Desdobramentos financeiros da pandemia: estudo de caso sobre o endividamento da Azul Linhas Aéreas

Abstract

A company in debt will hardly be able to pay its debts. Based on this idea, it is observed that the Covid-19 pandemic, by restricting air transport, may have increased the sector's economic and financial problems. Therefore, the objective of the study is to analyze the liquidity indicators (current, dry, and general) and debt (Participation of Third-Party Capital and Debt Composition) of Azul Airlines between 2018 and 2019, and the impact of the pandemic on this debt. To achieve the proposed objective, a basic, qualitative-quantitative and bibliographic, documentary and case study procedures research was adopted. Among the results, the study found that Azul was already in a sensitive financial situation, at least since 2017, and that its condition worsened with the pandemic. Therefore, in the period analyzed, low liquidity indicators signaled a lower capacity of the company to pay off its obligations. Likewise, the debt rates calculated between 2018 and 2022 showed the progressive presence of external resources and an increase in debt. These indicators were negatively enhanced throughout the pandemic with the downturn in the sector. The research concludes that Azul has a high level of debt, little liquidity capacity and lack of profitability due to accumulated losses. Although the company develops strategies to overcome its situation, it will be necessary to evaluate and monitor each one of them critically, which suggests new studies aimed at this monitoring, adding other accounting components for greater precision.