Write-off of uncollectible amounts 1,935 316 Balances at the end of the year (27,234) (24,084) |
Aircraft sublease (Tables)
Aircraft sublease (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of aircraft sublease receivables [Abstract] | |
Disclosure of maturity analysis of operating lease payments | December 31, Description 2023 2022 2023 — 89,293 2024 15,386 70,396 2025 15,386 50,127 2026 4,001 7,951 Gross sublease 34,773 217,767 Accrued interest (3,971) (25,838) Provision for losses — (15,876) Net sublease 30,802 176,053 Current 14,592 70,193 Non-current 16,210 105,860 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Schedule of Inventories | December 31, Description 2023 2022 Maintenance materials and parts 825,499 741,101 Flight attendance, uniforms and others 21,367 21,922 Provision for losses (47,658) (41,285) Total net 799,208 721,738 |
Schedule of Provision losses on inventories | Set out below is the movement of the provision for losses: December 31, Description 2023 2022 Balances at the beginning of the year (41,285) (38,935) Additions (23,151) (5,652) Reversal 16,778 3,302 Balances at the end of the year (47,658) (41,285) |
Disclosure - Deposits (Tables)
Disclosure - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of security deposits and maintenance reserves [Abstract] | |
Breakdown of security deposits and maintenance reserves | December, 31 Description 2023 2022 Security deposits 418,537 374,960 Maintenance reserves 2,153,310 2,610,943 Total 2,571,847 2,985,903 Provision for loss (278,352) (446,342) Total, net 2,293,495 2,539,561 Current 515,692 1,025,168 Non-current 1,777,803 1,514,393 |
Schedule breakdown of security deposits and maintenance reserves | The movement of security deposits and maintenance reserves is as follows: Description Security deposits Maintenance reserves Total At December 31, 2021 319,530 1,644,889 1,964,419 Additions 123,796 714,079 837,875 Transfers (48,688) (14,847) (63,535) Provision inclusions and (reversals), net — (15,110) (15,110) Use by the lessor — (59,721) (59,721) Foreign currency exchange (19,678) (104,689) (124,367) At December 31, 2022 374,960 2,164,601 2,539,561 Additions 234,972 357,759 592,731 Transfers (169,432) (417,725) (587,157) Provision inclusions and (reversals), net — 135,284 135,284 Use by the lessor — (221,054) (221,054) Foreign currency exchange (21,963) (143,907) (165,870) At December 31, 2023 418,537 1,874,958 2,293,495 Current 64,788 450,904 515,692 Non-current 353,749 1,424,054 1,777,803 At December 31, 2022 Current 77,241 947,927 1,025,168 Non-current 297,719 1,216,674 1,514,393 The movement of the allowance for maintenance reserves losses is as follows: |
Disclosure of breakdown of security | December 31, Description 2023 2022 Balances at the beginning of the year (446,342) (459,643) Additions (44,789) (74,691) Reversals 180,073 59,581 Foreign currency exchange 32,706 28,411 Balances at the end of the year (278,352) (446,342) |
Taxes Recoverable (Tables)
Taxes Recoverable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Taxes Recoverable [Abstract] | |
Taxes recoverable | December 31, Description 2023 2022 Social Integration Program ("PIS") and Contribution to Social Security Financing ("COFINS") 73,029 135,176 Withholding income tax 121,216 39,528 Income taxes 8,315 29,359 Tax on the Circulation of Goods and Services ("ICMS") 19,940 21,661 Others (3,067) 9,167 219,433 234,891 |
ADVANCES TO SUPPLIERS (Tables)
ADVANCES TO SUPPLIERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of breakdown of advances to suppliers | December 31, Description 2023 2022 Local currency 118,442 90,810 Foreign currency 102,609 30,887 221,051 121,697 |
Income tax and contribution (Ta
Income tax and contribution (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Schedule of Breakdown of Deferred Income Tax and Social Contribution | Description December 31, Profit or loss December 31, Deferred tax liability on taxable temporary differences Breakage (176,884) (19,039) (195,923) Foreign currency exchange — (191,219) (191,219) Leases (2,620,461) (414,124) (3,034,585) Others (516) (541) (1,057) (2,797,861) (624,923) (3,422,784) Deferred tax asset on deductible temporary differences 2,797,861 585,397 3,383,258 Total income tax and deferred social contribution — (39,526) (39,526) Provision for deferred taxes — (39,526) (39,526) |
Schedule of Income Tax and Social Contribution | December 31, Description 2023 2022 2021 Loss before income tax and social contribution (2,340,930) (722,367) (4,213,208) Combined nominal tax rate 34 % 34 % 34 % Taxes calculated at nominal rates 795,916 245,605 1,432,491 Adjustments to determine the effective rate Result from investments not taxed abroad 298,972 100,586 — Unrecorded benefit on tax losses and temporary differences (1,189,039) (700,826) (1,593,326) Mark to market of convertible debt instruments (8,584) 176,737 281,932 Permanent differences 43,764 154,669 (116,876) Rate differential 24,377 29,189 — Others (4,932) (5,960) (4,221) (39,526) — — Deferred income tax and social contribution (39,526) — — — — — Effective rate (1.7) % — % — % |
Schedule of Income Tax Losses Offsetting Against Future Taxable Profits | The Company has tax losses that are available indefinitely for offset against 30% of future taxable profits on which deferred tax assets were not recognized as it is not probable that future taxable profits will be available for offset, as below: December 31, Description 2023 2022 2021 Tax loss and negative bases 18,325,916 12,863,038 8,843,805 Tax loss (25%) 4,581,479 3,215,760 2,210,951 Negative social contribution base (9%) 1,649,332 1,157,673 795,942 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Transfers (b) December 31, Cost Aircraft (a) 2,656,771 388,247 (392,148) 21,243 2,674,113 Improvements 524,075 104,167 (97,188) 24,358 555,412 Equipment and facilities 222,482 30,296 (56,968) — 195,810 Others 32,205 2,340 (5,314) — 29,231 Construction in progress 44,243 88,991 (13,984) (23,155) 96,095 Advance payments for acquisition of aircraft 109,487 192,399 — (3,846) 298,040 3,589,263 806,440 (565,602) 18,600 3,848,701 Depreciation Aircraft (a) 9 % (965,066) (230,143) 119,285 — (1,075,924) Improvements 14 % (214,411) (71,643) 97,067 — (188,987) Equipment and facilities 11 % (151,732) (25,139) 56,011 — (120,860) Others 8 % (25,888) (2,715) 5,314 — (23,289) (1,357,097) (329,640) 277,677 — (1,409,060) Property and equipment 2,232,166 476,800 (287,925) 18,600 2,439,641 Impairment (279,077) — 135,287 — (143,790) Total property and equipment, net 1,953,089 476,800 (152,638) 18,600 2,295,851 (a) Includes aircraft, engines, simulators and flight equipment. (b) The transfer balances are between “Property and equipment”, “Right - of - use assets” and “Intangible assets". Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Transfers (b) December 31, Cost Aircraft (a) 2,519,231 815,578 (903,072) 225,034 2,656,771 Improvements 506,678 7,869 (9,213) 18,741 524,075 Equipment and facilities 199,119 18,767 (407) 5,003 222,482 Others 29,905 2,073 (20) 247 32,205 Construction in progress 52,174 47,427 (5,009) (50,349) 44,243 Advance payments for acquisition of aircraft 85,607 23,880 — — 109,487 3,392,714 915,594 (917,721) 198,676 3,589,263 Depreciation Aircraft (a) 9 % (811,322) (223,828) 108,911 (38,827) (965,066) Improvements 10 % (174,092) (48,399) 8,080 — (214,411) Equipment and facilities 11 % (129,236) (22,721) 225 — (151,732) Others 12 % (22,400) (3,492) 4 — (25,888) (1,137,050) (298,440) 117,220 (38,827) (1,357,097) Property and equipment 2,255,664 617,154 (800,501) 159,849 2,232,166 Impairment (294,490) — 15,413 — (279,077) Total property and equipment, net 1,961,174 617,154 (785,088) 159,849 1,953,089 (a) Includes aircraft, engines, simulators and flight equipment. (b) |
Right-of-use Assets (Tables)
Right-of-use Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Schedule of Right-of-use Assets | Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Modifications Transfers (b) December 31, Cost Aircraft (a) 12,753,324 1,063,167 (833,855) 1,281,755 15,548 14,279,939 Maintenance of aircraft and engines 1,938,788 568,874 (892,072) (30,128) (33,426) 1,552,036 Restoration of aircraft and engines 1,819,438 501,864 (455,967) (165,725) — 1,699,610 Others 226,621 21,763 — 76,266 — 324,650 16,738,171 2,155,668 (2,181,894) 1,162,168 (17,878) 17,856,235 Depreciation Aircraft (a) 8 % (7,228,226) (958,351) 769,937 — (914) (7,417,554) Maintenance of aircraft and engines 17 % (1,159,612) (327,401) 870,634 — — (616,379) Restoration of aircraft and engines 31 % (628,522) (557,984) 455,967 29,038 — (701,501) Others 22 % (58,914) (50,329) — — — (109,243) (9,075,274) (1,894,065) 2,096,538 29,038 (914) (8,844,677) Right-of-use assets 7,662,897 261,603 (85,356) 1,191,206 (18,792) 9,011,558 Impairment (110,349) — 110,349 — — — Right-of-use assets, net 7,552,548 261,603 24,993 1,191,206 (18,792) 9,011,558 (a) Includes aircraft, engines, and simulators. (b) The balances of transfers are between “Property and equipment”, “Right-of-use assets” and “Intangible assets”. Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Modifications Transfers (b) December 31, Cost Aircraft (a) 11,476,271 1,436,969 (66,458) 49,271 (142,729) 12,753,324 Maintenance of aircraft and engines 1,542,856 628,293 (209,458) (15,242) (7,661) 1,938,788 Restoration of aircraft and engines 1,387,738 678,685 (246,985) — — 1,819,438 Others 89,226 193,359 (67,416) 11,452 — 226,621 14,496,091 2,937,306 (590,317) 45,481 (150,390) 16,738,171 Depreciation Aircraft (a) 7 % (6,438,766) (847,541) 19,254 — 38,827 (7,228,226) Maintenance of aircraft and engines 20 % (1,052,190) (313,613) 206,191 — — (1,159,612) Restoration of aircraft and engines 34 % (380,649) (468,050) 220,177 — — (628,522) Others 44 % (19,240) (39,674) — — — (58,914) (7,890,845) (1,668,878) 445,622 — 38,827 (9,075,274) Right-of-use assets 6,605,246 1,268,428 (144,695) 45,481 (111,563) 7,662,897 Impairment (605,651) — 488,731 — 6,571 (110,349) Right-of-use assets, net 5,999,595 1,268,428 344,036 45,481 (104,992) 7,552,548 (a) Includes aircraft, engines, and simulators. (b) The balances of transfers are between “Aircraft sublease”, “Property and equipment”, “Right-of-use assets”, “Intangible assets” and “Other assets”. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible assets and goodwill [abstract] | |
Schedule of rollforward of intangible assets | Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs Transfers (a) December 31, Cost Goodwill — 901,417 — — — 901,417 Slots — 126,547 — — — 126,547 Software — 946,516 251,683 (422,080) 192 776,311 1,974,480 251,683 (422,080) 192 1,804,275 Amortization Software 19 % (547,957) (182,264) 389,193 — (341,028) (547,957) (182,264) 389,193 — (341,028) Total intangible assets, net 1,426,523 69,419 (32,887) 192 1,463,247 (a) The balances of transfers are between “Property and equipment”, “Right-of-use assets”, and "Intangible assets”. Description Weighted average rate (p.a.) December 31, Acquisitions Write-offs December 31, Cost Goodwill 901,417 — — 901,417 Slots 126,547 — — 126,547 Software 748,049 198,525 (58) 946,516 1,776,013 198,525 (58) 1,974,480 Amortization Software 17 % (417,975) (129,982) — (547,957) (417,975) (129,982) — (547,957) Total intangible assets, net 1,358,038 68,543 (58) 1,426,523 |
Disclosure of intangible assets with indefinite useful life | December 31, Description 2023 2022 Carrying amount – Goodwill and slots 1,027,964 1,027,964 |
Loans and financing (Tables)
Loans and financing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of Loans and Financing | Description Average nominal rate p.a. Effective rate Maturity December 31, Funding Transfers (a) Payment of principal Payment of interest Interest incurred Foreign currency exchange Effects of restriction (b) Amortized cost December 31, Principal payable Interest Payable Amortized cost December 31, In foreign currency – US$ Senior notes – 2024 5.9 % 6.3 % Oct-24 2,097,402 — (1,596,972) — (92,985) 76,569 (157,024) 1,212 3,897 332,099 329,472 3,441 (814) 332,099 Senior notes – 2026 7.3 % 7.8 % Jun-26 3,095,665 — (2,725,010) — (126,950) 121,218 (253,595) 34,278 6,966 152,572 153,701 464 (1,593) 152,572 Senior notes – 2028 11.9 % 13.5 % Aug-28 — 3,643,382 186,005 — (173,450) 218,885 31,138 — 16,771 3,922,731 4,051,093 42,960 (171,322) 3,922,731 Senior notes – 2029 11.5 % 11.5 % May-29 — — 1,410,967 (277,961) (52,893) 65,165 20,267 — — 1,165,545 1,153,751 11,794 — 1,165,545 Senior notes – 2030 10.9 % 10.9 % May-30 — — 2,725,010 — (112,453) 140,308 24,648 — — 2,777,513 2,750,921 26,592 — 2,777,513 Aircraft, engines and others 6.5 % 9.3 % Mar-29 731,224 — (1,067) (402,994) (42,727) 47,720 (53,401) — 5,524 284,279 283,965 1,808 (1,494) 284,279 Sofr 1M + 4.6% 10.0 % May-26 — 79,222 — — — 196 (332) — — 79,086 78,890 196 — 79,086 5,924,291 3,722,604 (1,067) (680,955) (601,458) 670,061 (388,299) 35,490 33,158 8,713,825 8,801,793 87,255 (175,223) 8,713,825 In local currency – R$ Working capital CDI + 3.1 % CDI +3,1 % Feb-24 496,997 301,098 — (770,795) (59,807) 58,454 — — 1,544 27,491 27,190 301 — 27,491 Sep-25 2,675 — — (546) (155) 183 — — — 2,157 2,157 — — 2,157 — Debentures CDI + 5.4 % 16.3 % Dec-28 747,170 585,661 — (431,530) (123,907) 131,629 — — 10,049 919,072 913,521 28,409 (22,858) 919,072 — Aircraft, engines and others Selic +5.5 % 17.4 % May-25 19,284 — — (4,697) (4,714) 2,868 — — 30 12,771 12,851 — (80) 12,771 6.3 % 6.3 % Mar-27 42,282 — — (18,600) (2,111) 1,912 — — 113 23,596 23,596 — — 23,596 — 1,308,408 886,759 — (1,226,168) (190,694) 195,046 — — 11,736 985,087 979,315 28,710 (22,938) 985,087 Total in R$ 7,232,699 4,609,363 (1,067) (1,907,123) (792,152) 865,107 (388,299) 35,490 44,894 9,698,912 9,781,108 115,965 (198,161) 9,698,912 Current 1,112,940 1,100,051 1,100,051 Non-current 6,119,759 8,598,861 8,598,861 (a) The balance of transfers are between “Loans and financing” and “Leases”. (b) Refers mainly to the acceleration of the amortization of funding costs considered extinguished in accordance with the requirements of paragraph 3.3.2 of IFRS 9 – Financial instruments, which determines that a substantial modification of the terms of a debt instrument, or a portion thereof, will be accounted for with an extinguishment of such instrument. Description Average nominal rate p.a. Effective rate Maturity December 31, Funding Payment of principal Payment of interest Interest incurred Foreign currency exchange Amortized cost December 31, 2022 Principal payable Interest accrued Amortized cost December 31, 2022 In foreign currency – US$ Senior notes – 2024 5.9 % 6.3 % Oct-24 2,236,910 — — (120,924) 120,487 (146,308) 7,237 2,097,402 2,087,079 21,798 (11,475) 2,097,402 Senior notes – 2026 7.3 % 7.8 % Jun-26 3,298,018 — — (227,525) 222,675 (208,927) 11,424 3,095,665 3,130,620 9,457 (44,412) 3,095,665 Aircraft and engines 6.0 % 9.3 % Mar-29 1,096,955 — (306,668) (43,061) 52,940 (74,467) 5,525 731,224 733,697 4,669 (7,142) 731,224 Libor 3M + 2.6 % Libor 3M + 2.6 % Mar-22 1,561 — (1,428) — 6 (139) — — — — — — 6,633,444 — (308,096) (391,510) 396,108 (429,841) 24,186 5,924,291 5,951,396 35,924 (63,029) 5,924,291 In local currency – R$ Working capital CDI +3.9 % 18.6 % Feb-24 643,699 227,467 (369,623) (108,887) 104,030 — 311 496,997 495,631 1,798 (432) 496,997 2.9 % 2.9 % Sep-25 23,202 — (20,728) (1,031) 1,232 — — 2,675 2,648 27 — 2,675 Debentures (a) CDI + 5.0 % 16.3 % Dec-27 733,017 (12,308) (74,056) (50,908) 147,029 — 4,396 747,170 694,921 70,820 (18,571) 747,170 Aircraft and engines Selic + 5.5 % 17.4 % May-25 28,038 — (8,350) (4,374) 3,910 — 60 19,284 19,386 18 (120) 19,284 6.2 % CDI + 6.2 % Mar-27 84,330 — (42,324) (3,863) 4,017 — 122 42,282 42,397 7 (122) 42,282 1,512,286 215,159 (515,081) (169,063) 260,218 — 4,889 1,308,408 1,254,983 72,670 (19,245) 1,308,408 Total in R$ 8,145,730 215,159 (823,177) (560,573) 656,326 (429,841) 29,075 7,232,699 7,206,379 108,594 (82,274) 7,232,699 Current 984,266 1,112,940 1,112,940 Non-current 7,161,464 6,119,759 6,119,759 (a) The amount of R$12,308 refers to costs to be amortized due to the renegotiation of the debentures. 18.3 Schedule of amortization of long-term debt December 31, Description 2023 2022 2023 — 1,112,940 2024 1,100,051 2,397,036 2025 222,201 234,919 2026 355,930 3,306,081 2027 116,146 172,205 After 2027 7,904,584 9,518 9,698,912 7,232,699 Current 1,100,051 1,112,940 Non-current 8,598,861 6,119,759 |
Summary of debt exchange | Description Total principal amount offered for exchange US$ % exchanged 5.9% Senior notes 2024 331,945 83.0 % 7.3% Senior notes 2026 568,252 94.7 % Total 900,197 90.0 % |
Covenants | As of December 31, 2023, the Company has loans and financing subject to covenants related to the indebtedness level and the debt service coverage ratio. Covenant related to: Restrictive clause Frequency of measurement Indicators for the measurement Reached 9th and 10th issue of debentures Annual (i) Adjusted debt service coverage ratio (DSCR). (i) equal to or greater than 1.2 (ii) less than or equal to 6.5 in 2023; 5.0 in 2024 and 2025; and 4.5 in 2026 and 2027. Waiver 11th issue of debentures Annual (i) index obtained by adjusted net debt/adjusted EBITDA. (i) financial leverage less than or equal to 3.75%.as of December 31, 2023 Reached Aircraft financing Annual (i) Adjusted debt service coverage ratio (DSCR); and (i) equal to or greater than 1.2; and (ii) less than or equal to 6.5. Waiver Engine maintenance financing Quarterly/Annual (i) Adjusted debt service coverage ratio (DSCR); and (i) equal to or greater than 1.2; and (ii) less than or equal to 5.5. Waiver |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lease liabilities [abstract] | |
Schedule of lease renegotiations | December 31, Description 2023 2022 Leases 12,455,827 14,582,833 Leases – Notes 1,030,845 — Leases – Convertible to equity 1,659,739 — 15,146,411 14,582,833 Current liabilities 3,687,392 4,025,948 Non-current assets 11,459,019 10,556,885 |
Rollforward of lease liabilities | Description Average remaining term Weighted average rate December 31, Additions Modifications Payments Interest incurred Transfers (b) Write-offs Foreign currency exchange December 31, Lease without purchase option: Aircraft (a) 8.1 16.3 % 13,585,810 1,086,943 1,090,251 (2,834,794) 2,209,708 (2,544,154) (103,107) (922,775) 11,567,882 Others 4.6 10.3 % 185,527 21,763 76,266 (55,934) 19,194 — — (9,562) 237,254 Lease with purchase option: Aircraft (a) 5.0 13.8 % 811,496 — 70,806 (192,819) 99,766 (90,815) — (47,743) 650,691 Total 14,582,833 1,108,706 1,237,323 (3,083,547) 2,328,668 (2,634,969) (103,107) (980,080) 12,455,827 Current 4,025,948 3,349,056 Non-current 10,556,885 9,106,771 (a) Includes aircraft, engines, and simulators. (b) The transfer balances are between “Loans and financing”, “Leases”; “Leases: Notes and Convertible to equity”; “Accounts payable” and “Other liabilities”. Description Average remaining term Weighted average rate December 31, Additions Modifications Payments Interest incurred Write-offs Foreign currency exchange December 31, 2022 Lease without purchase option: Aircraft (a) 7.6 21.3 % 13,724,647 1,507,577 55,342 (3,220,152) 2,400,049 (1,123) (880,530) 13,585,810 Other 4.9 9.8 % 71,869 193,360 11,452 (38,031) 15,798 (67,416) (1,505) 185,527 Lease with purchase option: Aircraft (a) 5.8 18.5 % 1,094,059 113,231 (113,993) (345,503) 117,281 — (53,579) 811,496 Total 14,890,575 1,814,168 (47,199) (3,603,686) 2,533,128 (68,539) (935,614) 14,582,833 Current 3,497,665 4,025,948 Non-current 11,392,910 10,556,885 (a) Includes aircraft, engines, and simulators. 19.4 Leases – Notes Description Average remaining term Weighted average rate December,31 2022 Additions Interest incurred Transfers (a) Foreign currency exchange December 31, 2023 Financing with lessors – Notes 6.5 14.8 % — 11,097 36,292 1,018,404 (34,948) 1,030,845 Total — 11,097 36,292 1,018,404 (34,948) 1,030,845 Current — 121,948 Non-current — 908,897 (a) The transfer balances are between “Leases” and “Leases: Notes and Convertible to equity”. 19.5 Leases – Convertible to equity Description Average remaining term Weighted average rate December,31 2022 Additions Interest incurred Transfers (a) Foreign currency exchange December,31 2023 Financing with lessors – Convertible to equity 3.6 14.6 % — 17,270 55,597 1,640,771 (53,899) 1,659,739 Total — 17,270 55,597 1,640,771 (53,899) 1,659,739 Current — 216,388 Non-current — 1,443,351 (a) The transfer balances are between “Leases” and “Leases: Notes and Convertible to equity”. |
Schedule of lease amortization | December 31, Description 2023 2022 2023 — 4,387,911 2024 3,570,147 4,162,958 2025 2,851,258 3,579,587 2026 2,615,718 3,237,509 2027 2,226,313 2,909,201 After 2027 9,594,071 8,512,031 Minimum lease payments 20,857,507 26,789,197 Financial charges (8,401,680) (12,206,364) Present value of minimum lease payments 12,455,827 14,582,833 Current 3,349,056 4,025,948 Non-current 9,106,771 10,556,885 19.7 Schedule of amortization of leases – Notes Description December 31, 2023 2024 130,432 2025 103,883 2026 103,883 2027 103,883 After 2027 1,644,823 Minimum lease payments 2,086,904 Financial charges (1,056,059) Present value of minimum lease payments 1,030,845 Current 121,948 Non-current 908,897 There were no comparative balances as of December 31, 2022. 19.8 Schedule of amortization of Leases – Convertible to equity Description December 31, 2023 2024 235,897 2025 726,247 2026 726,247 2027 490,348 Minimum lease payments 2,178,739 Financial charges (519,000) Present value of minimum lease payments 1,659,739 Current 216,388 Non-current 1,443,351 There were no comparative balances as of December 31, 2022. |
Covenants | As of December 31, 2023, the Company has lease liabilities subject to covenants related to the indebtedness level and the debt service coverage ratio. Covenant related to: "Indicators for the measurement" Frequency of measurement Required Reached Aircraft financing Annual (i) Adjusted debt service coverage ratio (DSCR); and (i) equal to or greater than 1.2; and (ii) less than or equal to 5.5. Waiver |
Convertible Instruments (Tables
Convertible Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of convertible instruments | Description Average nominal rate p.a. Effective rate (a) Maturity December 31, 2022 Variation of conversion right Payment of principal Payment of interest Interest incurred Foreign currency exchange Restructuring result Amortized cost December 31, 2023 In foreign currency – US$ Debentures 12.3 % 12.3 % Oct-28 1,403,719 25,249 (542,496) (100,928) 242,608 (62,232) 233,068 2,622 1,201,610 Total in R$ 1,403,719 25,249 (542,496) (100,928) 242,608 (62,232) 233,068 2,622 1,201,610 Current 14,789 25,807 Non-current 1,388,930 1,175,803 (a) Does not consider the conversion right. Description Average nominal rate p.a. Effective rate (a) Maturity December 31, 2021 Variation of conversion right Payment of interest Interest incurred Foreign currency exchange Amortized cost December 31, 2022 In foreign currency – US$ Debentures 6.0 % a 7.5 % 6.6 % Oct-25 1,873,001 (519,815) (105,891) 231,103 (79,212) 4,533 1,403,719 Total in R$ 1,873,001 (519,815) (105,891) 231,103 (79,212) 4,533 1,403,719 Current 39,124 14,789 Non-current 1,833,877 1,388,930 (a) Does not consider the conversion right. 20.4 Schedule of amortization Description December 31, 2023 December 31, 2022 2023 — 14,789 2024 25,807 — 2025 — 1,388,930 After 2026 1,175,803 — 1,201,610 1,403,719 Current 25,807 14,789 Non-current 1,175,803 1,388,930 |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
Summary of accounts payable | December 31, Description 2023 2022 Accounts payable 3,077,225 3,034,799 Accounts payable – Notes 401,702 — Accounts payable – Convertible to equity 119,841 — 3,598,768 3,034,799 Current 2,277,841 2,517,828 Non-current 1,320,927 516,971 21.3 Movement of accounts payable 21.3.1 Accounts payable – Notes Description December 31, 2022 Addition Interest incurred Foreign currency exchange December 31, 2023 Financing with accounts payable – Notes — 401,824 8,357 (8,479) 401,702 Total — 401,824 8,357 (8,479) 401,702 Current — 11,624 Non-current — 390,078 21.3.2 Accounts payable – Convertible to equity Description December 31, 2022 Addition Interest incurred Foreign currency exchange December 31, 2023 Financing with accounts payable – Convertible to equity — 118,809 3,347 (2,315) 119,841 Total — 118,809 3,347 (2,315) 119,841 Non-current — 119,841 |
Reserve Factoring (Tables)
Reserve Factoring (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Factoring [Abstract] | |
Schedule of forfaiting operations | Description Consolidated At December 31, 2021 3,694 Addition 1,541,948 Interest incurred 79,460 Interest paid (53,476) Payment (818,274) At December 31, 2022 753,352 Addition 391,676 Interest incurred 17,010 Interest paid (39,714) Payment (831,477) At December 31, 2023 290,847 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Table) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of changes in fair value | Changes in fair value Interest rate swap Forward – fuel Option fuel Forward – foreign currency Conversion right debentures Total At December 31, 2021 (213,257) 9,383 — 270,640 (636,786) (570,020) Gains (losses) recognized in result 33,519 440,065 — (35,394) 519,815 958,005 Payment (receipts) 568 (478,149) — — — (477,581) At December 31, 2022 (179,170) (28,701) — 235,246 (116,971) (89,596) Gains (losses) recognized in result (34,075) (168,378) 13,796 (24,552) (25,249) (238,458) Payments (receipts) 213,245 136,977 (1,530) (210,694) — 137,998 Restructuring (b) — — — — (346,555) (346,555) At December 31, 2023 — (60,102) 12,266 — (488,775) (536,611) Rights with current derivative financial instruments — 757 21,152 — — 21,909 Obligations with current derivative financial instruments — (60,019) (8,886) — — (68,905) Obligations with non-current derivative financial instruments — (840) — — — (840) Non-current convertible instruments — — — — (488,775) (488,775) — (60,102) 12,266 — (488,775) (536,611) . (a) Refers to the effects of the extinction and reconstitution of the conversion right. Changes in fair value Options – foreign currency Interest rate swap Forward – fuel Forward – foreign currency Conversion right (debentures) Total Rights (obligations) with derivatives at December 31, 2020 8,947 (269,491) (81,274) 349,093 (1,465,999) (1,458,724) Gains (losses) recognized in result (10,222) 48,571 75,075 (78,453) 829,213 864,184 Payment in cash 1,275 7,663 15,582 — — 24,520 Rights (obligations) with derivatives at December 31, 2021 — (213,257) 9,383 270,640 (636,786) (570,020) Rights with current derivative financial instruments — 73,794 9,383 — — 83,177 Rights with non-current derivative financial instruments — — — 270,640 — 270,640 Obligations with current derivative financial instruments — (77,509) — — — (77,509) Obligations with non-current derivative financial instruments — (209,542) — — — (209,542) Long-term loans and financing — — — — (636,786) (636,786) — (213,257) 9,383 270,640 (636,786) (570,020) |
Airport taxes and fees (Tables)
Airport taxes and fees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Airport taxes and fees abstract [Abstract] | |
Break down of airport taxes and fees | December, Description 2023 2022 Airport fees 1,490,514 1,087,232 Boarding tax 248,689 213,093 Others 20,880 34,444 1,760,083 1,334,769 Current 588,404 831,897 Non-current 1,171,679 502,872 |
Air traffic liability and Loy_2
Air traffic liability and Loyalty Program (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Air traffic liability [Abstract] | |
Schedule of Air Traffic Liability | December 31, Description 2023 2022 Air traffic liability and loyalty program 5,782,121 4,660,271 Breakage (576,245) (520,246) 5,205,876 4,140,025 Average use term (a) 56 days 48 days |
Salaries and Benefits (Tables)
Salaries and Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure Of Attribution Of Salaries And Wages | December,31 Description 2023 2022 Short-term benefits 473,060 478,568 Share-based payment 1,737 844 474,797 479,412 |
Taxes Payable (Tables)
Taxes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of breakdown of taxes payable | December 31, Description 2023 2022 Government installment payment program federal 157,970 96,547 Social Integration Program (" PIS ") and Contribution to Social Security Financing (" COFINS ") 4,231 55,385 Taxes withheld 76,520 49,906 Import taxes 13,483 15,189 Others 2,251 48,156 254,455 265,183 Current 142,168 193,588 Non-current 112,287 71,595 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Provisions [abstract] | |
Schedule of Changes in Taxes, Civil and Labor Provisions | Description Return of aircraft and engines (a) Tax, civil, labor and other risks Onerous contracts Post -employment benefit Total At December 31, 2021 2,241,439 558,982 693,407 5,761 3,499,589 Additions 678,252 181,136 (586,634) 113 272,867 Write-offs (228,034) (179,391) (178,126) — (585,551) Interest incurred 144,563 — 100,975 609 246,147 Effect of change in financial assumptions — — — (888) (888) Effect of plan experience — — — 1,406 1,406 Foreign currency exchange (160,954) — (29,622) — (190,576) At December 31, 2022 2,675,266 560,727 — 7,001 3,242,994 Additions 501,864 216,778 — 115 718,757 Modifications (250,134) — — — (250,134) Write-offs (401,014) (237,313) — — (638,327) Interest incurred 239,078 17,581 — 760 257,419 Benefit paid by the plan — — — (141) (141) Effect of change in financial assumptions — — — (23) (23) Effect of plan experience — — — 2,198 2,198 Foreign currency exchange (191,890) — — — (191,890) At December 31, 2023 2,573,170 557,773 — 9,910 3,140,853 At December 31, 2023 Current 497,525 238,905 — — 736,430 Non-current 2,075,645 318,868 — 9,910 2,404,423 At December 31, 2022 Current 654,897 179,391 — — 834,288 Non-current 2,020,369 381,336 — 7,001 2,408,706 (a) Nominal discount rate 10.7% p.a. (11.2% p.a as of December 31, 2022 .) |
Schedule of Provision for tax civil and labor risks | The balances of the proceedings with estimates of probable and possible losses are shown below: Probable loss Possible loss December 31, December 31, Description 2023 2022 2023 2022 Tax 284,638 263,495 432,109 376,510 Civil 131,464 107,980 49,930 57,871 Labor 141,671 121,842 68,789 43,423 Other — 67,410 — — 557,773 560,727 550,828 477,804 |
Schedule of sensitivity analysis for actuarial assumptions | Below are the assumptions used to calculate post-employment benefits: December 31, Weighted average of assumptions 2023 2022 Nominal discount rate p.a. 9.92 % 10.96 % Actual discount rate p.a. 5.79 % 5.78 % Estimated inflation rate in the long term p.a. 3.90 % 4.90 % HCCTR – Average nominal inflation rate p.a. 7.02 % 8.05 % HCCTR – Actual nominal inflation rate p.a. 3.00 % 3.00 % Mortality table AT-2000 downrated by 10 % AT-2000 downrated by 10 % |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [table] | |
Schedule of Compensation for Key Management Personnel | Key management personnel comprise the directors, officers and members of the Executive Committee and directors. Expenses incurred with remuneration and the respective charges, paid or payable, are shown below: December 31, Description 2023 2022 2021 Short-term benefits 19,429 58,788 30,080 Post-employment benefit 595 — — Share-based payment 63,529 (17,441) 13,042 83,553 41,347 43,122 Stock-based compensation plan, considers stock option plans, RSU and phantom shares. Such plans are expected to be settled in up to eight years and, therefore, and does not represent a cash outflow. |
Azorra Aviation Holdings LLC [Member] | |
Disclosure of transactions between related parties [table] | |
Schedule of Aircraft sublease | December 31, Creditor Debtor Type of operation 2023 2022 ALAB Azorra Maintenance reserves — 107,286 ALAB Azorra Security deposits 4,643 3,913 Azorra ALAB Leases (302,947) (113,832) Azorra Azul Investments Leases – Notes (74,572) — Azorra Azul Leases – Convertible to equity (102,683) — December 31, Revenues Expenses Type of operation 2023 2022 Azorra ALAB Interest incurred 17,106 10,983 |
Breeze Aviation Group | |
Disclosure of transactions between related parties [table] | |
Schedule of Aircraft sublease | December 31, Creditor Debtor Type of operation 2023 2022 ALAB Breeze Aircraft sublease 30,802 67,056 ALAB Breeze Maintenance reservation refund 3,901 — Breeze ALAB Maintenance reservation refund (19,559) (14,456) December 31, Revenues Expenses Type of operation 2023 2022 ALAB Breeze Interest incurred 5,824 7,589 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Schedule of Issued Capital and Authorized Shares, All Registered and Without Par Value | Value Quantity Description Company’s capital AFAC (a) Common shares Preferred shares At December 31, 2021 2,290,876 120 928,965,058 333,680,010 Capital payment — (23,065) — — Share-based payment 23,065 23,006 — 1,943,398 At December 31, 2022 2,313,941 61 928,965,058 335,623,408 Capital payment 880 (880) — — Share-based payment — 1,608 — 124,388 At December 31, 2023 2,314,821 789 928,965,058 335,747,796 (a) Advance for future capital increase. |
Company shareholding structure | Company shareholding structure is presented below: December 31, 2023 December 31, 2022 Shareholder Common shares Preferred shares % economic participation Common shares Preferred shares % economic participation David Neeleman 67.0 % 2.2 % 4.5 % 67.0 % 2.2 % 4.5 % Shareholders Trip (a) 33.0 % 4.0 % 5.0 % 33.0 % 4.4 % 5.4 % United Airlines Inc — % 8.0 % 7.8 % — % 8.0 % 7.8 % Blackrock — % 5.0 % 4.8 % — % 5.0 % 4.8 % Others — % 80.7 % 77.8 % — % 80.3 % 77.4 % Treasury shares — % 0.1 % 0.1 % — % 0.1 % 0.1 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % (a) This refers to Trip Participações S.A., Trip Investimentos Ltda. and Rio Novo Locações Ltda. |
Schedule of Treasury Shares | Description Number of shares Amount paid Average cost (in R$) At December 31, 2021 384,529 11,959 31.10 Repurchase 313,102 3,923 12.53 Transfers (347,632) (5,678) — At December 31, 2022 349,999 10,204 29.15 Repurchase 591,866 6,826 11.53 Transfers (441,866) (7,989) — At December 31, 2023 499,999 9,041 18.08 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Schedule of Income or Loss Per Common and Preferred Share | Years ended December 31, Description 2023 2022 2021 Numerator Loss for the year (2,380,456) (722,367) (4,213,208) Denominator Weighted average number of common shares 928,965,058 928,965,058 928,965,058 Weighted average number of preferred shares 335,145,967 335,291,821 333,286,277 Economic value of preferred shares 75 75 75 Weighted average number of equivalent preferred shares (a) 347,532,168 347,678,022 345,672,478 Weighted average number of equivalent common shares (b) 26,064,912,583 26,075,851,633 25,925,435,858 Weighted average number of presumed conversions 220,081,929 77,059,124 63,296,103 Weighted average number of preferred shares that would have been issued the average share price at the market price 4,041,744 3,290,760 2,711,861 Average share price at market price (in reais) 14.35 18.17 36.87 Basic loss per common share – R$ (0.09) (0.03) (0.16) Diluted loss per common share – R$ (0.09) (0.03) (0.16) Basic loss per preferred share – R$ (6.85) (2.08) (12.19) Diluted loss per preferred share – R$ (6.85) (2.08) (12.19) (a) This refers to the participation in the value of the Company's total equity, calculated as if all 928,965,058 common shares had been converted into 12,386,201 preferred shares at the conversion ratio of 75 common shares for each preferred share. (b) This refers to the participation in the value of the Company's total equity, calculated as if the weighted average of preferred shares had been converted into common shares at the conversion ratio of 75 common shares for each one preferred share. |
Share-based option plan (Tables
Share-based option plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Compensation plans | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Disclosure of number and weighted average exercise prices of share options | The movement of the plans is as follows: Number of shares Description Option plan RSU Phantom shares Total At December 31, 2021 3,923,686 1,366,386 5,136,682 10,426,754 Granted 17,089,417 1,006,779 — 18,096,196 Exercised (1,943,398) (479,098) — (2,422,496) Canceled — (98,666) (4,810,210) (4,908,876) At December 31, 2022 19,069,705 1,795,401 326,472 21,191,578 Granted 1,800,000 500,000 — 2,300,000 Exercised (124,388) (609,313) (22,884) (756,585) Canceled (223,633) (142,023) (56,658) (422,314) At December 31, 2023 20,521,684 1,544,065 246,930 22,312,679 |
Disclosure of range of exercise prices of outstanding share options | December, 31 Description 2023 2022 Share price (in reais) 16.01 11.01 Weighted average price of the stock option (in reais) 12.93 11.84 Weighted average price of the phantom shares (in reais) 10.35 — Cash inflow stock option plan 1,608 23,006 Flat cash inflow of phantom shares 237 — Total obligation related to the phantom shares 1,736 844 Income tax regarding RSU transfer 3,239 1,427 The expenses of share-based compensation plans are shown below: Years ended December, 31 Description 2023 2022 2021 Option plan 61,646 29,368 5,933 RSU 9,093 1,366 15,877 Phantom shares 904 (48,984) (4,630) 71,643 (18,250) 17,180 The reversal of expenses in 2022 and 2021 was due to the reduction in the fair value of shares in these periods. |
Stock option plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Disclosure of range of exercise prices of outstanding share options | |
Disclosure of number and weighted average exercise prices of other equity instruments | During the third quarter of 2023, the Company granted one program with the following conditions: Date of grant Option exercise price (in R$) Fair value of the option on the grant (in R$) Historical volatility Expected dividend Average risk-free rate of return Exercise rate per tranche Deadline remainder of vesting period (in years) Purchasing period up to (years) Total options granted Total outstanding options Total options available for exercise December 11, 2009 3.42 1.93 47.7 % 1.1 % 8.8 % 25.0 % 0.0 4.0 5,032,800 182,870 182,870 March 24, 2011 6.44 4.16 54.8 % 1.1 % 12.0 % 25.0 % 0.0 4.0 1,572,000 84,000 84,000 April 5, 2011 6.44 4.16 54.8 % 1.1 % 12.0 % 25.0 % 0.0 4.0 656,000 6,200 6,200 June 30, 2014 19.15 11.01 40.6 % 1.1 % 12.5 % 25.0 % 0.0 4.0 2,169,122 708,993 708,993 July 1, 2015 14.51 10.82 40.6 % 1.1 % 15.7 % 25.0 % 0.0 4.0 627,810 177,592 177,592 July 1, 2016 14.50 10.14 43.1 % 1.1 % 12.2 % 25.0 % 0.0 4.0 820,250 280,124 280,124 July 6, 2017 22.57 12.82 43.4 % 1.1 % 10.3 % 25.0 % 0.0 4.0 680,467 442,796 442,796 March 14, 2017 11.85 4.82 50.6 % 1.1 % 11.3 % 20.0 % 0.0 5.0 9,343,510 — — August 8, 2022 11.07 8.10 70.0 % — % 13.0 % 25.0 % 2.6 4.0 1,774,418 1,731,390 439,962 August 8, 2022 11.07 6.40 68.8 % — % 13.2 % 25.0 % 1.6 4.0 1,514,999 1,399,999 669,500 August 19, 2022 11.07 7.39 67.2 % — % 13.6 % 100.0 % 0.0 1.0 4,900,000 4,824,333 4,824,333 August 19, 2022 11.07 11.54 74.6 % — % 12.7 % 33.0 % 3.6 5.0 8,900,000 8,900,000 — July 7, 2023 15.60 10.80 75.4 % — % 11.6 % 25.0 % 3.5 4.0 1,800,000 1,783,387 — 39,791,376 20,521,684 7,816,370 |
Restricted stock options plan | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Disclosure of number and weighted average exercise prices of other equity instruments | During the third quarter the 2023, the Company granted one program with the following conditions: Date of grant Exercise rate per tranche Fair value of share Remaining term of the vesting period (in years) Purchasing period up to (years) Total Total not July 7, 2019 25.0 % 51.65 0.0 4.0 170,000 — June 19, 2020 25.0 % 21.80 0.4 4.0 1,382,582 255,126 July 7, 2021 25.0 % 42.67 1.5 4.0 300,000 118,661 July 7, 2022 25.0 % 11.72 2.5 4.0 335,593 230,693 July 7, 2022 25.0 % 11.72 2.5 4.0 671,186 444,761 July 7, 2023 25.0 % 19.32 3.5 4.0 500,000 494,824 3,359,361 1,544,065 |
Phantom Shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Disclosure of number and weighted average exercise prices of other equity instruments | Date of grant Option exercise price Average fair value of option Historical volatility Expected dividend Average risk-free rate of return Exercise rate per tranche Remaining term of the vesting period Purchasing period up to (years) Total granted Total outstanding Total options available for exercise August 7, 2018 20.43 3.89 74.9 % 0 % 10.0 % 25.0 % 0.0 4.0 707,400 53,520 53,520 July 7, 2019 42.09 1.08 74.9 % 0 % 10.0 % 25.0 % 0.0 4.0 405,000 — — April 30, 2020 10.35 7.87 74.9 % 0 % 10.0 % 33.3 % 0.0 3.0 3,250,000 153,160 153,160 April 30, 2020 10.35 8.60 73.8 % 0 % 9.8 % 25.0 % 0.3 4.0 1,600,000 38,820 38,820 August 17, 2021 33.99 3.46 71.4 % 0 % 9.8 % 25.0 % 1.6 4.0 580,000 1,430 1,430 6,542,400 246,930 246,930 |
Sales revenue (Tables)
Sales revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of sales revenue [Abstract] | |
Disclosure of disaggregation of revenue from contracts with customers | Years ended December 31, Description 2023 2022 2021 Passenger revenue 17,229,732 15,020,757 9,101,576 Other revenues 1,487,286 1,513,582 1,301,090 Total 18,717,018 16,534,339 10,402,666 Taxes levied Passenger revenue (2,004) (425,812) (290,532) Other revenues (160,589) (160,460) (136,405) Total taxes (a) (162,593) (586,272) (426,937) Total revenue 18,554,425 15,948,067 9,975,729 (a) As of January 1, 2023, the PIS and COFINS rates on revenues arising from regular passenger air transport activities were reduced to zero, in accordance with Law 14,592/2023. |
Disclosure of revenue by geographical location | Revenues by geographical location are as follows: Years ended December 31, Description 2023 2022 2021 Domestic revenue 14,675,974 13,013,202 8,849,486 Foreign revenue 3,878,451 2,934,865 1,126,243 Total revenue 18,554,425 15,948,067 9,975,729 |
Financial result (Tables)
Financial result (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Financial Result | Consolidated Years ended December, 31 Description 2023 2022 2021 Financial income Interest on short-term investments 91,353 198,290 105,051 Sublease receivables 13,314 60,930 26,846 TAP Bond fair value 66,053 — 15,935 Others 49,421 18,069 6,448 220,141 277,289 154,280 Financial expenses Interest on loans and financing (865,107) (656,326) (420,682) Interest on lease (2,420,557) (2,533,128) (2,433,640) Interest on convertible debt instruments (242,608) (231,103) (201,303) Interest on factoring credit card receivables (334,896) (211,528) (55,395) Interest on provisions (257,419) (246,147) (237,740) Interest on reverse factoring (17,010) (79,460) (18,228) Interest accounts payable and airport taxes and fees (418,066) (282,434) (101,168) Guarantee commission (142,937) (158,651) (109,661) Amortized cost of loans and financing (44,894) (29,075) (38,861) Amortized cost of convertible debt instruments (2,622) (4,533) (3,756) Cost of financial operations (84,453) (69,416) (56,060) TAP Bond fair value (25,736) (181,726) — Debt restructuring (199,635) — — Restructuring of debentures (352,430) — — Others (200,401) (110,255) (161,749) (5,608,771) (4,793,782) (3,838,243) Derivative financial instruments, net (238,458) 958,005 864,184 Foreign currency exchange, net 1,625,064 1,406,566 (1,443,046) Financial result, net (4,002,024) (2,151,922) (4,262,825) |
Risk Management (Tables)
Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Schedule of fair value hierarchy of financial instruments | Carrying amount Fair value December 31, December 31, Description Note Level 2023 2022 2023 2022 Assets Cash and cash equivalents 6 2 1,897,336 668,348 1,897,336 668,348 Long-term investments 7 2 780,312 733,043 780,312 733,043 Derivative financial instruments 23 2 21,909 271,950 21,909 271,950 Liabilities Loans and financing 18 2 (9,698,912) (7,232,699) (9,796,608) (6,187,389) Convertible instruments 20 2 (712,835) (1,286,748) (712,835) (1,286,748) Convertible debt instruments – conversion right 20 2 (488,775) (116,971) (488,775) (116,971) Derivative financial instruments 23 2 (69,745) (244,575) (69,745) (244,575) Financial instruments carried at amortized cost whose fair value is a reasonable approximation of their book value, mainly due to the short maturity of these assets and liabilities, have not been presented above. |
Schedule of maturity of derivative financial liabilities | The maturity schedules of the Company’s consolidated financial liabilities as of December 31, 2023 are as follows: December 31, 2023 Description Carrying amount Contractual cash flows Until 1 year From 2 to 5 years After 5 years Loans and financing 9,698,912 15,035,043 2,068,226 10,066,315 2,900,502 Reverse factoring 290,847 294,164 294,164 — — Leases 15,146,411 25,123,150 3,936,476 13,921,792 7,264,882 Convertible debt instruments 1,201,610 1,883,787 143,109 1,740,678 — Accounts payable 3,598,768 3,988,050 2,370,980 1,138,958 478,112 Airport taxes and fees 1,760,083 2,019,044 759,679 1,259,365 — Derivative financial instruments 69,745 69,745 68,905 840 — 31,766,376 48,412,983 9,641,539 28,127,948 10,643,496 |
Schedule of foreign exchange risk | The equity exposure to the main variations in exchange rates is shown below: Exposure to US$ Exposure to € December 31, December 31, Description 2023 2022 2023 2022 Assets Cash and cash equivalents 82,975 56,487 4,092 8,052 Long-term investments — — 780,312 733,043 Accounts receivable 115,024 166,012 2,876 — Aircraft sublease 30,802 176,053 — — Deposits 2,196,474 2,471,349 — — Other assets 26,207 12,636 — — Total assets 2,451,482 2,882,537 787,280 741,095 Liabilities Loans and financing (8,889,048) (5,879,553) — — Leases (14,043,101) (14,525,385) — — Convertible debt instruments (1,201,610) (1,419,738) — — Accounts payable (2,040,546) (1,031,059) — — Airport taxes and fees (21,994) (20,320) — — Provisions and other liabilities (2,681,857) (3,020,947) — — Total liabilities (28,878,156) (25,897,002) — — Net exposure (26,426,674) (23,014,465) 787,280 741,095 Net exposure in foreign currency (5,458,590) (4,410,845) 147,111 133,066 |
Schedule of maturity of non-derivative financial liabilities | The maturity schedules of the Company’s consolidated financial liabilities as of December 31, 2023 are as follows: December 31, 2023 Description Carrying amount Contractual cash flows Until 1 year From 2 to 5 years After 5 years Loans and financing 9,698,912 15,035,043 2,068,226 10,066,315 2,900,502 Reverse factoring 290,847 294,164 294,164 — — Leases 15,146,411 25,123,150 3,936,476 13,921,792 7,264,882 Convertible debt instruments 1,201,610 1,883,787 143,109 1,740,678 — Accounts payable 3,598,768 3,988,050 2,370,980 1,138,958 478,112 Airport taxes and fees 1,760,083 2,019,044 759,679 1,259,365 — Derivative financial instruments 69,745 69,745 68,905 840 — 31,766,376 48,412,983 9,641,539 28,127,948 10,643,496 |
Interest rate risk [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Schedule of sensitivity analysis of financial instruments | As of December 31, 2023, the Company held financial assets and liabilities linked to various types of rates. In the sensitivity analysis of non-derivative financial instruments, the impact on annual interest was only considered on positions with values exposed to such fluctuations: Consolidated Exposure to CDI Exposure to SOFR Exposure to LIBOR Description Rate (p.a.) December 31, Weighted rate (p.a.) December 31, Weighted rate (p.a.) December 31, Exposed assets (liabilities), net 11.7 % 674,747 5.3 % (423,134) 5.6 % (93,687) Effect on profit or loss Interest rate devaluation by -50% 5.8 % (39,205) 2.7 % 11,297 2.8 % 2,618 Interest rate devaluation by -25% 8.7 % (19,602) 4.0 % 5,648 4.2 % 1,309 Interest rate appreciation by 50% 17.5 % 39,205 8.0 % (11,297) 8.4 % (2,618) Interest rate appreciation by 25% 14.6 % 19,602 6.7 % (5,648) 7.0 % (1,309) |
Commodity price risk [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Schedule of sensitivity analysis of financial instruments | The following table demonstrates the sensitivity analysis in US dollars of the price fluctuation of QAV liter: Exposure to price Description Average price per liter December 31, 2023 Aircraft fuel 4.85 (5,890,485) Effect on profit or loss Devaluation by -50% 2.43 2,945,243 Devaluation by -25% 3.64 1,472,621 Appreciation by 50% 7.28 (2,945,243) Appreciation by 25% 6.06 (1,472,621) |
Currency risk [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Schedule of sensitivity analysis of financial instruments | Exposure to US$ Exposure to € Description Closing rate December 31, Closing rate December 31, Exposed assets (liabilities), net 4.8413 (26,426,674) 5.3516 787,280 Effect on profit or loss Foreign currency devaluation by -50% 2.4207 13,213,337 2.6758 (393,640) Foreign currency devaluation by -25% 3.6310 6,606,669 4.0137 (196,820) Foreign currency appreciation by 50% 7.2620 (13,213,337) 8.0274 393,640 Foreign currency appreciation by 25% 6.0516 (6,606,669) 6.6895 196,820 |
Non-Cash Transactions (Tables)
Non-Cash Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-cash transaction [Abstract] | |
Schedule of non-cash transactions | December 31, 2023 Description Acquisition of property and equipment Acquisition of capitalized maintenance Acquisition of intangible Maintenance reserves Reverse factoring Loans and financing Sale and leaseback Compensation of sublease Compensation of lease Acquisition of lease Addition the ARO Modification Transfers Total Accounts receivable — — — — — — — — (401,267) — — — 587,157 185,890 Aircraft sublease — — — — — — — (39,505) — — — — — (39,505) Inventories — — — — — — — — — — — — 22,110 22,110 Deposits — — — 116,173 — — — — — — — — (587,157) (470,984) Advances to suppliers — — — — — — — — — — — — (2,783,489) (2,783,489) Property and equipment 208,154 — — — 79,222 (3,845) — (641) 5,052 — — 73,310 361,252 Right-of-use assets — 229,884 — — — — — — — 1,084,930 501,864 987,188 (18,792) 2,785,074 Intangible assets — — 82,712 — — — — — — — — — 192 82,904 Loans and financing — — — — — (79,222) — — — — — — 1,067 (78,155) Leases — — — — — — — 39,505 239,000 (1,137,073) — (1,237,322) (24,207) (2,120,097) Accounts payable (208,154) (229,884) (82,712) (116,173) 391,676 — 3,845 — 38,950 10,785 — — 2,672,703 2,481,036 Reverse factoring — — — — (391,676) — — — — — — — — (391,676) Provisions — — — — — — — — — — (501,864) 250,134 97,819 (153,911) Other assets and liabilities — — — — — — — — 123,958 36,306 — — (40,713) 119,551 — — — — — — — — — — — — — — December 31, 2022 Description Sublease Acquisition of property and equipment Maintenance reserves Reverse factoring Consumption in credit Sale and leaseback Loans and financing Reclassifications Lease Modification Transfers Total Accounts receivable — — — — — — — — (84,429) — 15,537 (68,892) Aircraft sublease (55,948) — — — — — — — (40,586) — — (96,534) Deposits — — 147,416 — — (8,916) 27,792 — — — — 166,292 Inventories — — — — — — — — — — (7,321) (7,321) Advances to suppliers — — — — — — — — — — (687,731) (687,731) Property and equipment — 279,406 — — — 11,150 — — 65,370 — 171,798 527,724 Right-of-use assets 55,948 — — — — — — — 2,378,433 45,481 (159,850) 2,320,012 Loans and financing — — — — — — (27,792) — — — — (27,792) Leases — — — — — — — — (1,640,102) 47,199 — (1,592,903) Accounts payable — (279,406) (147,416) 1,541,948 42,771 (2,234) — 462,485 — — 44,673 1,662,821 Reverse factoring — — — (1,541,948) — — — — — — — (1,541,948) Airport fees — — — — — — — (760,839) — — — (760,839) Taxes — — — — — — — 298,354 — — — 298,354 Provisions — — — — — — — — (678,252) — 406,160 (272,092) Other assets and liabilities — — — — (42,771) — — — — — 216,734 173,963 Result — — — — — — — — (434) (92,680) — (93,114) — — — — — — — — — — — — |
Commitments and Guarantees (Tab
Commitments and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property and equipment [table] | |
Schedule of financial disbursements of contractual commitments | . December 31, Description 2023 2022 2023 — 2,025,240 2024 916,053 1,544,642 2025 1,290,764 1,969,208 2026 4,991,454 2,414,533 2027 4,359,775 1,361,299 After 2027 4,889,906 4,650,961 16,447,952 13,965,883 |
Schedule of Letters of credit | : December, 31 2023 2022 Description R$ US$ R$ US$ Security deposits and maintenance reserves 1,979,883 408,957 2,453,336 470,194 Bank guarantees 9,161 — 44,563 — 1,989,044 408,957 2,497,899 470,194 |
Aircraft | |
Disclosure of detailed information about property and equipment [table] | |
Schedule of aircraft aquisition | December,31 Description 2023 2022 Lessors 31 32 Manufacturers 96 112 127 144 |
Operations - Shareholding struc
Operations - Shareholding structure (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Azul IP Cayman Holdco Ltd | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) | |
Types of investment | Direct | |
Description of nature of entity's operations and principal activities | Equity holding in other companies | |
State | George Town | |
Principal place of business of subsidiary | Cayman Islands | |
Equity interest owned (as a percentage) | 24.80% | 0% |
Azul IP Cayman Ltd | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul IP Cayman Ltd. (Azul Cayman) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Intellectual property owner | |
State | George Town | |
Principal place of business of subsidiary | Cayman Islands | |
Equity interest owned (as a percentage) | 100% | 0% |
IntelAzul S.A. (IntelAzul) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | IntelAzul S.A. (IntelAzul) | |
Types of investment | Direct | |
Description of nature of entity's operations and principal activities | Frequent-flyer program | |
State | São Paulo | |
Principal place of business of subsidiary | Brazil | |
Equity interest owned (as a percentage) | 100% | 100% |
Azul IP Cayman Holdco Ltd2 | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Equity holding in other companies | |
State | George Town | |
Principal place of business of subsidiary | Cayman Islands | |
Equity interest owned (as a percentage) | 25% | 0% |
Azul Linhas Aéreas Brasileiras S.A. (ALAB) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul Linhas Aéreas Brasileiras S.A. (ALAB) | |
Types of investment | Direct | |
Description of nature of entity's operations and principal activities | Airline operations | |
State | São Paulo | |
Principal place of business of subsidiary | Brazil | |
Equity interest owned (as a percentage) | 100% | 100% |
Azul IP Cayman Holdco Ltd3 | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Equity holding in other companies | |
State | George Town | |
Principal place of business of subsidiary | Cayman Islands | |
Equity interest owned (as a percentage) | 25% | 0% |
Azul Conecta Ltda. (Conecta) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul Conecta Ltda. (Conecta) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Airline operations | |
State | São Paulo | |
Principal place of business of subsidiary | Brazil | |
Equity interest owned (as a percentage) | 100% | 100% |
ATS Viagens e Turismo Ltda. (Azul Viagens) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | ATS Viagens e Turismo Ltda. (Azul Viagens) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Travel packages | |
State | São Paulo | |
Principal place of business of subsidiary | Brazil | |
Equity interest owned (as a percentage) | 99.90% | 99.90% |
ATSVP Viagens Portugal | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | ATSVP Viagens Portugal, Unipessoal LDA (Azul Viagens Portugal) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Travel packages | |
State | Lisbon | |
Principal place of business of subsidiary | Portugal | |
Equity interest owned (as a percentage) | 100% | 0% |
Azul IP Cayman Holdco Ltd4 | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul IP Cayman Holdco Ltd. (Azul Cayman Holdco) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Equity holding in other companies | |
State | George Town | |
Principal place of business of subsidiary | Cayman Islands | |
Equity interest owned (as a percentage) | 25% | 0% |
Cruzeiro Participações S.A. (Cruzeiro) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Cruzeiro Participações S.A. (Cruzeiro) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Equity holding in other companies | |
State | São Paulo | |
Principal place of business of subsidiary | Brazil | |
Equity interest owned (as a percentage) | 99.90% | 99.90% |
Azul Investments LLP (Azul Investments) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul Investments LLP (Azul Investments) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Funding | |
State | Delaware | |
Principal place of business of subsidiary | USA | |
Equity interest owned (as a percentage) | 100% | 100% |
Azul SOL LLC (Azul SOL) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul SOL LLC (Azul SOL) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Aircraft financing | |
State | Delaware | |
Principal place of business of subsidiary | USA | |
Equity interest owned (as a percentage) | 100% | 100% |
Azul Finance LLC (Azul Finance) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul Finance LLC (Azul Finance) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Aircraft financing | |
State | Delaware | |
Principal place of business of subsidiary | USA | |
Equity interest owned (as a percentage) | 100% | 100% |
Azul Finance 2 LLC (Azul Finance 2) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul Finance 2 LLC (Azul Finance 2) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Aircraft financing | |
State | Delaware | |
Principal place of business of subsidiary | USA | |
Equity interest owned (as a percentage) | 100% | 100% |
Blue Sabiá LLC (Blue Sabiá) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Blue Sabiá LLC (Blue Sabiá) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Aircraft financing | |
State | Delaware | |
Principal place of business of subsidiary | USA | |
Equity interest owned (as a percentage) | 100% | 100% |
Canela Investments LLC (Canela) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Canela Investments LLC (Canela) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Aircraft financing | |
State | Delaware | |
Principal place of business of subsidiary | USA | |
Equity interest owned (as a percentage) | 100% | 100% |
Canela Turbo Three LLC (Canela Turbo) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Canela Turbo Three LLC (Canela Turbo) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Aircraft financing | |
State | Delaware | |
Principal place of business of subsidiary | USA | |
Equity interest owned (as a percentage) | 100% | 100% |
Azul Saira LLC (Azul Saira) | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul Saira LLC (Azul Saira) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Aircraft financing | |
State | Delaware | |
Principal place of business of subsidiary | USA | |
Equity interest owned (as a percentage) | 100% | 100% |
Azul Secured Finance LLP | ||
Disclosure of subsidiaries [line items] | ||
Name of subsidiary | Azul Secured Finance LLP (Azul Secured) | |
Types of investment | Indirect | |
Description of nature of entity's operations and principal activities | Funding | |
State | Delaware | |
Principal place of business of subsidiary | USA | |
Equity interest owned (as a percentage) | 100% | 0% |
Net Working Capital and Capit_3
Net Working Capital and Capital Structure - Additional information (Details) R$ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 USD ($) | Jul. 31, 2023 BRL (R$) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2021 BRL (R$) | |
Disclosure of detailed information about borrowings [line items] | |||||
Percentage of Domestic Airline Market | 13% | ||||
Number of daily flights during the Covid-19 pandemic period | 70 | ||||
Percentage of Demand Reduce | 11% | ||||
Number of daily flights in the pre-Covid-19 pandemic period | 1,000 | ||||
Capture costs for private offering of senior debt securities | R$ 187658 | ||||
Percentage of Reduction in General Salary Expenses | 65% | ||||
Reduction in Working hours of Pilots And Flight Attendants for Specified Period | 18 months | ||||
Percentage of Reduction in Lessor Agreement of Cash Flow | 77% | ||||
Borrowings | R$ 9698912 | R$ 7232699 | R$ 8145730 | ||
Convertible instruments | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | R$ 1745900 | $ 323,195 | |||
Maturity term | 5 years | ||||
Borrowing Interest Rate Description | interest of 7.5% p.a. in the first year and 6.0% p.a. from the second year onwards, with semi-annual settlements. |
Net Working Capital and Capit_4
Net Working Capital and Capital Structure - Additional Information (Details 1) R$ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2030 | Oct. 31, 2028 | Oct. 31, 2025 | Jul. 31, 2023 BRL (R$) | Jun. 30, 2023 BRL (R$) R$ / shares | Mar. 31, 2023 BRL (R$) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 BRL (R$) flight | Dec. 31, 2022 BRL (R$) | Feb. 29, 2024 BRL (R$) | Feb. 29, 2024 USD ($) | Dec. 31, 2023 USD ($) flight | Oct. 31, 2023 BRL (R$) | Oct. 31, 2023 USD ($) | Aug. 31, 2023 R$ / shares | Jul. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2021 BRL (R$) | Dec. 31, 2020 BRL (R$) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Capture costs for private offering of senior debt securities | R$ 187658000 | ||||||||||||||||||
Borrowings, interest rate | 7.50% | 7.50% | |||||||||||||||||
Borrowing Exchange Amount | $ | $ 900,197 | ||||||||||||||||||
Percentage of Borrowing Exchange Amount | 90% | 90% | |||||||||||||||||
Description of Borrowing Exchange Notes with Other Notes | 90.0% of the principal amount of the Senior Notes 2024 and 2026 were exchanged for debt securities 2029 and 2030 | ||||||||||||||||||
Increase decrease in position of equity | R$ 2380456000 | ||||||||||||||||||
Probable loss | 143,790,000 | R$ 389426000 | |||||||||||||||||
Total provision for impairment of Company assets | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Probable loss | 143,790,000 | 389,426,000 | R$ 912154000 | R$ 2075582000 | |||||||||||||||
Reversals | 245,636,000 | 516,157,000 | |||||||||||||||||
Onerous contracts provision [member] | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Probable loss | 0 | 0 | 693,407,000 | R$ 821751 | |||||||||||||||
Reversals | 0 | 586,634,000 | |||||||||||||||||
Provision for impairment of assets and onerous contracts | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Probable loss | 143,790,000 | 389,426,000 | R$ 1605561000 | ||||||||||||||||
Reversals | R$ 245636000 | 1,102,791,000 | |||||||||||||||||
Provision for impairment of assets and onerous contracts | Aircraft | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Reversals | R$ 1102791000 | ||||||||||||||||||
Lessors [Member] | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Number of Lease Contract Obligation Renegotiation | flight | 119 | 119 | |||||||||||||||||
Equity | R$ 2178740000 | $ 450,032 | |||||||||||||||||
Renegotiation of Lease Obligation Expenses | 84,421,000 | ||||||||||||||||||
Suppliers of Aircraft Services and Parts [Member] | Debt Securities - January 2025 [Member] | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Equity | 159,775,000 | $ 33,002 | |||||||||||||||||
Senior notes - 2024 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowing Exchange Amount | $ | $ 331,945 | ||||||||||||||||||
Percentage of Borrowing Exchange Amount | 83% | 83% | |||||||||||||||||
Exchange Senior notes - 2026 (In Exchange) | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowing Exchange Amount | $ | $ 568,252 | ||||||||||||||||||
Percentage of Borrowing Exchange Amount | 94.70% | 94.70% | |||||||||||||||||
Debentures issued approved [Member] | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Issue amount | R$ 600000000 | ||||||||||||||||||
Description of Borrowing Collateral | security interest and additional personal guarantee, in a single series, from ALAB respectively, | ||||||||||||||||||
Borrowing Unit Value | R$ / shares | 1 | ||||||||||||||||||
Borrowing Interest Rate Description | rate equivalent to CDI 6.0% p.a. | ||||||||||||||||||
Maturity term | June, 2024 | ||||||||||||||||||
Convertible debt | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Issue amount | R$ 3831040000 | R$ 740585000 | $ 148,700 | $ 800,000 | |||||||||||||||
Borrowing Interest Rate Description | Nominal interest corresponds to 11.9% p.a., and will be paid quarterly, in February, May, August and November of each year, starting on November 2023. | ||||||||||||||||||
Maturity term | August 2028 | ||||||||||||||||||
Borrowing Funding Cost | R$ 187658000 | ||||||||||||||||||
Convertible debt | Senior notes - 2024 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Issue amount | R$ 186005000 | $ 36,778 | |||||||||||||||||
Debt Issuance in exchange of Other convertible notes | 190,819,000 | 37,730 | |||||||||||||||||
Debt Securities 2029 [Member] | Senior notes - 2024 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Issue amount | R$ 1410967000 | $ 294,215 | |||||||||||||||||
Maturity term | 2029 | ||||||||||||||||||
Borrowings, interest rate | 11.50% | 11.50% | 11.50% | ||||||||||||||||
Borrowing Interest Rate in Exchange of Other Debt | 5.90% | ||||||||||||||||||
Borrowing Maturity in Exchange of Other Debt | 2024 | ||||||||||||||||||
Borrowing Exchange Amount | R$ 1410967000 | $ 294,215 | |||||||||||||||||
Debt Securities - 2030 [Member] | Senior notes - 2024 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Issue amount | R$ 2725010000 | $ 568,219 | |||||||||||||||||
Maturity term | 2030 | ||||||||||||||||||
Borrowings, interest rate | 10.90% | 10.90% | 10.90% | ||||||||||||||||
Borrowing Interest Rate in Exchange of Other Debt | 7.30% | ||||||||||||||||||
Borrowing Maturity in Exchange of Other Debt | 2026 | ||||||||||||||||||
Borrowing Exchange Amount | R$ 2725166000 | $ 568,252 | |||||||||||||||||
Debt Securities - 2028 [Member] | Senior notes - 2024 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Issue amount | R$ 186005000 | $ 36,778 | |||||||||||||||||
Borrowings, interest rate | 11.50% | 11.50% | |||||||||||||||||
Borrowing Exchange Amount | R$ 190819000 | $ 37,730 | |||||||||||||||||
Convertible Debentures [Member] | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowing Redemption Value | R$ 542496000 | $ 108,900 | |||||||||||||||||
Description of Borrowing Redemption Value | the redemption value of each eligible debenture was 120% of the updated nominal unit value of the debentures, that is, the updated nominal unit value of the debentures plus a premium of 20% on the aforementioned value | ||||||||||||||||||
Convertible Debentures [Member] | Previously Reported | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Maturity term | October 2025 | ||||||||||||||||||
Borrowings, interest rate | 6% | ||||||||||||||||||
Borrowing Conversion Price | R$ / shares | R$ 32.26 | ||||||||||||||||||
Convertible Debentures [Member] | Revision | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Maturity term | October 2028 | ||||||||||||||||||
Borrowings, interest rate | 12.30% | ||||||||||||||||||
Borrowing Conversion Price | R$ / shares | R$ 22.78 | ||||||||||||||||||
Debt Securities - June 2030 [Member] | Lessors [Member] | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Issue amount | R$ 1385115000 | $ 286,014 | |||||||||||||||||
Maturity term | June 2030 | June 2030 | |||||||||||||||||
Borrowings, interest rate | 750% | 750% | |||||||||||||||||
Debt Securities - June 2030 [Member] | Suppliers of Aircraft Services and Parts [Member] | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Issue amount | R$ 408541000 | $ 84,386 | |||||||||||||||||
Maturity term | June 2030 | ||||||||||||||||||
Borrowings, interest rate | 7.50% | 7.50% |
Net Working Capital and Capit_5
Net Working Capital and Capital Structure (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Borrowing Exchange Amount | $ 900,197 |
Percentage of Borrowing Exchange Amount | 90% |
Senior notes - 2024 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowing Exchange Amount | $ 331,945 |
Percentage of Borrowing Exchange Amount | 83% |
Exchange Senior notes - 2026 (In Exchange) | |
Disclosure of detailed information about borrowings [line items] | |
Borrowing Exchange Amount | $ 568,252 |
Percentage of Borrowing Exchange Amount | 94.70% |
Net Working Capital and Capit_6
Net Working Capital and Capital Structure (Details 1) - BRL (R$) R$ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Working Capital and Capital Structure Abstract [Abstract] | ||||
Working capital, negative position | R$ 9704733 | R$ 10184169 | R$ 5863917 | |
Increase (decrease) in working capital | 479,436 | (4,320,252) | ||
Negative equity position | (21,327,848) | (19,007,500) | R$ 18333003 | R$ 14148750 |
Increase (decrease) in equity | (2,320,348) | R$ 674497 | ||
Increase decrease in position of equity | R$ 2380456 |
Net Working Capital and Capit_7
Net Working Capital and Capital Structure (Details 2) | 12 Months Ended | |||
Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 BRL (R$) engine aircraft | Dec. 31, 2020 BRL (R$) | Dec. 31, 2021 BRL (R$) | |
Disclosure of other provisions [line items] | ||||
Probable loss | R$ 143790000 | R$ 389426000 | ||
Number of aircraft referring to the value of partial reversals of provisions for impairment | aircraft | 46 | |||
Number of subleased aircrafts | 54 aircraft and 4 engines | |||
Number of engine referring to the value of partial reversals of provisions for impairment | engine | 4 | |||
Provision for impairment of assets and onerous contracts | ||||
Disclosure of other provisions [line items] | ||||
Probable loss | (143,790,000) | R$ 389426000 | R$ 1605561000 | |
Reversals | 245,636,000 | 1,102,791,000 | ||
Provision for impairment of assets and onerous contracts | Aircraft | ||||
Disclosure of other provisions [line items] | ||||
Reversals | 1,102,791,000 | |||
Total provision for impairment of Company assets | ||||
Disclosure of other provisions [line items] | ||||
Probable loss | (143,790,000) | (389,426,000) | R$ 2075582000 | (912,154,000) |
Reversals | 245,636,000 | 516,157,000 | ||
Total provision for impairment of Company assets | Provision for impairment of right-of-use assets | ||||
Disclosure of other provisions [line items] | ||||
Probable loss | 0 | (110,349,000) | ||
Total provision for impairment of Company assets | Provision for impairment of property and equipment | ||||
Disclosure of other provisions [line items] | ||||
Probable loss | (143,790,000) | (279,077,000) | ||
Onerous contracts provision [member] | ||||
Disclosure of other provisions [line items] | ||||
Probable loss | 0 | 0 | R$ 821751 | R$ 693407000 |
Reversals | R$ 0 | R$ 586634000 |
Net Working Capital and Capit_8
Net Working Capital and Capital Structure (Details 3) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Beginning balance | R$ 389426 | |
Foreign currency exchange | (191,890) | R$ 190576 |
Ending balance | (143,790) | (389,426) |
Provision for impairment of assets and onerous contracts | ||
Disclosure of other provisions [line items] | ||
Beginning balance | (389,426) | (1,605,561) |
Reversals | 245,636 | 1,102,791 |
Consumption | 178,126 | |
Interest incurred | (100,975) | |
Foreign currency exchange | 29,622 | |
Transfers | 6,571 | |
Ending balance | (143,790) | (389,426) |
Total provision for impairment of Company assets | ||
Disclosure of other provisions [line items] | ||
Beginning balance | (389,426) | (912,154) |
Reversals | 245,636 | 516,157 |
Consumption | 0 | |
Interest incurred | 0 | |
Foreign currency exchange | 0 | |
Transfers | 6,571 | |
Ending balance | (143,790) | (389,426) |
Onerous contracts provision [member] | ||
Disclosure of other provisions [line items] | ||
Beginning balance | 0 | (693,407) |
Reversals | 0 | 586,634 |
Consumption | 178,126 | |
Interest incurred | (100,975) | |
Foreign currency exchange | 0 | 29,622 |
Transfers | 0 | |
Ending balance | R$ 0 | R$ 0 |
Declaration of Management, Ba_3
Declaration of Management, Basis of Preparation and Presentation of The Financial Statements (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Current prepaid expenses | R$ 0 | ||
Other assets | R$ 245518 | 189,849 | |
Non-current assets | |||
Non-Current Prepaid Expenses | 0 | ||
Other assets | 143,781 | 328,005 | |
Current liabilities | |||
Loans and financing | 1,100,051 | 1,112,940 | R$ 984266 |
Convertible instruments | 25,807 | 14,789 | |
Current insurance premiums payable | 0 | ||
Accounts payable | 2,277,841 | 2,517,828 | |
Reimbursement to customers | 0 | ||
Other liabilities | 150,362 | 82,673 | |
Non-current liabilities | |||
Loans and financing | 8,598,861 | 6,119,759 | 7,161,464 |
Non-current convertible instruments | 1,175,803 | 1,388,930 | |
Total | 11,754,773 | ||
Statements of Operations [Abstract] | |||
Rental | 0 | ||
Insurance | (89,492) | (103,216) | (80,256) |
Other | (2,802,036) | (2,039,425) | (2,342,543) |
Operations | (2,142,641) | (2,422,799) | |
Changes in operating assets and liabilities | |||
Adjustments for decrease (increase) in prepaid expenses | 0 | 0 | |
Advances to suppliers | (2,888,463) | (629,450) | (86,936) |
Other assets | (128,116) | (186,128) | (318,236) |
Adjustments for increase decrease in insurance premiums payables | 0 | 0 | |
Accounts payable | 2,795,585 | 2,274,014 | 1,119,312 |
Adjustments for increase (decrease) in reimbursement to customers | 0 | 0 | |
Airports fees | 227,996 | 356,067 | 50,369 |
Other liabilities | 72,589 | (129,019) | 406,869 |
Govemment installment payment program | 0 | ||
Taxes payable | (26,793) | 7,131 | 59,320 |
Cash flows from investing activities | |||
Acquisition of property and equipment | (464,354) | (624,239) | (624,286) |
Acquisition of capitalized maintenance | (628,293) | ||
Cash received in the sale and leaseback operation | R$ 91688 | 321,266 | 21,256 |
Proceeds from sale and leaseback | 0 | ||
Total | 706,335 | 1,251,954 | |
Previously Reported [Member] | |||
Current assets | |||
Current prepaid expenses | 182,891 | ||
Other assets | 6,958 | ||
Non-current assets | |||
Non-Current Prepaid Expenses | 319,000 | ||
Other assets | 9,005 | ||
Current liabilities | |||
Loans and financing | 1,127,729 | ||
Convertible instruments | 0 | ||
Current insurance premiums payable | 84,985 | ||
Accounts payable | 2,432,843 | ||
Reimbursement to customers | 13,822 | ||
Other liabilities | 68,851 | ||
Non-current liabilities | |||
Loans and financing | 7,508,689 | ||
Non-current convertible instruments | 0 | ||
Total | 11,754,773 | ||
Statements of Operations [Abstract] | |||
Rental | (203,398) | ||
Insurance | (81,665) | 0 | |
Other | (1,857,578) | (2,422,799) | |
Operations | (2,142,641) | (2,422,799) | |
Changes in operating assets and liabilities | |||
Adjustments for decrease (increase) in prepaid expenses | (274,563) | (364,107) | |
Advances to suppliers | 120,266 | ||
Other assets | 88,435 | 79,201 | |
Adjustments for increase decrease in insurance premiums payables | (1,404) | 40,669 | |
Accounts payable | 2,275,418 | 1,078,643 | |
Adjustments for increase (decrease) in reimbursement to customers | (169,967) | (63,507) | |
Airports fees | 80,788 | ||
Other liabilities | 40,948 | 439,957 | |
Govemment installment payment program | (7,399) | ||
Taxes payable | 66,719 | ||
Cash flows from investing activities | |||
Acquisition of property and equipment | (1,252,532) | ||
Acquisition of capitalized maintenance | 0 | ||
Cash received in the sale and leaseback operation | 0 | ||
Proceeds from sale and leaseback | 21,256 | ||
Total | 706,335 | 1,251,954 | |
Revision of Prior Period, Adjustment [Member] | |||
Current assets | |||
Current prepaid expenses | (182,891) | ||
Other assets | 182,891 | ||
Non-current assets | |||
Non-Current Prepaid Expenses | (319,000) | ||
Other assets | 319,000 | ||
Current liabilities | |||
Loans and financing | (14,789) | ||
Convertible instruments | 14,789 | ||
Current insurance premiums payable | (84,985) | ||
Accounts payable | 84,985 | ||
Reimbursement to customers | (13,822) | ||
Other liabilities | 13,822 | ||
Non-current liabilities | |||
Loans and financing | (1,388,930) | ||
Non-current convertible instruments | 1,388,930 | ||
Total | 0 | ||
Statements of Operations [Abstract] | |||
Rental | (203,398) | ||
Insurance | 21,551 | 80,256 | |
Other | (181,847) | 80,256 | |
Operations | 0 | 0 | |
Changes in operating assets and liabilities | |||
Adjustments for decrease (increase) in prepaid expenses | 274,563 | 364,107 | |
Advances to suppliers | (33,330) | ||
Other assets | (274,563) | (397,437) | |
Adjustments for increase decrease in insurance premiums payables | 1,404 | (40,669) | |
Accounts payable | (1,404) | 40,669 | |
Adjustments for increase (decrease) in reimbursement to customers | 169,967 | 63,507 | |
Airports fees | (30,419) | ||
Other liabilities | (169,967) | (33,088) | |
Govemment installment payment program | 7,399 | ||
Taxes payable | (7,399) | ||
Cash flows from investing activities | |||
Acquisition of property and equipment | (628,293) | ||
Acquisition of capitalized maintenance | 628,293 | ||
Cash received in the sale and leaseback operation | 21,256 | ||
Proceeds from sale and leaseback | (21,256) | ||
Total | R$ 0 | R$ 0 |
Material accounting policies (D
Material accounting policies (Details) - brazilianReal | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
US Dollars | |||
Disclosure of changes in accounting estimates [line items] | |||
Final rate | 4.8413 | 5.2177 | 5.5805 |
Variation of foreign currency transactions final rate | (7.20%) | (6.50%) | |
Average rate | 4.9553 | 5.1655 | 5.3956 |
Variation of foreign currency transactions average rate | (4.10%) | (4.30%) | |
Euro | |||
Disclosure of changes in accounting estimates [line items] | |||
Final rate | 5.3516 | 5.5694 | 6.3210 |
Variation of foreign currency transactions final rate | (3.90%) | (11.90%) | |
Average rate | 5.3325 | 5.4420 | 6.3784 |
Variation of foreign currency transactions average rate | (2.00%) | (14.70%) |
Material accounting policies -M
Material accounting policies -Main accounting estimates (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Provision for impairment of aircraft and engines and onerous contracts [Member] | |
Disclosure of changes in accounting estimates [line items] | |
Explanatory notes to the Consolidated Financial Statements | 2.3 |
Provision for losses with maintenance reserves [Member] | |
Disclosure of changes in accounting estimates [line items] | |
Explanatory notes to the Consolidated Financial Statements | 11 |
Analysis of the recoverable value of goodwill and slots [Member] | |
Disclosure of changes in accounting estimates [line items] | |
Explanatory notes to the Consolidated Financial Statements | 17 |
Revenue from ticket breakage and loyalty programs [Member] | |
Disclosure of changes in accounting estimates [line items] | |
Explanatory notes to the Consolidated Financial Statements | 25 |
Provision for return of aircraft and engines [Member] | |
Disclosure of changes in accounting estimates [line items] | |
Explanatory notes to the Consolidated Financial Statements | 28.1.1 |
Provision for tax, civil, labor and other risks [Member] | |
Disclosure of changes in accounting estimates [line items] | |
Explanatory notes to the Consolidated Financial Statements | 28.1.2 |
Material accounting policies -
Material accounting policies - New or amended accounting standards and principles effective in 2023 (Details) | 12 Months Ended |
Dec. 31, 2023 | |
IAS 8 [Member] | Yes, but no changes [Member] | |
Disclosure of changes in accounting estimates [line items] | |
New or amended accounting principles coming into effect in 2023 | Definition of accounting estimates |
IAS 1 and IFRS Practice statement 2 [Member] | Yes, but no changes [Member] | |
Disclosure of changes in accounting estimates [line items] | |
New or amended accounting principles coming into effect in 2023 | Disclosure of accounting policies |
IAS 12 [Member] | Yes [Member] | |
Disclosure of changes in accounting estimates [line items] | |
New or amended accounting principles coming into effect in 2023 | Deferred Tax related to Assets and Liabilities arising from a Single Transaction |
IAS 12 [Member] | No [Member] | |
Disclosure of changes in accounting estimates [line items] | |
New or amended accounting principles coming into effect in 2023 | Pillar Two Model Rules |
IFRS 17 [Member] | No [Member] | |
Disclosure of changes in accounting estimates [line items] | |
New or amended accounting principles coming into effect in 2023 | Insurance contracts |
Operating segments (Details)
Operating segments (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of products and services [line items] | |||
Total revenue | R$ 18554425 | R$ 15948067 | R$ 9975729 |
Percentage of entity's revenue | 100% | ||
Other Income [Member] | |||
Disclosure of products and services [line items] | |||
Total revenue | R$ 179729 | ||
Percentage of entity's revenue | 1% | ||
Air Transport [Member] | |||
Disclosure of products and services [line items] | |||
Total revenue | R$ 18374696 | ||
Percentage of entity's revenue | 99% |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - BRL (R$) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial instruments by type of interest rate [table] | ||||
Cash and bank deposits | R$ 271857000 | R$ 101737000 | ||
Cash equivalents: | ||||
Bank Deposit Certificate – CDB | 1,354,020,000 | 352,971,000 | ||
Repurchase agreements | 268,432,000 | 210,443,000 | ||
Time Deposit(a) | 2,985,000 | 2,616,000 | ||
Others | 42,000 | 581,000 | ||
Cash and cash equivalents | R$ 1897336000 | R$ 668348000 | R$ 3073799000 | R$ 3064815000 |
Effective interest rate, short-term exclusive time deposit, classified as cash equivalent | 3.40% | |||
Effective interest rate p.a., Exclusive investment funds | 0% | |||
Interest rate referring to the CDI | ||||
Cash equivalents: | ||||
Effective interest rate p.a., Bank Deposit Certificate - CDB | 100.90% | |||
Repurchase agreements of interest rate | R$ 0.947 |
Long-Term Investments (Detail)
Long-Term Investments (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of short and long term investments [Line Items] | ||
Non-current held-to-maturity investments | R$ 780312 | R$ 733043 |
Financial assets at fair value through profit or loss and held-to-maturity investments | ||
Disclosure of short and long term investments [Line Items] | ||
Short and long-term investments | 780,312 | 733,043 |
TAP Bond | ||
Disclosure of short and long term investments [Line Items] | ||
Short and long-term investments | R$ 780312 | R$ 733043 |
Weighted average rate p.a. | 7.50% | |
Maturity | Sep-26 |
Long-Term Investments - Additio
Long-Term Investments - Additional Information (Detail) - TAP Bond - EUR (€) € in Thousands | 6 Months Ended | ||
Sep. 21, 2016 | Mar. 14, 2016 | Sep. 20, 2016 | |
Disclosure of short and long term investments [Line Items] | |||
Bonds issued | € 90,000 | ||
Maturity from the issuance of the bond | 10 years | ||
Maximum | |||
Disclosure of short and long term investments [Line Items] | |||
Effective interest rate | 7.50% | ||
Minimum | |||
Disclosure of short and long term investments [Line Items] | |||
Effective interest rate | 3.75% |
Accounts Receivables - Schedule
Accounts Receivables - Schedule of Accounts Receivables (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | |||
Total net | R$ 1109408 | R$ 1803998 | |
Discounted accounts from accounts receivable from credit card companies | 10,359,302 | ||
Balance of accounts receivable net of due to anticipations | 3,349,391 | 1,735,432 | |
Derivative financial instruments | |||
Disclosure of financial assets [line items] | |||
Total local currency | 965,519 | 1,637,811 | |
Total foreign currency | 171,123 | 190,271 | |
Allowance for expected credit losses | (27,234) | (24,084) | R$ 17817 |
Derivative financial instruments | Carrying amount | |||
Disclosure of financial assets [line items] | |||
Total net | 1,136,642 | 1,828,082 | |
Derivative financial instruments | Credit card companies | |||
Disclosure of financial assets [line items] | |||
Total local currency | 498,609 | 1,109,197 | |
Total foreign currency | 18,556 | 15,913 | |
Derivative financial instruments | Cargo and travel agencies | |||
Disclosure of financial assets [line items] | |||
Total local currency | 282,654 | 282,438 | |
Derivative financial instruments | Travel package financing entities | |||
Disclosure of financial assets [line items] | |||
Total local currency | 29,203 | 135,168 | |
Derivative financial instruments | Loyalty program partners | |||
Disclosure of financial assets [line items] | |||
Total local currency | 114,932 | 69,035 | |
Derivative financial instruments | Others | |||
Disclosure of financial assets [line items] | |||
Total local currency | 40,121 | 41,973 | |
Total foreign currency | 55,894 | 29,582 | |
Derivative financial instruments | Airline partner companies | |||
Disclosure of financial assets [line items] | |||
Total foreign currency | 8,612 | 39,612 | |
Derivative financial instruments | Reimbursement receivable for maintenance reserves | |||
Disclosure of financial assets [line items] | |||
Total foreign currency | 57,528 | 78,801 | |
Derivative financial instruments | Clearinghouse – agencies and cargo | |||
Disclosure of financial assets [line items] | |||
Total foreign currency | R$ 30533 | R$ 26363 |
Accounts Receivables - Schedu_2
Accounts Receivables - Schedule of Aging of Accounts Receivables (Detail) - BRL (R$) | Feb. 20, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | |||
Accounts receivable | R$ 1109408000 | R$ 1803998000 | |
Up to 90 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | R$ 64871000 | ||
Not past due | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 970,146,000 | 1,644,019,000 | |
Not past due | Up to 30 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 645,669,000 | 583,523,000 | |
Not past due | 31 to 60 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 111,142,000 | 177,992,000 | |
Not past due | 61 to 90 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 45,650,000 | 140,758,000 | |
Not past due | 91 to 180 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 73,458,000 | 397,205,000 | |
Not past due | 181 to 360 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 94,227,000 | 344,541,000 | |
Past due | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 139,262,000 | 159,979,000 | |
Past due | Up to 30 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 69,913,000 | 55,941,000 | |
Past due | 31 to 60 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 6,043,000 | 9,377,000 | |
Past due | 61 to 90 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 46,085,000 | 3,313,000 | |
Past due | 91 to 180 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 15,769,000 | 2,441,000 | |
Past due | 181 to 360 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | 568,000 | 11,334,000 | |
Past due | Over 360 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | R$ 884000 | R$ 77573000 | |
Past due | Up to 90 days | |||
Disclosure of financial assets [line items] | |||
Accounts receivable | R$ 90 |
Accounts Receivables - Schedu_3
Accounts Receivables - Schedule of Changes in the Allowance for Doubtful Accounts (Detail) - Derivative financial instruments - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Balances at the beginning of the year | R$ 24084 | R$ 17817 |
Additions | (34,183) | (17,333) |
Reversal | (29,098) | (10,750) |
Write-off of uncollectible amounts | 1,935 | 316 |
Balances at the end of the year | R$ 27234 | R$ 24084 |
Aircraft Sublease - Summary of
Aircraft Sublease - Summary of Subleased Aircraft and the Amounts Receivable (Detail) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Aircraft sublease | R$ 14592 | R$ 70193 |
Aircraft sublease | 16,210 | 105,860 |
Aircraft | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross sublease | 34,773 | 217,767 |
Accrued interest | (3,971) | (25,838) |
Provision for losses relating to operating lease payments receivable | 0 | 15,876 |
Net sublease | 30,802 | 176,053 |
Aircraft sublease | 14,592 | 70,193 |
Aircraft sublease | 16,210 | 105,860 |
Aircraft | Later than one year and not later than two years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross sublease | 0 | 89,293 |
Aircraft | Later than two years and not later than three years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross sublease | 15,386 | 70,396 |
Aircraft | Later than three years and not later than four years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross sublease | 15,386 | 50,127 |
Aircraft | Year five | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Gross sublease | R$ 4001 | R$ 7951 |
Inventories - Disclosure of Inv
Inventories - Disclosure of Inventories (Detail) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Classes of current inventories [abstract] | |||
Maintenance materials and parts | R$ 825499 | R$ 741101 | |
Flight attendance, uniforms and others | 21,367 | 21,922 | |
Provision for losses | 47,658 | 41,285 | R$ 38935 |
Inventories | R$ 799208 | R$ 721738 |
Inventories - Disclosure of Pro
Inventories - Disclosure of Provision for losses on inventories (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Classes of current inventories [abstract] | ||
Balances at the beginning of the year | R$ 41285 | R$ 38935 |
Provision for losses in breakdown of inventories | (47,658) | (41,285) |
Additions | (23,151) | (5,652) |
Reversal | 16,778 | 3,302 |
Reversal of Inventory Impairment Loss Recognised in Profit or Loss | 135,284 | |
Balances at the end of the year | R$ 47658 | R$ 41285 |
Disclosure - Deposits - Breakdo
Disclosure - Deposits - Breakdown of security deposits and maintenance reserves (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of security deposits and maintenance reserves [Line Items] | |||
Deposits | R$ 2293495 | R$ 2539561 | R$ 1964419 |
Provision for loss | 278,352 | 446,342 | |
Security deposits and maintenance reserves excluding impairment loss [Member] | |||
Disclosure of security deposits and maintenance reserves [Line Items] | |||
Deposits | 2,571,847 | 2,985,903 | |
Security deposits | |||
Disclosure of security deposits and maintenance reserves [Line Items] | |||
Deposits | 418,537 | 374,960 | 319,530 |
Security deposits | Security deposits and maintenance reserves excluding impairment loss [Member] | |||
Disclosure of security deposits and maintenance reserves [Line Items] | |||
Deposits | 418,537 | 374,960 | |
Maintenance reserve deposits | |||
Disclosure of security deposits and maintenance reserves [Line Items] | |||
Deposits | 1,874,958 | 2,164,601 | R$ 1644889 |
Maintenance reserve deposits | Security deposits and maintenance reserves excluding impairment loss [Member] | |||
Disclosure of security deposits and maintenance reserves [Line Items] | |||
Deposits | R$ 2153310 | R$ 2610943 |
Deposits - Changes in Security
Deposits - Changes in Security Deposits and Maintenance Reserve Deposits (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of security deposits and maintenance reserves [Line Items] | ||
Balance at the beginning of the period | R$ 2539561 | R$ 1964419 |
Additions | 592,731 | 837,875 |
Reversal of Inventory Impairment Loss Recognised in Profit or Loss | 135,284 | |
Transfers | (587,157) | 63,535 |
Provision for inclusion and reversal | (15,110) | |
Use by the lessor | (221,054) | 59,721 |
Foreign currency exchange | (165,870) | (124,367) |
Deposits | 2,293,495 | 2,539,561 |
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 515,692 | 1,025,168 |
Non-current | 1,777,803 | 1,514,393 |
Current | 515,692 | 1,025,168 |
Security deposits | ||
Disclosure of security deposits and maintenance reserves [Line Items] | ||
Balance at the beginning of the period | 374,960 | 319,530 |
Additions | 234,972 | 123,796 |
Reversal of Inventory Impairment Loss Recognised in Profit or Loss | 0 | |
Transfers | (169,432) | 48,688 |
Use by the lessor | 0 | 0 |
Foreign currency exchange | (21,963) | (19,678) |
Deposits | 418,537 | 374,960 |
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 64,788 | 77,241 |
Non-current | 353,749 | 297,719 |
Current | 64,788 | 77,241 |
Maintenance reserve deposits | ||
Disclosure of security deposits and maintenance reserves [Line Items] | ||
Balance at the beginning of the period | 2,164,601 | 1,644,889 |
Additions | 357,759 | 714,079 |
Reversal of Inventory Impairment Loss Recognised in Profit or Loss | 135,284 | |
Transfers | (417,725) | 14,847 |
Provision for inclusion and reversal | (15,110) | |
Use by the lessor | (221,054) | 59,721 |
Foreign currency exchange | (143,907) | (104,689) |
Deposits | 1,874,958 | 2,164,601 |
Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners | 450,904 | 947,927 |
Non-current | 1,424,054 | 1,216,674 |
Current | R$ 450904 | R$ 947927 |
Disclosure of breakdown of secu
Disclosure of breakdown of security (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of breakdown of security [Line Items] | ||
Total of breakdown of security | R$ 446342 | R$ 459643 |
Additions in breakdown of security | (44,789) | (74,691) |
Reversals in breakdown of security | 180,073 | 59,581 |
Foreign currency exchange in breakdown of security | 32,706 | 28,411 |
Total of breakdown of security | R$ 278352 | R$ 446342 |
Taxes Recoverable (Details)
Taxes Recoverable (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Taxes Recoverable [Abstract] | ||
Social Integration Program ("PIS") and Contribution to Social Security Financing ("COFINS") | R$ 73029 | R$ 135176 |
Withholding income tax | 121,216 | 39,528 |
Income taxes | 8,315 | 29,359 |
Tax on the Circulation of Goods and Services ("ICMS") | 19,940 | 21,661 |
Others | (3,067) | 9,167 |
Taxes recoverable | R$ 219433 | R$ 234891 |
ADVANCES TO SUPPLIERS (Details)
ADVANCES TO SUPPLIERS (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Advances to suppliers [Line Items] | ||
Advances to suppliers | R$ 221051 | R$ 121697 |
Current Advances To Suppliers Provision of Lossess | 28,676 | 23,057 |
Advances local currency [Member] | ||
Advances to suppliers [Line Items] | ||
Advances to suppliers | 118,442 | 90,810 |
Advances foreign currency [Member] | ||
Advances to suppliers [Line Items] | ||
Advances to suppliers | R$ 102609 | R$ 30887 |
Income tax and contribution - S
Income tax and contribution - Summary of Reconciliation of Income tax expense to Profit (Loss) (Detail) R$ in Thousands | 12 Months Ended |
Dec. 31, 2023 BRL (R$) | |
Temporary differences [member] | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |
Balances at the beginning of the period | R$ 0 |
Profit or loss of breakdown of deferred taxes | (39,526) |
Balances at the end of the period | 39,526 |
Deferred tax liability on taxable temporary differences | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |
Balances at the beginning of the period | (2,797,861) |
Profit or loss of breakdown of deferred taxes | 624,923 |
Balances at the end of the period | (3,422,784) |
Breakage | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |
Balances at the beginning of the period | (176,884) |
Profit or loss of breakdown of deferred taxes | 19,039 |
Balances at the end of the period | (195,923) |
Foreign currency exchange [Member] | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |
Balances at the beginning of the period | 0 |
Profit or loss of breakdown of deferred taxes | (191,219) |
Balances at the end of the period | 191,219 |
Leases [Member] | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |
Balances at the beginning of the period | (2,620,461) |
Profit or loss of breakdown of deferred taxes | 414,124 |
Balances at the end of the period | (3,034,585) |
Others | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |
Balances at the beginning of the period | (516) |
Profit or loss of breakdown of deferred taxes | 541 |
Balances at the end of the period | (1,057) |
Diferrend liabilities [Member] | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |
Balances at the beginning of the period | (2,797,861) |
Profit or loss of breakdown of deferred taxes | 585,397 |
Balances at the end of the period | (3,383,258) |
Total income tax and deferred social contribution | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |
Balances at the beginning of the period | 0 |
Profit or loss of breakdown of deferred taxes | (39,526) |
Balances at the end of the period | R$ 39526 |
Income tax and contribution -_2
Income tax and contribution - Schedule of Reconciliation of the effective income tax rate (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit (loss) before tax | R$ 2340930 | R$ 722367 | R$ 4213208 |
Tax rate effect of tax losses | 34% | 34% | 34% |
Tax expense (income) at applicable tax rate | R$ 795916 | R$ 245605 | R$ 1432491 |
Adjustments to determine the effective rate: | |||
Result from investments not taxed abroad | 298,972 | 100,586 | 0 |
Unrecorded benefit on tax losses and temporary differences | (1,189,039) | (700,826) | (1,593,326) |
Mark to market of convertible instruments | (8,584) | 176,737 | 281,932 |
Permanent differences | 43,764 | 154,669 | (116,876) |
Rate differential | (24,377) | (29,189) | 0 |
Others | (4,932) | (5,960) | (4,221) |
Income tax and social contribution credit (expense) | 39,526 | 0 | 0 |
Deferred income tax and social contribution | (39,526) | 0 | 0 |
Income tax and social contribution credit (expense) | (39,526) | 0 | 0 |
Income tax and social contribution credit | R$ 0 | R$ 0 | R$ 0 |
Effective rate | (1.70%) | 0% | 0% |
Income tax and contribution -_3
Income tax and contribution - Schedule of tax losses available to offset of future taxable profits (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
Combined tax rate | 30% | ||
Tax loss and negative bases | R$ 18325916 | R$ 12863038 | R$ 8843805 |
Tax loss (25%) | 4,581,479 | 3,215,760 | 2,210,951 |
Negative social contribution base (9%) | R$ 1649332 | R$ 1157673 | R$ 795942 |
Income tax and contribution - A
Income tax and contribution - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Tax loss carry forwards up to annual taxable income | 30% |
Applicable tax rate on taxable profit base | 34% |
Property and equipment - Additi
Property and equipment - Additional information (Detail) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 BRL (R$) flight | Dec. 31, 2022 BRL (R$) flight | Dec. 31, 2021 BRL (R$) | |
Property, plant and equipment [abstract] | |||
Sale and leaseback transactions, number of property, plant and equipment | flight | 6,356 | 33,155 | |
Sale and leaseback | R$ | R$ 6356 | R$ 33155 | R$ 22736 |
Property and equipment - Reconc
Property and equipment - Reconciliation of Changes in Property and Equipment (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | R$ 1953089 | |
Balance, end of period | 2,295,851 | R$ 1953089 |
Property and equipment | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 1,953,089 | 1,961,174 |
Acquisitions | 476,800 | 617,154 |
Write-offs | (152,638) | (785,088) |
Transfers | 18,600 | 159,849 |
Balance, end of period | 2,295,851 | 1,953,089 |
Property and equipment | Cost | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 3,589,263 | 3,392,714 |
Acquisitions | 806,440 | 915,594 |
Write-offs | (565,602) | (917,721) |
Transfers | 18,600 | 198,676 |
Balance, end of period | 3,848,701 | 3,589,263 |
Property and equipment | Cost | Aircraft(a) | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 2,656,771 | 2,519,231 |
Acquisitions | 388,247 | 815,578 |
Write-offs | (392,148) | (903,072) |
Transfers | 21,243 | 225,034 |
Balance, end of period | 2,674,113 | 2,656,771 |
Property and equipment | Cost | Improvements | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 524,075 | 506,678 |
Acquisitions | 104,167 | 7,869 |
Write-offs | (97,188) | (9,213) |
Transfers | 24,358 | 18,741 |
Balance, end of period | 555,412 | 524,075 |
Property and equipment | Cost | Equipment and facilities | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 222,482 | 199,119 |
Acquisitions | 30,296 | 18,767 |
Write-offs | (56,968) | (407) |
Transfers | 0 | 5,003 |
Balance, end of period | 195,810 | 222,482 |
Property and equipment | Cost | Others | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 32,205 | 29,905 |
Acquisitions | 2,340 | 2,073 |
Write-offs | (5,314) | (20) |
Transfers | 0 | 247 |
Balance, end of period | 29,231 | 32,205 |
Property and equipment | Cost | Construction in progress | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 44,243 | 52,174 |
Acquisitions | 88,991 | 47,427 |
Write-offs | (13,984) | (5,009) |
Transfers | (23,155) | (50,349) |
Balance, end of period | 96,095 | 44,243 |
Property and equipment | Cost | Advance payments for acquisition of aircraft | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | 109,487 | 85,607 |
Acquisitions | 192,399 | 23,880 |
Write-offs | 0 | 0 |
Transfers | (3,846) | 0 |
Balance, end of period | 298,040 | 109,487 |
Property and equipment | Depreciation | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (1,357,097) | (1,137,050) |
Acquisitions | (329,640) | (298,440) |
Write-offs | 277,677 | 117,220 |
Transfers | 0 | (38,827) |
Balance, end of period | (1,409,060) | (1,357,097) |
Property and equipment | Depreciation | Aircraft(a) | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (965,066) | (811,322) |
Acquisitions | (230,143) | (223,828) |
Write-offs | 119,285 | 108,911 |
Transfers | 0 | (38,827) |
Balance, end of period | (1,075,924) | (965,066) |
Property and equipment | Depreciation | Improvements | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (214,411) | (174,092) |
Acquisitions | (71,643) | (48,399) |
Write-offs | 97,067 | 8,080 |
Transfers | 0 | 0 |
Balance, end of period | (188,987) | (214,411) |
Property and equipment | Depreciation | Equipment and facilities | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (151,732) | (129,236) |
Acquisitions | (25,139) | (22,721) |
Write-offs | 56,011 | 225 |
Transfers | 0 | 0 |
Balance, end of period | (120,860) | (151,732) |
Property and equipment | Depreciation | Others | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (25,888) | (22,400) |
Acquisitions | (2,715) | (3,492) |
Write-offs | 5,314 | 4 |
Transfers | 0 | 0 |
Balance, end of period | R$ 23289 | R$ 25888 |
Property and equipment | Depreciation | Weighted rate | Aircraft(a) | ||
Disclosure of detailed information about property and equipment [line items] | ||
Weighted average rate (p.a.) | 9% | 9% |
Property and equipment | Depreciation | Weighted rate | Improvements | ||
Disclosure of detailed information about property and equipment [line items] | ||
Weighted average rate (p.a.) | 14% | 10% |
Property and equipment | Depreciation | Weighted rate | Equipment and facilities | ||
Disclosure of detailed information about property and equipment [line items] | ||
Weighted average rate (p.a.) | 11% | 11% |
Property and equipment | Depreciation | Weighted rate | Others | ||
Disclosure of detailed information about property and equipment [line items] | ||
Weighted average rate (p.a.) | 8% | 12% |
Property and equipment | Property and equipment | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | R$ 2232166 | R$ 2255664 |
Acquisitions | 476,800 | 617,154 |
Write-offs | (287,925) | (800,501) |
Transfers | 18,600 | 159,849 |
Balance, end of period | 2,439,641 | 2,232,166 |
Property and equipment | Impairment | ||
Changes in property, plant and equipment [abstract] | ||
Balance, beginning of period | (279,077) | (294,490) |
Acquisitions | 0 | 0 |
Write-offs | 135,287 | 15,413 |
Transfers | 0 | 0 |
Balance, end of period | R$ 143790 | R$ 279077 |
Right-of-use Assets - Reconcili
Right-of-use Assets - Reconciliation of Changes in Property and Equipment (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | R$ 1953089 | ||
Balance, end of period | 2,295,851 | R$ 1953089 | |
Repurchase | 6,826 | 3,923 | R$ 16198 |
Right-of-use assets | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 7,552,548 | 5,999,595 | |
Acquisitions | 261,603 | 1,268,428 | |
Write-offs | (24,993) | (344,036) | |
Contractual modification of leased property, plant and equipment | 1,191,206 | 45,481 | |
Transfers | (18,792) | (104,992) | |
Balance, end of period | 9,011,558 | 7,552,548 | 5,999,595 |
Right-of-use assets | Cost | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 16,738,171 | 14,496,091 | |
Acquisitions | 2,155,668 | 2,937,306 | |
Write-offs | (2,181,894) | (590,317) | |
Contractual modification of leased property, plant and equipment | 1,162,168 | 45,481 | |
Transfers | (17,878) | (150,390) | |
Balance, end of period | 17,856,235 | 16,738,171 | 14,496,091 |
Right-of-use assets | Cost | Aircraft(a) | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 12,753,324 | 11,476,271 | |
Acquisitions | 1,063,167 | 1,436,969 | |
Write-offs | (833,855) | (66,458) | |
Contractual modification of leased property, plant and equipment | 1,281,755 | 49,271 | |
Transfers | 15,548 | (142,729) | |
Balance, end of period | 14,279,939 | 12,753,324 | 11,476,271 |
Right-of-use assets | Cost | Maintenance of aircraft and engines | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 1,938,788 | 1,542,856 | |
Acquisitions | 568,874 | 628,293 | |
Write-offs | (892,072) | (209,458) | |
Contractual modification of leased property, plant and equipment | (30,128) | (15,242) | |
Transfers | (33,426) | (7,661) | |
Balance, end of period | 1,552,036 | 1,938,788 | 1,542,856 |
Right-of-use assets | Cost | Restoration of aircraft and engines | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 1,819,438 | 1,387,738 | |
Acquisitions | 501,864 | 678,685 | |
Write-offs | (455,967) | (246,985) | |
Contractual modification of leased property, plant and equipment | (165,725) | 0 | |
Transfers | 0 | 0 | |
Balance, end of period | 1,699,610 | 1,819,438 | 1,387,738 |
Right-of-use assets | Cost | Others | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | 226,621 | 89,226 | |
Acquisitions | 21,763 | 193,359 | |
Write-offs | 0 | (67,416) | |
Contractual modification of leased property, plant and equipment | 76,266 | 11,452 | |
Transfers | 0 | 0 | |
Balance, end of period | 324,650 | 226,621 | 89,226 |
Right-of-use assets | Depreciation | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (9,075,274) | (7,890,845) | |
Acquisitions | (1,894,065) | 1,668,878 | |
Write-offs | 2,096,538 | 445,622 | |
Contractual modification of leased property, plant and equipment | 29,038 | 0 | |
Transfers | (914) | 38,827 | |
Balance, end of period | (8,844,677) | (9,075,274) | (7,890,845) |
Right-of-use assets | Depreciation | Aircraft(a) | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (7,228,226) | (6,438,766) | |
Acquisitions | (958,351) | (847,541) | |
Write-offs | 769,937 | 19,254 | |
Contractual modification of leased property, plant and equipment | 0 | 0 | |
Transfers | (914) | 38,827 | |
Balance, end of period | (7,417,554) | (7,228,226) | (6,438,766) |
Right-of-use assets | Depreciation | Maintenance of aircraft and engines | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (1,159,612) | (1,052,190) | |
Acquisitions | (327,401) | (313,613) | |
Write-offs | 870,634 | 206,191 | |
Contractual modification of leased property, plant and equipment | 0 | 0 | |
Transfers | 0 | 0 | |
Balance, end of period | (616,379) | (1,159,612) | (1,052,190) |
Right-of-use assets | Depreciation | Restoration of aircraft and engines | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (628,522) | (380,649) | |
Acquisitions | (557,984) | (468,050) | |
Write-offs | 455,967 | 220,177 | |
Contractual modification of leased property, plant and equipment | 29,038 | 0 | |
Transfers | 0 | 0 | |
Balance, end of period | (701,501) | (628,522) | (380,649) |
Right-of-use assets | Depreciation | Others | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (58,914) | (19,240) | |
Acquisitions | (50,329) | (39,674) | |
Write-offs | 0 | 0 | |
Contractual modification of leased property, plant and equipment | 0 | 0 | |
Transfers | 0 | 0 | |
Balance, end of period | R$ 109243 | R$ 58914 | (19,240) |
Right-of-use assets | Depreciation | Weighted rate | Aircraft(a) | |||
Disclosure of detailed information about property and equipment [line items] | |||
Weighted average rate (p.a.) | 8% | 7% | |
Right-of-use assets | Depreciation | Weighted rate | Maintenance of aircraft and engines | |||
Disclosure of detailed information about property and equipment [line items] | |||
Weighted average rate (p.a.) | 17% | 20% | |
Right-of-use assets | Depreciation | Weighted rate | Restoration of aircraft and engines | |||
Disclosure of detailed information about property and equipment [line items] | |||
Weighted average rate (p.a.) | 31% | 34% | |
Right-of-use assets | Depreciation | Weighted rate | Others | |||
Disclosure of detailed information about property and equipment [line items] | |||
Weighted average rate (p.a.) | 22% | 44% | |
Right-of-use assets | Property and equipment | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | R$ 7662897 | R$ 6605246 | |
Acquisitions | 261,603 | 1,268,428 | |
Write-offs | (85,356) | (144,695) | |
Contractual modification of leased property, plant and equipment | 1,191,206 | 45,481 | |
Transfers | (18,792) | (111,563) | |
Balance, end of period | 9,011,558 | 7,662,897 | 6,605,246 |
Right-of-use assets | Impairment | |||
Changes in property, plant and equipment [abstract] | |||
Balance, beginning of period | (110,349) | (605,651) | |
Acquisitions | 0 | 0 | |
Write-offs | 110,349 | 488,731 | |
Contractual modification of leased property, plant and equipment | 0 | 0 | |
Transfers | 0 | 6,571 | |
Balance, end of period | R$ 0 | R$ 110349 | R$ 605651 |
Right-of-use Assets - Additiona
Right-of-use Assets - Additional information (Detail) | 12 Months Ended |
Dec. 31, 2023 flight component | |
Disclosure of detailed information about property and equipment [line items] | |
Cost allocation, initial recognition of ROU assets, number of major components | component | 5 |
Aircraft Engines | |
Disclosure of detailed information about property and equipment [line items] | |
Cost allocation, initial recognition of ROU assets, number of major components | flight | 2 |
Intangible assets - Schedule of
Intangible assets - Schedule of Changes in Intangible Assets and goodwill (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | R$ 1426523 | R$ 1358038 |
Acquisitions, intangible assets | 68,543 | |
Transfers | 192 | |
Write-offs | (32,887) | (58) |
Intangible assets and goodwill at end of period | 1,463,247 | 1,426,523 |
Acquisitions, Total | 69,419 | |
Cost | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 1,974,480 | 1,776,013 |
Acquisitions, intangible assets | 198,525 | |
Transfers | 192 | |
Write-offs | (422,080) | (58) |
Intangible assets and goodwill at end of period | 1,804,275 | 1,974,480 |
Acquisitions, Total | 251,683 | |
Cost | Goodwill | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 901,417 | 901,417 |
Acquisitions, goodwill | 0 | 0 |
Transfers | 0 | |
Write-offs | 0 | 0 |
Intangible assets and goodwill at end of period | 901,417 | 901,417 |
Cost | 2022 | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 126,547 | 126,547 |
Acquisitions, goodwill | 0 | |
Acquisitions, intangible assets | 0 | |
Transfers | 0 | |
Write-offs | 0 | 0 |
Intangible assets and goodwill at end of period | 126,547 | 126,547 |
Cost | Software | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | 946,516 | 748,049 |
Acquisitions, intangible assets | 251,683 | 198,525 |
Transfers | 192 | |
Write-offs | (422,080) | (58) |
Intangible assets and goodwill at end of period | 776,311 | 946,516 |
Amortization | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | (547,957) | (417,975) |
Acquisitions, intangible assets | (182,264) | (129,982) |
Transfers | 0 | |
Write-offs | 389,193 | 0 |
Intangible assets and goodwill at end of period | (341,028) | (547,957) |
Amortization | Software | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets and goodwill at beginning of period | (547,957) | (417,975) |
Acquisitions, intangible assets | (182,264) | (129,982) |
Transfers | 0 | |
Write-offs | 389,193 | 0 |
Intangible assets and goodwill at end of period | R$ 341028 | R$ 547957 |
Amortization | Software | Weighted rate | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Weighted average rate (p.a.) | 19% | 17% |
Intangible assets - Schedule _2
Intangible assets - Schedule of Sensitivity analysis of the impairment test of intangible assets without a finite useful life (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of intangible assets with indefinite useful life [line items] | ||
Period of goodwill impairment tests and other assets | 5 years | |
Discount rate applied to cash flow projections | 11.40% | 11.50% |
Growth rate used to extrapolate cash flow projections | 3% | 3% |
Goodwill | Carrying amount | ||
Disclosure of intangible assets with indefinite useful life [line items] | ||
Intangible assets with indefinite useful life | R$ 1027964 | |
2022 | Carrying amount | ||
Disclosure of intangible assets with indefinite useful life [line items] | ||
Intangible assets with indefinite useful life | R$ 1027964 |
Loans and financing - Rollforwa
Loans and financing - Rollforward of loans and financing (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 7.50% | ||
Balance in the biginning of the period | R$ 7232699 | R$ 8145730 | |
Borrowings, proceeds | 4,609,363 | 215,159 | |
Transfers | (1,067) | ||
Borrowings, payments of principal | (1,907,123) | 823,177 | |
Borrowings, payments of interest | (792,152) | 560,573 | |
Interest costs incurred | 865,107 | 656,326 | |
Borrowings, foreign exchange gain (loss) | (388,299) | (429,841) | |
Effect of restriction | 35,490 | ||
Amortised cost | 44,894 | 29,075 | |
Balance at the end of the period | 9,698,912 | 7,232,699 | |
Borrowings | 9,698,912 | 7,232,699 | R$ 8145730 |
Loans and financing | 1,100,051 | 1,112,940 | 984,266 |
Non-current portion of non-current borrowings | 8,598,861 | 6,119,759 | 7,161,464 |
Cost to be amortized by the renegotiation of debentures | 12,308 | ||
Residual Principal Payable | 9,781,108 | 7,206,379 | |
Residual Interest Payable | 115,965 | 108,594 | |
Residual Amortized Cost | (198,161) | (82,274) | |
Borrowings | 9,698,912 | 7,232,699 | |
Long-term loans and financing | 8,598,861 | 6,119,759 | (636,786) |
Current Loans And Financing | 1,100,051 | 1,112,940 | |
United States of America, Dollars | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance in the biginning of the period | 5,924,291 | 6,633,444 | |
Borrowings, proceeds | 3,722,604 | 0 | |
Transfers | (1,067) | ||
Borrowings, payments of principal | (680,955) | 308,096 | |
Borrowings, payments of interest | (601,458) | 391,510 | |
Interest costs incurred | 670,061 | 396,108 | |
Borrowings, foreign exchange gain (loss) | (388,299) | 429,841 | |
Effect of restriction | 35,490 | ||
Amortised cost | 33,158 | 24,186 | |
Balance at the end of the period | 8,713,825 | 5,924,291 | |
Borrowings | 8,713,825 | 5,924,291 | 6,633,444 |
Residual Principal Payable | 8,801,793 | 5,951,396 | |
Residual Interest Payable | 87,255 | 35,924 | |
Residual Amortized Cost | (175,223) | (63,029) | |
Borrowings | 8,713,825 | R$ 5924291 | |
United States of America, Dollars | Mar-29 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at the end of the period | 284,279 | ||
Borrowings | 284,279 | ||
Borrowings | R$ 284279 | ||
United States of America, Dollars | May-26 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 4.60% | ||
Borrowings Effective Interest Rate | 10% | ||
Borrowings, proceeds | R$ 79222 | ||
Balance at the end of the period | 79,086 | ||
Borrowings | 79,086 | ||
Residual Principal Payable | 78,890 | ||
Residual Interest Payable | 196 | ||
Borrowings | R$ 79086 | ||
United States of America, Dollars | Senior Notes 2024 | Oct-24 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 5.90% | 5.90% | |
Borrowings Effective Interest Rate | 6.30% | 6.30% | |
Balance in the biginning of the period | R$ 2097402 | R$ 2236910 | |
Borrowings, proceeds | 0 | ||
Transfers | (1,596,972) | ||
Borrowings, payments of interest | (92,985) | (120,924) | |
Interest costs incurred | 76,569 | 120,487 | |
Borrowings, foreign exchange gain (loss) | (157,024) | 146,308 | |
Effect of restriction | 1,212 | ||
Amortised cost | 3,897 | 7,237 | |
Balance at the end of the period | 332,099 | 2,097,402 | |
Borrowings | 332,099 | 2,097,402 | 2,236,910 |
Residual Principal Payable | 329,472 | 2,087,079 | |
Residual Interest Payable | 3,441 | 21,798 | |
Residual Amortized Cost | (814) | (11,475) | |
Borrowings | R$ 332099 | R$ 2097402 | |
United States of America, Dollars | Senior Notes 2026 | Jun-26 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 7.30% | 7.30% | |
Borrowings Effective Interest Rate | 7.80% | 7.80% | |
Balance in the biginning of the period | R$ 3095665 | R$ 3298018 | |
Borrowings, proceeds | 0 | 0 | |
Transfers | (2,725,010) | ||
Borrowings, payments of interest | (126,950) | 227,525 | |
Interest costs incurred | 121,218 | 222,675 | |
Borrowings, foreign exchange gain (loss) | (253,595) | (208,927) | |
Effect of restriction | 34,278 | ||
Amortised cost | 6,966 | 11,424 | |
Balance at the end of the period | 152,572 | 3,095,665 | |
Borrowings | 152,572 | 3,095,665 | 3,298,018 |
Residual Principal Payable | 153,701 | 3,130,620 | |
Residual Interest Payable | 464 | 9,457 | |
Residual Amortized Cost | (1,593) | (44,412) | |
Borrowings | R$ 152572 | 3,095,665 | |
United States of America, Dollars | Senior Notes 2028 | Aug-28 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 11.90% | ||
Borrowings Effective Interest Rate | 13.50% | ||
Balance in the biginning of the period | R$ 0 | ||
Borrowings, proceeds | 3,643,382 | ||
Transfers | 186,005 | ||
Borrowings, payments of interest | 173,450 | ||
Interest costs incurred | 218,885 | ||
Borrowings, foreign exchange gain (loss) | 31,138 | ||
Amortised cost | 16,771 | ||
Balance at the end of the period | 3,922,731 | 0 | |
Borrowings | 3,922,731 | 0 | |
Residual Principal Payable | 4,051,093 | ||
Residual Interest Payable | 42,960 | ||
Residual Amortized Cost | (171,322) | ||
Borrowings | R$ 3922731 | ||
United States of America, Dollars | Senior Notes 2029 | May 2029 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 11.50% | ||
Borrowings Effective Interest Rate | 11.50% | ||
Balance in the biginning of the period | R$ 0 | ||
Transfers | 1,410,967 | ||
Borrowings, payments of principal | 277,961 | ||
Borrowings, payments of interest | 52,893 | ||
Interest costs incurred | 65,165 | ||
Borrowings, foreign exchange gain (loss) | 20,267 | ||
Balance at the end of the period | 1,165,545 | 0 | |
Borrowings | 1,165,545 | 0 | |
Residual Principal Payable | 1,153,751 | ||
Residual Interest Payable | 11,794 | ||
Borrowings | R$ 1165545 | ||
United States of America, Dollars | Senior Notes 2030 | May 2030 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 10.90% | ||
Borrowings Effective Interest Rate | 10.90% | ||
Balance in the biginning of the period | R$ 0 | ||
Transfers | 2,725,010 | ||
Borrowings, payments of interest | 112,453 | ||
Interest costs incurred | 140,308 | ||
Borrowings, foreign exchange gain (loss) | 24,648 | ||
Balance at the end of the period | 2,777,513 | 0 | |
Borrowings | 2,777,513 | R$ 0 | |
Residual Principal Payable | 2,750,921 | ||
Residual Interest Payable | 26,592 | ||
Borrowings | R$ 2777513 | ||
United States of America, Dollars | Aircraft And Engine Acquisition | LIBOR 3 months | Mar-22 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 2.60% | ||
United States of America, Dollars | Aircraft and Engine Loan One | Mar-29 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 6.50% | 6% | |
Borrowings Effective Interest Rate | 9.30% | 9.30% | |
Balance in the biginning of the period | R$ 731224 | R$ 1096955 | |
Borrowings, proceeds | 0 | ||
Transfers | (1,067) | ||
Borrowings, payments of principal | 402,994 | 306,668 | |
Borrowings, payments of interest | 42,727 | 43,061 | |
Interest costs incurred | 47,720 | 52,940 | |
Borrowings, foreign exchange gain (loss) | (53,401) | 74,467 | |
Amortised cost | 5,524 | 5,525 | |
Balance at the end of the period | 731,224 | ||
Borrowings | 731,224 | 1,096,955 | |
Residual Principal Payable | 283,965 | 733,697 | |
Residual Interest Payable | 1,808 | 4,669 | |
Residual Amortized Cost | (1,494) | (7,142) | |
Borrowings | 731,224 | ||
United States of America, Dollars | Aircraft and Engine Loan Two | Mar-22 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance in the biginning of the period | 0 | 1,561 | |
Borrowings, payments of principal | 1,428 | ||
Borrowings, payments of interest | 0 | ||
Interest costs incurred | 6 | ||
Borrowings, foreign exchange gain (loss) | 139 | ||
Amortised cost | 0 | ||
Balance at the end of the period | 0 | ||
Borrowings | 0 | 1,561 | |
United States of America, Dollars | Aircraft and Engine Loan Two | May-26 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance in the biginning of the period | 0 | ||
Borrowings, payments of principal | 0 | ||
Borrowings, payments of interest | 0 | ||
Interest costs incurred | 196 | ||
Borrowings, foreign exchange gain (loss) | (332) | ||
Amortised cost | R$ 0 | ||
Balance at the end of the period | 0 | ||
Borrowings | 0 | ||
United States of America, Dollars | Aircraft and Engine Loan Two | LIBOR 3 months | Mar-22 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings Effective Interest Rate | 2.60% | ||
Brazil, Brazil Real | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance in the biginning of the period | R$ 1308408 | 1,512,286 | |
Borrowings, proceeds | 886,759 | 215,159 | |
Borrowings, payments of principal | (1,226,168) | 515,081 | |
Borrowings, payments of interest | (190,694) | 169,063 | |
Interest costs incurred | 195,046 | 260,218 | |
Borrowings, foreign exchange gain (loss) | 0 | 0 | |
Amortised cost | 11,736 | 4,889 | |
Balance at the end of the period | 985,087 | 1,308,408 | |
Borrowings | 985,087 | 1,308,408 | 1,512,286 |
Residual Principal Payable | 979,315 | 1,254,983 | |
Residual Interest Payable | 28,710 | 72,670 | |
Residual Amortized Cost | (22,938) | (19,245) | |
Borrowings | 985,087 | 1,308,408 | |
Brazil, Brazil Real | Sep-25 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance in the biginning of the period | 2,675 | ||
Borrowings, payments of principal | 546 | ||
Borrowings, payments of interest | 155 | ||
Interest costs incurred | 183 | ||
Amortised cost | 0 | ||
Balance at the end of the period | 2,157 | 2,675 | |
Borrowings | R$ 2157 | 2,675 | |
Brazil, Brazil Real | Working capital loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 3.10% | ||
Brazil, Brazil Real | Working capital loans | Feb-24 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance in the biginning of the period | R$ 496997 | 643,699 | |
Borrowings, proceeds | 301,098 | 227,467 | |
Borrowings, payments of principal | (770,795) | 369,623 | |
Borrowings, payments of interest | (59,807) | 108,887 | |
Interest costs incurred | 58,454 | 104,030 | |
Borrowings, foreign exchange gain (loss) | 0 | ||
Amortised cost | 1,544 | 311 | |
Balance at the end of the period | 27,491 | 496,997 | |
Borrowings | 27,491 | 496,997 | 643,699 |
Residual Principal Payable | 27,190 | 495,631 | |
Residual Interest Payable | 301 | 1,798 | |
Residual Amortized Cost | (432) | ||
Borrowings | 27,491 | R$ 496997 | |
Brazil, Brazil Real | Working capital loans | Sep-25 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 2.90% | ||
Borrowings Effective Interest Rate | 2.90% | ||
Balance in the biginning of the period | 2,675 | R$ 23202 | |
Borrowings, payments of principal | 20,728 | ||
Borrowings, payments of interest | 1,031 | ||
Interest costs incurred | 1,232 | ||
Balance at the end of the period | 2,675 | ||
Borrowings | 2,675 | 23,202 | |
Residual Principal Payable | 2,157 | 2,648 | |
Residual Interest Payable | 27 | ||
Residual Amortized Cost | 0 | ||
Borrowings | R$ 2157 | R$ 2675 | |
Brazil, Brazil Real | Working capital loans | Bottom of range | Local interbank deposit certificate rate - CDI | Feb-24 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 3.90% | ||
Borrowings Effective Interest Rate | 18.60% | ||
Brazil, Brazil Real | Debentures | Dec-28 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 5.40% | ||
Borrowings Effective Interest Rate | 16.30% | ||
Balance in the biginning of the period | R$ 747170 | ||
Borrowings, proceeds | 585,661 | ||
Borrowings, payments of principal | 431,530 | ||
Borrowings, payments of interest | (123,907) | ||
Interest costs incurred | 131,629 | ||
Amortised cost | 10,049 | ||
Balance at the end of the period | 919,072 | R$ 747170 | |
Borrowings | 919,072 | 747,170 | |
Residual Principal Payable | 913,521 | ||
Residual Interest Payable | 28,409 | ||
Residual Amortized Cost | (22,858) | ||
Borrowings | 919,072 | ||
Brazil, Brazil Real | Debentures | Dec 27 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance in the biginning of the period | 747,170 | 733,017 | |
Borrowings, proceeds | (12,308) | ||
Borrowings, payments of principal | 74,056 | ||
Borrowings, payments of interest | 50,908 | ||
Interest costs incurred | 147,029 | ||
Amortised cost | 4,396 | ||
Balance at the end of the period | 747,170 | ||
Borrowings | 747,170 | 733,017 | |
Residual Principal Payable | 694,921 | ||
Residual Interest Payable | 70,820 | ||
Residual Amortized Cost | (18,571) | ||
Borrowings | R$ 747170 | ||
Brazil, Brazil Real | Debentures | Local interbank deposit certificate rate - CDI | Dec 27 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 5% | ||
Borrowings Effective Interest Rate | 16.30% | ||
Brazil, Brazil Real | Aircraft and Engine Loan One | May 25 | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance in the biginning of the period | 19,284 | R$ 28038 | |
Borrowings, payments of principal | (4,697) | 8,350 | |
Borrowings, payments of interest | (4,714) | 4,374 | |
Interest costs incurred | 2,868 | 3,910 | |
Amortised cost | 30 | 60 | |
Balance at the end of the period | 12,771 | 19,284 | |
Borrowings | 12,771 | 19,284 | 28,038 |
Residual Principal Payable | 12,851 | 19,386 | |
Residual Interest Payable | 0 | 18 | |
Residual Amortized Cost | (80) | (120) | |
Borrowings | R$ 12771 | R$ 19284 | |
Brazil, Brazil Real | Aircraft and Engine Loan One | March 27 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 5.50% | ||
Borrowings Effective Interest Rate | 17.40% | ||
Brazil, Brazil Real | Aircraft and Engine Loan One | Bottom of range | May 25 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 5.50% | ||
Borrowings Effective Interest Rate | 17.40% | ||
Brazil, Brazil Real | Aircraft and Engine Loan Two | |||
Disclosure of detailed information about borrowings [line items] | |||
Residual Principal Payable | R$ 23596 | ||
Brazil, Brazil Real | Aircraft and Engine Loan Two | March 2027 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance in the biginning of the period | R$ 42282 | R$ 84330 | |
Borrowings, payments of principal | 42,324 | ||
Borrowings, payments of interest | 3,863 | ||
Interest costs incurred | 4,017 | ||
Amortised cost | 122 | ||
Balance at the end of the period | 42,282 | ||
Borrowings | 42,282 | R$ 84330 | |
Residual Principal Payable | 42,397 | ||
Residual Interest Payable | 7 | ||
Residual Amortized Cost | (122) | ||
Borrowings | 42,282 | ||
Brazil, Brazil Real | Aircraft and Engine Loan Two | March 27 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 6.30% | ||
Borrowings Effective Interest Rate | 6.30% | ||
Balance in the biginning of the period | R$ 42282 | ||
Borrowings, payments of principal | 18,600 | ||
Borrowings, payments of interest | 2,111 | ||
Interest costs incurred | 1,912 | ||
Amortised cost | 113 | ||
Balance at the end of the period | 23,596 | 42,282 | |
Borrowings | 23,596 | R$ 42282 | |
Borrowings | R$ 23596 | ||
Brazil, Brazil Real | Aircraft and Engine Loan Two | Local interbank deposit certificate rate - CDI | Mar-27 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings Effective Interest Rate | 6.20% | ||
Brazil, Brazil Real | Aircraft and Engine Loan Two | Top of range | SELIC | Mar-27 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 6.20% |
Loans and financing - Narrative
Loans and financing - Narrative (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jul. 31, 2023 BRL (R$) | Jun. 30, 2023 BRL (R$) | Mar. 31, 2023 BRL (R$) | Mar. 31, 2023 BRL (R$) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2021 BRL (R$) | Feb. 29, 2024 BRL (R$) | Feb. 29, 2024 USD ($) | Dec. 31, 2023 USD ($) | Nov. 30, 2023 BRL (R$) | Oct. 31, 2023 BRL (R$) | Oct. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) | Jul. 13, 2023 BRL (R$) | Jul. 13, 2023 USD ($) | Jun. 13, 2023 | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Borrowings, interest rate | 7.50% | 7.50% | |||||||||||||||
Capture costs for private offering of senior debt securities | R$ 187658000 | ||||||||||||||||
Borrowings | R$ 9698912000 | R$ 7232699000 | R$ 8145730000 | ||||||||||||||
Senior note debt exchange value | R$ 900197000 | ||||||||||||||||
Interest rate after renegotiation | 7.50% | 7.50% | |||||||||||||||
Percentage of Senior note value exchanged | 90% | 90% | |||||||||||||||
Debt Restructuring Cost | R$ 199635000 | R$ 0 | R$ 0 | ||||||||||||||
Effect of Extinguishing Debt | 35,490,000 | ||||||||||||||||
New Debt Restructuring cost | R$ 164145000 | ||||||||||||||||
Senior notes 2028 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Maturity term | August 2028 | ||||||||||||||||
Issue amount | R$ 3831040000 | R$ 740585000 | $ 148,700 | $ 800,000 | |||||||||||||
Senior notes 2028 | Azul Linhas Aéreas Brasileiras S.A. (ALAB) | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Issue amount | R$ 3831040000 | R$ 186005000 | $ 36,778 | $ 800,000 | |||||||||||||
Borrowings, interest rate | 11.90% | 11.90% | |||||||||||||||
Senior note debt exchange value | 190,819,000 | 37,730 | |||||||||||||||
Senior Notes 2024 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Issue amount | R$ 1410967000 | $ 294,215 | |||||||||||||||
Senior note debt exchange value | $ 331,945 | R$ 1410967000 | $ 294,215 | ||||||||||||||
Interest rate before renegotiation | 11.50% | 11.50% | |||||||||||||||
Percentage of Senior note value exchanged | 83% | 83% | |||||||||||||||
Senior Notes 2024 | Azul Linhas Aéreas Brasileiras S.A. (ALAB) | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Issue amount | 186,005,000 | 36,778 | |||||||||||||||
Senior note debt exchange value | R$ 190819000 | $ 37,730 | |||||||||||||||
Interest rate before renegotiation | 11.50% | 11.50% | 5.90% | ||||||||||||||
Interest rate after renegotiation | 11.50% | ||||||||||||||||
Senior Notes 2026 | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Issue amount | R$ 2725010000 | $ 568,219 | |||||||||||||||
Senior note debt exchange value | R$ 568252000 | R$ 2725166000 | $ 568,252 | ||||||||||||||
Interest rate before renegotiation | 10.90% | 10.90% | |||||||||||||||
Percentage of Senior note value exchanged | 94.70% | 94.70% | |||||||||||||||
Senior Notes 2026 | Azul Linhas Aéreas Brasileiras S.A. (ALAB) | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Interest rate before renegotiation | 7.30% | ||||||||||||||||
Interest rate after renegotiation | 10.90% | ||||||||||||||||
Working capital loans | Azul Linhas Aéreas Brasileiras S.A. (ALAB) | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Issue amount | R$ 302252000 | R$ 302252000 | |||||||||||||||
Borrowings, interest rate | 6.50% | 6.40% | 6.40% | ||||||||||||||
Borrowing costs incurred | R$ 1154000 | ||||||||||||||||
Aircraft and Engine Loan One | Azul Linhas Aéreas Brasileiras S.A. (ALAB) | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Issue amount | R$ 194330000 | R$ 194330000 | R$ 79222000 | ||||||||||||||
Borrowings, interest rate | 4.60% | ||||||||||||||||
Weighted average interest rate before renegotiation | 7.40% | 6.50% | 6.50% | ||||||||||||||
Weighted average interest rate after renegotiation | 8.60% | 7.40% | 7.40% | ||||||||||||||
11th Issue | Azul Linhas Aéreas Brasileiras S.A. (ALAB) | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Borrowings, interest rate | 6% | ||||||||||||||||
Borrowing costs incurred | R$ 11872000 | R$ 2467000 | |||||||||||||||
Debentures | R$ 600000000 | R$ 700000000 | R$ 700000000 | ||||||||||||||
Debenture unit face value | 1 |
Loans and financing - Schedule
Loans and financing - Schedule of amortization of long-term debt (Detail) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | R$ 9698912 | R$ 7232699 | |
Current | 1,100,051 | 1,112,940 | R$ 984266 |
Non current | 8,598,861 | 6,119,759 | R$ 7161464 |
Later than one year and not later than two years [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 0 | 1,112,940 | |
Later than two years and not later than three years [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 1,100,051 | 2,397,036 | |
Later than three years and not later than four years [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 222,201 | 234,919 | |
Year five | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 355,930 | 3,306,081 | |
Year six | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 116,146 | 172,205 | |
After year six | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | R$ 7904584 | R$ 9518 |
Loans and financing - Schedul_2
Loans and financing - Schedule of Covenants Related to Leverage and Debt Coverage Ratios (Detail) | Dec. 31, 2027 | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2023 |
Disclosure of detailed information about borrowings [line items] | ||||
Debt coverage ratio | 1,200 | |||
Leverage ratio | 5,500 | |||
Maximum | Ninth and Tenth Issuance Of Debentures [Member] | Financial covenants, frequency of measurement, annual [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Leverage ratio | 0.045 | 0.050 | 0.050 | 0.065 |
Maximum | Credit facility agreement (CFA) [Member] | Financial covenants, frequency of measurement, annual [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Leverage ratio | 0.0375 | |||
Maximum | Aircraft Financing [Member] | Financial covenants, frequency of measurement, annual [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Debt coverage ratio | 0.065 | |||
Maximum | Aircraft Financing [Member] | Financial covenants, frequency of measurement, quarterly [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Leverage ratio | 0.055 | |||
Minimum | Ninth and Tenth Issuance Of Debentures [Member] | Financial covenants, frequency of measurement, annual [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Debt coverage ratio | 0.012 | |||
Minimum | Aircraft Financing [Member] | Financial covenants, frequency of measurement, annual [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Debt coverage ratio | 0.012 | |||
Leverage ratio | 0.012 |
Leases - Renegotiations (Detail
Leases - Renegotiations (Details) R$ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 BRL (R$) leases | Jul. 31, 2024 BRL (R$) | Jul. 31, 2024 USD ($) | Oct. 31, 2023 BRL (R$) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2021 BRL (R$) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||
Leases | R$ 15146411 | R$ 14582833 | ||||
Current | 3,687,392 | 4,025,948 | ||||
Non-current | R$ 11459019 | 10,556,885 | ||||
Number of lease contracts regotiated | leases | 119 | |||||
Interest rate after renegotiation | 7.50% | |||||
Cost incurred for Lease renegotiation | R$ 84421 | |||||
Leases | ||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||
Leases | 12,455,827 | 14,582,833 | R$ 14890575 | |||
Current | 3,349,056 | 4,025,948 | 3,497,665 | |||
Non-current | 9,106,771 | 10,556,885 | R$ 11392910 | |||
Leases | ||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||
Leases | 12,455,827 | 14,582,833 | ||||
Lease notes | ||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||
Leases | 1,030,845 | 0 | ||||
Current | 121,948 | 0 | ||||
Non-current | 908,897 | 0 | ||||
Leases notes payable | 1,385,115 | R$ 286104 | ||||
Lease equity | ||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||
Leases | 1,659,739 | 0 | ||||
Current | 216,388 | 0 | ||||
Non-current | R$ 1443351 | R$ 0 | ||||
Leases Equity | R$ 2178740 | $ 450,032 |
Leases - Rollforward of lease l
Leases - Rollforward of lease liabilities (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balances at the beginning of the period | R$ 14582833 | ||
Interest on lease | (2,420,557) | R$ 2533128 | R$ 2433640 |
Leases | 15,146,411 | 14,582,833 | |
Current | 3,687,392 | 4,025,948 | |
Non-current | R$ 11459019 | R$ 10556885 | |
Lease without purchase option: Aircraft and engines | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Average remaining term | 8 years 1 month 6 days | 7 years 7 months 6 days | |
Weighted average rate | 16.30% | 21.30% | |
Balances at the beginning of the period | R$ 13585810 | ||
Leases | R$ 11567882 | R$ 13585810 | |
Lease without purchase option: Other | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Average remaining term | 4 years 7 months 6 days | 4 years 10 months 24 days | |
Weighted average rate | 10.30% | 9.80% | |
Balances at the beginning of the period | R$ 185527 | ||
Leases | R$ 237254 | R$ 185527 | |
Lease with purchase option: Aircraft and engines | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Average remaining term | 5 years | 5 years 9 months 18 days | |
Weighted average rate | 13.80% | 18.50% | |
Balances at the beginning of the period | R$ 811496 | ||
Leases | 650,691 | R$ 811496 | |
Leases | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balances at the beginning of the period | 14,582,833 | 14,890,575 | |
Additions | 1,108,706 | 1,814,168 | |
Interest on lease | (2,328,668) | (2,533,128) | |
Write-offs | (103,107) | (68,539) | |
Transfers | (2,634,969) | ||
Foreign currency exchange | (980,080) | (935,614) | |
Leases | 12,455,827 | 14,582,833 | 14,890,575 |
Current | 3,349,056 | 4,025,948 | 3,497,665 |
Non-current | 9,106,771 | 10,556,885 | 11,392,910 |
Modifications | 1,237,323 | (47,199) | |
Decrease through payments, liabilities arising from financing activities | (3,083,547) | (3,603,686) | |
Leases | Lease without purchase option: Aircraft and engines | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balances at the beginning of the period | 13,585,810 | 13,724,647 | |
Additions | 1,086,943 | 1,507,577 | |
Interest on lease | (2,209,708) | (2,400,049) | |
Write-offs | (103,107) | (1,123) | |
Transfers | (2,544,154) | ||
Foreign currency exchange | (922,775) | (880,530) | |
Leases | 13,585,810 | 13,724,647 | |
Modifications | 1,090,251 | 55,342 | |
Decrease through payments, liabilities arising from financing activities | (2,834,794) | (3,220,152) | |
Leases | Lease without purchase option: Other | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balances at the beginning of the period | 185,527 | 71,869 | |
Additions | 21,763 | 193,360 | |
Interest on lease | (19,194) | (15,798) | |
Write-offs | (67,416) | ||
Transfers | 0 | ||
Foreign currency exchange | (9,562) | (1,505) | |
Leases | 185,527 | 71,869 | |
Modifications | 76,266 | 11,452 | |
Decrease through payments, liabilities arising from financing activities | (55,934) | (38,031) | |
Leases | Lease with purchase option: Aircraft and engines | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balances at the beginning of the period | 811,496 | 1,094,059 | |
Additions | 0 | 113,231 | |
Interest on lease | (99,766) | (117,281) | |
Write-offs | 0 | ||
Transfers | (90,815) | ||
Foreign currency exchange | (47,743) | (53,579) | |
Leases | 811,496 | R$ 1094059 | |
Modifications | 70,806 | (113,993) | |
Decrease through payments, liabilities arising from financing activities | R$ 192819 | R$ 345503 |
Leases - Rollforward of lease_2
Leases - Rollforward of lease liabilities relating to Notes and Equity (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balances at the beginning of the period | R$ 14582833 | ||
Current | 3,687,392 | R$ 4025948 | |
Non-current | 11,459,019 | 10,556,885 | |
Interest expense on lease liabilities | 2,420,557 | 2,533,128 | R$ 2433640 |
Balances at the end of the period | 15,146,411 | 14,582,833 | |
Leases | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balances at the beginning of the period | 14,582,833 | 14,890,575 | |
Current | 3,349,056 | 4,025,948 | 3,497,665 |
Non-current | 9,106,771 | 10,556,885 | 11,392,910 |
Increase through new leases, liabilities arising from financing activities | 1,108,706 | 1,814,168 | |
Interest expense on lease liabilities | 2,328,668 | 2,533,128 | |
Transfers | (2,634,969) | ||
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | (980,080) | (935,614) | |
Balances at the end of the period | 12,455,827 | 14,582,833 | R$ 14890575 |
Lease equity | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balances at the beginning of the period | 0 | ||
Current | 216,388 | 0 | |
Non-current | 1,443,351 | 0 | |
Increase through new leases, liabilities arising from financing activities | 17,270 | ||
Interest expense on lease liabilities | 55,597 | ||
Transfers | 1,640,771 | ||
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | (53,899) | ||
Balances at the end of the period | R$ 1659739 | 0 | |
Lease equity | Lessors [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Average remaining term | 3 years 7 months 6 days | ||
Weighted average lessee's incremental borrowing rate applied to lease liabilities | 14.60% | ||
Balances at the beginning of the period | R$ 0 | ||
Increase through new leases, liabilities arising from financing activities | 17,270 | ||
Interest expense on lease liabilities | 55,597 | ||
Transfers | 1,640,771 | ||
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | (53,899) | ||
Balances at the end of the period | 1,659,739 | 0 | |
Lease notes | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balances at the beginning of the period | 0 | ||
Current | 121,948 | 0 | |
Non-current | 908,897 | 0 | |
Increase through new leases, liabilities arising from financing activities | 11,097 | ||
Interest expense on lease liabilities | 36,292 | ||
Transfers | 1,018,404 | ||
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | (34,948) | ||
Balances at the end of the period | R$ 1030845 | 0 | |
Lease notes | Lessors [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Average remaining term | 6 years 6 months | ||
Weighted average lessee's incremental borrowing rate applied to lease liabilities | 14.80% | ||
Balances at the beginning of the period | R$ 0 | ||
Increase through new leases, liabilities arising from financing activities | 11,097 | ||
Interest expense on lease liabilities | 36,292 | ||
Transfers | 1,018,404 | ||
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities | (34,948) | ||
Balances at the end of the period | R$ 1030845 | R$ 0 |
Leases - Schedule of lease amor
Leases - Schedule of lease amortization (Detail) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Leases | R$ 15146411 | R$ 14582833 | |
Current | 3,687,392 | 4,025,948 | |
Non-current | 11,459,019 | 10,556,885 | |
Leases | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 20,857,507 | 26,789,197 | |
Financial charges | (8,401,680) | (12,206,364) | |
Leases | 12,455,827 | 14,582,833 | R$ 14890575 |
Current | 3,349,056 | 4,025,948 | 3,497,665 |
Non-current | 9,106,771 | 10,556,885 | R$ 11392910 |
Leases | Not later than one year [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 0 | 4,387,911 | |
Leases | Later than one year and not later than two years [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 3,570,147 | 4,162,958 | |
Leases | Later than two years and not later than three years [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 2,851,258 | 3,579,587 | |
Leases | Later than three years and not later than four years [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 2,615,718 | 3,237,509 | |
Leases | Year five | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 2,226,313 | 2,909,201 | |
Leases | After year five | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 9,594,071 | 8,512,031 | |
Lease notes | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 2,086,904 | ||
Financial charges | 1,056,059 | ||
Leases | 1,030,845 | 0 | |
Current | 121,948 | 0 | |
Non-current | 908,897 | 0 | |
Lease notes | Not later than one year [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 130,432 | ||
Lease notes | Later than one year and not later than two years [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 103,883 | ||
Lease notes | Later than two years and not later than three years [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 103,883 | ||
Lease notes | Later than three years and not later than four years [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 103,883 | ||
Lease notes | Later than four year [Member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 1,644,823 | ||
Lease equity | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 2,178,739 | ||
Financial charges | 519,000 | ||
Leases | 1,659,739 | 0 | |
Current | 216,388 | 0 | |
Non-current | 1,443,351 | R$ 0 | |
Lease equity | Not later than one year [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 235,897 | ||
Lease equity | Later than one year and not later than two years [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 726,247 | ||
Lease equity | Later than two years and not later than three years [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | 726,247 | ||
Lease equity | Later than three years and not later than four years [member] | |||
Disclosure Of Detailed Information About Future Minimum Payments Of Lease Liabilities [Line Items] | |||
Gross lease liabilities | R$ 490348 |
Leases - Convenants (Detail)
Leases - Convenants (Detail) | Dec. 31, 2023 |
Lease liabilities [abstract] | |
Debt coverage ratio | 1,200 |
Leverage ratio | 5,500 |
Convertible Instruments (Detail
Convertible Instruments (Details) - BRL (R$) R$ / shares in Units, R$ in Thousands | 12 Months Ended | |||
Oct. 31, 2028 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 7.50% | |||
Balance in the biginning of the period | R$ 7232699 | R$ 8145730 | ||
Borrowings, payments of principal | 1,907,123 | (823,177) | ||
Borrowings, payments of interest | 792,152 | (560,573) | ||
Interest costs incurred | 865,107 | 656,326 | ||
Borrowings, foreign exchange gain (loss) | (388,299) | (429,841) | ||
Amortised cost | 44,894 | 29,075 | ||
Balance at the end of the period | 9,698,912 | 7,232,699 | R$ 8145730 | |
Loans and financing | 8,598,861 | 6,119,759 | 7,161,464 | |
Convertible instruments | 25,807 | 14,789 | ||
Restructuring of debentures | (352,430) | 0 | 0 | |
Non-current convertible instruments | 1,175,803 | 1,388,930 | ||
US Dollars | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance in the biginning of the period | 5,924,291 | 6,633,444 | ||
Borrowings, payments of principal | 680,955 | (308,096) | ||
Borrowings, payments of interest | 601,458 | (391,510) | ||
Interest costs incurred | 670,061 | 396,108 | ||
Borrowings, foreign exchange gain (loss) | (388,299) | 429,841 | ||
Amortised cost | 33,158 | 24,186 | ||
Balance at the end of the period | R$ 8713825 | R$ 5924291 | 6,633,444 | |
Convertible Debenture Instrument | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 12.30% | |||
Borrowings Effective Interest Rate | 12.30% | 6.60% | ||
Maturity term | Oct-28 | Oct-25 | ||
Balance in the biginning of the period | R$ 1403719 | R$ 1873001 | ||
Borrowing Variation of Conversion Right | 25,249 | (519,815) | ||
Borrowings, payments of principal | (542,496) | |||
Borrowings, payments of interest | (100,928) | (105,891) | ||
Interest costs incurred | 242,608 | 231,103 | ||
Borrowings, foreign exchange gain (loss) | (62,232) | (79,212) | ||
Borrowing Restructuring Result | 233,068 | |||
Amortised cost | 2,622 | 4,533 | ||
Balance at the end of the period | 1,201,610 | 1,403,719 | 1,873,001 | |
Loans and financing | 1,175,803 | 1,388,930 | 1,833,877 | |
Borrowing Expenses Of Extinction and Reconstitution | 346,555 | |||
Gain (loss) arising from difference between carrying amount of financial liability extinguished and consideration paid | 113,487 | |||
Convertible instruments | 25,807 | 14,789 | 39,124 | |
Restructuring of debentures | 119,362 | |||
Borrowing Modification Amount | R$ 1745900 | 352,430 | ||
Reserve of equity component of convertible instruments | 488,775 | 116,971 | ||
Convertible Debenture Instrument | US Dollars | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance in the biginning of the period | 1,403,719 | 1,873,001 | ||
Borrowing Variation of Conversion Right | 25,249 | (519,815) | ||
Borrowings, payments of principal | (542,496) | |||
Borrowings, payments of interest | (100,928) | (105,891) | ||
Interest costs incurred | 242,608 | 231,103 | ||
Borrowings, foreign exchange gain (loss) | (62,232) | (79,212) | ||
Borrowing Restructuring Result | 233,068 | |||
Amortised cost | 2,622 | 4,533 | ||
Balance at the end of the period | 1,201,610 | 1,403,719 | R$ 1873001 | |
Convertible Debenture Instrument | Not later than one year [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance in the biginning of the period | 14,789 | |||
Balance at the end of the period | 0 | 14,789 | ||
Convertible Debenture Instrument | Later than one year and not later than two years [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance in the biginning of the period | 0 | |||
Balance at the end of the period | 25,807 | 0 | ||
Convertible Debenture Instrument | Later than two years and not later than three years [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance in the biginning of the period | 1,388,930 | |||
Balance at the end of the period | 0 | 1,388,930 | ||
Convertible Debenture Instrument | After 3 years [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance in the biginning of the period | 0 | |||
Balance at the end of the period | R$ 1175803 | R$ 0 | ||
Convertible Debenture Instrument | Bottom of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 6% | 6% | ||
Maturity term | October 2025 | |||
Conversion price per share | R$ 32.26 | |||
Convertible Debenture Instrument | Top of range | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 12.30% | 7.50% | ||
Maturity term | October 2028 | |||
Conversion price per share | R$ 22.78 |
Accounts payable - Summary of a
Accounts payable - Summary of accounts payable (Detail) R$ in Thousands, $ in Thousands | Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 BRL (R$) |
Accounts payable [Line Items] | |||
Notes issued by the company to suppliers | R$ 408541 | $ 84,386 | |
Borrowings, interest rate | 7.50% | 7.50% | |
Negotiation amount payable in equity | R$ 159775 | $ 33,002 | |
Accounts payable | 3,598,768 | R$ 3034799 | |
Current | 2,277,841 | 2,517,828 | |
Non-current | 1,320,927 | 516,971 | |
Accounts Payable | |||
Accounts payable [Line Items] | |||
Accounts payable | 3,077,225 | 3,034,799 | |
Accounts Payable Notes | |||
Accounts payable [Line Items] | |||
Accounts payable | 11,624 | 0 | |
Accounts payable – Notes | 401,702 | 0 | |
Accounts payable | 401,702 | ||
Non-current | 390,078 | 0 | |
Accounts Payable - Equity | |||
Accounts payable [Line Items] | |||
Accounts Payable Equity | 119,841 | 0 | |
Accounts payable | 119,841 | ||
Non-current | 119,841 | ||
Financing With Accounts Payable - Equity | |||
Accounts payable [Line Items] | |||
Accounts Payable Equity | R$ 119841 | R$ 0 |
Accounts payable - Movement of
Accounts payable - Movement of accounts payable (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts payable [Line Items] | ||
Beginning balance non current | R$ 516971 | |
Interest costs incurred | 865,107 | R$ 656326 |
Ending balance non current | 1,320,927 | 516,971 |
Accounts Payable Notes | ||
Accounts payable [Line Items] | ||
Beginning Balance | 0 | |
Beginning balance current | 0 | |
Beginning balance non current | 0 | |
Adjustments for increase (decrease) in trade and other payables | 401,824 | |
Interest costs incurred | 8,357 | |
Foreign exchange gain | (8,479) | |
Ending Balance | 401,702 | 0 |
Ending balance current | 11,624 | 0 |
Ending balance non current | 390,078 | 0 |
Financing With Accounts Payable - Notes | ||
Accounts payable [Line Items] | ||
Beginning Balance | 0 | |
Adjustments for increase (decrease) in trade and other payables | 401,824 | |
Interest costs incurred | 8,357 | |
Foreign exchange gain | (8,479) | |
Ending Balance | 401,702 | R$ 0 |
Accounts Payable - Equity | ||
Accounts payable [Line Items] | ||
Adjustments for increase (decrease) in trade and other payables | 118,809 | |
Interest costs incurred | 3,347 | |
Foreign exchange gain | (2,315) | |
Ending balance non current | 119,841 | |
Financing With Accounts Payable - Equity | ||
Accounts payable [Line Items] | ||
Adjustments for increase (decrease) in trade and other payables | 118,809 | |
Interest costs incurred | 3,347 | |
Foreign exchange gain | R$ 2315 |
Reserve Factoring (Details)
Reserve Factoring (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Factoring [Line Items] | ||
Factoring operations | R$ 753352 | R$ 3694 |
Addition | 391,676 | 1,541,948 |
Interest incurred | 17,010 | 79,460 |
Interest paid | (39,714) | (53,476) |
Payment | (831,477) | (818,274) |
Factoring operations | R$ 290847 | R$ 753352 |
Reserve Factoring - Additional
Reserve Factoring - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Bottom of range | |
Disclosure of Factoring [Line Items] | |
Interest rate on factoring | 1.19% |
Top of range | |
Disclosure of Factoring [Line Items] | |
Interest rate on factoring | 1.27% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | R$ 570020 | R$ 1458724 | |
Gains (losses) recognized in result | R$ 238458 | 958,005 | 864,184 |
Payment (receipts) | 24,520 | ||
Rights (obligations) with derivatives, ending balance | (570,020) | ||
Derivative financial instruments | 21,909 | 36,054 | 83,177 |
Aircraft sublease | 0 | 235,896 | 270,640 |
Derivative financial instruments | (68,905) | (69,365) | 77,509 |
Derivative financial instruments | 0 | 235,896 | 270,640 |
Non-current derivative financial liabilities | (840) | (175,210) | 209,542 |
Long-term loans and financing | 8,598,861 | 6,119,759 | (636,786) |
Designated as hedging instrument | Cash flow hedges [member] | Option contract [member] | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | 0 | 8,947 | |
Gains (losses) recognized in result | (10,222) | ||
Payment (receipts) | 1,275 | ||
Rights (obligations) with derivatives, ending balance | 0 | ||
Designated as hedging instrument | Fair value hedges [member] | Interest rate swap | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | (213,257) | (269,491) | |
Gains (losses) recognized in result | 48,571 | ||
Payment (receipts) | 7,663 | ||
Rights (obligations) with derivatives, ending balance | (213,257) | ||
Derivative financial instruments | 73,794 | ||
Derivative financial instruments | 77,509 | ||
Non-current derivative financial liabilities | 209,542 | ||
Not designated as hedging instrument1 | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | (89,596) | (570,020) | |
Gains (losses) recognized in result | (238,458) | 958,005 | |
Payment (receipts) | 137,998 | (477,581) | |
Restructuring Adjustment on Derivative Instrument | (346,555) | ||
Rights (obligations) with derivatives, ending balance | (536,611) | (89,596) | (570,020) |
Derivative financial instruments | 21,909 | ||
Derivative financial instruments | (68,905) | ||
Non-current derivative financial liabilities | (840) | ||
Long-term loans and financing | (488,775) | ||
Not designated as hedging instrument1 | Option contract [member] | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | 270,640 | 349,093 | |
Gains (losses) recognized in result | (78,453) | ||
Payment (receipts) | 0 | ||
Rights (obligations) with derivatives, ending balance | 270,640 | ||
Derivative financial instruments | 0 | ||
Aircraft sublease | 270,640 | ||
Derivative financial instruments | 0 | ||
Derivative financial instruments | 270,640 | ||
Not designated as hedging instrument1 | Interest rate swap | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | (179,170) | (213,257) | |
Gains (losses) recognized in result | (34,075) | 33,519 | |
Payment (receipts) | 213,245 | 568 | |
Rights (obligations) with derivatives, ending balance | 0 | (179,170) | (213,257) |
Derivative financial instruments | 0 | ||
Derivative financial instruments | 0 | ||
Non-current derivative financial liabilities | 0 | ||
Not designated as hedging instrument1 | Forward – fuel | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | (28,701) | 9,383 | (81,274) |
Gains (losses) recognized in result | (168,378) | 440,065 | 75,075 |
Payment (receipts) | 136,977 | (478,149) | 15,582 |
Rights (obligations) with derivatives, ending balance | (60,102) | (28,701) | 9,383 |
Derivative financial instruments | 757 | 9,383 | |
Derivative financial instruments | 60,019 | 0 | |
Non-current derivative financial liabilities | 840 | ||
Not designated as hedging instrument1 | Forward – foreign currency | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | 235,246 | 270,640 | |
Gains (losses) recognized in result | (24,552) | (35,394) | |
Payment (receipts) | (210,694) | 0 | |
Restructuring Adjustment on Derivative Instrument | 0 | ||
Rights (obligations) with derivatives, ending balance | 0 | 235,246 | 270,640 |
Not designated as hedging instrument1 | Conversion right debentures | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | (116,971) | (636,786) | |
Gains (losses) recognized in result | (25,249) | 519,815 | |
Payment (receipts) | 0 | 0 | |
Restructuring Adjustment on Derivative Instrument | (346,555) | ||
Rights (obligations) with derivatives, ending balance | (488,775) | (116,971) | (636,786) |
Long-term loans and financing | (488,775) | ||
Not designated as hedging instrument1 | Conversion right | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | (636,786) | (1,465,999) | |
Gains (losses) recognized in result | 829,213 | ||
Payment (receipts) | 0 | ||
Rights (obligations) with derivatives, ending balance | (636,786) | ||
Derivative financial instruments | 0 | ||
Aircraft sublease | 0 | ||
Derivative financial instruments | 0 | ||
Derivative financial instruments | 0 | ||
Non-current derivative financial liabilities | 0 | ||
Long-term loans and financing | (636,786) | ||
Not designated as hedging instrument1 | Option Fuel | |||
Disclosure of changes in fair value [line items] | |||
Rights (obligations) with derivatives, beginning balance | 0 | 0 | |
Gains (losses) recognized in result | 13,796 | 0 | |
Payment (receipts) | (1,530) | 0 | |
Restructuring Adjustment on Derivative Instrument | 0 | ||
Rights (obligations) with derivatives, ending balance | 12,266 | R$ 0 | R$ 0 |
Derivative financial instruments | 21,152 | ||
Derivative financial instruments | 8,886 | ||
Non-current derivative financial liabilities | 0 | ||
Long-term loans and financing | R$ 0 |
Airport taxes and fees (Details
Airport taxes and fees (Details) - BRL (R$) | Dec. 31, 2023 | Dec. 31, 2022 |
Airport taxes and fees abstract [Abstract] | ||
Airport fee | R$ 1490514000 | R$ 1087232000 |
Boarding tax | 248,689,000 | 213,093,000 |
Others airport taxes and fees | 20,880,000 | 34,444,000 |
Total | 1,760,083,000 | 1,334,769,000 |
Current | 588,404,000 | 831,897,000 |
Non-current | R$ 1171679000 | R$ 502872000 |
Air traffic liability and Loy_3
Air traffic liability and Loyalty Program - Schedule of Air Traffic Liability (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of air traffic liability [Line Items] | ||
Air traffic liability and loyalty program | R$ 5205876 | R$ 4140025 |
Average use term(a) | 56 days | 48 days |
Loyalty program partners | ||
Disclosure of air traffic liability [Line Items] | ||
Air traffic liability and loyalty program | R$ 576245 | R$ 520246 |
Cargo and passenger air traffic liability | ||
Disclosure of air traffic liability [Line Items] | ||
Air traffic liability and loyalty program | R$ 5782121 | R$ 4660271 |
Salaries and Benefits (Details)
Salaries and Benefits (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Analysis of income and expense [abstract] | ||
Salaries | R$ 473060 | R$ 478568 |
Benefits | 1,737 | 844 |
Total | 474,797 | 479,412 |
Current | R$ 474797 | R$ 479412 |
Taxes Payable (Details)
Taxes Payable (Details) - BRL (R$) R$ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of taxes payables [Line Items] | |||
Provisions | R$ 254455 | R$ 265183 | |
Current | 142,168 | 193,588 | |
Non-current | 112,287 | 71,595 | |
Income taxes paid (refund) | R$ 103650 | ||
Government installment payment program federal | |||
Disclosure of taxes payables [Line Items] | |||
Provisions | 157,970 | 96,547 | |
Social Integration Program (" PIS ") and Contribution to Social Security Financing (" COFINS ") | |||
Disclosure of taxes payables [Line Items] | |||
Provisions | 4,231 | 55,385 | |
Taxes withheld | |||
Disclosure of taxes payables [Line Items] | |||
Provisions | 76,520 | 49,906 | |
Import taxes | |||
Disclosure of taxes payables [Line Items] | |||
Provisions | 13,483 | 15,189 | |
Others | |||
Disclosure of taxes payables [Line Items] | |||
Provisions | R$ 2251 | R$ 48156 |
Provisions - Schedule of Change
Provisions - Schedule of Changes in Provisions (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of provisions [line items] | ||
Balance at the beginning of the year | R$ 3242994 | R$ 3499589 |
Additions | (718,757) | (272,867) |
Modifications | 250,134 | |
Write-offs | (638,327) | 585,551 |
Interest incurred | 257,419 | 246,147 |
Actuarial gains (losses) arising from changes in demographic assumptions, net of tax, defined benefit plans | (141) | |
Effect of change in financial assumptions | 23 | (888) |
Effect of plan experience | (2,198) | 1,406 |
Foreign currency exchange | 191,890 | (190,576) |
Balance at the ending of the year | 3,140,853 | 3,242,994 |
Current | 736,430 | 834,288 |
Non-current | R$ 2404423 | R$ 2408706 |
Nominal discount rate | 10.70% | 11.20% |
Return of aircraft and engines(a) | ||
Disclosure of provisions [line items] | ||
Balance at the beginning of the year | R$ 2675266 | R$ 2241439 |
Additions | (501,864) | (678,252) |
Modifications | 250,134 | |
Write-offs | (401,014) | 228,034 |
Interest incurred | 239,078 | 144,563 |
Effect of change in financial assumptions | 0 | 0 |
Effect of plan experience | 0 | 0 |
Foreign currency exchange | 191,890 | (160,954) |
Balance at the ending of the year | 2,573,170 | 2,675,266 |
Current | 497,525 | 654,897 |
Non-current | 2,075,645 | 2,020,369 |
Tax, civil, labor and other risks | ||
Disclosure of provisions [line items] | ||
Balance at the beginning of the year | 560,727 | 558,982 |
Additions | (216,778) | (181,136) |
Modifications | 0 | |
Write-offs | (237,313) | 179,391 |
Interest incurred | 17,581 | 0 |
Effect of change in financial assumptions | 0 | 0 |
Effect of plan experience | 0 | 0 |
Foreign currency exchange | 0 | 0 |
Balance at the ending of the year | 557,773 | 560,727 |
Current | 238,905 | 179,391 |
Non-current | 318,868 | 381,336 |
Onerous contracts provision [member] | ||
Disclosure of provisions [line items] | ||
Balance at the beginning of the year | 0 | 693,407 |
Additions | 0 | (586,634) |
Modifications | 0 | |
Write-offs | 0 | 178,126 |
Interest incurred | 0 | 100,975 |
Effect of change in financial assumptions | 0 | 0 |
Effect of plan experience | 0 | 0 |
Foreign currency exchange | 0 | (29,622) |
Balance at the ending of the year | 0 | 0 |
Current | 0 | 0 |
Non-current | 0 | 0 |
Post -employment benefit | ||
Disclosure of provisions [line items] | ||
Balance at the beginning of the year | 7,001 | 5,761 |
Additions | (115) | (113) |
Modifications | 0 | |
Write-offs | 0 | 0 |
Interest incurred | 760 | 609 |
Actuarial gains (losses) arising from changes in demographic assumptions, net of tax, defined benefit plans | (141) | |
Effect of change in financial assumptions | 23 | (888) |
Effect of plan experience | 2,198 | 1,406 |
Foreign currency exchange | 0 | 0 |
Balance at the ending of the year | 9,910 | 7,001 |
Current | 0 | 0 |
Non-current | R$ 9910 | R$ 7001 |
Provisions - Schedule of provis
Provisions - Schedule of provision for tax, civil and labor risks (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Probable loss | R$ 143790 | R$ 389426 |
Payroll tax relief | 255,042 | |
Amounts reversed by legal payments | 63,634 | |
Social security contributions | 69,768 | |
Tax, civil, labor and other risks | ||
Disclosure of other provisions [line items] | ||
Probable loss | 557,773 | 560,727 |
Possible loss | 550,828 | 477,804 |
Tax | ||
Disclosure of other provisions [line items] | ||
Probable loss | 284,638 | 263,495 |
Possible loss | R$ 432109 | 376,510 |
Tax | Tax claims | ||
Disclosure of other provisions [line items] | ||
Additional charges rate in tax claims | 1% | |
Possible loss | R$ 219695 | 209,496 |
Civil | ||
Disclosure of other provisions [line items] | ||
Probable loss | 131,464 | 107,980 |
Possible loss | 49,930 | 57,871 |
Labor | ||
Disclosure of other provisions [line items] | ||
Probable loss | 141,671 | 121,842 |
Possible loss | 68,789 | 43,423 |
Other | ||
Disclosure of other provisions [line items] | ||
Probable loss | 0 | 67,410 |
Possible loss | 0 | R$ 0 |
Other | Tax claims | ||
Disclosure of other provisions [line items] | ||
Possible loss | R$ 3776 |
Provisions - Schedule of actori
Provisions - Schedule of actorial assumptions for post-employment benefit (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Nominal discount rate p.a. | ||
Disclosure of sensitivity analysis for actuarial assumptions | ||
Actuarial assumption of discount rates | 9.92% | 10.96% |
Actual discount rate p.a. | ||
Disclosure of sensitivity analysis for actuarial assumptions | ||
Actuarial assumption of discount rates | 5.79% | 5.78% |
Estimated inflation rate in the long term p.a. | ||
Disclosure of sensitivity analysis for actuarial assumptions | ||
Actuarial assumption of discount rates | 3.90% | 4.90% |
HCCTR – Average nominal inflation rate p.a. | ||
Disclosure of sensitivity analysis for actuarial assumptions | ||
Actuarial assumption of discount rates | 7.02% | 8.05% |
HCCTR – Actual nominal inflation rate p.a. | ||
Disclosure of sensitivity analysis for actuarial assumptions | ||
Actuarial assumption of discount rates | 3% | 3% |
Mortality table | ||
Disclosure of sensitivity analysis for actuarial assumptions | ||
Actuarial assumption of discount rates | 10% | 10% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Compensation for Key Management Personnel (Detail) - Key management personnel - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [table] | |||
Other short-term employee benefits | R$ 19429 | R$ 58788 | R$ 30080 |
Wages and salaries | 595 | 0 | 0 |
Other long-term employee benefits | (63,529) | (17,441) | (13,042) |
Total compensation | R$ 83553 | R$ 41347 | R$ 43122 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 02, 2020 | |
Disclosure of transactions between related parties [line items] | |||||
Leases | R$ 11459019 | R$ 10556885 | |||
Negative equity position | (21,327,848) | (19,007,500) | R$ 18333003 | R$ 14148750 | |
Leases | 15,146,411 | 14,582,833 | |||
Aguia Branca Participacoes SA | |||||
Disclosure of transactions between related parties [line items] | |||||
Technology services acquired | 52 | 52 | |||
Caprioli Turismo Ltd | |||||
Disclosure of transactions between related parties [line items] | |||||
Ticket sales contract, line of credit, lending capacity | 20 | ||||
Breeze Aviation Group | |||||
Disclosure of transactions between related parties [line items] | |||||
Sublease arrangement, related party transaction, shareholders approval rate | 97% | ||||
Maintenance reserve | 3,901 | 0 | |||
Leases | (30,802) | (67,056) | |||
Interest expense | 5,824 | 7,589 | |||
Azorra Aviation Holdings LLC [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Maintenance reserve | 0 | 107,286 | |||
Security deposits | 4,643 | 3,913 | |||
Leases | (302,947) | (113,832) | |||
Debentures | (74,572) | 0 | |||
Negative equity position | (102,683) | 0 | |||
Interest expense | 17,106 | 10,983 | |||
Azul Linhas Aéreas Brasileiras S.A. (ALAB) | |||||
Disclosure of transactions between related parties [line items] | |||||
Maintenance reserve | R$ 19559 | R$ 14456 |
Equity - Schedule of Issued Cap
Equity - Schedule of Issued Capital and Authorized Shares, All Registered and Without Par Value (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Value [Abstract] | |||||
Issued capital | R$ 2313941 | ||||
Share-based payment | [1] | 69,109 | R$ 52311 | R$ 40009 | |
Issued capital | 2,314,821 | 2,313,941 | |||
Quantity [Abstract] | |||||
Negative equity position | (21,327,848) | (19,007,500) | (18,333,003) | R$ 14148750 | |
Increase (decrease) in equity | (2,320,348) | (674,497) | |||
Advance for future capital increase | 789 | 61 | 24,004 | ||
Advance for future capital increase | 789 | 61 | |||
Company’s capital | |||||
Value [Abstract] | |||||
Issued capital | 2,313,941 | 2,290,876 | |||
Capital payment | (880) | ||||
Share-based payment | [1] | 880 | 23,065 | 44,509 | |
Issued capital | 2,314,821 | 2,313,941 | 2,290,876 | ||
Quantity [Abstract] | |||||
Negative equity position | 2,314,821 | 2,313,941 | 2,290,876 | R$ 2246367 | |
AFAC [Member] | |||||
Value [Abstract] | |||||
Issued capital | 61 | 120 | |||
Capital payment | (880) | (23,065) | |||
Share-based payment | 1,608 | 23,006 | |||
Issued capital | R$ 789 | R$ 61 | R$ 120 | ||
Common shares | |||||
Quantity [Abstract] | |||||
Number of shares issued | 928,965,058,000 | 928,965,058,000 | |||
Acquisition | 0 | ||||
Number of shares issued | 928,965,058,000 | 928,965,058,000 | 928,965,058,000 | ||
Preferred shares | |||||
Quantity [Abstract] | |||||
Number of shares issued | 335,623,408,000 | 333,680,010,000 | |||
Acquisition | 124,388,000 | 1,943,398,000 | |||
Number of shares issued | 335,747,796,000 | 335,623,408,000 | 333,680,010,000 | ||
[1](*) |
Equity - Schedule of shareholde
Equity - Schedule of shareholders in percent (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 100% | 100% |
% economic participation | 100% | 100% |
David Neeleman | ||
Disclosure of classes of share capital [line items] | ||
% economic participation | 4.50% | 4.50% |
Shareholders Trip(a) | ||
Disclosure of classes of share capital [line items] | ||
% economic participation | 5% | 5.40% |
United Airlines Inc | ||
Disclosure of classes of share capital [line items] | ||
% economic participation | 7.80% | 7.80% |
Blackrock | ||
Disclosure of classes of share capital [line items] | ||
% economic participation | 4.80% | 4.80% |
Others | ||
Disclosure of classes of share capital [line items] | ||
% economic participation | 77.80% | 77.40% |
Treasury shares | ||
Disclosure of classes of share capital [line items] | ||
% economic participation | 0.10% | 0.10% |
Common shares | David Neeleman | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 67% | 67% |
Common shares | Shareholders Trip(a) | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 33% | 33% |
Common shares | United Airlines Inc | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 0% | 0% |
Common shares | Blackrock | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 0% | 0% |
Common shares | Others | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 0% | 0% |
Common shares | Treasury shares | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 0% | 0% |
Preferred shares | David Neeleman | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 2.20% | 2.20% |
Preferred shares | Shareholders Trip(a) | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 4% | 4.40% |
Preferred shares | United Airlines Inc | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 8% | 8% |
Preferred shares | Blackrock | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 5% | 5% |
Preferred shares | Others | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 80.70% | 80.30% |
Preferred shares | Treasury shares | ||
Disclosure of classes of share capital [line items] | ||
Proportion of ownership interest in entity by participating shareholder | 0.10% | 0.10% |
Equity - Schedule of Treasury S
Equity - Schedule of Treasury Shares (Detail) - BRL (R$) R$ / shares in Units, shares in Thousands, R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [abstract] | |||
Number of shares, Beginning Balance | 349,999 | 384,529 | |
Transfers | (441,866) | (347,632) | |
Number of shares, End of Balance | 499,999 | 349,999 | 384,529 |
Beginning Balance | R$ 10204 | R$ 11959 | |
Transfers | (7,989) | (5,678) | |
Repurchase | 6,826 | 3,923 | R$ 16198 |
Ending Balance | R$ 9041 | R$ 10204 | R$ 11959 |
Repurchase | 591,866 | 313,102 | |
Average cost per share, Beginning Balance | R$ 29.15 | R$ 31.10 | |
Treasury Share Repurchase Average Per Share | 11.53 | 12.53 | |
Treasury Shares Transfers Average Price Per Share | 0 | 0 | |
Average cost per share, Ending Balance | R$ 18.08 | R$ 29.15 | R$ 31.10 |
Equity - Additional Information
Equity - Additional Information (Detail) | 12 Months Ended | ||
Nov. 11, 2022 shares | Dec. 31, 2023 multiplier shares | Dec. 31, 2022 shares | |
Disclosure of classes of share capital [line items] | |||
Multiplier to price per share paid to the controlling shareholder used to determine the purchase price per share of preferred shares in a public offering | multiplier | 75 | ||
Multiplier to the price per common share that preferred shares have the right to receive in the case of liquidation upon splitting of remaining assets among shareholders | multiplier | 75 | ||
Multiplier to the price per common share used to determine the amount of dividends that may be received | multiplier | 75 | ||
Repurchase | 591,866,000 | 313,102,000 | |
Preferred shares | |||
Disclosure of classes of share capital [line items] | |||
Number of additional shares authorized for issue | 230,000,000 | ||
Number of shares approved for buyback plan | 1,300,000 | ||
Period of permanence in treasury | 18 months | ||
Preferred shares | Current plan [Member] | |||
Disclosure of classes of share capital [line items] | |||
Repurchase | 851,868 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Common and Preferred Share (Detail) - BRL (R$) R$ / shares in Units, R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator | |||
Loss for the year | R$ 2380456 | R$ 722367 | R$ 4213208 |
Denominator | |||
Weighted average number of preferred shares that would have been issued the average share price at the market price | 4,041,744 | 3,290,760 | 2,711,861 |
Weighted average share price | R$ 16.01 | R$ 11.01 | |
Average share price | R$ 14.35 | R$ 18.17 | R$ 36.87 |
Share-based payments | |||
Denominator | |||
Weighted average number of presumed conversions | 220,081,929 | 77,059,124 | 63,296,103 |
Common shares | |||
Denominator | |||
Weighted average number of shares | 928,965,058 | 928,965,058 | 928,965,058 |
Weighted average number of equivalent shares | 26,064,912,583 | 26,075,851,633 | 25,925,435,858 |
Basic earnings per share | |||
Basic net income (loss) per share | R$ 0.09 | R$ 0.03 | R$ 0.16 |
Diluted earnings per share | |||
Diluted net income (loss) per share | R$ 0.09 | R$ 0.03 | R$ 0.16 |
Preferred shares | |||
Denominator | |||
Weighted average number of shares | 335,145,967 | 335,291,821 | 333,286,277 |
75 preferred shares | 75 | 75 | 75 |
Weighted average number of equivalent shares | 347,532,168 | 347,678,022 | 345,672,478 |
Basic earnings per share | |||
Basic net income (loss) per share | R$ 6.85 | R$ 2.08 | R$ 12.19 |
Diluted earnings per share | |||
Diluted net income (loss) per share | R$ 6.85 | R$ 2.08 | R$ 12.19 |
Earnings (Loss) Per Share - S_2
Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Common and Preferred Share (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2023 multiplier shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Earnings per share [line items] | |||
Multiplier to the price per common share used to determine the amount of dividends that may be received | multiplier | 75 | ||
Common shares | |||
Earnings per share [line items] | |||
Weighted average number of shares | 928,965,058 | 928,965,058 | 928,965,058 |
Stock conversion ratio | 75 | ||
Preferred shares | |||
Earnings per share [line items] | |||
Weighted average number of shares | 335,145,967 | 335,291,821 | 333,286,277 |
Weighted average number of preferred shares, conversion analysis | 12,386,201 |
Share-based Option Plan - Summa
Share-based Option Plan - Summary of Changes in Stock Options (Detail) R$ / shares in Units, R$ in Thousands | 12 Months Ended | 157 Months Ended | ||
Dec. 31, 2023 BRL (R$) share brazilianReal plan R$ / shares | Dec. 31, 2022 BRL (R$) share R$ / shares | Dec. 31, 2021 BRL (R$) share | Dec. 31, 2022 BRL (R$) share R$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share-based compensation plans | plan | 3 | |||
Number of options, Beginning balance | 21,191,578 | 10,426,754 | ||
Granted | 2,300,000 | 18,096,196 | ||
Exercised | 756,585 | 2,422,496 | ||
Canceled | (422,314) | (4,908,876) | ||
Number of options, Ending balance | 22,312,679 | 21,191,578 | 10,426,754 | 21,191,578 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [abstract] | ||||
Weighted average share price | R$ / shares | R$ 16.01 | R$ 11.01 | ||
Share-based payment | R$ | R$ 71643 | R$ 18250 | R$ 17180 | |
Stock option plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options, Beginning balance | 19,069,705 | 3,923,686 | ||
Granted | 1,800,000 | 17,089,417 | 39,791,376 | |
Exercised | 124,388 | 1,943,398 | ||
Canceled | (223,633) | 0 | ||
Number of options, Ending balance | 20,521,684 | 19,069,705 | 3,923,686 | 19,069,705 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [abstract] | ||||
Weighted average share price | R$ / shares | R$ 12.93 | R$ 11.84 | ||
Cash inflow stock option plan | R$ | R$ 1608 | R$ 23006 | R$ 23006 | |
Share-based payment | R$ | R$ 61646 | R$ 29368 | R$ 5933 | |
Restricted stock options plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options, Beginning balance | 1,795,401 | 1,366,386 | ||
Granted | 500,000 | 1,006,779 | ||
Exercised | 609,313 | 479,098 | ||
Canceled | (142,023) | (98,666) | ||
Number of options, Ending balance | 1,544,065 | 1,795,401 | 1,366,386 | 1,795,401 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [abstract] | ||||
Number of other equity instruments outstanding in share-based payment arrangement | 1,544,065 | |||
Share-based payment | R$ | R$ 9093 | R$ 1366 | R$ 15877 | |
Income Tax Regarding RSU Transfer | R$ | R$ 3239 | R$ 1427 | ||
Phantom Shares | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of options, Beginning balance | 326,472 | 5,136,682 | ||
Granted | 0 | 0 | ||
Exercised | 22,884 | 0 | ||
Canceled | (56,658) | (4,810,210) | ||
Number of options, Ending balance | 246,930 | 326,472 | 5,136,682 | 326,472 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [abstract] | ||||
Weighted average share price | R$ / shares | R$ 10.35 | R$ 0 | ||
Flat cash inflow of phantom shares | R$ | R$ 237 | R$ 0 | R$ 0 | |
Total obligation related to the phantom shares plan | R$ / shares | R$ 1736000 | R$ 844000 | R$ 844000 | |
Share-based payment | R$ | R$ 904 | R$ 48984 | R$ 4630 |
Share-based Option Plan - Sum_2
Share-based Option Plan - Summary of Measurement of Grant Date Fair Value of Share Options (Detail) | 12 Months Ended | 157 Months Ended | ||||||||||||
Aug. 19, 2022 brazilianReal R$ / shares | Aug. 08, 2022 brazilianReal R$ / shares | Jul. 06, 2017 share R$ / shares | Mar. 14, 2017 share R$ / shares | Jul. 01, 2016 brazilianReal R$ / shares | Jul. 01, 2015 share R$ / shares | Jun. 30, 2014 share R$ / shares | Apr. 05, 2011 share R$ / shares | Mar. 24, 2011 share R$ / shares | Dec. 11, 2009 share R$ / shares | Dec. 31, 2023 share brazilianReal numeral R$ / shares | Dec. 31, 2022 share | Dec. 31, 2022 share | Dec. 31, 2021 share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Granted | 2,300,000 | 18,096,196 | ||||||||||||
Number of share options outstanding in share-based payment arrangement | share | 22,312,679 | 21,191,578 | 21,191,578 | 10,426,754 | ||||||||||
Total granted | numeral | 1 | |||||||||||||
December 11, 2009 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
March 24, 2011 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
April 5, 2011 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
June 30, 2014 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
July 1, 2015 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
July 1, 2016 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 14.50 | |||||||||||||
Weighted average share price, share options granted | R$ 10.14 | |||||||||||||
Expected volatility, share options granted | 43.10% | |||||||||||||
Expected dividend | 1.10% | |||||||||||||
Average risk-free rate of return | 12.20% | |||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 0 years | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
Granted | brazilianReal | 820,250 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | brazilianReal | 280,124 | |||||||||||||
Total options available for exercise | brazilianReal | 280,124 | |||||||||||||
July 6, 2017 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
March 14, 2017 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercise rate per tranche | 20% | |||||||||||||
Purchasing period up to (years) | 5 years | |||||||||||||
August 8, 2022 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 11.07 | |||||||||||||
Weighted average share price, share options granted | R$ 8.10 | |||||||||||||
Expected volatility, share options granted | 70% | |||||||||||||
Expected dividend | 0% | |||||||||||||
Average risk-free rate of return | 13% | |||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 7 months 6 days | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
Granted | brazilianReal | 1,774,418 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | brazilianReal | 1,731,390 | |||||||||||||
Total options available for exercise | brazilianReal | 439,962 | |||||||||||||
August 8, 2022 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 11.07 | |||||||||||||
Weighted average share price, share options granted | R$ 6.40 | |||||||||||||
Expected volatility, share options granted | 68.80% | |||||||||||||
Expected dividend | 0% | |||||||||||||
Average risk-free rate of return | 13.20% | |||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 7 months 6 days | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
Granted | brazilianReal | 1,514,999 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | brazilianReal | 1,399,999 | |||||||||||||
Total options available for exercise | brazilianReal | 669,500 | |||||||||||||
August 19, 2022 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 11.07 | |||||||||||||
Weighted average share price, share options granted | R$ 7.39 | |||||||||||||
Expected volatility, share options granted | 67.20% | |||||||||||||
Expected dividend | 0% | |||||||||||||
Average risk-free rate of return | 13.60% | |||||||||||||
Exercise rate per tranche | 100% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 0 years | |||||||||||||
Purchasing period up to (years) | 1 year | |||||||||||||
Granted | brazilianReal | 4,900,000 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | brazilianReal | 4,824,333 | |||||||||||||
Total options available for exercise | brazilianReal | 4,824,333 | |||||||||||||
August 19, 2022 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 11.07 | |||||||||||||
Weighted average share price, share options granted | R$ 11.54 | |||||||||||||
Expected volatility, share options granted | 74.60% | |||||||||||||
Expected dividend | 0% | |||||||||||||
Average risk-free rate of return | 12.70% | |||||||||||||
Exercise rate per tranche | 33% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 7 months 6 days | |||||||||||||
Purchasing period up to (years) | 5 years | |||||||||||||
Granted | brazilianReal | 8,900,000 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | brazilianReal | 8,900,000 | |||||||||||||
Total options available for exercise | brazilianReal | 0 | |||||||||||||
July 7,2023 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 15.60 | |||||||||||||
Weighted average share price, share options granted | R$ 10.80 | |||||||||||||
Expected volatility, share options granted | 75.40% | |||||||||||||
Expected dividend | 0% | |||||||||||||
Average risk-free rate of return | 11.60% | |||||||||||||
Exercise rate per tranche | 25% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 6 months | |||||||||||||
Purchasing period up to (years) | 4 years | |||||||||||||
Granted | brazilianReal | 1,800,000 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | brazilianReal | 1,783,387 | |||||||||||||
Total options available for exercise | brazilianReal | 0 | |||||||||||||
Stock option plan | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Granted | 1,800,000 | 17,089,417 | 39,791,376 | |||||||||||
Number of share options outstanding in share-based payment arrangement | share | 20,521,684 | 19,069,705 | 19,069,705 | 3,923,686 | ||||||||||
Total options available for exercise | share | 7,816,370 | |||||||||||||
Stock option plan | December 11, 2009 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 3.42 | |||||||||||||
Weighted average share price, share options granted | R$ 1.93 | |||||||||||||
Expected volatility, share options granted | 47.70% | |||||||||||||
Expected dividend | 1.10% | |||||||||||||
Average risk-free rate of return | 8.80% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 0 years | |||||||||||||
Granted | share | 5,032,800 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | share | 182,870 | |||||||||||||
Total options available for exercise | share | 182,870 | |||||||||||||
Stock option plan | March 24, 2011 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 6.44 | |||||||||||||
Weighted average share price, share options granted | R$ 4.16 | |||||||||||||
Expected volatility, share options granted | 54.80% | |||||||||||||
Expected dividend | 1.10% | |||||||||||||
Average risk-free rate of return | 12% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 0 years | |||||||||||||
Granted | share | 1,572,000 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | share | 84,000 | |||||||||||||
Total options available for exercise | share | 84,000 | |||||||||||||
Stock option plan | April 5, 2011 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 6.44 | |||||||||||||
Weighted average share price, share options granted | R$ 4.16 | |||||||||||||
Expected volatility, share options granted | 54.80% | |||||||||||||
Expected dividend | 1.10% | |||||||||||||
Average risk-free rate of return | 12% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 0 years | |||||||||||||
Granted | share | 656,000 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | share | 6,200 | |||||||||||||
Total options available for exercise | share | 6,200 | |||||||||||||
Stock option plan | June 30, 2014 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 19.15 | |||||||||||||
Weighted average share price, share options granted | R$ 11.01 | |||||||||||||
Expected volatility, share options granted | 40.60% | |||||||||||||
Expected dividend | 1.10% | |||||||||||||
Average risk-free rate of return | 12.50% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 0 years | |||||||||||||
Granted | share | 2,169,122 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | share | 708,993 | |||||||||||||
Total options available for exercise | share | 708,993 | |||||||||||||
Stock option plan | July 1, 2015 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 14.51 | |||||||||||||
Weighted average share price, share options granted | R$ 10.82 | |||||||||||||
Expected volatility, share options granted | 40.60% | |||||||||||||
Expected dividend | 1.10% | |||||||||||||
Average risk-free rate of return | 15.70% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 0 years | |||||||||||||
Granted | share | 627,810 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | share | 177,592 | |||||||||||||
Total options available for exercise | share | 177,592 | |||||||||||||
Stock option plan | July 6, 2017 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 22.57 | |||||||||||||
Weighted average share price, share options granted | R$ 12.82 | |||||||||||||
Expected volatility, share options granted | 43.40% | |||||||||||||
Expected dividend | 1.10% | |||||||||||||
Average risk-free rate of return | 10.30% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 0 years | |||||||||||||
Granted | share | 680,467 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | share | 442,796 | |||||||||||||
Total options available for exercise | share | 442,796 | |||||||||||||
Stock option plan | March 14, 2017 | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Option exercise price (in R$) | R$ 11.85 | |||||||||||||
Weighted average share price, share options granted | R$ 4.82 | |||||||||||||
Expected volatility, share options granted | 50.60% | |||||||||||||
Expected dividend | 1.10% | |||||||||||||
Average risk-free rate of return | 11.30% | |||||||||||||
Weighted average remaining contractual life of outstanding share options | 0 years | |||||||||||||
Granted | share | 9,343,510 | |||||||||||||
Number of share options outstanding in share-based payment arrangement | share | 0 | |||||||||||||
Total options available for exercise | share | 0 |
Share-based Option Plan - Sum_3
Share-based Option Plan - Summary of Restricted stock option plan (Detail) | 12 Months Ended | 36 Months Ended | |||||||||
Jul. 07, 2023 share R$ / shares | Jul. 07, 2022 share R$ / shares | Jul. 07, 2021 share R$ / shares | Jun. 19, 2020 share R$ / shares | Jul. 07, 2019 share R$ / shares | Jul. 06, 2017 | Jul. 01, 2016 R$ / shares | Jul. 01, 2015 | Jun. 30, 2014 | Dec. 31, 2023 share numeral R$ / shares | Jul. 07, 2022 share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of other equity instruments granted in share-based payment arrangement | numeral | 1 | ||||||||||
June 30, 2014 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
July 1, 2015 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
July 1, 2016 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
Weighted average share price, share options granted | R$ / shares | R$ 10.14 | ||||||||||
July 6, 2017 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
July 7,2023 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
Weighted average share price, share options granted | R$ / shares | R$ 10.80 | ||||||||||
Restricted stock options plan | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of other equity instruments granted in share-based payment arrangement | 3,359,361 | ||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 1,544,065 | ||||||||||
Restricted stock options plan | July 7, 2019 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting period (in years) | 0 years | ||||||||||
Vesting percentage | 25% | ||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
Weighted average share price, share options granted | R$ / shares | R$ 51.65 | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 170,000 | ||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 0 | ||||||||||
Restricted stock options plan | June 19, 2020 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting period (in years) | 4 months 24 days | ||||||||||
Vesting percentage | 25% | ||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
Weighted average share price, share options granted | R$ / shares | R$ 21.80 | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 1,382,582 | ||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 255,126 | ||||||||||
Restricted stock options plan | July 7, 2021 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting period (in years) | 1 year 6 months | ||||||||||
Vesting percentage | 25% | ||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
Weighted average share price, share options granted | R$ / shares | R$ 42.67 | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 300,000 | ||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 118,661 | ||||||||||
Restricted stock options plan | July 7, 2022 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting period (in years) | 2 years 6 months | ||||||||||
Vesting percentage | 25% | ||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
Weighted average share price, share options granted | R$ / shares | R$ 11.72 | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 335,593 | ||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 230,693 | ||||||||||
Restricted stock options plan | July 7, 2022 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting period (in years) | 2 years 6 months | ||||||||||
Vesting percentage | 25% | ||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
Weighted average share price, share options granted | R$ / shares | R$ 11.72 | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 671,186 | ||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 444,761 | ||||||||||
Restricted stock options plan | July 7,2023 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Vesting period (in years) | 3 years 6 months | ||||||||||
Vesting percentage | 25% | ||||||||||
Purchasing period up to (years) | 4 years | ||||||||||
Weighted average share price, share options granted | R$ / shares | R$ 19.32 | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 500,000 | ||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 494,824 |
Share-based Option Plan - Sumar
Share-based Option Plan - Sumary of stock prurchase plan - phantom (Detail) | 12 Months Ended | 36 Months Ended | ||||
Aug. 17, 2021 share brazilianReal R$ / shares | Apr. 30, 2020 share brazilianReal R$ / shares | Jul. 07, 2019 brazilianReal share R$ / shares | Aug. 07, 2018 brazilianReal share R$ / shares | Dec. 31, 2023 share numeral | Aug. 17, 2021 brazilianReal share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Total granted | numeral | 1 | |||||
Stock purchase plan | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Total granted | 6,542,400 | |||||
Total outstanding | 246,930 | |||||
Total options available for exercise | brazilianReal | 246,930 | |||||
Stock purchase plan | August 7, 2018 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Option exercise price (in reais) | R$ / shares | R$ 20.43 | |||||
Average fair value of option | R$ / shares | R$ 3.89 | |||||
Historical volatility | 74.90% | |||||
Expected dividend | 0% | |||||
Average risk-free rate of return | 10% | |||||
Exercise rate | 25% | |||||
Remaining term of the vesting period | 0 years | |||||
Purchasing period up to (years) | 4 years | |||||
Total granted | 707,400 | |||||
Total outstanding | 53,520 | |||||
Total options available for exercise | brazilianReal | 53,520 | |||||
Stock purchase plan | July 7, 2019 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Option exercise price (in reais) | R$ / shares | R$ 42.09 | |||||
Average fair value of option | R$ / shares | R$ 1.08 | |||||
Historical volatility | 74.90% | |||||
Expected dividend | 0% | |||||
Average risk-free rate of return | 10% | |||||
Exercise rate | 25% | |||||
Remaining term of the vesting period | 0 years | |||||
Purchasing period up to (years) | 4 years | |||||
Total granted | 405,000 | |||||
Total outstanding | 0 | |||||
Total options available for exercise | brazilianReal | 0 | |||||
Stock purchase plan | April 30, 2020 first award | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Option exercise price (in reais) | R$ / shares | R$ 10.35 | |||||
Average fair value of option | R$ / shares | R$ 7.87 | |||||
Historical volatility | 74.90% | |||||
Expected dividend | 0% | |||||
Average risk-free rate of return | 10% | |||||
Exercise rate | 33.30% | |||||
Remaining term of the vesting period | 0 years | |||||
Purchasing period up to (years) | 3 years | |||||
Total granted | 3,250,000 | |||||
Total outstanding | 153,160 | |||||
Total options available for exercise | brazilianReal | 153,160 | |||||
Stock purchase plan | April 30, 2020 second award | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Option exercise price (in reais) | R$ / shares | R$ 10.35 | |||||
Average fair value of option | R$ / shares | R$ 8.60 | |||||
Historical volatility | 73.80% | |||||
Expected dividend | 0% | |||||
Average risk-free rate of return | 9.80% | |||||
Exercise rate | 25% | |||||
Remaining term of the vesting period | 3 months 18 days | |||||
Purchasing period up to (years) | 4 years | |||||
Total granted | 1,600,000 | |||||
Total outstanding | 38,820 | |||||
Total options available for exercise | brazilianReal | 38,820 | |||||
Stock purchase plan | August 17, 2021 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Option exercise price (in reais) | R$ / shares | R$ 33.99 | |||||
Average fair value of option | R$ / shares | R$ 3.46 | |||||
Historical volatility | 71.40% | |||||
Expected dividend | 0% | |||||
Average risk-free rate of return | 9.80% | |||||
Exercise rate | 25% | |||||
Remaining term of the vesting period | 1 year 7 months 6 days | |||||
Purchasing period up to (years) | 4 years | |||||
Total granted | 580,000 | |||||
Total outstanding | 1,430 | |||||
Total options available for exercise | brazilianReal | 1,430 |
Sales Revenue (Detail)
Sales Revenue (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | R$ 18717018 | R$ 16534339 | R$ 10402666 |
Taxes levied | (162,593) | (586,272) | (426,937) |
Total Revenue | 18,554,425 | 15,948,067 | 9,975,729 |
Domestic revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 14,675,974 | 13,013,202 | 8,849,486 |
Foreign revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total Revenue | 3,878,451 | 2,934,865 | 1,126,243 |
Passenger revenue | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 17,229,732 | 15,020,757 | 9,101,576 |
Taxes levied | (2,004) | (425,812) | (290,532) |
Other revenues | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 1,487,286 | 1,513,582 | 1,301,090 |
Taxes levied | R$ 160589 | R$ 160460 | R$ 136405 |
Financial Result (Detail)
Financial Result (Detail) - BRL (R$) R$ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial income | |||
Interest on short-term investments | R$ 91353 | R$ 198290 | R$ 105051 |
Sublease receivables | 13,314 | 60,930 | 26,846 |
TAP Bond fair value | 66,053 | 0 | 15,935 |
Others | 49,421 | 18,069 | 6,448 |
Total financial income | 220,141 | 277,289 | 154,280 |
Financial expenses | |||
Interest on loans and financing | (865,107) | (656,326) | (420,682) |
Interest on convertible debt instruments | (242,608) | (231,103) | (201,303) |
Interest on lease | (2,420,557) | (2,533,128) | (2,433,640) |
Interest on factoring credit card receivables | (334,896) | (211,528) | (55,395) |
Interest on provisions | (257,419) | (246,147) | (237,740) |
Interest on reverse factoring | (17,010) | (79,460) | (18,228) |
Interest accounts payable and airport taxes and fees | (418,066) | (282,434) | (101,168) |
Guarantee commission | (142,937) | (158,651) | (109,661) |
Amortized cost of loans and financing | (44,894) | (29,075) | (38,861) |
Amortized cost of convertible instruments | 2,622 | 4,533 | 3,756 |
Cost of financial operations | (84,453) | (69,416) | (56,060) |
TAP Bond fair value | (25,736) | (181,726) | 0 |
Debt Restructuring Cost | (199,635) | 0 | 0 |
Restructuring of debentures | (352,430) | 0 | 0 |
Others | (200,401) | (110,255) | (161,749) |
Derivative financial instruments, net | (238,458) | 958,005 | 864,184 |
Foreign currency exchange, net | 1,625,064 | 1,406,566 | (1,443,046) |
Financial result, net | (4,002,024) | (2,151,922) | (4,262,825) |
Financial expenses | R$ 5608771 | R$ 4793782 | R$ 3838243 |
Risk Management - Accounting cl
Risk Management - Accounting classification and fair value hierarchy of financial instruments (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Assets | R$ 20532909 | R$ 18721293 |
Loans and financing | Carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities | (9,698,912) | (7,232,699) |
Loans and financing | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities | (9,796,608) | (6,187,389) |
Derivative financial instruments [Member] | Carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities | (69,745) | (244,575) |
Derivative financial instruments [Member] | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities | (69,745) | (244,575) |
Convertible instruments | Carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities | (712,835) | (1,286,748) |
Convertible instruments | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities | (712,835) | (1,286,748) |
Convertible debt instruments – conversion right | Carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities | (488,775) | (116,971) |
Convertible debt instruments – conversion right | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities | (488,775) | (116,971) |
Cash and cash equivalents | Carrying amount | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 1,897,336 | 668,348 |
Cash and cash equivalents | Fair value | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 1,897,336 | 668,348 |
Long-term investments | Carrying amount | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 780,312 | 733,043 |
Long-term investments | Fair value | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 780,312 | 733,043 |
Derivative financial instruments | Carrying amount | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 21,909 | 271,950 |
Derivative financial instruments | Fair value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | R$ 21909 | R$ 271950 |
Risk Management - Market risk (
Risk Management - Market risk (Details) € in Thousands, R$ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2021 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Gains (losses) recognized in result | R$ 238458 | R$ 958005 | R$ 864184 | ||||
Assets | 20,532,909 | 18,721,293 | |||||
Commodity price risk [member] | Convertible debt instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | (5,890,485) | ||||||
Currency risk [member] | Exposure to US$ | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 2,451,482 | 2,882,537 | |||||
Liabilities | (28,878,156) | (25,897,002) | |||||
Net exposure | (26,426,674) | (23,014,465) | $ (5,458,590) | $ (4,410,845) | |||
Currency risk [member] | Exposure to US$ | Accounts payable | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | (2,040,546) | (1,031,059) | |||||
Currency risk [member] | Exposure to US$ | Loans and financing | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | (8,889,048) | (5,879,553) | |||||
Currency risk [member] | Exposure to US$ | Leases | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | (14,043,101) | (14,525,385) | |||||
Currency risk [member] | Exposure to US$ | Provisions and other liabilities | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | (2,681,857) | (3,020,947) | |||||
Currency risk [member] | Exposure to US$ | Convertible instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | (1,201,610) | (1,419,738) | |||||
Currency risk [member] | Exposure to US$ | Airport taxes and fees | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | (21,994) | (20,320) | |||||
Currency risk [member] | Exposure to US$ | Cash and cash equivalents | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 82,975 | 56,487 | |||||
Currency risk [member] | Exposure to US$ | Long-term investments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 0 | 0 | |||||
Currency risk [member] | Exposure to US$ | Derivative financial instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 115,024 | 166,012 | |||||
Currency risk [member] | Exposure to US$ | Security deposits and maintenance reserves [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 2,196,474 | 2,471,349 | |||||
Currency risk [member] | Exposure to US$ | Aircraft Sublease Receivables [Member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 30,802 | 176,053 | |||||
Currency risk [member] | Exposure to US$ | Other assets | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 26,207 | 12,636 | |||||
Currency risk [member] | Exposure to € | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 787,280 | 741,095 | |||||
Liabilities | 0 | 0 | |||||
Net exposure | 787,280 | 741,095 | € 147,111 | € 133,066 | |||
Currency risk [member] | Exposure to € | Accounts payable | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | 0 | 0 | |||||
Currency risk [member] | Exposure to € | Loans and financing | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | 0 | 0 | |||||
Currency risk [member] | Exposure to € | Leases | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | 0 | 0 | |||||
Currency risk [member] | Exposure to € | Provisions and other liabilities | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | 0 | 0 | |||||
Currency risk [member] | Exposure to € | Convertible instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | 0 | 0 | |||||
Currency risk [member] | Exposure to € | Airport taxes and fees | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Liabilities | 0 | 0 | |||||
Currency risk [member] | Exposure to € | Cash and cash equivalents | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 4,092 | 8,052 | |||||
Currency risk [member] | Exposure to € | Long-term investments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 780,312 | 733,043 | |||||
Currency risk [member] | Exposure to € | Derivative financial instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 2,876 | 0 | |||||
Currency risk [member] | Exposure to € | Security deposits and maintenance reserves [member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 0 | 0 | |||||
Currency risk [member] | Exposure to € | Aircraft Sublease Receivables [Member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | 0 | 0 | |||||
Currency risk [member] | Exposure to € | Other assets | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Assets | R$ 0 | R$ 0 |
Risk Management - Liquidity ris
Risk Management - Liquidity risk (Details) - Liquidity risk R$ in Thousands | Dec. 31, 2023 BRL (R$) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Carrying amount | R$ 31766376 |
Financial liabilities, undiscounted cash flows | 48,412,983 |
Until 1 year | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Financial liabilities, undiscounted cash flows | 9,641,539 |
From 2 to 5 years | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Financial liabilities, undiscounted cash flows | 28,127,948 |
After year five | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Financial liabilities, undiscounted cash flows | 10,643,496 |
Leases | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Carrying amount | 15,146,411 |
Non-derivative financial liabilities, undiscounted cash flows | 25,123,150 |
Leases | Until 1 year | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 3,936,476 |
Leases | From 2 to 5 years | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 13,921,792 |
Leases | After year five | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 7,264,882 |
Accounts payable | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Carrying amount | 3,598,768 |
Non-derivative financial liabilities, undiscounted cash flows | 3,988,050 |
Accounts payable | Until 1 year | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 2,370,980 |
Accounts payable | From 2 to 5 years | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 1,138,958 |
Accounts payable | After year five | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 478,112 |
Convertible debt instruments – conversion right | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Carrying amount | 290,847 |
Non-derivative financial liabilities, undiscounted cash flows | 294,164 |
Convertible debt instruments – conversion right | Until 1 year | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 294,164 |
Convertible debt instruments – conversion right | From 2 to 5 years | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 0 |
Convertible debt instruments – conversion right | After year five | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 0 |
Airport taxes and fees | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Carrying amount | 1,760,083 |
Non-derivative financial liabilities, undiscounted cash flows | 2,019,044 |
Airport taxes and fees | Until 1 year | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 759,679 |
Airport taxes and fees | From 2 to 5 years | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 1,259,365 |
Airport taxes and fees | After year five | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 0 |
Derivative financial instruments [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Carrying amount | 69,745 |
Non-derivative financial liabilities, undiscounted cash flows | 69,745 |
Derivative financial instruments [Member] | Until 1 year | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 68,905 |
Derivative financial instruments [Member] | From 2 to 5 years | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 840 |
Derivative financial instruments [Member] | After year five | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 0 |
Convertible debt instruments | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Carrying amount | 1,201,610 |
Derivative financial liabilities, undiscounted cash flows | 1,883,787 |
Convertible debt instruments | Until 1 year | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Derivative financial liabilities, undiscounted cash flows | 143,109 |
Convertible debt instruments | From 2 to 5 years | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Derivative financial liabilities, undiscounted cash flows | 1,740,678 |
Convertible debt instruments | After year five | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Derivative financial liabilities, undiscounted cash flows | 0 |
Loans and financing | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Carrying amount | 9,698,912 |
Non-derivative financial liabilities, undiscounted cash flows | 15,035,043 |
Loans and financing | Until 1 year | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 2,068,226 |
Loans and financing | From 2 to 5 years | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | 10,066,315 |
Loans and financing | After year five | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Non-derivative financial liabilities, undiscounted cash flows | R$ 2900502 |
Risk Management - Sensitivity a
Risk Management - Sensitivity analysis of financial instruments (Details) € in Thousands, R$ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 BRL (R$) $ / gal brazilianReal | Dec. 31, 2023 USD ($) $ / gal brazilianReal | Dec. 31, 2023 EUR (€) $ / gal brazilianReal | Dec. 31, 2022 BRL (R$) brazilianReal | Dec. 31, 2022 USD ($) brazilianReal | Dec. 31, 2022 EUR (€) brazilianReal | Dec. 31, 2021 brazilianReal | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 7.50% | 7.50% | 7.50% | ||||
Exposure to US$ | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 4.8413 | 4.8413 | 4.8413 | 5.2177 | 5.2177 | 5.2177 | 5.5805 |
Exposure to € | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 5.3516 | 5.3516 | 5.3516 | 5.5694 | 5.5694 | 5.5694 | 6.3210 |
Currency risk [member] | Exposure to US$ | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 4.8413 | 4.8413 | 4.8413 | ||||
Net exposure, exchange rate differences | R$ 26426674 | $ (5,458,590) | R$ 23014465 | $ (4,410,845) | |||
Net exposure to HOA - changes in QAV prices | R$ 28878156 | 25,897,002 | |||||
Currency risk [member] | Exposure to US$ | Devaluation by 50% | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 2.4207 | 2.4207 | 2.4207 | ||||
Effect on exchange rates variation | R$ 13213337 | ||||||
Currency risk [member] | Exposure to US$ | Devaluation by 25% | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 3.6310 | 3.6310 | 3.6310 | ||||
Effect on exchange rates variation | R$ 6606669 | ||||||
Currency risk [member] | Exposure to US$ | Appreciation by 50% | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 7.2620 | 7.2620 | 7.2620 | ||||
Effect on exchange rates variation | R$ 13213337 | ||||||
Currency risk [member] | Exposure to US$ | Appreciation by 25% | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 6.0516 | 6.0516 | 6.0516 | ||||
Effect on exchange rates variation | R$ 6606669 | ||||||
Currency risk [member] | Exposure to € | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 5.3516 | 5.3516 | 5.3516 | ||||
Net exposure, exchange rate differences | R$ 787280 | € 147,111 | 741,095 | € 133,066 | |||
Net exposure to HOA - changes in QAV prices | R$ 0 | R$ 0 | |||||
Currency risk [member] | Exposure to € | Devaluation by 50% | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 2.6758 | 2.6758 | 2.6758 | ||||
Effect on exchange rates variation | R$ 393640 | ||||||
Currency risk [member] | Exposure to € | Devaluation by 25% | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 4.0137 | 4.0137 | 4.0137 | ||||
Effect on exchange rates variation | R$ 196820 | ||||||
Currency risk [member] | Exposure to € | Appreciation by 50% | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 8.0274 | 8.0274 | 8.0274 | ||||
Effect on exchange rates variation | R$ 393640 | ||||||
Currency risk [member] | Exposure to € | Appreciation by 25% | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Final rate | brazilianReal | 6.6895 | 6.6895 | 6.6895 | ||||
Effect on exchange rates variation | R$ 196820 | ||||||
Commodity price risk [member] | Convertible debt instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
HOA reference price | $ / gal | 4.85 | 4.85 | 4.85 | ||||
Net exposure to HOA - changes in QAV prices | R$ 5890485 | ||||||
Commodity price risk [member] | Devaluation by 50% | Convertible debt instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
HOA reference price | $ / gal | 2.43 | 2.43 | 2.43 | ||||
Effect on commodity prices variation | R$ 2945243 | ||||||
Commodity price risk [member] | Devaluation by 25% | Convertible debt instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
HOA reference price | $ / gal | 3.64 | 3.64 | 3.64 | ||||
Effect on commodity prices variation | R$ 1472621 | ||||||
Commodity price risk [member] | Appreciation by 50% | Convertible debt instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
HOA reference price | $ / gal | 7.28 | 7.28 | 7.28 | ||||
Effect on commodity prices variation | R$ 2945243 | ||||||
Commodity price risk [member] | Appreciation by 25% | Convertible debt instruments | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
HOA reference price | $ / gal | 6.06 | 6.06 | 6.06 | ||||
Effect on commodity prices variation | R$ 1472621 | ||||||
Interest rate risk [member] | Local interbank deposit certificates rate - CDI | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 11.70% | 11.70% | 11.70% | ||||
Net exposure, changes in interest rate | R$ 674747 | ||||||
Interest rate risk [member] | LIBOR | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Net exposure, changes in interest rate | R$ 93687 | ||||||
Interest rate risk [member] | LIBOR | Weighted rate | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 5.60% | 5.60% | 5.60% | ||||
Interest rate risk [member] | SOFR [Member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 5.30% | 5.30% | 5.30% | ||||
Net exposure, changes in interest rate | R$ 423134 | ||||||
Interest rate risk [member] | Devaluation by 50% | Local interbank deposit certificates rate - CDI | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 5.80% | 5.80% | 5.80% | ||||
Effect on interest rates variation | R$ 39205 | ||||||
Interest rate risk [member] | Devaluation by 50% | LIBOR | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Effect on interest rates variation | R$ 2618 | ||||||
Interest rate risk [member] | Devaluation by 50% | LIBOR | Weighted rate | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 2.80% | 2.80% | 2.80% | ||||
Interest rate risk [member] | Devaluation by 50% | SOFR [Member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 2.70% | 2.70% | 2.70% | ||||
Effect on interest rates variation | R$ 11297 | ||||||
Interest rate risk [member] | Devaluation by 25% | Local interbank deposit certificates rate - CDI | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 8.70% | 8.70% | 8.70% | ||||
Effect on interest rates variation | R$ 19602 | ||||||
Interest rate risk [member] | Devaluation by 25% | LIBOR | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Effect on interest rates variation | R$ 1309 | ||||||
Interest rate risk [member] | Devaluation by 25% | LIBOR | Weighted rate | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 4.20% | 4.20% | 4.20% | ||||
Interest rate risk [member] | Devaluation by 25% | SOFR [Member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 4% | 4% | 4% | ||||
Effect on interest rates variation | R$ 5648 | ||||||
Interest rate risk [member] | Appreciation by 50% | Local interbank deposit certificates rate - CDI | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 17.50% | 17.50% | 17.50% | ||||
Effect on interest rates variation | R$ 39205 | ||||||
Interest rate risk [member] | Appreciation by 50% | LIBOR | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Effect on interest rates variation | R$ 2618 | ||||||
Interest rate risk [member] | Appreciation by 50% | LIBOR | Weighted rate | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 8.40% | 8.40% | 8.40% | ||||
Interest rate risk [member] | Appreciation by 50% | SOFR [Member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 8% | 8% | 8% | ||||
Effect on interest rates variation | R$ 11297 | ||||||
Interest rate risk [member] | Appreciation by 25% | Local interbank deposit certificates rate - CDI | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 14.60% | 14.60% | 14.60% | ||||
Effect on interest rates variation | R$ 19602 | ||||||
Interest rate risk [member] | Appreciation by 25% | LIBOR | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Effect on interest rates variation | R$ 1309 | ||||||
Interest rate risk [member] | Appreciation by 25% | LIBOR | Weighted rate | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 7% | 7% | 7% | ||||
Interest rate risk [member] | Appreciation by 25% | SOFR [Member] | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Rate p.a. | 6.70% | 6.70% | 6.70% | ||||
Effect on interest rates variation | R$ 5648 |
Non-Cash Transactions (Details)
Non-Cash Transactions (Details) - BRL (R$) R$ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Non-cash transaction [Line Items] | |||
Aircraft sublease | R$ 14592 | R$ 70193 | |
Deposits | 2,293,495 | 2,539,561 | R$ 1964419 |
Inventories | 799,208 | 721,738 | |
Advances to suppliers | (221,051) | (121,697) | |
Property and equipment | (2,295,851) | (1,953,089) | |
Right-of-use assets | 9,011,558 | 7,552,548 | |
Loans and financing | 1,100,051 | 1,112,940 | 984,266 |
Leases | (15,146,411) | (14,582,833) | |
Accounts payable | (3,598,768) | (3,034,799) | |
Airport taxes and fees | 588,404 | 831,897 | |
Provisions | 254,455 | 265,183 | |
Salaries and benefits | 474,797 | 479,412 | |
Other assets and liabilities | (3,140,853) | (3,242,994) | R$ 3499589 |
Non-cash transaction | 0 | 0 | |
Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts receivable | 185,890 | 68,892 | |
Aircraft sublease | (39,505) | (96,534) | |
Deposits | (470,984) | 166,292 | |
Inventories | 22,110 | 7,321 | |
Advances to suppliers | (2,783,489) | (687,731) | |
Property and equipment | (361,252) | (527,724) | |
Right-of-use assets | 2,785,074 | 2,320,012 | |
Intangible assets other than goodwill | 82,904 | ||
Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Loans and financing | 78,155 | 27,792 | |
Leases | (2,120,097) | (1,592,903) | |
Accounts payable | (2,481,036) | (1,662,821) | |
Reverse factoring | (391,676) | (1,541,948) | |
Airport taxes and fees | (760,839) | ||
Provisions | 298,354 | ||
Provisions of Non-Cash Transactions | 153,911 | ||
Other assets and liabilities | (272,092) | ||
Other assets (liabilities) | 119,551 | ||
Net non-monetary assets and liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Other assets (liabilities) | 173,963 | ||
Result | (93,114) | ||
Derivative financial instruments | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | ||
Derivative financial instruments | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Aircraft sublease | (55,948) | ||
Property and equipment | 0 | ||
Right-of-use assets | 55,948 | ||
Acquisition of property and equipment | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | 0 | |
Acquisition of property and equipment | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Property and equipment | (208,154) | (279,406) | |
Acquisition of property and equipment | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts payable | (208,154) | (279,406) | |
Acquisition of capitalized maintenance | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | 0 | |
Acquisition of capitalized maintenance | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Deposits | 0 | 147,416 | |
Right-of-use assets | 229,884 | ||
Acquisition of capitalized maintenance | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts payable | (229,884) | (147,416) | |
Acquisition of intangible | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | 0 | |
Acquisition of intangible | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Intangible assets other than goodwill | 82,712 | ||
Acquisition of intangible | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts payable | (82,712) | (1,541,948) | |
Reverse factoring | 0 | (1,541,948) | |
Maintenance reserves | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | 0 | |
Maintenance reserves | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Deposits | 116,173 | ||
Maintenance reserves | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts payable | (116,173) | (42,771) | |
Maintenance reserves | Net non-monetary assets and liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Other assets (liabilities) | (42,771) | ||
Reverse factoring | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | 0 | |
Reverse factoring | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Deposits | 0 | (8,916) | |
Property and equipment | 0 | (11,150) | |
Reverse factoring | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts payable | (391,676) | (2,234) | |
Reverse factoring | (391,676) | ||
Loans and financing | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | 0 | |
Loans and financing | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Deposits | 0 | 27,792 | |
Property and equipment | (79,222) | ||
Loans and financing | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Loans and financing | 79,222 | 27,792 | |
Airport taxes and fees | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | ||
Airport taxes and fees | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts payable | (462,485) | ||
Airport taxes and fees | (760,839) | ||
Provisions | 298,354 | ||
Sale and leaseback | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | ||
Sale and leaseback | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Property and equipment | (3,845) | ||
Sale and leaseback | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts payable | (3,845) | ||
Provisions of Non-Cash Transactions | 0 | ||
Compensation of sublease | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | 0 | |
Compensation of sublease | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts receivable | 0 | 84,429 | |
Aircraft sublease | (39,505) | (40,586) | |
Property and equipment | 0 | (65,370) | |
Right-of-use assets | 0 | 2,378,433 | |
Compensation of sublease | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Leases | (39,505) | (1,640,102) | |
Other assets and liabilities | (678,252) | ||
Other assets (liabilities) | 0 | ||
Compensation of sublease | Net non-monetary assets and liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Result | (434) | ||
Compensation of lease | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | 0 | |
Compensation of lease | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts receivable | 401,267 | ||
Property and equipment | (641) | ||
Right-of-use assets | 0 | 45,481 | |
Compensation of lease | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Leases | (239,000) | (47,199) | |
Accounts payable | (38,950) | ||
Other assets (liabilities) | 123,958 | ||
Compensation of lease | Net non-monetary assets and liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Result | (92,680) | ||
Acquisition of lease | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Property and equipment | (5,052) | ||
Right-of-use assets | 1,084,930 | ||
Acquisition of lease | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Leases | (1,137,073) | ||
Accounts payable | (10,785) | ||
Other assets (liabilities) | 36,306 | ||
ARO | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Right-of-use assets | 501,864 | ||
ARO | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Provisions of Non-Cash Transactions | 501,864 | ||
Modification | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Right-of-use assets | 987,188 | ||
Modification | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Leases | (1,237,322) | ||
Provisions of Non-Cash Transactions | 250,134 | ||
Transfers | |||
Non-cash transaction [Line Items] | |||
Non-cash transaction | 0 | 0 | |
Transfers | Non-monetary assets [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts receivable | 587,157 | 15,537 | |
Deposits | 587,157 | ||
Inventories | 22,110 | 7,321 | |
Advances to suppliers | (2,783,489) | (687,731) | |
Property and equipment | (73,310) | (171,798) | |
Right-of-use assets | 18,792 | 159,850 | |
Intangible assets other than goodwill | 192 | ||
Loans and financing | 1,067 | ||
Leases | (24,207) | ||
Provisions of Non-Cash Transactions | 97,819 | ||
Transfers | Non-monetary liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Accounts payable | (2,672,703) | (44,673) | |
Other assets and liabilities | (406,160) | ||
Other assets (liabilities) | R$ 40713 | ||
Transfers | Net non-monetary assets and liabilities [Member] | |||
Non-cash transaction [Line Items] | |||
Other assets (liabilities) | R$ 216734 |
Commitments and Guarantees - Sc
Commitments and Guarantees - Schedule of aircraft acquisition (Detail) R$ in Thousands | Dec. 31, 2023 BRL (R$) flight | Dec. 31, 2022 BRL (R$) flight |
Disclosure of detailed information about property and equipment [line items] | ||
Number of aircraft committed to acquire | flight | 127 | 144 |
Present value of lease operations | 15.80% | 21% |
Aircraft | ||
Disclosure of detailed information about property and equipment [line items] | ||
Financial disbursements calculated at present value | R$ 16447952 | R$ 13965883 |
Aircraft | Not later than one year [member] | ||
Disclosure of detailed information about property and equipment [line items] | ||
Financial disbursements calculated at present value | 0 | 2,025,240 |
Aircraft | Later than one year and not later than two years [member] | ||
Disclosure of detailed information about property and equipment [line items] | ||
Financial disbursements calculated at present value | 916,053 | 1,544,642 |
Aircraft | Later than two years and not later than three years [member] | ||
Disclosure of detailed information about property and equipment [line items] | ||
Financial disbursements calculated at present value | 1,290,764 | 1,969,208 |
Aircraft | Later than three years and not later than four years [member] | ||
Disclosure of detailed information about property and equipment [line items] | ||
Financial disbursements calculated at present value | 4,991,454 | 2,414,533 |
Aircraft | Later than four years and not later than five years [Member] | ||
Disclosure of detailed information about property and equipment [line items] | ||
Financial disbursements calculated at present value | 4,359,775 | 1,361,299 |
Aircraft | After four year [Member] | ||
Disclosure of detailed information about property and equipment [line items] | ||
Financial disbursements calculated at present value | R$ 4889906 | R$ 4650961 |
Aircraft leased from lessors | ||
Disclosure of detailed information about property and equipment [line items] | ||
Number of aircraft committed to acquire | flight | 31 | 32 |
Aircraft acquired from manufactures | ||
Disclosure of detailed information about property and equipment [line items] | ||
Number of aircraft committed to acquire | flight | 96 | 112 |
Commitments and Guarantees - Le
Commitments and Guarantees - Letters of credit (Detail) R$ in Thousands | Dec. 31, 2023 BRL (R$) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2022 USD ($) |
Letters of credit [Abstract] | ||||
Letter of credit issuance | R$ 1989044 | $ 408,957,000 | R$ 2497899 | $ 470,194,000 |
Security deposits and maintenance reserves [member] | ||||
Letters of credit [Abstract] | ||||
Letter of credit issuance | 1,979,883 | 408,957,000 | 2,453,336 | 470,194,000 |
Local guarantees [Member] | ||||
Letters of credit [Abstract] | ||||
Letter of credit issuance | R$ 9161 | $ 0 | R$ 44563 | $ 0 |
Subsequent events - Additional
Subsequent events - Additional Informations (Details) R$ in Thousands, $ in Thousands | 1 Months Ended | ||||
Mar. 31, 2024 BRL (R$) | Feb. 29, 2024 BRL (R$) flight | Jul. 31, 2023 BRL (R$) | Feb. 29, 2024 USD ($) | Jul. 31, 2023 USD ($) | |
Subsequent Event | |||||
Disclosure of subsequent events [Line Items] | |||||
Number of aircraft subleased | flight | 17 | ||||
Convertible debt | |||||
Disclosure of subsequent events [Line Items] | |||||
Issue amount | R$ 740585 | R$ 3831040 | $ 148,700 | $ 800,000 | |
Maturity term | August 2028 | ||||
Borrowing Interest Rate Description | Nominal interest corresponds to 11.9% p.a., and will be paid quarterly, in February, May, August and November of each year, starting on November 2023. | ||||
Convertible debt | Subsequent Event - Issuance Of Additional Notes | Aug-28 | |||||
Disclosure of subsequent events [Line Items] | |||||
Debentures | R$ 740585 | $ 148,700 | |||
Debenture 2027 [Member] | Subsequent Event - Issuance Of Additional Notes | |||||
Disclosure of subsequent events [Line Items] | |||||
Issue amount | R$ | R$ 250 | ||||
Maturity term | 2027 | ||||
Borrowing Interest Rate Description | quarterly interest of CDI + 6% p.a. |