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Gol Linhas Aéreas Inteligentes S.A. (GOL)
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TelegramGol Linhas Aéreas Inteligentes S.A. Balance Sheet 2021-2011 | GOL
Brief overview of Gol Linhas Aéreas Inteligentes S.A.'s balance sheet strength
This overview follows the five latest available annual observations between 2016 and 2020.
The asset base grew from 8.4 billion BRL to 12.8 billion BRL, or +52.5%. Average annual growth of roughly 11.1% was strong.
Asset growth of +52.5% came with a +216.3% rise in liabilities. Financial leverage became more prominent.
Net asset value fell below zero as liabilities exceeded assets. This is one of the most material balance sheet risks.
The cash reserve occupies 5.2% of the balance sheet, previously 6.7%. It is one marker of short-term resilience.
The balance sheet carries negative retained earnings of -17 billion BRL. The figure may result from accumulated losses or an active capital return policy.
Balance sheet takeaway
Gol Linhas Aéreas Inteligentes S.A.'s financial structure calls for caution. Stronger equity, lower debt or restored liquidity would be needed to improve it.
Annual Balance Sheet Gol Linhas Aéreas Inteligentes S.A.
| 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
- | 9.31 B | 6.76 B | 5.62 B | 746 M | 659 M | 4.48 B | -2.63 M | -24.1 M | 4.42 B | 1.37 B |
Long Term Debt |
- | 7.62 B | 5.87 B | 5.34 B | 1.16 B | 835 M | 5.03 B | 1.11 B | - | 3.47 B | 40.7 M |
Long Term Debt Current |
- | 1.32 B | 1.4 B | 136 M | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | 16.2 B | 12 B | 7.68 B | 7.32 B | 880 M | 5.03 B | 1.21 B | 9 M | 4.23 B | 215 M |
Total Liabilities |
- | 26.6 B | 23 B | 14.9 B | 10 B | 8.4 B | 9.05 B | 9.98 B | 748 M | 8.29 B | 2.71 B |
Deferred Revenue |
- | 2.08 B | 3.84 B | 1.84 B | - | - | - | - | - | 917 M | - |
Retained Earnings |
- | -17 B | -10.8 B | -8.4 B | - | - | - | - | - | -1.66 B | - |
Total Assets |
- | 12.8 B | 15.3 B | 10.4 B | 10 B | 8.4 B | 10.4 B | 9.98 B | 700 M | 9.03 B | 2.71 B |
Cash and Cash Equivalents |
- | 663 M | 1.65 B | 826 M | 1.03 B | 562 M | 1.07 B | - | - | - | - |
Book Value |
- | -13.8 B | -7.68 B | -4.51 B | - | - | 1.32 B | - | -48.3 M | 733 M | - |
Total Shareholders Equity |
- | -13.8 B | -7.11 B | -4.51 B | -3.09 B | -3.38 B | -4.32 B | - | - | - | - |
Annual performance
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All numbers in BRL currency
Quarterly Balance Sheet Gol Linhas Aéreas Inteligentes S.A.
| 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
- | - | - | - | 8.71 B | - | - | - | 6.27 B | - | - | - | 4.65 B | - | - | - | 656 M | - | - | - | 111 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | 24.4 B | - | - | - | 16.2 B | - | - | - | 12 B | - | - | - | 7.68 B | - | - | - | 7.32 B | - | - | - | 6.91 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
- | - | - | - | 14.4 B | - | - | - | 12.8 B | - | - | - | 15.3 B | - | - | - | 10.4 B | - | - | - | 10 B | - | - | - | 8.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
- | - | - | - | 486 M | - | - | - | 663 M | - | - | - | 1.65 B | - | - | - | 826 M | - | - | - | 1.03 B | - | - | - | 562 M | - | - | - | 1.07 B | - | - | - | 1.9 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
- | - | - | - | 14.4 B | - | - | - | 12.8 B | - | - | - | 15.3 B | - | - | - | 10.4 B | - | - | - | 10 B | - | - | - | 8.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
- | - | - | - | -21.1 B | - | - | - | -13.8 B | - | - | - | -7.11 B | - | - | - | -6.99 B | - | - | - | -4.51 B | - | - | - | -3.38 B | - | - | - | -4.34 B | - | - | - | -333 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in BRL currency
Balance Sheet is a fundamental financial report of Gol Linhas Aéreas Inteligentes S.A., providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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