Desempenho econômico-financeiro e operacional das companhias aéreas listadas na B3: antes (2T2017-4T2019) e durante (1T2020-3T2022) a pandemia da Covid-19

Abstract

The Brazilian aviation sector has great strategic importance for the mobility of people, given the territorial dimension of Brazil. The economic and financial crisis resulting from Covid-19 negatively affected several economic sectors, including the civil aviation segment. In this context, the study aims to compare the economic, financial and operational performance, between two periods: before (2Q2017-4Q2019) and during (1Q2020-3Q2022) the Covid-19 pandemic, based on the Brazilian airlines: Azul and Gol, listed in B3, with data analyzed using descriptive statistics and the Wilcoxon test. Descriptive statistics indicate a reduction in liquidity ratios, which already showed a lack of ability to pay debts, including unsecured liabilities, even before the pandemic; sector with high dependence on third-party capital; indebtedness with a predominance in the long term. The two companies show a significant deterioration in their economic and financial performance during the pandemic. It should be noted that the utilization rate showed a significant improvement for Gol, suggesting that demand was greater than supply, due to the reduction in the number of flights. This study from a theoretical point of view ratifies other productions, highlighting the risk of bankruptcy or judicial or extra-judicial recovery of these two Brazilian companies, whose situation was already critical before the pandemic and has worsened even more since 2020. for reflection and subsidies for the decisions that may be taken