XML 31 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated statements of cash flows - BRL (R$)
R$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income (loss) for the year R$ 179,338 R$ (779,724) R$ 377,817
Adjustments to reconcile net income (loss) to net cash flows from operating activities      
Depreciation and amortization 1,727,982 668,516 505,425
Provision for expected credit losses 5,668 (9,789) 24,913
Provision for legal proceedings 195,465 243,860 158,263
Provision for inventory obsolescence 2,168 5,023 3,059
Provision for loss on advances from suppliers 161,228
Adjustment to present value of advance from suppliers 10,604
Deferred taxes 30,986 244,989 (547,059)
Equity pick up method (77) (387) (544)
Share-based payments 40,725 18,572 14,849
Actuarial losses from post-employment benefits 4,907
Foreign exchange, net 399,174 946,732 95,132
Interest on loans and financing and leases 1,126,527 679,985 566,902
Provision for aircraft and engine return 231,821  
Provision for maintenance reserve 75,451 65,334
Result of derivatives recognized in profit or loss 22,022 (13,239) 8,639
Unrealized hedge results (40,717)
Termination of obligation due to contractual term reduction (275,921)
Provision for labor obligations 280,320 127,618 65,573
Disposals of property, plant and equipment and intangible assets 152,017 90,639 145,855
Other provisions (14,602) 15,184
Adjusted net income (loss) 4,315,086 2,288,129 1,434,008
Changes in operating assets and liabilities:      
Trade receivables (384,147) 95,844 (198,370)
Short-term investments 162,167 695,831 (353,231)
Inventories (21,240) (6,673) 1,038
Deposits (399,345) (402,495) 46,388
Recoverable taxes (27,147)
Suppliers (232,021) 16,382 (202,462)
Suppliers - forfeiting 188,771 267,502 76,157
Advance from ticket sales 292,161 197,473 271,386
Mileage program 161,821 65,535 (47,714)
Advances from customers (153,543) 148,249 4,895
Salaries, wages and benefits (253,074) (64,308) (43,641)
Landing fees 172,039 190,649 126,085
Taxes obligation 179,706 127,663 460,980
Derivatives (124,548) (20,998) (44,753)
Receipt (payment) of fuel derivative bonus (43,008) 29,383 12,443
Advance to suppliers and third parties (305,906)  
Payments for lawsuits and aircraft return (317,591) (236,882) (270,970)
Operating leases 103,838 131,877
Prepaid expenses (49,352)  
Other assets and liabilities, net 501 (736,638) 18,157
Interest paid (470,794) (508,973) (528,398)
Income tax paid (229,460) (167,642) (221,122)
Net cash flows from operating activities 2,461,076 2,081,869 672,753
Investing activities      
Sale of interest in subsidiary     68,163
Short-term investments, net (501,607) (163,218) (171,174)
Restricted cash 377,826 (548,928) (100,835)
Receipt of dividends and Interest on shareholders' equity through subsidiary 543 1,249
Advances for property, plant and equipment acquisition, net (30,804) (106,628) 68,679
Receipt of aircraft sales 348,389  
Acquisition of fixed assets (872,570) (686,946) (370,438)
Acquisition of intangible assets (75,845) (82,079) (55,449)
Net cash flows used in investing activities (754,611) (1,587,256) (559,805)
Financing activities      
Loans and financing issued, net of costs 2,275,615 1,703,933 1,898,738
Costs of borrowing and repurchasing securities (80,953) (39,926) (65,628)
Loan and financing payments (793,537) (1,318,349) (274,480)
Early payment of senior notes (630,989) (707,142)
Payments of leases liabilities (1,617,677) (251,557) (239,092)
Treasury share buyback (102,417) (15,929)
Derivative premium payment (407,322)
Dividends and interest on shareholders' equity paid to non-controlling interests (210,242) (219,493) (254,892)
Warrants 12,250  
Capital increase 31,526 15,428 2,692
Capital increase from non-controlling interests 875
Shares to be issued 584 2,818
Shares issuance costs     (523)
Net cash flows (used in) from financing activities (892,173) (753,189) 359,673
Foreign exchange variation on cash held in foreign currencies 4,946 57,901 (7,966)
Net (decrease) increase in cash and cash equivalents 819,238 (200,675) 464,655
Cash and cash equivalents at the beginning of the year 826,187 1,026,862 562,207
Cash and cash equivalents at the end of the year R$ 1,645,425 R$ 826,187 R$ 1,026,862