UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2009
Commission File Number 1-14728
Lan Airlines S.A.
(Translation of registrant's name into English)
Av. Presidente Riesco 5711, Piso 20
Las Condes,
Santiago, Chile
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
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Santiago, April 1, 2009
Mr. Guillermo Larraín Ríos
Superintendence of Securities and Insurance
Present
Dear Sirs:
By means of this letter and in accordance with that established by General Character Norm No. 30 of this Superintendence, attached hereto are three copies of the Annual Report of Lan Airlines, S.A. signed by the Company’s directors.
Sincerely,
/s/ Alejandro de la Fuente Goic
Alejandro de la Fuente Goic
Chief Financial Officer
LAN AIRLINES S.A.
cc: | Santiago Stock Exchange, Stock Exchange |
DESTACADOS HIGHLIGHTS | 04 | |
CARTA DEL PRESIDENTE DEL DIRECTORIO LETTER FROM THE CHAIRMAN OF THE BOARD | 06 | |
CARTA DEL VICEPRESIDENTE EJECUTIVO LETTER FROM THE CEO | 12 | |
GOBIERNO CORPORATIVO CORPORATE GOVERNANCE | 20 | |
HISTORIA DE LA SOCIEDAD HISTORY OF THE COMPANY | 26 | |
NEGOCIO DE PASAJEROS PASSENGER BUSINESS | 32 | |
NEGOCIO PASAJEROS INTERNACIONAL INTERNATIONAL PASSENGER BUSINESS | 35 | |
NEGOCIO DOMESTICO CHILE CHILEAN DOMESTIC BUSINESS | 44 | |
LAN PERÚ | 47 | |
LAN ECUADOR | 56 | |
LAN ARGENTINA | 60 | |
NEGOCIO DE CARGA CARGO BUSINESS | 67 | |
FLOTA, OPERACIONES Y MANTENIMIENTO FLEET, OPERATIONS AND MAINTENANCE | 73 | |
RESULTADOS FINANCIEROS FINANCIAL RESULTS | 84 | |
PERSONAS HUMAN RESOURCES | 90 | |
PROGRAMA DE RESPONSABILIDAD SOCIAL LAN LAN´S SOCIAL RESPONSIBILITY PROGRAM | 95 | |
ESTADOS FINANCIEROS CONSOLIDADOS CONSOLIDATED FINANCIAL STATEMENTS | 108 | |
DECLARACIÓN JURADA STATEMENT OF RESPONSIBILITY | 120 | |
GLOSARIO GLOSSARY OF TERMS | 122 |
CD CONTENTS
- Estados Financieros Consolidados / Consolidated Financial Statements
- Estados Financieros Individuales
- Información de Filiales y Coligadas / Subsidiary Information
Gobierno Corporativo / Corporate Governance
- Política Financiera / Financial Policy
- Proveedores, Seguros y Otros / Suppliers, Insurance and Others
- Factores de Riesgo / Risk Factors
- Información de Dividendos / Dividend Information
- Hechos Esenciales / Relevant Events
- Transacciones de Acciones por Personas Relacionadas / Related Party Transactions
Note: The accompanying CD forms an integral part of this Annual Report. Copies with full print annual report version are available upon request.
LAN (or “the Company”) makes reference to the consolidated entity which includes passenger/cargo airlines in Chile, Peru, Ecuador and Argentina and cargo airlines in Chile, Brazil and Mexico.
Resumen Financiero / Financial Summary | |||||||||||||
US$ Millones / US$ Millions | |||||||||||||
Al 31 de diciembre / As of December 31 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||
Ingresos pasajeros / Passenger revenues | 1.169,0 | 1.460,6 | 1.813,4 | 2.197,2 | 2.858,9 | ||||||||
Ingresos carga / Cargo revenues | 799,7 | 910,5 | 1.072,7 | 1.154,3 | 1.527,1 | ||||||||
Otros ingresos / Other revenues | 124,2 | 135,3 | 147,9 | 173,4 | 148,2 | ||||||||
Ingresos total / Total revenues | 2.092,9 | 2.506,4 | 3.034,0 | 3.524,9 | 4.534,3 | ||||||||
EBITDAR / EBITDAR 1 | 382,0 | 370,3 | 583,1 | 726,1 | 870,3 | ||||||||
EBITDA / EBITDA 2 | 249,5 | 222,1 | 425,4 | 567,2 | 719,4 | ||||||||
Resultado operacional / Operating income | 172,1 | 141,6 | 302,6 | 413,4 | 536,2 | ||||||||
Utilidad neta del ejercicio / Net income | 163,6 | 146,6 | 241,3 | 308,3 | 335,7 | ||||||||
Utilidad neta por acción / Net income per common share (US¢) | 0,51 | 0,46 | 0,76 | 0,91 | 0,99 | ||||||||
Total activos circulantes / Total current assets | 652,4 | 579,2 | 706,3 | 1.089,8 | 1.351,0 | ||||||||
Total activos fijos / Total fixed assets | 979,0 | 1.252,3 | 1.855,9 | 2.351,6 | 3.093,4 | ||||||||
Total otros activos / Total other assets | 197,9 | 314,3 | 366,6 | 460,3 | 460,5 | ||||||||
Total activos / Total assets | 1.829,3 | 2.145,8 | 2.928,8 | 3.901,7 | 4.904,9 | ||||||||
Total pasivos circulantes / Total current liabilities | 582,0 | 684,4 | 876,3 | 1.122,6 | 1.379,0 | ||||||||
Total pasivos a largo plazo / Total long-term liabilities | 809,0 | 955,3 | 1.421,9 | 1.785,9 | 2.402,1 | ||||||||
Interés minoritario / Minority interest | 3,7 | 3,4 | 4,3 | 5,2 | 5,7 | ||||||||
Total patrimonio / Total shareholder’s equity | 434,6 | 502,7 | 626,3 | 988,1 | 1.118,0 | ||||||||
Total pasivos y patrimonio / Total liabilities and shareholder´s equity | 1.829,3 | 2.145,8 | 2.928,8 | 3.901,7 | 4.904,9 | ||||||||
Estadisticas Operacionales / Operating Statistics | |||||||||||||
Al 31 de diciembre / As of December 31 | 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||
Sistema / System | |||||||||||||
ATKs (millones / million) | 5.256,2 | 5.810,8 | 6.349,8 | 7.023,1 | 7.652,2 | ||||||||
RTKs (millones / million) | 3.620,7 | 3.967,9 | 4.333,8 | 4.862,4 | 5.332,3 | ||||||||
Factor de ocupación sistema / System load factor | 68,9 | % | 68,3 | % | 68,3 | % | 69,2 | % | 69,7 | % | |||
Factor de ocupación de equilibrio / Break-even load factor | 63,8 | % | 65,0 | % | 62,3 | % | 61,9 | % | 62,2 | % | |||
Yield (basado en RTKs -US¢ ) / Yield (based on RTKs -US¢) | 54,37 | 59,76 | 66,59 | 68,93 | 82,25 | ||||||||
Ingresos operacionales / ATK (US¢) / Operating revenue per ATK (US¢) 3 | 37,45 | 40,80 | 45,45 | 47,72 | 57,32 | ||||||||
Costos operacionales / ATK (US¢) / Operating cost per ATK (US¢) 4 | 34,67 | 38,83 | 41,52 | 42,66 | 51,18 | ||||||||
Precio promedio combustible (US¢/galón) / Average fuel price (US¢/gallon) | 1,35 | 1,90 | 2,09 | 2,29 | 3,20 | ||||||||
Número de aviones / Number of aircraft | 63 | 72 | 80 | 83 | 90 | ||||||||
Pasajeros / Passenger | |||||||||||||
Pasajeros transportados (miles) / Passengers boarded (thousands) | 6.578.9 | 7.966,9 | 8.881,3 | 11.091,3 | 13.239,9 | ||||||||
ASKs (millones / million) | 21.147,4 | 23.687,3 | 26.400,0 | 31.556,1 | 35.176,2 | ||||||||
RPKs (millones / million) | 15.125,3 | 17.490,8 | 19.495,5 | 24.001,2 | 26.951,6 | ||||||||
Factor de ocupación (basado en ASKs) / Passenger load factor (based on ASKs) | 71,5 | % | 73,8 | % | 73,8 | % | 76,1 | % | 76,6 | % | |||
Yield (basado en RPKs -US¢) / Yield (based on RPKs -US¢) | 7,73 | 8,35 | 9,30 | 9,15 | 10,61 | ||||||||
Ingreso por ASK (US¢) - Revenue per ASK (US¢) | 5,53 | 6,17 | 6,87 | 6,96 | 8,13 | ||||||||
Carga / Cargo | |||||||||||||
Toneladas transportadas (miles) / Tons carried (thousands) | 506,3 | 529,0 | 564,1 | 604,3 | 661,4 | ||||||||
ATKs (millones / million) | 3.039,8 | 3.213,8 | 3.399,1 | 3.632,8 | 4.080,3 | ||||||||
RTKs (millones / million) | 2.259,4 | 2.392,3 | 2.579,2 | 2.702,3 | 2.906,7 | ||||||||
Factor de ocupación (basado en ATKs) / Cargo load factor (based on ATKs) | 74,3 | % | 74,4 | % | 75,9 | % | 74,4 | % | 71,2 | % | |||
Yield (basado en RTKs -US¢) / Yield (based on RTKs -US¢) | 35,39 | 38,06 | 41,59 | 42,72 | 52,54 | ||||||||
Ingreso por ATK (US¢) - Revenue per ATK (US¢) | 26,31 | 28,33 | 31,56 | 31,77 | 37,43 |
1 | Utilidad antes de intereses, impuestos, depreciación, amortizacion y arriendo de aviones / Earnings before interest, taxes, depreciation, amortization and aircraft rentals | ||||||||||
2 | Utilidad antes de intereses, impuestos, depreciación y amortizacion / Earnings before interest, taxes, depreciation,and amortization | ||||||||||
3 | (Ingresos de Pasajeros y Carga)/ATK - (Passenger and Cargo Revenues)/ATK | ||||||||||
4 | (Costos Operacionales + Costos Financieros Netos - Otros Ingresos)/ATK - (Operating Expenses + Net Interest Expenses - Other Revenues/ATK | ||||||||||
Nota: Ver Glosario para definiciones - See Glossary for definitions |
Presidente del Directorio
Chairman of the Board
Vicepresidente Ejecutivo
Chief Executive Officer
- Nueva Estructura Organizacional, implementada por la compañía durante el tercer trimestre de 2008, a fin de lograr escalabilidad, altos niveles de integración entras las distintas áreas y definiciones claras de cada unidad de negocios. En consecuencia, esta nueva forma de organización gerencial ha permitido tanto reforzar la estructura corporativa, como también fortalecer las unidades de negocios y lograr una adecuada integración de las áreas operacionales y técnicas del negocio.
- Código de Conducta de LAN, el cual tiene por objeto velar por el cumplimiento por parte de todos sus empleados de los más altos estándares éticos, de transparencia y cumplimiento normativo exigido por LAN en línea con los principales valores de la cultura de LAN: seguridad, superación, eficiencia y calidez.
- Código de Ética para altos ejecutivos financieros, con el fin de promover conductas honestas y éticas en la divulgación de información financiera, cumplimiento normativo y ausencia de conflictos de interés.
- New Organizational Structure. This initiative was implemented by the Company during the third quarter of 2008 with a view to achieving scalability, a high level of integration between the various areas of the firm and clear definitions of each business unit. The new managerial organization has strengthened LAN’s corporate structure and its business units while improving the integration of the various operating and technical areas of the business.
- LAN Code of Conduct. Applicable to all LAN employees, this Code aims to maintain the highest standards of ethics, transparency and compliance with internal company rules in line with the core values of LAN’s corporate culture, defined as safety, achievement, efficiency and personal warmth.
- Code of Ethics. Directed at senior financial managers, this Code is intended to promote honest and ethical practices as regards the disclosure of financial information, compliance with internal company rules and the avoidance of conflicts of interest.
- Manual de Manejo de Información de Interés, con arreglo al cual se regulan los criterios de divulgación de operaciones con valores emitidos por LAN por parte de sus ejecutivos principales, los períodos de bloqueo voluntarios para la compra y venta de acciones de la compañía, los mecanismos de difusión continua de información de interés para el mercado y los mecanismos de resguardo de la información confidencial por parte de los empleados y ejecutivos de LAN.
- Programa de Cumplimiento Regulatorio, conforme al cual el Vicepresidente Legal, en coordinación con, y bajo la supervisión del Directorio y su Comité de Directores, vela por el cumplimiento de las leyes y regulaciones que aplican a los negocios y actividades de LAN en los distintos países en que opera.
- Manual for the Management of Information of Interest to the Market. This document establishes criteria regarding the disclosure of transactions by senior management involving securities issued by LAN, voluntary black-out periods for the purchase and sale of Company stock, continuous disclosure mechanisms for information of interest to the market and mechanisms for the safeguard of confidential information by
- LAN executives and employees. Regulatory Compliance Program. Under this program, the General Counsel, in coordination with and under the supervision of the Board of Directors and the Directors Committee, oversees the Company’s compliance with the laws and regulations applicable to its business interests and activities in the various countries it operates in.
Board of Directors
Directors Commitee
José Cox Donoso | Presidente / Chairman |
Jorge Awad Mehech | Director |
Ramón Eblen Kadis | Director |
Senior Management
Ejecutivos /Executives | Posición/Position |
Enrique Cueto Plaza | Vicepresidente Ejecutivo LAN / CEO LAN |
Ignacio Cueto Plaza | Gerente General LAN / President and COO LAN |
Armando Valdivieso Montes | Gerente General Pasajeros / CEO Passenger |
Cristián Ureta Larraín | Gerente General Carga / CEO Cargo |
Alejandro de la Fuente Goic | Vicepresidente Finanzas Corporativas / Chief Financial Officer |
Roberto Alvo Milosawlewitsch | Vicepresidente Planificación, Gestión & Estudios / Senior Vice President Strategic |
Planning & Corporate Development | |
Cristián Toro Cañas | Vicepresidente Legal / General Counsel |
Enrique Elsaca Hirmas | Vicepresidente Operaciones y Servicios / Senior Vice President Operations |
Emilio del Real Sota | Vicepresidente Personas / Senior Vice President Human Resources |
Eduardo Opazo Preller | Vicepresidente Asuntos Corporativos / Senior Vice President Corporate Affairs |
12 Principales Accionistas | |||||||
Main Shareholders | |||||||
2008 | 2007 | ||||||
Principales Accionistas / Main Shareholders | Acciones Shares | % del Total % of the Total | Acciones Shares | % del Total % of the Total | |||
INV COSTA VERDE LTDA Y CIA EN COMANDITA POR ACCIONES | 77,445,407 | 22.9 | % | 85,083,567 | 25.1 | % | |
AXXION S.A. | 64,477,874 | 19.0 | % | 64,477,874 | 19.0 | % | |
THE BANK OF NEW YORK | 37,239,566 | 11.0 | % | 32,712,367 | 9.7 | % | |
INVERSIONES SANTA CECILIA S.A. | 24,767,920 | 7.3 | % | 24,767,920 | 7.3 | % | |
INVERSIONES ANDES S.A. | 22,288,695 | 6.6 | % | 22,288,695 | 6.6 | % | |
INVERSIONES MINERAS DEL CANTABRICO S.A. | 8,554,095 | 2.5 | % | 1,315,935 | 0.4 | % | |
LARRAIN VIAL S.A. CORREDORA DE BOLSA | 7,310,904 | 2.2 | % | 7,784,508 | 2.3 | % | |
BANCO DE CHILE POR CUENTA DE TERCEROS | 7,245,698 | 2.1 | % | 4,349,569 | 1.3 | % | |
BANCHILE CORREDORES DE BOLSA S.A. | 6,030,657 | 1.8 | % | 6,099,607 | 1.8 | % | |
BOLSA DE COMERCIO DE SANTIAGO BOLSA DE VALORES | 5,113,231 | 1.5 | % | 3,937,684 | 1.2 | % | |
INVERSIONES ALCALA S.A. | 4,744,677 | 1.4 | % | 4,744,677 | 1.4 | % | |
INVERSIONES LOS GUINDOS S.A. | 4,744,677 | 1.4 | % | 4,744,677 | 1.4 | % |
Participación de Mercado Pasajeros (Diciembre 2008) Passenger Market Share (December 2008) | ||||
Internacional / International | Domestico / Domestic | |||
Chile | 50 | % | 84 | % |
Perú | 39 | % | 78 | % |
Argentina | 17 | % | 30 | % |
Ecuador | 27 | % | ||
Fuente : DGAC, JAC y Estimaciones LAN | ||||
Source: DGAC, JAC and LAN estimates |
International Passenger Business
pages51-100.htm
Major awards and distinctions received by LAN Airlines and its affiliates in 2008
BEST AIRLINE IN LATIN AMERICA 2008
BEST AIRLINE IN CENTRAL AND SOUTH AMERICA (GT TESTED AWARDS)
BEST-MANAGED AIRLINE IN LATIN AMERICA
BEST COMPANY IN SOUTH AMERICA
BEST BUSINESS CLASS TO SOUTH AMERICA
CORPORATE REPUTATION RANKING, HILL & KNOWLTON CAPTIVA – L A TERCERA
AMONG THE BEST-REPUTED COMPANIES IN CHILE
LAN CARGO, BEST LATIN-AMERICAN AIRLINE
LAN PERÚ: BEST NEW SERVICE LAUNCH
LAN PERÚ: AIRLINE MOST PREFERRED BY PERUVIAN EXECUTIVES
LAN ARGENTINA: PRIZE FOR PRODUCT AND SERVICE QUALITY
LAN ARGENTINA: BITÁCORA PRIZE (GOLD) IN THE NATIONAL AIRLINE CATEGORY
IGNACIO CUETO AMONG THE 10 BEST CHILEAN GENERAL MANAGERS IN 2008
ENRIQUE CUETO, BEST ENTREPRENEUR IN CHILE IN 2008
BEST AIRLINE IN CENTRAL / SOUTHAMERICA & CARIBBEAN
Dotaciones | |||
Staffing Levels | |||
2008 | 2007 | ||
Administracion/ Administrative | 3.181 | 3.247 | |
Mantenimiento / Maintenance | 2.147 | 1.922 | |
Operaciones / Operations | 4.784 | 4.940 | |
Tripulantes de Cabina / Cabin Crew | 2.587 | 2.494 | |
Tripulantes de Mando / Cockpit Crew | 1.346 | 1.180 | |
Ventas / Sales | 2.276 | 2.014 | |
Total | 16.321 | 15.797 |
pages101-150.htm
LAN trabaja desde el año 2002 con la organización “Un Techo para mi País”, contribuyendo con la labor de poner fin a los asentamientos marginales en Latinoamérica. La alianza se formalizó en diciembre de 2006, mediante la firma de un convenio regional para apoyar la expansión del proyecto en el continente. Durante el año 2008, se contribuyó al traslado de 270 voluntarios que trabajan en esta organización en los países de la región. También, LAN financió viviendas de emergencia, que son construidas por sus propios colaboradores en aquellos países donde opera. El año 2008, un total de 1500 voluntarios de la Compañía participaron en la edificación de 228 viviendas sociales.
Since 2002 LAN has worked with “Un Techo para mi País” (A Roof for My Country), supporting the organization’s efforts to do away with marginal housing settlements in Latin America. This alliance was placed on a formal footing in December 2006 with the signing of a regional agreement for the expansion of the project across the continent. In 2008 the airline provided free air transport for 270 volunteers working with the organization around the region. It also financed emergency housing, built by LAN personnel themselves, in the countries where it operates. Altogether, 228 social housing units were constructed by 1,500 company volunteers.
Financieros, Consulte el CD adjunto.
Balance general consolidado
Estado consolidado de resultados
Estado consolidado de flujo efectivo directo
Conciliacion flujo – resultado
Consolidated statements of income
Consolidated statements of cash flows
Reconciliation of net income to net cash provided by operating activities
Balance General Consolidado | ||||
Al 31 de diciembre | ||||
2008 | 2007 | |||
MUS$ | MUS$ | |||
Total Activos Circulantes | 1.351.031 | 1.089.828 | ||
Disponible | 15.707 | 11.506 | ||
Depósitos a plazo | 255.881 | 308.585 | ||
Valores negociables (neto) | 138.426 | 147.952 | ||
Deudores por venta (neto) | 275.690 | 279.471 | ||
Documentos por cobrar (neto) | 1.770 | 6.492 | ||
Deudores varios (neto) | 161.109 | 182.338 | ||
Documentos y cuentas por cobrar empresas relacionadas | 1.117 | 226 | ||
Existencias (neto) | 50.609 | 54.022 | ||
Impuestos por recuperar | 72.013 | 68.623 | ||
Gastos pagados por anticipado | 13.346 | 12.949 | ||
Impuestos diferidos | 6.545 | 4.624 | ||
Otros activos circulantes | 358.818 | 13.040 | ||
Total Activos Fijos | 3.093.368 | 2.351.605 | ||
Terrenos | 26.397 | 14.424 | ||
Construcciones y obras de infraestructura | 108.358 | 105.990 | ||
Maquinarias y equipos | 3.022.573 | 2.190.411 | ||
Otros activos fijos | 739.270 | 739.499 | ||
Depreciación (menos) | (803.230 | ) | (698.719 | ) |
Total Otros Activos | 460.462 | 460.309 | ||
Inversiones en empresas relacionadas | 1.187 | 1.482 | ||
Inversiones en otras sociedades | 506 | 1.807 | ||
Menor valor de inversiones | 32.412 | 36.022 | ||
Mayor valor de inversiones (menos) Deudores a largo plazo | 11.200 | 12.171 | ||
Documentos y cuentas por cobrar empresas relacionadas largo plazo | 251 | - | ||
Intangibles | 52.224 | 43.254 | ||
Amortización (menos) | (23.660 | ) | (17.186 | ) |
Otros | 386.342 | 382.759 | ||
Total Activos | 4.904.861 | 3.901.742 |
Al 31 de diciembre | ||||
2008 | 2007 | |||
MUS$ | MUS$ | |||
Total Pasivos Circulantes | 1.379.027 | 1.122.605 | ||
Obligaciones con bancos e instituciones financieras largo plazo - porción corto plazo | 151.247 | 102.153 | ||
Obligaciones largo plazo con vencimiento dentro de un año | 70.407 | 74.786 | ||
Dividendos por pagar | 105.330 | 120.073 | ||
Cuentas por pagar | 361.620 | 322.897 | ||
Acreedores varios | 19.033 | - | ||
Documentos y cuentas por pagar empresas relacionadas | 303 | 357 | ||
Provisiones | 94.459 | 100.546 | ||
Retenciones | 64.859 | 62.384 | ||
Impuesto a la renta | 1.537 | 8.101 | ||
Ingresos percibidos por adelantado | 329.742 | 325.669 | ||
Otros pasivos circulantes | 180.490 | 5.639 | ||
Total Pasivos a Largo Plazo | 2.402.135 | 1.785.896 | ||
Obligaciones con bancos e instituciones financieras | 1.654.947 | 1.228.650 | ||
Acreedores varios largo plazo | 96.182 | - | ||
Provisiones largo plazo | 92.593 | 94.441 | ||
Impuestos diferidos a largo plazo | 228.232 | 169.885 | ||
Otros pasivos a largo plazo | 330.181 | 292.920 | ||
Interés Minoritario | 5.721 | 5.189 | ||
Total Patrimonio | 1.117.978 | 988.052 | ||
Capital pagado | 453.444 | 453.444 | ||
Otras reservas | 1.749 | (52 | ) | |
Utilidades retenidas : | 662.785 | 534.660 | ||
Utilidades acumuladas | 528.833 | 436.337 | ||
Utilidad (pérdida) del ejercicio | 335.739 | 308.323 | ||
Dividendos provisorios (menos) | (201.787 | ) | (210.000 | ) |
Total Pasivos y Patrimonio | 4.904.861 | 3.901.742 |
Estado Consolidado de Resultados | ||||
Al 31 de diciembre | ||||
2008 | 2007 | |||
MUS$ | MUS$ | |||
Resultado de Explotación | 536.184 | 413.371 | ||
Ingresos de explotación | 4.534.282 | 3.524.923 | ||
Costos de explotación (menos) | (2.858.768 | ) | (2.160.451 | ) |
Margen de explotación | 1.675.514 | 1.364.472 | ||
Gastos de administración y ventas (menos) | (1.139.330 | ) | (951.101 | ) |
Resultado Fuera de Explotación | (134.567 | ) | (45.562 | ) |
Ingresos financieros | 16.212 | 18.043 | ||
Utilidad inversión empresas relacionadas | 1.112 | 604 | ||
Otros ingresos fuera de la explotación | 55.995 | 31.802 | ||
Pérdida inversión empresas relacionadas (menos) | (164 | ) | (5.690 | ) |
Amortización menor valor de inversiones (menos) | (3.018 | ) | (2.994 | ) |
Gastos financieros (menos) | (82.690 | ) | (76.224 | ) |
Otros egresos fuera de la explotación | (115.026 | ) | (27.817 | ) |
Corrección monetaria | 878 | 1.014 | ||
Diferencias de cambio | (7.866 | ) | 15.700 | |
Resultado antes de Impuesto a la Renta e Itemes Extraordinarios | 401.617 | 367.809 | ||
Impuesto a la Renta | (64.690 | ) | (59.775 | ) |
Utilidad (Perdida) antes Interés Minoritario | 336.927 | 308.034 | ||
Interés Minoritario | (1.188 | ) | 289 | |
Utilidad (Pérdida) Líquida | 335.739 | 308.323 | ||
Utilidad (Pérdida) del Ejercicio | 335.739 | 308.323 |
Estado Consolidado de Flujo Efectivo Directo | ||||
Al 31 de diciembre | ||||
2008 | 2007 | |||
MUS$ | MUS$ | |||
Flujo Neto Originado por Actividades de la Operación | 729.129 | 707.018 | ||
Recaudación de deudores por ventas | 4.648.591 | 3.535.542 | ||
Ingresos Financieros percibidos | 10.969 | 15.150 | ||
Dividendos y otros repartos percibidos | 813 | 962 | ||
Otros ingresos percibidos | 100.573 | 36.736 | ||
Pago a proveedores y personal (menos) | (3.822.991 | ) | (2.743.171 | ) |
intereses pagados (menos) | (81.421 | ) | (73.633 | ) |
Impuesto a la renta pagado (menos) | (26.994 | ) | (16.316 | ) |
Otros gastos pagados (menos) | (26.113 | ) | (12.231 | ) |
I.V.A. y otros similares pagados (menos) | (74.298 | ) | (36.021 | ) |
Flujo Neto Originado por Actividades de Financiamiento | 58.760 | 383.419 | ||
Colocación de acciones de pago | 0 | 319.141 | ||
Obtención de préstamos | 574.874 | 495.324 | ||
Pago de Dividendos (menos) | (222.803 | ) | (210.868 | ) |
Pago de préstamos (menos) | (102.644 | ) | (205.536 | ) |
Pago de gastos por emisión y colocación de acciones (menos) | 0 | (2.672 | ) | |
Otros desembolsos por financiamiento (menos) | (190.667 | ) | (11.970 | ) |
Flujo Neto Originado por Actividades de Inversión | (830.545 | ) | (844.254 | ) |
Ventas de activo fijo | 6.625 | 219 | ||
Ventas de inversiones permanentes | 6.708 | 0 | ||
Ventas de otras inversiones | 14.511 | 14.105 | ||
Otros Ingresos de inversión | 5 | 0 | ||
Incorporación de activos fijos (menos) | (831.701 | ) | (839.851 | ) |
Pago de intereses capitalizados (menos) | (13.196 | ) | (2.290 | ) |
Inversiones Permanentes (menos) | (698 | ) | (94 | ) |
Inversiones en instrumentos financieros (menos) | (2.607 | ) | (16.343 | ) |
Otros desembolsos de inversión (menos) | (10.192 | ) | 0 | |
Flujo Neto Total del Período | (42.656 | ) | 246.183 | |
Efecto de la Inflación sobre el Efectivo y Efectivo Equivalente | (1.525 | ) | (64 | ) |
Variación Neta del Efectivo y Efectivo Equivalente | (44.181 | ) | 246.119 | |
Saldo Inicial de Efectivo y Efectivo Equivalente | 445.615 | 199.496 | ||
Saldo Final de Efectivo y Efectivo Equivalente | 401.434 | 445.615 |
Conciliación Flujo-Resultado | ||||
Al 31 de diciembre | ||||
2008 | 2007 | |||
MUS$ | MUS$ | |||
Utilidad (Pérdida) del Ejercicio | 335.739 | 308.323 | ||
Resultado en Venta de Activos | (5.268 | ) | (2.331 | ) |
(Utilidad) Pérdida en venta de activos fijos | (1.382 | ) | (1.203 | ) |
Utilidad en venta de inversiones (menos) | (3.886 | ) | (1.128 | ) |
Cargos (Abonos) a Resultado que no representan Flujo de Efectivo | 346.817 | 143.971 | ||
Depreciación del ejercicio | 174.905 | 143.796 | ||
Amortización de intangibles | 7.822 | 6.384 | ||
Castigos y provisiones | 21.451 | 7.689 | ||
Utilidad devengada en inversiones en empresas relacionadas (menos) | (1.112 | ) | (604 | ) |
Pérdida devengada en inversiones en empresas relacionadas | 164 | 5.690 | ||
Amortización menor valor de inversiones | 3.018 | 2.994 | ||
Corrección monetaria neta | (878 | ) | (1.014 | ) |
Diferencia de cambio neto | 7.866 | (15.700 | ) | |
Otros abonos a resultado que no representan flujo de efectivo (menos) | (22.941 | ) | (30.068 | ) |
Otros cargos a resultado que no representan flujo de efectivo | 156.522 | 24.804 | ||
Variación de Activos que afectan al Flujo de Efectivo (aumento) disminución | (14.610 | ) | 101.053 | |
Deudores por ventas | 4.231 | 8.770 | ||
Existencias | 4.803 | (9.345 | ) | |
Otros activos | (23.644 | ) | 101.628 | |
Variación de Pasivos que Afectan al Flujo de Efectivo aumentos (disminución) | 65.263 | 156.291 | ||
Cuentas por pagar relacionadas con el resultado de la explotación | 21.151 | 111.382 | ||
Intereses por pagar | 5.425 | 4.260 | ||
Impuesto a la Renta por pagar (neto) | 31.040 | 43.832 | ||
Otras cuentas por pagar relacionadas con el resultado fuera de explotación | (341 | ) | (1.769 | ) |
I.V.A. y otros similares por pagar (neto) | 7.988 | (1.414 | ) | |
Utilidad (Pérdida) del Interés Minoritario | 1.188 | (289 | ) | |
Flujo Neto Originado por Actividades de la Operación | 729.129 | 707.018 |
Consolidated Balance Sheet | ||
At December 31, | ||
2008 | 2007 | |
(In thousands of US$) | ||
ASSETS | ||
CURRENT ASSETS | ||
Cash | 15,707 | 11,506 |
Time deposits | 255,881 | 308,585 |
Marketable securities | 138,426 | 147,952 |
Trade accounts receivable and other, net | 438,569 | 468,301 |
Notes and accounts receivable from related companies | 1,117 | 226 |
Inventories | 50,609 | 54,022 |
Prepaid and recoverable taxes | 72,013 | 68,623 |
Prepaid expenses | 13,346 | 12,949 |
Deferred income tax assets | 6,545 | 4,624 |
Other current assets | 358,818 | 13,040 |
Total current assets | 1,351,031 | 1,089,828 |
PROPERTY AND EQUIPMENT (net) | 3,093,368 | 2,351,605 |
OTHER ASSETS | ||
Investments in related companies | 1,187 | 1,482 |
Goodwill | 32,412 | 36,022 |
Notes and accounts receivable from related companies | 251 | - |
Long-term accounts receivable | 11,200 | 12,171 |
Advances for purchases of aircraft and other deposits | 209,215 | 316,443 |
Other | 206,197 | 94,191 |
Total other assets | 460,462 | 460,309 |
Total assets | 4,904,861 | 3,901,742 |
Consolidated Balance Sheet | |||
At December 31, | |||
2008 | 2007 | ||
(In thousands of US$) | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
CURRENT LIABILITIES | |||
Current portion of long-term loans from financial institutions | 151,247 | 102,153 | |
Current portion of long-term leasing obligations | 63,654 | 61,960 | |
Securitization obligation | 6,753 | 12,826 | |
Dividends payable | 105,330 | 120,073 | |
Accounts payable | 361,620 | 322,897 | |
Notes and accounts payable to related companies | 303 | 357 | |
Air traffic liability and other unearned income | 329,742 | 325,669 | |
Other current liabilities | 360,378 | 176,670 | |
Total current liabilities | 1,379,027 | 1,122,605 | |
LONG-TERM LIABILITIES | |||
Loans from financial institutions | 1,654,947 | 1,228,650 | |
Securitization obligation | - | 6,752 | |
Other creditors | 247,469 | 52,400 | |
Provisions | 92,593 | 94,441 | |
Obligations under capital leases | 178,894 | 233,768 | |
Deferred income tax liabilities | 228,232 | 169,885 | |
Total long-term liabilities | 2,402,135 | 1,785,896 | |
MINORITY INTEREST | 5,721 | 5,189 | |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS’ EQUITY) | |||
Common stock (338,790,909 shares) | 453,444 | 453,444 | |
Reserves | 1,749 | (52 | ) |
Retained earnings | 662,785 | 534,660 | |
Total shareholders’ equity | 1,117,978 | 988,052 | |
Total liabilities and shareholders’ equity | 4,904,861 | 3,901,742 |
Consolidated Statements of Income | ||||||
For the years ended December 31, | ||||||
2008 | 2007 | 2006 | ||||
(In thousands of US$) | ||||||
REVENUES | ||||||
Passenger | 2,858,937 | 2,197,201 | 1,813,373 | |||
Cargo | 1,527,106 | 1,154,323 | 1,072,730 | |||
Other | 148,239 | 173,399 | 147,857 | |||
Total operating revenues | 4,534,282 | 3,524,923 | 3,033,960 | |||
EXPENSES | ||||||
Wages and benefits | (608,510 | ) | (489,550 | ) | (442,967 | ) |
Aircraft fuel | (1,423,922 | ) | (930,208 | ) | (763,951 | ) |
Commissions to agents | (481,934 | ) | (402,577 | ) | (403,899 | ) |
Depreciation and amortization | (183,207 | ) | (153,852 | ) | (122,802 | ) |
Passenger services | (85,168 | ) | (71,844 | ) | (56,077 | ) |
Aircraft rentals | (150,891 | ) | (158,917 | ) | (157,681 | ) |
Aircraft maintenance | (155,612 | ) | (159,063 | ) | (117,206 | ) |
Other rentals and landing fees | (450,592 | ) | (366,418 | ) | (336,821 | ) |
Other operating expenses | (458,262 | ) | (379,123 | ) | (329,934 | ) |
Total operating expenses | (3,998,098 | ) | (3,111,552 | ) | (2,731,338 | ) |
Operating income | 536,184 | 413,371 | 302,622 | |||
OTHER INCOME AND EXPENSES | ||||||
Interest income | 16,212 | 18,043 | 7,897 | |||
Interest expense | (82,690 | ) | (76,224 | ) | (60,739 | ) |
Other income - net | (68,089 | ) | 12,619 | 37,113 | ||
Total other income (expense) | (134,567 | ) | (45,562 | ) | (15,729 | ) |
Income before minority interest | 401,617 | 367,809 | 286,893 | |||
Minority interest | (1,188 | ) | 289 | 1,244 | ||
Income before income taxes | 400,429 | 368,098 | 288,137 | |||
Income taxes | (64,690 | ) | (59,775 | ) | (46,837 | ) |
NET INCOME | 335,739 | 308,323 | 241,300 |
Consolidated Statements of Cash Flows | ||||||
For the years ended December 31, | ||||||
2008 | 2007 | 2006 | ||||
(In thousands of US$) | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Collection of trade accounts receivable | 4,648,591 | 3,535,542 | 2,951,595 | |||
Interest income | 10,969 | 15,150 | 6,358 | |||
Other income received | 101,386 | 37,698 | 24,936 | |||
Payments to suppliers and personnel | (3,822,991 | ) | (2,743,171 | ) | (2,371,090 | ) |
Interest paid | (81,421 | ) | (73,633 | ) | (60,107 | ) |
Income tax paid | (26,994 | ) | (16,316 | ) | (14,581 | ) |
Other expenses paid | (26,113 | ) | (12,231 | ) | (11,592 | ) |
Value-added tax and similar payments | (74,298 | ) | (36,021 | ) | (35,265 | ) |
Net cash provided by operating activities | 729,129 | 707,018 | 490,254 | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Loans obtained | 574,874 | 495,324 | 821,324 | |||
Dividend payments | (222,803 | ) | (210,868 | ) | (84,910 | ) |
Loans repaid | (102,644 | ) | (205,536 | ) | (223,415 | ) |
Issuance of stock | - | 319,141 | - | |||
Issuance of stock expenses | - | (2,672 | ) | - | ||
Other | (190,667 | ) | (11,970 | ) | (9,282 | ) |
Net cash provided by financing activities | 58,760 | 383,419 | 503,717 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Acquisitions of property and equipment | (831,701 | ) | (839,851 | ) | (920,429 | ) |
Proceeds from sales of property and equipment | 6,625 | 219 | 7,620 | |||
Sale of financial instruments and other investments | 21,219 | 14,105 | 28,057 | |||
Other investments | (698 | ) | (94 | ) | (2.238 | ) |
Investments in financial instruments | (2,607 | ) | (16,343 | ) | - | |
Other | (24,908 | ) | (2,354 | ) | (18,756 | ) |
Net cash used in investing activities | (832,070 | ) | (844,318 | ) | (905,746 | ) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (44,181 | ) | 246,119 | 88,225 | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 445,615 | 199,496 | 111,271 | |||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 401,434 | 445,615 | 199,496 |
Reconciliation of Net Income To Net Cash | ||||||
Provided by Operating Activities | ||||||
For the years ended December 31, | ||||||
2008 | 2007 | 2006 | ||||
(In thousands of US$) | ||||||
NET INCOME FOR THE YEAR | 335,739 | 308,323 | 241,300 | |||
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH | ||||||
PROVIDED BY OPERATING ACTIVITIES | ||||||
Depreciation | 174,905 | 143,796 | 115,939 | |||
(Gain) Loss on sales of investments | (3,886 | ) | (1,128 | ) | 29 | |
(Gain) Loss on sales and retirements of property and Equipment | (1,382 | ) | (1,203 | ) | (1,133 | ) |
Proportional share of results of equity method investments | (948 | ) | 5,086 | (598 | ) | |
Amortization of goodwill | 3,018 | 2,994 | 3,318 | |||
Minority interest | 1,188 | (289 | ) | (1,244 | ) | |
Write-offs and provisions | 21,451 | 7,689 | 20,902 | |||
Foreign exchange gains | 6,988 | (16,714 | ) | (5,675 | ) | |
Other | 141,403 | 1,120 | (51,574 | ) | ||
CHANGES IN ASSETS AND LIABILITIES | ||||||
(Increase) decrease in accounts receivable – trade | 4,231 | 8,770 | (47,099 | ) | ||
(Increase) decrease in inventories | 4,803 | (9,345 | ) | (9,175 | ) | |
(Increase) decrease in other assets | (23,644 | ) | 101,628 | 36,640 | ||
(Decrease) increase in accounts payable | 21,151 | 111,382 | 160,734 | |||
(Decrease) increase in other liabilities | 44,112 | 44,909 | 27,890 | |||
Net cash provided by operating activities | 729,129 | 707,018 | 490,254 |
ATK Sistema / ATK System | |
Medida de capacidad agregada de pasajeros | “Available Ton Kilometers Sistema”, Número de toneladas de capacidad disponible |
y carga | para el transporte de pasajeros y carga multiplicado por número de kilómetros |
Total passenger and cargo capacity measure | volados. |
“Available Ton Kilometers System”, The number of total tons capacity for the | |
transportation of revenue load (passenger and cargo) multiplied by the kilometers | |
flown. | |
RTK Sistema / RTK System | |
Medida de tráfico agregado de pasajeros y | “Revenue Ton Kilometers Sistema”, Número de toneladas transportadas de pasa- |
carga | jeros y carga multiplicado por número de kilómetros volados. |
Total passenger and cargo traffic measure | “Revenue Ton Kilometers System”, The load (passenger and/or cargo) in tons multiplied by the kilometers flown. |
ASK | |
Medida de capacidad de pasajeros | “Available Seat Kilometers”, Asientos disponibles multiplicados por kilómetros |
Passenger Capacity measure | volados |
“Available Seat Kilometers”, The number of seats made available for sale multi- | |
plied by the kilometers flown. | |
ATK | |
Medida de capacidad de carga | “Available Ton Kilometers”, Toneladas de carga disponibles multiplicado por |
Cargo Capacity measure | kilómetros volados. |
“Available Ton Kilometers”, The number of tons available for the transportation of | |
revenue load (cargo) multiplied by the kilometers flown. | |
RPK | |
Medida de tráfico de pasajeros | “Revenue Passenger Kilometers”, Pasajeros transportados multiplicados por |
Passenger Traffic measure | kilómetros volados. |
“Revenue Passenger Kilometers”, The number of passengers multiplied by the | |
number of kilometers flown. | |
RTK | |
Medida de tráfico de carga | “Revenue Ton Kilometers”, Toneladas de carga transportada multiplicada por |
Cargo Traffic measure | kilómetros volados. |
“Revenue Ton Kilometers”, The load (cargo) in tons multiplied by the kilometers | |
flown. | |
Yield Pasajeros / Passenger Yield | |
Medida de ingreso unitario de pasajeros | Ingresos provenientes del negocio de pasajeros, dividido por RTKs de pasajeros o |
Unit passenger revenue measure | RPKs, (en centavos de US$). |
Revenue from passenger operations divided by passenger RTKs or RPKs (in US$ | |
cents) | |
Yield Carga / Cargo Yield | |
Medida de ingreso unitario de carga | Ingresos provenientes del negocio de carga, dividido por RTKs (en centavos de |
Unit cargo revenue measure | US$). |
Revenue from cargo operations divided by RTKs. (in US$ cents) | |
Factor de Ocupación / Load Factor | |
Medida de utilización de capacidad di- | Sistema: “Revenue ton kilometers Sistema” dividido por “Available Ton Kilometers |
sponible, tanto a nivel de sistema, pasajeros | Sistema” |
y/o carga | Pasajeros: “Revenue Passenger Kilometers” dividido por “Available Seat Kilome- |
Utilization of available capacity measure, for | ters” |
system, passenger or/and cargo | Carga: “Revenue Ton Kilometers” dividido por “Available Ton Kilometers” |
System: RTKs system expressed as a percentage of ATKs system | |
Pasajeros: RPKs expressed as a percentage of ASKs | |
Carga: RTKs expressed as a percentage of ATKs |
Balance general.
Estado de resultados.
Estado de flujos de efectivo.
Notas a los estados financieros.
MUS$ Miles de dólares estadounidenses
$ Peso chileno
UF Unidades de fomento
Señores
Accionistas y Directores
Lan Airlines S.A.
PricewaterhouseCoopers
Activos | |||||
Al 31 de diciembre | |||||
2008 | 2007 | ||||
NOTA | MUS$ | MUS$ | |||
Total Activos Circulantes | 1.177.895 | 920.648 | |||
Disponible | 5.947 | 5.428 | |||
Depósito a plazo | 234.649 | 288.855 | |||
Valores negociables (neto) | Nota 04 | 88.643 | 81.490 | ||
Deudores por venta (neto) | Nota 05 | 195.944 | 202.162 | ||
Documentos por cobrar (neto) | Nota 05 | 1.233 | 5.245 | ||
Deudores varios (neto) | Nota 05 | 117.903 | 145.496 | ||
Documentos y cuentas por cobrar empresas relacionadas | Nota 06 | 82.997 | 86.903 | ||
Existencias (neto) | Nota 07 | 49.921 | 53.025 | ||
Impuestos por recuperar | 33.474 | 30.266 | |||
Gastos pagados por anticipado | Nota 34 | 8.025 | 7.886 | ||
Impuestos diferidos | Nota 08 | 988 | 2.822 | ||
Otros activos circulantes | Nota 09 | 358.171 | 11.070 | ||
Total Activos Fijos | 2.467.118 | 1.726.416 | |||
Terrenos | Nota 10 | 5.537 | 5.537 | ||
Construcción y obras de infraestructura | Nota 10 | 65.466 | 61.016 | ||
Maquinarias y equipos | Nota 10 | 2.566.797 | 1.741.303 | ||
Otros activos fijos | Nota 10 | 451.321 | 452.329 | ||
Depreciación acumulada (menos) | Nota 10 | (622.003 | ) | (533.769 | ) |
Total Otros Activos | 1.036.775 | 1.023.638 | |||
Inversiones en empresas relacionadas | Nota 12 | 325.371 | 387.155 | ||
Inversiones en otras sociedades | 491 | 491 | |||
Menor valor de inversiones | Nota 13 | 15.384 | 17.194 | ||
Deudores a largo plazo | Nota 05 | 9.133 | 9.640 | ||
Documentos y cuentas por cobrar empresas relacionadas largo plazo | Nota 06 | 298.807 | 298.793 | ||
Intangibles | Nota 14 | 47.696 | 37.018 | ||
Amortización (menos) | Nota 14 | (21.843 | ) | (14.693 | ) |
Otros | Nota 15 | 361.736 | 288.040 | ||
Total Activos | 4.681.788 | 3.670.702 | |||
Las notas adjuntas Nº 1 a 36 forman parte integral de estos estados financieros. |
Al 31 de diciembre | |||||
2008 | 2007 | ||||
NOTA | MUS$ | MUS$ | |||
Total Pasivos Circulantes | 1.402.136 | 1.145.607 | |||
Obligaciones con bancos e instituciones financieras a largo plazo con | Nota 16 | 151.247 | 101.992 | ||
vencimiento dentro de un año | |||||
Obligaciones largo plazo con vencimiento dentro un año | Nota 20 | 46.270 | 50.505 | ||
Dividendos por pagar | Nota 21 | 105.309 | 120.063 | ||
Cuentas por pagar | Nota 35 | 227.278 | 192.251 | ||
Acreedores varios | 33 | - | |||
Documentos y cuentas por pagar empresas relacionadas | Nota 06 | 285.833 | 257.111 | ||
Provisiones | Nota 19 | 80.037 | 101.315 | ||
Retenciones | 45.878 | 44.487 | |||
Ingresos percibidos por adelantado | 280.988 | 272.757 | |||
Otros pasivos circulantes | Nota 17 | 179.263 | 5.126 | ||
Total Pasivos a Largo Plazo | 2.161.674 | 1.537.043 | |||
Obligaciones con bancos e instituciones financieras | Nota 18 | 1.654.947 | 1.152.181 | ||
Acreedores varios largo plazo | 6.182 | - | |||
Documentos y cuentas por pagar empresas relacionadas | Nota 06 | 3.289 | - | ||
Provisiones largo plazo | Nota 19 | 83.968 | 85.383 | ||
Impuestos diferidos a largo plazo | Nota 08 | 205.974 | 147.184 | ||
Otros pasivos a largo plazo | Nota 20 | 207.314 | 152.295 | ||
Total Patrimonio | Nota 21 | 1.117.978 | 988.052 | ||
Capital pagado | 453.444 | 453.444 | |||
Otras reservas | 1.749 | (52 | ) | ||
Utilidades acumuladas | 528.833 | 436.337 | |||
Utilidad (pérdida) del ejercicio | 335.739 | 308.323 | |||
Dividendos provisorios (menos) | (201.787 | ) | (210.000 | ) | |
Total Pasivos y Patrimonio | 4.681.788 | 3.670.702 | |||
Las notas adjuntas Nº 1 a 36 forman parte integral de estos estados financieros. |
Estado de Resultados | |||||
Por los ejercicios terminados | |||||
Al 31 de diciembre | |||||
2008 | 2007 | ||||
NOTA | MUS$ | MUS$ | |||
Resultado de Explotación | 398.090 | 270.455 | |||
Margen de Explotación | 1.118.678 | 881.079 | |||
Ingresos de explotación | 2.561.606 | 2.089.801 | |||
Costos de explotación (menos) | (1.442.928 | ) | (1.208.722 | ) | |
Gastos de administración y ventas (menos) | (720.588 | ) | (610.624 | ) | |
Resultado Fuera de Explotación | (2.312 | ) | 87.954 | ||
Ingresos financieros | 29.170 | 34.258 | |||
Utilidad inversiones empresas relacionadas | Nota 12 | 24.220 | 146.320 | ||
Otros ingresos fuera de la explotación | Nota 22 | 49.480 | 8.652 | ||
Pérdida inversión empresas relacionadas (menos) | Nota 12 | (21.898 | ) | (5.742 | ) |
Amortización menor valor de inversiones (menos) | Nota 13 | (1.810 | ) | (1.810 | ) |
Gastos financieros (menos) | (81.835 | ) | (68.709 | ) | |
Otros egresos fuera de la explotación (menos) | Nota 22 | (2.467 | ) | (42.536 | ) |
Corrección monetaria | Nota 23 | 419 | 811 | ||
Diferencias de cambio | Nota 24 | 2.409 | 16.710 | ||
Resultado antes de Impuesto a la Renta e Itemes Extraordinarios | 395.778 | 358.409 | |||
Impuesto a la renta | Nota 08 | (60.039 | ) | (50.086 | ) |
Utilidad (Pérdida) antes Interés Minoritario | 335.739 | 308.323 | |||
Interés Minoritario | - | - | |||
Utilidad (Pérdida) Líquida | 335.739 | 308.323 | |||
Amortización mayor valor de inversiones | - | - | |||
Utilidad (Pérdida) del Ejercicio | 335.739 | 308.323 | |||
Las notas adjuntas Nº 1 a 36 forman parte integral de estos estados financieros |
Estado de Flujo Efectivo Directo | |||||
Al 31 de diciembre | |||||
2008 | 2007 | ||||
NOTA | MUS$ | MUS$ | |||
Flujo Neto Originado por Actividades de la Operación | 676.880 | 613.621 | |||
Recaudación de deudores por ventas | 3.103.676 | 3.238.080 | |||
Ingresos Financieros percibidos | 26.472 | 32.429 | |||
Dividendos y otros repartos percibidos | 48.535 | 32.814 | |||
Otros ingresos percibidos | 88.496 | 33.762 | |||
Pago a proveedores y personal (menos) | (2.466.458 | ) | (2.625.444 | ) | |
Intereses pagados (menos) | (73.346 | ) | (63.249 | ) | |
Impuesto a la renta pagado (menos) | (11.314 | ) | (13.203 | ) | |
Otros gastos pagados (menos) | (18.035 | ) | (5.611 | ) | |
Impuesto al valor agregado y otros similares pagados (menos) | (21.146 | ) | (15.957 | ) | |
Flujo Neto Originado por Actividades de Financiamiento | 135.676 | 350.406 | |||
Colocación de acciones de pago | Nota 21 | - | 319.141 | ||
Obtención de préstamos | 651.343 | 442.189 | |||
Pago de dividendos (menos) | (222.356 | ) | (210.845 | ) | |
Pago de préstamos (menos) | (102.644 | ) | (185.437 | ) | |
Pago de gastos por emisión y colocación de acciones (menos) | Nota 25 | - | (2.672 | ) | |
Otros desembolsos por financiamiento (menos) | Nota 26 | (190.667 | ) | (11.970 | ) |
Flujo Neto Originado por Actividades de Inversión | (845.242 | ) | (763.676 | ) | |
Ventas de activo fijo | 6.623 | 7.809 | |||
Ventas de inversiones permanentes | 801 | - | |||
Ventas de otras inversiones | 14.511 | 14.105 | |||
Recaudación de otros préstamos a empresas relacionadas | 28.681 | 25.406 | |||
Incorporación de activos fijos (menos) | (848.237 | ) | (768.043 | ) | |
Pago de intereses capitalizados (menos) | (12.576 | ) | - | ||
Inversiones permanentes (menos) | - | (4 | ) | ||
Inversiones en instrumentos financieros (menos) | (2.607 | ) | (16.343 | ) | |
Otros préstamos a empresas relacionadas (menos) | (23.000 | ) | (26.606 | ) | |
Otros desembolsos de inversión (menos) | (9.438 | ) | - | ||
Flujo Neto Total del Periodo | (32.686 | ) | 200.351 | ||
Efecto de la Inflación sobre el Efectivo y Efectivo Equivalente | - | - | |||
Variación Neta del Efectivo y Efectivo Equivalente | (32.686 | ) | 200.351 | ||
Saldo Inicial de Efectivo y Efectivo Equivalente | 353.345 | 152.994 | |||
Saldo Final de Efectivo y Efectivo Equivalente | 320.659 | 353.345 | |||
Las notas adjuntas Nº 1 a 36 forman parte integral de estos estados financieros. |
Conciliacion entre el flujo neto originado por actividades de la operacion y el resultado del ejercicio
Al 31 de diciembre | |||||
2008 | 2007 | ||||
NOTA | MUS$ | MUS$ | |||
Utilidad (Pérdida) del ejercicio | 335.739 | 308.323 | |||
Resultado en venta de activos | (2.630 | ) | (1.203 | ) | |
(Utilidad) Pérdida en venta de activos fijos | Nota 22 | (2.082 | ) | (1.203 | ) |
Pérdida en venta de inversiones | Nota 22 | (548 | ) | - | |
Cargos (Abonos) a Resultado que no representan flujo de efectivo | 197.504 | (9.912 | ) | ||
Depreciación del ejercicio | Nota 10 | 135.753 | 101.209 | ||
Amortización de intangibles | Nota 14 | 7.026 | 5.383 | ||
Castigos y provisiones | 14.090 | 5.653 | |||
Utilidad devengada en inversiones en empresas relacionadas (menos) | Nota 12 | (24.220 | ) | (146.320 | ) |
Pérdida devengada en inversiones en empresas relacionadas | Nota 12 | 21.898 | 5.742 | ||
Amortización menor valor de inversiones | Nota 13 | 1.810 | 1.810 | ||
Corrección monetaria neta | Nota 23 | (419 | ) | (811 | ) |
Diferencia de cambio neta | Nota 24 | (2.409 | ) | (16.710 | ) |
Otros abonos a resultado que no representan flujo de efectivo (menos) | (984 | ) | (7.567 | ) | |
Otros cargos a resultado que no representan flujo de efectivo | 44.959 | 41.699 | |||
Variación de Activos que afectan al flujo de efectivo (aumento) disminución | 22.575 | 89.920 | |||
Deudores por ventas | 1.547 | (25.608 | ) | ||
Existencias | 4.088 | (9.307 | ) | ||
Otros activos | 16.940 | 124.835 | |||
Variación de Pasivos que afectan al flujo de efectivo aumento (disminución) | 123.692 | 226.493 | |||
Cuentas por pagar relacionadas con el resultado de la explotación | 50.597 | 181.397 | |||
Intereses por pagar | 5.982 | 3.794 | |||
Impuesto a la renta por pagar (neto) | Nota 08 | 48.725 | 36.883 | ||
Impuesto al valor agregado y otros similares por pagar (neto) | 18.388 | 4.419 | |||
Flujo Neto originado por Actividades de la Operación | 676.880 | 613.621 | |||
Las notas adjuntas Nº 1 a 36 forman parte integral de estos estados financieros. |
a) Período contable
31.12.08 | 31.12.07 | |
Por dólar | Por dólar | |
Estadounidense | Estadounidense | |
Peso chileno | 636,45 | 496,89 |
Unidad de fomento (Chile) | 0,03 | 0,03 |
Peso argentino | 3,45 | 3,15 |
Real brasileño | 2,34 | 1,77 |
Nuevo sol peruano | 3,14 | 2,99 |
Dólar australiano | 1,45 | 1,15 |
Franco polinésico | 88,34 | 82,78 |
Bolívar venezolano | - | 2.145,80 |
Bolívar fuerte (Venezuela) | 2,14 | - |
Boliviano | 6,97 | 7,53 |
Peso uruguayo | 24,25 | 21,45 |
Peso mexicano | 13,92 | 10,90 |
Dólar canadiense | 1,22 | 0,98 |
Corona danesa | 5,28 | 5,07 |
Guaraní paraguayo | 4.880,00 | 4.720,00 |
Peso colombiano | 2.246,16 | 2.009,00 |
Yen japonés | 90,27 | 112,77 |
Dólar neozelandés | 1,73 | 1,30 |
Euro (Comunidad europea) | 0,71 | 0,68 |
a) Composición del saldo
Valor Contable | ||
2008 | 2007 | |
Instrumentos | MUS$ | MUS$ |
Bonos | 8.580 | 22.428 |
Cuotas de fondos mutuos | 80.063 | 59.062 |
Total Valores Negociables | 88.643 | 81.490 |
Valor Contable | ||||||||
Valor | Valor de | |||||||
Fecha | Fecha | Par | Monto | Mercado | Provisión | |||
Instrumento | Compra | Vencimiento | MUS$ | MUS$ | Tasa | MUS$ | MUS$ | |
Bonos nacionales | 08-06-2004 | 01-12-2009 | 322 | 283 | 4,66 | % | 336 | - |
Bonos extranjeros | 05-01-2007 | 25-10-2009 | 9.925 | 8.297 | 7,95 | % | 8.681 | - |
Circulantes | |||||||||
Hasta 90 días | Más de 90 hasta 1 año | Subtotal | Total Circulante (neto) | Largo plazo | |||||
2008 | 2007 | 2008 | 2007 | 2008 | 2008 | 2007 | 2008 | 2007 | |
Rubro | MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | MUS$ |
Deudores por ventas | 198.149 | 206.477 | 8.931 | 6.952 | 207.080 | 195.944 | 202.162 | - | - |
Est. deudores incobrables | - | - | - | - | 11.136 | - | - | - | - |
Documentos por cobrar | 8.734 | 8.888 | 380 | 1.603 | 9.114 | 1.233 | 5.245 | - | - |
Est. deudores incobrables | - | - | - | - | 7.881 | - | - | - | - |
Deudores varios | 14.350 | 18.436 | 103.553 | 127.060 | 117.903 | 117.903 | 145.496 | 9.133 | 9.640 |
Est. deudores incobrables | - | - | - | - | - | - | - | - | - |
Total deudores largo plazo | 9.133 | 9.640 |
Corto plazo | Largo plazo | |||||||
2008 | % | 2007 | % | 2008 | % | 2007 | % | |
MUS$ | MUS$ | MUS$ | MUS$ | |||||
a) Deudores por venta | ||||||||
En Chile | 61.043 | 31,15 | 83.334 | 41,22 | - | - | - | - |
En el exterior | 134.901 | 68,85 | 118.828 | 58,78 | - | - | - | - |
Total | 195.944 | 100,00 | 202.162 | 100,00 | - | - | - | - |
b) Documentos por cobrar | ||||||||
En Chile | 1.209 | 98,05 | 5.224 | 99,60 | - | - | - | - |
En el exterior | 24 | 1,95 | 21 | 0,40 | - | - | - | - |
Total | 1.233 | 100,00 | 5.245 | 100,00 | - | - | - | - |
c) Deudores varios | ||||||||
Anticipo Aviones (1) | 93.399 | 79,22 | 120.906 | 83,10 | - | - | - | - |
Anticipo a proveedores | 8.463 | 7,18 | 6.406 | 4,40 | - | - | - | - |
Cuentas corrientes del personal | 3.056 | 2,59 | 2.485 | 1,71 | 1.507 | 16,50 | 2.013 | 20,88 |
Deudores cobranding y Lan Pass | 1.100 | 0,93 | 990 | 0,68 | - | - | - | - |
Cobertura de combustible por recuperar | - | - | 7.534 | 5,18 | - | - | - | - |
Deudores por devolución de aviones (2) | - | - | 1.536 | 1,05 | 7.626 | 83,50 | 7.627 | 79,12 |
Otros | 11.885 | 10,08 | 5.639 | 3,88 | - | - | - | - |
Total | 117.903 | 100,00 | 145.496 | 100,00 | 9.133 | 100,00 | 9.640 | 100,00 |
Corto plazo | Largo plazo | |||||
2008 | 2007 | 2008 | 2007 | |||
RUT | Sociedad | MUS$ | MUS$ | MUS$ | MUS$ | |
96.801.150-2 | Blue Express Intl S.A. y filial | 6.430 | 3.596 | - | - | |
96.778.310-2 | Concesionaria Chucumata S.A. | 1 | - | - | - | |
96.634.020-7 | Ediciones Ladeco América S.A. | 3 | 4 | - | - | |
87.752.000-5 | Granja Marina Tornagaleones S.A. | 13 | - | - | - | |
96.763.900-1 | Inmobiliaria Aeronáutica S.A. | 6.023 | 5.683 | 23.499 | 11.620 | |
96.810.370-9 | Inversiones Costa Verde Limitada | 12 | - | - | - | |
96.575.810-0 | Inversiones Lan S.A. y filiales | - | - | 141 | 3.656 | |
96.631.410-9 | Ladeco Cargo S.A. | 2 | - | - | - | |
93.383.000-4 | Lan Cargo S.A. | - | - | 98.861 | 119.083 | |
96.969.680-0 | Lan Pax Group S.A y filiales | 18.486 | 23.001 | 58.466 | 37.919 | |
96.969.690-8 | Lan Cargo Inversiones S.A. | 674 | 1 | - | - | |
96.669.520-K | Red de Televisión Chilevisión S.A. | 16 | 121 | - | - | |
78.005.760-2 | Sociedad de Seguridad Aérea S.A. | 905 | 160 | - | - | |
96.854.560-4 | Terminal de Exportación Internacional S.A. | - | 72 | - | - | |
96.951.280-7 | Transporte Aéreo S.A. | - | - | 90.879 | 98.724 | |
Extranjera | Aerolinhas Brasileiras S.A. | 25.820 | 24.142 | - | - | |
Extranjera | Aerotransportes Mas de Carga S.A. | 31 | - | - | - | |
Extranjera | Aircraft International Leasing Limited | - | - | 2.396 | 2.391 | |
Extranjera | Connecta Corporation | 1.790 | - | - | - | |
Extranjera | Cons. Fast Air Almacenes de Carga S.A. | 1 | - | - | - | |
Extranjera | Lan Cargo Overseas Limited y filiales | 11 | - | 12.232 | 12.226 | |
Extranjera | Lan Chile Investments Limited y filiales | 5.355 | 2.877 | 12.000 | 12.841 | |
Extranjera | Lan Perú S.A. | 14.737 | 20.071 | - | - | |
Extranjera | Laser Cargo S.R.L. | - | - | 333 | 333 | |
Extranjera | Prime Airport Services Inc. | 2.687 | 6.949 | - | - | |
Extranjera | South Florida Air Cargo Inc. | - | 226 | - | - | |
Totales | 82.997 | 86.903 | 298.807 | 298.793 |
Documentos y cuentas por pagar | ||||||
Corto plazo | Largo plazo | |||||
2008 | 2007 | 2008 | 2007 | |||
RUT | Sociedad | MUS$ | MUS$ | MUS$ | MUS$ | |
96.577.310-K | Andes Airport Services S.A. | 2.327 | 716 | - | - | |
96.921.070-3 | Austral Sociedad Concesionaria S.A. | 2 | 33 | - | - | |
96.894.180-1 | Bancard Inversiones Limitada | 19 | 10 | - | - | |
96.801.150-2 | Blue Express Intl S.A. y filial | 4.684 | - | - | - | |
96.518.860-6 | Comercial Masterhouse S.A. | 2.003 | 883 | - | - | |
96.778.310-2 | Concesionaria Chucumata S.A. | - | 2 | - | - | |
96.631.520-2 | Fast Air Almacenes de Carga S.A. | 8.439 | 6.555 | - | - | |
96.575.810-0 | Inversiones Lan S.A. y filiales | - | - | 3.289 | - | |
96.967.400-9 | Lan Card S.A. | - | 47 | - | - | |
93.383.000-4 | Lan Cargo S.A. | 153.730 | 139.894 | - | - | |
96.969.680-0 | Lan Pax Group S.A y filiales | 19.132 | - | - | - | |
96.847.880-K | Lufthansa Lan Technical Training S.A. | 69 | 86 | - | - | |
78.074.340-9 | Sistemas de Distribución Amadeus Chile S.A. | - | 1.575 | - | - | |
96.888.630-4 | Sociedad Concesionaria Aerosur S.A. | - | 11 | - | - | |
96.951.280-7 | Transporte Aéreo S.A. | 95.335 | 91.362 | - | - | |
Extranjera | Aerotransportes Mas de Carga S.A. | - | 2.174 | - | - | |
Extranjera | Inversiones Aeronáuticas Argentina | 27 | - | - | - | |
Extranjera | Lan Cargo Overseas Limited y Filiales | 66 | - | - | - | |
Extranjera | Lan Chile Investments Limited y filiales | - | 13.763 | - | - | |
Totales | 285.833 | 257.111 | 3.289 | - |
2008 | 2007 | |
MUS$ | MUS$ | |
Repuestos y materiales | 49.854 | 48.615 |
Existencias Duty Free | 67 | 4.410 |
Total | 49.921 | 53.025 |
2008 | 2007 | |||
Item | MUS$ | MUS$ | ||
Gasto tributario corriente (provisión impuesto) | (53 | ) | (8.411 | ) |
Ajuste gasto tributario (ejercicio anterior) | 1.002 | (1.405 | ) | |
Efecto por activos o pasivos por impuesto diferido del ejercicio | (75.689 | ) | (32.256 | ) |
Beneficio tributario por pérdidas tributarias | 1.480 | - | ||
Efecto por amortización de cuentas complementarias de activos y pasivos diferidos | (238 | ) | (238 | ) |
Efecto en activos o pasivos por impuesto diferido por cambios en la provisión de valuación | 13.823 | (7.577 | ) | |
Otros cargos o abonos en la cuenta | (364 | ) | (199 | ) |
Totales | (60.039 | ) | (50.086 | ) |
2008 | 2007 | |
MUS$ | MUS$ | |
Resultado no realizado por contratos a futuro (1) | 178.234 | 6.280 |
Garantías por márgenes de derivados | 177.840 | - |
Garantías otorgadas (aeronaves) | 208 | 3.134 |
Otras garantías | 1.088 | 717 |
Otros | 801 | 939 |
Total | 358.171 | 11.070 |
2008 | 2007 | |||||||
Valor | Depreciación | Valor | Valor | Depreciación | Valor | |||
Activo | Acumulada | Neto | Activo | Acumulada | Neto | |||
MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | |||
Terrenos | 5.537 | - | 5.537 | 5.537 | - | 5.537 | ||
Edificios | 35.588 | (9.761 | ) | 25.827 | 35.332 | (8.984 | ) | 26.348 |
Otras instalaciones | 27.375 | (13.221 | ) | 14.154 | 24.410 | (10.950 | ) | 13.460 |
Obras en ejecución | 2.503 | - | 2.503 | 1.274 | - | 1.274 | ||
Total Construcciones y obras de infraestructura | 65.466 | (22.982 | ) | 42.484 | 61.016 | (19.934 | ) | 41.082 |
Aviones Boeing 767 Pasajeros | 1.053.999 | (135.573 | ) | 918.426 | 678.159 | (88.863 | ) | 589.296 |
Aviones Airbus A318 Pasajeros | 441.917 | (15.685 | ) | 426.232 | 140.900 | (1.785 | ) | 139.115 |
Aviones Airbus A319 Pasajeros | 277.601 | (28.734 | ) | 248.867 | 205.542 | (17.161 | ) | 188.381 |
Aviones Airbus A320 Pasajeros | 312.504 | (49.440 | ) | 263.064 | 225.980 | (37.138 | ) | 188.842 |
Motores y rotables | 369.532 | (91.673 | ) | 277.859 | 394.078 | (108.875 | ) | 285.203 |
Equipos de comunicación y computación | 64.716 | (53.546 | ) | 11.170 | 63.039 | (49.381 | ) | 13.658 |
Otras maquinarias y equipos | 46.528 | (26.421 | ) | 20.107 | 33.605 | (24.470 | ) | 9.135 |
Total Maquinarias y equipos | 2.566.797 | (401.072 | ) | 2.165.725 | 1.741.303 | (327.673 | ) | 1.413.630 |
Aviones Boeing 767 en leasing Pasajeros | 229.923 | (102.250 | ) | 127.673 | 227.908 | (98.481 | ) | 129.427 |
Aviones Boeing 767 en leasing Cargueros | 154.180 | (63.857 | ) | 90.323 | 152.744 | (57.949 | ) | 94.795 |
Almacenes de repuestos | 16.026 | - | 16.026 | 21.536 | - | 21.536 | ||
Muebles y equipos de oficina | 10.664 | (7.069 | ) | 3.595 | 9.755 | (6.428 | ) | 3.327 |
Otros activos fijos | 40.528 | (24.773 | ) | 15.755 | 40.386 | (23.304 | ) | 17.082 |
Total Otros activos fijos | 451.321 | (197.949 | ) | 253.372 | 452.329 | (186.162 | ) | 266.167 |
Totales | 3.089.121 | (622.003 | ) | 2.467.118 | 2.260.185 | (533.769 | ) | 1.726.416 |
c) Composición de la flota | ||||
Aeronaves de propiedad de la Sociedad: | ||||
2008 | 2007 | Aeronave | Modelo | Uso |
14 | 10 | Boeing 767 | 300ER | Pasajero |
2 | 2 | Boeing 767 | 300F | Carguero (*) |
1 | 1 | Boeing 767 | 200ER | Pasajero (**) |
15 | 5 | Airbus A318 | 100 | Pasajero |
8 | 6 | Airbus A319 | 100 | Pasajero |
8 | 6 | Airbus A320 | 200 | Pasajero (***) |
48 | 30 | Total Flota Propia |
2008 | 2007 | Aeronave | Modelo | Uso |
6 | 8 | Boeing 767 | 300ER | Pasajero |
2 | 6 | Airbus A320 | 200 | Pasajero |
5 | 5 | Airbus A340 | 300 | Pasajero |
13 | 19 | Total Flota Arrendada | ||
61 | 49 | Total Flota |
Monto por | ||||||||
Precio | Valor | Período | Amortización | amortizar | ||||
compra- | nominal | N° | del | Utilidad | ||||
venta | Contrato | cuotas | Contrato | por Venta | 2008 2007 | 2008 | 2007 | |
Descripción | MUS$ | MUS$ | pactadas | (Años) | MUS$ | MUS$ MUS$ | MUS$ | MUS$ |
Dos motores flota Airbus A320 | 13.100 | 9.684 | 84 | 7 | 6.883 | 6.637 5.654 | 246 | 1.229 |
a) Valor patrimonial
Resultado no | Resultado realizado del ejercicio | |||
Fecha de | realizado | 2008 | 2007 | |
Filial | Transacción | MUS$ | MUS$ | MUS$ |
Transporte Aéreo S.A. | 28-nov-03 | 350 | 156 | 156 |
Comercial Masterhouse S.A. | 28-nov-03 | 8 | 3 | 3 |
Sistemas de Distribución Amadeus Chile S.A. | 28-nov-03 | - | 8 | 3 |
Blue Express Intl S.A. (Ex - Lan Courier S.A.) | 31-dic-03 | 103 | 46 | 46 |
Resultado realizado | ||||
del ejercicio | ||||
Resultado no realizado | 2008 | 2007 | ||
Filial | Fecha de Transacción | MUS$ | MUS$ | MUS$ |
Lan Cargo S.A. | 15-dic-06 | 2.359 | 131 | 130 |
Resultado realizado del ejercicio | |||
Resultado no realizado | 2008 | ||
Filial | Fecha de Transacción | MUS$ | MUS$ |
Lan Card S.A. | 30-dic-08 | 578 | - |
pages151-200.htm
2008 | 2007 | ||||
Monto amortizado | Saldo menor | Monto amortizado | Saldo menor | ||
en el período | valor | en el período | valor | ||
RUT | Sociedad | MUS$ | MUS$ | MUS$ | MUS$ |
93383000-4 | Lan Cargo S.A. | 1.810 | 15.384 | 1.810 | 17.194 |
Total | 1.810 | 15.384 | 1.810 | 17.194 |
2008 | 2007 | |||||||
Valor | Amortización | Amortización | Valor | |||||
activo | acumulada | Valor neto | Valor activo | acumulada | neto | |||
MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | |||
Software | 43.960 | (19.686 | ) | 24.274 | 34.583 | (13.686 | ) | 20.897 |
Otros | 3.736 | ( 2.157 | ) | 1.579 | 2.435 | ( 1.007 | ) | 1.428 |
Total | 47.696 | (21.843 | ) | 25.853 | 37.018 | (14.693 | ) | 22.325 |
2008 | 2007 | |
MUS$ | MUS$ | |
a) Depósitos en garantía: | ||
Depósitos en garantía (aeronaves) | 13.681 | 11.630 |
Otros | 71 | 102 |
Subtotal | 13.752 | 11.732 |
b) Otros activos de largo plazo: | ||
Anticipos aviones (1) | 188.142 | 214.188 |
Resultado no realizado por contratos a futuro (2) | 154.602 | 57.177 |
Repuestos para la venta (3) | 4.701 | 1.645 |
Otros | 539 | 3.298 |
Subtotal | 347.984 | 276.308 |
Total | 361.736 | 288.040 |
Tipos de Monedas e Indice de Reajuste | |||||||||||
Dólares | Otras Monedas | ||||||||||
extranjeras | Totales | ||||||||||
2008 | 2007 | 2008 | 2007 | 2008 | 2007 | ||||||
Rut | Banco o Institución Financiera | MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | MUS$ | ||||
Extranjera | Calyon | 17.454 | 17.314 | - | - | - 17.454 | 17.314 | ||||
Extranjera | Private Export Funding Corporation | 48.106 | 41.539 | - | - | - 48.106 | 41.539 | ||||
Extranjera | ING | 15.913 | 10.698 | - | - | - 15.913 | 10.698 | ||||
Extranjera | BNP Paribas | 55.362 | 28.009 | - | - | - 55.362 | 28.009 | ||||
Extranjera | ABN Amro | 14.412 | 4.432 | 14.412 | 4.432 | ||||||
Totales | 151.247 | 101.992 | - | - 151.247 | 101.992 | ||||||
Monto capital adeudado | 140.326 | 94.389 | - | - | - 140.326 | 94.389 | |||||
Tasa inerés promedio anual | L+2,8848 | % | 5,1872 | % | - | - | - | - | |||
Porcentaje obligaciones moneda extranjera (%) | 100,00 | ||||||||||
Porcentaje obligaciones moneda nacional (%) | - |
2008 | 2007 | |
MUS$ | MUS$ | |
Contratos a futuro (1) | 178.145 | 4.722 |
Garantías aviones | 620 | - |
Otros | 498 | 404 |
Total | 179.263 | 5.126 |
Corto plazo | Largo plazo | |||
2008 | 2007 | 2008 | 2007 | |
MUS$ | MUS$ | MUS$ | MUS$ | |
Mantención aeronaves y motores | 44.411 | 47.676 | 47.025 | 38.889 |
Patrimonio negativo filiales | 18.875 | 33.788 | - | - |
Premios Lan Pass | 7.351 | 8.150 | - | - |
Vacaciones | 6.478 | 7.024 | 3.581 | 4.752 |
Provisión investigación Comisión Europea (1) | - | - | 25.000 | 25.000 |
Otros | 2.922 | 4.677 | 8.362 | 16.742 |
Total | 80.037 | 101.315 | 83.968 | 85.383 |
2008 | 2007 | |
MUS$ | MUS$ | |
Deudores incobrables | 2.830 | 7.493 |
Obsolescencia de repuestos y rotables | 1.441 | 849 |
Total | 4.271 | 8.342 |
2008 | 2007 | |
MUS$ | MUS$ | |
Contratos a futuro (1) | 150.452 | 51.593 |
Obligaciones por leasing (2) | 56.027 | 93.152 |
Anticipo cobranzas ventas U.S.A. (3) | - | 6.753 |
Otros | 835 | 797 |
Total | 207.314 | 152.295 |
a) Aumento de capital
Porcentaje | Periodo | |
30 | % | Desde el 1/Julio/2009 |
30 | % | Desde el 1/Julio/2010 |
40 | % | Desde el 1/Julio/2011 |
2008 | 2007 | |||
MUS$ | MUS$ | |||
Reserva por ajuste al valor del activo fijo | 2.620 | 2.620 | ||
Costo de emisión y colocación de acciones (1) | (2.672 | ) | (2.672 | ) |
Opciones sobre acciones de pago | 1.801 | - | ||
Total | 1.749 | (52 | ) |
31-12-2007 | |||||||||||||
Capital | Reserva | Sobreprecio | Otras | Reserva | Resultados | Dividendos | Déficit | Resultado | |||||
pagado | revalorización | en venta | reservas | futuros | Acumulados | Provisorios | Período de del Ejercicio | ||||||
Rubro | Capital | de acciones | dividendos | Desarrollo | |||||||||
Saldo Inicial | 134.303 | - | - | 2.620 | - | 363.947 | (115.850 | ) | - | 241.300 | |||
Distribución resultado ejercicio anterior | - | - | - | - | - | 241.300 | - | - | (241.300 | ) | |||
Dividendo definitivo ejercicio anterior | - | - | - | - | - | (168.910 | ) | 115.850 | - | - | |||
Aumento del capital con emisión de acciones | 319.141 | - | - | (2.672 | ) | - | - | - | - | - | |||
de pago | |||||||||||||
Capitalización reservas y/o utilidades | - | - | - | - | - | - | - | - | - | ||||
Déficit acumulado período de desarrollo | - | - | - | - | - | - | - | - | - | ||||
Dividendos distribuidos | - | - | - | - | - | - | - | - | - | ||||
Revalorización capital propio | - | - | - | - | - | - | - | - | - | ||||
Resultado del ejercicio | - | - | - | - | - | - | - | - | 308.323 | ||||
Dividendos provisorios | - | - | - | - | - | - | (210.000 | ) | - | - | |||
Saldo Final | 453.444 | - | - | (52 | ) | - | 436.337 | (210.000 | ) | - | 308.323 | ||
Saldos Actualizados | 453.444 | - | - | (52 | ) | - | 436.337 | (210.000 | ) | - | 308.323 |
31-12-2008 | |||||||||||||||
Capital | Reserva | Sobreprecio | Otras | Reserva | Resultados | Dividendos | Déficit | Resultado | |||||||
pagado revalorización | en venta | reservas | futuros | Acumulados Provisorios | Período de del Ejercicio | ||||||||||
Rubro | Capital | de acciones | dividendos | Desarrollo | |||||||||||
Saldo Inicial�� | 453.444 | - | - | (52 | ) | - | 436.337 | (210.000 | ) | - | 308.323 | ||||
Distribución resultado ejercicio anterior | - | - | - | - | - | 308.323 | - | - | (308.323 | ) | |||||
Dividendo definitivo ejercicio anterior | - | - | - | - | - | (215.827 | ) | 210.000 | - | - | |||||
Aumento del capital con emisión de acciones | - | - | - | - | - | - | - | - | - | ||||||
de pago | - | ||||||||||||||
Capitalización reservas y/o utilidades | - | - | - | - | - | - | - | - | - | ||||||
Déficit acumulado período de desarrollo | - | - | - | - | - | - | - | - | - | ||||||
Dividendos distribuidos | - | - | - | - | - | - | - | - | - | ||||||
Opciones sobre acciones de pago | - | - | - | 1.801 | - | - | - | - | - | ||||||
Revalorización capital propio | - | - | - | - | - | - | - | - | - | ||||||
Resultado del ejercicio | - | - | - | - | - | - | - | - | 335.739 | ||||||
Dividendos provisorios | - | - | - | - | - | - | (201.787 | ) | - | - | |||||
Saldo Final | 453.444 | - | - | 1.749 | - | 528.833 | (201.787 | ) | - | 335.739 | |||||
Saldos Actualizados | - | - | - | - | - | - | - | - | - |
Serie | Nro. acciones suscritas | Nro. acciones pagadas | Nro. acciones con derecho a voto |
Unica | 338.790.909 | 338.790.909 | 338.790.909 |
Capital suscrito | Capital pagado | |
Serie | MUS$ | MUS$ |
Unica | 453.444 | 453.444 |
2008 | 2007 | |
MUS$ | MUS$ | |
Hedge combustible | 32.069 | 6.566 |
Efecto al inicio cambio contable (Nota 3) | 13.963 | - |
Utilidad en venta de activos fijos | 2.082 | 1.203 |
Utilidad en venta de Inversión | 548 | - |
Otros | 818 | 883 |
Total | 49.480 | 8.652 |
b) Otros egresos fuera de la explotación | ||
2008 | 2007 | |
MUS$ | MUS$ | |
Provisión investigación Comisión Europea (1) | - | 25.000 |
Resultado por disolución de sociedad (2) | - | 16.175 |
Otros | 2.467 | 1.361 |
Total | 2.467 | 42.536 |
Nota 23. Corrección monetaria | |||
2008 | 2007 | ||
Indice de reajustabilidad | MUS$ | MUS$ | |
Inversiones en empresas relacionadas | I.P.C. | 90 | 83 |
Otros activos no monetarios | I.P.C. | 329 | 728 |
(Pérdida) Utilidad por Corrección monetaria | - | 419 | 811 |
2008 | 2007 | |
MUS$ | MUS$ | |
Comisiones de colocación | 1.671 | 1.671 |
Asesorías legales | 547 | 547 |
Revisiones contables | 176 | 176 |
Asesorías financieras | 129 | 129 |
Gastos de imprenta y otros | 100 | 100 |
Derechos de registro e inscripción | 49 | 49 |
Total | 2.672 | 2.672 |
2008 | 2007 | |
MUS$ | MUS$ | |
Garantías por márgenes de derivados (1) | 177.841 | - |
Securitización (2) | 12.826 | 11.970 |
Total | 190.667 | 11.970 |
a) Juicios
Tribunal | N° Rol de | Origen | Etapa procesal | Montos Comprometidos |
la causa | e instancia | MUS$ | ||
Laboral, Buenos Aires, | - | Demanda Laboral presentada por un ex despachante | En etapa probatoria. | 624 |
Argentina | de Aduana que acusa relación laboral con Lan | |||
Airlines S.A. | ||||
10 ° Sala del Tribunal | 29950/07-17-10-7. | Juicio de Nulidad. Promovido en contra de la | Se presentó y admitió demanda de nulidad ante | 200 |
Federal de Justicia | resolución del SAT, por la cual confirma la validez | el TFJFA. | ||
Fiscal y Administrativa | de créditos fiscales por considerar “Falsos los sellos” | Actualmente en etapa probatoria. | ||
(TFJFA) México. | del banco en donde se presentaron los pagos del | |||
SENEAM. (Servicios a la Navegación en el Espacio | ||||
Aéreo Mexicano). | ||||
2º Juzgado Laboral de | 354-2008 | Demanda presentada por el Sindicato de | Contestada demanda, pendiente notificación | Indeterminado |
Santiago de Chile | Trabajadores de Aviación de la empresa Lan Airlines | de la resolución que recibe la causa a prueba. | ||
S.A. (Mantenimiento), por cobro de diferencias | ||||
de remuneraciones adeudadas, por supuesto | ||||
incumplimiento de cláusula del convenio colectivo | ||||
que regula el sistema de nivelación de rentas. | ||||
Tribunal competente | - | Como consecuencia de la investigación por even- | Presentadas acciones de clase. | Indeterminado |
de los Estados Unidos | tuales infracciones a la libre competencia de | |||
y Canadá para | aerolíneas cargueras, especialmente sobrecargo de | |||
conocer acciones de | combustible (Fuel Surcharge). | |||
clase | ||||
Comisión Europea, | - | Investigación por eventuales infracciones a la libre | Con fecha 14 de Abril de 2008 se contestó la | Indeterminado |
Canadá, Nueva | competencia de aerolíneas cargueras, especialmente | notificación de la Comisión Europea. | ||
Zelandia y Corea del | sobrecargo de combustible (Fuel Surcharge). | |||
Sur. | Con fecha 26 de diciembre de 2007, la Dirección | |||
General de Competencia de la Comisión Europea | ||||
notificó a Lan Cargo S.A. y Lan Airlines S.A. de la | ||||
instrucción de un proceso en contra de veinticinco de | ||||
estas aerolíneas de carga, entre ellas Lan Cargo S.A., | ||||
por eventuales infracciones a la libre competencia en | ||||
el mercado de carga aérea europeo, especialmente | ||||
la pretendida fijación de un sobrecargo por | ||||
combustible y fletes. Conforme el estado actual de | ||||
este procedimiento y con arreglo a lo informado | ||||
por los abogados externos en Europa, no es posible | ||||
predecir el resultado de dicho proceso. |
b.1) Existen los siguientes contratos de arrendamiento de aeronaves:
Tipo de | ||
Arrendador | Aeronave | Cantidad |
International Lease Finance Corporation | 767 | 3 |
The Boeing Co. | 767 | 1 |
Nordea Finance Sweden PLC | 767 | 1 |
Celestial Aviation Trading 35 Limited | 767 | 1 |
International Lease Finance Corporation (1) | 787 | 6 |
Orix Aviation Systems Limited | A320 | 2 |
IA Sparrow Limited | A340 | 1 |
Bi Opal Lease Co., Limited | A340 | 1 |
IA Mariners Lease Co. Limited | A340 | 1 |
IA Cormorant Limited | A340 | 1 |
Air Canada | A340 | 1 |
Total | 19 |
Valor | Fecha de | ||
Acreedor Garantía | Tipo | MUS$ | liberación |
Societe Generale, New Cork Branch | Carta de crédito | 30.000 | 31-Oct-09 |
Fisco de Chile (Aduana) | Setenta y dos letras en garantía | 21.523 | A la vista |
J. Aron & Company | Carta de crédito | 10.000 | 31-Oct-09 |
Orix Aviation System Limited. | Dos cartas de crédito | 6.520 | 05-May-09 |
TAF Venus Lease Limited | Carta de crédito | 4.000 | 11-Dic-09 |
TAF Mercury Lease Limited | Carta de crédito | 4.000 | 11-Dic-09 |
International Lease Finance Corporation | Ocho cartas de crédito | 3.880 | 24-Feb-09 |
The Bank of New York | Carta de crédito | 3.465 | 30-Ago-09 |
CIT Aerospace International | Dos cartas de crédito | 3.240 | 10-May-09 |
GE Capital Aviation Services Limited | Dos cartas de crédito | 3.005 | 27-Jul-09 |
United Technologies International Corporation, | Carta de crédito | 2.750 | 30-Ago-09 |
Pratt & Whitney Division | |||
Celestial Aviation Trading 35 Limited | Carta de crédito | 2.500 | 13-Jun-09 |
Washington International Insurance | Cuatro cartas de crédito | 1.800 | 5-Abr-09 |
Air Canada | Carta de crédito | 1.800 | 30-Jul-09 |
Metropolitan Dade County | Cinco cartas de crédito | 1.504 | 31-May-09 |
Atlas Air Inc. | Carta de crédito | 1.500 | 20-Oct-09 |
Valor | ||||||
2008 | 2007 | |||||
Tipo de Garantía | Otorgante | Tipo de Operación | Tipo de Relación | MUS$ | MUS$ | |
Una carta de crédito | Aerovías de México S.A. | Arriendo avión | Cliente | 2.000 | 2.620 | |
Depósito en efectivo | Aerovías de México S.A. | Arriendo avión | Cliente | 620 | - | |
(1) Ver Nota 17 |
Activos | |||
2008 | 2007 | ||
Rubro | Moneda | MUS$ | MUS$ |
Activos circulantes | |||
Disponible | $ No reajustable | 2.387 | 1.989 |
Disponible | Euro | 1.666 | 678 |
Disponible | Dólar | 630 | 1.791 |
Disponible | Peso argentino | 119 | 186 |
Disponible | Otras monedas | 1.145 | 784 |
Depósitos a plazo | $ Reajustable | 104.423 | 132.400 |
Depósitos a plazo | Dólar | 88.354 | 131.240 |
Depósitos a plazo | Otras monedas | 41.872 | 25.215 |
Valores negociables | Dólar | 65.018 | 69.474 |
Valores negociables | $ Reajustable | 17.623 | 10.422 |
Valores negociables | Euro | 4.321 | 1.594 |
Valores negociables | Otras monedas | 1.681 | - |
Deudores por venta | Dólar | 83.737 | 103.073 |
Deudores por venta | $ No reajustable | 45.269 | 36.763 |
Deudores por venta | Euro | 33.226 | 16.613 |
Deudores por venta | Real brasileño | 11.065 | 14.203 |
Deudores por venta | Peso argentino | 7.068 | 6.223 |
Deudores por venta | Dólar australiano | 6.745 | 6.476 |
Deudores por venta | Peso colombiano | 3.317 | 10.976 |
Deudores por venta | Yen japonés | 613 | 830 |
Deudores por venta | Otras monedas | 4.904 | 7.005 |
Documentos por cobrar | Euro | 518 | 408 |
Documentos por cobrar | $ No reajustable | 292 | 4.371 |
Documentos por cobrar | Real brasileño | 179 | 183 |
Documentos por cobrar | $ Reajustable | 54 | 64 |
Documentos por cobrar | Otras monedas | 190 | 219 |
Deudores varios | Dólar | 107.257 | 136.910 |
Deudores varios | $ No reajustable | 5.226 | 3.609 |
Deudores varios | $ Reajustable | 2.104 | 1.608 |
Deudores varios | Euro | 1.311 | 1.263 |
Deudores varios | Peso argentino | 133 | 166 |
Deudores varios | Real brasileño | 124 | 307 |
Deudores varios | Peso mexicano | 1 | 216 |
Deudores varios | Otras monedas | 1.747 | 1.417 |
Documentos. y cuentas por cobrar EE.RR. | Dólar | 80.486 | 82.954 |
Documentos. y cuentas por cobrar EE.RR. | $ No reajustable | 2.511 | 3.949 |
Existencias | Dólar | 49.921 | 53.025 |
Impuestos por recuperar | Dólar | 18.832 | 16.481 |
Impuestos por recuperar | $ Reajustable | 5.856 | 7.722 |
Impuestos por recuperar | Peso mexicano | 2.000 | 2.669 |
Impuestos por recuperar | Real brasileño | 1.309 | 74 |
Impuestos por recuperar | Peso argentino | 1.260 | 1.205 |
Impuestos por recuperar | Otras monedas | 4.217 | 2.115 |
Gastos pagados por anticipado | Dólar | 7.811 | 7.661 |
Gastos pagados por anticipado | $ No reajustable | - | 72 |
Gastos pagados por anticipado | Otras monedas | 214 | 153 |
Impuestos diferidos | Dólar | 988 | 2.822 |
Otros activos circulantes | Dólar | 357.287 | 10.597 |
Otros activos circulantes | Euro | 192 | 243 |
Otros activos circulantes | $ Reajustable | 79 | 93 |
Otros activos circulantes | $ No reajustable | 56 | - |
Otros activos circulantes | Otras monedas | 557 | 137 |
Activos fijos | |||
Rubro | 2008 | 2007 | |
Moneda | MUS$ | MUS$ | |
Terrenos | Dólar | 5.537 | 5.537 |
Construcciones y obras de infraestructura | Dólar | 42.484 | 41.082 |
Maquinarias y equipos | Dólar | 2.165.725 | 1.413.630 |
Otros activos fijos | Dólar | 253.372 | 266.167 |
Otros activos | |||
Inversiones empresas relacionadas | Dólar | 321.823 | 385.669 |
Inversiones empresas relacionadas | $ No reajustable | 3.548 | 1.486 |
Inversión en otras sociedades | Dólar | 491 | 491 |
Menor valor inversiones | Dólar | 15.384 | 17.194 |
Deudores a largo plazo | Dólar | 7.626 | 7.627 |
Deudores a largo plazo | $ Reajustable | 1.507 | 2.013 |
Documentos y cuentas por cobrar EE.RR. largo plazo | Dólar | 296.702 | 296.097 |
Documentos y cuentas por cobrar EE.RR. largo plazo | $ No reajustable | 2.105 | 2.696 |
Intangibles | Dólar | 25.853 | 22.325 |
Otros | Dólar | 361.687 | 287.966 |
Otros | Otras monedas | 49 | 74 |
Total Activos | |||
$ No reajustable | 61.394 | 54.935 | |
Euro | 41.234 | 20.799 | |
Dólar | 4.357.005 | 3.359.813 | |
Peso argentino | 8.580 | 7.780 | |
Otras monedas | 56.576 | 37.119 | |
$ Reajustable | 131.646 | 154.322 | |
Real brasileño | 12.677 | 14.767 | |
Dólar australiano | 6.745 | 6.476 | |
Peso colombiano | 3.317 | 10.976 | |
Yen japonés | 613 | 830 | |
Peso mexicano | 2.001 | 2.885 |
a) De la Superintendencia de Valores y Seguros
La composición de este rubro es la siguiente:
2008 | 2007 | |
MUS$ | MUS$ | |
Seguros de aviación y otros | 3.157 | 2.643 |
Arriendo aeronaves (1) | 2.401 | 2.910 |
Publicidad no consumida | 1.157 | 125 |
Recepción aeronaves (2) | 1.028 | 1.579 |
Oficinas del exterior | 263 | 609 |
Otros | 19 | 20 |
Total | 8.025 | 7.886 |
La composición de este rubro es la siguiente:
2008 | 2007 | |
MUS$ | MUS$ | |
Compras técnicas | 50.662 | 38.984 |
Combustible | 43.894 | 52.888 |
Cumplimiento de metas agencias | 17.767 | 15.968 |
Handling y Ground handling | 13.005 | 10.598 |
Asesorías y servicios profesionales | 12.480 | 7.567 |
Tasas aeroportuarias y de sobrevuelo | 12.379 | 11.142 |
Publicidad | 10.903 | 9.136 |
Arriendo de aeronaves y motores | 10.046 | 7.929 |
Tripulación | 9.441 | 8.710 |
Servicios a bordo | 6.011 | 9.448 |
Seguros de aviación | 1.764 | 1.242 |
Otros proveedores | 38.926 | 18.639 |
Total | 227.278 | 192.251 |
2. Bernardo Fontaine Talavera,
3. Darío Calderón González,
4. Ignacio Guerrero Gutiérrez,
5. Jorge Awad Mehech,
6. José Cox Donoso,
7. Juan Cueto Sierra,
8. Juan José Cueto Plaza, y
9. Ramón Eblen Kadis.
31-12-2008 | 30-09-2008 | 31-12-2007 | 30-09-2007 | |
- Indices de Liquidez | ||||
Liquidez corriente (veces) | 0,84 | 0,87 | 0,80 | 0,99 |
(Activo circulante / pasivo circulante) | ||||
Razón ácida (veces) | 0,23 | 0,30 | 0,33 | 0,38 |
(Fondos disponibles / pasivo circulante) | ||||
- Indices de Endeudamiento | ||||
Razón de endeudamiento (veces) | 3,19 | 2,77 | 2,72 | 2,04 |
(Pasivo circulante + Pasivo largo plazo / Patrimonio) | ||||
Deuda corto plazo / Deuda total (%) | 39,34 | 36,71 | 42,70 | 40,24 |
Deuda largo plazo / Deuda total (%) | 60,66 | 63,29 | 57,30 | 59,76 |
Cobertura gastos financieros | 8,52 | 7,35 | 11,40 | 10,66 |
(R.A.I.I. / Gastos financieros) | ||||
- Indices de Actividad | ||||
Total de activos | 4.681.788 | 4.162.273 | 3.670.602 | 3.064.417 |
Inversiones | 796.625 | 549.603 | 639.325 | 220.282 |
Enajenaciones | 7.424 | 6.524 | 179 | 144 |
Rotación de inventario | 28,03 | 19,26 | 25,30 | 17,38 |
(Costo venta / Inventario promedio) | ||||
Permanencia de inventarios | 12,84 | 18,69 | 14,23 | 20,71 |
(Inventario promedio / costo venta * 360) | ||||
- Indices de Rentabilidad | ||||
Rentabilidad del patrimonio | 0,32 | 0,21 | 0,38 | 0,26 |
(Utilidad neta / Patrimonio promedio) | ||||
Rentabilidad del activo | 0,08 | 0,06 | 0,10 | 0,08 |
(Utilidad neta / Activos promedio) | ||||
Rendimiento activos operacionales | 0,10 | 0,08 | 0,10 | 0,09 |
(Resultado operacional / Activos operacionales promedio) | ||||
Considerando activos operacionales al total de activo menos | ||||
impuesto diferido, cuentas corrientes del personal, inver- | ||||
siones permanentes y temporales y mayor y menor valor de | ||||
inversión. | ||||
Utilidad por acción | 0,99 | 0,65 | 0,91 | 0,61 |
(Utilidad del ejercicio / N° acciones suscritas y pagadas) | ||||
Retorno de dividendos | 0,06 | 0,06 | 0,04 | 0,04 |
(Dividendos pagados / Precio de mercado) |
31-12-2008 | 30-09-2008 | 31-12-2007 | 30-09-2007 | |||
Indices De Resultados | ||||||
Ingresos de explotación | 2.561.606 | 1.942.099 | 2.089.801 | 1.489.608 | ||
Carga | 881.207 | 708.273 | 666.045 | 471.295 | ||
Pasajeros | 1.316.929 | 960.018 | 1.071.258 | 764.929 | ||
Otros | 363.470 | 273.808 | 352.498 | 253.384 | ||
Costos de explotación y Gastos de administración | 2.163.516 | 1.684.614 | 1.819.346 | 1.284.405 | ||
Combustibles | 663.568 | 534.304 | 457.166 | 320.348 | ||
Comisiones | 327.800 | 249.021 | 280.979 | 200.075 | ||
Gastos de aterrizaje y otras rentas | 348.650 | 276.534 | 316.383 | 219.807 | ||
Remuneraciones | 300.079 | 233.358 | 248.256 | 177.217 | ||
Mantención aviones | 143.662 | 107.484 | 142.123 | 104.793 | ||
Arriendo aviones | 115.659 | 87.385 | 117.946 | 85.991 | ||
Depreciación y amortización | 142.928 | 100.554 | 110.721 | 79.200 | ||
Otros gastos de operación | 60.137 | 50.476 | 95.353 | 60.160 | ||
Servicios pasajeros | 61.033 | 45.498 | 50.419 | 36.814 | ||
Resultado Operacional | 398.090 | 257.485 | 270.455 | 205.203 | ||
Gastos financieros | 52.665 | 39.840 | 34.451 | 25.398 | ||
Resultado no Operacional | (2.312 | ) | (4.394 | ) | 87.954 | 40.189 |
R.A.I.I.D.A.I.E. | 593.032 | 396.088 | 501.042 | 349.373 | ||
Utilidad (Pérdida) después de Impuestos | 335.739 | 218.635 | 308.323 | 207.503 |
Informe de los auditores independientes.
Balance general consolidado.
Estado consolidado de resultados.
Estado consolidado de flujos de efectivo.
Notas a los estados financieros consolidados.
US$ | Dólares estadounidenses |
MUS$ | Miles de dólares estadounidenses |
$ | Peso chileno |
UF | Unidades de fomento |
Señores Accionistas y Directores
Lan Airlines S.A.
PricewaterhouseCoopers
Al 31 de diciembre | |||||
2008 | 2007 | ||||
NOTA | MUS$ | MUS$ | |||
Total Activos Circulantes | 1.351.031 | 1.089.828 | |||
Disponible | 15.707 | 11.506 | |||
Depósito a plazo | 255.881 | 308.585 | |||
Valores negociables (neto) | Nota 04 | 138.426 | 147.952 | ||
Deudores por venta (neto) | Nota 05 | 275.690 | 279.471 | ||
Documentos por cobrar (neto) | Nota 05 | 1.770 | 6.492 | ||
Deudores varios (neto) | Nota 05 | 161.109 | 182.338 | ||
Documentos y cuentas por cobrar empresas relacionadas | Nota 06 | 1.117 | 226 | ||
Existencias (neto) | Nota 07 | 50.609 | 54.022 | ||
Impuestos por recuperar | 72.013 | 68.623 | |||
Gastos pagados por anticipado | Nota 35 | 13.346 | 12.949 | ||
Impuestos diferidos | Nota 08 | 6.545 | 4.624 | ||
Otros activos circulantes | Nota 09 | 358.818 | 13.040 | ||
Total Activos Fijos | Nota 10 | 3.093.368 | 2.351.605 | ||
Terrenos | 26.397 | 14.424 | |||
Construcción y obras de infraestructura | 108.358 | 105.990 | |||
Maquinarias y equipos | 3.022.573 | 2.190.411 | |||
Otros activos fijos | 739.270 | 739.499 | |||
Depreciación acumulada (menos) | (803.230 | ) | (698.719 | ) | |
Total Otros Activos | 460.462 | 460.309 | |||
Inversiones en empresas relacionadas | Nota 12 | 1.187 | 1.482 | ||
Inversiones en otras sociedades | 506 | 1.807 | |||
Menor valor de inversiones | Nota 13 | 32.412 | 36.022 | ||
Deudores a largo plazo | Nota 05 | 11.200 | 12.171 | ||
Documentos y cuentas por cobrar empresas relacionadas | Nota 06 | 251 | - | ||
largo plazo | |||||
Intangibles | Nota 14 | 52.224 | 43.254 | ||
Amortización (menos) | Nota 14 | (23.660 | ) | (17.186 | ) |
Otros | Nota 15 | 386.342 | 382.759 | ||
Total Activos | 4.904.861 | 3.901.742 |
Pasivos y Patrimonio | |||||
Al 31 de diciembre | |||||
2008 | 2007 | ||||
NOTA | MUS$ | MUS$ | |||
Total Pasivos Circulantes | 1.379.027 | 1.122.605 | |||
Obligaciones con bancos e instituciones financieras a largo plazo- | Nota 16 | 151.247 | 102.153 | ||
porción corto plazo | |||||
Obligaciones largo plazo con vencimiento dentro un año | Nota 20 | 70.407 | 74.786 | ||
Dividendos por pagar | Nota 22 | 105.330 | 120.073 | ||
Cuentas por pagar | Nota 36 | 361.620 | 322.897 | ||
Acreedores varios | 19.033 | - | |||
Documentos y cuentas por pagar empresas relacionadas | Nota 06 | 303 | 357 | ||
Provisiones | Nota 19 | 94.459 | 100.546 | ||
Retenciones | 64.859 | 62.384 | |||
Impuesto a la renta | Nota 08 | 1.537 | 8.101 | ||
Ingresos percibidos por adelantado | 329.742 | 325.669 | |||
Otros pasivos circulantes | Nota 17 | 180.490 | 5.639 | ||
Total Pasivos a Largo Plazo | 2.402.135 | 1.785.896 | |||
Obligaciones con bancos e instituciones financieras | Nota 18 | 1.654.947 | 1.228.650 | ||
Acreedores varios largo plazo | 96.182 | - | |||
Provisiones largo plazo | Nota 19 | 92.593 | 94.441 | ||
Impuestos diferidos a largo plazo | Nota 08 | 228.232 | 169.885 | ||
Otros pasivos a largo plazo | Nota 20 | 330.181 | 292.920 | ||
Interés Minoritario | Nota 21 | 5.721 | 5.189 | ||
Total Patrimonio | Nota 22 | 1.117.978 | 988.052 | ||
Capital pagado | 453.444 | 453.444 | |||
Otras reservas | 1.749 | (52 | ) | ||
Utilidades acumuladas | 528.833 | 436.337 | |||
Utilidad (pérdida) del ejercicio | 335.739 | 308.323 | |||
Dividendos provisorios (menos) | (201.787 | ) | (210.000 | ) | |
Total Pasivos y Patrimonio | 4.904.861 | 3.901.742 | |||
Las notas adjuntas Nº 1 a 37 forman parte integral de estos estados financieros. |
Por los ejercicios terminados | |||||
Al 31 de diciembre | |||||
2008 | 2007 | ||||
NOTA | MUS$ | MUS$ | |||
Resultado de Explotación | 536.184 | 413.371 | |||
Margen de explotación | 1.675.514 | 1.364.472 | |||
Ingresos de explotación | 4.534.282 | 3.524.923 | |||
Costos de explotación (menos) | (2.858.768 | ) | (2.160.451 | ) | |
Gastos de administración y ventas (menos) | (1.139.330 | ) | (951.101 | ) | |
Resultado Fuera de Explotación | (134.567 | ) | (45.562 | ) | |
Ingresos financieros | 16.212 | 18.043 | |||
Utilidad inversiones empresas relacionadas | Nota 12 | 1.112 | 604 | ||
Otros ingresos fuera de la explotación | Nota 23 | 55.995 | 31.802 | ||
Pérdida inversión empresas relacionadas (menos) | Nota 12 | (164 | ) | (5.690 | ) |
Amortización menor valor de inversiones (menos) | Nota 13 | (3.018 | ) | (2.994 | ) |
Gastos financieros (menos) | (82.690 | ) | (76.224 | ) | |
Otros egresos fuera de la explotación (menos) | Nota 23 | (115.026 | ) | (27.817 | ) |
Corrección monetaria | Nota 24 | 878 | 1.014 | ||
Diferencias de cambio | Nota 25 | (7.866 | ) | 15.700 | |
Resultado antes de Impuesto a la Renta e Itemes Extraordinarios | 401.617 | 367.809 | |||
Impuesto a la renta | Nota 08 | (64.690 | ) | (59.775 | ) |
Utilidad (Pérdida) antes Interés Minoritario | 336.927 | 308.034 | |||
Interés Minoritario | Nota 21 | (1.188 | ) | 289 | |
Utilidad (Pérdida) Líquida | 335.739 | 308.323 | |||
Utilidad (Pérdida) del Ejercicio | 335.739 | 308.323 |
Porcentaje de participación | |||||
31-12-2008 | 31-12-2007 | ||||
RUT | Nombre Sociedad | Directo | Indirecto | Total | Total |
96.518.860-6 | Comercial Masterhouse S.A. | 99,9900 | 0,0100 | 100,0000 | 100,0000 |
96.763.900-1 | Inmobiliaria Aeronáutica S.A. | 99,0100 | 0,9900 | 100,0000 | 100,0000 |
96.967.400-9 | Lan Card S.A. | 0,0000 | 0,0000 | 0,0000 | 100,0000 |
96.969.680-0 | Lan Pax Group S.A. y Filiales | 99,8361 | 0,1639 | 100,0000 | 100,0000 |
78.074.340-9 | Sistemas de Distribución Amadeus Chile S.A. | 0,0000 | 0,0000 | 0,0000 | 100,0000 |
Extranjera | Lan Perú S.A. | 49,0000 | 21,0000 | 70,0000 | 70,0000 |
Extranjera | Lan Chile Investments Limited y Filiales | 99,9900 | 0,0100 | 100,0000 | 100,0000 |
93.383.000-4 | Lan Cargo S.A. | 99,8939 | 0,0041 | 99,8980 | 99,8980 |
Extranjera | South Florida Air Cargo Inc. | 0,0000 | 0,0000 | 0,0000 | 100,0000 |
Extranjera | Prime Airport Services Inc. | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
96.951.280-7 | Transporte Aéreo S.A. | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
96.634.020-7 | Ediciones Ladeco América S.A. | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
Extranjera | Aircraft International Leasing Limited | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
96.631.520-2 | Fast Air Almacenes de Carga S.A. | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
96.631.410-9 | Ladeco Cargo S.A. | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
Extranjera | Láser Cargo S.R.L. | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
78.005.760-2 | Sociedad de Seguridad Aérea S.A. | 0,0000 | 0,0000 | 0,0000 | 100,0000 |
Extranjera | Lan Cargo Overseas Limited y Filiales | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
96.969.690-8 | Lan Cargo Inversiones S.A. | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
96.801.150-2 | Blue Express INTL S.A. y Filial | 0,0000 | 100,0000 | 100,0000 | 100,0000 |
Extranjera | Connecta Corporation | 0,0000 | 100,0000 | 100,0000 | 0,0000 |
96.854.560-4 | Terminal de Exportación Internacional. S.A. | 0,0000 | 0,0000 | 0,0000 | 100,0000 |
96.575.810-0 | Inversiones Lan S.A. y Filiales | 99,7100 | 0,0000 | 99,7100 | 99,7100 |
31.12.08 | 31.12.07 | |
Por dólar | Por dólar | |
Estadounidense | Estadounidense | |
Peso chileno | 636,45 | 496,89 |
Unidad de fomento (Chile) | 0,03 | 0,03 |
Peso argentino | 3,45 | 3,15 |
Real brasileño | 2,34 | 1,77 |
Nuevo sol peruano | 3,14 | 2,99 |
Dólar australiano | 1,45 | 1,15 |
Franco polinésico | 88,34 | 82,78 |
Bolívar venezolano | - | 2.145,80 |
Bolívar fuerte (Venezuela) | 2,14 | - |
Boliviano | 6,97 | 7,53 |
Peso uruguayo | 24,25 | 21,45 |
Peso mexicano | 13,82 | 10,90 |
Dólar canadiense | 1,22 | 0,98 |
Corona danesa | 5,28 | 5,07 |
Guaraní paraguayo | 4.880,00 | 4.720,00 |
Peso colombiano | 2.246,16 | 2.009,00 |
Yen japonés | 90,27 | 112,77 |
Dólar neozelandés | 1,73 | 1,30 |
Euro (Comunidad europea) | 0,71 | 0,68 |
Peso dominicano | 35,26 | 33,76 |
Valor Contable | ||
2008 | 2007 | |
Instrumentos | MUS$ | MUS$ |
Bonos | 8.580 | 22.428 |
Cuotas de fondos mutuos | 129.846 | 125.524 |
Total Valores Negociables | 138.426 | 147.952 |
Valor Contable | ||||||||
Valor de | ||||||||
Fecha | Fecha | Valor Par | Monto | Mercado | Provisión | |||
Instrumento | Compra | Vencimiento | MUS$ | MUS$ | Tasa | MUS$ | MUS$ | |
Bonos nacionales | 08-06-2004 | 01-12-2009 | 322 | 283 | 4,66 | % | 336 | - |
Bonos extranjeros | 05-01-2007 | 25-10-2009 | 9.925 | 8.297 | 7,95 | % | 8.681 | - |
Corto plazo | Largo plazo | |||||
2008 | 2007 | 2008 | 2007 | |||
RUT | Sociedad | MUS$ MUS$ MUS$ MUS$ | ||||
56.080.790-2 | Asamblea de Comuneros de Valle Escondido | - | 55 | - | - | |
9.259.640-0 | Claudia Urrutia Urrutia | 139 | - | 251 | - | |
74.501.400-3 | Club de Golf Valle Escondido | - | 5 | - | - | |
96.778.310-2 | Concesionaria Chucumata S.A. | 3 | - | - | - | |
96.810.370-9 | Inversiones Costa Verde Limitada | 12 | 6 | - | - | |
96.669.520-K | Red de Televisión Chilevisión S.A. | 16 | 121 | - | - | |
96.812.280-0 | San Alberto S.A. y Filiales | 29 | 29 | - | - | |
78.005.760-2 | Sociedad de Seguridad Aérea S.A. | 905 | - | - | - | |
96.718.470-5 | Valle Escondido S.A. | - | 10 | - | - | |
87.752.000-5 | Granja Marina Tornagaleones S.A. | 13 | - | - | - | |
Totales | 1.117 | 226 | 251 | - |
Corto plazo | Largo plazo | |||||
2008 | 2007 | 2008 | 2007 | |||
RUT | Sociedad | MUS$ MUS$ | MUS$ | MUS$ | ||
96.921.070-3 | Austral Sociedad Concesionaria S.A. | 2 | 33 | - | - | |
96.894.180-1 | Bancard Inversiones Limitada | 19 | 10 | - | - | |
96.778.310-2 | Concesionaria Chucumata S.A. | - | 4 | - | - | |
96.847.880-K | Lufthansa Lan Technical Training S.A. | 255 | 259 | - | - | |
96.888.630-4 | Sociedad Concesionaria Aerosur S.A. | - | 51 | - | - | |
Extranjera | Inversora Aeronáutica Argentina | 27 | - | - | ||
Totales | 303 | 357 | - | - |
2008 | 2007 | |
MUS$ | MUS$ | |
Repuestos y materiales | 50.542 | 49.612 |
Existencias Duty Free | 67 | 4.410 |
Total | 50.609 | 54.022 |
pages201-250.htm - Generated by SEC Publisher for SEC Filing
c) Impuesto a la renta
Bajo el gasto tributario corriente al 31 de diciembre de 2007, se registró crédito por impuesto de primera categoría absorbido del dividendo recibido de Transporte Aéreo S.A. y otros créditos por un monto de MUS$ 4.198.
Nota 09. Otros activos circulantes
La composición de este rubro es la siguiente:
(1) Corresponde a contratos de cobertura de combustible, tasas de interés y moneda. Las provisiones asociadas a dichos contratos se presentan dentro del rubro Otros pasivos circulantes.
Nota 10. Activos fijos
a) Activo Fijo
Los bienes del Activo Fijo se encuentran valorizados según lo descrito en Nota 2 j), k) y l) y su detalle es el siguiente:
El cargo a resultados, clasificado bajo Costos de explotación, por depreciación del ejercicio asciende a MUS $ 160.976 y en Gastos de administración y ventas asciende a MUS $ 13.929 (MUS $ 129.289 y MUS $ 14.507 respectivamente en 2007).
Por sus características, las existencias denominadas rotables, se presentan clasificadas en el ítem Motores y rotables. Los repuestos en existencias, cuyo período de consumo es superior a un año, se presentan clasificados en el rubro Otros activos fijos sin depreciarlos y netos de provisión de obsolescencia por MUS $ 10.246 al 31 de diciembre de 2008 (MUS $ 9.646 en 2007).
b) Activos en leasing
Los bienes del Activo fijo adquiridos bajo la modalidad de leasing financiero, se encuentran clasificados dentro del rubro Otros activos fijos, y corresponden a:
b.1) Con fecha 30 de septiembre de 2004, la Sociedad Matriz vendió su participación en los establecimientos permanentes Condor Leasing LLC e Eagle Leasing LLC, ambos dueños de un total de cinco aeronaves Boeing 767-300 (tres y dos, respectivamente), manteniéndose vigente el contrato de leasing financiero que ambas sociedades habían suscrito originalmente con Lan Airlines
S.A. por cada una de las mencionadas aeronaves.
b.2) Con fecha 30 de junio de 2006, la Sociedad Lan Cargo S.A., filial de Lan Airlines S.A., vendió su participación en el establecimiento permanente Seagull Leasing LLC, dueño de una aeronave Boeing 767-300F, manteniéndose vigente el contrato de leasing financiero que dicha sociedad había suscrito originalmente con Lan Cargo S.A. por la aeronave mencionada.
b.3) Con fecha 31 de marzo de 2007, la Sociedad Lan Cargo S.A., filial de Lan Airlines S.A., vendió su participación en el establecimiento permanente Bluebird Leasing LLC, dueño de dos aeronaves Boeing 767-300F, manteniéndose vigente los contratos de leasing financiero que dicha sociedad había suscrito originalmente con Lan Cargo S.A. por las aeronaves mencionadas.
c) Composición de la flota
Aeronaves de propiedad de la Sociedad Matriz y filiales:
(*) Arrendadas a Sky Services S.A.
(**) Arrendada a Aerovías de México S.A.
Aeronaves arrendadas:
Nota 11. Transacciones de venta con retroarrendamiento
La Sociedad, al cierre de los presentes Estados Financieros, posee un contrato de Venta con retroarrendamiento de fecha marzo 2002, en el cual actúa en calidad de vendedora - arrendataria, y su detalle es el siguiente:
Nota 12. Inversiones en empresas relacionadas
a) Valor patrimonial
La Sociedad Matriz posee influencia significativa en algunas coligadas cuyo porcentaje de participación es menor a un 20%, razón por la cual ha mantenido como método de valorización, el Valor Patrimonial Proporcional (V.P.P).
b) Información sobre inversiones en el exterior
La Sociedad Matriz y sus filiales, mantienen inversiones en sociedades extranjeras, las cuales no han realizado remesas de utilidades significativas al cierre de ambos ejercicios.
c) Información adicional
1.- Lan Pax Group S.A.
Con fecha 16 de diciembre de 2008, la Asamblea de Accionistas de Lan Argentina S.A. resolvió reducir el capital social en pesos argentinos por M$ 47.069 (MUS$ 15.562) absorbiendo parte de los resultados acumulados. Esta decisión fue tomada por encontrarse la Sociedad incluida dentro del artículo 206 de la Ley de Sociedades Comerciales. Por lo que el nuevo capital social al 31 de diciembre de 2008 asciende a pesos argentinos M$ 14.694 (MUS$ 4.389) .
Con fecha 20 de diciembre de 2007, en Asamblea extraordinaria de accionistas, se acuerda reducir el capital de la filial Lan Argentina S.A., reducción que se realiza en proporción a las tenencias accionarias de cada uno de los accionistas. El capital se conformaba por 11.068.484 acciones nominales, quedando reducidas a 6.176.253 acciones nominales.
Con fecha 28 de agosto de 2007, la filial Lan Pax Group S.A. participó de un aumento de capital en Inversora Cordillera S.A., por MUS$ 18.526, aumentando su porcentaje de participación de un 80% a un 90,52%. Esta operación generó un menor valor por MUS$ 1.755.
2.- Lan Cargo S.A.
Con fecha 31 de diciembre de 2008 fue acordada la disolución de la sociedad South Florida Air Cargo Inc. filial de Lan Cargo S.A. . La disolución originó el reverso de la Provisión de patrimonio negativo por MUS$ 3.802.
Con fecha 22 de diciembre de 2008, la sociedad Blue Express Intl S.A., filial de Lan Cargo S.A., realizó una distribución de dividendos definitivos por un monto de MUS$ 61 y una distribución de dividendos provisorios por un monto de MUS$ 1.045.
Con fecha 7 de agosto de 2008, Lan Cargo S.A. e Inversiones Lan S.A. vendieron la totalidad de las acciones que poseían de la Sociedad de Seguridad Aérea S.A. Esta venta generó una utilidad de MUS$ 133.
Con fecha 24 de julio de 2008, se constituyó la Sociedad Línea Aérea Carguera de Colombia S.A., donde las filiales Lan Cargo Inversiones S.A., tiene una participación de un 94,9% equivalente a MUS$ 664, Fast Air Almacenes de Carga S.A. una participación de un 1,6% equivalente a MUS$ 11 y Transporte Aéreo S.A. tienen una participación de un 0,3% equivalente a MUS$ 2.
Con fecha 2 de julio de 2008, las autoridades aeronáuticas de Colombia autorizaron la creación de una nueva filial de Lan Cargo S.A. en ese país.
A partir de esa fecha se inició la certificación operacional y técnica de la compañía, proceso que se extenderá por un plazo de aproximadamente seis meses. De este modo, la nueva filial estima comenzar sus operaciones en el primer trimestre de 2009.
Con fecha 7 de mayo de 2008, la sociedad Lan Courier S.A, filial de Lan Cargo S.A. cambia su razón social a Blue Express Intl S.A.
Con fecha 11 de abril de 2008, la filial Lan Cargo S.A. realizó una distribución de dividendos por un monto de MUS$ 42.146.
Con fecha 10 de Abril de 2008, la sociedad Transporte Aéreo S.A. filial de Lan Cargo S.A., acordó que los dividendos provisorios repartidos el 17 de diciembre de 2007 toman el carácter de dividendos definitivos.
Con fecha 2 de enero de 2008, Lan Cargo S.A. e Inversiones Lan S.A. vendieron la totalidad de las acciones que poseían de la sociedad Terminal de Exportación Internacional S.A. Esta venta generó una utilidad de MUS$ 1.636.
Con fecha 20 de diciembre de 2007, la Sociedad Air Cargo Limited, filial de Lan Cargo Overseas Limited., vendió el total de la participación que mantenía en la Sociedad Florida West International Airways Inc., operación que generó una utilidad de MUS$ 1.128.
Con fecha 20 de diciembre de 2007, fue autorizada por la División de Corporaciones del Estado de Delaware la disolución de la sociedad LanLogistics, Corp., filial de Lan Cargo S.A.
Con fecha 17 de diciembre de 2007, la sociedad Transporte Aéreo S.A. filial de Lan Cargo S.A., realizó una distribución de dividendos provisorios por un monto total de MUS$ 41.000.
Con fecha 16 de mayo de 2007, la filial LanLogistic, Corp. filial de Lan Cargo S.A., vendió el total de la participación que mantenía en las sociedades Skyworld International Couriers, Inc. y Lanbox, Inc.; y con fecha 30 de abril de 2007 la participación en All Cargo Net, operaciones que generaron una pérdida de MUS$ 4.252.
Con fecha 27 de abril de 2007, la filial Lan Cargo S.A. realizó una distribución de dividendos por un monto de MUS$ 30.866.
3.- Lan Perú S.A.
En mayo de 2008, la filial Lan Perú S.A. realizó una distribución de dividendos por un monto de MUS$ 681 a Lan Airlines S.A. y MUS$ 292 a Inversiones Aéreas S.A.
En mayo de 2008, la filial Lan Perú S.A. realizó un aumento de capital social, producto de la capitalización de utilidades por un monto de MUS$ 611.
En mayo de 2007, la filial Lan Perú S.A. realizó una distribución de dividendos por un monto de MUS$ 769 a Lan Airlines S.A. y MUS$ 329 a Inversiones Aéreas S.A.
4.- Sistemas de Distribución Amadeus Chile S.A.
Con fecha 6 de mayo de 2008, Lan Airlines S.A. y su filial indirecta Transporte Aéreo S.A. venden la totalidad de las acciones de la sociedad Sistemas de Distribución Amadeus Chile S.A., correspondiente a 827 acciones a Amadeus IT Group S.A. y 1 acción a Amadeus América S.A. Esta venta generó una utilidad de MUS$ 1.082. El precio de venta de la Sociedad fue de MUS$ 1.602.
5.- Lan Cargo Inversiones S.A. (Ex - Línea Aérea Nacional S.A.)
Con fecha 22 de abril de 2008, la filial indirecta Línea Aérea Nacional S.A. cambia su razón social a Lan Cargo Inversiones S.A.
6.- Lan Card S.A.
Con fecha 30 de diciembre de 2008, Lan Airlines S.A. vendió la totalidad de las acciones de la sociedad Lan Card S.A. a su filial Inversiones Lan S.A. por MUS$ 99.
7.- Inmobiliaria Aeronáutica S.A.
Con fecha 22 de diciembre de 2008, la sociedad Inmobiliaria Aeronáutica S.A. realizó una distribución de dividendos definitivos por un monto total de MUS$ 5.000.
8.- Lan Chile Investments Limited.
Con fecha 31 de diciembre de 2008, fue acordada la disolución de la sociedad Líneas Aéreas de Navegación Dominicana S.A. La disolución originó el reverso de la Provisión de patrimonio negativo por MUS$ 3.805.
En el mes de octubre de 2008, se efectúo el cierre de la filial Trinery S.A. ante la Intendencia de Compañías en Guayaquil.
d) Detalle de las inversiones
Nota 13. Menor y Mayor valor de inversiones
a) Menor valor de inversiones
1.- Con fecha 16 de mayo de 2007, la filial de Lan Cargo S.A., LanLogistics, Corp. efectuó la venta del total de la participación que mantenía en las sociedades Skyworld International Couriers, Inc. y Lan Box, Inc., liquidándose por este motivo los Menores valores de inversión que LanLogistics, Corp. había reconocido en la compra de estas inversiones. Al dejar de consolidar con estas Sociedades, ya no se presenta el Mayor valor de inversión originado por la compra de Choice Air Courier del Perú S.A. por Skyworld International Couriers, Inc.
2.- Con fecha 20 de diciembre de 2007, la Sociedad Air Cargo Limited, filial de Lan Cargo Overseas vendió el total de la participación que mantenía en la Sociedad Florida West International Airways Inc., liquidándose por este motivo, durante el ejercicio 2008, el menor valor que Lan Cargo Overseas había reconocido por la compra de la inversión en Air Cargo Limited.
Nota 14. Intangibles
Los Intangibles al 31 de Diciembre de 2008 y 2007 valorizados, según lo descrito en Nota 2 m), incluye los siguientes conceptos:
El cargo a resultados por amortización del ejercicio asciende a MUS$ 7.822 (MUS$ 6.384 en 2007)
Nota 15. Otros (Activos)
La composición de este rubro es la siguiente:
(1) Corresponden, principalmente, a anticipos por compra de aeronaves. De acuerdo con las condiciones pactadas, estos importes serán recuperados al momento de la recepción de las aeronaves. Los valores de corto plazo, se incluyen en rubro Deudores varios, según se indica en Nota 5 c).
(2) Corresponde a contratos de cobertura de combustible y de tasas de interés.
(3) Estos valores se presentan netos de provisión por ajuste a valor de mercado por MUS$ 13.007 (MUS$ 2.186 en 2007).
Nota 16. Obligaciones con bancos e instituciones financieras a corto plazo
Largo plazo-corto plazo
Porcentaje obligaciones moneda extranjera (%) 100,00 Porcentaje obligaciones moneda nacional (%) -
Nota 17. Otros pasivos circulantes
La composición de este rubro es la siguiente:
(1) Corresponde a contratos de cobertura de combustible, tasas de interés y moneda.
Nota 18. Obligaciones con bancos e instituciones financieras largo plazo
Porcentaje obligaciones moneda extranjera (%) 100,00 Porcentaje obligaciones moneda nacional (%) -
Nota 19. Provisiones y castigos
a) Provisiones
La composición de este rubro, que se encuentra valorizado según se indica en Nota 2 r), es la siguiente:
b) Castigos
Los castigos efectuados al 31 de diciembre de 2008 y 2007, son los siguientes:
2008 | 2007 | |
MUS$ | MUS$ | |
Deudores incobrables | 2.905 | 7.862 |
Obsolescencia de repuestos y rotables | 1.441 | 849 |
Total | 4.346 | 8.711 |
Ambos castigos se efectuaron con cargo a provisiones.
(1) Provisión constituida por los procesos que son llevados a cabo por la Comisión Europea, por eventuales infracciones a la libre competencia
en el mercado de carga aérea
Nota 20. Otros pasivos a largo plazo
El detalle de los Otros pasivos a largo plazo es el siguiente:
(1) La porción de corto plazo ascendente a MUS$ 63.654 (MUS$ 61.960 en 2007) se presenta dentro del rubro Obligaciones largo plazo con vencimiento dentro de un año.
(2) Corresponde a contratos de cobertura de combustible y de tasas de interés.
(3) Con fecha 22 de agosto de 2002, Lan Airlines S.A. celebró un contrato de Securitización con la empresa Pelican Finance Ltd. por un monto original de MUS$ 40.000, acordando ceder y vender en Estados Unidos de Norteamérica, los derechos que le corresponden de cobrar y percibir respecto de ciertos emisores de tarjetas de crédito, provenientes de ventas futuras de pasajes efectuadas con tarjetas de crédito de dicho país. La cesión de tales derechos autoriza al adquirente al recupero de la inversión entre los años 2006 y 2009, con un rendimiento financiero de 6,96% anual.
Los desembolsos por el contrato anteriormente descrito se encuentran reflejados en el ítem Otros desembolsos por financiamiento, en el Estado Consolidado de Flujos de Efectivo (Nota 27).
Respecto del Estado de Resultados Consolidado, los intereses devengados se encuentran reflejados bajo el rubro Gastos financieros, presentados dentro del resultado fuera de la explotación.
La porción de corto plazo ascendente a MUS$ 6.753 (MUS$ 12.826 en 2007) se presenta dentro del rubro Obligaciones largo plazo con vencimiento dentro de un año.
Nota 21. Interés minoritario
El detalle del interés minoritario tanto en el pasivo como en el resultado, es el siguiente:
Nota 22 Cambios en el patrimonio
a) Aumento de capital
En Junta Extraordinaria de Accionistas de la Sociedad Matriz celebrada el 5 de abril de 2007, se acordó un aumento de capital social mediante la emisión de 22.090.910 acciones de pago, de iguales características a las existentes, de las cuales al 31 diciembre de 2008, han sido suscritas y pagadas 19.881.819 acciones equivalentes a MUS$ 319.141.
b) Opción de acciones para planes de compensación
En Junta Extraordinaria de Accionistas de la Sociedad Matriz celebrada el 5 de abril de 2007 se acordó un plan de compensaciones para los ejecutivos de la Compañía, mediante el otorgamiento de opciones para la suscripción de acciones. Para estos efectos destinó un 10% de las acciones representativas del aumento de capital aprobado en esa fecha.
Con fecha 17 de mayo de 2007 el Directorio de la Sociedad Matriz, acordó otorgar a un grupo de ejecutivos la opción para suscripción de un total de 2.209.091 opciones de acciones, al valor de colocación fijado para este efecto, esto es US$ 16,11208 por cada una de ellas. Este otorgamiento ha sido formalizado a través de la celebración de contratos de opciones para suscripción de acciones, de acuerdo a las proporciones que se muestran en el siguiente calendario de devengamiento y que dice relación con la condición de permanencia del ejecutivo a esas fechas para el ejercicio de las opciones:
Porcentaje | Periodo | |
30 | % | Desde el 1/Julio/2009 |
30 | % | Desde el 1/Julio/2010 |
40 | % | Desde el 1/Julio/2011 |
De acuerdo a lo descrito en Nota 2 z), estas opciones han sido valorizadas y registradas de acuerdo al valor justo a la fecha de otorgamiento, determinado a través del método “Black-Sholes-Merton”.
El valor justo determinado, el cual ascendió a MUS$ 4.202, es registrado con cargo a remuneraciones y abono a otras reservas, en forma lineal durante el período del otorgamiento de las opciones y la fecha en que éstas alcancen el carácter de irrevocable.
Al 31 de diciembre de 2008 se encontraban firmados contratos por un total de 1.604.000 opciones de acciones.
c) Dividendos
En Sesión Ordinaria de Directorio de la Sociedad Matriz celebrada el 23 de diciembre de 2008, se acordó el reparto de un dividendo provisorio de US$ 0,30993 por acción con cargo a los resultados del ejercicio 2008. Al 31 de diciembre de 2008, este monto se presenta en el rubro dividendos por pagar, los cuales serán cancelados durante el mes de enero de 2009.
En Sesión Ordinaria de Directorio de la Sociedad Matriz celebrada el 29 de julio de 2008, se acordó el reparto de un dividendo provisorio de US$ 0,28568 por acción con cargo a los resultados del ejercicio 2008, los cuales se cancelaron en el mes de agosto de 2008.
En Junta Ordinaria de Accionistas de la Sociedad Matriz celebrada el 10 de abril de 2008, se acordó el reparto de dividendos definitivos con cargo a los resultados del ejercicio 2007, de US$ 0,63705 por acción, imputando a dicha suma los dividendos provisorios repartidos en los meses de agosto de 2007 y enero de 2008, de US$ 0,26596 por acción y de US$ 0,35389 por acción respectivamente, quedando por pagar US$ 0,01720 por acción, los cuales se cancelaron durante el mes de mayo de 2008.
En Sesión Ordinaria de Directorio de la Sociedad Matriz celebrada el 21 de diciembre de 2007, se acordó el reparto de un dividendo provisorio de US$ 0,35389 por acción con cargo a los resultados del ejercicio 2007. Al 31 de diciembre de 2007, este monto se presenta en el rubro dividendos por pagar, los cuales se cancelaron durante el mes de enero de 2008.
En Sesión Ordinaria de Directorio de la Sociedad Matriz celebrada el 31 de julio de 2007, se acordó el reparto de un dividendo provisorio de US$ 0,26596 por acción con cargo a los resultados del ejercicio 2007, los cuales se cancelaron durante el mes de agosto 2007.
En Junta Ordinaria de Accionistas de la Sociedad Matriz celebrada el 5 de abril de 2007, se acordó el reparto de dividendos definitivos con cargo a los resultados del ejercicio 2006 de US$ 0,52965 por acción, imputando a dicha suma los dividendos provisorios repartidos en los meses de julio y diciembre de 2006 de US$ 0,15071 por acción y de US$ 0,21256 por acción, respectivamente, quedando por pagar US$ 0,16638 por acción, los cuales se cancelaron durante el mes de abril de 2007.
El valor libro de la acción al cierre del ejercicio alcanza la suma de US$ 3,2999 (US$ 2,9164 al 31 de diciembre de 2007).
d) Otras reservas
El saldo del rubro Otras reservas, al cierre de cada ejercicio, se compone como sigue:
(1) Ver Nota 26.
Nota 23. Otros ingresos y egresos fuera de la explotación
El detalle de los Otros ingresos y egresos fuera de la explotación es el siguiente:
a) Otros ingresos fuera de la explotación
b) Otros egresos fuera de la explotación
(1) Cuentas por pagar por el acuerdo alcanzado con el Departamento de Justicia USA, en relación con la investigación en ese país por infracciones a la normativa sobre libre competencia en el mercado de carga aérea.
(2) Provisión constituida por los procesos que son llevados a cabo por la Comisión Europea, por eventuales infracciones a la libre competencia en el mercado de carga aérea.
Nota 24. Corrección monetaria
Nota 25. Diferencias de cambio
Nota 26. Gastos de emisión y colocación de títulos accionarios y de títulos de deuda
El detalle de los gastos de emisión y colocación de acciones, incurridos por la Sociedad Matriz, al 31 de diciembre de cada año y registrados según lo descrito en Nota 2 y), es el siguiente:
Estos costos se encuentran contabilizados en una cuenta patrimonial clasificada en el rubro Otras reservas, denominada Costos de emisión y colocación de acciones.
De acuerdo a lo establecido en circular Nro. 1.736 de la Superintendencia de Valores y Seguros, en la próxima Junta Extraordinaria de Accionistas que celebre la Sociedad Matriz, la cuenta Costos de emisión y colocación de acciones deberá ser deducida del Capital pagado.
Nota 27. Estado de flujo de efectivo
El detalle de Otros desembolsos por financiamiento es el siguiente:
(1) Ver Nota 9.
(2) Ver Nota 20.
De las causas mencionadas anteriormente, en atención al estado procesal de ellas y/o el improbable evento de obtener sentencia contraria en dichos juicios, al 31 de diciembre de 2008 se ha estimado en cada caso que no corresponde la constitución de provisión alguna, sin perjuicio de una provisión no operacional de US$ 25 millones, que se relaciona con la actual investigación global llevada a cabo en la Unión Europea sobre una posible infracción a la normativa de libre competencia con relación a la fijación de precios del sobrecargo de combustible y de otros cobros, que involucra a un amplio número de aerolíneas internacionales de carga -entre ellas Lan Cargo S.A., filial de carga de Lan Airlines S.A.- en los mercados de transporte de carga aérea de Europa.
b) Contingencias y Compromisos
b.1)Existen los siguientes contratos de arrendamiento de aeronaves:
(1) Corresponde a dos aeronaves Boeing 777-Freighter, contrato firmado con Celestial Aviation Trading 39 Limited el 30 de abril de 2007 y serán recepcionados en abril y mayo de 2009.
(2) Corresponde a seis aeronaves Boeing 787 Dreamliner, según contrato firmado con Internacional Lease Finance Corporation (ILFC) el 16 de agosto de 2007, y que serán recepcionadas, dos el primer trimestre de 2014, dos el tercer trimestre de 2014, una el primer trimestre de 2015 y una el segundo trimestre de 2016.
Los montos de arriendos anuales comprometidos por contratos de aeronaves y motores ascienden a: MUS$ 161.458 / Año 2009; MUS$ 159.926 / Año 2010; MUS$ 149.306 / Año 2011; MUS$ 136.578 / Año 2012; MUS$ 89.559 / Año 2013; MUS$ 652.076 / Año 2014 y siguientes.
b.2)Compromisos
Airbus
Con fecha 4 de octubre de 2005, la Sociedad Matriz suscribió con Airbus S.A.S. una modificación al contrato de compra de aeronaves de fecha 20 de marzo de 1998, en virtud del cual se acordó la compra de nuevas aeronaves de la familia A320, esto es, modelos A320, A319 y A318. En virtud de esta nueva modificación, el total de aeronaves Airbus de la familia A320 para entrega en los años 2006, 2007, 2008 y 2009 es de 32, con la opción de compra de 15 aeronaves adicionales. El valor total aproximado asciende a MUS$ 960.000.
Con fecha 6 de marzo de 2007, la Sociedad Matriz ejerció el derecho de adquirir 15 aeronaves Airbus de la familia A320 con entrega entre el 2010 y el 2011. El valor total aproximado de esta transacción asciende a MUS$ 600.000.
Al 31 de diciembre del 2008, producto de los distintos contratos de compra con Airbus S.A.S., resta por recibir 18 aeronaves Airbus de la familia A320, con entrega entre enero del 2009 y diciembre del 2011.
Boeing
Con fecha 31 de marzo de 2006, la Sociedad Matriz suscribió con The Boeing Company, un contrato de compra de 3 aeronaves 767-300ER, las dos primeras fueron recepcionadas durante el presente año, y la última será recibida durante el primer trimestre de 2009.
Con fecha 14 de diciembre de 2006, la Sociedad Matriz suscribió con The Boeing Company, un contrato de compra de 3 aeronaves 767-300ER. La entrega está programada para el año 2009.
Con fecha 3 de julio de 2007, la Sociedad Matriz suscribió con The Boeing Company, un contrato de compra de 2 aeronaves 777-Freighter. La entrega está programada para los años 2011 y 2012.
Con fecha 29 de octubre de 2007, la Sociedad Matriz suscribió con The Boeing Company, un contrato de compra de 26 aeronaves 787 Dreamliner de pasajeros, con la opción de compra de 15 aeronaves adicionales. La entrega está programada entre los años 2014 y 2019.
Con fecha 10 de noviembre de 2008, la Sociedad Matriz suscribió con The Boeing Company, un contrato de compra de 4 aeronaves 767-300ER a ser entregados durante el año 2012, con la opción de compra de 2 aeronaves adicionales.
Al 31 de diciembre de 2008, producto de los distintos contratos de compra con The Boeing Company anteriormente descritos, resta por recibir un total de 8 aeronaves 767-300, 2 aeronaves 777-Freighter y 26 aeronaves 787 Dreamliner por un monto total aproximado de MUS$ 4.150.000.
c) Restricciones
c.1)En relación con los diversos contratos celebrados por Lan Airlines S.A. para el financiamiento de aeronaves Boeing 767 que cuentan con la garantía del Export - Import Bank de los Estados Unidos de Norteamérica, se han establecido límites a algunos indicadores financieros de la Sociedad Matriz, en base consolidada. Por otra parte y relacionado con estos mismos contratos, se establecen restricciones a la gestión de la Sociedad en términos de composición accionaria y disposición de activos. Adicionalmente, en relación a los diversos contratos celebrados por su filial Lan Cargo S.A. para el financiamiento de aeronaves Boeing 767 que cuentan con la garantía del Export-Import Bank de los Estados Unidos de Norteamérica, se han establecido restricciones a la gestión de la Sociedad Matriz y de su filial Lan Cargo S.A., en términos de composición accionaria y disposición de activos.
c.2)En relación con el contrato de Securitización, celebrado con Pelican Finance Ltd., en agosto de 2002, se han establecido restricciones a la gestión de la Sociedad Matriz en términos de disponer de Cuentas por cobrar similares a las enajenadas.
c.3)En relación con los diversos contratos celebrados por Lan Airlines S.A. para el financiamiento de aeronaves Airbus A320 que cuentan con la garantía de las Export Credit Agencies Europeas, se han establecido límites a algunos indicadores financieros de la Sociedad. Por otra parte, y relacionado con estos mismos contratos, se establecen restricciones a la gestión de la Sociedad, en términos de composición accionaria y disposición de activos.
e) Garantías indirectas
f) Otras contingencias
Nota 30. Cauciones
(1) Ver Nota 17.
Nota 31. Moneda nacional y extranjera
Activo
Nota 32. Sanciones
a) De la Superintendencia de Valores y Seguros
Por Resolución Exenta Nº 306, de fecha 6 de julio de 2007, la Superintendencia de Valores y Seguros aplicó a don Juan José Cueto Plaza, director de Lan Airlines S.A., una multa de 1.620 Unidades de Fomento, al concluir que constituye infracción a la parte final del inciso primero del artículo 165 de la Ley Nº 18.045, el haber efectuado compras de la acción de Lan Airlines S.A. en conocimiento de los Estados Financieros al 30 de junio de 2006 y previo a su publicación. La Superintendencia comunicó que dicha entidad descartó el uso de información privilegiada, por haberse acreditado que el conocimiento de esa información no fue la causa que motivó las operaciones de compra. La reclamación interpuesta contra dicha resolución, se radicó ante el 27º Juzgado Civil de Santiago, el cual la rechazó mediante resolución de fecha 8 de enero recién pasado, la que fue notificada en ese mismo día. La defensa de don Juan José Cueto ya presentó un recurso contra dicha sentencia.
No se han aplicado otras sanciones a la Sociedad Matriz y sus filiales, a sus Directores o Administradores, emitidas por parte de la Superintendencia de Valores y Seguros durante el ejercicio terminado el 31 de diciembre de 2008.
b) De otras autoridades administrativas
No se han aplicado sanciones significativas a la Sociedad Matriz y sus filiales, a sus Directores o Administradores, emitidas por parte de otras autoridades administrativas al 31 de diciembre de 2008.
Nota 33. Hechos posteriores
a)Con fecha 21 de enero de 2009, Lan Cargo S.A. (“Lan Cargo”) y Aerolinhas Brasileiras S.A. (“ABSA”) empresa en la que Lan Cargo tiene participación accionaria, llegaron a un acuerdo denominado “Plea Agreement” con el Departamento de Justicia de los Estados Unidos de América (el “Departamento de Justicia”), en relación con la investigación llevada a cabo en ese país por infracciones a la normativa de libre competencia con respecto a la fijación del precio del cargo por combustible y otros cobros, que involucra a más de 30 aerolíneas internacionales que operan en el transporte de carga aérea.
El acuerdo establece que Lan Cargo y ABSA han aceptado pagar una multa de US$ 88 y US$ 21 millones, respectivamente, lo cual se efectuará en un plazo de 5 años. Estos importes han sido provisionados al 31 de diciembre de 2008 y se presentan en los rubros Acreedores varios de corto y largo plazo, según corresponda.
b)Con posterioridad al 31 de diciembre de 2008 y hasta la fecha de emisión de estos Estados Financieros, no se tiene conocimiento de otros hechos de carácter financiero o de otra índole, que afecten en forma significativa los saldos o interpretación de los mismos.
Nota 34. Medio ambiente
De conformidad con la Ley de Bases sobre el Medio Ambiente y su normativa complementaria, no existen disposiciones que afecten la industria de servicios de transporte aéreo.
Nota 35. Gastos pagados por anticipado
La composición de este rubro es la siguiente:
(1) El concepto arriendo de aeronaves, corresponde a valores pagados anticipadamente, los cuales serán cargados a resultados operacionales una vez que éstos se devenguen.
(2) Como recepción de aeronaves, se incluyen todos aquellos costos en que incurre la Sociedad Matriz y sus filiales al momento de recepcionar una aeronave, para dejarla en condiciones operativas. Dichos costos no son recuperables y se difieren con cargo a resultados operacionales en los plazos de duración establecidos en los respectivos contratos.
Nota 36. Cuentas por pagar
La composición de este rubro es la siguiente:
Nota 37. Futuros cambios contables
Como es de público conocimiento, el país está comprometido a desarrollar un plan de convergencia para adoptar integralmente las Normas Internacionales de Información Financiera - NIIF (IFRS, según su sigla en inglés). En conformidad con lo establecido sobre esta materia por el Colegio de Contadores y por la Superintendencia de Valores y Seguros, la Sociedad Matriz y sus filiales deben adoptar dichas normas a contar del ejercicio 2009. Producto de lo anterior, se originarán cambios sobre los saldos patrimoniales al 1 de enero de 2009 y se afectará la determinación de los resultados para los ejercicios futuros. Asimismo, para efectos comparativos, los estados financieros del ejercicio 2008, que también deberán presentarse de acuerdo con la nueva normativa, pueden diferir de los aquí presentados.
La Sociedad ha desarrollado un plan para enfrentar integralmente los efectos de este cambio y, a la fecha de emisión de estos estados financieros, está en proceso de revisar y depurar la información sobre la estimación de los efectos que deberán reflejarse en los estados financieros futuros.
Hechos relevantes
Los siguientes Hechos fueron informados en carácter de esenciales a la Superintendencia de Valores y Seguros y a las Bolsas de Valores:
1.-Con fecha 23 de diciembre de 2008 se informó en carácter de hecho esencial, que en conformidad con la normativa vigente, y en especial la circular Nº 660 de la Superintendencia de Valores y Seguros, que en Sesión Ordinaria del día 23 de diciembre de 2008, el Directorio de Lan Airlines S.A. acordó el reparto de un dividendo provisorio de US$ 0,30993 por acción con cargo a las utilidades del ejercicio 2008, el que será pagado a partir del día 15 de enero de 2009, teniendo derecho a este dividendo todos aquellos accionistas que tengan tal calidad al quinto día hábil anterior a dicha fecha.
2.-Con fecha 10 de noviembre de 2008 en virtud de lo establecido en el artículo 9º y 10º de la Ley Nº 18.045 sobre Mercado de Valores, se informó en carácter de hecho esencial que, Lan Airlines S.A. suscribió un contrato de compraventa con The Boeing Company, a fin de adquirir cuatro aviones Boeing modelos 767-316ER, cuyas entregas se encuentran programadas para los meses de febrero, marzo (dos aviones) y abril de 2012. Asimismo, Lan Airlines S.A. y The Boeing Company suscribieron un acuerdo que otorga a Lan Airlines S.A. la opción de comprar dos aviones del mismo modelo antes mencionado para el año 2013. El monto aproximado de la inversión, excluyendo las referidas opciones de compra, asciende a MUS$ 636.000 (precio lista).
La adquisión de estos aviones es parte de la revisión del plan estratégico de flota de Lan Airlines S.A. para el largo plazo (año 2012), particularmente atendidas las estimaciones de retraso en el programa de entrega de los Boeing 787 (inicialmente previstas respecto a Lan Airlines S.A. a contar de 2011), cuya compra fuera informada por Lan Airlines S.A. mediante hecho relevante de fecha 12 de julio de 2007.
3.-Con fecha 29 de julio de 2008 se informó en carácter de hecho esencial, que en conformidad con la normativa vigente, y en especial la circular Nº 660 de la Superintendencia de Valores y Seguros, que en Sesión Ordinaria del día 29 de julio de 2008, el Directorio de Lan Airlines S.A. acordó el reparto de un dividendo provisorio de US$ 0,28568 por acción con cargo a las utilidades del ejercicio 2008, el que será pagado a partir del día 21 de agosto de 2008, teniendo derecho a este dividendo todos aquellos accionistas que tengan tal calidad al quinto día hábil anterior a dicha fecha.
4.-Con fecha 10 de abril de 2008 en virtud de lo establecido en el artículo 9º e inciso 2º del artículo 10º de la Ley Nº 18.045 se informó en carácter de hecho esencial que, en Junta Ordinaria de Accionistas de Lan Airlines S.A. celebrada el día 10 de abril de 2008 se ha elegido a los nuevos directores de la Sociedad.
El nuevo Directorio de Lan Airlines S.A. se encuentra integrado por los siguientes directores:
1. Andrés Navarro Haeussler,
2. Bernardo Fontaine Talavera,
3. Darío Calderón González,
4. Ignacio Guerrero Gutiérrez,
5. Jorge Awad Mehech,
6. José Cox Donoso,
7. Juan Cueto Sierra,
8. Juan José Cueto Plaza, y
9. Ramón Eblen Kadis.
5.-Con fecha 10 de abril de 2008, se informó en carácter de hecho esencial que en conformidad con la normativa vigente, y en especial la circular Nº 660 de la Superintendencia de Valores y Seguros, que en Junta Ordinaria de Accionistas realizada el día 10 de abril de 2008, se acordó el reparto de un dividendo definitivo de US$ 0,01720 por acción con cargo a las utilidades del ejercicio 2007, el que será pagado a partir del 8 de mayo de 2008, teniendo derecho a este dividendo todos aquellos accionistas que tengan tal calidad al quinto día hábil anterior a dicha fecha.
6.-Con fecha 27 de febrero de 2008 se informó en carácter de hecho esencial que en Sesión Ordinaria de Directorio celebrada el día 26 de febrero de 2008, el Directorio de Lan Airlines S.A. acordó citar a Junta Ordinaria de Accionistas para el día 10 de abril de 2008 a las 11:00 horas para tratar las siguientes materias:
a)Aprobación de la Memoria, Balance y Estados Financieros de la Sociedad, correspondientes al ejercicio terminado al 31 de diciembre de 2007;
b)Aprobación del reparto de un dividendo definitivo con cargo a las utilidades del ejercicio 2007, imputado a dicha suma los dividendos provisorios de US$ 0,26596 y US$ 0,35389 por acción, pagados en los meses de agosto de 2007 y enero de 2008, respectivamente;
c)Elección del Directorio de la Sociedad;d)Fijación de las remuneraciones del Directorio para el ejercicio 2008;e)Fijación de la remuneración del Comité de Directores y determinación de su presupuesto para el ejercicio 2008;
f)Designación de Auditores Externos; Designación de Clasificadoras de Riesgo; Cuentas sobre las Materias a que se refiere el art. 44 de la Ley Nº 18.046 sobre Sociedades Anónimas;
g)Información sobre costo de procesamiento, impresión y despacho de la información a que se refiere la Circular Nº 1494 de la Superintendencia de Valores y Seguros; y
h)Demás materias de interés social propias del conocimiento de la Junta Ordinaria de accionistas.
7.-Con fecha 27 de diciembre de 2007 se informó en carácter de hecho esencial que en virtud de lo establecido en el artículo 9º e inciso 2º del artículo 10º de la Ley Nº 18.045, lo siguiente:
Tal como esta compañía informó oportunamente, la Comisión Europea, en conjunto con el Departamento de Justicia de Estados Unidos, iniciaron en febrero de 2006 una investigación global que incluía a un gran número de aerolíneas internacionales de carga, entre ellas Lan Cargo S.A., por una posible concertación en los cobros por sobreprecio de combustible y otras tarifas en los mercados de carga aérea en Europa y Estados Unidos.
Con fecha 26 de diciembre de 2007, la Dirección General de Competencia de la Comisión Europea ha notificado a Lan Cargo S.A. y Lan Airlines S.A., de la instrucción de un proceso en contra de 25 de estas aerolíneas de carga, entre ellas Lan Cargo S.A., por eventuales infracciones a la libre competencia en el mercado de carga aérea.
En Estados Unidos el Departamento de Justicia continúa con la investigación sobre la materia.
Lan Airlines S.A. se está imponiendo de los términos de la notificación con el fin de adoptar las acciones a seguir, hará sus descargos y rendirá las pruebas que juzgue oportunas a la defensa de sus intereses. Dado el estado procesal del trámite, no es posible en esta etapa anticipar el resultado del proceso.
8.-Con fecha 21 de diciembre de 2007, se informó en carácter de hecho esencial que en conformidad con la normativa vigente, y en especial la circular Nº 660 de la Superintendencia de Valores y Seguros, que en sesión Ordinaria del día 21 de diciembre de 2007, el Directorio de Lan Airlines S.A. acordó el reparto de un dividendo provisorio de US$ 0,35389 por acción con cargo a las utilidades del ejercicio 2007, el que será pagado a partir del día 17 de enero de 2008, teniendo derecho a este dividendo todos aquellos accionistas que tengan tal calidad al quinto día hábil anterior a dicha fecha.
Análisis razonado
Análisis comparativo y explicación de las principales tendencias:
1. Balance General Consolidado
Al cierre del ejercicio 2008, los activos totales de la Sociedad presentan un aumento de MUS$ 1.003.119 con respecto al año anterior, lo que en términos porcentuales equivale a un 25,7%.
El Activo circulante de la Sociedad aumenta en MUS$ 261.203 (24,0%) respecto al año anterior, pudiendo observarse la principal variación positiva en el rubro Otros activos circulantes MUS$ 345.778 producto de los contratos de cobertura del precio del combustible y las garantías por márgenes de derivados, las principales disminuciones las presentan los rubros Disponible, Depósitos a plazo y Valores negociables que en su conjunto presentan una disminución del 12,4% y Deudores varios (11,6%).
El índice de liquidez de la Sociedad muestra un aumento de un 0,9%, pasando de 0,97 veces en el año 2007 a 0,98 veces en el año 2008. Los Activos circulantes crecieron un 24,0% mientras que el Pasivo circulante lo hizo sólo en un 22,8%. Se observa además, una disminución en el índice que muestra la razón ácida (28,7%) pasando de 0,42 veces en el año 2007 a 0,30 veces en el año 2008.
El Activo fijo, que asciende a MUS$ 3.093.368, presenta un aumento neto de 31,5% respecto al año anterior, cuyo valor era de MUS$ 2.351.605. Esta variación se explica, principalmente, por el efecto neto del rubro Maquinarias y equipos, producto de la incorporación de diez aeronaves Airbus A318, dos aeronaves Airbus A319, dos aeronaves Airbus A320 y de cuatro aeronaves Boeing 767, para el transporte de pasajeros, por la incorporación de motores de repuesto y unidades rotables para soportar la operación de la flota, por la adquisición de equipamiento computacional, equipos de apoyo terrestre, herramientas y otros; y el aumento en la Depreciación acumulada dado por la depreciación del ejercicio.
El rubro Otros activos no presenta variación significativa respecto del año anterior.
El Pasivo circulante de la Sociedad aumenta en MUS$ 256.422 (22,8%), con lo que cierra el ejercicio 2008 en MUS$ 1.379.027. La variación se explica, principalmente, por los aumentos en los rubros de Otros pasivos circulantes MUS$ 174.851 en el que su incremento se debe al resultado no realizado de los contratos de derivados, Obligaciones con bancos e instituciones financieras de largo plazo - porción corto plazo (48,1%), y Cuentas por pagar (12,0%), Las principales variaciones negativas son: Dividendos por Pagar (12,3%), Impuesto a la Renta (81,0%) y Provisiones (6,1%).
El indicador de endeudamiento de corto plazo de la Sociedad aumenta en un 8,6%, pasando de 1,14 veces en el año 2007 a 1,23 veces en el año 2008 y su participación sobre la deuda total disminuyó en un 5,5%, pasando de 38,6% en el año 2007 a 36,5% en el año 2008.
El Pasivo a largo plazo presenta un aumento de MUS$ 616.239 (34,5%), con lo que cierra el ejercicio 2008 en MUS$ 2.402.135. Esta variación se explica, principalmente, por el aumento en los rubros Obligaciones con bancos e instituciones financieras (34,7%), producto de la obtención de financiamiento para la compra de aeronaves, Acreedores Varios largo plazo MUS$ 96.182, y Otros pasivos a largo plazo (12,7%).
Al cierre del ejercicio 2008, el 97,0% de las Obligaciones con bancos e instituciones financieras de largo plazo que presenta la Sociedad, están afectas a tasas de interés fijas, considerando los contratos a futuro en esta materia.
El indicador de endeudamiento de largo plazo de la Sociedad, aumenta en un 18,9%, pasando de 1,81 veces en el año 2007 a 2,15 veces en el año 2008, y su participación sobre la deuda total aumenta en un 3,5%, pasando de 61,4% en el año 2007 a un 63,5% en el año 2008.
El indicador de endeudamiento total sobre el patrimonio de la Sociedad aumenta en un 14,9%, pasando de 2,94 veces en el año 2007 a 3,38 veces en el año 2008.
La variación del Patrimonio se explica, principalmente, por los resultados obtenidos durante el ejercicio 2007 y el ejercicio 2008, y por la distribución de dividendos definitivos con cargo a los resultados del año 2007 y dividendos provisorios 2008.
2. Estado de Resultados Consolidado
La utilidad neta al 31 de Diciembre de 2008 alcanza a MUS$ 335.739, lo que representa una variación positiva de MUS$ 27.416, equivalentes a un 8,9% con respecto al ejercicio anterior. El resultado operacional alcanzó a MUS$ 536.184 que comparado con el ejercicio anterior registró un aumento de 29,7%, equivalentes a MUS$ 122.813. Este resultado se debe, principalmente, a una mayor demanda en los distintos mercados que opera la compañía tanto en las operaciones de pasajeros como de carga, el cual fue impactado por del drástico aumento en el precio de combustible que afectó a la industria en general. Por otra parte, el resultado no operacional mostró una variación negativa de MUS$ 89.005 en el ejercicio 2008 en relación con el resultado negativo de MUS$ 45.562 del ejercicio 2007.
Los ingresos de explotación aumentaron 28,6% con respecto al ejercicio 2007, alcanzando a MUS$ 4.534.282. Esta variación se debe al aumento de 30,1% en los ingresos de pasajeros, de 32,3% en los ingresos de carga, compensados con una disminución de 14,5% de los otros ingresos.
El alza de MUS$ 661.736 en los ingresos de pasajeros, equivalentes a 30,1% de variación, se debe al crecimiento del tráfico internacional como también de los distintos negocios domésticos. El tráfico de pasajeros aumentó 12,3%, lo que equivale aproximadamente a 2 millones 149 mil pasajeros, esto gracias a la expansión de las operaciones en rutas de largo alcance y al desarrollo de las operaciones regionales especialmente en Perú y Argentina.
Los ingresos de carga aumentaron en 32,3% lo que equivale a MUS$ 372.783, principalmente por incrementos en ingresos unitarios y por un aumento de 7,6% en el tráfico (medido en RTK). Los mercados de mayor crecimiento son los mercados de importación, especialmente el brasilero y norteamericano.
Los costos operativos, que corresponden a los costos de explotación más los gastos de administración y ventas, ascienden a MUS$ 3.998.098 lo que comparado con el ejercicio anterior, representa un aumento de MUS$ 886.546 equivalentes a un 28,5% de variación. Lo anterior se debe, principalmente, a un aumento de un 9,0% en la operación de pasajeros y carga (medido en ATK’S Sistema). La variación de los principales conceptos se explica de la siguiente manera:
a)El gasto en combustible aumenta en MUS$ 493.714 lo que equivale a un 53,1% de incremento con respecto al ejercicio 2007. Este mayor costo se explica, principalmente, por el alza en el precio internacional del combustible, que generó costos operacionales adicionales por más de MUS$ 404.502, y por el aumento del consumo a raíz del crecimiento de las operaciones.
b)Los costos de remuneraciones aumentan en 24,3% lo que equivale a MUS$ 119.103 esto en línea con el crecimiento de la operación y por efecto tipo de cambio e IPC sobre las remuneraciones denominadas en moneda local.
c)Los otros gastos de operación aumentan un 20,8% lo que equivale a MUS$ 79.005. Esta alza se explica por una mayor operación y costos asociados, principalmente, en lo que se refiere a reservas por el aumento en el número de pasajeros y a gastos de ventas y marketing.
d) Las comisiones aumentan en MUS$ 79.357, equivalente a un 19,7%, esto debido principalmente al aumento en las ventas de carga y de pasajeros, compensado por menores comisiones en ambos negocios.
e)Los gastos de aterrizaje y otras rentas aumentan un 23,0% lo que equivale a MUS$ 84.180. Esta alza en los costos responde a una mayor operación reflejada, principalmente, en el incremento en los costos de renta variable de aviones como también de tasas aeronáuticas y handling.
f)Los gastos de depreciación y amortización aumentan un 19,1%, alcanzando MUS$ 29.355 en el ejercicio 2008, esto explicado principalmente, por la incorporación a la flota de diez A318, cuatro B767, dos A-320 y dos A-319, compensados parcialmente con la salida de un B737.
g)El ítem mantenimiento disminuye en MUS$ 3.454 lo que corresponde a 2,2%, debido principalmente a la salida de aviones B737.
El resultado fuera de explotación registró una disminución de MUS$ 89.005 en comparación a los MUS$ 45.562 de resultado negativo en el ejercicio 2007, alcanzando MUS$ 134.567 de pérdida neta en el ejercicio 2008.
Este efecto se explica, principalmente, por aumentos en los ítems otros egresos fuera de la explotación que varía MUS$ 87.209 respecto al ejercicio 2007 alcanzando MUS$ 115.026 en el ejercicio 2008. Esta cifra incluye una provisión de US$ 109 millones que tiene relación con el acuerdo firmado con el Departamento de Justicia de Estados Unidos en relación con la investigación
operan en el transporte de carga aérea. El acuerdo establece que Lan Cargo ha aceptado pagar una multa de US$ 88 millones. Adicionalmente, la compañía carguera Aerolinhas Brasileiras S.A. (ABSA) -en la que Lan Cargo tiene participación accionaria- ha llegado también a un acuerdo por la cantidad de US$ 21 millones.
Esto compensado con un aumento en los otros ingresos fuera de la explotación por MUS$ 24.193, el que incluye el cambio contable relacionado con el financiamiento de PDP (depósitos pre entrega de aviones, PDP por sus siglas en ingles).
3. Análisis y explicación Flujo Neto Consolidado originado por las Actividades de Operación, Inversión y Financiamiento
El Flujo de operación de la Sociedad, presenta un aumento de MUS$ 22.111, respecto al año anterior, debido principalmente, al incremento en la Recaudación de deudores por venta (31,5%) y los Otros Ingresos percibidos (173,8%), los cuales han sido compensados por el aumento en el Pago a proveedores y personal (39.4%), el aumento del Impuesto al Valor agregado y otros similares (106,3%), los Otros Gastos pagados (113,5%), el Impuesto a la renta pagado (65,4%) e Intereses pagados (10,6%).
El Flujo de financiamiento, presenta una variación negativa de MUS$ 324.659 respecto al año anterior debido, principalmente, a la colocación de acciones de pago del ejercicio anterior por MUS$ 319.141, al aumento de los Otros desembolsos por financiamiento MUS$ 178.697, producto de los pagos de Garantías por márgenes de derivados y al mayor Pago de Dividendos (5,7%), lo que se ve compensado en parte con el aumento en la obtención de préstamos (16,1%).
El Flujo de inversión, presenta una variación positiva de MUS$ 13.709, con respecto al año anterior, esta variación se debe, principalmente, a la disminución de las Inversiones en instrumentos financieros (84%), a las Ventas de inversiones permanentes por MUS$ 6.708 y a las Ventas de activo fijo MUS$ 6.406, las principales variaciones negativas son: el aumento en el Pago de intereses capitalizados (476,2%), el aumento en Otros desembolsos de inversión por MUS$ 10.192.
Finalmente, el flujo neto de la Sociedad generado durante el ejercicio 2008, presenta una variación negativa de MUS$ 288.839 respecto al ejercicio anterior. El saldo negativo del flujo de inversión ha sido cubierto, principalmente, por el flujo de operación, flujo de financiamiento y el remanente por el saldo disponible al 31 de diciembre de 2007.
4. Análisis de Riesgo de Mercado
Concentración de riesgo crediticio
Las cuentas por cobrar de la Sociedad Matriz y sus filiales provienen en un alto porcentaje de las ventas de pasajes aéreos, servicios de carga a personas y diversas empresas comerciales que están económica y geográficamente dispersas, siendo generalmente de corto plazo. Conforme a ello, la Sociedad Matriz y sus filiales no estima que esté expuesta a una concentración importante de riesgo crediticio.
Instrumentos financieros: Administración del riesgo de precio del combustible
La variación en los precios del combustible depende en forma importante de la oferta y demanda de petróleo en el mundo, de las decisiones tomadas por la OPEP, de la capacidad de refinamiento a nivel mundial, de los niveles de inventario mantenidos, de factores como el clima y de factores políticos. Para disminuir el riesgo de variaciones en los precios a que podría estar expuesta la Sociedad Matriz, se han suscrito contratos de cobertura de combustible, con diferentes instituciones financieras, por una parte del consumo total de combustible estimado que tendrá la Sociedad Matriz para el año 2008. Los tipos de contratos suscritos son (a) el de Swap, que permite fijar el precio, (b) el de opciones Call, que permite limitar el alza del precio y (c) el de bandas de precio, que permiten fijar un precio máximo y un precio mínimo. En el caso del contrato swap cuando el precio de mercado supera el nivel fijado, la Sociedad Matriz recibe el diferencial que se produce entre ambos precios por la cantidad de galones de combustible que estipula cada contrato. A la inversa, si el precio de mercado está por debajo del precio fijado, es la Sociedad Matriz quien debe proceder a pagar la diferencia de precios establecida. No existen costos asociados al contrato swap. En el caso de la compra de una opción Call cuando el precio de mercado supera el nivel fijado, la Sociedad Matriz recibe el diferencial que se produce entre ambos precios por la cantidad de galones de combustible estipulada en el contrato. Si el precio de mercado está por debajo del precio fijado, la Sociedad Matriz no ejerce la opción. En el caso de un contrato de bandas de precio, si el precio de mercado está por encima del precio máximo, la Sociedad Matriz y sus filiales reciben el diferencial que se produce entre el precio de mercado y el precio máximo multiplicado por la cantidad de galones de combustible estipulada en cada contrato. Si el precio de mercado está por debajo del precio mínimo, es la Sociedad Matriz y sus filiales quienes deben proceder a pagar la diferencia de precios establecida. Si el precio de mercado está entre los precios máximos y mínimos fijados, la Sociedad Matriz y sus filiales no reciben ni pagan.
Por estos contratos, a diciembre de 2008, la Sociedad Matriz y sus filiales recibieron neto MUS$ 35.414. Las pérdidas o ganancias producidas por estos contratos se reconocen como componente del Resultado no operacional. Al 31 de diciembre de 2008, el valor de mercado de los contratos vigentes es de MUS$ -170.262 (negativo).
Instrumentos financieros: Administración del riesgo de tasa de interés
Con el fin de disminuir el riesgo de una eventual alza en los tipos de interés la Sociedad Matriz, suscribió contratos de Swap de tasa de interés durante el primer semestre 2001, segundo semestre 2005 y primer semestre 2006. Además durante el segundo semestre del año 2003, todo el año 2004 y 2005, la Sociedad Matriz ha suscrito contratos de opción Call. Junto con lo anterior, la deuda suscrita durante los años 2006, 2007 y 2008 fue tomada a tasa fija directamente con el banco acreedor. Adicionalmente, se fijaron anticipadamente las tasas de interés para el financiamiento de 22 aviones Airbus con llegada entre el año 2008 y 2011, de 7 Boeing 767-300 que se entregarán entre el año 2008 y 2012 (para mayor detalle de estas operaciones de compra de aeronaves, favor ver nota 29 de contingencias y restricciones). El objetivo que esto persigue es tener una porción de la deuda con (i) tasa fija (como es el caso de los swap y de la deuda tomada con tasa fija) y (ii) otra porción de la deuda con tasa variable pero limitado a un máximo (como es el caso de las Call), junto con (iii) limitar la exposición a la tasa de interés en futuros financiamientos De esta manera la Sociedad Matriz disminuye de manera importante el riesgo del alza de las tasas de interés. Con relación a dichos contratos, la Sociedad Matriz (i) paga , recibe, o (ii) solamente recibe dependiendo del caso, la diferencia entre la tasa fija acordada y la tasa flotante calculada sobre el capital insoluto de cada contrato. Por estos contratos, la Sociedad Matriz reconoció en el resultado acumulado del ejercicio una ganancia de MUS$ 7.643. Las pérdidas y ganancias por swap de tasa de interés junto con las primas y las ganancias de las Call de tasas de interés se reconocen como un componente del gasto financiero sobre la base de la amortización del préstamo cubierto. Al 31 de diciembre 2008, el valor de mercado de los contratos swap, call y fijación anticipada de tasas de interés vigentes es de MUS$ 154.752. Al 31 de diciembre, aproximadamente un 96% de la deuda está fijada con alguno de los instrumentos anteriormente nombrados a una tasa promedio de 5,236%.
Efectos de las Fluctuaciones en los Tipos de Cambio
La moneda funcional utilizada por la Sociedad Matriz es el dólar estadounidense en términos de fijación de precios de sus productos, de composición de su balance y de efectos sobre los resultados de las operaciones. Vende la mayor parte de sus servicios en dólares estadounidenses o en precios equivalentes al dólar estadounidense, y gran parte de sus gastos están denominados en dólares estadounidenses o equivalentes al dólar estadounidense, en particular costos de combustible, tarifas de vuelo y aterrizaje, arriendo de aeronaves, seguros, y componentes y accesorios para aeronaves. Del total del pasivo, aproximadamente un 93%, incluyendo obligaciones con bancos, pasivos de tráfico aéreo, y algunas cuentas por pagar de proveedores, está expresado en dólares estadounidenses. Por otra parte, aproximadamente un 91% de sus activos, principalmente Efectivo y equivalentes de efectivo, Activo fijo, Cuentas por cobrar e Inversiones también están expresados en dólares estadounidenses.
Aunque generalmente mantiene sus tarifas y precios de carga, en dólares estadounidenses o en precios equivalentes al dólar estadounidense, la Sociedad Matriz está expuesta a pérdidas y ganancias por moneda extranjera, debido a las fluctuaciones en los tipos de cambio.
En lo que va del 2006, la Sociedad Matriz ha registrado una pérdida neta por estos conceptos de MUS$ 7.866, la que se presenta en el Estado de resultados bajo el rubro Resultados fuera de la explotación.
5. Ambiente Económico Chileno
Con el objetivo de analizar el ambiente económico en el cual está inserta la Sociedad, a continuación se explica brevemente la situación y evolución de las principales economías que la afectan, tanto del ámbito nacional como regional y mundial.
Como consecuencia de la crisis financiera que afecta, principalmente a Estados Unidos y Europa, la economía mundial durante el 2008 presentó un fuerte debilitamiento, provocando gran incertidumbre en todos los sectores. Es así como las perspectivas de crecimiento muestran una importante desaceleración, situación que sólo comenzará a recuperarse en forma gradual el próximo año. Para el 2008 se espera un crecimiento de la economía global cercano al 3,6% y las proyecciones para el 2009 están en torno al 1,2%.
La economía Europea presentó un deterioro en la actividad económica, entrando en una fase de recesión económica que se estima será profunda y prolongada. Los gobiernos europeos anuncian planes de rescate y adoptan medidas extraordinarias. Se prevé un crecimiento cercano al 0,9% para el año 2008 (aproximadamente -1,9% en el año 2009).
Durante el año 2008 la economía de Estados Unidos fue impactada por la crisis que afectó al sector financiero interno, provocando un shock en los mercados mundiales con gran inestabilidad, desconfianza e incertidumbre. Como consecuencia de la recesión que atraviesa el país, se estima que las tensiones continuarán durante el 2009; sin embargo, se espera que las amplias medidas tomadas por las autoridades económicas, logren estabilizar la situación financiera, la problemática del sector inmobiliario, el desempleo y otros factores que han sido fuertemente impactados por esta crisis. Para el 2008 se espera un crecimiento aproximado de 1,2% y las proyecciones para el 2009 están en torno al -1,8%.
La región se ha visto afectada por el panorama económico mundial; sin embargo, gracias a un período de crecimiento sostenido, se encuentra mejor preparada para lidiar con la actual problemática financiera. Durante el 2008 mantuvo una sólida tasa de crecimiento, estimada en torno al 4,7% y para el 2009 se proyecta cercana al 1,2%.
La economía nacional también ha sufrido los impactos provocados por la crisis financiera mundial, viviendo momentos de tensión importante durante el año. La inflación ha experimentado un importante cambio con tendencia a la baja, alcanzando una tasa menor a la presupuestada en el 2008 y mejorando las expectativas para el año 2009 con una tasa en torno al 4 %. Se estima un crecimiento cercano al 3,5% para el año 2008, aproximadamente entre el 2% y 3% para el 2009.
La industria aeronáutica internacional no ha estado exenta de los impactos de la situación económica mundial. Sin embargo, el modelo de negocios implementado por la compañía ha permitido mantener un continuo crecimiento en los distintos mercados, logrando un importante resultado para el último trimestre del 2008, como para el ejercicio completo del mismo año.
b)Se presentan a continuación los principales índices financieros del Estado de Resultados Consolidado:
LAN AIRLINES S.A.
Consolidated financial statements
December 31, 2008
CONTENTS
Management’s Report on Internal Controls over Financial Reporting
Report of Independent Registered Public Accounting Firm
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flows
Notes to the consolidated financial statements
Ch$ | - | Chilean pesos |
US$ | - | United States dollars |
ThUS$ | - | Thousands of United States dollars |
UF | - | The UF is a Chilean inflation-indexed, peso-denominated |
monetary unit which is set daily in advance based on the previous | ||
month’s inflation rate |
Management’s Report on Internal Control over Financial Reporting
The management of Lan Airlines S.A. (“Lan Airlines” or the “Company”), including the Chief Executive Officer and the Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15f under the Securities Exchange Act of 1934, as amended.
The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of the effectiveness of internal control to future periods are subject to the risk that controls may become inadequate because of changes in conditions, and that the degree of compliance with the policies or procedures may deteriorate.
Lan Airlines’ management, including the Chief Executive Officer and the Chief Financial Officer, has assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2008 based on the criteria established in Internal Control - “Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and, based on such criteria, Lan Airlines’ management has concluded that, as of December 31, 2008, the Company’s internal control over financial reporting is effective.
The Company’s internal control over financial reporting effectiveness as of December 31, 2008 has been audited by PricewaterhouseCoopers Consultores, Auditores y Companía Limitada, an independent registered public accounting firm, as stated in their report which appears herein.
By Enrique Cueto Plaza
Chief Executive Officer
Alejandro de la Fuente Goic
Chief Financial Officer
March 12, 2009
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Lan Airlines S.A.
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income and of cash flows present fairly, in all material respects, the financial position of Lan Airlines S.A. and its subsidiaries at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2008 in conformity with accounting principles generally accepted in Chile. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2008, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on these financial statements and on the Company’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Accounting principles generally accepted in Chile vary in certain significant respects from accounting principles generally accepted in the United States of America (“U.S. GAAP”). Information relating to the nature and effect of such differences is presented in Note 27 to the consolidated financial statements.
As discussed in Note 3, effective January 1, 2008, the Company changed its method of accounting for financing expenses related to the acquisition of aircraft. Also, during 2006, the Company changed its method of accounting for heavy aircraft and engine maintenance costs associated with its owned aircraft.
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ PricewaterhouseCoopers
Santiago, Chile
March 12, 2009
LAN Airlines S.A. and Subsidiaries
Consolidated Balance Sheets
The accompanying Notes 1 to 27 form an integral part of these Consolidated Financial Statements.
LAN Airlines S.A. and Subsidiaries
Consolidated Balance Sheets
The accompanying Notes 1 to 27 form an integral part of these Consolidated Financial Statements.
LAN Airlines S.A. and Subsidiaries
Consolidated Statements of Income
The accompanying Notes 1 to 27 form an integral part of these Consolidated Financial Statements.
LAN Airlines S.A. and Subsidiaries
Consolidated Statements of Cash Flows
The accompanying Notes 1 to 27 form an integral part of these Consolidated Financial Statements.
LAN AIRLINES S.A. and Subsidiaries
Reconciliation of Net Income to Net Cash Provided by Operating Activities
The accompanying Notes 1 to 27 form an integral part of these Consolidated Financial Statements.
LAN AIRLINES S.A. and Subsidiaries
Notes to the Consolidated Financial Statements
At December 31, 2008
Note 1 - The Company
LAN Airlines S.A. (“LAN” or the “Company”) is one of the leading passenger airlines in Latin America. The Company and its affiliates serve more than 60 destinations around the world through an extensive network that offers full connectivity within Latin America, while also linking the region with North America, Europe and the South Pacific, as well as 58 additional international destinations through its various alliances. LAN Airlines S.A. and its affiliates have a leading position in their respective domestic markets of Chile and Peru as well as an important presence in the Argentinean domestic market.
Currently, LAN Airlines S.A. and its affiliates operate one of the most modern fleets in the world, with 81 passenger aircraft, and its cargo subsidiary, LAN CARGO and its respective cargo affiliates, operate 9 dedicated freighters. The Company recently completed its short haul fleet renovation process by acquiring new aircraft from the Airbus A320 family, enabling LAN to improve its efficiency and to reduce significantly its CO2 emissions. The fleet renovation is part of the Company’s commitment to the protection of the environment.
The Company is a Chilean corporation (“Sociedad Anónima Abierta”) whose common stock is listed on the Santiago Stock Exchange, the Chilean Electronic Stock Exchange, and the Valparaiso Stock Exchange and whose American Depositary Receipts are traded on the New York Stock Exchange. Accordingly, the Company is subject to the regulations of both the Chilean Superintendency of Securities and Insurance (the “Superintendency”) and the U.S. Securities and Exchange Commission (the “SEC”).
Note 2 - Summary of accounting policies
a) Presentation
The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in Chile, which include the accounting standards of the Superintendency. The preparation of financial statements in accordance with generally accepted accounting principles in Chile (“Chilean GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
The Company has issued its statutory Consolidated Financial Statements in Spanish and in conformity with Chilean GAAP, which include certain notes and additional information required by the Superintendency for statutory purposes. Management believes that these additional notes and information are not essential for the complete understanding of the Consolidated Financial Statements and, accordingly, these notes and additional information have been excluded from the accompanying Consolidated Financial Statements.
b) Consolidation
The Consolidated Financial Statements for the years 2008, 2007 and 2006 include the following subsidiaries:
The effects of significant transactions between the subsidiaries and subsidiaries with the holding company have been eliminated in the consolidation and the participation of minority shareholders is shown in these Consolidated Financial Statements as minority interest in the Consolidated Balance Sheets and Consolidated Statements of Income.
c) Use of estimates
The preparation of the Consolidated Financial Statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent liabilities. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Areas where the nature of the estimate makes it reasonably possible that actual results could differ from amounts estimated include: impairment assessments on long-lived assets (including goodwill), inventory obsolescence, engine overhaul provisions, tax liabilities and the associated deferred tax effects, contingent liabilities and other liabilities.
d) Price-level restatements
The financial statements of certain subsidiaries have been restated through the application of monetary correction rules in accordance with Chilean GAAP to show the effects of changes in the purchasing power of the Chilean peso, using indicators published by the Chilean National Institute of Statistics.
e) Foreign currency transactions
LAN and certain subsidiaries are authorized to maintain their accounting records and prepare their Consolidated Financial Statements in US dollars. Because the US dollar is the functional and reporting currency, assets and liabilities denominated in other currencies are remeasured to US dollars at the exchange rates prevailing on December 31 of each year except for inventory, property and equipment, other assets and air traffic liability, which are remeasured at historical exchange rates. Revenues and expenses are generally translated at the exchange rates on the dates of the transactions.
Foreign currency transaction gains and losses are included in the Consolidated Statements of Income in Other income (expense) - net. The Company recorded a net foreign currency loss of ThUS$ 7,866 for the year ended 2008 and the Company recorded a net foreign currency gain of ThUS$ 15,700 and ThUS$ 5,536 for the years ended 2007 and 2006, respectively.
pages251-300.htm - Generated by SEC Publisher for SEC Filing
f) Time deposits
Time deposits are stated at cost plus accrued interest at year-end.
g) Marketable securities
Marketable securities include investments in bonds and mutual funds. Bonds are stated at the lower of cost plus accrued interest or market value plus accrued interest and mutual funds are stated at market value based on year-end quoted values.
h) Allowance for bad debts
The Company maintains an allowance for bad debts based on an analysis of the aging of the outstanding balances as well as other relevant information. Other relevant information includes detailed analysis of our customers’ payment history, an analysis of the current economic and commercial environment and all relevant available public information regarding our clients and the current business environment. Our policy for determining past due accounts focuses on the aging of the receivable balance and the different forms of payment used by debtos. Receivable balances are written off against the allowance for bad debts once they are deemed uncollectible and all collection efforts and available legal measures have been exhausted.
i) Inventories
Inventories represent spare parts and materials that are expected to be consumed and used either by the Company or through third-party maintenance services within one year. Inventories are stated at the lower of cost (determined by the average cost method) or market.
j) Other current assets
Other current assets include primarily the fair value of hedged forecasted jet fuel derivative contracts in unrealized loss positions and restricted funds associated with aircraft leases. At December 31, 2008 the balance also includes deposits serving as collateral for derivative positions.
k) Property and equipment
Property and equipment are stated at cost and are depreciated by the straight-line method to their estimated residual values based on the estimated useful lives of the assets. Aircraft and engines are depreciated based on estimated useful life ranging from 10 to 20 years and utilizing a salvage value based on a residual value percentage of the cost of the asset.
The residual values and basis of depreciation used for the principal asset classifications are:
Inventories of materials and spare parts, net of provisions for obsolescence, included under other fixed assets within Property and equipment, are stated at their average cost.
The Company has entered into capital lease agreements related to eight aircraft and certain buildings and equipment which have bargain purchase options at the end of each contract. These assets are not the legal property of the Company, because it cannot dispose of them until the purchase option is exercised. The assets are recorded at their fair value on the date of the lease agreement.
The corresponding leasing obligations are presented under long-term liabilities and under the current portion of long-term leasing obligations.
Impairment losses on long-lived assets used in operations are recorded when events and circumstances indicate that the assets may be impaired and the undiscounted future cash flows estimated to be generated by these assets are less than the assets’ net book value. If an impairment occurs, the loss is measured by comparing the fair value of the asset to its carrying amount. Fair values are determined based on quoted market values, discounted cash flows or internal and external appraisals, as applicable.
Under Chilean GAAP, spare parts which are not anticipated to be consumed within the next 12 months are included in property and equipment. Spare parts are not depreciated, irrespective of whether they are included in fixed assets or inventory and they are expensed upon their usage in maintenance. All spare parts are recorded at the lower of cost or market value.
Spare parts included in the Consolidated Balance Sheet are classified as follows:
l) Investments in related companies
Investments in related companies are included in Other assets using the equity method when they represent between 20% and 50% of the voting stock of the investee, or when a Company has a significant influence in the operations of the investment. Accordingly, the Company’s proportional share in the net income (or loss) of each investee is recognized on an accrual basis, after eliminating any unrealized profits or losses from transactions with the investees in Other income (expense) - net in the Consolidated Statements of Income.
m) Goodwill
Under Chilean GAAP, effective January 1, 2004, Technical Bulletin N° 72 (“TB 72”) requires the determination of goodwill and negative goodwill based on the fair value of the acquired company. Prior to January 1, 2004, goodwill included the excess of the purchase price of companies acquired over their net book value; negative goodwill was established when the net book value exceeded the purchase price of companies acquired. Goodwill and negative goodwill also arise from the purchase of investments accounted for by the equity method.
Goodwill and negative goodwill are amortized over 20 years considering the expected period of return of the investment. The Company evaluates the recoverability of goodwill on a periodic basis.
n) Sale leaseback
Gains on sale leaseback transactions are deferred and recognized over the terms of the lease agreements.
o) Air traffic liability and revenue recognition policy
Passenger ticket sales are recorded as a current liability when sold as air traffic liability in the Consolidated Balance Sheets. Air traffic liability at December 31, 2008 and 2007 amounted to ThUS$ 328,337 and ThUS$ 323,078, respectively.
Passenger and cargo revenues are recognized when the transportation service is provided, which, in the case of passenger revenues reduces the air traffic liability. Commissions payable related to such unearned earnings are shown net of the air traffic liability. Other revenues include aircraft leases, courier, logistic and ground services, duty free sales, and storage and customs brokering. These other revenues are recognized when services are provided.
p) Aircraft and engine maintenance costs
For owned aircraft, costs incurred for heavy aircraft and engine maintenance are capitalized and amortized to the next overhaul. For leased aircraft, provisions are accrued in advance based on lease terms and technical reviews considering the aircraft and engines use expressed in cycles and total flight hours of an aircraft.
q) Lease Aircraft Return Costs
The majority of leased aircraft return costs are maintenance and overhaul costs. The airframe and engine overhaul expenses associated with leased aircraft are accrued as part of our overhaul provision included in Other liabilities and reflected in provisions in the Consolidated Balance Sheet. Such provisions are based on the flight hours incurred by the leased aircraft and also take into consideration the lease terms and the date of incorporation of the aircraft into our fleet. The actual direct costs of physically returning the planes and related administration costs are expensed when incurred.
r) Deferred income tax
Effective January 1, 2000, the effects of deferred income taxes arising from temporary differences between the basis of assets and liabilities for tax and financial statements purposes are recorded in accordance with Technical Bulletin No. 60 of the Chilean Institute of Accountants and based on the enacted income tax rate which will be in effect when the temporary differences reverse. The effects of deferred income taxes at January 1, 2000 which were not previously recorded are recognized in income beginning in 2000 as the temporary differences reverse.
In order to mitigate the effects of recording deferred income taxes that under the prior income tax accounting standard were not expected to be realized, Technical Bulletin No. 60 provided for a period of transition. Under this transition period, the full effect of using the liability method is not recorded in income at the same time the deferred taxes are recorded in the balance sheet. Under this transitional provision, a contra asset or liability account (“complementary accounts”) have been recorded offsetting the effects of the deferred tax assets and liabilities not recorded prior to January 1, 2000. Such complementary accounts are amortized to income over the estimated average reversal periods corresponding to underlying temporary differences to which the deferred tax asset or liability relates.
Deferred income tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred income tax asset to an amount that is more likely than not to be realized.
s) Lan Pass awards and Lan Corporate
The estimated incremental cost of providing free travel awards under the Lan Pass and Lan Corporate programs are accrued based on the accumulated kilometers for each passenger at the end of each year and by the conditions established by the program and are included in Other current liabilities in the Consolidated Balance Sheets.
t) Employee vacations
The cost of employee vacations is recognized as an expense on an accrual basis as the vacations are earned by employees and are included in Other current liabilities in the Consolidated Balance Sheets.
u) Derivative instruments
The Company enters into hedging contracts including interest rate swap agreements, interest rate cap agreements, forward exchange contracts, jet fuel swap agreements, and jet fuel options. The contracts are accounted for in accordance with Technical Bulletin No. 57, “Accounting for Derivative Contracts” (“TB 57”) of the Chilean Institute of Accountants. Under TB 57 all derivative instruments are recognized on the consolidated balance sheet at their fair value. Derivative instruments are accounted for as follows:
Hedge forecasted transaction:
The derivative instrument is stated at its fair value on the consolidated balance sheet and any change in the fair value is recognized on the consolidated balance sheet as an unrealized gain or loss in other assets, other liabilities, current or long term, as applicable. When the contract is settled, the unrealized gain or loss on the instrument is recognized in earnings in Other income (expense) - net in the Consolidated Statements of Income.
Firm commitments hedging contracts:
The hedged item and derivative instrument are measured at fair value on the consolidated balance sheet. Unrealized gains and losses are recorded in earnings in Other income (expense) - net in the Consolidated Statements of Income if the net effect is a loss and deferred and recognized when the contract is settled if it is a gain. The unrecognized gains associated with the derivative instrument are included in other liabilities, current or long term, as applicable.
Investment contracts:
Contracts not accounted for as hedge are recorded at their fair value through profit and loss.
v) Cash and cash equivalents
The Company considers all short-term, highly-liquid investment securities with original maturities of three months or less to be cash equivalents for purposes of the Consolidated Statements of Cash Flows:
Under Chilean GAAP, certain assets (specifically, bonds as of December 31, 2008, 2007 and 2006) are classified as marketable securities in the Consolidated Balance Sheet, but are not considered cash and cash equivalents for purposes of the consolidated statements of cash flows.
w) Capitalized interest
Interest paid on borrowings used to acquire new aircraft is capitalized as an additional cost of the related assets until the aircraft is received. Interest is capitalized based on the Company’s weighted-average interest rate on long-term debt, or if applicable, the interest rate related to specific borrowings. Interest capitalization ends when the property or equipment is ready for service or its intended use. The Company capitalized ThUS$ 8,407, ThUS$ 4,560 and ThUS$ 2,193 of interest during 2008, 2007 and 2006, respectively.
x) Advertising costs
The Company expenses advertising costs as Other operating expenses in the period incurred. Advertising expense totaled ThUS$ 42,069, ThUS$ 37,532 and ThUS$ 23,459 during 2008, 2007 and 2006, respectively.
y) Stock issuance costs
Stock issuance costs are those incurred by the parent company, which are related to the issuance and placement of unsubscribed shares, including placement fees, legal counseling, accounting advice, financial consulting, printing and recording or registration fees. Such costs have been recorded in the Stock issuance and placement cost account, as part of Shareholders equity under the Other reserves caption.
Stock issuance and placement costs have been recorded pursuant to Circular Letters No. 1736 and 1370, issued by the Superintendency.
z) Stock options plans
Effective January 1, 2007 the Company accounts for stock-based compensation plans in accordance with the International Financial Reporting Standard No. 2 Share-based payment, showing the effect of recording the fair value of the options granted as wages and benefits on a straight-line basis over the period between the date of granting of these options to the date that these become vested.
aa) Intangibles
Disbursements for the development of internal use software are charged to the results of operations as incurred. External direct costs of materials and services rendered in developing an enterprise resource planning system (an SAP R/3 system) and interest costs incurred during development are capitalized. Payroll related costs were not significant and have been expensed. Training costs and data conversion costs are expensed as incurred.
ab) Reclassifications
Certain 2006 and 2007 amounts in the accompanying Consolidated Financial Statements have been reclassified to conform to the 2008 presentation. The reclassifications had no significant effect on the previously reported presentation of consolidated net income or shareholders’ equity.
ac) Future accounting change
As previously informed, Chile is commited to develop a plan of conversion to adopt International Financial Reporting Standars (IFRS). In conformity with this plan, Lan Airlines S.A. and its related companies, must adopt such standards as of January 1, 2009. Because of this accounting change, shareholder’s equity and consolidated net income will be affected. In the same way, the Consolidated Financial Statements at December 31, 2008, that will be also prepared in accordance with IFRS for comparison purposes, could differ from these.
Note 3 - Accounting changes
Effective January 1, 2008, the Company began capitalizing interest expense related to the financing of pre delivery payments (“PDP´s”) for the acquisition of aircraft (interest during the construction period).
The cumulative effect of this accounting change at January 1, 2008, increased non-operating income by ThUS$ 13,963, as described in Note 22. For the fiscal year 2008, this change resulted in a ThUS$ 12,576 reduction to Interest expenses in the Consolidated Statements of Income.
Effective January 1, 2006, the Company changed its method of accounting for heavy aircraft and engine maintenance costs associated with its owned aircraft. Previously, the Company accrued a liability for these costs in its consolidated balance sheet under the caption “Provisions” for both short and long – term. Such privision was established based on the total cycles and flight hours flown by an aircraft since its incorporation into the Company’s fleet, or since its last repair. Under the new method, the costs incurred in heavy owned aircraft and engine maintenance are capitalized and amortized to the next overhaul.
The cumulative effect of this accounting change at January 1, 2006, increased non-operating income by US$40.3 million, as it is described in Note 22. For the accounting year 2006, this change resulted in a ThUS$3,121 reduction to Operating expenses in the Consolidated Statement of Income.
Note 4 - Marketable securities
Marketable securities include the following:
Bonds recorded at December 31, 2008 are summarized as follows:
Note 5 - Accounts receivable
Accounts receivable are summarized as follows:
Short-term
Accounts receivable are shown net of an allowance for bad debts of ThUS$ 22,758 at December 31, 2008 and ThUS$ 21,946 at December 31, 2007.
Included in short term accounts receivable as of December 31, 2008 are a total of approximately US$ 18.6 million from the Brazilian company VRG LINHAS AEREAS S.A. and a total of US$ 1.8 million from Florida West International Airways INC.-reclassified from balances with related companies since the participation that the subsidiary Lan Cargo S.A. had, was sold in December 2007. See Note 10.
Long-term
Long-term accounts receivable at December 31, 2008 and 2007 amounted to ThUS$ 11,200 and ThUS$ 12,171, respectively.
Note 6 - Inventories
Inventories are summarized as follows:
Note 7 - Prepaid expenses
Prepaid expenses include the following:
Costs of receiving aircraft include all costs incurred by the Company and its subsidiaries in order for them to be operational. Such costs are deferred and amortized to operating expenses over the term of the specified contract. Costs of returning leased aircraft, excluding maintenance and overhaul, are expensed as incurred.
Note 8 - Other current assets
Other current assets consist of the following:
(1) The collaterals are included in Other cash flows from financing activities in the Consolidated Statements of Cash Flows.
Note 9 - Property and equipment and fleet composition
a) Property and equipment
Property and equipment are summarized as follows:
Included in Property and equipment at December 31, 2008 and 2007, are ThUS$ 642,861 and ThUS$ 638,534 of equipment under capital leases with accumulated depreciation aggregating ThUS$ 255,824 and ThUS$ 236,007, respectively.
Depreciation expense for the years ended December 31, 2008, 2007 and 2006, amounted to ThUS$ 174,905, ThUS$ 143,796 and ThUS$ 115,939, respectively.
The balance of spare parts is presented net of a provision for obsolescence amounting to ThUS$ 10,246 at December 31, 2008 and ThUS$ 9,646 at December 31, 2007.
As of December 31, 2008, Property and equipment is shown net of a provisión for retirement of ThUS$ 1,716 for Boeing 737 aircraft (ThUS$ 5,400 at December 31, 2007).
b) Fleet composition
At December 31, 2008, the fleet of the Company consists of 96 aircraft, of which 63 aircraft are owned by, or under capital lease to, the Company and 33 aircraft are leased under operating leases.
Aircraft owned:
(*) Leased to Sky Services S.A.
(**) Leased to Aerovías de México S.A.
Leased aircraft under operating leases:
Note 10 - Investments in related companies and goodwill
a) Investments in related companies
Investments in related companies accounted for by the equity method are summarized as follows:
(1) During 2007, these entities were sold.
(2) During 2007, this entity was dissolved.
(3) During 2008, these entities were sold
(4) During 2008, this entity was dissolved
b) Goodwill and negative goodwill
The changes in Goodwill and negative goodwill during the years 2008 and 2007 were as follows:
(1) During 2007 these entities were sold.
c) Acquisitions and other information
LanLogistics, Corp.
On May 16, 2007, Lan Logistic Corp. (an affiliate of Lan Cargo S.A.) sold all its stake in Skyworld International Couriers Inc. and Lanbox Inc. Previously, Lan Logistic Corp. had sold its stake in All Cargo Net on April 30, 2007. All such operations resulted in a loss after sale amounting to ThUS$ 4,252.
Due to the aforementioned, the negative goodwill which Lan Logistics Corp. had recorded in the purchase of such investments was included in the determination of the loss on the sale of such investment.
On December 20, 2007, the Corporate Division of the State of Delaware authorized the dissolution of Lan Logistics Corporation (a LAN Cargo S.A. affiliate).
Lan Pax Group S.A.
On August 28, 2007, the Lan Pax Group S.A. affiliate took part in the capital increase at Inversora Cordillera S.A. for an amount of ThUS$ 18,526, increasing its stake from 80% to 90.52% Such operation generated negative goodwill amounting to ThUS$ 1,755.
On December 20, 2007, an agreement was reached at the Extraordinary Shareholders Meeting to reduce the capital of the Lan Argentina S.A. affíliate. Such reduction was made proportional to each shareholder’s stake. The capital, which was originally made up by 11,068,484 nominal shares, was reduced to 6,176,253 nominal shares.
On December 16, 2008, an agreement was reached at the Shareholders Meeting to reduce the capital of the Lan Argentina S.A. affiliate in the mount of ThUS$ 15,562, absorbing part of its retained earnings. The new capital of LAN Argentina S.A. amounts to ThUS$ 4,389 at December 31, 2008.
Lan Cargo S.A.
On December 20, 2007, the Air Cargo Limited Corporation, an affiliate of Lan Cargo Overseas Limited, sold all its stake in Florida West International Airways Inc., an operation that generated profits amounting to ThUS$ 1,128.
On January 2, 2008, the Lan Cargo S.A. and Inversiones Lan S.A. affiliates sold all their stake at Terminal de Exportación Internacional S.A. (“International Export Terminal Corporation”), generating profits amounting to ThUS$ 1,636.
On May 7, 2008, Lan Courier S.A, an affiliate of Lan Cargo S.A. changed its legal name to Blue Express Intl. S.A.
On July 2, 2008, Lan Cargo S.A. announced that it received authorization for the creation of a new cargo affiliate airline in Colombia. Lan Cargo S.A. estimated that the operational and technical certification process would take approximately six months to complete, which means that the new Colombian operations should be launched during the first quarter 2009.
On July 24, 2008, Sociedad Línea Aérea Carguera de Colombia S.A. was incorporated, where Lan Cargo Inversiones S.A., an affiliate of Lan Cargo S.A., has an ownership of 94.9%, equivalent to ThUS$ 664, Fast Air Almacenes de Carga S.A. has an ownership of 1.6% equivalent to ThUS$ 11 and Transporte Aéreo S.A. has an ownership of 0.3% equivalent to ThUS$ 2.
On August 7, 2008, Lan Cargo S.A. and Inversiones Lan S.A. sold all their stake at Sociedad de Seguridad Aérea S.A. (“Segaer S.A.”), an operation that generated profits amounting to ThUS$ 133.
On December 31, 2008, the agreement of the dissolution of South Florida Air Cargo Inc., an affiliate of Lan Cargo S.A., was reached. There were no accounting effecs in the Consolidated Statements of Income due to this dissolution.
Lan Perú S.A.
In May 2008, Lan Perú S.A. made a capital increase for an amount of ThUS$ 611, as a capitalization of its retained earnings.
Sistemas de Distribución Amadeus Chile S.A.
On May 6, 2008, Lan Airlines S.A. and its indirect affiliate, Transporte Aéreo S.A., sold all their stake in Sociedad Sistemas de Distribución Amadeus Chile S.A. This operation resulted in a gain amounting to ThUS$ 1,082.
Lan Cargo Inversiones S.A. (Ex - Línea Aérea Nacional S.A.)
On April 22, 2008, the indirect affiliate, Línea Aérea Nacional S.A. changed its legal name to Lan Cargo Inversiones S.A.
Lan Chile Investments Limited
On December 31, 2008, the agreement of the dissolution of Sociedad Líneas Aéreas de Navegación Dominicana S.A., was reached. There were no accounting effecs in the Consolidated Statements of Income due to this dissolution.
In October 2008, the Superintendency of Companies of Guayaquil authorized the dissolution of the affiliate Trinery S.A.
Note 11 - Advances for purchases of aircraft and other deposits
Advances for purchases of aircraft and other deposits are summarized as follows:
Note 12 - Other assets
Other assets are summarized as follows:
(1) The corresponding fair value derivative contract liability is recorded in Other current liabilities and in Other creditors long term.
(2) Spare parts for sale and aircraft for sale are shown net of a provisión for market value adjustment of ThUS$ 13,007 at December 31, 2008 (ThUS$ 2,186 at december 31, 2007).
Note 13 - Other liabilities and provisions
Other liabilities and provisions are summarized as follows:
a) Other current liabilities
b) Provisions (long-term)
Note 14 - Income tax
a)Charges arising from income tax amount to ThUS$ 10,309, ThUS$ 13,995 and ThUS$ 14,123 in 2008, 2007 and 2006 respectively, and have been determined based on current local tax legislation.
b)Deferred income taxes
At December 31, 2008, the accumulated balances from deferred taxes originating from temporary differences were as follows:
At December 31, 2007, the accumulated balances from deferred taxes originating from temporary differences were as follows:
Note 15 - Balances and transactions with related companies
a)Accounts receivable and payable with related parties are summarized as follows:
Current assets
Notes and accounts receivable from related companies:
Current liabilities
Notes and accounts payable to related companies:
Long-term assets
Notes and accounts receivable from related companies:
b)The main transactions with related entities are summarized as follows:
(1) This investment was sold in 2007.
The Company’s objective is to transact business with its related companies or individuals at prices and at terms equivalent to those used in transacting business with unrelated parties.
Note 16 - Loans from financial institutions (long-term)
Long-term loans from financial institutions are summarized as follows:
All of our loans from financial institutions are collateralized and thus they are secured by the same asset that is subject of the financing. These include nine Boeing aircraft, fourteen Airbus aircraft, spare engines and our corporate building. There are no additional collateral arrangements in connection with these financings.
Information with respect to restrictive covenants is detailed under the heading “Covenants” in Note 23 to the financial statements.
Scheduled payments of long-term loans from financial institutions at December 31, 2008 are as follows:
Note 17 - Securitization obligation
On August 22, 2002, the Company signed a securitization contract with Pelican Finance Ltd. The contract securitizes future credit card receivables aggregating ThUS$ 40,000. The terms of this contract are for the years between 2006 and 2009 with an annual financial cost of 6.96% At December 31, 2002, the Company had received the entire proceeds of ThUS$ 40,000 which were reported as a securitization obligation on the balance sheet.
The principal is payable as follows:
Note 18 - Leasing obligations
As indicated in Note 9, at December 31, 2008, the Company financed thirty three jet aircraft pursuant to operating leases and eight jet aircraft pursuant to a capital lease. The Company also leases maintenance facilities, other airport facilities, computer equipment and vehicles pursuant to capital leases.
The future minimum lease payments required under capital leases, together with the present value of such minimum lease payments and future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2008, were as follows:
Aircraft operational lease expenses recorded in the Consolidated Statements of Income amounted to ThUS$ 150,891, ThUS$ 158,917 and ThUS$ 157,681 for the years ended December 31, 2008, 2007 and 2006, respectively.
Note 19 - Shareholders’ equity
a) Changes in Shareholders’ equity
The changes in shareholders’ equity during 2006, 2007 and 2008 were as follows:
b) Capital
An agreement was reached at the Parent Company’s Extraordinary Shareholders Meeting held on April 5, 2007, to increase the corporate capital by issuing 22,090,910 unsubscribed shares (equivalent to existing shares), of which 19,881,819 had been subscribed and paid for by December 31, 2007 for an amount of MUS$ 319,141.
The authorized and paid-in capital of the Company is ThUS$ 453,444 at December 31, 2008 and 2007 and corresponds to 338,790,909 shares without par value.
The authorized and paid-in capital of the Company is ThUS$ 134,303 at December 31, 2006 and corresponds to 318,909,090 shares without par value.
c) Other reserves
Reserves at December 31 of each year were as follows:
d) Dividends
At the Annual General Meeting held on April 28, 2006, the shareholders agreed to distribute a final dividend amounting to US$ 0.22983 per share after deducting the interim dividends distributed during August 2005 and January 2006 amounting to US$ 0.11430 per share and US$ 0.10975 per share, respectively. A remaining balance of US$ 0.00578 per share was paid during May 2006.
At a meeting of the Board of Directors held on July 24, 2006, the directors agreed to distribute an interim dividend of US$ 0,15071 per share with respect to net income for 2006.
At a meeting of the Board of Directors held on December 26, 2006, the directors agreed to distribute an interim dividend of US$ 0.21256 per share with respect to net income for 2006. These dividends will be paid during January, 2007 and they are classified in Dividends Payable at December 31, 2006.
An agreement was reached at the Parent Company’s Ordinary Shareholders Meeting held on April 5, 2007, to distribute final dividends based on the results of fiscal year 2006 (amounting to US$ 0.52965 per share), after deducting the interim dividends that had been distributed in July and December, 2006 (equivalent to US$ 0.15071 and US$ 0.21256 per share respectively). The outstanding balance of US$ 0.16638 per share was paid in April 2007.
At a meeting of the Board of Directors held on July 31, 2007, the directors agreed to distribute an interim dividend of US$ 0,26596 per share with respect to net income for 2007.
At a meeting of the Board of Directors held on December 21, 2007, the directors agreed to distribute an interim dividend of US$ 0.35389 per share with respect to net income for 2007. These dividends are classified in Dividends Payable at December 31, 2007.
An agreement was reached at the Parent Company’s Ordinary Shareholders Meeting held on April 10, 2008, to distribute final dividends based on the results of fiscal year 2007 (amounting to US$ 0.63705 per share), after deducting the interim dividends that had been distributed in July and December, 2007 (equivalent to US$ 0.26596 and US$ 0.35389 per share respectively). The outstanding balance of US$ 0.01720 per share was paid in May 2008.
An agreement was reached at the Parent Company’s Ordinary Board of Directors Meeting, held on July 29, 2008, to distribute an interim dividend of US$ 0.28568 per share, based on the results of fiscal year 2008. Such dividends were paid in August 2008.
At the Parent Company’s Ordinary Board of Directors Meeting held on December 23, 2008, it was agreed to distribute an interim dividend amounting to US$ 0.30993 per share, based on the results of fiscal year 2008. On December 31, 2008 such amount was recorded under Dividends payable, which shall be paid in January 2009.
e) Major shareholders
The major shareholders of the Company at December 31, 2008, were as follows:
In July 2004, Inversiones Costa Verde Ltda. y Compañía en Comandita por Acciones, Axxion S.A. and Inversiones Santa Cecilia S.A. (shareholder with 7.31% ownership) entered into a management and control agreement. At December 31, 2008, this agreement is still in effect.
f) Stock issuance and placement expenses
The detail of the stock issuance and placement expenses incurred by the Company at December 31, 2008 is the following:
These costs are recorded in an equity account and classified under the Other reserves caption called Stock issuance and placement costs.
Pursuant to Circular Letter No. 1736 of the Superintendency of Securities and Insurance, the Stock issuance and placement expenses shall be discounted from the Capital at the next Extraordinary Shareholder Meeting to be held by the parent company.
g) Stock option plans
At the Extraordinary Shareholders’ Meeting held on April 5, 2007, a stock-option compensation plan was agreed to for the Company’s executives and 10% of the capital shares increase was authorized to be issued for this purpose.
On May 17, 2007, the Board of Directors granted a group of executives an option to subscribe for a total of 2,209,091 shares at a price of USD 16.11208 per share (this price is indexed to US CPI until the date of exercise). This was formalized during December 2007 through the signing of the first group of share subscription contracts in accordance to the following vesting calendar:
The stock-option compensation contracts consider the following terms:
The beneficiary must be an employee of the Company on the date the right to exercise the option begins, i.e. July 1, 2009, 2010 and 2011, respectively.
The executive will not be able to exercise any option before July 2009.
When the options become available, the option may be exercised for all or part of the shares and must be paid for in cash.
The executive is not compelled to make use of the right to exercise his options and, if he wishes to do so, can wait to exercise such options, in all or part, at the end of the plan whose deadline is on September 30, 2011.
Each exercise shall exceed 10% of the total stock option package.
The stock options given to each executive in accordance to this plan may not be sold or assigned under any circumstance, but shares purchased under this plan shall be owned by the executive with the same rights any other shareholder has and they may be sold immediately or whenever the executive deems convenient.
In case the executive resigns or gets laid off, he will just be able to exercise his rights for the options that may be in effect (i.e. those which have vested), losing the right to exercise the options that have not vested. In addition, the executive who resigns or gets laid off will have up to 30 calendar days (as of the date of his resignation or termination) to exercise the options that have vested, provided such term does not exceed the deadline set for the options package.
In the event of the death of the executive, the option to exercise his full stock package shall be given to his or her beneficiaries, who shall have up to 180 days to exercise the options as of the date of his decease. In the event of permanent impairment, the executive shall keep his complete option plan coupled to the same original vesting calendar.
As described in Note 2z), these shares have been valued and recorded according to the fair value of the options when granted, which amounted to ThUS$ 4,202 at December 31, 2008 (ThUS$ 3,516 at December 31, 2007), and was calculated using the Black-Sholes-Merton method. As of December 31, 2008, 1.604.000 options have been granted (1,235,000 in 2007).
Volatility has been estimated historically as it is not possible to estimate implicitly in the absence of a market for these options.
The fair value determined is recorded as a charge to wages and benefits and credit to Other reserves and is amortized on a straight-line basis over the period between the granting of the options and the date that these become vested. During the year ended December 31, 2008, ThUS$ 1.801 has been recorded regarding these options.
Note 20 – Other operating revenues
The Other revenues were comprised of the following:
Note 21 - Operating expenses
Wages and benefits are summarized as follows:
Other operating expenses include general and administrative expenses such as rents, insurance and other expenses of ThUS$ 181,514 in 2008, ThUS$ 197,942 in 2007 and ThUS$ 139,942 in 2006.
Other operating expenses also include advertising, promotional, and marketing expenses of ThUS$ 42,069 in 2008, ThUS$ 37,532 in 2007 and ThUS$ 23,459 in 2006.
Note 22 - Other income (expense) - net
Other income (expense) - net for each year are summarized as follows:
(1) Plea agreement reached with the Department of Justice of the United States (“DOJ”) in relation to the DOJ’s ongoing investigation regarding price fixing of fuel surcharges and other fees for cargo shipments (see Note 26).
(2) The reserve for loss regarding Air Freight investigation is provided at the estimated amount of contingent losses which are expected to be incurred as a result of the investigation by the European Commission (see Note 26).
(3) During 2006, the Company made the decision to restructure its operations and processes reducing its workforce. This restructuring resulted in non-operating expenses of ThUS$ 11,747 due to the payment of indemnities to terminated employees. The Company does not anticipate any further costs associated with this restructuring.
(4) With regard to these Boeing 737 aircraft, it was determined that it is more likely than not that such aircraft will be disposed of prior to the end of their useful life. Accordingly, a provision was established. See also Notes 9 and 12. The Company performed an impairment test on these aircraft as events and circumstances indicated that the assets may be impaired and undiscounted cashflows estimated to be generated were less than the book values.
Note 23 - Commitments and contingencies
At December 31, 2008 and 2007, the Company had granted the following mortgages, liens and guarantees:
Direct Guarantees:
Commitments
On July 20, 2005, the Company entered into a purchase agreement for an additional 3 Boeing 767-300 ER aircraft. Two of these aircraft were received during 2008 and the remaining aircraft is expected to be delivered during first quarter of 2009. The estimated maximum cost for the remaining aircraft is ThUS$ 150,000.
On October 4, 2005, the Company agreed with Airbus Industries to a new modification with respect to the purchase agreement signed on March 20, 1998. This amendment relates to the purchase of thirty two new Airbus A320 family aircraft (with an option to purchase an additional fifteen aircraft in the future). Eight of this aircraft were received during 2006, seven were received during 2007, fourteen were received during 2008 and the remaining three aircraft are expected to be delivered during 2009. The estimated cost for the remaining aircrafts is approximately ThUS$ 120,000.
On March 31, 2006, the Company entered into a purchase agreement for three Boeing 767-300 aircraft. One of these aircraft was received during 2007 and the two remaining aircraft were received during 2008.
On December 14, 2006, the Company entered into a purchase agreement for three Boeing 767-300 aircraft for a total of ThUS$ 450,000. These aircraft are scheduled for delivery during 2009.
On March 6, 2007, the Company exercised call option for the additional fifteen Airbus A320 family aircrafts related to the purchase agreement signed on October 4, 2005. These aircrafts are scheduled for delivery during 2010 and 2011. The estimated cost for these fifteen aircrafts is ThUS$ 600,000.
On July 3, 2007, the Company entered into a purchase agreement for two Boeing 777 freighter aircraft for a total of ThUS$ 500,000. These aircraft are scheduled for delivery during 2011 and 2012.
On October 29, 2007, the Company entered into a purchase agreement for twenty six Boeing 787 aircraft (with the option to purchase an additional fifteen aircraft). The estimated cost of these twenty six aircraft is ThUS$ 3,500,000. These aircraft are scheduled for delivery between 2014 and 2019.
On November 10, 2008, the Company entered into a purchase agreement for four (4) new Boeing 767-316ER aircraft (with the option to purchase additional two aircraft). The estimated cost of these four aircraft is ThUS $636,000 (listed price). These aircraft are scheduled for delivery in 2012.
Contingencies
As mentioned in Note 26, on January 21, 2009 Lan Cargo announced that it reached a plea agreement with the Department of Justice of the United States (“DOJ”) in relation to the DOJ’s ongoing investigation regarding price fixing of fuel surcharges and other fees for cargo shipments. Under the plea agreement, Lan Cargo agreed to pay a fine of US$88 million. In addition, the air freight company Aerolinhas Brasileiras S.A. (ABSA), in which Lan Cargo has an ownership stake, also reached a plea agreement with the DOJ for a fine of US$ 21 million.
On December 26, 2007, the Directorate-General for Competition of the European Commission notified LAN Cargo S.A. and LAN of the initiation of proceedings against 25 cargo airlines, among them LAN Cargo S.A., for allegations of anticompetitive behavior in the air freight business. LAN maintains a provision amounting to US$ 25.0 million in relation with this
The investigation by the U.S. Department of Justice prompted the filing of numerous civil class actions against many airlines, including Lan Cargo and Lan Airlines in the United States. A total of 54 civil actions naming numerous carriers were filed in the United States. These cases have since been consolidated in the United States District Court, Eastern District of New York. The Magistrate Judge assigned to the case has recommended a dismissal of the original complaint and a final ruling from the District Judge on the dismissal is expected shortly. In the event that the District Judge dismisses the original complaint, it is likely that Plaintiffs will be provided an opportunity to file an amended complaint and pursue the action. In addition, four civil class actions have been filed in Canada that include Lan Cargo as a defendant. It is not possible at this time to anticipate with any precision the outcome of these proceedings.
At December 31, 2008, the Company was a defendant in a number of commercial lawsuits of the type normally associated with the Company’s business and involving claims for damages for insignificant amounts. The Company has made no provision for these amounts because management believes that most of the resulting judgments will be favorable and any losses incurred will not result in any material liability to the Company.
Covenants
As a result of the various contracts entered into by the Company to finance the Boeing 767 aircraft that are financed by the Export - Import Bank of the United States, the Company is required to comply with certain restrictions regarding shareholder composition and disposal of assets.
As a result of the various contracts entered into by the Company to finance the Airbus A320 aircraft that are guaranteed by various European export credit agencies, the Company is required to comply with certain restrictions regarding shareholder composition and disposal of assets.
As a result of the securitization contract with Pelican Finance Ltd. in August 2002, there are certain restrictions on the use of the future cash flows which have been securitized.
As of December 31, 2008, the Company was in compliance with all covenants.
Other
At December 31, 2008, the Company had approved credit lines in the amount of ThUS$ 355,000 which have not been drawn. These credit lines are used mainly to cover (a) stand-by credit letters issued in favor of aircraft lessors and airports in the United States of America and other countries (b) bank credit letters issued in favor of the local air administration or the Chilean Government, and (c) stand-by lethers of credit in favor of foreign financial institutions to grant credit lines for interest rate and full derivative contracts.
Note 24 - Foreign currencies
Foreign currency assets and liabilities at December 31 of each year are summarized as follows:
Note 25 - Segment reporting
The Company reports segment information in accordance with Statement of Financial Accounting Standard No. 131, “Disclosures About Segments of an Enterprise and Related Information” (“SFAS 131”). SFAS 131 establishes standards for reporting information about operating segments in annual financial statements as well as related disclosures about products and services, geographic areas and major customers. Operating segments are defined as components of an enterprise about which separate financial statement information is available that is evaluated regularly by the chief operating decision maker in making decisions about allocating resources and assessing performance. The Company considers that it has one reportable segment. The Company‘s operating revenues by geographic region are summarized below:
The Company attributes operating revenues to the geographical area in which the relevant overseas point of the flight lies. The Company’s tangible assets consist primarily of flight equipment which is mobile across geographic markets and, therefore, has not been allocated.
Note 26 – Subsequent events
On January 21, 2009 Lan Cargo announced that it reached a plea agreement with the Department of Justice of the United States (“DOJ”) in relation to the DOJ’s ongoing investigation regarding price fixing of fuel surcharges and other fees for cargo shipments. This investigation reportedly involves more than 30 international airlines operating in the air freight business. Under the plea agreement, Lan Cargo agreed to pay a fine of US$88 million. In addition, the air freight company Aerolinhas Brasileiras S.A. (ABSA), in which Lan Cargo has a majority ownership stake, also reached a plea agreement with the DOJ for a fine of US$ 21 million. These amounts will be paid over a 5 year payment schedule and have been recorded as of December 31, 2008 within Other current liabilities (ThUS$ 19,000) and Other creditors (ThUS$ 90,000).
The Company has no knowledge of any other subsequent events that would have a significant effect on the balances or interpretation of these financial statements.
Note 27 - Differences between Chilean and United States generally accepted accounting principles
Accounting principles generally accepted in Chile (“Chilean GAAP”) vary in certain important respects from accounting principles generally accepted in the United States (“US GAAP”). Such differences involve certain methods for measuring the amounts shown in the financial statements, as well as additional disclosures required by US GAAP.
1. Differences in measurement methods
The principal methods applied in the preparation of the accompanying financial statements, which have resulted in amounts which differ from those that would have otherwise been determined under US GAAP, are as follows:
a) Deferred income tax
As discussed in Note 14, effective January 1, 2000, the Company began applying Technical Bulletin No. 60 of the Chilean Institute of Accountants concerning deferred income taxes. Technical Bulletin No. 60 requires the recognition of deferred income taxes for all temporary differences arising after January 1, 2000, whether recurring or not, using an asset and liability approach. For US GAAP purposes, the Company has always applied Statement of Financial Accounting Standard (“SFAS”) No. 109, “Accounting for Income Taxes”, whereby income taxes are also recognized using substantially the same asset and liability approach. Deferred income tax assets and liabilities established for temporary differences between the financial reporting basis and tax basis of the Company’s assets and liabilities are based on enacted rates at the dates that the temporary differences are expected to reverse. The effect of changes in tax rates is included in income for the period that includes the enactment date.
After the year ended December 31, 1999, Chilean GAAP and US GAAP differ due to the recognition for US GAAP purposes of the reversal of deferred income taxes included in the US GAAP reconciliations in years prior to 2000.
Prior to the implementation of Technical Bulletin No. 60, no deferred income taxes were recorded under Chilean GAAP if the related timing differences were expected to be offset in the year that they were projected to reverse by new timing differences of a similar nature.
Furthermore, deferred income tax assets under both Chilean and US GAAP should be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred income tax asset to an amount that is more likely than not to be realized.
The effect of providing for deferred income taxes for the differences between the amounts shown for assets and liabilities in the balance sheet and the tax basis of those assets and liabilities is included in paragraph 1 q) below and certain disclosures required under FAS 109 are set forth under paragraph 2 c) below.
b) Goodwill
Until December 31, 2003, under Chilean GAAP, the excess of cost over the net book value of a purchased company was recorded as goodwill (the book value purchase method), which was then amortized to income over a maximum period of twenty years. Amortization of goodwill may be accelerated if the acquired company generates sufficient income to absorb the additional amortization in any given year. The excess of net book value over the cost of an investment was considered to be negative goodwill under Chilean GAAP and is also amortized to income over a maximum period of twenty years. The amortization of negative goodwill may be accelerated if the acquired company sustains losses.
Under US GAAP, goodwill and other intangibles are accounted for under SFAS No. 141, “Business Combinations” and SFAS No. 142, “Goodwill and Other Intangible Assets”. SFAS No. 141 requires the purchase method of accounting be used for all business combinations initiated after June 30, 2001 and prohibits the use of the pooling-of-interests method of accounting after this date. With respect to the purchase method of accounting, the cost of an investment is assigned to the tangible and identified intangible assets acquired and liabilities assumed on the basis of their fair values at the date of acquisition. Any excess of cost over the fair value of net assets acquired is recorded as goodwill. If an excess of acquired net assets over cost arises, the excess is allocated to reduce proportionally the values assigned to noncurrent assets (except long-term investments in marketable securities) in determining their fair values. If the allocation reduces the noncurrent assets to zero value, the remainder of the excess over cost (negative goodwill) is written off immediately as an extraordinary gain. SFAS No. 141 establishes specific criteria for the recognition of intangible assets separately from goodwill and requires unallocated negative goodwill to be written off immediately as an extraordinary gain (instead of being deferred and amortized).
SFAS No. 142, “Goodwill and Other Intangible Assets” establishes the following:
•Theaccountingforarecognizedintangibleassetisbasedonitsusefullifetothereportingentity.Anintangibleassetwitha
finite useful life is amortized over the life of the asset, but goodwill and other intangible assets with indefinite useful lives are not amortized.
•Theremainingusefullivesofintangibleassetsbeingamortizedareevaluatedeachreportingperiodtodeterminewhetherevents and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying value of the intangible asset is amortized prospectively over the revised remaining useful life.
•Goodwillandotherintangibleassetswithindefiniteusefullivesthatarenotsubjecttoamortizationaretestedforimpairmentat least annually.
•Allgoodwillmustbeassignedtoareportingunit,whichisdefinedasanoperatingsegmentoronelevelbelowanoperatingsegment.
SFAS No. 142 became effective for years beginning after December 15, 2001. Accordingly, goodwill amortization ceased for US GAAP purposes beginning in 2002.
As discussed in Note 10, the Company has made a number of acquisitions. Acquisitions made prior to December 31, 2003, were recorded pursuant to the book value purchase method for Chilean GAAP purposes. For these acquisitions there were no significant differences in the allocation of the purchase price or the determination of goodwill between the book value purchase method in accordance with Chilean GAAP and the purchase accounting method required pursuant to SFAS No. 141 in accordance with US GAAP. For acquisitions after December 31, 2003 the fair value purchase method is used for both Chilean GAAP and US GAAP. However, under Chilean GAAP certain differences may occur in the identification of intangible assets and goodwill.
The companies acquired since January 1, 2004 are not material to the consolidated financial position of the Company and therefore adjustments to the purchase price allocation and pro forma financial statements showing the effect on operations as if the acquisitions had been completed at the beginning of the period are not presented.
For US GAAP purposes, the reversal of amortization of goodwill from the purchases made by the Company and the purchase accounting adjustments of conforming business acquisitions prior to June 30, 2001 to US GAAP are shown in paragraph 1 q) below. As a result of the annual impairment tests performed by the Company, no adjustment to the book value of goodwill was deemed necessary.
Under Chilean GAAP, the cost of an equity method investment is separated into an investment component (based on the purchase of the proportionate share of equity according to book values) and a goodwill component (based on the difference between the amount paid and the proportional book value of the investment). Under US GAAP, these components are combined in one balance sheet caption as an investment, and goodwill is determined in a manner similar to a consolidated subsidiary based on proportionate ownership. No disclosure has been presented for the effect of the reclassification between goodwill as determined under Chilean GAAP for equity method investments and goodwill determined under US GAAP as the effect of this reclassification is not significant.
The effects of reclassifying negative goodwill for the acquisitions prior to December 31, 2003 as determined under Chilean GAAP to proportionately reduce the values assigned to the non-current assets acquired in accordance with US GAAP are not significant.
c) Revaluation of property and equipment
As mentioned in Note 2 k), certain property and equipment are valued in the Consolidated Financial Statements at amounts determined in accordance with a technical appraisal. The revaluation of property and equipment is an accounting principle that is not generally accepted in the United States. Assets that were subjected to appraisals have been fully depreciated or are no longer owned by the Company. Accordingly, there is no impact on US GAAP results and no adjustments recorded.
d) Minimum dividend
As required by the Chilean Companies Act unless otherwise decided by the unanimous vote of the issued and subscribed shares, an open stock corporation must distribute a cash dividend in an amount equal to at least 30% of the company’s net income for each year adjusted for the deficit under developing period as determined in accordance with Chilean GAAP. Under Chilean GAAP, even though the minimum dividend is a legal requirement, the dividend is not recorded until it is declared by the Company. For 2008, 2007 and 2006, the full amount of the required dividend was declared as interim dividends and recorded by the Company, therefore, no adjustment is necessary.
e) Equity method of accounting and Consolidation
As mentioned in Note 2 l), for Chilean GAAP purposes, beginning in 2005, investments in related companies are accounted for pursuant to the equity method when the company’s investment represents between 20% and 50% of the voting stock of the investee. Prior to 2005, when investments in related companies represented between 10% and 50% of voting rights the equity method was used. For US GAAP purposes prior to February 1, 2003, investments in related companies required the use of the equity method of accounting for investments which give the investor the ability to exercise significant influence over operating and financial policies of the investee. For those companies which were determined to be controlled through the Company’s investment (generally, ownership of over 50% of the outstanding voting shares), US GAAP required consolidation. Subsequent to February 1, 2003, US GAAP requires the determination of whether an entity should be consolidated in accordance with FASB Interpretation No. 46, “Consolidation of Variable Interest Entities” (“FIN 46”), which focused on identifying entities for which a controlling financial interest is achieved through means other that voting rights. Under this interpretation, a variable interest entity must be consolidated if certain consolidation requirements are met. An enterprise should consolidate an entity if that
enterprise has a variable interest in the entity that will absorb a majority of the entity´s expected losses, receive a majority of the entity’s expected residual returns, or both. FIN 46, as revised by FIN 46R, was effective on February 1, 2003 for new transactions and effective for reporting periods after March 15, 2005 for transactions entered into prior to February 1, 2003.
Relative to the Company’s investments in related companies, there are no differences in the application of the equity method or consolidation between Chilean GAAP and US GAAP.
f) Monetary correction of subsidiaries
As indicated in Note 2 d), the Chilean peso financial statements of certain of the Company’s Chilean subsidiaries are restated through the application of price-level restatements in accordance with Chilean GAAP to show the effects of changes in the purchasing power of the Chilean peso, using indicators published by the National Institute of Statistics. The financial statements of such Chilean subsidiaries are then remeasured to US dollars at the exchange rates prevailing on December 31 of each year.
The inclusion of price-level restatements when the US dollar is the reporting currency is not permitted under US GAAP. However, in the case of the Company, the effects of including price-level restatement at the subsidiary level are not significant and accordingly the effects of reversing the price-level restatement are not included in the reconciliation of net income and net equity accounts to US GAAP in paragraph 1 q) below.
g) Investment securities
Under Chilean GAAP, investments in bonds held by the Company are carried at the lower of cost plus accrued interest or market value. Under Chilean GAAP, mutual funds are stated at market value based on year-end quoted values and unrealized gains and losses are recorded in the current year Consolidated Statement of Income. Under SFAS No. 115, “Accounting for Certain Investments in Debt and Equity Securities”, investment securities, which include debt and certain equity securities, are accounted for as follows:
- Debt securities that the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and are reported at amortized cost.
- Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and are reported at fair value, with unrealized gains and losses included in earnings.
- Debt and equity securities not classified as either held-to-maturity or trading securities are classified as available-for-sale securities and reported at fair value, with unrealized gains and losses excluded from earnings and reported in a separate component of shareholders’ equity.
The Company’s investments in bonds are classified as available for sale securities for the purposes of SFAS No. 115. The effect of the difference between Chilean GAAP and US GAAP in accounting for the Company’s investment in bonds is included in the reconciliation of reported Net income to Comprehensive income in accordance with US GAAP in paragraph 1 q) below. There is no difference between Chilean GAAP and US GAAP for the Company’s investments in mutual funds as they are classified as trading securities for the purpose of SFAS No. 115.
h) Presentation in Statement of cash flows
Under Chilean GAAP, payments of leasing obligations subsequent to the date of purchase are treated in the Consolidated Statements of Cash Flows as additions of property and equipment and classified as cash outflows from investing activities. Under US GAAP, incurring directly-related debt to the seller of property and equipment is a financing transaction and subsequent payments of principal on that debt are thus considered to be cash outflows from financing activities.
Payments of collateral funds as guarantees for derivative contracts have been presented within financing activities. Under US GAAP these must be presented as operating activities.
As a result of these differences, the Consolidated Statements of Cash Flows under Chilean GAAP would have to be adjusted as
follows to present the statement in accordance with US GAAP:
Net cash and cash equivalents at the end of year under US GAAP is as follows:
There are no significant non-cash investing or financing transactions in the three years ended December 31, 2008. The Company made cash payments for interest of ThUS$ 81,421, ThUS$ 73,633 and ThUS$ 60,107 for the years ended 2008, 2007 and 2006, respectively. The Company made tax payments of ThUS$ 101,292, ThUS$ 52,337 and ThUS$ 49,846 for the years ended 2008, 2007 and 2006, respectively.
For the year ended December 31, 2008, within the caption “Other” in the statement of reconciliation of net income to net cash provided by operating activities is included ThUS$ 109,000 related to the accrued liability for the plea agreement signed whit the DOJ.
i) Classification of income and expenses
Under Chilean GAAP, the following income and expenses arising during the years 2008, 2007 and 2006 are classified as Other income (expense) - net whereas under US GAAP they would be recorded within operating income:
The Company recorded ThUS$ 13,963 and ThUS$ 40,344 as cumulative effect for a change in accounting principles as Non-operating income in 2008 and 2006 for Chilean GAAP, respectively. These are adjusted for and included in the US GAAP reconciliation in Note 1 q).
See Note 22.
j) Internal use software
As mentioned in Note 2 aa), under Chilean GAAP all disbursements for the development of internal use software are charged to the results of operations as incurred. Under US GAAP, certain costs related to internal use software are capitalized while others are charged to the results of operations. External direct costs of materials and services consumed in developing or obtaining internal use computer software, payroll and payroll-related costs for employees who are directly associated with and who devote time to the internal use computer software project and interest costs incurred while developing internal use computer software are capitalized. Maintenance, training, data conversion and reengineering costs are charged to the results of operations as incurred. However, in the case of the Company, the costs relating to internal use software are not significant and accordingly, these costs are not included in the reconciliation to US GAAP of net income and net equity accounts in paragraph 1 q) below.
k) Recognition of tax loss carryforwards
At December 31, 2000, Lan Perú had tax loss carryforwards of ThUS$ 7,590 resulting in a deferred tax asset of ThUS$ 2,326. A valuation allowance of ThUS$ 2,326 was provided to offset the entire deferred tax asset because at that time it appeared unlikely that these tax losses would be utilized in future years. Lan Perú was an equity method investee at December 31, 2000 and during 2001 the Company acquired an additional 21% ownership interest and Lan Perú became a consolidated subsidiary. No deferred tax asset was recognized under Chilean GAAP on the date of purchase. During 2001, Lan Perú had taxable income and utilized ThUS$ 1,673 of the deferred tax asset, leaving a balance of ThUS$ 653 which expired without being utilized. In accordance with US GAAP, when tax loss carryforwards that were not recognized at the acquisition date are recognized in a subsequent period, they first reduce to zero any positive goodwill related to the acquisition; then they reduce to zero all other noncurrent intangible assets; and finally, they reduce income tax expense. For Chilean GAAP purposes, the tax loss was used to reduce income tax expense without first reducing existing goodwill. As a result, the US GAAP reconciliation in paragraph 1 q) below includes an adjustment to decrease goodwill on the purchase of Lan Perú in 2001 by ThUS$ 488 and increase the current income provision by the same amount. The adjustment is based on the acquired ownership interest of 21% applied to the deferred tax asset of ThUS$ 2,326 recognized in 2001.
l) Derivative financial instruments
The Company uses interest rate swap and cap agreements to reduce its exposure from variable interest bearing liabilities and commitments. It also enters into commodity (jet fuel and West Texas Intermediate) swap and call contracts to fix the price for a given quantity of the aforementioned commodity, and “costless collars” which are a combination of call and put options so as to ensure a price range for jet fuel. In order to reduce the impact of foreign exchange rate fluctuations, the Company enters into foreign exchange hedge contracts.
Under Chilean GAAP, derivatives are accounted for in accordance with Technical Bulletin 57, “Accounting for Derivative Contracts” (TB 57). Under TB 57, all derivative financial instruments should be recognized on the balance sheet at their fair value. In addition, TB 57 requires that derivative financial instruments be classified as non-hedging (investment) instruments and hedging instruments, the latter further divided into those covering recognized assets or liabilities or an unrecognized firm commitment and those covering forecasted transactions.
Contracts to cover recognized assets or liabilities or an unrecognized firm commitment act as hedging instruments against the risk of a change in the fair value of a hedged item. The differences resulting from the changes in the fair value of both the hedged item and the derivative instrument should be accounted for as follows:
a) If the net effect is a loss, it should be recognized in earnings in the period of change. b) If the net effect is a gain, it should be recognized when the contract is closed and accordingly deferred on the balance sheet. c) If the net effect is a gain and net losses were recorded on the transaction in prior years, a gain should be recognized in earnings in the current period up to the amount of net losses recorded previously. d) If the effect is a net loss and net gains were recorded (as a deferred revenue) on the transaction in prior years, the gain should be utilized to offset the net loss before recording the remaining loss in the results of operations for the year.
Contracts to cover forecasted transactions are those that have the objective of protecting cash flow risks of a transaction expected to occur in the future (a cash flow hedge). The hedging instrument should be recorded at its fair value and the changes in fair value should be stated on the balance sheet as unrealized gains or losses. When the contract is closed, the unrealized gains or losses on the derivative instrument should be recognized in earnings without affecting the cost or sales price of the asset acquired or sold in the transaction. However, probable losses arising from purchase commitments should not be deferred.
Under Chilean GAAP, the Company includes unrealized losses related to derivative contracts amounting to ThUS$ 178,234 (ThUS$ 6,280 at December 31, 2007) under Other current assets and ThUS$ 154,602 (ThUS$ 57,177) under Other assets. Under US GAAP, such unrealized losses would be presented within Other Comprehensive Income.
Non-hedging (investment) instruments should also be presented at their fair value, with changes in fair value reflected in the earnings of the period in which the change in fair value occurs.
For US GAAP reconciliation purposes only, the Company has adopted SFAS No. 133 “Accounting for Derivative Instruments and Hedging Activities” as amended, on the same matter (collectively referred to herein as “SFAS 133”). SFAS 133 establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. It requires that an entity recognize all derivatives as either assets or liabilities in the Consolidated Balance Sheet and measure those instruments at fair value. If certain conditions are met, a derivative may be specifically designated as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (b) a hedge of the exposure to variable cash flows of a forecasted transaction or to the variability of the cash flows that are to be received or paid in connection with a recognized asset or liability or (c) a hedge of the foreign currency exposure of a net investment in a foreign operation, an unrecognized firm commitment, an available-for-sale security, a foreign-currency-denominated forecasted transaction or a recognized asset or liability.
As indicated below in paragraph 2 f), the accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation.
The effect of the differences in accounting for derivative financial instruments under Chilean and US GAAP is included in paragraph 1 q) below. Additional information concerning derivative financial instruments that is required to be disclosed under SFAS 133 is set forth below in paragraph 2 f).
m) Change in accounting policy for maintenance costs and adoption of FSP AIR-1
As mentioned in the Financial Statements as of December 31, 2006, the Company changed its method of accounting for heavy aircraft and engine maintenance costs associated with its owned aircraft for both Chilean and US GAAP, from the accrual
method to the built-in overhaul method, effective January 1, 2006. This change in accounting principle for Chilean and US GAAP was preferable, and in line with industry practice. The effect of this change was recorded prospectively under Chilean GAAP and resulted in an approximate US$ 40.3 million increase in Non-operating income for 2006.
In the FASB Staff Position No. AUG AIR-1 (“FSP AIR-1”), the FASB also eliminated the use of the accrual method for US GAAP, effective January 1, 2007. Therefore, for US GAAP only, the Company adopted FSP AIR-1 and changed its accounting principle for heavy aircraft and engine maintenance costs on leased aircraft from the accrual method to the cash method (record maintenance expenses as incurred), effective January 1, 2007.
For US GAAP reporting purposes, the Company has retrospectively applied the use of the built-in overhaul method and the cash method for owned and leased aircraft, respectively, to prior periods’ financial statements.
In the case of heavy aircraft and engine maintenance costs associated with the owned aircraft, the cumulative effect of the accounting change on periods prior to the fiscal year ended December 31, 2004 was reflected in the carrying amounts of assets and liabilities as of January 1, 2004. An offsetting adjustment was made to the opening balance of retained earnings as of January 1, 2004. The effects of this change in accounting policy are shown below and under paragraph 1 q). The effect of this change on the 2006 US GAAP results was a decrease in net income of approximately US$ 40.3 million. The cumulative effect on the 2004 beginning Shareholders´equity balance was an increase of US$ 38.7 million.
The effect of this change on the 2008 US GAAP results was a decrease in net income of approximately US$ 2.8 million (increase of US$ 32.9 million in 2007). The cumulative effect on the 2005 beginning Shareholders´equity balance was an increase of US$ 88 million.
n) Late delivery fees
Under Chilean GAAP, contractual payments made to the Company by the aircraft or equipment manufacturer due to the nondelivery of an aircraft or equipment by a stated delivery date, are accounted for as revenue. These payments are generally specified in the asset purchase agreement and are negotiated to represent compensation for an airline’s lost revenue associated with the delay in the delivery of an aircraft or equipment. As of December 31, 2008, a total of ThUS$ 5,950 was recorded as Other Income in Operating revenues due to a change in the delivery schedule of certain Airbus A318 aircraft (US$ 18.9 million in 2007).
For US GAAP reporting, the Company has adopted Technical Practice Aid (TPA) Technical Questions and Answers (TIS) section 2210.28, “Accounting for Certain Liquidated Damages” (AICPA, Technical Practice Aids), under which late delivery fees are typically recorded as a reduction of the cost of the asset and, therefore, reduce depreciation on a prospective basis. The effect of the differences in accounting for liquidated damages under Chilean and US GAAP is included in paragraph 1 q) below.
o) Stock option plans
As of January 1, 2007, the Company adopted SFAS No. 123(R) Accounting for Stock-Based Compensation for USGAAP reporting purposes. This standard requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values estimated at the date of the grant (with limited exceptions). Because as of the date of transition there were no shares outstanding from previous plans, FAS 123(R) had no effect on the Company´s result of operations or financial position upon adoption.
In May 17, 2007, the Board of Directors agreed to issue to a group of executives stock options for a total of 2,209,091 shares as mentioned in Note 19 to the Financial Statements. The Share Subscription Agreement (“Agreement”) dated December, 2007 sets the exercise price at USD 16.11208 per share, indexed to US CPI. As of December 31, 2008, 1,604,000 stock options have been granted under the Agreement.
For Chilean GAAP, the Company recognizes a charge to compensation cost and a credit to other reserves on a straight-line basis over the period between the date of grant and the date the options are vested.
The Company determined the fair value of the options granted, representing total compensation expense, using the “Black-Scholes-Merton” option valuation model and the assumptions Noted in the following table. Expected volatility is based on historical volatility of the Company’s stock and other factors. LAN estimated the expected term of awards granted based on the vesting and expiration terms of the awards. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time the valuation is made. The dividend yield is assumed to be 30% based on the Company’s history and expectation of dividend payments.
Total compensation cost as determined above amounts to ThUS$ 1,402 at December 31, 2008 (ThUS$ 3,516 at December 31, 2007). Of this amount, ThUS$ 584 has been recognized within the income statement under compensation expense for the year ended December 31, 2008 (ThUS$ 0 in 2007). The balance is expected to be recognized within the income statement throughout the remaining term of the grant (approximately 2.8 years).
Option vesting:
A summary of stock option activity, and changes during the year ended December 31, 2008 is presented below:
Treatment under Chilean GAAP, which is in accordance with International Financial Reporting Standard No. 2 Share-based payments, considers these stock options as equity awards. SFAS 123(R) requires that an award which is indexed to a factor that is not a market, performance, or service condition be classified as a liability. For US GAAP, the Company records a liability and compensation expense. The liability is measured based on the award´s fair value remeasured at each reporting date until the date of settlement and on the percentage of requisite service rendered at the reporting date. Changes in fair value are also recognized as compensation expense. The effect of the differences in accounting for stock options plan under Chilean and US GAAP is included in paragraph 1 q) below.
p) Financing of pre-delivery payments
As indicated in Note 3, effective January 1, 2008, the Company began capitalizing interest expense related to the financing of pre delivery payments for the adquitition of aircraft (interest during the construction period).
Under US GAAP, the Company will maintain its policy of not capitalizing interest cost associated with financing of PDP’s.
As of December 31, 2008, a total of ThUS$ 26,539 was recorded in the consolidated statement of income due to this change. The effect of the differences in accounting for financing of PDP’s under Chilean and US GAAP is included in paragraph 1 q) below.
The changes in Total Shareholders’ equity determined under US GAAP are summarized as follows:
2. Additional US GAAP disclosure requirements
The information set forth below is required under US GAAP but not under Chilean GAAP.
a) Earnings per share
The following disclosure of earnings per share information is not generally required for presentation in financial statements under Chilean GAAP but is required under US GAAP:
The earnings per share data shown above is determined by dividing net income for both Chilean GAAP and US GAAP purposes by the weighted-average number of shares of common stock outstanding during each year.
As of December 31, 2007 and 2008, 1,235,000 and 1,604,000 stock options respectively that could potentially dilute basic EPS in the future were not included in the computation of diluted EPS because to do so would have been antidilutive for the present period.
b) Investment securities
Shown below are the cost, gross unrealized gain and losses and approximate fair value of marketable securities under US GAAP (see paragraph 1g):
c) Income tax
The provision for income taxes charged to the results of operations under US GAAP was as follows:
Deferred tax assets (liabilities) are summarized as follows:
The provision for income taxes differs from the amount of income tax determined by applying the applicable Chilean statutory income tax rates of 17% to pretax accounting income on a US GAAP basis as a result of the following differences:
No reserves for uncertain income tax positions have been recorded pursuant to FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109” (FIN 48).
In accordance with Chilean law, the Company and each of its subsidiaries compute and pay taxes on a separate return basis and not on a consolidated basis.
Inversora Cordillera S.A. and its subsidiary have tax loss carryforwards aggregating ThUS$ 29,033 at December 31, 2008 which have an expiration date of five years beginning in the first year that a loss is incurred. The related deferred tax asset was ThUS$ 10,162 at December 31, 2008.
Lan Chile Investment Limited and its subsidiaries have tax loss carryforwards aggregating ThUS$ 3,396 at December 31, 2008 which have expiration dates of five years after the year of the loss. The related deferred tax asset is ThUS$ 849 and a 100%
valuation allowance has been provided because at the present time it appears unlikely that these tax losses will be utilized in future years
Aerolinheas Brasileiras has tax loss carryforwards aggregating ThUS$ 3,304 at December 31, 2008 which have no expiration date. However, a 100% valuation allowance has been provided against the related deferred tax asset of ThUS$ 1,123 because at the present time it appears unlikely that these tax losses will be utilized in future years.
d) Fair value of financial instruments
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (SFAS 157). SFAS 157 defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States, and expands disclosures about fair value measurements. The Company has adopted the provisions of SFAS 157 as of January 1, 2008, for financial instruments. Although the adoption of SFAS 157 did not materially impact its financial condition, results of operations, or cash flow, the Company is now required to provide additional disclosures as part of its financial statements.
In October 2008, the FASB issued FASB Staff Position FAS 157-c, “Determining the Fair Value of a Financial Asset When the Market for That Asset is Not Active,” which was effective immediately. FSP FAS 157-c clarifies the application of Statement 157 in cases where the market for a financial instrument is not active and provides an example to illustrate key considerations in determining fair value in those circumstances. The Company has also considered the guidance provided by FSP FAS 157-c in its determination of estimated fair values during 2008.
SFAS 157 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Assets and Liabilities that are Measured at Fair Value on a Recurring Basis:
As of December 31, 2008, the Company held certain items that are required to be measured at fair value on a recurring basis. These included:
(i) Investments in short term mutual funds (cash equivalents),
(ii) Bonds (available for sale securities),
(iii) Interest rate derivative contracts,
(iv) Fuel derivative contracts, and
(v) Foreign exchange swaps.
The following table provides information by level for assets and liabilities that are measured at fair value, as defined by SFAS 157, on a recurring basis:
Investments in short term mutual funds are valued using publicly available year end quotes, therefore, they have been classified as Level I.
Bonds are investments in corporate bonds for which the fair value is determined using the market quotes. Due to this, we classified these investments as Level 1 under SFAS 157.
Interest rate derivative are related to the Company’s attempts to hedge LIBOR exposure. These contracts consist mainly of OTC transactions such as long term interest rate swaps, forward starting swaps and interest rate call options. All of them are contracted with high rating US counterparties.
Fuel derivative contracts are related to the Company’s attempts to hedge fuel costs and are denominated in WTI which has a high correlation (more than 95%) with the monthly average price of Jet Fuel paid by the Company to different suppliers.
Foreign Exchange Swaps are mainly related to the attempt to have a synthetic US dollar denominated deposit or Chilean Central Bank Obligation which are denominated in Chilean peso.
The fair value of WTI options are traded on US national exchanges and, therefore, have readily available public quotes. Because of this, they have been classified as Level I.
Fair values of all other derivative instruments and options are determined using either pricing valuation models that utilize market observable inputs or broker quotes. The valuation models consider projected discounted cash flows, relevant swap curves and appropriate implied volatilities. Taking that into consideration, we classified these derivatives as Level 2 under SFAS 157.
Assets and Liabilities that are not measured at Fair Value on a recurring basis:
The estimated fair values of the Company’s financial instruments not measured at fair value on a US GAAP basis are as follows:
e) Concentration of credit risk
The Company’s accounts receivable are generated primarily from airline ticket and cargo service sales to individuals and various commercial enterprises that are economically and geographically dispersed, and the accounts receivable are generally short-term in duration. Accordingly, the Company does not believe that it is subject to any significant concentration of credit risk.
f) Financial instruments
Accounting for Derivatives and Hedging Activities
All derivatives are recognized on the balance sheet at their fair value. On the date that the Company enters into a derivative contract, it designates the derivative as (1) a hedge of (a) the fair value of a recognized asset or liability or (b) an unrecognized firm commitment (a “fair value” hedge); (2) a hedge of (a) a forecasted transaction or (b) the variability of cash flows that are to be received or paid in connection with a recognized asset or liability (a “cash flow” hedge); (3) a foreign currency fair value or cash flow hedge (a “foreign currency” hedge); (4) a hedge of a net investment in a foreign operation; or (5) an instrument that is held for trading or non-hedging purposes (a “trading” or “non-hedging” instrument). Changes in the fair value of a derivative that is highly effective as, and that is designated and qualifies as, a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk (including changes that reflect losses or gains on
firm commitments), are recorded in current period earnings. Changes in the fair value of a derivative that is highly effective as, and that is designated and qualifies as, a cash flow hedge, to the extent that the hedge is effective, are recorded in other comprehensive income, until earnings are affected by the variability of cash flows of the hedged transaction (e.g., until periodic settlements of a variable rate asset or liability are recorded in earnings).
Any hedge ineffectiveness (which represents the amount by which the changes in the fair value of the derivative exceed the variability in the cash flows of the forecasted transaction) is recorded in current period earnings. Changes in the fair value of a derivative that is highly effective as, and that is designated and qualifies as, a foreign currency hedge is recorded in either current period earnings or other comprehensive income, depending on whether the hedging relationship satisfies the criteria for a fair value or cash flow hedge.
If, however, a derivative is used as a hedge of a net investment in a foreign operation, the changes in the derivative’s fair value, to the extent that the derivative is effective as a hedge, are recorded in the cumulative translation adjustment account within other comprehensive income. Changes in the fair value of derivative trading and non-hedging instruments are reported in current period earnings.
Upon purchasing a financial instrument, the Company must determine whether a derivative instrument is “embedded” therein and if so, it must assess the economic characteristics of the embedded derivative to determine if they are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate, non-embedded instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and (2) a separate, stand-alone instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract, carried at fair value, and designated as either (1) a fair value, cash flow, or foreign currency hedge or (2) a trading or non-hedging derivative instrument. The Company, according to SFAS No. 155, “Accounting for Certain Hybrid Financial Instruments,” can elect the fair value measurement option for certain hybrid financial instruments that contain an embedded derivative that would otherwise require bifurcation under SFAS No 133, Accounting for Derivative Instruments and Hedging Activities. Such election would eliminate the need to separate the instrument into a host contract and a derivative instrument and allow fair value accounting for the instrument in its entirety.
The Company documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as fair value, cash flow, or foreign currency hedges to (1) specific assets and liabilities on the balance sheet or (2) specific firm commitments or forecasted probable transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods.
The Company discontinues hedge accounting prospectively when (1) it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including hedged items such as firm commitments or forecasted transactions); (2) the derivative expires or is sold, terminated, or exercised; (3) it is no longer probable that the forecasted transaction will occur; or (4) management determines that designating the derivative as a hedging instrument is no longer appropriate.
Derivative instruments and hedging activities
The Company uses interest-rate-related derivative instruments and commodity derivatives to manage its exposure on its variable-rate obligations and jet fuel price fluctuations. The Company does not enter into interest rate and commodity derivative instruments for any purpose other than cash-flow-hedging purposes. By using derivative financial instruments to hedge exposures to changes in interest rates and commodity prices, the Company exposes itself to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, the Company is not exposed to the counterparty’s credit risk in those circumstances. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with high-quality counterparties.
The Company faces market risk only to the unhedged portion of the Libor-linked obligations, and of the unhedged portion of the volume of jet fuel.
Financial instruments: fuel price risk management
Jet fuel price fluctuations are largely dependent on supply and demand for crude oil in the world, OPEC decisions, refinery capacities, stock levels of crude and global political factors. In order to minimize the risk of jet fuel price fluctuations, the Company enters into swap and option contracts in the jet fuel market or the West Texas Intermediate (WTI) market. The decision to enter into hedge contracts in the jet fuel or WTI market depends on the relative price of each commodity at the supposed trade date.
The Company enters into swap, costless collars and purchased call option contracts in order to fix or limit (depending on the case) the market price at a certain level for a given quantity of the above mentioned commodities. Pursuant to such contracts, the Company pays or receives, depending on the case, the difference between the agreed fixed price and the floating market price calculated on the notional amounts of such contracts. These contracts are classified as cash flow hedges for US GAAP purposes and as forecasted transactions for Chilean GAAP purposes.
As of December 31, 2008 and 2007, the Company had some ineffectiveness with regard to its cash flow hedges of forecasted purchases of jet fuel outstanding as of year end, however this amount was not recorded in the US GAAP reconciliation because it was immaterial.
The notional fuel hedged, the realized results on such contracts and the fair value for the years ending December 31, 2008, 2007 and 2006 are as follows:
For Chilean GAAP purposes, gains and losses on the hedging contracts referred to above are recognized as a component of Other income (expense)-net when the underlying fuel being hedged is consumed. For US GAAP purposes, such gains and losses would be classified as Operating expenses under the caption Aircraft fuel when the fuel being hedged is consumed.
Financial instruments: Interest rate risk management
The Company is exposed to the fluctuations of the LIBOR interest rates, due to the financing of certain aircraft. In order to reduce this exposure, the Company decided to hedge a high percentage of its debt through the use of interest rate swaps and interest rate options.
The Company maintains risk management control systems to monitor interest rate cash flow risk attributable to both the Company’s outstanding or forecasted debt obligations as well as the Company’s offsetting hedge positions. The risk management control systems involve the use of analytical techniques, including cash flow sensitivity analysis, to estimate the expected impact of changes in interest rates on the Company’s future cash flows.
Before 2006 the Company uses a mix of fixed rate debt and variable-rate (London Interbank Offered Rate - LIBOR) debt to finance its aircraft. All of these debt obligations expose the Company to variability in interest payments due to changes in interest rates. The Company believes that it is prudent to limit the variability of the majority of its interest payments. To meet this objective, the Company entered into LIBOR based interest rate swap agreements and interest rate call options to manage fluctuations in cash flows resulting from changes in the LIBO rate. These swaps change the variable-rate cash flow exposure on the debt obligations to fixed cash flows. Under the terms of the interest rate swaps, the Company receives LIBOR based variable interest rate payments and makes fixed interest rate payments, thereby creating the equivalent of fixed-rate debt for the notional amount of its debt hedged.
After 2006, the Company uses only fixed rate obligations to finance its aircraft. For that purpose, the company entered into LIBOR based forward starting swap agreements to fix the rate of the future obligation before the delivery of a certain aircraft. Under the term of these contracts, the company offset the market risk for future obligations of having a different rate than the approved by management committee´s. When the forward starting swaps are terminated and the Company enters into fixed rate loans at the time an aircraft is received, the Company, for Chilean GAAP purposes, records the fair value on such derivatives net of the associated debt. Under US GAAP, such fair value remains in other comprehensive income and is recognized in
earnings over the term of the debt which is also recorded at its fair value at the time an aircraft is received. Under US GAAP as of December 31, 2008, USD 35 million of deferred loss on derivative instruments accumulated in other comprehensive income are expected to be reclassified to earnings during the next 12 years approximately.
Changes in the fair value of interest rate swaps designated as hedging instruments that effectively offset the variability of cash flows associated with variable-rate, long-term debt obligations are reported in accumulated other comprehensive income. These amounts subsequently are reclassified into interest expense as a yield adjustment of the hedged interest payments in the same period in which the related interest affects earnings.
The fair value and the losses of these swap contracts for the years ending December 31, 2008, 2007 and 2006, are as follows:
Under FAS 133, the aforementioned derivative contracts (swaps and options) qualify as cash flow hedges even though some ineffectiveness exists as the notional amount over which some caps are calculated is different from the one used to determine the interest and lease payments on the aircraft. However, for US GAAP purposes, there was no amount of ineffectiveness recorded in earnings because the change in fair value of the perfect hypothetical option was greater than the change in fair value of the Company’s option. Under Chilean GAAP, the caps are accounted for as cash flow hedges and no ineffectiveness was determined.
The premium on the caps was allocated to individual caplets and is recognized in the income statement throughout the term of each contract for Chilean and US GAAP purposes.
In April 2002, the Company entered into a Treasury rate lock for a notional amount of ThUS$ 45,000 in order to hedge the variability in the cash proceeds attributable to changes in the benchmark interest rate to be received from the forecasted securitization of future credit card receivables. The forecasted transaction occurred on August 22, 2002. For Chilean GAAP purposes, the loss amounting to ThUS$ 3,622 arising from the settlement of the derivative was deferred and is amortized to the Consolidated Statements of Income over the term of the securitization. Under US GAAP, the derivative was accounted for as a cash flow hedge, and ThUS$ 3,219 was deferred in Other comprehensive income and subsequently amortized to the Consolidated Statements of Income, while ineffectiveness of ThUS$ 402 was recognised within the Consolidated Statements of Income as of that date. The effect of recording the amortization and the ineffectiveness in accordance with US GAAP is included in paragraph 1 q) above.
As a result of those hedging activities, the Company has 96% of its interest rate exposure hedged.
Financial instruments: foreign currency exchange rates
The Company conducts business in local currencies in several countries and accordingly faces the risk of variation in foreign currency exchange rates. A depreciation of the Chilean peso, the Brazilian real, Argentine peso, Mexican nuevo peso, Peruvian nuevo sol or the European euro against the U.S. dollar could have a material adverse effect on the Company because it has revenues and receivables denominated in those currencies. As a part of its risk management policy, the Company regularly monitors its exposure to variations in the exchange rates of these different currencies. In order to reduce the impact of the foreign exchange rate fluctuations, the Company enters from time to time into foreign exchange hedging contracts. Under these forward contracts, for any rate above or below the fixed rate, the Company receives or pays the difference between the spot rate and the fixed rate for the given amount at the settlement date.
As of and during the year ended December 31, 2008 and 2007, the Company has no outstanding exchange forward contracts for hedging purposes.
In order to have a better yield on its investments in 2008 and 2007, the Company entered into bank deposits in Chilean Peso together with a US dollar-Chilean pesos foreign exchange swap in order to receive US dollars at maturity. The mark to market value of these foreign exchange swaps amounted to a loss of US$ 1.35 million and is recorded in earnings under both Chilean and US GAAP.
Other information on derivative instruments
By using derivative financial instruments to hedge exposures to changes in exchange rates, interest rates, and jet fuel prices, the Company exposes itself to credit risk and market risk.
Credit risk is the risk that the counterparty might fail to fulfill its performance obligations under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates repayment risk for the Company. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, does not assume repayment risk. The Company minimizes its credit (or repayment) risk in derivative instruments by (1) entering into transactions with high-quality counterparties (2) limiting the amount of its exposure to each counterparty, and (3) monitoring the financial condition of its counterparties. The Company also maintains a policy of requiring that derivative contracts be governed by an ISDA Master Agreement. Market risk is the risk that the value of a financial instrument might be adversely affected by a change in interest rates, currency exchange rates, or jet fuel prices. The Company manages the market risk associated with interest rate, jet fuel price, and foreign-exchange contracts by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.
g) Comprehensive income (loss)
Comprehensive income (loss) is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The fair value of cash flow hedges were considered to be Other comprehensive income during 2008, 2007 and 2006 and the unrealized gain on available for sale securities has been included in 2008 and 2007.
h) Recent Accounting Pronouncements not yet implemented
In December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements” - An Amendment of ARB No. 51. SFAS 160 establishes new accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. Specifically, this statement requires the recognition of a noncontrolling interest (minority interest) as equity in the consolidated financial statements and separate from the parent’s equity.
The amount of net income attributable to the noncontrolling interest will be included in consolidated net income on the face of the income statement. SFAS 160 clarifies that changes in a parent’s ownership interest in a subsidiary that do not result in deconsolidation are equity transactions if the parent retains its controlling financial interest. In addition, this statement requires that a parent recognize a gain or loss in net income when a subsidiary is deconsolidated. Such gain or loss will be measured using the fair value of the noncontrolling equity investment on the deconsolidation date. SFAS 160 is effective for fiscal years, and interim periods within those fiscal years, beginning on or after December 15, 2008. Earlier adoption is prohibited. Other than the presentation of minority interest within equity the Company does not expect the adoption of SFAS 160 will have an effect on its consolidated financial statements.
In December 2007, the FASB issued FASB Statements No. 141 (revised 2007), “Business Combinations”. In this statement, the FASB retained the fundamental requirements of Statement No. 141 to account for all business combinations using the acquisition method (formerly the purchase method) and for an acquiring entity to be identified in all business combinations. However, the fair value principles in the revised Statement are a major change from Statement No. 141’s cost allocation process, together with other revisions from past practice. Among other changes, Statement No. 141(R) requires the acquiring entity in a business combination to:
- Recognize the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date,measured at their fair values as of that date, with limited exceptions
- Recognize and measure the goodwill acquired in the business combination or a gain from a bargain purchase
- Expense acquisition-related costs, such as legal and due diligence costs, when incurred
- Recognize any restructuring costs that the acquiring entity expects to incur with respect to the acquired business as anexpense, rather than capitalize as part of the acquisition
- Disclose to investors and other users all of the information they need to evaluate and understand the nature and financialeffect of the business combination.
The statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. Earlier adoption is prohibited. The Company does not expect the adoption of FAS141(R) to have and effect on its consolidated financial statements.
In February 2008, the FASB issued FASB Staff Position FAS 140-3, “Accounting for Transfers of Financial Assets and Repurchase Financing Transactions.” The objective of the FSP is to provide guidance on accounting for a transfer of a financial asset and
repurchase financing. The FSP presumes that an initial transfer of a financial asset and a repurchase financing are considered part of the same arrangement (linked transaction) under Statement 140. However, if certain criteria are met, the initial transfer and repurchase financing shall not be evaluated as a linked transaction and shall be evaluated separately under Statement 140. FSP FAS 140-3 is effective for annual and interim periods beginning after November 15, 2008 and early adoption is not permitted. The Company is currently evaluating the provisions of this standard, but does not expect adoption to have a material impact on its financial position and results of operations.
In March 2008, the FASB issued Statement No. 161, “Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133” (Statement 161). Statement 161 requires entities that utilize derivative instruments to provide qualitative disclosures about their objectives and strategies for using such instruments, as well as any details of credit-risk-related contingent features contained within derivatives. Statement 161 also requires entities to disclose additional information about the amounts and location of derivatives located within the financial statements, how the provisions of SFAS 133 have been applied, and the impact that hedges have on an entity’s financial position, financial performance, and cash flows. Statement 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Earlier adoption is permited. The Company currently provides an abundance of information about its hedging activities and use of derivatives, including many of the disclosures contained within Statement 161. Thus, the Company does not expect the adoption of Statement 161 will have a material impact on the disclosures already provided.
In April 2008, the FASB issued FASB Staff Position FAS 142-3, “Determination of the Useful Life of Intangible Assets.” FSP FAS 142-3 amends the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under Statement 142. FSP FAS 142-3 is effective for fiscal years beginning after December 15, 2008. The Company is currently evaluating the impact, if any, of adopting FSP FAS 142-3 on its financial position and results of operations.
In June 2008, the FASB’s Emerging Issues Task Force reached a consensus on EITF Issue No. 07-5, “Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock.” This EITF Issue provides guidance on the determination of whether such instruments are classified in equity or as a derivative instrument. The Company will adopt the provisions of EITF 07-5 on January 1, 2009 and the common stock call options will be subject to that guidance. The Company is currently evaluating the impact, if any, of adopting EITF 07-5 on its financial position and results of operations.
In October 2008, the FASB issued Staff Position No. FAS 157-3, “Determining the Fair Value of a Financial Asset When the Market for That Asset is Not Active (FSP 157-3). FSP 157-3 clarifies the application of SFAS 157, which the Company adopted as of January 1, 2008, in cases where a market is not active. The Company has considered the guidance provided by FSP 157-3 in its determination of estimated fair values as of December 31, 2008, and the impact was not material.
In November 2008, the FASB’s Emerging Issues Task Force reached a consensus on EITF Issue No. 08-6, “Equity Method Investment Accounting Considerations”. ITF 08-6 continues to follow the accounting for the initial carrying value of equity method investments in APB Opinion No. 18, The Equity Method of Accounting for Investments in Common Stock, which is based on a cost accumulation model and generally excludes contingent consideration. EITF 08-6 also specifies that other-than-temporary impairment testing by the investor should be performed at the investment level and that a separate impairment assessment of the underlying assets is not required. An impairment charge by the investee should result in an adjustment of the investor’s basis of the impaired asset for the investor’s pro-rata share of such impairment. In addition, EITF 08-6 reached a consensus on how to account for an issuance of shares by an investee that reduces the investor’s ownership share of the investee. An investor should account for such transactions as if it had sold a proportionate share of its investment with any gains or losses recorded through earnings. EITF 08-6 also addresses the accounting for a change in an investment from the equity method to the cost method after adoption of Statement 160. EITF 08-6 affirms the existing guidance in APB 18, which requires cessation of the equity method of accounting and application of FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities, or the cost method under APB 18, as appropriate. EITF 08-6 is effective for transactions occurring on or after December 15, 2008. The Company does not anticipate that the adoption of EITF 08-6 will materially impact the Company’s financial position or results of operations.
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Lan Airlines S.A.
Nombre: Lan Airlines S.A., R.U.T. 89.862.200 -2
Constitución:Se constituye como sociedad de responsabilidad limitada, por escritura pública de fecha 30 de diciembre de 1983, otorgada en la Notaría de Eduardo Avello Arellano, habiéndose inscrito un extracto de ella en el Registro de Comercio de Santiago a fojas 20.341 número 11.248 del año 1983 y publicado en el Diario Oficial del día 31 de diciembre de 1983.
Por escritura pública de fecha 20 de agosto de 1985, otorgada en la Notaría de Miguel Garay Figueroa, la sociedad se transforma en una sociedad anónima, bajo el nombre de Línea Aérea Nacional Chile S.A. (hoy Lan Airlines S.A.), la que por expresa disposición de la Ley N°18.400, tiene la calidad de continuadora legal de la empresa pública del Estado creada en el año 1929 bajo el nombre de Línea Aérea Nacional de Chile, en lo relativo a las concesiones aeronáuticas y de radio comunicaciones, derechos de tráfico y otras concesiones administrativas.
La Junta Extraordinaria de Lan Chile S.A. de 23 de julio de 2004 acordó cambiar el nombre de la Compañía a “Lan Airlines S.A.” Un extracto de dicha la escritura a la que se redujo el Acta de dicha Junta fue inscrito en el Registro de Comercio del Conservador de Bienes Raíces a fojas 25.128 número 18.764 correspondiente al año 2004 y se publicó en el Diario Oficial de 21 de agosto de 2004. La fecha efectiva del cambio de nombre fue el 8 de septiembre de 2004.
Lan Airlines S.A. se rige por las normas aplicables a las sociedades anónimas abiertas, encontrándose inscrita para estos efectos bajo el Nº 0306, de 22 de enero de 1987, en el Registro de Valores de la Superintendencia de Valores y Seguros.
Nota:Los Estados Financieros de las filiales se presentan en este informe en forma resumida. Los antecedentes completos se encuentran a disposición del público en nuestras oficinas y en la Superintendencia de Valores y Seguros.
Lan Cargo S.A. y Filiales
Constitución:Constituida como sociedad anónima cerrada por escritura pública de fecha 22 de mayo de 1970, otorgada en la Notaría de Sergio Rodríguez Garcés, constitución que se materializó con el aporte de los activos y pasivos de la sociedad Línea Aérea del Cobre Limitada (Ladeco Limitada), constituida con fecha 3 de Septiembre de 1958 en la Notaría de Jaime García Palazuelos. La sociedad ha experimentado diversas reformas, siendo la última aquella que consta en la escritura pública de fecha 20 de Noviembre de 1998, y cuyo extracto fue inscrito a fojas 30.091 número 24.117 del Registro de Comercio de Santiago y publicado en Diario Oficial de fecha 3 de Diciembre de 1998, en virtud de la cual Ladeco S.A. fusionó por incorporación a la filial de Lan Chile S.A. denominada Fast Air Carrier S.A.
Por escritura pública de 22 de octubre de 2001 a la que se redujo el acta de la Junta Extraordinaria de Accionistas de Ladeco S.A. de misma fecha, se modificó la razón social a “Lan Chile Cargo S.A.” Un extracto de dicha escritura se inscribió en el Registro de Comercio del Conservador de Bienes Raíces de Santiago a fojas 27.746 número 22.624 correspondiente al año 2001 y se publicó en el Diario Oficial de 5 de Noviembre de 2001. El cambio de nombre tuvo vigencia a contar del 10 de diciembre de 2001.
Por escritura pública de 23 agosto de 2004 a la que se redujo el acta de la Junta Extraordinaria de Accionistas de Lan Chile Cargo S.A. de 17 de agosto de 2004, se modificó la razón social a “Lan Cargo S.A.” Un extracto de dicha escritura se inscribió en el Registro de Comercio del Conservador de Bienes Raíces de Santiago a fojas 26.994 número 20.082 correspondiente al año 2004 y se publicó en el Diario Oficial de 30 de agosto de 2004.
Objeto:Realizar y desarrollar sea por cuenta propia o ajena lo siguiente: el transporte en general en cualquiera de sus formas y, en particular, el transporte aéreo de pasajeros, carga y correspondencia, dentro y fuera del país; las actividades turísticas, de hotelería y demás complementarias a ellas, en cualquiera de sus formas, dentro y fuera del país; la compra, venta, fabricación y/o integración, mantenimiento, arrendamiento o cualquier otra forma de uso o goce, sea por cuenta propia o de terceros, de aviones, repuestos y equipos aeronáuticos, y la explotación de ellos a cualquier título; la prestación de toda clase de servicios y asesorías relacionados con el transporte en general y, en particular, con el transporte aéreo en cualquiera de sus formas, sea de apoyo terrestre, de mantenimiento, de asesoría técnica o de otra especie, dentro y fuera del país, y toda clase de actividades y servicios relacionados con el turismo, hotelería y demás actividades y bienes antes referidos, dentro y fuera del país. En el cumplimiento de los objetivos anteriores, la Compañía podrá realizar inversiones o participar como socia en otras sociedades, sea adquiriendo acciones o derechos o intereses en cualquier otro tipo de asociación, así fuere en las ya existentes o que se formen en el futuro y, en general, ejecutar todos los actos y celebrar todos los contratos necesarios y pertinentes a los fines indicados.
Capital Suscrito y Pagado: | MUS$ | 83.225 | |
Utilidad (perdida): | MUS$ | (21.495 | ) |
Participación: | 99,8980 | % | |
% sobre Activos de la Matriz: | 6,14 | % |
Lan Perú S.A.
Constitución:Sociedad anónima constituida en el Perú el 14 de Febrero de 1997.
Objeto:Prestación de servicios de transporte aéreo de pasajeros, carga y correo, a nivel nacional e internacional, de conformidad con la legislación de aeronáutica civil.
Capital Suscrito y Pagado: | MUS$ | 4.341 | |
Utilidad (perdida): | MUS$ | 1.165 | |
Participación: | 70,00 | % | |
% sobre Activos de la Matriz: | 0,10 | % |
Directorio
Presidente: | Emilio Rodríguez Larraín Salinas |
Directores: | Enrique Cueto Plaza |
Ignacio Cueto Plaza | |
Alejandro de la Fuente Goic | |
Jorge Harten Costa | |
Alejandro García Vargas | |
Luis Enrique Gálvez de la Puente |
LAN PERU S.A.
(Sociedad anónima cerrada)
Inversiones Lan S.A. y Filiales
Constitución:Constituida como sociedad anónima cerrada por escritura pública de fecha 23 de enero de 1990, otorgada en la Notaría de Humberto Quezada M., inscrita en el Registro de Comercio de Santiago a fs. 3.462 N°1.833 del año 1990, y publicada en el Diario Oficial del día 2 de febrero de 1990.
Objeto:Realizar inversiones en toda clase de bienes, sean éstos muebles o inmuebles, corporales o incorporales. Además, la Sociedad podrá formar otros tipos de sociedades, de cualquier especie; adquirir derechos en sociedades ya formadas, administrarlas, modificarlas y liquidarlas.
Capital Suscrito y Pagado: | MUS$ 458 | |
Utilidad (perdida): | MUS$ 3.959 | |
Participación: | 99,71 | % |
% sobre Activos de la Matriz: | 0,15 | % |
Directorio
Presidente: | Enrique Cueto Plaza |
Directores: | Ignacio Cueto Plaza |
Alejandro de la Fuente Goic | |
Roberto Alvo Milosawlewitsch | |
Enrique Elsaca Hirmas |
Sociedades Filiales de Inversiones LAN S.A. y Participación:
INVERSIONES LAN S.A. Y FILIALES
(Sociedad anónima cerrada)
Inmobiliaria Aeronáutica S.A.
Constitución:Constituida como sociedad anónima cerrada por escritura pública de fecha 01 de agosto de 1995, otorgada en la Notaría de Gonzalo de la Cuadra Fabres e inscrita en el Registro de Comercio de Santiago a fs. 21.690 bajo el N° 17.549 del año 1995 y publicado en el Diario Oficial el día 14 de septiembre de 1995.
Objeto:Realizar adquisiciones y enajenaciones de bienes raíces y de derechos sobre ellos; el desarrollo, planificación, enajenación y construcción de inmuebles y proyectos inmobiliarios; el arrendamiento, administración y cualquier otra forma de explotación de bienes raíces, ya sea por cuenta propia o de terceros.
Capital Suscrito y Pagado: | MUS$ 1.147 | |
Utilidad (perdida): | MUS$ 3.682 | |
Participación: | 100,00 | % |
% sobre Activos de la Matriz: | 0,18 | % |
Directorio
Presidente: | Enrique Cueto Plaza |
Alejandro de la Fuente Goic | |
Armando Valdivieso Montes |
INMOBILIARIA AERONÁUTICA S.A.
(Sociedad anónima cerrada)
Comercial Masterhouse S.A.
Constitución:Constituida como sociedad anónima cerrada por escritura pública de fecha 22 de Junio de 1987, otorgada en la Notaría de Santiago de don Raúl Undurraga Laso, inscrita en el Registro de Comercio de Santiago a fs. 13.139 N°8495 del año 1987 y publicada en el Diario Oficial del día 2 de Julio de 1987. La sociedad ha experimentado diversas reformas, siendo la última aquella que consta en la escritura pública de fecha 24 de Agosto de 1999 otorgada en la Notaría de Santiago de don Eduardo Pinto Peralta inscrita en el Registro de Comercio de Santiago a fs. 21.042 N°16.759 del año 1999 y publicada en el Diario Oficial del día 8 de Septiembre de 1999.
Objeto:Explotación, administración y representación de empresas o negocios nacionales o extranjeros dedicados a actividades hoteleras, navieras, aéreas y turismo; explotación por cuenta propia o de terceros, arrendamiento automóviles; importación, exportación, producción, comercialización y distribución por cuenta propia o ajena, en mercados nacionales e internacionales cualquiera clase mercaderías, sean materias primas, insumos o productos terminados.
Capital Suscrito y Pagado: | MUS$ | 225 | |
Utilidad (perdida): | MUS$ | 266 | |
Participación: | 100,00 | % | |
% sobre Activos de la Matriz: | 0,01 | % |
Directorio
Presidente: | Abel Bouchon Silva |
Directores: | Armando Valdivieso Montes |
Andrés del Valle Eitel |
COMERCIAL MASTERHOUSE S.A.
(Sociedad anónima cerrada)
Lan Pax Group S.A. y Filiales
Constitución:Constituida como sociedad anónima cerrada por escritura pública de fecha 27 de Septiembre de 2001, otorgada en la Notaría de Santiago de don Patricio Zaldivar Mackenna, inscrita en el Registro de Comercio de Santiago a fs. 25.636 N° 20.794 de 04 de octubre del año 2001 y publicada en el Diario Oficial del día 6 de Octubre de 2001.
Objeto:Realizar inversiones en toda clase de bienes, sean estos muebles o inmuebles, corporales o incorporales. Dentro de su giro, la sociedad podrá formar todo tipo de sociedades, de cualquier especie; adquirir derechos en sociedades ya formadas, administrarlas, modificarlas, liquidarlas. En general podrá adquirir y enajenar todo tipo de bienes y explotarlos, sea por cuenta propia o ajena, así como realizar todo tipo de actos y celebrar toda clase de contratos que sean conducentes a sus finalidades. Ejercer el desarrollo y explotación de toda otra actividad derivada del objeto social y/o vinculadas, conexas, coadyuvantes o complementarias del mismo.
Capital Suscrito y Pagado: | MUS$ 425 | |
Utilidad (perdida): | MUS$ 13.870 | |
Participación: | 100,00 | % |
% sobre Activos de la Matriz: | 0,00 | % |
Directorio
Presidente: | Ignacio Cueto Plaza |
Directores: | Alejandro de la Fuente Goic |
Enrique Elsaca Hirmas |
Sociedades Filiales de LAN Pax Group S.A. y Participación
LAN PAX GROUP S.A. Y FILIALES
(Sociedad anónima cerrada)
Lan Chile Investments Limited y Filiales
Constitución:Constituida como sociedad limitada por escritura pública de fecha 30 de julio de 1999 en Islas Cayman, procediendo a su inscripción en el Registro de Compañías de Islas Cayman, en la misma fecha.
Objeto:Su objeto social es el de realizar inversiones en toda clase de bienes, sean estos muebles o inmuebles, corporales o incorporales.
Capital Suscrito y Pagado: | MUS$ 10 | |
Utilidad (perdida): | MUS$ 1.065 | |
Participación: | 100,00 | % |
% sobre Activos de la Matriz: | 0,00 | % |
Directorio
Presidente: | Enrique Cueto Plaza |
Directores: | Alejandro de la Fuente Goic |
Andrea Williams |
Sociedades Filiales de LAN Chile Investments Limited y Participación
LAN CHILE INVESTMENTS LIMITED Y FILIALES
(Sociedad Limitada)
Subsidiaries Information
Lan Airlines S.A.
Name: Lan Airlines S.A.,
TAXPAYER IDENTIFICATION Nº 89.862.200 -2
INCORPORATION:Chartered as a limited liability company by public deed dated December 30, 1983, witnessed and certified in the Notary Offices of Eduardo Avello Arellano, recorded in Folios 20,341 Nº11248 of the Santiago Business Registry of the same year, and announced in the Official Gazette on December 31, 1983.
By public deed dated August 20, 1985, witnessed and certified in the Notary Offices of Miguel Garay Figueroa, the corporation was converted to a joint stock company under the name Línea Aérea Nacional Chile S.A. (today called Lan Airlines S.A.). This latter company is, with respect to aeronautic and radio communication concessions, traffic rights, and other administrative grants and as expressly provided for by Corporation Law Nº: 18,400, the legal successor of the State enterprise formed in 1929 as the Línea Aérea Nacional de Chile.
The Extraordinary Shareholders Meeting held on July 23, 2004 agreed on the change of name of the Company to “Lan Airlines S.A.”. An abstract of the relevant public deed was registered with the Chilean Commerce Registry on page 25128 number 18764 and was published in the Official Gazette on August 21, 2004. The effective date of the change of name was September 8, 2004.
Lan Airlines S.A. is governed by regulations pertaining to publicly held corporations in Chile. In conformity therewith, the Company is listed in the Securities Register of the Superintendency of Securities and Insurance, pursuant to register Nº0306, of January 22, 1987.
Note:The financial information presented here has been summarized for presentation purposes. The complete financial statements of these entities are available for the public at LAN´s corporate headquarters or at the the Superintendency of Securities and Insurance in Chile.
Lan Cargo S.A. and Subsidiaries
Incorporation History:Chartered as a closed stock company by public deed dated May 22, 1970, witnessed and certified in the Notary Offices of Sergio Rodríguez Garcés. This entity was formed with the assets and liabilities of the entity Línea Aerea del Cobre Limitada (Ladeco Limitada) which was chartered by public deed dated September 3, 1958, witnessed and certified in the Notary Offices of Jaime García Palazuelos. The Company’s bylaws have since been amended on a number of occasions, the most recent change being effected by public deed dated November 20, 1998, recorded in Folios 30091 Nº24117 of the Santiago Business Registry, and announced in the Official Gazette on December 3, 1998, where Ladeco S.A., merged with, through incorporation of, Fast Air Carrier S.A., another subsidiary of Lan Chile S.A.
The Extraordinary Shareholders Meeting of Ladeco S.A. held on October 22, 2001 agreed on the change of name of the Company to “Lan Chile Cargo S.A.” The change was registered by public deed dated August 23, 2004. An abstract of the relevant public deed was registered with the Chilean Commerce Registry on page 27746 number 22624 and was published in the Official Gazette on November 5, 2001. The change of name was effective from December 10, 2001.
The Extraordinary Shareholders Meeting of Lan Chile Cargo S.A. held on August 17, 2004 agreed on the change of name of the Company to “Lan Cargo S.A.” An abstract of the relevant public deed was registered with the Chilean Commerce Registry on page 26994 number 20082 and was published in the Official Gazette on August 30, 2004.
Business Purpose:To engage in and conduct on its own account or on behalf of others general transportation activities in any form and, in particular, the transport of passengers, cargo and mail by air within and beyond Chile; Tourism, the hotel business and other complementary activities in any of their forms, in the country and abroad; to purchase, sell, manufacture and/or integrate, maintain, lease or exercise the use or possession of aircraft, spare parts, and aeronautic equipment and the operation of the same by way of any title, whether on its own account or on behalf of third parties; to perform services and provide consultation related to transportation in general and to air transport in particular, in any of its forms, whether these activities consist of ground support, maintenance, technical assistance or some other pursuit, within and beyond Chile; and to engage in every class of activity and service related to tourism, the catering trade, and to the other activities, and property mentioned above, in the country and abroad. The Company may make investments or become a partner in other companies by acquiring shares or rights or interests in any other type of association, whether existing or formed in the future; and generally perform all acts and enter into all contracts necessary and pertinent to fulfill the above objectives.
Subscribed and Paid-In Capital: | THUS$ 83.225 | |
Net Income (Loss): | THUS$ (21.495) | |
LAN Airlines S.A. Interest: | 99,8980% | |
% over Consolidated Assets: | 6,14% |
Board of Directors
Chairman: | José Cox Donoso |
Directors: | Juan José Cueto Plaza |
Ramón Eblen Kadis | |
Ignacio Cueto Plaza | |
Enrique Cueto Plaza |
Subsidiaries and Lan Cargo S.A. Shareholding Therein
LAN CARGO S.A. AND SUBSIDIARES
(Closed Corporation)
Lan Perú S.A.
Incorporation History:Chartered as a closed corporation in Peru on February 14, 1997.
Business Purpose:To engage in and conduct transportation activities for the transport of passengers, cargo and mail by air within and beyond Peru in conformity with all civil aeronautical laws.
Subscribed and Paid-In Capital: | THUS$ | 4,341 | |
Net Income (Loss): | THUS$ | 1,165 | |
LAN Airlines S.A. Interest: | 70.00 | % | |
% over Consolidated Assets: | 0.10 | % |
Board of Directors
Chairman: | Emilio Rodríguez Larraín Salinas |
Directors: | Enrique Cueto Plaza |
Ignacio Cueto Plaza | |
Alejandro de la Fuente Goic | |
Jorge Harten Costa | |
Alejandro García Vargas | |
Luis Enrique Gálvez de la Puente |
LAN PERU S.A.
(Closed Corporation)
Inversiones Lan S.A. and Subsidiaries
Incorporation History:Chartered by public deed as a closed stock company dated January 23, 1990, witnessed and certified in the Notary Offices of Humberto Quezada M., recorded in Folios 3,462 Nº. 1,833 of the Santiago Business Registry of the same year, and announced in the Official Gazette on February 2, 1990.
Business Purpose:To invest in all manner of property, whether movable or real estate, tangible or intangible; to establish all manner of other corporations; and to acquire shareholdings in, administer, reorganize, and liquidate existing companies.
Subscribed and Paid-In Capital: | THUS$ 458 | |
Net Income (Loss): | THUS$ 3,959 | |
LAN Airlines S.A. Interest: | 99.71 | % |
% over Consolidated Assets: | 0.15 | % |
Board of Directors
Chairman: | Enrique Cueto Plaza |
Directors: | Ignacio Cueto Plaza |
Alejandro de la Fuente Goic | |
Roberto Alvo Milosawlewitsch | |
Enrique Elsaca Hirmas |
Subsidiaries and Inversiones Lan S.A. Shareholding Therein:
INVERSIONES LAN S.A. AND SUBSIDIARIES
(Closed Corporation)
Inmobiliaria Aeronáutica S.A.
Incorporation History:Chartered as a closed corporation by public deed dated August 1, 1995, witnessed and certified in the Notary Offices of Gonzalo De la Cuadra Fabres, recorded in Folios 21,690 Nº.17,549 of the Santiago Business Registry of the same year, and announced in the Official Gazette on September 14, 1995.
Business Purpose:To acquire and dispose of real estate and rights therein; to plan, develop, assemble, and sell real estate holdings and projects; and to lease and administer real estate and have the use thereof in any other manner, whether on its own account or on behalf of third parties.
Subscribed and Paid-In Capital: | THUS$ 1,147 | |
Net Income (Loss): | THUS$ 3,682 | |
LAN Airlines S.A. Interest: | 100.00 | % |
% over Consolidated Assets: | 0.18 | % |
Board of Directors
Chairman: | Enrique Cueto Plaza |
Directors: | Alejandro de la Fuente Goic |
Armando Valdivieso Montes |
INMOBILIARIA AERONÁUTICA S.A.
(Closed Corporation)
Comercial Masterhouse S.A.
Incorporation History:Chartered as a closed stock corporation by public deed dated June 22, 1987, witnessed and certified in the Santiago Notary Offices of Raul Undurraga Laso, recorded in Folios 13,139 N°8495 of the Santiago Business Registry of the same year and announced in the Official Gazette on July 2, 1987. The Company’s bylaws have since been amended, the most recent change being effected by public deed dated August 24, 1999 witnessed and certified in the Santiago Notary Offices of Eduardo Pinto Peralta, recorded in Folios 21,042 N°16759 of the Santiago Business Registry of the same year and announced in the Official Gazette on September 8, 1999.
Business Purpose:The development, administration and representation of businesses (national or foreign) dedicated to hotel, shipping, air transport or tourism activities; the development on its own behalf or for third parties of car rentals; the import, export, production, commercialization and distribution in domestic and / or international markets on its own behalf or for third parties of any merchandise (be it raw materials, intermediary or finished products).
Subscribed and Paid-In Capital: | THUS$ | 225 | |
Net Income (Loss): | THUS$ | 266 | |
LAN Airlines S.A. Interest: | 100.00 | % | |
% over Consolidated Assets: | 0.01 | % |
Board of Directors
Chairman: | Abel Bouchon Silva |
Directors: | Armando Valdivieso Montes |
Andrés del Valle Eitel |
COMERCIAL MASTERHOUSE S.A.
(Closed Corporation)
Lan Pax Group S.A. y Filiales
Incorporation History:Chartered as a closed corporation by public deed dated September 27, 2001, witnessed and certified in the Notary Offices of Patricio Zaldivar Mackenna, recorded in Folios 25,636 Nº20,794 of the Santiago Business Registry on October 4, 2001, and announced in the Official Gazette on October 6, 2001.
Business Purpose:To invest in all manner of property, whether movable or real estate, tangible or intangible; to establish all manner of other corporations; to acquire shareholdings in, administer, reorganize, and liquidate existing companies. In general, this entity could acquire or engage the manufacturing or commercialization of all types of goods and services on its own accord or for third parties; and it could perform any acts or enter into any kind of contract related to its ultimate goals. It may develop and exploit any other activity resulting from, related, connected, helpful or complementary to its business.
Subscribed and Paid-In Capital: | THUS$ 425 | |
Net Income (Loss): | THUS$ 13,870 | |
LAN Airlines S.A. Interest: | 100.00 | % |
% over Consolidated Assets: | 0.00 | % |
Board of Directors
Chairman: | Ignacio Cueto Plaza |
Directors: | Alejandro de la Fuente Goic |
Enrique Elsaca Hirmas |
Subsidiaries and Lan Pax Group S.A. Shareholding Therein
Inversora Cordillera S.A. y filiales | 90.52 | % |
Siventas S.A. | 95.00 | % |
Atlantic Aviation Investments LLC | 99.00 | % |
Perdiz Leasing LLC | 99.00 | % |
LAN PAX GROUP S.A. AND SUBSIDIARIES
(Closed Corporation)
Lan Chile Investments Limited and Subsidiaries
Incorporation History:Chartered as a limited liability company in Cayman Islands by public deed dated July 30, 1999, and registered in the Cayman Islands Registry of Companies on the same date.
Business Purpose:To invest in all manner of property, whether movable or real estate, tangible or intangible.
Subscribed and Paid-In Capital: | THUS$ 10 | |
Net Income (Loss): | THUS$ 1.065 | |
LAN Airlines S.A. Interest: | 100,00 | % |
% over Consolidated Assets: | 0,00 | % |
Board of Directors
Chairman: | Enrique Cueto Plaza |
Directors: | Alejandro de la Fuente Goic |
Andrea Williams |
Subsidiaries and Lan Chile Investments Limited Shareholding Therein
Aerolane, Líneas Aéreas Nacionales del Ecuador S.A. y filiales | 71.95 | % |
Puerto Montt Holding S.A. y filiales | 99.875 | % |
Inversiones La Burguería S.A. y filial | 99.90 | % |
LAN CHILE INVESTMENTS LIMITED AND SUBSIDIARIES
(Limited Liability Corporation)
Gobierno Corporativo
Directorio
Directores | Posición | Profesión | Rut | |
Jorge Awad Mehech | Presidente | Ingeniero Comercial | 4.756.185 | -K |
Darío Calderón González | Director | Abogado | 5.078.327-8 | |
José Cox Donoso | Director | Ingeniero Comercial | 6.065.868-4 | |
Juan José Cueto Plaza | Director | Ingeniero Comercial | 6.694.240-6 | |
Juan Cueto Sierra | Director | Empresario | 3.246.727 | -K |
Ramón Eblen Kadis | Director | Ingeniero Comercial | 4.346.062-5 | |
Bernardo Fontaine Talavera | Director | Economista | 6.371.763-0 | |
Ignacio Guerrero Gutiérrez | Director | Ingeniero Comercial | 5.546.791-9 | |
Andrés Navarro Haeussler | Director | Ingeniero Civil Industrial | 5.078.702-8 |
El Directorio fue elegido en la junta ordinaria de accionistas celebrada el día 10 de Abril de 2008
Comité de Directores
El Comité de Directores está compuesto por tres miembros que el Directorio elige por períodos de dos años con derecho a ser reeligidos. Las funciones del Comité de Directores incluyen, entre otras, examinar los informes de los auditores externos y los estados financieros, examinar los sistemas de remuneraciones y planes de compensación a los ejecutivos principales y examinar los antecedentes relativos a operaciones con entidades relacionadas, analizar los informes relacionados con debilidades de control interno y verificar la implementación de los procedimientos asociados a la recepción, radicación y trámite de quejas relacionadas con la contabilidad o con los controles contables internos.
El Comité de Directores está integrado por los señores Jorge Awad Mehech, Ramón Eblen Kadis y José Cox Donoso, quien preside el Comité. Durante el año 2008 el Comité de Directores se reunió en 13 ocasiones.
Para efectos de su funcionamiento, la Junta Ordinaria de Accionistas estableció un presupuesto anual para este comité, para el ejercicio 2008, de UF 1.200.
Detalle de las actividades desarrolladas por el Comité de Directores en sesiones realizadas durante 2008 entre las que se encuentran las operaciones del Art 44 y 89 de la ley 18.046.
1) Sesión Ordinaria N° 75 29/1/08:
- Revision de estados financieros al 31/12/07 en conjunto con auditores PwC
- Presentación de planes de acción empresa Andes Airport Services
- Presentación sobre cierre del plan de auditoría año 2007
2) Sesión Ordinaria N° 76 26/2/08:
- Presentación sobre cierre del plan de auditoría interna año 2007
3) Sesión Extraordinaria N° 6 13/3/08:
- Presentación de informes de los auditores externos sobre estados financieros bajo US GAAP y Certificación de Control Interno
4) Sesión Ordinaria N° 77 25/3/08:
- Designación del nuevo socio de la Firma de auditores externos PwC a cargo de la auditoría externa
- Revisiones avance proyecto IFRS
- Presentación del plan de auditoría interna año 2008
- Proposición de Auditores Externos y clasificadores privados de riesgo al Directorio
5) Sesión Ordinaria N° 78 29/4/08:
- Revisión Estados Financieros al 31 Marzo de 2008
- Presentación de planes de acción área Control de Ingresos Pasajeros
6) Sesión Ordinaria N° 79 27/5/08:
- Instalación y elección del Presidente del Comité
- Proyecto SOX año 2008
- Agenda de temas para próximas sesiones del Comité
- Presentación sobre avance del plan de auditoría interna año 2008
7) Sesión Ordinaria N° 80 24/6/08:
- Gerenciamiento del riesgo tasa de interés
- Presentación sobre avance del plan de auditoría interna año 2008
- Temas tributarios
- Avance del proyecto IFRS
8) Sesión Ordinaria N° 81 29/7/08:
- Revisión Estados Financieros al 30/06/08 en conjunto con auditores PwC
- Análisis de entrega anticipada de información financiera
- Control sobre transacciones con partes relacionadas
- Venta de SEGAER
9) Sesión Ordinaria N° 82 26/8/08:
- Venta de Aerosur y Austral
- Análisis de entrega anticipada de información financiera
- Gestión del riesgo operacional IT (tecnología de información)
10) Sesión Ordinaria N° 83 30/9/08:
- Honorarios Auditoría Externa
- Avance del proyecto IFRS
- Presentación sobre avance del plan de auditoría interna año 2008
11) Sesión Ordinaria N° 84 28/10/08:
- Revisión de Estados Financieros al 30/9/08
- Presentación sobre avance del plan de auditoría interna año 2008
12) Sesión Ordinaria N° 85 25/11/08:
- Presentación de PwC sobre estrategia de auditoría año 2008
- Presentación sobre avance del plan de auditoría interna año 2008
- Nuevo Código de Conducta
- Sistema de remuneración y plan de compensación de ejecutivos
13) Sesión Ordinaria N° 86 23/12/08:
- Presentación de informe de control interno PwC
- Presentación sobre avance del plan de auditoría interna año 2008
- Visitas de análisis de prácticas de auditoría interna y gestión de riesgos
Remuneraciones Directorio
Notas:
La suma de las cantidades individuales puede diferir del total producto de aproximaciones
La remuneración corresponde al pago de la dieta por cada sesión de Directorio asistida.
Los Directorios de Filiales no son remunerados.
Principales Ejecutivos
El año 2008, la Compañía pagó al conjunto de sus ejecutivos un total de USD 53,8 millones y la Compañía pagó además USD 12,0 millones en incentivos. Por otro lado, en el mismo año, la Compañía pagó a sus ejecutivos un total de USD 2,0 millones por concepto de indemnizaciones.
Plan de Compensación de Acciones
Las características generales del Plan de Compensación de Acciones son las siguientes:
El número total de acciones destinadas a este Plan de Compensación es 2.209.091. La Compañía suscribirá con cada trabajador seleccionado un contrato de opción de suscripción de acciones. Mientras estas acciones no sean suscritas, no otorgarán al titular de la opción ningún derecho y no se considerarán para efectos de quórum de las juntas de accionistas.
Las opciones asignadas a cada trabajador se devengarán por parcialidades, en las siguientes tres oportunidades: (1) el 30 % de ellas el 1° de Julio de 2009; (2) el 30% de ellas el 1° de Julio de 2010; y (3) el 40% de ellas el 1° de Julio de 2011, sujeto a su permanencia en la Sociedad. El trabajador podrá ejercer las opciones totalmente o por parcialidades. Los ejercicios parciales no podrán ser por una cantidad inferior al 10% del total de las opciones otorgadas al Trabajador. El plazo para ejercer las opciones expirará el día 30 de Septiembre de 2011. Las opciones no podrán cederse, gravarse ni transferirse a ningún título por el trabajador sino sólo renunciarse.
Corresponderá al Directorio de la Sociedad aprobar el otorgamiento de opciones con cargo al presente plan de compensación. En todo caso, el número aproximado de trabajadores beneficiados por este plan es de 20. La selección de dichos trabajadores deberá considerar, entre otros, criterios tales como antigüedad en la empresa, cargo que desempeña, importancia en la generación de utilidades, responsabilidad asignada al cargo que desempeña, monto del patrimonio que administra, capacidad para trabajar en equipo y desempeño y potencial de desarrollo e importancia en la Sociedad.
Propiedad de la Compañía
De acuerdo a un pacto de accionistas firmado en 2004, LAN es controlada en forma conjunta por el grupo Cueto (representado por Inversiones Costa Verde Ltda. y Cía. en Comandita por Acciones, Inversiones Mineras del Cantábrico S.A. y Zalaquett S.A.) y el grupo Piñera (a través de Axxion S.A. e Inversiones Santa Cecilia S.A.)
Al 31 de Diciembre del 2008 el denominado Grupo Piñera era accionista de Lan Airlines S.A. a través de 2 sociedades; Axxion S.A. con un 19,0% de las acciones e Inversiones Santa Cecilia S.A con un 7,3% de las mismas. A su vez Santa Cecilia S.A. es dueña directa de un 99,9855% de las acciones de Axxion S.A.. Los únicos accionistas de Inversiones Santa Cecilia S.A., son indirectamente, los señores Miguel Juan Sebastián Piñera Echenique, rol único tributario número 5.126.663 -3, con un 9,72%, Cecilia Morel Montes, rol único tributario número 7.052.438 -4, con un 6,75%, Magdalena María Piñera Morel, rol único tributario número 12.797.919 -7, con un 20,88%, María Cecilia Piñera Morel, rol único tributario número 13.434.538 -1, con un 20,88%, Juan Sebastián Piñera Morel, rol único tributario número 15.382.284 -0, con un 20,88% y Cristóbal Piñera Morel, rol único tributario número 15.960.200 -1, con un 20,88%.
Al 31 de Diciembre del 2008 el denominado Grupo Cueto era accionista de Lan Airlines S.A. a través de la sociedad Inversiones Costa Verde Ltda. y Compañía en Comandita por Acciones con un 22,9% de las acciones, de Inversiones Mineras del Cantábrico S.A., con un 2,5%, y de Zalaquett S.A., con un 0,1%. A su vez, Inversiones Costa Verde Ltda. y Compañía en Comandita por Acciones es dueña del 99,99% de Zalaquett S.A. Las personas naturales detrás de Inversiones Costa Verde Ltda. y Compañía en Comandita por Acciones y de Inversiones Mineras del Cantábrico S.A. son, indirectamente, los señores Enrique Cueto Plaza, rol único tributario número 6.694.239 -2, con un 20%, Juan José Cueto Plaza, rol único tributario número 6.694.240 -6, con un 20%, Ignacio Cueto Plaza, rol único tributario número 7.040.324 -2, con un 20%, Esperanza Cueto Plaza, rol único tributario número 7.040.325 -0, con un 20%, Isidora Cueto Cazes, rol único tributario número 18.391.071 -K, con un 6,66%, Felipe Cueto Ruiz-Tagle, rol único tributario número 20.164.894 -7, con un 6,66% y María Emilia Cueto Ruiz Tagle, rol único tributario número 20.694.332 -7, con un 6,66%.
Evolución Precio Acción & ADR 2008
Estadística Trimestral Acción LAN (Bolsa de Comercio de Santiago)
Fuente: Bolsa de Comercio de Santiago, Bolsa Electrónica de Chile, Bolsa de Valores de Valparaíso
Estadística Trimestral ADR LAN (Bolsa de Valores Nueva York)
Fuente: Bloomberg
Corporate Governance
Board of Directors
The Board of Directors was elected in the Annual General Meeting of Shareholders held on April 10th, 2008
Directors Committee
The Directors Committee consists of three members who are elected for a two-year period and may be reelected. The duties of the committee include, but are not limited to, examining the external auditors’ reports, the balance sheet and other financial statements; reviewing the compensation of senior executives and managers; supervising operations with related parties; analyzing reports on weaknesses in internal controls and overseeing the implementation of procedures for the reception, and processing of complaints related to accounting and internal accounting controls.
The current members of the Directors Committee are Jorge Awad Mehech, Ramon Eblen Kadis and Committee president Jose Cox Donoso. In 2008 the Committee met on thirteen occasions.
The Committee’s operating costs are funded by an annual budget established at the Annual General Meeting of Shareholders. In 2008, the budgeted amount was UF 1,200.
Activities of the Directors Committee during sessions held in 2008, including operations under Articles 44 and 89 of the Chile Corporations Act (Law No. 18,046):
Activities of the Directors Committee during sessions held in 2008, including operations under Articles 44 and 89 of the Chile Corporations Act (Law No, 18,046):
1) Regular Meeting No. 75, 1/29/08
- review of the 12/31/07 financial statements with PwC (auditors)
- presentation of action plans regarding Andes Airport Services
- presentation of the 2007 audit plan closing
2) Regular Meeting No. 76, 2/26/08
- presentation of the 2007 internal audit plan closing
3) Special Meeting No. 6, 3/13/08
- presentation of the external auditors’ opinions on the financial statements according to U.S. GAAP and Certification of
Internal Control
4) Regular Meeting No. 77, 3/25/08
- appointment of the new partner in PwC (external auditing firm) to be in charge of the external audit
- review of the progress in the IFRS project
- presentation of the 2008 internal audit plan
- proposal of the external auditors and risk rating agencies to the Board
5) Regular Meeting No. 78, 4/29/08
- review of the financial statements as of March 31, 2008
- presentation of the action plans for the Passenger Revenue Control Area
6) Regular Meeting No. 79, 5/27/08
- installation and election of the Committee’s Chairman
- SOX project for 2008
- agenda of business for upcoming Committee meetings
- presentation on the 2008 internal audit plan progress
7) Regular Meeting No. 80, 6/24/08
- managing interest rate risk
- presentation on the 2008 internal audit plan progress
- tax matters
- progress in the IFRS project
8) Regular Meeting No. 81, 7/29/08
- review of the financial statements as of 6/30/08 with PwC (auditors)
- analysis of early financial reporting
- control of transactions with related parties
- sale of Segaer
9) Regular Meeting No. 82, 8/26/08
- sale of Aerosur and Austral
- analysis of early financial reporting
- IT operating risk management
10) Regular Meeting No. 83, 9/30/08
- external auditor fees
- progress in the IFRS project
- presentation on the 2008 internal audit plan progress
11) Regular Meeting No. 84, 10/28/08
- review of the financial statements as of 9/30/08
- presentation on the 2008 internal audit plan progress
12) Regular Meeting No. 85, 11/25/08
- PwC presentation on 2008 audit strategy
- presentation on the 2008 internal audit plan progress
- new Code of Conduct
- executive salary system and compensation plan
13) Regular Meeting No. 86, 12/23/08
- presentation of PwC’s internal control report
- presentation on the 2008 internal audit plan progress
- visits to analyze internal auditing and risk management practices
Director’s Remuneration
Notes:
Totals may differ from the sum of individual amounts due to rounding.
The Directors remuneration corresponds to the payment of each session’s fee in which the Director participated.
The Board Meetings of subsidiaries are not subject to remuneration.
Senior Management
Total remuneration paid to company executives in 2008 was US$53,8 million, plus a further US$12,0 million in incentive payments. Severance compensation amounted to US$2,0 million.
Stock option plan
The general characteristics of the stock option plan are:
A total of 2,209,091 shares was allocated to this stock option plan. The Company will sign a stock option agreement with each selected employee. Until the shares are subscribed, the option holder will have no rights and will not be taken into account in calculating the quorums of shareholders meetings.
The options allocated to each employee will accrue in parts, on the following three dates: (1) 30% on July 1, 2009; (2) 30% on July 1, 2010; and (3) 40% on July 1, 2011, subject to remaining in the Company’s employ. Employees may exercise all or part of the options. Partial exercises may not be for less than 10% of all options granted to the employee. The option exercise period will expire September 30, 2011. Options may not be assigned, encumbered or transferred by the employee in any way. They may only be waived.
The Company’s Board must approve granting the options under this compensation plan. Regardless, around 20 employees will be benefited by this plan. They will be selected, among other criteria, by time of employment with the Company, the position they hold, their importance in earning profits, the responsibility of the position they hold, the amount of equity managed, the ability to work on a team and performance, and the potential for development and importance within the Company.
Share ownership
Under the terms of a shareholders’ agreement signed in 2004, LAN is jointly controlled by the Cueto group (represented by Inversiones Costa Verde Ltda. y Cía. en Comandita por Acciones, Inversiones Mineras del Cantábrico S.A. and Zalaquett S.A.) and the Piñera group (acting through Axxion S.A. and Inversiones Santa Cecilia S.A.).
The Piñera Group held shares in LAN as of December 31, 2008 through two companies: Axxion S.A., which owns 19.0%, and Inversiones Santa Cecilia S.A., which owns 7.3% . Santa Cecilia S.A. holds 99.9855% of Axxion S.A. stock. The only shareholders of Inversiones Santa Cecilia S.A., owning their interests indirectly, were Miguel Juan Sebastián Piñera Echenique, National ID No. 5.126.663 -3, with 9.72%; Cecilia Morel Montes, National ID No. 7.052.438 -4, with 6.75%; Magdalena María Piñera Morel, National ID No. 12.797.919 -7, with 20.88%; María Cecilia Piñera Morel, National ID No. 13.434.538 -1, with 20.88%; Juan Sebastián Piñera Morel, National ID No. 15.382.284 -0, with 20.88% and Cristóbal Piñera Morel, National ID No. 15.960.200 -1, with 20.88% .
The Cueto Group was a shareholder in Lan Airlines S.A. on December 31, 2008 through Inversiones Costa Verde Ltda., y Cía. en Comandita por Acciones owning 22.9% of the Company’s shares, Inversiones Mineras del Cantábrico S.A. owning 2.5%, and Zalaquett S.A. owning 0.1% . Inversiones Costa Verde Ltda. y Compañía en Comandita por Acciones holds 99.99% of Zalaquett S.A stock. The natural persons holding indirect interests of Inversiones Costa Verde Ltda. y Compañía en Comandita por Acciones and Inversiones Mineras del Cantábrico S.A. are Enrique Cueto Plaza, National ID No. 6.694.239 -2, with 20%; Juan José Cueto Plaza, National ID No. 6.694.240 -6, with 20%; Ignacio Cueto Plaza, National ID No. 7.040.324 -2, with 20%; Esperanza Cueto Plaza, National ID No. 7.040.325 -0, with 20%; Isidora Cueto Cazes, National ID No. 18.391.071 -K, with 6.66%; Felipe Cueto Ruiz-Tagle, National ID No. 20.164.894 -7, with 6.66% and María Emilia Cueto Ruiz Tagle, National ID No. 20.694.332 -7, with 6.66% .
Common Share & ADR Price Trend 2006-2008
LAN Shares, Quarterly Statistics (Santiago Stock Exchange)
Source: Santiago Stock Exchange, Valparaiso Stock Exchange and the Electronic Stock Exchange of Chile
LAN ADRs, Quarterly Statistics (New York Stock Exchange)
Source: Bloomberg
Política Financiera
La política financiera de LAN tiene los siguientes objetivos:
- Preservar y mantener niveles de caja adecuados al nivel de operación.
- Mantener el endeudamiento de mediano y largo plazo en una proporción que sea razonable en función del crecimiento delas operaciones y considerando el objetivo de mantener una clasificación de riesgo “Grado de Inversión”.
- No mantener deuda de corto plazo, salvo para operaciones puntuales.
- Efectuar inversiones apropiadas para maximizar el flujo futuro de caja y permitir operaciones eficientes.
- Efectuar inversiones financieras con los excedentes de caja según la política establecida por el Directorio.
- Responder efectivamente a las condiciones externas sobre las cuales la Compañía no tiene ningún control, y de este modomantener un flujo de fondos estable, protegiendo a LAN de riesgos de mercado tales como variaciones en los tipos decambio, en el precio del combustible y en la tasa de interés.
- Mantener un nivel adecuado de líneas de crédito con bancos locales y extranjeros.
- Mantener un adecuado nivel de riesgo de crédito, a través de un control permanente de la distribución de dicho riesgo anivel de países y negocios.
Liquidez
Durante el año 2008 LAN mantuvo su política de mantener una liquidez significativa, a fin de resguardarse de potenciales shocks externos. De esta forma, a fin de año la Compañía contaba con US$410 millones en caja y valores de fácil liquidación. Además contaba con US$177 millones en garantías por derivados que se recuperarán en los próximos 6 meses. Sin desmedro de ello, LAN buscó alternativas para utilizar dichos recursos en la forma más efectiva y es así como durante este año la Compañía continuó financiando internamente la gran mayoría de los anticipos asociados a la fabricación de los aviones (pre-delivery payments), vinculados a las aeronaves que la Compañía recibirá en el futuro tanto de Boeing como de Airbus. Con el objetivo de mantener una posición de liquidez saludable, LAN consiguió líneas de crédito comprometidas que a diciembre de 2008 alcanzaban US$62 millones.
Inversiones y Financiamiento
La gran mayoría de las inversiones de LAN corresponde a los programas de adquisición de flota, los que en general son financiados mediante la combinación de deuda financiera estructurada de largo plazo y recursos propios.
Programa Boeing 767
El financiamiento de todos los aviones Boeing 767-300 considera 12 aviones en arriendo (11 de pasajeros más uno carguero) y 23 aeronaves adquiridas a Boeing (15 de pasajeros y 8 cargueros). Las adquisiciones a Boeing fueron financiadas con créditos bancarios garantizados por Exim Bank en un 85%. Este aval permitió obtener tasas de financiamiento muy bajas, que en algunos casos están por debajo de la tasa Libor de 3 meses. El 15% restante fue financiado con créditos comerciales o con fondos propios. Los plazos de financiamiento de las distintas estructuras de financiamiento varían entre 12 y 15 años.
A Diciembre del 2008 existen órdenes de compra pendientes por 7 B767-300, de las cuales 3 serán recibidas durante el 2009 y 2010 y 4 durante el 2012. Además existen órdenes de compra por 2 aviones de carga B777 que serán recibidas los años 2011 y 2012.
Programas Airbus Familia A320 y Airbus A340
Desde el año 2000 al 31 de Diciembre 2008, LAN ha recibido un total de 5 A340, 19 A320, 17 A319 y 15 A318. De estas aeronaves, 4 A340, 8 A320 y 5 A319 fueron financiadas como Leasing Operativo con opción de compra al año 10, 3 A320 y 1 A340 bajo la modalidad de arriendos puros, y el resto (8 A320, 12 A319 y 15 A318) han sido financiados con créditos bancarios que incluyen el aval de las agencias de fomento a la exportación europeas (ECA´s, por sus siglas en inglés) por el 85% del crédito. El 15% restante ha sido financiado con fondos propios o con créditos bancarios en estructuras con plazos de amortización que van desde los 12 a los 18 años.
Al 31 de Diciembre del 2008, existen órdenes de compra pendientes por 18 aviones de la familia A320 (9 A320 y 9 A319) para entrega entre el 2009 y 2011.
Cobertura de Riesgos Financieros
Los principales riesgos financieros a los que está expuesta una línea aérea corresponden a los de (i) tipo de cambio, (ii) tasas de interés y (iii) precio del combustible.
En el primer caso (i), la naturaleza de las operaciones de LAN y debido al crecimiento de la operación, junto con el fortalecimiento de la moneda local, se traduce en una exposición limitada al peso chileno y a otras monedas de la región (Peso Argentino, Sol Peruano y Real Brasileño). Aproximadamente el 83% de los ingresos y el 63% de los costos están denominados en dólares. Respecto al segundo ítem (ii), LAN ha utilizado swaps y calls de tasa de interés, con el objetivo de reducir su riesgo a tasas flotantes. Es así como a diciembre de 2008 el 96% de su exposición vigente se encontraba cubierta y ya se había procedido a fijar las tasas asociadas a los créditos que financiarán las entregas de aeronaves Boeing entre los años 2009, 2011 y un Boeing 777-200 con entrega en el 2012.
Con respecto al tercer item (iii), para reducir su exposición al precio del combustible, la Compañía utiliza varios mecanismos. Estos incluyen, además de sistemas de traspaso de costo a los pasajeros y a los clientes de carga, el uso de instrumentos financieros como swaps, opciones de compra de combustible (opciones call) y bandas de precio (zero-cost collars). Durante 2008 LAN cubrió aproximadamente el 27% de sus necesidades de combustible del año 2009 con un mix de estos instrumentos financieros. La Compañía minimiza el riesgo de crédito de la contraparte al contratar estos instrumentos financieros sólo con instituciones financieras de alta calidad crediticia.
Financial Policy
The objectives of LAN’s financial policy are as follows:
- Maintain cash balances that are adequate for operating levels.
- Maintain medium-term and long-term debt at levels that are in reasonable proportion to growth in operations and willpreserve the Company’s investment grade credit rating
- Carry no short-term debt except for certain well-defined operations.
- Make appropriate investments that maximize future cash flows and facilitate efficient operations.
- Invest cash surpluses in financial instruments in accordance with policies established by the Board of Directors
- Respond effectively to external conditions beyond the Company’s control in order to maintain stable cash flows and protectLAN from market risks such as fluctuations in exchange rates, fuel prices and interest rates.
- Maintain sufficient lines of credit with domestic and foreign banks.
- Maintain an appropriate risk rating through ongoing control of the distribution of risk among countries and businesses.
Liquidity
In 2008, LAN continued its policy of maintaining a significant degree of liquidity to guard against possible external shocks. Thus, at year-end the Company held US$410 million in cash balances and highly liquid securities. In addition, the Company held US$177 million in derivatives collateral that will be recovered in the next 6 months. While remaining committed to this policy LAN has nevertheless sought alternatives for making the best use of these resources, and last year continued to internally finance the great majority of pre-delivery payments on future aircraft acquisitions from Boeing and Airbus. In order to maintain its solid liquidity position LAN obtained committed credit lines totaling US$62 million as of December 2008.
Investment and Financing
LAN’s investments are overwhelmingly concentrated in its fleet acquisition programs, which are generally financed through a combination of long term financial debt and the Company’s own resources.
Boeing 767 Program
The financing of the 767-300s involves twelve operating leases (eleven passenger planes and one freighter) plus 23 aircraft purchased from Boeing (15 passenger planes and eight freighters). These acquisitions were financed through bank loans guaranteed for 85% of the amount by the Ex-Im Bank. With this backing LAN was able to secure very low interest rates, in some cases below the three-month Libor rate. The remaining 15% was financed by commercial loans and LAN’s own funds. The periods of the financing structures vary from 12 to 15 years.
As of December 2008, the Company had seven outstanding purchase orders for B767-300s, three of which will be delivered in 2009 and 2010, and 4 in 2012. Purchase orders have also been placed for 2 B777 freighters that will be delivered in 2011 and 2012.
Airbus A320 Family and Airbus A340 Programs
Between 2000 and the end of 2008, LAN received a total of five A340s, 19 A320s, 17 A319s and 15 A318s. Of these, four A340s, eight A320s and five A319s were financed through operating leases with options to purchase after ten years while three A320s and one A340 were financed under pure lease agreements. The remaining aircraft (eight A320s, 12 A319s and 15 A318s), have been financed with bank loans including a guarantee for 85% of the purchase price from European export credit agencies. The other 15% was financed by the Company’s own funds and bank loans with repayment structures ranging from 12 to 18 years.
As of December 31, 2007 the Company had outstanding purchase orders on 18 aircraft from the A320 family (nine A320s and nine A319s) for delivery between 2009 and 2011.
Hedging of Financial Risk
The main sources of financial risk for airlines are exchange rates, interest rates and the price of fuel.
As regards exchanges rates, the nature and growth of LAN’s operations together with the strengthening of the Chilean peso has resulted in reduced exposure to this and other regional currencies (Argentinian peso, Peruvian sol, Brazilian real). Approximately
83% of Company revenue and 63% of costs are denominated in U.S. dollars. Concerning interest rate fluctuations, LAN has used swaps and calls to reduce floating rate risk. Thus, as of December 2008, 96% of its current exposure was covered and interest rates had already been set for financing the Boeing aircraft to be delivered between 2009 and 2011 as well as one Boeing 777-200 scheduled for reception in 2012.
Finally, to reduce exposure to fuel price fluctuations LAN employs various mechanisms including cost pass-through to passenger and cargo customers and financial instruments such as swaps, calls and zero-cost collars. In 2008 the Company hedged approximately 27% of its fuel needs for 2009. The Company minimizes counterparty credit risk in derivative instruments by entering into transactions with high-quality counterparties.
Proveedores, Seguros y Otros
Proveedores
Durante el año 2008, y al igual que en años anteriores, los principales proveedores de LAN correspondieron a los fabricantes de aviones, Airbus y Boeing. Junto con éstos, LAN cuenta con una serie de otros proveedores, fundamentalmente relacionados con accesorios, repuestos y componentes para aviones, tales como: Pratt & Whitney, IAE International Aero Engines AG, General Electric Comercial Aviation Services Ltd. (motores); SICMA (asientos); Air France (Componentes MRO); LUFTHANSA Technik (Componentes MRO);Thales (Entretenimiento Abordo ); Goodrich (Reversores); Messier Bugatti (Frenos) Goodrich (frenos). A esto deben agregarse nuestros proveedores de combustibles, tales como Repsol YPF, Copec, Shell, Terpel, Chevron, Exxon, entre otros.
Propiedades y Edificios
LAN explota, tanto en calidad de propietario como de arrendatario o concesionario, diversos inmuebles para el desarrollo de sus actividades en Chile y en el extranjero, sean éstos destinados a actividades administrativas, de ventas, de mantenimiento, entre otras.
Equipos y Maquinarias
Tratándose de una línea aérea, los principales equipos y maquinarias con que cuenta LAN para el desarrollo de su negocio son los aviones que componen su flota, y que son explotados por LAN tanto en calidad de propietario como de arrendatario.
Seguros
LAN, considerando todas aquellas áreas que involucran un riesgo potencial, contrata seguros que pueden ser clasificados en tres principales categorías:
Seguros de Aviación, Casco y Responsabilidades Legales
Este tipo de seguros cubre todos los riesgos inherentes a la aeronavegación comercial, tales como aeronaves, motores, repuestos y seguros de responsabilidad civil hacia terceros: pasajeros, carga, equipajes, productos, aeropuertos, etc. Estos seguros son contratados en conjunto por LAN Airlines y sus filiales, y son reasegurados en el mercado de Londres. Adicionalmente, a contar del año 2006 la Compañía mantiene un acuerdo con Bristish Airways para negociar términos conjuntos para los Seguros de Casco y Responsabilidades Legales, lo cual contribuye a la obtención de menores primas y mejores condiciones de cobertura.
Con relación a los cambios producidos tras los sucesos del 11 de Septiembre de 2001 en Estados Unidos (respecto a los riesgos de Responsabilidades Legales por Guerra y Terrorismo), LAN ha continuado comprando las coberturas en exceso necesarias para cubrir adecuadamente las exigencias en materia de Seguros, complementando de esta manera las coberturas bases estipuladas en la cláusula AVN52-E. Cabe mencionar que respecto a estas coberturas la Compañía ha obtenido significativas rebajas en las primas durante los últimos años.
Seguros Generales
Este grupo de seguros permite cubrir todos aquellos riesgos que puedan afectar el patrimonio de la sociedad, particularmente bienes físicos y financieros, los que se resguardan a través de seguros multirriesgos (que incluye riesgos de incendio, robo, equipos de computación, remesas de valores, cristales y otros basados en coberturas de todo riesgo), junto a coberturas tradicionales de vehículos motorizados, transportes aéreo y marítimo, responsabilidad civil de empresa, etc.
Seguros de Vida y Accidentes
Este grupo de seguros cubre todo el personal de la empresa: ejecutivos, funcionarios en general y tripulaciones de vuelo.
Marcas y Patentes
La Compañía y sus filiales utilizan diversas marcas comerciales, que se encuentran debidamente registradas ante los organismos competentes en los diversos países en los cuales desarrollan sus operaciones o constituyen el origen y/o destino de las mismas, con el objeto de distinguir y comercializar sus productos y servicios en dichos países.
Suppliers, Insurance and Others
Suppliers
In 2008 as in previous years, LAN’ principal suppliers were the aircraft manufacturers Airbus and Boeing. Other providers consist mainly of firms dealing in aircraft accessories, parts and components, such as Pratt & Whitney, IAE International Aero Engines AG, General Electric Commercial Aviation Services Ltd. (engines), SICMA (seats), Air France (MRO Components), LUFTHANSA Technik (MRO Components), Thales (on-board entertainment), Goodrich (reversores), Messier Bugatti (brakes), Goodrich (brakes). Sources of jet fuel include Repsol YPF, Copec, Shell, Terpel, Chevron and Exxon, among others.
Property and buildings
LAN occupies a variety of properties both in Chile and abroad either as owner, renter or concession holder that are used in carrying out administrative, sales, maintenance and other activities.
Machinery and equipment
As an airline, the main items of machinery and equipment LAN employs in the performance of its business activities are the various aircraft that make up its fleet. They are operated by LAN either as owner or under lease.
Insurance
LAN carries insurance to cover the various aspects of its operations that involve potential risk. The companies’ policies fall into three main categories as follows:
Aviation, Hull and Liability Insurance
This type of insurance covers all risks inherent in commercial aviation activity, including aircraft, engines, spare parts and third-party liability. The last of these includes passengers, cargo, baggage, merchandise, airports, etc. These policies are taken jointly by LAN and its affiliates and reinsured in the London market. In addition, since 2006 the Company maintains an agreement with British Airways to negotiate joint terms for hull and liability insurance. This will result in lower premiums and improved coverage.
In view of the changes since the events of September 11, 2001 in the United States regarding war and terrorism liability risks, LAN continues to purchase insurance over and above what is strictly required to provide adequate protection, thus complementing the basic coverage under the terms of Clause AVN52E. The Company has obtained significant premium discounts over the last years.
General Insurance
This group of policies addresses all risks that could affect the Company’s assets, particularly those of a physical or financial nature. They consist of multi-risk policies (covering fire, theft, computer equipment, securities in transit, broken windows, and other items included in all-risk insurance) as well as traditional coverage for motor vehicles, air and maritime transport, corporate civil liability, etc.
Life and Accident Insurance
This group of policies covers all company employees including management, general personnel and airline crews.
Trademarks and Patents
Lan Airlines and its subsidiaries use a number of commercial trademarks that are duly registered with the competent authorities in the various countries served by the companies or where their operations are based and/or destinated, in order to differentiate and market them.
Riesgos relacionados con nuestras operaciones y la industria aeronáutica
Nuestro desempeño depende en gran manera de la situación económica de los países en los que operamos. Las condiciones económicas adversas en dichos países podrían tener un impacto adverso en nuestro negocio. El éxito de nuestro negocio depende de asuntos regulatorios clave, y estos asuntos pueden afectar adversamente nuestro negocio y el resultado de nuestras operaciones .Dependemos de alianzas estratégicas o relaciones comerciales en muchos países en los que operamos y nuestro negocio podría verse perjudicado si cualquiera de nuestras alianzas estratégicas y relaciones comerciales se diera por terminada. Nuestro negocio y resultados operacionales podrían verse perjudicados si dejáramos de obtener y mantener rutas, accesos y derechos adecuados a aeropuerto, y otros permisos. La imposibilidad de implementar con éxito nuestra estrategia de crecimiento perjudicaría nuestro negocio y el valor de mercado de los ADS y nuestras acciones ordinarias. Nuestro negocio podría verse perjudicado por un cambio desfavorable de la coyuntura de la industria de la aviación comercial causado por acontecimientos exógenos que afectan los hábitos turísticos o aumentan los costos, tales como epidemias, guerras o ataques terroristas. Una porción considerable de nuestros ingresos por carga provienen de una variedad relativamente escasa de productos y podrían verse afectados por acontecimientos que impacten en su producción o comercialización. Nuestras operaciones están sujetas a las fluctuaciones de la provisión y costo de combustible de avión, que podrían impactar perjudicialmente nuestro negocio. Dependemos de una alta tasa de utilización diaria de aeronaves para incrementar nuestros ingresos, lo que nos hace particularmente vulnerables ante demoras. Operamos aeronaves Airbus y Boeing y dependemos de las mismas. Nuestro negocio está en riesgo si no recibimos oportunamente la entrega de aeronaves, si no hay aeronaves disponibles de dichas compañías o si el público percibe negativamente nuestros aviones. Con frecuencia nos afectan ciertos factores que escapan a nuestro control, como las condiciones climáticas, que afectan nuestras operaciones. Las pérdidas y obligaciones derivadas de accidentes que afecten a una o más aeronaves podrían perjudicar sustancialmente nuestro negocio. Los altos niveles de competencia de la industria aeronáutica pueden perjudicar nuestro nivel operacional. Algunos de nuestros competidores podrían recibir apoyo externo, lo que perjudicaría nuestra posición competitiva. Podríamos enfrentar mayor competencia de transportistas de bajo costo que ofrecen tarifas con descuentos, lo que podría impactar negativamente en nuestros resultados operacionales. Si no logramos incorporar aeronaves arrendadas a nuestra flota a precios y términos aceptables en el futuro, nuestro negocio podría verse perjudicado. Estamos incorporando diversas tecnologías y equipos nuevos y su puesta en funcionamiento podría tener un impacto negativo en nuestro servicio y estándares operacionales. Nuestro negocio podría verse perjudicado si no pudiéramos satisfacer nuestros importantes requerimientos de financiación futura. Nuestro negocio podría verse negativamente afectado por nuestro alto índice de endeudamiento y obligaciones de arrendamiento de aeronaves en comparación con nuestro capital social. Los aumentos de costos de seguros y/o reducciones importantes de las coberturas de los mismos perjudicarían nuestra situación financiera y los resultados de nuestras operaciones. Los problemas que se susciten en los sistemas de control de tráfico aéreo u otros fallos técnicos podrían interrumpir nuestras operaciones y tener un efecto adverso sustancial en nuestro negocio. Nuestro éxito financiero depende de la disponibilidad y el desempeño del personal clave, que no está sujeto a restricciones en cuanto a trabajar para la competencia. Nuestro negocio podría experimentar consecuencias adversas si no logramos cerrar tratos de negociación colectiva satisfactorios con nuestros empleados sindicalizados. Las presiones por parte de los empleados podrían ocasionar problemas operacionales e impactar negativamente en nuestro negocio. Los aumentos de costos de mano de obra, que constituyen una porción sustancial de nuestros costos operacionales, afectarían directamente nuestras utilidades. Es posible que enfrentemos dificultades para encontrar, capacitar y retener empleados. El incumplimiento por nuestra parte de las normativas medio ambientales pertinentes podría afectar negativamente nuestro negocio y reputación.
Riesgos inherentes a Chile y otros países de mercados emergentes
Los acontecimientos de países latinoamericanos y otros mercados emergentes podrían afectar de manera adversa la economía chilena, impactar negativamente nuestro negocio y resultados operacionales y provocar una caída del precio de mercado de nuestras acciones ordinarias y ADS. Las fluctuaciones del valor del peso chileno y otras monedas en los países en que operamos podrían afectar negativamente nuestros ingresos y rentabilidad. No estamos obligados a divulgar tanta información a nuestros inversores como lo están los emisores estadounidenses, y por ende, es posible que nuestros inversores reciban menos información de la que recibirían de una empresa estadounidense equiparable.
Riesgos relacionados con nuestras acciones ordinarias y ADS
Nuestros accionistas mayoritarios pueden tener intereses diferentes de los de los demás accionistas. La colocación de nuestras ADS y acciones ordinarias en el mercado de valores es limitada y podría experimentar aun más iliquidez y volatilidad de precios. Los titulares de ADS podrían verse perjudicados por las devaluaciones de divisas y fluctuaciones del tipo de cambio. Futuros cambios en los controles de inversión extranjera y retención de impuestos podrían afectar negativamente a los residentes no chilenos que invierten en nuestras acciones. Los titulares de ADS podrían verse imposibilitados de ejercer sus derechos preferenciales en ciertas circunstancias.
Risks Related to our Operations and the Airline Industry
Our performance is heavily dependent on economic conditions in the countries in which we do business and negative economic conditions in those countries could have an adverse impact on our business. The success of our business depends upon key regulatory issues and these issues may adversely affect our business and results of operations. We depend on strategic alliances or commercial relationships in many of the countries in which we operate and our business may suffer if any of our strategic alliances or commercial relationships terminates. Our business and results of operation may suffer if we fail to obtain and maintain routes, suitable airport access, slots and other operating permits. A failure to successfully implement our growth strategy would harm our business and the market value of the ADSs and our common shares. Our business may be adversely affected by a downturn in the airline industry caused by exogenous events that affect travel behavior or increase costs, such as outbreak of disease, war or terrorist attacks. A significant portion of our cargo revenues comes from relatively few product types and may be impacted by events affecting their production or trade. Our operations are subject to fluctuations in the supply and cost of jet fuel, which could negatively impact our business. We rely on maintaining a high daily aircraft utilization rate to increase our revenues, which makes us especially vulnerable to delays. We fly and depend upon Airbus and Boeing aircraft, and our business is at risk if we do not receive timely deliveries of aircraft, if aircraft from these companies becomes unavailable or if the public negatively perceives our aircraft. We are often affected by certain factors beyond our control, including weather conditions, which can affect our operations. Losses and liabilities in the event of an accident involving one or more of our aircraft could materially affect our business. High levels of competition in the airline industry may adversely affect our level of operations. Some of our competitors may receive external support which could negatively impact our competitive position. We may face increasing competition from low-cost carriers offering discounted fares, which could negatively impact our results of operations. If we are unable to incorporate leased aircraft into our fleet at acceptable rates and terms in the future, our business could be adversely affected. We are incorporating various new technologies and equipment and their phase-in may have a negative impact on our service and operating standards. Our business may be adversely affected if we are unable to meet our significant future financing requirements. Our business may be adversely affected by our high degree of debt and aircraft lease obligations compared to our equity capital. Increases in insurance costs and/or significant reductions in coverage would harm our financial condition and results of operations. Problems with air traffic control systems or other technical failures could interrupt our operations and have a material adverse effect on our business. Our financial success depends on the availability and performance of key personnel, who are not subject to non-competition restrictions. Our business may experience adverse consequences if we are unable to reach satisfactory collective bargaining agreements with our unionized employees. Pressure by employees could cause operating disruptions and negatively impact our business. Increases in our labor costs, which constitute a substantial portion of our total operating costs, would directly impact our earnings. We may experience difficulty finding, training and retaining employees. Failure to comply with applicable environmental regulations could adversely affect our business and reputation.
Risks Related to Chile and Other Emerging Market Countries
Developments in Latin American countries and other emerging market countries may adversely affect the Chilean economy, negatively impact our business and results of operations and cause the market price of our common shares and ADSs to decrease. Fluctuations in the value of the Chilean peso and other currencies in the countries in which we operate may adversely affect our revenues and profitability. We are not required to disclose as much information to investors as a U.S. issuer is required to disclose and, as a result, you may receive less information about us than you would receive from a comparable U.S. company.
Risks Related to our Common Shares and ADSs
Our controlling shareholders may have interests that differ from those of our other shareholders. Trading of our ADSs and common shares in the securities markets is limited and could experience further illiquidity and price volatility. Holders of ADSs may be adversely affected by currency devaluations and foreign exchange fluctuations. Future changes in Chilean foreign investment controls and withholding taxes could negatively affect non-Chilean residents that invest in our shares. Our ADS holders may not be able to exercise preemptive rights in certain circumstances.
Política de Dividendos
En materia de dividendos, la Compañía ha establecido que éstos sean iguales al mínimo exigido por la ley, es decir un 30% de las utilidades de acuerdo a la normativa vigente. Ello no se contrapone con que eventualmente se puedan repartir dividendos sobre dicho mínimo obligatorio atendiendo a las particularidades y circunstancias de hecho que se puedan percibir durante el transcurso del año.
El siguiente cuadro muestra los dividendos por acción pagados durante los últimos tres años. Los dividendos definitivos de los años 2006 y 2007 corresponden al 70% de la utilidad distribuible del ejercicio de sus respectivos años. El dividendo provisorio del año 2008 equivale al 60% de la utilidad distribuible del ejercicio del año 2008.
Nota: La utilidad distribuible del ejercicio 2008 para el pago de dividendos correspondió al monto de la utilidad neta del mismo periodo. Nota: El 16 de agosto de 2007 LAN cambió el ratio de ADRs de 5:1 a 1:1.
Dividend Policy
The Company has determined its dividend policy to be equal to the current legal minimum of 30% of earnings. However. the Company may distribute dividends in addition to this amount after considering conditions at that time.
The following table shows the per-share dividends paid during the last three years. Total dividend paid for 2006 and 2007 corresponds to 70% of those years’ earnings. The provisional dividends of 2008 correspond to 60% of that year’s earnings.
Note: Distributable income for dividend purposes for 2008 was equal to the net income for the period. Note: On August 16, 2007 LAN changed the ADR ratio from 5:1 to 1:1.
Hechos Esenciales
1.- Citación a Junta Ordinaria de Accionistas para el día 10 de Abril de 2008:Comunicado con fecha 27 de Febrero de 2008, enumera los puntos a tratar en la referida Junta entre los que se cuenta la aprobación del Balance y los Estados Financieros de la Compañía, y el reparto de un dividendo definitivo.
2.- Reparto de Dividendo Definitivo:Comunicado con fecha 10 de Abril de 2008, informa que la Junta Ordinaria de la Compañía de igual fecha acordó el reparto de un Dividendo Definitivo por la cantidad de US$0,01720 por acción con cargo a las utilidades del ejercicio 2007.
3.- Nueva composición del Directorio:Comunicado con fecha 10 de Abril de 2008, informa la nueva integración del Directorio, según el acuerdo adoptado al respecto por la Junta Ordinaria de Accionistas celebrada con igual fecha.
4.- Reparto de Dividendo Provisorio:Comunicado con fecha 29 de Julio de 2008, informa que el Directorio de la Compañía acordó en su sesión ordinaria de fecha 31 de Julio de 2007 el reparto de un Dividendo Provisorio por la cantidad de US$0,28568 por acción con cargo a las utilidades del ejercicio 2008.
5.- Nuevas aeronaves para flota de largo alcance:Comunicado con fecha 10 de Noviembre de 2008, informa respecto de la suscripción de un contrato de compraventa con The Boeing Company para la adquisición de cuatro aviones B767-316ER a ser entregadas el año 2012, involucrando una inversión que asciende a la suma de US$636 millones (precio Lista). Adicionalmente se aprobaron 2 opciones de compra para el mismo tipo de aeronaves para el año 2013.
6.- Reparto de Dividendo Provisorio:Comunicado con fecha 23 de Diciembre de 2008, informa que el Directorio de la Compañía acordó en su sesión ordinaria de igual fecha el reparto de un Dividendo Provisorio por la cantidad de US$0,30993 por acción con cargo a las utilidades del ejercicio 2008.
Relevant Events
1.- Convocation of Regular Shareholders Meeting to be held April 10, 2008.Notice was given on February 27, 2008 indicating the items of business for the meeting, which included approval of the Company’s balance sheet and financial statements and the payment of a final dividend.
2.- Payment of Final Dividend.Notice was given on April 10, 2008 that the Regular Shareholders Meeting of the Company had approved, on that same date, the payment of a final dividend amounting to US$0.01720 per share on account of 2007 fiscal year profits.
3.- New Board of Directors.Notice was given on April 10, 2008 that the composition of the Board of Directors had changed under the resolution adopted by the Regular Shareholders Meeting held on that same date.
4.- Payment of Interim Dividend.Notice was given on July 29, 2008 that at its regular meeting held that same date, the Company’s Board of Directors had approved payment of an interim dividend for US$0.28568 per share on account of 2008 fiscal year profits.
5.- New aircraft for the long-haul fleet.Notice was given on November 10, 2008 that a purchase agreement had been signed with The Boeing Company for the acquisition of four B767-316ER aircraft to be delivered in 2012. The investment will total US$636 million (List price). Two purchase options were also approved for the same type of aircraft for the year 2013.
6.- Payment of Interim Dividend.Notice was given on December 23, 2008 that at its regular meeting held on the same date, the Company’s Board of Directors had approved the payment of an interim dividend for US$0.30993 per share on account of 2008 fiscal year profits.
Transacciones de Acciones por Personas Relacionadas
Durante el ejercicio 2008, se realizaron las siguientes transacciones por personas relacionadas:
Related Party Transactions
The following share transactions were carried out in 2008 by related parties:
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: April 1, 2009
| Lan Airlines S.A. |
| /s/ Alejandro de la Fuente Goic |
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