Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information Line Items | |
Entity Registrant Name | LATAM Airlines Group S.A. |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 605,231,854,725 |
Amendment Flag | false |
Entity Central Index Key | 0001047716 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | true |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 1-14728 |
Entity Incorporation, State or Country Code | F3 |
Entity Address, Address Line One | Presidente Riesco 5711, 20th Floor |
Entity Address, City or Town | Las Condes |
Entity Address, Country | CL |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1364 |
Auditor Name | Santiago |
Auditor Location | Chile |
Entity Address, Postal Zip Code | 7550000 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Presidente Riesco 5711, 20th Floor |
Entity Address, City or Town | Las Condes |
Entity Address, Country | CL |
Contact Personnel Name | Andrés del Valle |
City Area Code | 56-2 |
Local Phone Number | 2565-3844 |
Contact Personnel Email Address | InvestorRelations@latam.com |
Entity Address, Postal Zip Code | 5537 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | ||
Cash and cash equivalents | $ 1,216,675 | $ 1,046,835 |
Other financial assets | 503,515 | 101,138 |
Other non-financial assets | 191,364 | 108,368 |
Trade and other accounts receivable | 1,008,109 | 881,770 |
Accounts receivable from related entities | 19,523 | 724 |
Inventories | 477,789 | 287,337 |
Current tax assets | 33,033 | 41,264 |
Total current assets other than non-current assets (or disposal groups) classified as held for sale | 3,450,008 | 2,467,436 |
Non-current assets (or disposal groups) classified as held for sale | 86,416 | 146,792 |
Total current assets | 3,536,424 | 2,614,228 |
Non-current assets | ||
Other financial assets | 15,517 | 15,622 |
Other non-financial assets | 148,378 | 125,432 |
Accounts receivable | 12,743 | 12,201 |
Intangible assets other than goodwill | 1,080,386 | 1,018,892 |
Property, plant and equipment | 8,411,661 | 9,489,867 |
Deferred tax assets | 5,915 | 15,290 |
Total non-current assets | 9,674,600 | 10,677,304 |
Total assets | 13,211,024 | 13,291,532 |
Current liabilities | ||
Other financial liabilities | 802,841 | 4,453,451 |
Trade and other accounts payables | 1,627,992 | 4,839,251 |
Accounts payable to related entities | 12 | 661,602 |
Other provisions | 14,573 | 27,872 |
Current tax liabilities | 1,026 | 675 |
Other non-financial liabilities | 2,642,251 | 2,332,576 |
Total current liabilities | 5,088,695 | 12,315,427 |
Non-current liabilities | ||
Other financial liabilities | 5,979,039 | 5,948,702 |
Accounts payable | 326,284 | 472,426 |
Other provisions | 927,964 | 712,581 |
Deferred tax liabilities | 344,625 | 341,011 |
Employee benefits | 93,488 | 56,233 |
Other non-financial liabilities | 420,208 | 512,056 |
Total non-current liabilities | 8,091,608 | 8,043,009 |
Total liabilities | 13,180,303 | 20,358,436 |
EQUITY | ||
Share capital | 13,298,486 | 3,146,265 |
Retained earnings/(losses) | (7,501,896) | (8,841,106) |
Treasury Shares | (178) | (178) |
Other equity | 39 | |
Other reserves | (5,754,173) | (1,361,529) |
Parent’s ownership interest | 42,278 | (7,056,548) |
Non-controlling interest | (11,557) | (10,356) |
Total equity | 30,721 | (7,066,904) |
Total liabilities and equity | $ 13,211,024 | $ 13,291,532 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME BY FUNCTION - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue | $ 9,362,521 | $ 4,884,015 | $ 3,923,667 |
Cost of sales | (8,103,483) | (4,963,485) | (4,513,228) |
Gross margin | 1,259,038 | (79,470) | (589,561) |
Other income | 154,286 | 227,331 | 411,002 |
Distribution costs | (426,599) | (291,820) | (294,278) |
Administrative expenses | (576,429) | (439,494) | (499,512) |
Other expenses | (531,575) | (535,824) | (692,939) |
Gain (losses) from restructuring activities | 1,679,934 | (2,337,182) | (990,009) |
Other gains/(losses) | (347,077) | 30,674 | (1,874,789) |
Income (Loss) from operation activities | 1,211,578 | (3,425,785) | (4,530,086) |
Financial income | 1,052,295 | 21,107 | 50,397 |
Financial costs | (942,403) | (805,544) | (586,979) |
Foreign exchange gains/(losses) | 25,993 | 131,408 | (48,403) |
Result of indexation units | (1,412) | (5,393) | 9,348 |
Income (Loss) before taxes | 1,346,051 | (4,084,207) | (5,105,723) |
Income tax (expense) / benefits | (8,914) | (568,935) | 550,188 |
NET INCOME (LOSS) | 1,337,137 | (4,653,142) | (4,555,535) |
Income (Loss) attributable to owners of the parent | 1,339,210 | (4,647,491) | (4,545,887) |
Loss attributable to non-controlling interest | (2,073) | (5,651) | (9,648) |
Net Income (Loss) | $ 1,337,137 | $ (4,653,142) | $ (4,555,535) |
EARNING (LOSS) PER SHARE | |||
Basic earning (loss) per share (in Dollars per share) | $ 0.013861 | $ (7.66397) | $ (7.49642) |
Diluted earning (loss) per share (in Dollars per share) | $ 0.013592 | $ (7.66397) | $ (7.49642) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements Of Comprehensive Income Abstract | |||
NET INCOME/(LOSS) | $ 1,337,137 | $ (4,653,142) | $ (4,555,535) |
Other comprehensive income, before taxes, gains (losses) by new measurements on defined benefit plans | (9,935) | 10,018 | (3,968) |
Total other comprehensive (loss) that will not be reclassified to income before taxes | (9,935) | 10,018 | (3,968) |
Components of other comprehensive income that will be reclassified to income before taxes | |||
Currency translation differences Gains (losses) on currency translation, before tax | (32,563) | 20,008 | (894,394) |
Other comprehensive loss, before taxes, currency translation differences | (32,563) | 20,008 | (894,394) |
Cash flow hedges | |||
Gains (losses) on cash flow hedges before taxes | 52,017 | 38,870 | (105,280) |
Reclassification adjustment on cash flow hedges before tax | 31,293 | (16,641) | (14,690) |
Amounts removed from equity and included in the carrying amount of non-financial assets (liabilities) that were acquired or incurred through a highly probable hedged forecast transaction, before tax | (8,143) | ||
Other comprehensive income (losses), before taxes, cash flow hedges | 75,167 | 22,229 | (119,970) |
Change in value of time value of options | |||
Losses on change in value of time value of options before tax | (24,005) | (23,692) | |
Reclassification adjustments on change in value of time value of options before tax | 19,946 | 6,509 | |
Other comprehensive income (losses), before taxes, changes in the time value of the options | (4,059) | (17,183) | |
Total other comprehensive income (loss) that will be reclassified to income before taxes | 38,545 | 25,054 | (1,014,364) |
Other components of other comprehensive income (loss), before taxes Income tax relating to other comprehensive income that will not be reclassified to income | 28,610 | 35,072 | (1,018,332) |
Income (loss) tax relating to new measurements on defined benefit plans | 567 | (2,783) | 924 |
Income tax relating to other comprehensive income (loss) that will not be reclassified to income | 567 | (2,783) | 924 |
Income tax relating to other comprehensive income (loss) that will be reclassified to income | |||
Income tax related to cash flow hedges in other comprehensive income (loss) | (235) | (58) | 959 |
Income taxes related to components of other comprehensive loss will be reclassified to income | (235) | (58) | 959 |
Total Other comprehensive income (loss) | 28,942 | 32,231 | (1,016,449) |
Total comprehensive income (loss) | 1,366,079 | (4,620,911) | (5,571,984) |
Comprehensive income (loss) attributable to owners of the parent | 1,367,315 | (4,616,914) | (5,566,991) |
Comprehensive income (loss) attributable to non-controlling interests | (1,236) | (3,997) | (4,993) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 1,366,079 | $ (4,620,911) | $ (5,571,984) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share capital | Treasury shares | Currency translation reserve | Cash flow hedging reserve | Gains (Losses) from changes in the time value of the options | Actuarial gains or losses on defined benefit plans reserve | Shares based payments reserve | Other sundry reserve | Total other reserve | Retained earnings/ (losses) | Parent’s ownership interest | Non- controlling interest | Other equity | Total |
Balance at Dec. 31, 2019 | $ 3,146,265 | $ (178) | $ (2,890,287) | $ 56,892 | $ (22,940) | $ 36,289 | $ 2,452,469 | $ (367,577) | $ 352,272 | $ 3,130,782 | $ (1,605) | $ 3,129,177 | ||
Total increase (decrease) in equity Net income/(loss) for the period | (4,545,887) | (4,545,887) | (9,648) | (4,555,535) | ||||||||||
Other comprehensive income | (900,226) | (117,833) | (3,045) | (1,021,104) | (1,021,104) | 4,655 | (1,016,449) | |||||||
Total comprehensive income | (900,226) | (117,833) | (3,045) | (1,021,104) | (4,545,887) | (5,566,991) | (4,993) | (5,571,984) | ||||||
Increase (decrease) through transfers and other changes, equity | 946 | (450) | 496 | 496 | (74) | 422 | ||||||||
Total transactions with shareholders | 946 | (450) | 496 | 496 | (74) | 422 | ||||||||
Balance at Dec. 31, 2020 | 3,146,265 | (178) | (3,790,513) | (60,941) | (25,985) | 37,235 | 2,452,019 | (1,388,185) | (4,193,615) | (2,435,713) | (6,672) | (2,442,385) | ||
Increase (decrease) by application of new accounting standards | 380 | (380) | ||||||||||||
Initial balance restated | 3,146,265 | (178) | (3,790,513) | (60,561) | (380) | (25,985) | 37,235 | 2,452,019 | (1,388,185) | (4,193,615) | (2,435,713) | (6,672) | (2,442,385) | |
Total increase (decrease) in equity Net income/(loss) for the period | (4,647,491) | (4,647,491) | (5,651) | (4,653,142) | ||||||||||
Other comprehensive income | 18,354 | 22,171 | (17,183) | 7,235 | 30,577 | 30,577 | 1,654 | 32,231 | ||||||
Total comprehensive income | 18,354 | 22,171 | (17,183) | 7,235 | 30,577 | (4,647,491) | (4,616,914) | (3,997) | (4,620,911) | |||||
Increase (decrease) through transfers and other changes, equity | (3,921) | (3,921) | (3,921) | 313 | (3,608) | |||||||||
Total transactions with shareholders | (3,921) | (3,921) | (3,921) | 313 | (3,608) | |||||||||
Balance at Dec. 31, 2021 | 3,146,265 | (178) | (3,772,159) | (38,390) | (17,563) | (18,750) | 37,235 | 2,448,098 | (1,361,529) | (8,841,106) | (7,056,548) | (10,356) | (7,066,904) | |
Total increase (decrease) in equity Net income/(loss) for the period | 1,339,210 | 1,339,210 | (2,073) | 1,337,137 | ||||||||||
Other comprehensive income | (33,401) | 74,932 | (4,059) | (9,367) | 28,105 | 28,105 | 837 | 28,942 | ||||||
Total comprehensive income | (33,401) | 74,932 | (4,059) | (9,367) | 28,105 | 1,339,210 | 1,367,315 | (1,236) | 1,366,079 | |||||
Transactions with shareholders Equity issue | 800,000 | 800,000 | 800,000 | |||||||||||
Increase for other contributions from the owners | (4,340,749) | (4,340,749) | 4,909,480 | $ 9,250,229 | 4,909,480 | |||||||||
Increase (decrease) through transfers and other changes, equity | 9,352,221 | (80,000) | (80,000) | 22,031 | 35 | (9,250,190) | 22,066 | |||||||
Total transactions with shareholders | 10,152,221 | (4,420,749) | (4,420,749) | 5,731,511 | 35 | 39 | 5,731,546 | |||||||
Balance at Dec. 31, 2022 | $ 13,298,486 | $ (178) | $ (3,805,560) | $ 36,542 | $ (21,622) | $ (28,117) | $ 37,235 | $ (1,972,651) | $ (5,754,173) | $ (7,501,896) | $ 42,278 | $ (11,557) | $ 39 | $ 30,721 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - DIRECT METHOD - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash collection from operating activities | |||
Proceeds from sales of goods and services | $ 10,549,542 | $ 5,359,778 | $ 4,620,409 |
Other cash receipts from operating activities | 117,118 | 52,084 | 51,900 |
Payments for operating activities | |||
Payments to suppliers for the supply goods and services | (9,113,130) | (4,391,627) | (3,817,339) |
Payments to and on behalf of employees | (1,039,336) | (941,068) | (1,227,010) |
Other payments for operating activities | (272,823) | (156,395) | (70,558) |
Income taxes (paid) | (14,314) | (9,437) | (65,692) |
Other cash inflows (outflows) | (130,260) | (87,576) | 13,593 |
Net cash (outflow) inflow from operating activities | 96,797 | (174,241) | (494,697) |
Cash flows from investing activities | |||
Cash flows from losses of control of subsidiaries or other businesses | 752 | ||
Other collections from the sale of equity or debt instruments of other entities | |||
Other cash receipts from sales of equity or debt instruments of other entities | 417 | 35 | 1,464,012 |
Other payments to acquire equity or debt instruments of other entities | (331) | (208) | (1,140,940) |
Amounts raised from sale of property, plant and equipment | 56,377 | 105,000 | 75,566 |
Purchases of property, plant and equipment | (780,538) | (597,103) | (324,264) |
Purchases of intangible assets | (50,116) | (88,518) | (75,433) |
Interest received | 18,934 | 9,056 | 36,859 |
Other cash inflows (outflows) | 6,300 | 18,475 | (2,192) |
Net cash (outflow) inflow from investing activities | (748,957) | (552,511) | 33,608 |
Proceeds from the issuance of shares | 549,038 | ||
Payments for changes in ownership interests in subsidiaries that do not result in loss of control | (3,225) | ||
Amounts from the issuance of other equity instruments | 3,202,790 | ||
Amounts raised from long-term loans | 2,361,875 | 1,425,184 | |
Amounts raised from short-term loans | 4,856,025 | 661,609 | 560,296 |
Loans from Related Entities | 770,522 | 130,102 | 373,125 |
Loans repayments | (8,759,413) | (463,048) | (793,712) |
Payments of lease liabilities | (131,917) | (103,366) | (122,062) |
Payments of loans to related entities | (1,008,483) | ||
Dividends paid | (571) | ||
Interest paid | (521,716) | (104,621) | (210,418) |
Other cash (outflows) inflows | (463,766) | (11,034) | (107,788) |
Net cash inflow (outflow) from financing activities | 854,955 | 109,642 | 1,120,829 |
Net (decrease) increase in cash and cash equivalents before effect of exchanges rate change | 202,795 | (617,110) | 659,740 |
Effects of variation in the exchange rate on cash and cash equivalents | (32,955) | (31,896) | (36,478) |
Net (decrease) increase in cash and cash equivalents | 169,840 | (649,006) | 623,262 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 1,046,835 | 1,695,841 | 1,072,579 |
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | $ 1,216,675 | $ 1,046,835 | $ 1,695,841 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of General Information About Financial Statements Text Block Abstract | |
GENERAL INFORMATION | NOTE 1 - GENERAL INFORMATION LATAM Airlines Group S.A. (“LATAM” or the “Company”) is an open stock company which holds the values inscribed in the Registro de Valores of the Commission for the Financial Market under No. 306, whose shares are listed in Chile on the Electronic Stock Exchange of Chile - Stock Exchange and the Santiago Stock Exchange. Latam’s ADR are currently trading in the United States of America on the OTC (Over-The-Counter) markets. LATAM Airlines Group S.A. and certain of its direct and indirect affiliates announced their emergence on November 3, 2022, from their reorganization proceedings in the United States of America under Chapter 11 of Title 11 of the United States Code at the United States Bankruptcy Court for the Southern District of New York (the Chapter 11 Proceedings”) Its main business is the air transport of passengers and cargo, both in the domestic markets of Chile, Peru, Colombia, Ecuador and Brazil, as well as in a series of regional and international routes in America, Europe and Oceania. These businesses are developed directly or by its subsidiaries in Ecuador, Peru, Brazil, Colombia, Argentine and Paraguay. In addition, the Company has subsidiaries that operate in the cargo business in Chile, Brazil and Colombia. The Company is located in Chile, in the city of Santiago, on Avenida Presidente Riesco No. 5711, Las Condes commune. As of December 31, 2022, the Company’s statutory capital is represented by 606,407,693,000 ordinary shares without nominal value. Of such amount, as of said date, 605,231,854,725 shares were subscribed and paid. The foregoing, considering the capital increase approved by the shareholders of the company at an extraordinary meeting held on July 5, 2022, in the context of the implementation of its reorganization plan approved and confirmed in the Chapter 11 Proceedings. The major shareholders of the Company considering the total amount of subscribed and paid shares are Banco de Chile on behalf of State Street which owns 46,96%, Banco de Chile on behalf of Non-Resident Third Parties with 12.68%, Delta Air Lines with 10.03% and Qatar Airways with 10,02% ownership (9.999999992% considering the total amount of authorized shares). As of December 31, 2022, the Company had a total of 2,092 shareholders in its registry. At that date, approximately 0.01% of the Company’s capital stock was in the form of ADRs. During 2022, the LATAM Group had an average of 30,877 employees, ending this year with a total number of 32,507 people, distributed in 4,627 Administration employees, 16,803 in Operations, 7,423 Cabin Crew and 3,654 Command crew. The main subsidiaries included in these consolidated financial statements are as follows: a) Percentage ownership As December 31, 2022 As December 31, 2021 As December 31, 2020 Country Functional Tax No. Company of origin Currency Direct Indirect Total Direct Indirect Total Direct Indirect Total % % % % % % % % % 96.969.680-0 Lan Pax Group S.A. and Subsidiaries Chile US$ 99.9959 0.0041 100.0000 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 Foreign Latam Airlines Perú S.A. Peru US$ 23.6200 76.1900 99.8100 23.6200 76.1900 99.8100 23.6200 76.1900 99.8100 93.383.000-4 Lan Cargo S.A. Chile US$ 99.8940 0.0041 99.8981 99.8940 0.0041 99.8981 99.8940 0.0041 99.8981 Foreign Connecta Corporation U.S.A. US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 100.0000 0.0000 100.0000 Foreign Prime Airport Services Inc. and Subsidiary U.S.A. US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.9714 0.0286 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.631.520-2 Fast Air Almacenes de Carga S.A. Chile CLP 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.8900 0.1100 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.2208 3.7792 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.9800 0.0200 100.0000 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.0000 1.0000 100.0000 96.575.810-0 Inversiones Lan S.A. Chile US$ 99.9000 0.1000 100.0000 99.9000 0.1000 100.0000 99.7100 0.2900 100.0000 96.847.880-K Technical Trainning LATAM S.A. Chile CLP 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 Foreign Latam Finance Limited Cayman Island US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Peuco Finance Limited Cayman Island US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Profesional Airline Services INC. U.S.A. US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Jarletul S.A. Uruguay US$ 0.0000 100.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 Foreign LatamTravel S.R.L. Bolivia US$ 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 76.262.894-5 Latam Travel Chile II S.A. Chile US$ 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 Foreign Latam Travel S.A. Argentina ARS 94.0100 5.9900 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign TAM S.A. and Subsidiaries (*) Brazil BRL 63.0901 36.9099 100.0000 63.0901 36.9099 100.0000 63.0901 36.9099 100.0000 (*) As of December 31, 2022, the indirect participation percentage on TAM S.A. and Subsidiaries is from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 51.04% of political rights. Its percentage arises as a result of the provisional measure No. 863 of the Brazilian government implemented in December 2018 that allows foreign capital to have up to 100% of the property. b) Financial Information Statement of financial position Net Income For the period ended December 31, As of December 31, 2022 As of December 31, 2021 As of December 31, 2020 2022 2021 2020 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain /(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 392,232 1,727,968 (1,342,687 ) 432,271 1,648,715 (1,236,243 ) 404,944 1,487,248 (853,624 ) (120,717 ) (7,289 ) (290,980 ) Foreign Latam Airlines Perú S.A. 335,773 281,178 54,595 484,388 417,067 67,321 661,721 510,672 8,691 (12,726 ) (109,392 ) (175,485 ) 93.383.000-4 Lan Cargo S.A. 394,378 212,094 182,284 721,484 537,180 184,304 749,789 462,666 172,186 (1,230 ) 1,590 10,936 Foreign Connecta Corporation 78,905 22,334 56,571 61,068 19,312 41,756 57,922 24,023 40,087 14,814 1,169 500 Foreign Prime Airport Services Inc. and Subsidiary (*) 25,118 24,325 813 24,654 25,680 (1,026 ) 25,050 23,102 (1,034 ) 1,838 190 (181 ) 96.951.280-7 Transporte Aéreo S.A. 283,166 177,109 106,057 471,094 327,955 143,139 546,216 142,423 216,912 (36,190 ) (56,135 ) (39,032 ) 96.631.520-2 Fast Air Almacenes de Carga S.A. 16,150 12,623 3,527 18,303 10,948 7,355 20,132 12,601 7,581 1,154 48 500 Foreign Laser Cargo S.R.L. (3 ) - (3 ) (5 ) - (5 ) (6 ) - (10 ) - - - Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 35,991 15,334 20,656 36,617 14,669 21,940 218,435 14,355 203,829 (1,287 ) (806 ) (92,623 ) 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary (*) 220,144 148,489 11,661 202,402 113,930 23,563 250,027 86,691 130,823 (11,901 ) (54,961 ) 1,452 96.575.810-0 Inversiones Lan S.A. (*) 1,281 56 1,225 1,284 45 1,239 1,394 65 1,329 (14 ) (90 ) 50 96.847.880-K Technical Trainning LATAM S.A. 1,417 1,110 307 2,004 467 1,537 2,181 625 1,556 77 181 60 Foreign Latam Finance Limited 3,011 211,517 (208,506 ) 1,310,733 1,688,821 (378,088 ) 1,310,735 1,584,311 (273,576 ) 169,582 (104,512 ) (105,100 ) Foreign Peuco Finance Limited - - - 1,307,721 1,307,721 - 1,307,721 1,307,721 - - - Foreign Profesional Airline Services INC. 56,895 53,786 3,109 61,659 58,808 2,851 17,345 14,772 2,573 258 278 1,014 Foreign Jarletul S.A. 16 1,109 (1,093 ) 24 1,116 (1,092 ) 34 1,076 (1,042 ) (2 ) (50 ) (332 ) Foreign LatamTravel S.R.L. 92 5 87 64 132 (68 ) 1,061 1,106 (45 ) 154 (23 ) (33 ) 76.262.894-5 Latam Travel Chile II S.A. 368 1,234 (866 ) 588 1,457 (869 ) 943 1,841 (898 ) 2 29 392 Foreign Latam Travel S.A. 7,303 2,715 4,588 3,778 6,135 2,357 3,977 6,018 (2,041 ) (6,187 ) (2,804 ) (5,610 ) Foreign TAM S.A. and Subsidiaries (*) 3,497,848 4,231,547 (733,699 ) 2,608,859 3,257,148 (648,289 ) 3,110,055 3,004,935 105,120 (69,932 ) (756,633 ) (1,025,814 ) (*) The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling participation. In addition, special purpose entities have been consolidated: 1. Chercán Leasing Limited, intended to finance advance payments of aircraft; 2. Guanay Finance Limited, intended for the issue of a securitized bond with future credit card payments; 3. Private investment funds; 4. Vari Leasing Limited, Yamasa Sangyo Aircraft LA1 Kumiai, Yamasa Sangyo Aircraft LA2 Kumiai, All entities over which Latam has control have been included in the consolidation. The Company has analyzed the control criteria in accordance with the requirements of IFRS 10. Changes occurred in the consolidation perimeter between January 1, 2021 and December 31, 2022, are detailed below: (1) Incorporation or acquisition of companies - On December 22, 2022, LATAM Airlines Group S.A. made the purchase of 1,390,468,967 preferred shares of Latam Travel S.A. Consequently, the shareholding composition of Latam Travel S.A. is as follows: Lan Pax Group S.A. with 5.69%, Inversora Cordillera S.A. with 0.30% and LATAM Airlines Group S.A. with 94.01%. These transactions were between LATAM Airlines Group entities and therefore did not generate any effects within the consolidated financial statements. - On January 21, 2021, Transporte Aéreos del Mercosur S.A. puchased 2,392,166 preferred shares of Inversora Cordillera S.A. from a non-controlling shareholder. Consequently the shareholding composition of Inversora Cordillera S.A. is as follows: Lan Pax Group S.A. with 90.5% and Transporte Aéreos del Mercosur S.A. with 9.5%. - On January 21, 2021, Transporte Aéreos del Mercosur S.A. purchased 53,376 preferred shares of Lan Argentina S.A. from a non-controlling shareholder. Consequently the shareholding composition of Lan Argentina S.A. is as follows: Inversora Cordillera S.A. with 95%, Lan Pax Group S.A. with 4% and Transporte Aéreos del Mercosur S.A. with 1%. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies Text Block Abstract | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following describes the principal accounting policies adopted in the preparation of these consolidated financial statements. 2.1. Basis of Preparation These consolidated financial statements of LATAM Airlines Group S.A. as of December 31, 2022 and 2021, for the three years ended December 31, 2022 and have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (“IASB”) and with the interpretations issued by the interpretations committee of the International Financial Reporting Standards (IFRIC). The consolidated financial statements have been prepared under the historic-cost criterion, although modified by the valuation at fair value of certain financial instruments. The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to use its judgment in applying the Company’s accounting policies. Note 4 shows the areas that imply a greater degree of judgment or complexity or the areas where the assumptions and estimates are significant to the consolidated financial statements. The consolidated financial statements have been prepared in accordance with the accounting policies used by the Company for the 2021 consolidated financial statements, except for the standards and interpretations adopted as of January 1, 2022. (a) Application of new standards for the year 2022: (a.1.) Accounting pronouncements with implementation effective from January 1, 2022: Date of issue Effective Date: (i) Standards and amendments Amendment to IFRS 3: Business combinations. May 2020 01/01/2022 Amendment to IAS 37: Provisions, contingent liabilities and contingent assets. May 2020 01/01/2022 Amendment to IAS 16: Property, plant and equipment. May 2020 01/01/2022 Improvements to International Financial Reporting Standards Financial (2018-2020 cycle) IFRS 1: First-time adoption of international financial reporting standards, IFRS 9: Financial Instruments, illustrative examples accompanying IFRS 16: Leases, IAS 41: Agriculture May 2020 01/01/2022 The application of these accounting pronouncements as of January 1, 2022, had no significant effect on the Company’s consolidated financial statements. (b) Accounting pronouncements not in force for the financial year beginning on January 1, 2022: Date of issue Effective Date: (i) Standards and amendments Amendment to IAS 12: Income taxes. May 2021 01/01/2023 Amendment to IAS 8: Accounting policies, changes in accounting estimates and error. February 2021 01/01/2023 Amendment to IAS 1: Presentation of financial statements. January 2020 01/01/2024 IFRS 17: Insurance contracts, replaces IFRS 4. May 2017 01/01/2023 Amendment to IAS 1: Non-current liabilities with covenants October 2022 01/01/2024 Amendment to IFRS 16: Leases September 2022 01/01/2024 Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17) December 2021 An entity that elects to apply the amendment applies it when it first applies IFRS 17 Amendment to IFRS 10: Consolidated financial statements and IAS 28: Investments in associates and joint ventures. September 2014 Not determined The Company’s management estimates that the adoption of the standards, amendments and interpretations described above will not have a significant impact on the Company’s consolidated financial statements in the exercise of their first application. (c) Chapter 11 Filing and Going Concern i) Going Concern These consolidated financial statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business. The Company previously disclosed that as of December 31, 2021, as a result of the Chapter 11 proceedings, the fulfillment of the Company’s obligations and the financing of ongoing operations were subject to material uncertainty due to the COVID-19 pandemic and the impossibility of knowing as of that date, their duration and, consequently, those events or conditions indicated that a material uncertainty existed that cast significant doubt (or raised a substantial doubt as contemplated by the Public Company Oversight Board (“PCAOB”) standards) about the Company’s ability to continue as a going concern as of the issuance of the Company’s 2021 Annual Report on Form 20-F. On November 3, 2022, LATAM Parent and certain of its affiliates emerged from the Chapter 11 Proceedings. The emergence from the Chapter 11 proceedings and consummation of the Plan addressed liquidity concerns as it provided for new funds originated by the new financing and the capital restructuring. As a result, the Company expects that sufficient cash flows will be generated to finance the debts and the working capital requirements working capital for the next twelve months. Therefore, there is no longer a material uncertainty that may cast significant doubt (or raise substantial doubt as contemplated by the PCAOB standards) on the Company’s ability to continue as a going concern during the twelve months after the date of issuance of these financial statements. ii) Chapter 11 Filing Due to the effects on the operation of the restrictions established in the countries to control the effects of the COVID-19 pandemic, on May 25, 2020 the Board resolved unanimously that LATAM Parent and some subsidiaries of the group should initiate a reorganization process in the United States of America according to the rules established in the Bankruptcy Code title 11 by filing a voluntary petition for relief in accordance with the same, which was carried out on May 26, 2020. Subsequently, Piquero Leasing Limited (July 7, 2020) and TAM S.A. joined this process and its subsidiaries in Brazil (July 9, 2020) (the voluntary petitions, collectively, the “Bankruptcy Filing” and each LATAM entity that filed a petition, a “Debtor” and jointly, the “Debtors”). The Bankruptcy Filing for each of the Debtors (each one, respectively, a “Petition Date”) was jointly administered under the caption “In re LATAM Airlines Group S.A. et al.” Case Number 20-11254. Prior to November 3, 2022, the Debtors operated their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Bankruptcy Filing permitted the Company to reorganize and improve liquidity, wind down unprofitable contracts and amend its capacity purchase agreements to enable sustainable profitability. As of November 3, 2022 (the “Effective Date”), the Plan (as defined below) was substantially consummated and the Debtors have each emerged from the Chapter 11 proceedings as the “Reorganized Debtors”. However, according to the rules of the Bankruptcy Code, the Chapter 11 proceedings of the Reorganized Debtors continued to be ongoing after the Effective Date to resolve certain remaining matters. Later, on December 14, 2022, the Bankruptcy Court entered an order consolidating the administration of all remaining matters in the lead Chapter 11 case of LATAM Parent and closing the cases of its debtor-related person. Therefore, as of the date hereof the Chapter 11 proceeding has been closed with respect to LATAM Parent’s subsidiaries that were part thereof, and continue ongoing solely with respect to LATAM Parent to resolve certain remaining matters. The Bankruptcy Court continues to administer the Chapter 11 proceedings for LATAM Parent in order to resolve the few remaining matters therein, including resolving remaining claims. As part of their overall reorganization process, the Debtors also sought and received relief in certain non-U.S. jurisdictions. On May 27, 2020, the Grand Court of the Cayman Islands granted the applications of certain of the Debtors for the appointment of provisional liquidators (“JPLs”) pursuant to section 104(3) of the Companies Law (2020 Revision). On June 4, 2020, the 2nd Civil Court of Santiago, Chile issued an order recognizing the Chapter 11 proceedings with respect to LATAM Airlines Group S.A., Lan Cargo S.A., Fast Air Almacenes de Carga S.A., Latam Travel Chile II S.A., Lan Cargo Inversiones S.A., Transporte Aéreo S.A., Inversiones Lan S.A., Lan Pax Group S.A. and Technical Training LATAM S.A. All remedies filed against the order have been rejected and the decision has become final. Finally, on June 12, 2020, the Superintendence of Companies of Colombia granted recognition to the Chapter 11 proceedings. On July 10, 2020, the Grand Court of the Cayman Islands granted the Debtors’ application for the appointment of JPLs to Piquero Leasing Limited. Bearing in mind that on November 3, 2022, the Effective Date of the Reorganization Plan approved and confirmed in the main proceedings occurred, on November 10, 2022, the representative of the foreign proceeding filed with the court his last monthly report under the Protocol on Cross-Border Communications Operation and Implication of the Bankruptcy Filing As of the Effective Date, the Plan was substantially consummated. Pursuant to the Plan, the Reorganized Debtors are permitted to operate their businesses and manage their properties without supervision of the Bankruptcy Court and free of the restrictions of the Bankruptcy Code. Plan of Reorganization On November 26, 2021, the Debtors filed a joint plan of reorganization (as amended or revised, the “Plan” or “Plan of Reorganization”) and the related disclosure statement (as amended or revised, the “Disclosure Statement”) with the Bankruptcy Court. As detailed in the Disclosure Statement, the Plan was supported by a restructuring support agreement executed among the Debtors, creditors holding more than 70% of the general unsecured claims asserted against LATAM Airlines Group S.A., and holders of more than 50% of LATAM Airlines Group S.A.’s existing equity (the “Restructuring Support Agreement” or “RSA”). From time to time in the Chapter 11 Cases, the Debtors filed revised versions of the Plan and associated Disclosure Statement. On February 10, 2022 the Debtors executed a joinder Agreement to the RSA (each joinder agreement a “W&C Creditor Group Joinder Agreement”), effective as of February 10, 2022 under which certain creditors agreed to commitments made by the Commitment Parties under the RSA. On March 21, 2022, the Bankruptcy Court entered an order approving the adequacy of the Disclosure Statement and procedures for the solicitation with respect to the Plan (the “Disclosure Statement Order”). Pursuant to the Disclosure Statement Order, the Debtors distributed the solicitation version of the Plan, the Disclosure Statement (as approved), voting ballots and certain other solicitation materials to creditors. In accordance with the Restructuring Support Agreement, on January 12, 2022 the Debtors filed a motion seeking approval to enter into a backstop commitment agreement with certain shareholders, and a backstop commitment agreement with certain creditors (the “Backstop Agreements”). On March 15, 2022, the Bankruptcy Court issued a memorandum decision approving the Debtors’ entry into the Backstop Agreements and issued a corresponding order (the “Backstop Order”) on March 22, 2022. The Debtors received objections to the Plan from certain parties, including the United States Trustee, the Official Committee of Unsecured Creditors (the “Committee”), Banco del Estado de Chile in its capacity as indenture trustee under certain Chilean local bonds issued by LATAM Parent (“BancoEstado”), an ad hoc group of unsecured claimants and a group of holders of claims against LATAM affiliate TAM Linhas Aéreas S.A. Following the Plan objection deadline, the Debtors participated in a mediation with BancoEstado, the Committee and the parties to the RSA in an effort to resolve their objections to the Plan and related disputes, which proved successful. On May 11, 2022, the Debtors filed a revised version of the Plan reflecting the terms of a settlement with the parties. At a hearing held on May 17, 18 and 20, 2022, the Bankruptcy Court considered the remaining objections that had not been resolved pursuant to the settlement approving the Plan and overruling all remaining objections and entered an order confirming the Plan Certain parties in interest appealed the Bankruptcy Court’s decisions. On June 21, 2022, the Ad Hoc Group of Unsecured Claimants filed a notice of appeal of the memorandum decision and order approving entry into the Backstop Agreements, as well as the Memorandum Decision approving the Plan and the Confirmation Order. On June 27, 2022, the Ad Hoc Group of Unsecured Claimants filed a motion seeking to stay the Confirmation Order pending appeal. On July 16, 2022, the motion to stay was denied by the Bankruptcy Court. On June 23, 2022, the TLA Claimholders Group also filed a motion seeking to stay the Confirmation Order pending appeal or, in the alternative, an affirmative injunction requiring the Debtors to fund an escrow account in the amount of the outstanding post-petition interest. On July 8, 2022, the Bankruptcy Court issued a bench memorandum and order denying the TLA Claimholders Group’s motion to stay. On June 28, 2022, Columbus Hill Capital Management (“Columbus Hill”) filed a notice of appeal of the Memorandum Decision and the Confirmation Order, which it later withdrew on July 5, 2022. On July 13, 2022, the Debtors filed a motion to approve a settlement agreement with Columbus Hill, which was granted by the Bankruptcy Court on July 21, 2022, bringing full and final resolution to the Columbus Hill appeal and any other potential objections from this claimant. On August 31, 2022, after briefing and oral argument by the parties, the District Court issued an opinion denying the appeals of both the Ad Hoc Group of Unsecured Claimants and the TLA Claimholders Group. The District Court rejected the Ad Hoc Group of Unsecured Claimants’ arguments that the Plan and Backstop Agreement violated the Bankruptcy Code and held that the Backstop Agreement did not constitute impermissible vote buying. The Ad Hoc Group of Unsecured Claimants did not further appeal the District Court’s decision. With respect to the TLA Claimholders Group’s appeal, the District Court denied its request for payment of post-petition interest on its claims and found that the Bankruptcy Court was not mistaken with respect to its factual finding that TLA was insolvent. The District Court also denied the TLA Claimholders Group’s motion to stay the Confirmation Order. On September 2, 2022 the TLA Claimholders Group filed a notice of appeal in the District Court (the “Second Circuit Appeal”) further appealing the Confirmation Order to the United States Court of Appeals for the Second Circuit (the “Second Circuit”). Both parties filed briefs regarding the merits of the Second Circuit Appeal, oral argument occurred on October 12, 2022, and on December 14, 2022, the Second Circuit unanimously affirmed the District Court’s decision rejecting the Second Circuit Appeal. No further appeals have been filed to date. As of the Effective Date, the Plan was substantially consummated. Pursuant to the Plan, the Company received an infusion of approximately US$ 8.19 billion through a mix of new equity, convertible notes and debt, which enabled the Company to exit Chapter 11 with appropriate capitalization to effectuate its business plan. Upon emergence, the Company had total debt of approximately US$ 6.8 billion, cash and cash equivalents of approximately US$1.1 billion and revolving undrawn facilities in the amount of US$1.1 billion. Specifically, the Plan provided that: ● The Company conducted a US$ 800 million common equity rights offering, open to all shareholders in accordance with their preemptive rights under applicable Chilean law, and fully backstopped by the parties participating in the RSA; ● Three distinct classes of convertible notes were issued by the Company, all of which were preemptively offered to shareholders. The preemptive rights offering period closed on October 12, 2022. For those securities not subscribed by the Company’s shareholders during the respective preemptive rights period: o New Convertible Notes Class A, hereinafter Class G Convertible notes (by the denomination with which they were registered in the Registro de Valores of the CMF), were delivered to certain general unsecured creditors of the Company in settlement of their allowed claims under the Plan. The Issuance conditions: Nominal Value : Approximately Th US$1,257,003 Conversion Ratio: 15,9046155045956. The Convertible Notes Class G Conversion Ratio shall step down by 50% on the day that is sixty (60) days after the Effective Date. Backup Actions: 19,992,142,087 Maturity: 31 Dec. 2121 Interest rate: 0% Conversion Conditions: They may be converted into shares of the Company within twelve months from the Effective Date of the Plan. As soon as 50% of the holders of New Class G Convertible Notes have opted to convert, the remaining Class G Convertible Notes will be automatically converted. o New Convertible Notes Class B, hereinafter Class H Convertible notes (by the denomination with which they were registered in the Registro de Valores of the CMF), were subscribed and purchased by the shareholder that are part of the RSA. The Issuance conditions: Nominal Value: Approximately ThUS$1,372,840 Conversion Ratio: 92.2623446840237. The conversion ratio of Class H Convertible Notes will be reduced by 50% sixty (60) days after the fifth anniversary counted from the Effective Date . Backup Actions: 126,661,409,136 Maturity: 31 Dec. 2121 Interest rate: 1% interest rate payable in cash annually with no interest in the first 60 days. Conversion Conditions: (a) First Convertible Notes Class H Conversion Period: Each holder of Convertible Notes Class H will have the ability to convert its Convertible Notes Class H into shares of the Company within sixty (60) days from the Effective Date. (b) Second Convertible Notes Class H Conversion Period: Each holder of Convertible Notes Class H will have the subsequent ability to convert their Convertible Notes Class H into shares of the Company beginning on the fifth (5th) anniversary of the Effective Date. o New Convertible Notes Class C, hereinafter Class I Convertible notes (by the denomination with which they were registered in the Registro de Valores of the CMF), were provided to certain general unsecured creditors in exchange for a combination of new money to the Company and the settlement of their allowed claims under the Plan, subject to certain limitations and holdbacks by the backstopping parties. The Issuance conditions: Nominal Value: Approximately ThUS$6,863,427 Conversion Ratio: 56.143649821654. The Convertible Notes Class C Conversion Ratio shall step down by 50% on the day that is sixty (60) days after the Effective Date. Backup Actions: 385,337,858,290 Maturity: 31 Dec. 2121 Interest rate: 0% Conversion Conditions: They may be converted into shares within twelve months from the Effective Date of the Plan. As soon as 50% of the holders of Class I Convertible Notes have opted to convert, then the remaining Class I Convertible Notes will be automatically converted. The allocated amounts of the unused Class I Convertible Notes were distributed to the supporting parties of the Class I Convertible Notes in accordance with the respective Support Agreement. ● The election period for the Convertible Notes Class G and Convertible Notes Class I by creditors ended on October 6, 2022 ● General unsecured creditors that elected to receive Convertible Notes Class G or Convertible Notes Class I were entitled to receive a one-time cash distribution in an aggregate amount of approximately US$ 175 million, distributed among the general unsecured creditors that opted to receive Convertible Notes Class G and I. (see Note 36). ● The Convertible Notes Classes H and I , totally or partially, in consideration of a new money contribution for the aggregate amount of approximately US$ 4.64 billion fully backstopped by the parties to the RSA. ● In lieu of receiving Convertible Notes Class G or Convertible Notes Class I (and the aforementioned one-time cash distribution), general unsecured creditors were provided with the alternative of opting to receive New Local Notes issued by LATAM. As set forth in the Plan and based on the elections made by general unsecured creditors, such notes were issued in the amount of UF 3,818,042 (equal to approximately US$ 130 million as of the date of their issuance). Pursuant to the Plan and Backstop Agreements, LATAM raised up to US$ 500 million through a new revolving credit facility and approximately US$ 2.25 billion in total new money debt financing through exit financing (new term loan and new notes). On September 2, 2022, the Convertible Notes Classes G, H and I together with the shares contemplated in the Plan were registered with the Chilean Registro de Valores of the Financial Market Commission (the “CMF”). The CMF approved the New Local Notes on September 5, 2022. The Debtors established September 12, 2022 as the record date with respect to creditors entitled to participate in the Convertible Notes Class G and Convertible Notes Class I, and commenced the offering of the Convertible Notes to claimholders on the same day. As of December 31, 2022, 94,14% of the Convertible Notes Class G, 99.997% of the Convertible Notes Class H and 99.999% of the Convertible Notes Class I had been converted to equity, respectively. On November 17, 2022 the Reorganized Debtors filed a motion to consolidate the administration of certain remaining matters, including the reconciliation of claims that have not yet been allowed or disallowed, in the lead Chapter 11 case of LATAM Parent and for entry of a final decree closing the Chapter 11 cases of LATAM Parent’s debtor-affiliates. The Bankruptcy Court entered an Order on December 14, 2022 granting the motion to consolidate the administration of remaining matters in the lead Chapter 11 case of LATAM Parent. As a result, the dockets for all 37 debtor-affiliates of LATAM Parent were marked “closed” on December 23, 2022. Chapter 11 Milestones during the period covered by these consolidated financial statements Assumption, Amendment & Rejection of Executory Contracts & Leases Prior to the Effective Date, pursuant to the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), the Debtors were authorized to assume, assign or reject certain executory contracts and unexpired leases. Absent certain exceptions, the Debtors’ rejection of an executory contract or an unexpired lease is generally treated as prepetition breach, which entitles the contract counterparty to file a general unsecured claim against the Debtors and simultaneously relieves the Debtors from their future obligations under the contract or lease. Further, the Debtors’ assumption of an executory contract or unexpired lease would generally require the Debtors to cure outstanding defaults under such contract or lease. Other Key Filings On June 16, 2021, the Committee filed two motions seeking standing to prosecute certain claims on behalf of the Debtors against Delta Airlines, Inc. (the “Delta Motion”) and Qatar Airways O.C.S.C. (the “Qatar Motion”, and together with the Delta Motion, (the “Standing Motions”)), which were opposed by certain parties. In connection with the negotiation of the RSA, the Plan provided for the full settlement and release for Qatar and Delta of all potential claims described in the Standing Motions upon the effective date of the Plan. As the Plan became effective on November 3, 2022, such claims have been released. Statements and Schedules On September 8, 2020, each of the Debtors filed Schedules of Assets and Liabilities (“Schedules”) and Statements of Financial Affairs (“Statements”) that described the Debtors’ financial circumstances as of their respective Petition Date. On August 13, 2021 and December 3, 2021, certain Debtors filed amended Schedules that supplemented and amended the initial Schedules. From the Petition Date through the Plan Effective Date (as defined in the Plan), the Company was also required to file “Monthly Operating Reports” (MORs) to disclose the receipt, administration and disposition of property by the Debtors during the pendency of the Chapter 11 Cases. After the Effective Date, the Company will be required to file a more streamlined “Post-confirmation Report” (PCR) each calendar quarter until the Chapter 11 Cases of LATAM Parent are closed. While the Reorganized Debtors believe that these materials provide the information required by the Bankruptcy Code and Bankruptcy Court, they are nonetheless unaudited documents that are prepared in a format different from the consolidated financial reports historically prepared by LATAM in accordance with IFRS (International Financial Reporting Standards). For example, certain of the debtor-specific information contained in the Statements and Schedules may normally be prepared on an unconsolidated basis in the ordinary course. Accordingly, the Reorganized Debtors believe that the substance and format of these materials may not allow meaningful comparison with their regularly publicly-disclosed consolidated financial statements. Moreover, the materials filed with the Bankruptcy Court are not prepared for the purpose of providing a basis for an investment decision relating to the Reorganized Debtors’ securities, or claims against the Reorganized Debtors, or for comparison with other financial information required to be reported under applicable securities law. Bearing in mind that November 3, 2022 was the Effective Date of the reorganization plan approved and confirmed in the main proceeding, on November 10, 2022, the representative of the foreign proceeding submitted to the court his last monthly report in accordance with the Protocol of Cross Border Communications. Intercompany and Affiliate Transactions On January 10, 2022, the Committee filed an objection with respect to an intercompany claim asserted by LATAM Finance Ltd. against Peuco Finance Ltd. The Bankruptcy Court held a hearing on the objection on March 10, 2022. Post-hearing briefs were submitted by the parties on March 17, 2022, and closing arguments were held on March 18, 2022. On April 29, 2022, the Court entered a decision and order overruling the objection (the “Intercompany Claim Decision”). On May 13, 2022, the Committee appealed the Intercompany Claim Decision to the District Court. On May 26, 2022 the District Court granted a joint motion of the Debtors and the Committee to stay such appeal until the effective date of the Plan. Following the Effective Date, the Committee sought to dismiss the appeal, and the District Court entered an order dismissing the appeal on November 7, 2022. Debtor-in-Possession Financing and Exit Financing As previously reported, on June 10, 2022 the Debtors entered into debt commitment letters (the “Exit Financing Commitment Letters”) providing commitments from various lenders for (i) an approximately US$1.170 billion of junior debtor-in-possession term loan facility (the “Junior DIP Facility”); (ii) a US$500 million debtor-in-possession and exit revolving credit facility (the “Revolving Facility”), (iii) a US$750 million debtor-in-possession and exit term loan B credit facility (the “Term Loan B Facility”; together with the Revolving Facility, the “Credit Facilities”), (iv) a US$750 million debtor-in-possession and exit bridge loan facility (the “Bridge to 5Y Notes Facility”) and (v) US$750 million debtor-in-possession and exit bridge loan facility (the “Bridge to 7Y Notes Facility” and together with the Bridge to 5Y Notes Facility, and the Credit Facilities, the “Debt Facilities”). According to the terms of the Exit Financing Commitment Letters, the committed amounts under the Term Loan B Facility and the Bridge Facilities could be reallocated amount such facilities. The Debt Facilities were structured to remain in place after the emergence of the Reorganized Debtors from the Chapter 11, subject to the satisfaction of certain conditions at emergence (the “Conversion Date”). In the context of the Company’s exit from Chapter 11, on October 12, the Consolidated and Amended DIP Financing Agreement was paid in full. The repayment has been made entirely with funds from (i) a Junior DIP Financing of approximately US$1,146 million; (ii) a US$500 million Revolving Credit Line; (iii) a Term B Loan of US$750 million; (iv) a 5-year Bond Bridge Loan of US$750 million (v) a 7-year Bond Bridge Loan of US$750 million. On October 18, 2022, the Bridge Loans were partially repaid by: i) a bond issue exempt from registration under U.S. Securities Act of 1933, as amended (the “Securities Act”), pursuant to Rule 144A and Regulation S, both under the Securities Act, due 2027 (the “5-Year Bonds”), by a total principal amount of US$450 million and ii) a bond issue exempt from registration under the Securities Law pursuant to Rule 144A and Regulation S, both under the Securities Law, due 2029 (the “Bonds to 7 Years”), for a total principal amount of US$700 million. Additionally, on November 3, the repayment of the Bridge Loans and the junior DIP was completed with the proceeds from the Exit Financing, which was made up of: US$450 million in senior guaranteed bonds maturing in 2027, US$700 million in senior secured notes due 2029 and an incremental “Term Loan B” loan for US$350 million Establishment of Bar Dates and Claims Reconciliation On September 24, 2020, the Bankruptcy Court entered an order (the “Bar Date Order”) establishing December 18, 2020, as the general deadline (the “General Bar Date”) by which persons or entities (other than governmental units) who believe they hold any claims (other than certain damages claims arising out of the rejection of executory contracts or unexpired leases) against any Debtor that arose prior to the Petition Date, as applicable to each Debtor, must have submitted written documentation of such claims (a “Proof of Claim”). On December 17, 2020, the Court entered an order (the “Supplemental Bar Date Order”) establishing a supplemental bar date of February 5, 2021 (the “Supplemental Bar Date”), for certain non-U.S. claimants not otherwise subject to the General Bar Date. Any person or entity that failed to timely file its Proof of Claim by the applicable Bar Date will be forever barred from asserting their claim and will not receive any distributions made as part of the ultimate plan of reorganization. On the Effective Date, the Reorganized Debtors established December 3, 2022 as the deadline (the “Administrative Expense Bar Date”) by which persons or entities (other than those exempted under the Plan) must submit a Proof of Claim establishing their claim against the Reorganized Debtors for costs and expenses of administration of the Chapter 11 proceedings. Following the close of the General Bar Date, the Supplemental Bar Date, and the Administrative Expense Bar Date, the Reorganized Debtors have continued the process of reconciling approximately 6,575 submitted claims. As of December 31, 2022, the Reorganized Debtors have objected to or have resolved through claims withdrawals, stipulations and court orders approximately 5,030 claims with a total value of approximately US$ 163.5 billion. As the Reorganized Debtors continue to reconcile claims against the Company’s books and records, they will object to and contest such claims that they determine are not valid or are not asserted in the proper amount or classification and will resolve other claims disputes in and outside of the Bankruptcy Court. A Claim is recorded as a liability when it has a present obligation, whether legal or constructive, as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the obligation amount can be made. Under the Plan, a further 1,352 litigation claims will ride through. As of December 31, 2022, approximately 64 of the Claims filed against the Debtors are still being reconciled with an estimated total value of approximately US$ 354.7 million. 2.2. Basis of Consolidation (a) Subsidiaries Subsidiaries are all the entities (including special-purpose entities) over which the Company has the power to control the financial and operating policies, which are generally accompanied by a holding of more than half of the voting rights. In evaluating whether the Company controls another entity, the existence |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Risk Management Text Block Abstract | |
FINANCIAL RISK MANAGEMENT | NOTE 3 - FINANCIAL RISK MANAGEMENT 3.1. Financial risk factors The Company is exposed to different financial risks: (a) market risk, (b) credit risk, and (c) liquidity risk. The risk management of the Company aims to minimize the adverse effects of financial risks affecting the company. (a) Market risk Due to the nature of its operations, the Company has exposure to market factors such as: (i) fuel-price risk, (ii) exchange -rate risk (FX), and (iii) interest -rate risk. The Company has developed policies and procedures to manage the market risk, which goal is to identify, quantify, monitor and mitigate the adverse effects of changes in market factors mentioned above. For the foregoing, Management monitors the evolution of fuel price levels, exchange rates and interest rates, quantifies their exposures and their risk, and develops and executes hedging strategies. (i) Fuel-price risk Exposure: For the execution of its operations, the Company purchases a fuel called Jet Fuel grade 54 USGC, which is subject to the fluctuations of international fuel prices. Mitigation: To hedge the fuel-price risk exposure, the Company operates with derivative instruments (swaps and options) whose underlying assets may be different from Jet Fuel, such as West Texas Intermediate (“WTI”) crude, Brent (“BRENT”) crude and distillate Heating Oil (“HO”), which may have a high correlation with Jet Fuel and greater liquidity. Fuel Hedging Results: During the period ended December 31, 2022, the Company recognized gains of US$ 18.8 million for fuel hedging net of premiums in the costs of sales for the year. During the period ended December 31, 2021, the Company recognized gains of US$ 10.1 million for fuel hedging net of premiums in the costs of sales for the year. As of December 31, 2022, the market value of the fuel positions amounted to US$12.6 million (positive). At the end of December 2021, this market value was US$ 17.6 million (positive). The following tables show the level of hedge for different periods: Positions as of December 31, 2022 (*) Maturities Q123 Q223 Q323 Q423 Total Percentage of coverage over the expected volume of consumption 24 % 24 % 15 % 5 % 17 % (*) The percentage shown in the table considers all the hedging instruments (swaps and options). Positions as of December 31, 2021 (*) Maturities Q122 Q222 Q322 Q422 Total Percentage of coverage over the expected volume of consumption 25 % 30 % 17 % 14 % 21 % (*) The volume shown in the table considers all the hedging instruments (swaps and options). Sensitivity analysis A drop in fuel price positively affects the Company through a reduction in costs. However, also negatively affects contracted positions as these are acquired to protect the Company against the risk of a rise in price. Therefore, the policy is to maintain a hedge-free percentage in order to be competitive in the event of a drop in price. The current hedge positions are booked as cash flow hedge contracts, so a variation in the fuel price has an impact on the Company’s net equity. The following table shows the sensitivity of financial instruments according to reasonable changes in the price of fuel and their effect on equity. The calculations were made considering a parallel movement of US$ 5 per barrel in the underlying reference price curve at the end of December 2022 and the end of December 2021. The projection period was defined until the end date of the last contract in force, corresponding to the last business day of the fourth quarter 2023. Positions as of December 31, 2022 Positions as of December 31, 2021 Benchmark price effect on Equity effect on Equity (US$ per barrel) (MUS$) (MUS$) +5 +2.2 +2.7 -5 -2.3 -3.3 Given the fuel coverage structure for the year 2022, which considers a portion free of hedges, a vertical drop of 5 dollars in the JET reference price (considered as the monthly daily average), would have meant an impact of approximately US$ 123 million lower fuel cost. For the same period, a vertical rise of 5 dollars in the JET reference price (considered as the monthly daily average), would have meant an approximate impact of US$ 122.1 million in higher fuel costs. (ii) Foreign exchange rate risk: Exposure: The functional currency of the financial statements of the Parent Company is the US dollar, so that the risk of the Transactional and Conversion exchange rate arises mainly from the Company’s business, strategic and accounting operating activities that are expressed in a monetary unit other than the functional currency. The subsidiaries of LATAM are also exposed to foreign exchange risk whose impact affects the Company’s Consolidated Income. The largest operational exposure to LATAM’s exchange risk comes from the concentration of businesses in Brazil, which are mostly denominated in Brazilian Real (BRL), and are actively managed by the Company. At a lower concentration, the Company is also exposed to the fluctuation of other currencies, such as: Euro, Pound sterling, Australian dollar, Colombian peso, Chilean peso, Argentine peso, Paraguayan guarani, Mexican peso, Peruvian Sol and New Zealand dollar. Mitigation The Company mitigates currency risk exposures by contracting hedging or non-hedging derivative instruments or through natural hedges or execution of internal operations. Exchange Rate Hedging Results (FX) As of December 31, 2022, the Company recognized gains of US$ 5,2 million for FX hedging derivatives net of premiums in sales revenue for the year. At the end of December 2021, the Company did not recognize gains or losses for FX hedging derivatives. As of December 31, 2022, the market value of hedging FX derivative positions is US$ 0,2 million (positive). As of December 31, 2022, the Company has current hedging FX derivatives for MUS$ 108. As of December 31, 2021, the Company has no current hedging FX derivatives. During the period ended December 31, 2022, the Company recognized losses of US$ 1,8 million for FX non-hedging derivatives, net of premiums in the costs of sales for the year. As of December 31, 2022, the Company does not maintain current non-hedged FX derivatives. At the end of December 2021, the Company did not recognize gains or losses for FX non-hedging derivatives. Sensitivity analysis: A depreciation of the R$/US$ exchange rate, negatively affects the Company’s operating cash flows, however, also positively affects the value of the positions of derivatives contracted. The following table shows the sensitivity of current hedging FX derivative instruments according to reasonable changes in the exchange rate and its effect on equity. Appreciation (depreciation) Effect on equity as of Effect on equity as of of R$/US$ (MUS$) (MUS$) -10% -2.9 - +10% +3.0 - As of December 31, 2022, the Company does not have currency Swap derivatives. At the end of December 2021, the Company did not have currency Swap derivatives. Impact of Exchange rate variation in the Consolidated Income Statements (Foreign exchange gains/losses) In the case of TAM S.A., whose functional currency is the Brazilian real, a large part of its liabilities is expressed in US dollars. Therefore, when converting financial assets and liabilities, from dollar to real, they have an impact on the result of TAM S.A., which is consolidated in the Company’s Income Statement. In order to reduce the impact on the Company’s result caused by appreciations or depreciations of R$/US$, the Company carries out internal operations to reduce the net exposure in US$ for TAM S.A. The following table shows the impact of the Exchange Rate variation on the Consolidated Income Statement when the R$/US$ exchange rate appreciates or depreciates by 10%: Effect on Income Statement Effect on Income Statement Appreciation (depreciation) for the period ended December 31, 2022 for the period ended December 31, 2021 of R$/US$ (MUS$) (MUS$) -10% +70.7 +51.9 +10% -70.7 -51.9 Impact of the exchange rate variation in the Equity, from translate the subsidiaries financial statements into US Dollars (Cumulative Translate Adjustment) Since the functional currency of TAM S.A. and Subsidiaries is the Brazilian real, the Company presents the effects of the exchange rate fluctuations in Other comprehensive income (Cumulative Translation Adjustment) by converting the Statement of financial position and Income statement of TAM S.A. and Subsidiaries from their functional currency to the U.S. dollar, which is the presentation currency of the consolidated financial statement of LATAM Airlines Group S.A. and Subsidiaries. The following table shows the impact on the Cumulative Translation Adjustment included in Other comprehensive income recognized in Total equity in the case of an appreciation or depreciation 10% the exchange rate R$/US$: Appreciation (depreciation) Effect at December 31, 2022 Effect at December 31, 2021 of R$/US$ MUS$ MUS$ -10% +98.11 +96.66 +10% -80.28 -79.09 (iii) Interest -rate risk: Exposure: The Company has exposure to fluctuations in interest rates affecting the markets future cash flows of the assets, and current and future financial liabilities. The Company is mainly exposed to the Secured Overnight Financing Rate (“SOFR”), also to the London InterBank Offered Rate (“LIBOR”) and other less relevant interest rates such as Brazilian Interbank Certificates of Deposit (“CDI”). As the publication of LIBOR will cease by June 2023, the company has begun to migrate to the adoption of SOFR as an alternative rate, which will fully materialize with the cessation of LIBOR. Regarding rate exposure, a portion of the company’s variable financial debt maintains exposure to the LIBOR rate. However, all these contracts will have definitive migration to the SOFR rate. This migration has been redacted within each of the existing financial debt contracts benchmarked to the LIBOR rate. Currently, 31% of the financial debt contracts subject to variable rates maintain exposure to the LIBOR rate, and 69% of them have exposure to the SOFR rate. All of these contracts will migrate to SOFR rate since mid 2023. Mitigation Currently, 52% (40% as of December 31, 2021) of the debt is fixed against fluctuations in interest rates. Of the variable debt, most of it is indexed to the reference rate based on SOFR. To mitigate the effect of those derivatives that will be affected by the transition from LIBOR to SOFR, the Company is following the recommendations of the relevant authorities, including the Alternative Reference Rates Committee (“ARRC”) and the International Standard Derivatives Association in line with the measures generally adopted by the market for the replacement of LIBOR in debt and derivative contracts. Rate Hedging Results During the period ended December 31, 2022, the Company recognized losses of US$ 7 million (negative) corresponding to the recognition for premiums paid. As of December 31, 2022, the value of interest rate derivative positions amounted to MUS$ 8.8 (positive) corresponding to operating lease hedges in order to fix the rents upon delivery of the aircraft. As of December 31, 2021, the Company did not maintain interest rate derivative positions in force. As of December 31, 2022, the Company recognized a decrease in the right-of-use asset upon settlement of a derivative of US$ 8.1 million associated with leased aircraft. On this same date, a lower expense for depreciation of the right-of-use asset for US$ 0,1 million (positive) is recognized. At the end of December 2021, the Company did not earn profits or losses for this same concept. Sensitivity analysis: The following table shows the sensitivity of changes in financial obligations that are not hedged against interest-rate variations. These changes are considered reasonably possible, based on current market conditions each date. Increase (decrease) Positions as of December 31, 2022 Positions as of December 31, 2021 futures curve effect on profit or loss before tax effect on profit or loss before tax in libor 3 months (MUS$) (MUS$) + 100 basis points -22.64 -46.31 - 100 basis points +22.64 +46.31 A large part of the derivatives of current rates are recorded as cash flow hedge contracts, therefore, a variation in interest rates has an impact on the market value of the derivatives, whose changes affect the equity of the entity. Society. The calculations were made by vertically increasing (decreasing) 100 base points of the interest rate curve, both scenarios being reasonably possible according to historical market conditions. Positions as of December 31, 2022 Positions as of December 31, 2021 Increase (decrease) effect on equity effect on equity interest rate curve (MUS$) (MUS$) +100 basis points +6.9 - - 100 basis points -8.2 - The sensitivity calculation hypothesis must assume that the forward curves of interest rates will not necessarily reflect the real value of the compensation of the flows. In addition, the interest rate structure is dynamic over time. During the periods presented, the Company has not recorded amounts for ineffectiveness in the consolidated income statement for this type of coverage. (b) Credit risk Credit risk occurs when the counterparty does not meet its obligations to the Company under a specific contract or financial instrument, resulting in a loss in the market value of a financial instrument (only financial assets, not liabilities). The client portfolio as of December 31, 2022 increased by 25% when compared to the balance as of December 31, 2021, mainly due to an increase in passenger transport operations (travel agencies and corporate) that increased by 53% in its sales, mainly affecting the forms of payment credit card 58%, and cash sales 54%. In relation to the cargo business, it presented an increase in its operations of 1% compared to December 2021. In the case of clients with debt that management considered risky, the corresponding measures were taken to consider their expected credit loss. The provision at the end of December 2022 had a decrease of 17 % compared to the end of December 2021, as a result of the decrease in the portfolio due to recoveries, application of write-offs and updates of the risk matrix factors. The Company is exposed to credit risk due to its operational activities and its financial activities, including deposits with banks and financial institutions, investments in other types of instruments, exchange rate transactions and derivatives contracts. To reduce the credit risk related to operational activities, the Company has implemented limits to the exposure of its debtors, which are permanently monitored for the LATAM network, when deemed necessary, agencies have been blocked for cargo and passenger businesses. (i) Financial activities Cash surpluses that remain after the financing of assets necessary for the operation are invested according to credit limits approved by the Company’s Board, mainly in time deposits with different financial institutions, private investment funds, short-term mutual funds, and easily-liquidated corporate and sovereign bonds with short remaining maturities. These investments are booked as Cash and cash equivalents and other current financial assets. In order to reduce counterparty risk and to ensure that the risk assumed is known and managed by the Company, investments are diversified among different banking institutions (both local and international). The Company evaluates the credit standing of each counterparty and the levels of investment, based on (i) its credit rating, (ii) the equity size of the counterparty, and (iii) investment limits according to the Company’s level of liquidity. According to these three parameters, the Company chooses the most restrictive parameter of the previous three and based on this, establishes limits for operations with each counterparty. The Company has no guarantees to mitigate this exposure. (ii) Operational activities The Company has four large sales “clusters”: travel agencies, cargo agents, airlines and credit-card administrators. The first three are governed by International Air Transport Association (“IATA”), international organization comprising most of the airlines that represent over 90% of scheduled commercial traffic and one of its main objectives is to regulate the financial transactions between airlines and travel agents and cargo. When an agency or airline does not pay their debt, it is excluded from operating with IATA’s member airlines. In the case of credit-card administrators, they are fully guaranteed by 100% by the issuing institutions. Under certain of the Company’s credit card processing agreements, the financial institutions have the right to require that the Company maintain a reserve equal to a portion of advance ticket sales that have been processed by that financial institution, but for which the Company has not yet provided the air transportation. Additionally, the financial institutions have the ability to require additional collateral reserves or withhold payments related to receivables to be collected if increased risk is perceived related to liquidity covenants in these agreements or negative balances occur. The exposure consists of the term granted, which fluctuates between 1 and 45 days. One of the tools the Company uses for reducing credit risk is to participate in global entities related to the industry, such as IATA, Business Sales Processing (“BSP”), Cargo Account Settlement Systems (“CASS”), IATA Clearing House (“ICH”) and banks (credit cards). These institutions fulfill the role of collectors and distributors between airlines and travel and cargo agencies. In the case of the Clearing House, it acts as an offsetting entity between airlines for the services provided between them. A reduction in term and implementation of guarantees has been achieved through these entities. Currently the sales invoicing of TAM Linhas Aéreas S.A. related with travel agents and cargo agents for domestic transportation in Brazil is done directly by TAM Linhas Aéreas S.A. Credit quality of financial assets The external credit evaluation system used by the Company is provided by IATA. Internal systems are also used for particular evaluations or specific markets based on trade reports available on the local market. The internal classification system is complementary to the external one, i.e. for agencies or airlines not members of IATA, the internal demands are greater. To reduce the credit risk associated with operational activities, the Company has established credit limits to abridge the exposure of their debtors which are monitored permanently (mainly in case of operational activities of TAM Linhas Aéreas S.A. with travel agents). The bad-debt rate in the principal countries where the Company has a presence is insignificant. (c) Liquidity risk Liquidity risk represents the risk that the Company does not have sufficient funds to pay its obligations. Due to the cyclical nature of its business, the operation and investment needs, along with the need for financing, the Company requires liquid funds, defined as Cash and cash equivalents plus other short-term financial assets, to meet its payment obligations. The balance of liquid funds, future cash generation and the ability to obtain financing, provide the Company with alternatives to meet future investment and financing commitments. As of December 31, 2022, the balance of liquid funds is US$ 1,216 million (US $ 1,047 million as of December 31, 2021), which are invested in short-term instruments through financial entities with a high credit rating classification. As of December 31, 2022, LATAM maintains two engaged Revolving Credit Facility for a total of US$ 1,100 million, one for an amount of US$600 million and another for an amount of US$500 million, which are fully available. These lines are secured by and subject to the availability of collateral (i.e. aircraft, engines and spare parts). After voluntary petition for amparo of Chapter 11 Proceedings, the Company received authorization from the Bankruptcy Court for the “debtors in possession” (DIP) financing, in the form of a multi-draw term loan facility in an aggregate principal amount of up to US$ 3.2 billion divided in Tranche A, B and C (hereinafter the contract that documented such financing, the Original DIP Credit Agreement”). Initially, Tranches A and C were committed for a total of US$2.450 billion. To date, these three tranches are fully committed after the approval on October 18, 2021, of a proposal to grant financing under Tranche B of the DIP for a total of US$750 million, thus allowing LATAM to access lower financing costs in the next disbursements of the DIP financing. On April 8, 2022, a consolidated and modified text (the “Reconsolidated and Modified DIP Credit Agreement”) of the Existing Original DIP Credit Agreement was signed, which modifies and recasts said agreement and repays the pending payment obligations under it. (that is, under its Tranches A, B and C). The total amount of the Consolidated and Modified DIP Credit Agreement was US$3.7 billion. The Revised and Amended DIP Credit Agreement included certain reductions in fees and interest compared to the DIP Credit Agreement; and contemplated an expiration date in accordance with the calendar that LATAM anticipated to emerge from the Chapter 11 Procedure. In the context of the Company’s exit from Chapter 11, on October 12, 2022, the Amended and Restated DIP Financing Contract was repaid in full. The repayment was fully made with funds from (i) a Junior DIP Financing of approximately US$1,146Mn; (ii) a Revolving Credit Facility of US$500 million; (iii) a Term Loan B of US$ 750 million; (iv) a Bridge Loan of 5Y Notes of US$750 million; (v) a Bridge Loan of 7Y Notes of US$750million. On October 18, 2022, the Bridge Loans were partially repaid by; (i) a Note issued from registration under U.S. Securities Act of 1933, as amended (“the “Securities Act”), pursuant to Rule 144A and Regulation S, both under the Securities Act, due in 2027 (the “5 Year Note”), with a total principal amount of US$ 450 million, and (ii) a Note issued from registration under the Securities Act pursuant to Rule 144A and Regulation A, both under the Securities Act, due in 2029 (the “7 Year Note”), with a total principal amount of US$ 700 million. Additionally, on November 3, 2022, the repayments of outstanding balances of the Bridge Loan and the Junior DIP were finished with the funds obtained under from the Exit Financing. Starting in November 2022, the exit financing was composed of: (i) a Revolving Credit Line for an amount of US$500 million; (ii) a tranche B term loan for an amount of US$1,100 million (this is the original US$750 million, plus an incremental loan under it obtained on November 3, 2022 for an amount of US$350 million), US$450 million in senior secured notes due in 2027 and US$700 million in senior secured notes due in 2029. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2022 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile. More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E GOLDMAN SACHS U.S.A. US$ 32,071 122,278 323,125 1,361,595 - 1,839,069 1,100,000 Quarterly 18.46 13.38 0-E SANTANDER Spain US$ 19,164 55,288 - - - 74,452 70,951 Quarterly 7.26 7.26 Obligations with the public 97.036.000-K SANTANDER Chile UF - 3,136 6,271 6,271 178,736 194,414 156,783 To the expiration 2.00 2.00 0-E WILMINGTON TRUST COMPANY U.S.A. US$ - 152,531 307,625 757,625 887,250 2,105,031 1,150,000 To the expiration 15.00 13.38 97.036.000-K SANTANDER Chile US$ - - - - 6 6 3 To the expiration 1.00 1.00 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 6,692 14,705 39,215 39,215 138,345 238,172 184,198 Quarterly 5.76 5.76 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 3,839 13,465 45,564 43,444 75,505 181,817 141,605 Quartely/Monthly 8.20 8.20 Other guaranteed obligation 0-E EXIM BANK U.S.A. US$ 394 1,171 12,119 21,111 60,857 95,652 86,612 Quarterly 2.01 1.78 0-E MUFG U.S.A. US$ 13,091 38,914 69,916 - - 121,921 112,388 Quarterly 6.23 6.23 0-E CREDIT AGRICOLE France US$ 5,769 31,478 70,890 267,615 - 375,752 275,000 To the expiration 8.24 8.24 Financial lease 0-E CITIBANK U.S.A. US$ 6,995 5,844 - - - 12,839 12,514 Quarterly 6.19 5.47 0-E BNP PARIBAS U.S.A. US$ 6,978 20,662 1,543 - - 29,183 28,165 Quarterly 5.99 5.39 0-E NATIXIS France US$ 9,864 29,468 75,525 70,787 129,582 315,226 239,138 Quarterly 6.44 6.44 0-E US BANK U.S.A. US$ 18,072 54,088 86,076 - - 158,236 152,693 Quarterly 4.06 2.85 0-E PK AIRFINANCE U.S.A. US$ 1,749 5,165 6,665 - - 13,579 12,590 Quarterly 5.97 5.97 0-E EXIM BANK U.S.A. US$ 3,176 9,681 137,930 193,551 157,978 502,316 446,509 Quarterly 3.58 2.79 0-E BANK OF UTAH U.S.A. US$ 5,878 17,651 47,306 50,649 145,184 266,668 182,237 Monthly 10.45 10.45 Others loans 0-E OTHERS (*) US$ 2,028 - - - - 2,028 2,028 To the expiration - - TOTAL 135,760 575,525 1,229,770 2,811,863 1,773,443 6,526,361 4,353,414 (*) Obligation with creditors for executed letters of credit. 1 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2022 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Financial leases 0-E NATIXIS France US$ 510 1,530 4,080 4,080 7,846 18,046 18,046 Semiannual/Quarterly 7.23 7.23 Bank loans 0-E MERRIL LYNCH CREDIT PRODUCTS LLC Brazil BRL 304,549 - - - - 304,549 304,549 Monthly 3.95 3.95 TOTAL 305,059 1,530 4,080 4,080 7,846 322,595 322,595 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2022 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. More than More than More than More Up to 90 days one to three to than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Lease Liability AIRCRAFT OTHERS US$ 80,602 250,297 845,215 776,431 1,094,935 3,047,480 2,134,968 - - - OTHER ASSETS OTHERS US$ 1,727 8,080 20,641 6,251 1,763 38,462 35,157 - - - CLP 20 34 69 - - 123 111 - - - UF 574 1,568 3,007 2,515 6,273 13,937 11,703 - - - COP 76 227 301 - - 604 518 - - - EUR 84 253 246 24 - 607 571 - - - BRL 2,064 6,192 14,851 12,491 28,625 64,223 33,425 Trade and other accounts payables - OTHERS OTHERS US$ 80,557 35,542 - - - 116,099 116,099 - - - CLP 168,393 1,231 - - - 169,624 169,624 - - - BRL 370,772 5,242 - - - 376,014 376,014 - - - Other currency 583,118 3,935 - - - 587,053 587,053 - - - Accounts payable to related parties currents Foreign Inversora Aeronáutica Argentina S.A. Argentina US$ 5 - - - - 5 5 - - - Foreign Patagonia Seafarms INC U.S.A CLP 7 - - - - 7 7 - - - Total 1,287,999 312,601 884,330 797,712 1,131,596 4,414,238 3,465,255 Total consolidated 1,728,818 889,656 2,118,180 3,613,655 2,912,885 11,263,194 8,141,264 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2021 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile. More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 CITIBANK Chile US$ 115,350 - - - - 115,350 114,000 At Expiration 2.96 2.96 97.030.000-7 ITAU Chile US$ 20,140 - - - - 20,140 20,000 At Expiration 4.20 4.20 0-E HSBC Chile US$ 12,123 - - - - 12,123 12,000 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 10,236 - - - - 10,236 10,106 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ 751 2,604 106,939 - - 110,294 106,427 Quarterly 2.80 2.80 0-E CITIBANK U.S.A. UF 60,935 - - - - 60,935 60,935 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCO ESTADO Chile UF 36,171 179,601 31,461 31,461 369,537 648,231 502,897 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 184,188 104,125 884,188 856,000 - 2,028,501 1,500,000 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 17,182 19,425 40,087 41,862 95,475 214,031 198,475 Quarterly 1.48 1.48 0-E MUFG U.S.A. US$ 29,652 17,921 36,660 37,829 55,297 177,359 166,712 Quarterly 1.64 1.64 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 933 4,990 29,851 36,337 89,263 161,374 144,358 Quarterly / Monthly 3.17 1.60 Other guaranteed obligation 0-E CREDIT AGRICOLE France US$ 273,199 - - - - 273,199 273,199 At Expiration 1.82 1.82 0-E MUFG U.S.A. US$ 8,150 46,746 94,062 14,757 - 163,715 156,933 Quarterly 1.72 1.72 0-E CITIBANK U.S.A. US$ 613,419 - - - - 613,419 600,000 At Expiration 2.00 2.00 0-E BANK OF UTAH U.S.A. US$ - 1,858,051 - - - 1,858,051 1,644,876 At Expiration 22.71 12.97 0-E EXIM BANK U.S.A. US$ 271 1,173 3,375 10,546 55,957 71,322 62,890 Quarterly 1.84 1.84 Financial lease 0-E CREDIT AGRICOLE France US$ 699 1,387 - - - 2,086 2,052 Quarterly 3.68 3.23 0-E CITIBANK U.S.A. US$ 19,268 59,522 5,721 - - 84,511 83,985 Quarterly 1.37 0.79 0-E BNP PARIBAS U.S.A. US$ 7,351 26,519 21,685 - - 55,555 54,918 Quarterly 1.56 0.96 0-E NATIXIS France US$ 5,929 34,328 59,574 59,930 130,131 289,892 261,458 Quarterly 2.09 2.09 0-E US BANK U.S.A. US$ 18,158 72,424 133,592 6,573 - 230,747 219,667 Quarterly 4.03 2.84 0-E PK AIRFINANCE U.S.A. US$ 853 5,763 10,913 - - 17,529 16,851 Quarterly 1.88 1.88 0-E EXIM BANK U.S.A. US$ 2,758 11,040 61,167 249,466 269,087 593,518 533,127 Quarterly 2.88 2.03 Others loans 0-E OTHERS (*) US$ 55,819 - - - - 55,819 55,819 At Expiration - - TOTAL 1,493,535 2,445,619 1,519,275 1,344,761 1,064,747 7,867,937 6,801,685 (*) Obligation with creditors for executed letters of credit. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2021 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. More than More than More than More Up to 90 days one to three to than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NCM Netherlands US$ 990 - - - - 990 943 Monthly 6.01 6.01 0-E MERRIL LYNCH U.S.A. BRL 185,833 - - - - 185,833 185,833 Monthly 3.95 3.95 0-E BANCO BRADESCO Brazil BRL 74,661 - - - - 74,661 74,661 Monthly 4.33 4.33 Financial leases 0-E NATIXIS France US$ 486 2,235 4,080 11,076 - 17,877 17,326 Quarterly 2.74 2.74 0-E GA TELESIS LLC U.S.A. US$ 762 2,706 4,675 4,646 5,077 17,866 10,999 Monthly 14.72 14.72 Others Loans 0-E Deustche Bank (*) Brazil US$ 20,689 - - - - 20,689 20,689 At Expiration - - TOTAL 283,421 4,941 8,755 15,722 5,077 317,916 310,451 (*) Obligation with creditors for executed letters of credit Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2021 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Up to More than More than More than More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Lease Liability AIRCRAFT OTHERS US$ 694,568 469,568 767,629 811,843 778,613 3,522,221 2,883,657 - - - OTHER ASSETS OTHERS US$ 9,859 11,820 22,433 23,365 8,651 76,128 73,615 - - - UF 1,759 982 245 76 231 3,293 2,621 - - - COP 2 7 35 - - 44 42 - - - EUR 198 112 293 - - 603 599 - - - PEN 4 7 97 - - 108 103 - - - Trade and other accounts payables OTHERS OTHERS US$ 644,743 165,085 - - - 809,828 809,828 - - - CLP 214,224 4,912 - - - 219,136 219,136 - - - BRL 365,486 5,258 - - - 370,744 370,744 - - - Other currency 542,304 3,719 - - - 546,023 546,023 - - - Accounts payable to related parties currents (*) Foreign Inversora Aeronáutica Argentina S.A. Argentina US$ - 5 - - - 5 5 - - - Foreign Delta Airlines U.S.A US$ - 2,268 - - - 2,268 2,268 - - - Foreign Patagonia Seafarms INC U.S.A US$ - 7 - - - 7 7 - - - 81.062.300-4 Costa Verde Aeronautica S.A. Chile US$ - 175,819 - - - 175,819 175,819 - - - Foreign QA Investments Ltd Jersey |
ACCOUNTING ESTIMATES AND JUDGME
ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Accounting Judgements And Estimates Text Block Abstract | |
ACCOUNTING ESTIMATES AND JUDGMENTS | NOTE 4 - ACCOUNTING ESTIMATES AND JUDGMENTS The Company has used estimates to value and record some of the assets, liabilities, income, expenses and commitments. Basically, these estimates refer to: (a) Evaluation of possible losses due to impairment of intangible assets with indefinite useful life Management conducts an impairment test annually or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cash generating unit (CGU) exceeds its recoverable amount. Management’s value-in-use calculations included significant judgments and assumptions relating to revenue growth rates, exchange rates, discount rates, inflation rates, fuel price. The estimation of these assumptions requires significant judgment by management as these variables are inherently uncertain; however, the assumptions used are consistent with the Company’s forecasts approved by management. Therefore, management evaluates and updates the estimates as necessary in light of conditions that affect these variables. The main assumptions used as well as the corresponding sensitivity analyses are shown in Note 15. (b) Useful life, residual value, and impairment of property, plant, and equipment The depreciation of assets is calculated based on a straight-line basis, except for certain technical components depreciated on cycles and hours flown. These useful lives are reviewed on an annual basis according to the Company’s future economic benefits associated with them. Changes in circumstances such as: technological advances, business model, planned use of assets or capital strategy may result in a useful life different from what has been estimated. When it is determined that the useful life of property, plant, and equipment must be reduced, as may occur in line with changes in planned usage of assets, the difference between the net book value and estimated recoverable value is depreciated, in accordance with the revised remaining useful life. The residual values are estimated according to the market value that the assets will have at the end of their life. The residual value and useful life of the assets are reviewed, and adjusted if necessary, once a year. When the value of an asset is greater than its estimated recoverable amount, its value is immediately reduced to its recoverable amount. The Company has concluded that the Properties, Plant and Equipment cannot generate cash inflows to a large extent independent of other assets, therefore the impairment assessment is made as an integral part of the only Cash Generating Unit maintained by the Company, Air Transport. The Company checks when there are signs of impairment, whether the assets have suffered any impairment losses at the Cash Generated Unit level. (c) Recoverability of deferred tax assets Management records deferred taxes on the temporary differences that arise between the tax bases of assets and liabilities and their amounts in the financial statements. Deferred tax assets on tax losses are recognized to the extent that it is probable that future tax benefits will be available to offset temporary differences. The Company applies significant judgment in evaluating the recoverability of deferred tax assets. In determining the amounts of the deferred tax asset to be accounted for, management considers tax planning strategies, historical profitability, projected future taxable income (considering assumptions such as: growth rate, exchange rate, discount rate and fuel price consistent with those used in the impairment analysis of the group’s cash-generating unit) and the expected timing of reversals of existing temporary differences. (d) Air tickets sold that will not be finally used. The Company records the sale of airline tickets as deferred income. Ordinary revenue from the sale of tickets is recognized in the income statement when the passenger transport service is provided or expires due to non-use. The Company evaluates on a monthly basis the probability of expiration of the air tickets, with return clauses, based on the history of use of the air tickets. A change in this probability could have an impact on revenue in the year in which the change occurs and in future years. As of December 31, 2022, deferred income associated with air tickets sold amounts to ThUS$1,574,145 (ThUS$1,126,371 as of December 31, 2021). A hypothetical change of one percentage point in the behavior of the passenger regarding the use would translate into an impact of up to ThUS$7,453 per month. (e) Valuation of miles and points awarded to holders of loyalty programs, pending use. As of December 31, 2022, the deferred income associated with the LATAM Pass loyalty program amounts to ThUS$1,120,565 (ThUS$1,285,732 as of December 31, 2021). A hypothetical change of one percentage point in the exchange probability would translate into a cumulative impact of ThUS$29,571 in the results of 2022 (ThUS$27,151 in 2021). Deferred income associated with the LATAM Pass Brasil loyalty program (See Note 21) amounts to ThUS$140,486 as of December 31, 2022 (ThUS$192,381 as of December 31, 2021). A hypothetical change of two percentage points in the probability of exchange would translate into a cumulative impact of ThUS$7,453 in the results of 2022 (ThUS$5,100 in 2021). Management used statistical models to estimate the miles and points awarded that will not be redeemed by the program’s members (breakage) which involved significant judgments and assumptions relating to the historical redemption and expiration activity and forecasted redemption and expiration patterns. The management in conjunction with an external specialist developed a predictive model of non-use miles or points, which allows to generate non-use rates on the basis of historical information, based on behavior of the accumulation, use and expiration of the miles or points. (f) The need to establish a provision and its valuation In the case of known contingencies, the Company records a provision when it has a present obligation, whether legal or constructive, as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the obligation amount can be made. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events, the likelihood of loss being incurred and when determining whether a reliable estimate of the loss can be made. The Company assesses its liabilities and contingencies based upon the best information available, uses the knowledge, experience and professional judgment to the specific characteristics of the known risks. This process facilitates the early assessment and quantification of potential risks in individual cases or in the development of contingent matters. If we are unable to reliably estimate the obligation or conclude no loss is probable but it is reasonably possible that a loss may be incurred, no provision is recorded but the contingency is disclosed in the notes to the consolidated financial statements. The Company recognizes the present obligation under an onerous contract as a provision when a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from it. (g) Leases During 2022, as a result of the arrival of new aircraft and the significant change in the flows of many current contracts, the Company evaluated the relevance in the current scenario of continuing to use the implicit rate, a methodology used in recent years, or whether it should in instead use a different approximation for calculating the rate. It was concluded that the implicit rate was not being able to reflect the economic environment in which the company operates, therefore it was not accurately representing the Company’s indebtedness conditions. Because of this, all new contracts entered into during 2022 and all contracts that were modified during 2022 used the incremental rate. Existing contracts that remained unchanged continued using the original implicit discount rate. (i) Discount rate The discount rates used to calculate the aircraft lease debt correspond to: (i) For aircraft that did not have contractual changes associated with the exit from Chapter 11, the rate used was the implicit rate of the contract, this is the discount rate that results from the aggregate present value of the minimum lease payments and the unguaranteed residual value, and (ii) For aircraft that had contractual changes associated with exit from Chapter 11, the rate used was the incremental rate, this discount rate was calculated considering our recent aircraft debt negotiations, as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. For assets other than aircraft, the estimated lessee’s incremental borrowing rate, which is derived from information available at the lease inception date, was used to determine the present value of the lease payments. We consider our recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing ratios. A decrease of one percentage point in our estimate of the rates used to determine the lease liabilities of new and modified fleet contracts booked as of December 31, 2022 would increase the lease liability by approximately US$82 million. (ii) Lease term In determining the lease term, all facts and circumstances that create an economic incentive to exercise an extension option are considered. Extension options (or periods after termination options) are only included in the lease term if it is reasonably certain that the lease will be extended (or not terminated). This is reviewed if a significant event or significant change in circumstances occurs that affects this assessment and is within the lessee’s control. These estimates are made based on the best information available on the events analyzed. In any case, it is possible that events that may take place in the future make it necessary to modify them in future periods, which would be done prospectively. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Operating Segments Text Block Abstract | |
SEGMENT INFORMATION | NOTE 5 - SEGMENT INFORMATION As of December 31, 2022, the Company considers that it has a single operating segment, Air Transport. This segment corresponds to the route network for air transport and is based on the way in which the business is managed, according to the centralized nature of its operations, the ability to open and close routes, as well as reassignment (airplanes, crew, personnel, etc.) within the network, which implies a functional interrelation between all of them, making them inseparable. This segment definition is one of the most common in the worldwide airline industry. The Company’s revenues by geographic area are as follows: For the year ended 2022 2021 2020 ThUS$ ThUS$ ThUS$ Peru 858,957 503,616 297,549 Argentina 206,856 75,513 172,229 U.S.A. 1,058,107 577,970 505,145 Europe 768,980 376,857 338,565 Colombia 540,231 368,474 177,007 Brazil 3,724,466 1,664,523 1,304,006 Ecuador 248,454 162,959 112,581 Chile 1,514,645 794,122 638,225 Asia Pacific and rest of Latin America 441,825 359,981 378,360 Income from ordinary activities 9,362,521 4,884,015 3,923,667 Other operating income 154,286 227,331 411,002 The Company allocates revenues by geographic area based on the point of sale of the passenger ticket or cargo. Assets are composed primarily of aircraft and aeronautical equipment, which are used throughout the different countries, so it is not possible to assign a geographic area. The Company has no customers that individually represent more than 10% of sales. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Cash And Cash Equivalents Text Block Abstract | |
CASH AND CASH EQUIVALENTS | NOTE 6 - CASH AND CASH EQUIVALENTS As of As of ThUS$ ThUS$ Cash on hand 2,248 2,120 Bank balances 480,566 558,078 Overnight 259,129 386,034 Total Cash 741,943 946,232 Cash equivalents Time deposits 379,280 74,578 Mutual funds 95,452 26,025 Total cash equivalents 474,732 100,603 Total cash and cash equivalents 1,216,675 1,046,835 Cash and cash equivalents are denominated in the following currencies: Currency As of As of ThUS$ ThUS$ Argentine peso 10,711 7,148 Brazilian real 193,289 89,083 Chilean peso 17,643 9,800 Colombian peso 22,607 13,535 Euro 19,361 7,099 US Dollar 906,666 886,627 Other currencies 46,398 33,543 Total 1,216,675 1,046,835 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL INSTRUMENTS [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 7 - FINANCIAL INSTRUMENTS Financial instruments by category As of December 31, 2022 Assets Measured at amortized At fair value Hedge Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,121,223 95,452 - 1,216,675 Other financial assets, current (*) 481,637 277 21,601 503,515 Trade and others accounts receivable, current 1,008,109 - - 1,008,109 Accounts receivable from related entities, current 19,523 - - 19,523 Other financial assets, non current 15,517 - - 15,517 Accounts receivable, non current 12,743 - - 12,743 Total 2,658,752 95,729 21,601 2,776,082 Liabilities Measured at At fair value Hedge Total ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 802,841 - - 802,841 Trade and others accounts payable, current 1,627,992 - - 1,627,992 Accounts payable to related entities, current 12 - - 12 Other financial liabilities, non-current 5,979,039 - - 5,979,039 Accounts payable, non-current 326,284 - - 326,284 Total 8,736,168 - - 8,736,168 (*) The amount presented as at fair value with changes in the results corresponds mainly to private investment funds. The amount presented as measured at amortized cost relates to ThUS$340,008 of funds delivered as restricted advances (as described in Note 11) and guarantees. As of December 31, 2021 Assets Measured at At fair value Hedge Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,020,810 26,025 - 1,046,835 Other financial assets, current (*) 83,150 347 17,641 101,138 Trade and others accounts receivable, current 881,770 - - 881,770 Accounts receivable from related entities, current 724 - - 724 Other financial assets, non current 15,622 - - 15,622 Accounts receivable, non current 12,201 - - 12,201 Total 2,014,277 26,372 17,641 2,058,290 Liabilities Measured at At fair value Hedge Total ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 4,447,780 2,937 2,734 4,453,451 Trade and others accounts payable, current 4,839,251 - - 4,839,251 Accounts payable to related entities, current 661,602 - - 661,602 Other financial liabilities, non-current 5,948,702 - - 5,948,702 Accounts payable, non-current 472,426 - - 472,426 Total 16,369,761 2,937 2,734 16,375,432 (*) The amount presented as at fair value with changes in results corresponds mainly to private investment funds. The amount presented as measured at amortized cost relates to guarantees. |
TRADE AND OTHER ACCOUNTS RECEIV
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2022 | |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE [Abstract] | |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE | NOTE 8 - TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE As of December 31, 2022 As of December 31, 2021 ThUS$ ThUS$ Trade accounts receivable 952,625 765,050 Other accounts receivable 135,459 209,925 Total trade and other accounts receivable 1,088,084 974,975 Less: Expected credit loss (67,232 ) (81,004 ) Total net trade and accounts receivable 1,020,852 893,971 Less: non-current portion – accounts receivable (12,743 ) (12,201 ) Trade and other accounts receivable, current 1,008,109 881,770 The fair value of trade and other accounts receivable does not differ significantly from the book value. To determine the expected credit losses, the Company groups accounts receivable for passenger and cargo transportation depending on the characteristics of shared credit risk and maturity. As of December 31, 2022 As December 31, 2021 Portfolio maturity Expected Gross book Impairment loss Provision Expected Gross book Impairment loss Provision % ThUS$ ThUS$ % ThUS$ ThUS$ Up to date 1 % 745,334 (8,749 ) 2 % 570,307 (8,806 ) From 1 to 90 days 3 % 142,780 (3,758 ) 10 % 116,613 (11,840 ) From 91 to 180 days 15 % 8,622 (1,297 ) 31 % 11,376 (3,567 ) From 181 to 360 days 79 % 8,269 (6,565 ) 72 % 3,864 (2,766 ) more of 360 days 98 % 47,620 (46,863 ) 86 % 62,890 (54,025 ) Total 952,625 (67,232 ) 765,050 (81,004 ) (1) Corresponds to the consolidated expected rate of accounts receivable. (2) The gross book value represents the maximum credit risk value of trade accounts receivables. Currency balances composition of Trade and other accounts receivable and non-current accounts receivable are as follow: Currency As of December 31, 2022 As of December 31, 2021 ThUS$ ThUS$ Argentine Peso 25,559 7,282 Brazilian Real 389,451 352,027 Chilean Peso 36,626 53,488 Colombian Peso 6,779 5,657 Euro 12,506 24,548 US Dollar 510,916 429,091 Korean Won 6,337 844 Mexican Peso 1,536 2,428 Australian Dollar 9,808 62 Pound Sterling 9,149 13,105 Uruguayan Peso (New) 45 860 Swiss Franc 2,621 361 Japanese Yen 2,802 106 Swedish crown 223 490 Other Currencies 6,494 3,622 Total 1,020,852 893,971 The movements of the provision for impairment losses of the Trade Debtors and other accounts receivable are as follows: Opening balance Write-offs (Increase) Decrease Closing balance Periods ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 (100,402 ) 30,754 (52,545 ) (122,193 ) From January 1 to December 31, 2021 (122,193 ) 26,435 14,754 (81,004 ) From January 1 to December 31, 2022 (81,004 ) 5,966 7,806 (67,232 ) Once pre-judicial and judicial collection efforts are exhausted, the assets are written off against the allowance. The Company only uses the allowance method rather than direct write-off, to ensure control. The historical and current renegotiations are not significant, and the policy is to analyze case by case to classify them according to the existence of risk, determining they need to be reclassified to pre-judicial collection accounts. The maximum credit-risk exposure at the date of presentation of the information is the fair value of each one of the categories of accounts receivable indicated above. As of December 31, 2022 As of December 31, 2021 Gross exposure Gross Exposure net Gross exposure Gross Exposure net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Trade accounts receivable 952,625 (67,232 ) 885,393 765,050 (81,004 ) 684,046 Other accounts receivable 135,459 - 135,459 209,925 - 209,925 There are no relevant guarantees covering credit risk and these are valued when they are settled; no materially significant direct guarantees exist. Existing guarantees, if appropriate, are made through IATA. |
ACCOUNTS RECEIVABLE FROM_PAYABL
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES | 12 Months Ended |
Dec. 31, 2022 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES [Abstract] | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES | NOTE 9 - ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (a) Accounts Receivable Tax No. Related party Relationship Country of origin Currency As of As of December 31, ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 257 703 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL - 2 Foreign Delta Air Lines Inc. Shareholder U.S.A. US$ 19,228 - 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP - 6 76.335.600-0 Parque de Chile S.A. Related director Chile CLP 2 2 96.989.370-3 Rio Dulce S.A. Related director Chile CLP 1 4 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP 35 7 Total current assets 19,523 724 (b) Current accounts payable Current liabilities Tax No. Related party Relationship Country Currency As of As of ThUS$ ThUS$ Foreign Delta Airlines, Inc. Shareholder U.S.A. US$ - 2,268 Foreign Inversora Aeronáutica Argentina S.A. Related director Argentina US$ 5 5 Foreign Patagonia Seafarms INC Related director U.S.A. US$ 7 7 81.062.300-4 Costa Verde Aeronautica S.A. (*) Shareholder Chile US$ - 175,819 Foreign QA Investments Ltd (*) Common shareholder U.K. US$ - 219,774 Foreign QA Investments 2 Ltd (*) Common shareholder U.K. US$ - 219,774 Foreign Lozuy S.A. (*) Common shareholder Uruguay US$ - 43,955 Total current and non current liabilities 12 661,602 (*) corresponds to drawdowns tranche C of the DIP loan (See note 3.1c) Transactions between related parties have been carried out on arm’s length conditions between interested and duly-informed parties. The transaction terms for the Liabilities of the period 2022 correspond from 30 days to 1 year of maturity, and the nature of the settlement of transactions are monetary. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 10 - INVENTORIES The composition of Inventories is as follows: As of As of ThUS$ ThUS$ Technical stock (*) 438,717 250,327 Non-technical stock (**) 39,072 37,010 Total 477,789 287,337 (*) Correspond to spare parts and materials that will be used in own maintenance services as well as those of third parties. (**) Consumption of on-board services, uniforms and other indirect materials These are valued at their average acquisition cost net of their obsolescence provision according to the following detail: As of As of ThUS$ ThUS$ Provision for obsolescence Technical stock 49,981 64,455 Provision for obsolescence Non-technical stock 5,823 5,785 Total 55,804 70,240 The resulting amounts do not exceed the respective net realization values. As of December 31, 2022, the Company registered ThUS$ 148,790 (ThUS$ 47,362 as of December 31, 2021) in results, mainly related to on-board consumption and maintenance, which is part of the Cost of sales. |
OTHER FINANCIAL ASSETS
OTHER FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Assets Text Block Abstract | |
OTHER FINANCIAL ASSETS | NOTE 11 - OTHER FINANCIAL ASSETS (a) The composition of other financial assets is as follows: Current Assets Non-current assets Total Assets As of December 31, 2022 As of December 31, 2021 As of December 31, 2022 As of December 31, 2021 As of December 31, 2022 As of December 31, 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 277 347 - - 277 347 Deposits in guarantee (aircraft) 22,340 7,189 1,273 2,758 23,613 9,947 Guarantees for margins of derivatives 7,460 5,451 - - 7,460 5,451 Other investments - - 493 493 493 493 Domestic and foreign bonds - 1,290 - - - 1,290 Guaranteed debt advances Chapter 11 (*) 340,008 - - - 340,008 - Other guarantees given 111,829 69,220 13,751 12,371 125,580 81,591 Subtotal of other financial assets 481,914 83,497 15,517 15,622 497,431 99,119 (b) Hedging derivative asset Fair value of interest rate derivatives 8,816 - - - 8,816 - Fair value of foreign currency derivatives 191 - - - 191 - Fair value of fuel price derivatives 12,594 17,641 - - 12,594 17,641 Subtotal of derivative assets 21,601 17,641 - - 21,601 17,641 Total Other Financial Assets 503,515 101,138 15,517 15,622 519,032 116,760 (*) As of December 31, 2022, there are ThUS$340,008 of funds delivered to an agent as restricted advances, the purpose of which is to settle the claims pending resolution existing at the exit of the Chapter 11 process. See claims in force at the end of the period in Note 34b. The different derivative hedging contracts maintained by the Company at the end of each fiscal year are described in Note 18. (b) The balances composition by currencies of the Other financial assets are as follows: Type of currency As of As of ThUS$ ThUS$ Argentine peso 5 16 Brazilian real 336,676 9,775 Chilean peso 5,847 4,502 Colombian peso 1,716 1,727 Euro 6,791 4,104 U.S.A dollar 165,457 93,247 Other currencies 2,540 3,389 Total 519,032 116,760 |
OTHER NON-FINANCIAL ASSETS
OTHER NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
OTHER NON-FINANCIAL ASSETS [Abstract] | |
OTHER NON-FINANCIAL ASSETS | NOTE 12 - OTHER NON-FINANCIAL ASSETS The composition of other non-financial assets is as follows: Current assets Non-current assets Total Assets As of As of As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Advance payments Aircraft insurance and other 27,122 12,331 - - 27,122 12,331 Others 13,039 11,404 1,733 2,002 14,772 13,406 Subtotal advance payments 40,161 23,735 1,733 2,002 41,894 25,737 (b) Contract assets (1) GDS costs 9,530 6,439 - - 9,530 6,439 Credit card commissions 26,124 10,550 - - 26,124 10,550 Travel agencies commissions 12,912 8,091 - - 12,912 8,091 Subtotal advance payments 48,566 25,080 - - 48,566 25,080 (c) Other assets Sales tax 100,665 57,634 27,962 33,212 128,627 90,846 Other taxes 1,688 1,661 - - 1,688 1,661 Contributions to the International Aeronautical Telecommunications Society (“SITA”) 258 258 739 739 997 997 Contributions to Universal Air Travel Plan “UATP” - - 40 20 40 20 Judicial deposits 26 - 117,904 89,459 117,930 89,459 Subtotal other assets 102,637 59,553 146,645 123,430 249,282 182,983 Total Other Non - Financial Assets 191,364 108,368 148,378 125,432 339,742 233,800 (1) Movement of Contracts assets: Initial balance Activation Cumulative translation adjustment Amortization Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2021 15,476 67,647 (6,680 ) (51,363 ) 25,080 From January 1 to December 31, 2022 25,080 302,290 (37,145 ) (241,658 ) 48,567 |
NON-CURRENT ASSETS AND DISPOSAL
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2022 | |
Non-Current Assets and Disposal Group Classified as Held for Sale [Abstract] | |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | NOTE 13 - NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE Non-current assets and disposal group classified as held for sale at December 31, 2022 and December 31, 2021, are detailed below: As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current assets Aircraft 64,483 99,694 Engines and rotables 21,552 46,724 Other assets 381 374 Total 86,416 146,792 The balances are presented at the lower of book value and fair value less cost to sell. The fair value of these assets was determined based on quoted prices in active markets for similar assets or liabilities. This is a level II measurement as per the fair value hierarchy set out in Note 3.3 (2). There were no transfers between levels for recurring fair value measurements during the year. Assets reclassified from Property, plant and equipment to Non-current assets or groups of assets for disposal classified as held for sale. During 2020, eleven Boeing 767 aircraft were transferred from the Property, plant and equipment, to Non-current assets item or groups of assets for disposal classified as held for sale. During 2021, the sale of five aircraft was completed. Additionally, during the year 2022 the sale of three aircraft was finalized. During 2021, associated with the fleet restructuring plan, 3 engines of the A350 fleet were transferred from the Property, plant and equipment to Non-current assets or groups of assets for disposal classified as held for sale, of which during the same year the sale of an engine was finalized. Additionally, during the year 2022, the sale of an engine was finalized and some materials and spare parts of this same fleet were transferred to Non-current assets or groups of assets for disposal classified as held for sale. During 2022, 28 A319 family aircraft were transferred from Property, plant and equipment to Non-current assets or asset groups for disposal classified as held for sale. Additionally, adjustments for US$ 345 million of expenses were recognized within results as part of Other gains (losses) to record these assets at their net realizable value. During the year 2022, 6 aircraft and 8 engines of the A320 family were transferred from Property, plant and equipment to Non-current assets or asset groups for disposal classified as held for sale, of which during the year 2022 the sale of three aircraft was finalized. Additionally, adjustments for US$ 25 million of expenses were recognized to record these assets at their net realizable value, and since the fleet restructuring process had already been completed, these adjustments were recorded in results as part of Other expenses by function. During the year ended December 31, 2021, adjustments for US$ 85 million (US$ 332 million at December 31, 2020) of expenses were recognized to record these assets at their net realizable value, which were recorded as restructuring activity expenses. The detail of the fleet classified as non-current assets and disposal group classified as held for sale is as follows: As of As of December 31, December 31, Aircraft 2022 2021 Boeing 767 3 6 Airbus A320 3 - Airbus A319 28 - Total 34 6 |
INVESTMENTS IN SUBSIDIARIES
INVESTMENTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Subsidiaries Text Block Abstract | |
INVESTMENTS IN SUBSIDIARIES | NOTE 14 - INVESTMENTS IN SUBSIDIARIES (a) Investments in subsidiaries The Company has investments in companies recognized as investments in subsidiaries. All the companies defined as subsidiaries have been consolidated within the financial statements of LATAM Airlines Group S.A. and Subsidiaries. The consolidation also includes special-purpose entities. Detail of significant subsidiaries: Ownership As of As of Country of Functional December 31, December 31, Name of significant subsidiary incorporation currency 2022 2021 % % Latam Airlines Perú S.A. Peru US$ 99.81000 99.81000 Lan Cargo S.A. Chile US$ 99.89810 99.89810 Lan Argentina S.A. Argentina ARS 100.00000 100.00000 Transporte Aéreo S.A. Chile US$ 100.00000 100.00000 Latam Airlines Ecuador S.A. Ecuador US$ 100.00000 100.00000 Aerovías de Integración Regional, AIRES S.A. Colombia COP 99.21764 99.20120 TAM S.A. Brazil BRL 100.00000 100.00000 The consolidated subsidiaries do not have significant restrictions for transferring funds to the parent company. As of December 31, 2021 the consolidated subsidiaries do not have significant restrictions for transferring funds to the parent entity in the normal course of operations, except for those imposed by Chapter 11 on dividend payments. Summary financial information of significant subsidiaries Statement of financial position as of December 31, 2022 Income for the period Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income/(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A. 335,773 305,288 30,485 281,178 276,875 4,303 1,257,865 (12,726 ) Lan Cargo S.A. 394,378 144,854 249,524 212,094 165,297 46,797 333,054 (1,230 ) Lan Argentina S.A. 178,881 175,130 3,751 176,707 111,306 65,401 3,108 (450,755 ) Transporte Aéreo S.A. 283,166 47,238 235,928 177,109 145,446 31,663 320,187 (36,190 ) Latam Airlines Ecuador S.A. 110,821 107,313 3,508 93,975 82,687 11,288 134,622 1,519 Aerovías de Integración Regional, AIRES S.A. 112,501 109,076 3,425 213,941 211,679 2,262 394,430 (122,199 ) TAM S.A. (*) 3,497,848 1,998,284 1,499,564 4,231,547 3,302,692 928,855 4,255,115 (69,932 ) Statement of financial position as of December 31, 2021 Income for the period Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income/(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A. 484,388 454,266 30,122 417,067 414,997 2,070 584,929 (109,390 ) Lan Cargo S.A. 721,484 452,981 268,503 537,180 488,535 48,645 215,811 1,590 Lan Argentina S.A. 162,995 158,008 4,987 119,700 98,316 21,384 242 (200,315 ) Transporte Aéreo S.A. 471,094 184,235 286,859 327,955 275,246 52,709 203,411 (56,135 ) Latam Airlines Ecuador S.A. 112,437 108,851 3,586 97,111 80,861 16,250 68,762 (5,596 ) Aerovías de Integración Regional, AIRES S.A. 70,490 67,809 2,681 87,749 75,621 12,128 239,988 (19,810 ) TAM S.A. (*) 2,608,859 1,262,825 1,346,034 3,257,148 2,410,426 846,722 2,003,922 (741,791 ) (*) Corresponds to consolidated information of TAM S.A. and subsidiaries (b) Non-controlling interests As of As of As of As of Country December 31, December 31, December 31, December 31, Equity Tax No. of origin 2022 2021 2022 2021 % % ThUS$ ThUS$ Latam Airlines Perú S.A Foreign Peru 0.19000 0.19000 (12,392 ) (13,035 ) Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 (1,638 ) 2,481 Lan Pax Airlines Group S.A. y Filiales 96.969.680-0 Chile 0.00000 0.00000 1,691 (149 ) Linea Aérea Carguera de Colombiana S.A. Foreign Colombia 9.54000 9.54000 129 (422 ) Transportes Aereos del Mercosur S.A. Foreign Paraguay 5.02000 5.02000 653 769 Total (11,557 ) (10,356 ) For the year For the year Country December 31, December 31, Incomes Tax No. of origin 2022 2021 2020 2022 2021 2020 % % % ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A Foreign Peru 0.19000 0.19000 0.19000 643 (5,553 ) (8,102 ) Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 0.10196 (4,118 ) (1,771 ) (121 ) Lan Pax Airlines Group S.A. y Filiales 96.969.680-0 Chile - - 0.10196 967 (182 ) 431 Linea Aérea Carguera de Colombiana S.A. Foreign Colombia 9.54000 9.54000 9.54000 551 1,788 (943 ) Transportes Aereos del Mercosur S.A. Foreign Paraguay 5.02000 0.79880 5.02000 (116 ) 67 (913 ) Total (2,073 ) (5,651 ) (9,648 ) |
INTANGIBLE ASSETS OTHER THAN GO
INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | NOTE 15 - INTANGIBLE ASSETS OTHER THAN GOODWILL The details of intangible assets are as follows: Classes of intangible assets Classes of intangible assets (net) (gross) As of As of As of As of December 31, December 31, December 31, December 31, 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 625,368 587,214 625,368 587,214 Loyalty program 203,791 190,542 203,791 190,542 Computer software 143,550 136,135 518,971 463,478 Developing software 107,652 104,874 107,651 105,673 Trademarks (1) - - 37,904 36,723 Other assets 25 127 1,315 1,315 Total 1,080,386 1,018,892 1,495,000 1,384,945 a) Movement in Intangible assets other than goodwill: Computer Trademarks software and others Developing Airport and loyalty Net software slots program (1) Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2020 221,324 99,193 845,959 281,765 1,448,241 Additions 45 76,331 - - 76,376 Withdrawals (333 ) (454 ) (36,896 ) - (37,683 ) Transfer software and others 101,015 (99,890 ) - - 1,125 Foreign exchange (20,242 ) (6,659 ) (181,321 ) (63,478 ) (271,700 ) Amortization (162,468 ) - - (7,332 ) (169,800 ) Closing balance as of December 31, 2020 139,341 68,521 627,742 210,955 1,046,559 Opening balance as of January 1, 2021 139,341 68,521 627,742 210,955 1,046,559 Additions - 82,798 - - 82,798 Withdrawals (275 ) (429 ) - - (704 ) Transfer software and others 46,144 (45,657 ) - (352 ) 135 Foreign exchange (3,571 ) (359 ) (40,528 ) (14,276 ) (58,734 ) Amortization (45,377 ) - - (5,785 ) (51,162 ) Closing balance as of December 31, 2021 136,262 104,874 587,214 190,542 1,018,892 Opening balance as of January 1, 2022 136,262 104,874 587,214 190,542 1,018,892 Additions 47 66,820 - - 66,867 Withdrawals (2,947 ) (245 ) - - (3,192 ) Transfer software and others 61,212 (63,658 ) - - (2,446 ) Foreign exchange 3,359 (139 ) 38,154 13,249 54,623 Amortization (54,358 ) - - - (54,358 ) Closing balance as of December 31, 2022 143,575 107,652 625,368 203,791 1,080,386 (1) In 2016, the Company decided to adopt a unique name and identity and announced that the group’s brand will be LATAM, which united all the companies under a single image. The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. As of December, 31, 2022, the TAM brand is fully amortized. See Note 2.5 The amortization of each period is recognized in the consolidated income statement within administrative expenses. The cumulative amortization of computer programs, brands and other assets as of December 31, 2022 amounts to ThUS $ 414,614 (ThUS $ 366,053 as of December 31, 2021). b) Impairment Test Intangible Assets with an indefinite useful life As of December 31, 2022, the Company maintains only the CGU “Air Transport”. The CGU “Air transport” considers the transport of passengers and cargo, both in the domestic markets of Chile, Peru, Argentina, Colombia, Ecuador and Brazil, as well as in a series of regional and international routes in America, Europe, Africa and Oceania. As of December 31, 2022, in accordance with the accounting policy, the Company performed the annual impairment test. The recoverable amount of the CGU was determined based on calculations of the value in use. These calculations use projections of 5 years of cash flows after taxes from the financial budgets approved by management. Cash flows beyond the budgeted period are extrapolated using growth rates and estimated average volumes, which do not exceed long-term average growth rates. Management’s cash flow projections included significant judgements and assumptions related to annual revenue growth rates, discount rate, inflation rates, the exchange rate and the price of fuel. The annual revenue growth rate is based on past performance and management’s expectations of market development in each of the countries in which it operates. The discount rates used for the CGU “Air transport” are determined in US dollars, after taxes, and reflect specific risks related to the relevant countries of each of the operations. Inflation rates and exchange rates are based on the data available from the countries and the information provided by the Central Banks of the various countries where it operates, and the price of fuel is determined based on estimated levels of production, the competitive environment of the market in which they operate and their commercial strategy. The recoverable values were determined using the following assumptions: CGU Air transport Annual growth rate (Terminal) % 0.0 – 3.5 Exchange rate (1) R$/US$ 5.40 – 5.63 Discount rate based don the Weighted Average Cost of Capital (WACC) % 8.40 – 12.40 Fuel Price from future prices curves Commodities markets US$/barrel 100 – 130 (1) In line with expectations of the Central Bank of Brazil. The result of the impairment test, which includes a sensitivity analysis of its main variables, showed that the recoverable amount exceeded the book value of the cash-generating unit, and therefore no impairment was identified. The CGU is sensitive to annual growth rates, discounts and exchange rates and fuel price. The sensitivity analysis included the individual impact of changes in critical estimates in determining recoverable amounts, namely: Increase Increase Decrease rate fuel price WACC Terminal growth Maximum % % Air Transportation CGU 12.4 0 130 In none of the above scenarios an impairment of the cash-generating unit was identified. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Property Plant And Equipment Text Block Abstract | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 16 - PROPERTY, PLANT AND EQUIPMENT The composition by category of Property, plant and equipment is as follows: Gross Book Value Accumulated depreciation Net Book Value As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ a) Property, plant and equipment Construction in progress (1) 388,810 473,797 - - 388,810 473,797 Land 44,349 43,276 - - 44,349 43,276 Buildings 124,507 121,972 (55,511 ) (61,521 ) 68,996 60,451 Plant and equipment 11,135,425 11,024,722 (4,836,926 ) (4,462,706 ) 6,298,499 6,562,016 Own aircraft (3) (4) 10,427,950 10,377,850 (4,619,279 ) (4,237,585 ) 5,808,671 6,140,265 Other (2) 707,475 646,872 (217,647 ) (225,121 ) 489,828 421,751 Machinery 27,090 25,764 (25,479 ) (23,501 ) 1,611 2,263 Information technology equipment 153,355 146,986 (136,746 ) (130,150 ) 16,609 16,836 Fixed installations and accessories 155,351 147,402 (118,279 ) (108,661 ) 37,072 38,741 Motor vehicles 51,504 49,186 (46,343 ) (44,423 ) 5,161 4,763 Leasehold improvements 202,753 248,733 (42,726 ) (115,758 ) 160,027 132,975 Subtotal Properties, plant and equipment 12,283,144 12,281,838 (5,262,010 ) (4,946,720 ) 7,021,134 7,335,118 b) Right of use Aircraft (3) 4,391,690 5,211,153 (3,064,869 ) (3,109,411 ) 1,326,821 2,101,742 Other assets 246,078 243,014 (182,372 ) (190,007 ) 63,706 53,007 Subtotal Right of use 4,637,768 5,454,167 (3,247,241 ) (3,299,418 ) 1,390,527 2,154,749 Total 16,920,912 17,736,005 (8,509,251 ) (8,246,138 ) 8,411,661 9,489,867 (1) As of December 31, 2022, includes advances paid to aircraft manufacturers for ThUS$ 357,979 (ThUS$ 368,625 as of December 31, 2021) (2) Consider mainly rotables and tools. (3) As of December 31, 2021, due to Chapter 11, 13 aircraft lease contract were rejected, of which 4 were recorded as Property, plant and equipment, (4 A350) and 9 were presented as right of use assets, (2 A320 and 7 A350). (4) During 2022, six A320 and twenty-eight A319 aircraft were reclassified to Non-current assets or groups of assets for disposal as held for sale. Movement in the different categories of Property, plant and equipment: Information Fixed Property, Plant and technology installations Motor Leasehold Plant and Construction Buildings equipment equipment & accessories vehicles improvements equipment in progress Land net net net net net net net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2020 372,589 48,406 74,862 9,374,516 20,776 59,834 477 98,460 10,049,920 Additions 6,535 - - 485,800 1,295 9 - - 493,639 Disposals - - - (1,439 ) (112 ) (31 ) (4 ) - (1,586 ) Rejection fleet - - - (1,081,496 ) - - - (82 ) (1,081,578 ) Retirements (39 ) - - (107,912 ) (55 ) (3,250 ) - - (111,256 ) Depreciation expenses - - (4,819 ) (682,102 ) (6,186 ) (9,037 ) (81 ) (16,542 ) (718,767 ) Foreign exchange (2,601 ) (5,428 ) (4,836 ) (146,219 ) (1,543 ) (7,195 ) 4 (2,587 ) (170,405 ) Other increases (decreases) 1,477 - - (142,179 ) 656 8,869 - (4,841 ) (136,018 ) Changes, total 5,372 (5,428 ) (9,655 ) (1,675,547 ) (5,945 ) (10,635 ) (81 ) (24,052 ) (1,725,971 ) Closing balance as of December 31, 377,961 42,978 65,207 7,698,969 14,831 49,199 396 74,408 8,323,949 Opening balance as of January 1, 2021 377,961 42,978 65,207 7,698,969 14,831 49,199 396 74,408 8,323,949 Additions 84,392 1,550 92 563,023 6,455 6 17 6,543 662,078 Disposals - - - (169 ) (26 ) (309 ) (17 ) - (521 ) Rejection fleet (*) - - - (469,878 ) - - - (46,816 ) (516,694 ) Retirements (279 ) - - (44,684 ) (212 ) (1,885 ) - (26 ) (47,086 ) Depreciation expenses - - (4,074 ) (620,349 ) (4,345 ) (8,304 ) (61 ) (11,649 ) (648,782 ) Foreign exchange (1,720 ) (1,252 ) (833 ) (19,199 ) (404 ) (1,752 ) (11 ) (13,074 ) (38,245 ) Other increases (decreases) (**) 13,443 - 59 (538,996 ) 537 1,786 1 123,589 (399,581 ) Changes, total 95,836 298 (4,756 ) (1,130,252 ) 2,005 (10,458 ) (71 ) 58,567 (988,831 ) Closing balance as of December 31, 473,797 43,276 60,451 6,568,717 16,836 38,741 325 132,975 7,335,118 Opening balance as of January 1, 2022 473,797 43,276 60,451 6,568,717 16,836 38,741 325 132,975 7,335,118 Additions 16,332 - - 843,808 6,426 113 258 27,160 894,097 Disposals - - - (4,140 ) - (264 ) (3 ) - (4,407 ) Withdrawals (75 ) - (2 ) (42,055 ) (24 ) (836 ) - (313 ) (43,305 ) Retirements - - (3,285 ) (669,059 ) (5,662 ) (7,914 ) (55 ) (13,071 ) (699,046 ) Depreciation expenses (1,282 ) 1,073 918 11,527 (84 ) 2,365 (28 ) 7,593 22,082 Foreing exchange (99,962 ) - 10,914 (403,950 ) (883 ) 4,867 (74 ) 5,683 (483,405 ) Other increases (decreases) - - - - - - - - - Changes, total (84,987 ) 1,073 8,545 (263,869 ) (227 ) (1,669 ) 98 27,052 (313,984 ) Closing balance as of December 31, 388,810 44,349 68,996 6,304,848 16,609 37,072 423 160,027 7,021,134 (*) Include aircraft lease rejection due to Chapter 11. (**) As of December 31, 2022, six A320 ThUS$ (29,328) and twenty-eight A319 ThUS$ (373,410) aircraft were reclassified to Non-current assets or groups of assets for disposal as held for sale. As of December 31, 2021, it includes the lease contract amendment of two B787 aircraft ThUS$ (397,569) and six A320N aircraft ThUS$ (284,952) (see note 13). (a) Right of use assets: Net right of use Aircraft Others assets ThUS $ ThUS $ ThUS $ Opening balances as of January 1, 2020 2,768,540 101,158 2,869,698 Additions - 399 399 Fleet rejection (*) (9,090 ) - (9,090 ) Depreciation expense (395,936 ) (22,492 ) (418,428 ) Cumulative translate adjustment (6,578 ) (11,173 ) (17,751 ) Other increases (decreases) (18,894 ) 385 (18,509 ) Total changes (430,498 ) (32,881 ) (463,379 ) Final balances as of December 31, 2020 2,338,042 68,277 2,406,319 Opening balances as of January 1, 2021 2,338,042 68,277 2,406,319 Additions 537,995 1,406 539,401 Fleet rejection (*) (573,047 ) (4,577 ) (577,624 ) Depreciation expense (317,616 ) (16,597 ) (334,213 ) Cumulative translate adjustment (574 ) (1,933 ) (2,507 ) Other increases (decreases) (**) 116,942 6,431 123,373 Total changes (236,300 ) (15,270 ) (251,570 ) Final balances as of December 31, 2021 2,101,742 53,007 2,154,749 Opening balances as of January 1, 2022 2,101,742 53,007 2,154,749 Additions 372,571 13,087 385,658 Depreciation expense (249,802 ) (16,368 ) (266,170 ) Cumulative translate adjustment 919 1,392 2,311 Other increases (decreases) (***) (898,609 ) 12,588 (886,021 ) Total changes (774,921 ) 10,699 (764,222 ) Final balances as of December 31, 2022 1,326,821 63,706 1,390,527 (*) Include aircraft lease rejection due to Chapter 11. (**) Includes the renegotiations of 92 aircraft (1 A319, 37 A320, 12 A320N, 19 A321, 1 B767, 6 B777 and 16 B787). (***) Include the renegotiations of 115 aircraft (1 A319, 39 A320, 14 A320N, 30 A321, 1 B767, 6 B777 and 24 B787). Aircraft included Aircraft included Total fleet As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, Aircraft Model 2022 2021 2022 2021 2022 2021 Boeing 767 300ER 15 16 - - 15 16 Boeing 767 300F 13 12 (1) 1 1 14 13 (1) Boeing 777 300ER 4 4 6 6 10 10 Boeing 787 800 4 4 6 6 10 10 Boeing 787 900 2 2 19 15 21 17 Airbus A319 100 12 (3) 37 1 7 13 44 Airbus A320 200 88 94 40 (2) 39 128 (2) 133 Airbus A320 NEO 1 - 15 12 16 12 Airbus A321 200 19 18 30 31 49 49 Total 158 187 118 117 276 304 (1) An aircraft leased to Aerotransportes Mas de Carga S.A. de C.V, was returned to LATAM Airlines Group S.A. in 2022. (2) An aircraft with a short-term operating lease is not considered value for right of use. (3) Twenty-eight A319 aircraft were classified under non-current assets or groups of assets for disposal as held for sale, (see Note 13) (d) Method used for the depreciation of Property, plant and equipment: Useful life (years) Method minimum maximum Buildings Straight line without residual value 20 50 Plant and equipment Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) 5 30 Information technology equipment Straight line without residual value 5 10 Fixed installations and accessories Straight line without residual value 10 10 Motor vehicle Straight line without residual value 10 10 Leasehold improvements Straight line without residual value 5 8 Assets for rights of use Straight line without residual value 1 25 (*) Except in the case of the Boeing 767 300ER, Airbus 320 Family and Boeing 767 300F fleets that consider a lower residual value, due to the extension of their useful life to 22, 25 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. (e) Additional information regarding Property, plant and equipment: (i) Property, plant and equipment pledged as guarantee: Description of Property, plant and equipment pledged as guarantee: As of As of Deceember 31, December 31, 2022 2021 Guarantee Creditor Committed Fleet Existing Book Existing Book ThUS$ ThUS$ ThUS$ ThUS$ Wilmington MUFG Aircraft and engines Airbus A319 4,554 13,205 58,611 259,036 Trust Company Airbus A320 33,154 203,788 51,543 227,604 Boeing 767 35,043 164,448 46,779 168,315 Boeing 777 141,605 144,065 144,358 141,620 Credit Agricole Credit Agricole Aircraft and engines Airbus A319 3,518 5,311 1,073 6,419 Airbus A320 195,864 161,397 139,192 117,130 Airbus A321 / A350 6,192 4,827 30,733 27,427 Boeing 767 9,121 23,323 10,404 30,958 Boeing 787 60,305 34,077 91,797 38,551 Bank Of Utah BNP Paribas Aircraft and engines Boeing 787 184,199 221,311 198,475 233,501 Citibank N.A. Citibank N.A. Aircraft and engines Airbus A319 - - 27,936 45,849 Airbus A320 - - 128,030 181,224 Airbus A321 - - 41,599 75,092 Airbus A350 - - 15,960 26,507 Airbus B767 - - 90,846 181,246 Airbus B787 - - 23,156 17,036 Rotables - - 162,477 134,846 UMB Bank MUFG Aircraft and engines Airbus A320 - - 166,712 258,875 Total direct guarantee 673,555 975,752 1,429,681 2,171,236 (1) For the syndicated loans, the Guarantee Agent represents different creditors. The amounts of the current debt are presented at their nominal value. The net book value corresponds to the assets granted as collateral. Additionally, there are indirect guarantees associated with assets booked within Property, Plant and Equipment whose total debt as of December 31, 2022, amounts to ThUS$ 1,037,122 (ThUS$ 1,200,382 as of December 31, 2021). The book value of the assets with indirect guarantees as of December 31, 2022, amounts to ThUS$ 2,306,233 (ThUS$ 2,884,563 as of December 31, 2021). As of December 31, 2021, given Chapter 11, four aircraft included within Property, plant and equipment were rejected, of which four had direct guarantees and one indirect guarantee. As of December 31, 2022, the Company keeps valid letters of credit related to right of use assets according to the following detail: Creditor Guarantee Debtor Type Value Release GE Capital Aviation Services Ltd. LATAM Airlines Group S.A. Three letters of credit 12,198 Dec 6, 2023 Merlin Aviation Leasing (Ireland) 18 Limited RB Comercial Properties 49 Tam Linhas Aéreas S.A. Two letters of credit 3,852 Mar 15, 2023 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 27,091 Apr 20, 2023 43,141 (ii) Commitments and others Fully depreciated assets and commitments for future purchases are as follows: As of As of ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 266,896 223,608 Commitments for the acquisition of aircraft (*) 13,186,000 10,800,000 (*) According to the manufacturer’s price list. Purchase commitment of aircraft Year of delivery Manufacturer 2023 2024 2025 2026-2029 Total Airbus S.A.S. 8 8 11 56 83 A320-NEO Family 8 8 11 56 83 The Boeing Company 2 - - - 2 Boeing 787-9 2 - - - 2 Total 10 8 11 56 85 As of December 31, 2022, as a result of the different aircraft purchase contracts signed with Airbus S.A.S., 83 Airbus aircraft of the A320 family remain to be received with deliveries between 2023 and 2029. The approximate amount, according to manufacturer list prices, is ThUS$12,586,000. As of December 31, 2022, as a result of the different aircraft purchase contracts signed with The Boeing Company, 2 Boeing 787 Dreamliner aircraft remain to be received with delivery dates during 2023. The approximate amount, according to list prices from the manufacturer, is ThUS$ 600,000. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with AerCap Holdings N.V., 8 Airbus aircraft of the A320 Neo family remain to be received with deliveries between 2023 and 2024. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with Air Lease Corporation, 2 Airbus aircraft of the A320 Neo family remain to be received with deliveries between 2023 and 2024. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with Avolon Aerospace Leasing Limited, 3 Airbus aircraft of the A320 Neo family remain to be received with deliveries between 2023 and 2024. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with CDB Aviation, 1 Airbus aircraft of the A320 Neo family with a delivery date of 2023 remains to be received. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with Air Lease Corporation, 5 Airbus A321XLR family aircraft remain to be received with deliveries between 2025 and 2026. As of December 31, 2022, as a result of the different aircraft operating lease contracts signed with ORIX Aviation Systems Ltd., 4 Boeing 787 Dreamliner aircraft with a delivery date of 2023 remain to be received. (iii) Capitalized interest costs with respect to Property, plant and equipment. For the period ended December 31, 2022 2021 2020 Average rate of capitalization of capitalized interest costs % 7.12 5.06 3.52 Costs of capitalized interest ThUS$ 10,575 7,345 11,627 (f) Assumption, Amendment & Rejection of Executory Contracts & Leases On June 28, 2020, the Bankruptcy Court authorized the Debtors to establish procedures for the rejection of certain executory contracts and unexpired leases and on September 24, 2020, the Bankruptcy Court authorized the Debtors to establish procedures for the rejection of certain unexpired aircraft lease agreements, aircraft engine agreements and the abandonment of certain related assets. In accordance with these rejection procedures, the Bankruptcy Code and the Bankruptcy Rules the Debtors have or will reject certain contracts and leases (see notes 18 and 26). Relatedly, the Bankruptcy Court approved the Debtors’ request to extend the date by which the Debtors may assume or reject unexpired non-residential, real property leases until December 22, 2020. Pursuant to the Disclosure Statement Order, the Debtors have until the Effective Date of the Plan (as defined in the Plan) to assume or reject executory contracts and unexpired leases. Further, the Debtors have filed motions to reject certain aircraft and engine leases and related agreements: Bankruptcy Court approval date: Asset rejected: January 29, 2021 (i) 2 Airbus A320-family aircraft April 23, 2021 (i) 1 Airbus A350-941 aircraft May 14, 2021 (i) 6 Airbus A350 aircraft June 17, 2021 (i) 1 Airbus A350-941 aircraft June 24, 2021 (i) 3 Airbus A350-941 aircraft November 3, 2021 (i) 1 Rolls-Royce Trent XWB-84K engine; (ii) 1 Rolls-Royce International Aero Engine AG V2527M-A5; January 5, 2022 (i) General Terms Agreement between Rolls-Royce PLC and Rolls-Royce Totalcare Services Limited and TAM Linhas Aereas S.A.; March 22, 2022 (i) 1 International Aero Engines AG V2527-A5 engine; and May 18, 2022 (i) Framework Deed Relating to the purchase and leaseback of ten used Airbus A330-200 aircraft, nine new Airbus A350-900 aircraft, four new Boeing 787-9 aircraft and two new Boeing 787-8 aircraft. As of December 31, 2021, and as a result of these contract rejections, performance obligations with the lenders and lessors were extinguished and the Company lost control over the related assets resulting in the derecognition of the assets and the liabilities associated with these aircraft. See Note 18 and 26. Contracts rejected during 2022 in the previous table do not result in changes in the asset or liabilities structure of the Company, since these were general terms of agreement for purchases, engine maintenance contracts and short term leases which according to the accounting policies (see Note 2) should not be registered as right of use assets. The Debtors also have filed motions to enter into certain new aircraft lease agreements, including: Bankruptcy Court Approval Date: Counterparty / Aircraft March 8, 2021 Vermillion Aviation (nine) Limited, Aircraft MSNs 4860 and 4827 April 12, 2021 Wilmington Trust Company, Solely in its Capacity as Trustee, Aircraft MSNs 6698, 6780, 6797, 6798, 6894, 6895, 6899, 6949, 7005, 7036, 7081 May 30, 2021 UMB Bank N.A., Solely in its Capacity as Trustee, Aircraft MSNs 38459, 38478, 38479, 38461 August 31, 2021 (i) Avolon Aerospace Leasing Limited or its Affiliates, Aircraft MSNs 38891, 38893, 38895 (ii) Sky Aero Management Ltd. Ten Airbus A320neo February 23, 2022 Vmo Aircraft Leasing, Two Boeing 787-9 March 17, 2022 Avolon Aerospace Leasing Limited, Two Airbus A321neo March 17, 2022 Air Lease Corporation, Three Airbus A321NX March 17, 2022 AerCap Ireland, Two Airbus A321-200NEO March 18, 2022 CDB Aviation Lease Finance DAC, Two Airbus A321NX April 14, 2022 Macquarie Aircraft Leasing Services (Ireland) Ltd., One Airbus A320-233 June 29, 2022 UK Export Finance, Four Boeing 787-9 August 12, 2022 Air Lease Corporation, Three Airbus A321XLR September 8, 2022 Air Lease Corporation, Two Airbus A321XLR In addition, the Debtors also have filed motions to enter into certain aircraft lease amendment agreements which have the effect of, among other things, reducing the Debtors’ rental payment obligations and extension on the lease term. Certain amendments also involved updates to related financing arrangements. These amendments include: Bankruptcy Court Approval Date: Amended Lease Agreement/Counterparty April 14, 2021 (1) Bank of Utah (2) AWAS 5234 Trust (3) Sapucaia Leasing Limited, PK Airfinance US, LLC and PK Air 1 LP April 15, 2021 Aviator IV 3058, Limited April 27, 2021 Bank of America Leasing Ireland Co., May 4, 2021 (1) NBB Grosbeak Co., Ltd, NBB Cuckoo Co., Ltd., NBB-6658 Lease Partnership, NBB-6670 Lease Partnership and NBB Redstart Co. Ltd. (2) Sky High XXIV Leasing Company Limited and Sky High XXV Leasing Company Limited (3) SMBC Aviation Capital Limited May 5, 2021 (1) JSA International US Holdings LLC and Wells Fargo Trust Company N.A. (2) Orix Aviation Systems Limited May 27, 2021 (1) Shenton Aircraft Leasing 3 (Ireland) Limited. (2) Chishima Real Estate Company, Limited and PAAL Aquila Company Limited May 28, 2021 MAF Aviation 1 Designated Activity Company May 30, 2021 (1) IC Airlease One Limited (2) UMB Bank, National Association, Macquarie Aerospace Finance 5125-2 Trust and Macquarie Aerospace Finance 5178 Limited (3) Wilmington Trust SP Services (Dublin) Limited (4) Aercap Holdings N.V. (5) Banc of America Leasing Ireland Co. (6) Castlelake L.P. July 1, 2021 EX-IM Fleet July 8, 2021 Greylag Goose Leasing 38887 Designated Activity Company July 15, 2021 (1) ECAF I 40589 DAC (2) Wells Fargo Company, National Associates, as Owner Trustee (3) Orix Aviation Systems Limited (4) Wells Fargo Trust Company, N.A. July 20, 2021 (1) Avolon AOE 62 Limited (2) Avolon Aerospace (Ireland) AOE 99 Limited, Avolon Aerospace (Ireland) AOE 100 Limited, Avolon Aerospace (Ireland) AOE 101 Limited, Avolon Aerospace (Ireland) AOE 102 Limited, Avolon Aerospace (Ireland) AOE 103 Limited, Avolon Aerospace AOE 130 Limited, Avolon Aerospace AOE 134 Limited July 27, 2021 (1) Merlin Aviation Leasing (Ireland) 18 Limited (2) JSA International U.S. Holdings, LLC August 30, 2021 (1) Yamasa Sangyo Aircraft LA1 Kumiai and Yamasa Sangyo Aircraft LA2 Kumiai (2) Dia Patagonia Ltd. and DIa Iguazu Ltd. Condor Leasing Co., Ltd., FC Initial Leasing Ltd., Alma Leasing Co., Ltd., and FI Timothy Leasing Ltd. (3) Platero Fleet (4) SL Alcyone Ltd. (5) NBB Crow Co., Ltd. (6) NBB Sao Paulo Lease Co., Ltd., NBB Rio Janeiro Lease Co., Ltd. And NBB Brasilia Lease LLC (7) Gallo Finance Limited (8) Orix Aviation Systems Limited The lease amendment agreements were accounted for as lease modifications (see Note 18). In relation to several of these lease amendment agreements, the Debtors entered into claims settlement stipulations for prepetition amounts due upon assumption of those agreements. |
CURRENT AND DEFERRED TAXES
CURRENT AND DEFERRED TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Income Tax Text Block Abstract | |
CURRENT AND DEFERRED TAXES | NOTE 17 - CURRENT AND DEFERRED TAXES The Company calculated and booked its income tax provision for the period ended December 31, 2022 using the partially integrated system with a tax rate of 27%, in accordance with the Law No. 21,210, published in the Journal of the Republic of Chile, dated February 24, 2020, which update the Tax Legislation. The net result for deferred tax corresponds to the variation of the year, of the assets and liabilities for deferred taxes generated by temporary differences and tax losses. For the permanent differences that give rise to a book value of assets and liabilities other than their tax value, no deferred tax has been recorded since they are caused by transactions that are recorded in the financial statements and that will have no effect on income tax expense. (a) Current taxes (a.1) The composition of the current tax assets is the following: Current assets Non-current assets Total assets As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 18,559 32,086 - - 18,559 32,086 Other recoverable credits 14,474 9,178 - - 14,474 9,178 Total current tax assets 33,033 41,264 - - 33,033 41,264 (a.2) The composition of the current tax liabilities are as follows: Current liabilities Non-current liabilities Total liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 1,026 675 - - 1,026 675 Total current tax liabilities 1,026 675 - - 1,026 675 (b) Deferred taxes The balances of deferred tax are the following: Assets Liabilities As of As of As of As of December 31, December 31, December 31, December 31, Concept 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ Properties, Plants and equipment (1,006,814 ) (1,128,225 ) 81,326 80,468 Assets by right of use 249,462 715,440 (45 ) (68 ) Amortization (88,172 ) (44,605 ) 10 10 Provisions (20,563 ) 111,468 69,519 74,047 Revaluation of financial instruments 2,438 (16,575 ) - - Tax losses 852,654 358,284 (94,005 ) (87,378 ) Intangibles - - 270,512 254,155 Other 16,910 19,503 17,308 19,777 Total 5,915 15,290 344,625 341,011 The balance of deferred tax assets and liabilities are composed primarily of temporary differences to be reversed in the long term. Movements of Deferred tax assets and liabilities (b.1) From January 1 to December 31, 2020 Opening Recognized in Recognized in Exchange Ending ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,513,904 ) 110,010 - 7,557 (1,396,337 ) Assets for right of use 133,481 95,774 - - 229,255 Amortization (53,136 ) (14,142 ) - 2,130 (65,148 ) Provisions 43,567 158,178 924 (58,639 ) 144,030 Revaluation of financial instruments 10,279 (27,901 ) 959 (1,470 ) (18,133 ) Tax losses (*) 1,356,268 216,897 - (15,428 ) 1,557,737 Intangibles (349,082 ) 1,030 - 77,371 (270,681 ) Others (8,693 ) 6,541 - 1,965 (187 ) Total (381,220 ) 546,387 1,883 13,486 180,536 (b.2) From January 1 to December 31, 2021 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,396,337 ) 187,644 - - (1,208,693 ) Assets for right of use 229,255 486,253 - - 715,508 Amortization (65,148 ) 20,533 - - (44,615 ) Provisions 144,030 (103,826 ) (2,783 ) - 37,421 Revaluation of financial instruments (18,133 ) 1,616 (58 ) - (16,575 ) Tax losses (*) 1,557,737 (1,112,075 ) - - 445,662 Intangibles (270,681 ) (1,394 ) - 17,920 (254,155 ) Others (187 ) (87 ) - - (274 ) Total 180,536 (521,336 ) (2,841 ) 17,920 (325,721 ) (b.3) From January 1 to December 31, 2022 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,208,693 ) 120,553 - - (1,088,140 ) Assets for right of use 715,508 (466,001 ) - - 249,507 Amortization (44,615 ) (43,567 ) - - (88,182 ) Provisions 37,421 (128,070 ) 567 - (90,082 ) Revaluation of financial instruments (16,575 ) 19,248 (235 ) - 2,438 Tax losses (*) 445,662 500,997 - - 946,659 Intangibles (254,155 ) 2,114 - (18,471 ) (270,512 ) Others (274 ) (124 ) - - (398 ) Total (325,721 ) 5,150 332 (18,471 ) (338,710 ) Unrecognized deferred tax assets: Deferred tax assets are recognized to the extent that it is probable that sufficient taxable profits will be generated in the future. In total the Company has not recognized deferred tax assets for ThUS$ 3,651,023 at December 31, 2022 (ThUS$ 2,638,473 as of December 31, 2021) which include deferred tax assets related to negative tax results of ThUS$ 14,930,487 at December 31, 2022 (ThUS$ 9,030,059 at December 31, 2021). (*) As stated in note 2c), on November 26th, 2021 the Company filed a Reorganization Plan and Disclosure Statement in which, among other items, financial forecasts were included together with the proposed issuance of new shares and convertible notes. With that information the Company´s management updated its analysis on the recoverability of deferred tax assets and determined that during the time covered by the financial forecast it will not be probable that part of such deferred tax assets may be offset by future taxable profits. Therefore, the Company during the fourth quarter of 2021 derecognized deferred tax assets not considered recoverable in the amount of ThUS$1,251,912. On the other hand, on December 31, 2022 the Company management of subsidiary Lan Cargo S.A determined that considering financial forecast it will not be probable that part of the deferred tax assets may be offset with future taxable profits. Therefore, the Company derecognized deferred tax assets not considered recoverable in the amount of ThUS$6,173. (Expenses)/income from deferred taxes and income tax: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Income tax (expense)/benefit Current tax (expense) benefit (14,064 ) (47,139 ) 3,602 Adjustments to the current tax of the previous year - (460 ) 199 Total current tax (expense) benefit (14,064 ) (47,599 ) 3,801 (Expense)/benefit from deferred income taxes Deferred (expense) benefit for taxes related to the creation 5,150 (521,336 ) 546,387 Total deferred tax (expense)benefit 5,150 (521,336 ) 546,387 Income tax (expense)/benefit (8,914 ) (568,935 ) 550,188 For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Current tax (expense) benefit, foreign 19,573 (9,943 ) (4,232 ) Current tax (expense) benefit, domestic (33,637 ) (37,656 ) 8,033 Total current tax (expense) benefit (14,064 ) (47,599 ) 3,801 Deferred tax (expense) benefit, foreign (532 ) 4,309 (235,963 ) Deferred tax (expense) benefit, domestic 5,682 (525,645 ) 782,350 Total deferred tax (expense)benefit 5,150 (521,336 ) 546,387 Income tax (expense)/benefit (8,914 ) (568,935 ) 550,188 Income before tax from the Chilean legal tax rate (27% as of December 31, 2022, 2021 and 2020) For the year ended For the year ended December 31, December 31, 2022 2021 2020 2022 2021 2020 ThUS$ ThUS$ ThUS$ % % % Income tax benefit/(expense) using the legal tax rate (363,434 ) 1,102,736 1,378,547 (27.00 ) (27.00 ) (27.00 ) Tax effect by change in tax rate 9,016 - - 0.67 - - Tax effect of rates in other jurisdictions 20,398 54,775 58,268 1.52 (1.34 ) (1.14 ) Tax effect of non-taxable income (*) 1,201,618 9,444 19,529 89.27 (0.23 ) (0.38 ) Tax effect of disallowable expenses (33,855 ) (30,928 ) (40,528 ) (2.52 ) 0.76 0.79 Other increases (decreases): Derecognition of deferred tax liabilities for early termination of aircraft financing 90,823 205,458 294,969 6.75 (5.03 ) (5.78 ) Tax effect for goodwill impairment losses - - (453,681 ) - - 8.89 Derecognition of deferred tax assets not recoverable (6,173 ) (1,251,912 ) (237,637 ) (0.46 ) 30.65 4.65 Deferred tax asset not recognized (990,095 ) (667,702 ) (414,741 ) (73.56 ) 16.35 8.12 Other increases (decreases) 62,788 9,194 (54,538 ) 4.66 (0.23 ) 1.07 Total adjustments to tax expense using the legal rate 354,520 (1,671,671 ) (828,359 ) 26.33 40.93 16.22 Income tax benefit/(expense) using the effective rate (8,914 ) (568,935 ) 550,188 (0.67 ) 13.93 (10.78 ) (*) As of December 31, 2022, this amount mainly includes ThUS$974,826 and ThUS$218,775 related to amounts resulting from the gain resulting from the de-recognition of financial liabilities as a result of emergence from Chapter 11, and the equity issuance cost which is not taxable respectively. Deferred taxes related to items charged to equity: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income 332 (2,841 ) 1,883 |
OTHER FINANCIAL LIABILITIES
OTHER FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Liabilities Text Block Abstract | |
OTHER FINANCIAL LIABILITIES | NOTE 18 - OTHER FINANCIAL LIABILITIES The composition of other financial liabilities is as follows: As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current (a) Interest bearing loans 629,106 3,869,040 (b) Lease Liability 173,735 578,740 (c) Hedge derivatives - 2,734 (d) Derivative non classified as hedge accounting - 2,937 Total current 802,841 4,453,451 Non-current (a) Interest bearing loans 3,936,320 3,566,804 (b) Lease Liability 2,042,719 2,381,898 Total non-current 5,979,039 5,948,702 (a) Interest bearing loans Obligations with credit institutions and debt instruments: As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current Loans to exporters - 159,161 Bank loans (3) 353,284 415,087 Guaranteed obligations (5)(6) 17,887 75,593 Other guaranteed obligations (1)(3) 66,239 2,546,461 Subtotal bank loans 437,410 3,196,302 Obligation with the public (3) 33,383 396,345 Financial leases (4)(5)(6)(7) 156,285 199,885 Other loans 2,028 76,508 Total current (2) 629,106 3,869,040 Non-current Bank loans (3) 1,032,711 106,751 Guaranteed obligations (5)(6) 307,174 434,942 Other guaranteed obligations 408,065 178,961 Subtotal bank loans 1,747,950 720,654 Obligation with the public (3) 1,256,416 1,856,853 Financial leases (4)(5)(6)(7) 931,954 989,297 Total non-current (2) 3,936,320 3,566,804 Total obligations with financial institutions (2) 4,565,426 7,435,844 (1) During March and April 2020, LATAM Airlines Group S.A. drew the entirety (US$ 600 million) of the committed credit line “Revolving Credit Facility (RCF)”. The line is guaranteed with collateral made up of aircraft, engines and spare parts, which was fully drawn until November 3, 2022. Once emerged from Chapter 11, this line was fully repaid and is available to be drawn. (2) On May 26, 2020 LATAM Airlines Group S.A. and its subsidiaries in Chile, Peru, Colombia and Ecuador filed for protection under Chapter 11 of the United States bankruptcy law in the Court for the Southern District of New York. Under Section 362 of the Bankruptcy Code. The same occurred for TAM LINHAS AÉREAS S.A and its affiliates (all LATAM affiliates in Brazil), dated July 9, 2020. Filing for Chapter 11 automatically suspends most actions against LATAM and its affiliates, including most of actions to collect financial obligations incurred before the Chapter 11 filing date or to exercise control over the property of LATAM and its affiliates. Consequently, although the bankruptcy filing may have caused defaults for some of the obligations of LATAM and its affiliates, the counterparties cannot take any action as a result of such defaults. Then, on November 3, 2022, the Company and all of its subsidiaries successfully emerged from Chapter 11. (3) On September 29, 2020, LATAM Airlines Group S.A. obtained Debtor-in-Possession (“DIP”) financing for a total of US$2,450 million, composed of US$1,300 million of a tranche A (“Tranche A”) and US$1,150 million of a tranche C (“Tranche C” ), of which US$750 million were provided by related parties. Obligations under the DIP were secured by assets owned by LATAM and certain of its subsidiaries, including, but not limited to, shares, certain engines and spare parts. On October 8, 2020, LATAM made a partial withdrawal for US$1,150 million from Tranche A and Tranche C, and then, on or around June 22, 2021, LATAM made an additional withdrawal for US$500 million from Tranche A and Tranche C. On October 18, 2021, LATAM Airlines Group S.A. obtained court approval for a Tranche B (“Tranche B”) of the DIP Financing for up to a total of US$750 million. The obligations of this Tranche B, like the previous tranches, were guaranteed with the same guarantees granted by LATAM and its subsidiaries subject to the Chapter 11 Procedure, included without limitation, by pledges on shares, certain engines and spare parts. The following draws on the DIP must be done from Tranche B until the proportion drawn is equal to the proportion drawn on the other tranches. When the proportions were the same, new draws are done on a pro-rata basis on all tranches. On November 10, 2021, the Company made a partial transfer for US$200 million from Tranche B and later on December 28, 2021, LATAM made a new transfer for MUS$ 100. After these transfers, LATAM still It had US$1,250 million of line available for future transfers. On March 14, 2022, LATAM made a transfer for MUS$ 38.6 from Tranche A, US$227.3 million from Tranche B and US$34.1 million from Tranche C. The DIP had an expiration date of April 8, 2022, subject to a potential extension, at LATAM’s decision, for an additional 60 days in the event that LATAM’s reorganization plan has been confirmed by a United States Court order. for the Southern District of New York, but the plan is not yet effective. Finally, it should be noted that this extension was not carried out and that this DIP financing was paid in full on April 8, 2022, being replaced by a new consolidated and modified DIP Credit Agreement. On February 17, 2022, LATAM submitted an initial proposal (the “Consolidated and Modified Initial DIP Financing Proposal”) of a consolidated and modified text of the contract called Super-Priority Debtor-In-Possession Term Loan Agreement before the Court of Bankruptcies of the Southern District of New York. On March 14, 2022, the Board of Directors of the Company, unanimously, approved the Amended and Restated DIP Financing Proposal, subject to the approval of the Court. On March 14, 2022, a new consolidated and modified contract of the Existing DIP Credit Agreement (the “Amended and Restated DIP Credit Agreement”) was submitted to the Court for its approval. The NewDIP Credit Agreement (i) refinances and fully replaces the existing Tranches A, B and C in the Existing DIP Credit Agreement; (ii) contemplates a maturity date in accordance with the calendar that the Debtors foresee to emerge from the Chapter 11 Procedure; and (iii) includes certain reductions in fees and interest compared to the Existing DIP Credit Agreement and the Recast and Amended DIP Initial Financing Proposal. Obligations under the DIP were secured by assets owned by LATAM and certain of its subsidiaries, including, but not limited to, shares, certain engines and spare parts. On April 8, 2022, a consolidated and modified text was signed (the “Amended and restated DIP Credit Agreement”) of the Original DIP Credit Agreement, which modifies and recasts said agreement and repays the obligations pending payment under it. (that is, under its Tranches A, B and C). The total amount of the Consolidated and Modified DIP Credit Agreement is US$3.700 million. The Consolidated and Amended DIP Credit Agreement (i) includes certain reductions in fees and interest compared to the Existing DIP Credit Agreement; and (ii) contemplates an expiration date in accordance with the calendar that LATAM foresees to emerge from the Chapter 11 Procedure. Regarding the latter, the scheduled expiration date of the intitial DIP Credit Agreement was August 8, 2022, subject to to possible extensions that, in certain cases, had a deadline of November 30, 2022. Likewise, on April 8, 2022, the initial disbursement took place under the Amended and Restated DIP Credit Agreement for the amount of US$2,750 million. On April 28, 2022, an amendment to this contract was signed, extending the expiration date from August 8, 2022 to October 14, 2022. On October 12, 2022, this Amended and Restated DIP Credit Agreement was fully repaid with the DIP-to-Exit financing, which contemplated US$750 million of a bridge financing for senior secured notes maturing in 2027, US$750 million of another bridge financing for senior secured notes due 2029, US$750 Mn of a Term Financing, US$1,146 million of a Junior DIP financing, and US$ 500 million of an undrawn Revolving Credit Facility. The DIP-to-exit financing was collateralized by assets owned by LATAM and by certain of its subsidiaries. The Junior DIP contemplated a subordinate priority to the rest of the credits. On October 18, 2022, the Bridge Loans were partially repaid by; (i) a Note issued from registration under U.S. Securities Act of 1933, as amended (“the “Securities Act”), pursuant to Rule 144A and Regulation S, both under the Securities Act, due in 2027 (the “5 Year Note”), with a total principal amount of US$ 450 million, and (ii) a Note issued from registration under the Securities Act pursuant to Rule 144A and Regulation A, both under the Securities Act, due in 2029 (the “7 Year Note”), with a total principal amount of US$ 700 million. In the context of the Company’s exit from the Chapter 11 proceedings on November 3, 2022, the DIP-to-Exit financing was fully repaid with the funds from the exit financing issued by the Company, which included US$350 million corresponding to an incremental loan Term B; US$450 million in senior secured notes due 2027, US$700 million in senior secured notes due 2029 and a Term Financing of US$1,1 billion, with part of the proceeds from the capital increase implemented in the context of the reorganization process for a total of approximately US$10,3 billion, through the issuance of new payment shares and convertible notes. On March 31, 2021, the United States Court for the Southern District of New York approved and, subsequently, on April 13, 2021, issued an order approving the motion presented by the Company to extend certain leases of 3 aircraft. (4) On June 17, 2021, the United States Court for the Southern District of New York approved the motion presented by the Company to reject the lease of an aircraft financed under a financial lease in the amount of US$130.7 million. (5) On June 30, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 3 aircraft financed under a financial lease in the amount of US$ 307.4 million. (6) On November 1, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 1 engine financed under a financial lease in the amount of US$ 19.5 million. Balances by currency of interest bearing loans are as follows: As of As of December 31, December 31, 2022 2021 Currency ThUS$ ThUS$ Brazilian real 314,322 338,953 Chilean peso (U.F.) 157,288 639,710 US Dollar 4,093,816 6,457,181 Total 4,565,426 7,435,844 Interest-bearing loans due in installments to December 31, 2022 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E SANTANDER Spain US$ - - 70,951 - - 70,951 173 - 70,951 - - 71,124 Quaterly 7,26 7,26 0-E GOLDMAN SACHS U.S.A. US$ 2,750 8,250 22,000 1,067,000 - 1,100,000 30,539 8,250 22,000 939,760 - 1,000,549 Quaterly 18.46 13.38 Obligations with the public 97.036.000- K SANTANDER Chile UF - - - - 156,783 156,783 505 - - - 156,783 157,288 At Expiration 2.00 2.00 97.036.000- K SANTANDER U.S.A. US$ - - - - 3 3 - - - - 3 3 At Expiration 1,00 1,00 0 - E WILMINGTON TRUST COMPANY U.S.A. US$ - - - 450,000 700,000 1,150,000 - 32,878 - 430,290 669,340 1,132,508 At Expiration 15.00 13,38 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 1,761 6,907 22,890 26,035 126,605 184,198 2,637 6,907 22,212 25,627 126,048 183,431 Quaterly 5,76 5,76 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 2,208 6,110 32,620 33,210 67,457 141,605 2,233 6,110 32,620 33,210 67,457 141,630 Quaterly/Monthly 8.20 8.20 - SWAP Received aircraft - US$ - - - - - - - - - - - - Quaterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ - 14,667 29,333 231,000 - 275,000 3,837 14,667 26,153 228,880 - 273,537 Quaterly 8,24 8,24 0-E MUFG U.S.A. US$ 11,345 34,624 66,419 - - 112,388 11,404 34,624 66,419 - - 112,447 Quaterly 6.23 6.23 0-E CITIBANK U.S.A. US$ - - - - - - 1470 - - 1,470 At Expiration 1,00 1,00 0-E EXIM BANK U.S.A. US$ - - 17,737 36,431 32,444 86,612 237 - 17,738 36,431 32,444 86,850 Quaterly 2.01 1.78 Financial leases 0-E CITIBANK U.S.A. US$ 6,825 5,689 - - - 12,514 6,888 5,689 - - - 12,577 Quaterly 6.19 5.47 0-E BNP PARIBAS U.S.A. US$ 6,596 20,048 1,521 - - 28,165 6,776 20,048 1,516 - - 28,340 Quaterly 5.99 5.39 0-E NATIXIS France US$ 6,419 19,341 53,207 55,696 104,475 239,138 8,545 19,341 52,881 55,478 103,905 240,150 Quaterly 6.44 6.44 0-E US BANK U.S.A. US$ 16,984 51,532 84,177 - - 152,693 17,831 51,532 79,805 - - 149,168 Quaterly 4.06 2.85 0-E PK AIRFINANCE U.S.A. US$ 1,533 4,664 6,393 - - 12,590 1,579 4,664 6,393 - - 12,636 Quaterly 5.97 5.97 0-E EXIM BANK U.S.A. US$ - - 113,668 180,260 152,581 446,509 1,923 - 112,666 178,672 151,236 444,497 Quaterly 3.58 2.79 0-E BANK OF UTAH U.S.A. US$ 2321 6568 20990 30557 121801 182,237 2321 6568 20990 30557 121801 182,237 Monthly 10,45 10,45 Others loans 0-E Various (*) US $ 2,028 - - - - 2,028 2,028 - - - - 2,028 At Expiration - - Total 60,770 178,400 541,906 2,110,189 1,462,149 4,353,414 100,926 211,278 532,344 1,958,905 1,429,017 4,232,470 (*) Obligation to creditors for executed letters of credit. Interest-bearing loans due in installments to December 31, 2022 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil Nominal values Accounting values More than More than More than More More than More than More than More Up to 90 days one to three to than Total Up to 90 days one to three to than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E Merril Lynch Credit Products LLC U.S.A. BRL 304,549 - - - - 304,549 314,322 - - - - 314,322 Monthly 3,95 3,95 Financial lease 0-E NATIXIS France US $ 510 1,530 4,080 4,080 7,846 18,046 1,050 1,530 4,080 4,080 7,894 18,634 Semiannual/Quaterly 7.23 7.23 Total 305,059 1,530 4,080 4,080 7,846 322,595 315,372 1,530 4,080 4,080 7,894 332,956 Total consolidated 365,829 179,930 545,986 2,114,269 1,469,995 4,676,009 416,298 212,808 536,424 1,962,985 1,436,911 4,565,426 Interest-bearing loans due in installments to December 31, 2021 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More More than More than More than More Up to 90 days one to three to than Total Up to 90 days one to three to than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 0-E CITIBANK U.S.A. US$ 114,000 - - - - 114,000 123,366 - - - - 123,366 At Expiration 2.96 2.96 76.645.030-K ITAU Chile US$ 20,000 - - - - 20,000 22,742 - - - - 22,742 At Expiration 4.20 4.20 0-E HSBC England US$ 12,000 - - - - 12,000 13,053 - - - - 13,053 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 10,106 - - - - 10,106 11,040 - - - - 11,040 Quaterly 3.35 3.35 0-E SANTANDER Spain US$ - - 106,427 - - 106,427 135 - 106,427 - - 106,562 Quaterly 2.80 2.80 0-E CITIBANK U.S.A. UF 60,935 - - - - 60,935 64,293 - - - - 64,293 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCOESTADO Chile UF - 159,679 - - 343,218 502,897 49,584 159,679 - - 355,114 564,377 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ - - 700,000 800,000 - 1,500,000 187,082 - 698,450 803,289 - 1,688,821 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 16,079 12,412 34,958 37,891 97,135 198,475 17,926 12,412 34,044 37,466 96,379 198,227 Quaterly 1.48 1.48 0-E MUFG U.S.A. US$ 29,054 11,661 32,639 34,970 58,388 166,712 31,375 11,661 32,188 34,733 57,983 167,940 Quaterly 1.64 1.64 0-E WILMINGTON TRUST U.S.A. US$ - 2,209 24,703 32,327 85,119 144,358 - 2,209 24,703 32,327 85,119 144,358 Quaterly/Mensual 3.17 1.60 COMPANY - SWAP Received aircraft - US$ 10 - - - - 10 10 - - - - 10 Quaterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ 273,199 - - - - 273,199 274,403 - - - - 274,403 At Expiration 1.82 1.82 0-E MUFG U.S.A. US$ 7,551 33,131 91,435 24,816 - 156,933 8,259 33,131 91,255 24,816 - 157,461 Quaterly 1.72 1.72 0-E CITIBANK U.S.A. US$ - 600,000 - - - 600,000 95 600,000 - - - 600,095 At Expiration 2.00 2.00 0-E BANK OF UTAH U.S.A. US$ - 1,644,876 - - - 1,644,876 - 1,630,390 - - - 1,630,390 At Expiration 22.71 12.97 0-E EXIM BANK U.S.A. US$ - - - 25,876 37,014 62,890 183 - - 25,876 37,014 63,073 Quaterly 1.84 1.84 Financial leases 0-E CREDIT AGRICOLE France US$ 682 1,370 - - - 2,052 694 1,370 - - - 2,064 Quaterly 3.68 3.23 0-E CITIBANK U.S.A. US$ 19,101 52,371 12,513 - - 83,985 19,198 52,371 12,359 - - 83,928 Quaterly 1.37 0.79 0-E BNP PARIBAS U.S.A. US$ 7,216 19,537 28,165 - - 54,918 7,313 19,537 27,905 - - 54,755 Quaterly 1.56 0.96 0-E NATIXIS France US$ 1,335 15,612 52,010 54,443 138,058 261,458 4,472 15,612 51,647 54,064 137,430 263,225 Quaterly 2.09 2.09 0-E US BANK U.S.A. US$ 16,601 50,373 135,201 17,492 - 219,667 17,755 50,373 127,721 17,188 - 213,037 Quaterly 4.03 2.84 0-E PK AIRFINANCE U.S.A. US$ 800 3,842 11,562 647 - 16,851 903 3,842 11,562 647 - 16,954 Quaterly 1.88 1.88 0-E EXIM BANK U.S.A. US$ - - - 248,354 284,773 533,127 1,771 - - 244,490 280,341 526,602 Quaterly 2.88 2.03 Others loans 0-E Various (*) US$ 55,819 - - - - 55,819 55,819 - - - - 55,819 At Expiration - - Total 644,488 2,607,073 1,229,613 1,276,816 1,043,705 6,801,695 911,471 2,592,587 1,218,261 1,274,896 1,049,380 7,046,595 (*) Obligation to creditors for executed letters of credit. Interest-bearing loans due in installments to December 31, 2021 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil Nominal values Accounting values More than More than More than More More than More than More than More Up to 90 days one to three to than Total Up to 90 days one to three to than Total Annual Bank Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal loans Tax No. Country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % 0-E NCM Netherlands US$ 619 - 324 - - 943 666 - 324 - - 990 Monthly 6.01 6.01 0-E BANCO BRADESCO Brazil BRL 74,661 - - - - 74,661 98,864 - - - - 98,864 Monthly 4.33 4.33 0-E Merril Lynch Credit Products LLC U.S.A. BRL 185,833 - - - - 185,833 240,089 - - - - 240,089 Monthly 3.95 3.95 Financial lease 0-E NATIXIS France US$ 433 2,482 2,872 11,539 - 17,326 637 2,481 2,872 11,539 - 17,529 Quaterly 2.74 2.74 0-E GA Telessis LLC U.S.A. US$ 320 1,147 2,695 2,850 3,987 10,999 409 1,147 2,695 2,850 3,987 11,088 Monthly 14.72 14.72 Others loans 0-E DEUTCHEBANK (*) Brazil US$ 20,689 - - - - 20,689 20,689 - - - - 20,689 At Expiration - - Total 282,555 3,629 5,891 14,389 3,987 310,451 361,354 3,628 5,891 14,389 3,987 389,249 Total consolidated 927,043 2,610,702 1,235,504 1,291,205 1,047,692 7,112,146 1,272,825 2,596,215 1,224,152 1,289,285 1,053,367 7,435,844 (*) Obligation to creditors for executed letters of credit (b) Lease Liability: The movement of the lease liabilities corresponding to the years reported are as follow: Lease Liability Aircraft Others total ThUS$ ThUS$ ThUS$ Opening balance as January 1, 2020 3,042,231 129,926 3,172,157 New contracts - 543 543 Lease termination (*) (7,435 ) (285 ) (7,720 ) Renegotiations (35,049 ) 4,919 (30,130 ) Payments (131,427 ) (36,689 ) (168,116 ) Accrued interest 158,253 9,348 167,601 Exchange differences - (7,967 ) (7,967 ) Cumulative translation adjustment - (38 ) (38 ) Other increases (decreases) - (5,324 ) (5,324 ) Changes (15,658 ) (35,493 ) (51,151 ) Closing balance as of December 31, 2020 3,026,573 94,433 3,121,006 Opening balance as January 1, 2021 3,026,573 94,433 3,121,006 New contracts 518,478 875 519,353 Lease termination (*) (724,193 ) (5,300 ) (729,493 ) Renegotiations 101,486 5,717 107,203 Payments (95,831 ) (24,192 ) (120,023 ) Accrued interest 88,245 8,334 96,579 Exchange differences - 3,356 3,356 Cumulative translation adjustment - (2,332 ) (2,332 ) Other increases (decreases) (31,097 ) (3,914 ) (35,011 ) Changes (142,912 ) (17,456 ) (160,368 ) Closing balance as of December 31,2021 2,883,661 76,977 2,960,638 Opening balance as January 1, 2022 2,883,661 76,977 2,960,638 New contracts 354,924 13,019 367,943 Lease termination (*) (19,606 ) - (19,606 ) Renegotiations (76,233 ) (4,198 ) (80,431 ) Exit effect of chapter 11 (**) (995,888 ) - (995,888 ) Payments (154,823 ) (26,172 ) (180,995 ) accrued interest 142,939 9,194 152,133 Exchange differences - 2,279 2,279 Subsidiaries conversion difference (2 ) 7,463 7,461 other variations - 2,920 2,920 Changes (748,689 ) 4,505 (744,184 ) Closing balance as of December 31,2022 2,134,972 81,482 2,216,454 (*) As of December 31, 2022 these correspond to anticipated lease terminations. For December 31, 2021 and 2020 these correspond to fleet rejections. (**) Corresponds to the effect of emergence from Chapter 11 ThUS$679,273 associated with claims (Derecognition of assets for right of use for ThUS$639,728 (See Note 24 (4)) and conversion of Notes for ThUS$39,545) and ThUS$316,615 due to IBR rate change. The company recognizes the interest payments related to the lease liabilities in the consolidated result under Financial expenses (See Note 26 (c)). (c) Hedge derivatives Current liabilities Non-current liabilities Total hedge derivatives As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Fair value of interest rate derivatives - 2,734 - - - 2,734 Total hedge derivatives - 2,734 - - - 2,734 (d) Derivatives that do not qualify for hedge accounting Current liabilities Non-current liabilities Total derivatives of no coverage As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as hedge - 2,937 - - - 2,937 Total derived not qualify as hedge accounting - 2,937 - - - 2,937 The foreign currency derivatives correspond to options, forwards and swaps. Hedging operation The fair values of net assets/ (liabilities), by type of derivative, of the contracts held as hedging instruments are presented below: As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Interest rate swaps (1) 8,816 (2,734 ) Fuel options (2) 12,594 17,641 Foreign currency derivative R$/US$ (3) 191 - (1) They cover the significant variations in the cash flows associated with the market risk implicit in the increases in the 3-month LIBOR interest rate, SOFR, among others, for long-term loans originated by the acquisition or rental of aircraft and Bank credits. These contracts are recorded as cash flow hedge contracts. (2) Hedge significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. (3) Hedge significant variations in expected cash flows associated with the market risk implicit in changes in exchange rates, particularly the BRL/R$. These contracts are recorded as cash flow hedge contracts. The Company only maintains cash flow hedges. In the case of fuel hedges, the cash flows subject to such hedges will occur and will impact results in the next 12 months from the date of the consolidated statement of financial position. All hedging operations have been performed for highly probable transactions, except for fuel hedge. See Note 3. See Note 24 (h) for reclassification to profit or loss for each hedging operation and Note 17 (b) for deferred taxes related. |
TRADE AND OTHER ACCOUNTS PAYABL
TRADE AND OTHER ACCOUNTS PAYABLES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Trade And Other Payables Text Block Abstract | |
TRADE AND OTHER ACCOUNTS PAYABLES | NOTE 19 - TRADE AND OTHER ACCOUNTS PAYABLES The composition of Trade and other accounts payables is as follows: As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,248,790 1,945,731 (b) Accrued liabilities 379,202 2,893,520 Total trade and other accounts payables 1,627,992 4,839,251 (a) Trade and other accounts payable: As of As of December 31 December 31, 2022 2021 ThUS$ ThUS$ Trade creditors 967,468 1,439,929 Other accounts payable 281,322 505,802 Total 1,248,790 1,945,731 The details of Trade and other accounts payables are as follows: As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Maintenance 108,402 375,144 Suppliers technical purchases 136,594 328,811 Professional services and advisory 131,991 129,682 Boarding Fees 209,370 171,128 Leases, maintenance and IT services 81,119 143,586 Handling and ground handling 126,464 176,142 Aircraft Fuel 52,606 77,171 Other personnel expenses 124,000 90,410 Airport charges and overflight 90,386 104,241 Marketing 37,351 49,865 Services on board 43,349 56,072 Air companies 14,496 11,250 Crew 11,428 12,007 Bonus Payable 9,450 11,144 Land services 3,049 6,553 Jol Fleet - 9,891 Others 68,735 192,634 Total trade and other accounts payables 1,248,790 1,945,731 (b) Liabilities accrued: As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Aircraft and engine maintenance (1) 184,753 1,166,181 Accrued personnel expenses 81,857 59,327 Accounts payable to personnel (2) 74,802 58,153 Other agreed claims (3) - 1,575,005 Others accrued liabilities 37,790 34,854 Total accrued liabilities 379,202 2,893,520 (1) As of December 31, 2021, these amounts include some claims agreed with aircraft lessors related to maintenance in addition to agreed fleet claims, both associated with the negotiations resulting from the Chapter 11 procedure.The balances of commercial accounts and other accounts payable for 2021, include the amounts that were part of the reorganization agreement, as a result of the entry into the Chapter 11 Procedure on May 26, 2020, and on July 9 for the subsidiaries of LATAM in Brazil. These balances were paid upon exit from Chapter 11, from November to December 2022. (2) Participation in profits and bonuses (Note 22 letter b). (3) For the other agreed claims, ThUS$ 26,145 were compensated with Convert G and ThUS$ 1,548,860 with Convert I. |
OTHER PROVISIONS
OTHER PROVISIONS | 12 Months Ended |
Dec. 31, 2022 | |
OTHER PROVISIONS [Abstract] | |
OTHER PROVISIONS | NOTE 20 - OTHER PROVISIONS Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 8,733 24,330 617,692 490,217 626,425 514,547 Civil contingencies 5,490 3,154 119,483 92,955 124,973 96,109 Labor contingencies 350 388 175,212 98,254 175,562 98,642 Other - - 13,180 21,855 13,180 21,855 Provision for European Commission investigation (2) - - 2,397 9,300 2,397 9,300 Total other provisions (3) 14,573 27,872 927,964 712,581 942,537 740,453 (1) Provisions for contingencies: The tax contingencies correspond to litigation and tax criteria related to the tax treatment applicable to direct and indirect taxes, which are found in both administrative and judicial stage. The civil contingencies correspond to different demands of civil order filed against the Company. The labor contingencies correspond to different demands of labor order filed against the Company. The Provisions are recognized in the consolidated income statement in administrative expenses or tax expenses, as appropriate. (2) Provision made for proceedings brought by the European Commission for possible breaches of free competition in the freight market. (3) Total other provision as of December 31, 2022, and December 31, 2021, include the fair value of the contingencies arising at the time of the business combination with TAM S.A and subsidiaries, with a probability of loss under 50%, which wold not be provided for except in the context of a business combination in accordance with IFRS 3. Movement of provisions: European Legal Commission Onerous claims (1) Investigation (2) Contracts Total ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2020 282,392 9,217 - 291,609 Increase in provisions 408,078 - 44,000 452,078 Provision used (47,238 ) - - (47,238 ) Difference by subsidiaries conversion (58,654 ) - - (58,654 ) Reversal of provision (25,563 ) - - (25,563 ) Exchange difference (979 ) 880 - (99 ) Closing balance as of December 31, 2020 558,036 10,097 44,000 612,133 Opening balance as of January 1, 2021 558,036 10,097 44,000 612,133 Increase in provisions 403,229 - - 403,229 Provision used (84,497 ) - - (84,497 ) Difference by subsidiaries conversion (25,531 ) - - (25,531 ) Reversal of provision (119,029 ) - (44,000 ) (163,029 ) Exchange difference (1,055 ) (797 ) - (1,852 ) Closing balance as of December 31, 2021 731,153 9,300 - 740,453 Opening balance as of January 1, 2022 731,153 9,300 - 740,453 Increase in provisions 687,558 - - 687,558 Provision used (63,087 ) - - (63,087 ) Difference by subsidiaries conversion 28,655 - - 28,655 Reversal of provision (427,979 ) (6,630 ) - (434,609 ) Exchange difference (16,160 ) (273 ) - (16,433 ) Closing balance as of December 31, 2022 940,140 2,397 - 942,537 (1) Accumulated balances include a judicial deposit delivered in guarantee, with respect to the “Fundo Aeroviario” (FA), for MUS$ 74, made in order to suspend the collection and the application of a fine. The Company is discussing in Court the constitutionality of the requirement made by FA calculated at the ratio of 2.5% on the payroll in a legal claim. Initially the payment of said contribution was suspended by a preliminary judicial decision and about 10 years later, this same decision was reversed. As the decision is not final, the Company has deposited the amounts until that date, in order to avoid collection processing and the application of the fine. Finally, if the final decision is favorable to the Company, the deposit made and payments made later will return to TAM. On the other hand, if the court confirms the first decision, said deposit will become a final payment in favor of the Government of Brazil. The procedural stage as of December 31, 2022 is described in Note 30 under in the Role of the case 2001.51.01.012530-0. (2) European Commission Provision Provision constituted on the occasion of the process initiated in December 2007 by the General Competition Directorate of the European Commission against more than 25 cargo airlines, among which is Lan Cargo SA, which forms part of the global investigation initiated in 2006 for possible infractions of free competition in the air cargo market, which was carried out jointly by the European and United States authorities. With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A .,For its part, LATAM Airlines Group S.A. and Lan Cargo S.A., jointly and severally, have been fined for the amount of € 8,220,000 (eight million two hundred twenty thousand euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission’s Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of € 776,465,000 Euros. In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine mentioned above. On May 31, 2017 Lan Cargo S.A. and LATAM Airlines Group S.A. requested the annulment of this Decision to the General Court of the European Union. We presented our defense in December 2017. On July 12, 2019, we participated in a hearing before the European Court of Justice in which we confirmed our request for annulment of the decision or a reduction in the amount of the fine instead. On March 30, 2022, the European Court issued its ruling and reduced the amount of our fine from € 8,220,000 Euros to € 2,240,000 Euros. This ruling can be appealed by both parties before June 15, 2022. Likewise, on December 17, 2020, the European Commission had presented a proof of claim for the total amount of the fine of € 8,220,000 Euros before the Court of New York dealing with the financial reorganization procedure requested by LATAM Airlines Group, S.A. and LAN Cargo, S.A. (Chapter 11) in May 2020. The amount of this claim could be modified subject to the eventual appeal of the ruling of the European Court. The procedural stage as of December 31, 2022 is described in Note 30 in section 2 lawsuits received by LATAM Airlines Group S.A. and Subsidiaries. |
OTHER NON-FINANCIAL LIABILITIES
OTHER NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Non Financial Other Liabilities Explanatory Abstract | |
OTHER NON-FINANCIAL LIABILITIES | NOTE 21 - OTHER NON-FINANCIAL LIABILITIES Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (1)(2) 2,533,081 2,273,137 420,208 512,056 2,953,289 2,785,193 Sales tax 7,194 3,870 - - 7,194 3,870 Retentions 40,810 31,509 - - 40,810 31,509 Other taxes 12,045 4,916 - - 12,045 4,916 Other sundry liabilities 49,121 19,144 - - 49,121 19,144 Total other non-financial liabilities 2,642,251 2,332,576 420,208 512,056 3,062,459 2,844,632 Deferred Income Movement Deferred income Loyalty (1) program (Award and Expiration of Translation Others Final Initial balance Recognition Use redeem) tickets Difference provisions balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2019 2,974,760 8,264,970 (7,703,011 ) 124,548 (156,435 ) 2,232 33,402 3,540,466 From January 1 to December 31, 2020 3,540,466 1,970,203 (2,554,476 ) (137,176 ) (72,670 ) (3,485 ) (3,974 ) 2,738,888 From January 1 to December 31, 2021 2,738,888 4,221,168 (4,053,345 ) (12,091 ) (114,227 ) - 4,800 2,785,193 From 1 de January to December 31, 2022 2,785,193 9,772,469 (9,077,188 ) (241,201 ) (314,027 ) 4,585 23,458 2,953,289 (1) The balance includes mainly, deferred income for services not provided as of December 31, 2022 and December 31, 2021 and for the frequent flyer LATAM Pass program. LATAM Pass is LATAM’s frequent flyer program that allows rewarding the preference and loyalty of its customers with multiple benefits and privileges, through the accumulation of miles or points that can be exchanged for tickets or for a varied range of products and services. Clients accumulate miles or LATAM Pass points every time they fly in LATAM and other airlines associated with the program, as well as by buying in stores or use the services of a vast network of companies that have agreements with the program around the world. (2) As of December 31, 2022, Deferred Income includes ThUS$ 41,318 related to the compensation from Delta Air Lines, Inc., which is recognized in the income statement based on the estimation of income differentials until the implementation of the strategic alliance. During the period, the Company has recognized ThUS $ 30,408 within the income statement related with this compensation. Additionally, as of December 31, 2021, the Company maintains a balance of ThUS $ 29,507 in Trade accounts payable of the Statement of Financial Position, corresponding to the compensation of costs to be incurred. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2022 | |
EMPLOYEE BENEFITS [Abstract] | |
EMPLOYEE BENEFITS | NOTE 22 - EMPLOYEE BENEFITS As of As of December, 31, December 31, 2022 2021 ThUS$ ThUS$ Retirements payments 45,076 35,075 Resignation payments 6,365 5,817 Other obligations 42,047 15,341 Total liability for employee benefits 93,488 56,233 (a) The movement in retirements, resignations and other obligations: Increase (decrease) Actuarial Opening current service Benefits (gains) Currency Closing balance provision paid losses translation balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 93,570 (18,759 ) (8,634 ) 3,968 3,971 74,116 From January 1 to December 31, 2021 74,116 (11,391 ) (5,136 ) 10,018 (11,374 ) 56,233 From January 1 to December 31, 2022 56,233 53,254 (4,375 ) (9,935 ) (1,689 ) 93,488 The main assumptions used in the calculation of the provision in Chile are presented below: For the period ended December 31, Assumptions 2022 2021 Discount rate 5.37 % 5.81 % Expected rate of salary increase 5.23 % 3.00 % Rate of turnover 5.14 % 5.14 % Mortality rate RV-2014 RV-2014 Inflation rate 3.61 % 3.44 % Retirement age of women 60 60 Retirement age of men 65 65 The discount rate is based on the bonds issued by the Central Bank of Chile with a maturity of 20 years. The RV-2014 mortality tables correspond to those established by the Commission for the Financial Market of Chile. The inflation rates are based on the yield curves of the long term nominal and inflation adjusted bonds issued by the Central Bank of Chile. The calculation of the present value of the defined benefit obligation is sensitive to the variation of some actuarial assumptions such as discount rate, salary increase, rotation and inflation. The sensitivity analysis for these variables is presented below: Effect on the liability As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (3,308 ) (2,642 ) Change in the accrued liability an closing for decrease of 100 p.b. 3,724 2,959 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 3,520 2,849 Change in the accrued liability an closing for decrease of 100 p.b. (3,216 ) (2,613 ) (b) The liability for short-term: As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Profit-sharing and bonuses (*) 74,802 58,153 (*) Accounts payables to employees (Note 19 letter b) The participation in profits and bonuses related to an annual incentive plan for achievement of certain objectives. (c) Employment expenses are detailed below: For the period ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Salaries and wages (1,024,304 ) (825,792 ) (850,557 ) Short-term employee benefits (121,882 ) (122,650 ) (41,259 ) Other personnel expenses (120,150 ) (93,457 ) (70,244 ) Total (1,266,336 ) (1,041,899 ) (962,060 ) |
ACCOUNTS PAYABLE, NON-CURRENT
ACCOUNTS PAYABLE, NON-CURRENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Trade And Other Payables Non Current Explanatory Abstract | |
ACCOUNTS PAYABLE, NON-CURRENT | NOTE 23 - ACCOUNTS PAYABLE, NON-CURRENT As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Aircraft and engine maintenance 249,710 276,816 Fleet (JOL) 40,000 124,387 Airport and Overflight Taxes 19,866 26,321 Provision for vacations and bonuses 16,539 14,545 Other sundry liabilities 169 30,357 Total accounts payable, non-current 326,284 472,426 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity Disclosure [Abstract] | |
EQUITY | NOTE 24 - EQUITY (a) Capital The Company’s objective is to maintain an appropriate level of capitalization that enables it to ensure access to the financial markets for carrying out its medium and long-term objectives, optimizing the return for its shareholders and maintaining a solid financial position. The paid capital of the Company at December 31, 2022 amounts to ThUS$ 13,298,486 divided into 605,231,854,725 common stock of a same series (ThUS$ 3,146,265 divided into 606,407,693 shares as of December 31, 2021), a single series nominative, ordinary character with no par value. The total number of authorized shares of the Company December, 31, 2022, corresponds to 606.407.693.000 shares. There are no special series of shares and no privileges. The form of its stock certificates and their issuance, exchange, disablement, loss, replacement and other similar circumstances, as well as the transfer of the shares, is governed by the provisions of the Corporate Law and its regulations. At the Company’s Extraordinary Shareholders’ Meeting held on July 5, 2022, it was agreed to increase the Company’s capital by US$ 10,293,269,524 through the issuance of 73,809,875,794 paid shares and 531,991,409,513 backup shares, all ordinary, of the same and single series, without par value, of which: (a) US$ 9,493,269,524 represented by 531,991,409,513 new shares, to be used to respond to the conversion of the Convertible Notes, according to this term is defined below (the “Support Shares”); and (b) US$800,000,000 represented by 73,809,875,794 new paid shares (the “New Paid Shares”), to be offered preferentially to shareholders. On September 12, 2022, the preferential placement of the convertible notes and, in turn, of the new paid shares began, ending on the following dates, as explained below: 1. On October 12, 2022 expired the 30-day preemptive rights offering period (the “POP”) of (i) the 73,809,875,794 new paid shares, issued and registered in the Securities Registry of the Comisión para el Mercado Financiero (“CMF”) (the “ERO”); and (ii) US$1,257,002,540 notes convertible into shares Serie G, the US$1,372,839,695 notes convertible into shares Serie H, and the US$6,863,427,289 notes convertible into shares Serie I, all registered in the Securities Registry of the CMF (jointly, the “Convertible Notes”). 2. On October 13, 2022, the second round (the “Second Round”) of subscription of the ERO has taken place, in which had the right to participate, the shareholders (or their assignees) that subscribed ERO in the POP and expressed to LATAM, at the time of the subscription, their intention to participate in the Second Round. 3. As previously reported, the Remainder will be placed, in compliance with the applicable laws and regulations, according to the rules governing the offering of the ERO and the Convertible Notes, as provided in Article 10 of the Regulations of the Corporations Law. Such placement includes, among other things, the placement of a portion of the Remainder with (i) a group of unsecured creditors of LATAM represented by Evercore and certain holders of Chilean notes issued by LATAM (collectively, the “Backstop Creditors”); and (ii) Delta Air Lines, Inc., Qatar Airways Investments (UK) Ltd. and the Cueto group (collectively, the “Backstop Shareholders”;and them jointly with the Backstop Creditors, the “Backstop Parties”) according to the rules of their respective backstop commitment agreements (the “Backstop Agreements”). 4. For purposes of the above, the Company will exercise its rights under the Backstop Agreements and will therefore require the Backstop Parties to subscribe and pay their respective portion of the Remainder, as provided in such agreements. Given the funding period contemplated in the Backstop Agreements, the Company managed to exit the Chapter 11on November 3, 2022. Consequently, on this same date the Company, together with its various subsidiaries that were part of the Chapter 11 Procedure, have emerged from bankruptcy. (See Note 2, c). 5. As part of the implementation of its Reorganization Plan within the framework of the exit from Chapter 11, LATAM issued US$800 million in new paid shares and US$9,493 million through the issue of three classes of notes convertible into Company shares, equivalent to a total of 605,801,285,307 paid shares. As of December 31, 2022, from the aforementioned capital increase, 604,625,447,032 shares were subscribed and paid, equivalent to ThUS$ 10,152,221 and issuance and placement costs of ThUS$ 810,279 were incurred, which are currently presented under other reserve and will be reclassified to “share capital” upon approval for such transfer during the next Extraordinary Shareholders’ Meeting. (b) Movement of authorized shares The following table shows the movement of the authorized, fully paid shares and back-up shares to be delivered in the event that the respective conversion option is exercised under the convertible notes currently issued by the Company: as of December 31, 2022 as of December 31, 2021 N° of N° of N° of N° of N° of N° of N° of Opening Balance 606,407,693 606,407,693 - - 606,407,693 606,407,693 - New shares issued 73,809,875,794 73,809,875,794 - - - - - Convertible Notes G 19,992,142,087 18,820,511,197 960,098 960,098 1,170,670,792 - - Convertible Notes H 126,661,409,136 126,657,203,849 4,205,287 4,205,287 - - - Convertible Notes I 385,337,858,290 385,337,856,192 - 2,098 - - - Subtotal 605,801,285,307 604,625,447,032 5,165,385 1,170,672,890 - - - Closing Balance 606,407,693,000 605,231,854,725 5,165,385 1,170,672,890 606,407,693 606,407,693 - (c) Share capital The following table shows the movement of share capital: Movement fully paid shares Paid- in Capital ThUS$ Initial balance as of January 1, 2020 3,146,265 There are no movements of shares paid during the 2020 year - Ending balance as of December 31, 2020 3,146,265 Initial balance as of January 1, 2021 3,146,265 There are no movements of shares paid during the 2021 period - Ending balance as of December 31, 2021 3,146,265 Initial balance as of January 1, 2022 3,146,265 New shares issued (ERO) 800,000 Conversion options of convertible notes exercised during the year - Convertible Notes G (1) 1,115,996 Conversion options of convertible notes exercised during the year - Convertible Notes H 1,372,798 Conversion options of convertible notes exercised during the year - Convertible Notes I (2) 6,863,427 Subtotal 10,152,221 Ending balance as of December 31, 2022 13,298,486 (1) It only includes Convertible Notes issued in exchange for the settlement of Chapter 11 claims. (2) Part of the Convertible Notes received in cash and the rest in exchange for the settlement of Chapter 11 claims. (d) Treasury stock At December 31, 2022, the Company held no treasury stock. The remaining of ThUS$ (178) corresponds to the difference between the amount paid for the shares and their book value, at the time of the full right decrease of the shares which held in its portfolio. (e) Other equity- Value of conversion right - Convertible Notes (e.1) Notes subscription The Convertible Notes were issued to be place in exchange for a cash contribution, in exchange for settlement of Chapter 11 Proceeding or a combination of both. Convertible Notes issued in exchange for cash were valued at fair value (the cash received). Notes issued in exchange for settlement of Chapter 11 claims were valued considering the discount that each group of liabilities settled on at the emergence date. The table below shows the 3 Convertible Notes at their nominal values, the adjustment, if any, to arrive at their fair values and the amount of transaction costs. The conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. The equity portion is recognized under Other equity at the time the Convertible Notes are issued. Convertible Convertible Convertible Total Concepts Notes G Notes H Notes I Notes THUS$ THUS$ THUS$ THUS$ Face Value 1,115,996 1,372,837 6,863,427 9,352,260 Adjustment to fair value Convertible Notes at the date of issue (923,616 ) - (2,686,854 ) (3,610,470 ) Issuance cost - (24,812 ) (705,467 ) (730,279 ) Subtotal (923,616 ) (24,812 ) (3,392,321 ) (4,340,749 ) Fair Value of Notes 192,380 1,348,025 3,471,106 5,011,511 Debt component at the date of issue (102,031 ) - (102,031 ) Equity component at the date of issue 192,380 1,245,994 3,471,106 4,909,480 (e.2) Conversion of notes into shares As of December 31, 2022, the following notes have been converted into shares: Convertible Convertible Convertible Total Concepts Notes G Notes H Notes I Notes ThUS$ ThUS$ ThUS$ ThUS$ Conversion percentage 100.000 % 99.997 % 100.000 % Conversion option of convertible notes exercised 1,115,996 1,270,767 6,863,427 9,250,190 Converted debt component - 102,031 - 102,031 Total Converted Notes 1,115,996 1,372,798 6,863,427 9,352,221 The conversion option from the issuance of convertible notes classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument (i.e. convertible notes) as a whole. This is recognized and included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share capital. As of December 31, 2022, the portion not converted into equity corresponds to ThUS$39. (e.3) The Convertible Notes The contractual conditions of the G, H and I Convertible Notes consider the delivery of a fixed number of shares of LATAM Airlines Group S.A. at the time of settlement of the conversion option of each of them. The foregoing determined the classification of convertible notes as equity instruments, with the exception of Bond H, which considers, in addition to the delivery of a fixed number of shares, the payment of 1% annual interest with certain conditions for its payment and its accrual from 60 days after the exit Date. The payment of this interest gives rise to the recognition of a liability component for the class H convertible notes. At the date of issue, the fair value of the liability component in the amount of ThUS$ 102,031 was estimated using the prevailing market interest rate for similar non-convertible instruments. Transaction costs relating to the liability component are included in the carrying amount of the liability portion and amortized over the period of the convertible notes using the effective interest method. At December 31, 2022, the debt portion was converted into equity. Transaction costs relating to the equity component are recognised as part of Other reserves within Equity. (f) Reserve of share- based payments Movement of Reserves of share- based payments: Stock Opening option Closing Periods balance plan balance ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 36,289 946 37,235 From January 1 to December 31, 2021 37,235 - 37,235 From January 1 to December 31, 2022 37,235 - 37,235 These reserves are related to the “Share-based payments” explained in Note 33. (g) Other sundry reserves Movement of Other sundry reserves: Periods Opening Transactions with Legal Other sundry Closing ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 2,452,469 (3,125 ) 2,675 - 2,452,019 From January 1 to December 31, 2021 2,452,019 (3,383 ) (538 ) - 2,448,098 From January 1 to December 31, 2022 2,448,098 - - (4,420,749 ) (1,972,651 ) Balance of Other sundry reserves comprise the following: As of As of As of December 31, December 31, December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Higher value for TAM S.A. share exchange (1) 2,665,692 2,665,692 2,665,692 Reserve for the adjustment to the value of fixed assets (2) 2,620 2,620 2,620 Transactions with non-controlling interest (3) (216,656 ) (216,656 ) (213,273 ) Adjustment to the fair value of the New Convertible Notes (4) (3,610,470 ) - - Cost of issuing shares and New Convertible Notes (5) (810,279 ) - - Others (3,558 ) (3,558 ) (3,020 ) Total (1,972,651 ) 2,448,098 2,452,019 (1) Corresponds to the difference between the value of the shares of TAM S.A., acquired by Sister Holdco S.A. (under the Subscriptions) and by Holdco II S.A. (by virtue of the Exchange Offer), which is recorded in the declaration of completion of the merger by absorption, and the fair value of the shares exchanged by LATAM Airlines Group S.A. as of June 22, 2012. (2) Corresponds to the technical revaluation of the fixed assets authorized by the Commission for the Financial Market in the year 1979, in Circular No. 1529. The revaluation was optional and could be made only once; the originated reserve is not distributable and can only be capitalized. (3) The balance as of December 31, 2022 corresponds to the loss generated by: Lan Pax Group S.A. e Inversiones Lan S.A. in the acquisition of shares of Aerovías de Integración Regional Aires S.A. for ThUS $ (3,480) and ThUS $ (20), respectively; the acquisition of TAM S.A. of the minority interest in Aerolinhas Brasileiras S.A. for ThUS $ (885), the acquisition of Inversiones Lan S.A. of the minority participation in Aires Integra Regional Airlines S.A. for an amount of ThUS $ (2) and the acquisition of a minority stake in Aerolane S.A. by Lan Pax Group S.A. for an amount of ThUS $ (21,526) through Holdco Ecuador S.A. (3) The loss due to the acquisition of the minority interest of Multiplus S.A. for ThUS $ (184,135) (see Note 1), (4) and the acquisition of a minority interest in LATAM Airlines Perú S.A through LATAM Airlines Group S.A for an amount of ThUS $ (3,225) and acquisition of the minority stake in LAN Argentina S.A. and Inversora Cordillera through Transportes Aéreos del Mercosur S.A. for an amount of ThUS $ (3,383). (4) The adjustment to the fair value of the Convertible Notes issued in exchange for settlement of Chapter 11 claims was valued considering the discount that each group of liabilities settled on at the emergence date. These relate to: gain on the haircut for the accounts payable and other accounts payable for ThUS$2,550,306 (see note 26d), gain on the haircut for the financial liabilities for ThUS$420,436 (see note 26e) and gain on the haircut of lease liabilities which is booked against the right of use asset for THUS$639,728. (5) Corresponds to 20% of the sum of the commitment of new funds of the Backstop Parties under the Series I Convertible Bonds and the New Paid Shares, plus additional costs for extension of the Backstop agreement. (h) Reserves with effect in other comprehensive income. Movement of Reserves with effect in other comprehensive income: Currency Cash flow Gains (Losses) Actuarial gain Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2020 (2,890,287 ) 56,892 - (22,940 ) (2,856,335 ) Change in fair value of hedging instrument recognised in OCI - (105,776 ) - - (105,776 ) Reclassified from OCI to profit or loss - (13,016 ) - - (13,016 ) Deferred tax - 959 - - 959 Actuarial reserves by employee benefit plans - - - (3,968 ) (3,968 ) Deferred tax actuarial IAS by employee benefit plans - - - 923 923 Translation difference subsidiaries (900,226 ) - - - (900,226 ) Closing balance as of December 31, 2020 (3,790,513 ) (60,941 ) - (25,985 ) (3,877,439 ) Increase (decrease) due to application of new accounting standars - 380 (380 ) - Opening balance as of January 1, 2021 (3,790,513 ) (60,561 ) (380 ) (25,985 ) (3,877,439 ) Change in fair value of hedging instrument recognised in OCI - 39,602 (23,692 ) - 15,910 Reclassified from OCI to profit or loss - (16,641 ) 6,509 - (10,132 ) Deferred tax - (58 ) - - (58 ) Actuarial reserves by employee benefit plans - - - 10,017 10,017 Deferred tax actuarial IAS by employee benefit plans - - - (2,782 ) (2,782 ) Translation difference subsidiaries 18,354 (732 ) - - 17,622 Closing balance as of December 31, 2021 (3,772,159 ) (38,390 ) (17,563 ) (18,750 ) (3,846,862 ) Opening balance as of January 1, 2022 (3,772,159 ) (38,390 ) (17,563 ) (18,750 ) (3,846,862 ) Change in fair value of hedging instrument recognised in OCI - 51,323 (23,845 ) - 27,478 Reclassified from OCI to profit or loss - 31,293 19,946 - 51,239 Reclassified from OCI to the value of the hedged asset - (8,143 ) - - (8,143 ) Deferred tax - (235 ) - - (235 ) Actuarial reserves by employee benefit plans - - - (9,933 ) (9,933 ) Deferred tax actuarial IAS by employee benefit plans - - - 566 566 Translation difference subsidiaries (33,401 ) 694 (160 ) - (32,867 ) Closing balance as of December 31, 2022 (3,805,560 ) 36,542 (21,622 ) (28,117 ) (3,818,757 ) (h.1) Cumulative translate difference These are originated from exchange differences arising from the translation of any investment in foreign entities (or Chilean investments with a functional currency different to that of the parent), and from loans and other instruments in foreign currency designated as hedges for such investments. When the investment (all or part) is sold or disposed and a loss of control occurs, these reserves are shown in the consolidated statement of income as part of the loss or gain on the sale or disposal. If the sale does not involve loss of control, these reserves are transferred to non-controlling interests (h.2) Cash flow hedging reserve These are originated from the fair value valuation at the end of each period of the outstanding derivative contracts that have been defined as cash flow hedges. When these contracts expire, these reserves should be adjusted, and the corresponding results recognized. (h.3) Reserves of actuarial gains or losses on defined benefit plans Correspond to the increase or decrease in the present value obligation for defined benefit plans due to changes in actuarial assumptions, and experience adjustments, which are the effects of differences between the previous actuarial assumptions and the actual events that have occurred. (i) Retained earnings/(losses) Movement of Retained earnings/(losses): Periods Opening Result Dividends Closing ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 352,272 (4,545,887 ) - (4,193,615 ) From January 1 to December 31, 2021 (4,193,615 ) (4,647,491 ) - (8,841,106 ) From January 1 to December 31, 2022 (8,841,106 ) 1,339,210 - (7,501,896 ) (j) Dividends per share During the years 2022 and 2021 no dividends have been paid. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Revenue Text Block Abstract | |
REVENUE | NOTE 25 - REVENUE The detail of revenues is as follows: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Passengers 7,636,429 3,342,381 2,713,774 Cargo 1,726,092 1,541,634 1,209,893 Total 9,362,521 4,884,015 3,923,667 |
COSTS AND EXPENSES BY NATURE
COSTS AND EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Expenses By Nature Text Block Abstract | |
COSTS AND EXPENSES BY NATURE | NOTE 26 - COSTS AND EXPENSES BY NATURE (a) Costs and operating expenses The main operating costs and administrative expenses are detailed below: For the year. ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Aircraft fuel (3,882,505 ) (1,487,776 ) (1,045,343 ) Other rentals and landing fees (1,036,158 ) (755,188 ) (720,005 ) Aircraft maintenance (582,848 ) (533,738 ) (472,382 ) Aircraft rental (*) (202,845 ) (120,630 ) - Comisions (167,035 ) (89,208 ) (91,910 ) Passenger services (184,357 ) (77,363 ) (97,688 ) Other operating expenses (1,136,490 ) (959,427 ) (1,221,183 ) Total (7,192,238 ) (4,023,330 ) (3,648,511 ) (*) During 2021, the Company amended its Aircraft Lease Contracts to include lease payments based on Power by the Hour (PBH) at the beginning of the contract and fixed-rent payments later on. For these contracts that contain an initial period based on PBH and then a fixed amount, a right of use asset and a lease liability was recognized at the date of modification of the contract. These amounts continue to be amortized over the contract term on a straight-line basis starting from the modification date of the contract. Therefore, as a result of the application of the lease accounting policy, the expenses for the year include both the lease expense for variable payments (Aircraft Rentals) as well as the expenses resulting from the amortization of the right of use assets (included in the Depreciation line included in b) below) and interest from the lease liability (included in Lease Liabilities letter c) below) For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Payments for leases of low-value assets (17,959 ) (19,793 ) (21,178 ) Rent concessions recognized directly in profit or loss - - 110 Total (17,959 ) (19,793 ) (21,068 ) (b) Depreciation and amortization Depreciation and amortization are detailed below: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Depreciation (*) (1,125,154 ) (1,114,232 ) (1,219,586 ) Amortization (54,358 ) (51,162 ) (169,800 ) Total (1,179,512 ) (1,165,394 ) (1,389,386 ) (*) Included within this amount is the depreciation of the Property, plant and equipment (See Note 16 (a)) and the maintenance of the aircraft recognized as right of use assets. The maintenance cost amount included in the depreciation line for the period ended December 31, 2022 is ThUS$ 463,306 (ThUS $ 351,701 for the same period in 2021). (c) Financial costs The detail of financial costs is as follows: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Bank loan interests (714,310 ) (580,193 ) (314,468 ) Financial leases (45,384 ) (46,679 ) (45,245 ) Lease liabilities (152,132 ) (121,147 ) (170,918 ) Other financial instruments (30,577 ) (57,525 ) (56,348 ) Total (942,403 ) (805,544 ) (586,979 ) Costs and expenses by nature presented in this note plus the Employee expenses disclosed in Note 22, are equivalent to the sum of cost of sales, distribution costs, administrative expenses, other expenses and financing costs presented in the consolidated statement of income by function. (d) Gain (losses) from restructuring activities Gains (losses) from restructuring activities are detailed below: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Renegotiation of fleet contracts (483,068 ) (516,559 ) - Legal advice (323,204 ) (91,870 ) (76,541 ) Employee reestructuring plan (*) (80,407 ) (46,938 ) (290,831 ) Rejection of fleet contracts - (1,564,973 ) (269,467 ) Rejection of IT contracts (2,586 ) (26,368 ) - Adjustment net realizable value fleet available for sale - (73,595 ) (331,522 ) Gains resulting from the settlement of Chapter 11 claims (**) 2,550,306 - - Others 18,893 (16,879 ) (21,648 ) Total 1,679,934 (2,337,182 ) (990,009 ) (*) See note 2.1, c. (**) See Note 24 (g) (e) Financial income Financial income is detailed below: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Financial claims (*) 491,326 - - Gains resulting from the settlement of Chapter 11 claims (**) 420,436 - - Finance lease rate change effect 49,824 - - Other miscellaneous income 90,709 21,107 50,397 Total 1,052,295 21,107 50,397 (*) See Note 34 (a.4.) (**) See Note 24 (g) (f) Other gains (losses) Other gains (losses) are detailed below: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Fuel hedging - - (82,487 ) Slot Write Off - - (36,896 ) Provision for onerous contract related to purchase commitment - 44,000 (44,000 ) Goodwill Impairment - - (1,728,975 ) Adjustment net realizable value fleet available for sale (345,410 ) - - Other (1,667 ) (13,326 ) 17,569 Total (347,077 ) 30,674 (1,874,789 ) |
OTHER INCOME, BY FUNCTION
OTHER INCOME, BY FUNCTION | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Operating Income Text Block Abstract | |
OTHER INCOME, BY FUNCTION | NOTE 27 - OTHER INCOME, BY FUNCTION Other income, by function is as follows: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Tours 24,068 11,209 22,499 Aircraft leasing 18,164 6,852 46,045 Customs and warehousing 30,323 27,089 25,138 Maintenance 7,995 15,602 18,579 Income from non-airlines products latam pass 23,954 40,481 42,913 Other miscellaneous income (*) 49,782 126,098 255,828 Total 154,286 227,331 411,002 (*) Included within this amount are ThUS$30,408 in December 2022, ThUS$118,188 in December 2021 and ThUS$ 132,467 in 2020 and related to the compensation of Delta Air Lines Inc. for the JBA signed in 2019. |
FOREIGN CURRENCY AND EXCHANGE R
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates Text Block Abstract | |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES | NOTE 28 - FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES The functional currency of LATAM Airlines Group S.A. is the US dollar, LATAM has subsidiaries whose functional currency is different to the US dollar, such as the chilean peso, argentine peso, colombian peso, brazilian real and guaraní. The functional currency is defined as the currency of the primary economic environment in which an entity operates. For each entity and all othercurrencies are defined as a foreign currency. Considering the above, the balances by currency mentioned in this note correspond to the sum of foreign currency of each of the entities that are part of the LATAM Airlines Group S.A. and Subsidiaries. Following are the current exchange rates for the US dollar, on the dates indicated: As of As of December 31, 2022 2021 2020 Argentine peso 177.12 102.75 84.14 Brazilian real 5.29 5.57 5.18 Chilean peso 855.86 844.69 710.95 Colombian peso 4,845.35 4,002.52 3,421.00 Euro 0.93 0.88 0.81 Australian dollar 1.47 1.38 1.30 Boliviano 6.86 6.86 6.86 Mexican peso 19.50 20.53 19.93 New Zealand dollar 1.58 1.46 1.39 Peruvian Sol 3.81 3.98 3.62 Paraguayan Guarani 7,332.2 6,866.4 6,900.10 Uruguayan peso 39.71 44.43 42.14 Foreign currency The foreign currency detail of balances of monetary items in current and non-current assets is as follows: As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current assets Cash and cash equivalents 265,371 262,886 Argentine peso 6,712 6,440 Brazilian real 3,355 9,073 Chilean peso 17,591 9,759 Colombian peso 8,415 4,745 Euro 19,361 7,099 U.S. dollar 168,139 195,264 Other currency 41,798 30,506 Other financial assets, current 14,530 12,728 Argentine peso 3 4 Brazilian real 24 4 Chilean peso 5,778 4,440 Colombian peso 93 111 Euro 2,483 1,720 U.S. dollar 5,709 5,242 Other currency 440 1,207 As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current assets Other non - financial assets, current 19,425 34,613 Argentine peso 381 5,715 Brazilian real 2,303 1,488 Chilean peso 3,341 20,074 Colombian peso 544 121 Euro 622 1,936 U.S. dollar 4,369 1,106 Other currency 7,865 4,173 Trade and other accounts receivable, current 127,666 144,367 Argentine peso 25,035 6,850 Brazilian real 10,669 53 Chilean peso 31,258 47,392 Colombian peso 176 455 Euro 12,506 24,548 U.S. dollar 9,584 43,418 Other currency 38,438 21,651 Accounts receivable from related entities, current 138 502 Chilean peso 31 19 U.S. dollar 107 483 Tax current assets 15,623 8,674 Argentine peso 186 322 Brazilian real 669 47 Chilean peso 1,569 681 Colombian peso 1,921 1,618 Euro 68 70 U.S. dollar 2 406 Peruvian sun 10,300 4,450 Other currency 908 1,080 Total current assets 442,753 463,770 Argentine peso 32,317 19,331 Brazilian real 17,020 10,665 Chilean peso 59,568 82,365 Colombian peso 11,149 7,050 Euro 35,040 35,373 U.S. Dollar 187,910 245,919 Other currency 99,749 63,067 As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Non-current assets Other financial assets, non-current 13,366 10,700 Brazilian real 3,495 3,326 Chilean peso 69 62 Colombian peso 1,344 231 Euro 4,308 2,384 U.S. dollar 2,050 2,524 Other currency 2,100 2,173 Other non - financial assets, non-current 11,909 12,197 Argentine peso 12 32 Brazilian real 8,082 6,924 U.S. dollar 3,815 5,241 Other currency - - Accounts receivable, non-current 4,526 3,985 Chilean peso 4,526 3,985 Deferred tax assets 2,948 6,720 Colombian peso 2,567 4,717 U.S. dollar 20 10 Other currency 361 1,993 Total non-current assets 32,749 33,602 Argentine peso 12 32 Brazilian real 11,577 10,250 Chilean peso 4,595 4,047 Colombian peso 3,911 4,948 Euro 4,308 2,384 U.S. dollar 5,885 7,775 Other currency 2,461 4,166 The foreign currency detail of balances of monetary items in current liabilities and non-current is as follows: Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ Current liabilities Other financial liabilities, current 17,062 179,777 602 177,471 Argentine peso 1 1 - - Brazilian real - 31 - 210 Chilean peso 10,697 135,431 602 159,541 Euro 621 259 - 184 U.S. dollar 5,558 43,919 - 17,460 Other currency 185 136 - 76 Trade and other accounts payables, current 720,688 1,317,418 20,995 50,312 Argentine peso 45,345 234,358 3,446 2,335 Brazilian real 48,511 70,523 651 653 Chilean peso 146,395 280,405 1,231 44,438 Colombian peso 2,330 7,673 31 1,134 Euro 29,502 134,146 11 887 U.S. dollar 328,540 472,800 2,883 73 Peruvian sol 7,426 2,487 10,886 310 Mexican peso 12,969 11,297 75 29 Pound sterling 37,788 45,096 19 86 Uruguayan peso 1,199 775 1,110 58 Other currency 60,683 57,858 652 309 Accounts payable to related entities, current - 57 - - Chilean peso - 6 - - U.S. dollar - 51 - - Other provisions, current 29 - 11,655 4,980 Chilean peso - - 29 25 Other currency 29 - 11,626 4,955 Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ Current liabilities Other non-financial liabilities, current 16,315 29,057 9,071 - Argentine peso 87 1,604 6,563 - Brazilian real 220 859 11 - Chilean peso 1,568 1,332 178 - Colombian peso 294 941 798 - Euro 546 1,375 173 - U.S. dollar 12,975 21,174 1,063 - Other currency 625 1,772 285 - Total current liabilities 754,095 981,129 42,323 232,770 Argentine peso 45,433 28,128 10,009 2,335 Brazilian real 48,731 31,903 662 863 Chilean peso 158,660 212,629 2,040 204,004 Colombian peso 2,624 2,520 829 1,134 Euro 30,669 46,681 184 1,071 U.S. dollar 347,073 539,429 3,946 17,540 Other currency 120,905 119,839 24,653 5,823 More than 1 to 3 years More than 3 to 5 years More than 5 years As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Non-current liabilities Other financial liabilities, non-current 32,036 33,205 774 15,375 170,437 359,623 Chilean peso 11,544 1,512 774 896 170,437 355,636 Brazillian real 16 86 - - - - Euro 1,409 135 - 90 - - U.S. dollar 18,354 31,413 - 14,389 - 3,987 Other currency 713 59 - - - - Accounts payable, non-current 58,449 114,097 - 1,451 - 342 Chilean peso 17,259 41,456 - 1,451 - 342 U.S. dollar 39,717 71,339 - - - - Other currency 1,473 1,302 - - - - Other provisions, non-current 43,301 49,420 - - - - Argentine peso 1,917 1,074 - - - - Brazillian real 37,982 27,532 - - - - Chilean peso - - - - - - Colombian peso 202 255 - - - - Euro 2,944 10,820 - - - - U.S. dollar 256 9,739 - - - - Provisions for employees benefits, non-current 55,454 44,816 - - - - Chilean peso 55,454 44,816 - - - - Total non-current liabilities 189,240 241,538 774 16,826 170,437 359,965 Argentine peso 1,917 1,074 - - - - Brazilian real 37,998 27,618 - - - - Chilean peso 84,257 87,784 774 2,347 170,437 355,978 Colombian peso 202 255 - - - - Euro 4,353 10,955 - 90 - - U.S. dollar 58,327 112,491 - 14,389 - 3,987 Other currency 2,186 1,361 - - - - As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ General summary of foreign currency: Total assets 475,502 497,372 Argentine peso 32,329 19,363 Brazilian real 28,597 20,915 Chilean peso 64,163 86,412 Colombian peso 15,060 11,998 Euro 39,348 37,757 U.S. dollar 193,795 253,694 Other currency 102,210 67,233 Total liabilities 1,156,869 1,832,228 Argentine peso 57,359 31,537 Brazilian real 87,391 60,384 Chilean peso 416,168 862,742 Colombian peso 3,655 3,909 Euro 35,206 58,797 U.S. dollar 409,346 687,836 Other currency 147,744 127,023 Net position Argentine peso (25,030 ) (12,174 ) Brazilian real (58,794 ) (39,469 ) Chilean peso (352,005 ) (776,330 ) Colombian peso 11,405 8,089 Euro 4,142 (21,040 ) U.S. dollar (215,551 ) (434,142 ) Other currency (45,534 ) (59,790 ) |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Earnings Per Share Text Block Abstract | |
EARNINGS (LOSS) PER SHARE | NOTE 29 – EARNINGS (LOSS) PER SHARE For the year ended December 31, 2022 2021 2020 Basic earnings (loss) per share Income (Loss) attributable to owners of the parent (ThUS$) 1,339,210 (4,647,491 ) (4,545,887 ) Weighted average number of shares, basic 96,614,464,231 (*) 606,407,693 606,407,693 Basic earnings (loss) per share (US$) 0.013861 (7.66397 ) (7.49642 ) For the year ended December 31, 2022 2021 2020 Diluted earnings (loss) per share Income (Loss) attributable to owners of the parent (ThUS$) 1,339,210 (***) (4,647,491 ) (4,545,887 ) Weighted average number of shares, diluted 98,530,451,071 (**) 606,407,693 606,407,693 Weighted average number of shares, diluted (2) 98,530,451,071 606,407,693 606,407,693 Diluted earnings (loss) per share (US$) 0.013592 (7.66397 ) (7.49642 ) (*) As of December 31, 2022, the weighted average number of shares considers 606,407,693 shares outstanding from January 1, 2022 until November 2, 2022. From November 3, 2022 until December 31, 2022 the number of shares outstanding increases due to the equity rights offering and then increases daily as the holders of the convertible notes convert them into shares (See movement of shares in Note 24). (**) As of December 31, 2022, the weighted average number of fully diluted shares considers 606,407,693 shares outstanding from January 1, 2022 until November 2, 2022, and 605,801,285,307 shares outstanding from November 3, 2022 until December 31, 2022 which includes the equity rights offering and assumes the conversion of all convertible notes that were issued upon emergence from Chapter 11 (See movement of shares in Note 24). (***) Profit (Loss) attributable to holders of equity instruments of the parent company is unchanged when calculating diluted EPS because only Convertible Note H accrued interest. However, this Note was converted into shares immediately after issuance and therefore did not accrue interest during the year. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Contingent Liabilities Text Block Abstract | |
CONTINGENCIES | NOTE 30 – CONTINGENCIES I. Lawsuits 1) Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Airlines Group S.A., Aerovías de Integración Regional S.A., LATAM Airlines Perú S.A., Latam-Airlines Ecuador S.A., LAN Cargo S.A., TAM Linhas Aereas S.A. and 32 affiliates United States Bankruptcy Court for the Southern District of New York Case No. 20-11254 LATAM Airlines Group S.A., Aerovías de Integración Regional S.A., LATAM Airlines Peru S.A., LATAM Airlines Ecuador S.A., LAN Cargo S.A., TAM Linhas Aereas S.A. and 32 subsidiaries began a reorganization in the United States of America according to Chapter 11 of Title 11 of the U.S. Code. They filed a voluntary petition for Chapter 11 protection (the “Chapter 11 Procedure”) that granted an automatic foreclosure suspension for at least 180 days. On May 26, 2020, LATAM Airlines Group S.A. and 28 subsidiaries (the “Initial Debtors”) individually filed a voluntary reorganization petition with U.S. Bankruptcy Court for the Southern District of New York according to Chapter 11 of the U.S. Bankruptcy Code. On July 7 and 9, 2020, 9 additional affiliated debtors (the “Subsequent Debtors,” and together with the Initial Debtors, the “Debtors”), including TAM Linhas Aereas S.A., filed a voluntary reorganization petition with the Court according to Chapter 11 of the U.S. Bankruptcy Code. On November 26, 2021, the Debtors submitted a joint reorganization plan together with an informational statement. On May 11, 2022, the Debtors submitted a revised version of the Plan. On June 18, 2022, the Bankruptcy Court issued an order confirming the Reorganization Plan filed by the Debtors (the “Confirmation Order”). On July 5, 2022, a Special Shareholders Meeting of LATAM approved implementing the Restructuring Plan and issuing the required instruments to be able to exit the Chapter 11 Procedure. On November 3, 2022, LATAM Airlines Group S.A. and its various subsidiaries ( ) that were parties to the Chapter 11 Procedure exited that Procedure. The effective date of the exit (the “Effective Date”) of LATAM’s reorganization and financing plan (the “Reorganization Plan”) was approved and confirmed in the U.S. reorganization procedure (the “Chapter 11 Procedure”) according to the rules of Chapter 11 in Title 11 of the U.S. Code. On November 17, 2022, the 37 subsidiaries of LATAM Airlines Group S.A. filed a petition to close the Chapter 11 Proceeding. On December 14, 2022, the Bankruptcy Court approved the petition. The process remains open with respect to LATAM Airlines Group S.A. Limited claims pending in the Chapter 11 proceedings continue to be reconciled. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Airlines Group S.A. 2° Juzgado Civil de Santiago C-8553-2020 Request for recognition of the foreign reorganization proceeding. On June 1, 2020, LATAM Airlines Group SA, in its capacity as foreign representative of the reorganization procedure under the rules of Chapter 11 of Title 11 of the United States Code, filed the request for recognition of the foreign reorganization proceeding as the main proceeding, pursuant to Law 20,720. On June 4, 2020, the Court issued the ruling recognizing in Chile the bankruptcy proceeding for the foreign reorganization of the company LATAM Airlines Group S.A. All remedies filed against the decision have been dismissed, so the decision is final. Considering that November 3, 2022 was the Effective Date of the reorganization plan approved and confirmed in the main proceeding, on November 10, 2022, the representative of the foreign proceeding submitted to the court his last monthly report in accordance with the Communications Protocol Cross-border. -0- Aerovías de Integración Regional S.A. Superintendencia de Sociedades - Request for recognition of the foreign reorganization proceeding. On June 4, 2020, LATAM Airlines Group and the companies that were admitted to the Chapter 11 reorganization procedure (the “Borrower”) before the U.S. District Court for the Southern District of New York (the “U.S. Bankruptcy Court”) filed a petition with the Colombian Companies Commission (the “Companies Commission”) for recognition of the Chapter 11 reorganization procedure in Colombia based on Colombian cross-border insolvency regulations (Title III of Law 1116 of 2006). On June 12, 2020, the Superintendency of Companies recognized in Colombia the reorganization proceeding filed before the Bankruptcy Court of the United States of America for the Southern District of New York as a main process, under the terms of Title III of Law 1116 of 2006. On August 26, 2022, the Companies Commission (i) recognized the Bankruptcy Court’s June 24, 2022 order approving 8 exit financing strategies presented by LATAM Airlines Group S.A. and its subsidiary, Aerovías de Integración Regional S.A., and (ii) authorized the termination of the guarantees granted in the DIP loan and the establishment of the new guarantees. On November 3, 2022, the Borrowers notified the U.S. Bankruptcy Court, lenders and stakeholders of the Reorganization Plan effective date. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Finance Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On May 26, 2020, LATAM Finance Limited submitted a request for a provisional liquidation in the Grand Court of the Cayman Islands, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. On September 28, 2020, LATAM Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. On May 13, 2021, LATAM Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. On December 1, 2021, LATAM Finance Limited filed a petition to suspend the liquidation, which was accepted by the Grand Court of Cayman Islands. This extended the status of the provisional liquidation through April 9, 2022. The procedure continues. On August 22, 2022, LATAM Finance Limited petitioned for a suspension of the liquidation, which was granted by the Grand Court of the Cayman Islands. The provisional liquidation was extended to October 9, 2022 and the process continues in effect. That petition was sustained by the Grand Court of the Cayman Islands on October 4, 2022. On September 30, 2022, LATAM Finance Limited filed an application for validation of security obligations arising in connection with the DIP to Exit and new DIP facilities. On October 04, 2022, the Grand Court made an Order validating such application. Currently the proceeding remains open. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Peuco Finance Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. Peuco Finance Limited submitted a request for a provisional liquidation in Grand Court of the Cayman Islands, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. On September 28, 2020, Peuco Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. On May 13, 2021, Peuco Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. On December 1, 2021, Peuco Finance Limited filed a petition to suspend the liquidation, which was accepted by the Grand Court of Cayman Islands. This extended the status of the provisional liquidation through April 9, 2022. The procedure continues. On August 22, 2022, Peuco Finance Limited petitioned for a suspension of the liquidation, which was granted by the Grand Court of the Cayman Islands. The provisional liquidation was extended to October 9, 2022 and the process continues in effect. That petition was sustained by the Grand Court of the Cayman Islands on October 4, 2022. On September 30, 2022, Peuco Finance Limited filed an application for validation of security obligations arising in connection with the DIP to Exit and new DIP facilities. On October 04, 2022, the Grand Court made an Order validating such application. Currently the proceeding remains open. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Piquero Leasing Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On July 07, 2020, Piquero Leasing Limited submitted a request for a provisional liquidation in Grand Court of the Cayman Islands, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on July 10, 2020, by the Grand Court of the Cayman Islands. Piquero Leasing Limited entered a motion to suspend the liquidation on September 28, 2020. The Grand Court of the Cayman Islands granted the motion and extended the provisional liquidation status for 6 months. The procedure continues. On May 13, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. On December 1, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation, which was accepted by the Grand Court of Cayman Islands. This extended the status of the provisional liquidation through April 9, 2022. The procedure continues. On August 22, 2022, Piquero Leasing Limited petitioned for a suspension of the liquidation, which was granted by the Grand Court of the Cayman Islands. The provisional liquidation was extended to October 9, 2022 and the process continues in effect. Currently the proceeding remains open. -0- 2) Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries. Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Airlines Group S.A. y Lan Cargo S.A. European Commission. Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26th, 2007, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the instruction process against twenty five cargo airlines, including Lan Cargo S.A., for alleged breaches of competition in the air cargo market in Europe, especially the alleged fixed fuel surcharge and freight. On April 14th, 2008, the notification of the European Commission was replied. The appeal was filed on January 24, 2011. On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9th, 2010, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the imposition of a fine in the amount of THUS$8,797 (8.220.000 Euros) This fine is being appealed by Lan Cargo S.A. and LATAM Airlines Group S.A. On December 16, 2015, the European Court of Justice revoked the Commission’s decision because of discrepancies. The European Commission did not appeal the decision, but presented a new one on March 17, 2017 reiterating the imposition of the same fine on the eleven original airlines. The fine totals 776,465,000 Euros. It imposed the same fine as before on Lan Cargo and its parent, LATAM Airlines Group S.A., totaling 8.2 million Euros. On May 31, 2017 Lan Cargo S.A. and LATAM Airlines Group S.A. filed a petition with the General Court of the European Union seeking vacation of this decision. We presented our defense in December 2017. On July 12, 2019, we attended a hearing before the European Court of Justice to confirm our petition for vacation of judgment or otherwise, a reduction in the amount of the fine. On March 30, 2022, the European Court issued its ruling and lowered the amount of our fine from KUS$8,797 (8,220,000 Euros) to KUS$2,397 (2,240,000 Euros). This ruling was appealed by LAN Cargo S.A. and LATAM on June 9, 2022. The other eleven airlines also appealed the ruling affecting them. The European Commission responded to our appeal of September 7, 2022. Lan Cargo S.A. and LATAM answered the Commission’s arguments on November 11, 2022. The European Commission has until January 24, 2023 to reply to our defense. On December 17, 2020, the European Commission had presentaded proof of claim for the total amount of the fine (ThUS$8,797 (€8,220,000)) to the New York Court hearing the Chapter 11 procedure petitioned by LATAM Airlines Group, S.A. and LAN Cargo, S.A. in May 2020. The amount of this claim has been modified subject to the possible appeal of the ruling of the European Court. 2,397 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Lan Cargo S.A. y LATAM Airlines Group S.A. In the Ovre Romerike District Court (Norway) y Directie Juridische Zaken Afdeling Ceveil Recht (Netherlands) Lawsuits filed against European airlines by users of freight services in private lawsuits as a result of the investigation into alleged breaches of competition of cargo airlines, especially fuel surcharge. Lan Cargo S.A. and LATAM Airlines Group S.A., have been sued in court proceedings directly and/or in third party, based in England, Norway, the Netherlands and Germany, these claims were filed in England, Norway, the Netherlands and Germany, but are only ongoing in Norway and the Netherlands. The two proceedings still pending in Norway and the Netherlands are in the evidentiary stages. There has been no activity in Norway since January 2014 and in the Netherlands, since February 2021. The amounts are indeterminate. -0- Aerolinhas Brasileiras S.A. Federal Justice. 0008285-53.2015.403.6105 An action seeking to quash a decision and petioning for early protection in order to obgain a revocation of the penalty imposed by the Brazilian Competition Authority (CADE) in the investigation of cargo airlines alleged fair trade violations, in particular the fuel surcharge. This action was filed by presenting a guaranty – policy – in order to suspend the effects of the CADE’s decision regarding the payment of the following fines: (i) ABSA: ThUS$10,438; (ii) Norberto Jochmann: ThUS$201; (iii) Hernan Merino: ThUS$ 102; (iv) Felipe Meyer:ThUS$ 102. The action also deals with the affirmative obligation required by the CADE consisting of the duty to publish the condemnation in a widely circulating newspaper. This obligation had also been stayed by the court of federal justice in this process. Awaiting CADE’s statement. ABSA began a judicial review in search of an additional reduction in the fine amount. The Judge’s decision was published on March 12, 2019, and we filed an appeal against it on March 13, 2019 9,847 Aerolinhas Brasileiras S.A. Federal Justice. 0001872-58.2014.4.03.6105 An annulment action with a motion for preliminary injunction, was filed on 28/02/2014, in order to cancel tax debts of PIS, CONFINS, IPI and II, connected with the administrative process 10831.005704/2006.43 We have been waiting since August 21, 2015 for a statement by Serasa on TAM’s letter of indemnity and a statement by the Union. The statement was authenticated on January 29, 2016. A new insurance policy was submitted on March 30, 2016 with the change to the guarantee requested by PGFN. On 05/20/2016 the process was sent to PGFN, which was manifested on 06/03/2016. The Decision denied the company’s request in the lawsuit. The court (TRF3) made a decision to eliminate part of the debt and keep the other part (already owed by the Company, but which it has to pay only at the end of the process: KUS$3,478– R$18.148.281,61- probable). We must await a decision on the Treasury appeal. 7,822 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Linhas Aéreas S.A. Court of the Second Region. 2001.51.01.012530-0 (linked to the procces 19515.721154/2014-71, 19515.002963/2009-12) Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for R$ 260.223.373,10-original amount in 2012/2013, which currently equals THUS$73,986. The court decision requesting that the Expert make all clarifications requested by the parties in a period of 30 days was published on March 29, 2016. The plaintiffs’ submitted a petition on June 21, 2016 requesting acceptance of the opinion of their consultant and an urgent ruling on the dispute. No amount additional to the deposit that has already been made is required if this case is lost. 73,986 Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil. 10880.725950/2011-05 Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. The objection (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. We must wait until the due diligence is complete. 32,989 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. 2013-20319 CA 01 The July 30th, 2012 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20th, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on February 12, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. The Court decided that 45 th Judicial terms were reactivated on July 1, 2020. On September 18, 2020, an expert opinion on damages was submitted that had been requested by the Court. The Court ordered service of the ruling to the parties on December 14, 2020. The defendants, REGIONAL ONE and VAS, filed a motion for reconsideration of this decision, petitioning that the evidence of the expert opinion be eliminated because it was presented late. The motion was denied by the Court. On April 30, 2021, they petitioned for a clarification and supplement to the opinion, to which the Court agreed in a decision on May 19, 2021, giving the expert 10 business days to respond. The brief of clarification was filed June 2, 2021 and the docket was presented to the Judge on June 3, 2021. The parties were given notice of the objection on July 21, 2021 based on a serious mistake in the opinion presented by Regional One. The case entered the judgment phase on August 5, 2021. On October 7, 2021, the Court set a date for the instruction and judgment hearing, which will be February 3, 2022. Regional One, the defendant, filed a petition for reconsideration on October 13, 2021 that had not been decided on the date of this report. The claim was withdrawn on January 11, 2022 because the matter had been settled before the Bankruptcy Court hearing the Chapter 11 claim. The Court decreed the end of the proceedings because the claims were withdrawn in a ruling issued January 19, 2022. On January 21, 2022, VAS submitted a remedy of reconsideration and, alternatively, an appeal against the interim decision because it did not order costs to be paid to it. The parties were given notice to present a response between February 2 and 4, 2022. The proceedings continue with the judge while they decide on costs. These costs will not be enforced under the settlement made in the USA by VAS and LATAM Airlines Colombia. -0- Company Court Case Number Origin Stage of trial Amounts ThUS$ Florida. On June 4, 2019, the State Court of Florida allowed REGIONAL ONE to add a new claim against LATAM AIRLINES COLOMBIA for default on a verbal contract. Given the new claim, LATAM AIRLINES COLOMBIA petitioned that the Court postpone the trial to August 2019 to have the time to investigate the facts alleged by REGIONAL ONE to prove a verbal contract. The facts discovery phase continued, including the verbal statements of the experts of both sides, which have been taking place since March 2020. Given the Covid-19 pandemic and the suspension of trials in the County of Miami-Dade, the Court canceled the trial scheduled for June 2020. In addition, the claims against Aires have been suspended given the request for reorganization filed by LATAM AIRLINES GROUP SA and some of its subsidiaries, including Aires, on May 26, 2020, under Chapter 11 of the United States Bankruptcy Code. Dash, Regional One and VAS filed unsecured claims with the U.S. Bankruptcy Court by the deadline that creditors have according to Chapter 11. On October 18, 2021, Regional One, Dash and LATAM AIRLINES COLOMBIA participated in a third mediation where they agreed on the terms of a global settlement. On December 16, 2021, the Bankruptcy Court for the Southern District of New York approved the global agreement and release. Therefore, Dash and Regional withdrew their claims against Aires in Florida on December 21, 2021. VAS and Regional One informed the Court of a settlement agreement between them. VAS has informally presented a modified Chapter 11 claim to LATAM AIRLINES COLOMBIA in the intent to claim an indemnity of USD$1,197,539. LATAM AIRLINES COLOMBIA has not yet responded. VAS withdrew the damage indemnity claim against LATAM Airlines Colombia. Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil 10880.722.355/2014-52 On August 19th, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. An administrative objection was filed on September 17th, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On September 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). In September 2019, the Court rejected the appeal of the Hacienda Nacional. Hacienda Nacional filed a complaint that was denied by the Court. The final calculations of the Federal Income Tax Bureau are pending. 10,095 LATAM Airlines Group S.A. 22° Civil Court of Santiago C-29.945-2016 The Company received notice of a civil liability claim by Inversiones Ranco Tres S.A. on January 18, 2017. It is represented by Mr. Jorge Enrique Said Yarur. It was filed against LATAM Airlines Group S.A. for an alleged contractual default by the Company and against Ramon Eblen Kadiz, Jorge Awad Mehech, Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, directors and officers, for alleged breaches of their duties. In the case of Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, it alleges a breach, as controllers of the Company, of their duties under the incorporation agreement. LATAM has retained legal counsel specializing in this area to defend it. The claim was answered on March 22, 2017 and the plaintiff filed its replication on April 4, 2017. LATAM filed its rejoinder on April 13, 2017, which concluded the argument stage of the lawsuit. A reconciliation hearing was held on May 2, 2017, but the parties did not reach an agreement. The Court issued the evidentiary decree on May 12, 2017. We filed a petition for reconsideration because we disagreed with certain points of evidence. That petition was partially sustained by the Court on June 27, 2017. The evidentiary stage commenced and then concluded on July 20, 2017. Observations to the evidence must now be presented. That period expires August 1, 2017. We filed our observations to the evidence on August 1, 2017. We were served the decision on December 13, 2017 that dismissed the claim since LATAM was in no way liable. The plaintiff filed an appeal on December 26, 2017. Arguments were pled before the Santiago Court of Appeals on April 23, 2019, and on April 30, 2019, this Court confirmed the ruling of the trial court absolving LATAM. The losing party was ordered to pay costs in both cases. On May 18, 2019, Inversiones Ranco Tres S.A. filed a remedy of vacation of judgment based on technicalities and on substance against the Appellate Court decision. The Appellate Court admitted both appeals on May 29, 2019 and the appeals are pending a hearing by the Supreme Court. On August 11, 2021 Inversiones Ranco Tres S.A. requested the suspension of the hearing of the Appeal, after the recognition by the 2nd Civil Court of Santiago of the foreign reorganization procedure in accordance with Law No. 20,720, for the entire period that said procedure lasts, a request that was accepted by the Supreme Court. In December 2022 LATAM requested the end of the suspension. 15,488 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A. 10th Jurisdiction of Federal Tax Enforcement of Sao Paulo 0061196-68.2016.4.03.6182 Tax Enforcement Lien No. 0020869-47.2017.4.03.6182 on Profit-Based Social Contributions from 2004 to 2007. This tax enforcement was referred to the 10th Federal Jurisdiction on February 16, 2017. A petition reporting our request to submit collateral was recorded on April 18, 2017. At this time, the period is pending for the plaintiff to respond to our petition. The bond was replaced. The evidentiary stage has begun. 30,811 TAM Linhas Aéreas S.A. Department of Federal Revenue of Brazil 5002912.29.2019.4.03.6100 A lawsuit disputing the debit in the administrative proceeding 16643.000085/2009-47, reported in previous notes, consisting of a notice demanding recovery of the Income and Social Assessment Tax on the net profit (SCL) resulting from the itemization of royalties and use of the TAM trademark The lawsuit was assigned on February 28, 2019. A decision was rendered on March 1, 2019 stating that no guarantee was required. Actualmente, debemos esperar la decisión final. On 04/06/2020 TAM Linhas Aéreas S.A. had a favorable decision (sentence). The National Treasury can appeal. Today, we await the final decision. 9,071 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720630/2017-16 This is an administrative claim about a fine for the incorrectness of an import declaration. The administrative defensive arguments were presented September 28, 2017. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a special appeal (CRSF (Higher Tax Appeals Chamber)) that is pending a decision. A hearing will be held on October 19, 2022. A new decision was rendered against the company and the discussion at the administrative level ended. The debt will be disputed in a claim to be filed in January 2023. 18,307 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720852/2016-58 An improper charge of the Contribution for the Financing of Social Security (COFINS) on an import We are currently awaiting a decision. There is no predictable decision date because it depends on the court of the government agency. 13,023 TAM Linhas Aéreas S.A Delegacía de Receita Federal 16692.721.933/2017-80 The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport (Referring to 2012). An administrative defense was presented on May 29, 2018. The process has become a judicial proceeding. 26,580 SNEA (Sindicato Nacional das empresas aeroviárias) União Federal 0012177-54.2016.4.01.3400 A claim against the 72% increase in airport control fees (TAT-ADR) and approach control fees (TAT-APP) charged by the Airspace Control Department (“DECEA”). A decision is now pending on the appeal presented by SNEA. 83,636 TAM Linhas Aéreas S/A União Federal 2001.51.01.020420-0 TAM and other airlines filed a recourse claim seeking a finding that there is no legal or tax basis to be released from collecting the Additional Airport Fee (“ATAERO”). A decision by the superior court is pending. The amount is indeterminate because even though TAM is the plaintiff, if the ruling is against it, it could be ordered to pay a fee. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S/A Delegacia da Receita Federal 10880-900.424/2018-07 This is a claim for a nega |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Commitments Text Block Abstract | |
COMMITMENTS | NOTE 31 - COMMITMENTS (a) Commitments arising from loans In relation to certain contracts committed by the Company for the financing of the Boeing 777 aircraft, which are guaranteed by the Export – Import Bank of the United States of America, commencing on January 1, 2023, limits have been established for some financial indicators of LATAM Airlines Group S.A. on a consolidated basis. Under no circumstance does non-compliance with these limits generate loan acceleration. The Company and its subsidiaries do not have credit agreements that impose limits on financial indicators of the Company or its subsidiaries, with the exception of those detailed below: On October 12, 2022, LATAM Airlines Group S.A., acting through its subsidiary Professional Airline Services Inc, closed a new four-year revolving credit facility (“Exit RCF”) of US$ 500 million with a consortium of five banks led by Goldman Sachs. As of December 31, 2022, this credit facility is undrawn and fully available. In addition, on October 18, 2022, LATAM Airlines Group S.A., together with Professional Airline Services, Inc., a Florida corporation and a wholly owned subsidiary of LATAM Airlines Group S.A., issued (i) a five-year term loan facility (“Term Loan B Facility”) of US$ 1,100 million (US$1,100 million outstanding as of December 31, 2022), (ii) 13.375% senior secured notes due 2027 (“2027 Notes”) for an aggregate principal amount of US$ 450 million and (iii) 13.375% senior secured notes due 2029 (“2029 Notes”, together with the 2027 Notes, the “Notes”) for and aggregate principal amount of US$ 700 million. The Exit RCF, the Term Loan B Facility and the Notes (together, the “Exit Financing”) share the same intangible collateral composed mainly of the FFP (LATAM Pass loyalty program) business receivables, Cargo business receivables, certain slots, gates and routes and LATAM’s intellectual property and brands. The Exit Financing contains certain covenants limiting us and our restricted subsidiaries’ ability to, among other things, make certain types of restricted payments, incur debt or liens, merge or consolidate with others, dispose of assets, enter into certain transactions with affiliates, engage in certain business activities or make certain investments. In addition, the agreements include a minimum liquidity restriction, requiring us to maintain a minimum liquidity, measured at the consolidated Company (LATAM Airlines Group S.A.) level, of US$ 750 million. On November 3, 2022, LATAM Airlines Group S.A., acting through its subsidiary Professional Airline Services Inc, amended and extended the 2016 revolving credit facility (“RCF”) with a consortium of thirteen financial institutions led by Citibank, N.A., guaranteed by aircraft, engines and spare parts for a total committed amount of US$ 600 million. The RCF includes restrictions of minimum liquidity measured at the consolidated Company level (with a minimum level of US$ 750 million) and measured individually for LATAM Airlines Group S.A. and TAM Linhas Aéreas S.A. (with a minimum level of US$ 400 million). Compliance with these restrictions is a prerequisite for drawing under the line; if the line is used, compliance with said restrictions must be reported periodically, and non-compliance with these restrictions may trigger an acceleration of the loan. As of December 31, 2022, this line of credit is undrawn and fully available. On November 3, 2022, LATAM Airlines Group S.A., acting through subsidiary its Professional Airline Services Inc, executed a five-year credit facility (“Spare Engine Facility”) with, among others, Crédit Agricole Corporate and Investment Bank, acting through its New York branch, as facility agent and arranger and guaranteed by spare engines for a principal amount of US$ 275 million. As of December 31, 2022, the outstanding amount under the Spare Engine Facility is US$ 275 million. The facility includes restrictions of minimum liquidity measured at the consolidated Company level (with a minimum level of US$ 750 million) and measured individually for LATAM Airlines Group S.A. and TAM Linhas Aéreas S.A. (with a minimum level of US $ 400 million). As of December 31, 2022, the Company complies with the aforementioned minimum liquidity covenants. b) Other commitments As of December 31, 2022, the Company maintains valid letters of credit, guarantee notes and guarantee insurance policies, according to the following detail: Value Release Creditor Guarantee Debtor Type ThUS$ Date Superintendencia Nacional de Aduanasy de Administración Tributaria LATAM Airlines Perú S.A. Forty-four letters of credit 189,708 Jan 5, 2023 Lima Airport Partners S.R.L. LATAM Airlines Perú S.A. Two letters of credit 1,620 Nov 30, 2023 Servicio Nacional de Aduana del Ecuador LATAM Airlines Ecuador S.A. Four letters of credit 2,130 Aug 5, 2023 Aena Aeropuertos S.A. LATAM Airlines Group S.A. Three letters of credit 1,183 Nov 15, 2023 American Alternative Insurance Corporation LATAM Airlines Group S.A. Eighteen letters of credit 6,460 Mar 22, 2023 Comisión Europea LATAM Airlines Group S.A. One letter of credit 2,586 Mar 29, 2023 Metropolitan Dade County LATAM Airlines Group S.A. Five letters of credit 2,281 Mar 13, 2023 JFK International Air Terminal LLC. LATAM Airlines Group S.A. One letter of credit 2,300 Jan 27, 2023 Servicio Nacional de Aduanas LATAM Airlines Group S.A. Three letters of credit 1,287 Jul 28, 2023 Isoceles LATAM Airlines Group S.A. One letter of credit 41,000 Aug 6, 2023 BBVA LATAM Airlines Group S.A. One letter of credit 4,126 Jan 17, 2023 Sociedad Concesionaria Nuevo Pudahuel LATAM Airlines Group S.A. fifteen letters of credit 1,755 Dec 13, 2023 Procon TAM Linhas Aéreas S.A. Two insurance policy guarantee 2,340 Nov 17, 2025 União Federal TAM Linhas Aéreas S.A. Five insurance policy guarantee 9,731 Feb 4, 2025 Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,485 Apr 24, 2025 Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,681 Jul 5, 2023 Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,337 Dec 31, 2023 Procon TAM Linhas Aéreas S.A. Six insurance policy guarantee 8,389 Jan 4, 2023 17a Vara Cível da Comarca da Capital de João Pessoa/PB. TAM Linhas Aéreas S.A. One insurance policy guarantee 2,355 Jun 25, 2023 14ª Vara Federal da Seção Judiciária de Distrito Federal TAM Linhas Aéreas S.A. One insurance policy guarantee 1,406 May 29, 2025 Vara Civel Campinas SP. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,653 Jun 14, 2024 JFK International Air Terminal LLC. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,300 Jan 25, 2023 7ª Turma do Tribunal Regional Federal da 1ª Região. TAM Linhas Aéreas S.A. One insurance policy guarantee 43,003 Apr 20, 2023 Bond Safeguard Insurance Company. TAM Linhas Aéreas S.A. One insurance policy guarantee 2,700 Jul 20, 2023 Fundacao de Protecao e Defesa do Consumidor Procon. TAM Linhas Aéreas S.A. Two insurance policy guarantee 4,276 Sep 20, 2023 Uniao Federal Fazenda Nacional. TAM Linhas Aéreas S.A. One insurance policy guarantee 31,860 Jul 30, 2024 Uniao Federal PGFN. TAM Linhas Aéreas S.A. Three insurance policy guarantee 18,469 Jan 4, 2024 1° Vara de Execuções Fiscais e de Crimes contra a Ordem Trib da Com de Fortaleza. TAM Linhas Aéreas S.A. One insurance policy guarantee 2,355 Dec 31, 2023 Fundacao de Protecao e Defesa do Consumidor Procon. TAM Linhas Aéreas S.A. One insurance policy guarantee 2,024 Feb 10, 2026 Fiança TAM Linhas Aéreas x Juiz Federal de uma das varas da Seção Judiciária de Brasília. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,687 Dec 31, 2023 Juizo de Direito da Vara da Fazenda Publica Estadual da Comarca Da Capital do Estado do Rio de Janeiro. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,127 Dec 31, 2023 Municipio Do Rio De Janeiro. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,154 Dec 31, 2023 Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 9,077 Apr 15, 2025 Fundacao de Protecao e Defesa do Consumidor Do Estado De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,073 Dec 31, 2023 Tribunal de Justição de São Paulo. TAM Linhas Aéreas S.A. Two insurance policy guarantee 1,499 Dec 31, 2023 Uniao Federal Fazenda Nacional Absa Linhas Aereas Brasileira S.A. Three insurance policy guarantee 15,215 Feb 4, 2025 Uniao Federal PGFN Absa Linhas Aereas Brasileira S.A. Two insurance policy guarantee 20,681 Feb 22, 2025 Tribunal de Justição de São Paulo. Absa Linhas Aereas Brasileira S.A. Two insurance policy guarantee 5,836 Dec 31, 2023 3ªVara Federal da Subseção Judiciária de Campinas SP Absa Linhas Aereas Brasileira S.A. One insurance policy guarantee 1,734 Nov 30, 2025 7ª Turma do Tribunal Regional Federal da 1ª Região Absa Linhas Aereas Brasileira S.A. One insurance policy guarantee 1,677 May 7, 2023 453,560 Letters of credit related to right-of-use assets are included in Note 16 Property, plant and equipment letter (d) Additional information Property, plant and equipment, in numeral (i) Property, plant and equipment delivered as collateral. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2022 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 32 - TRANSACTIONS WITH RELATED PARTIES (a) Details of transactions with related parties as follows: Transaction amount Nature of Nature of with related parties relationship with related As of December 31, Tax No. Related party related Country parties Currency 2022 2021 2020 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales CLP 87 23 28 81.062.300-4 Costa Verde Aeronautica S.A. Common shareholder Chile Loans received (*) US$ (231,714 ) (35,412 ) (100,013 ) Interest received (*) US$ (21,329 ) (34,694 ) (5,700 ) Capital contribution US$ 170,962 - - 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Services provided CLP 36 26 13 96.989.370-3 Rio Dulce S.A. Related director Chile Tickets sales CLP 2 9 5 Foreign Patagonia Seafarms INC Related director U.S.A Services provided of cargo transport US$ - 15 40 Foreign Inversora Aeronáutica Argentina S.A. Related director Argentina Real estate leases received ARS (63 ) - - USD - - - Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil Services provided of passenger transport BRL 4 12 13 Foreign Qatar Airways Indirect shareholder Qatar Interlineal received service US$ (23,110 ) (6,387 ) (4,736 ) Services provided by aircraft lease US$ - - 22,215 Interlineal provided service US$ 37,855 6,283 3,141 Services provided of handling US$ 692 1,493 1,246 Services received miles US$ (4,974 ) - - Compensation for early return of aircraft US$ - - 9,240 Services provided / received others US$ (434 ) (963 ) 1,160 Foreign Delta Air Lines, Inc. Shareholder U.S.A Interlineal received service US$ (111,706 ) (11,768 ) (4,160 ) Interlineal provided service US$ 102,580 7,695 4,357 Loans received (*) US$ (233,008 ) - - Interest received (*) US$ (10,374 ) - - Capital contribution US$ 163,979 - - Services provided of handling US$ (4,340 ) - - Engine sale US$ 19,405 - - Services provided maintenance US$ - (59 ) 3,310 Services provided / received others US$ (1,893 ) (318 ) 30 Foreign QA Investments Ltd Common shareholder U.K. Loans received (*) US$ (240,440 ) (44,266 ) (125,016 ) Interest received (*) US$ (26,153 ) (43,367 ) (7,125 ) Capital contribution US$ 163,979 - - Foreign QA Investments 2 Ltd Common shareholder U.K. Loans received (*) US$ (7,414 ) (44,266 ) (125,016 ) Interest received (*) US$ (15,780 ) (43,367 ) (7,125 ) Foreign Lozuy S.A. Common shareholder Uruguay Loans received (*) US$ (57,928 ) (8,853 ) (25,003 ) Interest received (*) US$ (5,332 ) (8,673 ) (1,425 ) (*) Operations corresponding to DIP loans tranche C. The balances corresponding to Accounts receivable and accounts payable to related entities are disclosed in Note 9. Transactions between related parties have been carried out under market conditions and duly informed. (b) Compensation of key management The Company has defined for these purposes that key management personnel are the executives who define the Company’s policies and macro guidelines and who directly affect the results of the business, considering the levels of Vice-Presidents, Chief Executives and Senior Directors. For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Remuneration 10,651 9,981 8,395 Board compensation 1,109 1,016 257 Non-monetary benefits 565 501 1,719 Short-term benefits 11,814 16,639 13,624 Termination benefits (*) 1,157 513 4,539 Total 25,296 28,650 28,534 (*) Includes termination benefits ThUS $ 1,157 related to the reorganization within the framework of Chapter 11 and classified as expenses of restructuring activities, for the 12 months ended December 31, 2022. (Note 26 d). |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Share Based Payment Arrangements Text Block Abstract | |
SHARE-BASED PAYMENTS | NOTE 33 - SHARE-BASED PAYMENTS LP3 compensation plans (2020-2023) The Company implemented a program for a group of executives, which runs from October 2020 and lasts until March 2023, where the percentage that is collected is annual and cumulative. The methodology is based on the allocation of a quantity of units where the goal is the achievement of a specified share price. The benefit is vested if the target of the share price defined in each year is met. In case the benefit accumulates up to the last year the total benefit is doubled (in case the share price is achieved). This Compensation Plan has not yet been provisioned due to the fact that the share price required for collection is below the initial target. |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2022 | |
STATEMENT OF CASH FLOWS [Abstract] | |
STATEMENT OF CASH FLOWS | NOTE 34 - STATEMENT OF CASH FLOWS (a) The Company has carried out the following non-monetary transactions mainly related for: a.1.) Proceeds from the issuance of shares: Detail THUS$ Issuance of shares 800,000 Issuance costs (80,000 ) DIP Junior offset (170,962 ) Total cash flow 549,038 From the total capital increase for ThUS$800,000, ThUS$549,038 were cash Inflows presented in Financing Activities. ThUS$170,962 were offset against a portion of the Junior DIP maintained with the shareholder Inversiones Costa Verde Ltda. y CPA Additionally, there were ThUS$80,000 deducted related to equity issuance cost, that are presented within Other sundry reserves of equity. a.2.) Amount from the issuance of other equity instruments: Convertible Convertible Detail Notes H Notes I Total ThUS$ ThUS$ ThUS$ Fair Value (see note 24) 1,372,837 4,097,788 5,470,625 Use for settement of claim - (828,581 ) (828,581 ) Issuance costs (24,812 ) (705,467 ) (730,279 ) DIP Junior offset (327,957 ) (381,018 ) (708,975 ) Cash inflow 1,020,068 2,182,722 3,202,790 The payment of DIP Junior offset is related to payment of the Junior Dip through the issues of the Convertible Notes subscribed for the shareholders Delta Air Lines, Inc and QA Investment Ltd. ThUS$327,957 and of the other creditor for Th$381.018. a.3.) As a result of the exit from Chapter 11, in relation to trade accounts payable and other accounts payable, the conversion into shares for Bonds G and I was carried out, for a total of ThUS$3,610,470 and a decrease in said item with effect in result which is included in Earning (Loss) from restructuring activities for ThUS$ 2,550,306 (see note 26d) and with effect in results in financial income for ThUS$ 420,436 (see note 26e). a.4.) As a result of the exit from Chapter 11, the Other financial liabilities item decreased its balance by ThUS$ 2,673,256, which is detailed in letter, d). The break down of this decrease corresponds mainly to ThUS$ 491,326 (see note 26e), ThUS$ 354,249 (decrease with effect in Property, plant and equipment, mainly related to the effect of rate change), ThUS$ 381,018 related to the compensation of the debt with the effect of increasing Capital, ThUS$1,443,066 associated with the conversion of debt into shares and other minor effects of ThUS$3,596. (b) Other inflows (outflows) of cash: For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Fuel hedge 35,857 14,269 (46,579 ) Hedging margin guarantees (40,207 ) (4,900 ) 14,962 Tax paid on bank transactions (2,134 ) (2,530 ) (1,261 ) Fuel derivatives premiums (23,372 ) (17,077 ) (3,949 ) Bank commissions, taxes paid and other (5,441 ) (21,287 ) (5,828 ) Guarantees (47,384 ) (39,728 ) (44,280 ) Court deposits (20,661 ) (16,323 ) 38,528 Delta Air Lines Inc. Compensation - - 62,000 Funds delivered as restricted advances (26,918 ) - - Total Other inflows (outflows) Operation flow (130,260 ) (87,576 ) 13,593 Tax paid on bank transactions - (425 ) (2,192 ) Guarantee deposit received from the sale of aircraft 6,300 18,900 - Total Other inflows (outflows) Investment flow 6,300 18,475 (2,192 ) Settlement of derivative contracts - - (107,788 ) Funds delivered as restricted advances (313,090 ) - - Payments of claims associated with the debt (21,924 ) - - RCF guarantee placement (7,500 ) - - Debt-related legal advice (87,993 ) (11,034 ) - Debt Issuance Cost - Stamp Tax (33,259 ) - - Total Other inflows (outflows) Financing flow (463,766 ) (11,034 ) (107,788 ) (c) Dividends: As of December 31, 2022 and 2021, there were no disbursements associated with this concept. (d) Reconciliation of liabilities arising from financing activities: Cash flows Non cash-Flow Movements As of Obtainment Payment Extinguishment Interest As of December 31, Capital (*) Capital (**) Interests Transaction of debt under accrued and Reclassifications December 31, ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Obligations with financial institutions Loans to exporters 159,161 - - - - (161,975 ) 2,814 - - Bank loans 521,838 982,425 (36,466 ) (10,420 ) - (196,619 ) 128,077 (2,840 ) 1,385,995 Guaranteed obligations 510,535 - (18,136 ) (13,253 ) (25 ) - 13,882 (167,942 ) 325,061 Other guaranteed obligations 2,725,422 3,658,690 (5,408,540 ) (391,639 ) (91,247 ) (381,018 ) 339,475 23,161 474,304 Obligation with the public 2,253,198 1,109,750 (1,501,739 ) (17,499 ) - (843,950 ) 148,703 141,336 1,289,799 Financial leases 1,189,182 - (270,734 ) (34,201 ) - (37,630 ) 37,211 204,411 1,088,239 Other loans 76,508 1,467,035 (1,523,798 ) (5,628 ) 3,281 (56,176 ) 40,806 - 2,028 Lease liability 2,960,638 - (131,917 ) (49,075 ) (2 ) (995,888 ) 492,592 (59,893 ) 2,216,454 Total Obligations with financial institutions 10,396,482 7,217,900 (8,891,330 ) (521,715 ) (87,993 ) (2,673,256 ) 1,203,560 138,233 6,781,880 Cash flows Non cash-Flow Movements As of Obtainment Payment Interest As of December 31, Capital (*) Capital (**) Interests Transaction accrued and Reclassifications December 31, ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Obligations with financial institutions Loans to exporters 151,701 - - - - 7,460 - 159,161 Bank loans 525,273 - - (546 ) - (2,889 ) - 521,838 Guaranteed obligations 1,318,856 - (14,605 ) (17,405 ) - (513,276 )(***) (263,035 ) 510,535 Other guaranteed obligations 1,939,116 661,609 (26,991 ) (28,510 ) - 135,405 44,793 2,725,422 Obligation with the public 2,183,407 - - - - 69,791 - 2,253,198 Financial leases 1,614,501 - (421,452 ) (40,392 ) - (181,717 ) 218,242 1,189,182 Other loans - - - - - 76,508 - 76,508 Lease liability 3,121,006 - (103,366 ) (17,768 ) - (39,234 ) - 2,960,638 Total Obligations with financial institutions 10,853,860 661,609 (566,414 ) (104,621 ) - (447,952 ) - 10,396,482 Cash flows Non cash-Flow Movements As of Obtainment Payment Interest As of December 31, Capital Capital Interests Transaction accrued and Reclassifications December 31, ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Obligations with financial institutions Loans to exporters 341,475 165,000 (359,000 ) (4,140 ) - 8,366 - 151,701 Bank loans 217,255 265,627 (4,870 ) (2,397 ) - 49,658 - 525,273 Guaranteed obligations 2,157,327 192,972 (48,576 ) (21,163 ) - (823,984 )(***) (137,720 ) 1,318,856 Other guaranteed obligations 580,432 1,361,881 (42,721 ) (27,744 ) - 67,268 - 1,939,116 Obligation with the public 2,064,934 - (774 ) (55,613 ) - 174,860 - 2,183,407 Financial leases 1,730,843 - (236,744 ) (52,155 ) - 34,837 137,720 1,614,501 Other loans 101,261 - (101,026 ) (1,151 ) - 916 - - Lease liability 3,172,157 - (122,063 ) (46,055 ) - 116,967 - 3,121,006 Total Obligations with financial institutions 10,365,684 1,985,480 (915,774 ) (210,418 ) - (371,112 ) - 10,853,860 During 2022, at the time of the subscription of Note H, the fair value of the liability component amounted to ThUS$102,031. As of December 31, 2022, the liability component was converted into equity (see note 24(e.2)). (*) As of December 31, 2022, the Company obtained ThUS$2,361,875 amounts from long-term loans and ThUS$4,856,025 (ThUS$661,609 in 2021) amounts from short-term loans, totaling ThUS$7,217,900. (**) As of December 31, 2022, loan repayments ThUS$8,759,413 and payments of lease liabilities ThUS$131,917 disclosed in flows from financing activities and as of December 31, 2021, loan repayments ThUS$463,048 and liability payments for leases ThUS$103,366 disclosed in flows from financing activities. (***) As of December 31, 2021, Accrued interest and others, includes ThUS$458,642 (ThUS$ 891,407 as of December 31, 2020), associated with the rejection of fleet contracts. Below are the details obtained (payments) of flows related to financing: For the exercises of December 31 2022 2021 Capital Payments Capital Payments Flow of raising Capital Interest raising Capital Interest ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Aircraft financing - (331,292 ) (52,088 ) - (463,048 ) (63,763 ) Lease liability - (131,917 ) (49,075 ) - (103,366 ) (17,768 ) Non-aircraft financing 7,217,900 (8,428,121 ) (420,553 ) 661,609 - (23,090 ) Total obligations with Financial institutions 7,217,900 (8,891,330 ) (521,716 ) 661,609 (566,414 ) (104,621 ) (e) Advances of aircraft Corresponds to the cash flows associated with aircraft purchases, which are included in the statement of consolidated cash flows, within Purchases of property, plant and equipment. For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Increases (payments) (23,118 ) (9,858 ) (31,803 ) Recoveries 43,902 - 8,157 Total cash flows 20,784 (9,858 ) (23,646 ) The Company has revised its consolidated statement of cash flows for the year ended December 31, 2021 to correct the classification of cash flows related to property, plant and equipment additions. This correction resulted in an increase in net cash used in investing activities of ThUS$9,858 and a decrease in cash used in operating activities in the same amount. (f) Additions of property, plant and equipment and Intangibles For the period ended At December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Net cash flows from Purchases of property, plant and equiment 780,538 597,103 324,264 Additions associated with maintenance 486,231 302,858 173,740 Other additions 294,307 294,245 150,524 Purchases of intangible assets 50,116 88,518 75,433 Other additions 50,116 88,518 75,433 (g) The net effect of the application of hyperinflation in the consolidated cash flow statement corresponds to: For the period ended December 31, 2022 2021 ThUS$ ThUS$ Net cash flows from (used in) operating activities (36,701 ) (65,901 ) Net cash flows from (used in) investment activities (146 ) 17,223 Net cash flows from (used in) financing activities 7,703 - Effects of variation in the exchange rate on cash and cash equivalents 29,144 48,678 Net increase (decrease) in cash and cash equivalents - - (h) Payments of leased maintenance Payments to suppliers for the supply of goods and services include the value paid associated with leased maintenance capitalizations for ThUS$149,142 (ThUS$163,717 as of December 31, 2021 and ThUS$65,960 as of December 31, 2020). (i) Payments of loans to related entities For the period ended December 31, 2022 ThUS$ Delta Air Lines, Inc. (78,947 ) Qatar Airways (78,947 ) Costa Verde Aeronautica S.A. (257,533 ) Lozuy S.A. (107,122 ) QA Invesments Ltd (242,967 ) QA Invesments 2 Ltd (242,967 ) Payments of loans to related entities (1,008,483 ) |
EVENTS SUBSEQUENT TO THE DATE O
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Events After Reporting Period Text Block Abstract | |
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS | NOTE 35 - EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS A) On February 10, 2023, the airline Fast Colombia S.A.S. ("Viva Air Colombia") announced that it began in Colombia a business recovery process (PRE), an extrajudicial process regulated in Decreto 560 of 2020. Subsequently, on February 14, 2023, LATAM Airlines Colombia, a subsidiary of LATAM Airlines Group S.A., expressed its interest in initiating negotiations to acquire Viva Air Colombia. The transaction is subject to a financial analysis, an eventual agreement between the parties and the corresponding regulatory approvals. To date, LATAM has not submitted any purchase proposal to Viva Air Colombia or its controlling shareholders. On February 27, 2023, Viva Air Colombia announced the suspension of its operations with immediate effect. B) On March 2, 2023, an agreement was signed to receive under operational lease 4 aircraft of the Boeing 787 family, whose deliveries will be during 2025. C) After December 31, 2022, and until the date of issuance of these financial statements, there is no knowledge of other events of a financial or other nature, which significantly affect the balances or interpretation thereof. D) The consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries as of December 31, 2022, have been approved in the Extraordinary Session of the Board of Directors on March 9, 2023. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Financial Information Abstract | |
PARENT COMPANY FINANCIAL INFORMATION | NOTE 36 - PARENT COMPANY FINANCIAL INFORMATION In accordance with the requirements of SEC Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information for the financial position, changes in financial position and results of operations and cash flows of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. As of December 31, 2021 due to Chapter 11 some subsidiaries are restricted to transfer dividends to the Parent Company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements and include the investment in subsidiaries accounted for using the equity method. ASSETS As of As of December 31, December 31, 2022 2021 ThUS$ Cash and cash equivalents Cash and cash equivalents 632,826 549,766 Other financial assets 155,093 78,706 Other non-financial assets 59,828 38,557 Trade and other accounts receivable 380,204 400,540 Accounts receivable from related entities 3,090,910 933,853 Inventories 206,690 121,949 Current tax assets 357 4,846 Total current assets other than non-current assets (or disposal groups) classified as held for sale 4,525,908 2,128,217 Non-current assets (or disposal groups) classified as held for sale 61,979 161,347 Total current assets 4,587,887 2,289,564 Non-current assets Other financial assets 6,086 8,804 Investments accounted for using the equity method 8,041,156 8,065,391 Other non-financial assets 8,636 12,344 Accounts receivable 10,900 10,551 Accounts receivable from related entities 33,551 48,008 Intangible assets other than goodwill 228,940 213,822 Property, plant and equipment 7,176,141 7,980,150 Deferred tax assets - - Total non-current assets 15,505,410 16,339,070 Total assets 20,093,297 18,628,634 LIABILITIES AND EQUITY As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ LIABILITIES Current liabilities Other financial liabilities 465,310 3,777,465 Trade and other accounts payables 692,841 3,670,381 Accounts payable to related entities 411,898 1,650,246 Other provisions 883 99 Current tax liabilities - - Other non-financial liabilities 1,651,621 1,487,629 Total current liabilities other than (or disposal groups) classified as held for sale 3,222,553 10,585,820 Liabilities included in disposal groups classified as held for sale - - Total current liabilities 3,222,553 10,585,820 Non-current liabilities Other financial liabilities 5,720,415 4,041,347 Accounts payable 279,245 303,309 Accounts payable to related entities 177,779 177,779 Other provisions 10,175,678 10,045,195 Employee benefits 68,740 33,145 Other non-financial liabilities 418,166 508,943 Total non-current liabilities 16,840,023 15,109,718 Total liabilities 20,062,576 25,695,538 EQUITY Share capital 13,298,486 3,146,265 Retained earnings/(losses) (7,501,896 ) (8,841,106 ) Treasury Shares (178 ) (178 ) Other equity 39 - Other reserves (5,754,173 ) (1,361,529 ) Parent’s ownership interest 42,278 (7,056,548 ) Non-controlling interest (11,557 ) (10,356 ) Total equity 30,721 (7,066,904 ) Total liabilities and equity 20,052,794 18,628,634 For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Revenue 2,502,673 1,485,841 1,272,077 Cost of sales (2,628,251 ) (1,964,137 ) (2,099,716 ) Gross margin (125,578 ) (478,296 ) (827,639 ) Other income 1,013,438 712,997 948,160 Distribution costs (126,539 ) (134,366 ) (125,563 ) Administrative expenses (274,358 ) (199,409 ) (225,557 ) Other expenses (257,558 ) (197,737 ) (154,582 ) Restructuring activities expenses 1,581,372 (2,177,754 ) (837,673 ) Other gains/(losses) (272,862 ) 39,471 (98,790 ) Income from operation activities 1,537,915 (2,435,094 ) (1,321,644 ) Financial income 652,263 8,905 11,812 Financial costs (743,704 ) (579,304 ) (410,153 ) Share of profit of investments accounted for using the equity method (115,985 ) (1,168,898 ) (3,537,259 ) Foreign exchange gains/(losses) 11,377 72,888 (66,004 ) Result of indexation units (56 ) (799 ) - Income (loss) before taxes 1,341,810 (4,102,302 ) (5,323,248 ) Income tax expense / benefit (4,673 ) (550,840 ) 767,713 NET INCOME (LOSS) 1,337,137 (4,653,142 ) (4,555,535 ) For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Cash flows from operating activities Cash collection from operating activities Proceeds from sales of goods and services 4,110,719 2,046,751 2,240,961 Other cash receipts from operating activities 99,874 38,268 52,192 Payments for operating activities Payments to suppliers for goods and services (4,127,400 ) (2,075,236 ) (1,713,223 ) Payments to and on behalf of employees (320,849 ) (295,030 ) (298,370 ) Other payments for operating activities (65,019 ) (29,363 ) (27,757 ) Interest received - - - Income taxes (paid) (647 ) (898 ) (2,764 ) Other cash inflows (outflows) (55,495 ) (37,992 ) 61,532 Net cash flows from operating activities (358,817 ) (353,500 ) 312,571 Cash flows from investing activities Cash flows from losses of control of subsidiaries or other businesses - 752 - Cash flows used to obtain control of subsidiaries or other businesses - (12,375 ) (349,125 ) Other cash receipts from sales of equity or debt instruments of other entities - - 30,439 Other payments to acquire equity or debt instruments of other entities - - (27,199 ) Amounts raised from sale of property, plant and equipment 56,378 105,000 75,566 Purchases of property, plant and equipment (705,993 ) (584,289 ) (163,022 ) Purchases of intangible assets (48,458 ) (85,449 ) (70,363 ) Interest received 6,974 1,644 3,235 Other cash inflows (outflows) 6,300 18,900 - Net cash flow (used in) investing activities (684,799 ) (555,817 ) (500,469 ) Cash flows from financing activities Proceeds from the issuance of shares 549,038 - - Payments for changes in ownership interests in subsidiaries that do not result in loss of control - - (3,225 ) Amounts from the issuance of other equity instruments 3,202,790 - - Amounts raised from long-term loans 2,361,875 1,665 1,361,807 Amounts raised from short-term loans 4,856,025 661,609 296,267 Loans from Related Entities 770,522 130,102 373,125 Loans repayments (8,836,572 ) (135,837 ) (749,258 ) Payments of loans to related entities (1,008,483 ) - - Payments of lease liabilities (116,012 ) (391,879 ) (90,335 ) Dividends paid - - - Interest paid (501,539 ) (90,585 ) (135,859 ) Other cash inflows (outflows) (150,676 ) (11,034 ) (107,782 ) Net cash flows (used in) financing activities 1,126,968 164,041 944,740 Net increase in cash and cash equivalents before effect of exchanges rate change 83,352 (745,276 ) 756,842 Effects of variation in the exchange rate on cash and cash equivalents (292 ) - - Net increase (decrease) in cash and cash equivalents 83,060 (745,276 ) 756,842 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 549,766 1,295,042 538,200 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 632,826 549,766 1,295,042 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Preparation | 2.1. Basis of Preparation These consolidated financial statements of LATAM Airlines Group S.A. as of December 31, 2022 and 2021, for the three years ended December 31, 2022 and have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (“IASB”) and with the interpretations issued by the interpretations committee of the International Financial Reporting Standards (IFRIC). The consolidated financial statements have been prepared under the historic-cost criterion, although modified by the valuation at fair value of certain financial instruments. The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to use its judgment in applying the Company’s accounting policies. Note 4 shows the areas that imply a greater degree of judgment or complexity or the areas where the assumptions and estimates are significant to the consolidated financial statements. The consolidated financial statements have been prepared in accordance with the accounting policies used by the Company for the 2021 consolidated financial statements, except for the standards and interpretations adopted as of January 1, 2022. (a) Application of new standards for the year 2022: (a.1.) Accounting pronouncements with implementation effective from January 1, 2022: Date of issue Effective Date: (i) Standards and amendments Amendment to IFRS 3: Business combinations. May 2020 01/01/2022 Amendment to IAS 37: Provisions, contingent liabilities and contingent assets. May 2020 01/01/2022 Amendment to IAS 16: Property, plant and equipment. May 2020 01/01/2022 Improvements to International Financial Reporting Standards Financial (2018-2020 cycle) IFRS 1: First-time adoption of international financial reporting standards, IFRS 9: Financial Instruments, illustrative examples accompanying IFRS 16: Leases, IAS 41: Agriculture May 2020 01/01/2022 The application of these accounting pronouncements as of January 1, 2022, had no significant effect on the Company’s consolidated financial statements. (b) Accounting pronouncements not in force for the financial year beginning on January 1, 2022: Date of issue Effective Date: (i) Standards and amendments Amendment to IAS 12: Income taxes. May 2021 01/01/2023 Amendment to IAS 8: Accounting policies, changes in accounting estimates and error. February 2021 01/01/2023 Amendment to IAS 1: Presentation of financial statements. January 2020 01/01/2024 IFRS 17: Insurance contracts, replaces IFRS 4. May 2017 01/01/2023 Amendment to IAS 1: Non-current liabilities with covenants October 2022 01/01/2024 Amendment to IFRS 16: Leases September 2022 01/01/2024 Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17) December 2021 An entity that elects to apply the amendment applies it when it first applies IFRS 17 Amendment to IFRS 10: Consolidated financial statements and IAS 28: Investments in associates and joint ventures. September 2014 Not determined The Company’s management estimates that the adoption of the standards, amendments and interpretations described above will not have a significant impact on the Company’s consolidated financial statements in the exercise of their first application. (c) Chapter 11 Filing and Going Concern i) Going Concern These consolidated financial statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business. The Company previously disclosed that as of December 31, 2021, as a result of the Chapter 11 proceedings, the fulfillment of the Company’s obligations and the financing of ongoing operations were subject to material uncertainty due to the COVID-19 pandemic and the impossibility of knowing as of that date, their duration and, consequently, those events or conditions indicated that a material uncertainty existed that cast significant doubt (or raised a substantial doubt as contemplated by the Public Company Oversight Board (“PCAOB”) standards) about the Company’s ability to continue as a going concern as of the issuance of the Company’s 2021 Annual Report on Form 20-F. On November 3, 2022, LATAM Parent and certain of its affiliates emerged from the Chapter 11 Proceedings. The emergence from the Chapter 11 proceedings and consummation of the Plan addressed liquidity concerns as it provided for new funds originated by the new financing and the capital restructuring. As a result, the Company expects that sufficient cash flows will be generated to finance the debts and the working capital requirements working capital for the next twelve months. Therefore, there is no longer a material uncertainty that may cast significant doubt (or raise substantial doubt as contemplated by the PCAOB standards) on the Company’s ability to continue as a going concern during the twelve months after the date of issuance of these financial statements. ii) Chapter 11 Filing Due to the effects on the operation of the restrictions established in the countries to control the effects of the COVID-19 pandemic, on May 25, 2020 the Board resolved unanimously that LATAM Parent and some subsidiaries of the group should initiate a reorganization process in the United States of America according to the rules established in the Bankruptcy Code title 11 by filing a voluntary petition for relief in accordance with the same, which was carried out on May 26, 2020. Subsequently, Piquero Leasing Limited (July 7, 2020) and TAM S.A. joined this process and its subsidiaries in Brazil (July 9, 2020) (the voluntary petitions, collectively, the “Bankruptcy Filing” and each LATAM entity that filed a petition, a “Debtor” and jointly, the “Debtors”). The Bankruptcy Filing for each of the Debtors (each one, respectively, a “Petition Date”) was jointly administered under the caption “In re LATAM Airlines Group S.A. et al.” Case Number 20-11254. Prior to November 3, 2022, the Debtors operated their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Bankruptcy Filing permitted the Company to reorganize and improve liquidity, wind down unprofitable contracts and amend its capacity purchase agreements to enable sustainable profitability. As of November 3, 2022 (the “Effective Date”), the Plan (as defined below) was substantially consummated and the Debtors have each emerged from the Chapter 11 proceedings as the “Reorganized Debtors”. However, according to the rules of the Bankruptcy Code, the Chapter 11 proceedings of the Reorganized Debtors continued to be ongoing after the Effective Date to resolve certain remaining matters. Later, on December 14, 2022, the Bankruptcy Court entered an order consolidating the administration of all remaining matters in the lead Chapter 11 case of LATAM Parent and closing the cases of its debtor-related person. Therefore, as of the date hereof the Chapter 11 proceeding has been closed with respect to LATAM Parent’s subsidiaries that were part thereof, and continue ongoing solely with respect to LATAM Parent to resolve certain remaining matters. The Bankruptcy Court continues to administer the Chapter 11 proceedings for LATAM Parent in order to resolve the few remaining matters therein, including resolving remaining claims. As part of their overall reorganization process, the Debtors also sought and received relief in certain non-U.S. jurisdictions. On May 27, 2020, the Grand Court of the Cayman Islands granted the applications of certain of the Debtors for the appointment of provisional liquidators (“JPLs”) pursuant to section 104(3) of the Companies Law (2020 Revision). On June 4, 2020, the 2nd Civil Court of Santiago, Chile issued an order recognizing the Chapter 11 proceedings with respect to LATAM Airlines Group S.A., Lan Cargo S.A., Fast Air Almacenes de Carga S.A., Latam Travel Chile II S.A., Lan Cargo Inversiones S.A., Transporte Aéreo S.A., Inversiones Lan S.A., Lan Pax Group S.A. and Technical Training LATAM S.A. All remedies filed against the order have been rejected and the decision has become final. Finally, on June 12, 2020, the Superintendence of Companies of Colombia granted recognition to the Chapter 11 proceedings. On July 10, 2020, the Grand Court of the Cayman Islands granted the Debtors’ application for the appointment of JPLs to Piquero Leasing Limited. Bearing in mind that on November 3, 2022, the Effective Date of the Reorganization Plan approved and confirmed in the main proceedings occurred, on November 10, 2022, the representative of the foreign proceeding filed with the court his last monthly report under the Protocol on Cross-Border Communications Operation and Implication of the Bankruptcy Filing As of the Effective Date, the Plan was substantially consummated. Pursuant to the Plan, the Reorganized Debtors are permitted to operate their businesses and manage their properties without supervision of the Bankruptcy Court and free of the restrictions of the Bankruptcy Code. Plan of Reorganization On November 26, 2021, the Debtors filed a joint plan of reorganization (as amended or revised, the “Plan” or “Plan of Reorganization”) and the related disclosure statement (as amended or revised, the “Disclosure Statement”) with the Bankruptcy Court. As detailed in the Disclosure Statement, the Plan was supported by a restructuring support agreement executed among the Debtors, creditors holding more than 70% of the general unsecured claims asserted against LATAM Airlines Group S.A., and holders of more than 50% of LATAM Airlines Group S.A.’s existing equity (the “Restructuring Support Agreement” or “RSA”). From time to time in the Chapter 11 Cases, the Debtors filed revised versions of the Plan and associated Disclosure Statement. On February 10, 2022 the Debtors executed a joinder Agreement to the RSA (each joinder agreement a “W&C Creditor Group Joinder Agreement”), effective as of February 10, 2022 under which certain creditors agreed to commitments made by the Commitment Parties under the RSA. On March 21, 2022, the Bankruptcy Court entered an order approving the adequacy of the Disclosure Statement and procedures for the solicitation with respect to the Plan (the “Disclosure Statement Order”). Pursuant to the Disclosure Statement Order, the Debtors distributed the solicitation version of the Plan, the Disclosure Statement (as approved), voting ballots and certain other solicitation materials to creditors. In accordance with the Restructuring Support Agreement, on January 12, 2022 the Debtors filed a motion seeking approval to enter into a backstop commitment agreement with certain shareholders, and a backstop commitment agreement with certain creditors (the “Backstop Agreements”). On March 15, 2022, the Bankruptcy Court issued a memorandum decision approving the Debtors’ entry into the Backstop Agreements and issued a corresponding order (the “Backstop Order”) on March 22, 2022. The Debtors received objections to the Plan from certain parties, including the United States Trustee, the Official Committee of Unsecured Creditors (the “Committee”), Banco del Estado de Chile in its capacity as indenture trustee under certain Chilean local bonds issued by LATAM Parent (“BancoEstado”), an ad hoc group of unsecured claimants and a group of holders of claims against LATAM affiliate TAM Linhas Aéreas S.A. Following the Plan objection deadline, the Debtors participated in a mediation with BancoEstado, the Committee and the parties to the RSA in an effort to resolve their objections to the Plan and related disputes, which proved successful. On May 11, 2022, the Debtors filed a revised version of the Plan reflecting the terms of a settlement with the parties. At a hearing held on May 17, 18 and 20, 2022, the Bankruptcy Court considered the remaining objections that had not been resolved pursuant to the settlement approving the Plan and overruling all remaining objections and entered an order confirming the Plan Certain parties in interest appealed the Bankruptcy Court’s decisions. On June 21, 2022, the Ad Hoc Group of Unsecured Claimants filed a notice of appeal of the memorandum decision and order approving entry into the Backstop Agreements, as well as the Memorandum Decision approving the Plan and the Confirmation Order. On June 27, 2022, the Ad Hoc Group of Unsecured Claimants filed a motion seeking to stay the Confirmation Order pending appeal. On July 16, 2022, the motion to stay was denied by the Bankruptcy Court. On June 23, 2022, the TLA Claimholders Group also filed a motion seeking to stay the Confirmation Order pending appeal or, in the alternative, an affirmative injunction requiring the Debtors to fund an escrow account in the amount of the outstanding post-petition interest. On July 8, 2022, the Bankruptcy Court issued a bench memorandum and order denying the TLA Claimholders Group’s motion to stay. On June 28, 2022, Columbus Hill Capital Management (“Columbus Hill”) filed a notice of appeal of the Memorandum Decision and the Confirmation Order, which it later withdrew on July 5, 2022. On July 13, 2022, the Debtors filed a motion to approve a settlement agreement with Columbus Hill, which was granted by the Bankruptcy Court on July 21, 2022, bringing full and final resolution to the Columbus Hill appeal and any other potential objections from this claimant. On August 31, 2022, after briefing and oral argument by the parties, the District Court issued an opinion denying the appeals of both the Ad Hoc Group of Unsecured Claimants and the TLA Claimholders Group. The District Court rejected the Ad Hoc Group of Unsecured Claimants’ arguments that the Plan and Backstop Agreement violated the Bankruptcy Code and held that the Backstop Agreement did not constitute impermissible vote buying. The Ad Hoc Group of Unsecured Claimants did not further appeal the District Court’s decision. With respect to the TLA Claimholders Group’s appeal, the District Court denied its request for payment of post-petition interest on its claims and found that the Bankruptcy Court was not mistaken with respect to its factual finding that TLA was insolvent. The District Court also denied the TLA Claimholders Group’s motion to stay the Confirmation Order. On September 2, 2022 the TLA Claimholders Group filed a notice of appeal in the District Court (the “Second Circuit Appeal”) further appealing the Confirmation Order to the United States Court of Appeals for the Second Circuit (the “Second Circuit”). Both parties filed briefs regarding the merits of the Second Circuit Appeal, oral argument occurred on October 12, 2022, and on December 14, 2022, the Second Circuit unanimously affirmed the District Court’s decision rejecting the Second Circuit Appeal. No further appeals have been filed to date. As of the Effective Date, the Plan was substantially consummated. Pursuant to the Plan, the Company received an infusion of approximately US$ 8.19 billion through a mix of new equity, convertible notes and debt, which enabled the Company to exit Chapter 11 with appropriate capitalization to effectuate its business plan. Upon emergence, the Company had total debt of approximately US$ 6.8 billion, cash and cash equivalents of approximately US$1.1 billion and revolving undrawn facilities in the amount of US$1.1 billion. Specifically, the Plan provided that: ● The Company conducted a US$ 800 million common equity rights offering, open to all shareholders in accordance with their preemptive rights under applicable Chilean law, and fully backstopped by the parties participating in the RSA; ● Three distinct classes of convertible notes were issued by the Company, all of which were preemptively offered to shareholders. The preemptive rights offering period closed on October 12, 2022. For those securities not subscribed by the Company’s shareholders during the respective preemptive rights period: o New Convertible Notes Class A, hereinafter Class G Convertible notes (by the denomination with which they were registered in the Registro de Valores of the CMF), were delivered to certain general unsecured creditors of the Company in settlement of their allowed claims under the Plan. The Issuance conditions: Nominal Value : Approximately Th US$1,257,003 Conversion Ratio: 15,9046155045956. The Convertible Notes Class G Conversion Ratio shall step down by 50% on the day that is sixty (60) days after the Effective Date. Backup Actions: 19,992,142,087 Maturity: 31 Dec. 2121 Interest rate: 0% Conversion Conditions: They may be converted into shares of the Company within twelve months from the Effective Date of the Plan. As soon as 50% of the holders of New Class G Convertible Notes have opted to convert, the remaining Class G Convertible Notes will be automatically converted. o New Convertible Notes Class B, hereinafter Class H Convertible notes (by the denomination with which they were registered in the Registro de Valores of the CMF), were subscribed and purchased by the shareholder that are part of the RSA. The Issuance conditions: Nominal Value: Approximately ThUS$1,372,840 Conversion Ratio: 92.2623446840237. The conversion ratio of Class H Convertible Notes will be reduced by 50% sixty (60) days after the fifth anniversary counted from the Effective Date . Backup Actions: 126,661,409,136 Maturity: 31 Dec. 2121 Interest rate: 1% interest rate payable in cash annually with no interest in the first 60 days. Conversion Conditions: (a) First Convertible Notes Class H Conversion Period: Each holder of Convertible Notes Class H will have the ability to convert its Convertible Notes Class H into shares of the Company within sixty (60) days from the Effective Date. (b) Second Convertible Notes Class H Conversion Period: Each holder of Convertible Notes Class H will have the subsequent ability to convert their Convertible Notes Class H into shares of the Company beginning on the fifth (5th) anniversary of the Effective Date. o New Convertible Notes Class C, hereinafter Class I Convertible notes (by the denomination with which they were registered in the Registro de Valores of the CMF), were provided to certain general unsecured creditors in exchange for a combination of new money to the Company and the settlement of their allowed claims under the Plan, subject to certain limitations and holdbacks by the backstopping parties. The Issuance conditions: Nominal Value: Approximately ThUS$6,863,427 Conversion Ratio: 56.143649821654. The Convertible Notes Class C Conversion Ratio shall step down by 50% on the day that is sixty (60) days after the Effective Date. Backup Actions: 385,337,858,290 Maturity: 31 Dec. 2121 Interest rate: 0% Conversion Conditions: They may be converted into shares within twelve months from the Effective Date of the Plan. As soon as 50% of the holders of Class I Convertible Notes have opted to convert, then the remaining Class I Convertible Notes will be automatically converted. The allocated amounts of the unused Class I Convertible Notes were distributed to the supporting parties of the Class I Convertible Notes in accordance with the respective Support Agreement. ● The election period for the Convertible Notes Class G and Convertible Notes Class I by creditors ended on October 6, 2022 ● General unsecured creditors that elected to receive Convertible Notes Class G or Convertible Notes Class I were entitled to receive a one-time cash distribution in an aggregate amount of approximately US$ 175 million, distributed among the general unsecured creditors that opted to receive Convertible Notes Class G and I. (see Note 36). ● The Convertible Notes Classes H and I , totally or partially, in consideration of a new money contribution for the aggregate amount of approximately US$ 4.64 billion fully backstopped by the parties to the RSA. ● In lieu of receiving Convertible Notes Class G or Convertible Notes Class I (and the aforementioned one-time cash distribution), general unsecured creditors were provided with the alternative of opting to receive New Local Notes issued by LATAM. As set forth in the Plan and based on the elections made by general unsecured creditors, such notes were issued in the amount of UF 3,818,042 (equal to approximately US$ 130 million as of the date of their issuance). Pursuant to the Plan and Backstop Agreements, LATAM raised up to US$ 500 million through a new revolving credit facility and approximately US$ 2.25 billion in total new money debt financing through exit financing (new term loan and new notes). On September 2, 2022, the Convertible Notes Classes G, H and I together with the shares contemplated in the Plan were registered with the Chilean Registro de Valores of the Financial Market Commission (the “CMF”). The CMF approved the New Local Notes on September 5, 2022. The Debtors established September 12, 2022 as the record date with respect to creditors entitled to participate in the Convertible Notes Class G and Convertible Notes Class I, and commenced the offering of the Convertible Notes to claimholders on the same day. As of December 31, 2022, 94,14% of the Convertible Notes Class G, 99.997% of the Convertible Notes Class H and 99.999% of the Convertible Notes Class I had been converted to equity, respectively. On November 17, 2022 the Reorganized Debtors filed a motion to consolidate the administration of certain remaining matters, including the reconciliation of claims that have not yet been allowed or disallowed, in the lead Chapter 11 case of LATAM Parent and for entry of a final decree closing the Chapter 11 cases of LATAM Parent’s debtor-affiliates. The Bankruptcy Court entered an Order on December 14, 2022 granting the motion to consolidate the administration of remaining matters in the lead Chapter 11 case of LATAM Parent. As a result, the dockets for all 37 debtor-affiliates of LATAM Parent were marked “closed” on December 23, 2022. Chapter 11 Milestones during the period covered by these consolidated financial statements Assumption, Amendment & Rejection of Executory Contracts & Leases Prior to the Effective Date, pursuant to the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), the Debtors were authorized to assume, assign or reject certain executory contracts and unexpired leases. Absent certain exceptions, the Debtors’ rejection of an executory contract or an unexpired lease is generally treated as prepetition breach, which entitles the contract counterparty to file a general unsecured claim against the Debtors and simultaneously relieves the Debtors from their future obligations under the contract or lease. Further, the Debtors’ assumption of an executory contract or unexpired lease would generally require the Debtors to cure outstanding defaults under such contract or lease. Other Key Filings On June 16, 2021, the Committee filed two motions seeking standing to prosecute certain claims on behalf of the Debtors against Delta Airlines, Inc. (the “Delta Motion”) and Qatar Airways O.C.S.C. (the “Qatar Motion”, and together with the Delta Motion, (the “Standing Motions”)), which were opposed by certain parties. In connection with the negotiation of the RSA, the Plan provided for the full settlement and release for Qatar and Delta of all potential claims described in the Standing Motions upon the effective date of the Plan. As the Plan became effective on November 3, 2022, such claims have been released. Statements and Schedules On September 8, 2020, each of the Debtors filed Schedules of Assets and Liabilities (“Schedules”) and Statements of Financial Affairs (“Statements”) that described the Debtors’ financial circumstances as of their respective Petition Date. On August 13, 2021 and December 3, 2021, certain Debtors filed amended Schedules that supplemented and amended the initial Schedules. From the Petition Date through the Plan Effective Date (as defined in the Plan), the Company was also required to file “Monthly Operating Reports” (MORs) to disclose the receipt, administration and disposition of property by the Debtors during the pendency of the Chapter 11 Cases. After the Effective Date, the Company will be required to file a more streamlined “Post-confirmation Report” (PCR) each calendar quarter until the Chapter 11 Cases of LATAM Parent are closed. While the Reorganized Debtors believe that these materials provide the information required by the Bankruptcy Code and Bankruptcy Court, they are nonetheless unaudited documents that are prepared in a format different from the consolidated financial reports historically prepared by LATAM in accordance with IFRS (International Financial Reporting Standards). For example, certain of the debtor-specific information contained in the Statements and Schedules may normally be prepared on an unconsolidated basis in the ordinary course. Accordingly, the Reorganized Debtors believe that the substance and format of these materials may not allow meaningful comparison with their regularly publicly-disclosed consolidated financial statements. Moreover, the materials filed with the Bankruptcy Court are not prepared for the purpose of providing a basis for an investment decision relating to the Reorganized Debtors’ securities, or claims against the Reorganized Debtors, or for comparison with other financial information required to be reported under applicable securities law. Bearing in mind that November 3, 2022 was the Effective Date of the reorganization plan approved and confirmed in the main proceeding, on November 10, 2022, the representative of the foreign proceeding submitted to the court his last monthly report in accordance with the Protocol of Cross Border Communications. Intercompany and Affiliate Transactions On January 10, 2022, the Committee filed an objection with respect to an intercompany claim asserted by LATAM Finance Ltd. against Peuco Finance Ltd. The Bankruptcy Court held a hearing on the objection on March 10, 2022. Post-hearing briefs were submitted by the parties on March 17, 2022, and closing arguments were held on March 18, 2022. On April 29, 2022, the Court entered a decision and order overruling the objection (the “Intercompany Claim Decision”). On May 13, 2022, the Committee appealed the Intercompany Claim Decision to the District Court. On May 26, 2022 the District Court granted a joint motion of the Debtors and the Committee to stay such appeal until the effective date of the Plan. Following the Effective Date, the Committee sought to dismiss the appeal, and the District Court entered an order dismissing the appeal on November 7, 2022. Debtor-in-Possession Financing and Exit Financing As previously reported, on June 10, 2022 the Debtors entered into debt commitment letters (the “Exit Financing Commitment Letters”) providing commitments from various lenders for (i) an approximately US$1.170 billion of junior debtor-in-possession term loan facility (the “Junior DIP Facility”); (ii) a US$500 million debtor-in-possession and exit revolving credit facility (the “Revolving Facility”), (iii) a US$750 million debtor-in-possession and exit term loan B credit facility (the “Term Loan B Facility”; together with the Revolving Facility, the “Credit Facilities”), (iv) a US$750 million debtor-in-possession and exit bridge loan facility (the “Bridge to 5Y Notes Facility”) and (v) US$750 million debtor-in-possession and exit bridge loan facility (the “Bridge to 7Y Notes Facility” and together with the Bridge to 5Y Notes Facility, and the Credit Facilities, the “Debt Facilities”). According to the terms of the Exit Financing Commitment Letters, the committed amounts under the Term Loan B Facility and the Bridge Facilities could be reallocated amount such facilities. The Debt Facilities were structured to remain in place after the emergence of the Reorganized Debtors from the Chapter 11, subject to the satisfaction of certain conditions at emergence (the “Conversion Date”). In the context of the Company’s exit from Chapter 11, on October 12, the Consolidated and Amended DIP Financing Agreement was paid in full. The repayment has been made entirely with funds from (i) a Junior DIP Financing of approximately US$1,146 million; (ii) a US$500 million Revolving Credit Line; (iii) a Term B Loan of US$750 million; (iv) a 5-year Bond Bridge Loan of US$750 million (v) a 7-year Bond Bridge Loan of US$750 million. On October 18, 2022, the Bridge Loans were partially repaid by: i) a bond issue exempt from registration under U.S. Securities Act of 1933, as amended (the “Securities Act”), pursuant to Rule 144A and Regulation S, both under the Securities Act, due 2027 (the “5-Year Bonds”), by a total principal amount of US$450 million and ii) a bond issue exempt from registration under the Securities Law pursuant to Rule 144A and Regulation S, both under the Securities Law, due 2029 (the “Bonds to 7 Years”), for a total principal amount of US$700 million. Additionally, on November 3, the repayment of the Bridge Loans and the junior DIP was completed with the proceeds from the Exit Financing, which was made up of: US$450 million in senior guaranteed bonds maturing in 2027, US$700 million in senior secured notes due 2029 and an incremental “Term Loan B” loan for US$350 million Establishment of Bar Dates and Claims Reconciliation On September 24, 2020, the Bankruptcy Court entered an order (the “Bar Date Order”) establishing December 18, 2020, as the general deadline (the “General Bar Date”) by which persons or entities (other than governmental units) who believe they hold any claims (other than certain damages claims arising out of the rejection of executory contracts or unexpired leases) against any Debtor that arose prior to the Petition Date, as applicable to each Debtor, must have submitted written documentation of such claims (a “Proof of Claim”). On December 17, 2020, the Court entered an order (the “Supplemental Bar Date Order”) establishing a supplemental bar date of February 5, 2021 (the “Supplemental Bar Date”), for certain non-U.S. claimants not otherwise subject to the General Bar Date. Any person or entity that failed to timely file its Proof of Claim by the applicable Bar Date will be forever barred from asserting their claim and will not receive any distributions made as part of the ultimate plan of reorganization. On the Effective Date, the Reorganized Debtors established December 3, 2022 as the deadline (the “Administrative Expense Bar Date”) by which persons or entities (other than those exempted under the Plan) must submit a Proof of Claim establishing their claim against the Reorganized Debtors for costs and expenses of administration of the Chapter 11 proceedings. Following the close of the General Bar Date, the Supplemental Bar Date, and the Administrative Expense Bar Date, the Reorganized Debtors have continued the process of reconciling approximately 6,575 submitted claims. As of December 31, 2022, the Reorganized Debtors have objected to or have resolved through claims withdrawals, stipulations and court orders approximately 5,030 claims with a total value of approximately US$ 163.5 billion. As the Reorganized Debtors continue to reconcile claims against the Company’s books and records, they will object to and contest such claims that they determine are not valid or are not asserted in the proper amount or classification and will resolve other claims disputes in and outside of the Bankruptcy Court. A Claim is recorded as a liability when it has a present obligation, whether legal or constructive, as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the obligation amount can be made. Under the Plan, a further 1,352 litigation claims will ride through. As of December 31, 2022, approximately 64 of the Claims filed against the Debtors are still being reconciled with an estimated total value of approximately US$ 354.7 million. |
Basis of Consolidation | 2.2. Basis of Consolidation (a) Subsidiaries Subsidiaries are all the entities (including special-purpose entities) over which the Company has the power to control the financial and operating policies, which are generally accompanied by a holding of more than half of the voting rights. In evaluating whether the Company controls another entity, the existence and effect of potential voting rights that are currently exercisable or convertible at the date of the consolidated financial statements are considered. The subsidiaries are consolidated from the date on which control is passed to the Company and they are excluded from the consolidation on the date they cease to be so controlled. The results and cash are incorporated from the date of acquisition. Balances, transactions and unrealized gains on transactions between the Company’s entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment loss of the asset transferred. When necessary, in order to ensure uniformity with the policies adopted by the Company, the accounting policies of the subsidiaries are modified. To account for and identify the financial information to be disclosed when carrying out a business combination, such as the acquisition of an entity by the Company, the acquisition method provided for in IFRS 3: Business combinations is used. (b) Transactions with non-controlling interests The Group applies the policy of considering transactions with non-controlling interests, when not related to the loss of control, as equity transactions without an effect on income. (c) Sales of subsidiaries When a subsidiary is sold and a percentage of participation is not retained, the Company derecognizes the assets and liabilities of the subsidiary, the non-controlling interest and other components of equity related to the subsidiary. Any gain or loss resulting from the loss of control is recognized in the consolidated income statement by function within Other gains (losses). If LATAM Airlines Group S.A. and Subsidiaries retain an ownership of participation in the disposed subsidiary which does not represent control, this is recognized at fair value on the date that control is lost and the amounts previously recognized in Other comprehensive income are accounted as if the Company had disposed directly the assets and related liabilities, which can cause these amounts to be reclassified to profit or loss. The percentage retained valued at fair value is subsequently accounted using the equity method. (d) Investees or associates Investees or associates are all entities over which LATAM Airlines Group S.A. and Subsidiaries have significant influence but have no control. This usually arises from holding between 20% and 50% of the voting rights. Investments in associates are booked using the equity method and are initially recognized at their cost. |
Foreign currency transactions | 2.3. Foreign currency transactions (a) Presentation and functional currencies The items included in the financial statements of each of the entities of LATAM Airlines Group S.A. and Subsidiaries are valued using the currency of the main economic environment in which the entity operates (the functional currency). The functional currency of LATAM Airlines Group S.A. is the United States dollar which is also the presentation currency of the consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries. (b) Transactions and balances Foreign currency transactions are translated to the functional currency using the exchange rates on the transaction dates. Foreign currency gains and losses resulting from the liquidation of these transactions and from the translation at the closing exchange rates of the monetary assets and liabilities denominated in foreign currency are shown in the consolidated statement of income by function except when deferred in Other comprehensive income as qualifying cash flow hedges. (c) Adjustment due to hyperinflation After July 1, 2018, the Argentine economy was considered, for purposes of IFRS, hyperinflationary. The consolidated financial statements of the subsidiaries whose functional currency is the Argentine Peso have been restated. The non-monetary items of the statement of financial position as well as the income statement, comprehensive income and cash flows of the group’s entities, whose functional currency corresponds to a hyperinflationary economy, are adjusted for inflation and re-expressed in accordance with the variation of the consumer price index (“CPI”), at each presentation date of its financial statements. The re-expression of non-monetary items is made from the date of initial recognition in the statements of financial position and considering that the financial statements are prepared under the historical cost criterion. Net losses or gains arising from the re-expression of non-monetary items and income and costs are recognized in the consolidated income statement under “Result of indexation units”. Net gains and losses on the re-expression of opening balances due to the initial application of IAS 29 are recognized in consolidated retained earnings. Re-expression due to hyperinflation will be recorded until the period or exercise in which the economy of the entity ceases to be considered as a hyperinflationary economy. At that time, the adjustments made by hyperinflation will be part of the cost of non-monetary assets and liabilities. The comparative amounts in the consolidated financial statements of the Company are presented in a stable currency and are not adjusted for subsequent changes in the price level or exchange rates. (d) Group entities The results and the financial situation of the Group’s entities, whose functional currency is different from the presentation currency of the consolidated financial statements, of LATAM Airlines Group S.A., which does not correspond to the currency of a hyperinflationary economy, are converted into the currency of presentation as follows: (i) Assets and liabilities of each consolidated statement of financial position presented are translated at the closing exchange rate on the consolidated statement of financial position date; (ii) The revenues and expenses of each income statement account are translated at the exchange rates prevailing on the transaction dates, and (iii) All the resultant exchange differences by conversion are shown as a separate component in other comprehensive income, within “Gain (losses) from exchange rate difference, before tax”. For those subsidiaries of the group whose functional currency is different from the presentation currency and, moreover, corresponds to the currency of a hyperinflationary economy; its restated results, cash flow and financial situation are converted to the presentation currency at the closing exchange rate on the date of the consolidated financial statements. The exchange rates used correspond to those fixed in the country where the subsidiary is located, whose functional currency is different to the U.S. dollar. |
Property, plant and equipment | 2.4. Property, plant and equipment The land of LATAM Airlines Group S.A. and Subsidiaries, are recognized at cost less any accumulated impairment loss. The rest of the Properties, plants and equipment are recorded, both in their initial recognition and in their subsequent measurement, at their historical cost, restated for inflation when appropriate, less the corresponding depreciation and any loss due to impairment. The amounts of advances paid to the aircraft manufacturers are capitalized by the Company under Construction in progress until they are received. Subsequent costs (replacement of components, improvements, extensions, etc.) are included in the value of the initial asset or are recognized as a separate asset, only when it is probable that the future economic benefits associated with the elements of property, plant and equipment, will flow to the Company and the cost of the item can be determined reliably. The value of the replaced component is written off. The rest of the repairs and maintenance are charged to income when they are incurred. The depreciation of the properties, plants and equipment is calculated using the linear method over their estimated technical useful lives; except in the case of certain technical components which are depreciated on the basis of cycles and hours flown. This charge is recognized in the captions “Cost of sale” and “Administrative expenses”. The residual value and the useful life of the assets are reviewed and adjusted, if necessary, once a year. Useful lives are detailed in Note 16 (d). When the value of an asset exceeds its estimated recoverable amount, its value is immediately reduced to its recoverable amount. Losses and gains from the sale of property, plant and equipment are calculated by comparing the consideration with the book value and are included in the consolidated statement of income. |
Intangible assets other than goodwill | 2.5. Intangible assets other than goodwill (a) Airport slots and Loyalty program Airport slots and the Loyalty program correspond to intangible assets with indefinite useful lives and are annually tested for impairment as an integral part of the CGU Air Transport. Airport Slots correspond to an administrative authorization to carry out operations of arrival and departure of aircraft, at a specific airport, within a certain period of time. The Loyalty program corresponds to the system of accumulation and exchange of points that is part of TAM Linhas Aereas S.A. The airport slots and Loyalty program were recognized at fair value under IFRS 3, as a consequence of the business combination with TAM S.A. and Subsidiaries. (b) Computer software Licenses for computer software acquired are capitalized on the basis of the costs incurred in acquiring them and preparing them for using the specific software. These costs are amortized over their estimated useful lives, for which the Company has defined useful lives between 3 and 10 years. Expenses related to the development or maintenance of computer software which do not qualify for capitalization, are shown as an expense when incurred. The personnel costs and other costs directly related to the production of unique and identifiable computer software controlled by the Company, are shown as intangible Assets other than Goodwill when they have met all the criteria for capitalization. (c) Brands The Brands were acquired in the business combination with TAM S.A. and Subsidiaries and, recognized at fair value under IFRS 3. The Company has defined a useful life of five years, period in which the value of the brands will be amortized (see note 15). |
Borrowing costs | 2.6. Borrowing costs Interest costs incurred for the construction of any qualified asset are capitalized over the time necessary for completing and preparing the asset for its intended use. Other interest costs are recognized in the consolidated statement of income by function when accrued. |
Losses for impairment of non-financial assets | 2.7. Losses for impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Assets subject to amortization are tested for impairment losses whenever any event or change in circumstances indicates that the carrying amount may not be recoverable. An impairment loss is recognized for the excess of the carrying amount of the asset over its recoverable amount. The recoverable amount is the fair value of an asset less the costs of sale or the value in use, whichever is greater. For the purpose of evaluating impairment losses, assets are grouped at the lowest level for which there are largely independent cash inflows (cash generating unit. Non-financial assets, other than goodwill, that would have suffered an impairment loss are reviewed if there are indicators of reversal of losses. Impairment losses are recognized in the consolidated statement of income by function under “Other gains (losses)”. |
Financial assets | 2.8. Financial assets The Company classifies its financial assets in the following categories: at fair value (either through other comprehensive income, or through gains or losses), and at amortized cost. The classification depends on the business model of the entity to manage the financial assets and the contractual terms of the cash flows. The group reclassifies debt investments when, and only when, it changes its business model to manage those assets. In the initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset classified at amortized cost, the transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets accounted for at fair value through profit or loss are recorded as expenses in the consolidated statement of income by function. (a) Debt instruments The subsequent measurement of debt instruments depends on the group’s business model to manage the asset and cash flow characteristics of the asset. The Company has two measurement categories in which the group classifies its debt instruments: Amortized cost: the assets held for the collection of contractual cash flows where those cash flows represent only payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in income when the asset is derecognized or impaired. Interest income from these financial assets is included in financial income using the effective interest rate method. Fair value through profit or loss: assets that do not meet the criteria of amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and is presented net in the consolidated statement of income by function within other gains / (losses) in the period or exercise in which it arises. (b) Equity instruments Changes in the fair value of financial assets at fair value through profit or loss are recognized in other gains / (losses) in the consolidated statement of income by function as appropriate. The Company evaluates in advance the expected credit losses associated with its debt instruments recorded at amortized cost. The applied impairment methodology depends on whether there has been a significant increase in credit risk. |
Derivative financial instruments and embedded derivatives | 2.9. Derivative financial instruments and embedded derivatives Derivative financial instruments and hedging activities Initially at fair value on the date on which the derivative contract was made and are subsequently valued at their fair value. The method to recognize the resulting loss or gain depends on whether the derivative designated as a hedging instrument and, if so, the nature of the item being hedged. The Company designates certain derivatives as: (a) Hedge of an identified risk associated with a recognized liability or an expected highly- probable transaction (cash-flow hedge), or (b) Derivatives that do not qualify for hedge accounting. At the beginning of the transaction, the Company documents the economic relationship between the hedged items existing between the hedging instruments and the hedged items, as well as its objectives for risk management and the strategy to carry out various hedging operations. The Company also documents its assessment, both at the beginning and on an ongoing basis, as to whether the derivatives used in the hedging transactions are highly effective in offsetting the changes in the fair value or cash flows of the items being hedged. The total fair value of the hedging derivatives is booked as Other non-current financial asset or liability if the remaining maturity of the item hedged is over 12 months, and as an Other current financial asset or liability if the remaining term of the item hedged is less than 12 months. Derivatives not booked as hedges are classified as Other financial assets or liabilities. (a) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is shown in the statement of other comprehensive income. The loss or gain relating to the ineffective portion is recognized immediately in the consolidated statement of income by function under other gains (losses). Amounts accumulated in equity are reclassified to profit or loss in the periods or exercise when the hedged item affects profit or loss. When these amounts correspond to hedging derivatives of highly probable items that give rise to non-financial assets or liabilities, in which case, they are recorded as part of the non-financial assets or liabilities. For fuel price hedges, the amounts shown in the statement of other comprehensive income are reclassified to results under the line item Cost of sales to the extent that the fuel subject to the hedge is used. Gains or losses related to the effective part of the change in the intrinsic value of the options are recognized in the cash flow hedge reserve within equity. Changes in the time value of the options related to the part are recognized within Other Consolidated Comprehensive Income in the costs of the hedge reserve within equity. When a hedging instrument mature, is sold or fails to meet the requirements to be accounted for as a hedges, any gain or loss accumulated in the statement of Other comprehensive income until that moment, remains in the statement of other comprehensive income and is reclassified to the consolidated statement of income when the hedged transaction is finally recognized. When it is expected that the hedged transaction is no longer going to occur, the gain or loss accumulated in the statement of other comprehensive income is taken immediately to the consolidated statement of income by function as “Other gains (losses)”. (b) Derivatives not booked as a hedge The changes in fair value of any derivative instrument that is not booked as a hedge are shown immediately in the consolidated statement of income in “Other gains (losses)”. Embedded derivatives The Company assesses the existence of embedded derivatives in financial instrument contracts. Derivatives embedded in non-derivative host contracts are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the contracts are not measured at FVTPL as a whole. LATAM Airlines Group S.A. has determined that no embedded derivatives currently exist. |
Inventories | 2.10. Inventories Inventories, are shown at the lower of cost and their net realizable value. The cost is determined on the basis of the weighted average cost method (WAC). The net realizable value is the estimated selling price in the normal course of business, less estimated costs necessary to make the sale. |
Trade and other accounts receivable | 2.11. Trade and other accounts receivable Commercial accounts receivable are initially recognized at their fair value and subsequently at their amortized cost in accordance with the effective rate method, less the provision for impairment according to the model of the expected credit losses. The Company applies the simplified approach permitted by IFRS 9, which requires that expected lifetime losses be recognized upon initial recognition of accounts receivable. In the event that the Company transfers its rights to any financial asset (generally accounts receivable) to a third party in exchange for a cash payment, the Company evaluates whether all risks and rewards have been transferred, in which case the account receivable is derecognized. The existence of significant financial difficulties on the part of the debtor, the probability that the debtor goes bankrupt or financial reorganization are considered indicators of a significant increase in credit risk. The carrying amount of the asset is reduced as the provision account is used and the loss is recognized in the consolidated income statement under “Cost of sales”. When an account receivable is written off, it is regularized against the provision account for the account receivable. |
Cash and cash equivalents | 2.12. Cash and cash equivalents Cash and cash equivalents include cash and bank balances, time deposits in financial institutions, and other short-term and highly liquid investments and a low risk of loss of value. |
Capital | 2.13. Capital The common shares are classified as net equity. Incremental costs directly attributable to the issuance of new shares or options are shown in net equity as a deduction from the proceeds received from the placement of shares. |
Trade and other accounts payables | 2.14. Trade and other accounts payables Trade payables and other accounts payable are initially recognized at fair value and subsequently at amortized cost. |
Interest-bearing loans | 2.15. Interest-bearing loans Financial liabilities are shown initially at their fair value, net of the costs incurred in the transaction. Later, these financial liabilities are valued at their amortized cost; any difference between the proceeds obtained (net of the necessary arrangement costs) and the repayment value, is shown in the consolidated statement of income during the term of the debt, according to the effective interest rate method. Financial liabilities are classified in current and non-current liabilities according to the contractual payment dates of the nominal principal. Convertible Notes The component parts of the convertible notes issued by LATAM are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible instruments. This amount is recorded as a liability on an amortized cost basis using the effective interest method until extinguished upon conversion or at the instrument’s maturity date. The conversion option classified as equity is determined by the deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized and included in other equity, net of income tax effects. and is not subsequently remeasured. In addition, the conversion option classified as equity will remain in other equity until the conversion option is exercised, in which case, the balance recognized in other equity will be transferred to share capital. Where the conversion option remains unexercised at maturity date of the convertible bond, the balance recognized in other equity will be transferred to retained earnings. No gain or loss is recognized in profit or loss upon conversion or expiration of the conversion option. Transaction costs that relate to the issue of the convertible notes are allocated to the liability and equity components in proportion to the allocation of the gross proceeds. Transaction costs relating to the equity component are charged directly to equity. |
Current and deferred taxes | 2.16. Current and deferred taxes The tax expense for the period or exercise comprises income and deferred taxes. The current income tax expense is calculated based on tax laws enacted at the date of the statement of financial position, in the countries in which the subsidiaries and associates operate and generate taxable income. Deferred taxes are recognized on the temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from the initial recognition of an asset or a liability in a transaction other than a business combination that at the time of the transaction does not affect the accounting or the taxable profit or loss. Deferred tax is determined using the tax rates (and laws) that have been enacted or substantially enacted at the date of the consolidated statements of financial position and are expected to apply when the related deferred tax asset is realized or the deferred tax liability discharged. Deferred tax assets are recognized only to the extent it is probable that the future taxable profit will be available against which the temporary differences can be utilized. The tax (current and deferred) is recognized in the statement of income by function, unless it relates to an item recognized in other comprehensive income, directly in equity. In this case the tax is also recognized in other comprehensive income or, directly in the statement of income by function, respectively. Deferred tax assets and liabilities are offset if, and only if: (a) there is a legally enforceable right to set off current tax assets and liabilities, and (b) the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either: (i) the same taxable entity, or (ii) different taxable entities which intend to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. |
Employee benefits | 2.17. Employee benefits (a) Personnel vacations The Company recognizes the expense for personnel vacations on an accrual basis. (b) Share-based compensation The compensation plans implemented based on the value of the shares of the Company are recognized in the consolidated financial statements in accordance with IFRS 2: Share-based payments. For equity settled plans the fair value is recorded in equity with a charge to remuneration in a linear manner between the grant of said options and the date on which they become vested. For cash settled awards the fair value, updated as of the closing date of each reporting period or exercise, is recorded as a liability with charge to remuneration. (c) Post-employment and other long-term benefits Provisions are made for these obligations by applying the method of the projected unit credit method, and considering estimates of future permanence, mortality rates and future wage increases determined on the basis of actuarial calculations. The discount rates are determined by reference to market interest-rate curves. Actuarial gains or losses are shown in other comprehensive income. (d) Incentives The Company has an annual incentives plan for its personnel for compliance with objectives and individual contribution to the results. The incentives eventually granted consist of a given number or portion of monthly remuneration and the provision is made on the basis of the amount estimated for distribution. (e) Termination benefits The group recognizes termination benefits at the earlier of the following dates: (a) when the group terminates the employee relationship; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. |
Provisions | 2.18. Provisions Provisions are recognized when: (i) The Company has a present legal or constructive obligation as a result of a past event; (ii) It is probable that payment is going to be required to settle an obligation; and (iii) A reliable estimate of the obligation amount can be made. |
Revenue from contracts with customers | 2.19. Revenue from contracts with customers (a) Transportation of passengers and cargo The Company recognizes the sale for the transportation service as a deferred income liability, which is recognized as income when the transportation service has been provided or expired. In the case of air transport services sold by the Company and that will be made by other airlines, the liability is reduced when they are remitted to said airlines. The Company periodically reviews whether it is necessary to make an adjustment to deferred income liabilities, mainly related to returns, changes, among others. Compensations granted to clients for changes in the levels of services or billing of additional services such as additional baggage, change of seat, among others, are considered modifications of the initial contract, therefore, they are deferred until the corresponding service is provided. (b) Expiration of air tickets The Company estimates on a monthly basis the probability of expiration of air tickets, with refund clauses, based on their history of use. Air tickets without a refund clause expire on the date of the flight in case the passenger does not show up. (c) Costs associated with the contract The costs related to the sale of air tickets are capitalized and deferred until the moment of providing the corresponding service. These assets are included under the heading “Other current non-financial assets” in the Consolidated Classified Statement of Financial Position. (d) Frequent passenger program The Company maintains the following loyalty programs: LATAM Pass and LATAM Pass Brasil, whose objective is building customer loyalty through the delivery of miles or points. These programs give their frequent passengers the possibility of earning LATAMPASS’s miles or points, which grant the right to a selection of both air and non-air awards. Additionally, the Company sells the LATAMPASS miles or points to financial and non-financial partners through commercial alliances to award miles or points to their customers. To reflect the miles and points earned, the loyalty program mainly includes two types of transactions that are considered revenue arrangements with multiple performance obligations: (1) Passenger Ticket Sales Earning miles or points (2) miles or points sold to financial and non-financial partner (1) Passenger Ticket Sales Earning Miles or Points. In this case, the miles or points are awarded to customers at the time that the company performs the flight. To value the miles or points earned with travel, we consider the quantitative value a passenger receives by redeeming miles for a ticket rather than paying cash, which is referred to as Equivalent Ticket Value (“ETV”). Our estimate of ETV is adjusted for miles and points that are not likely to be redeemed (“breakage”). The balance of miles and points that are pending to redeem are included within deferred revenue. (2) Miles sold to financial and non-financial partners To value the miles or points earned through financial and non-financial partners,the performance obligations with the client are estimated separately. To calculate these performance obligations, different components that add value in the commercial contract must be considered, such as marketing, advertising and other benefits, and finally the value of the points awarded to customers based on our ETV. The value of each of these components is finally allocated in proportion to their relative prices. The performance obligations associated with the valuation of the points or miles earned become part of the Deferred Revenue, and the remaining performance obligations are recorded as revenue when the miles or points are delivered to the client. When the miles and points are exchanged for products and services other than the services provided by the Company, the income is recognized immediately; when the exchange is made for air tickets of any airline of LATAM Airlines Group S.A. and subsidiaries, the income is deferred until the air transport service is provided. The miles and points that the Company estimates will not be exchanged are recognized in the results based on the consumption pattern of the miles or points effectively exchanged by customers. The Company uses statistical models to estimate the probability of exchange, which is based on historical patterns and projections. (e) Dividend income Dividend income is recognized when the right to receive payment is established. |
Leases | 2.20. Leases The Company recognizes contracts that meet the definition of a lease as a right of use asset and a lease liability on the date when the underlying asset is available for use. Right of use assets are measured at cost including the following: - The amount of the initial measurement of the lease liability; - Lease payment made at or before commencement date; - Initial direct costs, and - Restoration costs. The right of use assets are recognized in the statement of financial position in Property, plant and equipment. Lease liabilities include the net present value of the following payments: - Fixed payments including in substance fixed payment. - Variable lease payments that depend on an index or a rate; - The exercise price of a purchase option, if it is reasonably certain that the option will be exercised. The discount rate that LATAM uses is the interest rate implicit in the lease, if that rate can be readily determined. This is the rate of interest that causes the present value of (a) lease payments and (b) the unguaranteed residual value to equal the sum of (i) the fair value of the underlying asset and (ii) any initial direct costs of the lessor. LATAM uses its incremental borrowing rate if the interest rate implicit in the lease cannot be readily determined. Lease liabilities are recognized in the statement of financial position under Other financial liabilities, current or non-current. Interest accrued on financial liabilities is recognized in the consolidated statement of income in “Financial costs”. Principal and interest are present in the consolidated cash flow as “Payments of lease liability” and “Interest paid”, respectively, within financing cash flows. Payments associated with short-term leases without purchase options and leases of low-value assets are recognized on a straight-line basis in profit or loss at the time of accrual. Those payments are presented within operating cash flows. The Company analyzes the financing agreements of aircraft, mainly considering characteristics such as: (a) That the Company initially acquired the aircraft or took an important part in the process of direct acquisition with the manufacturers. (b) Due to the contractual conditions, it is virtually certain that the Company will execute the purchase option of the aircraft at the end of the lease term. Since these financing agreements are “substantially purchases” and not leases, the related liability is considered as a financial debt classified under IFRS 9 and continues to be presented within the “Other financial liabilities” described in Note 18. On the other hand, the aircraft are presented in Property, Plant and Equipment, as described in Note 16, as “own aircraft”. The Group qualifies as sale and lease transactions, operations that lead to a sale according to IFRS 15. More specifically, a sale is considered as such if there is no option to purchase the goods at the end of the lease term. If the sale by the seller-lessee is classified as a sale in accordance with IFRS 15, the underlying asset is derecognized, and a right-of-use asset equal to the portion retained proportionally of the amount of the asset is recognized. If the sale by the seller-lessee is not classified as a sale in accordance with IFRS 15, the transferred assets are kept in the financial statements and a financial liability equal to the sale price is recognized (received from the buyer-lessor). The Company has applied the practical solution allowed by IFRS 16 for those contracts that meet the established requirements and that allows a lessee to choose not to evaluate if the concessions that it obtains derived from COVID-19 are a modification of the lease. |
Non-current assets or disposal groups classified as held for sale | 2.21. Non-current assets or disposal groups classified as held for sale Non-current assets (or disposal groups) classified as assets held for sale are shown at the lesser of their book value and the fair value less costs to sell. |
Maintenance | 2.22. Maintenance The costs incurred for scheduled heavy maintenance of the aircraft’s fuselage and engines are capitalized and depreciated until the next maintenance. The depreciation rate is determined on technical grounds, according to the use of the aircraft expressed in terms of cycles and flight hours. In case of aircraft include in property, plant and equipment, these maintenance cost are capitalized as Property, plant and equipment, while in the case of aircraft on right of use, a liability is accrued based on the use of the main components is recognized, since a contractual obligation with the lessor to return the aircraft on agreed terms of maintenance levels exists. These are recognized as Cost of sales. Additionally, some contracts that comply with the definition of lease establish the obligation of the lessee to make deposits to the lessor as a guarantee of compliance with maintenance and return conditions. These deposits, often called maintenance reserves, accumulate until a major maintenance is performed. Once made, the recovery is requested to the lessor. At the end of the contract period, there is comparison between the reserves that have been paid and required return conditions, and compensation between the parties are made if applicable. The unscheduled maintenance of aircraft and engines, as well as minor maintenance, are charged to results as incurred. |
Environmental costs | 2.23. Environmental costs Disbursements related to environmental protection are charged to results when incurred or accrue. |
GENERAL INFORMATION (Tables)
GENERAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of General Information About Financial Statements Text Block Abstract | |
Schedule of consolidated financial statements | As December 31, 2022 As December 31, 2021 As December 31, 2020 Country Functional Tax No. Company of origin Currency Direct Indirect Total Direct Indirect Total Direct Indirect Total % % % % % % % % % 96.969.680-0 Lan Pax Group S.A. and Subsidiaries Chile US$ 99.9959 0.0041 100.0000 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 Foreign Latam Airlines Perú S.A. Peru US$ 23.6200 76.1900 99.8100 23.6200 76.1900 99.8100 23.6200 76.1900 99.8100 93.383.000-4 Lan Cargo S.A. Chile US$ 99.8940 0.0041 99.8981 99.8940 0.0041 99.8981 99.8940 0.0041 99.8981 Foreign Connecta Corporation U.S.A. US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 100.0000 0.0000 100.0000 Foreign Prime Airport Services Inc. and Subsidiary U.S.A. US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.9714 0.0286 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.631.520-2 Fast Air Almacenes de Carga S.A. Chile CLP 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.8900 0.1100 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.2208 3.7792 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.9800 0.0200 100.0000 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.0000 1.0000 100.0000 96.575.810-0 Inversiones Lan S.A. Chile US$ 99.9000 0.1000 100.0000 99.9000 0.1000 100.0000 99.7100 0.2900 100.0000 96.847.880-K Technical Trainning LATAM S.A. Chile CLP 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 Foreign Latam Finance Limited Cayman Island US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Peuco Finance Limited Cayman Island US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Profesional Airline Services INC. U.S.A. US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Jarletul S.A. Uruguay US$ 0.0000 100.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 Foreign LatamTravel S.R.L. Bolivia US$ 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 76.262.894-5 Latam Travel Chile II S.A. Chile US$ 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 Foreign Latam Travel S.A. Argentina ARS 94.0100 5.9900 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign TAM S.A. and Subsidiaries (*) Brazil BRL 63.0901 36.9099 100.0000 63.0901 36.9099 100.0000 63.0901 36.9099 100.0000 (*) As of December 31, 2022, the indirect participation percentage on TAM S.A. and Subsidiaries is from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 51.04% of political rights. Its percentage arises as a result of the provisional measure No. 863 of the Brazilian government implemented in December 2018 that allows foreign capital to have up to 100% of the property. |
Schedule of subsidiaries | Statement of financial position Net Income For the period ended December 31, As of December 31, 2022 As of December 31, 2021 As of December 31, 2020 2022 2021 2020 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain /(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 392,232 1,727,968 (1,342,687 ) 432,271 1,648,715 (1,236,243 ) 404,944 1,487,248 (853,624 ) (120,717 ) (7,289 ) (290,980 ) Foreign Latam Airlines Perú S.A. 335,773 281,178 54,595 484,388 417,067 67,321 661,721 510,672 8,691 (12,726 ) (109,392 ) (175,485 ) 93.383.000-4 Lan Cargo S.A. 394,378 212,094 182,284 721,484 537,180 184,304 749,789 462,666 172,186 (1,230 ) 1,590 10,936 Foreign Connecta Corporation 78,905 22,334 56,571 61,068 19,312 41,756 57,922 24,023 40,087 14,814 1,169 500 Foreign Prime Airport Services Inc. and Subsidiary (*) 25,118 24,325 813 24,654 25,680 (1,026 ) 25,050 23,102 (1,034 ) 1,838 190 (181 ) 96.951.280-7 Transporte Aéreo S.A. 283,166 177,109 106,057 471,094 327,955 143,139 546,216 142,423 216,912 (36,190 ) (56,135 ) (39,032 ) 96.631.520-2 Fast Air Almacenes de Carga S.A. 16,150 12,623 3,527 18,303 10,948 7,355 20,132 12,601 7,581 1,154 48 500 Foreign Laser Cargo S.R.L. (3 ) - (3 ) (5 ) - (5 ) (6 ) - (10 ) - - - Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 35,991 15,334 20,656 36,617 14,669 21,940 218,435 14,355 203,829 (1,287 ) (806 ) (92,623 ) 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary (*) 220,144 148,489 11,661 202,402 113,930 23,563 250,027 86,691 130,823 (11,901 ) (54,961 ) 1,452 96.575.810-0 Inversiones Lan S.A. (*) 1,281 56 1,225 1,284 45 1,239 1,394 65 1,329 (14 ) (90 ) 50 96.847.880-K Technical Trainning LATAM S.A. 1,417 1,110 307 2,004 467 1,537 2,181 625 1,556 77 181 60 Foreign Latam Finance Limited 3,011 211,517 (208,506 ) 1,310,733 1,688,821 (378,088 ) 1,310,735 1,584,311 (273,576 ) 169,582 (104,512 ) (105,100 ) Foreign Peuco Finance Limited - - - 1,307,721 1,307,721 - 1,307,721 1,307,721 - - - Foreign Profesional Airline Services INC. 56,895 53,786 3,109 61,659 58,808 2,851 17,345 14,772 2,573 258 278 1,014 Foreign Jarletul S.A. 16 1,109 (1,093 ) 24 1,116 (1,092 ) 34 1,076 (1,042 ) (2 ) (50 ) (332 ) Foreign LatamTravel S.R.L. 92 5 87 64 132 (68 ) 1,061 1,106 (45 ) 154 (23 ) (33 ) 76.262.894-5 Latam Travel Chile II S.A. 368 1,234 (866 ) 588 1,457 (869 ) 943 1,841 (898 ) 2 29 392 Foreign Latam Travel S.A. 7,303 2,715 4,588 3,778 6,135 2,357 3,977 6,018 (2,041 ) (6,187 ) (2,804 ) (5,610 ) Foreign TAM S.A. and Subsidiaries (*) 3,497,848 4,231,547 (733,699 ) 2,608,859 3,257,148 (648,289 ) 3,110,055 3,004,935 105,120 (69,932 ) (756,633 ) (1,025,814 ) (*) The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling participation. |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of level of hedge | Positions as of December 31, 2022 (*) Maturities Q123 Q223 Q323 Q423 Total Percentage of coverage over the expected volume of consumption 24 % 24 % 15 % 5 % 17 % Positions as of December 31, 2021 (*) Maturities Q122 Q222 Q322 Q422 Total Percentage of coverage over the expected volume of consumption 25 % 30 % 17 % 14 % 21 % |
Schedule of sensitivity analysis | Positions as of December 31, 2022 Positions as of December 31, 2021 Benchmark price effect on Equity effect on Equity (US$ per barrel) (MUS$) (MUS$) +5 +2.2 +2.7 -5 -2.3 -3.3 |
Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity | More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E GOLDMAN SACHS U.S.A. US$ 32,071 122,278 323,125 1,361,595 - 1,839,069 1,100,000 Quarterly 18.46 13.38 0-E SANTANDER Spain US$ 19,164 55,288 - - - 74,452 70,951 Quarterly 7.26 7.26 Obligations with the public 97.036.000-K SANTANDER Chile UF - 3,136 6,271 6,271 178,736 194,414 156,783 To the expiration 2.00 2.00 0-E WILMINGTON TRUST COMPANY U.S.A. US$ - 152,531 307,625 757,625 887,250 2,105,031 1,150,000 To the expiration 15.00 13.38 97.036.000-K SANTANDER Chile US$ - - - - 6 6 3 To the expiration 1.00 1.00 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 6,692 14,705 39,215 39,215 138,345 238,172 184,198 Quarterly 5.76 5.76 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 3,839 13,465 45,564 43,444 75,505 181,817 141,605 Quartely/Monthly 8.20 8.20 Other guaranteed obligation 0-E EXIM BANK U.S.A. US$ 394 1,171 12,119 21,111 60,857 95,652 86,612 Quarterly 2.01 1.78 0-E MUFG U.S.A. US$ 13,091 38,914 69,916 - - 121,921 112,388 Quarterly 6.23 6.23 0-E CREDIT AGRICOLE France US$ 5,769 31,478 70,890 267,615 - 375,752 275,000 To the expiration 8.24 8.24 Financial lease 0-E CITIBANK U.S.A. US$ 6,995 5,844 - - - 12,839 12,514 Quarterly 6.19 5.47 0-E BNP PARIBAS U.S.A. US$ 6,978 20,662 1,543 - - 29,183 28,165 Quarterly 5.99 5.39 0-E NATIXIS France US$ 9,864 29,468 75,525 70,787 129,582 315,226 239,138 Quarterly 6.44 6.44 0-E US BANK U.S.A. US$ 18,072 54,088 86,076 - - 158,236 152,693 Quarterly 4.06 2.85 0-E PK AIRFINANCE U.S.A. US$ 1,749 5,165 6,665 - - 13,579 12,590 Quarterly 5.97 5.97 0-E EXIM BANK U.S.A. US$ 3,176 9,681 137,930 193,551 157,978 502,316 446,509 Quarterly 3.58 2.79 0-E BANK OF UTAH U.S.A. US$ 5,878 17,651 47,306 50,649 145,184 266,668 182,237 Monthly 10.45 10.45 Others loans 0-E OTHERS (*) US$ 2,028 - - - - 2,028 2,028 To the expiration - - TOTAL 135,760 575,525 1,229,770 2,811,863 1,773,443 6,526,361 4,353,414 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Financial leases 0-E NATIXIS France US$ 510 1,530 4,080 4,080 7,846 18,046 18,046 Semiannual/Quarterly 7.23 7.23 Bank loans 0-E MERRIL LYNCH CREDIT PRODUCTS LLC Brazil BRL 304,549 - - - - 304,549 304,549 Monthly 3.95 3.95 TOTAL 305,059 1,530 4,080 4,080 7,846 322,595 322,595 More than More than More than More Up to 90 days one to three to than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Lease Liability AIRCRAFT OTHERS US$ 80,602 250,297 845,215 776,431 1,094,935 3,047,480 2,134,968 - - - OTHER ASSETS OTHERS US$ 1,727 8,080 20,641 6,251 1,763 38,462 35,157 - - - CLP 20 34 69 - - 123 111 - - - UF 574 1,568 3,007 2,515 6,273 13,937 11,703 - - - COP 76 227 301 - - 604 518 - - - EUR 84 253 246 24 - 607 571 - - - BRL 2,064 6,192 14,851 12,491 28,625 64,223 33,425 Trade and other accounts payables - OTHERS OTHERS US$ 80,557 35,542 - - - 116,099 116,099 - - - CLP 168,393 1,231 - - - 169,624 169,624 - - - BRL 370,772 5,242 - - - 376,014 376,014 - - - Other currency 583,118 3,935 - - - 587,053 587,053 - - - Accounts payable to related parties currents Foreign Inversora Aeronáutica Argentina S.A. Argentina US$ 5 - - - - 5 5 - - - Foreign Patagonia Seafarms INC U.S.A CLP 7 - - - - 7 7 - - - Total 1,287,999 312,601 884,330 797,712 1,131,596 4,414,238 3,465,255 Total consolidated 1,728,818 889,656 2,118,180 3,613,655 2,912,885 11,263,194 8,141,264 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 CITIBANK Chile US$ 115,350 - - - - 115,350 114,000 At Expiration 2.96 2.96 97.030.000-7 ITAU Chile US$ 20,140 - - - - 20,140 20,000 At Expiration 4.20 4.20 0-E HSBC Chile US$ 12,123 - - - - 12,123 12,000 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 10,236 - - - - 10,236 10,106 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ 751 2,604 106,939 - - 110,294 106,427 Quarterly 2.80 2.80 0-E CITIBANK U.S.A. UF 60,935 - - - - 60,935 60,935 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCO ESTADO Chile UF 36,171 179,601 31,461 31,461 369,537 648,231 502,897 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 184,188 104,125 884,188 856,000 - 2,028,501 1,500,000 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 17,182 19,425 40,087 41,862 95,475 214,031 198,475 Quarterly 1.48 1.48 0-E MUFG U.S.A. US$ 29,652 17,921 36,660 37,829 55,297 177,359 166,712 Quarterly 1.64 1.64 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 933 4,990 29,851 36,337 89,263 161,374 144,358 Quarterly / Monthly 3.17 1.60 Other guaranteed obligation 0-E CREDIT AGRICOLE France US$ 273,199 - - - - 273,199 273,199 At Expiration 1.82 1.82 0-E MUFG U.S.A. US$ 8,150 46,746 94,062 14,757 - 163,715 156,933 Quarterly 1.72 1.72 0-E CITIBANK U.S.A. US$ 613,419 - - - - 613,419 600,000 At Expiration 2.00 2.00 0-E BANK OF UTAH U.S.A. US$ - 1,858,051 - - - 1,858,051 1,644,876 At Expiration 22.71 12.97 0-E EXIM BANK U.S.A. US$ 271 1,173 3,375 10,546 55,957 71,322 62,890 Quarterly 1.84 1.84 Financial lease 0-E CREDIT AGRICOLE France US$ 699 1,387 - - - 2,086 2,052 Quarterly 3.68 3.23 0-E CITIBANK U.S.A. US$ 19,268 59,522 5,721 - - 84,511 83,985 Quarterly 1.37 0.79 0-E BNP PARIBAS U.S.A. US$ 7,351 26,519 21,685 - - 55,555 54,918 Quarterly 1.56 0.96 0-E NATIXIS France US$ 5,929 34,328 59,574 59,930 130,131 289,892 261,458 Quarterly 2.09 2.09 0-E US BANK U.S.A. US$ 18,158 72,424 133,592 6,573 - 230,747 219,667 Quarterly 4.03 2.84 0-E PK AIRFINANCE U.S.A. US$ 853 5,763 10,913 - - 17,529 16,851 Quarterly 1.88 1.88 0-E EXIM BANK U.S.A. US$ 2,758 11,040 61,167 249,466 269,087 593,518 533,127 Quarterly 2.88 2.03 Others loans 0-E OTHERS (*) US$ 55,819 - - - - 55,819 55,819 At Expiration - - TOTAL 1,493,535 2,445,619 1,519,275 1,344,761 1,064,747 7,867,937 6,801,685 More than More than More than More Up to 90 days one to three to than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NCM Netherlands US$ 990 - - - - 990 943 Monthly 6.01 6.01 0-E MERRIL LYNCH U.S.A. BRL 185,833 - - - - 185,833 185,833 Monthly 3.95 3.95 0-E BANCO BRADESCO Brazil BRL 74,661 - - - - 74,661 74,661 Monthly 4.33 4.33 Financial leases 0-E NATIXIS France US$ 486 2,235 4,080 11,076 - 17,877 17,326 Quarterly 2.74 2.74 0-E GA TELESIS LLC U.S.A. US$ 762 2,706 4,675 4,646 5,077 17,866 10,999 Monthly 14.72 14.72 Others Loans 0-E Deustche Bank (*) Brazil US$ 20,689 - - - - 20,689 20,689 At Expiration - - TOTAL 283,421 4,941 8,755 15,722 5,077 317,916 310,451 Up to More than More than More than More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Lease Liability AIRCRAFT OTHERS US$ 694,568 469,568 767,629 811,843 778,613 3,522,221 2,883,657 - - - OTHER ASSETS OTHERS US$ 9,859 11,820 22,433 23,365 8,651 76,128 73,615 - - - UF 1,759 982 245 76 231 3,293 2,621 - - - COP 2 7 35 - - 44 42 - - - EUR 198 112 293 - - 603 599 - - - PEN 4 7 97 - - 108 103 - - - Trade and other accounts payables OTHERS OTHERS US$ 644,743 165,085 - - - 809,828 809,828 - - - CLP 214,224 4,912 - - - 219,136 219,136 - - - BRL 365,486 5,258 - - - 370,744 370,744 - - - Other currency 542,304 3,719 - - - 546,023 546,023 - - - Accounts payable to related parties currents (*) Foreign Inversora Aeronáutica Argentina S.A. Argentina US$ - 5 - - - 5 5 - - - Foreign Delta Airlines U.S.A US$ - 2,268 - - - 2,268 2,268 - - - Foreign Patagonia Seafarms INC U.S.A US$ - 7 - - - 7 7 - - - 81.062.300-4 Costa Verde Aeronautica S.A. Chile US$ - 175,819 - - - 175,819 175,819 - - - Foreign QA Investments Ltd Jersey Channel Islands US$ - 219,774 - - - 219,774 219,774 - - - Foreign QA Investments 2 Ltd Jersey Channel Islands US$ - 219,774 - - - 219,774 219,774 - - - Foreign Lozuy S.A. Uruguay US$ - 43,955 - - - 43,955 43,955 - - - Total 2,473,147 1,323,072 790,732 835,284 787,495 6,209,730 5,567,970 Total consolidated 4,250,103 3,773,632 2,318,762 2,195,767 1,857,319 14,395,583 12,680,106 |
Schedule of classification of financial instruments at fair value | As of December 31, 2022 As of December 31, 2021 Fair value measurements using Fair value measurements using Fair value Level I Level II Level III Fair value Level I Level II Level III ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Assets Cash and cash equivalents 95,452 95,452 - - 26,025 26,025 - - Short-term mutual funds 95,452 95,452 - - 26,025 26,025 - - Other financial assets, current 21,878 277 21,601 - 17,988 347 17,641 - Fair value interest rate derivatives 8,816 - 8,816 - - - - - Fair value of fuel derivatives 12,594 - 12,594 - 17,641 - 17,641 - Fair value of foreign currency derivative 191 - 191 - - - - - Private investment funds 277 277 - - 347 347 - - Liabilities Other financial liabilities, current - - - - 5,671 - 5,671 - Fair value of interest rate derivatives - - - - 2,734 - 2,734 - Currency derivative not registered as hedge accounting - - - - 2,937 - 2,937 - |
Schedule of financial instruments which are not recorded at fair value | As of December 31, 2022 As of December 31, 2021 Book value Fair value Book value Fair value ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,121,223 1,121,223 1,020,810 1,020,810 Cash on hand 2,248 2,248 2,120 2,120 Bank balance 480,566 480,566 558,078 558,078 Overnight 259,129 259,129 386,034 386,034 Time deposits 379,280 379,280 74,578 74,578 Other financial assets, current 481,637 481,637 83,150 83,150 Other financial assets 481,637 481,637 83,150 83,150 Trade debtors, other accounts receivable and Current accounts receivable 1,008,109 1,008,109 881,770 881,770 Accounts receivable from entities related, current 19,523 19,523 724 724 Other financial assets, not current 15,517 15,517 15,622 15,622 Accounts receivable, non-current 12,743 12,743 12,201 12,201 Other current financial liabilities 802,841 824,167 4,447,780 4,339,370 Accounts payable for trade and other accounts payable, current 1,627,992 1,627,992 4,839,251 4,839,251 Accounts payable to entities related, current 12 12 661,602 662,345 Other financial liabilities, not current 5,979,039 5,533,131 5,948,702 5,467,594 Accounts payable, not current 326,284 326,284 472,426 472,426 |
FX [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of sensitivity analysis | Appreciation (depreciation) Effect on equity as of Effect on equity as of of R$/US$ (MUS$) (MUS$) -10% -2.9 - +10% +3.0 - |
Exchange Rate Variation [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of sensitivity analysis | Effect on Income Statement Effect on Income Statement Appreciation (depreciation) for the period ended December 31, 2022 for the period ended December 31, 2021 of R$/US$ (MUS$) (MUS$) -10% +70.7 +51.9 +10% -70.7 -51.9 |
Cumulative Translation Adjustment [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of sensitivity analysis | Appreciation (depreciation) Effect at December 31, 2022 Effect at December 31, 2021 of R$/US$ MUS$ MUS$ -10% +98.11 +96.66 +10% -80.28 -79.09 |
Interest-Rate Variations [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of sensitivity analysis | Increase (decrease) Positions as of December 31, 2022 Positions as of December 31, 2021 futures curve effect on profit or loss before tax effect on profit or loss before tax in libor 3 months (MUS$) (MUS$) + 100 basis points -22.64 -46.31 - 100 basis points +22.64 +46.31 |
Historical Market Conditions [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of sensitivity analysis | Positions as of December 31, 2022 Positions as of December 31, 2021 Increase (decrease) effect on equity effect on equity interest rate curve (MUS$) (MUS$) +100 basis points +6.9 - - 100 basis points -8.2 - |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Operating Segments Text Block Abstract | |
Schedule of revenues by geographic area | For the year ended 2022 2021 2020 ThUS$ ThUS$ ThUS$ Peru 858,957 503,616 297,549 Argentina 206,856 75,513 172,229 U.S.A. 1,058,107 577,970 505,145 Europe 768,980 376,857 338,565 Colombia 540,231 368,474 177,007 Brazil 3,724,466 1,664,523 1,304,006 Ecuador 248,454 162,959 112,581 Chile 1,514,645 794,122 638,225 Asia Pacific and rest of Latin America 441,825 359,981 378,360 Income from ordinary activities 9,362,521 4,884,015 3,923,667 Other operating income 154,286 227,331 411,002 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Cash And Cash Equivalents Text Block Abstract | |
Schedule of cash and cash equivalents | As of As of ThUS$ ThUS$ Cash on hand 2,248 2,120 Bank balances 480,566 558,078 Overnight 259,129 386,034 Total Cash 741,943 946,232 Cash equivalents Time deposits 379,280 74,578 Mutual funds 95,452 26,025 Total cash equivalents 474,732 100,603 Total cash and cash equivalents 1,216,675 1,046,835 |
Schedule of cash and cash equivalents denominated by currencies | Currency As of As of ThUS$ ThUS$ Argentine peso 10,711 7,148 Brazilian real 193,289 89,083 Chilean peso 17,643 9,800 Colombian peso 22,607 13,535 Euro 19,361 7,099 US Dollar 906,666 886,627 Other currencies 46,398 33,543 Total 1,216,675 1,046,835 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL INSTRUMENTS [Abstract] | |
Schedule of financial instruments by category | Assets Measured at amortized At fair value Hedge Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,121,223 95,452 - 1,216,675 Other financial assets, current (*) 481,637 277 21,601 503,515 Trade and others accounts receivable, current 1,008,109 - - 1,008,109 Accounts receivable from related entities, current 19,523 - - 19,523 Other financial assets, non current 15,517 - - 15,517 Accounts receivable, non current 12,743 - - 12,743 Total 2,658,752 95,729 21,601 2,776,082 Liabilities Measured at At fair value Hedge Total ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 802,841 - - 802,841 Trade and others accounts payable, current 1,627,992 - - 1,627,992 Accounts payable to related entities, current 12 - - 12 Other financial liabilities, non-current 5,979,039 - - 5,979,039 Accounts payable, non-current 326,284 - - 326,284 Total 8,736,168 - - 8,736,168 (*) The amount presented as at fair value with changes in the results corresponds mainly to private investment funds. The amount presented as measured at amortized cost relates to ThUS$340,008 of funds delivered as restricted advances (as described in Note 11) and guarantees. Assets Measured at At fair value Hedge Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,020,810 26,025 - 1,046,835 Other financial assets, current (*) 83,150 347 17,641 101,138 Trade and others accounts receivable, current 881,770 - - 881,770 Accounts receivable from related entities, current 724 - - 724 Other financial assets, non current 15,622 - - 15,622 Accounts receivable, non current 12,201 - - 12,201 Total 2,014,277 26,372 17,641 2,058,290 Liabilities Measured at At fair value Hedge Total ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 4,447,780 2,937 2,734 4,453,451 Trade and others accounts payable, current 4,839,251 - - 4,839,251 Accounts payable to related entities, current 661,602 - - 661,602 Other financial liabilities, non-current 5,948,702 - - 5,948,702 Accounts payable, non-current 472,426 - - 472,426 Total 16,369,761 2,937 2,734 16,375,432 (*) The amount presented as at fair value with changes in results corresponds mainly to private investment funds. The amount presented as measured at amortized cost relates to guarantees. |
TRADE AND OTHER ACCOUNTS RECE_2
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [Abstract] | |
Schedule of trade and other accounts receivable | As of December 31, 2022 As of December 31, 2021 ThUS$ ThUS$ Trade accounts receivable 952,625 765,050 Other accounts receivable 135,459 209,925 Total trade and other accounts receivable 1,088,084 974,975 Less: Expected credit loss (67,232 ) (81,004 ) Total net trade and accounts receivable 1,020,852 893,971 Less: non-current portion – accounts receivable (12,743 ) (12,201 ) Trade and other accounts receivable, current 1,008,109 881,770 |
Schedule of expected credit losses | As of December 31, 2022 As December 31, 2021 Portfolio maturity Expected Gross book Impairment loss Provision Expected Gross book Impairment loss Provision % ThUS$ ThUS$ % ThUS$ ThUS$ Up to date 1 % 745,334 (8,749 ) 2 % 570,307 (8,806 ) From 1 to 90 days 3 % 142,780 (3,758 ) 10 % 116,613 (11,840 ) From 91 to 180 days 15 % 8,622 (1,297 ) 31 % 11,376 (3,567 ) From 181 to 360 days 79 % 8,269 (6,565 ) 72 % 3,864 (2,766 ) more of 360 days 98 % 47,620 (46,863 ) 86 % 62,890 (54,025 ) Total 952,625 (67,232 ) 765,050 (81,004 ) (1) Corresponds to the consolidated expected rate of accounts receivable. (2) The gross book value represents the maximum credit risk value of trade accounts receivables. |
Schedule of trade and other accounts receivable and non-current accounts receivable | Currency As of December 31, 2022 As of December 31, 2021 ThUS$ ThUS$ Argentine Peso 25,559 7,282 Brazilian Real 389,451 352,027 Chilean Peso 36,626 53,488 Colombian Peso 6,779 5,657 Euro 12,506 24,548 US Dollar 510,916 429,091 Korean Won 6,337 844 Mexican Peso 1,536 2,428 Australian Dollar 9,808 62 Pound Sterling 9,149 13,105 Uruguayan Peso (New) 45 860 Swiss Franc 2,621 361 Japanese Yen 2,802 106 Swedish crown 223 490 Other Currencies 6,494 3,622 Total 1,020,852 893,971 |
Schedule of provision for impairment losses of trade debtors and other accounts receivable | Opening balance Write-offs (Increase) Decrease Closing balance Periods ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 (100,402 ) 30,754 (52,545 ) (122,193 ) From January 1 to December 31, 2021 (122,193 ) 26,435 14,754 (81,004 ) From January 1 to December 31, 2022 (81,004 ) 5,966 7,806 (67,232 ) |
Schedule of accounts receivable categories | As of December 31, 2022 As of December 31, 2021 Gross exposure Gross Exposure net Gross exposure Gross Exposure net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Trade accounts receivable 952,625 (67,232 ) 885,393 765,050 (81,004 ) 684,046 Other accounts receivable 135,459 - 135,459 209,925 - 209,925 |
ACCOUNTS RECEIVABLE FROM_PAYA_2
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES [Abstract] | |
Schedule of accounts receivable | Tax No. Related party Relationship Country of origin Currency As of As of December 31, ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 257 703 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL - 2 Foreign Delta Air Lines Inc. Shareholder U.S.A. US$ 19,228 - 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP - 6 76.335.600-0 Parque de Chile S.A. Related director Chile CLP 2 2 96.989.370-3 Rio Dulce S.A. Related director Chile CLP 1 4 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP 35 7 Total current assets 19,523 724 |
Schedule of current accounts payable | Current liabilities Tax No. Related party Relationship Country Currency As of As of ThUS$ ThUS$ Foreign Delta Airlines, Inc. Shareholder U.S.A. US$ - 2,268 Foreign Inversora Aeronáutica Argentina S.A. Related director Argentina US$ 5 5 Foreign Patagonia Seafarms INC Related director U.S.A. US$ 7 7 81.062.300-4 Costa Verde Aeronautica S.A. (*) Shareholder Chile US$ - 175,819 Foreign QA Investments Ltd (*) Common shareholder U.K. US$ - 219,774 Foreign QA Investments 2 Ltd (*) Common shareholder U.K. US$ - 219,774 Foreign Lozuy S.A. (*) Common shareholder Uruguay US$ - 43,955 Total current and non current liabilities 12 661,602 (*) corresponds to drawdowns tranche C of the DIP loan (See note 3.1c) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of composition of inventories | As of As of ThUS$ ThUS$ Technical stock (*) 438,717 250,327 Non-technical stock (**) 39,072 37,010 Total 477,789 287,337 (*) Correspond to spare parts and materials that will be used in own maintenance services as well as those of third parties. (**) Consumption of on-board services, uniforms and other indirect materials |
Schedule of average acquisition cost net of their obsolescence provision | As of As of ThUS$ ThUS$ Provision for obsolescence Technical stock 49,981 64,455 Provision for obsolescence Non-technical stock 5,823 5,785 Total 55,804 70,240 |
OTHER FINANCIAL ASSETS (Tables)
OTHER FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Assets Text Block Abstract | |
Schedule of composition of other financial assets | Current Assets Non-current assets Total Assets As of December 31, 2022 As of December 31, 2021 As of December 31, 2022 As of December 31, 2021 As of December 31, 2022 As of December 31, 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 277 347 - - 277 347 Deposits in guarantee (aircraft) 22,340 7,189 1,273 2,758 23,613 9,947 Guarantees for margins of derivatives 7,460 5,451 - - 7,460 5,451 Other investments - - 493 493 493 493 Domestic and foreign bonds - 1,290 - - - 1,290 Guaranteed debt advances Chapter 11 (*) 340,008 - - - 340,008 - Other guarantees given 111,829 69,220 13,751 12,371 125,580 81,591 Subtotal of other financial assets 481,914 83,497 15,517 15,622 497,431 99,119 (b) Hedging derivative asset Fair value of interest rate derivatives 8,816 - - - 8,816 - Fair value of foreign currency derivatives 191 - - - 191 - Fair value of fuel price derivatives 12,594 17,641 - - 12,594 17,641 Subtotal of derivative assets 21,601 17,641 - - 21,601 17,641 Total Other Financial Assets 503,515 101,138 15,517 15,622 519,032 116,760 (*) As of December 31, 2022, there are ThUS$340,008 of funds delivered to an agent as restricted advances, the purpose of which is to settle the claims pending resolution existing at the exit of the Chapter 11 process. See claims in force at the end of the period in Note 34b. |
Schedule of composition by currencies of other financial assets | Type of currency As of As of ThUS$ ThUS$ Argentine peso 5 16 Brazilian real 336,676 9,775 Chilean peso 5,847 4,502 Colombian peso 1,716 1,727 Euro 6,791 4,104 U.S.A dollar 165,457 93,247 Other currencies 2,540 3,389 Total 519,032 116,760 |
OTHER NON-FINANCIAL ASSETS (Tab
OTHER NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER NON-FINANCIAL ASSETS [Abstract] | |
Schedule of composition of other non-financial assets | Current assets Non-current assets Total Assets As of As of As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Advance payments Aircraft insurance and other 27,122 12,331 - - 27,122 12,331 Others 13,039 11,404 1,733 2,002 14,772 13,406 Subtotal advance payments 40,161 23,735 1,733 2,002 41,894 25,737 (b) Contract assets (1) GDS costs 9,530 6,439 - - 9,530 6,439 Credit card commissions 26,124 10,550 - - 26,124 10,550 Travel agencies commissions 12,912 8,091 - - 12,912 8,091 Subtotal advance payments 48,566 25,080 - - 48,566 25,080 (c) Other assets Sales tax 100,665 57,634 27,962 33,212 128,627 90,846 Other taxes 1,688 1,661 - - 1,688 1,661 Contributions to the International Aeronautical Telecommunications Society (“SITA”) 258 258 739 739 997 997 Contributions to Universal Air Travel Plan “UATP” - - 40 20 40 20 Judicial deposits 26 - 117,904 89,459 117,930 89,459 Subtotal other assets 102,637 59,553 146,645 123,430 249,282 182,983 Total Other Non - Financial Assets 191,364 108,368 148,378 125,432 339,742 233,800 (1) Movement of Contracts assets: |
Schedule of movement of contracts assets | Initial balance Activation Cumulative translation adjustment Amortization Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2021 15,476 67,647 (6,680 ) (51,363 ) 25,080 From January 1 to December 31, 2022 25,080 302,290 (37,145 ) (241,658 ) 48,567 |
NON-CURRENT ASSETS AND DISPOS_2
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-Current Assets and Disposal Group Classified as Held for Sale [Abstract] | |
Schedule of non-current assets and disposal group classified as held for sale | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current assets Aircraft 64,483 99,694 Engines and rotables 21,552 46,724 Other assets 381 374 Total 86,416 146,792 |
Schedule of fleet classified as non-current assets and disposal group | As of As of December 31, December 31, Aircraft 2022 2021 Boeing 767 3 6 Airbus A320 3 - Airbus A319 28 - Total 34 6 |
INVESTMENTS IN SUBSIDIARIES (Ta
INVESTMENTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Subsidiaries Text Block Abstract | |
Schedule of significant subsidiaries | Ownership As of As of Country of Functional December 31, December 31, Name of significant subsidiary incorporation currency 2022 2021 % % Latam Airlines Perú S.A. Peru US$ 99.81000 99.81000 Lan Cargo S.A. Chile US$ 99.89810 99.89810 Lan Argentina S.A. Argentina ARS 100.00000 100.00000 Transporte Aéreo S.A. Chile US$ 100.00000 100.00000 Latam Airlines Ecuador S.A. Ecuador US$ 100.00000 100.00000 Aerovías de Integración Regional, AIRES S.A. Colombia COP 99.21764 99.20120 TAM S.A. Brazil BRL 100.00000 100.00000 |
Schedule of financial information of significant subsidiaries | Statement of financial position as of December 31, 2022 Income for the period Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income/(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A. 335,773 305,288 30,485 281,178 276,875 4,303 1,257,865 (12,726 ) Lan Cargo S.A. 394,378 144,854 249,524 212,094 165,297 46,797 333,054 (1,230 ) Lan Argentina S.A. 178,881 175,130 3,751 176,707 111,306 65,401 3,108 (450,755 ) Transporte Aéreo S.A. 283,166 47,238 235,928 177,109 145,446 31,663 320,187 (36,190 ) Latam Airlines Ecuador S.A. 110,821 107,313 3,508 93,975 82,687 11,288 134,622 1,519 Aerovías de Integración Regional, AIRES S.A. 112,501 109,076 3,425 213,941 211,679 2,262 394,430 (122,199 ) TAM S.A. (*) 3,497,848 1,998,284 1,499,564 4,231,547 3,302,692 928,855 4,255,115 (69,932 ) Statement of financial position as of December 31, 2021 Income for the period Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income/(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A. 484,388 454,266 30,122 417,067 414,997 2,070 584,929 (109,390 ) Lan Cargo S.A. 721,484 452,981 268,503 537,180 488,535 48,645 215,811 1,590 Lan Argentina S.A. 162,995 158,008 4,987 119,700 98,316 21,384 242 (200,315 ) Transporte Aéreo S.A. 471,094 184,235 286,859 327,955 275,246 52,709 203,411 (56,135 ) Latam Airlines Ecuador S.A. 112,437 108,851 3,586 97,111 80,861 16,250 68,762 (5,596 ) Aerovías de Integración Regional, AIRES S.A. 70,490 67,809 2,681 87,749 75,621 12,128 239,988 (19,810 ) TAM S.A. (*) 2,608,859 1,262,825 1,346,034 3,257,148 2,410,426 846,722 2,003,922 (741,791 ) (*) Corresponds to consolidated information of TAM S.A. and subsidiaries |
Schedule of non-controlling interest | As of As of As of As of Country December 31, December 31, December 31, December 31, Equity Tax No. of origin 2022 2021 2022 2021 % % ThUS$ ThUS$ Latam Airlines Perú S.A Foreign Peru 0.19000 0.19000 (12,392 ) (13,035 ) Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 (1,638 ) 2,481 Lan Pax Airlines Group S.A. y Filiales 96.969.680-0 Chile 0.00000 0.00000 1,691 (149 ) Linea Aérea Carguera de Colombiana S.A. Foreign Colombia 9.54000 9.54000 129 (422 ) Transportes Aereos del Mercosur S.A. Foreign Paraguay 5.02000 5.02000 653 769 Total (11,557 ) (10,356 ) For the year For the year Country December 31, December 31, Incomes Tax No. of origin 2022 2021 2020 2022 2021 2020 % % % ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A Foreign Peru 0.19000 0.19000 0.19000 643 (5,553 ) (8,102 ) Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 0.10196 (4,118 ) (1,771 ) (121 ) Lan Pax Airlines Group S.A. y Filiales 96.969.680-0 Chile - - 0.10196 967 (182 ) 431 Linea Aérea Carguera de Colombiana S.A. Foreign Colombia 9.54000 9.54000 9.54000 551 1,788 (943 ) Transportes Aereos del Mercosur S.A. Foreign Paraguay 5.02000 0.79880 5.02000 (116 ) 67 (913 ) Total (2,073 ) (5,651 ) (9,648 ) |
INTANGIBLE ASSETS OTHER THAN _2
INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL [Abstract] | |
Schedule of intangible assets | Classes of intangible assets Classes of intangible assets (net) (gross) As of As of As of As of December 31, December 31, December 31, December 31, 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 625,368 587,214 625,368 587,214 Loyalty program 203,791 190,542 203,791 190,542 Computer software 143,550 136,135 518,971 463,478 Developing software 107,652 104,874 107,651 105,673 Trademarks (1) - - 37,904 36,723 Other assets 25 127 1,315 1,315 Total 1,080,386 1,018,892 1,495,000 1,384,945 (1) In 2016, the Company decided to adopt a unique name and identity and announced that the group’s brand will be LATAM, which united all the companies under a single image. |
Schedule of movement in intangible assets other than goodwill | Computer Trademarks software and others Developing Airport and loyalty Net software slots program (1) Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2020 221,324 99,193 845,959 281,765 1,448,241 Additions 45 76,331 - - 76,376 Withdrawals (333 ) (454 ) (36,896 ) - (37,683 ) Transfer software and others 101,015 (99,890 ) - - 1,125 Foreign exchange (20,242 ) (6,659 ) (181,321 ) (63,478 ) (271,700 ) Amortization (162,468 ) - - (7,332 ) (169,800 ) Closing balance as of December 31, 2020 139,341 68,521 627,742 210,955 1,046,559 Opening balance as of January 1, 2021 139,341 68,521 627,742 210,955 1,046,559 Additions - 82,798 - - 82,798 Withdrawals (275 ) (429 ) - - (704 ) Transfer software and others 46,144 (45,657 ) - (352 ) 135 Foreign exchange (3,571 ) (359 ) (40,528 ) (14,276 ) (58,734 ) Amortization (45,377 ) - - (5,785 ) (51,162 ) Closing balance as of December 31, 2021 136,262 104,874 587,214 190,542 1,018,892 Opening balance as of January 1, 2022 136,262 104,874 587,214 190,542 1,018,892 Additions 47 66,820 - - 66,867 Withdrawals (2,947 ) (245 ) - - (3,192 ) Transfer software and others 61,212 (63,658 ) - - (2,446 ) Foreign exchange 3,359 (139 ) 38,154 13,249 54,623 Amortization (54,358 ) - - - (54,358 ) Closing balance as of December 31, 2022 143,575 107,652 625,368 203,791 1,080,386 (1) In 2016, the Company decided to adopt a unique name and identity and announced that the group’s brand will be LATAM, which united all the companies under a single image. |
Schedule of recoverable values | CGU Air transport Annual growth rate (Terminal) % 0.0 – 3.5 Exchange rate (1) R$/US$ 5.40 – 5.63 Discount rate based don the Weighted Average Cost of Capital (WACC) % 8.40 – 12.40 Fuel Price from future prices curves Commodities markets US$/barrel 100 – 130 (1) In line with expectations of the Central Bank of Brazil. |
Schedule of annual growth rates, discounts, exchange rates and fuel price | Increase Increase Decrease rate fuel price WACC Terminal growth Maximum % % Air Transportation CGU 12.4 0 130 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Property Plant And Equipment Text Block Abstract | |
Schedule of composition of property, plant and equipment | Gross Book Value Accumulated depreciation Net Book Value As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ a) Property, plant and equipment Construction in progress (1) 388,810 473,797 - - 388,810 473,797 Land 44,349 43,276 - - 44,349 43,276 Buildings 124,507 121,972 (55,511 ) (61,521 ) 68,996 60,451 Plant and equipment 11,135,425 11,024,722 (4,836,926 ) (4,462,706 ) 6,298,499 6,562,016 Own aircraft (3) (4) 10,427,950 10,377,850 (4,619,279 ) (4,237,585 ) 5,808,671 6,140,265 Other (2) 707,475 646,872 (217,647 ) (225,121 ) 489,828 421,751 Machinery 27,090 25,764 (25,479 ) (23,501 ) 1,611 2,263 Information technology equipment 153,355 146,986 (136,746 ) (130,150 ) 16,609 16,836 Fixed installations and accessories 155,351 147,402 (118,279 ) (108,661 ) 37,072 38,741 Motor vehicles 51,504 49,186 (46,343 ) (44,423 ) 5,161 4,763 Leasehold improvements 202,753 248,733 (42,726 ) (115,758 ) 160,027 132,975 Subtotal Properties, plant and equipment 12,283,144 12,281,838 (5,262,010 ) (4,946,720 ) 7,021,134 7,335,118 b) Right of use Aircraft (3) 4,391,690 5,211,153 (3,064,869 ) (3,109,411 ) 1,326,821 2,101,742 Other assets 246,078 243,014 (182,372 ) (190,007 ) 63,706 53,007 Subtotal Right of use 4,637,768 5,454,167 (3,247,241 ) (3,299,418 ) 1,390,527 2,154,749 Total 16,920,912 17,736,005 (8,509,251 ) (8,246,138 ) 8,411,661 9,489,867 (1) As of December 31, 2022, includes advances paid to aircraft manufacturers for ThUS$ 357,979 (ThUS$ 368,625 as of December 31, 2021) (2) Consider mainly rotables and tools. (3) As of December 31, 2021, due to Chapter 11, 13 aircraft lease contract were rejected, of which 4 were recorded as Property, plant and equipment, (4 A350) and 9 were presented as right of use assets, (2 A320 and 7 A350). (4) During 2022, six A320 and twenty-eight A319 aircraft were reclassified to Non-current assets or groups of assets for disposal as held for sale. |
Schedule of movement of property, plant and equipment | Information Fixed Property, Plant and technology installations Motor Leasehold Plant and Construction Buildings equipment equipment & accessories vehicles improvements equipment in progress Land net net net net net net net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2020 372,589 48,406 74,862 9,374,516 20,776 59,834 477 98,460 10,049,920 Additions 6,535 - - 485,800 1,295 9 - - 493,639 Disposals - - - (1,439 ) (112 ) (31 ) (4 ) - (1,586 ) Rejection fleet - - - (1,081,496 ) - - - (82 ) (1,081,578 ) Retirements (39 ) - - (107,912 ) (55 ) (3,250 ) - - (111,256 ) Depreciation expenses - - (4,819 ) (682,102 ) (6,186 ) (9,037 ) (81 ) (16,542 ) (718,767 ) Foreign exchange (2,601 ) (5,428 ) (4,836 ) (146,219 ) (1,543 ) (7,195 ) 4 (2,587 ) (170,405 ) Other increases (decreases) 1,477 - - (142,179 ) 656 8,869 - (4,841 ) (136,018 ) Changes, total 5,372 (5,428 ) (9,655 ) (1,675,547 ) (5,945 ) (10,635 ) (81 ) (24,052 ) (1,725,971 ) Closing balance as of December 31, 377,961 42,978 65,207 7,698,969 14,831 49,199 396 74,408 8,323,949 Opening balance as of January 1, 2021 377,961 42,978 65,207 7,698,969 14,831 49,199 396 74,408 8,323,949 Additions 84,392 1,550 92 563,023 6,455 6 17 6,543 662,078 Disposals - - - (169 ) (26 ) (309 ) (17 ) - (521 ) Rejection fleet (*) - - - (469,878 ) - - - (46,816 ) (516,694 ) Retirements (279 ) - - (44,684 ) (212 ) (1,885 ) - (26 ) (47,086 ) Depreciation expenses - - (4,074 ) (620,349 ) (4,345 ) (8,304 ) (61 ) (11,649 ) (648,782 ) Foreign exchange (1,720 ) (1,252 ) (833 ) (19,199 ) (404 ) (1,752 ) (11 ) (13,074 ) (38,245 ) Other increases (decreases) (**) 13,443 - 59 (538,996 ) 537 1,786 1 123,589 (399,581 ) Changes, total 95,836 298 (4,756 ) (1,130,252 ) 2,005 (10,458 ) (71 ) 58,567 (988,831 ) Closing balance as of December 31, 473,797 43,276 60,451 6,568,717 16,836 38,741 325 132,975 7,335,118 Opening balance as of January 1, 2022 473,797 43,276 60,451 6,568,717 16,836 38,741 325 132,975 7,335,118 Additions 16,332 - - 843,808 6,426 113 258 27,160 894,097 Disposals - - - (4,140 ) - (264 ) (3 ) - (4,407 ) Withdrawals (75 ) - (2 ) (42,055 ) (24 ) (836 ) - (313 ) (43,305 ) Retirements - - (3,285 ) (669,059 ) (5,662 ) (7,914 ) (55 ) (13,071 ) (699,046 ) Depreciation expenses (1,282 ) 1,073 918 11,527 (84 ) 2,365 (28 ) 7,593 22,082 Foreing exchange (99,962 ) - 10,914 (403,950 ) (883 ) 4,867 (74 ) 5,683 (483,405 ) Other increases (decreases) - - - - - - - - - Changes, total (84,987 ) 1,073 8,545 (263,869 ) (227 ) (1,669 ) 98 27,052 (313,984 ) Closing balance as of December 31, 388,810 44,349 68,996 6,304,848 16,609 37,072 423 160,027 7,021,134 (*) Include aircraft lease rejection due to Chapter 11. (**) As of December 31, 2022, six A320 ThUS$ (29,328) and twenty-eight A319 ThUS$ (373,410) aircraft were reclassified to Non-current assets or groups of assets for disposal as held for sale. As of December 31, 2021, it includes the lease contract amendment of two B787 aircraft ThUS$ (397,569) and six A320N aircraft ThUS$ (284,952) (see note 13). |
Schedule of right of use assets | Net right of use Aircraft Others assets ThUS $ ThUS $ ThUS $ Opening balances as of January 1, 2020 2,768,540 101,158 2,869,698 Additions - 399 399 Fleet rejection (*) (9,090 ) - (9,090 ) Depreciation expense (395,936 ) (22,492 ) (418,428 ) Cumulative translate adjustment (6,578 ) (11,173 ) (17,751 ) Other increases (decreases) (18,894 ) 385 (18,509 ) Total changes (430,498 ) (32,881 ) (463,379 ) Final balances as of December 31, 2020 2,338,042 68,277 2,406,319 Opening balances as of January 1, 2021 2,338,042 68,277 2,406,319 Additions 537,995 1,406 539,401 Fleet rejection (*) (573,047 ) (4,577 ) (577,624 ) Depreciation expense (317,616 ) (16,597 ) (334,213 ) Cumulative translate adjustment (574 ) (1,933 ) (2,507 ) Other increases (decreases) (**) 116,942 6,431 123,373 Total changes (236,300 ) (15,270 ) (251,570 ) Final balances as of December 31, 2021 2,101,742 53,007 2,154,749 Opening balances as of January 1, 2022 2,101,742 53,007 2,154,749 Additions 372,571 13,087 385,658 Depreciation expense (249,802 ) (16,368 ) (266,170 ) Cumulative translate adjustment 919 1,392 2,311 Other increases (decreases) (***) (898,609 ) 12,588 (886,021 ) Total changes (774,921 ) 10,699 (764,222 ) Final balances as of December 31, 2022 1,326,821 63,706 1,390,527 (*) Include aircraft lease rejection due to Chapter 11. (**) Includes the renegotiations of 92 aircraft (1 A319, 37 A320, 12 A320N, 19 A321, 1 B767, 6 B777 and 16 B787). (***) Include the renegotiations of 115 aircraft (1 A319, 39 A320, 14 A320N, 30 A321, 1 B767, 6 B777 and 24 B787). |
Schedule of renegotiations aircraft | Aircraft included Aircraft included Total fleet As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, Aircraft Model 2022 2021 2022 2021 2022 2021 Boeing 767 300ER 15 16 - - 15 16 Boeing 767 300F 13 12 (1) 1 1 14 13 (1) Boeing 777 300ER 4 4 6 6 10 10 Boeing 787 800 4 4 6 6 10 10 Boeing 787 900 2 2 19 15 21 17 Airbus A319 100 12 (3) 37 1 7 13 44 Airbus A320 200 88 94 40 (2) 39 128 (2) 133 Airbus A320 NEO 1 - 15 12 16 12 Airbus A321 200 19 18 30 31 49 49 Total 158 187 118 117 276 304 (1) An aircraft leased to Aerotransportes Mas de Carga S.A. de C.V, was returned to LATAM Airlines Group S.A. in 2022. (2) An aircraft with a short-term operating lease is not considered value for right of use. (3) Twenty-eight A319 aircraft were classified under non-current assets or groups of assets for disposal as held for sale, (see Note 13) |
Schedule of method used for the depreciation of property, plant and equipment | Useful life (years) Method minimum maximum Buildings Straight line without residual value 20 50 Plant and equipment Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) 5 30 Information technology equipment Straight line without residual value 5 10 Fixed installations and accessories Straight line without residual value 10 10 Motor vehicle Straight line without residual value 10 10 Leasehold improvements Straight line without residual value 5 8 Assets for rights of use Straight line without residual value 1 25 (*) Except in the case of the Boeing 767 300ER, Airbus 320 Family and Boeing 767 300F fleets that consider a lower residual value, due to the extension of their useful life to 22, 25 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. |
Schedule of property, plant and equipment pledged as guarantee | As of As of Deceember 31, December 31, 2022 2021 Guarantee Creditor Committed Fleet Existing Book Existing Book ThUS$ ThUS$ ThUS$ ThUS$ Wilmington MUFG Aircraft and engines Airbus A319 4,554 13,205 58,611 259,036 Trust Company Airbus A320 33,154 203,788 51,543 227,604 Boeing 767 35,043 164,448 46,779 168,315 Boeing 777 141,605 144,065 144,358 141,620 Credit Agricole Credit Agricole Aircraft and engines Airbus A319 3,518 5,311 1,073 6,419 Airbus A320 195,864 161,397 139,192 117,130 Airbus A321 / A350 6,192 4,827 30,733 27,427 Boeing 767 9,121 23,323 10,404 30,958 Boeing 787 60,305 34,077 91,797 38,551 Bank Of Utah BNP Paribas Aircraft and engines Boeing 787 184,199 221,311 198,475 233,501 Citibank N.A. Citibank N.A. Aircraft and engines Airbus A319 - - 27,936 45,849 Airbus A320 - - 128,030 181,224 Airbus A321 - - 41,599 75,092 Airbus A350 - - 15,960 26,507 Airbus B767 - - 90,846 181,246 Airbus B787 - - 23,156 17,036 Rotables - - 162,477 134,846 UMB Bank MUFG Aircraft and engines Airbus A320 - - 166,712 258,875 Total direct guarantee 673,555 975,752 1,429,681 2,171,236 (1) For the syndicated loans, the Guarantee Agent represents different creditors. |
Schedule of letters of credit related assets | Creditor Guarantee Debtor Type Value Release GE Capital Aviation Services Ltd. LATAM Airlines Group S.A. Three letters of credit 12,198 Dec 6, 2023 Merlin Aviation Leasing (Ireland) 18 Limited RB Comercial Properties 49 Tam Linhas Aéreas S.A. Two letters of credit 3,852 Mar 15, 2023 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 27,091 Apr 20, 2023 43,141 |
Schedule of fully depreciated assets and commitments for future purchases | As of As of ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 266,896 223,608 Commitments for the acquisition of aircraft (*) 13,186,000 10,800,000 (*) According to the manufacturer’s price list. |
Schedule of purchase commitment | Year of delivery Manufacturer 2023 2024 2025 2026-2029 Total Airbus S.A.S. 8 8 11 56 83 A320-NEO Family 8 8 11 56 83 The Boeing Company 2 - - - 2 Boeing 787-9 2 - - - 2 Total 10 8 11 56 85 |
Schedule of capitalized interest costs | For the period ended December 31, 2022 2021 2020 Average rate of capitalization of capitalized interest costs % 7.12 5.06 3.52 Costs of capitalized interest ThUS$ 10,575 7,345 11,627 |
CURRENT AND DEFERRED TAXES (Tab
CURRENT AND DEFERRED TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Income Tax Text Block Abstract | |
Schedule of composition of current tax assets | Current assets Non-current assets Total assets As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 18,559 32,086 - - 18,559 32,086 Other recoverable credits 14,474 9,178 - - 14,474 9,178 Total current tax assets 33,033 41,264 - - 33,033 41,264 |
Schedule of composition of current tax liabilities | Current liabilities Non-current liabilities Total liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 1,026 675 - - 1,026 675 Total current tax liabilities 1,026 675 - - 1,026 675 |
Schedule of balances of deferred tax | Assets Liabilities As of As of As of As of December 31, December 31, December 31, December 31, Concept 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ Properties, Plants and equipment (1,006,814 ) (1,128,225 ) 81,326 80,468 Assets by right of use 249,462 715,440 (45 ) (68 ) Amortization (88,172 ) (44,605 ) 10 10 Provisions (20,563 ) 111,468 69,519 74,047 Revaluation of financial instruments 2,438 (16,575 ) - - Tax losses 852,654 358,284 (94,005 ) (87,378 ) Intangibles - - 270,512 254,155 Other 16,910 19,503 17,308 19,777 Total 5,915 15,290 344,625 341,011 |
Schedule of movements of deferred tax assets and liabilities | Opening Recognized in Recognized in Exchange Ending ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,513,904 ) 110,010 - 7,557 (1,396,337 ) Assets for right of use 133,481 95,774 - - 229,255 Amortization (53,136 ) (14,142 ) - 2,130 (65,148 ) Provisions 43,567 158,178 924 (58,639 ) 144,030 Revaluation of financial instruments 10,279 (27,901 ) 959 (1,470 ) (18,133 ) Tax losses (*) 1,356,268 216,897 - (15,428 ) 1,557,737 Intangibles (349,082 ) 1,030 - 77,371 (270,681 ) Others (8,693 ) 6,541 - 1,965 (187 ) Total (381,220 ) 546,387 1,883 13,486 180,536 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,396,337 ) 187,644 - - (1,208,693 ) Assets for right of use 229,255 486,253 - - 715,508 Amortization (65,148 ) 20,533 - - (44,615 ) Provisions 144,030 (103,826 ) (2,783 ) - 37,421 Revaluation of financial instruments (18,133 ) 1,616 (58 ) - (16,575 ) Tax losses (*) 1,557,737 (1,112,075 ) - - 445,662 Intangibles (270,681 ) (1,394 ) - 17,920 (254,155 ) Others (187 ) (87 ) - - (274 ) Total 180,536 (521,336 ) (2,841 ) 17,920 (325,721 ) Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,208,693 ) 120,553 - - (1,088,140 ) Assets for right of use 715,508 (466,001 ) - - 249,507 Amortization (44,615 ) (43,567 ) - - (88,182 ) Provisions 37,421 (128,070 ) 567 - (90,082 ) Revaluation of financial instruments (16,575 ) 19,248 (235 ) - 2,438 Tax losses (*) 445,662 500,997 - - 946,659 Intangibles (254,155 ) 2,114 - (18,471 ) (270,512 ) Others (274 ) (124 ) - - (398 ) Total (325,721 ) 5,150 332 (18,471 ) (338,710 ) (*) As stated in note 2c), on November 26th, 2021 the Company filed a Reorganization Plan and Disclosure Statement in which, among other items, financial forecasts were included together with the proposed issuance of new shares and convertible notes. With that information the Company´s management updated its analysis on the recoverability of deferred tax assets and determined that during the time covered by the financial forecast it will not be probable that part of such deferred tax assets may be offset by future taxable profits. Therefore, the Company during the fourth quarter of 2021 derecognized deferred tax assets not considered recoverable in the amount of ThUS$1,251,912. On the other hand, on December 31, 2022 the Company management of subsidiary Lan Cargo S.A determined that considering financial forecast it will not be probable that part of the deferred tax assets may be offset with future taxable profits. Therefore, the Company derecognized deferred tax assets not considered recoverable in the amount of ThUS$6,173. |
Schedule of deferred tax expense and current income taxes | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Income tax (expense)/benefit Current tax (expense) benefit (14,064 ) (47,139 ) 3,602 Adjustments to the current tax of the previous year - (460 ) 199 Total current tax (expense) benefit (14,064 ) (47,599 ) 3,801 (Expense)/benefit from deferred income taxes Deferred (expense) benefit for taxes related to the creation 5,150 (521,336 ) 546,387 Total deferred tax (expense)benefit 5,150 (521,336 ) 546,387 Income tax (expense)/benefit (8,914 ) (568,935 ) 550,188 |
Schedule of income tax (expense)/benefit | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Current tax (expense) benefit, foreign 19,573 (9,943 ) (4,232 ) Current tax (expense) benefit, domestic (33,637 ) (37,656 ) 8,033 Total current tax (expense) benefit (14,064 ) (47,599 ) 3,801 Deferred tax (expense) benefit, foreign (532 ) 4,309 (235,963 ) Deferred tax (expense) benefit, domestic 5,682 (525,645 ) 782,350 Total deferred tax (expense)benefit 5,150 (521,336 ) 546,387 Income tax (expense)/benefit (8,914 ) (568,935 ) 550,188 |
Schedule of income before tax from the chilean legal tax rate | For the year ended For the year ended December 31, December 31, 2022 2021 2020 2022 2021 2020 ThUS$ ThUS$ ThUS$ % % % Income tax benefit/(expense) using the legal tax rate (363,434 ) 1,102,736 1,378,547 (27.00 ) (27.00 ) (27.00 ) Tax effect by change in tax rate 9,016 - - 0.67 - - Tax effect of rates in other jurisdictions 20,398 54,775 58,268 1.52 (1.34 ) (1.14 ) Tax effect of non-taxable income (*) 1,201,618 9,444 19,529 89.27 (0.23 ) (0.38 ) Tax effect of disallowable expenses (33,855 ) (30,928 ) (40,528 ) (2.52 ) 0.76 0.79 Other increases (decreases): Derecognition of deferred tax liabilities for early termination of aircraft financing 90,823 205,458 294,969 6.75 (5.03 ) (5.78 ) Tax effect for goodwill impairment losses - - (453,681 ) - - 8.89 Derecognition of deferred tax assets not recoverable (6,173 ) (1,251,912 ) (237,637 ) (0.46 ) 30.65 4.65 Deferred tax asset not recognized (990,095 ) (667,702 ) (414,741 ) (73.56 ) 16.35 8.12 Other increases (decreases) 62,788 9,194 (54,538 ) 4.66 (0.23 ) 1.07 Total adjustments to tax expense using the legal rate 354,520 (1,671,671 ) (828,359 ) 26.33 40.93 16.22 Income tax benefit/(expense) using the effective rate (8,914 ) (568,935 ) 550,188 (0.67 ) 13.93 (10.78 ) (*) As of December 31, 2022, this amount mainly includes ThUS$974,826 and ThUS$218,775 related to amounts resulting from the gain resulting from the de-recognition of financial liabilities as a result of emergence from Chapter 11, and the equity issuance cost which is not taxable respectively. |
Schedule of deferred taxes related to items charged to equity | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income 332 (2,841 ) 1,883 |
OTHER FINANCIAL LIABILITIES (Ta
OTHER FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Liabilities Text Block Abstract | |
Schedule of composition of other financial liabilities | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current (a) Interest bearing loans 629,106 3,869,040 (b) Lease Liability 173,735 578,740 (c) Hedge derivatives - 2,734 (d) Derivative non classified as hedge accounting - 2,937 Total current 802,841 4,453,451 Non-current (a) Interest bearing loans 3,936,320 3,566,804 (b) Lease Liability 2,042,719 2,381,898 Total non-current 5,979,039 5,948,702 |
Schedule of composition of interest bearing loans | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current Loans to exporters - 159,161 Bank loans (3) 353,284 415,087 Guaranteed obligations (5)(6) 17,887 75,593 Other guaranteed obligations (1)(3) 66,239 2,546,461 Subtotal bank loans 437,410 3,196,302 Obligation with the public (3) 33,383 396,345 Financial leases (4)(5)(6)(7) 156,285 199,885 Other loans 2,028 76,508 Total current (2) 629,106 3,869,040 Non-current Bank loans (3) 1,032,711 106,751 Guaranteed obligations (5)(6) 307,174 434,942 Other guaranteed obligations 408,065 178,961 Subtotal bank loans 1,747,950 720,654 Obligation with the public (3) 1,256,416 1,856,853 Financial leases (4)(5)(6)(7) 931,954 989,297 Total non-current (2) 3,936,320 3,566,804 Total obligations with financial institutions (2) 4,565,426 7,435,844 (1) During March and April 2020, LATAM Airlines Group S.A. drew the entirety (US$ 600 million) of the committed credit line “Revolving Credit Facility (RCF)”. The line is guaranteed with collateral made up of aircraft, engines and spare parts, which was fully drawn until November 3, 2022. Once emerged from Chapter 11, this line was fully repaid and is available to be drawn. (2) On May 26, 2020 LATAM Airlines Group S.A. and its subsidiaries in Chile, Peru, Colombia and Ecuador filed for protection under Chapter 11 of the United States bankruptcy law in the Court for the Southern District of New York. Under Section 362 of the Bankruptcy Code. The same occurred for TAM LINHAS AÉREAS S.A and its affiliates (all LATAM affiliates in Brazil), dated July 9, 2020. Filing for Chapter 11 automatically suspends most actions against LATAM and its affiliates, including most of actions to collect financial obligations incurred before the Chapter 11 filing date or to exercise control over the property of LATAM and its affiliates. Consequently, although the bankruptcy filing may have caused defaults for some of the obligations of LATAM and its affiliates, the counterparties cannot take any action as a result of such defaults. (3) On September 29, 2020, LATAM Airlines Group S.A. obtained Debtor-in-Possession (“DIP”) financing for a total of US$2,450 million, composed of US$1,300 million of a tranche A (“Tranche A”) and US$1,150 million of a tranche C (“Tranche C” ), of which US$750 million were provided by related parties. Obligations under the DIP were secured by assets owned by LATAM and certain of its subsidiaries, including, but not limited to, shares, certain engines and spare parts. (4) On June 17, 2021, the United States Court for the Southern District of New York approved the motion presented by the Company to reject the lease of an aircraft financed under a financial lease in the amount of US$130.7 million. (5) On June 30, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 3 aircraft financed under a financial lease in the amount of US$ 307.4 million. (6) On November 1, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 1 engine financed under a financial lease in the amount of US$ 19.5 million. |
Schedule of currency balances of interest bearing loans | As of As of December 31, December 31, 2022 2021 Currency ThUS$ ThUS$ Brazilian real 314,322 338,953 Chilean peso (U.F.) 157,288 639,710 US Dollar 4,093,816 6,457,181 Total 4,565,426 7,435,844 |
Schedule of interest-bearing loans due in installments Chile (2021) | Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E SANTANDER Spain US$ - - 70,951 - - 70,951 173 - 70,951 - - 71,124 Quaterly 7,26 7,26 0-E GOLDMAN SACHS U.S.A. US$ 2,750 8,250 22,000 1,067,000 - 1,100,000 30,539 8,250 22,000 939,760 - 1,000,549 Quaterly 18.46 13.38 Obligations with the public 97.036.000- K SANTANDER Chile UF - - - - 156,783 156,783 505 - - - 156,783 157,288 At Expiration 2.00 2.00 97.036.000- K SANTANDER U.S.A. US$ - - - - 3 3 - - - - 3 3 At Expiration 1,00 1,00 0 - E WILMINGTON TRUST COMPANY U.S.A. US$ - - - 450,000 700,000 1,150,000 - 32,878 - 430,290 669,340 1,132,508 At Expiration 15.00 13,38 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 1,761 6,907 22,890 26,035 126,605 184,198 2,637 6,907 22,212 25,627 126,048 183,431 Quaterly 5,76 5,76 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 2,208 6,110 32,620 33,210 67,457 141,605 2,233 6,110 32,620 33,210 67,457 141,630 Quaterly/Monthly 8.20 8.20 - SWAP Received aircraft - US$ - - - - - - - - - - - - Quaterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ - 14,667 29,333 231,000 - 275,000 3,837 14,667 26,153 228,880 - 273,537 Quaterly 8,24 8,24 0-E MUFG U.S.A. US$ 11,345 34,624 66,419 - - 112,388 11,404 34,624 66,419 - - 112,447 Quaterly 6.23 6.23 0-E CITIBANK U.S.A. US$ - - - - - - 1470 - - 1,470 At Expiration 1,00 1,00 0-E EXIM BANK U.S.A. US$ - - 17,737 36,431 32,444 86,612 237 - 17,738 36,431 32,444 86,850 Quaterly 2.01 1.78 Financial leases 0-E CITIBANK U.S.A. US$ 6,825 5,689 - - - 12,514 6,888 5,689 - - - 12,577 Quaterly 6.19 5.47 0-E BNP PARIBAS U.S.A. US$ 6,596 20,048 1,521 - - 28,165 6,776 20,048 1,516 - - 28,340 Quaterly 5.99 5.39 0-E NATIXIS France US$ 6,419 19,341 53,207 55,696 104,475 239,138 8,545 19,341 52,881 55,478 103,905 240,150 Quaterly 6.44 6.44 0-E US BANK U.S.A. US$ 16,984 51,532 84,177 - - 152,693 17,831 51,532 79,805 - - 149,168 Quaterly 4.06 2.85 0-E PK AIRFINANCE U.S.A. US$ 1,533 4,664 6,393 - - 12,590 1,579 4,664 6,393 - - 12,636 Quaterly 5.97 5.97 0-E EXIM BANK U.S.A. US$ - - 113,668 180,260 152,581 446,509 1,923 - 112,666 178,672 151,236 444,497 Quaterly 3.58 2.79 0-E BANK OF UTAH U.S.A. US$ 2321 6568 20990 30557 121801 182,237 2321 6568 20990 30557 121801 182,237 Monthly 10,45 10,45 Others loans 0-E Various (*) US $ 2,028 - - - - 2,028 2,028 - - - - 2,028 At Expiration - - Total 60,770 178,400 541,906 2,110,189 1,462,149 4,353,414 100,926 211,278 532,344 1,958,905 1,429,017 4,232,470 Nominal values Accounting values More than More than More than More More than More than More than More Up to 90 days one to three to than Total Up to 90 days one to three to than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 0-E CITIBANK U.S.A. US$ 114,000 - - - - 114,000 123,366 - - - - 123,366 At Expiration 2.96 2.96 76.645.030-K ITAU Chile US$ 20,000 - - - - 20,000 22,742 - - - - 22,742 At Expiration 4.20 4.20 0-E HSBC England US$ 12,000 - - - - 12,000 13,053 - - - - 13,053 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 10,106 - - - - 10,106 11,040 - - - - 11,040 Quaterly 3.35 3.35 0-E SANTANDER Spain US$ - - 106,427 - - 106,427 135 - 106,427 - - 106,562 Quaterly 2.80 2.80 0-E CITIBANK U.S.A. UF 60,935 - - - - 60,935 64,293 - - - - 64,293 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCOESTADO Chile UF - 159,679 - - 343,218 502,897 49,584 159,679 - - 355,114 564,377 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ - - 700,000 800,000 - 1,500,000 187,082 - 698,450 803,289 - 1,688,821 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 16,079 12,412 34,958 37,891 97,135 198,475 17,926 12,412 34,044 37,466 96,379 198,227 Quaterly 1.48 1.48 0-E MUFG U.S.A. US$ 29,054 11,661 32,639 34,970 58,388 166,712 31,375 11,661 32,188 34,733 57,983 167,940 Quaterly 1.64 1.64 0-E WILMINGTON TRUST U.S.A. US$ - 2,209 24,703 32,327 85,119 144,358 - 2,209 24,703 32,327 85,119 144,358 Quaterly/Mensual 3.17 1.60 COMPANY - SWAP Received aircraft - US$ 10 - - - - 10 10 - - - - 10 Quaterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ 273,199 - - - - 273,199 274,403 - - - - 274,403 At Expiration 1.82 1.82 0-E MUFG U.S.A. US$ 7,551 33,131 91,435 24,816 - 156,933 8,259 33,131 91,255 24,816 - 157,461 Quaterly 1.72 1.72 0-E CITIBANK U.S.A. US$ - 600,000 - - - 600,000 95 600,000 - - - 600,095 At Expiration 2.00 2.00 0-E BANK OF UTAH U.S.A. US$ - 1,644,876 - - - 1,644,876 - 1,630,390 - - - 1,630,390 At Expiration 22.71 12.97 0-E EXIM BANK U.S.A. US$ - - - 25,876 37,014 62,890 183 - - 25,876 37,014 63,073 Quaterly 1.84 1.84 Financial leases 0-E CREDIT AGRICOLE France US$ 682 1,370 - - - 2,052 694 1,370 - - - 2,064 Quaterly 3.68 3.23 0-E CITIBANK U.S.A. US$ 19,101 52,371 12,513 - - 83,985 19,198 52,371 12,359 - - 83,928 Quaterly 1.37 0.79 0-E BNP PARIBAS U.S.A. US$ 7,216 19,537 28,165 - - 54,918 7,313 19,537 27,905 - - 54,755 Quaterly 1.56 0.96 0-E NATIXIS France US$ 1,335 15,612 52,010 54,443 138,058 261,458 4,472 15,612 51,647 54,064 137,430 263,225 Quaterly 2.09 2.09 0-E US BANK U.S.A. US$ 16,601 50,373 135,201 17,492 - 219,667 17,755 50,373 127,721 17,188 - 213,037 Quaterly 4.03 2.84 0-E PK AIRFINANCE U.S.A. US$ 800 3,842 11,562 647 - 16,851 903 3,842 11,562 647 - 16,954 Quaterly 1.88 1.88 0-E EXIM BANK U.S.A. US$ - - - 248,354 284,773 533,127 1,771 - - 244,490 280,341 526,602 Quaterly 2.88 2.03 Others loans 0-E Various (*) US$ 55,819 - - - - 55,819 55,819 - - - - 55,819 At Expiration - - Total 644,488 2,607,073 1,229,613 1,276,816 1,043,705 6,801,695 911,471 2,592,587 1,218,261 1,274,896 1,049,380 7,046,595 |
Schedule of interest-bearing loans due in installments Chile (2021) | Nominal values Accounting values More than More than More than More More than More than More than More Up to 90 days one to three to than Total Up to 90 days one to three to than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E Merril Lynch Credit Products LLC U.S.A. BRL 304,549 - - - - 304,549 314,322 - - - - 314,322 Monthly 3,95 3,95 Financial lease 0-E NATIXIS France US $ 510 1,530 4,080 4,080 7,846 18,046 1,050 1,530 4,080 4,080 7,894 18,634 Semiannual/Quaterly 7.23 7.23 Total 305,059 1,530 4,080 4,080 7,846 322,595 315,372 1,530 4,080 4,080 7,894 332,956 Total consolidated 365,829 179,930 545,986 2,114,269 1,469,995 4,676,009 416,298 212,808 536,424 1,962,985 1,436,911 4,565,426 Nominal values Accounting values More than More than More than More More than More than More than More Up to 90 days one to three to than Total Up to 90 days one to three to than Total Annual Bank Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal loans Tax No. Country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % 0-E NCM Netherlands US$ 619 - 324 - - 943 666 - 324 - - 990 Monthly 6.01 6.01 0-E BANCO BRADESCO Brazil BRL 74,661 - - - - 74,661 98,864 - - - - 98,864 Monthly 4.33 4.33 0-E Merril Lynch Credit Products LLC U.S.A. BRL 185,833 - - - - 185,833 240,089 - - - - 240,089 Monthly 3.95 3.95 Financial lease 0-E NATIXIS France US$ 433 2,482 2,872 11,539 - 17,326 637 2,481 2,872 11,539 - 17,529 Quaterly 2.74 2.74 0-E GA Telessis LLC U.S.A. US$ 320 1,147 2,695 2,850 3,987 10,999 409 1,147 2,695 2,850 3,987 11,088 Monthly 14.72 14.72 Others loans 0-E DEUTCHEBANK (*) Brazil US$ 20,689 - - - - 20,689 20,689 - - - - 20,689 At Expiration - - Total 282,555 3,629 5,891 14,389 3,987 310,451 361,354 3,628 5,891 14,389 3,987 389,249 Total consolidated 927,043 2,610,702 1,235,504 1,291,205 1,047,692 7,112,146 1,272,825 2,596,215 1,224,152 1,289,285 1,053,367 7,435,844 |
Disclosure of Movement of Lease Liabilities | Lease Liability Aircraft Others total ThUS$ ThUS$ ThUS$ Opening balance as January 1, 2020 3,042,231 129,926 3,172,157 New contracts - 543 543 Lease termination (*) (7,435 ) (285 ) (7,720 ) Renegotiations (35,049 ) 4,919 (30,130 ) Payments (131,427 ) (36,689 ) (168,116 ) Accrued interest 158,253 9,348 167,601 Exchange differences - (7,967 ) (7,967 ) Cumulative translation adjustment - (38 ) (38 ) Other increases (decreases) - (5,324 ) (5,324 ) Changes (15,658 ) (35,493 ) (51,151 ) Closing balance as of December 31, 2020 3,026,573 94,433 3,121,006 Opening balance as January 1, 2021 3,026,573 94,433 3,121,006 New contracts 518,478 875 519,353 Lease termination (*) (724,193 ) (5,300 ) (729,493 ) Renegotiations 101,486 5,717 107,203 Payments (95,831 ) (24,192 ) (120,023 ) Accrued interest 88,245 8,334 96,579 Exchange differences - 3,356 3,356 Cumulative translation adjustment - (2,332 ) (2,332 ) Other increases (decreases) (31,097 ) (3,914 ) (35,011 ) Changes (142,912 ) (17,456 ) (160,368 ) Closing balance as of December 31,2021 2,883,661 76,977 2,960,638 Opening balance as January 1, 2022 2,883,661 76,977 2,960,638 New contracts 354,924 13,019 367,943 Lease termination (*) (19,606 ) - (19,606 ) Renegotiations (76,233 ) (4,198 ) (80,431 ) Exit effect of chapter 11 (**) (995,888 ) - (995,888 ) Payments (154,823 ) (26,172 ) (180,995 ) accrued interest 142,939 9,194 152,133 Exchange differences - 2,279 2,279 Subsidiaries conversion difference (2 ) 7,463 7,461 other variations - 2,920 2,920 Changes (748,689 ) 4,505 (744,184 ) Closing balance as of December 31,2022 2,134,972 81,482 2,216,454 |
Schedule of hedge derivatives | Current liabilities Non-current liabilities Total hedge derivatives As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Fair value of interest rate derivatives - 2,734 - - - 2,734 Total hedge derivatives - 2,734 - - - 2,734 |
Schedule of derivatives of non coverage | Current liabilities Non-current liabilities Total derivatives of no coverage As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as hedge - 2,937 - - - 2,937 Total derived not qualify as hedge accounting - 2,937 - - - 2,937 |
Schedule of hedging instruments | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Interest rate swaps (1) 8,816 (2,734 ) Fuel options (2) 12,594 17,641 Foreign currency derivative R$/US$ (3) 191 - (1) They cover the significant variations in the cash flows associated with the market risk implicit in the increases in the 3-month LIBOR interest rate, SOFR, among others, for long-term loans originated by the acquisition or rental of aircraft and Bank credits. These contracts are recorded as cash flow hedge contracts. (2) Hedge significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. (3) Hedge significant variations in expected cash flows associated with the market risk implicit in changes in exchange rates, particularly the BRL/R$. These contracts are recorded as cash flow hedge contracts. |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Trade And Other Payables Text Block Abstract | |
Schedule of composition of trade and other accounts payables | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,248,790 1,945,731 (b) Accrued liabilities 379,202 2,893,520 Total trade and other accounts payables 1,627,992 4,839,251 |
Schedule of trade and other accounts payable | As of As of December 31 December 31, 2022 2021 ThUS$ ThUS$ Trade creditors 967,468 1,439,929 Other accounts payable 281,322 505,802 Total 1,248,790 1,945,731 |
Schedule of composition of current trade and other accounts payable | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Maintenance 108,402 375,144 Suppliers technical purchases 136,594 328,811 Professional services and advisory 131,991 129,682 Boarding Fees 209,370 171,128 Leases, maintenance and IT services 81,119 143,586 Handling and ground handling 126,464 176,142 Aircraft Fuel 52,606 77,171 Other personnel expenses 124,000 90,410 Airport charges and overflight 90,386 104,241 Marketing 37,351 49,865 Services on board 43,349 56,072 Air companies 14,496 11,250 Crew 11,428 12,007 Bonus Payable 9,450 11,144 Land services 3,049 6,553 Jol Fleet - 9,891 Others 68,735 192,634 Total trade and other accounts payables 1,248,790 1,945,731 |
Schedule of composition of accrued liabilities | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Aircraft and engine maintenance (1) 184,753 1,166,181 Accrued personnel expenses 81,857 59,327 Accounts payable to personnel (2) 74,802 58,153 Other agreed claims (3) - 1,575,005 Others accrued liabilities 37,790 34,854 Total accrued liabilities 379,202 2,893,520 (1) As of December 31, 2021, these amounts include some claims agreed with aircraft lessors related to maintenance in addition to agreed fleet claims, both associated with the negotiations resulting from the Chapter 11 procedure.The balances of commercial accounts and other accounts payable for 2021, include the amounts that were part of the reorganization agreement, as a result of the entry into the Chapter 11 Procedure on May 26, 2020, and on July 9 for the subsidiaries of LATAM in Brazil. These balances were paid upon exit from Chapter 11, from November to December 2022. (2) Participation in profits and bonuses (Note 22 letter b). (3) For the other agreed claims, ThUS$ 26,145 were compensated with Convert G and ThUS$ 1,548,860 with Convert I. |
OTHER PROVISIONS (Tables)
OTHER PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER PROVISIONS [Abstract] | |
Schedule of other provisions | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 8,733 24,330 617,692 490,217 626,425 514,547 Civil contingencies 5,490 3,154 119,483 92,955 124,973 96,109 Labor contingencies 350 388 175,212 98,254 175,562 98,642 Other - - 13,180 21,855 13,180 21,855 Provision for European Commission investigation (2) - - 2,397 9,300 2,397 9,300 Total other provisions (3) 14,573 27,872 927,964 712,581 942,537 740,453 (1) Provisions for contingencies: The tax contingencies correspond to litigation and tax criteria related to the tax treatment applicable to direct and indirect taxes, which are found in both administrative and judicial stage. The civil contingencies correspond to different demands of civil order filed against the Company. The labor contingencies correspond to different demands of labor order filed against the Company. The Provisions are recognized in the consolidated income statement in administrative expenses or tax expenses, as appropriate. (2) Provision made for proceedings brought by the European Commission for possible breaches of free competition in the freight market. (3) Total other provision as of December 31, 2022, and December 31, 2021, include the fair value of the contingencies arising at the time of the business combination with TAM S.A and subsidiaries, with a probability of loss under 50%, which wold not be provided for except in the context of a business combination in accordance with IFRS 3. |
Schedule of movement of provisions | European Legal Commission Onerous claims (1) Investigation (2) Contracts Total ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2020 282,392 9,217 - 291,609 Increase in provisions 408,078 - 44,000 452,078 Provision used (47,238 ) - - (47,238 ) Difference by subsidiaries conversion (58,654 ) - - (58,654 ) Reversal of provision (25,563 ) - - (25,563 ) Exchange difference (979 ) 880 - (99 ) Closing balance as of December 31, 2020 558,036 10,097 44,000 612,133 Opening balance as of January 1, 2021 558,036 10,097 44,000 612,133 Increase in provisions 403,229 - - 403,229 Provision used (84,497 ) - - (84,497 ) Difference by subsidiaries conversion (25,531 ) - - (25,531 ) Reversal of provision (119,029 ) - (44,000 ) (163,029 ) Exchange difference (1,055 ) (797 ) - (1,852 ) Closing balance as of December 31, 2021 731,153 9,300 - 740,453 Opening balance as of January 1, 2022 731,153 9,300 - 740,453 Increase in provisions 687,558 - - 687,558 Provision used (63,087 ) - - (63,087 ) Difference by subsidiaries conversion 28,655 - - 28,655 Reversal of provision (427,979 ) (6,630 ) - (434,609 ) Exchange difference (16,160 ) (273 ) - (16,433 ) Closing balance as of December 31, 2022 940,140 2,397 - 942,537 (1) Accumulated balances include a judicial deposit delivered in guarantee, with respect to the “Fundo Aeroviario” (FA), for MUS$ 74, made in order to suspend the collection and the application of a fine. The Company is discussing in Court the constitutionality of the requirement made by FA calculated at the ratio of 2.5% on the payroll in a legal claim. Initially the payment of said contribution was suspended by a preliminary judicial decision and about 10 years later, this same decision was reversed. As the decision is not final, the Company has deposited the amounts until that date, in order to avoid collection processing and the application of the fine. (2) European Commission Provision Provision constituted on the occasion of the process initiated in December 2007 by the General Competition Directorate of the European Commission against more than 25 cargo airlines, among which is Lan Cargo SA, which forms part of the global investigation initiated in 2006 for possible infractions of free competition in the air cargo market, which was carried out jointly by the European and United States authorities. |
OTHER NON-FINANCIAL LIABILITI_2
OTHER NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Non Financial Other Liabilities Explanatory Abstract | |
Schedule of composition of non financial liabilities | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (1)(2) 2,533,081 2,273,137 420,208 512,056 2,953,289 2,785,193 Sales tax 7,194 3,870 - - 7,194 3,870 Retentions 40,810 31,509 - - 40,810 31,509 Other taxes 12,045 4,916 - - 12,045 4,916 Other sundry liabilities 49,121 19,144 - - 49,121 19,144 Total other non-financial liabilities 2,642,251 2,332,576 420,208 512,056 3,062,459 2,844,632 (1) The balance includes mainly, deferred income for services not provided as of December 31, 2022 and December 31, 2021 and for the frequent flyer LATAM Pass program. (2) As of December 31, 2022, Deferred Income includes ThUS$ 41,318 related to the compensation from Delta Air Lines, Inc., which is recognized in the income statement based on the estimation of income differentials until the implementation of the strategic alliance. During the period, the Company has recognized ThUS $ 30,408 within the income statement related with this compensation. |
Schedule of deferred income movement | Deferred income Loyalty (1) program (Award and Expiration of Translation Others Final Initial balance Recognition Use redeem) tickets Difference provisions balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2019 2,974,760 8,264,970 (7,703,011 ) 124,548 (156,435 ) 2,232 33,402 3,540,466 From January 1 to December 31, 2020 3,540,466 1,970,203 (2,554,476 ) (137,176 ) (72,670 ) (3,485 ) (3,974 ) 2,738,888 From January 1 to December 31, 2021 2,738,888 4,221,168 (4,053,345 ) (12,091 ) (114,227 ) - 4,800 2,785,193 From 1 de January to December 31, 2022 2,785,193 9,772,469 (9,077,188 ) (241,201 ) (314,027 ) 4,585 23,458 2,953,289 (1) The balance includes mainly, deferred income for services not provided as of December 31, 2022 and December 31, 2021 and for the frequent flyer LATAM Pass program. (2) As of December 31, 2022, Deferred Income includes ThUS$ 41,318 related to the compensation from Delta Air Lines, Inc., which is recognized in the income statement based on the estimation of income differentials until the implementation of the strategic alliance. During the period, the Company has recognized ThUS $ 30,408 within the income statement related with this compensation. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
EMPLOYEE BENEFITS [Abstract] | |
Schedule of defined benefit plans | As of As of December, 31, December 31, 2022 2021 ThUS$ ThUS$ Retirements payments 45,076 35,075 Resignation payments 6,365 5,817 Other obligations 42,047 15,341 Total liability for employee benefits 93,488 56,233 |
Schedule of movement in retirements and resignation payments and other obligations | Increase (decrease) Actuarial Opening current service Benefits (gains) Currency Closing balance provision paid losses translation balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 93,570 (18,759 ) (8,634 ) 3,968 3,971 74,116 From January 1 to December 31, 2021 74,116 (11,391 ) (5,136 ) 10,018 (11,374 ) 56,233 From January 1 to December 31, 2022 56,233 53,254 (4,375 ) (9,935 ) (1,689 ) 93,488 |
Schedule of principal assumptions | For the period ended December 31, Assumptions 2022 2021 Discount rate 5.37 % 5.81 % Expected rate of salary increase 5.23 % 3.00 % Rate of turnover 5.14 % 5.14 % Mortality rate RV-2014 RV-2014 Inflation rate 3.61 % 3.44 % Retirement age of women 60 60 Retirement age of men 65 65 |
Schedule of sensitivity analysis for the variables | Effect on the liability As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (3,308 ) (2,642 ) Change in the accrued liability an closing for decrease of 100 p.b. 3,724 2,959 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 3,520 2,849 Change in the accrued liability an closing for decrease of 100 p.b. (3,216 ) (2,613 ) |
Schedule of liability for short-term | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Profit-sharing and bonuses (*) 74,802 58,153 (*) Accounts payables to employees (Note 19 letter b) |
Schedule of employment expenses | For the period ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Salaries and wages (1,024,304 ) (825,792 ) (850,557 ) Short-term employee benefits (121,882 ) (122,650 ) (41,259 ) Other personnel expenses (120,150 ) (93,457 ) (70,244 ) Total (1,266,336 ) (1,041,899 ) (962,060 ) |
ACCOUNTS PAYABLE, NON-CURRENT (
ACCOUNTS PAYABLE, NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Trade And Other Payables Non Current Explanatory Abstract | |
Schedule of accounts payable, non-current | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Aircraft and engine maintenance 249,710 276,816 Fleet (JOL) 40,000 124,387 Airport and Overflight Taxes 19,866 26,321 Provision for vacations and bonuses 16,539 14,545 Other sundry liabilities 169 30,357 Total accounts payable, non-current 326,284 472,426 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of conversion option is exercised under the convertible notes currently issued | as of December 31, 2022 as of December 31, 2021 N° of N° of N° of N° of N° of N° of N° of Opening Balance 606,407,693 606,407,693 - - 606,407,693 606,407,693 - New shares issued 73,809,875,794 73,809,875,794 - - - - - Convertible Notes G 19,992,142,087 18,820,511,197 960,098 960,098 1,170,670,792 - - Convertible Notes H 126,661,409,136 126,657,203,849 4,205,287 4,205,287 - - - Convertible Notes I 385,337,858,290 385,337,856,192 - 2,098 - - - Subtotal 605,801,285,307 604,625,447,032 5,165,385 1,170,672,890 - - - Closing Balance 606,407,693,000 605,231,854,725 5,165,385 1,170,672,890 606,407,693 606,407,693 - |
Schedule of movement of fully paid shares | Paid- in Capital ThUS$ Initial balance as of January 1, 2020 3,146,265 There are no movements of shares paid during the 2020 year - Ending balance as of December 31, 2020 3,146,265 Initial balance as of January 1, 2021 3,146,265 There are no movements of shares paid during the 2021 period - Ending balance as of December 31, 2021 3,146,265 Initial balance as of January 1, 2022 3,146,265 New shares issued (ERO) 800,000 Conversion options of convertible notes exercised during the year - Convertible Notes G (1) 1,115,996 Conversion options of convertible notes exercised during the year - Convertible Notes H 1,372,798 Conversion options of convertible notes exercised during the year - Convertible Notes I (2) 6,863,427 Subtotal 10,152,221 Ending balance as of December 31, 2022 13,298,486 (1) It only includes Convertible Notes issued in exchange for the settlement of Chapter 11 claims. (2) Part of the Convertible Notes received in cash and the rest in exchange for the settlement of Chapter 11 claims. |
Schedule of equity portion is recognized under other equity | Convertible Convertible Convertible Total Concepts Notes G Notes H Notes I Notes THUS$ THUS$ THUS$ THUS$ Face Value 1,115,996 1,372,837 6,863,427 9,352,260 Adjustment to fair value Convertible Notes at the date of issue (923,616 ) - (2,686,854 ) (3,610,470 ) Issuance cost - (24,812 ) (705,467 ) (730,279 ) Subtotal (923,616 ) (24,812 ) (3,392,321 ) (4,340,749 ) Fair Value of Notes 192,380 1,348,025 3,471,106 5,011,511 Debt component at the date of issue (102,031 ) - (102,031 ) Equity component at the date of issue 192,380 1,245,994 3,471,106 4,909,480 |
Schedule of converted into share | Convertible Convertible Convertible Total Concepts Notes G Notes H Notes I Notes ThUS$ ThUS$ ThUS$ ThUS$ Conversion percentage 100.000 % 99.997 % 100.000 % Conversion option of convertible notes exercised 1,115,996 1,270,767 6,863,427 9,250,190 Converted debt component - 102,031 - 102,031 Total Converted Notes 1,115,996 1,372,798 6,863,427 9,352,221 |
Schedule of movement of reserves of share-based payments | Stock Opening option Closing Periods balance plan balance ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 36,289 946 37,235 From January 1 to December 31, 2021 37,235 - 37,235 From January 1 to December 31, 2022 37,235 - 37,235 |
Schedule of other sundry reserves | Periods Opening Transactions with Legal Other sundry Closing ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 2,452,469 (3,125 ) 2,675 - 2,452,019 From January 1 to December 31, 2021 2,452,019 (3,383 ) (538 ) - 2,448,098 From January 1 to December 31, 2022 2,448,098 - - (4,420,749 ) (1,972,651 ) |
Schedule of other sundry reserves | As of As of As of December 31, December 31, December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Higher value for TAM S.A. share exchange (1) 2,665,692 2,665,692 2,665,692 Reserve for the adjustment to the value of fixed assets (2) 2,620 2,620 2,620 Transactions with non-controlling interest (3) (216,656 ) (216,656 ) (213,273 ) Adjustment to the fair value of the New Convertible Notes (4) (3,610,470 ) - - Cost of issuing shares and New Convertible Notes (5) (810,279 ) - - Others (3,558 ) (3,558 ) (3,020 ) Total (1,972,651 ) 2,448,098 2,452,019 (1) Corresponds to the difference between the value of the shares of TAM S.A., acquired by Sister Holdco S.A. (under the Subscriptions) and by Holdco II S.A. (by virtue of the Exchange Offer), which is recorded in the declaration of completion of the merger by absorption, and the fair value of the shares exchanged by LATAM Airlines Group S.A. as of June 22, 2012. (2) Corresponds to the technical revaluation of the fixed assets authorized by the Commission for the Financial Market in the year 1979, in Circular No. 1529. The revaluation was optional and could be made only once; the originated reserve is not distributable and can only be capitalized. (3) The balance as of December 31, 2022 corresponds to the loss generated by: Lan Pax Group S.A. e Inversiones Lan S.A. in the acquisition of shares of Aerovías de Integración Regional Aires S.A. for ThUS $ (3,480) and ThUS $ (20), respectively; the acquisition of TAM S.A. of the minority interest in Aerolinhas Brasileiras S.A. for ThUS $ (885), the acquisition of Inversiones Lan S.A. of the minority participation in Aires Integra Regional Airlines S.A. for an amount of ThUS $ (2) and the acquisition of a minority stake in Aerolane S.A. by Lan Pax Group S.A. for an amount of ThUS $ (21,526) through Holdco Ecuador S.A. (3) The loss due to the acquisition of the minority interest of Multiplus S.A. for ThUS $ (184,135) (see Note 1), (4) and the acquisition of a minority interest in LATAM Airlines Perú S.A through LATAM Airlines Group S.A for an amount of ThUS $ (3,225) and acquisition of the minority stake in LAN Argentina S.A. and Inversora Cordillera through Transportes Aéreos del Mercosur S.A. for an amount of ThUS $ (3,383). (4) The adjustment to the fair value of the Convertible Notes issued in exchange for settlement of Chapter 11 claims was valued considering the discount that each group of liabilities settled on at the emergence date. These relate to: gain on the haircut for the accounts payable and other accounts payable for ThUS$2,550,306 (see note 26d), gain on the haircut for the financial liabilities for ThUS$420,436 (see note 26e) and gain on the haircut of lease liabilities which is booked against the right of use asset for THUS$639,728. (5) Corresponds to 20% of the sum of the commitment of new funds of the Backstop Parties under the Series I Convertible Bonds and the New Paid Shares, plus additional costs for extension of the Backstop agreement. |
Schedule of movement of reserves with effect in other comprehensive income | Currency Cash flow Gains (Losses) Actuarial gain Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2020 (2,890,287 ) 56,892 - (22,940 ) (2,856,335 ) Change in fair value of hedging instrument recognised in OCI - (105,776 ) - - (105,776 ) Reclassified from OCI to profit or loss - (13,016 ) - - (13,016 ) Deferred tax - 959 - - 959 Actuarial reserves by employee benefit plans - - - (3,968 ) (3,968 ) Deferred tax actuarial IAS by employee benefit plans - - - 923 923 Translation difference subsidiaries (900,226 ) - - - (900,226 ) Closing balance as of December 31, 2020 (3,790,513 ) (60,941 ) - (25,985 ) (3,877,439 ) Increase (decrease) due to application of new accounting standars - 380 (380 ) - Opening balance as of January 1, 2021 (3,790,513 ) (60,561 ) (380 ) (25,985 ) (3,877,439 ) Change in fair value of hedging instrument recognised in OCI - 39,602 (23,692 ) - 15,910 Reclassified from OCI to profit or loss - (16,641 ) 6,509 - (10,132 ) Deferred tax - (58 ) - - (58 ) Actuarial reserves by employee benefit plans - - - 10,017 10,017 Deferred tax actuarial IAS by employee benefit plans - - - (2,782 ) (2,782 ) Translation difference subsidiaries 18,354 (732 ) - - 17,622 Closing balance as of December 31, 2021 (3,772,159 ) (38,390 ) (17,563 ) (18,750 ) (3,846,862 ) Opening balance as of January 1, 2022 (3,772,159 ) (38,390 ) (17,563 ) (18,750 ) (3,846,862 ) Change in fair value of hedging instrument recognised in OCI - 51,323 (23,845 ) - 27,478 Reclassified from OCI to profit or loss - 31,293 19,946 - 51,239 Reclassified from OCI to the value of the hedged asset - (8,143 ) - - (8,143 ) Deferred tax - (235 ) - - (235 ) Actuarial reserves by employee benefit plans - - - (9,933 ) (9,933 ) Deferred tax actuarial IAS by employee benefit plans - - - 566 566 Translation difference subsidiaries (33,401 ) 694 (160 ) - (32,867 ) Closing balance as of December 31, 2022 (3,805,560 ) 36,542 (21,622 ) (28,117 ) (3,818,757 ) |
Schedule of movement of retained earnings | Periods Opening Result Dividends Closing ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 352,272 (4,545,887 ) - (4,193,615 ) From January 1 to December 31, 2021 (4,193,615 ) (4,647,491 ) - (8,841,106 ) From January 1 to December 31, 2022 (8,841,106 ) 1,339,210 - (7,501,896 ) |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Revenue Text Block Abstract | |
Schedule of detail of revenues | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Passengers 7,636,429 3,342,381 2,713,774 Cargo 1,726,092 1,541,634 1,209,893 Total 9,362,521 4,884,015 3,923,667 |
COSTS AND EXPENSES BY NATURE (T
COSTS AND EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Expenses By Nature Text Block Abstract | |
Schedule of operating costs and administrative expenses | For the year. ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Aircraft fuel (3,882,505 ) (1,487,776 ) (1,045,343 ) Other rentals and landing fees (1,036,158 ) (755,188 ) (720,005 ) Aircraft maintenance (582,848 ) (533,738 ) (472,382 ) Aircraft rental (*) (202,845 ) (120,630 ) - Comisions (167,035 ) (89,208 ) (91,910 ) Passenger services (184,357 ) (77,363 ) (97,688 ) Other operating expenses (1,136,490 ) (959,427 ) (1,221,183 ) Total (7,192,238 ) (4,023,330 ) (3,648,511 ) (*) During 2021, the Company amended its Aircraft Lease Contracts to include lease payments based on Power by the Hour (PBH) at the beginning of the contract and fixed-rent payments later on. For these contracts that contain an initial period based on PBH and then a fixed amount, a right of use asset and a lease liability was recognized at the date of modification of the contract. These amounts continue to be amortized over the contract term on a straight-line basis starting from the modification date of the contract. Therefore, as a result of the application of the lease accounting policy, the expenses for the year include both the lease expense for variable payments (Aircraft Rentals) as well as the expenses resulting from the amortization of the right of use assets (included in the Depreciation line included in b) below) and interest from the lease liability (included in Lease Liabilities letter c) below) |
Schedule of payments for leases of low-value assets | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Payments for leases of low-value assets (17,959 ) (19,793 ) (21,178 ) Rent concessions recognized directly in profit or loss - - 110 Total (17,959 ) (19,793 ) (21,068 ) |
Schedule of depreciation and amortization | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Depreciation (*) (1,125,154 ) (1,114,232 ) (1,219,586 ) Amortization (54,358 ) (51,162 ) (169,800 ) Total (1,179,512 ) (1,165,394 ) (1,389,386 ) (*) Included within this amount is the depreciation of the Property, plant and equipment (See Note 16 (a)) and the maintenance of the aircraft recognized as right of use assets. The maintenance cost amount included in the depreciation line for the period ended December 31, 2022 is ThUS$ 463,306 (ThUS $ 351,701 for the same period in 2021). |
Schedule of finance costs | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Bank loan interests (714,310 ) (580,193 ) (314,468 ) Financial leases (45,384 ) (46,679 ) (45,245 ) Lease liabilities (152,132 ) (121,147 ) (170,918 ) Other financial instruments (30,577 ) (57,525 ) (56,348 ) Total (942,403 ) (805,544 ) (586,979 ) |
Schedule of gain (losses) from restructuring activities | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Renegotiation of fleet contracts (483,068 ) (516,559 ) - Legal advice (323,204 ) (91,870 ) (76,541 ) Employee reestructuring plan (*) (80,407 ) (46,938 ) (290,831 ) Rejection of fleet contracts - (1,564,973 ) (269,467 ) Rejection of IT contracts (2,586 ) (26,368 ) - Adjustment net realizable value fleet available for sale - (73,595 ) (331,522 ) Gains resulting from the settlement of Chapter 11 claims (**) 2,550,306 - - Others 18,893 (16,879 ) (21,648 ) Total 1,679,934 (2,337,182 ) (990,009 ) (*) See note 2.1, c. (**) See Note 24 (g) |
Schedule of financial income | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Financial claims (*) 491,326 - - Gains resulting from the settlement of Chapter 11 claims (**) 420,436 - - Finance lease rate change effect 49,824 - - Other miscellaneous income 90,709 21,107 50,397 Total 1,052,295 21,107 50,397 (*) See Note 34 (a.4.) (**) See Note 24 (g) |
Schedule of other (gains) losses | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Fuel hedging - - (82,487 ) Slot Write Off - - (36,896 ) Provision for onerous contract related to purchase commitment - 44,000 (44,000 ) Goodwill Impairment - - (1,728,975 ) Adjustment net realizable value fleet available for sale (345,410 ) - - Other (1,667 ) (13,326 ) 17,569 Total (347,077 ) 30,674 (1,874,789 ) |
OTHER INCOME, BY FUNCTION (Tabl
OTHER INCOME, BY FUNCTION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Operating Income Text Block Abstract | |
Schedule of other income by function | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Tours 24,068 11,209 22,499 Aircraft leasing 18,164 6,852 46,045 Customs and warehousing 30,323 27,089 25,138 Maintenance 7,995 15,602 18,579 Income from non-airlines products latam pass 23,954 40,481 42,913 Other miscellaneous income (*) 49,782 126,098 255,828 Total 154,286 227,331 411,002 (*) Included within this amount are ThUS$30,408 in December 2022, ThUS$118,188 in December 2021 and ThUS$ 132,467 in 2020 and related to the compensation of Delta Air Lines Inc. for the JBA signed in 2019. |
FOREIGN CURRENCY AND EXCHANGE_2
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates Text Block Abstract | |
Schedule of current exchange rates | As of As of December 31, 2022 2021 2020 Argentine peso 177.12 102.75 84.14 Brazilian real 5.29 5.57 5.18 Chilean peso 855.86 844.69 710.95 Colombian peso 4,845.35 4,002.52 3,421.00 Euro 0.93 0.88 0.81 Australian dollar 1.47 1.38 1.30 Boliviano 6.86 6.86 6.86 Mexican peso 19.50 20.53 19.93 New Zealand dollar 1.58 1.46 1.39 Peruvian Sol 3.81 3.98 3.62 Paraguayan Guarani 7,332.2 6,866.4 6,900.10 Uruguayan peso 39.71 44.43 42.14 |
Schedule of foreign currency of balances of monetary items in current and non-current assets | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current assets Cash and cash equivalents 265,371 262,886 Argentine peso 6,712 6,440 Brazilian real 3,355 9,073 Chilean peso 17,591 9,759 Colombian peso 8,415 4,745 Euro 19,361 7,099 U.S. dollar 168,139 195,264 Other currency 41,798 30,506 Other financial assets, current 14,530 12,728 Argentine peso 3 4 Brazilian real 24 4 Chilean peso 5,778 4,440 Colombian peso 93 111 Euro 2,483 1,720 U.S. dollar 5,709 5,242 Other currency 440 1,207 As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Current assets Other non - financial assets, current 19,425 34,613 Argentine peso 381 5,715 Brazilian real 2,303 1,488 Chilean peso 3,341 20,074 Colombian peso 544 121 Euro 622 1,936 U.S. dollar 4,369 1,106 Other currency 7,865 4,173 Trade and other accounts receivable, current 127,666 144,367 Argentine peso 25,035 6,850 Brazilian real 10,669 53 Chilean peso 31,258 47,392 Colombian peso 176 455 Euro 12,506 24,548 U.S. dollar 9,584 43,418 Other currency 38,438 21,651 Accounts receivable from related entities, current 138 502 Chilean peso 31 19 U.S. dollar 107 483 Tax current assets 15,623 8,674 Argentine peso 186 322 Brazilian real 669 47 Chilean peso 1,569 681 Colombian peso 1,921 1,618 Euro 68 70 U.S. dollar 2 406 Peruvian sun 10,300 4,450 Other currency 908 1,080 Total current assets 442,753 463,770 Argentine peso 32,317 19,331 Brazilian real 17,020 10,665 Chilean peso 59,568 82,365 Colombian peso 11,149 7,050 Euro 35,040 35,373 U.S. Dollar 187,910 245,919 Other currency 99,749 63,067 As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ Non-current assets Other financial assets, non-current 13,366 10,700 Brazilian real 3,495 3,326 Chilean peso 69 62 Colombian peso 1,344 231 Euro 4,308 2,384 U.S. dollar 2,050 2,524 Other currency 2,100 2,173 Other non - financial assets, non-current 11,909 12,197 Argentine peso 12 32 Brazilian real 8,082 6,924 U.S. dollar 3,815 5,241 Other currency - - Accounts receivable, non-current 4,526 3,985 Chilean peso 4,526 3,985 Deferred tax assets 2,948 6,720 Colombian peso 2,567 4,717 U.S. dollar 20 10 Other currency 361 1,993 Total non-current assets 32,749 33,602 Argentine peso 12 32 Brazilian real 11,577 10,250 Chilean peso 4,595 4,047 Colombian peso 3,911 4,948 Euro 4,308 2,384 U.S. dollar 5,885 7,775 Other currency 2,461 4,166 |
Schedule of foreign currency balances in current liabilities and non-current | Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ Current liabilities Other financial liabilities, current 17,062 179,777 602 177,471 Argentine peso 1 1 - - Brazilian real - 31 - 210 Chilean peso 10,697 135,431 602 159,541 Euro 621 259 - 184 U.S. dollar 5,558 43,919 - 17,460 Other currency 185 136 - 76 Trade and other accounts payables, current 720,688 1,317,418 20,995 50,312 Argentine peso 45,345 234,358 3,446 2,335 Brazilian real 48,511 70,523 651 653 Chilean peso 146,395 280,405 1,231 44,438 Colombian peso 2,330 7,673 31 1,134 Euro 29,502 134,146 11 887 U.S. dollar 328,540 472,800 2,883 73 Peruvian sol 7,426 2,487 10,886 310 Mexican peso 12,969 11,297 75 29 Pound sterling 37,788 45,096 19 86 Uruguayan peso 1,199 775 1,110 58 Other currency 60,683 57,858 652 309 Accounts payable to related entities, current - 57 - - Chilean peso - 6 - - U.S. dollar - 51 - - Other provisions, current 29 - 11,655 4,980 Chilean peso - - 29 25 Other currency 29 - 11,626 4,955 Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ Current liabilities Other non-financial liabilities, current 16,315 29,057 9,071 - Argentine peso 87 1,604 6,563 - Brazilian real 220 859 11 - Chilean peso 1,568 1,332 178 - Colombian peso 294 941 798 - Euro 546 1,375 173 - U.S. dollar 12,975 21,174 1,063 - Other currency 625 1,772 285 - Total current liabilities 754,095 981,129 42,323 232,770 Argentine peso 45,433 28,128 10,009 2,335 Brazilian real 48,731 31,903 662 863 Chilean peso 158,660 212,629 2,040 204,004 Colombian peso 2,624 2,520 829 1,134 Euro 30,669 46,681 184 1,071 U.S. dollar 347,073 539,429 3,946 17,540 Other currency 120,905 119,839 24,653 5,823 More than 1 to 3 years More than 3 to 5 years More than 5 years As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Non-current liabilities Other financial liabilities, non-current 32,036 33,205 774 15,375 170,437 359,623 Chilean peso 11,544 1,512 774 896 170,437 355,636 Brazillian real 16 86 - - - - Euro 1,409 135 - 90 - - U.S. dollar 18,354 31,413 - 14,389 - 3,987 Other currency 713 59 - - - - Accounts payable, non-current 58,449 114,097 - 1,451 - 342 Chilean peso 17,259 41,456 - 1,451 - 342 U.S. dollar 39,717 71,339 - - - - Other currency 1,473 1,302 - - - - Other provisions, non-current 43,301 49,420 - - - - Argentine peso 1,917 1,074 - - - - Brazillian real 37,982 27,532 - - - - Chilean peso - - - - - - Colombian peso 202 255 - - - - Euro 2,944 10,820 - - - - U.S. dollar 256 9,739 - - - - Provisions for employees benefits, non-current 55,454 44,816 - - - - Chilean peso 55,454 44,816 - - - - Total non-current liabilities 189,240 241,538 774 16,826 170,437 359,965 Argentine peso 1,917 1,074 - - - - Brazilian real 37,998 27,618 - - - - Chilean peso 84,257 87,784 774 2,347 170,437 355,978 Colombian peso 202 255 - - - - Euro 4,353 10,955 - 90 - - U.S. dollar 58,327 112,491 - 14,389 - 3,987 Other currency 2,186 1,361 - - - - |
Schedule of general summary of foreign currency | As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ General summary of foreign currency: Total assets 475,502 497,372 Argentine peso 32,329 19,363 Brazilian real 28,597 20,915 Chilean peso 64,163 86,412 Colombian peso 15,060 11,998 Euro 39,348 37,757 U.S. dollar 193,795 253,694 Other currency 102,210 67,233 Total liabilities 1,156,869 1,832,228 Argentine peso 57,359 31,537 Brazilian real 87,391 60,384 Chilean peso 416,168 862,742 Colombian peso 3,655 3,909 Euro 35,206 58,797 U.S. dollar 409,346 687,836 Other currency 147,744 127,023 Net position Argentine peso (25,030 ) (12,174 ) Brazilian real (58,794 ) (39,469 ) Chilean peso (352,005 ) (776,330 ) Colombian peso 11,405 8,089 Euro 4,142 (21,040 ) U.S. dollar (215,551 ) (434,142 ) Other currency (45,534 ) (59,790 ) |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Earnings Per Share Text Block Abstract | |
Schedule of earnings (loss) per share | For the year ended December 31, 2022 2021 2020 Basic earnings (loss) per share Income (Loss) attributable to owners of the parent (ThUS$) 1,339,210 (4,647,491 ) (4,545,887 ) Weighted average number of shares, basic 96,614,464,231 (*) 606,407,693 606,407,693 Basic earnings (loss) per share (US$) 0.013861 (7.66397 ) (7.49642 ) For the year ended December 31, 2022 2021 2020 Diluted earnings (loss) per share Income (Loss) attributable to owners of the parent (ThUS$) 1,339,210 (***) (4,647,491 ) (4,545,887 ) Weighted average number of shares, diluted 98,530,451,071 (**) 606,407,693 606,407,693 Weighted average number of shares, diluted (2) 98,530,451,071 606,407,693 606,407,693 Diluted earnings (loss) per share (US$) 0.013592 (7.66397 ) (7.49642 ) (*) As of December 31, 2022, the weighted average number of shares considers 606,407,693 shares outstanding from January 1, 2022 until November 2, 2022. From November 3, 2022 until December 31, 2022 the number of shares outstanding increases due to the equity rights offering and then increases daily as the holders of the convertible notes convert them into shares (See movement of shares in Note 24). (**) As of December 31, 2022, the weighted average number of fully diluted shares considers 606,407,693 shares outstanding from January 1, 2022 until November 2, 2022, and 605,801,285,307 shares outstanding from November 3, 2022 until December 31, 2022 which includes the equity rights offering and assumes the conversion of all convertible notes that were issued upon emergence from Chapter 11 (See movement of shares in Note 24). (***) Profit (Loss) attributable to holders of equity instruments of the parent company is unchanged when calculating diluted EPS because only Convertible Note H accrued interest. However, this Note was converted into shares immediately after issuance and therefore did not accrue interest during the year. |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Contingent Liabilities Text Block Abstract | |
Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries | Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Airlines Group S.A., Aerovías de Integración Regional S.A., LATAM Airlines Perú S.A., Latam-Airlines Ecuador S.A., LAN Cargo S.A., TAM Linhas Aereas S.A. and 32 affiliates United States Bankruptcy Court for the Southern District of New York Case No. 20-11254 LATAM Airlines Group S.A., Aerovías de Integración Regional S.A., LATAM Airlines Peru S.A., LATAM Airlines Ecuador S.A., LAN Cargo S.A., TAM Linhas Aereas S.A. and 32 subsidiaries began a reorganization in the United States of America according to Chapter 11 of Title 11 of the U.S. Code. They filed a voluntary petition for Chapter 11 protection (the “Chapter 11 Procedure”) that granted an automatic foreclosure suspension for at least 180 days. On May 26, 2020, LATAM Airlines Group S.A. and 28 subsidiaries (the “Initial Debtors”) individually filed a voluntary reorganization petition with U.S. Bankruptcy Court for the Southern District of New York according to Chapter 11 of the U.S. Bankruptcy Code. On July 7 and 9, 2020, 9 additional affiliated debtors (the “Subsequent Debtors,” and together with the Initial Debtors, the “Debtors”), including TAM Linhas Aereas S.A., filed a voluntary reorganization petition with the Court according to Chapter 11 of the U.S. Bankruptcy Code. On November 26, 2021, the Debtors submitted a joint reorganization plan together with an informational statement. On May 11, 2022, the Debtors submitted a revised version of the Plan. On June 18, 2022, the Bankruptcy Court issued an order confirming the Reorganization Plan filed by the Debtors (the “Confirmation Order”). On July 5, 2022, a Special Shareholders Meeting of LATAM approved implementing the Restructuring Plan and issuing the required instruments to be able to exit the Chapter 11 Procedure. On November 3, 2022, LATAM Airlines Group S.A. and its various subsidiaries ( ) that were parties to the Chapter 11 Procedure exited that Procedure. The effective date of the exit (the “Effective Date”) of LATAM’s reorganization and financing plan (the “Reorganization Plan”) was approved and confirmed in the U.S. reorganization procedure (the “Chapter 11 Procedure”) according to the rules of Chapter 11 in Title 11 of the U.S. Code. On November 17, 2022, the 37 subsidiaries of LATAM Airlines Group S.A. filed a petition to close the Chapter 11 Proceeding. On December 14, 2022, the Bankruptcy Court approved the petition. The process remains open with respect to LATAM Airlines Group S.A. Limited claims pending in the Chapter 11 proceedings continue to be reconciled. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Airlines Group S.A. 2° Juzgado Civil de Santiago C-8553-2020 Request for recognition of the foreign reorganization proceeding. On June 1, 2020, LATAM Airlines Group SA, in its capacity as foreign representative of the reorganization procedure under the rules of Chapter 11 of Title 11 of the United States Code, filed the request for recognition of the foreign reorganization proceeding as the main proceeding, pursuant to Law 20,720. On June 4, 2020, the Court issued the ruling recognizing in Chile the bankruptcy proceeding for the foreign reorganization of the company LATAM Airlines Group S.A. All remedies filed against the decision have been dismissed, so the decision is final. Considering that November 3, 2022 was the Effective Date of the reorganization plan approved and confirmed in the main proceeding, on November 10, 2022, the representative of the foreign proceeding submitted to the court his last monthly report in accordance with the Communications Protocol Cross-border. -0- Aerovías de Integración Regional S.A. Superintendencia de Sociedades - Request for recognition of the foreign reorganization proceeding. On June 4, 2020, LATAM Airlines Group and the companies that were admitted to the Chapter 11 reorganization procedure (the “Borrower”) before the U.S. District Court for the Southern District of New York (the “U.S. Bankruptcy Court”) filed a petition with the Colombian Companies Commission (the “Companies Commission”) for recognition of the Chapter 11 reorganization procedure in Colombia based on Colombian cross-border insolvency regulations (Title III of Law 1116 of 2006). On June 12, 2020, the Superintendency of Companies recognized in Colombia the reorganization proceeding filed before the Bankruptcy Court of the United States of America for the Southern District of New York as a main process, under the terms of Title III of Law 1116 of 2006. On August 26, 2022, the Companies Commission (i) recognized the Bankruptcy Court’s June 24, 2022 order approving 8 exit financing strategies presented by LATAM Airlines Group S.A. and its subsidiary, Aerovías de Integración Regional S.A., and (ii) authorized the termination of the guarantees granted in the DIP loan and the establishment of the new guarantees. On November 3, 2022, the Borrowers notified the U.S. Bankruptcy Court, lenders and stakeholders of the Reorganization Plan effective date. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Finance Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On May 26, 2020, LATAM Finance Limited submitted a request for a provisional liquidation in the Grand Court of the Cayman Islands, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. On September 28, 2020, LATAM Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. On May 13, 2021, LATAM Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. On December 1, 2021, LATAM Finance Limited filed a petition to suspend the liquidation, which was accepted by the Grand Court of Cayman Islands. This extended the status of the provisional liquidation through April 9, 2022. The procedure continues. On August 22, 2022, LATAM Finance Limited petitioned for a suspension of the liquidation, which was granted by the Grand Court of the Cayman Islands. The provisional liquidation was extended to October 9, 2022 and the process continues in effect. That petition was sustained by the Grand Court of the Cayman Islands on October 4, 2022. On September 30, 2022, LATAM Finance Limited filed an application for validation of security obligations arising in connection with the DIP to Exit and new DIP facilities. On October 04, 2022, the Grand Court made an Order validating such application. Currently the proceeding remains open. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Peuco Finance Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. Peuco Finance Limited submitted a request for a provisional liquidation in Grand Court of the Cayman Islands, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. On September 28, 2020, Peuco Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. On May 13, 2021, Peuco Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. On December 1, 2021, Peuco Finance Limited filed a petition to suspend the liquidation, which was accepted by the Grand Court of Cayman Islands. This extended the status of the provisional liquidation through April 9, 2022. The procedure continues. On August 22, 2022, Peuco Finance Limited petitioned for a suspension of the liquidation, which was granted by the Grand Court of the Cayman Islands. The provisional liquidation was extended to October 9, 2022 and the process continues in effect. That petition was sustained by the Grand Court of the Cayman Islands on October 4, 2022. On September 30, 2022, Peuco Finance Limited filed an application for validation of security obligations arising in connection with the DIP to Exit and new DIP facilities. On October 04, 2022, the Grand Court made an Order validating such application. Currently the proceeding remains open. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Piquero Leasing Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On July 07, 2020, Piquero Leasing Limited submitted a request for a provisional liquidation in Grand Court of the Cayman Islands, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on July 10, 2020, by the Grand Court of the Cayman Islands. Piquero Leasing Limited entered a motion to suspend the liquidation on September 28, 2020. The Grand Court of the Cayman Islands granted the motion and extended the provisional liquidation status for 6 months. The procedure continues. On May 13, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. On December 1, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation, which was accepted by the Grand Court of Cayman Islands. This extended the status of the provisional liquidation through April 9, 2022. The procedure continues. On August 22, 2022, Piquero Leasing Limited petitioned for a suspension of the liquidation, which was granted by the Grand Court of the Cayman Islands. The provisional liquidation was extended to October 9, 2022 and the process continues in effect. Currently the proceeding remains open. -0- (*) The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. |
Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries | Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Airlines Group S.A. y Lan Cargo S.A. European Commission. Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26th, 2007, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the instruction process against twenty five cargo airlines, including Lan Cargo S.A., for alleged breaches of competition in the air cargo market in Europe, especially the alleged fixed fuel surcharge and freight. On April 14th, 2008, the notification of the European Commission was replied. The appeal was filed on January 24, 2011. On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9th, 2010, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the imposition of a fine in the amount of THUS$8,797 (8.220.000 Euros) This fine is being appealed by Lan Cargo S.A. and LATAM Airlines Group S.A. On December 16, 2015, the European Court of Justice revoked the Commission’s decision because of discrepancies. The European Commission did not appeal the decision, but presented a new one on March 17, 2017 reiterating the imposition of the same fine on the eleven original airlines. The fine totals 776,465,000 Euros. It imposed the same fine as before on Lan Cargo and its parent, LATAM Airlines Group S.A., totaling 8.2 million Euros. On May 31, 2017 Lan Cargo S.A. and LATAM Airlines Group S.A. filed a petition with the General Court of the European Union seeking vacation of this decision. We presented our defense in December 2017. On July 12, 2019, we attended a hearing before the European Court of Justice to confirm our petition for vacation of judgment or otherwise, a reduction in the amount of the fine. On March 30, 2022, the European Court issued its ruling and lowered the amount of our fine from KUS$8,797 (8,220,000 Euros) to KUS$2,397 (2,240,000 Euros). This ruling was appealed by LAN Cargo S.A. and LATAM on June 9, 2022. The other eleven airlines also appealed the ruling affecting them. The European Commission responded to our appeal of September 7, 2022. Lan Cargo S.A. and LATAM answered the Commission’s arguments on November 11, 2022. The European Commission has until January 24, 2023 to reply to our defense. On December 17, 2020, the European Commission had presentaded proof of claim for the total amount of the fine (ThUS$8,797 (€8,220,000)) to the New York Court hearing the Chapter 11 procedure petitioned by LATAM Airlines Group, S.A. and LAN Cargo, S.A. in May 2020. The amount of this claim has been modified subject to the possible appeal of the ruling of the European Court. 2,397 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Lan Cargo S.A. y LATAM Airlines Group S.A. In the Ovre Romerike District Court (Norway) y Directie Juridische Zaken Afdeling Ceveil Recht (Netherlands) Lawsuits filed against European airlines by users of freight services in private lawsuits as a result of the investigation into alleged breaches of competition of cargo airlines, especially fuel surcharge. Lan Cargo S.A. and LATAM Airlines Group S.A., have been sued in court proceedings directly and/or in third party, based in England, Norway, the Netherlands and Germany, these claims were filed in England, Norway, the Netherlands and Germany, but are only ongoing in Norway and the Netherlands. The two proceedings still pending in Norway and the Netherlands are in the evidentiary stages. There has been no activity in Norway since January 2014 and in the Netherlands, since February 2021. The amounts are indeterminate. -0- Aerolinhas Brasileiras S.A. Federal Justice. 0008285-53.2015.403.6105 An action seeking to quash a decision and petioning for early protection in order to obgain a revocation of the penalty imposed by the Brazilian Competition Authority (CADE) in the investigation of cargo airlines alleged fair trade violations, in particular the fuel surcharge. This action was filed by presenting a guaranty – policy – in order to suspend the effects of the CADE’s decision regarding the payment of the following fines: (i) ABSA: ThUS$10,438; (ii) Norberto Jochmann: ThUS$201; (iii) Hernan Merino: ThUS$ 102; (iv) Felipe Meyer:ThUS$ 102. The action also deals with the affirmative obligation required by the CADE consisting of the duty to publish the condemnation in a widely circulating newspaper. This obligation had also been stayed by the court of federal justice in this process. Awaiting CADE’s statement. ABSA began a judicial review in search of an additional reduction in the fine amount. The Judge’s decision was published on March 12, 2019, and we filed an appeal against it on March 13, 2019 9,847 Aerolinhas Brasileiras S.A. Federal Justice. 0001872-58.2014.4.03.6105 An annulment action with a motion for preliminary injunction, was filed on 28/02/2014, in order to cancel tax debts of PIS, CONFINS, IPI and II, connected with the administrative process 10831.005704/2006.43 We have been waiting since August 21, 2015 for a statement by Serasa on TAM’s letter of indemnity and a statement by the Union. The statement was authenticated on January 29, 2016. A new insurance policy was submitted on March 30, 2016 with the change to the guarantee requested by PGFN. On 05/20/2016 the process was sent to PGFN, which was manifested on 06/03/2016. The Decision denied the company’s request in the lawsuit. The court (TRF3) made a decision to eliminate part of the debt and keep the other part (already owed by the Company, but which it has to pay only at the end of the process: KUS$3,478– R$18.148.281,61- probable). We must await a decision on the Treasury appeal. 7,822 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Linhas Aéreas S.A. Court of the Second Region. 2001.51.01.012530-0 (linked to the procces 19515.721154/2014-71, 19515.002963/2009-12) Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for R$ 260.223.373,10-original amount in 2012/2013, which currently equals THUS$73,986. The court decision requesting that the Expert make all clarifications requested by the parties in a period of 30 days was published on March 29, 2016. The plaintiffs’ submitted a petition on June 21, 2016 requesting acceptance of the opinion of their consultant and an urgent ruling on the dispute. No amount additional to the deposit that has already been made is required if this case is lost. 73,986 Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil. 10880.725950/2011-05 Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. The objection (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. We must wait until the due diligence is complete. 32,989 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. 2013-20319 CA 01 The July 30th, 2012 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20th, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on February 12, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. The Court decided that 45 th Judicial terms were reactivated on July 1, 2020. On September 18, 2020, an expert opinion on damages was submitted that had been requested by the Court. The Court ordered service of the ruling to the parties on December 14, 2020. The defendants, REGIONAL ONE and VAS, filed a motion for reconsideration of this decision, petitioning that the evidence of the expert opinion be eliminated because it was presented late. The motion was denied by the Court. On April 30, 2021, they petitioned for a clarification and supplement to the opinion, to which the Court agreed in a decision on May 19, 2021, giving the expert 10 business days to respond. The brief of clarification was filed June 2, 2021 and the docket was presented to the Judge on June 3, 2021. The parties were given notice of the objection on July 21, 2021 based on a serious mistake in the opinion presented by Regional One. The case entered the judgment phase on August 5, 2021. On October 7, 2021, the Court set a date for the instruction and judgment hearing, which will be February 3, 2022. Regional One, the defendant, filed a petition for reconsideration on October 13, 2021 that had not been decided on the date of this report. The claim was withdrawn on January 11, 2022 because the matter had been settled before the Bankruptcy Court hearing the Chapter 11 claim. The Court decreed the end of the proceedings because the claims were withdrawn in a ruling issued January 19, 2022. On January 21, 2022, VAS submitted a remedy of reconsideration and, alternatively, an appeal against the interim decision because it did not order costs to be paid to it. The parties were given notice to present a response between February 2 and 4, 2022. The proceedings continue with the judge while they decide on costs. These costs will not be enforced under the settlement made in the USA by VAS and LATAM Airlines Colombia. -0- Company Court Case Number Origin Stage of trial Amounts ThUS$ Florida. On June 4, 2019, the State Court of Florida allowed REGIONAL ONE to add a new claim against LATAM AIRLINES COLOMBIA for default on a verbal contract. Given the new claim, LATAM AIRLINES COLOMBIA petitioned that the Court postpone the trial to August 2019 to have the time to investigate the facts alleged by REGIONAL ONE to prove a verbal contract. The facts discovery phase continued, including the verbal statements of the experts of both sides, which have been taking place since March 2020. Given the Covid-19 pandemic and the suspension of trials in the County of Miami-Dade, the Court canceled the trial scheduled for June 2020. In addition, the claims against Aires have been suspended given the request for reorganization filed by LATAM AIRLINES GROUP SA and some of its subsidiaries, including Aires, on May 26, 2020, under Chapter 11 of the United States Bankruptcy Code. Dash, Regional One and VAS filed unsecured claims with the U.S. Bankruptcy Court by the deadline that creditors have according to Chapter 11. On October 18, 2021, Regional One, Dash and LATAM AIRLINES COLOMBIA participated in a third mediation where they agreed on the terms of a global settlement. On December 16, 2021, the Bankruptcy Court for the Southern District of New York approved the global agreement and release. Therefore, Dash and Regional withdrew their claims against Aires in Florida on December 21, 2021. VAS and Regional One informed the Court of a settlement agreement between them. VAS has informally presented a modified Chapter 11 claim to LATAM AIRLINES COLOMBIA in the intent to claim an indemnity of USD$1,197,539. LATAM AIRLINES COLOMBIA has not yet responded. VAS withdrew the damage indemnity claim against LATAM Airlines Colombia. Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil 10880.722.355/2014-52 On August 19th, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. An administrative objection was filed on September 17th, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On September 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). In September 2019, the Court rejected the appeal of the Hacienda Nacional. Hacienda Nacional filed a complaint that was denied by the Court. The final calculations of the Federal Income Tax Bureau are pending. 10,095 LATAM Airlines Group S.A. 22° Civil Court of Santiago C-29.945-2016 The Company received notice of a civil liability claim by Inversiones Ranco Tres S.A. on January 18, 2017. It is represented by Mr. Jorge Enrique Said Yarur. It was filed against LATAM Airlines Group S.A. for an alleged contractual default by the Company and against Ramon Eblen Kadiz, Jorge Awad Mehech, Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, directors and officers, for alleged breaches of their duties. In the case of Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, it alleges a breach, as controllers of the Company, of their duties under the incorporation agreement. LATAM has retained legal counsel specializing in this area to defend it. The claim was answered on March 22, 2017 and the plaintiff filed its replication on April 4, 2017. LATAM filed its rejoinder on April 13, 2017, which concluded the argument stage of the lawsuit. A reconciliation hearing was held on May 2, 2017, but the parties did not reach an agreement. The Court issued the evidentiary decree on May 12, 2017. We filed a petition for reconsideration because we disagreed with certain points of evidence. That petition was partially sustained by the Court on June 27, 2017. The evidentiary stage commenced and then concluded on July 20, 2017. Observations to the evidence must now be presented. That period expires August 1, 2017. We filed our observations to the evidence on August 1, 2017. We were served the decision on December 13, 2017 that dismissed the claim since LATAM was in no way liable. The plaintiff filed an appeal on December 26, 2017. Arguments were pled before the Santiago Court of Appeals on April 23, 2019, and on April 30, 2019, this Court confirmed the ruling of the trial court absolving LATAM. The losing party was ordered to pay costs in both cases. On May 18, 2019, Inversiones Ranco Tres S.A. filed a remedy of vacation of judgment based on technicalities and on substance against the Appellate Court decision. The Appellate Court admitted both appeals on May 29, 2019 and the appeals are pending a hearing by the Supreme Court. On August 11, 2021 Inversiones Ranco Tres S.A. requested the suspension of the hearing of the Appeal, after the recognition by the 2nd Civil Court of Santiago of the foreign reorganization procedure in accordance with Law No. 20,720, for the entire period that said procedure lasts, a request that was accepted by the Supreme Court. In December 2022 LATAM requested the end of the suspension. 15,488 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A. 10th Jurisdiction of Federal Tax Enforcement of Sao Paulo 0061196-68.2016.4.03.6182 Tax Enforcement Lien No. 0020869-47.2017.4.03.6182 on Profit-Based Social Contributions from 2004 to 2007. This tax enforcement was referred to the 10th Federal Jurisdiction on February 16, 2017. A petition reporting our request to submit collateral was recorded on April 18, 2017. At this time, the period is pending for the plaintiff to respond to our petition. The bond was replaced. The evidentiary stage has begun. 30,811 TAM Linhas Aéreas S.A. Department of Federal Revenue of Brazil 5002912.29.2019.4.03.6100 A lawsuit disputing the debit in the administrative proceeding 16643.000085/2009-47, reported in previous notes, consisting of a notice demanding recovery of the Income and Social Assessment Tax on the net profit (SCL) resulting from the itemization of royalties and use of the TAM trademark The lawsuit was assigned on February 28, 2019. A decision was rendered on March 1, 2019 stating that no guarantee was required. Actualmente, debemos esperar la decisión final. On 04/06/2020 TAM Linhas Aéreas S.A. had a favorable decision (sentence). The National Treasury can appeal. Today, we await the final decision. 9,071 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720630/2017-16 This is an administrative claim about a fine for the incorrectness of an import declaration. The administrative defensive arguments were presented September 28, 2017. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a special appeal (CRSF (Higher Tax Appeals Chamber)) that is pending a decision. A hearing will be held on October 19, 2022. A new decision was rendered against the company and the discussion at the administrative level ended. The debt will be disputed in a claim to be filed in January 2023. 18,307 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720852/2016-58 An improper charge of the Contribution for the Financing of Social Security (COFINS) on an import We are currently awaiting a decision. There is no predictable decision date because it depends on the court of the government agency. 13,023 TAM Linhas Aéreas S.A Delegacía de Receita Federal 16692.721.933/2017-80 The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport (Referring to 2012). An administrative defense was presented on May 29, 2018. The process has become a judicial proceeding. 26,580 SNEA (Sindicato Nacional das empresas aeroviárias) União Federal 0012177-54.2016.4.01.3400 A claim against the 72% increase in airport control fees (TAT-ADR) and approach control fees (TAT-APP) charged by the Airspace Control Department (“DECEA”). A decision is now pending on the appeal presented by SNEA. 83,636 TAM Linhas Aéreas S/A União Federal 2001.51.01.020420-0 TAM and other airlines filed a recourse claim seeking a finding that there is no legal or tax basis to be released from collecting the Additional Airport Fee (“ATAERO”). A decision by the superior court is pending. The amount is indeterminate because even though TAM is the plaintiff, if the ruling is against it, it could be ordered to pay a fee. -0- Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S/A Delegacia da Receita Federal 10880-900.424/2018-07 This is a claim for a negative Legal Entity Income Tax (IRPJ) balance for the 2014 calendar year (2015 fiscal year) because set-offs were not allowed. The administrative defensive arguments were presented March 19, 2018. A decision in favor of the company was rendered on October 22, 2022. The process was archived in favor of the company. 13,661 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 19515-720.823/2018-11 An administrative claim to collect alleged differences in SAT payments for the periods 11/2013 to 12/2017. A defense was presented on November 28, 2018. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a voluntary appeal (CRSF (Administrative Tax Appeals Board)) that is pending a decision. 106,331 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938832/2013-19 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the second quarter of 2011, which were determined to be in the non-cumulative system An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 19,632 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938834/2013-16 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the third quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 14,586 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938837/2013-41 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the fourth quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 18,989 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938838/2013-96 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the first quarter of 2012, which were determined to be in the non-cumulative system. We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 12,162 LATAM Airlines Group Argentina, Brasil, Perú, Ecuador, y TAM Mercosur. Commercial and Civil Trial Court No. 11 of Buenos Aires. 1408/2017 Consumidores Libres Coop. Ltda. filed this claim on March 14, 2017 regarding a provision of services. It petitioned for the reimbursement of certain fees or the difference in fees charged for passengers who purchased a ticket in the last 10 years but did not use it. Federal Commercial and Civil Trial Court No. 11 in the city of Buenos Aires. After two years of arguments on jurisdiction and competence, the claim was assigned to this court and an answer was filed on March 19, 2019. The Court ruled in favor of the defendants on March 26, 2021, denying the precautionary measure petitioned by the plaintiff. The evidentiary stage has not yet begun in this case. -0- TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10.880.938842/2013-54 The decision denied the petition for reassignment and did not equate the COFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 14,047 TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10.880.93844/2013-43 The decision denied the petition for reassignment and did not equate the COFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 12,838 TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10880.938841/2013-18 The decision denied the petition for reassignment and did not equate the COFINS credit statements for the second quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 12,690 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A Receita Federal de Brasil 10840.727719/2019-71 Collection of PIS / COFINS tax for the period of 2014. We presented our administrative defense on January 11, 2020. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 37,062 Latam-Airlines Ecuador S.A. Tribunal Distrital de lo Fiscal 17509-2014-0088 An audit of the 2006 Income Tax Return that disallowed fuel expenses, fees and other items because the necessary support was not provided, according to Management. On August 6, 2018, the District Tax Claims Court rendered a decision denying the request for a refund of a mistaken payment. An appeal seeking vacation of this judgment by the Court was filed on September 5th and we are awaiting a decision by the Appellate judges. As of December 31, 2018, the attorneys believed that the probability of recovering this sum had fallen to 30%-40% because of the pressure being put by the Executive Branch on the National Court of Justice and the Judiciary in general for rulings not to affect government revenues and because the case involves differences that are based on insufficient documentation supporting the expense. Given the percentage loss (above 50%), the accounting write-off of this recovery has been carried out. 12,505 Latam Airlines Group S.A. Southern District of Florida. United States District Court 19cv23965 A lawsuit filed by Jose Ramon Lopez Regueiro against American Airlines Inc. and Latam Airlines Group S.A. seeking an indemnity for damages caused by the commercial use of the Jose Marti International Airport in Cuba that he says were repaired and reconditioned by his family before the change in government in 1959. Latam Airlines Group S.A. was served this claim on September 27, 2019. LATAM Airlines Group filed a motion to dismiss on November 26, 2019. In response, a motion to suspend discovery was filed on December 23, 2019 while the Court was deciding on the motion to dismiss. The process was under a temporary Suspension Order from April 6, 2020 to September 2021 because of the inability to proceed regularly as a result of the indefinite duration and restrictions imposed by the world pandemic. Jose Ramon Lopez Regueiro filed a Second Amendment to the Claim on September 27, 2021 of undetermined amount. This case was dismissed by the Court on June 30, 2022 because the property was not confiscated by a U.S. national and the plaintiff was not a U.S. citizen when they acquired the alleged claim to the property or at least not before the enactment of the Helms-Burton Act (March 12, 1996). The suspension of claims against LATAM remained in effect until the Chapter 11 proceedings concluded. Since the plaintiff did not present a proof of claim against LATAM as part of the Chapter 11 proceedings, they could not file any claim against LATAM. Consequently, the plaintiff agreed to withdraw their claim. A status report was presented to the Court that confirmed this. The provision is undetermined. -0- TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910559/2017-91 Compensation non equate by Cofins It is about the non-approved compensation of Cofins. Administrative defense submitted (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 10,979 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910547/2017-67 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 12,710 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910553/2017-14 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 12,221 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910555/2017-11 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 12,893 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910560/2017-16 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 11,226 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910550/2017-81 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 13,051 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910549/2017-56 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal ( |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Commitments Text Block Abstract | |
Schedule of letters of credit, certificates of deposits and warranty insurance policies | Value Release Creditor Guarantee Debtor Type ThUS$ Date Superintendencia Nacional de Aduanasy de Administración Tributaria LATAM Airlines Perú S.A. Forty-four letters of credit 189,708 Jan 5, 2023 Lima Airport Partners S.R.L. LATAM Airlines Perú S.A. Two letters of credit 1,620 Nov 30, 2023 Servicio Nacional de Aduana del Ecuador LATAM Airlines Ecuador S.A. Four letters of credit 2,130 Aug 5, 2023 Aena Aeropuertos S.A. LATAM Airlines Group S.A. Three letters of credit 1,183 Nov 15, 2023 American Alternative Insurance Corporation LATAM Airlines Group S.A. Eighteen letters of credit 6,460 Mar 22, 2023 Comisión Europea LATAM Airlines Group S.A. One letter of credit 2,586 Mar 29, 2023 Metropolitan Dade County LATAM Airlines Group S.A. Five letters of credit 2,281 Mar 13, 2023 JFK International Air Terminal LLC. LATAM Airlines Group S.A. One letter of credit 2,300 Jan 27, 2023 Servicio Nacional de Aduanas LATAM Airlines Group S.A. Three letters of credit 1,287 Jul 28, 2023 Isoceles LATAM Airlines Group S.A. One letter of credit 41,000 Aug 6, 2023 BBVA LATAM Airlines Group S.A. One letter of credit 4,126 Jan 17, 2023 Sociedad Concesionaria Nuevo Pudahuel LATAM Airlines Group S.A. fifteen letters of credit 1,755 Dec 13, 2023 Procon TAM Linhas Aéreas S.A. Two insurance policy guarantee 2,340 Nov 17, 2025 União Federal TAM Linhas Aéreas S.A. Five insurance policy guarantee 9,731 Feb 4, 2025 Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,485 Apr 24, 2025 Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,681 Jul 5, 2023 Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,337 Dec 31, 2023 Procon TAM Linhas Aéreas S.A. Six insurance policy guarantee 8,389 Jan 4, 2023 17a Vara Cível da Comarca da Capital de João Pessoa/PB. TAM Linhas Aéreas S.A. One insurance policy guarantee 2,355 Jun 25, 2023 14ª Vara Federal da Seção Judiciária de Distrito Federal TAM Linhas Aéreas S.A. One insurance policy guarantee 1,406 May 29, 2025 Vara Civel Campinas SP. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,653 Jun 14, 2024 JFK International Air Terminal LLC. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,300 Jan 25, 2023 7ª Turma do Tribunal Regional Federal da 1ª Região. TAM Linhas Aéreas S.A. One insurance policy guarantee 43,003 Apr 20, 2023 Bond Safeguard Insurance Company. TAM Linhas Aéreas S.A. One insurance policy guarantee 2,700 Jul 20, 2023 Fundacao de Protecao e Defesa do Consumidor Procon. TAM Linhas Aéreas S.A. Two insurance policy guarantee 4,276 Sep 20, 2023 Uniao Federal Fazenda Nacional. TAM Linhas Aéreas S.A. One insurance policy guarantee 31,860 Jul 30, 2024 Uniao Federal PGFN. TAM Linhas Aéreas S.A. Three insurance policy guarantee 18,469 Jan 4, 2024 1° Vara de Execuções Fiscais e de Crimes contra a Ordem Trib da Com de Fortaleza. TAM Linhas Aéreas S.A. One insurance policy guarantee 2,355 Dec 31, 2023 Fundacao de Protecao e Defesa do Consumidor Procon. TAM Linhas Aéreas S.A. One insurance policy guarantee 2,024 Feb 10, 2026 Fiança TAM Linhas Aéreas x Juiz Federal de uma das varas da Seção Judiciária de Brasília. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,687 Dec 31, 2023 Juizo de Direito da Vara da Fazenda Publica Estadual da Comarca Da Capital do Estado do Rio de Janeiro. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,127 Dec 31, 2023 Municipio Do Rio De Janeiro. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,154 Dec 31, 2023 Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 9,077 Apr 15, 2025 Fundacao de Protecao e Defesa do Consumidor Do Estado De São Paulo. TAM Linhas Aéreas S.A. One insurance policy guarantee 1,073 Dec 31, 2023 Tribunal de Justição de São Paulo. TAM Linhas Aéreas S.A. Two insurance policy guarantee 1,499 Dec 31, 2023 Uniao Federal Fazenda Nacional Absa Linhas Aereas Brasileira S.A. Three insurance policy guarantee 15,215 Feb 4, 2025 Uniao Federal PGFN Absa Linhas Aereas Brasileira S.A. Two insurance policy guarantee 20,681 Feb 22, 2025 Tribunal de Justição de São Paulo. Absa Linhas Aereas Brasileira S.A. Two insurance policy guarantee 5,836 Dec 31, 2023 3ªVara Federal da Subseção Judiciária de Campinas SP Absa Linhas Aereas Brasileira S.A. One insurance policy guarantee 1,734 Nov 30, 2025 7ª Turma do Tribunal Regional Federal da 1ª Região Absa Linhas Aereas Brasileira S.A. One insurance policy guarantee 1,677 May 7, 2023 453,560 |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
Schedule of transactions with related parties | Transaction amount Nature of Nature of with related parties relationship with related As of December 31, Tax No. Related party related Country parties Currency 2022 2021 2020 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales CLP 87 23 28 81.062.300-4 Costa Verde Aeronautica S.A. Common shareholder Chile Loans received (*) US$ (231,714 ) (35,412 ) (100,013 ) Interest received (*) US$ (21,329 ) (34,694 ) (5,700 ) Capital contribution US$ 170,962 - - 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Services provided CLP 36 26 13 96.989.370-3 Rio Dulce S.A. Related director Chile Tickets sales CLP 2 9 5 Foreign Patagonia Seafarms INC Related director U.S.A Services provided of cargo transport US$ - 15 40 Foreign Inversora Aeronáutica Argentina S.A. Related director Argentina Real estate leases received ARS (63 ) - - USD - - - Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil Services provided of passenger transport BRL 4 12 13 Foreign Qatar Airways Indirect shareholder Qatar Interlineal received service US$ (23,110 ) (6,387 ) (4,736 ) Services provided by aircraft lease US$ - - 22,215 Interlineal provided service US$ 37,855 6,283 3,141 Services provided of handling US$ 692 1,493 1,246 Services received miles US$ (4,974 ) - - Compensation for early return of aircraft US$ - - 9,240 Services provided / received others US$ (434 ) (963 ) 1,160 Foreign Delta Air Lines, Inc. Shareholder U.S.A Interlineal received service US$ (111,706 ) (11,768 ) (4,160 ) Interlineal provided service US$ 102,580 7,695 4,357 Loans received (*) US$ (233,008 ) - - Interest received (*) US$ (10,374 ) - - Capital contribution US$ 163,979 - - Services provided of handling US$ (4,340 ) - - Engine sale US$ 19,405 - - Services provided maintenance US$ - (59 ) 3,310 Services provided / received others US$ (1,893 ) (318 ) 30 Foreign QA Investments Ltd Common shareholder U.K. Loans received (*) US$ (240,440 ) (44,266 ) (125,016 ) Interest received (*) US$ (26,153 ) (43,367 ) (7,125 ) Capital contribution US$ 163,979 - - Foreign QA Investments 2 Ltd Common shareholder U.K. Loans received (*) US$ (7,414 ) (44,266 ) (125,016 ) Interest received (*) US$ (15,780 ) (43,367 ) (7,125 ) Foreign Lozuy S.A. Common shareholder Uruguay Loans received (*) US$ (57,928 ) (8,853 ) (25,003 ) Interest received (*) US$ (5,332 ) (8,673 ) (1,425 ) (*) Operations corresponding to DIP loans tranche C. |
Schedule of key management personnel compensation | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Remuneration 10,651 9,981 8,395 Board compensation 1,109 1,016 257 Non-monetary benefits 565 501 1,719 Short-term benefits 11,814 16,639 13,624 Termination benefits (*) 1,157 513 4,539 Total 25,296 28,650 28,534 (*) Includes termination benefits ThUS $ 1,157 related to the reorganization within the framework of Chapter 11 and classified as expenses of restructuring activities, for the 12 months ended December 31, 2022. (Note 26 d). |
STATEMENT OF CASH FLOWS (Tables
STATEMENT OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
STATEMENT OF CASH FLOWS [Abstract] | |
Schedule of proceeds from the issuance of shares | Detail THUS$ Issuance of shares 800,000 Issuance costs (80,000 ) DIP Junior offset (170,962 ) Total cash flow 549,038 |
Schedule of issuance of other equity instruments | Convertible Convertible Detail Notes H Notes I Total ThUS$ ThUS$ ThUS$ Fair Value (see note 24) 1,372,837 4,097,788 5,470,625 Use for settement of claim - (828,581 ) (828,581 ) Issuance costs (24,812 ) (705,467 ) (730,279 ) DIP Junior offset (327,957 ) (381,018 ) (708,975 ) Cash inflow 1,020,068 2,182,722 3,202,790 |
Schedule of other inflows (outflows) of cash | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Fuel hedge 35,857 14,269 (46,579 ) Hedging margin guarantees (40,207 ) (4,900 ) 14,962 Tax paid on bank transactions (2,134 ) (2,530 ) (1,261 ) Fuel derivatives premiums (23,372 ) (17,077 ) (3,949 ) Bank commissions, taxes paid and other (5,441 ) (21,287 ) (5,828 ) Guarantees (47,384 ) (39,728 ) (44,280 ) Court deposits (20,661 ) (16,323 ) 38,528 Delta Air Lines Inc. Compensation - - 62,000 Funds delivered as restricted advances (26,918 ) - - Total Other inflows (outflows) Operation flow (130,260 ) (87,576 ) 13,593 Tax paid on bank transactions - (425 ) (2,192 ) Guarantee deposit received from the sale of aircraft 6,300 18,900 - Total Other inflows (outflows) Investment flow 6,300 18,475 (2,192 ) Settlement of derivative contracts - - (107,788 ) Funds delivered as restricted advances (313,090 ) - - Payments of claims associated with the debt (21,924 ) - - RCF guarantee placement (7,500 ) - - Debt-related legal advice (87,993 ) (11,034 ) - Debt Issuance Cost - Stamp Tax (33,259 ) - - Total Other inflows (outflows) Financing flow (463,766 ) (11,034 ) (107,788 ) |
Schedule of liabilities arising from financing activities | Cash flows Non cash-Flow Movements As of Obtainment Payment Extinguishment Interest As of December 31, Capital (*) Capital (**) Interests Transaction of debt under accrued and Reclassifications December 31, ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Obligations with financial institutions Loans to exporters 159,161 - - - - (161,975 ) 2,814 - - Bank loans 521,838 982,425 (36,466 ) (10,420 ) - (196,619 ) 128,077 (2,840 ) 1,385,995 Guaranteed obligations 510,535 - (18,136 ) (13,253 ) (25 ) - 13,882 (167,942 ) 325,061 Other guaranteed obligations 2,725,422 3,658,690 (5,408,540 ) (391,639 ) (91,247 ) (381,018 ) 339,475 23,161 474,304 Obligation with the public 2,253,198 1,109,750 (1,501,739 ) (17,499 ) - (843,950 ) 148,703 141,336 1,289,799 Financial leases 1,189,182 - (270,734 ) (34,201 ) - (37,630 ) 37,211 204,411 1,088,239 Other loans 76,508 1,467,035 (1,523,798 ) (5,628 ) 3,281 (56,176 ) 40,806 - 2,028 Lease liability 2,960,638 - (131,917 ) (49,075 ) (2 ) (995,888 ) 492,592 (59,893 ) 2,216,454 Total Obligations with financial institutions 10,396,482 7,217,900 (8,891,330 ) (521,715 ) (87,993 ) (2,673,256 ) 1,203,560 138,233 6,781,880 Cash flows Non cash-Flow Movements As of Obtainment Payment Interest As of December 31, Capital (*) Capital (**) Interests Transaction accrued and Reclassifications December 31, ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Obligations with financial institutions Loans to exporters 151,701 - - - - 7,460 - 159,161 Bank loans 525,273 - - (546 ) - (2,889 ) - 521,838 Guaranteed obligations 1,318,856 - (14,605 ) (17,405 ) - (513,276 )(***) (263,035 ) 510,535 Other guaranteed obligations 1,939,116 661,609 (26,991 ) (28,510 ) - 135,405 44,793 2,725,422 Obligation with the public 2,183,407 - - - - 69,791 - 2,253,198 Financial leases 1,614,501 - (421,452 ) (40,392 ) - (181,717 ) 218,242 1,189,182 Other loans - - - - - 76,508 - 76,508 Lease liability 3,121,006 - (103,366 ) (17,768 ) - (39,234 ) - 2,960,638 Total Obligations with financial institutions 10,853,860 661,609 (566,414 ) (104,621 ) - (447,952 ) - 10,396,482 Cash flows Non cash-Flow Movements As of Obtainment Payment Interest As of December 31, Capital Capital Interests Transaction accrued and Reclassifications December 31, ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Obligations with financial institutions Loans to exporters 341,475 165,000 (359,000 ) (4,140 ) - 8,366 - 151,701 Bank loans 217,255 265,627 (4,870 ) (2,397 ) - 49,658 - 525,273 Guaranteed obligations 2,157,327 192,972 (48,576 ) (21,163 ) - (823,984 )(***) (137,720 ) 1,318,856 Other guaranteed obligations 580,432 1,361,881 (42,721 ) (27,744 ) - 67,268 - 1,939,116 Obligation with the public 2,064,934 - (774 ) (55,613 ) - 174,860 - 2,183,407 Financial leases 1,730,843 - (236,744 ) (52,155 ) - 34,837 137,720 1,614,501 Other loans 101,261 - (101,026 ) (1,151 ) - 916 - - Lease liability 3,172,157 - (122,063 ) (46,055 ) - 116,967 - 3,121,006 Total Obligations with financial institutions 10,365,684 1,985,480 (915,774 ) (210,418 ) - (371,112 ) - 10,853,860 (*) As of December 31, 2022, the Company obtained ThUS$2,361,875 amounts from long-term loans and ThUS$4,856,025 (ThUS$661,609 in 2021) amounts from short-term loans, totaling ThUS$7,217,900. (**) As of December 31, 2022, loan repayments ThUS$8,759,413 and payments of lease liabilities ThUS$131,917 disclosed in flows from financing activities and as of December 31, 2021, loan repayments ThUS$463,048 and liability payments for leases ThUS$103,366 disclosed in flows from financing activities. (***) As of December 31, 2021, Accrued interest and others, includes ThUS$458,642 (ThUS$ 891,407 as of December 31, 2020), associated with the rejection of fleet contracts. |
Schedule of obtained (payments) of flows related to financing | For the exercises of December 31 2022 2021 Capital Payments Capital Payments Flow of raising Capital Interest raising Capital Interest ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Aircraft financing - (331,292 ) (52,088 ) - (463,048 ) (63,763 ) Lease liability - (131,917 ) (49,075 ) - (103,366 ) (17,768 ) Non-aircraft financing 7,217,900 (8,428,121 ) (420,553 ) 661,609 - (23,090 ) Total obligations with Financial institutions 7,217,900 (8,891,330 ) (521,716 ) 661,609 (566,414 ) (104,621 ) |
Schedule of statement of consolidated cash flow | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Increases (payments) (23,118 ) (9,858 ) (31,803 ) Recoveries 43,902 - 8,157 Total cash flows 20,784 (9,858 ) (23,646 ) |
Schedule of property, plant and equipment and intangibles | For the period ended At December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Net cash flows from Purchases of property, plant and equiment 780,538 597,103 324,264 Additions associated with maintenance 486,231 302,858 173,740 Other additions 294,307 294,245 150,524 Purchases of intangible assets 50,116 88,518 75,433 Other additions 50,116 88,518 75,433 |
Schedule of consolidated statement of cash flow | For the period ended December 31, 2022 2021 ThUS$ ThUS$ Net cash flows from (used in) operating activities (36,701 ) (65,901 ) Net cash flows from (used in) investment activities (146 ) 17,223 Net cash flows from (used in) financing activities 7,703 - Effects of variation in the exchange rate on cash and cash equivalents 29,144 48,678 Net increase (decrease) in cash and cash equivalents - - |
Schedule of payments of loans to related entities | For the period ended December 31, 2022 ThUS$ Delta Air Lines, Inc. (78,947 ) Qatar Airways (78,947 ) Costa Verde Aeronautica S.A. (257,533 ) Lozuy S.A. (107,122 ) QA Invesments Ltd (242,967 ) QA Invesments 2 Ltd (242,967 ) Payments of loans to related entities (1,008,483 ) |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Parent Company Financial Information Abstract | |
Schedule of condensed balance sheets | ASSETS As of As of December 31, December 31, 2022 2021 ThUS$ Cash and cash equivalents Cash and cash equivalents 632,826 549,766 Other financial assets 155,093 78,706 Other non-financial assets 59,828 38,557 Trade and other accounts receivable 380,204 400,540 Accounts receivable from related entities 3,090,910 933,853 Inventories 206,690 121,949 Current tax assets 357 4,846 Total current assets other than non-current assets (or disposal groups) classified as held for sale 4,525,908 2,128,217 Non-current assets (or disposal groups) classified as held for sale 61,979 161,347 Total current assets 4,587,887 2,289,564 Non-current assets Other financial assets 6,086 8,804 Investments accounted for using the equity method 8,041,156 8,065,391 Other non-financial assets 8,636 12,344 Accounts receivable 10,900 10,551 Accounts receivable from related entities 33,551 48,008 Intangible assets other than goodwill 228,940 213,822 Property, plant and equipment 7,176,141 7,980,150 Deferred tax assets - - Total non-current assets 15,505,410 16,339,070 Total assets 20,093,297 18,628,634 LIABILITIES AND EQUITY As of As of December 31, December 31, 2022 2021 ThUS$ ThUS$ LIABILITIES Current liabilities Other financial liabilities 465,310 3,777,465 Trade and other accounts payables 692,841 3,670,381 Accounts payable to related entities 411,898 1,650,246 Other provisions 883 99 Current tax liabilities - - Other non-financial liabilities 1,651,621 1,487,629 Total current liabilities other than (or disposal groups) classified as held for sale 3,222,553 10,585,820 Liabilities included in disposal groups classified as held for sale - - Total current liabilities 3,222,553 10,585,820 Non-current liabilities Other financial liabilities 5,720,415 4,041,347 Accounts payable 279,245 303,309 Accounts payable to related entities 177,779 177,779 Other provisions 10,175,678 10,045,195 Employee benefits 68,740 33,145 Other non-financial liabilities 418,166 508,943 Total non-current liabilities 16,840,023 15,109,718 Total liabilities 20,062,576 25,695,538 EQUITY Share capital 13,298,486 3,146,265 Retained earnings/(losses) (7,501,896 ) (8,841,106 ) Treasury Shares (178 ) (178 ) Other equity 39 - Other reserves (5,754,173 ) (1,361,529 ) Parent’s ownership interest 42,278 (7,056,548 ) Non-controlling interest (11,557 ) (10,356 ) Total equity 30,721 (7,066,904 ) Total liabilities and equity 20,052,794 18,628,634 |
Schedule of condensed income statement | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Revenue 2,502,673 1,485,841 1,272,077 Cost of sales (2,628,251 ) (1,964,137 ) (2,099,716 ) Gross margin (125,578 ) (478,296 ) (827,639 ) Other income 1,013,438 712,997 948,160 Distribution costs (126,539 ) (134,366 ) (125,563 ) Administrative expenses (274,358 ) (199,409 ) (225,557 ) Other expenses (257,558 ) (197,737 ) (154,582 ) Restructuring activities expenses 1,581,372 (2,177,754 ) (837,673 ) Other gains/(losses) (272,862 ) 39,471 (98,790 ) Income from operation activities 1,537,915 (2,435,094 ) (1,321,644 ) Financial income 652,263 8,905 11,812 Financial costs (743,704 ) (579,304 ) (410,153 ) Share of profit of investments accounted for using the equity method (115,985 ) (1,168,898 ) (3,537,259 ) Foreign exchange gains/(losses) 11,377 72,888 (66,004 ) Result of indexation units (56 ) (799 ) - Income (loss) before taxes 1,341,810 (4,102,302 ) (5,323,248 ) Income tax expense / benefit (4,673 ) (550,840 ) 767,713 NET INCOME (LOSS) 1,337,137 (4,653,142 ) (4,555,535 ) |
Schedule of condensed cash flow statement | For the year ended December 31, 2022 2021 2020 ThUS$ ThUS$ ThUS$ Cash flows from operating activities Cash collection from operating activities Proceeds from sales of goods and services 4,110,719 2,046,751 2,240,961 Other cash receipts from operating activities 99,874 38,268 52,192 Payments for operating activities Payments to suppliers for goods and services (4,127,400 ) (2,075,236 ) (1,713,223 ) Payments to and on behalf of employees (320,849 ) (295,030 ) (298,370 ) Other payments for operating activities (65,019 ) (29,363 ) (27,757 ) Interest received - - - Income taxes (paid) (647 ) (898 ) (2,764 ) Other cash inflows (outflows) (55,495 ) (37,992 ) 61,532 Net cash flows from operating activities (358,817 ) (353,500 ) 312,571 Cash flows from investing activities Cash flows from losses of control of subsidiaries or other businesses - 752 - Cash flows used to obtain control of subsidiaries or other businesses - (12,375 ) (349,125 ) Other cash receipts from sales of equity or debt instruments of other entities - - 30,439 Other payments to acquire equity or debt instruments of other entities - - (27,199 ) Amounts raised from sale of property, plant and equipment 56,378 105,000 75,566 Purchases of property, plant and equipment (705,993 ) (584,289 ) (163,022 ) Purchases of intangible assets (48,458 ) (85,449 ) (70,363 ) Interest received 6,974 1,644 3,235 Other cash inflows (outflows) 6,300 18,900 - Net cash flow (used in) investing activities (684,799 ) (555,817 ) (500,469 ) Cash flows from financing activities Proceeds from the issuance of shares 549,038 - - Payments for changes in ownership interests in subsidiaries that do not result in loss of control - - (3,225 ) Amounts from the issuance of other equity instruments 3,202,790 - - Amounts raised from long-term loans 2,361,875 1,665 1,361,807 Amounts raised from short-term loans 4,856,025 661,609 296,267 Loans from Related Entities 770,522 130,102 373,125 Loans repayments (8,836,572 ) (135,837 ) (749,258 ) Payments of loans to related entities (1,008,483 ) - - Payments of lease liabilities (116,012 ) (391,879 ) (90,335 ) Dividends paid - - - Interest paid (501,539 ) (90,585 ) (135,859 ) Other cash inflows (outflows) (150,676 ) (11,034 ) (107,782 ) Net cash flows (used in) financing activities 1,126,968 164,041 944,740 Net increase in cash and cash equivalents before effect of exchanges rate change 83,352 (745,276 ) 756,842 Effects of variation in the exchange rate on cash and cash equivalents (292 ) - - Net increase (decrease) in cash and cash equivalents 83,060 (745,276 ) 756,842 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 549,766 1,295,042 538,200 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 632,826 549,766 1,295,042 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 22, 2022 | Jan. 21, 2021 | Dec. 31, 2022 shares | Dec. 21, 2021 | |
GENERAL INFORMATION (Details) [Line Items] | ||||
Number of subscribed shares (in Shares) | 605,231,854,725 | |||
Total number of shareholders | 2,092 | |||
Number of average employees | 30,877 | |||
Number of employees | 32,507 | |||
Description of inversiones | On January 21, 2021, Transporte Aéreos del Mercosur S.A. puchased 2,392,166 preferred shares of Inversora Cordillera S.A. from a non-controlling shareholder. Consequently the shareholding composition of Inversora Cordillera S.A. is as follows: Lan Pax Group S.A. with 90.5% and Transporte Aéreos del Mercosur S.A. with 9.5%. | |||
TAM S.A. and Subsidiaries [Member] | Holdco I S.A [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Percentage of rights politicians product | 51.04% | |||
Percentage of foreign capital | 100% | |||
Línea Aérea Carguera de Colombia S.A [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Description of acquired shares | On December 22, 2022, LATAM Airlines Group S.A. made the purchase of 1,390,468,967 preferred shares of Latam Travel S.A. Consequently, the shareholding composition of Latam Travel S.A. is as follows: Lan Pax Group S.A. with 5.69%, Inversora Cordillera S.A. with 0.30% and LATAM Airlines Group S.A. with 94.01%. | |||
Lan Argentina S.A. [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Description of acquired shares | On January 21, 2021, Transporte Aéreos del Mercosur S.A. purchased 53,376 preferred shares of Lan Argentina S.A. from a non-controlling shareholder. Consequently the shareholding composition of Lan Argentina S.A. is as follows: Inversora Cordillera S.A. with 95%, Lan Pax Group S.A. with 4% and Transporte Aéreos del Mercosur S.A. with 1%. | |||
Ordinary Shares [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Number of statutory capital shares (in Shares) | 606,407,693,000 | |||
Administration [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Number of employees | 4,627 | |||
Operations [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Number of employees | 16,803 | |||
Cabin Crew [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Number of employees | 7,423 | |||
Command crew [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Number of employees | 3,654 | |||
Shareholders [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Percentage of share capital in form of ADRs | 0.01% | |||
TAM S.A. and Subsidiaries [Member] | Holdco I S.A [Member] | ||||
GENERAL INFORMATION (Details) [Line Items] | ||||
Percentage of economic rights | 99.9983% |
GENERAL INFORMATION (Details) -
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lan Pax Group S.A. and Subsidiaries [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.969.680-0 | ||
Company | Lan Pax Group S.A. and Subsidiaries | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 99.9959% | 99.8361% | 99.8361% |
Indirect | 0.0041% | 0.1639% | 0.1639% |
Total | 100% | 100% | 100% |
Latam Airlines Perú S.A.[Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Latam Airlines Perú S.A. | ||
Country of origin | Peru | ||
Functional Currency | US$ | ||
Direct | 23.62% | 23.62% | 23.62% |
Indirect | 76.19% | 76.19% | 76.19% |
Total | 99.81% | 99.81% | 99.81% |
Lan Cargo S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 93.383.000-4 | ||
Company | Lan Cargo S.A. | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 99.894% | 99.894% | 99.894% |
Indirect | 0.0041% | 0.0041% | 0.0041% |
Total | 99.8981% | 99.8981% | 99.8981% |
Connecta Corporation [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Connecta Corporation | ||
Country of origin | U.S.A. | ||
Functional Currency | US$ | ||
Direct | 0% | 0% | 100% |
Indirect | 100% | 100% | 0% |
Total | 100% | 100% | 100% |
Prime Airport Services Inc. and Subsidiary [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Prime Airport Services Inc. and Subsidiary | ||
Country of origin | U.S.A. | ||
Functional Currency | US$ | ||
Direct | 0% | 0% | 99.9714% |
Indirect | 100% | 100% | 0.0286% |
Total | 100% | 100% | 100% |
Transporte Aéreo S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.951.280-7 | ||
Company | Transporte Aéreo S.A. | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 0% | 0% | 0% |
Indirect | 100% | 100% | 100% |
Total | 100% | 100% | 100% |
Fast Air Almacenes de Carga S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.631.520-2 | ||
Company | Fast Air Almacenes de Carga S.A. | ||
Country of origin | Chile | ||
Functional Currency | CLP | ||
Direct | 0% | 0% | 99.89% |
Indirect | 100% | 100% | 0.11% |
Total | 100% | 100% | 100% |
Laser Cargo S.R.L. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Laser Cargo S.R.L. | ||
Country of origin | Argentina | ||
Functional Currency | ARS | ||
Direct | 0% | 0% | 96.2208% |
Indirect | 100% | 100% | 3.7792% |
Total | 100% | 100% | 100% |
Lan Cargo Overseas Limited and Subsidiaries [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Lan Cargo Overseas Limited and Subsidiaries | ||
Country of origin | Bahamas | ||
Functional Currency | US$ | ||
Direct | 0% | 0% | 99.98% |
Indirect | 100% | 100% | 0.02% |
Total | 100% | 100% | 100% |
Lan Cargo Inversiones S.A. and Subsidiary [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.969.690-8 | ||
Company | Lan Cargo Inversiones S.A. and Subsidiary | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 0% | 0% | 99% |
Indirect | 100% | 100% | 1% |
Total | 100% | 100% | 100% |
Inversiones Lan S.A. and Subsidiaries [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.575.810-0 | ||
Company | Inversiones Lan S.A. | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 99.90% | 99.90% | 99.71% |
Indirect | 0.10% | 0.10% | 0.29% |
Total | 100% | 100% | 100% |
Technical Trainning LATAM S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.847.880-K | ||
Company | Technical Trainning LATAM S.A. | ||
Country of origin | Chile | ||
Functional Currency | CLP | ||
Direct | 99.83% | 99.83% | 99.83% |
Indirect | 0.17% | 0.17% | 0.17% |
Total | 100% | 100% | 100% |
Latam Finance Limited [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Latam Finance Limited | ||
Country of origin | Cayman Island | ||
Functional Currency | US$ | ||
Direct | 100% | 100% | 100% |
Indirect | 0% | 0% | 0% |
Total | 100% | 100% | 100% |
Peuco Finance Limited [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Peuco Finance Limited | ||
Country of origin | Cayman Island | ||
Functional Currency | US$ | ||
Direct | 100% | 100% | 100% |
Indirect | 0% | 0% | 0% |
Total | 100% | 100% | 100% |
Profesional Airline Services INC. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Profesional Airline Services INC. | ||
Country of origin | U.S.A. | ||
Functional Currency | US$ | ||
Direct | 100% | 100% | 100% |
Indirect | 0% | 0% | 0% |
Total | 100% | 100% | 100% |
Jarletul S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Jarletul S.A. | ||
Country of origin | Uruguay | ||
Functional Currency | US$ | ||
Direct | 0% | 99% | 99% |
Indirect | 100% | 1% | 1% |
Total | 100% | 100% | 100% |
LatamTravel S.R.L. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | LatamTravel S.R.L. | ||
Country of origin | Bolivia | ||
Functional Currency | US$ | ||
Direct | 99% | 99% | 99% |
Indirect | 1% | 1% | 1% |
Total | 100% | 100% | 100% |
Latam Travel Chile II S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 76.262.894-5 | ||
Company | Latam Travel Chile II S.A. | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 99.99% | 99.99% | 99.99% |
Indirect | 0.01% | 0.01% | 0.01% |
Total | 100% | 100% | 100% |
Latam Travel S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Latam Travel S.A. | ||
Country of origin | Argentina | ||
Functional Currency | ARS | ||
Direct | 94.01% | 0% | 0% |
Indirect | 5.99% | 100% | 100% |
Total | 100% | 100% | 100% |
TAM S.A. and Subsidiaries [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | TAM S.A. and Subsidiaries (*) | ||
Country of origin | Brazil | ||
Functional Currency | BRL | ||
Direct | 63.0901% | 63.0901% | 63.0901% |
Indirect | 36.9099% | 36.9099% | 36.9099% |
Total | 100% | 100% | 100% |
GENERAL INFORMATION (Details)_2
GENERAL INFORMATION (Details) - Schedule of subsidiaries - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Lan Pax Group S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.969.680-0 | |||
Company | [1] | Lan Pax Group S.A. and Subsidiaries (*) | ||
Assets | $ 392,232 | $ 432,271 | $ 404,944 | |
Liabilities | 1,727,968 | 1,648,715 | 1,487,248 | |
Equity | (1,342,687) | (1,236,243) | (853,624) | |
Gain /(loss) | $ (120,717) | (7,289) | (290,980) | |
Latam Airlines Perú S.A.[Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Latam Airlines Perú S.A. | |||
Assets | $ 335,773 | 484,388 | 661,721 | |
Liabilities | 281,178 | 417,067 | 510,672 | |
Equity | 54,595 | 67,321 | 8,691 | |
Gain /(loss) | $ (12,726) | (109,392) | (175,485) | |
Lan Cargo S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 93.383.000-4 | |||
Company | Lan Cargo S.A. | |||
Assets | $ 394,378 | 721,484 | 749,789 | |
Liabilities | 212,094 | 537,180 | 462,666 | |
Equity | 182,284 | 184,304 | 172,186 | |
Gain /(loss) | $ (1,230) | 1,590 | 10,936 | |
Connecta Corporation [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Connecta Corporation | |||
Assets | $ 78,905 | 61,068 | 57,922 | |
Liabilities | 22,334 | 19,312 | 24,023 | |
Equity | 56,571 | 41,756 | 40,087 | |
Gain /(loss) | $ 14,814 | 1,169 | 500 | |
Prime Airport Services Inc. and Subsidiary [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | [1] | Prime Airport Services Inc. and Subsidiary (*) | ||
Assets | $ 25,118 | 24,654 | 25,050 | |
Liabilities | 24,325 | 25,680 | 23,102 | |
Equity | 813 | (1,026) | (1,034) | |
Gain /(loss) | $ 1,838 | 190 | (181) | |
Transporte Aéreo S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.951.280-7 | |||
Company | Transporte Aéreo S.A. | |||
Assets | $ 283,166 | 471,094 | 546,216 | |
Liabilities | 177,109 | 327,955 | 142,423 | |
Equity | 106,057 | 143,139 | 216,912 | |
Gain /(loss) | $ (36,190) | (56,135) | (39,032) | |
Fast Air Almacenes de Carga S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.631.520-2 | |||
Company | Fast Air Almacenes de Carga S.A. | |||
Assets | $ 16,150 | 18,303 | 20,132 | |
Liabilities | 12,623 | 10,948 | 12,601 | |
Equity | 3,527 | 7,355 | 7,581 | |
Gain /(loss) | $ 1,154 | 48 | 500 | |
Laser Cargo S.R.L. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Laser Cargo S.R.L. | |||
Assets | $ (3) | (5) | (6) | |
Liabilities | ||||
Equity | (3) | (5) | (10) | |
Gain /(loss) | ||||
Lan Cargo Overseas Limited and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | [1] | Lan Cargo Overseas Limited and Subsidiaries (*) | ||
Assets | $ 35,991 | 36,617 | 218,435 | |
Liabilities | 15,334 | 14,669 | 14,355 | |
Equity | 20,656 | 21,940 | 203,829 | |
Gain /(loss) | $ (1,287) | (806) | (92,623) | |
Lan Cargo Inversiones S.A. and Subsidiary [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.969.690-8 | |||
Company | [1] | Lan Cargo Inversiones S.A. and Subsidiary (*) | ||
Assets | $ 220,144 | 202,402 | 250,027 | |
Liabilities | 148,489 | 113,930 | 86,691 | |
Equity | 11,661 | 23,563 | 130,823 | |
Gain /(loss) | $ (11,901) | (54,961) | 1,452 | |
Inversiones Lan S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.575.810-0 | |||
Company | [1] | Inversiones Lan S.A. (*) | ||
Assets | $ 1,281 | 1,284 | 1,394 | |
Liabilities | 56 | 45 | 65 | |
Equity | 1,225 | 1,239 | 1,329 | |
Gain /(loss) | $ (14) | (90) | 50 | |
Technical Trainning LATAM S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.847.880-K | |||
Company | Technical Trainning LATAM S.A. | |||
Assets | $ 1,417 | 2,004 | 2,181 | |
Liabilities | 1,110 | 467 | 625 | |
Equity | 307 | 1,537 | 1,556 | |
Gain /(loss) | $ 77 | 181 | 60 | |
Latam Finance Limited [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Latam Finance Limited | |||
Assets | $ 3,011 | 1,310,733 | 1,310,735 | |
Liabilities | 211,517 | 1,688,821 | 1,584,311 | |
Equity | (208,506) | (378,088) | (273,576) | |
Gain /(loss) | $ 169,582 | (104,512) | (105,100) | |
Peuco Finance Limited [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Peuco Finance Limited | |||
Assets | 1,307,721 | 1,307,721 | ||
Liabilities | 1,307,721 | 1,307,721 | ||
Equity | ||||
Gain /(loss) | ||||
Profesional Airline Services INC. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Profesional Airline Services INC. | |||
Assets | $ 56,895 | 61,659 | 17,345 | |
Liabilities | 53,786 | 58,808 | 14,772 | |
Equity | 3,109 | 2,851 | 2,573 | |
Gain /(loss) | $ 258 | 278 | 1,014 | |
Jarletul S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Jarletul S.A. | |||
Assets | $ 16 | 24 | 34 | |
Liabilities | 1,109 | 1,116 | 1,076 | |
Equity | (1,093) | (1,092) | (1,042) | |
Gain /(loss) | $ (2) | (50) | (332) | |
LatamTravel S.R.L. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | LatamTravel S.R.L. | |||
Assets | $ 92 | 64 | 1,061 | |
Liabilities | 5 | 132 | 1,106 | |
Equity | 87 | (68) | (45) | |
Gain /(loss) | $ 154 | (23) | (33) | |
Latam Travel Chile II S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 76.262.894-5 | |||
Company | Latam Travel Chile II S.A. | |||
Assets | $ 368 | 588 | 943 | |
Liabilities | 1,234 | 1,457 | 1,841 | |
Equity | (866) | (869) | (898) | |
Gain /(loss) | $ 2 | 29 | 392 | |
Latam Travel S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Latam Travel S.A. | |||
Assets | $ 7,303 | 3,778 | 3,977 | |
Liabilities | 2,715 | 6,135 | 6,018 | |
Equity | 4,588 | 2,357 | (2,041) | |
Gain /(loss) | $ (6,187) | (2,804) | (5,610) | |
TAM S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | [1] | TAM S.A. and Subsidiaries (*) | ||
Assets | $ 3,497,848 | 2,608,859 | 3,110,055 | |
Liabilities | 4,231,547 | 3,257,148 | 3,004,935 | |
Equity | (733,699) | (648,289) | 105,120 | |
Gain /(loss) | $ (69,932) | $ (756,633) | $ (1,025,814) | |
[1] The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling participation. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Billions | 12 Months Ended | |
Jun. 10, 2022 | Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies Text Block Abstract | ||
Percentage of unsecured claims | 70% | |
Percentage of holders | 50% | |
Total debt | $ 6.8 | |
Cash and cash equivalents | 1.1 | |
Revolving undrawn facilities | $ 1.1 | |
Debtor possession financing and exit financing, description | the Debtors entered into debt commitment letters (the “Exit Financing Commitment Letters”) providing commitments from various lenders for (i) an approximately US$1.170 billion of junior debtor-in-possession term loan facility (the “Junior DIP Facility”); (ii) a US$500 million debtor-in-possession and exit revolving credit facility (the “Revolving Facility”), (iii) a US$750 million debtor-in-possession and exit term loan B credit facility (the “Term Loan B Facility”; together with the Revolving Facility, the “Credit Facilities”), (iv) a US$750 million debtor-in-possession and exit bridge loan facility (the “Bridge to 5Y Notes Facility”) and (v) US$750 million debtor-in-possession and exit bridge loan facility (the “Bridge to 7Y Notes Facility” and together with the Bridge to 5Y Notes Facility, and the Credit Facilities, the “Debt Facilities”). According to the terms of the Exit Financing Commitment Letters, the committed amounts under the Term Loan B Facility and the Bridge Facilities could be reallocated amount such facilities. The Debt Facilities were structured to remain in place after the emergence of the Reorganized Debtors from the Chapter 11, subject to the satisfaction of certain conditions at emergence (the “Conversion Date”).In the context of the Company’s exit from Chapter 11, on October 12, the Consolidated and Amended DIP Financing Agreement was paid in full. The repayment has been made entirely with funds from (i) a Junior DIP Financing of approximately US$1,146 million; (ii) a US$500 million Revolving Credit Line; (iii) a Term B Loan of US$750 million; (iv) a 5-year Bond Bridge Loan of US$750 million (v) a 7-year Bond Bridge Loan of US$750 million. |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 03, 2022 | Oct. 12, 2022 USD ($) | Oct. 18, 2022 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Number of barrel | 5 | ||||
Vertical drop value | $ 5 | ||||
Lower fuel cost | 123,000,000 | ||||
Vertical rise Value | 5 | ||||
Higher fuel costs | 122,100,000 | ||||
Non hedging derivative net of premiums | $ 8,000,000 | ||||
Exchange rate, percentage | 10% | ||||
Exposure to SOFR rate | 69% | ||||
Premiums paid Amount | $ 7,000,000 | ||||
Value of interest rate derivative positions amounted | 8,800,000 | ||||
Settlement of derivative amount | 8,100,000 | ||||
Right-of-use asset | $ 639,728,000 | ||||
Description of credit risk | The client portfolio as of December 31, 2022 increased by 25% when compared to the balance as of December 31, 2021, mainly due to an increase in passenger transport operations (travel agencies and corporate) that increased by 53% in its sales, mainly affecting the forms of payment credit card 58%, and cash sales 54%. In relation to the cargo business, it presented an increase in its operations of 1% compared to December 2021. In the case of clients with debt that management considered risky, the corresponding measures were taken to consider their expected credit loss. The provision at the end of December 2022 had a decrease of 17 % compared to the end of December 2021, as a result of the decrease in the portfolio due to recoveries, application of write-offs and updates of the risk matrix factors. | ||||
Revolving credit facility | $ 500,000,000 | ||||
Aggregate principal amount | $ 3,200,000,000 | ||||
Tranches | 2,450,000,000 | ||||
Access lower financing costs | 750,000,000 | ||||
Total amount credit agreement | 3,700,000,000 | ||||
Description of financing contract repaid | the repayments of outstanding balances of the Bridge Loan and the Junior DIP were finished with the funds obtained under from the Exit Financing. Starting in November 2022, the exit financing was composed of: (i) a Revolving Credit Line for an amount of US$500 million; (ii) a tranche B term loan for an amount of US$1,100 million (this is the original US$750 million, plus an incremental loan under it obtained on November 3, 2022 for an amount of US$350 million), US$450 million in senior secured notes due in 2027 and US$700 million in senior secured notes due in 2029. | The repayment was fully made with funds from (i) a Junior DIP Financing of approximately US$1,146Mn; (ii) a Revolving Credit Facility of US$500 million; (iii) a Term Loan B of US$ 750 million; (iv) a Bridge Loan of 5Y Notes of US$750 million; (v) a Bridge Loan of 7Y Notes of US$750million. | the Bridge Loans were partially repaid by; (i) a Note issued from registration under U.S. Securities Act of 1933, as amended (“the “Securities Act”), pursuant to Rule 144A and Regulation S, both under the Securities Act, due in 2027 (the “5 Year Note”), with a total principal amount of US$ 450 million, and (ii) a Note issued from registration under the Securities Act pursuant to Rule 144A and Regulation A, both under the Securities Act, due in 2029 (the “7 Year Note”), with a total principal amount of US$ 700 million. | ||
Derivative margins | 7,500,000 | $ 5,500,000 | |||
Fuel-Price Risk [Member] | Fair Value Of Fuel Price Derivatives [Member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Fuel hedge net of premiums | 18,800,000 | 10,100,000 | |||
Liquidity risk [member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Market value of the fuel positions | 12,600,000 | 17,600,000 | |||
Liquid funds | 1,216,000,000 | 1,047,000,000 | |||
Revolving credit facility | 1,100,000,000 | ||||
Exchange Rate Risk [Member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Net of premiums | 5,000,000 | 2,000,000 | |||
FX [Member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Market value of the fuel positions | 0 | $ 2,000,000 | |||
Current hedging Amount | 108,000,000 | ||||
Non hedging derivative net of premiums | $ 1,000,000 | ||||
Cumulative Translation Adjustment [Member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Depreciate exchange rate | 10% | ||||
Fluctuations In Interest Rates [Member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Interest rate derivative positions | 52% | 40% | |||
Bottom of range [member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Right-of-use asset | $ 0 | ||||
Top of range [member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Right-of-use asset | $ 1,000,000 | ||||
LIBOR [Member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Financial debt contracts subject to variable rates | 31% | ||||
One for An Amount [Member] | Liquidity risk [member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Revolving credit facility | $ 600,000,000 | ||||
Another For An Amount [Member] | Liquidity risk [member] | |||||
FINANCIAL RISK MANAGEMENT (Details) [Line Items] | |||||
Revolving credit facility | $ 500,000,000 |
FINANCIAL RISK MANAGEMENT (De_2
FINANCIAL RISK MANAGEMENT (Details) - Schedule of level of hedge | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Level Of Hedge Abstract | ||||||||||
Percentage of coverage over the expected volume of consumption | 5% | 15% | 24% | 24% | 14% | 17% | 30% | 25% | 17% | 21% |
FINANCIAL RISK MANAGEMENT (De_3
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - Fuel options [Member] - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Benchmark price (in Dollars per share) | $ 5 | |
Positions effect on equity | $ 2.2 | $ 2.7 |
Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Benchmark price (in Dollars per share) | $ (5) | |
Positions effect on equity | $ (2.3) | $ (3.3) |
FINANCIAL RISK MANAGEMENT (De_4
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - FX [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) | (10.00%) | |
Effect on equity | $ (2.9) | |
Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) | 10% | |
Effect on equity | $ 3 |
FINANCIAL RISK MANAGEMENT (De_5
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - Exchange Rate Variation [Member] - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) | (10.00%) | |
Effect on Income Statement | $ 70.7 | $ 51.9 |
Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) | 10% | |
Effect on Income Statement | $ (70.7) | $ (51.9) |
FINANCIAL RISK MANAGEMENT (De_6
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - Cumulative Translation Adjustment [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) | (10.00%) | |
Positions effect on equity | $ 98,110 | $ 96,660 |
Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) | 10% | |
Positions effect on equity | $ (80,280) | $ (79,090) |
FINANCIAL RISK MANAGEMENT (De_7
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - Interest-Rate Variations [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Increase (decrease) futures curve in libor 3 months | + 100 basis points | |
Positions on effect on profit or loss before tax | $ (22,640) | $ (46,310) |
Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Increase (decrease) futures curve in libor 3 months | - 100 basis points | |
Positions on effect on profit or loss before tax | $ 22,640 | $ 46,310 |
FINANCIAL RISK MANAGEMENT (De_8
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - Historical Market Conditions [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Top of range [member] | |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | |
Increase (decrease) interest rate curve | +100 basis points |
Positions effect on equity | $ 6.9 |
Bottom of range [member] | |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | |
Increase (decrease) interest rate curve | - 100 basis points |
Positions effect on equity | $ (8.2) |
FINANCIAL RISK MANAGEMENT (De_9
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | TOTAL | |
Up to 90 days | $ 305,059 | |
More than 90 days to one year | 1,530 | |
More than one to three years | 4,080 | |
More than three to five years | 4,080 | |
More than five years | 7,846,000 | |
Total | 322,595 | |
Nominal value | $ 322,595 | |
LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | Total consolidated | Total consolidated |
Up to 90 days | $ 1,728,818 | $ 4,250,103 |
More than 90 days to one year | 889,656 | 3,773,632 |
More than one to three years | 2,118,180 | 2,318,762 |
More than three to five years | 3,613,655 | 2,195,767 |
More than five years | 2,912,885,000 | 1,857,319,000 |
Total | 11,263,194 | 14,395,583 |
Nominal value | $ 8,141,264 | $ 12,680,106 |
Liquidity risk [member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | TOTAL | TOTAL |
Up to 90 days | $ 135,760 | $ 1,493,535 |
More than 90 days to one year | 575,525 | 2,445,619 |
More than one to three years | 1,229,770 | 1,519,275 |
More than three to five years | 2,811,863 | 1,344,761 |
More than five years | 1,773,443,000 | 1,064,747,000 |
Total | 6,526,361 | 7,867,937 |
Nominal value | $ 4,353,414 | $ 6,801,685 |
Liquidity risk [member] | TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | TOTAL | |
Up to 90 days | $ 283,421 | |
More than 90 days to one year | 4,941 | |
More than one to three years | 8,755 | |
More than three to five years | 15,722 | |
More than five years | 5,077,000 | |
Total | 317,916 | |
Nominal value | $ 310,451 | |
GOLDMAN SACHS [Member] | Bank Loans [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | GOLDMAN SACHS | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 32,071 | |
More than 90 days to one year | 122,278 | |
More than one to three years | 323,125 | |
More than three to five years | 1,361,595 | |
Total | 1,839,069 | |
Nominal value | $ 1,100,000 | |
Amortization | Quarterly | |
Annual Effective rate | 18.46% | |
Annual Nominal rate | 13.38% | |
SANTANDER [Member] | Bank Loans [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | SANTANDER | |
Creditor country | Spain | |
Currency | US$ | |
Up to 90 days | $ 19,164 | |
More than 90 days to one year | 55,288 | |
Total | 74,452 | |
Nominal value | $ 70,951 | |
Amortization | Quarterly | |
Annual Effective rate | 7.26% | |
Annual Nominal rate | 7.26% | |
SANTANDER [Member] | Obligations with the public [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | UF | |
More than 90 days to one year | $ 3,136 | |
More than one to three years | 6,271 | |
More than three to five years | 6,271 | |
More than five years | 178,736,000 | |
Total | 194,414 | |
Nominal value | $ 156,783 | |
Amortization | To the expiration | |
Annual Effective rate | 2% | |
Annual Nominal rate | 2% | |
WILMINGTON TRUST COMPANY [Member] | Obligations with the public [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | WILMINGTON TRUST COMPANY | |
Creditor country | U.S.A. | |
Currency | US$ | |
More than 90 days to one year | $ 152,531 | |
More than one to three years | 307,625 | |
More than three to five years | 757,625 | |
More than five years | 887,250,000 | |
Total | 2,105,031 | |
Nominal value | $ 1,150,000 | |
Amortization | To the expiration | |
Annual Effective rate | 15% | |
Annual Nominal rate | 13.38% | |
WILMINGTON TRUST COMPANY [Member] | Guaranteed Obligations [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | WILMINGTON TRUST COMPANY | WILMINGTON TRUST COMPANY |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 3,839 | $ 933 |
More than 90 days to one year | 13,465 | 4,990 |
More than one to three years | 45,564 | 29,851 |
More than three to five years | 43,444 | 36,337 |
More than five years | 75,505,000 | 89,263,000 |
Total | 181,817 | 161,374 |
Nominal value | $ 141,605 | $ 144,358 |
Amortization | Quartely/Monthly | Quarterly / Monthly |
Annual Effective rate | 8.20% | 3.17% |
Annual Nominal rate | 8.20% | 1.60% |
SANTANDER [Member] | Obligations with the public [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | US$ | |
More than five years | $ 6,000 | |
Total | 6 | |
Nominal value | $ 3 | |
Amortization | To the expiration | |
Annual Effective rate | 1% | |
Annual Nominal rate | 1% | |
BNP PARIBAS [Member] | Guaranteed Obligations [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | BNP PARIBAS | BNP PARIBAS |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 6,692 | $ 17,182 |
More than 90 days to one year | 14,705 | 19,425 |
More than one to three years | 39,215 | 40,087 |
More than three to five years | 39,215 | 41,862 |
More than five years | 138,345,000 | 95,475,000 |
Total | 238,172 | 214,031 |
Nominal value | $ 184,198 | $ 198,475 |
Amortization | Quarterly | Quarterly |
Annual Effective rate | 5.76% | 1.48% |
Annual Nominal rate | 5.76% | 1.48% |
BNP PARIBAS [Member] | Financial lease [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | BNP PARIBAS | BNP PARIBAS |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 6,978 | $ 7,351 |
More than 90 days to one year | 20,662 | 26,519 |
More than one to three years | 1,543 | 21,685 |
Total | 29,183 | 55,555 |
Nominal value | $ 28,165 | $ 54,918 |
Amortization | Quarterly | Quarterly |
Annual Effective rate | 5.99% | 1.56% |
Annual Nominal rate | 5.39% | 0.96% |
EXIM BANK [Member] | Other Guaranteed Obligations [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | EXIM BANK | EXIM BANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 394 | $ 271 |
More than 90 days to one year | 1,171 | 1,173 |
More than one to three years | 12,119 | 3,375 |
More than three to five years | 21,111 | 10,546 |
More than five years | 60,857,000 | 55,957,000 |
Total | 95,652 | 71,322 |
Nominal value | $ 86,612 | $ 62,890 |
Amortization | Quarterly | Quarterly |
Annual Effective rate | 2.01% | 1.84% |
Annual Nominal rate | 1.78% | 1.84% |
EXIM BANK [Member] | Financial lease [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | EXIM BANK | EXIM BANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 3,176 | $ 2,758 |
More than 90 days to one year | 9,681 | 11,040 |
More than one to three years | 137,930 | 61,167 |
More than three to five years | 193,551 | 249,466 |
More than five years | 157,978,000 | 269,087,000 |
Total | 502,316 | 593,518 |
Nominal value | $ 446,509 | $ 533,127 |
Amortization | Quarterly | Quarterly |
Annual Effective rate | 3.58% | 2.88% |
Annual Nominal rate | 2.79% | 2.03% |
MUFG [Member] | Guaranteed Obligations [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | MUFG | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 29,652 | |
More than 90 days to one year | 17,921 | |
More than one to three years | 36,660 | |
More than three to five years | 37,829 | |
More than five years | 55,297,000 | |
Total | 177,359 | |
Nominal value | $ 166,712 | |
Amortization | Quarterly | |
Annual Effective rate | 1.64% | |
Annual Nominal rate | 1.64% | |
MUFG [Member] | Other Guaranteed Obligations [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | MUFG | MUFG |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 13,091 | $ 8,150 |
More than 90 days to one year | 38,914 | 46,746 |
More than one to three years | 69,916 | 94,062 |
More than three to five years | 14,757 | |
Total | 121,921 | 163,715 |
Nominal value | $ 112,388 | $ 156,933 |
Amortization | Quarterly | Quarterly |
Annual Effective rate | 6.23% | 1.72% |
Annual Nominal rate | 6.23% | 1.72% |
CREDIT AGRICOLE [Member] | Other Guaranteed Obligations [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | CREDIT AGRICOLE | CREDIT AGRICOLE |
Creditor country | France | France |
Currency | US$ | US$ |
Up to 90 days | $ 5,769 | $ 273,199 |
More than 90 days to one year | 31,478 | |
More than one to three years | 70,890 | |
More than three to five years | 267,615 | |
Total | 375,752 | 273,199 |
Nominal value | $ 275,000 | $ 273,199 |
Amortization | To the expiration | At Expiration |
Annual Effective rate | 8.24% | 1.82% |
Annual Nominal rate | 8.24% | 1.82% |
CREDIT AGRICOLE [Member] | Financial lease [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 699 | |
More than 90 days to one year | 1,387 | |
Total | 2,086 | |
Nominal value | $ 2,052 | |
Amortization | Quarterly | |
Annual Effective rate | 3.68% | |
Annual Nominal rate | 3.23% | |
CITIBANK [Member] | Financial lease [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 6,995 | |
More than 90 days to one year | 5,844 | |
Total | 12,839 | |
Nominal value | $ 12,514 | |
Amortization | Quarterly | |
Annual Effective rate | 6.19% | |
Annual Nominal rate | 5.47% | |
CITIBANK [Member] | Loans To Exporters [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 97.018.000-1 | |
Creditor | CITIBANK | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 115,350 | |
Total | 115,350 | |
Nominal value | $ 114,000 | |
Amortization | At Expiration | |
Annual Effective rate | 2.96% | |
Annual Nominal rate | 2.96% | |
NATIXIS [Member] | Financial lease [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | NATIXIS | NATIXIS |
Creditor country | France | France |
Currency | US$ | US$ |
Up to 90 days | $ 9,864 | $ 5,929 |
More than 90 days to one year | 29,468 | 34,328 |
More than one to three years | 75,525 | 59,574 |
More than three to five years | 70,787 | 59,930 |
More than five years | 129,582,000 | 130,131,000 |
Total | 315,226 | 289,892 |
Nominal value | $ 239,138 | $ 261,458 |
Amortization | Quarterly | Quarterly |
Annual Effective rate | 6.44% | 2.09% |
Annual Nominal rate | 6.44% | 2.09% |
NATIXIS [Member] | Financial lease [Member] | TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 486 | |
More than 90 days to one year | 2,235 | |
More than one to three years | 4,080 | |
More than three to five years | 11,076 | |
Total | 17,877 | |
Nominal value | $ 17,326 | |
Amortization | Quarterly | |
Annual Effective rate | 2.74% | |
Annual Nominal rate | 2.74% | |
NATIXIS [Member] | Financial Leases [Member] | TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 510 | |
More than 90 days to one year | 1,530 | |
More than one to three years | 4,080 | |
More than three to five years | 4,080 | |
More than five years | 7,846,000 | |
Total | 18,046 | |
Nominal value | $ 18,046 | |
Amortization | Semiannual/Quarterly | |
Annual Effective rate | 7.23% | |
Annual Nominal rate | 7.23% | |
US BANK [Member] | Financial lease [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | US BANK | US BANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 18,072 | $ 18,158 |
More than 90 days to one year | 54,088 | 72,424 |
More than one to three years | 86,076 | 133,592 |
More than three to five years | 6,573 | |
Total | 158,236 | 230,747 |
Nominal value | $ 152,693 | $ 219,667 |
Amortization | Quarterly | Quarterly |
Annual Effective rate | 4.06% | 4.03% |
Annual Nominal rate | 2.85% | 2.84% |
PK AirFinance [Member] | Financial lease [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | PK AIRFINANCE | PK AIRFINANCE |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 1,749 | $ 853 |
More than 90 days to one year | 5,165 | 5,763 |
More than one to three years | 6,665 | 10,913 |
Total | 13,579 | 17,529 |
Nominal value | $ 12,590 | $ 16,851 |
Amortization | Quarterly | Quarterly |
Annual Effective rate | 5.97% | 1.88% |
Annual Nominal rate | 5.97% | 1.88% |
Bank of Utah [Member] | Other Guaranteed Obligations [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | BANK OF UTAH | |
Creditor country | U.S.A. | |
Currency | US$ | |
More than 90 days to one year | $ 1,858,051 | |
Total | 1,858,051 | |
Nominal value | $ 1,644,876 | |
Amortization | At Expiration | |
Annual Effective rate | 22.71% | |
Annual Nominal rate | 12.97% | |
Bank of Utah [Member] | Financial lease [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | BANK OF UTAH | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 5,878 | |
More than 90 days to one year | 17,651 | |
More than one to three years | 47,306 | |
More than three to five years | 50,649 | |
More than five years | 145,184,000 | |
Total | 266,668 | |
Nominal value | $ 182,237 | |
Amortization | Monthly | |
Annual Effective rate | 10.45% | |
Annual Nominal rate | 10.45% | |
Others [Member] | Others loans [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | OTHERS (*) | |
Currency | US$ | |
Up to 90 days | $ 2,028 | |
Total | 2,028 | |
Nominal value | $ 2,028 | |
Amortization | To the expiration | |
Merril Lynch Credit Products LLC [Member] | Bank Loans [Member] | TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | MERRIL LYNCH CREDIT PRODUCTS LLC | MERRIL LYNCH CREDIT PRODUCTS LLC |
Creditor country | Brazil | U.S.A. |
Currency | BRL | BRL |
Up to 90 days | $ 304,549 | $ 185,833 |
Total | 304,549 | 185,833 |
Nominal value | $ 304,549 | $ 185,833 |
Amortization | Monthly | Monthly |
Annual Effective rate | 3.95% | 3.95% |
Annual Nominal rate | 3.95% | 3.95% |
Aircraft [member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | AIRCRAFT | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 694,568 | |
More than 90 days to one year | 469,568 | |
More than one to three years | 767,629 | |
More than three to five years | 811,843 | |
More than five years | 778,613,000 | |
Total | 3,522,221 | |
Nominal value | $ 2,883,657 | |
Aircraft [member] | Lease Liability [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | AIRCRAFT | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 80,602 | |
More than 90 days to one year | 250,297 | |
More than one to three years | 845,215 | |
More than three to five years | 776,431 | |
More than five years | 1,094,935,000 | |
Total | 3,047,480 | |
Nominal value | $ 2,134,968 | |
Other Asset [Member] | Lease Liability [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | OTHER ASSETS | OTHER ASSETS |
Creditor country | OTHERS | OTHERS |
Currency | US$ | US$ |
Up to 90 days | $ 1,727 | $ 9,859 |
More than 90 days to one year | 8,080 | 11,820 |
More than one to three years | 20,641 | 22,433 |
More than three to five years | 6,251 | 23,365 |
More than five years | 1,763,000 | 8,651,000 |
Total | 38,462 | 76,128 |
Nominal value | $ 35,157 | $ 73,615 |
Other Assets CLP [Member] | Lease Liability [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | CLP | |
Up to 90 days | $ 20 | |
More than 90 days to one year | 34 | |
More than one to three years | 69 | |
Total | 123 | |
Nominal value | $ 111 | |
Other Assets CLP [Member] | Trade and other accounts payables [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | CLP | CLP |
Up to 90 days | $ 168,393 | $ 214,224 |
More than 90 days to one year | 1,231 | 4,912 |
Total | 169,624 | 219,136 |
Nominal value | $ 169,624 | $ 219,136 |
Other Assets UF [Member] | Lease Liability [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | UF | UF |
Up to 90 days | $ 574 | $ 1,759 |
More than 90 days to one year | 1,568 | 982 |
More than one to three years | 3,007 | 245 |
More than three to five years | 2,515 | 76 |
More than five years | 6,273,000 | 231,000 |
Total | 13,937 | 3,293 |
Nominal value | $ 11,703 | $ 2,621 |
Other Assets COP [Member] | Lease Liability [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | COP | COP |
Up to 90 days | $ 76 | $ 2 |
More than 90 days to one year | 227 | 7 |
More than one to three years | 301 | 35 |
Total | 604 | 44 |
Nominal value | $ 518 | $ 42 |
Other Assets EUR [Member] | Lease Liability [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | EUR | EUR |
Up to 90 days | $ 84 | $ 198 |
More than 90 days to one year | 253 | 112 |
More than one to three years | 246 | 293 |
More than three to five years | 24 | |
Total | 607 | 603 |
Nominal value | $ 571 | $ 599 |
Other Assets BRL [Member] | Lease Liability [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | BRL | |
Up to 90 days | $ 2,064 | |
More than 90 days to one year | 6,192 | |
More than one to three years | 14,851 | |
More than three to five years | 12,491 | |
More than five years | 28,625,000 | |
Total | 64,223 | |
Nominal value | $ 33,425 | |
Other Assets BRL [Member] | Trade and other accounts payables [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | BRL | BRL |
Up to 90 days | $ 370,772 | $ 365,486 |
More than 90 days to one year | 5,242 | 5,258 |
Total | 376,014 | 370,744 |
Nominal value | $ 376,014 | $ 370,744 |
OTHERS [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | OTHERS (*) | |
Currency | US$ | |
Up to 90 days | $ 55,819 | |
Total | 55,819 | |
Nominal value | $ 55,819 | |
Amortization | At Expiration | |
OTHERS [Member] | Trade and other accounts payables [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | OTHERS | OTHERS |
Creditor country | OTHERS | OTHERS |
Currency | US$ | US$ |
Up to 90 days | $ 80,557 | $ 644,743 |
More than 90 days to one year | 35,542 | 165,085 |
Total | 116,099 | 809,828 |
Nominal value | $ 116,099 | $ 809,828 |
Other currency [Member] | Trade and other accounts payables [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | Other currency | Other currency |
Up to 90 days | $ 583,118 | $ 542,304 |
More than 90 days to one year | 3,935 | 3,719 |
Total | 587,053 | 546,023 |
Nominal value | $ 587,053 | $ 546,023 |
Inversora Aeronáutica Argentina S.A. [Member] | Accounts payable to related parties currents [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | Foreign |
Creditor | Inversora Aeronáutica Argentina S.A. | Inversora Aeronáutica Argentina S.A. |
Creditor country | Argentina | Argentina |
Currency | US$ | US$ |
Up to 90 days | $ 5 | |
More than 90 days to one year | $ 5 | |
Total | 5 | 5 |
Nominal value | $ 5 | $ 5 |
Patagonia Seafarms INC [Member] | Accounts payable to related parties currents [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | Foreign |
Creditor | Patagonia Seafarms INC | Patagonia Seafarms INC |
Creditor country | U.S.A | U.S.A |
Currency | CLP | US$ |
Up to 90 days | $ 7 | |
More than 90 days to one year | $ 7 | |
Total | 7 | 7 |
Nominal value | $ 7 | $ 7 |
Total [Member] | Liquidity risk [member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | Total | Total |
Up to 90 days | $ 1,287,999 | $ 2,473,147 |
More than 90 days to one year | 312,601 | 1,323,072 |
More than one to three years | 884,330 | 790,732 |
More than three to five years | 797,712 | 835,284 |
More than five years | 1,131,596,000 | 787,495,000 |
Total | 4,414,238 | 6,209,730 |
Nominal value | $ 3,465,255 | $ 5,567,970 |
ITAU [Member] | Loans To Exporters [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 97.030.000-7 | |
Creditor | ITAU | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 20,140 | |
Total | 20,140 | |
Nominal value | $ 20,000 | |
Amortization | At Expiration | |
Annual Effective rate | 4.20% | |
Annual Nominal rate | 4.20% | |
HSBC [Member] | Loans To Exporters [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | HSBC | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 12,123 | |
Total | 12,123 | |
Nominal value | $ 12,000 | |
Amortization | At Expiration | |
Annual Effective rate | 4.15% | |
Annual Nominal rate | 4.15% | |
CORPBANCA [Member] | Bank Loans [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 97.023.000-9 | |
Creditor | CORPBANCA | |
Creditor country | Chile | |
Currency | UF | |
Up to 90 days | $ 10,236 | |
Total | 10,236 | |
Nominal value | $ 10,106 | |
Amortization | Quarterly | |
Annual Effective rate | 3.35% | |
Annual Nominal rate | 3.35% | |
SANTANDER [Member] | Bank Loans [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | SANTANDER | |
Creditor country | Spain | |
Currency | US$ | |
Up to 90 days | $ 751 | |
More than 90 days to one year | 2,604 | |
More than one to three years | 106,939 | |
Total | 110,294 | |
Nominal value | $ 106,427 | |
Amortization | Quarterly | |
Annual Effective rate | 2.80% | |
Annual Nominal rate | 2.80% | |
CITIBANK [Member] | Bank Loans [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | UF | |
Up to 90 days | $ 60,935 | |
Total | 60,935 | |
Nominal value | $ 60,935 | |
Amortization | At Expiration | |
Annual Effective rate | 3.10% | |
Annual Nominal rate | 3.10% | |
CITIBANK [Member] | Other Guaranteed Obligations [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 613,419 | |
Total | 613,419 | |
Nominal value | $ 600,000 | |
Amortization | At Expiration | |
Annual Effective rate | 2% | |
Annual Nominal rate | 2% | |
CITIBANK [Member] | Financial lease [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 19,268 | |
More than 90 days to one year | 59,522 | |
More than one to three years | 5,721 | |
Total | 84,511 | |
Nominal value | $ 83,985 | |
Amortization | Quarterly | |
Annual Effective rate | 1.37% | |
Annual Nominal rate | 0.79% | |
BANCO ESTADO [Member] | Obligations with the public [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 97.030.000-7 | |
Creditor | BANCO ESTADO | |
Creditor country | Chile | |
Currency | UF | |
Up to 90 days | $ 36,171 | |
More than 90 days to one year | 179,601 | |
More than one to three years | 31,461 | |
More than three to five years | 31,461 | |
More than five years | 369,537,000 | |
Total | 648,231 | |
Nominal value | $ 502,897 | |
Amortization | At Expiration | |
Annual Effective rate | 4.81% | |
Annual Nominal rate | 4.81% | |
BANK OF NEWYORK [Member] | Obligations with the public [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | BANK OF NEW YORK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 184,188 | |
More than 90 days to one year | 104,125 | |
More than one to three years | 884,188 | |
More than three to five years | 856,000 | |
Total | 2,028,501 | |
Nominal value | $ 1,500,000 | |
Amortization | At Expiration | |
Annual Effective rate | 7.16% | |
Annual Nominal rate | 6.94% | |
NCM [Member] | Bank Loans [Member] | TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | NCM | |
Creditor country | Netherlands | |
Currency | US$ | |
Up to 90 days | $ 990 | |
Total | 990 | |
Nominal value | $ 943 | |
Amortization | Monthly | |
Annual Effective rate | 6.01% | |
Annual Nominal rate | 6.01% | |
BANCO BRADESCO [Member] | Bank Loans [Member] | TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | BANCO BRADESCO | |
Creditor country | Brazil | |
Currency | BRL | |
Up to 90 days | $ 74,661 | |
Total | 74,661 | |
Nominal value | $ 74,661 | |
Amortization | Monthly | |
Annual Effective rate | 4.33% | |
Annual Nominal rate | 4.33% | |
GA Telesis LLC [Member] | Financial lease [Member] | TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | GA TELESIS LLC | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 762 | |
More than 90 days to one year | 2,706 | |
More than one to three years | 4,675 | |
More than three to five years | 4,646 | |
More than five years | 5,077,000 | |
Total | 17,866 | |
Nominal value | $ 10,999 | |
Amortization | Monthly | |
Annual Effective rate | 14.72% | |
Annual Nominal rate | 14.72% | |
Deustche Bank [Member] | Others loans [Member] | TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | Deustche Bank (*) | |
Creditor country | Brazil | |
Currency | US$ | |
Up to 90 days | $ 20,689 | |
Total | 20,689 | |
Nominal value | $ 20,689 | |
Amortization | At Expiration | |
Others assets PEN [Member] | Lease Liability [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | PEN | |
Up to 90 days | $ 4 | |
More than 90 days to one year | 7 | |
More than one to three years | 97 | |
Total | 108 | |
Nominal value | $ 103 | |
Delta Air Lines [Member] | Accounts payable to related parties currents [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | |
Creditor | Delta Airlines | |
Creditor country | U.S.A | |
Currency | US$ | |
More than 90 days to one year | $ 2,268 | |
Total | 2,268 | |
Nominal value | $ 2,268 | |
Costa Verde Aeronautica S.A. [Member] | Accounts payable to related parties currents [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 81.062.300-4 | |
Creditor | Costa Verde Aeronautica S.A. | |
Creditor country | Chile | |
Currency | US$ | |
More than 90 days to one year | $ 175,819 | |
Total | 175,819 | |
Nominal value | $ 175,819 | |
QA Investments Ltd [Member] | Accounts payable to related parties currents [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | |
Creditor | QA Investments Ltd | |
Creditor country | Jersey Channel Islands | |
Currency | US$ | |
More than 90 days to one year | $ 219,774 | |
Total | 219,774 | |
Nominal value | $ 219,774 | |
QA Investments 2 Ltd [Member] | Accounts payable to related parties currents [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | |
Creditor | QA Investments 2 Ltd | |
Creditor country | Jersey Channel Islands | |
Currency | US$ | |
More than 90 days to one year | $ 219,774 | |
Total | 219,774 | |
Nominal value | $ 219,774 | |
Lozuy S.A. [Member] | Accounts payable to related parties currents [Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | |
Creditor | Lozuy S.A. | |
Creditor country | Uruguay | |
Currency | US$ | |
More than 90 days to one year | $ 43,955 | |
Total | 43,955 | |
Nominal value | $ 43,955 |
FINANCIAL RISK MANAGEMENT (D_10
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Member] | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | $ 95,452 | $ 26,025 |
Short-term mutual funds [Member] | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | 95,452 | 26,025 |
Other financial assets, current | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 21,878 | 17,988 |
Fair value interest rate derivatives [Member] | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 8,816 | |
Fair value of fuel derivatives [Member] | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 12,594 | 17,641 |
Fair value of foreign currency derivatives [Member] | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 191 | |
Private investment funds [Member] | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 277 | 347 |
Other financial liabilities, current [Member] | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 5,671 | |
Fair value of interest rate derivatives [Member] | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 2,734 | |
Currency derivative not registered as hedge accounting [Member] | At fair value [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 2,937 | |
Level 1 of fair value hierarchy [Member] | Cash and Cash Equivalents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | 95,452 | 26,025 |
Level 1 of fair value hierarchy [Member] | Short-term mutual funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | 95,452 | 26,025 |
Level 1 of fair value hierarchy [Member] | Other financial assets, current | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 277 | 347 |
Level 1 of fair value hierarchy [Member] | Fair value interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 1 of fair value hierarchy [Member] | Fair value of fuel derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 1 of fair value hierarchy [Member] | Fair value of foreign currency derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 1 of fair value hierarchy [Member] | Private investment funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 277 | 347 |
Level 1 of fair value hierarchy [Member] | Other financial liabilities, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 1 of fair value hierarchy [Member] | Fair value of interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 1 of fair value hierarchy [Member] | Currency derivative not registered as hedge accounting [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 2 of fair value hierarchy [Member] | Cash and Cash Equivalents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | ||
Level 2 of fair value hierarchy [Member] | Short-term mutual funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | ||
Level 2 of fair value hierarchy [Member] | Other financial assets, current | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 21,601 | 17,641 |
Level 2 of fair value hierarchy [Member] | Fair value interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 8,816 | |
Level 2 of fair value hierarchy [Member] | Fair value of fuel derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 12,594 | 17,641 |
Level 2 of fair value hierarchy [Member] | Fair value of foreign currency derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 191 | |
Level 2 of fair value hierarchy [Member] | Private investment funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 2 of fair value hierarchy [Member] | Other financial liabilities, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 5,671 | |
Level 2 of fair value hierarchy [Member] | Fair value of interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 2,734 | |
Level 2 of fair value hierarchy [Member] | Currency derivative not registered as hedge accounting [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 2,937 | |
Level 3 of fair value hierarchy [Member] | Cash and Cash Equivalents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | ||
Level 3 of fair value hierarchy [Member] | Short-term mutual funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | ||
Level 3 of fair value hierarchy [Member] | Other financial assets, current | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [Member] | Fair value interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [Member] | Fair value of fuel derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [Member] | Fair value of foreign currency derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [Member] | Private investment funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [Member] | Other financial liabilities, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 3 of fair value hierarchy [Member] | Fair value of interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 3 of fair value hierarchy [Member] | Currency derivative not registered as hedge accounting [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current |
FINANCIAL RISK MANAGEMENT (D_11
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | $ 1,121,223 | |
Cash on hand | 2,248 | |
Bank balance | 480,566 | |
Overnight | 259,129 | |
Time deposits | 379,280 | |
Other financial assets, current | 481,637 | |
Other financial assets | 481,637 | |
Trade debtors, other accounts receivable and Current accounts receivable | 1,008,109 | |
Accounts receivable from entities related, current | 19,523 | |
Other financial assets, not current | 15,517 | |
Accounts receivable, non-current | 12,743 | |
Other current financial liabilities | 802,841 | |
Accounts payable for trade and other accounts payable, current | 1,627,992 | |
Accounts payable to entities related, current | 12 | |
Other financial liabilities, not current | 5,979,039 | |
Accounts payable, not current | 326,284 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Restated [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | $ 1,020,810 | |
Cash on hand | 2,120 | |
Bank balance | 558,078 | |
Overnight | 386,034 | |
Time deposits | 74,578 | |
Other financial assets, current | 83,150 | |
Other financial assets | 83,150 | |
Trade debtors, other accounts receivable and Current accounts receivable | 881,770 | |
Accounts receivable from entities related, current | 724 | |
Other financial assets, not current | 15,622 | |
Accounts receivable, non-current | 12,201 | |
Other current financial liabilities | 4,447,780 | |
Accounts payable for trade and other accounts payable, current | 4,839,251 | |
Accounts payable to entities related, current | 661,602 | |
Other financial liabilities, not current | 5,948,702 | |
Accounts payable, not current | 472,426 | |
At fair value [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | 1,121,223 | |
Cash on hand | 2,248 | |
Bank balance | 480,566 | |
Overnight | 259,129 | |
Time deposits | 379,280 | |
Other financial assets, current | 481,637 | |
Other financial assets | 481,637 | |
Trade debtors, other accounts receivable and Current accounts receivable | 1,008,109 | |
Accounts receivable from entities related, current | 19,523 | |
Other financial assets, not current | 15,517 | |
Accounts receivable, non-current | 12,743 | |
Other current financial liabilities | 824,167 | |
Accounts payable for trade and other accounts payable, current | 1,627,992 | |
Accounts payable to entities related, current | 12 | |
Other financial liabilities, not current | 5,533,131 | |
Accounts payable, not current | $ 326,284 | |
At fair value [member] | Restated [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | 1,020,810 | |
Cash on hand | 2,120 | |
Bank balance | 558,078 | |
Overnight | 386,034 | |
Time deposits | 74,578 | |
Other financial assets, current | 83,150 | |
Other financial assets | 83,150 | |
Trade debtors, other accounts receivable and Current accounts receivable | 881,770 | |
Accounts receivable from entities related, current | 724 | |
Other financial assets, not current | 15,622 | |
Accounts receivable, non-current | 12,201 | |
Other current financial liabilities | 4,339,370 | |
Accounts payable for trade and other accounts payable, current | 4,839,251 | |
Accounts payable to entities related, current | 662,345 | |
Other financial liabilities, not current | 5,467,594 | |
Accounts payable, not current | $ 472,426 |
ACCOUNTING ESTIMATES AND JUDG_2
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | ||
Deferred income | $ 1,574,145,000 | $ 1,126,371,000 |
Passenger cost | $ 7,453 | |
Description of lease liability | A decrease of one percentage point in our estimate of the rates used to determine the lease liabilities of new and modified fleet contracts booked as of December 31, 2022 would increase the lease liability by approximately US$82 million. | |
LATAM Pass Loyalty Program [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | ||
Deferred income | $ 1,120,565,000 | 1,285,732,000 |
Probable change in deferred revenue | 29,571,000 | 27,151,000 |
LATAM Pass Brasil Loyalty Program [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | ||
Deferred income | $ 140,486,000 | 192,381,000 |
Probable change in deferred revenue | $ 5,100,000 | |
Description of change in ticket usage | $7,453 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Operating Segments Text Block Abstract | |
Concentration risk, percentage | 10% |
SEGMENT INFORMATION (Details) -
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | $ 9,362,521 | $ 4,884,015 | $ 3,923,667 |
Other operating income | 154,286 | 227,331 | 411,002 |
Peru | |||
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 858,957 | 503,616 | 297,549 |
Argentina | |||
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 206,856 | 75,513 | 172,229 |
U.S.A | |||
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 1,058,107 | 577,970 | 505,145 |
Europe | |||
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 768,980 | 376,857 | 338,565 |
Colombia | |||
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 540,231 | 368,474 | 177,007 |
Brazil | |||
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 3,724,466 | 1,664,523 | 1,304,006 |
Ecuador | |||
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 248,454 | 162,959 | 112,581 |
Chile | |||
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 1,514,645 | 794,122 | 638,225 |
Asia Pacific and rest of Latin America | |||
SEGMENT INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | $ 441,825 | $ 359,981 | $ 378,360 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Cash And Cash Equivalents Abstract | ||
Cash on hand | $ 2,248 | $ 2,120 |
Bank balances | 480,566 | 558,078 |
Overnight | 259,129 | 386,034 |
Total Cash | 741,943 | 946,232 |
Cash equivalents | ||
Time deposits | 379,280 | 74,578 |
Mutual funds | 95,452 | 26,025 |
Total cash equivalents | 474,732 | 100,603 |
Total cash and cash equivalents | $ 1,216,675 | $ 1,046,835 |
CASH AND CASH EQUIVALENTS (De_2
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | $ 1,216,675 | $ 1,046,835 |
Argentine peso | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 10,711 | 7,148 |
Brazilian real | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 193,289 | 89,083 |
Chilean peso | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 17,643 | 9,800 |
Colombian peso | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 22,607 | 13,535 |
Euro | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 19,361 | 7,099 |
US Dollar | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 906,666 | 886,627 |
Other currencies | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | $ 46,398 | $ 33,543 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
FINANCIAL INSTRUMENTS [Abstract] | |
Amortized cost | $ 340,008 |
FINANCIAL INSTRUMENTS (Detail_2
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||
Cash and cash equivalents | $ 1,216,675 | $ 1,046,835 | ||
Other financial assets, current | 503,515 | [1] | 101,138 | [2] |
Trade and others accounts receivable, current | 1,008,109 | 881,770 | ||
Accounts receivable from related entities, current | 19,523 | 724 | ||
Other financial assets, non current | 15,517 | 15,622 | ||
Accounts receivable, non current | 12,743 | 12,201 | ||
Total | 2,776,082 | 2,058,290 | ||
Other financial liabilities, current | 802,841 | 4,453,451 | ||
Trade and others accounts payable, current | 1,627,992 | 4,839,251 | ||
Accounts payable to related entities, current | 12 | 661,602 | ||
Other financial liabilities, non-current | 5,979,039 | 5,948,702 | ||
Accounts payable to related entities, non-current | 472,426 | |||
Accounts payable, non-current | 326,284 | |||
Total | 8,736,168 | 16,375,432 | ||
Measured at amortized cost [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||
Cash and cash equivalents | 1,121,223 | 1,020,810 | ||
Other financial assets, current | 481,637 | [1] | 83,150 | [2] |
Trade and others accounts receivable, current | 1,008,109 | 881,770 | ||
Accounts receivable from related entities, current | 19,523 | 724 | ||
Other financial assets, non current | 15,517 | 15,622 | ||
Accounts receivable, non current | 12,743 | 12,201 | ||
Total | 2,658,752 | 2,014,277 | ||
Other financial liabilities, current | 802,841 | 4,447,780 | ||
Trade and others accounts payable, current | 1,627,992 | 4,839,251 | ||
Accounts payable to related entities, current | 12 | 661,602 | ||
Other financial liabilities, non-current | 5,979,039 | 5,948,702 | ||
Accounts payable to related entities, non-current | 472,426 | |||
Accounts payable, non-current | 326,284 | |||
Total | 8,736,168 | 16,369,761 | ||
At fair value with changes in results [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||
Cash and cash equivalents | 95,452 | 26,025 | ||
Other financial assets, current | 277 | [1] | 347 | [2] |
Trade and others accounts receivable, current | ||||
Accounts receivable from related entities, current | ||||
Other financial assets, non current | ||||
Accounts receivable, non current | ||||
Total | 95,729 | 26,372 | ||
Other financial liabilities, current | 2,937 | |||
Trade and others accounts payable, current | ||||
Accounts payable to related entities, current | ||||
Other financial liabilities, non-current | ||||
Accounts payable to related entities, non-current | ||||
Accounts payable, non-current | ||||
Total | 2,937 | |||
Hedge derivatives [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||
Cash and cash equivalents | ||||
Other financial assets, current | 21,601 | [1] | 17,641 | [2] |
Trade and others accounts receivable, current | ||||
Accounts receivable from related entities, current | ||||
Other financial assets, non current | ||||
Accounts receivable, non current | ||||
Total | 21,601 | 17,641 | ||
Other financial liabilities, current | 2,734 | |||
Trade and others accounts payable, current | ||||
Accounts payable to related entities, current | ||||
Other financial liabilities, non-current | ||||
Accounts payable to related entities, non-current | ||||
Accounts payable, non-current | ||||
Total | $ 2,734 | |||
[1]The amount presented as at fair value with changes in the results corresponds mainly to private investment funds. The amount presented as measured at amortized cost relates to ThUS$340,008 of funds delivered as restricted advances (as described in Note 11) and guarantees.[2]The amount presented as at fair value with changes in results corresponds mainly to private investment funds. The amount presented as measured at amortized cost relates to guarantees. |
TRADE AND OTHER ACCOUNTS RECE_3
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Trade And Other Accounts Receivable Abstract | ||
Trade accounts receivable | $ 952,625 | $ 765,050 |
Other accounts receivable | 135,459 | 209,925 |
Total trade and other accounts receivable | 1,088,084 | 974,975 |
Less: Expected credit loss | (67,232) | (81,004) |
Total net trade and accounts receivable | 1,020,852 | 893,971 |
Less: non-current portion – accounts receivable | (12,743) | (12,201) |
Trade and other accounts receivable, current | $ 1,008,109 | $ 881,770 |
TRADE AND OTHER ACCOUNTS RECE_4
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Gross book value | [1] | $ 952,625 | $ 765,050 |
Impairment loss Provision | $ (67,232) | $ (81,004) | |
Up to date [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 1% | 2% |
Gross book value | [1] | $ 745,334 | $ 570,307 |
Impairment loss Provision | $ (8,749) | $ (8,806) | |
From 1 to 90 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 3% | 10% |
Gross book value | [1] | $ 142,780 | $ 116,613 |
Impairment loss Provision | $ (3,758) | $ (11,840) | |
From 91 to 180 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 15% | 31% |
Gross book value | [1] | $ 8,622 | $ 11,376 |
Impairment loss Provision | $ (1,297) | $ (3,567) | |
From 181 to 360 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 79% | 72% |
Gross book value | [1] | $ 8,269 | $ 3,864 |
Impairment loss Provision | $ (6,565) | $ (2,766) | |
more of 360 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 98% | 86% |
Gross book value | [1] | $ 47,620 | $ 62,890 |
Impairment loss Provision | $ (46,863) | $ (54,025) | |
[1]The gross book value represents the maximum credit risk value of trade accounts receivables.[2]Corresponds to the consolidated expected rate of accounts receivable. |
TRADE AND OTHER ACCOUNTS RECE_5
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | $ 1,020,852 | $ 893,971 |
Argentine Peso | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 25,559 | 7,282 |
Brazilian Real | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 389,451 | 352,027 |
Chilean Peso | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 36,626 | 53,488 |
Colombian Peso | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 6,779 | 5,657 |
Euro | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 12,506 | 24,548 |
US Dollar | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 510,916 | 429,091 |
Korean Won | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 6,337 | 844 |
Mexican Peso | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 1,536 | 2,428 |
Australian Dollar | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 9,808 | 62 |
Pound Sterling | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 9,149 | 13,105 |
Uruguayan Peso (New) | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 45 | 860 |
Swiss Franc | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 2,621 | 361 |
Japanese Yen | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 2,802 | 106 |
Swedish crown | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 223 | 490 |
Other Currencies | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | $ 6,494 | $ 3,622 |
TRADE AND OTHER ACCOUNTS RECE_6
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of provision for impairment losses of trade debtors and other accounts receivable - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Provision For Impairment Losses Of Trade Debtors And Other Accounts Receivable Abstract | |||
Opening balance | $ (81,004) | $ (122,193) | $ (100,402) |
Write-offs | 5,966 | 26,435 | 30,754 |
(Increase) Decrease | 7,806 | 14,754 | (52,545) |
Closing balance | $ (67,232) | $ (81,004) | $ (122,193) |
TRADE AND OTHER ACCOUNTS RECE_7
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Gross exposure according to balance [Member] | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories [Line Items] | ||
Trade accounts receivable | $ 952,625 | $ 765,050 |
Other accounts receivable | 135,459 | 209,925 |
Gross impaired exposure [Member] | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories [Line Items] | ||
Trade accounts receivable | (67,232) | (81,004) |
Other accounts receivable | ||
Exposure net of risk concentrations [Member] | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories [Line Items] | ||
Trade accounts receivable | 885,393 | 684,046 |
Other accounts receivable | $ 135,459 | $ 209,925 |
ACCOUNTS RECEIVABLE FROM_PAYA_3
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) | 12 Months Ended |
Dec. 31, 2022 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES [Abstract] | |
Transaction terms ,description | The transaction terms for the Liabilities of the period 2022 correspond from 30 days to 1 year of maturity, and the nature of the settlement of transactions are monetary. |
ACCOUNTS RECEIVABLE FROM_PAYA_4
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Related party | Total current assets | |
Current assets | $ 19,523 | $ 724 |
Qatar Airways [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | Foreign | |
Related party | Qatar Airways | |
Relationship | Indirect shareholder | |
Country of origin | US$ | |
Currency | Qatar | |
Current assets | $ 257 | 703 |
TAM Aviação Executiva e Taxi Aéreo S.A. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | Foreign | |
Related party | TAM Aviação Executiva e Taxi Aéreo S.A. | |
Relationship | Common shareholder | |
Country of origin | BRL | |
Currency | Brazil | |
Current assets | 2 | |
Delta Air Lines Inc. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | Foreign | |
Related party | Delta Air Lines Inc. | |
Relationship | Shareholder | |
Country of origin | US$ | |
Currency | U.S.A. | |
Current assets | $ 19,228 | |
Granja Marina Tornagaleones S.A. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | 87.752.000-5 | |
Related party | Granja Marina Tornagaleones S.A. | |
Relationship | Common shareholder | |
Country of origin | CLP | |
Currency | Chile | |
Current assets | 6 | |
Parque de Chile S.A. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | 76.335.600-0 | |
Related party | Parque de Chile S.A. | |
Relationship | Related director | |
Country of origin | CLP | |
Currency | Chile | |
Current assets | $ 2 | 2 |
Rio Dulce S.A. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | 96.989.370-3 | |
Related party | Rio Dulce S.A. | |
Relationship | Related director | |
Country of origin | CLP | |
Currency | Chile | |
Current assets | $ 1 | 4 |
Inversiones Costa Verde Ltda. y CPA. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | 96.810.370-9 | |
Related party | Inversiones Costa Verde Ltda. y CPA. | |
Relationship | Related director | |
Country of origin | CLP | |
Currency | Chile | |
Current assets | $ 35 | $ 7 |
ACCOUNTS RECEIVABLE FROM_PAYA_5
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current accounts payable - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current accounts payable [Line Items] | |||
Related party | Total current and non current liabilities | ||
Current liabilities | $ 12 | $ 661,602 | |
Delta Airlines, Inc.[Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current accounts payable [Line Items] | |||
Tax No. | Foreign | ||
Related party | Delta Airlines, Inc. | ||
Relationship | Shareholder | ||
Country of origin | U.S.A. | ||
Currency | US$ | ||
Current liabilities | 2,268 | ||
Inversora Aeronáutica Argentina S.A. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current accounts payable [Line Items] | |||
Tax No. | Foreign | ||
Related party | Inversora Aeronáutica Argentina S.A. | ||
Relationship | Related director | ||
Country of origin | Argentina | ||
Currency | US$ | ||
Current liabilities | $ 5 | 5 | |
Patagonia Seafarms INC [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current accounts payable [Line Items] | |||
Tax No. | Foreign | ||
Related party | Patagonia Seafarms INC | ||
Relationship | Related director | ||
Country of origin | U.S.A. | ||
Currency | US$ | ||
Current liabilities | $ 7 | 7 | |
Costa Verde Aeronautica S.A. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current accounts payable [Line Items] | |||
Tax No. | 81.062.300-4 | ||
Related party | [1] | Costa Verde Aeronautica S.A. (*) | |
Relationship | Shareholder | ||
Country of origin | Chile | ||
Currency | US$ | ||
Current liabilities | 175,819 | ||
QA Investments Ltd [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current accounts payable [Line Items] | |||
Tax No. | Foreign | ||
Related party | [1] | QA Investments Ltd (*) | |
Relationship | Common shareholder | ||
Country of origin | U.K. | ||
Currency | US$ | ||
Current liabilities | 219,774 | ||
QA Investments 2 Ltd [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current accounts payable [Line Items] | |||
Tax No. | Foreign | ||
Related party | [1] | QA Investments 2 Ltd (*) | |
Relationship | Common shareholder | ||
Country of origin | U.K. | ||
Currency | US$ | ||
Current liabilities | 219,774 | ||
Lozuy S.A. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current accounts payable [Line Items] | |||
Tax No. | Foreign | ||
Related party | [1] | Lozuy S.A. (*) | |
Relationship | Common shareholder | ||
Country of origin | Uruguay | ||
Currency | US$ | ||
Current liabilities | $ 43,955 | ||
[1]corresponds to drawdowns tranche C of the DIP loan (See note 3.1c) |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
INVENTORIES [Abstract] | ||
Cost of sales | $ 148,790 | $ 47,362 |
INVENTORIES (Details) - Schedul
INVENTORIES (Details) - Schedule of composition of inventories - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Composition of Inventories [Abstract] | |||
Technical stock | [1] | $ 438,717 | $ 250,327 |
Non-technical stock | [2] | 39,072 | 37,010 |
Total | $ 477,789 | $ 287,337 | |
[1]Correspond to spare parts and materials that will be used in own maintenance services as well as those of third parties.[2]Consumption of on-board services, uniforms and other indirect materials |
INVENTORIES (Details) - Sched_2
INVENTORIES (Details) - Schedule of average acquisition cost net of their obsolescence provision - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Average Acquisition Cost Net of their Obsolescence Provision [Abstract] | ||
Provision for obsolescence Technical stock | $ 49,981 | $ 64,455 |
Provision for obsolescence Non-technical stock | 5,823 | 5,785 |
Total | $ 55,804 | $ 70,240 |
OTHER FINANCIAL ASSETS (Details
OTHER FINANCIAL ASSETS (Details) | Dec. 31, 2022 USD ($) |
Disclosure Of Other Assets Text Block Abstract | |
Restricted advances | $ 340,008 |
OTHER FINANCIAL ASSETS (Detai_2
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | $ 503,515 | $ 101,138 |
Non-current assets | 15,517 | 15,622 |
Total Assets | 519,032 | 116,760 |
Other Financial Assets Categories [Member] | Private investment funds [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 277 | 347 |
Non-current assets | ||
Total Assets | 277 | 347 |
Other Financial Assets Categories [Member] | Deposits in guarantee (aircraft) [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 22,340 | 7,189 |
Non-current assets | 1,273 | 2,758 |
Total Assets | 23,613 | 9,947 |
Other Financial Assets Categories [Member] | Guarantees for margins of derivatives [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 7,460 | 5,451 |
Non-current assets | ||
Total Assets | 7,460 | 5,451 |
Other Financial Assets Categories [Member] | Other Investment [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | ||
Non-current assets | 493 | 493 |
Total Assets | 493 | 493 |
Other Financial Assets Categories [Member] | Domestic And Foreign Bonds [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 1,290 | |
Non-current assets | ||
Total Assets | 1,290 | |
Other Financial Assets Categories [Member] | Guaranteed debt advances [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 340,008 | |
Non-current assets | ||
Total Assets | 340,008 | |
Other Financial Assets Categories [Member] | Other guarantees given [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 111,829 | 69,220 |
Non-current assets | 13,751 | 12,371 |
Total Assets | 125,580 | 81,591 |
Other Financial Assets Categories [Member] | Subtotal of other financial assets [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 481,914 | 83,497 |
Non-current assets | 15,517 | 15,622 |
Total Assets | 497,431 | 99,119 |
Hedging Assets Categories [Member] | Fair value of interest rate derivatives [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 8,816 | |
Non-current assets | ||
Total Assets | 8,816 | |
Hedging Assets Categories [Member] | Fair value of foreign currency derivatives [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 191 | |
Non-current assets | ||
Total Assets | 191 | |
Hedging Assets Categories [Member] | Fair value of fuel price derivatives [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 12,594 | 17,641 |
Non-current assets | ||
Total Assets | 12,594 | 17,641 |
Hedging Assets Categories [Member] | Subtotal of derivate assets [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 21,601 | 17,641 |
Non-current assets | ||
Total Assets | $ 21,601 | $ 17,641 |
OTHER FINANCIAL ASSETS (Detai_3
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | $ 519,032 | $ 116,760 |
Argentine peso [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 5 | 16 |
Brazilian real [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 336,676 | 9,775 |
Chilean peso [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 5,847 | 4,502 |
Colombian peso [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 1,716 | 1,727 |
Euro [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 6,791 | 4,104 |
U.S.A dollar [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 165,457 | 93,247 |
Other currencies [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | $ 2,540 | $ 3,389 |
OTHER NON-FINANCIAL ASSETS (Det
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | $ 191,364 | $ 108,368 | ||
Non-current assets | 148,378 | 125,432 | ||
Total Assets | 48,567 | 25,080 | $ 15,476 | |
Total Other Non - Financial Assets [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 339,742 | 233,800 | ||
Current Assets [Member] | Total Other Non - Financial Assets [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | 191,364 | 108,368 | ||
Non-current assets [Member] | Total Other Non - Financial Assets [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | 148,378 | 125,432 | ||
Advance payments [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 41,894 | 25,737 | ||
Advance payments [Member] | Aircraft insurance and other [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 27,122 | 12,331 | ||
Advance payments [Member] | Others [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 14,772 | 13,406 | ||
Advance payments [Member] | Current Assets [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | 40,161 | 23,735 | ||
Advance payments [Member] | Current Assets [Member] | Aircraft insurance and other [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | 27,122 | 12,331 | ||
Advance payments [Member] | Current Assets [Member] | Others [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | 13,039 | 11,404 | ||
Advance payments [Member] | Non-current assets [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | 1,733 | 2,002 | ||
Advance payments [Member] | Non-current assets [Member] | Aircraft insurance and other [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | ||||
Advance payments [Member] | Non-current assets [Member] | Others [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | 1,733 | 2,002 | ||
Contract assets [Member] | GDS costs [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | [1] | 9,530 | 6,439 | |
Contract assets [Member] | Credit Card Commissions [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | [1] | 26,124 | 10,550 | |
Contract assets [Member] | Travel agencies commisions [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | [1] | 12,912 | 8,091 | |
Contract assets [Member] | Subtotal advance payments [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | [1] | 48,566 | 25,080 | |
Contract assets [Member] | Current Assets [Member] | GDS costs [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | [1] | 9,530 | 6,439 | |
Contract assets [Member] | Current Assets [Member] | Credit Card Commissions [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | [1] | 26,124 | 10,550 | |
Contract assets [Member] | Current Assets [Member] | Travel agencies commisions [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | [1] | 12,912 | 8,091 | |
Contract assets [Member] | Current Assets [Member] | Subtotal advance payments [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | [1] | 48,566 | 25,080 | |
Contract assets [Member] | Non-current assets [Member] | GDS costs [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | [1] | |||
Contract assets [Member] | Non-current assets [Member] | Credit Card Commissions [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | [1] | |||
Contract assets [Member] | Non-current assets [Member] | Travel agencies commisions [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | [1] | |||
Contract assets [Member] | Non-current assets [Member] | Subtotal advance payments [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | [1] | |||
Other assets [Member] | Sales tax [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 128,627 | 90,846 | ||
Other assets [Member] | Other taxes [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 1,688 | 1,661 | ||
Other assets [Member] | Contributions to the International Aeronautical Telecommunications Society (“SITA”) [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 997 | 997 | ||
Other assets [Member] | Contributions to Universal Air Travel Plan “UATP” [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 40 | 20 | ||
Other assets [Member] | Judicial deposits [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 117,930 | 89,459 | ||
Other assets [Member] | Subtotal other assets [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Total Assets | 249,282 | 182,983 | ||
Other assets [Member] | Current Assets [Member] | Sales tax [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | 100,665 | 57,634 | ||
Other assets [Member] | Current Assets [Member] | Other taxes [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | 1,688 | 1,661 | ||
Other assets [Member] | Current Assets [Member] | Contributions to the International Aeronautical Telecommunications Society (“SITA”) [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | 258 | 258 | ||
Other assets [Member] | Current Assets [Member] | Contributions to Universal Air Travel Plan “UATP” [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | ||||
Other assets [Member] | Current Assets [Member] | Judicial deposits [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | 26 | |||
Other assets [Member] | Current Assets [Member] | Subtotal other assets [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Current Assets | 102,637 | 59,553 | ||
Other assets [Member] | Non-current assets [Member] | Sales tax [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | 27,962 | 33,212 | ||
Other assets [Member] | Non-current assets [Member] | Other taxes [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | ||||
Other assets [Member] | Non-current assets [Member] | Contributions to the International Aeronautical Telecommunications Society (“SITA”) [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | 739 | 739 | ||
Other assets [Member] | Non-current assets [Member] | Contributions to Universal Air Travel Plan “UATP” [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | 40 | 20 | ||
Other assets [Member] | Non-current assets [Member] | Judicial deposits [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | 117,904 | 89,459 | ||
Other assets [Member] | Non-current assets [Member] | Subtotal other assets [Member] | ||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | ||||
Non-current assets | $ 146,645 | $ 123,430 | ||
[1]Movement of Contracts assets: |
OTHER NON-FINANCIAL ASSETS (D_2
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of movement of contracts assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Movement Of Contracts Assets Abstract | ||
Opening Balance | $ 25,080 | $ 15,476 |
Activation | 302,290 | 67,647 |
Cummulative translation adjustment | (37,145) | (6,680) |
Amortization | (241,658) | (51,363) |
Closing Balance | $ 48,567 | $ 25,080 |
NON-CURRENT ASSETS AND DISPOS_3
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) [Line Items] | |||
Adjustments amount | $ 25 | ||
Income statement to adjust the assets to its fair value less the cost of sales | $ 85 | $ 332 | |
Property, Plant and Equipment [Member] | |||
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) [Line Items] | |||
Adjustments amount | $ 345 |
NON-CURRENT ASSETS AND DISPOS_4
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of non-current assets and disposal group classified as held for sale - Non-current Assets And In Disposal Groups Held For Sale [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of non-current assets and disposal group classified as held for sale [Line Items] | ||
Aircraft | $ 64,483 | $ 99,694 |
Engines and rotables | 21,552 | 46,724 |
Other assets | 381 | 374 |
Total | $ 86,416 | $ 146,792 |
NON-CURRENT ASSETS AND DISPOS_5
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of fleet classified as non-current assets and disposal group | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of fleet classified as non-current assets and disposal group [Line Items] | ||
Total | 34 | 6 |
Boeing 767 [Member] | ||
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of fleet classified as non-current assets and disposal group [Line Items] | ||
Total | 3 | 6 |
Airbus A320 [Member] | ||
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of fleet classified as non-current assets and disposal group [Line Items] | ||
Total | 3 | |
Airbus A319 [Member] | ||
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of fleet classified as non-current assets and disposal group [Line Items] | ||
Total | 28 |
INVESTMENTS IN SUBSIDIARIES (De
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Latam Airlines Perú S.A.[Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Peru | |
Functional currency | US$ | |
Percentage of ownership | 99.81% | 99.81% |
Lan Cargo S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Chile | |
Functional currency | US$ | |
Percentage of ownership | 99.8981% | 99.8981% |
Lan Argentina S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Argentina | |
Functional currency | ARS | |
Percentage of ownership | 100% | 100% |
Transporte Aereo S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Chile | |
Functional currency | US$ | |
Percentage of ownership | 100% | 100% |
Latam Airlines Ecuador S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Ecuador | |
Functional currency | US$ | |
Percentage of ownership | 100% | 100% |
Aerovias de Integracion Regional, AIRES S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Colombia | |
Functional currency | COP | |
Percentage of ownership | 99.21764% | 99.2012% |
TAM S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Brazil | |
Functional currency | BRL | |
Percentage of ownership | 100% | 100% |
INVESTMENTS IN SUBSIDIARIES (_2
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Latam Airlines Perú S.A.[Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | $ 335,773 | $ 484,388 | |
Current Assets | 305,288 | 454,266 | |
Non-current Assets | 30,485 | 30,122 | |
Total Liabilities | 281,178 | 417,067 | |
Current Liabilities | 276,875 | 414,997 | |
Non-current Liabilities | 4,303 | 2,070 | |
Revenue | 1,257,865 | 584,929 | |
Net Income/(loss) | (12,726) | (109,390) | |
Lan Cargo S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 721,484 | 394,378 | |
Current Assets | 452,981 | 144,854 | |
Non-current Assets | 268,503 | 249,524 | |
Total Liabilities | 537,180 | 212,094 | |
Current Liabilities | 488,535 | 165,297 | |
Non-current Liabilities | 48,645 | 46,797 | |
Revenue | 215,811 | 333,054 | |
Net Income/(loss) | 1,590 | (1,230) | |
Lan Argentina S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 178,881 | 162,995 | |
Current Assets | 175,130 | 158,008 | |
Non-current Assets | 3,751 | 4,987 | |
Total Liabilities | 176,707 | 119,700 | |
Current Liabilities | 111,306 | 98,316 | |
Non-current Liabilities | 65,401 | 21,384 | |
Revenue | 3,108 | 242 | |
Net Income/(loss) | (450,755) | (200,315) | |
Transporte Aereo S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 471,094 | 283,166 | |
Current Assets | 184,235 | 47,238 | |
Non-current Assets | 286,859 | 235,928 | |
Total Liabilities | 327,955 | 177,109 | |
Current Liabilities | 275,246 | 145,446 | |
Non-current Liabilities | 52,709 | 31,663 | |
Revenue | 203,411 | 320,187 | |
Net Income/(loss) | (56,135) | (36,190) | |
Latam Airlines Ecuador S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 110,821 | 112,437 | |
Current Assets | 107,313 | 108,851 | |
Non-current Assets | 3,508 | 3,586 | |
Total Liabilities | 93,975 | 97,111 | |
Current Liabilities | 82,687 | 80,861 | |
Non-current Liabilities | 11,288 | 16,250 | |
Revenue | 134,622 | 68,762 | |
Net Income/(loss) | 1,519 | (5,596) | |
Aerovias de Integracion Regional, AIRES S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 112,501 | 70,490 | |
Current Assets | 109,076 | 67,809 | |
Non-current Assets | 3,425 | 2,681 | |
Total Liabilities | 213,941 | 87,749 | |
Current Liabilities | 211,679 | 75,621 | |
Non-current Liabilities | 2,262 | 12,128 | |
Revenue | 394,430 | 239,988 | |
Net Income/(loss) | (122,199) | (19,810) | |
TAM S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | [1] | 3,497,848 | 2,608,859 |
Current Assets | [1] | 1,998,284 | 1,262,825 |
Non-current Assets | [1] | 1,499,564 | 1,346,034 |
Total Liabilities | [1] | 4,231,547 | 3,257,148 |
Current Liabilities | [1] | 3,302,692 | 2,410,426 |
Non-current Liabilities | [1] | 928,855 | 846,722 |
Revenue | [1] | 4,255,115 | 2,003,922 |
Net Income/(loss) | [1] | $ (69,932) | $ (741,791) |
[1]Corresponds to consolidated information of TAM S.A. and subsidiaries |
INVESTMENTS IN SUBSIDIARIES (_3
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest - Non-controlling interests [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Total | $ (11,557) | $ (10,356) | |
Equity [Member] | Latam Airlines Perú S.A.[Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | Foreign | ||
Country of origin | Peru | ||
Percentage of income attributable to subsidiaries | 0.19% | 0.19% | |
Total | $ (12,392) | $ (13,035) | |
Equity [Member] | Lan Cargo S.A. And Subsidiaries [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 93.383.000-4 | ||
Country of origin | Chile | ||
Percentage of income attributable to subsidiaries | 0.10196% | 0.10196% | |
Total | $ (1,638) | $ 2,481 | |
Equity [Member] | Lan Argentina S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 96.969.680-0 | ||
Country of origin | Chile | ||
Percentage of income attributable to subsidiaries | 0% | 0% | |
Total | $ 1,691 | $ (149) | |
Equity [Member] | Linea Aerea Carguera de Colombiana S.A. [Mmeber] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | Foreign | ||
Country of origin | Colombia | ||
Percentage of income attributable to subsidiaries | 9.54% | 9.54% | |
Total | $ 129 | $ (422) | |
Equity [Member] | Transportes Aereos del Mercosur S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | Foreign | ||
Country of origin | Paraguay | ||
Percentage of income attributable to subsidiaries | 5.02% | 5.02% | |
Total | $ 653 | $ 769 | |
Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Total | $ (2,073) | $ (5,651) | $ (9,648) |
Income [Member] | Latam Airlines Perú S.A.[Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | Foreign | ||
Country of origin | Peru | ||
Percentage of income attributable to subsidiaries | 0.19% | 0.19% | 0.19% |
Total | $ 643 | $ (5,553) | $ (8,102) |
Income [Member] | Transportes Aereos del Mercosur S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | Foreign | ||
Country of origin | Paraguay | ||
Percentage of income attributable to subsidiaries | 5.02% | 0.7988% | 5.02% |
Total | $ (116) | $ 67 | $ (913) |
Income [Member] | Americonsult S.A. and Subsidiaries [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 93.383.000-4 | ||
Country of origin | Chile | ||
Percentage of income attributable to subsidiaries | 0.10196% | 0.10196% | 0.10196% |
Total | $ (4,118) | $ (1,771) | $ (121) |
Income [Member] | Lan Pax Airlines Group S.A. y Filiales [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 96.969.680-0 | ||
Country of origin | Chile | ||
Percentage of income attributable to subsidiaries | 0.10196% | ||
Total | $ 967 | $ (182) | $ 431 |
Income [Member] | Aerolineas Regionales de Integracion Aires S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | Foreign | ||
Country of origin | Colombia | ||
Percentage of income attributable to subsidiaries | 9.54% | 9.54% | 9.54% |
Total | $ 551 | $ 1,788 | $ (943) |
INTANGIBLE ASSETS OTHER THAN _3
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) [Line Items] | |||
Useful lives, description | The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. | ||
Cumulative amortization | $ 54,358 | $ 51,162 | $ 169,800 |
Projections of cash flows after tax period | 5 years | ||
Computer Programs [Member] | Accumulated depreciation and amortisation [member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) [Line Items] | |||
Cumulative amortization | $ 414,614 | $ 366,053 |
INTANGIBLE ASSETS OTHER THAN _4
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | $ 1,080,386 | $ 1,018,892 | |
Classes of intangible assets, gross | 1,495,000 | 1,384,945 | |
Airport slots [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 625,368 | 587,214 | |
Classes of intangible assets, gross | 625,368 | 587,214 | |
Loyalty program [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 203,791 | 190,542 | |
Classes of intangible assets, gross | 203,791 | 190,542 | |
Computer software [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 143,550 | 136,135 | |
Classes of intangible assets, gross | 518,971 | 463,478 | |
Developing software [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 107,652 | 104,874 | |
Classes of intangible assets, gross | 107,651 | 105,673 | |
Trademarks [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | [1] | ||
Classes of intangible assets, gross | [1] | 37,904 | 36,723 |
Other assets [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 25 | 127 | |
Classes of intangible assets, gross | $ 1,315 | $ 1,315 | |
[1]In 2016, the Company decided to adopt a unique name and identity and announced that the group’s brand will be LATAM, which united all the companies under a single image. |
INTANGIBLE ASSETS OTHER THAN _5
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | $ 1,018,892 | $ 1,046,559 | $ 1,448,241 | |
Additions | 66,867 | 82,798 | 76,376 | |
Withdrawals | (3,192) | (704) | (37,683) | |
Transfer software and others | (2,446) | 135 | 1,125 | |
Foreign exchange | 54,623 | (58,734) | (271,700) | |
Amortization | (54,358) | (51,162) | (169,800) | |
Closing balance | 1,080,386 | 1,018,892 | 1,046,559 | |
Computer software Net [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | 136,262 | 139,341 | 221,324 | |
Additions | 47 | 45 | ||
Withdrawals | (2,947) | (275) | (333) | |
Transfer software and others | 61,212 | 46,144 | 101,015 | |
Foreign exchange | 3,359 | (3,571) | (20,242) | |
Amortization | (54,358) | (45,377) | (162,468) | |
Closing balance | 143,575 | 136,262 | 139,341 | |
Developing software [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | 104,874 | 68,521 | 99,193 | |
Additions | 66,820 | 82,798 | 76,331 | |
Withdrawals | (245) | (429) | (454) | |
Transfer software and others | (63,658) | (45,657) | (99,890) | |
Foreign exchange | (139) | (359) | (6,659) | |
Amortization | ||||
Closing balance | 107,652 | 104,874 | 68,521 | |
Airport slots [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | 587,214 | 627,742 | 845,959 | |
Additions | ||||
Withdrawals | (36,896) | |||
Transfer software and others | ||||
Foreign exchange | 38,154 | (40,528) | (181,321) | |
Amortization | ||||
Closing balance | 625,368 | 587,214 | 627,742 | |
Trademarks and loyalty program [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | [1] | 190,542 | 210,955 | 281,765 |
Additions | [1] | |||
Withdrawals | [1] | |||
Transfer software and others | [1] | (352) | ||
Foreign exchange | [1] | 13,249 | (14,276) | (63,478) |
Amortization | [1] | (5,785) | (7,332) | |
Closing balance | [1] | $ 203,791 | $ 190,542 | $ 210,955 |
[1]In 2016, the Company decided to adopt a unique name and identity and announced that the group’s brand will be LATAM, which united all the companies under a single image. |
INTANGIBLE ASSETS OTHER THAN _6
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of recoverable values $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of recoverable values [Line Items] | ||
Annual growth rate (Terminal) | 0% | |
Exchange rate | 5.40% | [1] |
Discount rate based don the Weighted Average | ||
Cost of Capital (WACC) | 8.40% | |
Fuel Price from future prices curves | ||
Commodities markets (in Dollars) | $ 100 | |
Top of range [member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of recoverable values [Line Items] | ||
Annual growth rate (Terminal) | 3.50% | |
Exchange rate | 5.63% | [1] |
Discount rate based don the Weighted Average | ||
Cost of Capital (WACC) | 12.40% | |
Fuel Price from future prices curves | ||
Commodities markets (in Dollars) | $ 130 | |
[1]In line with expectations of the Central Bank of Brazil. |
INTANGIBLE ASSETS OTHER THAN _7
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of annual growth rates, discounts, exchange rates and fuel price - Air Transportation CGU [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of annual growth rates, discounts, exchange rates and fuel price [Line Items] | |
Increase WACC Maximum | 12.40% |
Decrease rate Terminal growth Minimal | 0% |
Bottom of range [member] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of annual growth rates, discounts, exchange rates and fuel price [Line Items] | |
Increase Fuel Price Maximum (in Dollars) | $ 130 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Advances paid to aircraft manufacturers | $ 368,625 | $ 357,979 |
Description of property plant and equipment | Except in the case of the Boeing 767 300ER, Airbus 320 Family and Boeing 767 300F fleets that consider a lower residual value, due to the extension of their useful life to 22, 25 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. | |
Indirect existing debt | $ 1,200,382 | 1,037,122 |
Indirect book value | 2,884,563 | 2,306,233 |
Six A320N Aircraft [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Reclassified to non-current assets | (29,328) | |
Lease contract amendment | (284,952) | |
twenty-eight A319 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Reclassified to non-current assets | (373,410) | |
Two B787 Aircraft [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Lease contract amendment | $ (397,569) | |
Aircraft Purchase Agreement [Member] | Airbus SAS [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Manufacturers price property, plant and equipment | 12,586,000 | |
Aircraft Purchase Contracts [Member] | The Boeing Company [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Manufacturers price property, plant and equipment | $ 600,000 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | $ 16,920,912 | $ 17,736,005 | |
Accumulated depreciation | (8,509,251) | (8,246,138) | |
Net Book Value | 8,411,661 | 9,489,867 | |
Property, plant and equipment [member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 12,283,144 | 12,281,838 | |
Accumulated depreciation | (5,262,010) | (4,946,720) | |
Net Book Value | 7,021,134 | 7,335,118 | |
Property, plant and equipment [member] | Construction in progress [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | [1] | 388,810 | 473,797 |
Accumulated depreciation | [1] | ||
Net Book Value | [1] | 388,810 | 473,797 |
Property, plant and equipment [member] | Land [member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 44,349 | 43,276 | |
Accumulated depreciation | |||
Net Book Value | 44,349 | 43,276 | |
Property, plant and equipment [member] | Buildings [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 124,507 | 121,972 | |
Accumulated depreciation | (55,511) | (61,521) | |
Net Book Value | 68,996 | 60,451 | |
Property, plant and equipment [member] | Plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 11,135,425 | 11,024,722 | |
Accumulated depreciation | (4,836,926) | (4,462,706) | |
Net Book Value | 6,298,499 | 6,562,016 | |
Property, plant and equipment [member] | Own aircraft [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | [2],[3] | 10,427,950 | 10,377,850 |
Accumulated depreciation | [2],[3] | (4,619,279) | (4,237,585) |
Net Book Value | [2],[3] | 5,808,671 | 6,140,265 |
Property, plant and equipment [member] | Other [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | [4] | 707,475 | 646,872 |
Accumulated depreciation | [4] | (217,647) | (225,121) |
Net Book Value | [4] | 489,828 | 421,751 |
Property, plant and equipment [member] | Machinery [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 27,090 | 25,764 | |
Accumulated depreciation | (25,479) | (23,501) | |
Net Book Value | 1,611 | 2,263 | |
Property, plant and equipment [member] | Information technology equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 153,355 | 146,986 | |
Accumulated depreciation | (136,746) | (130,150) | |
Net Book Value | 16,609 | 16,836 | |
Property, plant and equipment [member] | Fixed installations and accessories [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 155,351 | 147,402 | |
Accumulated depreciation | (118,279) | (108,661) | |
Net Book Value | 37,072 | 38,741 | |
Property, plant and equipment [member] | Motor vehicles [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 51,504 | 49,186 | |
Accumulated depreciation | (46,343) | (44,423) | |
Net Book Value | 5,161 | 4,763 | |
Property, plant and equipment [member] | Leasehold improvements [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 202,753 | 248,733 | |
Accumulated depreciation | (42,726) | (115,758) | |
Net Book Value | 160,027 | 132,975 | |
Right of use [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 4,637,768 | 5,454,167 | |
Accumulated depreciation | (3,247,241) | (3,299,418) | |
Net Book Value | 1,390,527 | 2,154,749 | |
Right of use [Member] | Aircraft [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | [2] | 4,391,690 | 5,211,153 |
Accumulated depreciation | [2] | (3,064,869) | (3,109,411) |
Net Book Value | [2] | 1,326,821 | 2,101,742 |
Right of use [Member] | Other assets [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 246,078 | 243,014 | |
Accumulated depreciation | (182,372) | (190,007) | |
Net Book Value | $ 63,706 | $ 53,007 | |
[1]As of December 31, 2022, includes advances paid to aircraft manufacturers for ThUS$ 357,979 (ThUS$ 368,625 as of December 31, 2021)[2]As of December 31, 2021, due to Chapter 11, 13 aircraft lease contract were rejected, of which 4 were recorded as Property, plant and equipment, (4 A350) and 9 were presented as right of use assets, (2 A320 and 7 A350).[3]During 2022, six A320 and twenty-eight A319 aircraft were reclassified to Non-current assets or groups of assets for disposal as held for sale.[4]Consider mainly rotables and tools. |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | ||||
Opening balance | $ 7,335,118 | $ 8,323,949 | $ 10,049,920 | |
Closing balance | 7,021,134 | 7,335,118 | 8,323,949 | |
Additions | 894,097 | 662,078 | 493,639 | |
Disposals | (4,407) | (521) | (1,586) | |
Withdrawals | (43,305) | |||
Rejection fleet | (516,694) | [1] | (1,081,578) | |
Retirements | (699,046) | (47,086) | (111,256) | |
Depreciation expenses | 22,082 | (648,782) | (718,767) | |
Foreign exchange | (483,405) | (38,245) | (170,405) | |
Other increases (decreases) | (399,581) | [2] | (136,018) | |
Changes, total | (313,984) | (988,831) | (1,725,971) | |
Construction in progress [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | ||||
Opening balance | 473,797 | 377,961 | 372,589 | |
Closing balance | 388,810 | 473,797 | 377,961 | |
Additions | 16,332 | 84,392 | 6,535 | |
Disposals | ||||
Withdrawals | (75) | |||
Rejection fleet | [1] | |||
Retirements | (279) | (39) | ||
Depreciation expenses | (1,282) | |||
Foreign exchange | (99,962) | (1,720) | (2,601) | |
Other increases (decreases) | 13,443 | [2] | 1,477 | |
Changes, total | (84,987) | 95,836 | 5,372 | |
Land [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | ||||
Opening balance | 43,276 | 42,978 | 48,406 | |
Closing balance | 44,349 | 43,276 | 42,978 | |
Additions | 1,550 | |||
Disposals | ||||
Withdrawals | ||||
Rejection fleet | [1] | |||
Retirements | ||||
Depreciation expenses | 1,073 | |||
Foreign exchange | (1,252) | (5,428) | ||
Other increases (decreases) | [2] | |||
Changes, total | 1,073 | 298 | (5,428) | |
Buildings net [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | ||||
Opening balance | 60,451 | 65,207 | 74,862 | |
Closing balance | 68,996 | 60,451 | 65,207 | |
Additions | 92 | |||
Disposals | ||||
Withdrawals | (2) | |||
Rejection fleet | [1] | |||
Retirements | (3,285) | |||
Depreciation expenses | 918 | (4,074) | (4,819) | |
Foreign exchange | 10,914 | (833) | (4,836) | |
Other increases (decreases) | 59 | [2] | ||
Changes, total | 8,545 | (4,756) | (9,655) | |
Plant and Equipment Net [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | ||||
Opening balance | 6,568,717 | 7,698,969 | 9,374,516 | |
Closing balance | 6,304,848 | 6,568,717 | 7,698,969 | |
Additions | 843,808 | 563,023 | 485,800 | |
Disposals | (4,140) | (169) | (1,439) | |
Withdrawals | (42,055) | |||
Rejection fleet | (469,878) | [1] | (1,081,496) | |
Retirements | (669,059) | (44,684) | (107,912) | |
Depreciation expenses | 11,527 | (620,349) | (682,102) | |
Foreign exchange | (403,950) | (19,199) | (146,219) | |
Other increases (decreases) | (538,996) | [2] | (142,179) | |
Changes, total | (263,869) | (1,130,252) | (1,675,547) | |
Information technology equipment net [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | ||||
Opening balance | 16,836 | 14,831 | 20,776 | |
Closing balance | 16,609 | 16,836 | 14,831 | |
Additions | 6,426 | 6,455 | 1,295 | |
Disposals | (26) | (112) | ||
Withdrawals | (24) | |||
Rejection fleet | [1] | |||
Retirements | (5,662) | (212) | (55) | |
Depreciation expenses | (84) | (4,345) | (6,186) | |
Foreign exchange | (883) | (404) | (1,543) | |
Other increases (decreases) | 537 | [2] | 656 | |
Changes, total | (227) | 2,005 | (5,945) | |
Fixed installations & accessories net [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | ||||
Opening balance | 38,741 | 49,199 | 59,834 | |
Closing balance | 37,072 | 38,741 | 49,199 | |
Additions | 113 | 6 | 9 | |
Disposals | (264) | (309) | (31) | |
Withdrawals | (836) | |||
Rejection fleet | [1] | |||
Retirements | (7,914) | (1,885) | (3,250) | |
Depreciation expenses | 2,365 | (8,304) | (9,037) | |
Foreign exchange | 4,867 | (1,752) | (7,195) | |
Other increases (decreases) | 1,786 | [2] | 8,869 | |
Changes, total | (1,669) | (10,458) | (10,635) | |
Motor vehicles net [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | ||||
Opening balance | 325 | 396 | 477 | |
Closing balance | 423 | 325 | 396 | |
Additions | 258 | 17 | ||
Disposals | (3) | (17) | (4) | |
Withdrawals | ||||
Rejection fleet | [1] | |||
Retirements | (55) | |||
Depreciation expenses | (28) | (61) | (81) | |
Foreign exchange | (74) | (11) | 4 | |
Other increases (decreases) | 1 | [2] | ||
Changes, total | 98 | (71) | (81) | |
Leasehold improvements [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | ||||
Opening balance | 132,975 | 74,408 | 98,460 | |
Closing balance | 160,027 | 132,975 | 74,408 | |
Additions | 27,160 | 6,543 | ||
Disposals | ||||
Withdrawals | (313) | |||
Rejection fleet | (46,816) | [1] | (82) | |
Retirements | (13,071) | (26) | ||
Depreciation expenses | 7,593 | (11,649) | (16,542) | |
Foreign exchange | 5,683 | (13,074) | (2,587) | |
Other increases (decreases) | 123,589 | [2] | (4,841) | |
Changes, total | $ 27,052 | $ 58,567 | $ (24,052) | |
[1]Include aircraft lease rejection due to Chapter 11.[2]As of December 31, 2022, six A320 ThUS$ (29,328) and twenty-eight A319 ThUS$ (373,410) aircraft were reclassified to Non-current assets or groups of assets for disposal as held for sale. As of December 31, 2021, it includes the lease contract amendment of two B787 aircraft ThUS$ (397,569) and six A320N aircraft ThUS$ (284,952) (see note 13). |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Aircraft [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets [Line Items] | |||||
Opening balances | $ 2,101,742 | $ 2,338,042 | $ 2,768,540 | ||
Other increases (decreases) | (898,609) | 116,942 | [1] | (18,894) | |
Total changes | (774,921) | (236,300) | (430,498) | ||
Final balances | 1,326,821 | 2,101,742 | 2,338,042 | ||
Additions | 372,571 | 537,995 | |||
Fleet rejection | [2] | (573,047) | (9,090) | ||
Depreciation expense | (249,802) | (317,616) | (395,936) | ||
Cumulative translate adjustment | 919 | (574) | (6,578) | ||
Others [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets [Line Items] | |||||
Opening balances | 53,007 | 68,277 | 101,158 | ||
Other increases (decreases) | 12,588 | 6,431 | [1] | 385 | |
Total changes | 10,699 | (15,270) | (32,881) | ||
Final balances | 63,706 | 53,007 | 68,277 | ||
Additions | 13,087 | 1,406 | 399 | ||
Fleet rejection | [2] | (4,577) | |||
Depreciation expense | (16,368) | (16,597) | (22,492) | ||
Cumulative translate adjustment | 1,392 | (1,933) | (11,173) | ||
Net right of use assets [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets [Line Items] | |||||
Opening balances | 2,154,749 | 2,406,319 | 2,869,698 | ||
Other increases (decreases) | (886,021) | 123,373 | [1] | (18,509) | |
Total changes | (764,222) | (251,570) | (463,379) | ||
Final balances | 1,390,527 | 2,154,749 | 2,406,319 | ||
Additions | 385,658 | 539,401 | 399 | ||
Fleet rejection | [2] | (577,624) | (9,090) | ||
Depreciation expense | (266,170) | (334,213) | (418,428) | ||
Cumulative translate adjustment | $ 2,311 | $ (2,507) | $ (17,751) | ||
[1]Includes the renegotiations of 92 aircraft (1 A319, 37 A320, 12 A320N, 19 A321, 1 B767, 6 B777 and 16 B787).[2]Include aircraft lease rejection due to Chapter 11. |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft included in Property, plant and equipment | 158 | 187 | ||
Aircraft included as Rights of use assets | 118 | 117 | ||
Total fleet | 276 | 304 | ||
Boeing 767 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft | 300ER | |||
Aircraft included in Property, plant and equipment | 15 | 16 | ||
Aircraft included as Rights of use assets | ||||
Total fleet | 15 | 16 | ||
Boeing 767 One [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft | 300F | |||
Aircraft included in Property, plant and equipment | 13 | 12 | [1] | |
Aircraft included as Rights of use assets | 1 | 1 | ||
Total fleet | 14 | 13 | [1] | |
Boeing 777 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft | 300ER | |||
Aircraft included in Property, plant and equipment | 4 | 4 | ||
Aircraft included as Rights of use assets | 6 | 6 | ||
Total fleet | 10 | 10 | ||
Boeing 787 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft | 800 | |||
Aircraft included in Property, plant and equipment | 4 | 4 | ||
Aircraft included as Rights of use assets | 6 | 6 | ||
Total fleet | 10 | 10 | ||
Boeing 787 One [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft | 900 | |||
Aircraft included in Property, plant and equipment | 2 | 2 | ||
Aircraft included as Rights of use assets | 19 | 15 | ||
Total fleet | 21 | 17 | ||
Airbus A319 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft | 100 | |||
Aircraft included in Property, plant and equipment | 12 | [2] | 37 | |
Aircraft included as Rights of use assets | 1 | 7 | ||
Total fleet | 13 | 44 | ||
Airbus A320 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft | 200 | |||
Aircraft included in Property, plant and equipment | 88 | 94 | [3] | |
Aircraft included as Rights of use assets | 40 | [3] | 39 | |
Total fleet | 128 | [3] | 133 | |
Airbus A320 One [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft | NEO | |||
Aircraft included in Property, plant and equipment | 1 | |||
Aircraft included as Rights of use assets | 15 | 12 | ||
Total fleet | 16 | 12 | ||
Airbus A321 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of renegotiations aircraft [Line Items] | ||||
Aircraft | 200 | |||
Aircraft included in Property, plant and equipment | 19 | 18 | ||
Aircraft included as Rights of use assets | 30 | 31 | ||
Total fleet | 49 | 49 | ||
[1]An aircraft leased to Aerotransportes Mas de Carga S.A. de C.V, was returned to LATAM Airlines Group S.A. in 2022.[2]Twenty-eight A319 aircraft were classified under non-current assets or groups of assets for disposal as held for sale, (see Note 13)[3]An aircraft with a short-term operating lease is not considered value for right of use. |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment | 12 Months Ended | |
Dec. 31, 2022 | ||
Buildings [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line without residual value | |
Plant and equipment [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) | [1] |
Information technology equipment [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line without residual value | |
Fixed installations and accessories [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line without residual value | |
Motor vehicle [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line without residual value | |
Leasehold improvements [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line without residual value | |
Assets for rights of use [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line without residual value | |
Bottom of range [Member] | Buildings [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 20 years | |
Bottom of range [Member] | Plant and equipment [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 5 years | |
Bottom of range [Member] | Information technology equipment [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 5 years | |
Bottom of range [Member] | Fixed installations and accessories [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 10 years | |
Bottom of range [Member] | Motor vehicle [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 10 years | |
Bottom of range [Member] | Leasehold improvements [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 5 years | |
Bottom of range [Member] | Assets for rights of use [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 1 year | |
Top of range [Member] | Buildings [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 50 years | |
Top of range [Member] | Plant and equipment [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 30 years | |
Top of range [Member] | Information technology equipment [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 10 years | |
Top of range [Member] | Fixed installations and accessories [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 10 years | |
Top of range [Member] | Motor vehicle [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 10 years | |
Top of range [Member] | Leasehold improvements [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 8 years | |
Top of range [Member] | Assets for rights of use [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Useful life (years) | 25 years | |
[1]Except in the case of the Boeing 767 300ER, Airbus 320 Family and Boeing 767 300F fleets that consider a lower residual value, due to the extension of their useful life to 22, 25 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. |
PROPERTY, PLANT AND EQUIPMENT_8
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | $ 673,555 | $ 1,429,681 |
Book Value | $ 975,752 | 2,171,236 |
Airbus A319 [Member] | Wilmington [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Creditor company | MUFG | |
Committed Assets | Aircraft and engines | |
Existing Debt | $ 4,554 | 58,611 |
Book Value | $ 13,205 | 259,036 |
Airbus A319 [Member] | Citibank N.A. [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Creditor company | Citibank N.A. | |
Committed Assets | Aircraft and engines | |
Existing Debt | 27,936 | |
Book Value | 45,849 | |
Boeing 767 [Member] | Wilmington [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 35,043 | 46,779 |
Book Value | 164,448 | 168,315 |
Boeing 767 [Member] | Trust Company [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 33,154 | 51,543 |
Book Value | 203,788 | 227,604 |
Boeing 767 [Member] | Credit Agricole [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 9,121 | 10,404 |
Book Value | 23,323 | 30,958 |
Boeing 777 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 141,605 | 144,358 |
Book Value | $ 144,065 | 141,620 |
Airbus A319 [Member] | Credit Agricole [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Creditor company | Credit Agricole | |
Committed Assets | Aircraft and engines | |
Existing Debt | $ 3,518 | 1,073 |
Book Value | 5,311 | 6,419 |
Airbus A320 [Member] | Credit Agricole [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 195,864 | 139,192 |
Book Value | 161,397 | 117,130 |
Airbus A320 [Member] | Citibank N.A. [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 128,030 | |
Book Value | 181,224 | |
Airbus A320 [Member] | MUFG [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Creditor company | MUFG | |
Committed Assets | Aircraft and engines | |
Existing Debt | 166,712 | |
Book Value | 258,875 | |
Airbus A320/A350 [Member] | Credit Agricole [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 6,192 | 30,733 |
Book Value | $ 4,827 | 27,427 |
Airbus A320/A350 [Member] | Bank of Utah [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Creditor company | BNP Paribas | |
Committed Assets | Aircraft and engines | |
Existing Debt | $ 184,199 | 198,475 |
Book Value | 221,311 | 233,501 |
Boeing 787 [Member] | Credit Agricole [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 60,305 | 91,797 |
Book Value | 34,077 | 38,551 |
Airbus A321 [Member] | Citibank N.A. [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 41,599 | |
Book Value | 75,092 | |
Airbus A350 [Member] | Citibank N.A. [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 15,960 | |
Book Value | 26,507 | |
Airbus B767 [Member] | Citibank N.A. [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 90,846 | |
Book Value | 181,246 | |
Airbus B787 [Member] | Citibank N.A. [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 23,156 | |
Book Value | 17,036 | |
Rotables [Member] | Citibank N.A. [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 162,477 | |
Book Value | $ 134,846 |
PROPERTY, PLANT AND EQUIPMENT_9
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | |
Type | |
Value | $ 43,141 |
Release date | |
Orix Aviation Systems Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | Three letters of credit |
Value | $ 12,198 |
Release date | Dec. 06, 2023 |
Merlin Aviation Leasing (Ireland) 18 Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | Two letters of credit |
Value | $ 3,852 |
Release date | Mar. 15, 2023 |
RB Comercial Properties 49 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | |
Type | |
Value | $ 27,091 |
Release date |
PROPERTY, PLANT AND EQUIPMEN_10
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of fully depreciated assets and commitments for future purchases - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Fully Depreciated Assets And Commitments For Future Purchases Abstract | |||
Gross book value of fully depreciated property, plant and equipment still in use | $ 266,896 | $ 223,608 | |
Commitments for the acquisition of aircraft | [1] | $ 13,186,000 | $ 10,800,000 |
[1]According to the manufacturer’s price list. |
PROPERTY, PLANT AND EQUIPMEN_11
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment - Manufacturer [Member] | 12 Months Ended |
Dec. 31, 2022 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 85 |
2023 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 10 |
2024 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 8 |
2025 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 11 |
2026-2029 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 56 |
Airbus S.A.S.[Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 83 |
Airbus S.A.S.[Member] | 2023 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 8 |
Airbus S.A.S.[Member] | 2024 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 8 |
Airbus S.A.S.[Member] | 2025 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 11 |
Airbus S.A.S.[Member] | 2026-2029 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 56 |
A320-NEO Family [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 83 |
A320-NEO Family [Member] | 2023 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 8 |
A320-NEO Family [Member] | 2024 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 8 |
A320-NEO Family [Member] | 2025 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 11 |
A320-NEO Family [Member] | 2026-2029 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 56 |
The Boeing Company [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 2 |
The Boeing Company [Member] | 2023 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 2 |
The Boeing Company [Member] | 2024 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | |
The Boeing Company [Member] | 2025 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | |
The Boeing Company [Member] | 2026-2029 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | |
Boeing 787-9 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 2 |
Boeing 787-9 [Member] | 2023 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 2 |
Boeing 787-9 [Member] | 2024 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | |
Boeing 787-9 [Member] | 2025 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | |
Boeing 787-9 [Member] | 2026-2029 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase |
PROPERTY, PLANT AND EQUIPMEN_12
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of capitalized interest costs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Capitalized Interest Costs Abstract | |||
Average rate of capitalization of capitalized interest costs | 7.12% | 5.06% | 3.52% |
Costs of capitalized interest | $ 10,575 | $ 7,345 | $ 11,627 |
CURRENT AND DEFERRED TAXES (Det
CURRENT AND DEFERRED TAXES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CURRENT AND DEFERRED TAXES (Details) [Line Items] | |||
Income tax, applicable tax rate | 27% | 27% | 27% |
Total deferred tax assets not recognized | $ 3,651,023,000 | $ 9,030,059,000 | |
Unrecoverable deferred tax assets | 2,638,473,000 | ||
Deferred tax expense income related costs | 14,930,487,000 | ||
Deferred tax assets | $ 1,251,912,000 | ||
Considered recoverable | 6,173,000 | ||
Changes in tax rates or tax laws enacted or announced [member] | |||
CURRENT AND DEFERRED TAXES (Details) [Line Items] | |||
Income tax, applicable tax rate | 27% | ||
Maximum [Member] | |||
CURRENT AND DEFERRED TAXES (Details) [Line Items] | |||
Equity issuance cost Amount | 974,826 | ||
Minimum [Member] | |||
CURRENT AND DEFERRED TAXES (Details) [Line Items] | |||
Equity issuance cost Amount | $ 218,775 |
CURRENT AND DEFERRED TAXES (D_2
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Current assets | $ 18,559 | $ 32,086 |
Other recoverable credits, Current assets | 14,474 | 9,178 |
Total assets by current tax, Current assets | 33,033 | 41,264 |
Non-current assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Non-current assets | ||
Other recoverable credits, Non-current assets | ||
Total assets by current tax, Non-current assets | ||
Total assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Total assets | 18,559 | 32,086 |
Other recoverable credits, Total assets | 14,474 | 9,178 |
Total assets by current tax, Total assets | $ 33,033 | $ 41,264 |
CURRENT AND DEFERRED TAXES (D_3
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current liabilities [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Current liabilities | $ 1,026 | $ 675 |
Total liabilities by current tax, Current liabilities | 1,026 | 675 |
Total liabilities by current tax, Non-current liabilities | 1,026 | 675 |
Non-current liabilities [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Non-current liabilities | ||
Total liabilities by current tax, Current liabilities | ||
Total liabilities by current tax, Non-current liabilities | ||
Current and Non-current liabilities [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Total liabilities | 1,026 | 675 |
Total liabilities by current tax, Total liabilities | $ 1,026 | $ 675 |
CURRENT AND DEFERRED TAXES (D_4
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | $ 5,915 | $ 15,290 |
Liabilities | 344,625 | 341,011 |
Properties, Plants and equipment [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | (1,006,814) | (1,128,225) |
Liabilities | 81,326 | 80,468 |
Assets by right of use [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 249,462 | 715,440 |
Liabilities | (45) | (68) |
Amortization [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | (88,172) | (44,605) |
Liabilities | 10 | 10 |
Provisions [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | (20,563) | 111,468 |
Liabilities | 69,519 | 74,047 |
Revaluation of financial instruments [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 2,438 | (16,575) |
Liabilities | ||
Tax losses [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 852,654 | 358,284 |
Liabilities | (94,005) | (87,378) |
Intangibles [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | ||
Liabilities | 270,512 | 254,155 |
Other [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 16,910 | 19,503 |
Liabilities | $ 17,308 | $ 19,777 |
CURRENT AND DEFERRED TAXES (D_5
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | $ (325,721) | $ 180,536 | $ (381,220) |
Recognized in consolidated income | 5,150 | (521,336) | 546,387 |
Recognized in comprehensive income | 332 | (2,841) | 1,883 |
Exchange rate variation | (18,471) | 17,920 | 13,486 |
Ending balance Asset (liability) | (338,710) | (325,721) | 180,536 |
Property, plant and equipment [member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (1,208,693) | (1,396,337) | (1,513,904) |
Recognized in consolidated income | 120,553 | 187,644 | 110,010 |
Recognized in comprehensive income | |||
Exchange rate variation | 7,557 | ||
Ending balance Asset (liability) | (1,088,140) | (1,208,693) | (1,396,337) |
Assets for right of use | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 715,508 | 229,255 | 133,481 |
Recognized in consolidated income | (466,001) | 486,253 | 95,774 |
Recognized in comprehensive income | |||
Exchange rate variation | |||
Ending balance Asset (liability) | 249,507 | 715,508 | 229,255 |
Amortization [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (44,615) | (65,148) | (53,136) |
Recognized in consolidated income | (43,567) | 20,533 | (14,142) |
Recognized in comprehensive income | |||
Exchange rate variation | 2,130 | ||
Ending balance Asset (liability) | (88,182) | (44,615) | (65,148) |
Provisions [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 37,421 | 144,030 | 43,567 |
Recognized in consolidated income | (128,070) | (103,826) | 158,178 |
Recognized in comprehensive income | 567 | (2,783) | 924 |
Exchange rate variation | (58,639) | ||
Ending balance Asset (liability) | (90,082) | 37,421 | 144,030 |
Revaluation of financial instruments [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (16,575) | (18,133) | 10,279 |
Recognized in consolidated income | 19,248 | 1,616 | (27,901) |
Recognized in comprehensive income | (235) | (58) | 959 |
Exchange rate variation | (1,470) | ||
Ending balance Asset (liability) | 2,438 | (16,575) | (18,133) |
Tax losses [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 445,662 | 1,557,737 | 1,356,268 |
Recognized in consolidated income | 500,997 | (1,112,075) | 216,897 |
Recognized in comprehensive income | |||
Exchange rate variation | (15,428) | ||
Ending balance Asset (liability) | 946,659 | 445,662 | 1,557,737 |
Intangibles [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (254,155) | (270,681) | (349,082) |
Recognized in consolidated income | 2,114 | (1,394) | 1,030 |
Recognized in comprehensive income | |||
Exchange rate variation | (18,471) | 17,920 | 77,371 |
Ending balance Asset (liability) | (270,512) | (254,155) | (270,681) |
Others [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (274) | (187) | (8,693) |
Recognized in consolidated income | (124) | (87) | 6,541 |
Recognized in comprehensive income | |||
Exchange rate variation | 1,965 | ||
Ending balance Asset (liability) | $ (398) | $ (274) | $ (187) |
CURRENT AND DEFERRED TAXES (D_6
CURRENT AND DEFERRED TAXES (Details) - Schedule of deferred tax expense and current income taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax (expense)/benefit | |||
Current tax (expense) benefit | $ (14,064) | $ (47,139) | $ 3,602 |
Adjustments to the current tax of the previous year | (460) | 199 | |
Total current tax (expense) benefit | (14,064) | (47,599) | 3,801 |
(Expense)/benefit from deferred income taxes | |||
Deferred (expense) benefit for taxes related to the creation and reversal of temporary differences | 5,150 | (521,336) | 546,387 |
Total deferred tax (expense)benefit | 5,150 | (521,336) | 546,387 |
Income tax (expense)/benefit | $ (8,914) | $ (568,935) | $ 550,188 |
CURRENT AND DEFERRED TAXES (D_7
CURRENT AND DEFERRED TAXES (Details) - Schedule of income tax (expense)/benefit - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CURRENT AND DEFERRED TAXES (Details) - Schedule of income tax (expense)/benefit [Line Items] | |||
Total current tax expense, net | $ (14,064) | $ (47,599) | $ 3,801 |
Deferred tax expense, net, total | 5,150 | (521,336) | 546,387 |
Income/(loss) tax expense | (8,914) | (568,935) | 550,188 |
Foreign [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of income tax (expense)/benefit [Line Items] | |||
Total current tax expense, net | 19,573 | (9,943) | (4,232) |
Deferred tax expense, net, total | (532) | 4,309 | (235,963) |
Domestic [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of income tax (expense)/benefit [Line Items] | |||
Total current tax expense, net | (33,637) | (37,656) | 8,033 |
Deferred tax expense, net, total | $ 5,682 | $ (525,645) | $ 782,350 |
CURRENT AND DEFERRED TAXES (D_8
CURRENT AND DEFERRED TAXES (Details) - Schedule of income before tax from the chilean legal tax rate - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Income Before Tax From The Chilean Legal Tax Rate Abstract | |||
Tax expense using the legal rate | $ (363,434) | $ 1,102,736 | $ 1,378,547 |
Tax expense using the legal rate, percentage | (27.00%) | (27.00%) | (27.00%) |
Tax effect by change in tax rate | $ 9,016 | ||
Tax effect by change in tax rate, percentage | 0.67% | ||
Tax effect of rates in other jurisdictions | $ 20,398 | $ 54,775 | $ 58,268 |
Tax effect of rates in other jurisdictions, percentage | 1.52% | (1.34%) | (1.14%) |
Tax effect of non-taxable operating revenues | $ 1,201,618 | $ 9,444 | $ 19,529 |
Tax effect of non-taxable operating revenues, percentage | 89.27% | (0.23%) | (0.38%) |
Tax effect of disallowable expenses | $ (33,855) | $ (30,928) | $ (40,528) |
Tax effect of disallowable expenses, percentage | (2.52%) | 0.76% | 0.79% |
Derecognition of deferred tax liabilities for early termination of aircraft financing | $ 90,823 | $ 205,458 | $ 294,969 |
Derecognition of deferred tax liabilities for early termination of aircraft financing, percentage | 6.75% | (5.03%) | (5.78%) |
Tax effect for goodwill impairment losses | $ (453,681) | ||
Tax effect for goodwill impairment losses, percentage | 8.89% | ||
Derecognition of deferred tax assets not recoverable | $ (6,173) | $ (1,251,912) | $ (237,637) |
Derecognition of deferred tax assets not recoverable, percentage | (0.46%) | 30.65% | 4.65% |
Deferred tax asset not recognized | $ (990,095) | $ (667,702) | $ (414,741) |
Deferred tax asset not recognized, percentage | (73.56%) | 16.35% | 8.12% |
Other increases (decreases) | $ 62,788 | $ 9,194 | $ (54,538) |
Other increases (decreases), percentage | 4.66% | (0.23%) | 1.07% |
Total adjustments to tax expense using the legal rate | $ 354,520 | $ (1,671,671) | $ (828,359) |
Total adjustments to tax expense using the legal rate, percentage | 26.33% | 40.93% | 16.22% |
Income tax benefit/(expense) using the effective rate | $ (8,914) | $ (568,935) | $ 550,188 |
Income tax benefit/(expense) using the effective rate, percentage | (0.67%) | 13.93% | (10.78%) |
CURRENT AND DEFERRED TAXES (D_9
CURRENT AND DEFERRED TAXES (Details) - Schedule of deferred taxes related to items charged to equity - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Deferred Taxes Related To Items Charged To Equity Abstract | |||
Aggregate deferred taxation of components of other comprehensive income | $ 332 | $ (2,841) | $ 1,883 |
OTHER FINANCIAL LIABILITIES (De
OTHER FINANCIAL LIABILITIES (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||
Nov. 03, 2022 | Oct. 12, 2022 | Apr. 08, 2022 | Mar. 14, 2022 | Nov. 10, 2021 | Oct. 08, 2020 | Oct. 18, 2020 | Sep. 29, 2020 | Apr. 30, 2020 | Dec. 31, 2022 | Oct. 18, 2022 | Nov. 01, 2021 | Jun. 30, 2021 | Jun. 17, 2021 | |
OTHER FINANCIAL LIABILITIES (Details) [Line Items] | ||||||||||||||
Description of withdrawal amount | LATAM Airlines Group S.A. drew the entirety (US$ 600 million) of the committed credit line “Revolving Credit Facility (RCF)”. The line is guaranteed with collateral made up of aircraft, engines and spare parts | |||||||||||||
Debtor-in-Possession financing description | LATAM Airlines Group S.A. obtained Debtor-in-Possession (“DIP”) financing for a total of US$2,450 million, composed of US$1,300 million of a tranche A (“Tranche A”) and US$1,150 million of a tranche C (“Tranche C” ), of which US$750 million were provided by related parties. Obligations under the DIP were secured by assets owned by LATAM and certain of its subsidiaries, including, but not limited to, shares, certain engines and spare parts. | |||||||||||||
DIP credit agreement amount. | $ 2,750,000,000 | |||||||||||||
Description of DIP credit agreement | On October 12, 2022, this Amended and Restated DIP Credit Agreement was fully repaid with the DIP-to-Exit financing, which contemplated US$750 million of a bridge financing for senior secured notes maturing in 2027, US$750 million of another bridge financing for senior secured notes due 2029, US$750 Mn of a Term Financing, US$1,146 million of a Junior DIP financing, and US$ 500 million of an undrawn Revolving Credit Facility. | |||||||||||||
Principal amount | $ 450,000,000 | |||||||||||||
Description of convertible notes | the DIP-to-Exit financing was fully repaid with the funds from the exit financing issued by the Company, which included US$350 million corresponding to an incremental loan Term B; US$450 million in senior secured notes due 2027, US$700 million in senior secured notes due 2029 and a Term Financing of US$1,1 billion, with part of the proceeds from the capital increase implemented in the context of the reorganization process for a total of approximately US$10,3 billion, through the issuance of new payment shares and convertible notes. | |||||||||||||
Amount of financial lease | $ 19,500,000 | $ 307,400,000 | $ 130,700,000 | |||||||||||
Claims amount | $ 679,273 | |||||||||||||
Right of assets | 639,728 | |||||||||||||
Conversion notes | 39,545 | |||||||||||||
IBR rate amount | $ 316,615 | |||||||||||||
LATAM Airlines Group S.A. [Member] | ||||||||||||||
OTHER FINANCIAL LIABILITIES (Details) [Line Items] | ||||||||||||||
Description of withdrawal amount | LATAM made a partial withdrawal for US$1,150 million from Tranche A and Tranche C, and then, on or around June 22, 2021, LATAM made an additional withdrawal for US$500 million from Tranche A and Tranche C. | |||||||||||||
DIP financing amount | $ 750,000,000 | |||||||||||||
Description of transfer amount | LATAM made a transfer for MUS$ 38.6 from Tranche A, US$227.3 million from Tranche B and US$34.1 million from Tranche C. | the Company made a partial transfer for US$200 million from Tranche B and later on December 28, 2021, LATAM made a new transfer for MUS$ 100. After these transfers, LATAM still It had US$1,250 million of line available for future transfers. | ||||||||||||
DIP credit agreement amount. | $ 3,700,000 | |||||||||||||
Principal amount | $ 700,000,000 |
OTHER FINANCIAL LIABILITIES (_2
OTHER FINANCIAL LIABILITIES (Details) - Schedule of composition of other financial liabilities - Other Financial Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
(a) Interest bearing loans | $ 629,106 | $ 3,869,040 |
(b) Lease Liability | 173,735 | 578,740 |
(c) Hedge derivatives | 2,734 | |
(d) Derivative non classified as hedge accounting | 2,937 | |
Total current | 802,841 | 4,453,451 |
Non-current | ||
(a) Interest bearing loans | 3,936,320 | 3,566,804 |
(b) Lease Liability | 2,042,719 | 2,381,898 |
Total non-current | $ 5,979,039 | $ 5,948,702 |
OTHER FINANCIAL LIABILITIES (_3
OTHER FINANCIAL LIABILITIES (Details) - Schedule of composition of interest bearing loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Current | |||
Total current | [1] | $ 629,106 | $ 3,869,040 |
Non-current | |||
Total non-current | [1] | 3,936,320 | 3,566,804 |
Total obligations with financial institutions | [1] | 4,565,426 | 7,435,844 |
Loans To Exporters [Member] | |||
Current | |||
Total current | 159,161 | ||
Bank Loans [Member] | |||
Current | |||
Total current | [2] | 353,284 | 415,087 |
Non-current | |||
Total non-current | [2] | 1,032,711 | 106,751 |
Guaranteed Obligations [Member] | |||
Current | |||
Total current | 17,887 | 75,593 | |
Non-current | |||
Total non-current | 307,174 | 434,942 | |
Other Guaranteed Obligations [Member] | |||
Current | |||
Total current | [2],[3] | 66,239 | 2,546,461 |
Non-current | |||
Total non-current | 408,065 | 178,961 | |
Subtotal bank loans [Member] | |||
Current | |||
Total current | 437,410 | 3,196,302 | |
Non-current | |||
Total non-current | 1,747,950 | 720,654 | |
Obligations with the public [Member] | |||
Current | |||
Total current | [2] | 33,383 | 396,345 |
Non-current | |||
Total non-current | [2] | 1,256,416 | 1,856,853 |
Financial Leases [Member] | |||
Current | |||
Total current | [4] | 156,285 | 199,885 |
Non-current | |||
Total non-current | [4] | 931,954 | 989,297 |
Others loans [Member] | |||
Current | |||
Total current | $ 2,028 | $ 76,508 | |
[1] On May 26, 2020 LATAM Airlines Group S.A. and its subsidiaries in Chile, Peru, Colombia and Ecuador filed for protection under Chapter 11 of the United States bankruptcy law in the Court for the Southern District of New York. Under Section 362 of the Bankruptcy Code. The same occurred for TAM LINHAS AÉREAS S.A and its affiliates (all LATAM affiliates in Brazil), dated July 9, 2020. Filing for Chapter 11 automatically suspends most actions against LATAM and its affiliates, including most of actions to collect financial obligations incurred before the Chapter 11 filing date or to exercise control over the property of LATAM and its affiliates. Consequently, although the bankruptcy filing may have caused defaults for some of the obligations of LATAM and its affiliates, the counterparties cannot take any action as a result of such defaults. On September 29, 2020, LATAM Airlines Group S.A. obtained Debtor-in-Possession (“DIP”) financing for a total of US$2,450 million, composed of US$1,300 million of a tranche A (“Tranche A”) and US$1,150 million of a tranche C (“Tranche C” ), of which US$750 million were provided by related parties. Obligations under the DIP were secured by assets owned by LATAM and certain of its subsidiaries, including, but not limited to, shares, certain engines and spare parts. During March and April 2020, LATAM Airlines Group S.A. drew the entirety (US$ 600 million) of the committed credit line “Revolving Credit Facility (RCF)”. The line is guaranteed with collateral made up of aircraft, engines and spare parts, which was fully drawn until November 3, 2022. Once emerged from Chapter 11, this line was fully repaid and is available to be drawn. On June 17, 2021, the United States Court for the Southern District of New York approved the motion presented by the Company to reject the lease of an aircraft financed under a financial lease in the amount of US$130.7 million. |
OTHER FINANCIAL LIABILITIES (_4
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Currency Balances Of Interest Bearing Loans Abstract | ||
Brazilian real | $ 314,322 | $ 338,953 |
Chilean peso (U.F.) | 157,288 | 639,710 |
US Dollar | 4,093,816 | 6,457,181 |
Total | $ 4,565,426 | $ 7,435,844 |
OTHER FINANCIAL LIABILITIES (_5
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Bank Loans [Member] | SANTANDER [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | SANTANDER | |
Creditor country | Spain | |
Currency | US$ | |
Nominal values More than one to three years | $ 70,951 | |
Accounting values Up to 90 days | 173,000 | |
Accounting values More than one to three years | 70,951 | |
Total accounting value | $ 71,124 | |
Amortization | Quaterly | |
Annual Effective rate | 726% | |
Annual Nominal rate | 726% | |
Total nominal value | $ 70,951 | |
Bank Loans [Member] | GOLDMAN SACHS [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | GOLDMAN SACHS | |
Creditor country | U.S.A. | |
Currency | US$ | |
Nominal values Up to 90 days | $ 2,750 | |
Nominal values More than 90 days to one year | 8,250 | |
Nominal values More than one to three years | 22,000 | |
Nominal values More than three to five years | 1,067,000 | |
Accounting values Up to 90 days | 30,539,000 | |
Accounting values More than 90 days to one year | 8,250 | |
Accounting values More than one to three years | 22,000 | |
Accounting values More than three to five years | 939,760 | |
Total accounting value | $ 1,000,549 | |
Amortization | Quaterly | |
Annual Effective rate | 18.46% | |
Annual Nominal rate | 13.38% | |
Total nominal value | $ 1,100,000 | |
Bank Loans [Member] | CITIBANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | UF | |
Nominal values Up to 90 days | $ 60,935 | |
Accounting values Up to 90 days | 64,293,000 | |
Total accounting value | $ 64,293 | |
Amortization | At Expiration | |
Annual Effective rate | 3.10% | |
Annual Nominal rate | 3.10% | |
Total nominal value | $ 60,935 | |
Bank Loans [Member] | CORP BANCA [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 97.023.000-9 | |
Creditor | CORPBANCA | |
Creditor country | Chile | |
Currency | UF | |
Nominal values Up to 90 days | $ 10,106 | |
Accounting values Up to 90 days | 11,040,000 | |
Total accounting value | $ 11,040 | |
Amortization | Quaterly | |
Annual Effective rate | 3.35% | |
Annual Nominal rate | 3.35% | |
Total nominal value | $ 10,106 | |
Bank Loans [Member] | SANTANDER [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | SANTANDER | |
Creditor country | Spain | |
Currency | US$ | |
Nominal values More than one to three years | $ 106,427 | |
Accounting values Up to 90 days | 135,000 | |
Accounting values More than one to three years | 106,427 | |
Total accounting value | $ 106,562 | |
Amortization | Quaterly | |
Annual Effective rate | 2.80% | |
Annual Nominal rate | 2.80% | |
Total nominal value | $ 106,427 | |
Obligations with the public [Member] | SANTANDER [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 97.036.000- K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | UF | |
Nominal values More than five years | $ 156,783 | |
Accounting values Up to 90 days | 505,000 | |
Accounting values More than five years | 156,783 | |
Total accounting value | $ 157,288 | |
Amortization | At Expiration | |
Annual Effective rate | 2% | |
Annual Nominal rate | 2% | |
Total nominal value | $ 156,783 | |
Obligations with the public [Member] | SANTANDER [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 97.036.000- K | |
Creditor | SANTANDER | |
Creditor country | U.S.A. | |
Currency | US$ | |
Nominal values More than five years | $ 3 | |
Accounting values More than five years | 3 | |
Total accounting value | $ 3 | |
Amortization | At Expiration | |
Annual Effective rate | 100% | |
Annual Nominal rate | 100% | |
Total nominal value | $ 3 | |
Obligations with the public [Member] | WILMINGTON TRUST COMPANY [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0 - E | |
Creditor | WILMINGTON TRUST COMPANY | |
Creditor country | U.S.A. | |
Currency | US$ | |
Nominal values More than three to five years | $ 450,000 | |
Nominal values More than five years | 700,000 | |
Accounting values More than 90 days to one year | 32,878 | |
Accounting values More than three to five years | 430,290 | |
Accounting values More than five years | 669,340 | |
Total accounting value | $ 1,132,508 | |
Amortization | At Expiration | |
Annual Effective rate | 15% | |
Annual Nominal rate | 1,338% | |
Total nominal value | $ 1,150,000 | |
Obligations with the public [Member] | BANCO ESTADO [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 97.030.000-7 | |
Creditor | BANCOESTADO | |
Creditor country | Chile | |
Currency | UF | |
Nominal values More than 90 days to one year | $ 159,679 | |
Nominal values More than five years | 343,218 | |
Accounting values Up to 90 days | 49,584,000 | |
Accounting values More than 90 days to one year | 159,679 | |
Accounting values More than five years | 355,114 | |
Total accounting value | $ 564,377 | |
Amortization | At Expiration | |
Annual Effective rate | 4.81% | |
Annual Nominal rate | 4.81% | |
Total nominal value | $ 502,897 | |
Obligations with the public [Member] | BANK OF NEWYORK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | BANK OF NEW YORK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Nominal values More than one to three years | $ 700,000 | |
Nominal values More than three to five years | 800,000 | |
Accounting values Up to 90 days | 187,082,000 | |
Accounting values More than one to three years | 698,450 | |
Accounting values More than three to five years | 803,289 | |
Total accounting value | $ 1,688,821 | |
Amortization | At Expiration | |
Annual Effective rate | 7.16% | |
Annual Nominal rate | 6.94% | |
Total nominal value | $ 1,500,000 | |
Guaranteed Obligations [Member] | WILMINGTON TRUST COMPANY [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | WILMINGTON TRUST COMPANY | WILMINGTON TRUST |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 2,208 | |
Nominal values More than 90 days to one year | 6,110 | $ 2,209 |
Nominal values More than one to three years | 32,620 | 24,703 |
Nominal values More than three to five years | 33,210 | 32,327 |
Nominal values More than five years | 67,457 | 85,119 |
Accounting values Up to 90 days | 2,233,000 | |
Accounting values More than 90 days to one year | 6,110 | 2,209 |
Accounting values More than one to three years | 32,620 | 24,703 |
Accounting values More than three to five years | 33,210 | 32,327 |
Accounting values More than five years | 67,457 | 85,119 |
Total accounting value | $ 141,630 | $ 144,358 |
Amortization | Quaterly/Monthly | Quaterly/Mensual |
Annual Effective rate | 8.20% | 3.17% |
Annual Nominal rate | 8.20% | 1.60% |
Total nominal value | $ 141,605 | $ 144,358 |
Guaranteed Obligations [Member] | BNP PARIBAS [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | BNP PARIBAS | BNP PARIBAS |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 1,761 | $ 16,079 |
Nominal values More than 90 days to one year | 6,907 | 12,412 |
Nominal values More than one to three years | 22,890 | 34,958 |
Nominal values More than three to five years | 26,035 | 37,891 |
Nominal values More than five years | 126,605 | 97,135 |
Accounting values Up to 90 days | 2,637,000 | 17,926,000 |
Accounting values More than 90 days to one year | 6,907 | 12,412 |
Accounting values More than one to three years | 22,212 | 34,044 |
Accounting values More than three to five years | 25,627 | 37,466 |
Accounting values More than five years | 126,048 | 96,379 |
Total accounting value | $ 183,431 | $ 198,227 |
Amortization | Quaterly | Quaterly |
Annual Effective rate | 576% | 1.48% |
Annual Nominal rate | 576% | 1.48% |
Total nominal value | $ 184,198 | $ 198,475 |
Guaranteed Obligations [Member] | SWAP Received Aircraft [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Creditor | SWAP Received aircraft | SWAP Received aircraft |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 10 | |
Accounting values Up to 90 days | 10,000 | |
Total accounting value | $ 10 | |
Amortization | Quaterly | Quaterly |
Total nominal value | $ 10 | |
Guaranteed Obligations [Member] | MUFG [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | MUFG | |
Creditor country | U.S.A. | |
Currency | US$ | |
Nominal values Up to 90 days | $ 29,054 | |
Nominal values More than 90 days to one year | 11,661 | |
Nominal values More than one to three years | 32,639 | |
Nominal values More than three to five years | 34,970 | |
Nominal values More than five years | 58,388 | |
Accounting values Up to 90 days | 31,375,000 | |
Accounting values More than 90 days to one year | 11,661 | |
Accounting values More than one to three years | 32,188 | |
Accounting values More than three to five years | 34,733 | |
Accounting values More than five years | 57,983 | |
Total accounting value | $ 167,940 | |
Amortization | Quaterly | |
Annual Effective rate | 1.64% | |
Annual Nominal rate | 1.64% | |
Total nominal value | $ 166,712 | |
Other Guaranteed Obligations [Member] | CREDIT AGRICOLE [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | CREDIT AGRICOLE | CREDIT AGRICOLE |
Creditor country | France | France |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 273,199 | |
Nominal values More than 90 days to one year | $ 14,667 | |
Nominal values More than one to three years | 29,333 | |
Nominal values More than three to five years | 231,000 | |
Accounting values Up to 90 days | 3,837,000 | 274,403,000 |
Accounting values More than 90 days to one year | 14,667 | |
Accounting values More than one to three years | 26,153 | |
Accounting values More than three to five years | 228,880 | |
Total accounting value | $ 273,537 | $ 274,403 |
Amortization | Quaterly | At Expiration |
Annual Effective rate | 824% | 1.82% |
Annual Nominal rate | 824% | 1.82% |
Total nominal value | $ 275,000 | $ 273,199 |
Other Guaranteed Obligations [Member] | MUFG [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | MUFG | MUFG |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 11,345 | $ 7,551 |
Nominal values More than 90 days to one year | 34,624 | 33,131 |
Nominal values More than one to three years | 66,419 | 91,435 |
Nominal values More than three to five years | 24,816 | |
Accounting values Up to 90 days | 11,404,000 | 8,259,000 |
Accounting values More than 90 days to one year | 34,624 | 33,131 |
Accounting values More than one to three years | 66,419 | 91,255 |
Accounting values More than three to five years | 24,816 | |
Total accounting value | $ 112,447 | $ 157,461 |
Amortization | Quaterly | Quaterly |
Annual Effective rate | 6.23% | 1.72% |
Annual Nominal rate | 6.23% | 1.72% |
Total nominal value | $ 112,388 | $ 156,933 |
Other Guaranteed Obligations [Member] | CITIBANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | CITIBANK | CITIBANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values More than 90 days to one year | $ 600,000 | |
Accounting values Up to 90 days | $ 1,470,000 | 95,000 |
Accounting values More than 90 days to one year | 600,000 | |
Total accounting value | $ 1,470 | $ 600,095 |
Amortization | At Expiration | At Expiration |
Annual Effective rate | 100% | 2% |
Annual Nominal rate | 100% | 2% |
Total nominal value | $ 600,000 | |
Other Guaranteed Obligations [Member] | EXIM BANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | EXIM BANK | EXIM BANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values More than one to three years | $ 17,737 | |
Nominal values More than three to five years | 36,431 | $ 25,876 |
Nominal values More than five years | 32,444 | 37,014 |
Accounting values Up to 90 days | 237,000 | 183,000 |
Accounting values More than one to three years | 17,738 | |
Accounting values More than three to five years | 36,431 | 25,876 |
Accounting values More than five years | 32,444 | 37,014 |
Total accounting value | $ 86,850 | $ 63,073 |
Amortization | Quaterly | Quaterly |
Annual Effective rate | 2.01% | 1.84% |
Annual Nominal rate | 1.78% | 1.84% |
Total nominal value | $ 86,612 | $ 62,890 |
Other Guaranteed Obligations [Member] | Bank of Utah [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | BANK OF UTAH | |
Creditor country | U.S.A. | |
Currency | US$ | |
Nominal values More than 90 days to one year | $ 1,644,876 | |
Accounting values More than 90 days to one year | 1,630,390 | |
Total accounting value | $ 1,630,390 | |
Amortization | At Expiration | |
Annual Effective rate | 22.71% | |
Annual Nominal rate | 12.97% | |
Total nominal value | $ 1,644,876 | |
Financial Leases [Member] | BNP PARIBAS [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | BNP PARIBAS | BNP PARIBAS |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 6,596 | $ 7,216 |
Nominal values More than 90 days to one year | 20,048 | 19,537 |
Nominal values More than one to three years | 1,521 | 28,165 |
Accounting values Up to 90 days | 6,776,000 | 7,313,000 |
Accounting values More than 90 days to one year | 20,048 | 19,537 |
Accounting values More than one to three years | 1,516 | 27,905 |
Total accounting value | $ 28,340 | $ 54,755 |
Amortization | Quaterly | Quaterly |
Annual Effective rate | 5.99% | 1.56% |
Annual Nominal rate | 5.39% | 0.96% |
Total nominal value | $ 28,165 | $ 54,918 |
Financial Leases [Member] | CREDIT AGRICOLE [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Nominal values Up to 90 days | $ 682 | |
Nominal values More than 90 days to one year | 1,370 | |
Accounting values Up to 90 days | 694,000 | |
Accounting values More than 90 days to one year | 1,370 | |
Total accounting value | $ 2,064 | |
Amortization | Quaterly | |
Annual Effective rate | 3.68% | |
Annual Nominal rate | 3.23% | |
Total nominal value | $ 2,052 | |
Financial Leases [Member] | CITIBANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | CITIBANK | CITIBANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 6,825 | $ 19,101 |
Nominal values More than 90 days to one year | 5,689 | 52,371 |
Nominal values More than one to three years | 12,513 | |
Accounting values Up to 90 days | 6,888,000 | 19,198,000 |
Accounting values More than 90 days to one year | 5,689 | 52,371 |
Accounting values More than one to three years | 12,359 | |
Total accounting value | $ 12,577 | $ 83,928 |
Amortization | Quaterly | Quaterly |
Annual Effective rate | 6.19% | 1.37% |
Annual Nominal rate | 5.47% | 0.79% |
Total nominal value | $ 12,514 | $ 83,985 |
Financial Leases [Member] | EXIM BANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | EXIM BANK | EXIM BANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values More than one to three years | $ 113,668 | |
Nominal values More than three to five years | 180,260 | $ 248,354 |
Nominal values More than five years | 152,581 | 284,773 |
Accounting values Up to 90 days | 1,923,000 | 1,771,000 |
Accounting values More than one to three years | 112,666 | |
Accounting values More than three to five years | 178,672 | 244,490 |
Accounting values More than five years | 151,236 | 280,341 |
Total accounting value | $ 444,497 | $ 526,602 |
Amortization | Quaterly | Quaterly |
Annual Effective rate | 3.58% | 2.88% |
Annual Nominal rate | 2.79% | 2.03% |
Total nominal value | $ 446,509 | $ 533,127 |
Financial Leases [Member] | NATIXIS [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | NATIXIS | NATIXIS |
Creditor country | France | France |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 6,419 | $ 1,335 |
Nominal values More than 90 days to one year | 19,341 | 15,612 |
Nominal values More than one to three years | 53,207 | 52,010 |
Nominal values More than three to five years | 55,696 | 54,443 |
Nominal values More than five years | 104,475 | 138,058 |
Accounting values Up to 90 days | 8,545,000 | 4,472,000 |
Accounting values More than 90 days to one year | 19,341 | 15,612 |
Accounting values More than one to three years | 52,881 | 51,647 |
Accounting values More than three to five years | 55,478 | 54,064 |
Accounting values More than five years | 103,905 | 137,430 |
Total accounting value | $ 240,150 | $ 263,225 |
Amortization | Quaterly | Quaterly |
Annual Effective rate | 6.44% | 2.09% |
Annual Nominal rate | 6.44% | 2.09% |
Total nominal value | $ 239,138 | $ 261,458 |
Financial Leases [Member] | US BANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | US BANK | US BANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 16,984 | $ 16,601 |
Nominal values More than 90 days to one year | 51,532 | 50,373 |
Nominal values More than one to three years | 84,177 | 135,201 |
Nominal values More than three to five years | 17,492 | |
Accounting values Up to 90 days | 17,831,000 | 17,755,000 |
Accounting values More than 90 days to one year | 51,532 | 50,373 |
Accounting values More than one to three years | 79,805 | 127,721 |
Accounting values More than three to five years | 17,188 | |
Total accounting value | $ 149,168 | $ 213,037 |
Amortization | Quaterly | Quaterly |
Annual Effective rate | 4.06% | 4.03% |
Annual Nominal rate | 2.85% | 2.84% |
Total nominal value | $ 152,693 | $ 219,667 |
Financial Leases [Member] | PK AirFinance [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | PK AIRFINANCE | PK AIRFINANCE |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 1,533 | $ 800 |
Nominal values More than 90 days to one year | 4,664 | 3,842 |
Nominal values More than one to three years | 6,393 | 11,562 |
Nominal values More than three to five years | 647 | |
Accounting values Up to 90 days | 1,579,000 | 903,000 |
Accounting values More than 90 days to one year | 4,664 | 3,842 |
Accounting values More than one to three years | 6,393 | 11,562 |
Accounting values More than three to five years | 647 | |
Total accounting value | $ 12,636 | $ 16,954 |
Amortization | Quaterly | Quaterly |
Annual Effective rate | 5.97% | 1.88% |
Annual Nominal rate | 5.97% | 1.88% |
Total nominal value | $ 12,590 | $ 16,851 |
Financial Leases [Member] | Bank of Utah [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | BANK OF UTAH | |
Creditor country | U.S.A. | |
Currency | US$ | |
Nominal values Up to 90 days | $ 2,321 | |
Nominal values More than 90 days to one year | 6,568 | |
Nominal values More than one to three years | 20,990 | |
Nominal values More than three to five years | 30,557 | |
Nominal values More than five years | 121,801 | |
Accounting values Up to 90 days | 2,321,000 | |
Accounting values More than 90 days to one year | 6,568 | |
Accounting values More than one to three years | 20,990 | |
Accounting values More than three to five years | 30,557 | |
Accounting values More than five years | 121,801 | |
Total accounting value | $ 182,237 | |
Amortization | Monthly | |
Annual Effective rate | 1,045% | |
Annual Nominal rate | 1,045% | |
Total nominal value | $ 182,237 | |
Others loans [Member] | Various [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | Various (*) | Various (*) |
Currency | US $ | US$ |
Nominal values Up to 90 days | $ 2,028 | $ 55,819 |
Accounting values Up to 90 days | 2,028,000 | 55,819,000 |
Total accounting value | $ 2,028 | $ 55,819 |
Amortization | At Expiration | At Expiration |
Total nominal value | $ 2,028 | $ 55,819 |
Others loans [Member] | Total [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Creditor | Total | Total |
Nominal values Up to 90 days | $ 60,770 | $ 644,488 |
Nominal values More than 90 days to one year | 178,400 | 2,607,073 |
Nominal values More than one to three years | 541,906 | 1,229,613 |
Nominal values More than three to five years | 2,110,189 | 1,276,816 |
Nominal values More than five years | 1,462,149 | 1,043,705 |
Accounting values Up to 90 days | 100,926,000 | 911,471,000 |
Accounting values More than 90 days to one year | 211,278 | 2,592,587 |
Accounting values More than one to three years | 532,344 | 1,218,261 |
Accounting values More than three to five years | 1,958,905 | 1,274,896 |
Accounting values More than five years | 1,429,017 | 1,049,380 |
Total accounting value | 4,232,470 | 7,046,595 |
Total nominal value | $ 4,353,414 | $ 6,801,695 |
Loans To Exporters [Member] | CITIBANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Nominal values Up to 90 days | $ 114,000 | |
Accounting values Up to 90 days | 123,366,000 | |
Total accounting value | $ 123,366 | |
Amortization | At Expiration | |
Annual Effective rate | 2.96% | |
Annual Nominal rate | 2.96% | |
Total nominal value | $ 114,000 | |
Loans To Exporters [Member] | ITAU [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 76.645.030-K | |
Creditor | ITAU | |
Creditor country | Chile | |
Currency | US$ | |
Nominal values Up to 90 days | $ 20,000 | |
Accounting values Up to 90 days | 22,742,000 | |
Total accounting value | $ 22,742 | |
Amortization | At Expiration | |
Annual Effective rate | 4.20% | |
Annual Nominal rate | 4.20% | |
Total nominal value | $ 20,000 | |
Loans To Exporters [Member] | HSBC [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile [Line Items] | ||
Tax No. | 0-E | |
Creditor | HSBC | |
Creditor country | England | |
Currency | US$ | |
Nominal values Up to 90 days | $ 12,000 | |
Accounting values Up to 90 days | 13,053,000 | |
Total accounting value | $ 13,053 | |
Amortization | At Expiration | |
Annual Effective rate | 4.15% | |
Annual Nominal rate | 4.15% | |
Total nominal value | $ 12,000 |
OTHER FINANCIAL LIABILITIES (_6
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil [Line Items] | ||
Tax No. | Total consolidated | Total consolidated |
Nominal values Up to 90 days | $ 365,829 | $ 927,043 |
Nominal values More than 90 days to one year | 179,930 | 2,610,702 |
Nominal values More than one to three years | 545,986 | 1,235,504 |
Nominal values More than three to five years | 2,114,269 | 1,291,205 |
Nominal values More than five years | 1,469,995 | 1,047,692 |
Total nominal value | 4,676,009 | 7,112,146 |
Accounting values Up to 90 days | 416,298 | 1,272,825 |
Accounting values More than 90 days to one year | 212,808 | 2,596,215 |
Accounting values More than one to three years | 536,424 | 1,224,152 |
Accounting values More than three to five years | 1,962,985 | 1,289,285 |
Accounting values More than five years | 1,436,911 | 1,053,367 |
Total accounting value | $ 4,565,426 | $ 7,435,844 |
Bank Loans [Member] | Merril Lynch Credit products LLC [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil [Line Items] | ||
Tax No. | Products LLC | Products LLC |
Creditor Country | U.S.A. | U.S.A. |
Currency | BRL | BRL |
Nominal values Up to 90 days | $ 304,549 | $ 185,833 |
Nominal values More than 90 days to one year | ||
Nominal values More than one to three years | ||
Nominal values More than three to five years | ||
Nominal values More than five years | ||
Total nominal value | 304,549 | 185,833 |
Accounting values Up to 90 days | 314,322 | 240,089 |
Accounting values More than 90 days to one year | ||
Accounting values More than one to three years | ||
Accounting values More than three to five years | ||
Accounting values More than five years | ||
Total accounting value | $ 314,322 | $ 240,089 |
Amortization | Monthly | Monthly |
Effective rate % | 395% | 3.95% |
Nominal rate % | 395% | 3.95% |
Bank Loans [Member] | NCM [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil [Line Items] | ||
Tax No. | NCM | |
Creditor Country | Netherlands | |
Currency | US$ | |
Nominal values Up to 90 days | $ 619 | |
Nominal values More than 90 days to one year | ||
Nominal values More than one to three years | 324 | |
Nominal values More than three to five years | ||
Nominal values More than five years | ||
Total nominal value | 943 | |
Accounting values Up to 90 days | 666 | |
Accounting values More than 90 days to one year | ||
Accounting values More than one to three years | 324 | |
Accounting values More than three to five years | ||
Accounting values More than five years | ||
Total accounting value | $ 990 | |
Amortization | Monthly | |
Effective rate % | 6.01% | |
Nominal rate % | 6.01% | |
Bank Loans [Member] | BANCO BRADESCO [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil [Line Items] | ||
Tax No. | BANCO BRADESCO | |
Creditor Country | Brazil | |
Currency | BRL | |
Nominal values Up to 90 days | $ 74,661 | |
Nominal values More than 90 days to one year | ||
Nominal values More than one to three years | ||
Nominal values More than three to five years | ||
Nominal values More than five years | ||
Total nominal value | 74,661 | |
Accounting values Up to 90 days | 98,864 | |
Accounting values More than 90 days to one year | ||
Accounting values More than one to three years | ||
Accounting values More than three to five years | ||
Accounting values More than five years | ||
Total accounting value | $ 98,864 | |
Amortization | Monthly | |
Effective rate % | 4.33% | |
Nominal rate % | 4.33% | |
Financial lease [Member] | NATIXIS [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil [Line Items] | ||
Tax No. | NATIXIS | NATIXIS |
Creditor Country | France | France |
Currency | US | US$ |
Nominal values Up to 90 days | $ 510 | $ 433 |
Nominal values More than 90 days to one year | 1,530 | 2,482 |
Nominal values More than one to three years | 4,080 | 2,872 |
Nominal values More than three to five years | 4,080 | 11,539 |
Nominal values More than five years | 7,846 | |
Total nominal value | 18,046 | 17,326 |
Accounting values Up to 90 days | 1,050 | 637 |
Accounting values More than 90 days to one year | 1,530 | 2,481 |
Accounting values More than one to three years | 4,080 | 2,872 |
Accounting values More than three to five years | 4,080 | 11,539 |
Accounting values More than five years | 7,894 | |
Total accounting value | $ 18,634 | $ 17,529 |
Amortization | Semiannual/Quaterly | Quaterly |
Effective rate % | 7.23% | 2.74% |
Nominal rate % | 7.23% | 2.74% |
Financial lease [Member] | GA Telessis LLC [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil [Line Items] | ||
Tax No. | GA Telessis LLC | |
Creditor Country | U.S.A. | |
Currency | US$ | |
Nominal values Up to 90 days | $ 320 | |
Nominal values More than 90 days to one year | 1,147 | |
Nominal values More than one to three years | 2,695 | |
Nominal values More than three to five years | 2,850 | |
Nominal values More than five years | 3,987 | |
Total nominal value | 10,999 | |
Accounting values Up to 90 days | 409 | |
Accounting values More than 90 days to one year | 1,147 | |
Accounting values More than one to three years | 2,695 | |
Accounting values More than three to five years | 2,850 | |
Accounting values More than five years | 3,987 | |
Total accounting value | $ 11,088 | |
Amortization | Monthly | |
Effective rate % | 14.72% | |
Nominal rate % | 14.72% | |
Other Loans [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil [Line Items] | ||
Tax No. | Total | Total |
Nominal values Up to 90 days | $ 305,059 | $ 282,555 |
Nominal values More than 90 days to one year | 1,530 | 3,629 |
Nominal values More than one to three years | 4,080 | 5,891 |
Nominal values More than three to five years | 4,080 | 14,389 |
Nominal values More than five years | 7,846 | 3,987 |
Total nominal value | 322,595 | 310,451 |
Accounting values Up to 90 days | 315,372 | 361,354 |
Accounting values More than 90 days to one year | 1,530 | 3,628 |
Accounting values More than one to three years | 4,080 | 5,891 |
Accounting values More than three to five years | 4,080 | 14,389 |
Accounting values More than five years | 7,894 | 3,987 |
Total accounting value | $ 332,956 | $ 389,249 |
Other Loans [Member] | Deutchebank [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil [Line Items] | ||
Tax No. | DEUTCHEBANK (*) | |
Creditor Country | Brazil | |
Currency | US$ | |
Nominal values Up to 90 days | $ 20,689 | |
Nominal values More than 90 days to one year | ||
Nominal values More than one to three years | ||
Nominal values More than three to five years | ||
Nominal values More than five years | ||
Total nominal value | 20,689 | |
Accounting values Up to 90 days | 20,689 | |
Accounting values More than 90 days to one year | ||
Accounting values More than one to three years | ||
Accounting values More than three to five years | ||
Accounting values More than five years | ||
Total accounting value | $ 20,689 | |
Amortization | At Expiration | |
Effective rate % | ||
Nominal rate % |
OTHER FINANCIAL LIABILITIES (_7
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Aircraft [member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | |||
Opening balance | $ 2,883,661 | $ 3,026,573 | $ 3,042,231 |
Changes | (748,689) | (142,912) | (15,658) |
Closing balance | 2,134,972 | 2,883,661 | 3,026,573 |
New contracts | 354,924 | 518,478 | |
Lease termination | (19,606) | (724,193) | (7,435) |
Renegotiations | (76,233) | 101,486 | (35,049) |
Exit effect of chapter 11 | (995,888) | ||
Payments | (154,823) | (95,831) | (131,427) |
Accrued interest | 142,939 | 88,245 | 158,253 |
Exchange differences | |||
Subsidiaries conversion difference | (2) | ||
other variations | |||
Cumulative translation adjustment | |||
Other increases (decreases) | (31,097) | ||
Others [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | |||
Opening balance | 76,977 | 94,433 | 129,926 |
Changes | 4,505 | (17,456) | (35,493) |
Closing balance | 81,482 | 76,977 | 94,433 |
New contracts | 13,019 | 875 | 543 |
Lease termination | (5,300) | (285) | |
Renegotiations | (4,198) | 5,717 | 4,919 |
Exit effect of chapter 11 | |||
Payments | (26,172) | (24,192) | (36,689) |
Accrued interest | 9,194 | 8,334 | 9,348 |
Exchange differences | 2,279 | 3,356 | (7,967) |
Subsidiaries conversion difference | 7,463 | ||
other variations | 2,920 | ||
Cumulative translation adjustment | (2,332) | (38) | |
Other increases (decreases) | (3,914) | (5,324) | |
Lease Liability total [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | |||
Opening balance | 2,960,638 | 3,121,006 | 3,172,157 |
Changes | (744,184) | (160,368) | (51,151) |
Closing balance | 2,216,454 | 2,960,638 | 3,121,006 |
New contracts | 367,943 | 519,353 | 543 |
Lease termination | (19,606) | (729,493) | (7,720) |
Renegotiations | (80,431) | 107,203 | (30,130) |
Exit effect of chapter 11 | (995,888) | ||
Payments | (180,995) | (120,023) | (168,116) |
Accrued interest | 152,133 | 96,579 | 167,601 |
Exchange differences | 2,279 | 3,356 | (7,967) |
Subsidiaries conversion difference | 7,461 | ||
other variations | $ 2,920 | ||
Cumulative translation adjustment | (2,332) | (38) | |
Other increases (decreases) | $ (35,011) | $ (5,324) |
OTHER FINANCIAL LIABILITIES (_8
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | $ 2,734 | |
Non-current liabilities | ||
Total hedge derivatives | 2,734 | |
Fair value of interest rate derivatives [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | 2,734 | |
Non-current liabilities | ||
Total hedge derivatives | $ 2,734 |
OTHER FINANCIAL LIABILITIES (_9
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative of foreign currency not registered as hedge [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage [Line Items] | ||
Current liabilities | $ 2,937 | |
Non-current liabilities | ||
Total derivatives of no coverage | 2,937 | |
Total derived not qualify as hedge accounting [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage [Line Items] | ||
Current liabilities | 2,937 | |
Non-current liabilities | ||
Total derivatives of no coverage | $ 2,937 |
OTHER FINANCIAL LIABILITIES _10
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments [Line Items] | |||
Foreign currency derivative R$/US$ | [1] | $ 191 | |
Interest rate swaps [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments [Line Items] | |||
Fair values of net assets/ (liabilities) | [2] | 8,816 | (2,734) |
Fuel options [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments [Line Items] | |||
Fair values of net assets/ (liabilities) | [3] | $ 12,594 | $ 17,641 |
[1]Hedge significant variations in expected cash flows associated with the market risk implicit in changes in exchange rates, particularly the BRL/R$. These contracts are recorded as cash flow hedge contracts.[2]They cover the significant variations in the cash flows associated with the market risk implicit in the increases in the 3-month LIBOR interest rate, SOFR, among others, for long-term loans originated by the acquisition or rental of aircraft and Bank credits. These contracts are recorded as cash flow hedge contracts.[3]Hedge significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. |
TRADE AND OTHER ACCOUNTS PAYA_3
TRADE AND OTHER ACCOUNTS PAYABLES (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Convert G [Member] | |
TRADE AND OTHER ACCOUNTS PAYABLES (Details) [Line Items] | |
Other agreed claims | $ 26,145 |
Convert I [Member] | |
TRADE AND OTHER ACCOUNTS PAYABLES (Details) [Line Items] | |
Other agreed claims | $ 1,548,860 |
TRADE AND OTHER ACCOUNTS PAYA_4
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of composition of trade and other accounts payables - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
Trade and other accounts payables | $ 1,248,790 | $ 1,945,731 |
Accrued liabilities | 379,202 | 2,893,520 |
Total trade and other accounts payables | $ 1,627,992 | $ 4,839,251 |
TRADE AND OTHER ACCOUNTS PAYA_5
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of trade and other accounts payable - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Trade And Other Accounts Payable Abstract | ||
Trade creditors | $ 967,468 | $ 1,439,929 |
Other accounts payable | 281,322 | 505,802 |
Total | $ 1,248,790 | $ 1,945,731 |
TRADE AND OTHER ACCOUNTS PAYA_6
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of composition of current trade and other accounts payable - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Composition Of Current Trade And Other Accounts Payable Abstract | ||
Maintenance | $ 108,402 | $ 375,144 |
Suppliers technical purchases | 136,594 | 328,811 |
Professional services and advisory | 131,991 | 129,682 |
Boarding Fees | 209,370 | 171,128 |
Leases, maintenance and IT services | 81,119 | 143,586 |
Handling and ground handling | 126,464 | 176,142 |
Aircraft Fuel | 52,606 | 77,171 |
Other personnel expenses | 124,000 | 90,410 |
Airport charges and overflight | 90,386 | 104,241 |
Marketing | 37,351 | 49,865 |
Services on board | 43,349 | 56,072 |
Air companies | 14,496 | 11,250 |
Crew | 11,428 | 12,007 |
Bonus Payable | 9,450 | 11,144 |
Land services | 3,049 | 6,553 |
Jol Fleet | 9,891 | |
Others | 68,735 | 192,634 |
Total trade and other accounts payables | $ 1,248,790 | $ 1,945,731 |
TRADE AND OTHER ACCOUNTS PAYA_7
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of composition of accrued liabilities - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Composition Of Accrued Liabilities Abstract | |||
Aircraft and engine maintenance | [1] | $ 184,753 | $ 1,166,181 |
Accrued personnel expenses | 81,857 | 59,327 | |
Accounts payable to personnel | [2] | 74,802 | 58,153 |
Other agreed claims | [3] | 1,575,005 | |
Others accrued liabilities | [3] | 37,790 | 34,854 |
Total accrued liabilities | $ 379,202 | $ 2,893,520 | |
[1]As of December 31, 2021, these amounts include some claims agreed with aircraft lessors related to maintenance in addition to agreed fleet claims, both associated with the negotiations resulting from the Chapter 11 procedure.The balances of commercial accounts and other accounts payable for 2021, include the amounts that were part of the reorganization agreement, as a result of the entry into the Chapter 11 Procedure on May 26, 2020, and on July 9 for the subsidiaries of LATAM in Brazil. These balances were paid upon exit from Chapter 11, from November to December 2022.[2]Participation in profits and bonuses (Note 22 letter b).[3]For the other agreed claims, ThUS$ 26,145 were compensated with Convert G and ThUS$ 1,548,860 with Convert I. |
OTHER PROVISIONS (Details)
OTHER PROVISIONS (Details) | 12 Months Ended | ||||
Mar. 30, 2022 USD ($) | Dec. 17, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 | |
OTHER PROVISIONS (Details) [Line Items] | |||||
Probability of loss percentage | $ 50 | ||||
Tax credit suspend amount | $ 74,000,000 | ||||
Legal claim, percentage | 2.50% | 2.50% | |||
Previously imposed total (in Euro) | € | € 776,465,000 | ||||
Proof claim | $ 8,220,000 | ||||
Provision for European Commission Investigation [Member] | Infringement of European Union Regulations [Member] | |||||
OTHER PROVISIONS (Details) [Line Items] | |||||
Commission provision decrease, description | With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A .,For its part, LATAM Airlines Group S.A. and Lan Cargo S.A., jointly and severally, have been fined for the amount of € 8,220,000 (eight million two hundred twenty thousand euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. | ||||
Top of range [member] | |||||
OTHER PROVISIONS (Details) [Line Items] | |||||
Fine amount | $ 8,220,000 | ||||
Bottom of range [member] | |||||
OTHER PROVISIONS (Details) [Line Items] | |||||
Fine amount | $ 2,240,000 |
OTHER PROVISIONS (Details) - Sc
OTHER PROVISIONS (Details) - Schedule of other provisions - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Provision for contingencies (1) | |||||||
Current liabilities | [1] | $ 14,573 | $ 27,872 | ||||
Non-current liabilities | [1] | 927,964 | 712,581 | ||||
Total Liabilities | 942,537 | [1] | 740,453 | [1] | $ 612,133 | $ 291,609 | |
Tax contingencies [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [2] | 8,733 | 24,330 | ||||
Non-current liabilities | [2] | 617,692 | 490,217 | ||||
Total Liabilities | [2] | 626,425 | 514,547 | ||||
Civil contingencies [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [2] | 5,490 | 3,154 | ||||
Non-current liabilities | [2] | 119,483 | 92,955 | ||||
Total Liabilities | [2] | 124,973 | 96,109 | ||||
Labor contingencies [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [2] | 350 | 388 | ||||
Non-current liabilities | [2] | 175,212 | 98,254 | ||||
Total Liabilities | [2] | 175,562 | 98,642 | ||||
Others [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [2] | ||||||
Non-current liabilities | [2] | 13,180 | 21,855 | ||||
Total Liabilities | [2] | 13,180 | 21,855 | ||||
Provisions for onerous contracts [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [3] | ||||||
Non-current liabilities | [3] | 2,397 | 9,300 | ||||
Total Liabilities | [3] | $ 2,397 | $ 9,300 | ||||
[1]Total other provision as of December 31, 2022, and December 31, 2021, include the fair value of the contingencies arising at the time of the business combination with TAM S.A and subsidiaries, with a probability of loss under 50%, which wold not be provided for except in the context of a business combination in accordance with IFRS 3.[2]Provisions for contingencies: The tax contingencies correspond to litigation and tax criteria related to the tax treatment applicable to direct and indirect taxes, which are found in both administrative and judicial stage. The civil contingencies correspond to different demands of civil order filed against the Company. The labor contingencies correspond to different demands of labor order filed against the Company. The Provisions are recognized in the consolidated income statement in administrative expenses or tax expenses, as appropriate.[3]Provision made for proceedings brought by the European Commission for possible breaches of free competition in the freight market. |
OTHER PROVISIONS (Details) - _2
OTHER PROVISIONS (Details) - Schedule of movement of provisions - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | $ 740,453 | [1] | $ 612,133 | $ 291,609 | ||
Increase in provisions | 687,558 | 403,229 | 452,078 | |||
Provision used | (63,087) | (84,497) | (47,238) | |||
Difference by subsidiaries conversion | 28,655 | (25,531) | (58,654) | |||
Reversal of provision | (434,609) | (163,029) | (25,563) | |||
Exchange difference | (16,433) | (1,852) | (99) | |||
Closing balance | 942,537 | [1] | 740,453 | [1] | 612,133 | |
Legal claims [Member] | ||||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | [2] | 731,153 | 558,036 | 282,392 | ||
Increase in provisions | [2] | 687,558 | 403,229 | 408,078 | ||
Provision used | [2] | (63,087) | (84,497) | (47,238) | ||
Difference by subsidiaries conversion | [2] | 28,655 | (25,531) | (58,654) | ||
Reversal of provision | [2] | (427,979) | (119,029) | (25,563) | ||
Exchange difference | [2] | (16,160) | (1,055) | (979) | ||
Closing balance | [2] | 940,140 | 731,153 | 558,036 | ||
European Commission Investigation [Member] | ||||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | [3] | 9,300 | 10,097 | 9,217 | ||
Increase in provisions | [3] | |||||
Provision used | [3] | |||||
Difference by subsidiaries conversion | [3] | |||||
Reversal of provision | [3] | (6,630) | ||||
Exchange difference | [3] | (273) | (797) | 880 | ||
Closing balance | [3] | 2,397 | 9,300 | 10,097 | ||
Onerous Contracts [Member] | ||||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | 44,000 | |||||
Increase in provisions | 44,000 | |||||
Provision used | ||||||
Difference by subsidiaries conversion | ||||||
Reversal of provision | (44,000) | |||||
Exchange difference | ||||||
Closing balance | $ 44,000 | |||||
[1]Total other provision as of December 31, 2022, and December 31, 2021, include the fair value of the contingencies arising at the time of the business combination with TAM S.A and subsidiaries, with a probability of loss under 50%, which wold not be provided for except in the context of a business combination in accordance with IFRS 3.[2]Accumulated balances include a judicial deposit delivered in guarantee, with respect to the “Fundo Aeroviario” (FA), for MUS$ 74, made in order to suspend the collection and the application of a fine. The Company is discussing in Court the constitutionality of the requirement made by FA calculated at the ratio of 2.5% on the payroll in a legal claim. Initially the payment of said contribution was suspended by a preliminary judicial decision and about 10 years later, this same decision was reversed. As the decision is not final, the Company has deposited the amounts until that date, in order to avoid collection processing and the application of the fine.[3]European Commission Provision Provision constituted on the occasion of the process initiated in December 2007 by the General Competition Directorate of the European Commission against more than 25 cargo airlines, among which is Lan Cargo SA, which forms part of the global investigation initiated in 2006 for possible infractions of free competition in the air cargo market, which was carried out jointly by the European and United States authorities. |
OTHER NON-FINANCIAL LIABILITI_3
OTHER NON-FINANCIAL LIABILITIES (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure Of Non Financial Other Liabilities Explanatory Abstract | |
Deferred income | $ 41,318 |
Compensation income | 30,408 |
Trade accounts payable | $ 29,507 |
OTHER NON-FINANCIAL LIABILITI_4
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred revenues [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | [1],[2] | $ 2,533,081 | $ 2,273,137 |
Non-current liabilities | [1],[2] | 420,208 | 512,056 |
Total Liabilities | [1],[2] | 2,953,289 | 2,785,193 |
Sales tax [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 7,194 | 3,870 | |
Non-current liabilities | |||
Total Liabilities | 7,194 | 3,870 | |
Retentions [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 40,810 | 31,509 | |
Non-current liabilities | |||
Total Liabilities | 40,810 | 31,509 | |
Other taxes [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 12,045 | 4,916 | |
Non-current liabilities | |||
Total Liabilities | 12,045 | 4,916 | |
Other sundry liabilities [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 49,121 | 19,144 | |
Non-current liabilities | |||
Total Liabilities | 49,121 | 19,144 | |
Total other non-financial liabilities [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 2,642,251 | 2,332,576 | |
Non-current liabilities | 420,208 | 512,056 | |
Total Liabilities | $ 3,062,459 | $ 2,844,632 | |
[1]As of December 31, 2022, Deferred Income includes ThUS$ 41,318 related to the compensation from Delta Air Lines, Inc., which is recognized in the income statement based on the estimation of income differentials until the implementation of the strategic alliance. During the period, the Company has recognized ThUS $ 30,408 within the income statement related with this compensation.[2]The balance includes mainly, deferred income for services not provided as of December 31, 2022 and December 31, 2021 and for the frequent flyer LATAM Pass program. |
OTHER NON-FINANCIAL LIABILITI_5
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of deferred income movement - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule Of Deferred Income Movement Abstract | |||||
Initial balance | $ 2,785,193 | $ 2,738,888 | $ 3,540,466 | $ 2,974,760 | |
Recognition | [1] | 9,772,469 | 4,221,168 | 1,970,203 | 8,264,970 |
Use | (9,077,188) | (4,053,345) | (2,554,476) | (7,703,011) | |
Loyalty program (Award and redeem) | (241,201) | (12,091) | (137,176) | 124,548 | |
Expiration of tickets | (314,027) | (114,227) | (72,670) | (156,435) | |
Translation Difference | 4,585 | (3,485) | 2,232 | ||
Others provisions | 23,458 | 4,800 | (3,974) | 33,402 | |
Final balance | $ 2,953,289 | $ 2,785,193 | $ 2,738,888 | $ 3,540,466 | |
[1]The balance includes mainly, deferred income for services not provided as of December 31, 2022 and December 31, 2021 and for the frequent flyer LATAM Pass program. |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) | 12 Months Ended |
Dec. 31, 2022 | |
EMPLOYEE BENEFITS [Abstract] | |
Discount rate term year | 20 years |
EMPLOYEE BENEFITS (Details) - S
EMPLOYEE BENEFITS (Details) - Schedule of defined benefit plans - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of defined benefit plans [Abstract] | ||
Retirements payments | $ 45,076 | $ 35,075 |
Resignation payments | 6,365 | 5,817 |
Other obligations | 42,047 | 15,341 |
Total liability for employee benefits | $ 93,488 | $ 56,233 |
EMPLOYEE BENEFITS (Details) -_2
EMPLOYEE BENEFITS (Details) - Schedule of movement in retirements and resignation payments and other obligations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of movement in retirements and resignation payments and other obligations [Abstract] | |||
Opening balance | $ 56,233 | $ 74,116 | $ 93,570 |
Increase (decrease) current service provision | 53,254 | (11,391) | (18,759) |
Benefits paid | (4,375) | (5,136) | (8,634) |
Actuarial (gains) losses | (9,935) | 10,018 | 3,968 |
Currency translation | (1,689) | (11,374) | 3,971 |
Closing balance | $ 93,488 | $ 56,233 | $ 74,116 |
EMPLOYEE BENEFITS (Details) -_3
EMPLOYEE BENEFITS (Details) - Schedule of principal assumptions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of principal assumptions [Abstract] | ||
Discount rate | 5.37% | 5.81% |
Expected rate of salary increase | 5.23% | 3% |
Rate of turnover | 5.14% | 5.14% |
Mortality rate | RV-2014 | RV-2014 |
Inflation rate | 3.61% | 3.44% |
Retirement age of women | 60 | 60 |
Retirement age of men | 65 | 65 |
EMPLOYEE BENEFITS (Details) -_4
EMPLOYEE BENEFITS (Details) - Schedule of sensitivity analysis for the variables - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Discount rate | ||
Change in the accrued liability an closing for increase in 100 p.b. | $ (3,308) | $ (2,642) |
Change in the accrued liability an closing for decrease of 100 p.b. | 3,724 | 2,959 |
Rate of wage growth | ||
Change in the accrued liability an closing for increase in 100 p.b. | 3,520 | 2,849 |
Change in the accrued liability an closing for decrease of 100 p.b. | $ (3,216) | $ (2,613) |
EMPLOYEE BENEFITS (Details) -_5
EMPLOYEE BENEFITS (Details) - Schedule of liability for short-term - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule of liability for short-term [Abstract] | |||
Profit-sharing and bonuses | [1] | $ 74,802 | $ 58,153 |
[1]Accounts payables to employees (Note 19 letter b) |
EMPLOYEE BENEFITS (Details) -_6
EMPLOYEE BENEFITS (Details) - Schedule of employment expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of employment expenses [Abstract] | |||
Salaries and wages | $ (1,024,304) | $ (825,792) | $ (850,557) |
Short-term employee benefits | (121,882) | (122,650) | (41,259) |
Other personnel expenses | (120,150) | (93,457) | (70,244) |
Total | $ (1,266,336) | $ (1,041,899) | $ (962,060) |
ACCOUNTS PAYABLE, NON-CURRENT_2
ACCOUNTS PAYABLE, NON-CURRENT (Details) - Schedule of accounts payable, non-current - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Accounts Payable Non Current Abstract | ||
Aircraft and engine maintenance | $ 249,710 | $ 276,816 |
Fleet (JOL) | 40,000 | 124,387 |
Airport and Overflight Taxes | 19,866 | 26,321 |
Provision for vacations and bonuses | 16,539 | 14,545 |
Other sundry liabilities | 169 | 30,357 |
Total accounts payable, non-current | $ 326,284 | $ 472,426 |
EQUITY (Details)
EQUITY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Jul. 05, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
EQUITY (Details) [Line Items] | |||||
Value of shares subscribed and paid capital | $ (178) | ||||
Extraordinary shareholders description | At the Company’s Extraordinary Shareholders’ Meeting held on July 5, 2022, it was agreed to increase the Company’s capital by US$ 10,293,269,524 through the issuance of 73,809,875,794 paid shares and 531,991,409,513 backup shares, all ordinary, of the same and single series, without par value, of which: (a) US$ 9,493,269,524 represented by 531,991,409,513 new shares, to be used to respond to the conversion of the Convertible Notes, according to this term is defined below (the “Support Shares”); and (b) US$800,000,000 represented by 73,809,875,794 new paid shares (the “New Paid Shares”), to be offered preferentially to shareholders | ||||
Implementation reorganization plan description | As part of the implementation of its Reorganization Plan within the framework of the exit from Chapter 11, LATAM issued US$800 million in new paid shares and US$9,493 million through the issue of three classes of notes convertible into Company shares, equivalent to a total of 605,801,285,307 paid shares. As of December 31, 2022, from the aforementioned capital increase, 604,625,447,032 shares were subscribed and paid, equivalent to ThUS$ 10,152,221 and issuance and placement costs of ThUS$ 810,279 were incurred, which are currently presented under other reserve and will be reclassified to “share capital” upon approval for such transfer during the next Extraordinary Shareholders’ Meeting. | ||||
Converted into equity | $ 39 | ||||
Annual interest rate | 1% | ||||
Liability component amount | $ 102,031 | ||||
Transactions with non-controlling interest | [1] | 216,656 | $ 216,656 | $ 213,273 | |
Loss due to acquisition on minority interest | (184,135) | ||||
Acquisition of minority interest amount | (3,225) | ||||
Mercosur amount | (3,383) | ||||
Other accounts payable | 2,550,306 | ||||
Financial liabilities | 420,436 | ||||
Right of use asset | $ 639,728 | ||||
Commitment of new funds rate | 20% | ||||
Aerovias de Integracion Regional Aires [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Transactions with non-controlling interest | $ 2 | ||||
Common Stock [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Value of shares subscribed and paid capital | $ 13,298,486 | $ 3,146,265 | |||
Number of shares subscribed and paid capital (in Shares) | 605,231,854,725 | 606,407,693 | |||
Authorized shares description | The total number of authorized shares of the Company December, 31, 2022, corresponds to 606.407.693.000 shares. | ||||
Convertible Shares G [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Number of shares subscribed and paid capital (in Shares) | 1,257,002,540 | ||||
Convertible Shares H [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Number of shares subscribed and paid capital (in Shares) | 1,372,839,695 | ||||
Convertible Shares I [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Number of shares subscribed and paid capital (in Shares) | 6,863,427,289 | ||||
Aerovias de Integracion Regional Aires [Member] | Lan Pax Group S.A. and Subsidiaries [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Transactions with non-controlling interest | $ 3,480 | ||||
Aerovias de Integracion Regional Aires [Member] | Inversiones Lan S.A. and Subsidiaries [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Transactions with non-controlling interest | 20 | ||||
Lan S.A. [Member] | Aerovias de Integracion Regional Aires [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Transactions with non-controlling interest | 885 | ||||
Holdco Ecuador [Member] | Lan Pax Group S.A. and Subsidiaries [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Transactions with non-controlling interest | $ 21,526 | ||||
Comisión para el Mercado Financiero [Member] | |||||
EQUITY (Details) [Line Items] | |||||
Number of shares subscribed and paid capital (in Shares) | 73,809,875,794 | ||||
[1]The balance as of December 31, 2022 corresponds to the loss generated by: Lan Pax Group S.A. e Inversiones Lan S.A. in the acquisition of shares of Aerovías de Integración Regional Aires S.A. for ThUS $ (3,480) and ThUS $ (20), respectively; the acquisition of TAM S.A. of the minority interest in Aerolinhas Brasileiras S.A. for ThUS $ (885), the acquisition of Inversiones Lan S.A. of the minority participation in Aires Integra Regional Airlines S.A. for an amount of ThUS $ (2) and the acquisition of a minority stake in Aerolane S.A. by Lan Pax Group S.A. for an amount of ThUS $ (21,526) through Holdco Ecuador S.A. (3) The loss due to the acquisition of the minority interest of Multiplus S.A. for ThUS $ (184,135) (see Note 1), (4) and the acquisition of a minority interest in LATAM Airlines Perú S.A through LATAM Airlines Group S.A for an amount of ThUS $ (3,225) and acquisition of the minority stake in LAN Argentina S.A. and Inversora Cordillera through Transportes Aéreos del Mercosur S.A. for an amount of ThUS $ (3,383). |
EQUITY (Details) - Schedule of
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
N° of Authorized Shares [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Opening Balance | 606,407,693 | 606,407,693 |
Closing Balance | 606,407,693,000 | 606,407,693 |
New shares issued | 73,809,875,794 | |
Subtotal | 605,801,285,307 | |
N° of Authorized Shares [Member] | Convertible Notes G [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 19,992,142,087 | 1,170,670,792 |
N° of Authorized Shares [Member] | Convertible Notes H [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 126,661,409,136 | |
N° of Authorized Shares [Member] | Convertible Notes I [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 385,337,858,290 | |
N° of Subscribed of Shares and Paid or Delivered Pursuant to the Exercise of the Conversion Option [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Opening Balance | 606,407,693 | |
Closing Balance | 605,231,854,725 | 606,407,693 |
New shares issued | 73,809,875,794 | |
Subtotal | 604,625,447,032 | |
N° of Subscribed of Shares and Paid or Delivered Pursuant to the Exercise of the Conversion Option [Member] | Convertible Notes G [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 18,820,511,197 | |
N° of Subscribed of Shares and Paid or Delivered Pursuant to the Exercise of the Conversion Option [Member] | Convertible Notes H [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 126,657,203,849 | |
N° of Subscribed of Shares and Paid or Delivered Pursuant to the Exercise of the Conversion Option [Member] | Convertible Notes I [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 385,337,856,192 | |
N° of Convertible Notes Back-Up Shares Pending to Place [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Opening Balance | ||
Closing Balance | 5,165,385 | |
New shares issued | ||
Subtotal | 5,165,385 | |
N° of Convertible Notes Back-Up Shares Pending to Place [Member] | Convertible Notes G [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 960,098 | |
N° of Convertible Notes Back-Up Shares Pending to Place [Member] | Convertible Notes H [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 4,205,287 | |
N° of Convertible Notes Back-Up Shares Pending to Place [Member] | Convertible Notes I [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | ||
N° of Shares to Subscribe or Not Used [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Opening Balance | ||
Closing Balance | 1,170,672,890 | |
New shares issued | ||
Subtotal | 1,170,672,890 | |
N° of Shares to Subscribe or Not Used [Member] | Convertible Notes G [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 960,098 | |
N° of Shares to Subscribe or Not Used [Member] | Convertible Notes H [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 4,205,287 | |
N° of Shares to Subscribe or Not Used [Member] | Convertible Notes I [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | 2,098 | |
N° of Subscribed Shares and Paid [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Opening Balance | 606,407,693 | 606,407,693 |
Closing Balance | 606,407,693 | |
New shares issued | ||
Subtotal | ||
N° of Subscribed Shares and Paid [Member] | Convertible Notes G [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | ||
N° of Subscribed Shares and Paid [Member] | Convertible Notes H [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes | ||
N° of Subscribed Shares and Paid [Member] | Convertible Notes I [Member] | ||
EQUITY (Details) - Schedule of conversion option is exercised under the convertible notes currently issued [Line Items] | ||
Convertible Notes |
EQUITY (Details) - Schedule o_2
EQUITY (Details) - Schedule of movement of fully paid shares - N° of Shares [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
EQUITY (Details) - Schedule of movement of fully paid shares [Line Items] | ||||
Paid shares as of beginning of period | $ 3,146,265 | $ 3,146,265 | $ 3,146,265 | |
There are no movements of shares paid | ||||
New shares issued (ERO) | 800,000 | |||
Conversion options of convertible notes exercised during the year | [1] | 1,115,996 | ||
Conversion options of convertible notes exercised during the year | 1,372,798 | |||
Conversion options of convertible notes exercised during the year | [2] | 6,863,427 | ||
Subtotal | 10,152,221 | |||
Paid shares as of end of period | $ 13,298,486 | $ 3,146,265 | $ 3,146,265 | |
[1]It only includes Convertible Notes issued in exchange for the settlement of Chapter 11 claims.[2]Part of the Convertible Notes received in cash and the rest in exchange for the settlement of Chapter 11 claims. |
EQUITY (Details) - Schedule o_3
EQUITY (Details) - Schedule of equity portion is recognized under other equity $ in Thousands | Dec. 31, 2022 USD ($) |
EQUITY (Details) - Schedule of equity portion is recognized under other equity [Line Items] | |
Face Value | $ 9,352,260 |
Adjustment to fair value | |
Convertible Notes at the date of issue | (3,610,470) |
Issuance cost | (730,279) |
Subtotal | (4,340,749) |
Fair Value of Notes | 5,011,511 |
Debt component at the date of issue | (102,031) |
Equity component at the date of issue | 4,909,480 |
Convertible Notes G [Member] | |
EQUITY (Details) - Schedule of equity portion is recognized under other equity [Line Items] | |
Face Value | 1,115,996 |
Adjustment to fair value | |
Convertible Notes at the date of issue | (923,616) |
Issuance cost | |
Subtotal | (923,616) |
Fair Value of Notes | 192,380 |
Equity component at the date of issue | 192,380 |
Convertible Notes H [Member] | |
EQUITY (Details) - Schedule of equity portion is recognized under other equity [Line Items] | |
Face Value | 1,372,837 |
Adjustment to fair value | |
Convertible Notes at the date of issue | |
Issuance cost | (24,812) |
Subtotal | (24,812) |
Fair Value of Notes | 1,348,025 |
Debt component at the date of issue | (102,031) |
Equity component at the date of issue | 1,245,994 |
Convertible Notes I [Member] | |
EQUITY (Details) - Schedule of equity portion is recognized under other equity [Line Items] | |
Face Value | 6,863,427 |
Adjustment to fair value | |
Convertible Notes at the date of issue | (2,686,854) |
Issuance cost | (705,467) |
Subtotal | (3,392,321) |
Fair Value of Notes | 3,471,106 |
Debt component at the date of issue | |
Equity component at the date of issue | $ 3,471,106 |
EQUITY (Details) - Schedule o_4
EQUITY (Details) - Schedule of converted into share $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
EQUITY (Details) - Schedule of converted into share [Line Items] | |
Conversion option of convertible notes exercised | $ 9,250,190 |
Converted debt component | 102,031 |
Total Converted Notes | $ 9,352,221 |
Convertible Notes G [Member] | |
EQUITY (Details) - Schedule of converted into share [Line Items] | |
Conversion percentage | 100% |
Conversion option of convertible notes exercised | $ 1,115,996 |
Converted debt component | |
Total Converted Notes | $ 1,115,996 |
Convertible Notes H [Member] | |
EQUITY (Details) - Schedule of converted into share [Line Items] | |
Conversion percentage | 99.997% |
Conversion option of convertible notes exercised | $ 1,270,767 |
Converted debt component | 102,031 |
Total Converted Notes | $ 1,372,798 |
Convertible Notes I [Member] | |
EQUITY (Details) - Schedule of converted into share [Line Items] | |
Conversion percentage | 100% |
Conversion option of convertible notes exercised | $ 6,863,427 |
Converted debt component | |
Total Converted Notes | $ 6,863,427 |
EQUITY (Details) - Schedule o_5
EQUITY (Details) - Schedule of movement of reserves of share-based payments - Reserve of Share-Based Payments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EQUITY (Details) - Schedule of movement of reserves of share-based payments [Line Items] | |||
Balance | $ 37,235 | $ 37,235 | $ 36,289 |
Stock option plan | 946 | ||
Balance | $ 37,235 | $ 37,235 | $ 37,235 |
EQUITY (Details) - Schedule o_6
EQUITY (Details) - Schedule of balance of other sundry reserves - Other Sundry Reserves [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EQUITY (Details) - Schedule of balance of other sundry reserves [Line Items] | |||
Opening balance | $ 2,448,098 | $ 2,452,019 | $ 2,452,469 |
Transactions with non-controlling interest | (3,383) | (3,125) | |
Legal reserves | (538) | 2,675 | |
Other sundry reserves | (4,420,749) | ||
Closing balance | $ (1,972,651) | $ 2,448,098 | $ 2,452,019 |
EQUITY (Details) - Schedule o_7
EQUITY (Details) - Schedule of other sundry reserves - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule Of Other Sundry Reserves Abstract | ||||
Higher value for TAM S.A. share exchange | [1] | $ 2,665,692 | $ 2,665,692 | $ 2,665,692 |
Reserve for the adjustment to the value of fixed assets | [2] | 2,620 | 2,620 | 2,620 |
Transactions with non-controlling interest | [3] | (216,656) | (216,656) | (213,273) |
Adjustment to the fair value of the New Convertible Notes | [4] | (3,610,470) | ||
Cost of issuing shares and New Convertible Notes | [5] | (810,279) | ||
Others | (3,558) | (3,558) | (3,020) | |
Total | $ (1,972,651) | $ 2,448,098 | $ 2,452,019 | |
[1]Corresponds to the difference between the value of the shares of TAM S.A., acquired by Sister Holdco S.A. (under the Subscriptions) and by Holdco II S.A. (by virtue of the Exchange Offer), which is recorded in the declaration of completion of the merger by absorption, and the fair value of the shares exchanged by LATAM Airlines Group S.A. as of June 22, 2012.[2]Corresponds to the technical revaluation of the fixed assets authorized by the Commission for the Financial Market in the year 1979, in Circular No. 1529. The revaluation was optional and could be made only once; the originated reserve is not distributable and can only be capitalized.[3]The balance as of December 31, 2022 corresponds to the loss generated by: Lan Pax Group S.A. e Inversiones Lan S.A. in the acquisition of shares of Aerovías de Integración Regional Aires S.A. for ThUS $ (3,480) and ThUS $ (20), respectively; the acquisition of TAM S.A. of the minority interest in Aerolinhas Brasileiras S.A. for ThUS $ (885), the acquisition of Inversiones Lan S.A. of the minority participation in Aires Integra Regional Airlines S.A. for an amount of ThUS $ (2) and the acquisition of a minority stake in Aerolane S.A. by Lan Pax Group S.A. for an amount of ThUS $ (21,526) through Holdco Ecuador S.A. (3) The loss due to the acquisition of the minority interest of Multiplus S.A. for ThUS $ (184,135) (see Note 1), (4) and the acquisition of a minority interest in LATAM Airlines Perú S.A through LATAM Airlines Group S.A for an amount of ThUS $ (3,225) and acquisition of the minority stake in LAN Argentina S.A. and Inversora Cordillera through Transportes Aéreos del Mercosur S.A. for an amount of ThUS $ (3,383).[4]The adjustment to the fair value of the Convertible Notes issued in exchange for settlement of Chapter 11 claims was valued considering the discount that each group of liabilities settled on at the emergence date. These relate to: gain on the haircut for the accounts payable and other accounts payable for ThUS$2,550,306 (see note 26d), gain on the haircut for the financial liabilities for ThUS$420,436 (see note 26e) and gain on the haircut of lease liabilities which is booked against the right of use asset for THUS$639,728.[5]Corresponds to 20% of the sum of the commitment of new funds of the Backstop Parties under the Series I Convertible Bonds and the New Paid Shares, plus additional costs for extension of the Backstop agreement. |
EQUITY (Details) - Schedule o_8
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | $ (3,846,862) | $ (3,877,439) | $ (2,856,335) |
Change in fair value of hedging instrument recognized in OCI | 27,478 | 15,910 | (105,776) |
Reclassified from OCI to profit or loss | 51,239 | (10,132) | (13,016) |
Reclassified from OCI to the value of the hedged asset | (8,143) | ||
Deferred tax | (235) | (58) | 959 |
Actuarial reserves by employee benefit plans | (9,933) | 10,017 | (3,968) |
Deferred tax actuarial IAS by employee benefit plans | 566 | (2,782) | 923 |
Translation difference subsidiaries | (32,867) | 17,622 | (900,226) |
Closing balance | (3,818,757) | (3,846,862) | (3,877,439) |
Increase (decrease) due to application of new accounting standars | |||
Currency Translation Reserve [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (3,772,159) | (3,790,513) | (2,890,287) |
Change in fair value of hedging instrument recognized in OCI | |||
Reclassified from OCI to profit or loss | |||
Reclassified from OCI to the value of the hedged asset | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Translation difference subsidiaries | (33,401) | 18,354 | (900,226) |
Closing balance | (3,805,560) | (3,772,159) | (3,790,513) |
Increase (decrease) due to application of new accounting standars | |||
Cash Flow Hedging Reserve [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (38,390) | (60,561) | 56,892 |
Change in fair value of hedging instrument recognized in OCI | 51,323 | 39,602 | (105,776) |
Reclassified from OCI to profit or loss | 31,293 | (16,641) | (13,016) |
Reclassified from OCI to the value of the hedged asset | (8,143) | ||
Deferred tax | (235) | (58) | 959 |
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Translation difference subsidiaries | 694 | (732) | |
Closing balance | 36,542 | (38,390) | (60,941) |
Increase (decrease) due to application of new accounting standars | 380 | ||
Gains (Losses) on Change on Value of Time Value of Options [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (17,563) | (380) | |
Change in fair value of hedging instrument recognized in OCI | (23,845) | (23,692) | |
Reclassified from OCI to profit or loss | 19,946 | 6,509 | |
Reclassified from OCI to the value of the hedged asset | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Translation difference subsidiaries | (160) | ||
Closing balance | (21,622) | (17,563) | |
Increase (decrease) due to application of new accounting standars | (380) | ||
Actuarial Gain or Loss on Defined Benefit Plans Reserve [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (18,750) | (25,985) | (22,940) |
Change in fair value of hedging instrument recognized in OCI | |||
Reclassified from OCI to profit or loss | |||
Reclassified from OCI to the value of the hedged asset | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | (9,933) | 10,017 | (3,968) |
Deferred tax actuarial IAS by employee benefit plans | 566 | (2,782) | 923 |
Translation difference subsidiaries | |||
Closing balance | $ (28,117) | (18,750) | $ (25,985) |
Increase (decrease) due to application of new accounting standars |
EQUITY (Details) - Schedule o_9
EQUITY (Details) - Schedule of movement of retained earnings - Retained Earnings [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EQUITY (Details) - Schedule of movement of retained earnings [Line Items] | |||
Opening balance | $ (8,841,106) | $ (4,193,615) | $ 352,272 |
Result for the year | 1,339,210 | (4,647,491) | (4,545,887) |
Dividends | |||
Closing balance | $ (7,501,896) | $ (8,841,106) | $ (4,193,615) |
REVENUE (Details) - Schedule of
REVENUE (Details) - Schedule of detail of revenues - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | $ 9,362,521 | $ 4,884,015 | $ 3,923,667 |
Passengers [Member] | |||
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | 7,636,429 | 3,342,381 | 2,713,774 |
Cargo [Member] | |||
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | $ 1,726,092 | $ 1,541,634 | $ 1,209,893 |
COSTS AND EXPENSES BY NATURE (D
COSTS AND EXPENSES BY NATURE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Material income and expense [abstract] | ||
Maintenance cost amount | $ 463,306 | $ 351,701 |
COSTS AND EXPENSES BY NATURE _2
COSTS AND EXPENSES BY NATURE (Details) - Schedule of operating costs and administrative expenses - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule of operating costs and administrative expenses [Abstract] | ||||
Aircraft fuel | $ (3,882,505) | $ (1,487,776) | $ (1,045,343) | |
Other rentals and landing fees | (1,036,158) | (755,188) | (720,005) | |
Aircraft maintenance | (582,848) | (533,738) | (472,382) | |
Aircraft rental | [1] | (202,845) | (120,630) | |
Comisions | (167,035) | (89,208) | (91,910) | |
Passenger services | (184,357) | (77,363) | (97,688) | |
Other operating expenses | (1,136,490) | (959,427) | (1,221,183) | |
Total | $ (7,192,238) | $ (4,023,330) | $ (3,648,511) | |
[1]During 2021, the Company amended its Aircraft Lease Contracts to include lease payments based on Power by the Hour (PBH) at the beginning of the contract and fixed-rent payments later on. For these contracts that contain an initial period based on PBH and then a fixed amount, a right of use asset and a lease liability was recognized at the date of modification of the contract. These amounts continue to be amortized over the contract term on a straight-line basis starting from the modification date of the contract. Therefore, as a result of the application of the lease accounting policy, the expenses for the year include both the lease expense for variable payments (Aircraft Rentals) as well as the expenses resulting from the amortization of the right of use assets (included in the Depreciation line included in b) below) and interest from the lease liability (included in Lease Liabilities letter c) below) |
COSTS AND EXPENSES BY NATURE _3
COSTS AND EXPENSES BY NATURE (Details) - Schedule of payments for leases of low-value assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of payments for leases of low-value assets [Abstract] | |||
Payments for leases of low-value assets | $ (17,959) | $ (19,793) | $ (21,178) |
Rent concessions recognized directly in profit or loss | 110 | ||
Total | $ (17,959) | $ (19,793) | $ (21,068) |
COSTS AND EXPENSES BY NATURE _4
COSTS AND EXPENSES BY NATURE (Details) - Schedule of depreciation and amortization - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule of depreciation and amortization [Abstract] | ||||
Depreciation | [1] | $ (1,125,154) | $ (1,114,232) | $ (1,219,586) |
Amortization | (54,358) | (51,162) | (169,800) | |
Total | $ (1,179,512) | $ (1,165,394) | $ (1,389,386) | |
[1]Included within this amount is the depreciation of the Property, plant and equipment (See Note 16 (a)) and the maintenance of the aircraft recognized as right of use assets. The maintenance cost amount included in the depreciation line for the period ended December 31, 2022 is ThUS$ 463,306 (ThUS $ 351,701 for the same period in 2021). |
COSTS AND EXPENSES BY NATURE _5
COSTS AND EXPENSES BY NATURE (Details) - Schedule of finance costs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of finance costs [Abstract] | |||
Bank loan interest | $ (714,310) | $ (580,193) | $ (314,468) |
Financial leases | (45,384) | (46,679) | (45,245) |
Lease liabilities | (152,132) | (121,147) | (170,918) |
Other financial instruments | (30,577) | (57,525) | (56,348) |
Total | $ (942,403) | $ (805,544) | $ (586,979) |
COSTS AND EXPENSES BY NATURE _6
COSTS AND EXPENSES BY NATURE (Details) - Schedule of gain (losses) from restructuring activities - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule of gain (losses) from restructuring activities [Abstract] | ||||
Renegotiation of fleet contracts | $ (483,068) | $ (516,559) | ||
Legal advice | (323,204) | (91,870) | (76,541) | |
Employee reestructuring plan | [1] | (80,407) | (46,938) | (290,831) |
Rejection of fleet contracts | (1,564,973) | (269,467) | ||
Rejection of IT contracts | (2,586) | (26,368) | ||
Adjustment net realizable value fleet available for sale | (73,595) | (331,522) | ||
Gains resulting from the settlement of Chapter 11 claims | [2] | 2,550,306 | ||
Others | 18,893 | (16,879) | (21,648) | |
Total | $ 1,679,934 | $ (2,337,182) | $ (990,009) | |
[1]See note 2.1, c.[2]See Note 24 (g) |
COSTS AND EXPENSES BY NATURE _7
COSTS AND EXPENSES BY NATURE (Details) - Schedule of financial income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule of financial income [Abstract] | ||||
Financial claims | [1] | $ 491,326 | ||
Gains resulting from the settlement of Chapter 11 claims | [2] | 420,436 | ||
Finance lease rate change effect | 49,824 | |||
Other miscellaneous income | 90,709 | 21,107 | 50,397 | |
Total | $ 1,052,295 | $ 21,107 | $ 50,397 | |
[1]See Note 34 (a.4.)[2]See Note 24 (g) |
COSTS AND EXPENSES BY NATURE _8
COSTS AND EXPENSES BY NATURE (Details) - Schedule of other (gains) losses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of other (gains) losses [Abstract] | |||
Fuel hedging | $ (82,487) | ||
Slot Write Off | (36,896) | ||
Provision for onerous contract related to purchase commitment | 44,000 | (44,000) | |
Goodwill Impairment | (1,728,975) | ||
Adjustment net realizable value fleet available for sale | (345,410) | ||
Other | (1,667) | (13,326) | 17,569 |
Total | $ (347,077) | $ 30,674 | $ (1,874,789) |
OTHER INCOME, BY FUNCTION (Deta
OTHER INCOME, BY FUNCTION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Other Operating Income Text Block Abstract | |||
Delta airlines compensation | $ 30,408 | $ 118,188,000 | $ 132,467,000 |
OTHER INCOME, BY FUNCTION (De_2
OTHER INCOME, BY FUNCTION (Details) - Schedule of other income by function - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule Of Other Income By Function Abstract | ||||
Tours | $ 24,068 | $ 11,209 | $ 22,499 | |
Aircraft leasing | 18,164 | 6,852 | 46,045 | |
Customs and warehousing | 30,323 | 27,089 | 25,138 | |
Maintenance | 7,995 | 15,602 | 18,579 | |
Income from non-airlines products latam pass | 23,954 | 40,481 | 42,913 | |
Other miscellaneous income | [1] | 49,782 | 126,098 | 255,828 |
Total | $ 154,286 | $ 227,331 | $ 411,002 | |
[1]Included within this amount are ThUS$30,408 in December 2022, ThUS$118,188 in December 2021 and ThUS$ 132,467 in 2020 and related to the compensation of Delta Air Lines Inc. for the JBA signed in 2019. |
FOREIGN CURRENCY AND EXCHANGE_3
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Argentine peso | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | $ 177.12 | $ 102.75 | $ 84.14 |
Brazilian real | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 5.29 | 5.57 | 5.18 |
Chilean peso | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 855.86 | 844.69 | 710.95 |
Colombian peso | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 4,845.35 | 4,002.52 | 3,421 |
Euro | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 0.93 | 0.88 | 0.81 |
Australian dollar | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 1.47 | 1.38 | 1.3 |
Boliviano | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 6.86 | 6.86 | 6.86 |
Mexican peso | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 19.5 | 20.53 | 19.93 |
New Zealand dollar | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 1.58 | 1.46 | 1.39 |
Peruvian Sol | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 3.81 | 3.98 | 3.62 |
Paraguayan Guarani | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | 7,332.2 | 6,866.4 | 6,900.1 |
Uruguayan peso | |||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of current exchange rates [Line Items] | |||
Exchange rate | $ 39.71 | $ 44.43 | $ 42.14 |
FOREIGN CURRENCY AND EXCHANGE_4
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets [Line Items] | ||
Cash and cash equivalents | $ 265,371 | $ 262,886 |
Other financial assets, current | 14,530 | 12,728 |
Other non - financial assets, current | 19,425 | 34,613 |
Trade and other accounts receivable, current | 127,666 | 144,367 |
Accounts receivable from related entities, current | 138 | 502 |
Tax current assets | 15,623 | 8,674 |
Total current assets | 442,753 | 463,770 |
Other financial assets, non-current | 13,366 | 10,700 |
Other non - financial assets, non-current | 11,909 | 12,197 |
Accounts receivable, non-current | 4,526 | 3,985 |
Deferred tax assets | 2,948 | 6,720 |
Total non-current assets | 32,749 | 33,602 |
Argentine peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets [Line Items] | ||
Cash and cash equivalents | 6,712 | 6,440 |
Other financial assets, current | 3 | 4 |
Other non - financial assets, current | 381 | 5,715 |
Trade and other accounts receivable, current | 25,035 | 6,850 |
Tax current assets | 186 | 322 |
Total current assets | 32,317 | 19,331 |
Other non - financial assets, non-current | 12 | 32 |
Total non-current assets | 12 | 32 |
Brazilian real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets [Line Items] | ||
Cash and cash equivalents | 3,355 | 9,073 |
Other financial assets, current | 24 | 4 |
Other non - financial assets, current | 2,303 | 1,488 |
Trade and other accounts receivable, current | 10,669 | 53 |
Tax current assets | 669 | 47 |
Total current assets | 17,020 | 10,665 |
Other financial assets, non-current | 3,495 | 3,326 |
Other non - financial assets, non-current | 8,082 | 6,924 |
Total non-current assets | 11,577 | 10,250 |
Chilean peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets [Line Items] | ||
Cash and cash equivalents | 17,591 | 9,759 |
Other financial assets, current | 5,778 | 4,440 |
Other non - financial assets, current | 3,341 | 20,074 |
Trade and other accounts receivable, current | 31,258 | 47,392 |
Accounts receivable from related entities, current | 31 | 19 |
Tax current assets | 1,569 | 681 |
Total current assets | 59,568 | 82,365 |
Other financial assets, non-current | 69 | 62 |
Accounts receivable, non-current | 4,526 | 3,985 |
Total non-current assets | 4,595 | 4,047 |
Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets [Line Items] | ||
Cash and cash equivalents | 8,415 | 4,745 |
Other financial assets, current | 93 | 111 |
Other non - financial assets, current | 544 | 121 |
Trade and other accounts receivable, current | 176 | 455 |
Tax current assets | 1,921 | 1,618 |
Total current assets | 11,149 | 7,050 |
Other financial assets, non-current | 1,344 | 231 |
Deferred tax assets | 2,567 | 4,717 |
Total non-current assets | 3,911 | 4,948 |
Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets [Line Items] | ||
Cash and cash equivalents | 19,361 | 7,099 |
Other financial assets, current | 2,483 | 1,720 |
Other non - financial assets, current | 622 | 1,936 |
Trade and other accounts receivable, current | 12,506 | 24,548 |
Tax current assets | 68 | 70 |
Total current assets | 35,040 | 35,373 |
Other financial assets, non-current | 4,308 | 2,384 |
Total non-current assets | 4,308 | 2,384 |
U.S. dollar | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets [Line Items] | ||
Cash and cash equivalents | 168,139 | 195,264 |
Other financial assets, current | 5,709 | 5,242 |
Other non - financial assets, current | 4,369 | 1,106 |
Trade and other accounts receivable, current | 9,584 | 43,418 |
Accounts receivable from related entities, current | 107 | 483 |
Tax current assets | 2 | 406 |
Total current assets | 187,910 | 245,919 |
Other financial assets, non-current | 2,050 | 2,524 |
Other non - financial assets, non-current | 3,815 | 5,241 |
Deferred tax assets | 20 | 10 |
Total non-current assets | 5,885 | 7,775 |
Other currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets [Line Items] | ||
Cash and cash equivalents | 41,798 | 30,506 |
Other financial assets, current | 440 | 1,207 |
Other non - financial assets, current | 7,865 | 4,173 |
Trade and other accounts receivable, current | 38,438 | 21,651 |
Tax current assets | 908 | 1,080 |
Total current assets | 99,749 | 63,067 |
Other financial assets, non-current | 2,100 | 2,173 |
Other non - financial assets, non-current | ||
Deferred tax assets | 361 | 1,993 |
Total non-current assets | 2,461 | 4,166 |
Peruvian sun | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency of balances of monetary items in current and non-current assets [Line Items] | ||
Tax current assets | $ 10,300 | $ 4,450 |
FOREIGN CURRENCY AND EXCHANGE_5
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | $ 17,062 | $ 179,777 |
Trade and other accounts payables, current | 720,688 | 1,317,418 |
Accounts payable to related entities, current | 57 | |
Other provisions, current | 29 | |
Other non-financial liabilities, current | 16,315 | 29,057 |
Total current liabilities | 754,095 | 981,129 |
91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 602 | 177,471 |
Trade and other accounts payables, current | 20,995 | 50,312 |
Accounts payable to related entities, current | ||
Other provisions, current | 11,655 | 4,980 |
Other non-financial liabilities, current | 9,071 | |
Total current liabilities | 42,323 | 232,770 |
More than 1 to 3 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 32,036 | 33,205 |
Accounts payable, non-current | 58,449 | 114,097 |
Other provisions, non-current | 43,301 | 49,420 |
Provisions for employees benefits, non-current | 55,454 | 44,816 |
Total non-current liabilities | 189,240 | 241,538 |
More than 3 to 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 774 | 15,375 |
Accounts payable, non-current | 1,451 | |
Other provisions, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 774 | 16,826 |
More than 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 170,437 | 359,623 |
Accounts payable, non-current | 342 | |
Other provisions, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 170,437 | 359,965 |
Argentine peso | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 1 | 1 |
Trade and other accounts payables, current | 45,345 | 234,358 |
Other non-financial liabilities, current | 87 | 1,604 |
Total current liabilities | 45,433 | 28,128 |
Argentine peso | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | ||
Trade and other accounts payables, current | 3,446 | 2,335 |
Other non-financial liabilities, current | 6,563 | |
Total current liabilities | 10,009 | 2,335 |
Argentine peso | More than 1 to 3 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | 1,917 | 1,074 |
Total non-current liabilities | 1,917 | 1,074 |
Argentine peso | More than 3 to 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Argentine peso | More than 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Brazilian real | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 31 | |
Trade and other accounts payables, current | 48,511 | 70,523 |
Other non-financial liabilities, current | 220 | 859 |
Total current liabilities | 48,731 | 31,903 |
Brazilian real | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 210 | |
Trade and other accounts payables, current | 651 | 653 |
Other non-financial liabilities, current | 11 | |
Total current liabilities | 662 | 863 |
Brazilian real | More than 1 to 3 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 16 | 86 |
Other provisions, non-current | 37,982 | 27,532 |
Total non-current liabilities | 37,998 | 27,618 |
Brazilian real | More than 3 to 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Brazilian real | More than 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Chilean peso | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 10,697 | 135,431 |
Trade and other accounts payables, current | 146,395 | 280,405 |
Accounts payable to related entities, current | 6 | |
Other provisions, current | ||
Other non-financial liabilities, current | 1,568 | 1,332 |
Total current liabilities | 158,660 | 212,629 |
Chilean peso | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 602 | 159,541 |
Trade and other accounts payables, current | 1,231 | 44,438 |
Accounts payable to related entities, current | ||
Other provisions, current | 29 | 25 |
Other non-financial liabilities, current | 178 | |
Total current liabilities | 2,040 | 204,004 |
Chilean peso | More than 1 to 3 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 11,544 | 1,512 |
Accounts payable, non-current | 17,259 | 41,456 |
Provisions for employees benefits, non-current | 55,454 | 44,816 |
Total non-current liabilities | 84,257 | 87,784 |
Chilean peso | More than 3 to 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 774 | 896 |
Accounts payable, non-current | 1,451 | |
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 774 | 2,347 |
Chilean peso | More than 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 170,437 | 355,636 |
Accounts payable, non-current | 342 | |
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 170,437 | 355,978 |
Euro | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 621 | 259 |
Trade and other accounts payables, current | 29,502 | 134,146 |
Other non-financial liabilities, current | 546 | 1,375 |
Total current liabilities | 30,669 | 46,681 |
Euro | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 184 | |
Trade and other accounts payables, current | 11 | 887 |
Other non-financial liabilities, current | 173 | |
Total current liabilities | 184 | 1,071 |
Euro | More than 1 to 3 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 1,409 | 135 |
Other provisions, non-current | 2,944 | 10,820 |
Total non-current liabilities | 4,353 | 10,955 |
Euro | More than 3 to 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 90 | |
Other provisions, non-current | ||
Total non-current liabilities | 90 | |
Euro | More than 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
U.S. dollar | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 5,558 | 43,919 |
Trade and other accounts payables, current | 328,540 | 472,800 |
Accounts payable to related entities, current | 51 | |
Other non-financial liabilities, current | 12,975 | 21,174 |
Total current liabilities | 347,073 | 539,429 |
U.S. dollar | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 17,460 | |
Trade and other accounts payables, current | 2,883 | 73 |
Accounts payable to related entities, current | ||
Other non-financial liabilities, current | 1,063 | |
Total current liabilities | 3,946 | 17,540 |
U.S. dollar | More than 1 to 3 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 18,354 | 31,413 |
Accounts payable, non-current | 39,717 | 71,339 |
Other provisions, non-current | 256 | 9,739 |
Total non-current liabilities | 58,327 | 112,491 |
U.S. dollar | More than 3 to 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 14,389 | |
Accounts payable, non-current | ||
Other provisions, non-current | ||
Total non-current liabilities | 14,389 | |
U.S. dollar | More than 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 3,987 | |
Accounts payable, non-current | ||
Other provisions, non-current | ||
Total non-current liabilities | 3,987 | |
Other currency | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 185 | 136 |
Trade and other accounts payables, current | 60,683 | 57,858 |
Other provisions, current | 29 | |
Other non-financial liabilities, current | 625 | 1,772 |
Total current liabilities | 120,905 | 119,839 |
Other currency | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 76 | |
Trade and other accounts payables, current | 652 | 309 |
Other provisions, current | 11,626 | 4,955 |
Other non-financial liabilities, current | 285 | |
Total current liabilities | 24,653 | 5,823 |
Other currency | More than 1 to 3 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 713 | 59 |
Accounts payable, non-current | 1,473 | 1,302 |
Total non-current liabilities | 2,186 | 1,361 |
Other currency | More than 3 to 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | ||
Accounts payable, non-current | ||
Total non-current liabilities | ||
Other currency | More than 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | ||
Accounts payable, non-current | ||
Total non-current liabilities | ||
Colombian peso | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 2,330 | 7,673 |
Other non-financial liabilities, current | 294 | 941 |
Total current liabilities | 2,624 | 2,520 |
Colombian peso | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 31 | 1,134 |
Other non-financial liabilities, current | 798 | |
Total current liabilities | 829 | 1,134 |
Colombian peso | More than 1 to 3 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | 202 | 255 |
Total non-current liabilities | 202 | 255 |
Colombian peso | More than 3 to 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Colombian peso | More than 5 years [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Peruvian sol | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 7,426 | 2,487 |
Peruvian sol | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 10,886 | 310 |
Mexican peso | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 12,969 | 11,297 |
Mexican peso | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 75 | 29 |
Pound sterling | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 37,788 | 45,096 |
Pound sterling | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 19 | 86 |
Uruguayan peso | Up to 90 days [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 1,199 | 775 |
Uruguayan peso | 91 days to 1 year [Member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | $ 1,110 | $ 58 |
FOREIGN CURRENCY AND EXCHANGE_6
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | $ 475,502 | $ 497,372 |
Total liabilities | 1,156,869 | 1,832,228 |
Argentine peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 32,329 | 19,363 |
Total liabilities | 57,359 | 31,537 |
Net position | ||
Net position | (25,030) | (12,174) |
Brazilian real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 28,597 | 20,915 |
Total liabilities | 87,391 | 60,384 |
Net position | ||
Net position | (58,794) | (39,469) |
Chilean peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 64,163 | 86,412 |
Total liabilities | 416,168 | 862,742 |
Net position | ||
Net position | (352,005) | (776,330) |
Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 15,060 | 11,998 |
Total liabilities | 3,655 | 3,909 |
Net position | ||
Net position | 11,405 | 8,089 |
Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 39,348 | 37,757 |
Total liabilities | 35,206 | 58,797 |
Net position | ||
Net position | 4,142 | (21,040) |
U.S. dollar | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 193,795 | 253,694 |
Total liabilities | 409,346 | 687,836 |
Net position | ||
Net position | (215,551) | (434,142) |
Other currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 102,210 | 67,233 |
Total liabilities | 147,744 | 127,023 |
Net position | ||
Net position | $ (45,534) | $ (59,790) |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
EARNINGS (LOSS) PER SHARE (Details) [Line Items] | |
Shares considers outstanding | 606,407,693 |
Bottom of range [member] | |
EARNINGS (LOSS) PER SHARE (Details) [Line Items] | |
Fully diluted shares considers outstanding | 606,407,693 |
Top of range [member] | |
EARNINGS (LOSS) PER SHARE (Details) [Line Items] | |
Fully diluted shares considers outstanding | 605,801,285,307 |
EARNINGS (LOSS) PER SHARE (De_2
EARNINGS (LOSS) PER SHARE (Details) - Schedule of earnings (loss) per share - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EARNINGS (LOSS) PER SHARE (Details) - Schedule of earnings (loss) per share [Line Items] | |||
Income (Loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ 1,339,210 | $ (4,647,491) | $ (4,545,887) |
Diluted earnings (loss) per share (US$) (in Dollars per share) | $ 0.013592 | $ (7.66397) | $ (7.49642) |
Basic earnings (loss) per share (US$) (in Dollars per share) | $ 0.013861 | $ (7.66397) | $ (7.49642) |
Diluted earnings / (loss) per share [Member] | |||
EARNINGS (LOSS) PER SHARE (Details) - Schedule of earnings (loss) per share [Line Items] | |||
Income (Loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ 1,339,210 | $ (4,647,491) | $ (4,545,887,000) |
Weighted average number of shares, diluted | 98,530,451,071 | 606,407,693 | 606,407,693,000,000 |
Diluted earnings (loss) per share (US$) (in Dollars per share) | $ 0.013592 | $ (7.66397) | $ (7.49642) |
Basic earnings / (loss) per share [Member] | |||
EARNINGS (LOSS) PER SHARE (Details) - Schedule of earnings (loss) per share [Line Items] | |||
Income (Loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ 1,339,210 | $ (4,647,491) | $ (4,545,887,000) |
Weighted average number of shares, basic | 96,614,464,231 | 606,407,693 | 606,407,693,000,000 |
Basic earnings (loss) per share (US$) (in Dollars per share) | $ 0.013861 | $ (7.66397) | $ (7.49642) |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Thousands | Mar. 18, 2020 USD ($) |
Disclosure Of Contingent Liabilities Text Block Abstract | |
Shipping fees | $ 5,165 |
Additional amount | $ 565 |
CONTINGENCIES (Details) - Sched
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | ||
LATAM Airlines [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | United States Bankruptcy Court for the Southern District of New York | |
Case Number | Case No. 20-11254 | |
Origin | LATAM Airlines Group S.A., Aerovías de Integración Regional S.A., LATAM Airlines Peru S.A., LATAM Airlines Ecuador S.A., LAN Cargo S.A., TAM Linhas Aereas S.A. and 32 subsidiaries began a reorganization in the United States of America according to Chapter 11 of Title 11 of the U.S. Code. They filed a voluntary petition for Chapter 11 protection (the “Chapter 11 Procedure”) that granted an automatic foreclosure suspension for at least 180 days. | |
Stage of trial | On May 26, 2020, LATAM Airlines Group S.A. and 28 subsidiaries (the “Initial Debtors”) individually filed a voluntary reorganization petition with U.S. Bankruptcy Court for the Southern District of New York according to Chapter 11 of the U.S. Bankruptcy Code. On July 7 and 9, 2020, 9 additional affiliated debtors (the “Subsequent Debtors,” and together with the Initial Debtors, the “Debtors”), including TAM Linhas Aereas S.A., filed a voluntary reorganization petition with the Court according to Chapter 11 of the U.S. Bankruptcy Code. On November 26, 2021, the Debtors submitted a joint reorganization plan together with an informational statement. On May 11, 2022, the Debtors submitted a revised version of the Plan. On June 18, 2022, the Bankruptcy Court issued an order confirming the Reorganization Plan filed by the Debtors (the “Confirmation Order”). On July 5, 2022, a Special Shareholders Meeting of LATAM approved implementing the Restructuring Plan and issuing the required instruments to be able to exit the Chapter 11 Procedure. On November 3, 2022, LATAM Airlines Group S.A. and its various subsidiaries (the “Debtors”) that were parties to the Chapter 11 Procedure exited that Procedure. The effective date of the exit (the “Effective Date”) of LATAM’s reorganization and financing plan (the “Reorganization Plan”) was approved and confirmed in the U.S. reorganization procedure (the “Chapter 11 Procedure”) according to the rules of Chapter 11 in Title 11 of the U.S. Code. On November 17, 2022, the 37 subsidiaries of LATAM Airlines Group S.A. filed a petition to close the Chapter 11 Proceeding. On December 14, 2022, the Bankruptcy Court approved the petition. The process remains open with respect to LATAM Airlines Group S.A. Limited claims pending in the Chapter 11 proceedings continue to be reconciled. | |
Amounts Committed | $ 0 | [1] |
LATAM Airlines Group S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | 2° Juzgado Civil de Santiago | |
Case Number | C-8553-2020 | |
Origin | Request for recognition of the foreign reorganization proceeding. | |
Stage of trial | On June 1, 2020, LATAM Airlines Group SA, in its capacity as foreign representative of the reorganization procedure under the rules of Chapter 11 of Title 11 of the United States Code, filed the request for recognition of the foreign reorganization proceeding as the main proceeding, pursuant to Law 20,720. On June 4, 2020, the Court issued the ruling recognizing in Chile the bankruptcy proceeding for the foreign reorganization of the company LATAM Airlines Group S.A. All remedies filed against the decision have been dismissed, so the decision is final. Considering that November 3, 2022 was the Effective Date of the reorganization plan approved and confirmed in the main proceeding, on November 10, 2022, the representative of the foreign proceeding submitted to the court his last monthly report in accordance with the Communications Protocol Cross-border. | |
Amounts Committed | $ 0 | [1] |
Aerovías de Integración Regional S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Superintendencia de Sociedades | |
Case Number | ||
Origin | Request for recognition of the foreign reorganization proceeding. | |
Stage of trial | On June 4, 2020, LATAM Airlines Group and the companies that were admitted to the Chapter 11 reorganization procedure (the “Borrower”) before the U.S. District Court for the Southern District of New York (the “U.S. Bankruptcy Court”) filed a petition with the Colombian Companies Commission (the “Companies Commission”) for recognition of the Chapter 11 reorganization procedure in Colombia based on Colombian cross-border insolvency regulations (Title III of Law 1116 of 2006). On June 12, 2020, the Superintendency of Companies recognized in Colombia the reorganization proceeding filed before the Bankruptcy Court of the United States of America for the Southern District of New York as a main process, under the terms of Title III of Law 1116 of 2006. On August 26, 2022, the Companies Commission (i) recognized the Bankruptcy Court’s June 24, 2022 order approving 8 exit financing strategies presented by LATAM Airlines Group S.A. and its subsidiary, Aerovías de Integración Regional S.A., and (ii) authorized the termination of the guarantees granted in the DIP loan and the establishment of the new guarantees. On November 3, 2022, the Borrowers notified the U.S. Bankruptcy Court, lenders and stakeholders of the Reorganization Plan effective date. | |
Amounts Committed | $ 0 | [1] |
LATAM Finance Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | Request for a provisional bankruptcy process. | |
Stage of trial | On May 26, 2020, LATAM Finance Limited submitted a request for a provisional liquidation in the Grand Court of the Cayman Islands, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. On September 28, 2020, LATAM Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. On May 13, 2021, LATAM Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. On December 1, 2021, LATAM Finance Limited filed a petition to suspend the liquidation, which was accepted by the Grand Court of Cayman Islands. This extended the status of the provisional liquidation through April 9, 2022. The procedure continues. On August 22, 2022, LATAM Finance Limited petitioned for a suspension of the liquidation, which was granted by the Grand Court of the Cayman Islands. The provisional liquidation was extended to October 9, 2022 and the process continues in effect. That petition was sustained by the Grand Court of the Cayman Islands on October 4, 2022. On September 30, 2022, LATAM Finance Limited filed an application for validation of security obligations arising in connection with the DIP to Exit and new DIP facilities. On October 04, 2022, the Grand Court made an Order validating such application. Currently the proceeding remains open. | |
Amounts Committed | $ 0 | [1] |
Peuco Finance Limited | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | Request for a provisional bankruptcy process. | |
Stage of trial | Peuco Finance Limited submitted a request for a provisional liquidation in Grand Court of the Cayman Islands, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. On September 28, 2020, Peuco Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. On May 13, 2021, Peuco Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. On December 1, 2021, Peuco Finance Limited filed a petition to suspend the liquidation, which was accepted by the Grand Court of Cayman Islands. This extended the status of the provisional liquidation through April 9, 2022. The procedure continues. On August 22, 2022, Peuco Finance Limited petitioned for a suspension of the liquidation, which was granted by the Grand Court of the Cayman Islands. The provisional liquidation was extended to October 9, 2022 and the process continues in effect. That petition was sustained by the Grand Court of the Cayman Islands on October 4, 2022. On September 30, 2022, Peuco Finance Limited filed an application for validation of security obligations arising in connection with the DIP to Exit and new DIP facilities. On October 04, 2022, the Grand Court made an Order validating such application. Currently the proceeding remains open. | |
Amounts Committed | $ 0 | [1] |
Piquero Leasing Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | Request for a provisional bankruptcy process. | |
Stage of trial | On July 07, 2020, Piquero Leasing Limited submitted a request for a provisional liquidation in Grand Court of the Cayman Islands, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on July 10, 2020, by the Grand Court of the Cayman Islands. Piquero Leasing Limited entered a motion to suspend the liquidation on September 28, 2020. The Grand Court of the Cayman Islands granted the motion and extended the provisional liquidation status for 6 months. The procedure continues. On May 13, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. On December 1, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation, which was accepted by the Grand Court of Cayman Islands. This extended the status of the provisional liquidation through April 9, 2022. The procedure continues. On August 22, 2022, Piquero Leasing Limited petitioned for a suspension of the liquidation, which was granted by the Grand Court of the Cayman Islands. The provisional liquidation was extended to October 9, 2022 and the process continues in effect. Currently the proceeding remains open. | |
Amounts Committed | $ 0 | [1] |
[1]The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. |
CONTINGENCIES (Details) - Sch_2
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | Florida. On June 4, 2019, the State Court of Florida allowed REGIONAL ONE to add a new claim against LATAM AIRLINES COLOMBIA for default on a verbal contract. Given the new claim, LATAM AIRLINES COLOMBIA petitioned that the Court postpone the trial to August 2019 to have the time to investigate the facts alleged by REGIONAL ONE to prove a verbal contract. The facts discovery phase continued, including the verbal statements of the experts of both sides, which have been taking place since March 2020. Given the Covid-19 pandemic and the suspension of trials in the County of Miami-Dade, the Court canceled the trial scheduled for June 2020. In addition, the claims against Aires have been suspended given the request for reorganization filed by LATAM AIRLINES GROUP SA and some of its subsidiaries, including Aires, on May 26, 2020, under Chapter 11 of the United States Bankruptcy Code. Dash, Regional One and VAS filed unsecured claims with the U.S. Bankruptcy Court by the deadline that creditors have according to Chapter 11. On October 18, 2021, Regional One, Dash and LATAM AIRLINES COLOMBIA participated in a third mediation where they agreed on the terms of a global settlement. On December 16, 2021, the Bankruptcy Court for the Southern District of New York approved the global agreement and release. Therefore, Dash and Regional withdrew their claims against Aires in Florida on December 21, 2021. VAS and Regional One informed the Court of a settlement agreement between them. VAS has informally presented a modified Chapter 11 claim to LATAM AIRLINES COLOMBIA in the intent to claim an indemnity of USD$1,197,539. LATAM AIRLINES COLOMBIA has not yet responded. VAS withdrew the damage indemnity claim against LATAM Airlines Colombia. | ||
LATAM Airlines Group S.A. y Lan Cargo S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | European Commission. | ||
Origin | Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26th, 2007, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the instruction process against twenty five cargo airlines, including Lan Cargo S.A., for alleged breaches of competition in the air cargo market in Europe, especially the alleged fixed fuel surcharge and freight. | ||
Stage of trial | On April 14th, 2008, the notification of the European Commission was replied. The appeal was filed on January 24, 2011. On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9th, 2010, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the imposition of a fine in the amount of THUS$8,797 (8.220.000 Euros) This fine is being appealed by Lan Cargo S.A. and LATAM Airlines Group S.A. On December 16, 2015, the European Court of Justice revoked the Commission’s decision because of discrepancies. The European Commission did not appeal the decision, but presented a new one on March 17, 2017 reiterating the imposition of the same fine on the eleven original airlines. The fine totals 776,465,000 Euros. It imposed the same fine as before on Lan Cargo and its parent, LATAM Airlines Group S.A., totaling 8.2 million Euros. On May 31, 2017 Lan Cargo S.A. and LATAM Airlines Group S.A. filed a petition with the General Court of the European Union seeking vacation of this decision. We presented our defense in December 2017. On July 12, 2019, we attended a hearing before the European Court of Justice to confirm our petition for vacation of judgment or otherwise, a reduction in the amount of the fine. On March 30, 2022, the European Court issued its ruling and lowered the amount of our fine from KUS$8,797 (8,220,000 Euros) to KUS$2,397 (2,240,000 Euros). This ruling was appealed by LAN Cargo S.A. and LATAM on June 9, 2022. The other eleven airlines also appealed the ruling affecting them. The European Commission responded to our appeal of September 7, 2022. Lan Cargo S.A. and LATAM answered the Commission’s arguments on November 11, 2022. The European Commission has until January 24, 2023 to reply to our defense. On December 17, 2020, the European Commission had presentaded proof of claim for the total amount of the fine (ThUS$8,797 (€8,220,000)) to the New York Court hearing the Chapter 11 procedure petitioned by LATAM Airlines Group, S.A. and LAN Cargo, S.A. in May 2020. The amount of this claim has been modified subject to the possible appeal of the ruling of the European Court. | ||
Amounts Committed | [1] | 2,397 | |
Lan Cargo S.A. y LATAM Airlines Group S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | In the Ovre Romerike District Court (Norway) y Directie Juridische Zaken Afdeling Ceveil Recht (Netherlands) | ||
Origin | Lawsuits filed against European airlines by users of freight services in private lawsuits as a result of the investigation into alleged breaches of competition of cargo airlines, especially fuel surcharge. Lan Cargo S.A. and LATAM Airlines Group S.A., have been sued in court proceedings directly and/or in third party, based in England, Norway, the Netherlands and Germany, these claims were filed in England, Norway, the Netherlands and Germany, but are only ongoing in Norway and the Netherlands. | ||
Stage of trial | The two proceedings still pending in Norway and the Netherlands are in the evidentiary stages. There has been no activity in Norway since January 2014 and in the Netherlands, since February 2021. The amounts are indeterminate. | ||
Amounts Committed | [1] | -0- | |
Aerolinhas Brasileiras S.A. [member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | Federal Justice. | ||
Case Number | 0008285-53.2015.403.6105 | ||
Origin | An action seeking to quash a decision and petioning for early protection in order to obgain a revocation of the penalty imposed by the Brazilian Competition Authority (CADE) in the investigation of cargo airlines alleged fair trade violations, in particular the fuel surcharge. | ||
Stage of trial | This action was filed by presenting a guaranty – policy – in order to suspend the effects of the CADE’s decision regarding the payment of the following fines: (i) ABSA: ThUS$10,438; (ii) Norberto Jochmann: ThUS$201; (iii) Hernan Merino: ThUS$ 102; (iv) Felipe Meyer:ThUS$ 102. The action also deals with the affirmative obligation required by the CADE consisting of the duty to publish the condemnation in a widely circulating newspaper. This obligation had also been stayed by the court of federal justice in this process. Awaiting CADE’s statement. ABSA began a judicial review in search of an additional reduction in the fine amount. The Judge’s decision was published on March 12, 2019, and we filed an appeal against it on March 13, 2019 | ||
Amounts Committed | [1] | 9,847 | |
Aerolinhas Brasileiras S.A. [member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | Federal Justice. | ||
Case Number | 0001872-58.2014.4.03.6105 | ||
Origin | An annulment action with a motion for preliminary injunction, was filed on 28/02/2014, in order to cancel tax debts of PIS, CONFINS, IPI and II, connected with the administrative process 10831.005704/2006.43 | ||
Stage of trial | We have been waiting since August 21, 2015 for a statement by Serasa on TAM’s letter of indemnity and a statement by the Union. The statement was authenticated on January 29, 2016. A new insurance policy was submitted on March 30, 2016 with the change to the guarantee requested by PGFN. On 05/20/2016 the process was sent to PGFN, which was manifested on 06/03/2016. The Decision denied the company’s request in the lawsuit. The court (TRF3) made a decision to eliminate part of the debt and keep the other part (already owed by the Company, but which it has to pay only at the end of the process: KUS$3,478– R$18.148.281,61- probable). We must await a decision on the Treasury appeal. | ||
Amounts Committed | [1] | 7,822 | |
Tam Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | Court of the Second Region. | ||
Case Number | 2001.51.01.012530-0 (linked to the procces 19515.721154/2014-71, 19515.002963/2009-12) | ||
Origin | Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. | ||
Stage of trial | Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for R$ 260.223.373,10-original amount in 2012/2013, which currently equals THUS$73,986. The court decision requesting that the Expert make all clarifications requested by the parties in a period of 30 days was published on March 29, 2016. The plaintiffs’ submitted a petition on June 21, 2016 requesting acceptance of the opinion of their consultant and an urgent ruling on the dispute. No amount additional to the deposit that has already been made is required if this case is lost. | ||
Amounts Committed | [1] | 73,986 | |
Tam Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | Internal Revenue Service of Brazil. | ||
Case Number | 10880.725950/2011-05 | ||
Origin | Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. | ||
Stage of trial | The objection (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. We must wait until the due diligence is complete. | ||
Amounts Committed | [1] | 32,989 | |
Aerovías de Integración Regional, AIRES S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. | ||
Case Number | 2013-20319 CA 01 | ||
Origin | The July 30th, 2012 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20th, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. | ||
Stage of trial | Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on February 12, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. The Court decided that 45th Civil Circuit Court should continue with the case, so this Court on 01/15/2020 has reactivated the procedural process ordering the transfer to the parties of the objection presented by VAS for serious error of the translation to Spanish of documents provided in English. On 02/24/2020 it declares that the parties did not rule on the objection presented by VAS and requires the plaintiff to submit an expert opinion of damages corresponding to the claims of the lawsuit through its channel. Since 03/16/20 a suspension of terms is filed in Courts due to the pandemic. Judicial terms were reactivated on July 1, 2020. On September 18, 2020, an expert opinion on damages was submitted that had been requested by the Court. The Court ordered service of the ruling to the parties on December 14, 2020. The defendants, REGIONAL ONE and VAS, filed a motion for reconsideration of this decision, petitioning that the evidence of the expert opinion be eliminated because it was presented late. The motion was denied by the Court. On April 30, 2021, they petitioned for a clarification and supplement to the opinion, to which the Court agreed in a decision on May 19, 2021, giving the expert 10 business days to respond. The brief of clarification was filed June 2, 2021 and the docket was presented to the Judge on June 3, 2021. The parties were given notice of the objection on July 21, 2021 based on a serious mistake in the opinion presented by Regional One. The case entered the judgment phase on August 5, 2021. On October 7, 2021, the Court set a date for the instruction and judgment hearing, which will be February 3, 2022. Regional One, the defendant, filed a petition for reconsideration on October 13, 2021 that had not been decided on the date of this report. The claim was withdrawn on January 11, 2022 because the matter had been settled before the Bankruptcy Court hearing the Chapter 11 claim. The Court decreed the end of the proceedings because the claims were withdrawn in a ruling issued January 19, 2022. On January 21, 2022, VAS submitted a remedy of reconsideration and, alternatively, an appeal against the interim decision because it did not order costs to be paid to it. The parties were given notice to present a response between February 2 and 4, 2022. The proceedings continue with the judge while they decide on costs. These costs will not be enforced under the settlement made in the USA by VAS and LATAM Airlines Colombia. | ||
Amounts Committed | [1] | -0- | |
TAM Linhas Aéreas S.A Two [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | An administrative objection was filed on September 17th, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On September 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). In September 2019, the Court rejected the appeal of the Hacienda Nacional. Hacienda Nacional filed a complaint that was denied by the Court. The final calculations of the Federal Income Tax Bureau are pending. | ||
Case Number | [1] | 10,095 | |
Origin | Internal Revenue Service of Brazil | ||
Stage of trial | 10880.722.355/2014-52 | ||
Amounts Committed | On August 19th, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. | ||
Latam Airlines Group S.A. [Member] | Civil Court of Santiago [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | The claim was answered on March 22, 2017 and the plaintiff filed its replication on April 4, 2017. LATAM filed its rejoinder on April 13, 2017, which concluded the argument stage of the lawsuit. A reconciliation hearing was held on May 2, 2017, but the parties did not reach an agreement. The Court issued the evidentiary decree on May 12, 2017. We filed a petition for reconsideration because we disagreed with certain points of evidence. That petition was partially sustained by the Court on June 27, 2017. The evidentiary stage commenced and then concluded on July 20, 2017. Observations to the evidence must now be presented. That period expires August 1, 2017. We filed our observations to the evidence on August 1, 2017. We were served the decision on December 13, 2017 that dismissed the claim since LATAM was in no way liable. The plaintiff filed an appeal on December 26, 2017. Arguments were pled before the Santiago Court of Appeals on April 23, 2019, and on April 30, 2019, this Court confirmed the ruling of the trial court absolving LATAM. The losing party was ordered to pay costs in both cases. On May 18, 2019, Inversiones Ranco Tres S.A. filed a remedy of vacation of judgment based on technicalities and on substance against the Appellate Court decision. The Appellate Court admitted both appeals on May 29, 2019 and the appeals are pending a hearing by the Supreme Court. On August 11, 2021 Inversiones Ranco Tres S.A. requested the suspension of the hearing of the Appeal, after the recognition by the 2nd Civil Court of Santiago of the foreign reorganization procedure in accordance with Law No. 20,720, for the entire period that said procedure lasts, a request that was accepted by the Supreme Court. In December 2022 LATAM requested the end of the suspension. | ||
Case Number | [1] | 15,488 | |
Origin | 22° Civil Court of Santiago | ||
Stage of trial | C-29.945-2016 | ||
Amounts Committed | The Company received notice of a civil liability claim by Inversiones Ranco Tres S.A. on January 18, 2017. It is represented by Mr. Jorge Enrique Said Yarur. It was filed against LATAM Airlines Group S.A. for an alleged contractual default by the Company and against Ramon Eblen Kadiz, Jorge Awad Mehech, Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, directors and officers, for alleged breaches of their duties. In the case of Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, it alleges a breach, as controllers of the Company, of their duties under the incorporation agreement. LATAM has retained legal counsel specializing in this area to defend it. | ||
TAM Linhas Aéreas S.A. [Member] | Jurisdiction of Federal Tax Enforcement of Sao Paulo [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | This tax enforcement was referred to the 10th Federal Jurisdiction on February 16, 2017. A petition reporting our request to submit collateral was recorded on April 18, 2017. At this time, the period is pending for the plaintiff to respond to our petition. The bond was replaced. The evidentiary stage has begun. | ||
Case Number | [1] | 30,811 | |
Origin | 10th Jurisdiction of Federal Tax Enforcement of Sao Paulo | ||
Stage of trial | 0061196-68.2016.4.03.6182 | ||
Amounts Committed | Tax Enforcement Lien No. 0020869-47.2017.4.03.6182 on Profit-Based Social Contributions from 2004 to 2007. | ||
TAM Linhas Aéreas S.A. [Member] | Department of Federal Revenue of Brazil [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | The lawsuit was assigned on February 28, 2019. A decision was rendered on March 1, 2019 stating that no guarantee was required. Actualmente, debemos esperar la decisión final. On 04/06/2020 TAM Linhas Aéreas S.A. had a favorable decision (sentence). The National Treasury can appeal. Today, we await the final decision. | ||
Case Number | [1] | 9,071 | |
Origin | Department of Federal Revenue of Brazil | ||
Stage of trial | 5002912.29.2019.4.03.6100 | ||
Amounts Committed | A lawsuit disputing the debit in the administrative proceeding 16643.000085/2009-47, reported in previous notes, consisting of a notice demanding recovery of the Income and Social Assessment Tax on the net profit (SCL) resulting from the itemization of royalties and use of the TAM trademark | ||
TAM Linhas Aéreas S.A [Member] | Delegacía de Receita Federal [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | The administrative defensive arguments were presented September 28, 2017. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a special appeal (CRSF (Higher Tax Appeals Chamber)) that is pending a decision. A hearing will be held on October 19, 2022. A new decision was rendered against the company and the discussion at the administrative level ended. The debt will be disputed in a claim to be filed in January 2023. | ||
Case Number | [1] | 18,307 | |
Origin | Delegacía de Receita Federal | ||
Stage of trial | 10611.720630/2017-16 | ||
Amounts Committed | This is an administrative claim about a fine for the incorrectness of an import declaration. | ||
TAM Linhas Aéreas S.A [Member] | Delegacía de Receita Federal One [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We are currently awaiting a decision. There is no predictable decision date because it depends on the court of the government agency. | ||
Case Number | [1] | 13,023 | |
Origin | Delegacía de Receita Federal | ||
Stage of trial | 10611.720852/2016-58 | ||
Amounts Committed | An improper charge of the Contribution for the Financing of Social Security (COFINS) on an import | ||
TAM Linhas Aéreas S.A [Member] | Delegacía de Receita Federal Two [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | An administrative defense was presented on May 29, 2018. The process has become a judicial proceeding. | ||
Case Number | [1] | 26,580 | |
Origin | Delegacía de Receita Federal | ||
Stage of trial | 16692.721.933/2017-80 | ||
Amounts Committed | The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport (Referring to 2012). | ||
SNEA (Sindicato Nacional das empresas aeroviarias) [Member] | União Federal [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | A decision is now pending on the appeal presented by SNEA. | ||
Case Number | [1] | 83,636 | |
Origin | União Federal | ||
Stage of trial | 0012177-54.2016.4.01.3400 | ||
Amounts Committed | A claim against the 72% increase in airport control fees (TAT-ADR) and approach control fees (TAT-APP) charged by the Airspace Control Department (“DECEA”). | ||
TAM Linhas Aéreas S/A [Member] | Department of Federal Revenue of Brazil Six [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | A decision by the superior court is pending. The amount is indeterminate because even though TAM is the plaintiff, if the ruling is against it, it could be ordered to pay a fee. | ||
Case Number | [1] | -0- | |
Origin | União Federal | ||
Stage of trial | 2001.51.01.020420-0 | ||
Amounts Committed | TAM and other airlines filed a recourse claim seeking a finding that there is no legal or tax basis to be released from collecting the Additional Airport Fee (“ATAERO”). | ||
TAM Linhas Aéreas S/A [Member] | Delegacia da Receita Federal [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | The administrative defensive arguments were presented March 19, 2018. A decision in favor of the company was rendered on October 22, 2022. The process was archived in favor of the company. | ||
Case Number | 13,661 | ||
Origin | Delegacia da Receita Federal | ||
Stage of trial | 10880-900.424/2018-07 | ||
Amounts Committed | This is a claim for a negative Legal Entity Income Tax (IRPJ) balance for the 2014 calendar year (2015 fiscal year) because set-offs were not allowed. | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 11,226 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.910560/2017-16 | ||
Amounts Committed | Compensation non equate by Cofins | ||
LATAM Airlines Group Argentina, Brasil, Perú, Ecuador, y TAM Mercosur. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | Federal Commercial and Civil Trial Court No. 11 in the city of Buenos Aires. After two years of arguments on jurisdiction and competence, the claim was assigned to this court and an answer was filed on March 19, 2019. The Court ruled in favor of the defendants on March 26, 2021, denying the precautionary measure petitioned by the plaintiff. The evidentiary stage has not yet begun in this case. | ||
Case Number | [1] | -0- | |
Origin | Commercial and Civil Trial Court No. 11 of Buenos Aires. | ||
Stage of trial | 1408/2017 | ||
Amounts Committed | Consumidores Libres Coop. Ltda. filed this claim on March 14, 2017 regarding a provision of services. It petitioned for the reimbursement of certain fees or the difference in fees charged for passengers who purchased a ticket in the last 10 years but did not use it. | ||
TAM Linhas Aéreas S.A [Member] | Department of Federal Revenue of Brazil One [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | ||
Case Number | [1] | 14,047 | |
Origin | Department of Federal Revenue of Brazil | ||
Stage of trial | 10.880.938842/2013-54 | ||
Amounts Committed | The decision denied the petition for reassignment and did not equate the COFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. | ||
TAM Linhas Aéreas S.A [Member] | Department of Federal Revenue of Brazil Two [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | 12,838 | ||
Origin | Department of Federal Revenue of Brazil | ||
Stage of trial | 10.880.93844/2013-43 | ||
Amounts Committed | The decision denied the petition for reassignment and did not equate the COFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. | ||
Tam Linhas Aéreas S.A [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | Presentada la defensa. Dictada sentencia de primera instancia que mantuvo la Notificación de Infracción en su totalidad. Presentamos un Recurso Ordinario, que aguarda sentencia del TIT / SP. En noviembre de 2021 tuvimos un juicio que anuló la decisión anterior y determinó un nuevo juicio. A defense has been presented. The first-instance decision maintained all of the Violation Notice. We filed an ordinary remedy that is pending a decision by the Taxes and Imposts Court of Sao Paulo. There was a lawsuit in November 2021 that voided the previous decision and ordered a new lawsuit. In November 2022, we received a decision ordering payment of part of the debt. The remaining part of the debt will be disputed before the courts. | ||
Tam Linhas Aéreas S.A [Member] | União Federal [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | This claim was filed in 2018. In January 2020, a decision favorable to the Company was rendered so that contributions would be collected on the basis of gross income. The company recently learned that the Superior Courts are rendering decisions unfavorable to contributors. They have ruled against the contributor in a recent decision (jointly with the legal team and prosecutor). A provision has been made in the accounting for KUS$17.137 (R$ 89.417.472,87). | ||
Tam Linhas Aéreas S.A [Member] | Department of Federal Revenue of Brazil Three [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | 12,690 | ||
Origin | Department of Federal Revenue of Brazil | ||
Stage of trial | 10880.938841/2013-18 | ||
Amounts Committed | The decision denied the petition for reassignment and did not equate the COFINS credit statements for the second quarter of 2012 that had been determined to be in the non-accumulative system. | ||
Tam Linhas Aéreas S.A [Member] | Tribunal do Trabajo de São Paulo [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | The instruction hearing is pending in this case, scheduled for 12:02 p.m. on March 24, 2023. | ||
Tam Linhas Aéreas S.A [Member] | Receita Federal [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We will be presenting a defense. | ||
TAM Linhas Aéreas S.A [Member] | Receita Federal de Brasil [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense on January 11, 2020. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 37,062 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10840.727719/2019-71 | ||
Amounts Committed | Collection of PIS / COFINS tax for the period of 2014. | ||
Latam-Airlines Ecuador S.A. [Member] | Tribunal Distrital de lo Fiscal [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | On August 6, 2018, the District Tax Claims Court rendered a decision denying the request for a refund of a mistaken payment. An appeal seeking vacation of this judgment by the Court was filed on September 5th and we are awaiting a decision by the Appellate judges. As of December 31, 2018, the attorneys believed that the probability of recovering this sum had fallen to 30%-40% because of the pressure being put by the Executive Branch on the National Court of Justice and the Judiciary in general for rulings not to affect government revenues and because the case involves differences that are based on insufficient documentation supporting the expense. Given the percentage loss (above 50%), the accounting write-off of this recovery has been carried out. | ||
Case Number | [1] | 12,505 | |
Origin | Tribunal Distrital de lo Fiscal | ||
Stage of trial | 17509-2014-0088 | ||
Amounts Committed | An audit of the 2006 Income Tax Return that disallowed fuel expenses, fees and other items because the necessary support was not provided, according to Management. | ||
LATAM Airlines Group S.A. [Member] | Southern District of Florida. United States District Court [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | Latam Airlines Group S.A. was served this claim on September 27, 2019. LATAM Airlines Group filed a motion to dismiss on November 26, 2019. In response, a motion to suspend discovery was filed on December 23, 2019 while the Court was deciding on the motion to dismiss. The process was under a temporary Suspension Order from April 6, 2020 to September 2021 because of the inability to proceed regularly as a result of the indefinite duration and restrictions imposed by the world pandemic. Jose Ramon Lopez Regueiro filed a Second Amendment to the Claim on September 27, 2021 of undetermined amount. This case was dismissed by the Court on June 30, 2022 because the property was not confiscated by a U.S. national and the plaintiff was not a U.S. citizen when they acquired the alleged claim to the property or at least not before the enactment of the Helms-Burton Act (March 12, 1996). The suspension of claims against LATAM remained in effect until the Chapter 11 proceedings concluded. Since the plaintiff did not present a proof of claim against LATAM as part of the Chapter 11 proceedings, they could not file any claim against LATAM. Consequently, the plaintiff agreed to withdraw their claim. A status report was presented to the Court that confirmed this. The provision is undetermined. | ||
Case Number | [1] | -0- | |
Origin | Southern District of Florida. United States District Court | ||
Stage of trial | 19cv23965 | ||
Amounts Committed | A lawsuit filed by Jose Ramon Lopez Regueiro against American Airlines Inc. and Latam Airlines Group S.A. seeking an indemnity for damages caused by the commercial use of the Jose Marti International Airport in Cuba that he says were repaired and reconditioned by his family before the change in government in 1959. | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | It is about the non-approved compensation of Cofins. Administrative defense submitted (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 10,979 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.910559/2017-91 | ||
Amounts Committed | Compensation non equate by Cofins | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 12,710 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.910547/2017-67 | ||
Amounts Committed | Compensation non equate by Cofins | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 12,221 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.910553/2017-14 | ||
Amounts Committed | Compensation non equate by Cofins | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 12,893 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.910555/2017-11 | ||
Amounts Committed | Compensation non equate by Cofins | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 13,051 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.910550/2017-81 | ||
Amounts Committed | Compensation non equate by Cofins | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 10,927 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.910549/2017-56 | ||
Amounts Committed | Compensation non equate by Cofins | ||
TAM Linhas Aéreas S.A. [Member] | Receita Federal de Brasil Ten [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 10,346 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.910557/2017-01 | ||
Amounts Committed | Compensation non equate by Cofins | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense (Manifestação de Inconformidade). A decision is pending. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 29,474 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10840.722712/2020-05 | ||
Amounts Committed | Administrative trial that deals with the collection of PIS/Cofins proportionality (fiscal year 2015). | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | TAM filed its administrative defense on July 14, 2020. A decision is pending. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 16,551 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.978948/2019-86 | ||
Amounts Committed | It is about the non-approved compensation/reimbursement of Cofins for the 4th Quarter of 2015. | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | TAM filed its administrative defense on July 14, 2020. A decision is pending. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 10,022 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.978946/2019-97 | ||
Amounts Committed | It is about the non-approved compensation/reimbursement of Cofins for the 3th Quarter of 2015 | ||
TAM Linhas Aéreas S.A. [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | TAM filed its administrative defense on July 14, 2020. A decision is pending. The Company filed a voluntary appeal (CARF) that is pending a decision. | ||
Case Number | [1] | 10,628 | |
Origin | Receita Federal de Brasil | ||
Stage of trial | 10880.978944/2019-06 | ||
Amounts Committed | It is about the non-approved compensation/reimbursement of Cofins for the 2th Quarter of 2015 | ||
Latam Airlines Group S.A [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | On 06/25/2020 we were notified of the lawsuit. On 04/07/2020 we filed a motion for reversal against the ruling that declared the action filed by CONADECUS admissible, the decision is pending to date. On 07/11/2020 we requested the Court to comply with the suspension of this case, ruled by the 2nd Civil Court of Santiago, in recognition of the foreign reorganization procedure pursuant to Law No. 20,720, for the entire period that said proceeding lasts, a request that was accepted by the Court. CONADECUS filed a remedy of reconsideration and an appeal against this resolution should the remedy of reconsideration be dismissed. The Court dismissed the reconsideration on August 3, 2020, but admitted the appeal. On March 1, 2023, the Court of Appeals resolved to omit the hearing of the case and pronouncement regarding the appeal, in view of the fact that in January 2023 LATAM’s request the end of the suspension of the process that was decreed by resolution of July 17, 2020 in case file C-8498-2020 of the 23rd Civil Court of Santiago, for which the file is expected to return to the first instance to continue the processing. The amount at the moment is undetermined. | ||
Origin | 23° Juzgado Civil de Santiago | ||
Stage of trial | C-8498-2020 | ||
Amounts Committed | Class Action Lawsuit filed by the National Corporation of Consumers and Users (CONADECUS) against LATAM Airlines Group S.A. for alleged breaches of the Law on Protection of Consumer Rights due to flight cancellations caused by the COVID-19 Pandemic, requesting the nullity of possible abusive clauses, the imposition of fines and compensation for damages in defense of the collective interest of consumers. LATAM has hired specialist lawyers to undertake its defense. | ||
TAM Linhas Aéreas S.A [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | TAM filed its administrative defense. (Manifestação de Inconformidade). A decision is pending | ||
TAM Linhas Aéreas S.A [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | A decision is pending | ||
Tam Linhas Aéreas S/A. [Member] | Justicia Cível do Rio de Janeiro/RJ [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | TAM was ordered to pay an indemnity to Mais Linhas for loss of profit and moral damage, estimated to be R$48 million. Both parties appealed the decision, but the Rio de Janeiro Court has not issued a ruling on the appeals. Before any appeals decision is rendered, Mais filed a provisional enforcement petition for R$48 million. TAM appealed that petition on September 21, 2021, and presented guarantee insurance on the record to keep its accounts from being frozen. | ||
TAM Linhas Aéreas S.A. [Member] | Delegacía da Receita Federal [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | Presented the defense, which was denied by RFB. TAM resource partially accepted. The Federal Revenue Service of Brazil issued a decision granting the request for a refund. The process was closed with a decision favorable to the company. | ||
Tam Linhas Aéreas S.A. [Member] | União Federal [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | The lawsuit began in 1993. In 1998, there was a decision favorable to TAM. The process reached the Court, and in 2019, the decision was against TAM. The company has appealed and a decision is pending. | ||
Tam Linhas Aéreas S.A. [Member] | Receita Federal de Brasil [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | The defensive arguments were presented, but the claim was denied by the Brazilian Federal Revenue Agency (RFB). TAM’s appeal was sustained in part. The Federal Revenue Service of Brazil issued a decision granting the request for a refund. The process was closed with a decision favorable to the company. | ||
Tam Linhas Aéreas S.A. [Member] | Tribunal del Trabajo de Brasília/DF [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | The hearing is scheduled for March 06, 2023. | ||
19515-720.823/2018-11 [Member] | TAM Linhas Aéreas S/A [Member] | Department of Federal Revenue of Brazil [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | A defense was presented on November 28, 2018. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a voluntary appeal (CRSF (Administrative Tax Appeals Board)) that is pending a decision. | ||
Case Number | 106,331 | ||
Origin | Department of Federal Revenue of Brazil | ||
Stage of trial | 19515-720.823/2018-11 | ||
Amounts Committed | An administrative claim to collect alleged differences in SAT payments for the periods 11/2013 to 12/2017. | ||
10880.938832/2013-19 [Member] | TAM Linhas Aéreas S/A [Member] | Department of Federal Revenue of Brazil [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | ||
Case Number | 19,632 | ||
Origin | Department of Federal Revenue of Brazil | ||
Stage of trial | 10880.938832/2013-19 | ||
Amounts Committed | The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the second quarter of 2011, which were determined to be in the non-cumulative system | ||
10880.938834/2013-16 [Member] | TAM Linhas Aéreas S/A [Member] | Department of Federal Revenue of Brazil [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | ||
Case Number | 14,586 | ||
Origin | Department of Federal Revenue of Brazil | ||
Stage of trial | 10880.938834/2013-16 | ||
Amounts Committed | The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the third quarter of 2011, which were determined to be in the non-cumulative system. | ||
10880.938837/2013-41 [Member] | TAM Linhas Aéreas S/A [Member] | Department of Federal Revenue of Brazil Seven [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | ||
Case Number | [1] | 18,989 | |
Origin | Department of Federal Revenue of Brazil | ||
Stage of trial | 10880.938837/2013-41 | ||
Amounts Committed | The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the fourth quarter of 2011, which were determined to be in the non-cumulative system. | ||
10880.938838/2013-96 [Member] | TAM Linhas Aéreas S.A. [Member] | Department of Federal Revenue of Brazil Eight [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | ||
Case Number | [1] | 12,162 | |
Origin | Department of Federal Revenue of Brazil | ||
Stage of trial | 10880.938838/2013-96 | ||
Amounts Committed | The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the first quarter of 2012, which were determined to be in the non-cumulative system. | ||
C-8903-2020 [Member] | Latam Airlines Group S.A [Member] | Juzgado Civil de Santiago [Member] | |||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |||
Court | On July 7, 2020 we were notified of the lawsuit. We filed our answer to the claim on August 21, 2020. A settlement was reached with AGRECU at that hearing that was approved by the Court on October 5, 2020. On October 7, 2020, the 25th Civil Court confirmed that the decision approving the settlement was final and binding. CONADECUS filed a brief on October 4, 2020 to become a party and oppose the agreement, which was dismissed on October 5, 2020. It petitioned for an official correction on October 8, 2020 and the annulment of all proceedings on October 22, 2020, which were dismissed, costs payable by CONADECUS, on November 16, 2020 and November 20, 2020, respectively. LATAM presented reports on the implementation of the agreement on May 19, 2021, November 19, 2021 and May 19, 2022, which concluded its obligation to report on that implementation. On 12/28/22 the Civil Court ordered the filing of the file. CONADECUS still has appeals pending against these decisions before the Court of Appeals of Santiago under entry number 14.213-2020. The amount at the moment is undetermined. | ||
[1]The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 12, 2023 | Dec. 31, 2022 | Nov. 03, 2022 | Oct. 12, 2022 | |
COMMITMENTS (Details) [Line Items] | ||||
Revolving credit facility | $ 500 | |||
Minimum liquidity | $ 750 | $ 750 | ||
Committed amount | 600 | |||
Principal amount | 275 | |||
Outstanding amount under the spare engine facility | 275 | |||
Revolving credit facility description | (i) a five-year term loan facility (“Term Loan B Facility”) of US$ 1,100 million (US$1,100 million outstanding as of December 31, 2022), (ii) 13.375% senior secured notes due 2027 (“2027 Notes”) for an aggregate principal amount of US$ 450 million and (iii) 13.375% senior secured notes due 2029 (“2029 Notes”, together with the 2027 Notes, the “Notes”) for and aggregate principal amount of US$ 700 million. | |||
TAM Linhas Aéreas S.A [Member] | ||||
COMMITMENTS (Details) [Line Items] | ||||
Minimum liquidity | $ 400 | |||
Tam Linhas Aereas S.A. [Member] | ||||
COMMITMENTS (Details) [Line Items] | ||||
Revolving credit facility | $ 400 | |||
Bottom of range [member] | ||||
COMMITMENTS (Details) [Line Items] | ||||
Revolving credit facility | $ 750 |
COMMITMENTS (Details) - Schedul
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Value | $ 453,560 |
Superintendencia Nacional de Aduanas y de Administración Tributaria [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Perú S.A. |
Type | Forty-four letters of credit |
Value | $ 189,708 |
Release Date | Jan. 05, 2023 |
Lima Airport Partners S.R.L. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Perú S.A. |
Type | Two letters of credit |
Value | $ 1,620 |
Release Date | Nov. 30, 2023 |
Servicio Nacional de Aduana del Ecuador [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Ecuador S.A. |
Type | Four letters of credit |
Value | $ 2,130 |
Release Date | Aug. 05, 2023 |
Aena Aeropuertos S.A. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | Three letters of credit |
Value | $ 1,183 |
Release Date | Nov. 15, 2023 |
American Alternative Insurance Corporation [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | Eighteen letters of credit |
Value | $ 6,460 |
Release Date | Mar. 22, 2023 |
Comisión Europea [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | One letter of credit |
Value | $ 2,586 |
Release Date | Mar. 29, 2023 |
Metropolitan Dade County [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | Five letters of credit |
Value | $ 2,281 |
Release Date | Mar. 13, 2023 |
JFK International Air Terminal LLC. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | One letter of credit |
Value | $ 2,300 |
Release Date | Jan. 27, 2023 |
Servicio Nacional de Aduanas [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | Three letters of credit |
Value | $ 1,287 |
Release Date | Jul. 28, 2023 |
Isoceles [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | One letter of credit |
Value | $ 41,000 |
Release Date | Aug. 06, 2023 |
BBVA [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | One letter of credit |
Value | $ 4,126 |
Release Date | Jan. 17, 2023 |
Sociedad Concesionaria Nuevo Pudahuel [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | LATAM Airlines Group S.A. |
Type | fifteen letters of credit |
Value | $ 1,755 |
Release Date | Dec. 13, 2023 |
Procon [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | Two insurance policy guarantee |
Value | $ 2,340 |
Release Date | Nov. 17, 2025 |
União Federal [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | Five insurance policy guarantee |
Value | $ 9,731 |
Release Date | Feb. 04, 2025 |
Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. One [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,485 |
Release Date | Apr. 24, 2025 |
Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. Two [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,681 |
Release Date | Jul. 05, 2023 |
Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. Three [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,337 |
Release Date | Dec. 31, 2023 |
Procon Two [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | Six insurance policy guarantee |
Value | $ 8,389 |
Release Date | Jan. 04, 2023 |
17a Vara Cível da Comarca da Capital de João Pessoa/PB. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 2,355 |
Release Date | Jun. 25, 2023 |
14ª Vara Federal da Seção Judiciária de Distrito Federal [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,406 |
Release Date | May 29, 2025 |
Vara Civel Campinas SP. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,653 |
Release Date | Jun. 14, 2024 |
JFK International Air Terminal LLC. Two [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,300 |
Release Date | Jan. 25, 2023 |
7ª Turma do Tribunal Regional Federal da 1ª Região [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 43,003 |
Release Date | Apr. 20, 2023 |
Bond Safeguard Insurance Company [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 2,700 |
Release Date | Jul. 20, 2023 |
Fundacao de Protecao e Defesa do Consumidor Procon [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | Two insurance policy guarantee |
Value | $ 4,276 |
Release Date | Sep. 20, 2023 |
Uniao Federal Fazenda Nacional [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 31,860 |
Release Date | Jul. 30, 2024 |
Uniao Federal PGFN [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | Three insurance policy guarantee |
Value | $ 18,469 |
Release Date | Jan. 04, 2024 |
1° Vara de Execuções Fiscais e de Crimes contra a Ordem Trib da Com de Fortaleza. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 2,355 |
Release Date | Dec. 31, 2023 |
Fundacao de Protecao e Defesa do Consumidor Procon. One [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 2,024 |
Release Date | Feb. 10, 2026 |
Fiança TAM Linhas Aéreas x Juiz Federal de uma das varas da Seção Judiciária de Brasília. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,687 |
Release Date | Dec. 31, 2023 |
Juizo de Direito da Vara da Fazenda Publica Estadual da Comarca Da Capital do Estado do Rio de Janeiro. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,127 |
Release Date | Dec. 31, 2023 |
Municipio Do Rio De Janeiro. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,154 |
Release Date | Dec. 31, 2023 |
Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. Four [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 9,077 |
Release Date | Apr. 15, 2025 |
Fundacao de Protecao e Defesa do Consumidor Do Estado De São Paulo. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,073 |
Release Date | Dec. 31, 2023 |
Tribunal de Justição de São Paulo. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | TAM Linhas Aéreas S.A. |
Type | Two insurance policy guarantee |
Value | $ 1,499 |
Release Date | Dec. 31, 2023 |
Uniao Federal Fazenda Nacional Three [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Absa Linhas Aereas Brasileira S.A. |
Type | Three insurance policy guarantee |
Value | $ 15,215 |
Release Date | Feb. 04, 2025 |
Uniao Federal PGFN One [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Absa Linhas Aereas Brasileira S.A. |
Type | Two insurance policy guarantee |
Value | $ 20,681 |
Release Date | Feb. 22, 2025 |
Tribunal de Justição de São Paulo.[Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Absa Linhas Aereas Brasileira S.A. |
Type | Two insurance policy guarantee |
Value | $ 5,836 |
Release Date | Dec. 31, 2023 |
3ªVara Federal da Subseção Judiciária de Campinas SP [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Absa Linhas Aereas Brasileira S.A. |
Type | One insurance policy guarantee |
Value | $ 1,734 |
Release Date | Nov. 30, 2025 |
7ª Turma do Tribunal Regional Federal da 1ª Região [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Absa Linhas Aereas Brasileira S.A. |
Type | One insurance policy guarantee |
Value | $ 1,677 |
Release Date | May 07, 2023 |
TRANSACTIONS WITH RELATED PAR_3
TRANSACTIONS WITH RELATED PARTIES (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
Reorganization value | $ 1,157 |
TRANSACTIONS WITH RELATED PAR_4
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Inversiones Costa Verde Ltda. y CPA. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | Inversiones Costa Verde Ltda. y CPA. | |||
Nature of relationship with related parties | Related director | |||
Country of origin | Chile | |||
Nature of related parties transactions | Tickets sales | |||
Currency | CLP | |||
Transaction amount with related parties | $ 87 | $ 23 | $ 28 | |
Costa Verde Aeronautica S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | Costa Verde Aeronautica S.A. | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | Chile | |||
Nature of related parties transactions | [1] | Loans received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (231,714) | (35,412) | (100,013) | |
Costa Verde Aeronautica S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | [1] | Interest received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (21,329) | (34,694) | (5,700) | |
Costa Verde Aeronautica S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Capital contribution | |||
Currency | US$ | |||
Transaction amount with related parties | $ 170,962 | |||
Granja Marina Tornagaleones S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | Granja Marina Tornagaleones S.A. | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | Chile | |||
Nature of related parties transactions | Services provided | |||
Currency | CLP | |||
Transaction amount with related parties | $ 36 | 26 | 13 | |
Rio Dulce S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | Rio Dulce S.A. | |||
Nature of relationship with related parties | Related director | |||
Country of origin | Chile | |||
Nature of related parties transactions | Tickets sales | |||
Currency | CLP | |||
Transaction amount with related parties | $ 2 | 9 | 5 | |
Patagonia Seafarms INC [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | Patagonia Seafarms INC | |||
Nature of relationship with related parties | Related director | |||
Country of origin | U.S.A | |||
Nature of related parties transactions | Services provided of cargo transport | |||
Currency | US$ | |||
Transaction amount with related parties | 15 | 40 | ||
Inversora Aeronáutica Argentina S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | Inversora Aeronáutica Argentina S.A. | |||
Nature of relationship with related parties | Related director | |||
Country of origin | Argentina | |||
Nature of related parties transactions | Real estate leases received | |||
Currency | ARS | |||
Transaction amount with related parties | $ (63) | |||
Inversora Aeronáutica Argentina S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Currency | USD | |||
Transaction amount with related parties | ||||
TAM Aviação Executiva e Taxi Aéreo S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | TAM Aviação Executiva e Taxi Aéreo S.A. | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | Brazil | |||
Nature of related parties transactions | Services provided of passenger transport | |||
Currency | BRL | |||
Transaction amount with related parties | $ 4 | 12 | 13 | |
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | Qatar Airways | |||
Nature of relationship with related parties | Indirect shareholder | |||
Country of origin | Qatar | |||
Nature of related parties transactions | Interlineal received service | |||
Currency | US$ | |||
Transaction amount with related parties | $ (23,110) | (6,387) | (4,736) | |
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services provided by aircraft lease | |||
Currency | US$ | |||
Transaction amount with related parties | 22,215 | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Interlineal provided service | |||
Currency | US$ | |||
Transaction amount with related parties | $ 37,855 | 6,283 | 3,141 | |
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services provided of handling | |||
Currency | US$ | |||
Transaction amount with related parties | $ 692 | 1,493 | 1,246 | |
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services received miles | |||
Currency | US$ | |||
Transaction amount with related parties | $ (4,974) | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Compensation for early return of aircraft | |||
Currency | US$ | |||
Transaction amount with related parties | 9,240 | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services provided / received others | |||
Currency | US$ | |||
Transaction amount with related parties | $ (434) | (963) | 1,160 | |
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | Delta Air Lines, Inc. | |||
Nature of relationship with related parties | Shareholder | |||
Country of origin | U.S.A | |||
Nature of related parties transactions | Interlineal received service | |||
Currency | US$ | |||
Transaction amount with related parties | $ (111,706) | (11,768) | (4,160) | |
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Interlineal provided service | |||
Currency | US$ | |||
Transaction amount with related parties | $ 102,580 | 7,695 | 4,357 | |
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | [1] | Loans received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (233,008) | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | [1] | Interest received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (10,374) | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Capital contribution | |||
Currency | US$ | |||
Transaction amount with related parties | $ 163,979 | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services provided of handling | |||
Currency | US$ | |||
Transaction amount with related parties | $ (4,340) | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Engine sale | |||
Currency | US$ | |||
Transaction amount with related parties | $ 19,405 | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services provided maintenance | |||
Currency | US$ | |||
Transaction amount with related parties | (59) | 3,310 | ||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services provided / received others | |||
Currency | US$ | |||
Transaction amount with related parties | $ (1,893) | (318) | 30 | |
QA Investments Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | QA Investments Ltd | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | U.K. | |||
Nature of related parties transactions | [1] | Loans received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (240,440) | (44,266) | (125,016) | |
QA Investments Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | [1] | Interest received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (26,153) | (43,367) | (7,125) | |
QA Investments Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Capital contribution | |||
Currency | US$ | |||
Transaction amount with related parties | $ 163,979 | |||
QA Investments 2 Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | QA Investments 2 Ltd | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | U.K. | |||
Nature of related parties transactions | [1] | Loans received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (7,414) | (44,266) | (125,016) | |
QA Investments 2 Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | [1] | Interest received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (15,780) | (43,367) | (7,125) | |
Lozuy S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Related party | Lozuy S.A. | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | Uruguay | |||
Nature of related parties transactions | [1] | Loans received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (57,928) | (8,853) | (25,003) | |
Lozuy S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | [1] | Interest received (*) | ||
Currency | US$ | |||
Transaction amount with related parties | $ (5,332) | $ (8,673) | $ (1,425) | |
[1]Operations corresponding to DIP loans tranche C. |
TRANSACTIONS WITH RELATED PAR_5
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of key management personnel compensation - Key management personnel of entity or parent [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of key management personnel compensation [Line Items] | |||
Remuneration | $ 10,651 | $ 9,981 | $ 8,395 |
Management fees | 1,109 | 1,016 | 257 |
Non-monetary benefits | 565 | 501 | 1,719 |
Short-term benefits | 11,814 | 16,639 | 13,624 |
Termination benefits | 1,157 | 513 | 4,539 |
Total | $ 25,296 | $ 28,650 | $ 28,534 |
STATEMENT OF CASH FLOWS (Detail
STATEMENT OF CASH FLOWS (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
STATEMENT OF CASH FLOWS (Details) [Line Items] | |
Total capital increase | $ 800,000,000 |
Cash Inflows presented in financing activities | 549,038,000 |
Shareholder inversiones amount | 170,962,000 |
Deducted related to equity issuance cost | 80,000,000 |
Other creditor | $ 381,018 |
Accounts payable and other accounts payable description | As a result of the exit from Chapter 11, in relation to trade accounts payable and other accounts payable, the conversion into shares for Bonds G and I was carried out, for a total of ThUS$3,610,470 and a decrease in said item with effect in result which is included in Earning (Loss) from restructuring activities for ThUS$ 2,550,306 (see note 26d) and with effect in results in financial income for ThUS$ 420,436 (see note 26e). |
Other financial liabilities description | ) As a result of the exit from Chapter 11, the Other financial liabilities item decreased its balance by ThUS$ 2,673,256, which is detailed in letter, d). The break down of this decrease corresponds mainly to ThUS$ 491,326 (see note 26e), ThUS$ 354,249 (decrease with effect in Property, plant and equipment, mainly related to the effect of rate change), ThUS$ 381,018 related to the compensation of the debt with the effect of increasing Capital, ThUS$1,443,066 associated with the conversion of debt into shares and other minor effects of ThUS$3,596. |
Liability component amounted | $ 102,031,000 |
Cash used in investing activities | $ 9,858,000 |
Payments of leased maintenance description | Payments to suppliers for the supply of goods and services include the value paid associated with leased maintenance capitalizations for ThUS$149,142 (ThUS$163,717 as of December 31, 2021 and ThUS$65,960 as of December 31, 2020). |
QA Investment Ltd. [Member] | |
STATEMENT OF CASH FLOWS (Details) [Line Items] | |
Other creditor | $ 327,957,000 |
STATEMENT OF CASH FLOWS (Deta_2
STATEMENT OF CASH FLOWS (Details) - Schedule of proceeds from the issuance of shares $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Schedule Of Proceeds From The Issuance Of Shares Abstract | |
Issuance of shares (in Shares) | shares | 800,000 |
Issuance costs | $ (80,000) |
DIP Junior offset | (170,962) |
Total cash flow | $ 549,038 |
STATEMENT OF CASH FLOWS (Deta_3
STATEMENT OF CASH FLOWS (Details) - Schedule of issuance of other equity instruments $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
STATEMENT OF CASH FLOWS (Details) - Schedule of issuance of other equity instruments [Line Items] | |
Fair Value (see note 24) | $ 5,470,625 |
Use for settement of claim | (828,581) |
Issuance costs | (730,279) |
DIP Junior offset | (708,975) |
Cash inflow | 3,202,790 |
Convertible Notes H [Member] | |
STATEMENT OF CASH FLOWS (Details) - Schedule of issuance of other equity instruments [Line Items] | |
Fair Value (see note 24) | 1,372,837 |
Issuance costs | (24,812) |
DIP Junior offset | (327,957) |
Cash inflow | 1,020,068 |
Convertible Notes I [Member] | |
STATEMENT OF CASH FLOWS (Details) - Schedule of issuance of other equity instruments [Line Items] | |
Fair Value (see note 24) | 4,097,788 |
Use for settement of claim | (828,581) |
Issuance costs | (705,467) |
DIP Junior offset | (381,018) |
Cash inflow | $ 2,182,722 |
STATEMENT OF CASH FLOWS (Deta_4
STATEMENT OF CASH FLOWS (Details) - Schedule of other inflows (outflows) of cash - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Other Inflows Outflows Of Cash Abstract | |||
Fuel hedge | $ 35,857 | $ 14,269 | $ (46,579) |
Hedging margin guarantees | (40,207) | (4,900) | 14,962 |
Tax paid on bank transaction | (2,134) | (2,530) | (1,261) |
Fuel derivatives premiums | (23,372) | (17,077) | (3,949) |
Bank commissions, taxes paid and other | (5,441) | (21,287) | (5,828) |
Guarantees | (47,384) | (39,728) | (44,280) |
Court deposits | (20,661) | (16,323) | 38,528 |
Delta Air Lines Inc. Compensation | 62,000 | ||
Funds delivered as restricted advances | (26,918) | ||
Total Other inflows (outflows) Operation flow | (130,260) | (87,576) | 13,593 |
Fees paid to financial institutions | (425) | (2,192) | |
Guarantee deposit received from the sale of aircraft | 6,300 | 18,900 | |
Total Other inflows (outflows) Investment flow | 6,300 | 18,475 | (2,192) |
Settlement of derivative contracts | (107,788) | ||
Aircraft Financing advances | (313,090) | ||
Payments of claims associated with the debt | (21,924) | ||
RCF guarantee placement | (7,500) | ||
Debt-related legal advice | (87,993) | (11,034) | |
Debt Issuance Cost - Stamp Tax | (33,259) | ||
Total Other inflows (outflows) Financing flow | $ (463,766) | $ (11,034) | $ (107,788) |
STATEMENT OF CASH FLOWS (Deta_5
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||||
Beginning balance | $ 10,396,482 | $ 10,853,860 | $ 10,365,684 | ||
Obtainment Capital | 7,217,900 | [1] | 661,609 | [1] | 1,985,480 |
Payment Capital | (8,891,330) | [2] | (566,414) | [2] | (915,774) |
Payment Interests | (521,715) | (104,621) | (210,418) | ||
Payment Transaction cost | (87,993) | ||||
Extinguishment of debt under Chapter | (2,673,256) | ||||
Interest accrued and others | 1,203,560 | (447,952) | (371,112) | ||
Reclassifications | 138,233 | ||||
Ending Balance | 6,781,880 | 10,396,482 | 10,853,860 | ||
Loans To Exporters [Member] | |||||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||||
Beginning balance | 159,161 | 151,701 | 341,475 | ||
Obtainment Capital | [1] | [1] | 165,000 | ||
Payment Capital | [2] | [2] | (359,000) | ||
Payment Interests | (4,140) | ||||
Payment Transaction cost | |||||
Extinguishment of debt under Chapter | (161,975) | ||||
Interest accrued and others | 2,814 | 7,460 | 8,366 | ||
Reclassifications | |||||
Ending Balance | 159,161 | 151,701 | |||
Bank Loans [Member] | |||||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||||
Beginning balance | 521,838 | 525,273 | 217,255 | ||
Obtainment Capital | 982,425 | [1] | [1] | 265,627 | |
Payment Capital | (36,466) | [2] | [2] | (4,870) | |
Payment Interests | (10,420) | (546) | (2,397) | ||
Payment Transaction cost | |||||
Extinguishment of debt under Chapter | (196,619) | ||||
Interest accrued and others | 128,077 | (2,889) | 49,658 | ||
Reclassifications | (2,840) | ||||
Ending Balance | 1,385,995 | 521,838 | 525,273 | ||
Guaranteed Obligations [Member] | |||||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||||
Beginning balance | 510,535 | 1,318,856 | 2,157,327 | ||
Obtainment Capital | [1] | [1] | 192,972 | ||
Payment Capital | (18,136) | [2] | (14,605) | [2] | (48,576) |
Payment Interests | (13,253) | (17,405) | (21,163) | ||
Payment Transaction cost | (25) | ||||
Extinguishment of debt under Chapter | |||||
Interest accrued and others | 13,882 | ||||
Reclassifications | (167,942) | (263,035) | (137,720) | ||
Ending Balance | 325,061 | 510,535 | 1,318,856 | ||
Other Guaranteed Obligations [Member] | |||||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||||
Beginning balance | 2,725,422 | 1,939,116 | 580,432 | ||
Obtainment Capital | 3,658,690 | [1] | 661,609 | [1] | 1,361,881 |
Payment Capital | (5,408,540) | [2] | (26,991) | [2] | (42,721) |
Payment Interests | (391,639) | (28,510) | (27,744) | ||
Payment Transaction cost | (91,247) | ||||
Extinguishment of debt under Chapter | (381,018) | ||||
Interest accrued and others | 339,475 | 135,405 | 67,268 | ||
Reclassifications | 23,161 | 44,793 | |||
Ending Balance | 474,304 | 2,725,422 | 1,939,116 | ||
Obligations with the public [Member] | |||||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||||
Beginning balance | 2,253,198 | 2,183,407 | 2,064,934 | ||
Obtainment Capital | 1,109,750 | [1] | [1] | ||
Payment Capital | (1,501,739) | [2] | [2] | (774) | |
Payment Interests | (17,499) | (55,613) | |||
Payment Transaction cost | |||||
Extinguishment of debt under Chapter | (843,950) | ||||
Interest accrued and others | 148,703 | 69,791 | 174,860 | ||
Reclassifications | 141,336 | ||||
Ending Balance | 1,289,799 | 2,253,198 | 2,183,407 | ||
Financial Leases [Member] | |||||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||||
Beginning balance | 1,189,182 | 1,614,501 | 1,730,843 | ||
Obtainment Capital | [1] | [1] | |||
Payment Capital | (270,734) | [2] | (421,452) | [2] | (236,744) |
Payment Interests | (34,201) | (40,392) | (52,155) | ||
Payment Transaction cost | |||||
Extinguishment of debt under Chapter | (37,630) | ||||
Interest accrued and others | 37,211 | (181,717) | 34,837 | ||
Reclassifications | 204,411 | 218,242 | 137,720 | ||
Ending Balance | 1,088,239 | 1,189,182 | 1,614,501 | ||
Others loans [Member] | |||||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||||
Beginning balance | 76,508 | 101,261 | |||
Obtainment Capital | 1,467,035 | [1] | [1] | ||
Payment Capital | (1,523,798) | [2] | [2] | (101,026) | |
Payment Interests | (5,628) | (1,151) | |||
Payment Transaction cost | 3,281 | ||||
Extinguishment of debt under Chapter | (56,176) | ||||
Interest accrued and others | 40,806 | 76,508 | 916 | ||
Reclassifications | |||||
Ending Balance | 2,028 | 76,508 | |||
Lease Liability [Member] | |||||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||||
Beginning balance | 2,960,638 | 3,121,006 | 3,172,157 | ||
Obtainment Capital | [1] | [1] | |||
Payment Capital | (131,917) | [2] | (103,366) | [2] | (122,063) |
Payment Interests | (49,075) | (17,768) | (46,055) | ||
Payment Transaction cost | (2) | ||||
Extinguishment of debt under Chapter | (995,888) | ||||
Interest accrued and others | 492,592 | (39,234) | 116,967 | ||
Reclassifications | (59,893) | ||||
Ending Balance | $ 2,216,454 | $ 2,960,638 | $ 3,121,006 | ||
[1]As of December 31, 2022, the Company obtained ThUS$2,361,875 amounts from long-term loans and ThUS$4,856,025 (ThUS$661,609 in 2021) amounts from short-term loans, totaling ThUS$7,217,900.[2]As of December 31, 2022, loan repayments ThUS$8,759,413 and payments of lease liabilities ThUS$131,917 disclosed in flows from financing activities and as of December 31, 2021, loan repayments ThUS$463,048 and liability payments for leases ThUS$103,366 disclosed in flows from financing activities. |
STATEMENT OF CASH FLOWS (Deta_6
STATEMENT OF CASH FLOWS (Details) - Schedule of obtained (payments) of flows related to financing - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
STATEMENT OF CASH FLOWS (Details) - Schedule of obtained (payments) of flows related to financing [Line Items] | ||
Capital raising | $ 7,217,900 | $ 661,609 |
Payments Capital | (8,891,330,000) | (566,414,000) |
Payments Interest | (521,716,000) | (104,621,000) |
Aircraft financing [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of obtained (payments) of flows related to financing [Line Items] | ||
Capital raising | ||
Payments Capital | (331,292,000) | (463,048,000) |
Payments Interest | (52,088,000) | (63,763,000) |
Lease Liability [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of obtained (payments) of flows related to financing [Line Items] | ||
Capital raising | ||
Payments Capital | (131,917,000) | (103,366,000) |
Payments Interest | (49,075,000) | (17,768,000) |
Non-aircraft financing [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of obtained (payments) of flows related to financing [Line Items] | ||
Capital raising | 7,217,900 | 661,609 |
Payments Capital | (8,428,121,000) | |
Payments Interest | $ (420,553,000) | $ (23,090,000) |
STATEMENT OF CASH FLOWS (Deta_7
STATEMENT OF CASH FLOWS (Details) - Schedule of statement of consolidated cash flow - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Statement Of Consolidated Cash Flow Abstract | |||
Increases (payments) | $ (23,118) | $ (9,858) | $ (31,803) |
Recoveries | 43,902 | 8,157 | |
Total cash flows | $ 20,784 | $ (9,858) | $ (23,646) |
STATEMENT OF CASH FLOWS (Deta_8
STATEMENT OF CASH FLOWS (Details) - Schedule of property, plant and equipment and intangibles - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net cash flows from | |||
Purchases of property, plant and equiment | $ 780,538 | $ 597,103 | $ 324,264 |
Additions associated with maintenance | 486,231 | 302,858 | 173,740 |
Other additions | 294,307 | 294,245 | 150,524 |
Purchases of intangible assets | 50,116 | 88,518 | 75,433 |
Other additions | $ 50,116 | $ 88,518 | $ 75,433 |
STATEMENT OF CASH FLOWS (Deta_9
STATEMENT OF CASH FLOWS (Details) - Schedule of consolidated statement of cash flow - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Consolidated Statement Of Cash Flow Abstract | ||
Net cash flows from (used in) operating activities | $ (36,701) | $ (65,901) |
Net cash flows from (used in) investment activities | (146) | 17,223 |
Net cash flows from (used in) financing activities | 7,703 | |
Effects of variation in the exchange rate on cash and cash equivalents | 29,144 | 48,678 |
Net increase (decrease) in cash and cash equivalents |
STATEMENT OF CASH FLOWS (Det_10
STATEMENT OF CASH FLOWS (Details) - Schedule of payments of loans to related entities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
ThUS$ | |||
Payments of loans to related entities | $ (1,008,483) | ||
Delta Airlines, Inc.[Member] | |||
ThUS$ | |||
Payments of loans to related entities | (78,947) | ||
Qatar Airways [Member] | |||
ThUS$ | |||
Payments of loans to related entities | (78,947) | ||
Costa Verde Aeronautica S.A. [Member] | |||
ThUS$ | |||
Payments of loans to related entities | (257,533) | ||
Lozuy S.A. [Member] | |||
ThUS$ | |||
Payments of loans to related entities | (107,122) | ||
QA Invesments Ltd [Member] | |||
ThUS$ | |||
Payments of loans to related entities | (242,967) | ||
QA Invesments 2 Ltd [Member] | |||
ThUS$ | |||
Payments of loans to related entities | $ (242,967) |
EVENTS SUBSEQUENT TO THE DATE_2
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Tranche [Member] | |
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (Details) [Line Items] | |
Description of tranche transfers | After December 31, 2022, and until the date of issuance of these financial statements, there is no knowledge of other events of a financial or other nature, which significantly affect the balances or interpretation thereof. |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed balance sheets - Separate [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed balance sheets [Line Items] | ||
Cash and cash equivalents | $ 632,826 | $ 549,766 |
Other financial assets | 155,093 | 78,706 |
Other non-financial assets | 59,828 | 38,557 |
Trade and other accounts receivable | 380,204 | 400,540 |
Accounts receivable from related entities | 3,090,910 | 933,853 |
Inventories | 206,690 | 121,949 |
Current tax assets | 357 | 4,846 |
Total current assets other than non-current assets (or disposal groups) classified as held for sale | 4,525,908 | 2,128,217 |
Non-current assets (or disposal groups) classified as held for sale | 61,979 | 161,347 |
Total current assets | 4,587,887 | 2,289,564 |
Non-current assets | ||
Other financial assets | 6,086 | 8,804 |
Investments accounted for using the equity method | 8,041,156 | 8,065,391 |
Other non-financial assets | 8,636 | 12,344 |
Accounts receivable | 10,900 | 10,551 |
Accounts receivable from related entities | 33,551 | 48,008 |
Intangible assets other than goodwill | 228,940 | 213,822 |
Property, plant and equipment | 7,176,141 | 7,980,150 |
Deferred tax assets | ||
Total non-current assets | 15,505,410 | 16,339,070 |
Total assets | 20,093,297 | 18,628,634 |
Current liabilities | ||
Other financial liabilities | 465,310 | 3,777,465 |
Trade and other accounts payables | 692,841 | 3,670,381 |
Accounts payable to related entities | 411,898 | 1,650,246 |
Other provisions | 883 | 99 |
Current tax liabilities | ||
Other non-financial liabilities | 1,651,621 | 1,487,629 |
Total current liabilities other than (or disposal groups) classified as held for sale | 3,222,553 | 10,585,820 |
Liabilities included in disposal groups classified as held for sale | ||
Total current liabilities | 3,222,553 | 10,585,820 |
Non-current liabilities | ||
Other financial liabilities | 5,720,415 | 4,041,347 |
Accounts payable | 279,245 | 303,309 |
Accounts payable to related entities | 177,779 | 177,779 |
Other provisions | 10,175,678 | 10,045,195 |
Employee benefits | 68,740 | 33,145 |
Other non-financial liabilities | 418,166 | 508,943 |
Total non-current liabilities | 16,840,023 | 15,109,718 |
Total liabilities | 20,062,576 | 25,695,538 |
EQUITY | ||
Share capital | 13,298,486 | 3,146,265 |
Retained earnings/(losses) | (7,501,896) | (8,841,106) |
Treasury Shares | (178) | (178) |
Other equity | 39 | |
Other reserves | (5,754,173) | (1,361,529) |
Parent’s ownership interest | 42,278 | (7,056,548) |
Non-controlling interest | (11,557) | (10,356) |
Total equity | 30,721 | (7,066,904) |
Total liabilities and equity | $ 20,052,794 | $ 18,628,634 |
PARENT COMPANY FINANCIAL INFO_4
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed income statement - Separate [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed income statement [Line Items] | |||
Revenue | $ 2,502,673 | $ 1,485,841 | $ 1,272,077 |
Cost of sales | (2,628,251) | (1,964,137) | (2,099,716) |
Gross margin | (125,578) | (478,296) | (827,639) |
Other income | 1,013,438 | 712,997 | 948,160 |
Distribution costs | (126,539) | (134,366) | (125,563) |
Administrative expenses | (274,358) | (199,409) | (225,557) |
Other expenses | (257,558) | (197,737) | (154,582) |
Restructuring activities expenses | 1,581,372 | (2,177,754) | (837,673) |
Other gains/(losses) | (272,862) | 39,471 | (98,790) |
Income from operation activities | 1,537,915 | (2,435,094) | (1,321,644) |
Financial income | 652,263 | 8,905 | 11,812 |
Financial costs | (743,704) | (579,304) | (410,153) |
Share of profit of investments accounted for using the equity method | (115,985) | (1,168,898) | (3,537,259) |
Foreign exchange gains/(losses) | 11,377 | 72,888 | (66,004) |
Result of indexation units | (56) | (799) | |
Income (loss) before taxes | 1,341,810 | (4,102,302) | (5,323,248) |
Income tax expense / benefit | (4,673) | (550,840) | 767,713 |
NET INCOME (LOSS) | $ 1,337,137 | $ (4,653,142) | $ (4,555,535) |
PARENT COMPANY FINANCIAL INFO_5
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed cash flow statement - Separate [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Proceeds from sales of goods and services | $ 4,110,719 | $ 2,046,751 | $ 2,240,961 |
Other cash receipts from operating activities | 99,874 | 38,268 | 52,192 |
Payments to suppliers for goods and services | (4,127,400) | (2,075,236) | (1,713,223) |
Payments to and on behalf of employees | (320,849) | (295,030) | (298,370) |
Other payments for operating activities | (65,019) | (29,363) | (27,757) |
Interest received | |||
Income taxes (paid) | (647) | (898) | (2,764) |
Other cash inflows (outflows) | (55,495) | (37,992) | 61,532 |
Net cash flows from operating activities | (358,817) | (353,500) | 312,571 |
Cash flows from investing activities | |||
Cash flows from losses of control of subsidiaries or other businesses | 752 | ||
Cash flows used to obtain control of subsidiaries or other businesses | (12,375) | (349,125) | |
Other cash receipts from sales of equity or debt instruments of other entities | 30,439 | ||
Other payments to acquire equity or debt instruments of other entities | (27,199) | ||
Amounts raised from sale of property, plant and equipment | 56,378 | 105,000 | 75,566 |
Purchases of property, plant and equipment | (705,993) | (584,289) | (163,022) |
Purchases of intangible assets | (48,458) | (85,449) | (70,363) |
Interest received | 6,974 | 1,644 | 3,235 |
Other cash inflows (outflows) | 6,300 | 18,900 | |
Net cash flow (used in) investing activities | (684,799) | (555,817) | (500,469) |
Cash flows from financing activities | |||
Proceeds from the issuance of shares | 549,038 | ||
Payments for changes in ownership interests in subsidiaries that do not result in loss of control | (3,225) | ||
Amounts from the issuance of other equity instruments | 3,202,790 | ||
Amounts raised from long-term loans | 2,361,875 | 1,665 | 1,361,807 |
Amounts raised from short-term loans | 4,856,025 | 661,609 | 296,267 |
Loans from Related Entities | 770,522 | 130,102 | 373,125 |
Loans repayments | (8,836,572) | (135,837) | (749,258) |
Payments of loans to related entities | (1,008,483) | ||
Payments of lease liabilities | (116,012) | (391,879) | (90,335) |
Dividends paid | |||
Interest paid | (501,539) | (90,585) | (135,859) |
Other cash inflows (outflows) | (150,676) | (11,034) | (107,782) |
Net cash flows (used in) financing activities | 1,126,968 | 164,041 | 944,740 |
Net increase in cash and cash equivalents before effect of exchanges rate change | 83,352 | (745,276) | 756,842 |
Effects of variation in the exchange rate on cash and cash equivalents | (292) | ||
Net increase (decrease) in cash and cash equivalents | 83,060 | (745,276) | 756,842 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 549,766 | 1,295,042 | 538,200 |
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | $ 632,826 | $ 549,766 | $ 1,295,042 |