Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information Line Items | |
Entity Registrant Name | LATAM AIRLINES GROUP S.A. |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 606,407,693 |
Amendment Flag | false |
Entity Central Index Key | 0001047716 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Well-known Seasoned Issuer | Yes |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Annual Report | true |
Document Shell Company Report | false |
Document Transition Report | false |
Entity File Number | 1-14728 |
Entity Incorporation, State or Country Code | F3 |
Entity Interactive Data Current | Yes |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | |||
Cash and cash equivalents | $ 1,072,579 | $ 1,081,642 | $ 1,142,004 |
Other financial assets | 499,504 | 383,984 | 559,919 |
Other non-financial assets | 313,449 | 290,476 | 244,778 |
Trade and other accounts receivable | 1,244,348 | 1,162,582 | 1,202,945 |
Accounts receivable from related entities | 19,645 | 2,931 | 2,582 |
Inventories | 354,232 | 279,344 | 236,666 |
Current tax assets | 29,321 | 69,134 | 77,987 |
Total current assets other than non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 3,533,078 | 3,270,093 | 3,466,881 |
Non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 485,150 | 5,768 | 291,103 |
Total current assets | 4,018,228 | 3,275,861 | 3,757,984 |
Non-current assets | |||
Other financial assets | 46,907 | 58,700 | 88,090 |
Other non-financial assets | 204,928 | 227,541 | 212,203 |
Accounts receivable | 4,725 | 5,381 | 6,891 |
Intangible assets other than goodwill | 1,448,241 | 1,441,072 | 1,617,247 |
Goodwill | 2,209,576 | 2,294,072 | 2,672,550 |
Property, plant and equipment | 12,919,618 | 12,501,809 | 12,930,652 |
Current tax assets, non-current | 757 | 17,532 | |
Deferred tax assets | 235,583 | 273,529 | 370,564 |
Total non-current assets | 17,069,578 | 16,802,861 | 17,915,729 |
Total assets | 21,087,806 | 20,078,722 | 21,673,713 |
Current liabilities | |||
Other financial liabilities | 1,885,660 | 1,794,286 | 1,619,979 |
Trade and other accounts payables | 2,222,874 | 1,674,303 | 1,668,612 |
Accounts payable to related entities | 56 | 382 | 760 |
Other provisions | 5,206 | 4,794 | 2,783 |
Current tax liabilities | 11,925 | 3,738 | 3,511 |
Other non-financial liabilities | 2,835,221 | 2,454,746 | 2,901,603 |
Total current liabilities other than non-current liabilities (or disposal groups) classified as held for sale | 6,960,942 | 5,932,249 | 6,197,248 |
Liabilities included in disposal groups classified as held for sale | 15,546 | ||
Total current liabilities | 6,960,942 | 5,932,249 | 6,212,794 |
Non-current liabilities | |||
Other financial liabilities | 8,530,418 | 8,359,462 | 9,433,450 |
Accounts payable | 619,110 | 529,277 | 559,443 |
Other provisions | 286,403 | 303,495 | 374,593 |
Deferred tax liabilities | 616,803 | 786,571 | 877,748 |
Employee benefits | 93,570 | 82,365 | 101,087 |
Other non-financial liabilities | 851,383 | 644,702 | 158,305 |
Total non-current liabilities | 10,997,687 | 10,705,872 | 11,504,626 |
Total liabilities | 17,958,629 | 16,638,121 | 17,717,420 |
EQUITY | |||
Share capital | 3,146,265 | 3,146,265 | 3,146,265 |
Retained earnings | 352,272 | 218,971 | (41,012) |
Treasury Shares | (178) | (178) | (178) |
Other reserves | (367,577) | (4,365) | 760,761 |
Parent’s ownership interest | 3,130,782 | 3,360,693 | 3,865,836 |
Non-controlling interest | (1,605) | 79,908 | 90,457 |
Total equity | 3,129,177 | 3,440,601 | 3,956,293 |
Total liabilities and equity | $ 21,087,806 | $ 20,078,722 | $ 21,673,713 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME BY FUNCTION - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 10,070,063 | $ 9,895,456 | $ 9,613,907 |
Cost of sales | (7,951,269) | (7,773,432) | (7,279,358) |
Gross margin | 2,118,794 | 2,122,024 | 2,334,549 |
Other income | 360,864 | 472,758 | 549,889 |
Distribution costs | (580,046) | (615,214) | (696,784) |
Administrative expenses | (735,218) | (736,333) | (952,768) |
Other expenses | (422,792) | (356,250) | (365,460) |
Other gains/(losses) | 11,525 | 53,499 | (7,754) |
Income from operation activities | 753,127 | 940,484 | 861,672 |
Financial income | 26,283 | 53,253 | 78,695 |
Financial costs | (589,934) | (539,137) | (579,233) |
Foreign exchange gains/(losses) | (32,571) | (38,070) | (48,498) |
Result of indexation units | (14,989) | (865) | 748 |
Income (loss) before taxes | 141,916 | 415,665 | 313,384 |
Income tax expense / benefit | 53,697 | (73,879) | (158,998) |
NET INCOME (LOSS) FOR THE YEAR | 195,613 | 341,786 | 154,386 |
Income (loss) attributable to owners of the parent | 190,430 | 309,811 | 108,896 |
Income (loss) attributable to non-controlling interest | 5,183 | 31,975 | 45,490 |
Net income (loss) for the year | $ 195,613 | $ 341,786 | $ 154,386 |
EARNINGS PER SHARE | |||
Basic earnings (losses) per share (US$) (in Dollars per share) | $ 0.31403 | $ 0.51090 | $ 0.17958 |
Diluted earnings (losses) per share (US$) (in Dollars per share) | $ 0.31403 | $ 0.51090 | $ 0.17958 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
NET INCOME | $ 195,613 | $ 341,786 | $ 154,386 |
Components of other comprehensive income that will not be reclassified to income before taxes | |||
Other comprehensive income, before taxes, gains by new measurements on defined benefit plans | (10,636) | (5,819) | 2,763 |
Total other comprehensive (loss) that will not be reclassified to income before taxes | (10,636) | (5,819) | 2,763 |
Components of other comprehensive income that will be reclassified to income before taxes | |||
Currency translation differences Gains (losses) on currency translation, before tax | (243,271) | (743,516) | (56,917) |
Other comprehensive loss, before taxes, currency translation differences | (243,271) | (743,516) | (56,917) |
Cash flow hedges | |||
Gains (losses) on cash flow hedges before taxes | 66,856 | (27,797) | 18,344 |
Other comprehensive income (losses), before taxes, cash flow hedges | 66,856 | (27,797) | 18,344 |
Total other comprehensive (loss) that will be reclassified to income before taxes | (176,415) | (771,313) | (38,573) |
Other components of other comprehensive income (loss), before taxes | (187,051) | (777,132) | (35,810) |
Income tax relating to other comprehensive income that will not be reclassified to income | |||
Income tax relating to new measurements on defined benefit plans | 2,873 | 1,566 | (785) |
Accumulate income tax relating to other comprehensive income (loss) that will not be reclassified to income | 2,873 | 1,566 | (785) |
Income tax relating to other comprehensive income (loss) that will be reclassified to income | |||
Income tax related to cash flow hedges in other comprehensive income (loss) | 414 | (269) | (1,770) |
Income taxes related to components of other comprehensive loss will be reclassified to income | 414 | (269) | (1,770) |
Total Other comprehensive (loss) | (183,764) | (775,835) | (38,365) |
Total comprehensive income (loss) | 11,849 | (434,049) | 116,022 |
Comprehensive income (loss) attributable to owners of the parent | 15,250 | (452,844) | 73,046 |
Comprehensive income (loss) attributable to non-controlling interests | (3,401) | 18,795 | 42,976 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 11,849 | $ (434,049) | $ 116,022 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share capital [member] | Treasury shares [member] | Reserve of exchange differences on translation [member] | Reserve of cash flow hedges [member] | Reserve of remeasurements of defined benefit plans [member] | Reserve of share-based payments [member] | Other Sundry Reserves [Member] | Other reserves [member] | Retained earnings [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total |
Balance at Dec. 31, 2016 | $ 3,149,564 | $ (178) | $ (2,086,555) | $ 1,506 | $ (12,900) | $ 38,538 | $ 2,640,281 | $ 580,870 | $ 366,404 | $ 4,096,660 | $ 88,644 | $ 4,185,304 |
Increase (decrease) by application of new accounting standards | 215,299 | 215,299 | (460,173) | (244,874) | (771) | (245,645) | ||||||
Initial balance Restated | 3,149,564 | (178) | (1,871,256) | 1,506 | (12,900) | 38,538 | 2,640,281 | 796,169 | (93,769) | 3,851,786 | 87,873 | 3,939,659 |
Net income for the year | 108,896 | 108,896 | 45,491 | 154,386 | ||||||||
Other comprehensive income | (54,458) | 16,634 | 1,974 | (35,850) | (35,850) | (2,515) | (38,365) | |||||
Total comprehensive income / (loss) | (54,458) | 16,634 | 1,974 | (35,850) | 108,896 | 73,046 | 42,976 | 116,022 | ||||
Dividends | (46,591) | (46,591) | (46,591) | |||||||||
Increase (decrease) through transfers and other changes, equity | (3,299) | 943 | (501) | 442 | (2,857) | (40,392) | (43,249) | |||||
Total transactions with shareholders | (3,299) | 943 | (501) | 442 | (46,591) | (49,448) | (40,392) | (89,840) | ||||
Balance at Dec. 31, 2017 | 3,146,265 | (178) | (1,925,714) | 18,140 | (10,926) | 39,481 | 2,639,780 | 760,761 | (31,464) | 3,875,384 | 90,457 | 3,956,293 |
Increase (decrease) by application of new accounting standards | (9,548) | (9,548) | (9,548) | |||||||||
Initial balance Restated | 3,146,265 | (178) | (1,925,714) | 18,140 | (10,926) | 39,481 | 2,639,780 | 760,761 | (41,012) | 3,865,836 | 90,457 | 3,956,293 |
Net income for the year | 309,811 | 309,811 | 31,975 | 341,786 | ||||||||
Other comprehensive income | (730,930) | (27,473) | (4,252) | (762,655) | (762,655) | (13,180) | (775,835) | |||||
Total comprehensive income / (loss) | (730,930) | (27,473) | (4,252) | (762,655) | 309,811 | (452,844) | 18,795 | (434,049) | ||||
Dividends | (54,580) | (54,580) | (54,580) | |||||||||
Increase (decrease) through transfers and other changes, equity | (1,607) | (864) | (2,471) | 4,752 | 2,281 | (29,344) | (27,063) | |||||
Total transactions with shareholders | (1,607) | (864) | (2,471) | (49,828) | (52,299) | (29,344) | (81,643) | |||||
Balance at Dec. 31, 2018 | 3,146,265 | (178) | (2,656,644) | (9,333) | (15,178) | 37,874 | 2,638,916 | (4,365) | 218,971 | 3,360,693 | 79,908 | 3,440,601 |
Increase (decrease) by application of new accounting standards | ||||||||||||
Net income for the year | 190,430 | 190,430 | 5,183 | 195,613 | ||||||||
Other comprehensive income | (233,643) | 66,225 | (7,762) | (175,180) | (175,180) | (8,584) | (183,764) | |||||
Total comprehensive income / (loss) | (233,643) | 66,225 | (7,762) | (175,180) | 190,430 | 15,250 | (3,401) | 11,849 | ||||
Dividends | (57,129) | (57,129) | (57,129) | |||||||||
Increase (decrease) through transfers and other changes, equity | (1,585) | (186,447) | (188,032) | (188,032) | (78,112) | (266,144) | ||||||
Total transactions with shareholders | (1,585) | (186,447) | (188,032) | (57,129) | (245,161) | (78,112) | (323,273) | |||||
Balance at Dec. 31, 2019 | $ 3,146,265 | $ (178) | $ (2,890,287) | $ 56,892 | $ (22,940) | $ 36,289 | $ 2,452,469 | $ (367,577) | $ 352,272 | $ 3,130,782 | $ (1,605) | $ 3,129,177 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS DIRECT - METHOD - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash collection from operating activities | |||
Proceeds from sales of goods and services | $ 11,079,333 | $ 10,787,804 | $ 10,595,718 |
Other cash receipts from operating activities | 127,683 | 95,099 | 73,668 |
Payments for operating activities | |||
Payments to suppliers for goods and services | (6,663,875) | (6,775,003) | (6,202,631) |
Payments to and on behalf of employees | (1,644,806) | (1,789,022) | (1,955,310) |
Other payments for operating activities | (267,643) | (255,988) | (223,706) |
Income taxes (paid) | (45,311) | (29,186) | (91,986) |
Other cash inflows (outflows) | 241,286 | 39,612 | (8,931) |
Net cash flows from operating activities | 2,826,667 | 2,073,316 | 2,186,823 |
Cash flows from investing activities | |||
Cash flows from losses of control of subsidiaries or other businesses | 69,724 | 6,503 | |
Other cash receipts from sales of equity or debt instruments of other entities | 4,063,582 | 3,640,208 | 3,248,693 |
Other payments to acquire equity or debt instruments of other entities | (4,131,890) | (3,542,839) | (3,106,411) |
Amounts raised from sale of property, plant and equipment | 50,322 | 223,753 | 51,316 |
Purchases of property, plant and equipment | (1,276,621) | (660,707) | (403,666) |
Purchases of intangible assets | (140,173) | (96,206) | (87,318) |
Interest received | 17,822 | 10,175 | 12,684 |
Other cash inflows (outflows) | (2,249) | (2,476) | (9,223) |
Net cash flow (used in) investing activities | (1,419,207) | (358,368) | (287,422) |
Cash flows from financing activities | |||
Payments for changes in ownership interests in subsidiaries that do not result in loss of control | (294,105) | (2) | |
Amounts raised from long-term loans | 1,781,728 | 779,062 | 1,305,384 |
Amounts raised from short-term loans | 93,000 | 293,000 | 132,280 |
Loans repayments | (1,860,455) | (1,738,348) | (2,174,092) |
Payments of lease liabilities | (398,992) | (373,439) | (338,179) |
Dividends paid | (55,116) | (72,620) | (66,642) |
Interest paid | (550,877) | (540,303) | (571,627) |
Other cash inflows (outflows) | (58,704) | 44,053 | 13,706 |
Net cash flows (used in) financing activities | (1,343,521) | (1,608,597) | (1,699,171) |
Net increase in cash and cash equivalents before effect of exchanges rate change | 63,939 | 106,351 | 200,230 |
Effects of variation in the exchange rate on cash and cash equivalents | (73,002) | (166,713) | (7,553) |
Net increase (decrease) in cash and cash equivalents | (9,063) | (60,362) | 192,677 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR | 1,081,642 | 1,142,004 | 949,327 |
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | $ 1,072,579 | $ 1,081,642 | $ 1,142,004 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of general information about financial statements [text block] [Abstract] | |
Disclosure of general information about financial statements [text block] | LATAM Airlines Group S.A. (the “Company”) is a public limited company registered with the Commission for the Financial Market under No. 306, whose shares are listed in Chile on the Electronic Stock Exchange of Chile - Stock Exchange and the Santiago Stock Exchange - Stock Exchange, besides being listed in the United States of America on the New York Stock Exchange (“NYSE”), in the form of American Depositary Receipts (“ADRs”). Its main business is the air transport of passengers and cargo, both in the domestic markets of Chile, Peru, Argentina, Colombia, Ecuador and Brazil, as well as in a series of regional and international routes in America, Europe and Oceania. These businesses are developed directly or by its subsidiaries in Ecuador, Peru, Brazil, Colombia, Argentina and Paraguay. In addition, the Company has subsidiaries that operate in the cargo business in Chile, Brazil and Colombia. The Company is located in Chile, in the city of Santiago, on Avenida Américo Vespucio Sur No. 901, Renca commune. As of December 31, 2019, the Company’s statutory capital is represented by 606,407,693 ordinary shares without nominal value. All shares are subscribed and paid considering the capital reduction that occurred in full, after the legal period of three years to subscribe the balance of 466,832 outstanding shares, of the last capital increase approved in August of the year 2016. The shareholder major of the Company is the Cueto Group, which through the companies Costa Verde Aeronáutica S.A., Costa Verde Aeronáutica SpA, Costa Verde Aeronáutica Tres SpA, Inversiones Nueva Costa Verde Aeronáutica Ltda., Inversiones Priesca Dos y Cía. Ltda., Inversiones Caravia Dos y Cía. Ltda., Inversiones El Fano Dos y Cía. Ltda., Inversiones La Espasa Dos S.A. e Inversiones La Espasa Dos y Cía. Ltda., Owns 21.46% of the shares issued by the Company. As of December 31, 2019, the Company had a total of 1,228 shareholders in its registry. At that date, approximately 4.17% of the Company’s property was in the form of ADRs. For the period ended December 31, 2019, the Company had an average of 41,043 employees, ending this period with a total number of 41,729 people, distributed in 6,966 Administration employees, 4,911 in Maintenance, 13,538 in Operations, 9,511 Cabin Crew, 4,298 Cockpit Crew and 2,505 in Sales. The main subsidiaries included in these consolidated financial statements are as follows: a) Participation rate Country Functional As December 31, 2019 As December 31, 2018 As December 31, 2017 Tax No. Company of origin Currency Direct Indirect Total Direct Indirect Total Direct Indirect Total % % % % % % % % % 96.518.860-6 Latam Travel Chile S.A. and Subsidiary Chile US$ - - - 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 96.969.680-0 Lan Pax Group S.A. and Subsidiaries Chile US$ 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 Foreign Latam Airlines Perú S.A. Peru US$ 49.0000 21.0000 70.0000 49.0000 21.0000 70.0000 49.0000 21.0000 70.0000 93.383.000-4 Lan Cargo S.A. Chile US$ 99.8940 0.0041 99.8981 99.8940 0.0041 99.8981 99.8940 0.0041 99.8981 Foreign Connecta Corporation U.S.A. US$ 100.0000 0.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Prime Airport Services Inc. and Subsidiary U.S.A. US$ 99.9714 0.0286 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 99.9999 0.0001 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.631.520-2 Fast Air Almacenes de Carga S.A. Chile CLP 99.8900 0.1100 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 96.2208 3.7792 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 99.9800 0.0200 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary Chile US$ 99.0000 1.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.575.810-0 Inversiones Lan S.A. and Subsidiaries Chile US$ 99.7100 0.2900 100.0000 99.7100 0.2900 100.0000 99.7100 0.2900 100.0000 96.847.880-K Technical Trainning LATAM S.A. Chile CLP 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 Foreign Latam Finance Limited Cayman Island US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Peuco Finance Limited Cayman Island US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Profesional Airline Services INC. U.S.A. US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Jarletul S.A. Uruguay US$ 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 Foreign TAM S.A. and Subsidiaries (*) Brazil BRL 63.0901 36.9099 100.0000 63.0901 36.9099 100.0000 63.0901 36.9099 100.0000 (*) As of December 31, 2019, the indirect participation percentage on TAM S.A. and Subsidiaries is from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 51.04% of political rights. Its percentage arise as a result of the provisional measure No. 863 of the Brazilian government implemented in December 2018 that allows foreign capital to have up to 100% of the property. b) Financial Information Statement of financial position Net Income For the year ended December 31, As of December 31, 2019 As of December 31, 2018 As of December 31, 2017 2019 2018 2017 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain /(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Restated Restated 96.518.860-6 Latam Travel Chile S.A. and Subsidiary - - - 10,841 3,909 6,932 6,771 2,197 4,574 - 2,385 1,833 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 632,673 1,487,248 (853,624 ) 526,017 1,281,800 (751,960 ) 499,345 1,101,548 (596,406 ) (26,551 ) (48,061 ) (35,943 ) Foreign Latam Airlines Perú S.A. 519,363 510,672 8,691 419,325 409,221 10,104 315,607 303,204 12,403 (3,550 ) 5,416 1,205 93.383.000-4 Lan Cargo S.A. 634,852 462,666 172,186 513,367 336,715 176,652 584,169 371,934 212,235 (4,157 ) (34,322 ) (30,220 ) Foreign Connecta Corporation 64,110 24,023 40,087 66,593 28,183 38,410 38,735 17,428 21,487 1,677 16,923 13,030 Foreign Prime Airport Services Inc. and Subsidiary (*) 22,068 23,102 (1,034 ) 15,817 17,654 (1,837 ) 12,671 15,722 (3,051 ) 802 1,225 857 96.951.280-7 Transporte Aéreo S.A. 359,335 142,423 216,912 331,496 129,233 202,263 324,498 104,357 220,141 14,610 (17,609 ) 2,172 96.631.520-2 Fast Air Almacenes de Carga S.A. 20,182 12,601 7,581 17,057 9,614 7,443 12,931 4,863 8,068 796 (3 ) 939 Foreign Laser Cargo S.R.L. (10 ) - (10 ) 26 13 13 18 27 (9 ) - (3 ) 2 Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 48,929 15,228 33,450 53,326 13,040 40,028 66,039 42,271 18,808 (6,579 ) 19,121 3,438 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary (*) 65,422 78,890 (12,111 ) 181,522 192,059 (9,614 ) 144,884 156,005 (10,112 ) (2,497 ) 497 3,389 96.575.810-0 Inversiones Lan S.A. and Subsidiaries (*) 1,329 50 1,279 1,383 50 1,333 11,681 5,201 6,377 (54 ) (4,774 ) 1,561 96.847.880-K Technical Trainning LATAM S.A. 2,378 1,075 1,303 2,879 1,031 1,848 1,967 367 1,600 (282 ) 884 109 Foreign Latam Finance Limited 1,362,762 1,531,238 (168,476 ) 679,034 756,774 (77,740 ) 678,289 708,306 (30,017 ) (90,736 ) (47,723 ) (30,017 ) Foreign Peuco Finance Limited 664,458 664,458 - 608,191 608,191 - 608,191 608,191 - - - - Foreign Profesional Airline Services INC. 3,509 1,950 1,559 2,430 1,967 463 3,703 3,438 265 1,096 197 294 Foreign Jarletul S.A. 150 860 (710 ) 18 125 (107 ) - - - (603 ) (107 ) - Foreign TAM S.A. and Subsidiaries (*) 5,090,180 3,550,875 1,539,305 4,420,546 3,256,017 1,164,529 4,490,714 3,555,423 856,829 186,140 389,072 160,582 (*) The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. Additionally, special purpose entities have been consolidated: 1. Chercán Leasing Limited, created for aircraft advances financing; 2. Guanay Finance Limited, created for the issuance of secured bonds with future credit card payments; 3. Private investment funds; 4. Dia Patagonia Limited, Alma Leasing C.O. Limited, FC Initial Leasing Limited, Vari Leasing Limited, Dia Iguazu Limited, Condor Leasing C.O. Limited, FI Timothy Leasing Limited, Yamasa Sangyo Aircraft LA1 Kumiai, Yamasa Sangyo Aircraft LA2 Kumiai, LS-Aviation No.19 C.O. Limited, LS-Aviation No.20 C.O. Limited, LS-Aviation No.21 C.O. Limited, LS-Aviation No.22 C.O. Limited and LS-Aviation No.23 Co. Limited created for aircraft financing. Those companies have been consolidated as required by IFRS 10. All controlled entities have been included in the consolidation. Changes occurred in the consolidation perimeter between January 1, 2018 and December 31, 2019, are detailed below: (1) Incorporation or acquisition of companies - On January 22, 2018, Lan Pax Group S.A., purchased 17,717 shares of Laser Cargo SRL. to Andes Airport Service S.A., consequently Lan Pax Group S.A. ownership is 3.77922% and Lan Cargo S.A. with a 96.22078% share of Laser Cargo SRL. - On March 13, 2018, the company Jarletul S.A., was create. The company ownership is 99% of LATAM Airlines Group S.A. and a 1% is from Inversiones Lan S. A., and its main activity is a travel agency. - As of December 31, 2018, Inversiones LAN S.A., subsidiary of LATAM Airlines Group S.A., acquired 5,319 shares of Aerovías de Integración Regional Aires S.A. a non-controlling shareholder, consequently, the indirect participation of LATAM Airlines Group S.A. corresponds to 99.2012%. - In April 2019, TAM Linhas Aereas S.A, through a public offering of shares, acquired 27.26% of the shares of Multiplus S.A., owned by minority shareholders. Subsequently, the Company TAM S.A assigned 72.74% of its stake in Multiplus S.A., through a capital increase, to TAM Linhas Aerea S.A.; Because of 100% of the shares remain under the control of TAM Linhas Aereas S.A. a merge with Multiplus S.A. was materialized, leaving Multiplus S.A. from being an independent company on May 31, 2019. As result of the merger by incorporation, the Coalition and Loyalty Program of Multiplus S.A. which was identified as an independent Cash Generating Unit (CGU), and which also represented an operating segment, becomes part, as well as, the other loyalty programs of the group (LATAM Pass and LATAM Fidelidade), of the CGU Air Transport. Additionally, from that moment LATAM has a single operating segment within the Group. The value of the acquisition of this transaction was ThUS $ 294,105. - By public deed dated November 20, 2019 LATAM Airlines Group S.A. acquires 100% of the shares of LATAM Travel Chile S.A. Under the provisions of No. 2 of Art. 103 of Law No. 18,046 on Corporations, for having collected all the shares held by a single shareholder and for having elapsed the period of 10 days without having amended said situation, the company LATAM Travel Chile S.A. It has been fully dissolved on December 1, 2019. As a result of the dissolution of the company LATAM Travel Chile S.A., the company LATAM Airlines Group S.A. assumes from that date all obligations and rights corresponding to the first. (2) Disposal of companies. - On May 7, 2018 LATAM Airlines Group S.A. and its subsidiaries Inversiones LAN S.A. and LAN Pax Group S.A., sold, assigned and transferred to the Spanish companies Acciona Airport Services, S.A. and Acciona Aeropuertos, S.L., 100% of its shares in the subsidiary Andes Airport Services S.A. The sale value of Andes Airport Services S.A. it was ThUS$ 39,108 - On November 30, 2018, Mas Investment Limited, a subsidiary of LATAM Airlines Group S.A., sold to Puente Aéreo Corporación S.A. de C.V. his participation in the companies Aero Transportes Mas de Carga S.A. de C.V. and Promotora Aérea Latino Americana S.A. de C.V. The sale value of this transaction was ThUS$ 29,466. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
Disclosure of significant accounting policies [text block] | The following describes the principal accounting policies adopted in the preparation of these consolidated financial statements. 2.1. These consolidated financial statements of LATAM Airlines Group S.A. have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (“IASB”) and with the interpretations issued by the interpretations committee of the International Financial Reporting Standards (IFRIC). The consolidated financial statements have been prepared under the historic-cost criterion, although modified by the valuation at fair value of certain financial instruments. The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to use its judgment in applying the Company’s accounting policies. Note 4 shows the areas that imply a greater degree of judgment or complexity or the areas where the assumptions and estimates are significant to the consolidated financial statements. The consolidated financial statements have been prepared in accordance with the accounting policies used by the Company for the consolidated financial statements 2018, except for the standards and interpretations adopted as of January 1, 2019. (a) Accounting pronouncements with implementation effective from January 1, 2019: Date of issue Effective Date: (i) Standards and amendments IFRS 16: Leases. january 2016 01/01/2019 Amendment to IFRS 9: Financial instruments october 2017 01/01/2019 Amendment to IAS 28: Investments in associates and joint ventures october 2017 01/01/2019 Amendment to IAS 19: Benefits to employees february 2018 01/01/2019 (ii) Improvements Improvements to International Financial Reporting Standards (cycle 2015-2017) IFRS 3: Business combination; IAS 12: Income tax; IFRS 11: Joint agreements and IAS 23 Costs for loans. december 2017 01/01/2019 (iii) Interpretations IFRIC 23: Uncertain tax positions june 2017 01/01/2019 The application of these accounting pronouncements as of January 1, 2019, had no significant effects on the consolidated financial statements of the Company; with the exception of those originated by the application of IFRS 16: Leases described as follow. During the year, the Company has recognized the changes, in the consolidated financial statements, as a result of the adoption of IFRS 16 retrospectively; restating the comparative figures, in accordance with the provisions of IAS 8 Accounting policies, changes in accounting estimates and errors. The impacts of the adoption of IFRS 9 Financial Instruments, IFRS 15 Revenue from contracts with customers and IFRS 16 Leases are as follows: Consolidated statement of financial position (extract) a) As of January 1, 2017: As of Adoption As of December 31 impact January 1, Note 2016 IFRS 16 2017 ThUS$ ThUS$ ThUS$ Restated Current assets Other non-financial assets, current 12 212,242 (25,567 ) (9) 186,675 Non-current assets Properties, plants and equipment 17 10,498,149 2,931,101 (9) 13,429,250 Current liabilities Other current financial liabilities 7-19 1,839,528 311,307 (11) 2,150,835 Non-current liabilities Other non current financial liabilities 7-19 6,796,952 2,881,149 (11) 9,678,101 Accounts payable commercial and other 7-24 359,391 20,065 (9) 379,456 Deferred tax liability 18 915,759 (61,343 ) (10) 854,416 Equity Equity attributable to the owners of the parent Accumulated earnings 25 366,404 (460,173 ) (12) (93,769 ) Other reserves 25 580,870 215,299 (12) 796,169 Non-controlling interest 14 88,644 (771 ) (12) 87,873 b) As of January 1, 2018: As of Adoption As of Adoption As of December 31, impact January 1 impact January 1, Note 2017 IFRS 9 IFRS 15 2018 IFRS 16 2018 ThUS$ THUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Current assets Other non-financial assets, current 12 221,188 - 54,361 (4) 275,549 (30,771 ) (9) 244,778 Trade debtors and other accounts receivable, current 7 - 8 1,214,050 (11,105 ) (1) - 1,202,945 - 1,202,945 Non-current assets Other non-financial assets, non current 12 220,807 - - 220,807 (8,604 ) (9) 212,203 Properties, plants and equipment 17 10,065,335 - - 10,065,335 2,865,317 (9) 12,930,652 Deferred tax assets 18 364,021 89 (2) 6,005 (7) 370,115 449 (10) 370,564 Current liabilities Other current financial liabilities 7 - 19 1,300,949 - - 1,300,949 319,030 (11) 1,619,979 Trade and other accounts payables 7 - 20 1,695,202 - (22,192 ) (5) 1,673,010 (4,398 ) (9) 1,668,612 Other non-financial liabilities, current 22 2,823,963 - 77,640 (6) 2,901,603 - 2,901,603 Non-current liabilities Other non current financial liabilities 7 - 19 6,605,508 - - 6,605,508 2,827,942 (11) 9,433,450 Accounts payable commercial and other 7 - 24 498,832 - - 498,832 60,611 (9) 559,443 Deferred tax liability 18 949,697 (1,021 ) (2) 4,472 (5) 953,148 (75,400 ) (10) 877,748 Equity Equity attributable to the owners of the Accumulated earnings 25 475,118 (9,995 ) (3) 446 (8) 465,569 (506,581 ) (12) (41,012 ) Other reserves 25 554,884 - - 554,884 205,877 (12) 760,761 Non-controlling interest 14 91,147 - - 91,147 (690 ) (12) 90,457 c) As of December 31, 2018: As of Adoption As of December 31, impact December 31, Note 2018 IFRS 16 2018 ThUS$ ThUS$ ThUS$ Restated Current assets Other non-financial assets, current 12 320,977 (30,501 ) (9) 290,476 Non-current assets Other non-financial assets, non current 12 233,741 (6,200 ) (9) 227,541 Properties, plants and equipment 17 9,953,365 2,548,444 (9) 12,501,809 Deferred tax assets 18 273,328 201 (10) 273,529 Current liabilities Other current financial liabilities 7-19 1,430,789 363,497 (11) 1,794,286 Non-current liabilities Other non current financial liabilities 7-19 5,864,910 2,494,552 (11) 8,359,462 Accounts payable commercial and other 7-24 483,656 45,621 (9) 529,277 Deferred tax liability 18 872,121 (85,550 ) (10) 786,571 Equity Equity attributable to the owners of the parent Accumulated earnings 25 597,676 (378,705 ) (12) 218,971 Other reserves 25 (76,926 ) 72,561 (12) (4,365 ) Non-controlling interest 14 79,940 (32 ) (12) 79,908 - Effects of adopting IFRS 9 (1) Expected credit losses: The Company modified the calculation of the impairment provision to comply with the expected credit loss model, established in IFRS 9 Financial Instruments, which replaces the current loss impairment model incurred. To the calculate percentage of credit losses, a risk matrix was used, grouping the portfolio, according to similar characteristics of risk and maturity. This change resulted in the recognition of an increase in the provision for impairment losses of US $ (11.1) million. This standard also includes requirements related to the classification and measurement of financial assets and liabilities and an expected credit loss model that replaces the current loss impairment model incurred. As of January 1, 2018, the calculation of the impairment losses provision are as follows: Portfolio maturity Up to Up to More than Up to 91 to 181 to 360 Up to date 90 days 180 days 360 days days Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Expected loss rate 1 % 21 % 46 % 67 % 94 % 8 % Gross book value 1,046,909 36,241 12,001 14,623 66,022 1,175,796 Impairment provision (13,570 ) (7,774 ) (5,499 ) (9,803 ) (61,787 ) (98,433 ) (2) Deferred tax adjustments originated by the application of IFRS 9. (3) Net effect on accumulated results of the adjustments indicated above. In addition to the impacts on the consolidated statement of financial position, the application of IFRS 9: Financial Instruments requires the classification of financial instruments according to the business model, to determine the form of measurement of financial instruments, after their initial recognition. The Company analyzed the business models and classified its financial assets and liabilities according to the following: Classification IAS 39 Classification IFRS 9 Assets Loans Hedge Held Initial Cost At fair value Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 2,446,864 62,867 1,915 501,890 - - 3,013,536 Cash and cash equivalents (1,112,346 ) - - (29,658 ) 1,112,346 29,658 - Other financial assets, current (23,918 ) - (1,421 ) (472,232 ) 23,918 473,653 - Trade debtors and other accounts receivable, current (1,214,050 ) - - - 1,214,050 - - Accounts receivable from entities related, current (2,582 ) - - - 2,582 - - Other financial assets, non-current (87,077 ) - (494 ) - 87,077 494 - Accounts receivable, non-current (6,891 ) - - - 6,891 - - Balance as of January 1, 2018 - 62,867 - - 2,446,864 503,805 3,013,536 Classification IAS 39 Classification IFRS 9 Liabilities Others Held Cost Total ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 10,086,434 14,817 - 10,101,251 Other current financial liabilities (1,288,749 ) - 1,288,749 - Trade accounts payable and other accounts payable, current (1,695,202 ) - 1,695,202 - Accounts payable to related entities, current (760 ) - 760 - Other financial liabilities, not current (6,602,891 ) - 6,602,891 - Accounts payable, not current (498,832 ) - 498,832 - Balance as of January 1, 2018 (*) - 14,817 10,086,434 10,101,251 (*) Balances as of January 1, 2018 do not contain the re-expression effects originated by IFRS 16. - Effects of adopting IFRS 15 (4) Contract costs: The Company has capitalized the costs related to the revenues from air transport of passengers, corresponding to: the commissions charged by the credit card administrators for US$ 22.0 million and the air ticket booking services through the system general distribution (GDS) for US$ 15.6 million. Additionally, there is a reclassification of commissions from travel agencies for US$ 16.8 million, which previously were presented, according IAS 18, net of the liability to fly in other non-financial liabilities. (5) Contract liabilities: The Company has adjusted certain concepts that were recorded as obligations with suppliers and customers, which must now be treated as contract liabilities; therefore, they must be deferred until the benefit of the service have been rendered. These concepts are mainly related to the ground transportation service for US $ 15.6 million and traveler’s checks for US $ 6.6 million. (6) Performance Obligations: The Company analyzed the moment in which the performance obligations identified in the contracts with customers must be recognized in the consolidated result. During this analysis, some concepts were identified which must be deferred until the moment of service provision, mainly related to land transportation services, charges for modifications to the initial contract in the sale of tickets and redeem of some products associated with loyalty programs for US$ 60.8 million. Additionally, there is the reclassification detailed in numeral (4) for US$ 16.8 million. (7) Deferred tax adjustments originated by the application of IFRS 15. (8) Net effect on accumulated results of the adjustments indicated above. Additionally, the Company concluded that, in the rendering of certain services, it acted as agent in the provision of these services, therefore some reclassifications were made in the consolidated income statement to reflect the corresponding commission. - Effects of adopting IFRS 16 (9) Company recognized under Property, plant and equipment right of use assets for US $ 2,865.3 million as of January 1, 2018 and US $ 2,548.4 as of December 31, 2018, associated with contracts that meet the definition of lease (Note 2.21 & 17). The Company decrease other financial assets related to advance payments for leases for US $ 39.4 million as of January 1, 2018 and US $ 36.7 as of December 31, 2018, since with the application of the standard these amounts are considered in the initial measurement of the right of use asset. The Company increased the cost of restoration associated with the return of aircraft and engines for US $ 56.2 million as of January 1, 2018 and US $ 45.6 million as of December 31, 2018. With the application of the standard, the net present value of this cost was included in the asset for right of use and its counterpart in the line of accounts payable, current or non-current, depending on the return date of the aircraft or engines. (10) Deferred taxes: adjustments originated by the application of IFRS 16. (11) Lease liabilities: The Company recognized within the Other financial liabilities for lease for US$ 3,147.0 million as of January 1, 2018 and US$ 2,858.0 million as of December 31, 2018, associated with contracts that meet the definition of lease (Note 2.21 & 19). (12) The effect of the recognition of the leases under IFRS 16 generated a decrease in retained earnings of US$ 506.6 million as of January 1, 2018 (US$ 378.7 million as of December 31, 2018). The increase in Other reserves of US$ 205.9 million as of January 1, 2018 (decrease of US$ 72,5 million as of December 31, 2018), was caused by the Cumulative translation adjustment of those subsidiaries with functional currencies other than the US dollar. The application of IFRS 16 also affected non-controlling interests. The effets of the changes recognized in the application of IFRS 15 and IFRS 16 as of December 31,2017 are presented in the consolidated income statement: Impact recognized as a result of the adoption of IFRS 16 as of December 31, 2017 are presented in the consolidated income statement: For the year ended december 31, 2017 Reconciliation income Adjustments for reconciliation Results under Adoption impact Results under Nota IAS 17 IFRS16 IFRS 16 ThUS$ ThUS$ ThUS$ Published Restated Revenue 26 9,613,907 - 9,613,907 Cost of sales (7,441,849 ) 162,491 (7,279,358 ) Gross margin 2,172,058 162,491 2,334,549 Other income 28 549,889 - 549,889 Distribution costs (699,600 ) 2,816 (696,784 ) Administrative expenses (938,931 ) (13,837 ) (952,768 ) Other expenses (368,883 ) 3,423 (365,460 ) Other gains (losses) (7,754 ) - (7,754 ) Income from operation activities 706,779 154,893 861,672 Financial income 78,695 - 78,695 Financial costs 27 (393,286 ) (185,947 ) (579,233 ) Foreign exchange gains (losses) 29 (18,718 ) (29,780 ) (48,498 ) Result of indexation units 748 - 748 Income (loss) before taxes 374,218 (60,834 ) 313,384 Income (loss) tax expense / benefit 18 (173,504 ) 14,506 (158,998 ) NET INCOME (LOSS) FOR THE YEAR 200,714 (46,328 ) 154,386 Income (loss) attributable to owners of the parent 155,304 (46,408 ) 108,896 Income (loss) attributable to non- controlling interest 14 45,410 80 45,490 Net income (loss) for the year 200,714 (46,328 ) 154,386 Impact recognized as a result of the adoption of IFRS 15 and IFRS 16 as of December 31, 2018 are presented in the consolidated income statement: For the year ended december 31, 2018 Reconciliation Revenue Adjustments for reconciliation Nota Results Adoption Results Contract Deferred Reclassifications Results ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Published Restated IFRS 16 Revenue 26 9,895,456 - 9,895,456 - 48,561 31,501 9,975,518 Cost of sales (7,962,843 ) 189,411 (7,773,432 ) - (34,986 ) - (7,808,418 ) Gross margin 1,932,613 189,411 2,122,024 - 13,575 31,501 2,167,100 Other income 28 472,758 - 472,758 - - 42,563 515,321 Distribution costs (619,200 ) 3,986 (615,214 ) (43 ) - (20,003 ) (635,260 ) Administrative expenses (721,270 ) (15,063 ) (736,333 ) (806 ) - (54,061 ) (791,200 ) Other expenses (359,781 ) 3,531 (356,250 ) - - - (356,250 ) Other gains (losses) 53,499 - 53,499 - - - 53,499 Income from operation activities 758,619 181,865 940,484 (849 ) 13,575 - 953,210 Financial income 53,253 - 53,253 - - - 53,253 Financial costs 27 (356,269 ) (182,868 ) (539,137 ) - - - (539,137 ) Foreign exchange gains (losses) 29 (157,709 ) 119,639 (38,070 ) - - - (38,070 ) Result of indexation units (865 ) - (865 ) - - - (865 ) Income (loss) before taxes 297,029 118,636 415,665 (849 ) 13,575 - 428,391 Income (loss) tax expense / benefit 18 (83,782 ) 9,903 (73,879 ) (23 ) (1,030 ) - (74,932 ) NET INCOME (LOSS) FOR THE YEAR 213,247 128,539 341,786 (872 ) 12,545 - 353,459 Income (loss) attributable to owners of the parent 181,935 127,876 309,811 (872 ) 12,545 - 321,484 Income (loss) attributable to non-controlling interest 14 31,312 663 31,975 - - - 31,975 Net income (loss) for the period 213,247 128,539 341,786 (872 ) 12,545 - 353,459 In the income statement, with the implementation of the IFRS16 standard, restated were made in the following lines: - Cost of sale, distribution costs, administrative expenses: net effect of derecognized of rental cost and recognition of the depreciation of the right of use. - Financial Costs: interest expense corresponding to the lease liability. Impact recognized as a result of the adoption of IFRS 16 for the year ended of December 31, 2017 and 2018 are presented in the consolidated statement of cash flows: For the year ended Adoption For the year ended December 31, impact December 31, 2017 IFRS 16 2017 ThUS$ ThUS$ ThUS$ Restated Payments to suppliers for goods and services (6,722,713 ) 520,082 (1) (6,202,631 ) Net cash flows from operating activities (6,722,713 ) 520,082 (6,202,631 ) Loans repayments (1,829,191 ) (344,901 ) (2) (2,174,092 ) Payments of finance lease liabilities (344,901 ) 344,901 (2) - Payments of lease liabilities - (338,179 ) (1) (338,179 ) Interest paid (389,724 ) (181,903 ) (1) (571,627 ) Net cash flows (used in) financing activities (2,563,816 ) (520,082 ) (3,083,898 ) For the year ended Adoption For the year ended December 31, impact December 31, 2018 IFRS 16 2018 ThUS$ ThUS$ ThUS$ Restated Payments to suppliers for goods and services (7,331,390 ) 556,387 (1) (6,775,003 ) Net cash flows from operating activities (7,331,390 ) 556,387 (6,775,003 ) Loans repayments (1,045,662 ) (692,687 ) (2) (1,738,349 ) Payments of finance lease liabilities (692,687 ) 692,687 (2) - Payments of lease liabilities - (373,439 ) (1) (373,439 ) Interest paid (357,355 ) (182,948 ) (1) (540,303 ) Net cash flows (used in) financing activities (2,095,704 ) (556,387 ) (2,652,091 ) (1) Correspond to the reclassification of lease payments, principal to payment of lease liability and interest to interest paid. (2) Correspond to the reclassification of leases payments previously classified as financial lease. (b) Accounting pronouncements not yet in force for financial years beginning on January 1, 2019 and which has not been early adopted. (i) Standards and amendments Date of issue Effective Date IFRS 17: Insurance contracts May 2017 January 1, 2021 Amendment to IFRS 10: Consolidated financial statements and IAS 28 Investments in associates and joint ventures. September 2014 To be determined Amendment to IFRS 3: Business combination October 2018 January 1, 2020 Amendment to IAS 1: Presentation of financial statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors October 2018 January 1, 2020 Amendment to IFRS 9: Financial instruments; IAS 39: Financial instruments: Recognition and measurement; Y IFRS 7: Financial instruments: Disclosures September 2019 January 1, 2020 The management of the Company estimates that the adoption of the standards, amendments and Interpretations described above, will not have a significant impact on the consolidated financial statements of the Company in the application of its first adoption. At the close consolidated financial statements, the Company is analyzing the possible effects of the amendment issued in September 2019 to IFRS 9, IAS 39 and IFRS 7 for the reform of interest rates of reference. 2.2. (a) Subsidiaries Subsidiaries are all the entities (including special-purpose entities) over which the Company has the power to control the financial and operating policies, which are generally accompanied by a holding of more than half of the voting rights. In evaluating whether the Company controls another entity, the existence and effect of potential voting rights that are currently exercisable or convertible at the date of the consolidated financial statements are considered. The subsidiaries are consolidated from the date on which control is passed to the Company and they are excluded from the consolidation on the date they cease to be so controlled. The results and flows are incorporated from the date of acquisition. Balances, transactions and unrealized gains on transactions between the Company’s entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment loss of the asset transferred. When necessary in order to ensure uniformity with the policies adopted by the Company, the accounting policies of the subsidiaries are modified. To account for and identify the financial information revealed when carrying out a business combination, such as the acquisition of an entity by the Company, is apply the acquisition method provided for in IFRS 3: Business combination. (b) Transactions with non-controlling interests The Group applies the policy of considering transactions with non-controlling interests, when not related to loss of control, as equity transactions without an effect on income. (c) Sales of subsidiaries When a subsidiary is sold and a percentage of participation is not retained, the Company derecognizes assets and liabilities of the subsidiary, the non-controlling and other components of equity related to the subsidiary. Any gain or loss resulting from the loss of control is recognized in the consolidated income statement in Other gains (losses). If LATAM Airlines Group S.A. and Subsidiaries retain an ownership of participation in the sold subsidiary, and does not represent control, this is recognized at fair value on the date that control is lost, the amounts previously recognized in Other comprehensive income are accounted as if the Company had disposed directly from the assets and related liabilities, which can cause these amounts are reclassified to profit or loss. The percentage retained valued at fair value is subsequently accounted using the equity method. (d) Investees or associates Investees or associates are all entities over which LATAM Airlines Group S.A. and Subsidiaries have significant influence but have no control. This usually arises from holding between 20% and 50% of the voting rights. Investments in associates are booked using the equity method and are initially recognized at their cost. 2.3. (a) Presentation and functional currencies The items included in the financial statements of each of the entities of LATAM Airlines Group S.A. and Subsidiaries are valued using the currency of the main economic environment in which the entity operates (the functional currency). The functional currency of LATAM Airlines Group S.A. is the United States dollar which is also the presentation currency of the consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries. (b) Transactions and balances Foreign currency transactions are translated to the functional currency using the exchange rates on the transaction dates. Foreign currency gains and losses resulting from the liquidation of these transactions and from the translation at the closing exchange rates of the monetary assets and liabilities denominated in foreign currency are shown in the consolidated statement of income by function except when deferred in Other comprehensive income as qualifying cash flow hedges. (c) Adjustment due to hyperinflation After July 1, 2018, the Argentine economy was considered, for purposes of IFRS, hyperinflationary. The financial statements of the subsidiaries whose functional currency is the Argentine Peso have been restated. The non-monetary items of the statement of financial position as well as the income statement, comprehensive incomes and cash flows of the group’s entities, whose functional currency corresponds to a hyperinflationary economy, are adjusted for inflation and re-expressed in accordance with the variation of the consumer price index (“CPI”), at each presentation date of its financial statements. The re-expression of non-monetary items is made from the date of initial recognition in the statements of financial position and considering that the financial statements are prepared under the historical cost criterion. Net losses or gains arising from the re-expression of non-monetary items and income and costs are recognized in the consolidated income statement under “Result of indexation units”. Net gains and losses on the re-expression of opening balances due to the initial application of IAS 29 are recognized in the consolidated retained earnings. Re-expression due to hyperinflation will be recorded until the period in which the economy of the entity ceases to be considered as a hyperinflationary economy, at that time, the adjustments made by hyperinflation will be part of the cost of non-monetary assets and liabilities. The comparative amounts in the Consolidated financial statements of the Company are presented in a stable currency and are not adjusted for subsequent changes in the price level or exchange rates. (d) Group entities The results and the financial situation of the Group’s entities, whose functional currency is different from the presentation currency of the consolidated financial statements, of LATAM Airlines Group S.A., which does not correspond to the currency of a hyperinflationary economy, are converted into the currency of presentation as follows: (i) Assets and liabilities of each consolidated statement of financial position presented are translated at the closing exchange rate on the consolidated statement of financial position date; (ii) The revenues and expenses of each income statement account are translated at the exchange rates prevailing on the transaction dates, and (iii) All the resultant exchange differences by conversion are shown as a separate component in other comprehensive income. For those subsidiaries of the group whose functional currency is different from the presentation currency and, moreover, corresponds to the currency of a hyperinflationary economy; its restated results, cash flow and financial situation are converted to the presentation currency at the closing exchange rate on the date of the consolidated financial statements. The exchange rates used correspond to those fixed in the country where the subsidiary is located, whose functional currency is different to the U.S. dollar. Adjustments to the Goodwill and fair value arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing exchange rate or period informed, restated when the currency came from the functional entity of the foreign entity corresponds to that of a hyperinflationary economy, the adjustments for the restatement of goodwill are recognized in the consolidated equity. 2.4. The land of LATAM Airlines Group S.A. and Subsidiaries, are recognized at cost less any accumulated impairment loss. The rest of the Properties, plants and equipment are recorded, both in their initial recognition and in their subsequent measurement, at their historical cost, restated for inflation when appropriate, less the corresponding depreciation and any loss due to deterioration. The amounts of advances paid to the aircraft manufacturers are activated by the Company under Construction in progress until they are received. Subsequent costs (replacement of components, improvements, extensions, etc.) are included in the value of the initial asset or are recognized as a separate asset, only when it is probable that the future economic benefits associated with the elements of property, plant and equipment, they will flow to the Company and the cost of the item can be determined reliably. The value of the replaced component is written off. The rest of the repairs and maintenance are charged to the result of the year in which they are incurred. The depreciation of the properties, plants and equipment is calculated using the linear method over their estimated technical useful lives; except in the case of certain technical components which are depreciated on the basis of cycles and hours flown. The residual value and the useful life of the assets are reviewed and adjusted, if necessary, once a year. When the value of an asset exceeds its estimated recoverable amount, its value is immediately reduced to its recoverable amount (Note 2.8). Losses and gains from the sale of property, plant and equipment are calculated by comparing the consideration with the book value and are included in the consolidated statement of income. 2.5. (a) Airport slots and Loyalty program Airport slots and the Coalition and Loyalty program are intangible assets of indefinite useful life and are subject to impairment tests annually as an integral part of each CGU identified by the Company, in accordance with the premises that are applicable, included as follows: Airport slots – Air transport CGU Loyalty program – Air transport CGU (See Note 16) The airport slots correspond to an administrative authorization to carry out operations of arrival and departure of aircraft at a specific airport, within a specified period. The Loyalty program corresponds to the system of accumulation and redemption of points that has developed Multiplus S.A., program that is part of TAM Linhas Aereas S.A. (See Note 1). The Brands, airport Slots and Loyalty program were recognized in fair values determined in accordance with IFRS 3, as a consequence of the business combination with TAM and Subsidiaries. (b) Computer software Licenses for computer software acquired are capitalized on the basis of the costs incurred in acquiring them and preparing them for using the specific software. These costs are amortized over their estimated useful lives, for which the Company has been defined useful lives between 3 and 10 years. Expenses related to the development or maintenance of computer software which do not qualify for capitalization, are shown as an expense when incurred. The personnel costs and others cost directly related to the production of unique and identifiable computer software controlled by the Company, are shown as intangible Assets others than Goodwill when they have met all the criteria for capitalization. (c) Brands The Brands were acquired in the business combination with TAM S.A. And Subsidiaries and recognized at fair value under IFRS. During the year 2016, the estimated useful life of the brands changes from an indefinite useful life to a five-year period, the period in which the value of the brands will be amortized (See Note 15). 2.6. Goodwill represents the excess of acquisition cost over the fair value of the Company’s participation in the net identifiable assets of the subsidiary or associate on the acquisition date. Goodwill related to acquisition of subsidiaries is not amortized but tested for impairment annually or each time that there is evidence of impairment. Gains and losses on the sale of an entity include the book amount of the goodwill related to the entity sold. 2.7. Interest costs incurred for the construction of any qualified asset are capitalized over the time necessary for completing and preparing the asset for its intended use. 2.8. Intangible assets that have an indefinite useful life and developing IT projects are not subject to amortization and are subject to annual tests for impairment losses or if there are indications of impairment. Management conducts an impairment assessment annually or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cash generating unit exceeds its recoverable amount. The recoverable amount of the cash generating unit is the higher of value in use and fair value less costs to sell. The value in use is determined by management using a discounted cash flow model. For the purpose of assessing impairment losses, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash generating units). Prior impairments of non-financial assets, other than goodwill, are reviewed for possible reversal at each reporting date. 2.9. As of January 1, 2018, the Company classifies its financial assets in the following categories: at fair value (either through other comprehensive income, or through gains or losses), and at amortized cost. The classification depends on the business model of the entity to manage the financial assets and the contractual terms of the cash flows. The group reclassifies debt investments when, and only when, it changes its business model to manage those assets. In the initial recognition, the Company measures a financial asset at its fair value plus, in the case of |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of financial risk management [text block] [Abstract] | |
Disclosure of financial risk management [text block] | 3.1. The Company is exposed to different financial risks: (a) market risk, (b) credit risk, and (c) liquidity risk. The program overall risk management of the Company aims to minimize the adverse effects of financial risks affecting the company. (a) Market risk Due to the nature of its operations, the Company is exposed to market factors such as: (i) fuel-price risk, (ii) exchange -rate risk (FX), and (iii) interest -rate risk. The Company has developed policies and procedures for managing market risk, which aim to identify, quantify, monitor and mitigate the adverse effects of changes in market factors mentioned above. For this, the Administration monitors the evolution of price levels, exchange rates and interest rates, and quantifies their risk exposures (Value at Risk), and develops and implements hedging strategies. (i) Fuel-price risk: Exposition: For the execution of its operations the Company purchases a fuel called Jet Fuel grade 54 USGC, which is subject to the fluctuations of international fuel prices. Mitigation: To cover the risk exposure fuel, the Company operates with derivative instruments (swaps and options) whose underlying assets may be different from Jet Fuel, being possible use West Texas Intermediate (“WTI”) crude, Brent (“BRENT”) crude and distillate Heating Oil (“HO”), which have a high correlation with Jet Fuel and greater liquidity. Fuel Hedging Results: During the period ended d ecember 31, 2019, As of d ecember 31, 2019, The following tables show the level of hedge for different periods: Positions as of December 31, 2019 (*) Maturities Q120 Q220 Q320 Q420 Total Percentage of coverage over the expected volume of consumption 65 % 61 % 20 % 19 % 41 % (*) The volume shown in the table considers all the hedging instruments (swaps and options). Positions as of December 31, 2018 (*) Maturities Q119 Q219 Q319 Q419 Total Percentage of coverage over the expected volume of consumption 66 % 58 % 40 % 15 % 45 % (*) The volume shown in the table considers all the hedging instruments (swaps and options). Sensitivity analysis A drop in fuel price positively affects the Company through a reduction in costs. However, also negatively affects contracted positions as these are acquired to protect the Company against the risk of a rise in price. The policy therefore is to maintain a hedge-free percentage in order to be competitive in the event of a drop in price. The current hedge positions they are booked as cash flow hedge contracts, so a variation in the fuel price has an impact on the Company’s net equity. The following table shows the sensitivity analysis of the financial instruments according to reasonable changes in the fuel price and their effect on equity. The term of the projection was defined until the end of the last current fuel hedge contract, being the last business day of the third quarter of 2020. The calculations were made considering a parallel movement of US$ 5 per barrel in the curve of the JET crude futures benchmark price at the end of December 2019 and the end of December 2018. Positions as of december 31, 2019 Positions as of december 31, 2018 Benchmark price effect on equity effect on equity (US$ per barrel) (millions of US$) (millions of US$) +5 + 15.4 +7.4 -5 - 34.5 - 5.5 Given the structure of fuel coverage during 2019, considers a hedge-free portion, a vertical drop of 5 dollars in the JET reference price (considered as the monthly average), would have meant an approximate impact US$ 121.8 million of lower fuel costs. For the same period, a vertical rise of US$ 5 in the JET reference price (considered as the monthly average) would have meant an impact of approximately US$ 114.2 million of higher fuel costs. (ii) Foreign exchange rate risk: Exposition: The functional and presentation currency of the financial statements of the Parent Company is the US dollar, so that the risk of the Transactional and Conversion exchange rate arises mainly from the Company’s business, strategic and accounting operating activities that are expressed in a monetary unit other than the functional currency. The subsidiaries of LATAM are also exposed to foreign exchange risk whose impact affects the Company’s Consolidated Income. The largest operational exposure to LATAM’s exchange risk comes from the concentration of businesses in Brazil, which are mostly denominated in Brazilian Real (BRL), and are actively managed by the company. At a lower concentration, the Company is also exposed to the fluctuation of other currencies, such as: Euro, Pound sterling, Australian dollar, Colombian peso, Chilean peso, Argentine peso, Paraguayan Guarani, Mexican peso, Peruvian Sol and New Zealand dollar. Mitigation The Company mitigates currency risk exposures by contracting derivative instruments or through natural hedges or execution of internal operations. Exchange Rate Hedging Results (FX) With the objective of reducing exposure to the exchange rate risk in the operational cash flows of 2019, and securing the operating margin, LATAM makes hedges using FX derivatives. As of december 31, 2019, the market value of FX derivative positions amounted to US $ 0.04 million (negative). At the end of December 2018, the Company did not maintain derivatives of current FX hedges. During the period ended december 31, 2019, As of december 31, 2019, the Company has contracted FX derivatives for US $ 15 million for BRL. At the end of december 2018, the Company did not maintain current FX derivatives. During 2018 the company contracted FX derivatives which were not registered under hedge accounting. As of december 31, 2019, the amount recognized in results amounts to US $ 6.2 million (negative) net of premiums. Sensitivity analysis: A depreciation of the R$/US$ exchange rate, negatively affects the Company’s operating cash flows, however, also positively affects the value of the positions of derivatives contracted. FX derivatives are recorded as cash flow hedge contracts; therefore, a variation in the exchange rate has an impact on the market value of the derivatives, the changes of which affect the Company’s net equity. The following table shows the sensitization of FX derivative instruments according to reasonable changes in the exchange rate and its effect on equity. The projection period was defined until the end of the last coverage contract in force, with the last business day of the first quarter of the year 2020: Appreciation (depreciation)(*) Effect at december 31, 2019 Effect at december 31, 2018 of R$ Millions of US$ Millions of US$ -10% -0.6 - +10% +1.1 - (*) Appreciation (depreciation) of US$ regard to the covered currencies. During 2018 and 2019, the Company contracted swap currency derivatives for debt coverage issued the same year for a notional UF 8.7 million and UF 5.0 million, respectively. As of December 31, 2019, the market value of the currency swaps derivative positions amounted to US $ 22.7 million (negative). At the end of December 2018, this market value was US $ 15.1 million (positive). In the case of TAM S.A, whose functional currency is the Brazilian real, a large part of its liabilities is expressed in US dollars. Therefore, when converting financial assets and liabilities, from dollar to real, they have an impact on the result of TAM S.A., which is consolidated in the Company’s Income Statement. In order to reduce the impact on the Company’s result caused by appreciations or depreciations of R $ / US $, the Company has executed internal operations to reduce the net exposure in US $ for TAM S.A. The following table shows the variation of financial performance to appreciate or depreciate 10% exchange rate R$/US$: Appreciation (depreciation)(*) Effect at december 31, 2019 Effect at december 31, 2018 of R$/US$(*) Millions of US$ Millions of US$ -10% +9.5 +39.8 +10% - 9.5 -39.8 (*) Appreciation (depreciation) of US$ regard to the covered currencies. Effects of exchange rate derivatives in the Financial Statements The profit or losses caused by changes in the fair value of hedging instruments are segregated between intrinsic value and temporary value. The intrinsic value is the actual percentage of cash flow covered, initially shown in equity and later transferred to income, while the hedge transaction is recorded in income. The temporary value corresponds to the ineffective portion of cash flow hedge which is recognized in the financial results of the Company (Note 19). Due to the functional currency of TAM S.A. and Subsidiaries is the Brazilian real, the Company presents the effects of the exchange rate fluctuations in Other comprehensive income by converting the Statement of financial position and Income statement of TAM S.A. and Subsidiaries from their functional currency to the U.S. dollar, which is the presentation currency of the consolidated financial statement of LATAM Airlines Group S.A. and Subsidiaries. The Goodwill generated in the Business combination is recognized as an asset of TAM S.A. and Subsidiaries in Brazilian real whose conversion to U.S. dollar also produces effects in other comprehensive income. The following table shows the change in Other comprehensive income recognized in Total equity in the case of appreciate or depreciate 10% the exchange rate R$/US$: Appreciation (depreciation) Effect at december 31, 2019 Effect at december 31, 2018 of R$/US$ Millions of US$ Millions of US$ -10% +402.48 +384.73 +10% -329.29 -314.78 (iii) Interest -rate risk: Exposition: The Company is exposed to fluctuations in interest rates affecting the markets future cash flows of the assets, and current and future financial liabilities. The Company is exposed in one portion to the variations of London Inter-Bank Offer Rate (“LIBOR”) and other interest rates of less relevance are Brazilian Interbank Deposit Certificate (“IDC”). Mitigation In order to reduce the risk of an eventual rise in interest rates, the Company has signed interest-rate swap and call option contracts. Currently a 62% (60% at December 31, 2018) of the debt is fixed to fluctuations in interest rate. Rate Hedging Results As of december 31 , 2019, Sensitivity analysis: The following table shows the sensitivity of changes in financial obligations that are not hedged against interest-rate variations. These changes are considered reasonably possible, based on current market conditions each date. Increase (decrease) Positions as of december 31, 2019 Positions as of december 31, 2018 futures curve effect on profit or loss before tax effect on profit or loss before tax in libor 3 months (millions of US$) (millions of US$) +100 basis points -27.60 -29.62 -100 basis points +27.60 +29.62 Much of the current rate derivatives are registered for as hedges of cash flow, therefore, a variation in the exchange rate has an impact on the market value of derivatives, whose changes impact on the Company’s net equity. The calculations were made increasing (decreasing) vertically 100 basis points of the three-month Libor futures curve, being both reasonably possible scenarios according to historical market conditions. Increase (decrease) Positions as of december 31, 2019 Positions as of december 31, 2018 futures curve effect on equity effect on equity in libor 3 months (millions of US$) (millions of US$) +100 basis points +13.62 +0.70 -100 basis points -14.71 -0.71 The assumptions of sensitivity calculation must assume that forward curves of interest rates do not necessarily reflect the real value of the compensation flows. Moreover, the structure of interest rates is dynamic over time. During the periods presented, the Company has no registered amounts by ineffectiveness in consolidated statement of income for this kind of hedging. (b) Credit risk Credit risk occurs when the counterparty to a financial agreement or instrument fails to discharge an obligation due or financial instrument, leading to a loss in market value of a financial instrument (only financial assets, not liabilities). The Company is exposed to credit risk due to its operative and financial activities, including deposits with banks and financial institutions, investments in other kinds of instruments, exchange-rate transactions and the contracting of derivative instruments or options. To reduce the credit risk associated with operational activities, the Company has established credit limits to abridge the exposure of their debtors which are monitored permanently (mainly in case of operational activities in Brazil with travel agents). As a way to mitigate credit risk related to financial activities, the Company requires that the counterparty to the financial activities remain at least investment grade by major Risk Assessment Agencies. Additionally, the Company has established maximum limits for investments which are monitored regularly. (i) Financial activities Cash surpluses that remain after the financing of assets necessary for the operation are invested according to credit limits approved by the Company’s Board, mainly in time deposits with different financial institutions, private investment funds, short-term mutual funds, and easily-liquidated corporate and sovereign bonds with short remaining maturities. These investments are booked as Cash and cash equivalents and other current financial assets. In order to reduce counterparty risk and to ensure that the risk assumed is known and managed by the Company, investments are diversified among different banking institutions (both local and international). The Company evaluates the credit standing of each counterparty and the levels of investment, based on (i) their credit rating, (ii) the equity size of the counterparty, and (iii) investment limits according to the Company’s level of liquidity. According to these three parameters, the Company chooses the most restrictive parameter of the previous three and based on this, establishes limits for operations with each counterparty. The Company has no guarantees to mitigate this exposure. (ii) Operational activities The Company has four large sales “clusters”: travel agencies, cargo agents, airlines and credit-card administrators. The first three are governed by International Air Transport Association, international (“IATA”) organization comprising most of the airlines that represent over 90% of scheduled commercial traffic and one of its main objectives is to regulate the financial transactions between airlines and travel agents and cargo. When an agency or airline does not pay their debt, they are excluded from operating with IATA’s member airlines. In the case of credit-card administrators, they are fully guaranteed by 100% by the issuing institutions. The exposure consists of the term granted, which fluctuates between 1 and 45 days. One of the tools the Company uses for reducing credit risk is to participate in global entities related to the industry, such as IATA, Business Sales Processing (“BSP”), Cargo Account Settlement Systems (“CASS”), IATA Clearing House (“ICH”) and banks (credit cards). These institutions fulfill the role of collectors and distributors between airlines and travel and cargo agencies. In the case of the Clearing House, it acts as an offsetting entity between airlines for the services provided between them. A reduction in term and implementation of guarantees has been achieved through these entities. Currently the sales invoicing of TAM Linhas Aéreas S.A. related with travel agents and cargo agents for domestic transportation in Brazil is done directly by TAM Linhas Aéreas S.A. Credit quality of financial assets The external credit evaluation system used by the Company is provided by IATA. Internal systems are also used for particular evaluations or specific markets based on trade reports available on the local market. The internal classification system is complementary to the external one, i.e. for agencies or airlines not members of IATA, the internal demands are greater. To reduce the credit risk associated with operational activities, the Company has established credit limits to abridge the exposure of their debtors which are monitored permanently (mainly in case of operational activities of TAM Linhas Aéreas S.A. with travel agents). The bad-debt rate in the principal countries where the Company has a presence is insignificant. (c) Liquidity risk Liquidity risk represents the risk that the Company has no sufficient funds to meet its obligations. Because of the cyclical nature of the business, the operation, and its investment and financing needs related to the acquisition of new aircraft and renewal of its fleet, plus the financing needs, the Company requires liquid funds, defined as cash and cash equivalents plus other short term financial assets, to meet its payment obligations. The liquid funds, the future cash generation and the capacity to obtain additional funding, through bond issuance and banking loans, will allow the Company to obtain sufficient alternatives to face its investment and financing future commitments. At december 31 , 2019 In addition to the balance of liquid funds, the Company has access to short-term credit lines. As of d ecember 31, 2019, Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2019 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile. Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ Amortization Effective rate % Nominal rate % 97.032.000-8 BBVA Chile US$ 24,387 76,256 - - - 100,643 99,000 At Expiration 3.29 3.29 97.003.000-K BANCO DO BRASIL Chile US$ 151,489 50,758 - - - 202,247 200,000 At Expiration 2.93 2.93 76.100.458-1 HSBC Chile US$ 12,098 - - - - 12,098 12,000 At Expiration 3.25 3.25 76.100.458-1 BLADEX Chile US$ - 29,277 - - - 29,277 29,000 At Expiration 2.82 2.82 97.023.000-9 CORPBANCA Chile UF 5,336 10,544 - - - 15,880 15,615 Quarterly 3.35 3.35 76.362.099-9 BTG PACTUAL CHILE Chile UF 484 1,451 63,872 - - 65,807 62,769 At Expiration 3.10 3.10 0-E SANTANDER Spain US$ 1,514 4,809 141,719 - - 148,042 137,860 Quarterly 3.62 4.61 97.030.000-7 BANCO ESTADO Chile UF - 24,702 208,681 32,228 410,774 676,385 518,032 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 28,000 76,125 208,250 884,188 884,000 2,080,563 1,500,000 At Expiration 7.16 6.94 0-E BNP PARIBAS U.S.A. US$ 11,657 50,428 124,106 124,167 302,092 612,450 513,941 Quarterly / Semiannual 3.81 3.81 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 31,733 94,096 244,836 237,815 438,659 1,047,139 866,223 Quarterly 4.45 4.45 0-E CITIBANK U.S.A. US$ 5,765 17,296 46,120 46,117 42,175 157,473 143,475 Quarterly 3.76 2.68 0-E NATIXIS France US$ 13,365 40,159 99,556 86,984 79,724 319,788 282,906 Quarterly 3.82 3.82 0-E MUFG U.S.A. US$ 5,552 27,068 73,726 73,914 209,621 389,881 322,660 Quarterly 3.43 3.43 0-E INVESTEC England US$ 1,980 11,164 26,153 11,071 - 50,368 44,087 Semiannual 6.35 6.35 0-E CREDIT AGRICOLE France US$ 2,326 6,740 260,259 - - 269,325 253,692 At Expiration 3.74 3.74 0-E MUFG U.S.A. US$ 26,607 78,955 198,783 46,131 - 350,476 328,023 Quarterly 3.54 3.54 0-E ING U.S.A. US$ 4,025 8,108 - - - 12,133 11,806 Quarterly 5.71 5.01 0-E CREDIT AGRICOLE France US$ 4,994 15,026 6,671 - - 26,691 26,091 Quarterly 3.15 2.52 0-E CITIBANK U.S.A. US$ 19,412 56,148 117,881 16,653 - 210,094 200,907 Quarterly 3.39 2.80 0-E PEFCO U.S.A. US$ 1,950 1,950 - - - 3,900 3,827 Quarterly 5.65 5.03 0-E BNP PARIBAS U.S.A. US$ 9,353 25,211 28,663 22,502 10,354 96,083 87,729 Quarterly 3.85 3.72 0-E WELLS FARGO U.S.A. US$ 35,251 105,691 261,181 203,232 14,382 619,737 591,684 Quarterly 2.67 1.98 97.036.000-K SANTANDER Chile US$ 6,145 18,394 47,911 3,158 - 75,608 72,551 Quarterly 3.00 2.46 0-E RRPF ENGINE England US$ 1,152 3,432 8,967 8,679 568 22,798 19,643 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,661 4,977 13,259 7,380 - 27,277 25,708 Quarterly 3.33 2.73 0-E BTMU U.S.A. US$ 3,367 10,081 26,827 14,153 - 54,428 51,340 Quarterly 3.33 2.73 0-E NATIXIS France US$ 759 2,299 2,330 - - 5,388 5,154 Quarterly 4.41 4.41 0-E KFW IPEX-BANK Germany US$ 1,804 3,607 - - - 5,411 5,328 Quarterly 3.55 3.55 0-E AIRBUS FINANCIAL U.S.A. US$ 2,038 5,746 - - - 7,784 7,664 Monthly 3.31 3.31 0-E US BANK U.S.A. US$ 18,328 54,864 145,364 140,555 17,681 376,792 349,127 Quarterly 4.01 2.82 0-E PK AIRFINANCE U.S.A. US$ 2,652 8,136 18,194 - - 28,982 28,087 Monthly 3.45 3.45 0-E CITIBANK (*) U.S.A. US$ 26,111 78,742 - - - 104,853 101,026 Quarterly 6.00 6.00 - OTHERS - US$ - 11,582 18,641 13,530 - 43,753 16,972 - - - Total 461,295 1,013,822 2,391,950 1,972,457 2,410,030 8,249,554 6,933,927 (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2019 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ Amortization Effective rate % Nominal rate % 0-E NCM Holland US$ 173 499 722 - - 1,394 1,289 Monthly 6.01 6.01 0-E NATIXIS France US$ 4,140 7,965 77,028 - - 89,133 86,256 Quarterly / Semiannual 6.29 6.29 0-E WACAPOU LEASING S.A. Luxembourg US$ 835 2,450 3,277 - - 6,562 6,280 Quarterly 4.32 4.32 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 11,286 151,047 - - - 162,333 169,931 Quarterly 5.39 5.39 0-E GA Telesis LLC U.S.A. US$ 677 1,753 4,675 4,675 10,480 22,260 13,495 Monthly 14.72 14.72 Total 17,111 163,714 85,702 4,675 10,480 281,682 277,251 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2019 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ AIRCRAFT OTHERS US$ 146,036 417,929 1,002,564 877,353 1,357,910 3,801,792 3,042,231 OTHER ASSETS OTHERS US$ 3,017 8,649 21,381 19,815 16,314 69,176 53,931 CLP 160 478 531 - - 1,169 1,195 UF 2,713 4,736 5,789 1,373 2,956 17,567 17,145 COP 71 161 37 2 - 271 259 EUR 163 387 592 122 - 1,264 1,175 GBP 16 10 - - - 26 24 MXN 37 93 245 10 - 385 359 PEN 95 129 83 16 - 323 306 Other currencies 2,770 8,370 8,508 43,104 - 62,752 55,532 OTHERS OTHERS US$ 371,527 13,993 - - - 385,520 385,520 CLP 220,383 905 - - - 221,288 221,288 BRL 486,082 320 - - - 486,402 486,402 Other currencies 576,378 1,716 - - - 578,094 578,094 78.591.370-1 Bethia S.A. y Filiales Chile CLP 53 - - - - 53 53 Foreing Patagonia Seafarms INC U.S.A. CLP 3 - - - - 3 3 Total 1,809,504 457,876 1,039,730 941,795 1,377,180 5,626,085 4,843,517 Total consolidated 2,287,910 1,635,412 3,517,382 2,918,927 3,797,690 14,157,321 12,054,695 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018 Restated Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile. Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ Amortization Effective rate % Nominal rate % 97.032.000-8 BBVA Chile US$ 38,625 76,275 - - - 114,900 113,000 At Expiration 3.36 3.36 97.032.000-8 BBVA Chile UF - 52,490 - - - 52,490 50,785 At Expiration 3.31 3.31 97.036.000-K SANTANDER Chile US$ 23,070 - - - - 23,070 23,000 At Expiration 3.90 3.90 97.003.000-K BANCO DO BRASIL Chile US$ 201,884 - - - - 201,884 200,000 At Expiration 3.64 3.64 97.951.000-4 HSBC Chile US$ 12,094 - - - - 12,094 12,000 At Expiration 3.14 3.14 97.023.000-9 CORPBANCA Chile UF 5,778 17,086 16,662 - - 39,526 38,231 Quarterly 3.35 3.35 0-E BLADEX U.S.A. US$ - 15,766 - - - 15,766 15,000 Semiannual 6.74 6.74 97.036.000-K SANTANDER Chile US$ 1,347 587 102,521 - - 104,455 102,521 Quarterly 5.60 5.60 76.362.099-9 BTG Chile UF 510 1,531 69,435 - - 71,476 65,862 At Expiration 3.10 3.10 0-E BANK OF NEW YORK U.S.A. US$ - 84,375 614,375 96,250 724,063 1,519,063 1,200,000 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - 18,985 37,970 196,970 213,114 467,039 345,182 At Expiration 5.50 5.50 0-E CREDIT AGRICOLE France US$ 743 2,201 5,718 2,086 - 10,748 10,080 Quarterly 3.23 3.23 0-E BNP PARIBAS U.S.A. US$ 14,741 61,973 152,826 145,252 250,387 625,179 511,698 Quarterly 4.55 4.55 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 31,336 96,304 248,720 289,251 509,168 1,174,779 952,758 Quarterly 4.47 4.47 0-E CITIBANK U.S.A. US$ 12,757 38,398 102,062 77,710 65,232 296,159 269,365 Quarterly 3.82 2.93 0-E US BANK U.S.A. US$ 18,406 55,112 146,045 144,670 86,076 450,309 411,684 Quarterly 4.00 2.82 0-E NATIXIS France US$ 14,027 42,132 111,528 92,228 124,910 384,825 324,524 Quarterly 4.69 4.69 0-E PK AirFinance U.S.A. US$ 2,490 7,663 25,610 3,153 - 38,916 37,615 Monthly 4.15 4.14 0-E INVESTEC England US$ 2,004 11,579 26,874 24,367 - 64,824 54,014 Semiannual 7.17 7.17 0-E CREDIT AGRICOLE France US$ 2,576 8,380 273,122 - - 284,078 253,692 At Expiration 4.11 4.11 0-E DVB BANK SE Germany US$ 28,087 83,260 213,177 122,674 20,274 467,472 422,065 Quarterly 4.42 4.42 0-E ING U.S.A. US$ 4,025 12,075 12,134 - - 28,234 26,831 Quarterly 5.70 5.01 0-E CREDIT AGRICOLE France US$ 7,618 21,994 27,811 1,684 - 59,107 56,403 Quarterly 3.66 3.31 0-E CITIBANK U.S.A. US$ 14,870 44,570 83,389 42,178 - 185,007 172,158 Quarterly 4.40 3.80 0-E PEFCO U.S.A. US$ 5,771 13,541 3,899 - - 23,211 22,407 Quarterly 5.64 5.02 0-E BNP PARIBAS U.S.A. US$ 8,467 25,214 26,933 1,641 - 62,255 59,567 Quarterly 3.90 3.58 0-E WELLS FARGO U.S.A. US$ 35,458 106,397 282,923 239,168 99,232 763,178 719,338 Quarterly 2.77 2.09 97.036.000-K SANTANDER Chile US$ 6,340 19,025 49,945 26,779 - 102,089 95,022 Quarterly 3.68 3.14 0-E RRPF ENGINE England US$ 1,167 3,480 9,103 8,826 4,870 27,446 23,012 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,711 5,175 13,640 13,394 760 34,680 31,544 Quarterly 3.93 3.33 0-E BTMU U.S.A. US$ 3,489 10,485 27,605 27,062 775 69,416 63,189 Quarterly 4.06 3.46 0-E NATIXIS France US$ 4,242 9,870 9,815 563 - 24,490 23,161 Quarterly 4.28 4.12 0-E KFW IPEX-BANK Germany US$ 1,764 5,328 5,378 - - 12,470 12,215 Quarterly 4.20 4.19 0-E AIRBUS FINANCIAL U.S.A. US$ 2,074 6,197 7,840 - - 16,111 15,417 Monthly 4.19 4.19 0-E CITIBANK (*) U.S.A. US$ 25,705 77,703 103,341 - - 206,749 196,211 Quarterly 6.00 6.00 0-E Boeing U.S.A. US$ 559 1,425 55,728 - - 57,712 55,727 At Expiration 4.01 4.01 OTHERS - US$ 1,224 2,484 681 - - 4,389 4,021 - - - Total 534,959 1,039,060 2,866,810 1,555,906 2,098,861 8,095,596 6,989,299 (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018 Restated Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ Amortization Effective rate % Nominal rate % 0-E NEDERLANDSCHE NCM Holland US$ 175 499 1,332 55 - 2,061 1,851 Monthly 6.01 6.01 0-E NATIXIS France US$ 4,195 7,935 46,780 41,872 - 100,782 95,789 Quarterly / Semiannual 6.87 6.87 0-E WACAPOU LEASING S.A. Luxembourg US$ 839 2,433 6,542 - - 9,814 9,226 Quarterly 4.81 4.81 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 11,536 32,312 161,778 - - 205,626 208,224 Quarterly 5.88 5.82 0-E GA Telesis LLC U.S.A. US$ 680 1,753 4,675 4,675 11,318 23,101 13,202 Monthly 15.62 15.62 Total 17,425 44,932 221,107 46,602 11,318 341,384 328,292 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018 Restated Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ AIRCRAFT OTHERS US$ 140,780 420,561 1,015,495 785,417 1,298,585 3,660,838 2,721,352 OTHER ASSETS OTHERS US$ 4,968 14,536 25,689 20,029 21,138 86,360 86,360 CLP 57 170 1 - - 228 228 UF 1,683 2,565 667 34 - 4,949 4,949 COP 304 731 366 21 - 1,422 1,422 EUR 311 431 215 - - 957 957 GBP 45 128 36 - - 209 209 MXN 33 92 235 115 - 475 475 PEN 183 409 114 - - 706 706 OTHERS OTHERS US$ 720,718 9,979 - - - 730,697 730,697 CLP 74,566 16,493 - - - 91,059 91,059 BRL 309,552 66 - - - 309,618 309,618 Other currencies 252,116 3,406 - - - 255,522 255,522 Foreign Inversora Aeronáutica Argentina S.A. Argentina ARS 15 - - - - 15 15 78.591.370-1 Bethia S.A. y Filiales Chile CLP 365 - - - - 365 365 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Brazil BRL 2 - - - - 2 2 Total 1,505,698 469,567 1,042,818 805,616 1,319,723 5,143,422 4,203,936 Total consolidated 2,058,082 1,553,559 4,130,735 2,408,124 3,429,902 13,580,402 11,521,527 The Company has fuel, interest rate and exchange rate hedging strategies involving derivatives contracts with different financial institutions. The Company has margin facilities with each financial institution in order to regulate the mutual exposure produced by changes in the market valuation of the derivatives. At the end of 2018, the Company had delivered US$ 5.0 million in guarantees for derivative margins, corresponding to cash and standby letters of credit. As of December 31, 2019, US$ 23.7 million were delivered in guarantees corresponding to cash and standby letters of credit. The increase was due to: i) the expiration of hedge contracts, ii) acquisition of new hedge contracts, and iii) changes in fuel prices, changes in exchange rates and interest rates. 3.2. The Company’s objectives, with respect to the management of capital, are (i) to comply with the restrictions of minimum equity and (ii) to maintain an optimal capital structure. The Company monitors its contractual obligations and the regulatory limitations in the different countries where the entities of the group are domiciled to assure they meet the limit of minimum net equity, where the most restrictive limitation is to maintain a positive net equity. Additionally, the Company periodically monitors the short and long term cash flow projections to assure the Company has adequate sources of funding to generate the cash requirement to face its investment and funding future commitments. The Company international credit rating is the consequence of the Company capacity to face its long terms financing commitments. As of December 31, 2019 the Company has an international long term credit rating of BB- with stable outlook by Standard & Poor’s, a BB- rating with stable outlook by Fitch Ratings and a Ba3 rating with stable outlook by Moody’s. 3.3. At december 31, 2019, the Company maintained financial instruments that should be recorded at fair value. These are grouped into two categories: 1. Hedge Instruments: This category includes the following instruments: - Interest rate derivative contracts, - Fuel derivative contracts, - Currency derivative contracts. 2. Financial Investments: This category includes the following instruments: - Investments in short-term Mutual Funds (cash equivalent) - Private investment funds. The Company has classified the fair value measurement using a hierarchy that reflects the level of information used in the assessment. This hierarchy consists of 3 levels (I) fair value based on quoted prices in active markets for identical assets or liabilities, (II) fair value calculated through valuation methods based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) and (III) fair value based on inputs for the asset or liability that are not based on observable market data. The fair value of financial instruments traded in active markets, such as investments acquired for trading, is based on quoted market prices at the close of the period using the current price of the buyer. The fair value of financial assets not traded in active markets (derivative contracts) is determined using valuation techniques that maximize use of available market information. The following table shows the classification of financial instruments |
ACCOUNTING ESTIMATES AND JUDGME
ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of accounting judgements and estimates [text block] [Abstract] | |
Disclosure of accounting judgements and estimates [text block] | The Company has used estimates to value and record some of the assets, liabilities, income, expenses and commitments. Basically, these estimates refer to: (a) Evaluation of possible losses due to impairment of goodwill and intangible assets with indefinite useful life As of december 31, 2019, goodwill amount to ThUS$ 2,209,576 (ThUS$ 2,294,072 as of december 31, 2018), while the intangible assets comprise the Airport Slots for ThUS$ 845,959 (ThUS$ 828,969 as of december 31, 2018) and Loyalty Program for ThUS$ 263,806 (ThUS$ 274,420 as of december 31, 2018). Management conducts an impairment test annually or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cash generating unit (CGU) exceeds its recoverable amount. For this evaluation, the Company had identified two CGUs, “Air transport” and “Multiplus coalition and loyalty program”, until December 31, 2018. After the merger of Multiplus (see Note 1), administrator of the Multiplus coalition and loyalty program, the Company has determined air transport as a single CGU. The classification of intangible assets of indefinite useful life in the CGUs, before and after the merger of Multiplus S.A. are as follow: Air Transport Coalition and loyalty As of As of As of As of December 31, December 31, December 31, December 31, 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Goodwill 2,209,576 1,845,136 - 448,936 Airport Slots 845,959 828,969 - - Loyalty program 263,806 - - 274,420 Management’s value-in-use calculations included significant judgments and assumptions relating to revenue growth rates, exchange rate, discount rate, inflation rates, fuel price. The estimation of these assumptions requires significant judgment by the management, as these variables feature inherent uncertainty; however, the assumptions used are consistent with Company’s internal planning. Therefore, management evaluates and updates the estimates on an annual basis, in light of conditions that affect these variables. The main assumptions used as well as the corresponding sensitivity analyses are showed in Note 16. (b) Useful life, residual value, and impairment of property, plant, and equipment The depreciation of assets is calculated based on the linear model, except for certain technical components depreciated on cycles and hours flown. These useful lives are reviewed on an annual basis according with the Company’s future economic benefits associated with them. Changes in circumstances such as: technological advances, business model, planned use of assets or capital strategy may render the useful life different to the lifespan estimated. When it is determined that the useful life of property, plant, and equipment must be reduced, as may occur in line with changes in planned usage of assets, the difference between the net book value and estimated recoverable value is depreciated, in accordance with the revised remaining useful life. Residual values are estimated in accordance with the market value that these assets will have at the end of their useful life. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, once a year. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 2.8). (c) Recoverability of deferred tax assets Management records deferred taxes on the temporary differences arising between the tax bases of assets and liabilities and their carrying amounts reported in the consolidated financial statements. Deferred tax assets are recognized only to the extent it is probable that the future taxable profit will be available against which the temporary differences can be utilized. Management applied significant judgment in assessing the recoverability of deferred tax assets. In determining the amount of deferred tax assets to be recognized, management considered historical profitability, projected future taxable profit (including assumptions related the revenue growth rates, exchange rates, discount rate and fuel price which are in line with those used in the impairment analysis of the group’s cash generating unit) and the expected timing of the reversals of existing temporary differences. As of December 31, 2019, the Company has recognized deferred tax assets of ThUS$ 235,583 (ThUS$ 273,529 as of December 31, 2018) and has ceased to recognize deferred tax assets on tax losses of ThUS$ 110,933 (ThUS$ 137,761 December 31, 2018) (Note 18). (d) Air tickets sold that will not be finally used. The Company records the anticipated sale of air tickets as deferred income. Ordinary income from the sale of tickets is recognized in the income statement when the passenger transport service is provided or expired for non-use. The Company evaluates monthly the probability of expiration of air tickets, with return clauses, based on the history of use of air tickets. A change in this probability could generate an impact on revenue in the year in which the change occurs and in future years. As of December 31, 2019 the deferred income associated with the air tickets sold amounts to ThUS$ 1,511,991. - (ThUS$ 1,299,304 as of December 31, 2018). A hypothetical change of one percentage point in passenger behavior with respect to use would result in an impact of up to ThUS$ 6,000 per month. (e) Valuation of miles and points awarded to holders of loyalty programs, pending use. As of December 31, 2019, the deferred income associated with the LATAM Pass loyalty program amounts to ThUS$ 1,332,173 (ThUS$ 1,324,635 as of December 31, 2018). A hypothetical change of one percentage point in the probability of exchange of miles would result in an impact of ThUS$ 31,565 in the results of 2019 (ThUS$ 27,726 in 2018). Deferred income associated with the LATAM Pass Brasil loyalty program (See Note 22) amounts to ThUS$ 354,847 as of December 31, 2019 (ThUS$ 293,831 as of December 31, 2018). A hypothetical change of two percentage points in the probability of exchange of points would result in an impact of ThUS$ 12,501 in the results of 2019 (ThUS$ 13,140 in 2018). Management used statistical models to estimate the miles and point awarded that will not be redeemed, by the programs members (breakage) which involved significant judgments and assumptions relating the historical redemption and expiration activity and forecasted redemption and expiration patterns. For LATAM Pass Brazil, the expiration occurs after a fixed period from the time of the accumulation. Model is built by the management considering historical expiration rates, to costumers exchange behaviors and relevant segmentations. For LATAM Pass there are rules that allow members to renew their miles, so the management in conjunction with an external specialist develop a predictive model of non-use miles, which allows to generate non-use rates on the basis of historical information, based on behavior of the accumulation, use and expiration of the miles. (f) Provisions needs, and their valuation when required Known contingencies are recognized when: The Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. The Company applies professional judgment, experience, and knowledge to use available information to determine these values, in light of the specific characteristics of known risks. This process facilitates the early assessment and valuation of potential risks in individual cases or in the development of contingent eventualities. (g) Leases (i) Discount rate The discount rate used to calculate the lease debt corresponds, for each aircraft, to the implicit interest rate induced by the contractual elements and residual market values. The implied rate of the contract is the discount rate that gives the aggregated present value of the minimum lease payments and the unguaranteed residual value. This present value should be equal to the sum of the fair value of the leased asset and any initial direct costs of the lessor. For those leases other than aircraft, we use our estimated incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. We consider to our recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. A 100 basis point decrease in our estimate of the rate at January 1, 2019 (the date the adoption of the standard) would increase our lease liability by approximately US$ 105 million. (ii) Lease term In determining the lease term, there are considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. (h) Investment in subsidiary (TAM) The management has applied its judgment in determining that LATAM Airlines Group S.A. controls TAM S.A. and Subsidiaries, for accounting purposes, and has therefore consolidated the financial statements. The grounds for this decision are that LATAM issued ordinary shares in exchange for the majority of circulating ordinary and preferential shares in TAM, except for those TAM shareholders who did not accept the exchange, which were subject to a squeeze out, entitling LATAM to substantially all economic benefits generated by the LATAM Group, and thus exposing it to substantially all risks relating to the operations of TAM. This exchange aligns the economic interests of LATAM and all of its shareholders, including the controlling shareholders of TAM, thus ensuring that the shareholders and directors of TAM shall have no incentive to exercise their rights in a manner that would be beneficial to TAM but detrimental to LATAM. Furthermore, all significant actions necessary of the operation of the airlines require votes in favor by the controlling shareholders of both LATAM and TAM. Since the integration of LAN and TAM operations, the most critical airline operations in Brazil have been managed by the CEO of TAM while global activities have been managed by the CEO of LATAM, who is in charge of the operation of the LATAM Group as a whole and reports to the LATAM Board. The CEO of LATAM also evaluates the performance of LATAM Group executives and, together with the LATAM Board, determines compensation. Although Brazilian law currently imposes restrictions on the percentages of voting rights that may be held by foreign investors, LATAM believes that the economic basis of these agreements meets the requirements of accounting standards in force, and that the consolidation of the operations of LAN and LATAM is appropriate. These estimates were made based on the best information available relating to the matters analyzed. In any case, it is possible that events that may take place in the future could lead to their modification in future reporting periods, which would be made in a prospective manner. |
SEGMENTAL INFORMATION
SEGMENTAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [text block] [Abstract] | |
Disclosure of operating segments [text block] | As of December 31, 2019, the Company considers that it has a single operating segment, that of Air Transport. This segment corresponds to the route network for air transport and is based on the way in which the business is managed, according to the centralized nature of its operations, the ability to open and close routes, as well as reassignment (airplanes, crew, personnel, etc.) within the network, which implies a functional interrelation between all of them, making them inseparable. This segment definition is one of the most common worldwide in the airline industry. Until June 2019, the Company presented two operating segments, the one corresponding to Air transport and the Multiplus coalition and loyalty program segment, discussed in Note 1, the Company Multiplus S.A. Administrator of the Coalition and Loyalty Program Multiplus merged into TAM Linhas Aereas S.A., ceasing to be an entity with independent administration. The Multiplus coalition and Loyalty program, which was defined as an operating segment, due to this independent administration, became part of the Air Transport segment together with the LATAM Pass and LATAM fidelidades programs. The company has restated the information corresponding to December 31, 2018 and 2017 for the presentation of a single segment of information. For the year ended Air Transportation At December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated Income from ordinary activities from external customers (*) 10,070,063 9,895,456 9,613,907 Passenger 9,005,629 8,708,988 8,494,477 Freight 1,064,434 1,186,468 1,119,430 Income from ordinary activities from transactions with other operating segments - - - Other operating income 360,864 472,758 549,889 Interest income 26,283 53,253 78,695 Interest expense (589,934 ) (539,137 ) (579,233 ) Total net interest expense (563,651 ) (485,884 ) (500,538 ) Depreciation and amortization (1,469,976 ) (1,372,628 ) (1,377,135 ) Material non-cash items other than depreciation and amortization (130,011 ) (104,123 ) (105,404 ) Disposal of fixed assets and inventory losses (60,893 ) (46,351 ) (39,238 ) Doubtful accounts (21,558 ) (18,837 ) (18,416 ) Exchange differences (32,571 ) (38,070 ) (48,498 ) Result of indexation units (14,989 ) (865 ) 748 Income (loss) attributable to owners of the parents 190,430 309,811 108,896 Expenses for income tax 53,697 (73,879 ) (158,998 ) Segment profit / (loss) 195,613 341,786 154,386 Assets of segment 21,087,806 20,078,722 21,673,713 Segment liabilities 17,958,629 16,638,121 17,717,420 Amount of non-current asset additions 2,658,541 1,090,177 412,846 Property, plant and equipment 2,519,305 995,085 325,513 Intangibles other than goodwill 139,236 95,092 87,333 Purchase of non-monetary assets of segment 1,416,794 756,913 499,872 (*) The Company does not have any interest income that should be recognized as income from ordinary activities by interest. For the year ended Air Transportation At December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated (2) (2) Net cash flows from Purchases of property, plant and equipment 1,276,621 660,707 403,666 Additions associated with maintenance 453,827 375,634 217,687 Other additions 822,794 285,073 185,979 Purchases of intangible assets 140,173 96,206 96,206 Net cash flows from (used in) operating activities 2,826,667 2,073,316 2,186,823 Net cash flow from (used in) investing activities (1,419,207 ) (358,368 ) (293,925 ) Net cash flows from (used in) financing activities (1,343,521 ) (1,608,597 ) (1,692,668 ) The information by segments as of December 31, 2018 and 2017, which included the Multiplus Coalition and Loyalty Program segment has been restated to present its incorporation into the Air Transport segment. This restatement is presented in the following table: For the year ended Air Segment Air Transportation Adjustment Eliminations Transportation At December 31, At December 31, At December 31, At December 31, 2018 2018 2018 2018 ThUS$ ThUS$ ThUS$ ThUS$ Previously reported Restated Income from ordinary activities from external customers (*) 9,887,090 60,020 (51,654 ) 9,895,456 Passenger 8,700,622 60,020 (51,654 ) 8,708,988 Freight 1,186,468 - - 1,186,468 Other operating income 346,315 126,443 - 472,758 Interest income 27,181 26,072 - 53,253 Interest expense (539,137 ) - - (539,137 ) Total net interest expense (511,956 ) 26,072 - (485,884 ) Depreciation and amortization (1,365,809 ) (6,819 ) - (1,372,628 ) Material non-cash items other than depreciation and amortization (104,038 ) (85 ) - (104,123 ) Disposal of fixed assets and inventory losses (46,351 ) - - (46,351 ) Doubtful accounts (18,741 ) (96 ) - (18,837 ) Exchange differences (38,081 ) 11 - (38,070 ) Result of indexation units (865 ) - - (865 ) Income (loss) attributable to owners of the parents 200,209 109,602 - 309,811 Expenses for income tax 121,155 (47,276 ) - 73,879 Segment profit / (loss) 287,206 54,580 - 341,786 Assets of segment 18,943,127 1,145,942 (10,347 ) 20,078,722 Segment liabilities 16,212,905 449,347 (24,131 ) 16,638,121 Amount of non-current asset additions 1,090,177 - - 1,090,177 Property, plant and equipment 995,085 - - 995,085 Intangibles other than goodwill 95,092 - - 95,092 Purchase of non-monetary assets of segment 756,913 - - 756,913 (*) The Company does not have any interest income that should be recognized as income from ordinary activities by interest. For the year ended Air Segment Air Transportation Adjustment Eliminations Transportation At December 31, At December 31, At December 31, At December 31, 2017 2017 2017 2017 ThUS$ ThUS$ ThUS$ ThUS$ Previously reported Restated Income from ordinary activities from external customers (*) 9,159,031 454,876 - 9,613,907 Passenger 8,039,601 454,876 - 8,494,477 Freight 1,119,430 - - 1,119,430 Income from ordinary activities from transactions with other operating segments 454,876 67,554 (522,430 ) - Other operating income 308,937 240,952 - 549,889 Interest income 28,184 50,511 - 78,695 Interest expense (579,233 ) - - (579,233 ) Total net interest expense (551,049 ) 50,511 - (500,538 ) Depreciation and amortization (1,384,344 ) 7,209 - (1,377,135 ) Material non-cash items other than depreciation and amortization (105,259 ) (145 ) - (105,404 ) Disposal of fixed assets and inventory losses (39,238 ) - - (39,238 ) Doubtful accounts (18,272 ) (144 ) - (18,416 ) Exchange differences (48,497 ) (1 ) - (48,498 ) Result of indexation units 748 - - 748 Income (loss) attributable to owners of the parents (**) (49,887 ) 158,783 - 108,896 Expenses for income tax (89,870 ) (69,128 ) - (158,998 ) Segment profit / (loss) (4,397 ) 158,783 - 154,386 Assets of segment 17,430,937 1,373,049 (6,014 ) 18,797,972 Segment liabilities 14,007,916 563,849 (41,029 ) 14,530,736 Amount of non-current asset additions 412,846 - - 412,846 Property, plant and equipment 325,513 - - 325,513 Intangibles other than goodwill 87,333 - - 87,333 Purchase of non-monetary assets of segment 490,983 - - 490,983 (*) The Company does not have any interest income that should be recognized as income from ordinary activities by interest. (**) The result of the Company includes a net result of ThUS$ (8,162) resulting from the application of IAS 21 and IAS 29, for the subsidiaries that are in hyperinflationary economies. For the year ended Air Segment Air Transportation adjustment Eliminations Transportation At December 31, At December 31, At December 31, At December 31, 2018 2018 2018 2018 ThUS$ ThUS$ ThUS$ ThUS$ Previously reported Restated Net cash flows from Purchases of property, plant and equipment 660,631 76 - 660,707 Additions associated with maintenance 375,634 - - 375,634 Other additions 284,997 76 - 285,073 Purchases of intangible assets (***) 85,628 10,578 - 96,206 Net cash flows from (used in) operating activities 1,950,532 111,161 11,623 2,073,316 Net cash flow from (used in) investing activities (348,346 ) (10,022 ) - (358,368 ) Net cash flows from (used in) financing activities (1,512,898 ) (95,699 ) - (1,608,597 ) (***) The Company does not have cash flows from purchases of intangible assets associated with maintenance. For the year ended Air Segment Air Transportation adjustment Eliminations Transportation At December 31, At December 31, At December 31, At December 31, 2017 2017 2017 2017 ThUS$ ThUS$ ThUS$ ThUS$ Previously reported Restated Net cash flows from Purchases of property, plant and equipment 403,282 384 - 403,666 Additions associated with maintenance 218,537 - - 218,537 Other additions 184,745 384 - 185,129 Purchases of intangible assets (***) 79,102 8,216 - 87,318 Net cash flows from (used in) operating activities 1,489,797 186,367 (9,424 ) 1,666,740 Net cash flow from (used in) investing activities (278,790 ) (8,632 ) - (287,422 ) Net cash flows from (used in) financing activities (1,010,705 ) (168,383 ) - (1,179,088 ) (***) The Company does not have cash flows from purchases of intangible assets associated with maintenance. The Company’s revenues by geographic area are as follows: For the year ended At December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Peru 801,965 705,133 626,316 Argentina 584,959 989,883 1,113,467 U.S.A. 1,004,238 985,919 900,413 Europe 726,165 782,197 676,282 Colombia 380,449 372,794 359,276 Brazil 3,949,797 3,433,877 3,436,402 Ecuador 203,334 203,842 190,268 Chile 1,546,960 1,591,313 1,527,158 Asia Pacific and rest of Latin America 872,196 830,498 784,325 Income from ordinary activities 10,070,063 9,895,456 9,613,907 Other operating income 360,864 472,758 549,889 The Company allocates revenues by geographic area based on the point of sale of the passenger ticket or cargo. Assets are composed primarily of aircraft and aeronautical equipment, which are used throughout the different countries, so it is not possible to assign a geographic area. The Company has no customers that individually represent more than 10% of sales. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
Disclosure of cash and cash equivalents [text block] | As of As of ThUS$ ThUS$ Cash on hand 4,982 8,974 Bank balances 329,632 331,218 Overnight 350,080 282,164 Total Cash 684,694 622,356 Cash equivalents Time deposits 165,791 415,633 Mutual funds 222,094 43,653 Total cash equivalents 387,885 459,286 Total cash and cash equivalents 1,072,579 1,081,642 Cash and cash equivalents are denominated in the following currencies: As of As of December 31, December 31, Currency 2019 2018 ThUS$ ThUS$ Argentine peso 16,579 17,786 Brazilian real 197,354 131,760 Chilean peso 50,521 415,713 Colombian peso 48,191 10,843 Euro 21,927 20,339 US Dollar 667,785 394,215 Other currencies 70,222 90,986 Total 1,072,579 1,081,642 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of derivative financial instruments [text block] [Abstract] | |
Disclosure of derivative financial instruments [text block] | 7.1. As of December 31, 2019 Assets Measured at amortized cost At fair value with changes in results Hedge derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 850,485 222,094 - 1,072,579 Other financial assets, current (*) 36,660 386,669 76,175 499,504 Trade and others accounts receivable, current 1,244,348 - - 1,244,348 Accounts receivable from related entities, current 19,645 - - 19,645 Other financial assets, non current 46,907 - - 46,907 Accounts receivable, non current 4,725 - - 4,725 Total 2,202,770 608,763 76,175 2,887,708 Measured at amortized Hedge Liabilities cost derivatives Total ThUS$ ThUS$ ThUS$ Other financial liabilities, current 1,835,288 50,372 1,885,660 Trade and others accounts payable, current 2,222,874 - 2,222,874 Accounts payable to related entities, current 56 - 56 Other financial liabilities, non-current 8,530,396 22 8,530,418 Accounts payable, non-current 619,110 - 619,110 Total 13,207,724 50,394 13,258,118 (*) The value presented as fair value with changes in the result, corresponds mainly to private investment funds, and as measured at amortized cost they correspond to guarantees delivered. As of December 31, 2018 (Restated) Measured at At fair value amortized with changes Hedge Assets cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,037,989 43,653 - 1,081,642 Other financial assets, current (*) 16,203 344,426 23,355 383,984 Trade and others accounts receivable, current 1,162,582 - - 1,162,582 Accounts receivable from related entities, current 2,931 - - 2,931 Other financial assets, non current 58,700 - - 58,700 Accounts receivable, non current 5,381 - - 5,381 Total 2,283,786 388,079 23,355 2,695,220 Measured at At fair value amortized with changes Hedge Liabilities cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Restated Other financial liabilities, current (*) 1,760,653 7,712 25,921 1,794,286 Trade and others accounts payable, current accounts payables, current 1,674,303 - - 1,674,303 Accounts payable to related entities, current 382 - - 382 Other financial liabilities, non current 8,359,122 - 340 8,359,462 Accounts payable, non-current 529,277 - - 529,277 Total 12,323,737 7,712 26,261 12,357,710 (*) The value presented as initial designation as fair value through profit and loss, corresponds mainly to private investment funds; and as measured at amortized cost they correspond to the guarantees granted. 7.2. As of As of December 31, December 31, a) Assets 2019 2018 ThUS$ ThUS$ Restated Cash and cash equivalents 1,072,579 1,081,642 Argentine peso 16,579 17,786 Brazilian real 197,354 131,760 Chilean peso 50,521 415,713 Colombian peso 48,191 10,843 Euro 21,927 20,339 US Dollar 667,785 394,215 Other currencies 70,222 90,986 Other financial assets (current and non-current) 546,411 442,684 Argentine peso 94 152 Brazilian real 417,477 327,110 Chilean peso 26,073 25,972 Colombian peso 522 1,748 Euro 1,525 7,438 US Dollar 97,988 78,121 Other currencies 2,732 2,143 Trade and other accounts receivable, current 1,244,348 1,162,582 Argentine peso 47,079 82,893 Brazilian real 537,221 511,171 Chilean peso 126,821 113,168 Colombian peso 2,288 7,259 Euro 32,711 49,044 US Dollar 436,774 110,312 Other currencies (*) 61,454 288,735 Accounts receivable, non-current 4,725 5,381 Brazilian real 3 3 Chilean peso 4,722 5,378 Accounts receivable from related entities, current 19,645 2,931 Brazilian real - 293 Chilean peso 42 200 US Dollar 19,603 2,438 Total assets 2,887,708 2,695,220 Argentine peso 63,752 100,831 Brazilian real 1,152,055 970,337 Chilean peso 208,179 560,431 Colombian peso 51,001 19,850 Euro 56,163 76,821 US Dollar 1,222,150 585,086 Other currencies 134,408 381,864 (*) See the composition of the other currencies in Note 8 Trade, other accounts receivable and non-current accounts receivable. b) Liabilities Liabilities information is detailed in the table within Note 3 Financial risk management. |
TRADE AND OTHER ACCOUNTS RECEIV
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of trade and other receivables [text block] [Abstract] | |
Disclosure of trade and other receivables [text block] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Restated Trade accounts receivable 1,073,599 1,077,561 Other accounts receivable 275,876 188,393 Total trade and other accounts receivable 1,349,475 1,265,954 Less: Expected credit loss (100,402 ) (97,991 ) Total net trade and accounts receivable 1,249,073 1,167,963 Less: non-current portion – accounts receivable (4,725 ) (5,381 ) Trade and other accounts receivable, current 1,244,348 1,162,582 The fair value of trade and other accounts receivable does not differ significantly from the book value. To determine the expected credit losses, the Company groups accounts receivable for passenger and cargo transportation; depending on the characteristics of shared credit risk and maturity. As of December 31, 2019 As December 31, 2018 Expected Gross book Impairment loss Expected Gross book Impairment loss Portfolio maturity loss rate (1) value (2) Provision loss rate (1) value (2) Provision % ThUS$ ThUS$ % ThUS$ ThUS$ Up to date 2 % 875,889 (16,433 ) 3 % 888,930 (23,933 ) From 1 to 90 days 8 % 56,537 (4,253 ) 5 % 91,387 (5,014 ) From 91 to 180 days 28 % 16,922 (4,747 ) 45 % 11,085 (4,983 ) From 181 to 360 days 39 % 47,865 (18,459 ) 65 % 15,078 (9,864 ) more of 360 days 74 % 76,386 (56,510 ) 76 % 71,081 (54,197 ) Total 9 % 1,073,599 (100,402 ) 9 % 1,077,561 (97,991 ) (1) Corresponds to the expected average rate. (2) the gross book value represents the maximum growth risk value of trade accounts receivable. Currency balances that make up the Trade and other accounts receivable and non-current accounts receivable are the following: As of As of December 31, December 31, Currency 2019 2018 ThUS$ ThUS$ Argentine Peso 47,079 82,893 Brazilian Real 537,224 511,174 Chilean Peso 131,543 118,546 Colombian peso 2,288 7,259 Euro 32,711 49,044 US Dollar 436,774 110,312 Other currency (*) 61,454 288,735 Total 1,249,073 1,167,963 (*) Other currencies Australian Dollar 20,964 100,733 Chinese Yuan 2,145 5,106 Danish Krone 54 475 Pound Sterling 7,428 18,129 Indian Rupee 37 7,163 Japanese Yen 1,222 56,589 Norwegian Kroner 14 283 Swiss Franc 535 5,046 Korean Won 8,172 31,381 New Taiwanese Dollar 1,117 6,180 Other currencies 19,766 57,650 Total 61,454 288,735 The movements of the provision for impairment losses of the Trade Debtors and other accounts receivable are as follows: Adoption Opening adjustment (Increase) Closing balance IFRS 9 (*) Write-offs Decrease balance Periods ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2017 (77,054 ) - 8,249 (19,104 ) (87,909 ) From January 1 to December 31, 2018 (87,909 ) (10,524 ) 8,620 (8,178 ) (97,991 ) From January 1 to December 31, 2019 (97,991 ) - 12,569 (14,980 ) (100,402 ) (*) Adjustment to the balance as of December 31, 2017 registered in retained earnings as of 01.01.2018 for the adoption of IFRS 9. Once pre-judicial and judicial collection efforts are exhausted, the assets are written off against the allowance. The Company only uses the allowance method rather than direct write-off, to ensure control. The historical and current renegotiations are not very relevant, and the policy is to analyze case by case to classify them according to the existence of risk, determining if their reclassification corresponds to pre-judicial collection accounts. The maximum credit-risk exposure at the date of presentation of the information is the fair value of each one of the categories of accounts receivable indicated above. As of December 31, 2019 As of December 31, 2018 Gross exposure Gross Exposure net Gross exposure Gross Exposure net according to impaired of risk according to Impaired of risk balance exposure concentrations balance exposure concentrations ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Trade accounts receivable 1,073,599 (100,402 ) 973,197 1,077,561 (97,991 ) 979,570 Other accounts receivable 275,876 - 275,876 188,393 - 188,393 There are no relevant guarantees covering credit risk and these are valued when they are settled; no materially significant direct guarantees exist. Existing guarantees, if appropriate, are made through IATA. |
ACCOUNTS RECEIVABLE FROM_PAYABL
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Accouts Receivable Payable From To Related Party Explanatory [Abstract] | |
Accounts Receivable From/Payable to Related Entities [text block] | (a) Accounts Receivable As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2019 2018 ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 19,400 1,907 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP - 988 Foreign Delta Air Lines Inc. Shareholder U.S.A. USD 205 - 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP 36 31 96.782.530-1 Inmobiliaria e Inversiones Asturias S.A. Related director Chile CLP 1 - 76.335.600-0 Parque de Chile S.A. Related director Chile CLP 2 - 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP 1 5 Total current assets 19,645 2,931 (b) Accounts payable As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2019 2018 ThUS$ ThUS$ 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP 53 365 Foreign Inversora Aeronáutica Argentina S.A. Related director Argentina ARS - 15 Foreign Patagonia Seafarms INC Related director U.S.A. USD 3 - Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brasil BRL - 2 Total current liabilities 56 382 Transactions between related parties have been carried out on free-trade conditions between interested and duly-informed parties. The transaction times are between 30 and 45 days, and the nature of settlement of the transactions is monetary. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of inventories [text block] [Abstract] | |
Disclosure of inventories [text block] | The composition of Inventories is as follows: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Technical stock 315,286 233,276 Non-technical stock 38,946 46,068 Total 354,232 279,344 The items included in this heading are spare parts and materials that will be used mainly in consumption in in-flight and maintenance services provided to the Company and third parties, which are valued at average cost, net of provision for obsolescence, as per the following detail: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Provision for obsolescence Technical stock 21,193 20,500 Provision for obsolescenceNon-technical stock 11,610 4,621 Total 32,803 25,121 The resulting amounts do not exceed the respective net realization values. For the period ended December 31, 2019, the Company recorded ThUS$ 133,286 (ThUS$ 120,214 for the period ended December 31, 2018) in results, mainly related to on-board consumption and maintenance, which is part of the Cost of sales. |
OTHER FINANCIAL ASSETS
OTHER FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other assets [text block] [Abstract] | |
Disclosure of other assets [text block] | The composition of other financial assets is as follows: Current Assets Non-current assets Total Assets As of As of As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 386,669 322,428 - - 386,669 322,428 Deposits in guarantee (aircraft) 8,934 9,610 28,599 37,636 37,533 47,246 Guarantees for margins of derivatives 21,200 661 - - 21,200 661 Other investments - - 494 494 494 494 Domestic and foreign bonds 19 1,394 - - 19 1,394 Other guarantees given 6,507 7,140 15,138 20,570 21,645 27,710 Subtotal of other financial assets 423,329 341,233 44,231 58,700 467,560 399,933 (b) Hedging derivate assets Accrued Interest since the last payment date Cross currency swap of currencies 3 - - - 3 - Fair value of interest rate derivatives 27,044 19,460 2,676 - 29,720 19,460 Fair value of foreign currency derivatives 586 3,895 - - 586 3,895 Fair value of fuel price derivatives 48,542 - - - 48,542 - Subtotal of hedging derivate assets 76,175 23,355 2,676 - 78,851 23,355 (c) Derivatives not recognized as a hedge Foreign currency derivatives not recognized as a hedge - 19,396 - - - 19,396 Subtotal of derivatives not recognized as a hedge - 19,396 - - - 19,396 Total Other Financial Assets 499,504 383,984 46,907 58,700 546,411 442,684 The different derivative hedging contracts maintained by the Company at the end of each fiscal year are described in Note 19. |
OTHER NON-FINANCIAL ASSETS
OTHER NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Other Non Financial Assets Explanatory [Abstract] | |
OTHER NON-FINANCIAL ASSETS [Text Block]] | The composition of other non-financial assets is as follows: Current assets Non-current assets Total Assets As of As of As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Restated (a) Advance payments Aircraft insurance and other 11,179 16,483 523 - 11,702 16,483 Others 15,167 20,105 1,832 4,460 16,999 24,565 Subtotal advance payments 26,346 36,588 2,355 4,460 28,701 41,048 (b) Contract assets (1) GDS costs 16,593 14,708 - - 16,593 14,708 Credit card commissions 23,437 21,614 - - 23,437 21,614 Travel agencies commissions 16,546 12,635 - - 16,546 12,635 Subtotal advance payments 56,576 48,957 - - 56,576 48,957 (c) Other assets Aircraft maintenance reserve (2) 27,987 831 17,844 51,836 45,831 52,667 Sales tax 167,987 187,410 34,680 38,186 202,667 225,596 Other taxes 34,295 15,255 - - 34,295 15,255 Contributions to Société Internationale de Télécommunications Aéronautiques (“SITA”) 258 258 739 739 997 997 Judicial deposits - - 149,310 132,267 149,310 132,267 Others - 1,177 - 53 - 1,230 Subtotal other assets 230,527 204,931 202,573 223,081 433,100 428,012 Total Other Non - Financial Assets 313,449 290,476 204,928 227,541 518,377 518,017 (1) Movement of Contracts assets: Adjustments Difference Initial by the application by Final balance Activation IFRS 15 conversion Amortization balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2018 - 180,171 54,361 (5,019 ) (180,556 ) 48,957 From January 1 to December 31, 2019 48,957 166,300 - (4,950 ) (153,731 ) 56,576 (2) Aircraft maintenance reserves reflect prepayment deposits made by the group to lessors of certain aircraft under operating lease agreements in order to ensure that funds are available to support the scheduled heavy maintenance of the aircraft. These amounts are calculated based on performance measures, such as flight hours or cycles, are paid periodically (usually monthly) and are contractually required to be repaid to the lessee upon the completion of the required maintenance of the leased aircraft. At the end of the lease term, any unused maintenance reserves are either returned to the Company in cash or used to offset amounts that we may owe the lessor as a maintenance adjustment. In some cases, (five lease agreements), if the maintenance cost incurred by LATAM is less than the corresponding maintenance reserves, the lessor is entitled to retain those excess amounts at the time the heavy maintenance is performed. The Company periodically reviews its maintenance reserves for each of its leased aircraft to ensure that they will be recovered and recognizes an expense if any such amounts are less than probable of being returned. The cost of aircraft maintenance in the last years has been higher than the related maintenance reserves for all aircraft. As of December 31, 2019, maintenance reserves amount to ThUS$ 45,831 (ThUS$ 52,667 as of December 31, 2018), corresponding to 8 aircraft that maintain remaining balances, which will be settled in the next maintenance or return. Aircraft maintenance reserves are classified as current or non-current depending on the dates when the related maintenance is expected to be performed (Note 2.23). |
NON-CURRENT ASSETS AND DISPOSAL
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-current assets or disposal groups classified as held for sale [text block] [Abstract] | |
Disclosure of non-current assets or disposal groups classified as held for sale [text block] | Non-current assets and disposal group classifieds as held for sale at December 31, 2019 and December 31, 2018, are detailed below: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Current assets Aircraft 482,806 265 Engines and rotables 1,943 5,299 Other 401 204 Total 485,150 5,768 The balances are presented at the lower of book value and fair value less cost to sell. The fair value of these assets was determined based on quoted prices in active markets for similar assets or liabilities. This is a level II measurement as per the fair value hierarchy set out in Note 3.3 (2). There were no transfers between levels for recurring fair value measurements during the year. a) Assets reclassified from Property, plant and equipment to Non-current assets or groups of assets for disposal classified as held for sale. During 2019, four Airbus A350, aircraft two Boeing 767, were reclassified from Property, plants and equipment to Non-current assets or groups of assets for disposal classified as held for sale. Additionally, during 2019, the sale of one motor spare Boeing 767 and one Boeing 767 aircraft were materialized. As a result of the above, during of 2019, adjustments for US $ 2 million of expense were recognized to record these assets at their net realizable value. The detail of the fleet classified as non-current assets and disposal group classified as in disregard held for sale is as follows: As of As of December 31, December 31, Aircraft 2019 2018 Boeing 767 1 - Airbus A350 4 - ATR42-300 - 1 Total 5 1 |
INVESTMENTS IN SUBSIDIARIES
INVESTMENTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of subsidiaries [text block] [Abstract] | |
Disclosure of subsidiaries [text block] | (a) Investments in subsidiaries The Company has investments in companies recognized as investments in subsidiaries. All the companies defined as subsidiaries have been consolidated within the financial statements of LATAM Airlines Group S.A. and Subsidiaries. The consolidation also includes special-purpose entities. Detail of significant subsidiaries: Ownership As of As of Country of Functional December 31, December 31, Name of significant subsidiary incorporation currency 2019 2018 % % Latam Airlines Perú S.A. Peru US$ 70.00000 70.00000 Lan Cargo S.A. Chile US$ 99.89395 99.89803 Lan Argentina S.A. Argentina ARS 99.98370 99.86560 Transporte Aéreo S.A. Chile US$ 100.00000 100.00000 Latam Airlines Ecuador S.A. Ecuador US$ 100.00000 100.00000 Aerovías de Integración Regional, AIRES S.A. Colombia COP 99.19414 99.19061 TAM S.A. Brazil BRL 99.99938 99.99938 The consolidated subsidiaries do not have significant restrictions for transferring funds to controller. Summary financial information of significant subsidiaries Statement of financial position as of December 31, 2019 Income for the year Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A. 519,363 481,592 37,771 510,672 508,541 2,131 1,186,668 (1,739 ) Lan Cargo S.A. 634,852 334,725 300,127 462,666 398,872 63,794 274,774 (4,157 ) Lan Argentina S.A. 262,049 255,641 6,408 89,070 86,912 2,158 218,989 (133,408 ) Transporte Aéreo S.A. 359,335 101,128 258,207 142,423 46,383 96,040 315,105 14,610 Latam Airlines Ecuador S.A. 99,019 95,187 3,832 97,198 86,810 10,388 229,797 (3,411 ) Aerovías de Integración Regional, AIRES S.A. 187,001 135,344 51,657 78,990 70,643 8,347 291,235 (3,009 ) TAM S.A. (*) 5,036,864 2,580,665 2,456,199 3,497,559 2,556,280 941,279 5,013,293 185,720 Statement of financial position as of December 31, 2018 Income for the year Name of significant subsidiary Total Current Non-current Total Current Non-current Revenue Net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Latam Airlines Perú S.A. 419,325 379,490 39,835 409,221 406,159 3,062 871,860 2,732 Lan Cargo S.A. 513,367 243,499 269,868 336,715 292,399 44,316 190,997 (34,322 ) Lan Argentina S.A. 243,230 235,919 7,311 239,234 236,786 2,448 154,878 (132,538 ) Transporte Aéreo S.A. 331,496 72,597 258,899 129,233 28,277 100,956 231,221 (17,609 ) Latam Airlines Ecuador S.A. 108,735 96,564 12,171 98,238 89,921 8,317 174,821 4,354 Aerovías de Integración Regional, AIRES S.A. 116,352 55,865 60,487 77,984 69,150 8,834 215,366 (6,396 ) TAM S.A. (*) 4,420,546 2,007,830 2,412,716 3,256,017 1,832,796 1,423,221 3,434,453 358,616 Statement of financial position as of December 31, 2017 Income for the year Name of significant subsidiary Total Current Non-current Total Current Non-current Revenue Net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Latam Airlines Perú S.A. 315,607 294,308 21,299 303,204 301,476 1,728 1,046,423 1,205 Lan Cargo S.A. 584,169 266,836 317,333 371,934 292,529 79,405 264,544 (30,220 ) Lan Argentina S.A. 198,951 166,445 32,506 143,731 139,914 3,817 387,557 (41,636 ) Transporte Aéreo S.A. 324,498 30,909 293,589 104,357 36,901 67,456 317,436 2,172 Aerolane Líneas Aéreas Nacionales del Ecuador S.A. 96,407 66,166 30,241 84,123 78,817 5,306 219,039 3,722 Aerovías de Integración Regional, AIRES S.A. 138,138 64,160 73,978 91,431 80,081 11,350 279,414 526 TAM S.A. (*) 4,490,714 1,843,822 2,646,892 3,555,423 2,052,633 1,502,790 4,621,338 160,582 (*) Corresponds to consolidated information of TAM S.A. and Subsidiaries (b) Non-controlling Equity As of As of As of As of Country December 31, December 31, December 31, December 31, Tax No. of origin 2019 2018 2019 2018 % % ThUS$ ThUS$ Restated Latam Airlines Perú S.A 0-E Peru 30.00000 30.00000 2,609 3,032 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 369 (101 ) Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.01630 0.13940 (6,276 ) 8,684 Lan Argentina S.A. 0-E Argentina 0.02890 0.02890 50 (472 ) Americonsult de Guatemala S.A. 0-E Guatemala 0.87000 1.00000 1 1 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 (7 ) 1 Americonsult Costa Rica S.A. 0-E Costa Rica 0.20000 1.00000 2 11 Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 10.00000 10.00000 (755 ) (462 ) Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.79880 899 378 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 1,503 1,740 Multiplus S.A.(*) 0-E Brazil - 27.26000 - 67,096 Total (1,605 ) 79,908 Incomes For the year ended For the year ended Country December 31, December 31, December 31, December 31, Tax No. of origin 2019 2018 2017 2019 2018 2017 % % % ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A 0-E Peru 30.00000 30.00000 30.00000 (1,065 ) 1,673 360 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 0.10196 19 (406 ) (4 ) Promotora Aerea Latinoamericana S.A. and Subsidiaries 0-E Mexico - - 51.00000 - - 1,416 Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.01630 0.13940 0.13940 359 66 117 Lan Argentina S.A. 0-E Argentina 0.02890 0.02890 0.02842 48 39 24 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 0.20000 (7 ) 2 - Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 10.00000 10.00000 10.00000 (293 ) 58 398 Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.79880 0.80944 (24 ) 87 4 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 5.02000 420 717 299 Multiplus S.A.(*) 0-E Brazil - 27.26000 27.26000 5,726 29,739 42,796 Total 5,183 31,975 45,410 (*) See Note 1 letter (b) |
INTANGIBLE ASSETS OTHER THAN GO
INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of intangible assets [text block] [Abstract] | |
Disclosure of intangible assets [text block] | The details of intangible assets are as follows: Classes of intangible assets Classes of intangible assets (net) (gross) As of As of As of As of December 31, December 31, December 31, December 31, 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 845,959 828,969 845,959 828,969 Loyalty program 263,806 274,420 263,806 274,420 Computer software 220,993 156,038 656,699 529,009 Developing software 99,193 151,853 99,193 151,853 Trademarks (1) 17,959 29,361 51,326 53,391 Other assets 331 431 1,315 1,325 Total 1,448,241 1,441,072 1,918,298 1,838,967 Movement in Intangible assets other than goodwill: Computer Developing Airport Trademarks Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 157,016 91,053 978,849 383,395 1,610,313 Additions 8,453 78,880 - - 87,333 Withdrawals (244 ) (684 ) - - (928 ) Transfer software 45,783 (45,580 ) - - 203 Foreign exchange (1,215 ) (254 ) (14,336 ) (5,459 ) (21,264 ) Amortization (48,823 ) - - (9,587 ) (58,410 ) Closing balance as of December 31, 2017 160,970 123,415 964,513 368,349 1,617,247 Opening balance as of January 1, 2018 160,970 123,415 964,513 368,349 1,617,247 Additions 791 94,301 - - 95,092 Withdrawals (403 ) (125 ) - - (528 ) Transfer software 59,771 (61,087 ) - - (1,316 ) Foreign exchange (10,231 ) (4,651 ) (135,544 ) (53,522 ) (203,948 ) Amortization (54,549 ) - - (11,046 ) (65,595 ) Adjustment application IAS 29 by hyperinflation Argentina 120 - - - 120 Closing balance as of December 31, 2018 156,469 151,853 828,969 303,781 1,441,072 Opening balance as of January 1, 2019 156,469 151,853 828,969 303,781 1,441,072 Additions 278 91,371 47,587 - 139,236 Withdrawals (270 ) (1,123 ) - - (1,393 ) Transfer software 136,935 (140,102 ) - - (3,167 ) Foreign exchange (1,981 ) (2,806 ) (30,597 ) (11,612 ) (46,996 ) Amortization (70,107 ) - - (10,404 ) (80,511 ) Closing balance as of December 31, 2019 221,324 99,193 845,959 281,765 1,448,241 1) In 2016, the Company resolved to adopt a unique name and identity, and announced that the group’s brand will be LATAM, which united all the companies under a single image. The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. 2) See Note 2.5 The amortization of each period is recognized in the consolidated income statement in the administrative expenses. The cumulative amortization of computer programs and brands as of December 31, 2019, amounts to ThUS $ 470,057 (ThUS $ 397,895 as of December 31, 2018). |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of goodwill [text block] [Abstract] | |
Disclosure of goodwill [text block] | Goodwill as of December 31, 2019, amounts to ThUS $ 2,209,576 (ThUS $ 2,294,072 as of December 31, 2018). The goodwill movement, separated by CGU, includes the following: Movement of Goodwill, separated by CGU: Air Coalition Total ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 2,176,634 533,748 2,710,382 Increase (decrease) due to exchange rate differences (29,942 ) (7,890 ) (37,832 ) Others - - - Closing balance as of December 31, 2017 2,146,692 525,858 2,672,550 Opening balance as of January 1, 2018 2,146,692 525,858 2,672,550 Increase (decrease) due to exchange rate differences (300,203 ) (76,922 ) (377,125 ) Adjustment IAS 29, hyperinflation Argentina 335 - 335 Others (1,688 ) - (1,688 ) Closing balance as of December 31, 2018 1,845,136 448,936 2,294,072 Opening balance as of January 1, 2019 1,845,136 448,936 2,294,072 Increase (decrease) due to exchange rate differences (67,133 ) (17,363 ) (84,496 ) Transfer from Multiplus S.A. (see nota 1) 431,573 (431,573 ) - Closing balance as of December 31, 2019 2,209,576 - 2,209,576 As of December 31, 2019, the Company maintains only the CGU “Air Transport”, due to the merger of Multiplus S.A. in TAM Linhas Aereas (see Note 1), and changes in the management structure. The CGU “Air transport” considers the transport of passengers and cargo, both in the domestic markets of Chile, Peru, Argentina, Colombia, Ecuador and Brazil, as well as in a series of regional and international routes in America, Europe and Oceania. The recoverable amount of the CGU has been determined based on the value in use calculations which require the use of assumptions. These calculations use cash flow projections covering a 5 year period which is based on the financial budgets approved by management. Cash flows beyond the 5 year period are extrapolated using the estimated revenue growth rates and average volumes, which do not exceed the average long-term revenue growth rates. Management’s cash flow projections included significant judgements and assumptions related to annual revenue growth rates, discount rate, inflation rates, the exchange rate and price of fuel. The annual revenue growth rate is based on past performance and management’s expectations of market development in each of the countries in which it operates. The discount rates used, for the CGU “Air transport”, are in determined in US dollars, after taxes, and reflect specific risks related to the relevant countries of each of the operations. Inflation rates and exchange rates are based on the data available from the countries and the information provided by the Central Bank of the various countries where it operates, and the price of fuel is determined based on estimated levels of production, the competitive environment of the market in which they operate and their commercial strategy. As of December 31, 2019 the recoverable values were determined using the following assumptions presented below: Air transportation CGU Annual growth rate (Terminal) % 1.0 - 2.0 Exchange rate (1) R$/US$ 4.0 - 4.9 Discount rate based on the weighted average cost of capital (WACC) % 7.50 - 8.50 Fuel Price from futures price curves commodities markets US$/barrel 79 - 80 (1) In line with the expectations of the Central Bank of Brazil The result of the impairment test, which includes a sensitivity analysis of its main variables, showed that the estimated recoverable amount exceeded the carrying amount of the cash generating unit, and therefore no impairment was detected. The calculation of the recoverable value of the CGU is most sensitive to annual revenue growth rates, discount and exchange rates. The sensitivity analysis included the individual impact of the variations of the critical estimates when determining the recoverable amounts, namely: Decrease Increase Minimum Maximum terminal WACC growth rate % % Air transportation CGU 8.5 1.0 In none of the previous cases there was an impairment of the cash generating unit. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
Disclosure of property, plant and equipment [text block] | The composition by category of Property, plant and equipment is as follows: Gross Book Value Accumulated depreciation Net Book Value As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Restated Construction in progress (1) 372,589 630,320 - - 372,589 630,320 Land 48,406 45,424 - - 48,406 45,424 Buildings 133,488 179,907 (58,626 ) (67,342 ) 74,862 112,565 Plant and equipment 13,993,044 13,333,837 (4,630,001 ) (4,361,337 ) 9,363,043 8,972,500 Own aircraft 13,268,562 12,595,223 (4,421,211 ) (4,096,975 ) 8,847,351 8,498,248 Other (2) 724,482 738,614 (208,790 ) (264,362 ) 515,692 474,252 Machinery 33,658 34,253 (28,441 ) (27,659 ) 5,217 6,594 Information technology equipment 161,992 160,936 (141,216 ) (138,372 ) 20,776 22,564 Fixed installations and accessories 171,469 182,629 (111,635 ) (111,620 ) 59,834 71,009 Motor vehicles 67,060 69,653 (60,327 ) (60,531 ) 6,733 9,122 Leasehold improvements 234,249 211,322 (135,789 ) (128,055 ) 98,460 83,267 Right of use 5,693,553 4,987,953 (2,823,855 ) (2,439,509 ) 2,869,698 2,548,444 Aircraft 5,438,404 4,761,529 (2,669,864 ) (2,305,195 ) 2,768,540 2,456,334 Other assets 255,149 226,424 (153,991 ) (134,314 ) 101,158 92,110 Total 20,909,508 19,836,234 (7,989,890 ) (7,334,425 ) 12,919,618 12,501,809 (1) As of December 31, 2019, includes advances paid to aircraft manufacturers for ThUS$ 348,148 (ThUS$ 612,236 as of December 31, 2018) (2) Consider mainly rotables and tools. a) Movement in the different categories of Property, plant and equipment: Information Fixed Property, Plant and technology installations Motor Leasehold Rights Plant and Construction Buildings equipment equipment & accessories Vehicles improvements of use equipment in progress Land net net net net net net net net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 Restated 470,065 50,148 130,219 9,618,505 39,714 83,912 1,045 104,541 2,931,101 13,429,250 Additions 11,145 - - 300,098 5,708 329 77 8,156 288,142 613,655 Disposals - - - (16,031 ) (6 ) (10 ) (43 ) - - (16,090 ) Retirements (127 ) - (6 ) (25,951 ) (473 ) (497 ) - - - (27,054 ) Depreciation expenses - - (7,946 ) (701,094 ) (14,587 ) (14,124 ) (187 ) (27,266 ) (375,510 ) (1,140,714 ) Foreign exchange 107 (368 ) (275 ) (9,716 ) (183 ) (820 ) (8 ) (243 ) - (11,506 ) Other increases (decreases) 75,632 - 2,556 (27,220 ) (17 ) 11,987 (448 ) (963 ) 21,584 83,111 Changes, total 86,757 (368 ) (5,671 ) (479,914 ) (9,558 ) (3,135 ) (609 ) (20,316 ) (65,784 ) (498,598 ) Closing balance as of December 31, 2017 556,822 49,780 124,548 9,138,591 30,156 80,777 436 84,225 2,865,317 12,930,652 Opening balance as of January 1, 2018 Restated 556,822 49,780 124,548 9,138,591 30,156 80,777 436 84,225 2,865,317 12,930,652 Additions 7,927 - - 635,367 4,995 64 24 20,410 326,298 995,085 Disposals - (8 ) (1,412 ) (4,747 ) (30 ) (74 ) (14 ) - - (6,285 ) Retirements (80 ) - (19 ) (63,774 ) (92 ) (27 ) - (4 ) - (63,996 ) Depreciation expenses - - (6,219 ) (705,577 ) (11,677 ) (12,538 ) (146 ) (27,766 ) (391,138 ) (1,155,061 ) Foreign exchange (714 ) (4,348 ) (4,244 ) (94,488 ) (1,819 ) (8,499 ) (28 ) (2,351 ) (13,751 ) (130,242 ) Other increases (decreases) 65,992 - (89 ) 78,341 732 10,195 273 8,753 (238,282 ) (74,085 ) Adjustment application IAS 29 373 - - 3,869 299 1,111 89 - - 5,741 Changes, total 73,498 (4,356 ) (11,983 ) (151,009 ) (7,592 ) (9,768 ) 198 (958 ) (316,873 ) (428,843 ) Closing balance as of December 31, 2018 Restated 630,320 45,424 112,565 8,987,582 22,564 71,009 634 83,267 2,548,444 12,501,809 Opening balance as of January 1, 2019 (Restated ) 630,320 45,424 112,565 8,987,582 22,564 71,009 634 83,267 2,548,444 12,501,809 Additions 21,884 7,950 - 1,694,640 6,580 26 73 34,988 753,164 2,519,305 Disposals - (28 ) (47 ) (23,945 ) (13 ) (75 ) (11 ) - - (24,119 ) Retirements (20 ) - - (64,838 ) (85 ) (77 ) - (362 ) - (65,382 ) Depreciation expenses - - (5,768 ) (776,225 ) (8,574 ) (11,945 ) (94 ) (19,001 ) (400,384 ) (1,221,991 ) Foreign exchange (1,340 ) (1,103 ) (914 ) (24,615 ) (234 ) (2,007 ) (125 ) (432 ) (4,561 ) (35,331 ) Other increases (decreases) (278,255 ) (3,837 ) (30,974 ) (418,083 ) 538 2,903 - - (26,965 ) (754,673 ) Changes, total (257,731 ) 2,982 (37,703 ) 386,934 (1,788 ) (11,175 ) (157 ) 15,193 321,254 417,809 Closing balance as of December 31, 2019 372,589 48,406 74,862 9,374,516 20,776 59,834 477 98,460 2,869,698 12,919,618 (b) Composition of the fleet: Aircraft included Aircraft included in Property, as Rights Total plant and equipment of use assets fleet As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, Aircraft Model 2019 2018 2019 2018 2019 2018 Boeing 767 300ER 28 33 2 2 30 35 Boeing 767 300F 11 (1) 9 (1) 1 1 12 (1) 10 (1) Boeing 777 300ER 4 4 6 6 10 10 Boeing 777 200ER - - - 2 - 2 Boeing 787 800 6 6 4 4 10 10 Boeing 787 900 6 4 10 10 16 14 Airbus A319 100 37 37 9 9 46 46 Airbus A320 200 96 (2) 97 (2) 46 34 142 (2) 131 (2) Airbus A320 NEO 7 1 6 3 13 4 Airbus A321 200 30 30 19 19 49 49 Airbus A350 900 2 5 7 (3) 4 (3) 9 (3) 9 Total 227 226 110 94 337 320 (1) One aircraft leased to Aerotransportes Mas de Carga S.A. de C.V. (2) Three aircraft leased to Salam Air and two to Sundair (3) Four aircraft leased to Qatar Airways, which are in assets by right of use. (c) Method used for the depreciation of Property, plant and equipment: Useful life (years) Method minimum maximum Buildings Straight line without residual value 20 50 Plant and equipment Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) 5 30 Information technology equipment Straight line without residual value 5 10 Fixed installations and accessories Straight line without residual value 10 10 Motor vehicle Straight line without residual value 10 10 Leasehold improvements Straight line without residual value 5 8 Assets for rights of use Straight line without residual value 1 25 (*) Except in the case of the Boeing 767 300ER and Boeing 767 300F fleets that consider a lower residual value due to the extension of their useful life to 22 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. The aircraft with remarketing clause (**) under modality of financial leasing, which are depreciated according to the duration of their contracts, between 12 and 18 years. Its residual values are estimated according to market value at the end of such contracts. (**) Aircraft with remarketing clause are those that are required to sell at the end of the contract. In the year 2019, the charge to income for the depreciation of the year, which is included in the consolidated statement of income, amounts to ThUS$ 1,221,991, ThUS$ 1,155,061 and ThUS$ 1,462,562 for the same period of the year 2018 and 2017; those amounts include depreciation of assets for right of use, for ThUS$ 400,384, ThUS$ 391,138 and ThUS$ 375,510, respectively. This expense is recognized in the cost of sales and administrative expenses of the consolidated statement of income. (d) Additional information regarding Property, plant and equipment: (i) Property, plant and equipment pledged as guarantee: Description of Property, plant and equipment pledged as guarantee: As of As of December 31, December 31, 2019 2018 Guarantee Creditor Existing Book Existing Book agent (1) company Fleet Debt Value Debt Value ThUS$ ThUS$ ThUS$ ThUS$ Wilmington MUFG Airbus A319 74,713 256,937 96,057 234,329 Trust Company Airbus A320 70,644 256,651 98,903 220,390 Boeing 767 61,728 196,244 82,793 206,868 Boeing 787 120,938 127,283 144,312 133,388 Airbus A321 353,774 452,107 389,080 477,778 Boeing 787 332,131 374,998 365,375 398,510 Aircraft and engines Airbus A350 180,320 192,620 198,301 204,860 Boeing 787 143,475 191,804 162,378 204,961 Banco Santander S.A. Aircraft and engines Airbus A320 - - 172,474 275,511 Airbus A321 - - 25,661 41,957 BNP Paribas Aircraft and engines Airbus A319 - - 9,693 19,113 BNP Paribas Airbus A319 - - 17,009 26,407 Credit Agricole Airbus A319 - - 11,154 31,865 Airbus A320 85,986 95,148 134,328 132,301 Airbus A321 / A350 83,281 67,882 22,439 24,939 Boeing 767 10,404 35,226 21,830 43,568 Aircraft and engines Boeing 787 74,023 36,594 74,023 42,228 Wells Fargo Aircraft and engines Airbus A320 - - 196,540 285,877 Bank Of Utah Aircraft and engines (2) Airbus A320 / A350 296,441 378,462 502,006 630,065 Boeing 787 217,500 259,934 - - Aircraft and engines (2) Airbus A320 / A350 44,088 - 54,014 - Aircraft and engines Natixis Airbus A321 282,927 384,224 324,524 410,771 Citibank N.A. Aircraft and engines Airbus A320 - - 78,049 132,296 Airbus A321 - - 28,938 70,333 UMB Bank Aircraft and engines Airbus A320 106,250 149,607 - - MUFG Bank Aircraft and engines Airbus A320 216,411 310,311 - - PK AirFinance US, Inc. Aircraft and engines Airbus A320 - - 37,615 52,435 Banco BBVA Land and buildings (3) - - 50,785 64,500 Total direct guarantee 2,755,034 3,766,032 3,298,281 4,365,250 (1) For syndicated loans, is the Guarantee Agent that, represent different creditors. (2) As of December 31, 2019, three A350 aircraft are classified under Non-current assets or groups of assets for disposal as held for sale. (3) Corresponds to a debt classified under item loans to exporters (see Note 19). The amounts of the current debt are presented at their nominal value. The book value corresponds to the goods granted as collateral. Additionally, there are indirect guarantees associated with assets registered in properties, plants and equipment whose total debt as of December 31, 2019, amounts to ThUS$ 1,762,611 (ThUS$ 1,633,504 as of December 31, 2018). The book value of the assets with indirect guarantees as of December 31, 2019, amounts to ThUS$ 3,866,237 (ThUS$ 3,258,950 as of December 31, 2018). As of December 31, 2019, the Company keeps valid letters of credit related to assets by right of use according to the following detail: Value Release Creditor Guarantee Debtor Type ThUS$ date GE Capital Aviation Services Limited Lan Cargo S.A. One letter of credit 1,100 Nov 30, 2020 Avolon Aerospace AOE 62 Limited Latam Airlines Group S.A. Three letter of credit 2,167 Sep 30, 2020 Bank of Utah Latam Airlines Group S.A. One letter of credit 2,000 Mar 24, 2020 GE Capital Aviation Services Ltd. Latam Airlines Group S.A. Three letter of credit 14,327 Jan 20, 2020 ORIX Aviation Systems Limited Latam Airlines Group S.A. Four letter of credit 10,034 Sep 26, 2020 Sky High XXIV Leasing Company Latam Airlines Group S.A. Eight letter of credit 6,831 Aug 05, 2020 Merlin Aviation Leasing (Ireland) 18 Limited Tam Linhas Aéreas S.A. One letter of credit 3,852 Mar 15, 2020 Shapphire Leasing (AOE) Limited Tam Linhas Aéreas S.A. One letter of credit 7,500 Oct 19, 2020 Wells Fargo Bank Latam Airlines Group S.A. Nine letter of credit 15,160 Mar 13, 2020 Banc Of America Latam Airlines Group S.A. Three letter of credit 1,044 Jul 7, 2020 Macquaire Aircraft Leasing Services Latam Airlines Group S.A. Five letter of credit 2,582 Aug 1, 2020 TC Skyward Aviation US Inc Tam Linhas Aéreas S.A. One letter of credit 13,100 Oct 6, 2020 RB Comercial Properties 49 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 35,974 Apr 29, 2020 115,671 (ii) Commitments and others Fully depreciated assets and commitments for future purchases are as follows: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 261,792 192,606 Commitments for the acquisition of aircraft (*)(**) 7,390,000 14,400,000 (*) According to the manufacturer’s price list. (**) The current commitments do not consider 10 Airbus aircraft of the A350 family, included in a sales contract with Delta Air Lines, Inc. Purchase commitment of aircraft Year of delivery Manufacturer 2020 2021 2022 2023 2024-2026 Total Airbus S.A.S. (*) 3 10 11 9 11 44 A320-NEO Family 3 10 11 9 9 42 A350 Family - - - - 2 2 The Boeing Company 2 2 - 2 - 6 Boeing 787-9 2 2 - 2 - 6 Total 5 12 11 11 11 50 (*) During the third quarter of 2019 the company signed a sale contract with Delta Air Lines, Inc. for 14 Airbus A350 family aircraft, 10 were within the current aircraft purchase commitments and 4 that were already in PPE were classified as assets held for sale as of December 31, 2019. As of December 31, 2019, as a result of the different aircraft purchase contracts and agreements signed with Airbus SAS, there are remaining to receive 42 Airbus aircraft of the A320 family, with deliveries between 2020 and 2024, and 2 Airbus aircraft of the A350 family with dates delivery for 2026. The approximate amount, according to manufacturer’s list prices, is ThUS$ 5,640,000. As of December 31, 2019, as a result of the different aircraft purchase contracts signed with The Boeing Company, there are remaining 6 Boeing 787 Dreamliner aircraft, with delivery dates between 2020 and 2023. The approximate amount, according to manufacturer’s list prices, is ThUS$ 1,750,000. (iii) Capitalized interest costs with respect to Property, plant and equipment. For the year ended December 31, 2019 2018 2017 Average rate of capitalization of capitalized interest costs % 4.72 4.64 4,12 Costs of capitalized interest ThUS$ 1,444 13,007 8,210 |
CURRENT AND DEFERRED TAXES
CURRENT AND DEFERRED TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of income tax [text block] [Abstract] | |
Disclosure of income tax [text block] | In the period ended December 31, 2019, the income tax provision was calculated for such period, applying the partially integrated taxation system and a rate of 27%, in accordance with the Law No. 20,780 published in the Official Journal of the Republic of Chile on September 29, 2014. Deferred taxes are recognized, on the temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. No deferred tax has been recorded for permanent difference, since they are caused by transactions that are recorded in the financial statements and that will not have impact on income taxes. (a) Current taxes (a.1) The composition of the current tax assets is the following: Current assets Non-current assets Total assets As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 10,968 48,480 - - 10,968 48,480 Other recoverable credits 18,353 20,654 - 757 18,353 21,411 Total assets by current tax 29,321 69,134 - 757 29,321 69,891 (a.2) The composition of the current tax liabilities are as follows: Current liabilities Non-current liabilities Total liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 11,925 3,738 - - 11,925 3,738 Total liabilities by current tax 11,925 3,738 - - 11,925 3,738 (b) Deferred taxes The balances of deferred tax are the following: Assets Liabilities As of As of As of As of Concept December 31, December 31, December 31, December 31, 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Properties, Plants and equipment 186,311 150,831 1,700,215 1,733,327 Assets by right of use 42,011 202 (91,470 ) (85,550 ) Amortization (903 ) (983 ) 52,233 55,880 Provisions (139,346 ) (38,303 ) (182,913 ) (75,631 ) Revaluation of financial instruments 422 445 (9,857 ) 458 Tax losses 155,539 170,980 (1,200,729 ) (1,198,170 ) Intangibles - - 349,082 351,238 Others (8,451 ) (9,643 ) 242 5,019 Total 235,583 273,529 616,803 786,571 The balance of deferred tax assets and liabilities are composed primarily of temporary differences to be reversed in the long term. Movements of Deferred tax assets and liabilities (a) From January 1 to December 31, 2017 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Properties, Plants and equipment (1,615,783 ) 46,403 - 616 (1,568,764 ) Assets by right of use 61,343 14,506 - - 75,849 Amortization (77,480 ) 22,486 - 174 (54,820 ) Provisions 281,369 (286,267 ) (785 ) (4,778 ) (10,461 ) Revaluation of financial instruments 3,223 2,417 (1,770 ) (120 ) 3,750 Tax losses 1,328,736 152,081 - (1,257 ) 1,479,560 Intangibles (430,705 ) 24,436 - (267 ) (406,536 ) Others (20,539 ) (7,547 ) - (319 ) (28,405 ) Total (469,836 ) (31,485 ) (2,555 ) (5,951 ) (509,827 ) (b) From January 1 to December 31, 2018 Restated (Unaudited) Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,568,764 ) (19,735 ) - 6,003 (1,582,496 ) Assets for right of use 75,849 9,903 - - 85,752 Amortization (54,820 ) (3,735 ) - 1,692 (56,863 ) Provisions (10,461 ) 92,804 1,566 (46,581 ) 37,328 Revaluation of financial instruments 3,750 (2,326 ) (269 ) (1,168 ) (13 ) Tax losses 1,479,560 (98,154 ) - (12,256 ) 1,369,150 Intangibles (406,536 ) 20,000 - 35,298 (351,238 ) Others (28,405 ) 5,439 - 8,304 (14,662 ) Total (509,827 ) 4,196 1,297 (8,708 ) (513,042 ) (c) From January 1 to December 31, 2019 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,582,496 ) 67,237 - 1,355 (1,513,904 ) Assets for right of use 85,752 47,729 - - 133,481 Amortization (56,863 ) 3,345 - 382 (53,136 ) Provisions 37,328 13,881 2,873 (10,515 ) 43,567 Revaluation of financial instruments (13 ) 10,142 414 (264 ) 10,279 Tax losses 1,369,150 (10,116 ) - (2,766 ) 1,356,268 Intangibles (351,238 ) (11,718 ) - 13,874 (349,082 ) Others (14,662 ) 5,844 - 125 (8,693 ) Total (513,042 ) 126,344 3,287 2,191 (381,220 ) Deferred tax assets not recognized: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Tax losses 110,933 137,761 Total Deferred tax assets not recognized 110,933 137,761 Deferred tax assets on tax losses are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. As a result, as of December 31, 2019, the Company no longer recognizes deferred tax assets for ThUS $ 110.933 (ThUS $ 137,761 as of December 31, 2018) with respect to losses of ThUS $ 338,679 (ThUS $ 447,150 at December 31, 2018). Deferred tax expense and current income taxes: For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated Current tax expense Current tax expense 72,999 77,713 127,024 Adjustment to previous period’s current tax (352 ) 362 489 Total current tax expense, net 72,647 78,075 127,513 Deferred tax expense Deferred expense for taxes related to the creation and reversal of temporary differences (126,344 ) (4,196 ) 31,485 Total deferred tax expense, net (126,344 ) (4,196 ) 31,485 Income tax expense (53,697 ) 73,879 158,998 Composition of income tax expense (income): For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated Current tax expense, net, foreign 76,806 65,850 100,657 Current tax expense, net, Chile (4,159 ) 12,225 26,856 Total current tax expense, net 72,647 78,075 127,513 Deferred tax expense, net, foreign 37,294 58,271 21,846 Deferred tax expense, net, Chile (163,638 ) (62,467 ) 9,639 Deferred tax expense, net, total (126,344 ) (4,196 ) 31,485 Income tax expense (53,697 ) 73,879 158,998 Profit before tax by the legal tax rate in Chile (27% at December 31, 2019 and 2018) For the year ended For the year ended December 31, December 31, 2019 2018 2017 2019 2018 2017 ThUS$ ThUS$ ThUS$ % % % Tax expense using the legal rate 38,318 112,230 95,425 27.00 27.00 25.50 Tax effect by change in tax rate - 5,587 897 - 1.34 0.24 Tax effect of rates in other jurisdictions 20,082 15,905 42,326 14.15 3.83 11.31 Tax effect of non-taxable operating revenues (13,125 ) (3,076 ) (44,593 ) (9.25 ) (0.74 ) (11.92 ) Tax effect of disallowable expenses 66,257 61,295 35,481 46.69 14.75 9.48 Tax effect of due to the non-use of tax losses - 46,492 211 - 11.18 0.06 Other increases (decreases) in legal tax charge (165,229 ) (164,554 ) 43,757 (116.43 ) (39.59 ) 11.69 Total adjustments to tax expense using the legal rate (92,015 ) (38,351 ) 78,079 (64.84 ) (9.23 ) 20.86 Tax expense using the effective rate (53,697 ) 73,879 173,504 (37.84 ) 17.77 46.36 Other increases (decreases) in legal tax charges for US $ 165.2 million (US $ 164.6 million as of December 31, 2018) mainly include the effect of the reduction of the deferred tax liability of US $ 145.9 million (US $ 172.9 to 31 December 2018) that occurs at the early termination of the aircraft financing that were on leasing with special purpose vehicle outside Chile; and other adjustments for permanent differences in other group companies for US $ 19.3 million (US $ 8.3 as of December 31, 2018). Deferred taxes related to items charged to net equity: For the period ended December 31, 2019 2018 ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income 3,287 1,297 |
OTHER FINANCIAL LIABILITIES
OTHER FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other liabilities [text block] [Abstract] | |
Disclosure of other liabilities [text block] | The composition of other financial liabilities is as follows: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Restated Current (a) Interest bearing loans 1,421,261 1,397,156 (b) Lease Liability 414,027 363,497 (c) Hedge derivatives 50,372 25,921 (d) Derivative non classified as hedge accounting - 7,712 Total current 1,885,660 1,794,286 Non-current (a) Interest bearing loans 5,772,266 5,864,570 (b) Lease Liability 2,758,130 2,494,552 (b) Hedge derivatives 22 340 Total non-current 8,530,418 8,359,462 (a) Interest bearing loans Obligations with credit institutions and debt instruments: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Current Loans to exporters 341,475 400,721 Bank loans 16,534 37,743 Guaranteed obligations (4) 237,951 324,976 Other guaranteed obligations 97,730 97,143 Subtotal bank loans 693,690 860,583 Obligation with the public 32,061 14,643 Financial leases (4) 594,249 425,100 Other loans 101,261 96,830 Total current 1,421,261 1,397,156 Non-current Bank loans 200,721 184,998 Guaranteed obligations (4) 1,919,376 2,209,045 Other guaranteed obligations 482,702 576,309 Subtotal bank loans 2,602,799 2,970,352 Obligation with the public (1)(2)(3) 2,032,873 1,538,436 Financial leases (4) 1,136,594 1,199,754 Other loans - 156,028 Total non-current 5,772,266 5,864,570 Total obligations with financial institutions 7,193,527 7,261,726 (1) On February 11, 2019, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusively owned by LATAM Airlines Group SA, has issued on the international market, pursuant to Rule 144-A and Regulation S of the securities laws of the United States of America, unsecured long-term bonds for a nominal amount of US $ 600,000,000 at an annual interest rate of 7.00%. The bonds were placed at an issue price of 99.309% with respect to its even value. The bonds have semiannual interest payments and amortization of all capital at maturity and maturity date on March 1, 2026, unless they will be redeemed early according to their terms. As reported to the market, the issuance and placement was intended to finance general corporate purposes. (2) On June 6, 2019, LATAM Airlines Group S.A. has issued in the local market (Santiago Stock Exchange) long-term unsecured bonds called Series E (BLATM-E), which correspond to the first series of bonds charged to the line registered in the Registro de Comisión para el Mercado Financiero (“CMF”) under the number Nº 921 dated November 26, 2018 for a total of UF 9,000,000. The total amount issued was UF 5,000,000 with an expiration date on April 15, 2029 and a 3.60% annual coupon rate with semiannual interest payments. The placement rate was 2.73%, equivalent to an amount of ThUS$ 215,093. The funds from the issuance were allocated 50% to the refinancing of liabilities, 30% for the financing of investments and 20% for general corporate purposes. (3) On July 11, 2019, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusive property of LATAM Airlines Group SA, issued a re-opening of the LATAM 2026 bond, issued on February 11 of 2019, for US $ 200,000,000. This re-opening had a placement rate of 5.979%. Simultaneously, dated July 11, 2019, LATAM Airlines Group S.A. announced an offer for the repurchase of up to US $ 300 million of the unsecured LATAM 2020 bond, which was issued on June 9, 2015 for an amount of US $ 500 million at a coupon rate of 7.25% and due in June 2020. Offer repurchase price was 103.8 cents per dollar of nominal amount for the bonds offered until July 24, 2019, after this date and until August 7, 2019, the offered repurchase price was reduced to 100.8 cents for dollar at the expiration of the offer, a total of US $ 238,412,000 of the bonds were redeemed, of which US $ 238,162,000 arrived on or before July 24, 2019 and US $ 250,000 after that date. The net proceeds obtained from the re-opening of the LATAM 2026 bond was used to pay a portion of the public offer of the LATAM 2020 bond. The remainder of the public offer was paid in cash. On December 17, 2019, LATAM Airlines Group S.A. The repurchase of the remainder (US $ 262 million) of the unsecured bond LATAM2020 ended, which, added to the repurchase of July 11, 2019, ends the entire balance of the bond. The repurchase was carried out through the buy-back mechanism called “Make-Whole,” which is a right of the bond issuer to repurchase the entire outstanding balance of debt based on a price that is calculated using government treasury bonds. of the United States with maturity close to that of the bond and adding a spread. The repurchase price was 102,45 cents per dollar of nominal bond amount. (4) In the year ended December 31, 2019, the Company sold its participation in 8 permanent establishments. As a result of the above, the classification of financial liabilities associated with 41 aircraft of guaranteed obligations became financial leases. Currency balances that make the interest bearing loans: As of As of December 31, December 31, 2019 2018 Currency ThUS$ ThUS$ Chilean peso (U.F.) 611,542 500,398 US Dollar 6,581,985 6,761,328 Total 7,193,527 7,261,726 Interest-bearing loans due in installments to December 31, 2019 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 24,000 75,000 - - - 99,000 24,910 75,000 - - - 99,910 At Expiration 3.29 3.29 97.003.000-K BANCO DO BRASIL Chile UF 150,000 50,000 - - - 200,000 150,257 50,283 - - - 200,540 At Expiration 2.93 2.93 97.951.000-4 HSBC Chile US$ 12,000 - - - - 12,000 12,016 - - - - 12,016 At Expiration 3.25 3.25 76.100.458-1 BLADEX Chile US$ - 29,000 - - - 29,000 - 29,009 - - - 29,009 At Expiration 2.82 2.82 Bank loans 97.023.000-9 CORPBANCA Chile UF 5,205 10,410 - - - 15,615 5,192 10,369 - - - 15,561 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ - - 137,860 - - 137,860 255 - 137,860 - - 138,115 Quarterly 3.62 4.61 76.362.099-9 BTG PACTUAL CHILE Chile UF - - 62,769 - - 62,769 113 - 62,172 - - 62,285 At Expiration 3.10 3.10 Obligations with the public 0-E ESTADO Chile UF - - 164,485 - 353,547 518,032 - 2,642 164,398 - 366,656 533,696 At Expiration 4.81 4.81 97.030.000-7 BANK OF NEW YORK U.S.A. US$ - - - 700,000 800,000 1,500,000 18,640 10,779 - 698,256 803,563 1,531,238 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 8,115 36,282 93,788 100,622 275,134 513,941 10,058 36,855 91,224 99,297 273,038 510,472 Quarterly 3.81 3.81 0-E WILMINGTON TRUST U.S.A. US$ 22,090 66,710 183,332 196,452 397,639 866,223 27,229 66,710 178,784 194,741 395,983 863,447 Quarterly 4.45 4.45 0-E CITIBANK U.S.A. US$ 4,805 14,608 40,414 42,626 41,022 143,475 5,461 14,608 36,178 40,932 40,310 137,489 Quarterly 3.76 2.68 0-E NATIXIS France US$ 10,675 32,708 84,674 78,123 76,726 282,906 11,410 32,708 83,072 77,195 75,928 280,313 Quarterly 3.82 3.82 0-E INVESTEC England US$ 1,538 8,976 22,977 10,596 - 44,087 1,867 9,112 22,597 10,565 - 44,141 Semiannual 6.35 6.35 0-E MUFG U.S.A. US$ 2,973 18,593 53,816 57,993 189,285 322,660 3,182 18,593 53,367 57,694 188,471 321,307 Quarterly 3.43 3.43 - SWAP Received Aircraft - US$ 80 78 - - - 158 80 78 - - - 158 Quarterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ - - 253,692 - - 253,692 2,370 - 252,747 - - 255,117 At Expiration 3.74 3.74 0-E MUFG U.S.A. US$ 23,669 71,432 188,440 44,482 - 328,023 23,929 71,431 185,938 44,017 - 325,315 Quarterly 3.54 3.54 Financial leases 0-E ING U.S.A. US$ 3,875 7,931 - - - 11,806 3,952 7,931 - - - 11,883 Quarterly 5.71 5.01 0-E CREDIT AGRICOLE France US$ 4,831 14,723 6,537 - - 26,091 4,943 14,723 6,537 - - 26,203 Quarterly 3.15 2.52 0-E CITIBANK U.S.A. US$ 17,972 52,790 113,746 16,399 - 200,907 18,633 52,790 112,712 16,368 - 200,503 Quarterly 3.39 2.80 0-E PEFCO U.S.A. US$ 1,901 1,926 - - - 3,827 1,918 1,926 - - - 3,844 Quarterly 5.65 5.03 0-E BNP PARIBAS U.S.A. US$ 8,523 23,197 25,182 20,717 10,110 87,729 9,042 23,197 24,675 20,424 9,975 87,313 Quarterly 3.85 3.72 0-E WELLS FARGO U.S.A. US$ 32,321 97,956 248,086 199,037 14,284 591,684 34,868 97,956 233,822 195,209 14,138 575,993 Quarterly 2.67 1.98 97.036.000-K SANTANDER Chile US$ 5,690 17,255 46,472 3,134 - 72,551 5,959 17,255 45,805 3,128 - 72,147 Quarterly 3.00 2.46 0-E RRPF ENGINE England US$ 864 2,348 7,441 8,075 915 19,643 908 2,348 7,441 8,075 915 19,687 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,483 4,509 12,474 7,242 - 25,708 1,632 4,509 12,162 7,212 - 25,515 Quarterly 3.33 2.73 0-E BTMU U.S.A. US$ 3,010 9,148 25,278 13,904 - 51,340 3,191 9,148 24,661 13,849 - 50,849 Quarterly 3.33 2.73 0-E NATIXIS France US$ 702 2,173 2,279 - - 5,154 723 2,173 2,279 - - 5,175 Quarterly 4.41 4.41 0-E KFW IPEX-BANK Germany US$ 1,760 3,568 - - - 5,328 1,769 3,568 - - - 5,337 Quarterly 3.55 3.55 0-E AIRBUS FINANCIAL U.S.A. US$ 1,977 5,687 - - - 7,664 1,992 5,687 - - - 7,679 Monthly 3.31 3.31 0-E US BANK U.S.A. US$ 15,862 48,132 132,441 135,200 17,492 349,127 17,610 48,132 119,881 130,865 17,188 333,676 Quarterly 4.01 2.82 0-E PK AIRFINANCE U.S.A. US$ 2,487 7,729 17,871 - - 28,087 2,530 7,729 17,871 - - 28,130 Monthly 3.45 3.45 Other loans 0-E CITIBANK (*) U.S.A. US$ 24,595 76,431 - - - 101,026 24,830 76,431 - - - 101,261 Quarterly 6.00 6.00 Total 393,003 789,300 1,924,054 1,634,602 2,176,154 6,917,113 431,469 803,680 1,876,183 1,617,827 2,186,165 6,915,324 (*) Securitized bond with the future flows from the sales with credit card in United States and Canada, through the company Guanay Finance Limited. Interest-bearing loans due in installments to December 31, 2019 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland US$ 148 452 689 - - 1,289 153 452 689 - - 1,294 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 3,243 6,906 76,107 - - 86,256 3,723 6,906 76,107 - - 86,736 Quarterly/Semiannual 6.29 6.29 0-E WACAPOU LEASING S.A. Luxemburg US$ 757 2,317 3,206 - - 6,280 777 2,317 3,206 - - 6,300 Quarterly 4.32 4.32 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 9,855 160,076 - - - 169,931 10,409 159,876 - - - 170,285 Quarterly 5.39 5.39 0-E GA Telessis LLC U.S.A US$ 306 1,100 2,385 2,694 7,010 13,495 399 1,100 2,385 2,694 7,010 13,588 Monthly 14.72 14.72 Total 14,309 170,851 82,387 2,694 7,010 277,251 15,461 170,651 82,387 2,694 7,010 278,203 Total consolidated 407,312 960,151 2,006,441 1,637,296 2,183,164 7,194,364 446,930 974,331 1,958,570 1,620,521 2,193,175 7,193,527 Interest-bearing loans due in installments to December 31, 2018 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 38,000 75,000 - - - 113,000 38,432 75,623 - - - 114,055 At Expiration 3.36 3.36 97.032.000-8 BBVA Chile UF - 50,785 - - - 50,785 - 50,930 - - - 50,930 At Expiration 3.31 3.31 97.036.000-K SANTANDER Chile US$ 23,000 - - - - 23,000 23,025 - - - - 23,025 At Expiration 3.90 3.90 97.003.000-K BANCO DO BRASIL Chile US$ 200,000 - - - - 200,000 200,698 - - - - 200,698 At Expiration 3.64 3.64 97.951.000-4 HSBC Chile US$ 12,000 - - - - 12,000 12,013 - - - - 12,013 At Expiration 3.14 3.14 Bank loans 97.023.000-9 CORPBANCA Chile UF 5,461 16,385 16,385 - - 38,231 5,480 16,385 16,232 - - 38,097 Quarterly 3.35 3.35 0-E BLADEX U.S.A. US$ - 15,000 - - - 15,000 - 14,964 - - - 14,964 Semiannual 6.74 6.74 97.036.000-K SANTANDER Chile US$ - - 102,521 - - 102,521 223 - 102,521 - - 102,744 Quarterly 5.60 5.60 76.362.099-9 BTG PACTUAL CHILE Chile UF - - - 65,862 - 65,862 118 - - 64,957 - 65,075 At Expiration 3.10 3.10 Obligations with the public 0-E BANK OF NEW YORK U.S.A. US$ - - 500,000 - 700,000 1,200,000 13,057 - 495,617 - 697,869 1,206,543 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - - - 172,591 172,591 345,182 1,586 - - 172,420 172,530 346,536 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France US$ 658 1,986 5,384 2,052 - 10,080 715 1,986 5,384 2,052 - 10,137 Quarterly 3.23 3.23 0-E BNP PARIBAS U.S.A. US$ 10,553 43,430 114,247 117,556 225,912 511,698 13,334 44,191 110,977 115,747 224,093 508,342 Quarterly 4.55 4.55 0-E WILMINGTON TRUST U.S.A. US$ 20,689 65,846 178,818 237,334 450,071 952,758 26,365 65,846 173,617 235,058 447,686 948,572 Quarterly 4.47 4.47 0-E CITIBANK U.S.A. US$ 10,776 32,790 90,991 72,189 62,619 269,365 11,923 32,790 86,130 70,048 61,203 262,094 Quarterly 3.82 2.93 0-E US BANK U.S.A. US$ 15,506 47,050 129,462 135,489 84,177 411,684 17,433 47,050 114,729 129,547 82,137 390,896 Quarterly 4.00 2.82 0-E NATIXIS France US$ 10,247 31,350 88,688 77,693 116,546 324,524 11,250 31,350 86,883 76,760 115,285 321,528 Quarterly 4.69 4.69 0-E PK AIRFINANCE U.S.A. US$ 2,319 7,208 24,944 3,144 - 37,615 2,387 7,208 24,944 3,144 - 37,683 Monthly 4.15 4.14 0-E INVESTEC England US$ 1,454 8,472 21,667 22,421 - 54,014 1,879 8,661 21,154 22,309 - 54,003 Semiannual 7.17 7.17 - SWAP Received Aircraft - US$ 194 414 158 - - 766 194 414 158 - - 766 Quarterly - - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ - - 253,692 - - 253,692 2,646 - 252,207 - - 254,853 At Expiration 4.11 4.11 0-E DVB BANK SE Germany US$ 23,417 70,626 191,207 117,084 19,731 422,065 23,871 70,626 188,231 116,185 19,686 418,599 Quarterly 4.42 4.42 Financial leases 0-E ING U.S.A. US$ 3,687 11,338 11,806 - - 26,831 3,923 11,338 11,657 - - 26,918 Quarterly 5.70 5.01 0-E CREDIT AGRICOLE France US$ 13,171 24,577 18,655 - - 56,403 13,187 24,331 18,655 - - 56,173 Quarterly 3.66 3.31 0-E CITIBANK U.S.A. US$ 13,209 40,365 77,587 40,997 - 172,158 13,998 40,365 75,830 40,801 - 170,994 Quarterly 4.40 3.80 0-E PEFCO U.S.A. US$ 5,486 13,094 3,827 - - 22,407 5,641 13,094 3,743 - - 22,478 Quarterly 5.64 5.02 0-E BNP PARIBAS U.S.A. US$ 7,926 29,494 22,147 - - 59,567 8,320 29,493 21,891 - - 59,704 Quarterly 3.90 3.58 0-E WELLS FARGO U.S.A. US$ 31,673 95,981 263,239 230,417 98,028 719,338 34,816 95,981 245,615 224,395 96,589 697,396 Quarterly 2.77 2.09 97.036.000-K SANTANDER Chile US$ 5,576 16,895 46,386 26,165 - 95,022 6,000 16,895 45,346 26,063 - 94,304 Quarterly 3.68 3.14 0-E RRPF ENGINE England US$ 552 2,531 7,142 7,752 5,035 23,012 552 2,531 7,142 7,752 5,035 23,012 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,444 4,393 12,146 12,808 753 31,544 1,658 4,393 11,726 12,713 752 31,242 Quarterly 3.93 3.33 0-E BTMU U.S.A. US$ 2,933 8,916 24,635 25,937 768 63,189 3,199 8,916 23,798 25,751 767 62,431 Quarterly 4.06 3.46 0-E NATIXIS France US$ 10,056 7,951 5,154 - - 23,161 10,135 7,952 5,154 - - 23,241 Quarterly 4.28 4.12 0-E KFW IPEX-BANK Germany US$ 1,699 5,188 5,328 - - 12,215 1,723 5,188 5,328 - - 12,239 Quarterly 4.20 4.19 0-E AIRBUS FINANCIAL U.S.A. US$ 1,915 5,838 7,664 - - 15,417 1,954 5,838 7,664 - - 15,456 Monthly 4.19 4.19 Other loans 0-E BOEING U.S.A. US$ - - 55,727 - - 55,727 - 1,229 55,727 - - 56,956 At Expiration 4.01 4.01 0-E CITIBANK (*) U.S.A. US$ 23,167 72,018 101,026 - - 196,211 23,583 72,018 100,301 - - 195,902 Quarterly 6.00 6.00 Total 496,768 804,921 2,380,633 1,367,491 1,936,231 6,986,044 535,318 807,586 2,318,361 1,345,702 1,923,632 6,930,599 (*) Securitized bond with the future flows from the sales with credit card in United States and Canada, through the company Guanay Finance Limited. Interest-bearing loans due in installments to December 31, 2018 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland US$ 138 426 1,233 54 - 1,851 147 426 1,233 54 - 1,860 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 3,043 6,490 44,525 41,731 - 95,789 3,656 6,490 44,525 41,731 - 96,402 Quarterly/Semiannual 6.87 6.87 0-E WACAPOU LEASING S.A. Luxemburg US$ 728 2,219 6,280 - - 9,227 756 2,219 6,280 - - 9,255 Quarterly 4.81 4.81 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 9,422 28,872 169,930 - - 208,224 10,212 28,871 169,730 - - 208,813 Quarterly 5.88 5.82 0-E GA Telessis LLC U.S.A US$ 299 908 2,496 2,623 6,876 13,202 568 908 3,823 2,623 6,876 14,798 Quarterly 15.62 15.62 Total 13,630 38,915 224,464 44,408 6,876 328,293 15,339 38,914 225,591 44,408 6,876 331,128 Total consolidated 510,398 843,836 2,605,097 1,411,899 1,943,107 7,314,337 550,657 846,500 2,543,952 1,390,110 1,930,508 7,261,727 (b) Lease Liability: The movement of the lease liabilities corresponding to the period reported is as follows: Lease Liability Aircraft Others total ThUS$ ThUS$ ThUS$ Opening balance as January 1, 2018 Restated 3,037,585 109,387 3,146,972 New contracts 283,620 36,191 319,811 Renegotiations (240,047 ) 1,397 (238,650 ) Payments (526,071 ) (30,316 ) (556,387 ) Accrued interest 174,327 8,623 182,950 Exchange differences - (5,667 ) (5,667 ) Other variations 8,395 625 9,020 Changes (299,776 ) 10,853 (288,923 ) Closing balance as of december 31, 2018 Restated 2,737,809 120,240 2,858,049 Opening balance as January 1, 2019 Restated 2,737,809 120,240 2,858,049 New contracts 719,525 23,878 743,403 Renegotiations (41,535 ) 12,208 (29,327 ) Payments (539,549 ) (37,391 ) (576,940 ) Accrued interest 165,981 11,968 177,949 Exchange differences - 1,614 1,614 Cumulative translation adjustment - (467 ) (467 ) Other variations - (2,124 ) (2,124 ) Changes 304,422 9,686 314,108 Closing balance as of December 31, 2019 Restated 3,042,231 129,926 3,172,157 The company recognizes the interest payments related to the lease liabilities in the consolidated result under Financial expenses (See Note 27 (d)). (c) Hedge derivatives Current liabilities Non-current liabilities Total hedge As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Accrued interest from the last date of interest rate swap 1,723 2,321 - 340 1,723 2,661 Fair value of interest rate derivatives 302 335 22 - 324 335 Fair value of fuel derivatives - 15,678 - - - 15,678 Fair value of foreign currency derivatives 48,347 7,587 - - 48,347 7,587 Total hedge derivatives 50,372 25,921 22 340 50,394 26,261 (d) Derivatives do not qualify for hedge accounting Current liabilities Non-current liabilities Total derivatives of As of As of As of As of As of As of 31 December of 31 December of 31 December of 31 December of 31 December of 31 December of 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as hedge - 7,712 - - - 7,712 Total derived not qualify as hedge accounting - 7,712 - - - 7,712 The foreign currency derivatives correspond to options, forwards and swaps. Hedging operation The fair values of net assets/ (liabilities), by type of derivative, of the contracts held as hedging instruments are presented below: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Cross currency swaps (CCS) (1) (22,662 ) 15,099 Interest rate swaps (2) 2,618 (2,194 ) Fuel options (3) 48,542 (15,811 ) Currency options R$/US$ (4) (41 ) - (1) Covers the significant variations in cash flows associated with market risk implicit in the changes in the 3-month LIBOR interest rate and the exchange rate US$/UF of bank loans. These contracts are recorded as cash flow hedges and fair value. (2) Covers the significant variations in cash flows associated with market risk implicit in the increases in the 3 months LIBOR interest rates for long-term loans incurred in the acquisition of aircraft and bank loans. These contracts are recorded as cash flow hedges. (3) Covers significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. (4) They cover the exposure to foreign exchange risk of operating cash flows, mainly caused by the fluctuation of the CLP/US$, R$/US$, US$/EUR and US$/GBP exchange rate. These contracts are registered as cash flow hedge contracts. During the periods presented, the Company only has cash flow and fair value hedges (in the case of CCS). In the case of fuel hedges, the cash flows subject to such hedges will occur and will impact results in the next 12 months from the date of the consolidated statement of financial position, while in the case of hedges of interest rates, these they will occur and will impact results throughout the life of the associated loans, up to their maturity. In the case of currency hedges through a CCS, there is a group of hedging relationships, in which two types of hedge accounting are generated, one of cash flow for the US $ / UF component; and another of fair value, for the floating rate component US $. The other group of hedging relationships only generates cash flow hedge accounting for the US $ / UF component. All hedging operations have been performed for highly probable transactions. Since none of the coverage resulted in the recognition of a non-financial asset, no portion of the result of the derivatives recognized in equity was transferred to the initial value of such assets. The amounts recognized in comprehensive income during the period and transferred from net equity to income are as follows: For the year ended 2019 2018 2017 ThUS$ ThUS$ ThUS$ Debit (credit) recognized in comprehensive income during the period 66,856 (27,797 ) 18,344 Debit (credit) transferred from net equity to income during the period (30,074 ) 39,915 (15,000 ) |
TRADE AND OTHER ACCOUNTS PAYABL
TRADE AND OTHER ACCOUNTS PAYABLES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of trade and other payables [text block] [Abstract] | |
Disclosure of trade and other payables [text block] | The composition of Trade and other accounts payables is as follows: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,671,304 1,279,976 (b) Accrued liabilities at the reporting date 551,570 394,327 Total trade and other accounts payables 2,222,874 1,674,303 (a) Trade and other accounts payable: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Trade creditors 1,408,690 1,048,033 Other accounts payable 262,614 231,943 Total 1,671,304 1,279,976 The details of Trade and other accounts payables are as follows: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Aircraft Fuel 476,320 304,426 Boarding Fee 234,070 210,621 Suppliers technical purchases 145,973 75,402 Handling and ground handling 114,163 84,213 Other personnel expenses 93,490 92,047 Professional services and advisory 87,825 83,182 Airport charges and overflight 81,459 82,181 Air companies 79,958 59,524 Marketing 60,850 60,303 Services on board 59,647 44,434 Leases, maintenance and IT services 59,011 55,427 Achievement of goals 30,635 21,943 Maintenance 42,202 8,244 Crew 22,921 21,265 Land services 18,166 26,014 Jol Fleet 3,997 - Aviation insurance 3,050 11,943 Others 57,567 38,807 Total trade and other accounts payables 1,671,304 1,279,976 (b) Liabilities accrued: As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Aircraft and engine maintenance 292,793 170,731 Accrued personnel expenses 118,199 116,242 Accounts payable to personnel (*) 91,153 81,222 Others accrued liabilities (**) 49,425 26,132 Total accrued liabilities 551,570 394,327 (*) Profits and bonus participation (Note 23 letter b). (**) See Note 22 |
OTHER PROVISIONS
OTHER PROVISIONS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of provisions [text block] [Abstract] | |
Disclosure of provisions [text block] | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 2,033 2,982 164,190 197,038 166,223 200,020 Civil contingencies 2,202 1,207 66,605 59,834 68,807 61,041 Labor contingencies 971 605 26,505 23,244 27,476 23,849 Other - - 19,886 13,976 19,886 13,976 Provision for European Commission investigation (2) - - 9,217 9,403 9,217 9,403 Total other provisions (3) 5,206 4,794 286,403 303,495 291,609 308,289 (1) Provisions for contingencies: The tax contingencies correspond to litigation and tax criteria related to the tax treatment applicable to direct and indirect taxes, which are found in both administrative and judicial stage. The civil contingencies correspond to different demands of civil order filed against the Company. The labor contingencies correspond to different demands of labor order filed against the Company. The Provisions are recognized in the consolidated income statement in administrative expenses or tax expenses, as appropriate. (2) Provision made for proceedings brought by the European Commission for possible breaches of free competition in the freight market. (3) Total other provision as of December 31, 2019, and December 31, 2018, include the fair value correspond to those contingencies from the business combination with TAM S.A and subsidiaries, with a probability of loss under 50%, which are not provided for the normal application of IFRS enforcement and that only must be recognized in the context of a business combination in accordance with IFRS 3. Movement of provisions: European Legal Commission claims (1) Investigation (2) Total ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 416,473 8,664 425,137 Increase in provisions 106,943 - 106,943 Provision used (14,860 ) - (14,860 ) Difference by subsidiaries conversion (5,830 ) - (5,830 ) Reversal of provision (135,109 ) - (135,109 ) Exchange difference (124 ) 1,219 1,095 Closing balance as of December 31, 2017 367,493 9,883 377,376 Opening balance as of January 1, 2018 367,493 9,883 377,376 Increase in provisions 106,870 - 106,870 Provision used (59,032 ) - (59,032 ) Difference by subsidiaries conversion (48,330 ) - (48,330 ) Reversal of provision (66,965 ) - (66,965 ) Exchange difference (1,150 ) (480 ) (1,630 ) Closing balance as of December 31, 2018 298,886 9,403 308,289 Opening balance as of January 1, 2019 298,886 9,403 308,289 Increase in provisions 134,847 - 134,847 Provision used (82,212 ) - (82,212 ) Difference by subsidiaries conversion (10,764 ) - (10,764 ) Reversal of provision (58,063 ) - (58,063 ) Exchange difference (302 ) (186 ) (488 ) Closing balance as of December 31, 2019 282,392 9,217 291,609 (1) Cumulative balances include judicial deposit delivered as security, with respect to the “Aerovía Fundo” (FA), for US$ 88 million, made in order to suspend the application of the tax credit. The Company is discussing in the Court the constitutionality of the requirement made by FA in a lawsuit. Initially it was covered by the effects of a precautionary measure, this means that the Company would not be obliged to collect the tax, as long as there is no judicial decision in this regard. However, the decision taken by the judge in the first instance was published unfavorably, revoking the injunction. As the lawsuit is still underway (TAM appealed this first decision), the Company needed to make the judicial deposit, for the suspension of the enforceability of the tax credit; deposit that was classified in this item, discounting the existing provision for this purpose. Finally, if the final decision is favorable to the Company, the deposit made will return to TAM. On the other hand, if the court confirms the first decision, said deposit will become a final payment in favor of the Government of Brazil. The procedural stage as of December 31, 2019 is described in Note 31 in the Role of the case 2001.51.01.012530-0. 2) European Commission Provision: Provision constituted on the occasion of the process initiated in December 2007 by the General Competition Directorate of the European Commission against more than 25 cargo airlines, among which is Lan Cargo SA, which forms part of the global investigation initiated in 2006 for possible infractions of free competition in the air cargo market, which was carried out jointly by the European and United States authorities. With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A .,For its part, LATAM Airlines Group S.A. and Lan Cargo S.A., jointly and severally, have been fined for the amount of € 8,220,000 (eight million two hundred and twenty thousand Euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission’s Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine of 8.2 million Euros. The procedural stage as of December 31, 2019 is described in Note 31 in section (ii) judgments received by LATAM Airlines Group S.A. and Subsidiaries. |
OTHER NON-FINANCIAL LIABILITIES
OTHER NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
OTHER NON-FINANCIAL LIABILITIES [Abstract] | |
OTHER NON-FINANCIAL LIABILITIES [Text Block] | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (1)(2) 2,689,083 2,330,058 851,383 644,702 3,540,466 2,974,760 Sales tax 2,556 12,726 - - 2,556 12,726 Retentions 43,916 34,434 - - 43,916 34,434 Others taxes 7,555 7,700 - - 7,555 7,700 Dividends payable 57,129 54,580 - - 57,129 54,580 Other sundry liabilities 34,982 15,248 - - 34,982 15,248 Total other non-financial liabilities 2,835,221 2,454,746 851,383 644,702 3,686,604 3,099,448 Deferred Income Movement Adjustment Deferred income application Loyalty IAS 29, (1) (accreditation Expiration of Argentina Others Initial balance Recognition Use and exchange) tickets hyperinflation provisions Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2018 2,849,266 7,690,972 (8,230,750 ) 944,246 (284,730 ) 927 4,829 2,974,760 From January 1 to December 31, 2019 2,974,760 8,264,970 (7,703,011 ) 124,548 (156,435 ) 2,232 33,402 3,540,466 (1) The balance includes, mainly, deferred income for services not provided as of December 31, 2019 and December 31, 2018; and programs such as: LATAM Pass, LATAM Fidelidade and Multiplus: LATAM Pass is the frequent passenger program created by LAN to reward the preference and loyalty of its customers with multiple benefits and privileges, through the accumulation of miles that can be exchanged for free flight tickets or for a varied range of products and services. Customers accumulate LATAM Pass miles every time they fly on LAN, TAM, oneworld® member companies and other airlines associated with the program, as well as buying at stores or using the services of a vast network of companies that have an agreement with the program around the world. For its part, TAM, thinking of people who travel constantly, created the LATAM Fidelidade program, in order to improve the service and give recognition to those who choose the company. Through the program, customers accumulate points in a wide variety of loyalty programs in a single account and can redeem them in all TAM destinations and associated airline companies, and even more, participate in the Multiplus Fidelidade Network. Multiplus is a coalition of loyalty programs, with the objective of operating accumulation and exchange of points. This program has a network integrated by associated companies, including hotels, financial institutions, retail companies, supermarkets, vehicle leases and magazines, among many other partners from different segments. After the merger of Multiplus S.A. described in Note1, the Latam Fidelidade programs and the Multiplus coalition and loyalty program become part of the Latam Pass Brazil Program. During 2018 the Company signed a renewal of the agreement with Banco Santander-Chile, which one extends its alliance in Chile to continue developing travel benefits to its respective clients during the next 7 years, and during 2019 signed a renewal of the agreement with Banco Crédito del Perú. On September 26, 2019, the Company signed a framework agreement with Delta Air Lines, Inc, in which the latter agreed to pay ThUS $ 350,000 for compensation of costs and revenues that the Company must incur or cease to receive, respectively, during the transition period until the implementation of the strategic alliance. ThUS$ 150,000 was received on September 2019. During December 2019, the Company sold its rights to receive future payments of the committed transition. The payments consisted of ThUS $ 200,000 payable in 8 quarterly installments of ThUS $ 25,000 as of January 2, 2020. On December 13, 2019, the Company received ThUS $ 194,068 for said sale. Account receivable was derecognized and ThUS$ 5,932 was recognized as financial cost on income statement. (2) As of December 31, 2019, Deferred Income includes ThUS $ 315,225 corresponding to the balance due from the compensation committed from Delta Airlines Inc., which will be recognized in income, on a systematic basis over the period in which related cost it intends to compensate, until the implementation of the strategic alliance. During the year, the Company recognized ThUS $ 4,435 for this concept. Additionally, the Company maintains a balance of ThUS $ 30,340 in the Commercial accounts payable item of the Statement of Financial Position regarding to Delta compensation, for the cost already incurred. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of employee benefits [text block] [Abstract] | |
Disclosure of employee benefits [text block] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Retirements payments 64,824 56,126 Resignation payments 9,722 8,802 Other obligations 19,024 17,437 Total liability for employee benefits 93,570 82,365 (a) The movement in retirements and resignation payments and other obligations: Increase (decrease) Actuarial Opening current service Benefits (gains) Currency Closing balance provision paid losses translation balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2018 101,087 (7,384 ) (6,018 ) 5,819 (11,139 ) 82,365 From January 1 to December 31, 2019 82,365 11,242 (4,390 ) 10,636 (6,283 ) 93,570 The principal assumptions used in the calculation to the provision in Chile are presented below: For the period ended December 31, Assumptions 2019 2018 Discount rate 3.13 % 4.27 % Expected rate of salary increase 4.5 % 4.50 % Rate of turnover 6.04 % 6.60 % Mortality rate RV-2014 RV-2014 Inflation rate 2.8 % 2.7 % Retirement age of women 60 60 Retirement age of men 65 65 The discount rate corresponds to the 20-year term rate of the BCP Central Bank of Chile Bonds. The RV-2014 mortality tables correspond to those established by the Commission for the Financial Market of Chile and for the determination of the inflation rates; the market performance curves of Central Bank of Chile papers of the BCUs have been used. BCP long term at the date of scope. The calculation of the present value of the defined benefit obligation is sensitive to the variation of some actuarial assumptions such as discount rate, salary increase, rotation and inflation. The sensitivity analysis for these variables is presented below: Effect on the liability As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (7,257 ) (6,538 ) Change in the accrued liability an closing for decrease of 100 p.b. 5,365 4,918 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 4,989 4,750 Change in the accrued liability an closing for decrease of 100 p.b. (7,159 ) (6,547 ) (b) The liability for short-term: As of As of ThUS$ ThUS$ Profit-sharing and bonuses (*) 91,153 81,222 (*) Accounts payables to employees (Note 20 letter b) The participation in profits and bonuses correspond to an annual incentives plan for achievement of objectives. (c) Employment expenses are detailed below: For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Salaries and wages 1,478,804 1,481,357 1,604,552 Short-term employee benefits 147,576 132,394 145,245 Termination benefits 54,256 54,007 85,070 Other personnel expenses 114,126 152,211 188,767 Total 1,794,762 1,819,969 2,023,634 |
ACCOUNTS PAYABLE, NON-CURRENT
ACCOUNTS PAYABLE, NON-CURRENT | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS PAYABLE, NON-CURRENT [Abstract] | |
ACCOUNTS PAYABLE, NON-CURRENT [Text Block] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Aircraft and engine maintenance 412,710 513,544 Fleet (JOL) 190,225 - Provision for vacations and bonuses 15,868 15,357 Other sundry liabilities 307 376 Total accounts payable, non-current 619,110 529,277 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of share capital, reserves and other equity interest [text block] [Abstract] | |
Disclosure of share capital, reserves and other equity interest [text block] | (a) Capital The Company’s objective is to maintain an appropriate level of capitalization that enables it to ensure access to the financial markets for carrying out its medium and long-term objectives, optimizing the return for its shareholders and maintaining a solid financial position. The paid capital of the Company at December 31, 2019 amounts to ThUS$ 3,146,265 divided into 606,407,693 common stock of a same series (ThUS$ 3,146,265 (*) divided into 606,407,693 shares as of December 31, 2018), a single series nominative, ordinary character with no par value. There are no special series of shares and no privileges. The form of its stock certificates and their issuance, exchange, disablement, loss, replacement and other similar circumstances, as well as the transfer of the shares, is governed by the provisions of Corporations Law and its regulations. (*) Includes deduction of issuance costs for ThUS$ 3,299 and adjustment for placement of 10,282 shares for ThUS$ 156, approved at the Extraordinary Shareholders Meeting of the Company on April 27, 2017. (b) Subscribed and paid shares On August 18, 2016, the Company held an extraordinary shareholders’ meeting at which it was approved to increase the capital by issuing 61,316,424 payment shares, all ordinary, without par value. As of December 31, 2016, 60,849,592 shares had been placed against said increase, according to the following breakdown: (a) 30,499,685 shares subscribed and paid at the end of the pre-emptive option period, which expired on December 23, 2016; December 2016, collecting the equivalent of US $ 304,996,850; and (b) 30,349,907 additional shares subscribed on December 28, 2016, collecting the equivalent of US$ 303,499,070. Due to this last described placement, as of December 31, 2019, the number of subscribed and paid shares of the Company reached 606,407,693. On August 18, 2019, there was a full reduction of capital after the expiration of the three-year legal term to subscribe the balance of 466,832 shares depending on the placement of this capital increase. Consequently, at December 31, 2019 the statutory capital of the Company is represented by 606,874,525 shares, all of the same and unique series, registered, ordinary, without par value, which is divided into. The following table shows the movement of authorized and fully paid shares previously described above: Movement of authorized shares Expired shares Opening intended for Closing Nro. Of shares balance and others balance From July 1 to December 31, 2018 608,374,525 (1,500,000 ) (*) 606,874,525 From July 1 to December 31, 2019 606,874,525 (466,832 ) 606,407,693 (*) On June 11, 2018, the term of subscription and payment of 1,500,000 shares to create and implement compensation plans for Company employees expired. Movement fully paid shares Movement value Cost of issuance of shares and placement Paid- in N° of (1) of shares (2) Capital shares ThUS$ ThUS$ ThUS$ Paid shares as of January 1, 2018 606,407,693 3,160,718 (14,453 ) 3,146,265 There are no movements of shares paid during the 2018 period - - - - Paid shares as of December 31, 2018 606,407,693 3,160,718 (14,453 ) 3,146,265 Paid shares as of January 1, 2019 606,407,693 3,160,718 (14,453 ) 3,146,265 There are no movements of shares paid during the 2019 period - - - - Paid shares as of December 31, 2019 606,407,693 3,160,718 (14,453 ) 3,146,265 (1) Amounts reported represent only those arising from the payment of the shares subscribed. (2) Decrease of capital by capitalization of reserves for cost of issuance and placement of shares established according to Extraordinary Shareholder´s Meetings, where such decreases were authorized. (c) Treasury stock At December 31, 2019, the Company held no treasury stock, the remaining of ThUS$ (178) corresponds to the difference between the amount paid for the shares and their book value, at the time of the full right decrease of the shares which held in its portfolio. (d) Reserve of share- based payments Movement of Reserves of share- based payments: Stock Opening option Closing Periods balance plan balance ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2017 38,538 943 39,481 From January 1 to December 31, 2018 39,481 (1,607 ) 37,874 From January 1 to December 31, 2019 37,874 (1,585 ) 36,289 These reserves are related to the “Share-based payments” explained in Note 34. (e) Other sundry reserves Movement of Other sundry reserves: Opening Transactions Legal Closing Periods balance minorities reserves balance ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2017 2,640,281 - (501 ) 2,639,780 From January 1 to December 31, 2018 2,639,780 - (864 ) 2,638,916 From January 1 to December 31, 2019 2,638,916 (184,135 ) (2,312 ) 2,452,469 Balance of Other sundry reserves comprise the following: As of As of As of December 31, December 31, December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Higher value for TAM S.A. share exchange (1) 2,665,692 2,665,692 2,665,692 Reserve for the adjustment to the value of fixed assets (2) 2,620 2,620 2,620 Transactions with non-controlling interest (3) (210,048 ) (25,913 ) (25,911 ) Others (5,795 ) (3,483 ) (2,621 ) Total 2,452,469 2,638,916 2,639,780 (1) Corresponds to the difference between the value of the shares of TAM S.A., acquired by Sister Holdco S.A. (under the Subscriptions) and by Holdco II S.A. (by virtue of the Exchange Offer), which is recorded in the declaration of completion of the merger by absorption, and the fair value of the shares exchanged by LATAM Airlines Group S.A. as of June 22, 2012. (2) Corresponds to the technical revaluation of the fixed assets authorized by the Commission for the Financial Market in the year 1979, in Circular No. 1529. The revaluation was optional and could be made only once; the originated reserve is not distributable and can only be capitalized. (3) The balance as of December 31, 2019 corresponds to the loss generated by: Lan Pax Group S.A. e Inversiones Lan S.A. in the acquisition of shares of Aerovías de Integración Regional Aires S.A. for ThUS$ (3,480) and ThUS$ (20), respectively; the acquisition of TAM S.A. of the minority interest in Aerolinhas Brasileiras S.A. for ThUS$ (885), the acquisition of Inversiones Lan S.A. of the minority participation in Aires Integra Regional Airlines S.A. for an amount of ThUS$ (2) and the acquisition of a minority stake in Aerolane S.A. by Lan Pax Group S.A. for an amount of ThUS$ (21,526) through Holdco Ecuador S.A. The loss due to the acquisition of the minority interest of Multiplus S.A. for ThUS$ (184.135) (see Note 1). (f) Reserves with effect in other comprehensive income. Movement of Reserves with effect in other comprehensive income: Currency Cash flow Actuarial gain translation hedging or loss on defined reserve reserve benefit plans reserve Total ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 (2,086,555 ) 1,506 (12,900 ) (2,097,949 ) Increase (decrease) by application of new accounting standards 215,299 - - 215,299 Initial balance Restated (1,871,256 ) 1,506 (12,900 ) (1,882,650 ) Derivatives valuation gains (losses) - 18,436 - 18,436 Deferred tax - (1,802 ) - (1,802 ) Actuarial reserves by employee benefit plans - - 2,758 2,758 Deferred tax actuarial IAS by employee benefit plans - - (784 ) (784 ) Translation difference subsidiaries (54,458 ) - - (54,458 ) Closing balance as of December 31, 2017 Restated (1,925,714 ) 18,140 (10,926 ) (1,918,500 ) Opening balance as of January 1, 2018 Restated (1,925,714 ) 18,140 (10,926 ) (1,918,500 ) Derivatives valuation gains (losses) - (26,899 ) - (26,899 ) Deferred tax - (574 ) - (574 ) Actuarial reserves by employee benefit plans - - (5,818 ) (5,818 ) Deferred tax actuarial IAS by employee benefit plans - - 1,566 1,566 Translation difference subsidiaries (730,930 ) - - (730,930 ) Closing balance as of December 31, 2018 (2,656,644 ) (9,333 ) (15,178 ) (2,681,155 ) Opening balance as of January 1, 2019 (2,656,644 ) (9,333 ) (15,178 ) (2,681,155 ) Derivatives valuation gains (losses) - 65,880 - 65,880 Deferred tax - 345 - 345 Actuarial reserves by employee benefit plans - - (10,635 ) (10,635 ) Deferred tax actuarial IAS by employee benefit plans - - 2,873 2,873 Translation difference subsidiaries (233,643 ) - - (233,643 ) Closing balance as of December 31, 2019 (2,890,287 ) 56,892 (22,940 ) (2,856,335 ) (f.1) Currency translation reserve These originate from exchange differences arising from the translation of any investment in foreign entities (or Chilean investment with a functional currency different to that of the parent), and from loans and other instruments in foreign currency designated as hedges for such investments. When the investment (all or part) is sold or disposed and loss of control occurs, these reserves are shown in the consolidated statement of income as part of the loss or gain on the sale or disposal. If the sale does not involve loss of control, these reserves are transferred to non-controlling interests. (f.2) Cash flow hedging reserve These originate from the fair value valuation at the end of each period of the outstanding derivative contracts that have been defined as cash flow hedges. When these contracts expire, these reserves should be adjusted, and the corresponding results recognized. (f.3) Reserves of actuarial gains or losses on defined benefit plans Correspond to the increase or decrease in the obligation present value for defined benefit plan due to changes in actuarial assumptions, and experience adjustments, which is the effects of differences between the previous actuarial assumptions and what has actually occurred. (g) Retained earnings Movement of Retained earnings: Increase Other (decrease) by Result increase Opening new standards for the (decreases) Closing Periods balance (1) period Dividends (1) (2) balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2017 (Restated) 366,404 (460,173 ) 108,896 (46,591 ) - (31,464 ) From January 1 to December 31, 2018 (Restated) (31,464 ) (9,548 ) 309,811 (54,580 ) 4,752 218,971 From January 1 to December 31, 2019 218,971 - 190,430 (57,129 ) - 352,272 (1) Adjustments adoption IFRS 9 and IFRS 15 ThUS (9,548) and IFRS 16 ThUS (460,173) (See Note 2). (2) Variation effect in Accumulated results, by application IAS 29, Argentina hyperinflation: Items ThUS$ Property, plant and equipment 4,573 Intangible assets other than goodwill 69 Goodwill 335 Deferred incomes (377 ) Other non-financial assets 152 Total Adjust accumulated results 4,752 (h) Dividends per share Minimum mandatory Minimum mandatory dividend dividend Description of dividend 2019 2018 Date of dividend 12-31-2019 12-31-2018 Amount of the dividend (ThUS$) 57,129 54,580 Number of shares among which the dividend is distributed 606,407,693 606,407,693 Dividend per share (US$) 0.0942 0.0900 |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of revenue [text block] [Abstract] | |
Disclosure of revenue [text block] | The detail of revenues is as follows: For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Passengers 9,005,629 8,708,988 8,494,477 Cargo 1,064,434 1,186,468 1,119,430 Total 10,070,063 9,895,456 9,613,907 |
COSTS AND EXPENSES BY NATURE
COSTS AND EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of expenses by nature [text block] [Abstract] | |
Disclosure of expenses by nature [text block] | (a) Costs and operating expenses The main operating costs and administrative expenses are detailed below: For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Aircraft fuel 2,929,008 2,983,028 2,318,816 Other rentals and landing fees (*) 1,275,859 1,206,881 1,233,640 Aircraft maintenance 444,611 366,627 422,943 Comisions 221,884 222,506 252,474 Passenger services 261,330 280,279 288,662 Other operating expenses 1,291,895 1,229,311 1,374,368 Total 6,424,587 6,288,632 5,890,903 (*) Lease expenses are included within this amount (See Note 2.21) For the period ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated Payments for leases of low-value assets 31,982 27,929 35,240 Total 31,982 27,929 35,240 (b) Depreciation and amortization Depreciation and amortization are detailed below: For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Depreciation (*) 1,389,465 1,307,032 1,318,725 Amortization 80,511 65,596 58,410 Total 1,469,976 1,372,628 1,377,135 (*) Included within this amount is the depreciation of the Properties, plants and equipment (See Note 17 (a)) and the maintenance of the aircraft recognized as assets by right of use. The maintenance cost amount included in the depreciation line for the period ended December 31, 2019 is ThUS$ 445,680 and ThUS$ 366,393 for the same period 2018. (c) Personnel expenses The costs for personnel expenses are disclosed in Note 23 liability for employee benefits. (d) Financial costs The detail of financial costs is as follows: For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Bank loan interest 325,650 283,786 347,551 Financial leases 61,980 62,202 37,522 Lease liabilities 181,814 182,868 185,947 Other financial instruments 20,490 10,281 8,213 Total 589,934 539,137 579,233 Costs and expenses by nature presented in this Note plus the Employee expenses disclosed in Note 23, are equivalent to the sum of cost of sales, distribution costs, administrative expenses, other expenses and financing costs presented in the consolidated statement of income by function. |
OTHER INCOME, BY FUNCTION
OTHER INCOME, BY FUNCTION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other operating income [text block] [Abstract] | |
Disclosure of other operating income [text block] | Other income by function is as follows: For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Coalition and loyalty program Multiplus (*) 36,172 126,443 240,952 Tours 96,997 108,448 109,463 Aircraft leasing 102,704 78,056 103,741 Customs and warehousing 29,353 26,667 26,793 Duty free 543 3,555 6,585 Maintenance 10,471 16,569 8,038 Other miscellaneous income 84,624 113,020 54,317 Total 360,864 472,758 549,889 (*) See Note 22 |
FOREIGN CURRENCY AND EXCHANGE R
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of effect of changes in foreign exchange rates [text block] [Abstract] | |
Disclosure of effect of changes in foreign exchange rates [text block] | The functional currency of LATAM Airlines Group S.A. is the US dollar, also it has subsidiaries whose functional currency is different to the US dollar, such as the chilean peso, argentine peso, colombian peso, brazilian real and guaraní. The functional currency is defined as the currency of the primary economic environment in which an entity operates and in each entity and all other currencies are defined as foreign currency. Considering the above, the balances by currency mentioned in this Note correspond to the sum of foreign currency of each of the entities that make LATAM Airlines Group S.A. and Subsidiaries. (a) Foreign currency The foreign currency detail of balances of monetary items in current and non-current assets is as follows: As of As of December 31, December 31, Current assets 2019 2018 ThUS$ ThUS$ Cash and cash equivalents 242,624 606,673 Argentine peso 10,974 4,236 Brazilian real 9,407 34,360 Chilean peso 50,421 415,399 Colombian peso 5,971 2,732 Euro 21,927 20,339 U.S. dollar 77,933 51,382 Other currency 65,991 78,225 Other financial assets, current 47,328 57,132 Argentine peso 7 11 Brazilian real 17,395 25,829 Chilean peso 26,008 25,904 Colombian peso 138 139 U.S. dollar 2,795 4,923 Other currency 985 326 As of As of December 31, December 31, Current assets 2019 2018 ThUS$ ThUS$ Other non - financial assets, current 81,521 106,952 Argentine peso 11,263 13,077 Brazilian real 20,553 37,794 Chilean peso 24,451 30,916 Colombian peso 61 434 Euro 2,878 3,935 U.S. dollar 5,140 8,949 Other currency 17,175 11,847 Trade and other accounts receivable, current 501,006 518,006 Argentine peso 22,809 54,053 Brazilian real 1,457 6,037 Chilean peso 125,342 112,133 Colombian peso 545 5,065 Euro 32,711 49,044 U.S. dollar 257,421 2,938 Other currency 60,721 288,736 Accounts receivable from related entities, current 537 593 Chilean peso 42 200 U.S. dollar 495 393 Tax current assets 19,506 20,774 Argentine peso 1,560 812 Brazilian real 1,006 1,106 Chilean peso 1,111 4,860 Colombian peso 54 5 Euro 264 - U.S. dollar - 429 Peruvian sun 13,707 13,306 Other currency 1,804 256 Total current assets 892,522 1,310,130 Argentine peso 46,613 72,189 Brazilian real 49,818 105,126 Chilean peso 227,375 589,412 Colombian peso 6,769 8,375 Euro 57,780 73,318 U.S. Dollar 343,784 69,014 Other currency 160,383 392,696 As of As of December 31, December 31, Non-current assets 2019 2018 ThUS$ ThUS$ Other financial assets, non-current 10,243 21,850 Brazilian real 4,441 4,941 Chilean peso 65 68 Colombian peso 296 145 Euro 1,525 7,438 U.S. dollar 2,169 7,441 Other currency 1,747 1,817 Other non - financial assets, non-current 29,166 31,126 Argentine peso 54 86 Brazilian real 7,891 7,465 U.S. dollar 3 3 Other currency 21,218 23,572 Accounts receivable, non-current 4,722 5,378 Chilean peso 4,722 5,378 Deferred tax assets 3,339 2,102 Colombian peso 487 78 U.S. dollar 856 29 Other currency 1,996 1,995 Total non-current assets 47,470 60,456 Argentine peso 54 86 Brazilian real 12,332 12,406 Chilean peso 4,787 5,446 Colombian peso 783 223 Euro 1,525 7,438 U.S. dollar 3,028 7,473 Other currency 24,961 27,384 The foreign currency detail of balances of monetary items in current liabilities and non-current is as follows: Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, Current liabilities 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 69,623 63,920 210,627 107,815 Argentine peso 1 3 2 - Brazilian real 128 261 118 - Chilean peso 42,625 41,694 15,229 68,901 Euro 145 704 339 - U.S. dollar 26,676 16,773 194,896 38,914 Other currency 48 4,485 43 - Trade and other accounts payables, current 1,338,123 970,872 10,091 37,809 Argentine peso 252,799 229,907 1,096 6,142 Brazilian real 59,837 30,974 320 1,152 Chilean peso 322,996 198,766 1,295 26,113 Colombian peso 2,558 7,915 868 752 Euro 113,733 84,903 484 1,375 U.S. dollar 480,129 325,385 4,263 55 Peruvian sol 24,197 37,285 1,447 1,124 Mexican peso 5,233 5,975 33 167 Pound sterling 20,289 13,395 119 305 Uruguayan peso 1,018 847 29 - Other currency 55,334 35,520 137 624 Accounts payable to related entities, current 53 365 - - Chilean peso 53 253 - - U.S. dollar - 112 - - Other provisions, current 2,079 1,434 - - Chilean peso 27 28 - - Other currency 2,052 1,406 - - Tax liabilities, current - 13 - - Argentine peso - 4 - - Brazilian real - - - - Chilean peso - 9 - - Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, Current liabilities 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Other non-financial liabilities, current 19,335 38,120 - - Argentine peso 348 1,089 - - Brazilian real 1,537 1,455 - - Chilean peso 705 14,130 - - Colombian peso 3,059 1,009 - - Euro 3,133 4,411 - - U.S. dollar 4,531 10,468 - - Other currency 6,022 5,558 - - Total current liabilities 1,429,213 1,074,724 220,718 145,624 Argentine peso 253,148 231,003 1,098 6,142 Brazilian real 61,502 32,690 438 1,152 Chilean peso 366,406 254,880 16,524 95,014 Colombian peso 5,617 8,924 868 752 Euro 117,011 90,018 823 1,375 U.S. dollar 511,336 352,738 199,159 38,969 Other currency 114,193 104,471 1,808 2,220 More than 1 to 3 years More than 3 to 5 years More than 5 years As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, Non-current liabilities 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, non-current 366,889 299,735 12,915 281,785 376,535 179,406 Chilean peso 236,346 16,259 2,291 237,377 369,525 172,530 Brazillian real 700 948 40 - - - Euro 550 296 141 - - - U.S. dollar 128,820 280,197 10,308 44,408 7,010 6,876 Other currency 473 2,035 135 - - - Accounts payable, non-current 151,254 294,704 - - - - Chilean peso 14,367 14,027 - - - - U.S. dollar 135,541 279,437 - - - - Other currency 1,346 1,240 - - - - Other provisions, non-current 36,615 36,120 - - - - Argentine peso 485 542 - - - - Brazillian real 20,538 19,815 - - - - Colombian peso 281 295 - - - - Euro 9,217 9,403 - - - - U.S. dollar 6,094 6,065 - - - - Provisions for employees benefits, non-current 80,628 72,674 - - - - Chilean peso 80,628 72,187 - - - - U.S. dollar - 487 - - - - Total non-current liabilities 635,386 703,233 12,915 281,785 376,535 179,406 Argentine peso 485 542 - - - - Brazilian real 21,238 20,763 40 - - - Chilean peso 331,341 102,473 2,291 237,377 369,525 172,530 Colombian peso 281 295 - - - - Euro 9,767 9,699 141 - - - U.S. dollar 270,455 566,186 10,308 44,408 7,010 6,876 Other currency 1,819 3,275 135 - - - As of As of December 31, December 31, General summary of foreign currency: 2019 2018 ThUS$ ThUS$ Total assets 939,992 1,370,586 Argentine peso 46,667 72,275 Brazilian real 62,150 117,532 Chilean peso 232,162 594,858 Colombian peso 7,552 8,598 Euro 59,305 80,756 U.S. dollar 346,812 76,487 Other currency 185,344 420,080 Total liabilities 2,674,767 2,446,785 Argentine peso 254,731 237,687 Brazilian real 83,218 54,605 Chilean peso 1,086,087 862,274 Colombian peso 6,766 9,971 Euro 127,742 101,092 U.S. dollar 998,268 1,071,190 Other currency 117,955 109,966 Net position Argentine peso (208,064 ) (165,412 ) Brazilian real (21,068 ) 62,927 Chilean peso (853,925 ) (267,416 ) Colombian peso 786 (1,373 ) Euro (68,437 ) (20,336 ) U.S. dollar (651,456 ) (994,703 ) Other currency 67,389 310,114 (b) Exchange differences The exchange differences recognized in profit or loss, except for financial instruments measured at fair value through profit or loss, for the period ended December 31, 2019 and 2018, meant a charge of ThUS$ 32,571 and ThUS$ 38,070, respectively. The exchange differences recognized in the statement of comprehensive income as reserves for exchange differences for conversion, for the period ended December 31, 2019 and 2018, meant a charge of ThUS$ 243,271 and ThUS$ 743,516, respectively. The following shows the current exchange rates for the U.S. dollar, on the dates indicated: As of As of December 31, 2019 2018 2017 2016 Argentine peso 59.83 37.74 18.57 15.84 Brazilian real 4.01 3.87 3.31 3.25 Chilean peso 748.74 694.77 614.75 669.47 Colombian peso 3,271.55 3,239.45 2,984.77 3,000.25 Euro 0.89 0.87 0.83 0.95 Australian dollar 1.43 1.42 1.28 1.38 Boliviano 6.86 6.86 6.86 6.86 Mexican peso 18.89 19.68 19.66 20.63 New Zealand dollar 1.49 1.49 1.41 1.44 Peruvian Sol 3.31 3.37 3.24 3.35 Uruguayan peso 37.24 32.38 28.74 29.28 |
EARNINGS _ (LOSS) PER SHARE
EARNINGS / (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of earnings per share [text block] [Abstract] | |
Disclosure of earnings per share [text block] | For the year ended December 31, Basic earnings / (loss) per share 2019 2018 2017 Restated Restated Earnings / (loss) attributable to owners of the parent (ThUS$) 190,430 309,811 108,896 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Basic earnings / (loss) per share (US$) 0.31403 0.51090 0.17958 For the year ended December 31, Diluted earnings / (loss) per share 2019 2018 2017 Restated Restated Earnings / (loss) attributable to owners of the parent (ThUS$) 190,430 309,811 108,896 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Weighted average number of shares, diluted 606,407,693 606,407,693 606,407,693 Diluted earnings / (loss) per share (US$) 0.31403 0.51090 0.17958 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of contingent liabilities [text block] [Abstract] | |
Disclosure of contingent liabilities [text block] | I. Lawsuits 1) Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Viagens S.A. Fazenda Pública do Município de São Paulo. 1004194-37.2018.8.26.0053 This is a voidance action appealing the charges for violations and fines (67.168.795 / 67.168.833 / 67.168.884 / 67.168.906 / 67.168.914 / 67.168.965). We are arguing that numbers are missing from the ISS calculation base since the company supposedly made improper deductions. The lawsuit was assigned on January 31, 2018. That same day, a decision was rendered suspending the charges without any bond. The municipality filed an appeal against this decision on April 30, 2018. A decision was rendered on November 11, 2019 fully in favor of Tam Viagens S.A. We are waiting to see if the Municipality files an appeal. 95,216 2) Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Airlines Group S.A. y Lan Cargo S.A. European Commission. Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26, 2007, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the instruction process against twenty five cargo airlines, including Lan Cargo S.A., for alleged breaches of competition in the air cargo market in Europe, especially the alleged fixed fuel surcharge and freight. On April 14, 2008, the notification of the European Commission was replied. The appeal was filed on January 24, 2011. On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9, 2010, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the imposition of a fine in the amount of THUS$ 9,217 (8,220,000 Euros) This fine is being appealed by Lan Cargo S.A. and LATAM Airlines Group S.A. On December 16, 2015, the European Court of Justice revoked the Commission’s decision because of discrepancies. The European Commission did not appeal the decision, but presented a new one on March 17, 2017 reiterating the imposition of the same fine on the eleven original airlines. The fine totals 776,465,000 Euros. It imposed the same fine as before on Lan Cargo and its parent, LATAM Airlines Group S.A., totaling 8.2 million Euros. On May 31, 2017 Lan Cargo S.A. and LATAM Airlines Group S.A. filed a petition with the General Court of the European Union seeking vacation of this decision. We presented our defense in December 2017. On July 12, 2019, we attended a hearing before the European Court of Justice to confirm our petition for vacation of judgment or otherwise, a reduction in the amount of the fine. LATAM AIRLINES GROUP, S.A. expects that the ruling by the General Court of the European Union may reduce the amount of this fine. 9,217 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Lan Cargo S.A. y LATAM Airlines Group S.A. In the High Court of Justice Chancery División (England) Ovre Romerike District Court (Norway) y Directie Juridische Zaken Afdeling Ceveil Recht (Netherlands) , Cologne Regional Court (Landgerich Köln Germany). Lawsuits filed against European airlines by users of freight services in private lawsuits as a result of the investigation into alleged breaches of competition of cargo airlines, especially fuel surcharge. Lan Cargo S.A. and LATAM Airlines Group S.A., have been sued in court proceedings directly and/or in third party, based in England, Norway, the Netherlands and Germany. Cases are in the uncovering evidence stage. In the case in England, mediation was held with nearly all the airlines involved in the aim of attempting to reach an agreement. It began in September, and LATAM Airlines Group S.A. reached an agreement for approximately GBP 636,000. A settlement was signed in December 2018 and payment was made in January 2019. This lawsuit ended for all plaintiffs in the class action, except for one who signed a settlement for approximately GBP 222,469.63 in December 2019. The payment will be made in January 2020, which will put an end to the entire lawsuit in England. The amount remains undetermined for the lawsuits in the remaining countries (Norway, the Netherlands and Germany). -0- Aerolinhas Brasileiras S.A. Federal Justice. 0008285-53.2015.403.6105 An action seeking to quash a decision and petioning for early protection in order to obgain a revocation of the penalty imposed by the Brazilian Competition Authority (CADE) in the investigation of cargo airlines alleged fair trade violations, in particular the fuel surcharge. This action was filed by presenting a guaranty – policy – in order to suspend the effects of the CADE’s decision regarding the payment of the following fines: (i) ABSA: ThUS$ 10,438; (ii) Norberto Jochmann: ThUS$201; (iii) Hernan Merino: ThUS$ 102; (iv) Felipe Meyer :ThUS$ 102. The action also deals with the affirmative obligation required by the CADE consisting of the duty to publish the condemnation in a widely circulating newspaper. This obligation had also been stayed by the court of federal justice in this process. Awaiting CADE’s statement. ABSA began a judicial review in search of an additional reduction in the fine amount. The Judge’s decision was published on March 12, 2019, and we filed an appeal against it on March 13, 2019 10,403 Aerolinhas Brasileiras S.A. Federal Justice. 0001872-58.2014.4.03.6105 An annulment action with a motion for preliminary injunction, was filed on 02/28/2014, in order to cancel tax debts of PIS, CONFINS, IPI and II, connected with the administrative process 10831.005704/2006.43. We have been waiting since August 21, 2015 for a statement by Serasa on TAM’s letter of indemnity and a statement by the Union. The statement was authenticated on January 29, 2016. A new insurance policy was submitted on March 30, 2016 with the change to the guarantee requested by PGFN. On 05/20/2016 the process was sent to PGFN, which was manifested on 06/03/2016. A decision is pending 14,061 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Linhas Aéreas S.A Department of Federal Revenue of Brazil 19515.720476/2015-83 Alleged irregularities in the SAT payments for the periods 01/2011 to 12/2012 The lawsuit was converted into a measure in January 2018. A statement will be made after the prosecutor’s measure has concluded. The Brazilian Administrative Council of Tax Appeals (CARF) issued a decision in favor of the Company on September 22, 2018. We are currently expecting that the Ministry of Finance of Brazil will appeal. 59,481 Tam Linhas Aéreas S.A. Court of the Second Region. 2001.51.01.012530-0 Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for THUS$106. The court decision requesting that the Expert make all clarifications requested by the parties in a period of 30 days was published on March 29, 2016. The plaintiffs’ submitted a petition on June 21, 2016 requesting acceptance of the opinion of their consultant and an urgent ruling on the dispute. No amount additional to the deposit that has already been made is required if this case is lost. 87,538 Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil. 10880.725950/2011-05 Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. The objection (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. 26,293 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. 2013-20319 CA 01 The July 30, 2012 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on October 31, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. Florida. On June 4, 2019, the State Court of Florida allowed REGIONAL ONE to add a new claim against LATAM AIRLINES COLOMBIA for default on a verbal contract. Given the new claim, LATAM AIRLINES COLOMBIA petitioned that the Court postpone the trial to August 2019 to have the time to investigate the facts alleged by REGIONAL ONE to prove a verbal contract. The State Court granted the postponement of a jury trial to June 2020. In the meantime, the discovery stage continues, including verbal statements by experts on behalf of both parties. There may be some change in the committed amount, which will be reported in due course. 12,443 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil 10880.722.355/2014-52 On August 19, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. An administrative objection was filed on September 17, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On September 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). 65,895 TAM Linhas Aéreas S.A. Sao Paulo Labor Court, Sao Paulo 1001531-73.2016.5.02.0710 The Ministry of Labor filed an action seeking that the company adapt the ergonomics and comfort of seats. In August 2016, the Ministry of Labor filed a new lawsuit before the competent Labor Court in Sao Paulo, in the same terms as case 0000009-45.2016.5.02.090, as previously reported, the hearing date is set for October 22, 2018. We were served the decision completely dismissing the claim in March 2019, against which the plaintiff has filed an appeal. We are now awaiting the hearing by the Court of Appeals. 17,982 LATAM Airlines Group S.A. 22° Civil Court of Santiago C-29.945-2016 The Company received notice of a civil liability claim by Inversiones Ranco Tres S.A. on January 18, 2017. It is represented by Mr. Jorge Enrique Said Yarur. It was filed against LATAM Airlines Group S.A. for an alleged contractual default by the Company and against Ramon Eblen Kadiz, Jorge Awad Mehech, Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, directors and officers, for alleged breaches of their duties. In the case of Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, it alleges a breach, as controllers of the Company, of their duties under the incorporation agreement. LATAM has retained legal counsel specializing in this area to defend it. The claim was answered on March 22, 2017 and the plaintiff filed its replication on April 4, 2017. LATAM filed its rejoinder on April 13, 2017, which concluded the argument stage of the lawsuit. A reconciliation hearing was held on May 2, 2017, but the parties did not reach an agreement. The Court issued the evidentiary decree on May 12, 2017. We filed a petition for reconsideration because we disagreed with certain points of evidence. That petition was partially sustained by the Court on June 27, 2017. The evidentiary stage commenced and then concluded on July 20, 2017. Observations to the evidence must now be presented. That period expires August 1, 2017. We filed our observations to the evidence on August 1, 2017. We were served the decision on December 13, 2017 that dismissed the claim since LATAM was in no way liable. The plaintiff filed an appeal on December 26, 2017. Arguments were pled before the Santiago Court of Appeals on April 23, 2019, and on April 30, 2019, this Court confirmed the ruling of the trial court absolving LATAM. The losing party was ordered to pay costs in both cases. On May 18, 2019, Inversiones Ranco Tres S.A. filed a remedy of vacation of judgment based on technicalities and on substance against the Appellate Court decision. The Appellate Court admitted both appeals on May 29, 2019 and the appeals are pending a hearing by the Supreme Court. 17,705 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A. 10th Jurisdiction of Federal Tax Enforcement of Sao Paulo 0061196-68.2016.4.03.6182 Tax Enforcement Lien No. 0020869-47.2017.4.03.6182 on Profit-Based Social Contributions from 2004 to 2007. This tax enforcement was referred to the 10th Federal Jurisdiction on February 16, 2017. A petition reporting our request to submit collateral was recorded on April 18, 2017. At this time, the period is pending for the plaintiff to respond to our petition. The bond was replaced. We are waiting for the evidentiary period to begin. 39,584 TAM Linhas Aéreas S.A. Department of Federal Revenue of Brazil 5002912.29.2019.4.03.6100 A lawsuit disputing the debit in the administrative proceeding 16643.000085/2009-47, reported in previous Notes, consisting of a notice demanding recovery of the Income and Social Assessment Tax on the net profit (SCL) resulting from the itemization of royalties and use of the TAM trademark The lawsuit was assigned on February 28, 2019. A decision was rendered on March 1, 2019 stating that no guarantee was required. A final decision is now pending. 11,139 TAM Linhas Aéreas S.A. DERAT SPO (Delegacía de Receita Federal) 13808.005459/2001-45 Collection of the Social Security Funding Contribution (COFINS) based on gross revenue of the company in the period 1999-2000. The decision on collection was pending through June 2, 2010. 23,228 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720630/2017-16 This is an administrative claim about a fine for the incorrectness of an import declaration (new lawsuit). The administrative defensive arguments were presented September 28, 2017. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a special appeal (CRSF (Higher Tax Appeals Chamber)) that is pending a decision. 20,410 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720852/2016-58 An improper charge of the Contribution for the Financing of Social Security (COFINS) on an import (new lawsuit). We are currently awaiting a decision. There is no predictable decision date because it depends on the court of the government agency. 14,631 TAM Linhas Aéreas S.A Delegacía de Receita Federal 16692.721.933/2017-80 The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport. An administrative defense was presented on May 29, 2018. 31,381 SNEA (Sindicato Nacional das empresas aeroviárias) União Federal 0012177-54.2016.4.01.3400 A claim against the 72% increase in airport control fees (TAT-ADR) and approach control fees (TAT-APP) charged by the Airspace Control Department (“DECEA”). A decision is now pending on the appeal presented by SNEA. 63,951 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S/A União Federal 2001.51.01.020420-0 TAM and other airlines filed a recourse claim seeking a finding that there is no legal or tax basis to be released from collecting the Additional Airport Fee (“ATAERO”). A decision by the superior court is pending. The amount is indeterminate because even though TAM is the plaintiff, if the ruling is against it, it could be -0- TAM Linhas Aéreas S/A Delegacia da Receita Federal 10880-900.424/2018-07 This is a claim for a negative Legal Entity Income Tax (IRPJ) balance for the 2014 calendar year (2015 fiscal year) because set-offs were not allowed. The administrative defensive arguments were presented March 19, 2018. An administrative decision is now pending. 17,202 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 19515-720.823/2018-11 An administrative claim to collect alleged differences in SAT payments for the periods 11/2013 to 12/2017. A defense was presented on November 28, 2018. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a voluntary appeal (CRSF (Administrative Tax Appeals Board)) that is pending a decision. 120,551 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938832/2013-19 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the second quarter of 2011, which were determined to be in the non-cumulative system An administrative defense was argued on March 19, 2019. The decision is pending. 16,108 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938834/2013-16 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the third quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The decision is pending. 11,777 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938837/2013-41 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the fourth quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The decision is pending. 15,782 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938838/2013-96 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the first quarter of 2012, which were determined to be in the non-cumulative system. We presented our administrative defense. 10,891 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 0012541-56.2016.5.03.0144 A class action in which the Union is petitioning that TAM be ordered to make payment of the correct calculation of Sundays and holidays. A hearing was set for December 17, 2019 14,423 LATAM Airlines Argentina Commercial Trial Court No. 15 of Buenos Aires. 11479/2012 Proconsumer and Rafaella Cabrera filed a claim citing discriminating fees charged to foreign users as compared to domestic users for services retained in Argentina. The trial court judge dismissed Mrs. Cabrera’s claim on March 7, 2019 and sustained the motion of lack of standing entered by Proconsumer. The ruling was appealed by the plaintiff on April 8, 2019 and will be decided by Room D. -0- LATAM Airlines Group Argentina, Brasil, Perú, Ecuador, y TAM Mercosur. Commercial and Civil Trial Court No. 11 of Buenos Aires. 1408/2017 Consumidores Libres Coop. Ltda. filed this claim on March 14, 2017 regarding a provision of services. It petitioned for the reimbursement of certain fees or the difference in fees charged for passengers who purchased a ticket in the last 10 years but did not use it. Federal Commercial and Civil Trial Court No. 11 in the city of Buenos Aires. After two years of arguments on jurisdiction and competence, the claim was assigned to this court and an answer was filed on March 19, 2019 -0- TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10.880.938842/2013-54 The decision denied the petition for reassignment and did not equate the CONFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. 11,521 TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10.880.93844/2013-43 The decision denied the petition for reassignment and did not equate the CONFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense 10,876 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10880.938841/2013-18 The decision denied the petition for reassignment and did not equate the CONFINS credit statements for the second quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. 10,292 TAM Linhas Aéreas S.A Receita Federal de Brasil 10840.727719/2019-71 Collection of PIS / COFINS tax for the period of 2014. We presented our administrative defense on January 11, 2020 42,276 Latam-Airlines Ecuador S.A. Tribunal Distrital de lo Fiscal 17509-2014-0088 An audit of the 2006 Income Tax Return that disallowed fuel expenses, fees and other items because the necessary support was not provided, according to Management. On August 6, 2018, the District Tax Claims Court rendered a decision denying the request for a refund of a mistaken payment. An appeal seeking vacation of this judgment by the Court was filed on September 5 and we are awaiting a decision by the Appellate judges. As of December 31, 2018, the lawyers believe that the probability of recovering this amount has fallen by 30% to 40%, so the provision was increased to $8.7 million. We have applied IFRIC 23 as of 12/31/19 because of the percentage loss (more than 50%), and we have recorded the entire provision in the income tax item. 12,505 Latam Airlines Group S.A. Southern District of Florida. United States District Court 19cv23965 A lawsuit filed by Jose Ramon Lopez Regueiro against American Airlines Inc. and Latam Airlines Group S.A. seeking an indemnity for damages caused by the commercial use of the Jose Marti International Airport in Cuba that he says were repaired and reconditioned by his family before the change in government in 1959. Latam Airlines Group S.A. was served this claim on September 27, 2019. LATAM Airlines Group filed a motion to dismiss on November 26, 2019. In response, a motion to suspend discovery was filed on December 23, 2019 while the Court was deciding on the motion to dismiss. The provision is undetermined. -0- - In order to deal with any financial obligations arising from legal proceedings in effect at December 31, 2019, whether civil, tax, or labor, LATAM Airlines Group S.A. and Subsidiaries, has made provisions, which are included in Other non-current provisions that are disclosed in Note 21. - The Company has not disclosed the individual probability of success for each contingency in order to not negatively affect its outcome. (*) The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. II. Governmental Investigations. 1) On July 25, 2016, LATAM reached agreements with the U.S. Department of Justice U.S. Securities and Exchange Commission The purpose of the investigation was to determine whether these payments violated the U.S. Foreign Corrupt Practices Act (“FCPA”) that: (i) forbids bribery of foreign government authorities in order to obtain a commercial advantage; and (ii) requires the companies that must abide by the FCPA to keep appropriate accounting records and implant an adequate internal control system. The FCPA is applicable to LATAM because of its ADR program in effect on the U.S. securities market. After an exhaustive investigation, the DOJ and SEC concluded that there was no violation of the bribery provisions of the FCPA, which is consistent with the results of LATAM’s internal investigation. However, the DOJ and SEC consider that LATAM accounted for these payments incorrectly and, consequently, infringed the part of the FCPA requiring companies to keep accurate accounting records. These authorities also consider that LATAM’s internal controls in 2006-2007 were weak, so LATAM would have also violated the provisions in the FCPA requiring it to maintain an adequate internal control system. The agreements signed, included the following: (a) The agreement with the DOJ involves: (i) entering into a Deferred Prosecution Agreement (“DPA”), which is a public contract under which the DOJ files public charges alleging an infringement of the FCPA accounting regulations. LATAM is not obligated to answer these charges, the DOJ will not pursue them for a period of 3 years, and the DOJ will dismiss the charges after expiration of that 3-year period provided LATAM complies with all terms of the DPA. In exchange, LATAM must admit to the negotiated events described in the DPA and agree to pay the negotiated fine explained below and abide by other terms stipulated in the agreement; (ii) clauses in which LATAM admits that the payments to the consultant in Argentina were incorrectly accounted for and that at the time those payments were made (2006-2007), it did not have adequate internal controls in place; (iii) LATAM’s agreement to have an outside consultant monitor, evaluate and report to the DOJ on the effectiveness of LATAM’s compliance program for a period of 27 months; and LATAM’s agreement to continue evaluating and reporting directly to the DOJ on the effectiveness of its compliance program for a period of 9 months after the consultant’s work concludes; and (iv) LATAM paid a fine of ThUS$ 12,750. (b) The agreement with the SEC involves: (i) accepting a Cease and Desist Order, which is an administrative resolution of the SEC closing the investigation, in which LATAM will accept certain obligations and statements of fact that are described in the document; (ii) accepting the same obligations regarding the consultant mentioned above; and (iii) LATAM paid a fine of ThUS$ 6,744 and interest of ThUS$ 2,694. On May 15, 2019, the external consultant certified that the Anticorruption program of LATAM Airlines Group S.A. It is reasonably designed and implemented to prevent and detect violations within LATAM to anti-corruption laws. On July 23, 2019, the DOJ approved the certification made by the consultant on May 15, 2019 regarding the Anticorruption program of LATAM Airlines Group S.A. On January 31, 2020, the Florida Court sustained the DOJ’s motion to withdraw the criminal action filed against LATAM Airlines Group S.A. as LATAM had fulfilled all the conditions in the DPA. So, the DOJ case is closed. 2) On April 6, 2019, LATAM Airlines Group S.A. received notification of the resolution issued by the National Economic Prosecutor’s Office (FNE), which begins an investigation into the LATAM Pass frequent passenger program. The last move in the cause Role No. 2530-19 leading this investigation corresponds to LATAM Airlines Group S.A. response in May 2019. 3) On July 9, 2019, LATAM Airlines Group S.A. received the resolution issued by the National Economic Prosecutor’s Office (FNE), which begins an investigation into the Alliance Agreement between LATAM Airlines Group S.A. and American Airlines INC. The last move in the cause Role No. 2565-19 leading this investigation corresponds to a statement on September 11, 2019 4) On July 26, 2019, the National Consumer Service of Chile (SERNAC) issued the Ordinary Resolution No. 12,711 which proposed to initiate a collective voluntary mediation procedure on effectively informing passengers of their rights in cases of cancellation of flights or no show to boarding, as well as the obligation to return the respective boarding fees as provided by art. 133 C of the Aeronautical Code. The Company has voluntarily decided to participate in this procedure, the terms and conditions of which are being negotiated. 5) On October 15, 2019, LATAM Airlines Group S.A. received the resolution issued by the National Economic Prosecuting Authority (FNE) advising of the start of an investigation into the agreement between LATAM Airlines Group S.A. and Delta Airlines, Inc. (Case number 2585-19). The Company is cooperating in this investigation. 6) On December 11, 2019, LATAM Airlines Group S.A. received Office No. 122019 / FFD / 208993 by the Fiscalía Regional Metropolitana Centro Norte, requesting information on statements that appeared in the press in Brazil about alleged payments to public officials within the framework of the Asociación Brasileña de Compañías Aéreas, ABEAR. Cause No. 2585-19. The Company is currently cooperating with this process. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of commitments [text block] [Abstract] | |
Disclosure of commitments [text block] | (a) Loan covenants The Company and its subsidiaries do not maintain credit agreements that set limits on certain financial indicators of the Company or its subsidiaries, with the exception of those detailed below: With respect to the various contracts concluded by the Company for the financing of Boeing 787 aircraft that have the guarantee of the Export - Import Bank of the United States of America, limits have been established for some financial indicators of the parent company on a consolidated basis, in respect of which, in any case, non-compliance does not accelerate payment of the loan. The established limits measured semiannually on the basis of the Consolidated Financial Statements are the following: I. Debt to EBITDAR: The ratio of the Company’s financial obligations, on a consolidated basis, to EBITDAR must not exceed 6 times. EBITDAR: It is defined as the net result, excluding interest, depreciation, amortization, rental income and profits or extraordinary losses not related to ordinary course of business. II. Fixed charge index: EBITDAR of the last twelve months on the sum of the cash on a consolidated basis required to cover interest expenses during said period, plus lease rental expenses, plus dividends declared or paid by the Company. This index should not be less than 1.2 times. III. Minimum liquidity: The cash and cash equivalent of the Consolidated Company must not be less than ThUS$ 75,000. Regarding the renewable credit line of credit (“Revolving Credit Facility”) established with a consortium of twelve banks led by Citibank, with a guarantee of airplanes, engines, spare parts and supplies for a total amount available of US$ 600 million, this includes restrictions of minimum liquidity, measured at the level of the Consolidated Company (with a minimum level of US$ 750 million) and measured at the individual level for LATAM Airlines Group SA and TAM Linhas Aéreas S.A. (with a minimum level of US$ 400 million). Compliance with these restrictions is a precondition for using the line; If the line is used, these restrictions must be reported quarterly, and failure to comply with these restrictions results in acceleration of loan payment. As of December 31, 2019, this line of credit is not used. As of December 31, 2019 this line of credit established with a consortium of twelve banks led by Citibank, is not used. As of December 31, 2019, the Company is in compliance with all the financial indicators detailed above. On the other hand, the Company’s financing contracts generally establish clauses related to changes in the ownership structure and in the controller and disposition of the assets (as refer mainly to important transfers of assets). In particular, the contract “Indenture” signed between Guanay Finance Limited (see Note 1), LATAM Airlines Group S.A. and Citibank, N.A. on November 7, 2013, it includes clauses related to changes in the ownership structure and Company controller, which generate the anticipation of certain payment obligations. As result of the acquisition of 20% of the shares of LATAM Airlines Group S.A. by Delta Air Lines, Inc., the debt held by Guanay Finance Limited, which mature in December 2020, will be paid in March 2020, this was considered by the Company. Finally, we Note that the particular terms of the aforementioned clauses regarding the Indenture contract are not included in any other financing contract that the Company maintains in force as of this date. (b) Other commitments At December 31, 2019 the Company has existing letters of credit, certificates of deposits and warranty insurance policies as follows: Creditor Guarantee Debtor Type Value Release Corporación Peruana de Aeropuertos y Aviación Comercial Latam Airlines Perú S.A. Twenty six letter of credit 3,493 Jan-31-20 Lima Airport Partners S.R.L. Latam Airlines Perú S.A. Twenty one letter of credit 2,990 Feb-17-20 Superintendencia Nacional de Aduanas y de Administración Tributaria Latam Airlines Perú S.A. Twenty five letter of credit 200,000 Feb-12-20 Instituto Nacional de Defensa de la Compentencia y de la Protección Latam Airlines Perú S.A. Forty three letter of credit 1,483 Feb-27-20 Aena Aeropuertos S.A. Latam Airlines Group S.A. Four letter of credit 2,820 Nov-15-20 American Alternative Insurance Corporation Latam Airlines Group S.A. Seven letter of credit 3,790 Abr-05-20 Citibank N.A. Latam Airlines Group S.A. One letter of credit 27,226 Dec-20-20 Comisión Europea Latam Airlines Group S.A. One letter of credit 9,346 Dec-31-20 Deutsche Bank A.G. Latam Airlines Group S.A. One letter of credit 2,500 March-31-20 Dirección General de Aeronáutica Civil Latam Airlines Group S.A. Forty six letter of credit 18,487 Feb-28-20 Empresa Pública de Hidrocarburos del Ecuador EP Petroecuador Latam Airlines Group S.A. One letter of credit 5,500 Jun-18-20 Metropolitan Dade County Latam Airlines Group S.A. Eight letter of credit 2,298 March-13-20 Numinous LLC Latam Airlines Group S.A. One letter of credit 2,200 Oct-15-20 Conselho Administrativo de Conselhos Federais Tam Linhas Aéreas S.A. Two letter of credit 1,730 Nov-24-20 Procon Tam Linhas Aéreas S.A. Three insurance policy guarantee 3,728 Apr-01-21 União Federal Tam Linhas Aéreas S.A. An insurance policy guarantee 1,277 Sep-28-21 Aena Aeropuertos S.A. Tam Linhas Aéreas S.A. One letter of credit 1,405 Aug-14-20 Procuradoria da Fazenda Nacional Tam Linhas Aéreas S.A. One letter of credit 8,017 Aug-10-20 RB Comercial Properties 49 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 35,974 Apr-29-20 Tribunal de Justição de São Paulo. Tam Linhas Aéreas S.A. An insurance policy guarantee 1,927 Sep-23-24 17a Vara Cível da Comarca da Capital de João Pessoa/PB. Tam Linhas Aéreas S.A. An insurance policy guarantee 3,050 Jun-25-23 10ª Vara de Execuções Fiscais Federais de São Paulo/SP. Tam Linhas Aéreas S.A. An insurance policy guarantee 33,938 Oct-03-20 Vara da Fazenda Pública da Comarca do Rio de Janeiro - RJ Tam Linhas Aéreas S.A. An insurance policy guarantee 1,043 Sep-25-23 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. Three insurance policy guarantee 6,770 Jul-05-23 Vara Civel Campinas. Tam Linhas Aéreas S.A. An insurance policy guarantee 1,709 Jun-14-24 Procon ABSA Linhas Aereas Brasileira S/A An insurance policy guarantee 10,453 May-19-20 Vara Federal da Subseção de Campinas SP ABSA Linhas Aereas Brasileira S/A An insurance policy guarantee 15,856 Feb-20-21 Vara Federal da Subseção de Campinas SP ABSA Linhas Aereas Brasileira S/A One letter of credit 2,329 Oct-20-21 Conselho Administrativo de Conselhos Federais ABSA Linhas Aereas Brasileira S/A An insurance policy guarantee 5,435 Oct-20-21 416,774 The credit letters related to right of use assets are included in Note 17 letter (d) Additional information Property, Plant and Equipment, in numeral (i) Property Plant and equipment delivered under guarantee. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of related party [text block] [Abstract] | |
Disclosure of related party [text block] | (a) Details of transactions with related parties as follows: Nature of Nature of Transaction amount relationship with Country related parties As of December 31, Tax No. Related party related parties of origin transactions Currency 2019 2018 2017 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales CLP 16 16 18 65.216.000-K Comunidad Mujer Related director Chile Tickets sales CLP - - 14 78.591.370-1 Bethia S.A and subsidiaries Related director Chile Services received of cargo transport CLP 556 1,778 1,643 Services received from National and International Courier CLP (3) (85 ) (382 ) Services provided of cargo transport CLP - - (17 ) Sales commissions CLP (218) (821 ) (761 ) Services received advertising CLP (726 ) (1,025 ) 79.773.440-3 Transportes San Felipe S.A Related director Chile Tickets sales CLP - - 1 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Tickets sales CLP 61 51 72 Foreign Consultoría Administrativa Profesional S.A. de C.V. Associate Mexico Professional counseling services received MXN - - (2,357 ) 96.782.530-1 Inmobiliaria Inversiones Asturias S.A. Related director Chile Tickets sales CLP - 25 - 76.335.600-0 Parque de Chile S.A. Related director Chile Tickets sales CLP 9 20 - 96.989.370-3 Rio Dulce S.A. Related director Chile Tickets sales CLP - 18 - Foreign Inversora Aeronáutica Argentina Related director Argentina Property leases received ARS$ - (231 ) (251 ) Foreign TAM Aviação Executiva e Taxi Aéreo S/A Common shareholder Brazil Services provided BRL 58 62 45 Services received of cargo transport BRL 2 8 - Services provided BRL (10 ) - - Services received at airports BRL - (2 ) (39 ) Foreign Qatar Airways Indirect shareholder Qatar Services provided by aircraft lease US$ 39,528 21,321 31,707 Interlineal received service US$ (2,050 ) (6,345 ) (2,139 ) Interlineal provided service US$ 3,739 8,635 5,279 Services provided of handling US$ 1,106 1,392 1,002 Services provided / received others US$ 996 1,805 - The balances of Accounts receivable and accounts payable to related parties are disclosed in Note 9. Transactions between related parties have been carried out under market conditions between interested and duly informed parties. (b) Compensation of key management The Company has defined for these purposes that key management personnel are the executives who define the Company’s policies and macro guidelines and who directly affect the results of the business, considering the levels of Vice-Presidents, Chief Executives and Senior Directors. For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Remuneration 13,701 14,841 17,826 Management fees 411 307 468 Non-monetary benefits 1,815 748 740 Short-term benefits 31,124 45,653 36,970 Long-term benefits 8,577 2,412 - Share-based payments 3,296 (7,210 ) 13,173 Termination benefits 1,428 1,404 - Total 60,352 58,155 69,177 |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of share-based payment arrangements [text block] [Abstract] | |
Disclosure of share-based payment arrangements [text block] | (a) Compensation plan for increase of capital Compensation plans implemented by providing options for the subscription and payment of shares that have been granted by LATAM Airlines Group S.A. to employees of the Company and its subsidiaries, are recognized in the financial statements in accordance with the provisions of IFRS 2 “Share-based Payment”, showing the effect of the fair value of the options granted under compensation in linear between the date of grant of such options and the date on which these irrevocable. (a.1) Compensation plan 2013 not current as of this date At the Extraordinary Shareholders’ Meeting held on June 11, 2013, the shareholders of the Company approved, among other matters, the increase in the share capital, of which 1,500,000 shares were allocated to compensation plans for the employees of the Company. Company and its subsidiaries, in accordance with the provisions of Article 24 of the Law on Public Limited Companies. On June 11, 2018, expired the term to subscribe said actions, which were neither subscribed nor paid, reducing the capital of full rights. (b) Compensation plan 2016-2018 The company implemented a retention plan long-term for executives, which lasts until December 2018, with a vesting period between October 2018 and March 2019, which consists of an extraordinary bonus whose calculation formula is based on the variation the value to experience the action of LATAM Airlines Group S.A. for a period of time. This benefit is recorded in accordance with the provisions of IFRS 2 “Payments based on shares” and has been considered as a cash settled award and, therefore, recorded at fair value as a liability, which is updated at the closing date. of each financial statement with effect on the result of the period. Base Units Opening Closing Periods balance Granted Annulled Exercised Balance From January 1 to December 31, 2018 2,932,896 - (171,419 ) (1,168,700 ) 1,592,777 From January 1 to December 31, 2019 1,592,777 93,481 - (1,686,258 ) - The fair value has been determined on the basis of the best estimate of the future value of the Company share multiplied by the number of units granted bases. As of December 31, 2019 and 2018, the amount recorded is ThUS$ 3,296 and ThUS$ (7,210), respectively, classified under the line “Administrative expenses” of the Consolidated Income Statement by function. We inform you that this Compensation Plan is finished (LP1). (c) LP2 compensation plans (2019-2020) The company implemented a long-term retention plan for executives that lasts until March 2020, with a period of enforceability between October 2019 and March 2020, which consists of an extraordinary bonus whose calculation formula is based on the variation of the value experienced by the action of LATAM Airlines Group SA for a certain period of time. At December 31, 2019 the required action price for its collection is under the initial target. (d) LP3 compensation plans (2020-2023) The Company implemented a program for a group of executives, which lasts until March 2023, with a period of enforceability between October 2020 and March 2023, where the collection percentage is annual and cumulative. The methodology is an allocation, of quantity of units, where a goal of the value of the action is set. The bonus is applicable, if the target of the price of the action defined in each year is met. In case the bonus is accumulated, until the last year, the total bonus is doubled (in the case of the share price is activated). (e) Subsidiary compensation plans (e.1) Stock-based payments As indicated in Note 1, and the consequent resignation of the executives of Multiplus S.A. the option plans granted were canceled. (As of December 31, 2018, the options for current shares amounted to 247,500 shares for Multiplus S.A.) Multiplus S.A. 4nd Extraordinary 3rd Grant 4th Grant Grant Description 03/21/2012 04/03/2013 11/20/2013 Total Outstanding option number as December 31, 2018 84,249 163,251 - 247,500 Outstanding option number as December 31, 2019 - - - - The acquisition of the share’s rights, in both companies is as follows: Number of shares Number of shares Accrued options Non accrued options As of As of As of As of December 31, December 31, December 31, December 31, Company 2019 2018 2019 2018 Multiplus S.A. - 247,500 - 247,500 In accordance with IFRS 2 - Payments based on shares, the fair value of the option must be recalculated and recorded in the liability of the Company, once cash payment is made (cash-settled). The fair value of these options was calculated using the “Black-Scholes-Merton” method, where the assumptions were updated with information from LATAM Airlines Group S.A. As of December 31, 2018 there is no value recorded in liabilities and results. (e.2) Payments based on restricted stock As of December 31, 2019, payment contracts based on restricted shares signed with the executives of Multiplus S.A. were canceled, as described in Note 1. Not acquired due Opening to breach of employment Closing balance Exercised retention conditions balance From January 1 to December 31, 2018 309,710 (83,958 ) (8,916 ) 216,836 From January 1 to December 31, 2019 216,836 - - 216,836 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of cash flow statement [text block] [Abstract] | |
Disclosure of cash flow statement [text block] | (a) The Company has carried out non-monetary transactions mainly related to financial lease and lease liabilities, which are described in Note 19 Other financial liabilities. (b) Other inflows (outflows) of cash: For theyear ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Delta Air Lines Inc. compensation (1) 350,000 - - Fuel hedge (9,966 ) 77,234 19,862 Hedging margin guarantees (21,200 ) 1,573 (4,201 ) Currency hedge - (1,282 ) (17,798 ) Change reservation systems - - (16,120 ) Tax paid on bank transaction (11,369 ) 318 (6,635 ) Fuel derivatives premiums (17,102 ) (13,947 ) (2,832 ) Bank commissions, taxes paid and other (20,627 ) (8,179 ) (7,738 ) Guarantees (5,474 ) 14,755 59,988 Court deposits (22,976 ) (30,860 ) (33,457 ) Total Other inflows (outflows) Operation flow 241,286 39,612 (8,931 ) Others deposits in guarantees - - 3,754 Tax paid on bank transaction (2,249 ) (2,476 ) (2,594 ) Others - - (10,383 ) Total Other inflows (outflows) Investment flow (2,249 ) (2,476 ) (9,223 ) Loan guarantee - - 80,615 Settlement of derivative contracts (2,976 ) (11,675 ) (40,695 ) Aircraft Financing advances (55,728 ) 55,728 (26,214 ) Others - - - Total Other inflows (outflows) Financing flow (58,704 ) 44,053 13,706 (1) See Note 22 (c) Dividends: For the period ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Latam Airlines Group S.A. (54,580 ) (46,591 ) (20,766 ) Multiplus S.A. (*) - (26,029 ) (45,876 ) Latam Airlines Perú S.A. (*) (536 ) - - Total dividends paid (55,116 ) (72,620 ) (66,642 ) (*) Dividends paid to minority shareholders (d) Reconciliation of liabilities arising from financing activities: As of Cash flows Non-Flow Movements As of December 31, Obtainment Payment Interest accrued December 31, Obligations with financial institutions 2018 Capital Capital Interest and others Reclassifications 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Loans to exporters 400,721 93,000 (145,505 ) (12,934 ) 6,193 - 341,475 Bank loans 222,741 164,095 (165,549 ) (11,352 ) 7,320 - 217,255 Guaranteed obligations 2,534,021 607,797 (282,721 ) (93,335 ) 93,286 (701,721 ) 2,157,327 Other guaranteed obligations 673,452 - (92,549 ) (28,417 ) 27,946 - 580,432 Obligation with the public 1,553,079 1,009,836 (487,086 ) (144,932 ) 134,037 - 2,064,934 Financial leases 1,624,854 - (591,861 ) (72,311 ) 68,440 701,721 1,730,843 Other loans 252,858 27,864 (178,777 ) (9,648 ) 8,964 - 101,261 Lease liability 2,858,049 - (398,992 ) (177,949 ) 891,049 - 3,172,157 Total Obligations with financial institutions 10,119,775 1,902,592 (2,343,040 ) (550,878 ) 1,237,235 - 10,365,684 As of Cash flows Non-Flow Movements As of December 31, Obtainment Payment Interest accrued December 31, Obligations with financial institutions 2017 Capital Capital Interest and others Reclassifications 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Loans to exporters 314,619 293,001 (202,000 ) (10,467 ) 5,568 - 400,721 Bank loans 321,633 74,663 (167,548 ) (13,961 ) 7,954 - 222,741 Guaranteed obligations 4,036,843 - (315,698 ) (122,639 ) 99,320 (1,163,805 ) 2,534,021 Other guaranteed obligations 242,175 704,398 (274,339 ) (16,873 ) 18,091 - 673,452 Obligation with the public 1,584,066 - 1,561 (107,629 ) 75,081 - 1,553,079 Financial leases 1,109,504 - (691,390 ) (69,808 ) 112,743 1,163,805 1,624,854 Other loans 282,800 55,728 (88,934 ) (15,978 ) 19,242 - 252,858 Lease liability 3,146,972 - (373,440 ) (182,948 ) 267,465 - 2,858,049 Total Obligations with financial institutions 11,038,612 1,127,790 (2,111,788 ) (540,303 ) 605,464 - 10,119,775 (e) Advances of aircraft Below are the cash flows associated with aircraft purchases, which are included in the statement of consolidated cash flow, in the item Purchases of properties, plants and equipment: For the period ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Increases (payments) (86,288 ) (212,163 ) (205,143 ) Recoveries 349,702 157,508 103,065 Total cash flows 263,414 (54,655 ) (102,078 ) f) The net effect by the hyperinflation application in the consolidated statement of cash flow for the exercise ended December 31, 2018 corresponds to: For the period ended December 31, 2019 2018 ThUS$ ThUS$ Net cash flows from (used in) operating activities 118,797 6,088 Net cash flows from (used in) investment activities 64,516 (17,611 ) Net cash flows from (used in) financing activities (56,866 ) 3,914 Effects of variation in the exchange rate on cash and cash equivalents (126,447 ) 7,609 Net increase (decrease) in cash and cash equivalents - - |
THE ENVIRONMENT
THE ENVIRONMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of interest in funds [text block] [Abstract] | |
Disclosure of interest in funds [text block] | LATAM Airlines Group S.A has a commitment to sustainable development seeking to generate value taking into account the governance, environmental and social aspects. The company manages environmental issues at a corporate level, centralized in the Sustainability Management. For the company to monitor and minimize its impact on the environment is a commitment of the highest level; where the continuous improvement and contribute to the solution of the global climate change problem, generating added value to the company and the region, are the pillars of its management. One of the functions of the Sustainability Management in environmental issues, together with the various areas of the Company, is to ensure environmental compliance, implement a management system and environmental programs that comply with the requirements every day more demanding worldwide; in addition to continuous improvement programs in their internal processes, which generate environmental, social and economic benefits and which are added to those currently carried out. Within the sustainability strategy, the Environment dimension of LATAM Airlines Group S.A., is called Climate Change and is based on the goal of achieving world leadership in this area, and for which we work on the following aspects: i. Carbon footprint ii. Eco Efficiency iii. Sustainable Alternative Energy iv. Standards and Certifications This is how, during 2019, the following initiatives have been carried out: - Implementation of an Environmental Management System for the main operations of the company. It is highlighted that the company during 2018 has recertified its environmental management system in Miami facilities following the guidelines of the international standard ISO 14.001. - Maintenance of the Stage 2 Certification of IATA Environmental Assestment (IEnvA) whose scope is the international flights operated from Chile, the most advanced level of this certification; being the first in the continent and one of the four airlines in the world that have this certification. - Maintenance of the Stage 1 Certification of IEnvA of our operation in Colombian, achieved in 2018 - Preparation of the environmental chapter for the sustainability report of the company 2019, which allows to measure progress in environmental issues. - Answer to the questionnaire of the DJSI. - Measurement and external verification of the Corporate Carbon Footprint. - Neutralization of domestic air operations in Colombia. - Neutralization of land operations in all spanish speaking countries through the purchase of carbon credits for an emblematic project in the Amazon. - Incorporation of 100% electric power from renewable sources in the maintenance base facilities and the corporate building of operations in Chile. - Implementation of the Recycle Your Trip program, which seeks to manage the waste generated on board domestic flights in Chile. This program aims to incorporate a hub every 6 months. It is highlighted that in 2019, LATAM Airlines Group maintained its inclusion for the sixth consecutive year in the world category of the Dow Jones Sustainability Index, with only 3 airlines in the world belonging to this select group. |
EVENTS SUBSEQUENT TO THE DATE O
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of events after reporting period [text block] [Abstract] | |
Disclosure of events after reporting period [text block] | Subsequent to the closing date of the financial statements as of December 31, 2019, there has been a significant variation in the exchange rate (Central Bank of Brazil) R $ / US $, from R $ 4.03 to US$ to R $ 4.85 per US$ to March 13, 2020, which represents a depreciation of 20.23% of the Brazilian currency. On March 12, 2020, LATAM Airlines and its Affiliates announced the suspension of its guidance 2020 in light of the uncertainty due to the COVID-19 (coronavirus) outbreak that is affecting the demand for air traffic. Accordingly, LATAM Airlines Group and its affiliates announced a decrease in capacity of approximately 30% of international operations. On March 16, 2020, LATAM Airlines and its affiliates updated the decrease in capacity to approximately 70% of the total operations, corresponding 90% to international operations and 40% to domestic operations. As of this date, it is not possible to quantify the exact impact on demand or how long it may take to recover, making it impossible to estimate results for the full year. After December 31, 2019 and until the date of issuance of these financial statements, there is no knowledge of other events of a financial or other nature, which significantly affect the balances or interpretation thereof. The consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries as of December 31, 2019, have been approved in the Extraordinary Board Session of March 16, 2020. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Preparation | 2.1. These consolidated financial statements of LATAM Airlines Group S.A. have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (“IASB”) and with the interpretations issued by the interpretations committee of the International Financial Reporting Standards (IFRIC). The consolidated financial statements have been prepared under the historic-cost criterion, although modified by the valuation at fair value of certain financial instruments. The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to use its judgment in applying the Company’s accounting policies. Note 4 shows the areas that imply a greater degree of judgment or complexity or the areas where the assumptions and estimates are significant to the consolidated financial statements. The consolidated financial statements have been prepared in accordance with the accounting policies used by the Company for the consolidated financial statements 2018, except for the standards and interpretations adopted as of January 1, 2019. (a) Accounting pronouncements with implementation effective from January 1, 2019: Date of issue Effective Date: (i) Standards and amendments IFRS 16: Leases. january 2016 01/01/2019 Amendment to IFRS 9: Financial instruments october 2017 01/01/2019 Amendment to IAS 28: Investments in associates and joint ventures october 2017 01/01/2019 Amendment to IAS 19: Benefits to employees february 2018 01/01/2019 (ii) Improvements Improvements to International Financial Reporting Standards (cycle 2015-2017) IFRS 3: Business combination; IAS 12: Income tax; IFRS 11: Joint agreements and IAS 23 Costs for loans. december 2017 01/01/2019 (iii) Interpretations IFRIC 23: Uncertain tax positions june 2017 01/01/2019 The application of these accounting pronouncements as of January 1, 2019, had no significant effects on the consolidated financial statements of the Company; with the exception of those originated by the application of IFRS 16: Leases described as follow. During the year, the Company has recognized the changes, in the consolidated financial statements, as a result of the adoption of IFRS 16 retrospectively; restating the comparative figures, in accordance with the provisions of IAS 8 Accounting policies, changes in accounting estimates and errors. The impacts of the adoption of IFRS 9 Financial Instruments, IFRS 15 Revenue from contracts with customers and IFRS 16 Leases are as follows: Consolidated statement of financial position (extract) a) As of January 1, 2017: As of Adoption As of December 31 impact January 1, Note 2016 IFRS 16 2017 ThUS$ ThUS$ ThUS$ Restated Current assets Other non-financial assets, current 12 212,242 (25,567 ) (9) 186,675 Non-current assets Properties, plants and equipment 17 10,498,149 2,931,101 (9) 13,429,250 Current liabilities Other current financial liabilities 7-19 1,839,528 311,307 (11) 2,150,835 Non-current liabilities Other non current financial liabilities 7-19 6,796,952 2,881,149 (11) 9,678,101 Accounts payable commercial and other 7-24 359,391 20,065 (9) 379,456 Deferred tax liability 18 915,759 (61,343 ) (10) 854,416 Equity Equity attributable to the owners of the parent Accumulated earnings 25 366,404 (460,173 ) (12) (93,769 ) Other reserves 25 580,870 215,299 (12) 796,169 Non-controlling interest 14 88,644 (771 ) (12) 87,873 b) As of January 1, 2018: As of Adoption As of Adoption As of December 31, impact January 1 impact January 1, Note 2017 IFRS 9 IFRS 15 2018 IFRS 16 2018 ThUS$ THUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Current assets Other non-financial assets, current 12 221,188 - 54,361 (4) 275,549 (30,771 ) (9) 244,778 Trade debtors and other accounts receivable, current 7 - 8 1,214,050 (11,105 ) (1) - 1,202,945 - 1,202,945 Non-current assets Other non-financial assets, non current 12 220,807 - - 220,807 (8,604 ) (9) 212,203 Properties, plants and equipment 17 10,065,335 - - 10,065,335 2,865,317 (9) 12,930,652 Deferred tax assets 18 364,021 89 (2) 6,005 (7) 370,115 449 (10) 370,564 Current liabilities Other current financial liabilities 7 - 19 1,300,949 - - 1,300,949 319,030 (11) 1,619,979 Trade and other accounts payables 7 - 20 1,695,202 - (22,192 ) (5) 1,673,010 (4,398 ) (9) 1,668,612 Other non-financial liabilities, current 22 2,823,963 - 77,640 (6) 2,901,603 - 2,901,603 Non-current liabilities Other non current financial liabilities 7 - 19 6,605,508 - - 6,605,508 2,827,942 (11) 9,433,450 Accounts payable commercial and other 7 - 24 498,832 - - 498,832 60,611 (9) 559,443 Deferred tax liability 18 949,697 (1,021 ) (2) 4,472 (5) 953,148 (75,400 ) (10) 877,748 Equity Equity attributable to the owners of the Accumulated earnings 25 475,118 (9,995 ) (3) 446 (8) 465,569 (506,581 ) (12) (41,012 ) Other reserves 25 554,884 - - 554,884 205,877 (12) 760,761 Non-controlling interest 14 91,147 - - 91,147 (690 ) (12) 90,457 c) As of December 31, 2018: As of Adoption As of December 31, impact December 31, Note 2018 IFRS 16 2018 ThUS$ ThUS$ ThUS$ Restated Current assets Other non-financial assets, current 12 320,977 (30,501 ) (9) 290,476 Non-current assets Other non-financial assets, non current 12 233,741 (6,200 ) (9) 227,541 Properties, plants and equipment 17 9,953,365 2,548,444 (9) 12,501,809 Deferred tax assets 18 273,328 201 (10) 273,529 Current liabilities Other current financial liabilities 7-19 1,430,789 363,497 (11) 1,794,286 Non-current liabilities Other non current financial liabilities 7-19 5,864,910 2,494,552 (11) 8,359,462 Accounts payable commercial and other 7-24 483,656 45,621 (9) 529,277 Deferred tax liability 18 872,121 (85,550 ) (10) 786,571 Equity Equity attributable to the owners of the parent Accumulated earnings 25 597,676 (378,705 ) (12) 218,971 Other reserves 25 (76,926 ) 72,561 (12) (4,365 ) Non-controlling interest 14 79,940 (32 ) (12) 79,908 - Effects of adopting IFRS 9 (1) Expected credit losses: The Company modified the calculation of the impairment provision to comply with the expected credit loss model, established in IFRS 9 Financial Instruments, which replaces the current loss impairment model incurred. To the calculate percentage of credit losses, a risk matrix was used, grouping the portfolio, according to similar characteristics of risk and maturity. This change resulted in the recognition of an increase in the provision for impairment losses of US $ (11.1) million. This standard also includes requirements related to the classification and measurement of financial assets and liabilities and an expected credit loss model that replaces the current loss impairment model incurred. As of January 1, 2018, the calculation of the impairment losses provision are as follows: Portfolio maturity Up to Up to More than Up to 91 to 181 to 360 Up to date 90 days 180 days 360 days days Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Expected loss rate 1 % 21 % 46 % 67 % 94 % 8 % Gross book value 1,046,909 36,241 12,001 14,623 66,022 1,175,796 Impairment provision (13,570 ) (7,774 ) (5,499 ) (9,803 ) (61,787 ) (98,433 ) (2) Deferred tax adjustments originated by the application of IFRS 9. (3) Net effect on accumulated results of the adjustments indicated above. In addition to the impacts on the consolidated statement of financial position, the application of IFRS 9: Financial Instruments requires the classification of financial instruments according to the business model, to determine the form of measurement of financial instruments, after their initial recognition. The Company analyzed the business models and classified its financial assets and liabilities according to the following: Classification IAS 39 Classification IFRS 9 Assets Loans Hedge Held Initial Cost At fair value Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 2,446,864 62,867 1,915 501,890 - - 3,013,536 Cash and cash equivalents (1,112,346 ) - - (29,658 ) 1,112,346 29,658 - Other financial assets, current (23,918 ) - (1,421 ) (472,232 ) 23,918 473,653 - Trade debtors and other accounts receivable, current (1,214,050 ) - - - 1,214,050 - - Accounts receivable from entities related, current (2,582 ) - - - 2,582 - - Other financial assets, non-current (87,077 ) - (494 ) - 87,077 494 - Accounts receivable, non-current (6,891 ) - - - 6,891 - - Balance as of January 1, 2018 - 62,867 - - 2,446,864 503,805 3,013,536 Classification IAS 39 Classification IFRS 9 Liabilities Others Held Cost Total ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 10,086,434 14,817 - 10,101,251 Other current financial liabilities (1,288,749 ) - 1,288,749 - Trade accounts payable and other accounts payable, current (1,695,202 ) - 1,695,202 - Accounts payable to related entities, current (760 ) - 760 - Other financial liabilities, not current (6,602,891 ) - 6,602,891 - Accounts payable, not current (498,832 ) - 498,832 - Balance as of January 1, 2018 (*) - 14,817 10,086,434 10,101,251 (*) Balances as of January 1, 2018 do not contain the re-expression effects originated by IFRS 16. - Effects of adopting IFRS 15 (4) Contract costs: The Company has capitalized the costs related to the revenues from air transport of passengers, corresponding to: the commissions charged by the credit card administrators for US$ 22.0 million and the air ticket booking services through the system general distribution (GDS) for US$ 15.6 million. Additionally, there is a reclassification of commissions from travel agencies for US$ 16.8 million, which previously were presented, according IAS 18, net of the liability to fly in other non-financial liabilities. (5) Contract liabilities: The Company has adjusted certain concepts that were recorded as obligations with suppliers and customers, which must now be treated as contract liabilities; therefore, they must be deferred until the benefit of the service have been rendered. These concepts are mainly related to the ground transportation service for US $ 15.6 million and traveler’s checks for US $ 6.6 million. (6) Performance Obligations: The Company analyzed the moment in which the performance obligations identified in the contracts with customers must be recognized in the consolidated result. During this analysis, some concepts were identified which must be deferred until the moment of service provision, mainly related to land transportation services, charges for modifications to the initial contract in the sale of tickets and redeem of some products associated with loyalty programs for US$ 60.8 million. Additionally, there is the reclassification detailed in numeral (4) for US$ 16.8 million. (7) Deferred tax adjustments originated by the application of IFRS 15. (8) Net effect on accumulated results of the adjustments indicated above. Additionally, the Company concluded that, in the rendering of certain services, it acted as agent in the provision of these services, therefore some reclassifications were made in the consolidated income statement to reflect the corresponding commission. - Effects of adopting IFRS 16 (9) Company recognized under Property, plant and equipment right of use assets for US $ 2,865.3 million as of January 1, 2018 and US $ 2,548.4 as of December 31, 2018, associated with contracts that meet the definition of lease (Note 2.21 & 17). The Company decrease other financial assets related to advance payments for leases for US $ 39.4 million as of January 1, 2018 and US $ 36.7 as of December 31, 2018, since with the application of the standard these amounts are considered in the initial measurement of the right of use asset. The Company increased the cost of restoration associated with the return of aircraft and engines for US $ 56.2 million as of January 1, 2018 and US $ 45.6 million as of December 31, 2018. With the application of the standard, the net present value of this cost was included in the asset for right of use and its counterpart in the line of accounts payable, current or non-current, depending on the return date of the aircraft or engines. (10) Deferred taxes: adjustments originated by the application of IFRS 16. (11) Lease liabilities: The Company recognized within the Other financial liabilities for lease for US$ 3,147.0 million as of January 1, 2018 and US$ 2,858.0 million as of December 31, 2018, associated with contracts that meet the definition of lease (Note 2.21 & 19). (12) The effect of the recognition of the leases under IFRS 16 generated a decrease in retained earnings of US$ 506.6 million as of January 1, 2018 (US$ 378.7 million as of December 31, 2018). The increase in Other reserves of US$ 205.9 million as of January 1, 2018 (decrease of US$ 72,5 million as of December 31, 2018), was caused by the Cumulative translation adjustment of those subsidiaries with functional currencies other than the US dollar. The application of IFRS 16 also affected non-controlling interests. The effets of the changes recognized in the application of IFRS 15 and IFRS 16 as of December 31,2017 are presented in the consolidated income statement: Impact recognized as a result of the adoption of IFRS 16 as of December 31, 2017 are presented in the consolidated income statement: For the year ended december 31, 2017 Reconciliation income Adjustments for reconciliation Results under Adoption impact Results under Nota IAS 17 IFRS16 IFRS 16 ThUS$ ThUS$ ThUS$ Published Restated Revenue 26 9,613,907 - 9,613,907 Cost of sales (7,441,849 ) 162,491 (7,279,358 ) Gross margin 2,172,058 162,491 2,334,549 Other income 28 549,889 - 549,889 Distribution costs (699,600 ) 2,816 (696,784 ) Administrative expenses (938,931 ) (13,837 ) (952,768 ) Other expenses (368,883 ) 3,423 (365,460 ) Other gains (losses) (7,754 ) - (7,754 ) Income from operation activities 706,779 154,893 861,672 Financial income 78,695 - 78,695 Financial costs 27 (393,286 ) (185,947 ) (579,233 ) Foreign exchange gains (losses) 29 (18,718 ) (29,780 ) (48,498 ) Result of indexation units 748 - 748 Income (loss) before taxes 374,218 (60,834 ) 313,384 Income (loss) tax expense / benefit 18 (173,504 ) 14,506 (158,998 ) NET INCOME (LOSS) FOR THE YEAR 200,714 (46,328 ) 154,386 Income (loss) attributable to owners of the parent 155,304 (46,408 ) 108,896 Income (loss) attributable to non- controlling interest 14 45,410 80 45,490 Net income (loss) for the year 200,714 (46,328 ) 154,386 Impact recognized as a result of the adoption of IFRS 15 and IFRS 16 as of December 31, 2018 are presented in the consolidated income statement: For the year ended december 31, 2018 Reconciliation Revenue Adjustments for reconciliation Nota Results Adoption Results Contract Deferred Reclassifications Results ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Published Restated IFRS 16 Revenue 26 9,895,456 - 9,895,456 - 48,561 31,501 9,975,518 Cost of sales (7,962,843 ) 189,411 (7,773,432 ) - (34,986 ) - (7,808,418 ) Gross margin 1,932,613 189,411 2,122,024 - 13,575 31,501 2,167,100 Other income 28 472,758 - 472,758 - - 42,563 515,321 Distribution costs (619,200 ) 3,986 (615,214 ) (43 ) - (20,003 ) (635,260 ) Administrative expenses (721,270 ) (15,063 ) (736,333 ) (806 ) - (54,061 ) (791,200 ) Other expenses (359,781 ) 3,531 (356,250 ) - - - (356,250 ) Other gains (losses) 53,499 - 53,499 - - - 53,499 Income from operation activities 758,619 181,865 940,484 (849 ) 13,575 - 953,210 Financial income 53,253 - 53,253 - - - 53,253 Financial costs 27 (356,269 ) (182,868 ) (539,137 ) - - - (539,137 ) Foreign exchange gains (losses) 29 (157,709 ) 119,639 (38,070 ) - - - (38,070 ) Result of indexation units (865 ) - (865 ) - - - (865 ) Income (loss) before taxes 297,029 118,636 415,665 (849 ) 13,575 - 428,391 Income (loss) tax expense / benefit 18 (83,782 ) 9,903 (73,879 ) (23 ) (1,030 ) - (74,932 ) NET INCOME (LOSS) FOR THE YEAR 213,247 128,539 341,786 (872 ) 12,545 - 353,459 Income (loss) attributable to owners of the parent 181,935 127,876 309,811 (872 ) 12,545 - 321,484 Income (loss) attributable to non-controlling interest 14 31,312 663 31,975 - - - 31,975 Net income (loss) for the period 213,247 128,539 341,786 (872 ) 12,545 - 353,459 In the income statement, with the implementation of the IFRS16 standard, restated were made in the following lines: - Cost of sale, distribution costs, administrative expenses: net effect of derecognized of rental cost and recognition of the depreciation of the right of use. - Financial Costs: interest expense corresponding to the lease liability. Impact recognized as a result of the adoption of IFRS 16 for the year ended of December 31, 2017 and 2018 are presented in the consolidated statement of cash flows: For the year ended Adoption For the year ended December 31, impact December 31, 2017 IFRS 16 2017 ThUS$ ThUS$ ThUS$ Restated Payments to suppliers for goods and services (6,722,713 ) 520,082 (1) (6,202,631 ) Net cash flows from operating activities (6,722,713 ) 520,082 (6,202,631 ) Loans repayments (1,829,191 ) (344,901 ) (2) (2,174,092 ) Payments of finance lease liabilities (344,901 ) 344,901 (2) - Payments of lease liabilities - (338,179 ) (1) (338,179 ) Interest paid (389,724 ) (181,903 ) (1) (571,627 ) Net cash flows (used in) financing activities (2,563,816 ) (520,082 ) (3,083,898 ) For the year ended Adoption For the year ended December 31, impact December 31, 2018 IFRS 16 2018 ThUS$ ThUS$ ThUS$ Restated Payments to suppliers for goods and services (7,331,390 ) 556,387 (1) (6,775,003 ) Net cash flows from operating activities (7,331,390 ) 556,387 (6,775,003 ) Loans repayments (1,045,662 ) (692,687 ) (2) (1,738,349 ) Payments of finance lease liabilities (692,687 ) 692,687 (2) - Payments of lease liabilities - (373,439 ) (1) (373,439 ) Interest paid (357,355 ) (182,948 ) (1) (540,303 ) Net cash flows (used in) financing activities (2,095,704 ) (556,387 ) (2,652,091 ) (1) Correspond to the reclassification of lease payments, principal to payment of lease liability and interest to interest paid. (2) Correspond to the reclassification of leases payments previously classified as financial lease. (b) Accounting pronouncements not yet in force for financial years beginning on January 1, 2019 and which has not been early adopted. (i) Standards and amendments Date of issue Effective Date IFRS 17: Insurance contracts May 2017 January 1, 2021 Amendment to IFRS 10: Consolidated financial statements and IAS 28 Investments in associates and joint ventures. September 2014 To be determined Amendment to IFRS 3: Business combination October 2018 January 1, 2020 Amendment to IAS 1: Presentation of financial statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors October 2018 January 1, 2020 Amendment to IFRS 9: Financial instruments; IAS 39: Financial instruments: Recognition and measurement; Y IFRS 7: Financial instruments: Disclosures September 2019 January 1, 2020 The management of the Company estimates that the adoption of the standards, amendments and Interpretations described above, will not have a significant impact on the consolidated financial statements of the Company in the application of its first adoption. At the close consolidated financial statements, the Company is analyzing the possible effects of the amendment issued in September 2019 to IFRS 9, IAS 39 and IFRS 7 for the reform of interest rates of reference. |
Description of other accounting policies relevant to understanding of financial statements [text block] | 2.2. (a) Subsidiaries Subsidiaries are all the entities (including special-purpose entities) over which the Company has the power to control the financial and operating policies, which are generally accompanied by a holding of more than half of the voting rights. In evaluating whether the Company controls another entity, the existence and effect of potential voting rights that are currently exercisable or convertible at the date of the consolidated financial statements are considered. The subsidiaries are consolidated from the date on which control is passed to the Company and they are excluded from the consolidation on the date they cease to be so controlled. The results and flows are incorporated from the date of acquisition. Balances, transactions and unrealized gains on transactions between the Company’s entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment loss of the asset transferred. When necessary in order to ensure uniformity with the policies adopted by the Company, the accounting policies of the subsidiaries are modified. To account for and identify the financial information revealed when carrying out a business combination, such as the acquisition of an entity by the Company, is apply the acquisition method provided for in IFRS 3: Business combination. (b) Transactions with non-controlling interests The Group applies the policy of considering transactions with non-controlling interests, when not related to loss of control, as equity transactions without an effect on income. (c) Sales of subsidiaries When a subsidiary is sold and a percentage of participation is not retained, the Company derecognizes assets and liabilities of the subsidiary, the non-controlling and other components of equity related to the subsidiary. Any gain or loss resulting from the loss of control is recognized in the consolidated income statement in Other gains (losses). If LATAM Airlines Group S.A. and Subsidiaries retain an ownership of participation in the sold subsidiary, and does not represent control, this is recognized at fair value on the date that control is lost, the amounts previously recognized in Other comprehensive income are accounted as if the Company had disposed directly from the assets and related liabilities, which can cause these amounts are reclassified to profit or loss. The percentage retained valued at fair value is subsequently accounted using the equity method. (d) Investees or associates Investees or associates are all entities over which LATAM Airlines Group S.A. and Subsidiaries have significant influence but have no control. This usually arises from holding between 20% and 50% of the voting rights. Investments in associates are booked using the equity method and are initially recognized at their cost. |
Description of accounting policy for foreign currency translation [text block] | 2.3. (a) Presentation and functional currencies The items included in the financial statements of each of the entities of LATAM Airlines Group S.A. and Subsidiaries are valued using the currency of the main economic environment in which the entity operates (the functional currency). The functional currency of LATAM Airlines Group S.A. is the United States dollar which is also the presentation currency of the consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries. (b) Transactions and balances Foreign currency transactions are translated to the functional currency using the exchange rates on the transaction dates. Foreign currency gains and losses resulting from the liquidation of these transactions and from the translation at the closing exchange rates of the monetary assets and liabilities denominated in foreign currency are shown in the consolidated statement of income by function except when deferred in Other comprehensive income as qualifying cash flow hedges. (c) Adjustment due to hyperinflation After July 1, 2018, the Argentine economy was considered, for purposes of IFRS, hyperinflationary. The financial statements of the subsidiaries whose functional currency is the Argentine Peso have been restated. The non-monetary items of the statement of financial position as well as the income statement, comprehensive incomes and cash flows of the group’s entities, whose functional currency corresponds to a hyperinflationary economy, are adjusted for inflation and re-expressed in accordance with the variation of the consumer price index (“CPI”), at each presentation date of its financial statements. The re-expression of non-monetary items is made from the date of initial recognition in the statements of financial position and considering that the financial statements are prepared under the historical cost criterion. Net losses or gains arising from the re-expression of non-monetary items and income and costs are recognized in the consolidated income statement under “Result of indexation units”. Net gains and losses on the re-expression of opening balances due to the initial application of IAS 29 are recognized in the consolidated retained earnings. Re-expression due to hyperinflation will be recorded until the period in which the economy of the entity ceases to be considered as a hyperinflationary economy, at that time, the adjustments made by hyperinflation will be part of the cost of non-monetary assets and liabilities. The comparative amounts in the Consolidated financial statements of the Company are presented in a stable currency and are not adjusted for subsequent changes in the price level or exchange rates. (d) Group entities The results and the financial situation of the Group’s entities, whose functional currency is different from the presentation currency of the consolidated financial statements, of LATAM Airlines Group S.A., which does not correspond to the currency of a hyperinflationary economy, are converted into the currency of presentation as follows: (i) Assets and liabilities of each consolidated statement of financial position presented are translated at the closing exchange rate on the consolidated statement of financial position date; (ii) The revenues and expenses of each income statement account are translated at the exchange rates prevailing on the transaction dates, and (iii) All the resultant exchange differences by conversion are shown as a separate component in other comprehensive income. For those subsidiaries of the group whose functional currency is different from the presentation currency and, moreover, corresponds to the currency of a hyperinflationary economy; its restated results, cash flow and financial situation are converted to the presentation currency at the closing exchange rate on the date of the consolidated financial statements. The exchange rates used correspond to those fixed in the country where the subsidiary is located, whose functional currency is different to the U.S. dollar. Adjustments to the Goodwill and fair value arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing exchange rate or period informed, restated when the currency came from the functional entity of the foreign entity corresponds to that of a hyperinflationary economy, the adjustments for the restatement of goodwill are recognized in the consolidated equity. |
Property, plant and equipment | 2.4. The land of LATAM Airlines Group S.A. and Subsidiaries, are recognized at cost less any accumulated impairment loss. The rest of the Properties, plants and equipment are recorded, both in their initial recognition and in their subsequent measurement, at their historical cost, restated for inflation when appropriate, less the corresponding depreciation and any loss due to deterioration. The amounts of advances paid to the aircraft manufacturers are activated by the Company under Construction in progress until they are received. Subsequent costs (replacement of components, improvements, extensions, etc.) are included in the value of the initial asset or are recognized as a separate asset, only when it is probable that the future economic benefits associated with the elements of property, plant and equipment, they will flow to the Company and the cost of the item can be determined reliably. The value of the replaced component is written off. The rest of the repairs and maintenance are charged to the result of the year in which they are incurred. The depreciation of the properties, plants and equipment is calculated using the linear method over their estimated technical useful lives; except in the case of certain technical components which are depreciated on the basis of cycles and hours flown. The residual value and the useful life of the assets are reviewed and adjusted, if necessary, once a year. When the value of an asset exceeds its estimated recoverable amount, its value is immediately reduced to its recoverable amount (Note 2.8). Losses and gains from the sale of property, plant and equipment are calculated by comparing the consideration with the book value and are included in the consolidated statement of income. |
Intangible assets other than goodwill | 2.5. (a) Airport slots and Loyalty program Airport slots and the Coalition and Loyalty program are intangible assets of indefinite useful life and are subject to impairment tests annually as an integral part of each CGU identified by the Company, in accordance with the premises that are applicable, included as follows: Airport slots – Air transport CGU Loyalty program – Air transport CGU (See Note 16) The airport slots correspond to an administrative authorization to carry out operations of arrival and departure of aircraft at a specific airport, within a specified period. The Loyalty program corresponds to the system of accumulation and redemption of points that has developed Multiplus S.A., program that is part of TAM Linhas Aereas S.A. (See Note 1). The Brands, airport Slots and Loyalty program were recognized in fair values determined in accordance with IFRS 3, as a consequence of the business combination with TAM and Subsidiaries. (b) Computer software Licenses for computer software acquired are capitalized on the basis of the costs incurred in acquiring them and preparing them for using the specific software. These costs are amortized over their estimated useful lives, for which the Company has been defined useful lives between 3 and 10 years. Expenses related to the development or maintenance of computer software which do not qualify for capitalization, are shown as an expense when incurred. The personnel costs and others cost directly related to the production of unique and identifiable computer software controlled by the Company, are shown as intangible Assets others than Goodwill when they have met all the criteria for capitalization. (c) Brands The Brands were acquired in the business combination with TAM S.A. And Subsidiaries and recognized at fair value under IFRS. During the year 2016, the estimated useful life of the brands changes from an indefinite useful life to a five-year period, the period in which the value of the brands will be amortized (See Note 15). |
Description of accounting policy for goodwill [text block] | 2.6. Goodwill represents the excess of acquisition cost over the fair value of the Company’s participation in the net identifiable assets of the subsidiary or associate on the acquisition date. Goodwill related to acquisition of subsidiaries is not amortized but tested for impairment annually or each time that there is evidence of impairment. Gains and losses on the sale of an entity include the book amount of the goodwill related to the entity sold. |
Borrowing costs | 2.7. Interest costs incurred for the construction of any qualified asset are capitalized over the time necessary for completing and preparing the asset for its intended use. |
Description of accounting policy for impairment of non-financial assets [text block] | 2.8. Intangible assets that have an indefinite useful life and developing IT projects are not subject to amortization and are subject to annual tests for impairment losses or if there are indications of impairment. Management conducts an impairment assessment annually or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cash generating unit exceeds its recoverable amount. The recoverable amount of the cash generating unit is the higher of value in use and fair value less costs to sell. The value in use is determined by management using a discounted cash flow model. For the purpose of assessing impairment losses, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash generating units). Prior impairments of non-financial assets, other than goodwill, are reviewed for possible reversal at each reporting date. |
Description of accounting policy for financial assets [text block] | 2.9. As of January 1, 2018, the Company classifies its financial assets in the following categories: at fair value (either through other comprehensive income, or through gains or losses), and at amortized cost. The classification depends on the business model of the entity to manage the financial assets and the contractual terms of the cash flows. The group reclassifies debt investments when, and only when, it changes its business model to manage those assets. In the initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset classified at amortized cost, the transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets accounted for at fair value through profit or loss are recorded as expenses in the income statement. (a) Debt instruments The subsequent measurement of debt instruments depends on the group’s business model to manage the asset and cash flow characteristics of the asset. The Company has two measurement categories in which the group classifies its debt instruments: Amortized cost: the assets held for the collection of contractual cash flows where those cash flows represent only payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in income when the asset is derecognized or impaired. Interest income from these financial assets is included in financial income using the effective interest rate method. Fair value through profit or loss: assets that do not meet the criteria of amortized cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and is presented net in the income statement within other gains / (losses) in the period in which it arises. (b) Equity instruments Changes in the fair value of financial assets at fair value through profit or loss are recognized in other gains / (losses) in the statement of income as appropriate. The Company evaluates in advance the expected credit losses associated with its debt instruments recorded at amortized cost. The applied impairment methodology depends on whether there has been a significant increase in credit risk. |
Derivative financial instruments and hedging activities | 2.10. Derivatives are recognized, in accordance with IAS 39 for hedge accounting and IFRS 9 for derivatives not qualify as hedge accounting, initially at fair value on the date on which the derivative contract was made and are subsequently valued at their fair value. The method to recognize the resulting loss or gain depends on whether the derivative has been designated as a hedging instrument and, if so, the nature of the item being hedged. The Company designates certain derivatives as: (a) Hedge of the fair value of recognized assets (fair value hedge); (b) Hedge of an identified risk associated with a recognized liability or an expected highly- Probable transaction (cash-flow hedge), or (c) Derivatives that do not qualify for hedge accounting. The Company documents, at the inception of each transaction, the relationship between the hedging instrument and the hedged item, as well as its objectives for managing risk and the strategy for carrying out various hedging transactions. The Company also documents its assessment, both at the beginning and on an ongoing basis, as to whether the derivatives used in the hedging transactions are highly effective in offsetting the changes in the fair value or cash flows of the items being hedged. The total fair value of the hedging derivatives is booked as Other non-current financial asset or liability if the remaining maturity of the item hedged is over 12 months, and as an other current financial asset or liability if the remaining term of the item hedged is less than 12 months. Derivatives not booked as hedges are classified as Other financial assets or liabilities. (a) Fair value hedges Changes in the fair value of designated derivatives that qualify as fair value hedges are shown in the consolidated statement of income, together with any change in the fair value of the asset or liability hedged that is attributable to the risk being hedged. (b) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is shown in the statement of other comprehensive income. The loss or gain relating to the ineffective portion is recognized immediately in the consolidated statement of income under other gains (losses). Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. In case of variable interest-rate hedges, the amounts recognized in the statement of other comprehensive income are reclassified to results within financial costs at the same time the associated debts accrue interest. For fuel price hedges, the amounts shown in the statement of other comprehensive income are reclassified to results under the line item Cost of sales to the extent that the fuel subject to the hedge is used. For foreign currency hedges, the amounts recognized in the statement of other comprehensive income are reclassified to income as deferred revenue resulting from the use of points, are recognized as Income. When hedging instrument mature, is sold or fails to meet the requirements to be accounted for as hedges, any gain or loss accumulated in the statement of Other comprehensive income until that moment, remains in the statement of other comprehensive income and is reclassified to the consolidated statement of income when the hedged transaction is finally recognized. When it is expected that the hedged transaction is no longer going to occur, the gain or loss accumulated in the statement of other comprehensive income is taken immediately to the consolidated statement of income as “Other gains (losses)”. (c) Derivatives not booked as a hedge The changes in fair value of any derivative instrument that is not booked as a hedge are shown immediately in the consolidated statement of income in “Other gains (losses)”. |
Description of accounting policy for measuring inventories [text block] | 2.11. Inventories, detailed in Note 10, are shown at the lower of cost and their net realizable value. The cost is determined on the basis of the weighted average cost method (WAC). The net realizable value is the estimated selling price in the normal course of business, less estimated costs necessary to make the sale. |
Description of accounting policy for trade and other receivables [text block] | 2.12. Commercial accounts receivable are initially recognized at their fair value and subsequently at their amortized cost in accordance with the effective rate method, less the provision for impairment according to the model of the expected credit losses. The Company applies the simplified approach permitted by IFRS 9, which requires that expected lifetime losses be recognized upon initial recognition of accounts receivable. In the event that the Company transfers its rights to any financial asset (generally accounts receivable) to a third party in exchange for a cash payment, the Company evaluates whether al risks and rewards have been transferred, in which case the account receivable is derecognized. The existence of significant financial difficulties on the part of the debtor, the probability that the debtor goes bankrupt or financial reorganization are considered indicators of a significant increase in credit risk. The carrying amount of the asset is reduced as the provision account is used and the loss is recognized in the consolidated income statement under “Cost of sales”. When an account receivable is written off, it is regularized against the provision account for the account receivable. |
Cash and cash equivalents | 2.13. Cash and cash equivalents include cash and bank balances, time deposits in financial institutions, and other short-term and highly liquid investments. |
Capital | 2.14. The common shares are classified as net equity. Incremental costs directly attributable to the issuance of new shares or options are shown in net equity as a deduction from the proceeds received from the placement of shares. |
Trade and other accounts payables | 2.15. Trade payables and other accounts payable are initially recognized at fair value and subsequently at amortized cost. |
Description of accounting policy for loans and receivables [text block] | 2.16. Financial liabilities are shown initially at their fair value, net of the costs incurred in the transaction. Later, these financial liabilities are valued at their amortized cost; any difference between the proceeds obtained (net of the necessary arrangement| costs) and the repayment value, is shown in the consolidated statement of income during the term of the debt, according to the effective interest rate method. Financial liabilities are classified in current and non-current liabilities according to the contractual payment dates of the nominal principal. |
Current and deferred taxes | 2.17. The tax expense for the period comprises income and deferred taxes. The current income tax expense is calculated based on tax laws in enacted the date of statement of financial position, in the countries in which the subsidiaries and associates operate and generate taxable income. Deferred taxes are recognized, on the temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from the initial recognition of an assets or a liability in transaction other than a business combination that at the time of the transaction does not affect the accounting or the taxable profit or loss. Deferred tax is determined using the tax rates (and laws) that have been enacted or substantially enacted at the date of the consolidated statements of financial position, and are expected to apply when the related deferred tax asset is realized or the deferred tax liability discharged. Deferred tax assets are recognized only to the extent it is probable that the future taxable profit will be available against which the temporary differences can be utilized. The tax (current and deferred) is recognized in statement of income by function, unless it relates to an item recognized in other comprehensive income, directly in equity. In this case the tax is also recognized in other comprehensive income or, directly in the statement of income by function, respectively. |
Description of accounting policy for employee benefits [text block] | 2.18. (a) Personnel vacations The Company recognizes the expense for personnel vacations on an accrual basis. (b) Share-based compensation The compensation plans implemented based on the shares of the Company are recognized in the consolidated financial statements in accordance with IFRS 2: Share-based payments, for plans based on the granting of options, the effect of fair value is recorded in equity with a charge to remuneration in a linear manner between the date of grant of said options and the date on which they become irrevocable, for the plans considered as cash settled award the fair value, updated as of the closing date of each reporting period, is recorded as a liability with charge to remuneration. (c) Post-employment and other long-term benefits Provisions are made for these obligations by applying the method of the projected unit credit method, and considering estimates of future permanence, mortality rates and future wage increases determined on the basis of actuarial calculations. The discount rates are determined by reference to market interest-rate curves. Actuarial gains or losses are shown in other comprehensive income. (d) Incentives The Company has an annual incentives plan for its personnel for compliance with objectives and individual contribution to the results. The incentives eventually granted consist of a given number or portion of monthly remuneration and the provision is made on the basis of the amount estimated for distribution. |
Provisions | 2.19. |
Description of accounting policy for recognition of revenue [text block] | 2.20. (a) Transportation of passengers and cargo The Company recognizes the sale for the transportation service as a deferred income liability, which is recognized as income when the transportation service has been lent or expired. In the case of air transport services sold by the Company and that will be made by other airlines, the liability is reduced when they are remitted to said airlines. The Company periodically reviews whether it is necessary to make an adjustment to deferred income liabilities, mainly related to returns, changes, among others. Compensations granted to clients for changes in the levels of services or billing of additional services such as additional baggage, change of seat, among others, are considered modifications of the initial contract, therefore, they are deferred until the corresponding service is provided. (b) Expiration of air tickets The Company estimates in a monthly basis the probability of expiration of air tickets, with refund clauses, based on the history of use of the same. Air tickets without refund clause are expired on the date of the flight in case the passenger does not show up. (c) Costs associated with the contract The costs related to the sale of air tickets are activated and deferred until the corresponding service is provided. These assets are included under Other non-financial assets in the Consolidated Classified Statement of Financial Position. (d) Frequent passenger program The Company maintains the following loyalty programs: LATAM Pass, LATAM Pass Brasil, whose objective is building customer loyalty through the delivery of miles or points. Members of these programs accumulate miles when flying with LATAM Airlines Group or any other member airline of the oneworld® program, as well purchasing of products and services from network of non airlines partners. When the miles and points are exchanged for products and services other than the services provided by the Company, the income is immediately recognized. When the miles are redeemed through air tickets of an airline of LATAM Airlines Group S.A. and subsidiaries, the income is deferred until the transportation service are rendered or expiration for non-use. In addition, the Company has contracts with certain non-airline companies for the sale of miles or points. These contracts include some performance obligations in addition to the sale of the mile or point, such as marketing, advertising and other benefits. The income associated with these concepts is recognized in the income statement to the extent that the miles are accredited. Deferred income of loyalty programs is determined based on the estimated stand-alone selling price of unused miles and points awarded to the members of the loyalty programs, reduced for breakage. The miles and points that the Company estimates will not be exchanged are recognized at the moment of the earn. Management uses statistical models to estimate the breakage based on the latest available information regarding redemption and expiration patterns. (e) Dividend income Dividend income is recognized when the right to receive payment is established. |
Description of accounting policy for leases [text block] | 2.21. The Company recognizes contracts that meet the definition of a lease, as a right of use asset and a lease liability on the date when the underlying asset is available for use. Assets for right of use are measured at cost including the following: - The amount of the initial measurement of the lease liability; - Lease payment made at or before commencement date; - Initial direct costs, and - Restoration costs. The assets by right of use are recognized in the statement of financial position in Properties, plants and equipment (See Note 17). Lease liabilities include the net present value of the following payments: - Fixed payments including in substance fixed payment. - Variable lease payments that depend on an index or a rate; - The exercise price of a purchase options, if is reasonably certain to exercise that option. The Company determines the present value of the lease payments using the implicit rates for the aircraft leasing contracts and for the rest of the underlying assets, uses the incremental borrowing rate. Lease liabilities are recognized in the statement of financial position under Other financial liabilities, current or non-current (See Note 19). Interest accrued on financial liabilities is recognized in the consolidated statement of income in “Financial costs”. Principal and interest are presented in the consolidated cash flow as “Payments of lease liability” and “Interest paid”, respectively, in cash flows use in financing activities. Payments associated with short-term leases without purchase options and leases of low-value assets are recognized on a straight-line basis in profit or loss at the time of accrual. Those payments are presented in cash flows use in operation activities. The Company analyzes the financing agreements of aircrafts, mainly considering characteristics such as: (a) that the Company initially acquired the aircraft or took an important part in the process of direct acquisition with the manufacturers. (b) Due to the contractual conditions, it is virtually certain that the Company will execute the purchase option of the aircraft at the end of the lease term. Since these financing agreements are “substantially purchases” and not leases, the related liability is considered as a financial debt classified under IFRS 9 and continue to be presented within the “other financial liabilities” described in Note 19. On the other hand, aircraft are presented in Property, plants and equipment as described in Note 17, as “own aircrafts”. The Group qualifies as sale and leaseback transactions, operations which lead to a sale according to IFRS 15. More specifically, a sale is considered as such if there is no repurchase option on the goods at the end of the lease term. If the sale of the seller-lessee is classified as a sale in accordance with IFRS 15, the underlying asset is derecognized and an asset is recognized for the right to use equal to the retained part of the net carrying amount of the asset. If the sale by the seller-lessee is not qualified as a sale in accordance with IFRS 15, the assets transferred are maintained in the financial statements and a financial liability is recognized equal to the sale price (received from the buyer-lessor). |
Non-current assets or disposal groups classified as held for sale | 2.22. Non-current assets (or disposal groups) classified as assets held for sale are shown at the lesser of their book value and the fair value less costs to sell. |
Description of accounting policy for repairs and maintenance [text block] | 2.23. The costs incurred for scheduled heavy maintenance of the aircraft’s fuselage and engines are capitalized and depreciated until the next maintenance. The depreciation rate is determined on technical grounds, according to the use of the aircraft expressed in terms of cycles and flight hours. In case of aircraft include in property, plant and equipment, these maintenance cost are capitalized as Property, plant and equipment, while in the case of aircraft on right of use, a liability is accrued based on the use of the main components is recognized, since a contractual obligation with the lessor to return the aircraft on agreed terms of maintenance levels exists. These are recognized as Cost of sales. Additionally, some contracts that comply with the definition of lease establish the obligation of the lessee to make deposits to the lessor as a guarantee of compliance with maintenance and return conditions. These deposits, often called maintenance reserves, accumulate until a major maintenance is performed, once made, the recovery is requested to the lessor. At the end of the contract period, there is comparison between the reserves that have been paid and required return conditions, and compensation between the parties are made if applicable. The unscheduled maintenance of aircraft and engines, as well as minor maintenance, are charged to results as incurred. |
Description of accounting policy for environment related expense [text block] | 2.24. Disbursements related to environmental protection are charged to results when incurred. |
GENERAL INFORMATION (Tables)
GENERAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of general information about financial statements [text block] [Abstract] | |
Disclosure of interests in other entities [text block] | Country Functional As December 31, 2019 As December 31, 2018 As December 31, 2017 Tax No. Company of origin Currency Direct Indirect Total Direct Indirect Total Direct Indirect Total % % % % % % % % % 96.518.860-6 Latam Travel Chile S.A. and Subsidiary Chile US$ - - - 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 96.969.680-0 Lan Pax Group S.A. and Subsidiaries Chile US$ 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 Foreign Latam Airlines Perú S.A. Peru US$ 49.0000 21.0000 70.0000 49.0000 21.0000 70.0000 49.0000 21.0000 70.0000 93.383.000-4 Lan Cargo S.A. Chile US$ 99.8940 0.0041 99.8981 99.8940 0.0041 99.8981 99.8940 0.0041 99.8981 Foreign Connecta Corporation U.S.A. US$ 100.0000 0.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Prime Airport Services Inc. and Subsidiary U.S.A. US$ 99.9714 0.0286 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 99.9999 0.0001 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.631.520-2 Fast Air Almacenes de Carga S.A. Chile CLP 99.8900 0.1100 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 96.2208 3.7792 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 99.9800 0.0200 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary Chile US$ 99.0000 1.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.575.810-0 Inversiones Lan S.A. and Subsidiaries Chile US$ 99.7100 0.2900 100.0000 99.7100 0.2900 100.0000 99.7100 0.2900 100.0000 96.847.880-K Technical Trainning LATAM S.A. Chile CLP 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 Foreign Latam Finance Limited Cayman Island US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Peuco Finance Limited Cayman Island US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Profesional Airline Services INC. U.S.A. US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Jarletul S.A. Uruguay US$ 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 Foreign TAM S.A. and Subsidiaries (*) Brazil BRL 63.0901 36.9099 100.0000 63.0901 36.9099 100.0000 63.0901 36.9099 100.0000 (*) As of December 31, 2019, the indirect participation percentage on TAM S.A. and Subsidiaries is from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 51.04% of political rights. Its percentage arise as a result of the provisional measure No. 863 of the Brazilian government implemented in December 2018 that allows foreign capital to have up to 100% of the property. |
Schedule Of Financial Information [Table Text Block] | Statement of financial position Net Income For the year ended December 31, As of December 31, 2019 As of December 31, 2018 As of December 31, 2017 2019 2018 2017 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain /(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Restated Restated 96.518.860-6 Latam Travel Chile S.A. and Subsidiary - - - 10,841 3,909 6,932 6,771 2,197 4,574 - 2,385 1,833 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 632,673 1,487,248 (853,624 ) 526,017 1,281,800 (751,960 ) 499,345 1,101,548 (596,406 ) (26,551 ) (48,061 ) (35,943 ) Foreign Latam Airlines Perú S.A. 519,363 510,672 8,691 419,325 409,221 10,104 315,607 303,204 12,403 (3,550 ) 5,416 1,205 93.383.000-4 Lan Cargo S.A. 634,852 462,666 172,186 513,367 336,715 176,652 584,169 371,934 212,235 (4,157 ) (34,322 ) (30,220 ) Foreign Connecta Corporation 64,110 24,023 40,087 66,593 28,183 38,410 38,735 17,428 21,487 1,677 16,923 13,030 Foreign Prime Airport Services Inc. and Subsidiary (*) 22,068 23,102 (1,034 ) 15,817 17,654 (1,837 ) 12,671 15,722 (3,051 ) 802 1,225 857 96.951.280-7 Transporte Aéreo S.A. 359,335 142,423 216,912 331,496 129,233 202,263 324,498 104,357 220,141 14,610 (17,609 ) 2,172 96.631.520-2 Fast Air Almacenes de Carga S.A. 20,182 12,601 7,581 17,057 9,614 7,443 12,931 4,863 8,068 796 (3 ) 939 Foreign Laser Cargo S.R.L. (10 ) - (10 ) 26 13 13 18 27 (9 ) - (3 ) 2 Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 48,929 15,228 33,450 53,326 13,040 40,028 66,039 42,271 18,808 (6,579 ) 19,121 3,438 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary (*) 65,422 78,890 (12,111 ) 181,522 192,059 (9,614 ) 144,884 156,005 (10,112 ) (2,497 ) 497 3,389 96.575.810-0 Inversiones Lan S.A. and Subsidiaries (*) 1,329 50 1,279 1,383 50 1,333 11,681 5,201 6,377 (54 ) (4,774 ) 1,561 96.847.880-K Technical Trainning LATAM S.A. 2,378 1,075 1,303 2,879 1,031 1,848 1,967 367 1,600 (282 ) 884 109 Foreign Latam Finance Limited 1,362,762 1,531,238 (168,476 ) 679,034 756,774 (77,740 ) 678,289 708,306 (30,017 ) (90,736 ) (47,723 ) (30,017 ) Foreign Peuco Finance Limited 664,458 664,458 - 608,191 608,191 - 608,191 608,191 - - - - Foreign Profesional Airline Services INC. 3,509 1,950 1,559 2,430 1,967 463 3,703 3,438 265 1,096 197 294 Foreign Jarletul S.A. 150 860 (710 ) 18 125 (107 ) - - - (603 ) (107 ) - Foreign TAM S.A. and Subsidiaries (*) 5,090,180 3,550,875 1,539,305 4,420,546 3,256,017 1,164,529 4,490,714 3,555,423 856,829 186,140 389,072 160,582 (*) The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
Schedule of impacts of the adoption of IFRS | As of Adoption As of December 31 impact January 1, Note 2016 IFRS 16 2017 ThUS$ ThUS$ ThUS$ Restated Current assets Other non-financial assets, current 12 212,242 (25,567 ) (9) 186,675 Non-current assets Properties, plants and equipment 17 10,498,149 2,931,101 (9) 13,429,250 Current liabilities Other current financial liabilities 7-19 1,839,528 311,307 (11) 2,150,835 Non-current liabilities Other non current financial liabilities 7-19 6,796,952 2,881,149 (11) 9,678,101 Accounts payable commercial and other 7-24 359,391 20,065 (9) 379,456 Deferred tax liability 18 915,759 (61,343 ) (10) 854,416 Equity Equity attributable to the owners of the parent Accumulated earnings 25 366,404 (460,173 ) (12) (93,769 ) Other reserves 25 580,870 215,299 (12) 796,169 Non-controlling interest 14 88,644 (771 ) (12) 87,873 As of Adoption As of Adoption As of December 31, impact January 1 impact January 1, Note 2017 IFRS 9 IFRS 15 2018 IFRS 16 2018 ThUS$ THUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Current assets Other non-financial assets, current 12 221,188 - 54,361 (4) 275,549 (30,771 ) (9) 244,778 Trade debtors and other accounts receivable, current 7 - 8 1,214,050 (11,105 ) (1) - 1,202,945 - 1,202,945 Non-current assets Other non-financial assets, non current 12 220,807 - - 220,807 (8,604 ) (9) 212,203 Properties, plants and equipment 17 10,065,335 - - 10,065,335 2,865,317 (9) 12,930,652 Deferred tax assets 18 364,021 89 (2) 6,005 (7) 370,115 449 (10) 370,564 Current liabilities Other current financial liabilities 7 - 19 1,300,949 - - 1,300,949 319,030 (11) 1,619,979 Trade and other accounts payables 7 - 20 1,695,202 - (22,192 ) (5) 1,673,010 (4,398 ) (9) 1,668,612 Other non-financial liabilities, current 22 2,823,963 - 77,640 (6) 2,901,603 - 2,901,603 Non-current liabilities Other non current financial liabilities 7 - 19 6,605,508 - - 6,605,508 2,827,942 (11) 9,433,450 Accounts payable commercial and other 7 - 24 498,832 - - 498,832 60,611 (9) 559,443 Deferred tax liability 18 949,697 (1,021 ) (2) 4,472 (5) 953,148 (75,400 ) (10) 877,748 Equity Equity attributable to the owners of the Accumulated earnings 25 475,118 (9,995 ) (3) 446 (8) 465,569 (506,581 ) (12) (41,012 ) Other reserves 25 554,884 - - 554,884 205,877 (12) 760,761 Non-controlling interest 14 91,147 - - 91,147 (690 ) (12) 90,457 As of Adoption As of December 31, impact December 31, Note 2018 IFRS 16 2018 ThUS$ ThUS$ ThUS$ Restated Current assets Other non-financial assets, current 12 320,977 (30,501 ) (9) 290,476 Non-current assets Other non-financial assets, non current 12 233,741 (6,200 ) (9) 227,541 Properties, plants and equipment 17 9,953,365 2,548,444 (9) 12,501,809 Deferred tax assets 18 273,328 201 (10) 273,529 Current liabilities Other current financial liabilities 7-19 1,430,789 363,497 (11) 1,794,286 Non-current liabilities Other non current financial liabilities 7-19 5,864,910 2,494,552 (11) 8,359,462 Accounts payable commercial and other 7-24 483,656 45,621 (9) 529,277 Deferred tax liability 18 872,121 (85,550 ) (10) 786,571 Equity Equity attributable to the owners of the parent Accumulated earnings 25 597,676 (378,705 ) (12) 218,971 Other reserves 25 (76,926 ) 72,561 (12) (4,365 ) Non-controlling interest 14 79,940 (32 ) (12) 79,908 |
Schedule of impairment losses provision | Portfolio maturity Up to Up to More than Up to 91 to 181 to 360 Up to date 90 days 180 days 360 days days Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Expected loss rate 1 % 21 % 46 % 67 % 94 % 8 % Gross book value 1,046,909 36,241 12,001 14,623 66,022 1,175,796 Impairment provision (13,570 ) (7,774 ) (5,499 ) (9,803 ) (61,787 ) (98,433 ) |
Schedule of analyzed business models and classified financial assets and liabilities | Classification IAS 39 Classification IFRS 9 Assets Loans Hedge Held Initial Cost At fair value Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 2,446,864 62,867 1,915 501,890 - - 3,013,536 Cash and cash equivalents (1,112,346 ) - - (29,658 ) 1,112,346 29,658 - Other financial assets, current (23,918 ) - (1,421 ) (472,232 ) 23,918 473,653 - Trade debtors and other accounts receivable, current (1,214,050 ) - - - 1,214,050 - - Accounts receivable from entities related, current (2,582 ) - - - 2,582 - - Other financial assets, non-current (87,077 ) - (494 ) - 87,077 494 - Accounts receivable, non-current (6,891 ) - - - 6,891 - - Balance as of January 1, 2018 - 62,867 - - 2,446,864 503,805 3,013,536 Classification IAS 39 Classification IFRS 9 Liabilities Others Held Cost Total ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 10,086,434 14,817 - 10,101,251 Other current financial liabilities (1,288,749 ) - 1,288,749 - Trade accounts payable and other accounts payable, current (1,695,202 ) - 1,695,202 - Accounts payable to related entities, current (760 ) - 760 - Other financial liabilities, not current (6,602,891 ) - 6,602,891 - Accounts payable, not current (498,832 ) - 498,832 - Balance as of January 1, 2018 (*) - 14,817 10,086,434 10,101,251 |
Schedule of effects of changes recognized in the application of IFRS | For the year ended december 31, 2017 Reconciliation income Adjustments for reconciliation Results under Adoption impact Results under Nota IAS 17 IFRS16 IFRS 16 ThUS$ ThUS$ ThUS$ Published Restated Revenue 26 9,613,907 - 9,613,907 Cost of sales (7,441,849 ) 162,491 (7,279,358 ) Gross margin 2,172,058 162,491 2,334,549 Other income 28 549,889 - 549,889 Distribution costs (699,600 ) 2,816 (696,784 ) Administrative expenses (938,931 ) (13,837 ) (952,768 ) Other expenses (368,883 ) 3,423 (365,460 ) Other gains (losses) (7,754 ) - (7,754 ) Income from operation activities 706,779 154,893 861,672 Financial income 78,695 - 78,695 Financial costs 27 (393,286 ) (185,947 ) (579,233 ) Foreign exchange gains (losses) 29 (18,718 ) (29,780 ) (48,498 ) Result of indexation units 748 - 748 Income (loss) before taxes 374,218 (60,834 ) 313,384 Income (loss) tax expense / benefit 18 (173,504 ) 14,506 (158,998 ) NET INCOME (LOSS) FOR THE YEAR 200,714 (46,328 ) 154,386 Income (loss) attributable to owners of the parent 155,304 (46,408 ) 108,896 Income (loss) attributable to non- controlling interest 14 45,410 80 45,490 Net income (loss) for the year 200,714 (46,328 ) 154,386 For the year ended december 31, 2018 Reconciliation Revenue Adjustments for reconciliation Nota Results Adoption Results Contract Deferred Reclassifications Results ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Published Restated IFRS 16 Revenue 26 9,895,456 - 9,895,456 - 48,561 31,501 9,975,518 Cost of sales (7,962,843 ) 189,411 (7,773,432 ) - (34,986 ) - (7,808,418 ) Gross margin 1,932,613 189,411 2,122,024 - 13,575 31,501 2,167,100 Other income 28 472,758 - 472,758 - - 42,563 515,321 Distribution costs (619,200 ) 3,986 (615,214 ) (43 ) - (20,003 ) (635,260 ) Administrative expenses (721,270 ) (15,063 ) (736,333 ) (806 ) - (54,061 ) (791,200 ) Other expenses (359,781 ) 3,531 (356,250 ) - - - (356,250 ) Other gains (losses) 53,499 - 53,499 - - - 53,499 Income from operation activities 758,619 181,865 940,484 (849 ) 13,575 - 953,210 Financial income 53,253 - 53,253 - - - 53,253 Financial costs 27 (356,269 ) (182,868 ) (539,137 ) - - - (539,137 ) Foreign exchange gains (losses) 29 (157,709 ) 119,639 (38,070 ) - - - (38,070 ) Result of indexation units (865 ) - (865 ) - - - (865 ) Income (loss) before taxes 297,029 118,636 415,665 (849 ) 13,575 - 428,391 Income (loss) tax expense / benefit 18 (83,782 ) 9,903 (73,879 ) (23 ) (1,030 ) - (74,932 ) NET INCOME (LOSS) FOR THE YEAR 213,247 128,539 341,786 (872 ) 12,545 - 353,459 Income (loss) attributable to owners of the parent 181,935 127,876 309,811 (872 ) 12,545 - 321,484 Income (loss) attributable to non-controlling interest 14 31,312 663 31,975 - - - 31,975 Net income (loss) for the period 213,247 128,539 341,786 (872 ) 12,545 - 353,459 |
Disclosure of Effects of Impact Recognized In Application of Ifrs Explanatory | For the year ended Adoption For the year ended December 31, impact December 31, 2017 IFRS 16 2017 ThUS$ ThUS$ ThUS$ Restated Payments to suppliers for goods and services (6,722,713 ) 520,082 (1) (6,202,631 ) Net cash flows from operating activities (6,722,713 ) 520,082 (6,202,631 ) Loans repayments (1,829,191 ) (344,901 ) (2) (2,174,092 ) Payments of finance lease liabilities (344,901 ) 344,901 (2) - Payments of lease liabilities - (338,179 ) (1) (338,179 ) Interest paid (389,724 ) (181,903 ) (1) (571,627 ) Net cash flows (used in) financing activities (2,563,816 ) (520,082 ) (3,083,898 ) For the year ended Adoption For the year ended December 31, impact December 31, 2018 IFRS 16 2018 ThUS$ ThUS$ ThUS$ Restated Payments to suppliers for goods and services (7,331,390 ) 556,387 (1) (6,775,003 ) Net cash flows from operating activities (7,331,390 ) 556,387 (6,775,003 ) Loans repayments (1,045,662 ) (692,687 ) (2) (1,738,349 ) Payments of finance lease liabilities (692,687 ) 692,687 (2) - Payments of lease liabilities - (373,439 ) (1) (373,439 ) Interest paid (357,355 ) (182,948 ) (1) (540,303 ) Net cash flows (used in) financing activities (2,095,704 ) (556,387 ) (2,652,091 ) |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Disclosure of detailed information about hedges [text block] | Positions as of December 31, 2019 (*) Maturities Q120 Q220 Q320 Q420 Total Percentage of coverage over the expected volume of consumption 65 % 61 % 20 % 19 % 41 % Positions as of December 31, 2018 (*) Maturities Q119 Q219 Q319 Q419 Total Percentage of coverage over the expected volume of consumption 66 % 58 % 40 % 15 % 45 % (*) The volume shown in the table considers all the hedging instruments (swaps and options). |
Sensitivity analysis for types of market risk [text block] | Appreciation (depreciation)(*) Effect at december 31, 2019 Effect at december 31, 2018 of R$ Millions of US$ Millions of US$ -10% -0.6 - +10% +1.1 - Appreciation (depreciation)(*) Effect at december 31, 2019 Effect at december 31, 2018 of R$/US$(*) Millions of US$ Millions of US$ -10% +9.5 +39.8 +10% - 9.5 -39.8 Appreciation (depreciation) Effect at december 31, 2019 Effect at december 31, 2018 of R$/US$ Millions of US$ Millions of US$ -10% +402.48 +384.73 +10% -329.29 -314.78 (*) Appreciation (depreciation) of US$ regard to the covered currencies. |
Disclosure of financial liabilities [text block] | Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ Amortization Effective rate % Nominal rate % 97.032.000-8 BBVA Chile US$ 24,387 76,256 - - - 100,643 99,000 At Expiration 3.29 3.29 97.003.000-K BANCO DO BRASIL Chile US$ 151,489 50,758 - - - 202,247 200,000 At Expiration 2.93 2.93 76.100.458-1 HSBC Chile US$ 12,098 - - - - 12,098 12,000 At Expiration 3.25 3.25 76.100.458-1 BLADEX Chile US$ - 29,277 - - - 29,277 29,000 At Expiration 2.82 2.82 97.023.000-9 CORPBANCA Chile UF 5,336 10,544 - - - 15,880 15,615 Quarterly 3.35 3.35 76.362.099-9 BTG PACTUAL CHILE Chile UF 484 1,451 63,872 - - 65,807 62,769 At Expiration 3.10 3.10 0-E SANTANDER Spain US$ 1,514 4,809 141,719 - - 148,042 137,860 Quarterly 3.62 4.61 97.030.000-7 BANCO ESTADO Chile UF - 24,702 208,681 32,228 410,774 676,385 518,032 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 28,000 76,125 208,250 884,188 884,000 2,080,563 1,500,000 At Expiration 7.16 6.94 0-E BNP PARIBAS U.S.A. US$ 11,657 50,428 124,106 124,167 302,092 612,450 513,941 Quarterly / Semiannual 3.81 3.81 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 31,733 94,096 244,836 237,815 438,659 1,047,139 866,223 Quarterly 4.45 4.45 0-E CITIBANK U.S.A. US$ 5,765 17,296 46,120 46,117 42,175 157,473 143,475 Quarterly 3.76 2.68 0-E NATIXIS France US$ 13,365 40,159 99,556 86,984 79,724 319,788 282,906 Quarterly 3.82 3.82 0-E MUFG U.S.A. US$ 5,552 27,068 73,726 73,914 209,621 389,881 322,660 Quarterly 3.43 3.43 0-E INVESTEC England US$ 1,980 11,164 26,153 11,071 - 50,368 44,087 Semiannual 6.35 6.35 0-E CREDIT AGRICOLE France US$ 2,326 6,740 260,259 - - 269,325 253,692 At Expiration 3.74 3.74 0-E MUFG U.S.A. US$ 26,607 78,955 198,783 46,131 - 350,476 328,023 Quarterly 3.54 3.54 0-E ING U.S.A. US$ 4,025 8,108 - - - 12,133 11,806 Quarterly 5.71 5.01 0-E CREDIT AGRICOLE France US$ 4,994 15,026 6,671 - - 26,691 26,091 Quarterly 3.15 2.52 0-E CITIBANK U.S.A. US$ 19,412 56,148 117,881 16,653 - 210,094 200,907 Quarterly 3.39 2.80 0-E PEFCO U.S.A. US$ 1,950 1,950 - - - 3,900 3,827 Quarterly 5.65 5.03 0-E BNP PARIBAS U.S.A. US$ 9,353 25,211 28,663 22,502 10,354 96,083 87,729 Quarterly 3.85 3.72 0-E WELLS FARGO U.S.A. US$ 35,251 105,691 261,181 203,232 14,382 619,737 591,684 Quarterly 2.67 1.98 97.036.000-K SANTANDER Chile US$ 6,145 18,394 47,911 3,158 - 75,608 72,551 Quarterly 3.00 2.46 0-E RRPF ENGINE England US$ 1,152 3,432 8,967 8,679 568 22,798 19,643 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,661 4,977 13,259 7,380 - 27,277 25,708 Quarterly 3.33 2.73 0-E BTMU U.S.A. US$ 3,367 10,081 26,827 14,153 - 54,428 51,340 Quarterly 3.33 2.73 0-E NATIXIS France US$ 759 2,299 2,330 - - 5,388 5,154 Quarterly 4.41 4.41 0-E KFW IPEX-BANK Germany US$ 1,804 3,607 - - - 5,411 5,328 Quarterly 3.55 3.55 0-E AIRBUS FINANCIAL U.S.A. US$ 2,038 5,746 - - - 7,784 7,664 Monthly 3.31 3.31 0-E US BANK U.S.A. US$ 18,328 54,864 145,364 140,555 17,681 376,792 349,127 Quarterly 4.01 2.82 0-E PK AIRFINANCE U.S.A. US$ 2,652 8,136 18,194 - - 28,982 28,087 Monthly 3.45 3.45 0-E CITIBANK (*) U.S.A. US$ 26,111 78,742 - - - 104,853 101,026 Quarterly 6.00 6.00 - OTHERS - US$ - 11,582 18,641 13,530 - 43,753 16,972 - - - Total 461,295 1,013,822 2,391,950 1,972,457 2,410,030 8,249,554 6,933,927 Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ Amortization Effective rate % Nominal rate % 0-E NCM Holland US$ 173 499 722 - - 1,394 1,289 Monthly 6.01 6.01 0-E NATIXIS France US$ 4,140 7,965 77,028 - - 89,133 86,256 Quarterly / Semiannual 6.29 6.29 0-E WACAPOU LEASING S.A. Luxembourg US$ 835 2,450 3,277 - - 6,562 6,280 Quarterly 4.32 4.32 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 11,286 151,047 - - - 162,333 169,931 Quarterly 5.39 5.39 0-E GA Telesis LLC U.S.A. US$ 677 1,753 4,675 4,675 10,480 22,260 13,495 Monthly 14.72 14.72 Total 17,111 163,714 85,702 4,675 10,480 281,682 277,251 Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ AIRCRAFT OTHERS US$ 146,036 417,929 1,002,564 877,353 1,357,910 3,801,792 3,042,231 OTHER ASSETS OTHERS US$ 3,017 8,649 21,381 19,815 16,314 69,176 53,931 CLP 160 478 531 - - 1,169 1,195 UF 2,713 4,736 5,789 1,373 2,956 17,567 17,145 COP 71 161 37 2 - 271 259 EUR 163 387 592 122 - 1,264 1,175 GBP 16 10 - - - 26 24 MXN 37 93 245 10 - 385 359 PEN 95 129 83 16 - 323 306 Other currencies 2,770 8,370 8,508 43,104 - 62,752 55,532 OTHERS OTHERS US$ 371,527 13,993 - - - 385,520 385,520 CLP 220,383 905 - - - 221,288 221,288 BRL 486,082 320 - - - 486,402 486,402 Other currencies 576,378 1,716 - - - 578,094 578,094 78.591.370-1 Bethia S.A. y Filiales Chile CLP 53 - - - - 53 53 Foreing Patagonia Seafarms INC U.S.A. CLP 3 - - - - 3 3 Total 1,809,504 457,876 1,039,730 941,795 1,377,180 5,626,085 4,843,517 Total consolidated 2,287,910 1,635,412 3,517,382 2,918,927 3,797,690 14,157,321 12,054,695 Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ Amortization Effective rate % Nominal rate % 97.032.000-8 BBVA Chile US$ 38,625 76,275 - - - 114,900 113,000 At Expiration 3.36 3.36 97.032.000-8 BBVA Chile UF - 52,490 - - - 52,490 50,785 At Expiration 3.31 3.31 97.036.000-K SANTANDER Chile US$ 23,070 - - - - 23,070 23,000 At Expiration 3.90 3.90 97.003.000-K BANCO DO BRASIL Chile US$ 201,884 - - - - 201,884 200,000 At Expiration 3.64 3.64 97.951.000-4 HSBC Chile US$ 12,094 - - - - 12,094 12,000 At Expiration 3.14 3.14 97.023.000-9 CORPBANCA Chile UF 5,778 17,086 16,662 - - 39,526 38,231 Quarterly 3.35 3.35 0-E BLADEX U.S.A. US$ - 15,766 - - - 15,766 15,000 Semiannual 6.74 6.74 97.036.000-K SANTANDER Chile US$ 1,347 587 102,521 - - 104,455 102,521 Quarterly 5.60 5.60 76.362.099-9 BTG Chile UF 510 1,531 69,435 - - 71,476 65,862 At Expiration 3.10 3.10 0-E BANK OF NEW YORK U.S.A. US$ - 84,375 614,375 96,250 724,063 1,519,063 1,200,000 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - 18,985 37,970 196,970 213,114 467,039 345,182 At Expiration 5.50 5.50 0-E CREDIT AGRICOLE France US$ 743 2,201 5,718 2,086 - 10,748 10,080 Quarterly 3.23 3.23 0-E BNP PARIBAS U.S.A. US$ 14,741 61,973 152,826 145,252 250,387 625,179 511,698 Quarterly 4.55 4.55 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 31,336 96,304 248,720 289,251 509,168 1,174,779 952,758 Quarterly 4.47 4.47 0-E CITIBANK U.S.A. US$ 12,757 38,398 102,062 77,710 65,232 296,159 269,365 Quarterly 3.82 2.93 0-E US BANK U.S.A. US$ 18,406 55,112 146,045 144,670 86,076 450,309 411,684 Quarterly 4.00 2.82 0-E NATIXIS France US$ 14,027 42,132 111,528 92,228 124,910 384,825 324,524 Quarterly 4.69 4.69 0-E PK AirFinance U.S.A. US$ 2,490 7,663 25,610 3,153 - 38,916 37,615 Monthly 4.15 4.14 0-E INVESTEC England US$ 2,004 11,579 26,874 24,367 - 64,824 54,014 Semiannual 7.17 7.17 0-E CREDIT AGRICOLE France US$ 2,576 8,380 273,122 - - 284,078 253,692 At Expiration 4.11 4.11 0-E DVB BANK SE Germany US$ 28,087 83,260 213,177 122,674 20,274 467,472 422,065 Quarterly 4.42 4.42 0-E ING U.S.A. US$ 4,025 12,075 12,134 - - 28,234 26,831 Quarterly 5.70 5.01 0-E CREDIT AGRICOLE France US$ 7,618 21,994 27,811 1,684 - 59,107 56,403 Quarterly 3.66 3.31 0-E CITIBANK U.S.A. US$ 14,870 44,570 83,389 42,178 - 185,007 172,158 Quarterly 4.40 3.80 0-E PEFCO U.S.A. US$ 5,771 13,541 3,899 - - 23,211 22,407 Quarterly 5.64 5.02 0-E BNP PARIBAS U.S.A. US$ 8,467 25,214 26,933 1,641 - 62,255 59,567 Quarterly 3.90 3.58 0-E WELLS FARGO U.S.A. US$ 35,458 106,397 282,923 239,168 99,232 763,178 719,338 Quarterly 2.77 2.09 97.036.000-K SANTANDER Chile US$ 6,340 19,025 49,945 26,779 - 102,089 95,022 Quarterly 3.68 3.14 0-E RRPF ENGINE England US$ 1,167 3,480 9,103 8,826 4,870 27,446 23,012 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,711 5,175 13,640 13,394 760 34,680 31,544 Quarterly 3.93 3.33 0-E BTMU U.S.A. US$ 3,489 10,485 27,605 27,062 775 69,416 63,189 Quarterly 4.06 3.46 0-E NATIXIS France US$ 4,242 9,870 9,815 563 - 24,490 23,161 Quarterly 4.28 4.12 0-E KFW IPEX-BANK Germany US$ 1,764 5,328 5,378 - - 12,470 12,215 Quarterly 4.20 4.19 0-E AIRBUS FINANCIAL U.S.A. US$ 2,074 6,197 7,840 - - 16,111 15,417 Monthly 4.19 4.19 0-E CITIBANK (*) U.S.A. US$ 25,705 77,703 103,341 - - 206,749 196,211 Quarterly 6.00 6.00 0-E Boeing U.S.A. US$ 559 1,425 55,728 - - 57,712 55,727 At Expiration 4.01 4.01 OTHERS - US$ 1,224 2,484 681 - - 4,389 4,021 - - - Total 534,959 1,039,060 2,866,810 1,555,906 2,098,861 8,095,596 6,989,299 Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ Amortization Effective rate % Nominal rate % 0-E NEDERLANDSCHE NCM Holland US$ 175 499 1,332 55 - 2,061 1,851 Monthly 6.01 6.01 0-E NATIXIS France US$ 4,195 7,935 46,780 41,872 - 100,782 95,789 Quarterly / Semiannual 6.87 6.87 0-E WACAPOU LEASING S.A. Luxembourg US$ 839 2,433 6,542 - - 9,814 9,226 Quarterly 4.81 4.81 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 11,536 32,312 161,778 - - 205,626 208,224 Quarterly 5.88 5.82 0-E GA Telesis LLC U.S.A. US$ 680 1,753 4,675 4,675 11,318 23,101 13,202 Monthly 15.62 15.62 Total 17,425 44,932 221,107 46,602 11,318 341,384 328,292 Tax No. Creditor Creditor country Currency Up to 90 days ThUS$ More than 90 days to one year ThUS$ More than one to three years ThUS$ More than three to five years ThUS$ More than five years ThUS$ Total ThUS$ Nominal value ThUS$ AIRCRAFT OTHERS US$ 140,780 420,561 1,015,495 785,417 1,298,585 3,660,838 2,721,352 OTHER ASSETS OTHERS US$ 4,968 14,536 25,689 20,029 21,138 86,360 86,360 CLP 57 170 1 - - 228 228 UF 1,683 2,565 667 34 - 4,949 4,949 COP 304 731 366 21 - 1,422 1,422 EUR 311 431 215 - - 957 957 GBP 45 128 36 - - 209 209 MXN 33 92 235 115 - 475 475 PEN 183 409 114 - - 706 706 OTHERS OTHERS US$ 720,718 9,979 - - - 730,697 730,697 CLP 74,566 16,493 - - - 91,059 91,059 BRL 309,552 66 - - - 309,618 309,618 Other currencies 252,116 3,406 - - - 255,522 255,522 Foreign Inversora Aeronáutica Argentina S.A. Argentina ARS 15 - - - - 15 15 78.591.370-1 Bethia S.A. y Filiales Chile CLP 365 - - - - 365 365 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Brazil BRL 2 - - - - 2 2 Total 1,505,698 469,567 1,042,818 805,616 1,319,723 5,143,422 4,203,936 Total consolidated 2,058,082 1,553,559 4,130,735 2,408,124 3,429,902 13,580,402 11,521,527 (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. |
Disclosure of fair value of financial instruments [text block] | As of December 31, 2019 As of December 31, 2018 Fair value measurements using values considered as Fair value measurements using values considered as Fair value Level I Level II Level III Fair value Level I Level II Level III ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Assets Cash and cash equivalents 222,094 222,094 - - 43,653 43,653 - - Short-term mutual funds 222,094 222,094 - - 43,653 43,653 - - Other financial assets, current 471,797 386,688 85,109 - 366,573 343,218 23,355 - Fair value interest rate derivatives 27,044 - 27,044 - 19,460 - 19,460 - Fair value of fuel derivatives 48,542 - 48,542 - - - - - Fair value of foreign currency derivative 586 - 586 - 3,895 - 3,895 - Accrued interest since the last payment date Swap of currencies 3 - 3 - - - - - Derivative not recognized as a hedge - - - - 19,396 19,396 - - Private investment funds 386,669 386,669 - - 322,428 322,428 - - Certificate of Deposit (CBD) 8,934 - 8,934 - - - - - Domestic and foreign bonds 19 19 - - 1,394 1,394 - - Liabilities Other financial liabilities, current 50,372 - 50,372 - 33,633 7,712 25,921 - Fair value of interest rate derivatives 302 - 302 - 335 - 335 - Fair value of fuel derivatives - - - - 15,678 - 15,678 - Fair value of foreign currency derivatives 48,347 - 48,347 - 7,587 - 7,587 - Interest accrued since the last payment date of Currency Swap 1,723 - 1,723 - 2,321 - 2,321 - Other financial liabilities, non current - - - - 7,712 7,712 - - Fair value of interest rate derivatives - - - - 340 - 340 - Interest accrued since the last date of Swap interest rates - - - - 340 - 340 - |
Schedule of financial instruments which are not recorded at fair value | As of December 31, 2019 As of December 31, 2018 Book value Fair value Book value Fair value ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Cash and cash equivalents 850,486 850,486 1,037,989 1,037,989 Cash on hand 4,982 4,982 8,974 8,974 Bank balance 329,633 329,633 331,218 331,218 Overnight 350,080 350,080 282,164 282,164 Time deposits 165,791 165,791 415,633 415,633 Other financial assets, current - - 17,411 17,411 Other financial assets - - 17,411 17,411 Trade debtors, other accounts receivable and Current accounts receivable 1,244,348 1,244,348 1,162,582 1,162,582 Accounts receivable from entities related, current 19,645 19,645 2,931 2,931 Other financial assets, not current 46,907 46,907 58,700 58,700 Accounts receivable, non-current 4,725 4,725 5,381 5,381 Other current financial liabilities 1,835,288 2,019,068 1,397,156 1,942,332 Accounts payable for trade and other accounts payable, current 2,220,500 2,220,500 1,674,303 1,674,303 Accounts payable to entities related, current 56 56 382 382 Other financial liabilities, not current 8,530,418 8,846,418 5,864,570 8,387,939 Accounts payable, not current 619,110 619,110 483,656 483,656 |
Fuel-Price Risk [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Sensitivity analysis for types of market risk [text block] | Positions as of december 31, 2019 Positions as of december 31, 2018 Benchmark price effect on equity effect on equity (US$ per barrel) (millions of US$) (millions of US$) +5 + 15.4 +7.4 -5 - 34.5 - 5.5 |
Interest rate risk [member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Sensitivity analysis for types of market risk [text block] | Increase (decrease) Positions as of december 31, 2019 Positions as of december 31, 2018 futures curve effect on profit or loss before tax effect on profit or loss before tax in libor 3 months (millions of US$) (millions of US$) +100 basis points -27.60 -29.62 -100 basis points +27.60 +29.62 Increase (decrease) Positions as of december 31, 2019 Positions as of december 31, 2018 futures curve effect on equity effect on equity in libor 3 months (millions of US$) (millions of US$) +100 basis points +13.62 +0.70 -100 basis points -14.71 -0.71 |
ACCOUNTING ESTIMATES AND JUDG_2
ACCOUNTING ESTIMATES AND JUDGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of accounting judgements and estimates [text block] [Abstract] | |
Disclosure of information for cash-generating units [text block] | Air Transport Coalition and loyalty As of As of As of As of December 31, December 31, December 31, December 31, 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Goodwill 2,209,576 1,845,136 - 448,936 Airport Slots 845,959 828,969 - - Loyalty program 263,806 - - 274,420 |
SEGMENTAL INFORMATION (Tables)
SEGMENTAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [text block] [Abstract] | |
Disclosure of major customers [text block] | For the year ended Air Transportation At December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated Income from ordinary activities from external customers (*) 10,070,063 9,895,456 9,613,907 Passenger 9,005,629 8,708,988 8,494,477 Freight 1,064,434 1,186,468 1,119,430 Income from ordinary activities from transactions with other operating segments - - - Other operating income 360,864 472,758 549,889 Interest income 26,283 53,253 78,695 Interest expense (589,934 ) (539,137 ) (579,233 ) Total net interest expense (563,651 ) (485,884 ) (500,538 ) Depreciation and amortization (1,469,976 ) (1,372,628 ) (1,377,135 ) Material non-cash items other than depreciation and amortization (130,011 ) (104,123 ) (105,404 ) Disposal of fixed assets and inventory losses (60,893 ) (46,351 ) (39,238 ) Doubtful accounts (21,558 ) (18,837 ) (18,416 ) Exchange differences (32,571 ) (38,070 ) (48,498 ) Result of indexation units (14,989 ) (865 ) 748 Income (loss) attributable to owners of the parents 190,430 309,811 108,896 Expenses for income tax 53,697 (73,879 ) (158,998 ) Segment profit / (loss) 195,613 341,786 154,386 Assets of segment 21,087,806 20,078,722 21,673,713 Segment liabilities 17,958,629 16,638,121 17,717,420 Amount of non-current asset additions 2,658,541 1,090,177 412,846 Property, plant and equipment 2,519,305 995,085 325,513 Intangibles other than goodwill 139,236 95,092 87,333 Purchase of non-monetary assets of segment 1,416,794 756,913 499,872 For the year ended Air Segment Air Transportation Adjustment Eliminations Transportation At December 31, At December 31, At December 31, At December 31, 2018 2018 2018 2018 ThUS$ ThUS$ ThUS$ ThUS$ Previously reported Restated Income from ordinary activities from external customers (*) 9,887,090 60,020 (51,654 ) 9,895,456 Passenger 8,700,622 60,020 (51,654 ) 8,708,988 Freight 1,186,468 - - 1,186,468 Other operating income 346,315 126,443 - 472,758 Interest income 27,181 26,072 - 53,253 Interest expense (539,137 ) - - (539,137 ) Total net interest expense (511,956 ) 26,072 - (485,884 ) Depreciation and amortization (1,365,809 ) (6,819 ) - (1,372,628 ) Material non-cash items other than depreciation and amortization (104,038 ) (85 ) - (104,123 ) Disposal of fixed assets and inventory losses (46,351 ) - - (46,351 ) Doubtful accounts (18,741 ) (96 ) - (18,837 ) Exchange differences (38,081 ) 11 - (38,070 ) Result of indexation units (865 ) - - (865 ) Income (loss) attributable to owners of the parents 200,209 109,602 - 309,811 Expenses for income tax 121,155 (47,276 ) - 73,879 Segment profit / (loss) 287,206 54,580 - 341,786 Assets of segment 18,943,127 1,145,942 (10,347 ) 20,078,722 Segment liabilities 16,212,905 449,347 (24,131 ) 16,638,121 Amount of non-current asset additions 1,090,177 - - 1,090,177 Property, plant and equipment 995,085 - - 995,085 Intangibles other than goodwill 95,092 - - 95,092 Purchase of non-monetary assets of segment 756,913 - - 756,913 For the year ended Air Segment Air Transportation Adjustment Eliminations Transportation At December 31, At December 31, At December 31, At December 31, 2017 2017 2017 2017 ThUS$ ThUS$ ThUS$ ThUS$ Previously reported Restated Income from ordinary activities from external customers (*) 9,159,031 454,876 - 9,613,907 Passenger 8,039,601 454,876 - 8,494,477 Freight 1,119,430 - - 1,119,430 Income from ordinary activities from transactions with other operating segments 454,876 67,554 (522,430 ) - Other operating income 308,937 240,952 - 549,889 Interest income 28,184 50,511 - 78,695 Interest expense (579,233 ) - - (579,233 ) Total net interest expense (551,049 ) 50,511 - (500,538 ) Depreciation and amortization (1,384,344 ) 7,209 - (1,377,135 ) Material non-cash items other than depreciation and amortization (105,259 ) (145 ) - (105,404 ) Disposal of fixed assets and inventory losses (39,238 ) - - (39,238 ) Doubtful accounts (18,272 ) (144 ) - (18,416 ) Exchange differences (48,497 ) (1 ) - (48,498 ) Result of indexation units 748 - - 748 Income (loss) attributable to owners of the parents (**) (49,887 ) 158,783 - 108,896 Expenses for income tax (89,870 ) (69,128 ) - (158,998 ) Segment profit / (loss) (4,397 ) 158,783 - 154,386 Assets of segment 17,430,937 1,373,049 (6,014 ) 18,797,972 Segment liabilities 14,007,916 563,849 (41,029 ) 14,530,736 Amount of non-current asset additions 412,846 - - 412,846 Property, plant and equipment 325,513 - - 325,513 Intangibles other than goodwill 87,333 - - 87,333 Purchase of non-monetary assets of segment 490,983 - - 490,983 (*) The Company does not have any interest income that should be recognized as income from ordinary activities by interest. (**) The result of the Company includes a net result of ThUS$ (8,162) resulting from the application of IAS 21 and IAS 29, for the subsidiaries that are in hyperinflationary economies. |
Schedule of income from ordinary activities | For the year ended Air Transportation At December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated (2) (2) Net cash flows from Purchases of property, plant and equipment 1,276,621 660,707 403,666 Additions associated with maintenance 453,827 375,634 217,687 Other additions 822,794 285,073 185,979 Purchases of intangible assets 140,173 96,206 96,206 Net cash flows from (used in) operating activities 2,826,667 2,073,316 2,186,823 Net cash flow from (used in) investing activities (1,419,207 ) (358,368 ) (293,925 ) Net cash flows from (used in) financing activities (1,343,521 ) (1,608,597 ) (1,692,668 ) For the year ended Air Segment Air Transportation adjustment Eliminations Transportation At December 31, At December 31, At December 31, At December 31, 2018 2018 2018 2018 ThUS$ ThUS$ ThUS$ ThUS$ Previously reported Restated Net cash flows from Purchases of property, plant and equipment 660,631 76 - 660,707 Additions associated with maintenance 375,634 - - 375,634 Other additions 284,997 76 - 285,073 Purchases of intangible assets (***) 85,628 10,578 - 96,206 Net cash flows from (used in) operating activities 1,950,532 111,161 11,623 2,073,316 Net cash flow from (used in) investing activities (348,346 ) (10,022 ) - (358,368 ) Net cash flows from (used in) financing activities (1,512,898 ) (95,699 ) - (1,608,597 ) For the year ended Air Segment Air Transportation adjustment Eliminations Transportation At December 31, At December 31, At December 31, At December 31, 2017 2017 2017 2017 ThUS$ ThUS$ ThUS$ ThUS$ Previously reported Restated Net cash flows from Purchases of property, plant and equipment 403,282 384 - 403,666 Additions associated with maintenance 218,537 - - 218,537 Other additions 184,745 384 - 185,129 Purchases of intangible assets (***) 79,102 8,216 - 87,318 Net cash flows from (used in) operating activities 1,489,797 186,367 (9,424 ) 1,666,740 Net cash flow from (used in) investing activities (278,790 ) (8,632 ) - (287,422 ) Net cash flows from (used in) financing activities (1,010,705 ) (168,383 ) - (1,179,088 ) (***) The Company does not have cash flows from purchases of intangible assets associated with maintenance. |
Disclosure of geographical areas [text block] | For the year ended At December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Peru 801,965 705,133 626,316 Argentina 584,959 989,883 1,113,467 U.S.A. 1,004,238 985,919 900,413 Europe 726,165 782,197 676,282 Colombia 380,449 372,794 359,276 Brazil 3,949,797 3,433,877 3,436,402 Ecuador 203,334 203,842 190,268 Chile 1,546,960 1,591,313 1,527,158 Asia Pacific and rest of Latin America 872,196 830,498 784,325 Income from ordinary activities 10,070,063 9,895,456 9,613,907 Other operating income 360,864 472,758 549,889 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
Schedule of cash and cash equivalents [text block] | As of As of ThUS$ ThUS$ Cash on hand 4,982 8,974 Bank balances 329,632 331,218 Overnight 350,080 282,164 Total Cash 684,694 622,356 Cash equivalents Time deposits 165,791 415,633 Mutual funds 222,094 43,653 Total cash equivalents 387,885 459,286 Total cash and cash equivalents 1,072,579 1,081,642 |
Schedule of cash and cash equivalents denominated by currencies [text block] | Cash and cash equivalents are denominated in the following currencies: As of As of December 31, December 31, Currency 2019 2018 ThUS$ ThUS$ Argentine peso 16,579 17,786 Brazilian real 197,354 131,760 Chilean peso 50,521 415,713 Colombian peso 48,191 10,843 Euro 21,927 20,339 US Dollar 667,785 394,215 Other currencies 70,222 90,986 Total 1,072,579 1,081,642 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of derivative financial instruments [text block] [Abstract] | |
Disclosure of financial instruments at fair value through profit or loss [text block] | Assets Measured at amortized cost At fair value with changes in results Hedge derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 850,485 222,094 - 1,072,579 Other financial assets, current (*) 36,660 386,669 76,175 499,504 Trade and others accounts receivable, current 1,244,348 - - 1,244,348 Accounts receivable from related entities, current 19,645 - - 19,645 Other financial assets, non current 46,907 - - 46,907 Accounts receivable, non current 4,725 - - 4,725 Total 2,202,770 608,763 76,175 2,887,708 Measured at amortized Hedge Liabilities cost derivatives Total ThUS$ ThUS$ ThUS$ Other financial liabilities, current 1,835,288 50,372 1,885,660 Trade and others accounts payable, current 2,222,874 - 2,222,874 Accounts payable to related entities, current 56 - 56 Other financial liabilities, non-current 8,530,396 22 8,530,418 Accounts payable, non-current 619,110 - 619,110 Total 13,207,724 50,394 13,258,118 Measured at At fair value amortized with changes Hedge Assets cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,037,989 43,653 - 1,081,642 Other financial assets, current (*) 16,203 344,426 23,355 383,984 Trade and others accounts receivable, current 1,162,582 - - 1,162,582 Accounts receivable from related entities, current 2,931 - - 2,931 Other financial assets, non current 58,700 - - 58,700 Accounts receivable, non current 5,381 - - 5,381 Total 2,283,786 388,079 23,355 2,695,220 Measured at At fair value amortized with changes Hedge Liabilities cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Restated Other financial liabilities, current (*) 1,760,653 7,712 25,921 1,794,286 Trade and others accounts payable, current accounts payables, current 1,674,303 - - 1,674,303 Accounts payable to related entities, current 382 - - 382 Other financial liabilities, non current 8,359,122 - 340 8,359,462 Accounts payable, non-current 529,277 - - 529,277 Total 12,323,737 7,712 26,261 12,357,710 (*) The value presented as fair value with changes in the result, corresponds mainly to private investment funds, and as measured at amortized cost they correspond to guarantees delivered. (*) The value presented as initial designation as fair value through profit and loss, corresponds mainly to private investment funds; and as measured at amortized cost they correspond to the guarantees granted. |
Schedule of financial instruments by currency [Text Block]] | As of As of December 31, December 31, a) Assets 2019 2018 ThUS$ ThUS$ Restated Cash and cash equivalents 1,072,579 1,081,642 Argentine peso 16,579 17,786 Brazilian real 197,354 131,760 Chilean peso 50,521 415,713 Colombian peso 48,191 10,843 Euro 21,927 20,339 US Dollar 667,785 394,215 Other currencies 70,222 90,986 Other financial assets (current and non-current) 546,411 442,684 Argentine peso 94 152 Brazilian real 417,477 327,110 Chilean peso 26,073 25,972 Colombian peso 522 1,748 Euro 1,525 7,438 US Dollar 97,988 78,121 Other currencies 2,732 2,143 Trade and other accounts receivable, current 1,244,348 1,162,582 Argentine peso 47,079 82,893 Brazilian real 537,221 511,171 Chilean peso 126,821 113,168 Colombian peso 2,288 7,259 Euro 32,711 49,044 US Dollar 436,774 110,312 Other currencies (*) 61,454 288,735 Accounts receivable, non-current 4,725 5,381 Brazilian real 3 3 Chilean peso 4,722 5,378 Accounts receivable from related entities, current 19,645 2,931 Brazilian real - 293 Chilean peso 42 200 US Dollar 19,603 2,438 Total assets 2,887,708 2,695,220 Argentine peso 63,752 100,831 Brazilian real 1,152,055 970,337 Chilean peso 208,179 560,431 Colombian peso 51,001 19,850 Euro 56,163 76,821 US Dollar 1,222,150 585,086 Other currencies 134,408 381,864 (*) See the composition of the other currencies in Note 8 Trade, other accounts receivable and non-current accounts receivable. |
TRADE AND OTHER ACCOUNTS RECE_2
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of trade and other receivables [text block] [Abstract] | |
Schedule of trade and other accounts receivable [text block] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Restated Trade accounts receivable 1,073,599 1,077,561 Other accounts receivable 275,876 188,393 Total trade and other accounts receivable 1,349,475 1,265,954 Less: Expected credit loss (100,402 ) (97,991 ) Total net trade and accounts receivable 1,249,073 1,167,963 Less: non-current portion – accounts receivable (4,725 ) (5,381 ) Trade and other accounts receivable, current 1,244,348 1,162,582 |
Schedule of expected credit losses [text block] | As of December 31, 2019 As December 31, 2018 Expected Gross book Impairment loss Expected Gross book Impairment loss Portfolio maturity loss rate (1) value (2) Provision loss rate (1) value (2) Provision % ThUS$ ThUS$ % ThUS$ ThUS$ Up to date 2 % 875,889 (16,433 ) 3 % 888,930 (23,933 ) From 1 to 90 days 8 % 56,537 (4,253 ) 5 % 91,387 (5,014 ) From 91 to 180 days 28 % 16,922 (4,747 ) 45 % 11,085 (4,983 ) From 181 to 360 days 39 % 47,865 (18,459 ) 65 % 15,078 (9,864 ) more of 360 days 74 % 76,386 (56,510 ) 76 % 71,081 (54,197 ) Total 9 % 1,073,599 (100,402 ) 9 % 1,077,561 (97,991 ) (1) Corresponds to the expected average rate. (2) the gross book value represents the maximum growth risk value of trade accounts receivable. |
Schedule of trade and other accounts receivable and non-current accounts receivable [text block] | As of As of December 31, December 31, Currency 2019 2018 ThUS$ ThUS$ Argentine Peso 47,079 82,893 Brazilian Real 537,224 511,174 Chilean Peso 131,543 118,546 Colombian peso 2,288 7,259 Euro 32,711 49,044 US Dollar 436,774 110,312 Other currency (*) 61,454 288,735 Total 1,249,073 1,167,963 (*) Other currencies Australian Dollar 20,964 100,733 Chinese Yuan 2,145 5,106 Danish Krone 54 475 Pound Sterling 7,428 18,129 Indian Rupee 37 7,163 Japanese Yen 1,222 56,589 Norwegian Kroner 14 283 Swiss Franc 535 5,046 Korean Won 8,172 31,381 New Taiwanese Dollar 1,117 6,180 Other currencies 19,766 57,650 Total 61,454 288,735 (*) Adjustment to the balance as of December 31, 2017 registered in retained earnings as of 01.01.2018 for the adoption of IFRS 9. |
Schedule of allowance for impairment loss of trade and other accounts receivables [text block] | Adoption Opening adjustment (Increase) Closing balance IFRS 9 (*) Write-offs Decrease balance Periods ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2017 (77,054 ) - 8,249 (19,104 ) (87,909 ) From January 1 to December 31, 2018 (87,909 ) (10,524 ) 8,620 (8,178 ) (97,991 ) From January 1 to December 31, 2019 (97,991 ) - 12,569 (14,980 ) (100,402 ) (*) Adjustment to the balance as of December 31, 2017 registered in retained earnings as of 01.01.2018 for the adoption of IFRS 9. |
Schedule of accounts receivable categories [text block] | As of December 31, 2019 As of December 31, 2018 Gross exposure Gross Exposure net Gross exposure Gross Exposure net according to impaired of risk according to Impaired of risk balance exposure concentrations balance exposure concentrations ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Trade accounts receivable 1,073,599 (100,402 ) 973,197 1,077,561 (97,991 ) 979,570 Other accounts receivable 275,876 - 275,876 188,393 - 188,393 |
ACCOUNTS RECEIVABLE FROM_PAYA_2
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Accouts Receivable Payable From To Related Party Explanatory [Abstract] | |
Schedule of accounts receivable to related party [text block] | As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2019 2018 ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 19,400 1,907 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP - 988 Foreign Delta Air Lines Inc. Shareholder U.S.A. USD 205 - 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP 36 31 96.782.530-1 Inmobiliaria e Inversiones Asturias S.A. Related director Chile CLP 1 - 76.335.600-0 Parque de Chile S.A. Related director Chile CLP 2 - 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP 1 5 Total current assets 19,645 2,931 |
Schedule of accounts payable to related party [text block] | As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2019 2018 ThUS$ ThUS$ 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP 53 365 Foreign Inversora Aeronáutica Argentina S.A. Related director Argentina ARS - 15 Foreign Patagonia Seafarms INC Related director U.S.A. USD 3 - Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brasil BRL - 2 Total current liabilities 56 382 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of inventories [text block] [Abstract] | |
Schedule of composition of inventories [Text Block]] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Technical stock 315,286 233,276 Non-technical stock 38,946 46,068 Total 354,232 279,344 |
Schedule of inventory average cost, net of provision for obsolescence [Text Block]] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Provision for obsolescence Technical stock 21,193 20,500 Provision for obsolescenceNon-technical stock 11,610 4,621 Total 32,803 25,121 |
OTHER FINANCIAL ASSETS (Tables)
OTHER FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other assets [text block] [Abstract] | |
Schedule of composition of other financial assets [Text Block]] | Current Assets Non-current assets Total Assets As of As of As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 386,669 322,428 - - 386,669 322,428 Deposits in guarantee (aircraft) 8,934 9,610 28,599 37,636 37,533 47,246 Guarantees for margins of derivatives 21,200 661 - - 21,200 661 Other investments - - 494 494 494 494 Domestic and foreign bonds 19 1,394 - - 19 1,394 Other guarantees given 6,507 7,140 15,138 20,570 21,645 27,710 Subtotal of other financial assets 423,329 341,233 44,231 58,700 467,560 399,933 (b) Hedging derivate assets Accrued Interest since the last payment date Cross currency swap of currencies 3 - - - 3 - Fair value of interest rate derivatives 27,044 19,460 2,676 - 29,720 19,460 Fair value of foreign currency derivatives 586 3,895 - - 586 3,895 Fair value of fuel price derivatives 48,542 - - - 48,542 - Subtotal of hedging derivate assets 76,175 23,355 2,676 - 78,851 23,355 (c) Derivatives not recognized as a hedge Foreign currency derivatives not recognized as a hedge - 19,396 - - - 19,396 Subtotal of derivatives not recognized as a hedge - 19,396 - - - 19,396 Total Other Financial Assets 499,504 383,984 46,907 58,700 546,411 442,684 |
OTHER NON-FINANCIAL ASSETS (Tab
OTHER NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Other Non Financial Assets Explanatory [Abstract] | |
Schedule of composition of Other non-financial assets [Text Block]] | Current assets Non-current assets Total Assets As of As of As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Restated (a) Advance payments Aircraft insurance and other 11,179 16,483 523 - 11,702 16,483 Others 15,167 20,105 1,832 4,460 16,999 24,565 Subtotal advance payments 26,346 36,588 2,355 4,460 28,701 41,048 (b) Contract assets (1) GDS costs 16,593 14,708 - - 16,593 14,708 Credit card commissions 23,437 21,614 - - 23,437 21,614 Travel agencies commissions 16,546 12,635 - - 16,546 12,635 Subtotal advance payments 56,576 48,957 - - 56,576 48,957 (c) Other assets Aircraft maintenance reserve (2) 27,987 831 17,844 51,836 45,831 52,667 Sales tax 167,987 187,410 34,680 38,186 202,667 225,596 Other taxes 34,295 15,255 - - 34,295 15,255 Contributions to Société Internationale de Télécommunications Aéronautiques (“SITA”) 258 258 739 739 997 997 Judicial deposits - - 149,310 132,267 149,310 132,267 Others - 1,177 - 53 - 1,230 Subtotal other assets 230,527 204,931 202,573 223,081 433,100 428,012 Total Other Non - Financial Assets 313,449 290,476 204,928 227,541 518,377 518,017 (1) Movement of Contracts assets: (2) Aircraft maintenance reserves reflect prepayment deposits made by the group to lessors of certain aircraft under operating lease agreements in order to ensure that funds are available to support the scheduled heavy maintenance of the aircraft. |
Schedule of movement of Contracts assets [Text Block]] | Adjustments Difference Initial by the application by Final balance Activation IFRS 15 conversion Amortization balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2018 - 180,171 54,361 (5,019 ) (180,556 ) 48,957 From January 1 to December 31, 2019 48,957 166,300 - (4,950 ) (153,731 ) 56,576 |
NON-CURRENT ASSETS AND DISPOS_2
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-current assets or disposal groups classified as held for sale [text block] [Abstract] | |
Schedule of non-current assets and in disposal groups held for sale | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Current assets Aircraft 482,806 265 Engines and rotables 1,943 5,299 Other 401 204 Total 485,150 5,768 |
Schedule of fleet classified as non-current assets or groups of assets for disposal classified as held | As of As of December 31, December 31, Aircraft 2019 2018 Boeing 767 1 - Airbus A350 4 - ATR42-300 - 1 Total 5 1 |
INVESTMENTS IN SUBSIDIARIES (Ta
INVESTMENTS IN SUBSIDIARIES (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [text block] [Abstract] | ||
Disclosure of information about consolidated structured entities [text block] | Ownership As of As of Country of Functional December 31, December 31, Name of significant subsidiary incorporation currency 2019 2018 % % Latam Airlines Perú S.A. Peru US$ 70.00000 70.00000 Lan Cargo S.A. Chile US$ 99.89395 99.89803 Lan Argentina S.A. Argentina ARS 99.98370 99.86560 Transporte Aéreo S.A. Chile US$ 100.00000 100.00000 Latam Airlines Ecuador S.A. Ecuador US$ 100.00000 100.00000 Aerovías de Integración Regional, AIRES S.A. Colombia COP 99.19414 99.19061 TAM S.A. Brazil BRL 99.99938 99.99938 (*) Corresponds to consolidated information of TAM S.A. and Subsidiaries | |
Disclosure of composition of group [text block] | Statement of financial position as of December 31, 2019 Income for the year Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A. 519,363 481,592 37,771 510,672 508,541 2,131 1,186,668 (1,739 ) Lan Cargo S.A. 634,852 334,725 300,127 462,666 398,872 63,794 274,774 (4,157 ) Lan Argentina S.A. 262,049 255,641 6,408 89,070 86,912 2,158 218,989 (133,408 ) Transporte Aéreo S.A. 359,335 101,128 258,207 142,423 46,383 96,040 315,105 14,610 Latam Airlines Ecuador S.A. 99,019 95,187 3,832 97,198 86,810 10,388 229,797 (3,411 ) Aerovías de Integración Regional, AIRES S.A. 187,001 135,344 51,657 78,990 70,643 8,347 291,235 (3,009 ) TAM S.A. (*) 5,036,864 2,580,665 2,456,199 3,497,559 2,556,280 941,279 5,013,293 185,720 Statement of financial position as of December 31, 2018 Income for the year Name of significant subsidiary Total Current Non-current Total Current Non-current Revenue Net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Latam Airlines Perú S.A. 419,325 379,490 39,835 409,221 406,159 3,062 871,860 2,732 Lan Cargo S.A. 513,367 243,499 269,868 336,715 292,399 44,316 190,997 (34,322 ) Lan Argentina S.A. 243,230 235,919 7,311 239,234 236,786 2,448 154,878 (132,538 ) Transporte Aéreo S.A. 331,496 72,597 258,899 129,233 28,277 100,956 231,221 (17,609 ) Latam Airlines Ecuador S.A. 108,735 96,564 12,171 98,238 89,921 8,317 174,821 4,354 Aerovías de Integración Regional, AIRES S.A. 116,352 55,865 60,487 77,984 69,150 8,834 215,366 (6,396 ) TAM S.A. (*) 4,420,546 2,007,830 2,412,716 3,256,017 1,832,796 1,423,221 3,434,453 358,616 Statement of financial position as of December 31, 2017 Income for the year Name of significant subsidiary Total Current Non-current Total Current Non-current Revenue Net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Latam Airlines Perú S.A. 315,607 294,308 21,299 303,204 301,476 1,728 1,046,423 1,205 Lan Cargo S.A. 584,169 266,836 317,333 371,934 292,529 79,405 264,544 (30,220 ) Lan Argentina S.A. 198,951 166,445 32,506 143,731 139,914 3,817 387,557 (41,636 ) Transporte Aéreo S.A. 324,498 30,909 293,589 104,357 36,901 67,456 317,436 2,172 Aerolane Líneas Aéreas Nacionales del Ecuador S.A. 96,407 66,166 30,241 84,123 78,817 5,306 219,039 3,722 Aerovías de Integración Regional, AIRES S.A. 138,138 64,160 73,978 91,431 80,081 11,350 279,414 526 TAM S.A. (*) 4,490,714 1,843,822 2,646,892 3,555,423 2,052,633 1,502,790 4,621,338 160,582 | |
Schedule of non-controlling interest of subsidiary | As of As of As of As of Country December 31, December 31, December 31, December 31, Tax No. of origin 2019 2018 2019 2018 % % ThUS$ ThUS$ Restated Latam Airlines Perú S.A 0-E Peru 30.00000 30.00000 2,609 3,032 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 369 (101 ) Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.01630 0.13940 (6,276 ) 8,684 Lan Argentina S.A. 0-E Argentina 0.02890 0.02890 50 (472 ) Americonsult de Guatemala S.A. 0-E Guatemala 0.87000 1.00000 1 1 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 (7 ) 1 Americonsult Costa Rica S.A. 0-E Costa Rica 0.20000 1.00000 2 11 Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 10.00000 10.00000 (755 ) (462 ) Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.79880 899 378 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 1,503 1,740 Multiplus S.A.(*) 0-E Brazil - 27.26000 - 67,096 Total (1,605 ) 79,908 For the year ended For the year ended Country December 31, December 31, December 31, December 31, Tax No. of origin 2019 2018 2017 2019 2018 2017 % % % ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A 0-E Peru 30.00000 30.00000 30.00000 (1,065 ) 1,673 360 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 0.10196 19 (406 ) (4 ) Promotora Aerea Latinoamericana S.A. and Subsidiaries 0-E Mexico - - 51.00000 - - 1,416 Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.01630 0.13940 0.13940 359 66 117 Lan Argentina S.A. 0-E Argentina 0.02890 0.02890 0.02842 48 39 24 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 0.20000 (7 ) 2 - Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 10.00000 10.00000 10.00000 (293 ) 58 398 Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.79880 0.80944 (24 ) 87 4 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 5.02000 420 717 299 Multiplus S.A.(*) 0-E Brazil - 27.26000 27.26000 5,726 29,739 42,796 Total 5,183 31,975 45,410 (*) See Note 1 letter (b) |
INTANGIBLE ASSETS OTHER THAN _2
INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of intangible assets [text block] [Abstract] | |
Disclosure of detailed information about intangible assets [text block] | Classes of intangible assets Classes of intangible assets (net) (gross) As of As of As of As of December 31, December 31, December 31, December 31, 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 845,959 828,969 845,959 828,969 Loyalty program 263,806 274,420 263,806 274,420 Computer software 220,993 156,038 656,699 529,009 Developing software 99,193 151,853 99,193 151,853 Trademarks (1) 17,959 29,361 51,326 53,391 Other assets 331 431 1,315 1,325 Total 1,448,241 1,441,072 1,918,298 1,838,967 1) In 2016, the Company resolved to adopt a unique name and identity, and announced that the group’s brand will be LATAM, which united all the companies under a single image. |
Disclosure of intangible assets material to entity [text block] | Computer Developing Airport Trademarks Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 157,016 91,053 978,849 383,395 1,610,313 Additions 8,453 78,880 - - 87,333 Withdrawals (244 ) (684 ) - - (928 ) Transfer software 45,783 (45,580 ) - - 203 Foreign exchange (1,215 ) (254 ) (14,336 ) (5,459 ) (21,264 ) Amortization (48,823 ) - - (9,587 ) (58,410 ) Closing balance as of December 31, 2017 160,970 123,415 964,513 368,349 1,617,247 Opening balance as of January 1, 2018 160,970 123,415 964,513 368,349 1,617,247 Additions 791 94,301 - - 95,092 Withdrawals (403 ) (125 ) - - (528 ) Transfer software 59,771 (61,087 ) - - (1,316 ) Foreign exchange (10,231 ) (4,651 ) (135,544 ) (53,522 ) (203,948 ) Amortization (54,549 ) - - (11,046 ) (65,595 ) Adjustment application IAS 29 by hyperinflation Argentina 120 - - - 120 Closing balance as of December 31, 2018 156,469 151,853 828,969 303,781 1,441,072 Opening balance as of January 1, 2019 156,469 151,853 828,969 303,781 1,441,072 Additions 278 91,371 47,587 - 139,236 Withdrawals (270 ) (1,123 ) - - (1,393 ) Transfer software 136,935 (140,102 ) - - (3,167 ) Foreign exchange (1,981 ) (2,806 ) (30,597 ) (11,612 ) (46,996 ) Amortization (70,107 ) - - (10,404 ) (80,511 ) Closing balance as of December 31, 2019 221,324 99,193 845,959 281,765 1,448,241 1) In 2016, the Company resolved to adopt a unique name and identity, and announced that the group’s brand will be LATAM, which united all the companies under a single image. 2) See Note 2.5 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of goodwill [text block] [Abstract] | |
Disclosure of reconciliation of changes in goodwill [text block] | Air Coalition Total ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 2,176,634 533,748 2,710,382 Increase (decrease) due to exchange rate differences (29,942 ) (7,890 ) (37,832 ) Others - - - Closing balance as of December 31, 2017 2,146,692 525,858 2,672,550 Opening balance as of January 1, 2018 2,146,692 525,858 2,672,550 Increase (decrease) due to exchange rate differences (300,203 ) (76,922 ) (377,125 ) Adjustment IAS 29, hyperinflation Argentina 335 - 335 Others (1,688 ) - (1,688 ) Closing balance as of December 31, 2018 1,845,136 448,936 2,294,072 Opening balance as of January 1, 2019 1,845,136 448,936 2,294,072 Increase (decrease) due to exchange rate differences (67,133 ) (17,363 ) (84,496 ) Transfer from Multiplus S.A. (see nota 1) 431,573 (431,573 ) - Closing balance as of December 31, 2019 2,209,576 - 2,209,576 |
Schedule of recoverable values categories by CGU | Air transportation CGU Annual growth rate (Terminal) % 1.0 - 2.0 Exchange rate (1) R$/US$ 4.0 - 4.9 Discount rate based on the weighted average cost of capital (WACC) % 7.50 - 8.50 Fuel Price from futures price curves commodities markets US$/barrel 79 - 80 (1) In line with the expectations of the Central Bank of Brazil |
Disclosure Of Information For Individual Asset Or Cash Generating Unit With Significant Amount Of Goodwill With Sensitivity Analysis Explanatory | Decrease Increase Minimum Maximum terminal WACC growth rate % % Air transportation CGU 8.5 1.0 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
Disclosure of detailed information about property, plant and equipment [text block] | Gross Book Value Accumulated depreciation Net Book Value As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Restated Construction in progress (1) 372,589 630,320 - - 372,589 630,320 Land 48,406 45,424 - - 48,406 45,424 Buildings 133,488 179,907 (58,626 ) (67,342 ) 74,862 112,565 Plant and equipment 13,993,044 13,333,837 (4,630,001 ) (4,361,337 ) 9,363,043 8,972,500 Own aircraft 13,268,562 12,595,223 (4,421,211 ) (4,096,975 ) 8,847,351 8,498,248 Other (2) 724,482 738,614 (208,790 ) (264,362 ) 515,692 474,252 Machinery 33,658 34,253 (28,441 ) (27,659 ) 5,217 6,594 Information technology equipment 161,992 160,936 (141,216 ) (138,372 ) 20,776 22,564 Fixed installations and accessories 171,469 182,629 (111,635 ) (111,620 ) 59,834 71,009 Motor vehicles 67,060 69,653 (60,327 ) (60,531 ) 6,733 9,122 Leasehold improvements 234,249 211,322 (135,789 ) (128,055 ) 98,460 83,267 Right of use 5,693,553 4,987,953 (2,823,855 ) (2,439,509 ) 2,869,698 2,548,444 Aircraft 5,438,404 4,761,529 (2,669,864 ) (2,305,195 ) 2,768,540 2,456,334 Other assets 255,149 226,424 (153,991 ) (134,314 ) 101,158 92,110 Total 20,909,508 19,836,234 (7,989,890 ) (7,334,425 ) 12,919,618 12,501,809 (1) As of December 31, 2019, includes advances paid to aircraft manufacturers for ThUS$ 348,148 (ThUS$ 612,236 as of December 31, 2018) (2) Consider mainly rotables and tools. |
Schedule of movement of property, plant and equipment | Information Fixed Property, Plant and technology installations Motor Leasehold Rights Plant and Construction Buildings equipment equipment & accessories Vehicles improvements of use equipment in progress Land net net net net net net net net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 Restated 470,065 50,148 130,219 9,618,505 39,714 83,912 1,045 104,541 2,931,101 13,429,250 Additions 11,145 - - 300,098 5,708 329 77 8,156 288,142 613,655 Disposals - - - (16,031 ) (6 ) (10 ) (43 ) - - (16,090 ) Retirements (127 ) - (6 ) (25,951 ) (473 ) (497 ) - - - (27,054 ) Depreciation expenses - - (7,946 ) (701,094 ) (14,587 ) (14,124 ) (187 ) (27,266 ) (375,510 ) (1,140,714 ) Foreign exchange 107 (368 ) (275 ) (9,716 ) (183 ) (820 ) (8 ) (243 ) - (11,506 ) Other increases (decreases) 75,632 - 2,556 (27,220 ) (17 ) 11,987 (448 ) (963 ) 21,584 83,111 Changes, total 86,757 (368 ) (5,671 ) (479,914 ) (9,558 ) (3,135 ) (609 ) (20,316 ) (65,784 ) (498,598 ) Closing balance as of December 31, 2017 556,822 49,780 124,548 9,138,591 30,156 80,777 436 84,225 2,865,317 12,930,652 Opening balance as of January 1, 2018 Restated 556,822 49,780 124,548 9,138,591 30,156 80,777 436 84,225 2,865,317 12,930,652 Additions 7,927 - - 635,367 4,995 64 24 20,410 326,298 995,085 Disposals - (8 ) (1,412 ) (4,747 ) (30 ) (74 ) (14 ) - - (6,285 ) Retirements (80 ) - (19 ) (63,774 ) (92 ) (27 ) - (4 ) - (63,996 ) Depreciation expenses - - (6,219 ) (705,577 ) (11,677 ) (12,538 ) (146 ) (27,766 ) (391,138 ) (1,155,061 ) Foreign exchange (714 ) (4,348 ) (4,244 ) (94,488 ) (1,819 ) (8,499 ) (28 ) (2,351 ) (13,751 ) (130,242 ) Other increases (decreases) 65,992 - (89 ) 78,341 732 10,195 273 8,753 (238,282 ) (74,085 ) Adjustment application IAS 29 373 - - 3,869 299 1,111 89 - - 5,741 Changes, total 73,498 (4,356 ) (11,983 ) (151,009 ) (7,592 ) (9,768 ) 198 (958 ) (316,873 ) (428,843 ) Closing balance as of December 31, 2018 Restated 630,320 45,424 112,565 8,987,582 22,564 71,009 634 83,267 2,548,444 12,501,809 Opening balance as of January 1, 2019 (Restated ) 630,320 45,424 112,565 8,987,582 22,564 71,009 634 83,267 2,548,444 12,501,809 Additions 21,884 7,950 - 1,694,640 6,580 26 73 34,988 753,164 2,519,305 Disposals - (28 ) (47 ) (23,945 ) (13 ) (75 ) (11 ) - - (24,119 ) Retirements (20 ) - - (64,838 ) (85 ) (77 ) - (362 ) - (65,382 ) Depreciation expenses - - (5,768 ) (776,225 ) (8,574 ) (11,945 ) (94 ) (19,001 ) (400,384 ) (1,221,991 ) Foreign exchange (1,340 ) (1,103 ) (914 ) (24,615 ) (234 ) (2,007 ) (125 ) (432 ) (4,561 ) (35,331 ) Other increases (decreases) (278,255 ) (3,837 ) (30,974 ) (418,083 ) 538 2,903 - - (26,965 ) (754,673 ) Changes, total (257,731 ) 2,982 (37,703 ) 386,934 (1,788 ) (11,175 ) (157 ) 15,193 321,254 417,809 Closing balance as of December 31, 2019 372,589 48,406 74,862 9,374,516 20,776 59,834 477 98,460 2,869,698 12,919,618 |
Schedule of composition of the fleet | Aircraft included Aircraft included in Property, as Rights Total plant and equipment of use assets fleet As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, Aircraft Model 2019 2018 2019 2018 2019 2018 Boeing 767 300ER 28 33 2 2 30 35 Boeing 767 300F 11 (1) 9 (1) 1 1 12 (1) 10 (1) Boeing 777 300ER 4 4 6 6 10 10 Boeing 777 200ER - - - 2 - 2 Boeing 787 800 6 6 4 4 10 10 Boeing 787 900 6 4 10 10 16 14 Airbus A319 100 37 37 9 9 46 46 Airbus A320 200 96 (2) 97 (2) 46 34 142 (2) 131 (2) Airbus A320 NEO 7 1 6 3 13 4 Airbus A321 200 30 30 19 19 49 49 Airbus A350 900 2 5 7 (3) 4 (3) 9 (3) 9 Total 227 226 110 94 337 320 (1) One aircraft leased to Aerotransportes Mas de Carga S.A. de C.V. (2) Three aircraft leased to Salam Air and two to Sundair (3) Four aircraft leased to Qatar Airways, which are in assets by right of use. |
Schedule of method used for the depreciation of property, plant and equipment | Useful life (years) Method minimum maximum Buildings Straight line without residual value 20 50 Plant and equipment Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) 5 30 Information technology equipment Straight line without residual value 5 10 Fixed installations and accessories Straight line without residual value 10 10 Motor vehicle Straight line without residual value 10 10 Leasehold improvements Straight line without residual value 5 8 Assets for rights of use Straight line without residual value 1 25 (*) Except in the case of the Boeing 767 300ER and Boeing 767 300F fleets that consider a lower residual value due to the extension of their useful life to 22 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. The aircraft with remarketing clause (**) under modality of financial leasing, which are depreciated according to the duration of their contracts, between 12 and 18 years. Its residual values are estimated according to market value at the end of such contracts. (**) Aircraft with remarketing clause are those that are required to sell at the end of the contract. |
Schedule of property, plant and equipment pledged as guarantee | As of As of December 31, December 31, 2019 2018 Guarantee Creditor Existing Book Existing Book agent (1) company Fleet Debt Value Debt Value ThUS$ ThUS$ ThUS$ ThUS$ Wilmington MUFG Airbus A319 74,713 256,937 96,057 234,329 Trust Company Airbus A320 70,644 256,651 98,903 220,390 Boeing 767 61,728 196,244 82,793 206,868 Boeing 787 120,938 127,283 144,312 133,388 Airbus A321 353,774 452,107 389,080 477,778 Boeing 787 332,131 374,998 365,375 398,510 Aircraft and engines Airbus A350 180,320 192,620 198,301 204,860 Boeing 787 143,475 191,804 162,378 204,961 Banco Santander S.A. Aircraft and engines Airbus A320 - - 172,474 275,511 Airbus A321 - - 25,661 41,957 BNP Paribas Aircraft and engines Airbus A319 - - 9,693 19,113 BNP Paribas Airbus A319 - - 17,009 26,407 Credit Agricole Airbus A319 - - 11,154 31,865 Airbus A320 85,986 95,148 134,328 132,301 Airbus A321 / A350 83,281 67,882 22,439 24,939 Boeing 767 10,404 35,226 21,830 43,568 Aircraft and engines Boeing 787 74,023 36,594 74,023 42,228 Wells Fargo Aircraft and engines Airbus A320 - - 196,540 285,877 Bank Of Utah Aircraft and engines (2) Airbus A320 / A350 296,441 378,462 502,006 630,065 Boeing 787 217,500 259,934 - - Aircraft and engines (2) Airbus A320 / A350 44,088 - 54,014 - Aircraft and engines Natixis Airbus A321 282,927 384,224 324,524 410,771 Citibank N.A. Aircraft and engines Airbus A320 - - 78,049 132,296 Airbus A321 - - 28,938 70,333 UMB Bank Aircraft and engines Airbus A320 106,250 149,607 - - MUFG Bank Aircraft and engines Airbus A320 216,411 310,311 - - PK AirFinance US, Inc. Aircraft and engines Airbus A320 - - 37,615 52,435 Banco BBVA Land and buildings (3) - - 50,785 64,500 Total direct guarantee 2,755,034 3,766,032 3,298,281 4,365,250 (1) For syndicated loans, is the Guarantee Agent that, represent different creditors. (2) As of December 31, 2019, three A350 aircraft are classified under Non-current assets or groups of assets for disposal as held for sale. (3) Corresponds to a debt classified under item loans to exporters (see Note 19). |
schedule of letters of credit related assets table text block | Value Release Creditor Guarantee Debtor Type ThUS$ date GE Capital Aviation Services Limited Lan Cargo S.A. One letter of credit 1,100 Nov 30, 2020 Avolon Aerospace AOE 62 Limited Latam Airlines Group S.A. Three letter of credit 2,167 Sep 30, 2020 Bank of Utah Latam Airlines Group S.A. One letter of credit 2,000 Mar 24, 2020 GE Capital Aviation Services Ltd. Latam Airlines Group S.A. Three letter of credit 14,327 Jan 20, 2020 ORIX Aviation Systems Limited Latam Airlines Group S.A. Four letter of credit 10,034 Sep 26, 2020 Sky High XXIV Leasing Company Latam Airlines Group S.A. Eight letter of credit 6,831 Aug 05, 2020 Merlin Aviation Leasing (Ireland) 18 Limited Tam Linhas Aéreas S.A. One letter of credit 3,852 Mar 15, 2020 Shapphire Leasing (AOE) Limited Tam Linhas Aéreas S.A. One letter of credit 7,500 Oct 19, 2020 Wells Fargo Bank Latam Airlines Group S.A. Nine letter of credit 15,160 Mar 13, 2020 Banc Of America Latam Airlines Group S.A. Three letter of credit 1,044 Jul 7, 2020 Macquaire Aircraft Leasing Services Latam Airlines Group S.A. Five letter of credit 2,582 Aug 1, 2020 TC Skyward Aviation US Inc Tam Linhas Aéreas S.A. One letter of credit 13,100 Oct 6, 2020 RB Comercial Properties 49 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 35,974 Apr 29, 2020 115,671 |
Schedule of fully depreciated assets and commitments for future purchases | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 261,792 192,606 Commitments for the acquisition of aircraft (*)(**) 7,390,000 14,400,000 (*) According to the manufacturer’s price list. (**) The current commitments do not consider 10 Airbus aircraft of the A350 family, included in a sales contract with Delta Air Lines, Inc. |
Schedule of purchase commitment | Year of delivery Manufacturer 2020 2021 2022 2023 2024-2026 Total Airbus S.A.S. (*) 3 10 11 9 11 44 A320-NEO Family 3 10 11 9 9 42 A350 Family - - - - 2 2 The Boeing Company 2 2 - 2 - 6 Boeing 787-9 2 2 - 2 - 6 Total 5 12 11 11 11 50 (*) During the third quarter of 2019 the company signed a sale contract with Delta Air Lines, Inc. for 14 Airbus A350 family aircraft, 10 were within the current aircraft purchase commitments and 4 that were already in PPE were classified as assets held for sale as of December 31, 2019. |
Schedule of capitalized interest costs | For the year ended December 31, 2019 2018 2017 Average rate of capitalization of capitalized interest costs % 4.72 4.64 4,12 Costs of capitalized interest ThUS$ 1,444 13,007 8,210 |
CURRENT AND DEFERRED TAXES (Tab
CURRENT AND DEFERRED TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of income tax [text block] [Abstract] | |
Schedule of Composition of current tax assets | Current assets Non-current assets Total assets As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 10,968 48,480 - - 10,968 48,480 Other recoverable credits 18,353 20,654 - 757 18,353 21,411 Total assets by current tax 29,321 69,134 - 757 29,321 69,891 |
Schedule of composition of current tax liabilities | Current liabilities Non-current liabilities Total liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 11,925 3,738 - - 11,925 3,738 Total liabilities by current tax 11,925 3,738 - - 11,925 3,738 |
Disclosure For Balances Of Deferred Tax Assets And Liabilities Explanatory | Assets Liabilities As of As of As of As of Concept December 31, December 31, December 31, December 31, 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Properties, Plants and equipment 186,311 150,831 1,700,215 1,733,327 Assets by right of use 42,011 202 (91,470 ) (85,550 ) Amortization (903 ) (983 ) 52,233 55,880 Provisions (139,346 ) (38,303 ) (182,913 ) (75,631 ) Revaluation of financial instruments 422 445 (9,857 ) 458 Tax losses 155,539 170,980 (1,200,729 ) (1,198,170 ) Intangibles - - 349,082 351,238 Others (8,451 ) (9,643 ) 242 5,019 Total 235,583 273,529 616,803 786,571 |
Schedule of movements of deferred tax assets and liabilities | Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Properties, Plants and equipment (1,615,783 ) 46,403 - 616 (1,568,764 ) Assets by right of use 61,343 14,506 - - 75,849 Amortization (77,480 ) 22,486 - 174 (54,820 ) Provisions 281,369 (286,267 ) (785 ) (4,778 ) (10,461 ) Revaluation of financial instruments 3,223 2,417 (1,770 ) (120 ) 3,750 Tax losses 1,328,736 152,081 - (1,257 ) 1,479,560 Intangibles (430,705 ) 24,436 - (267 ) (406,536 ) Others (20,539 ) (7,547 ) - (319 ) (28,405 ) Total (469,836 ) (31,485 ) (2,555 ) (5,951 ) (509,827 ) Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,568,764 ) (19,735 ) - 6,003 (1,582,496 ) Assets for right of use 75,849 9,903 - - 85,752 Amortization (54,820 ) (3,735 ) - 1,692 (56,863 ) Provisions (10,461 ) 92,804 1,566 (46,581 ) 37,328 Revaluation of financial instruments 3,750 (2,326 ) (269 ) (1,168 ) (13 ) Tax losses 1,479,560 (98,154 ) - (12,256 ) 1,369,150 Intangibles (406,536 ) 20,000 - 35,298 (351,238 ) Others (28,405 ) 5,439 - 8,304 (14,662 ) Total (509,827 ) 4,196 1,297 (8,708 ) (513,042 ) Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,582,496 ) 67,237 - 1,355 (1,513,904 ) Assets for right of use 85,752 47,729 - - 133,481 Amortization (56,863 ) 3,345 - 382 (53,136 ) Provisions 37,328 13,881 2,873 (10,515 ) 43,567 Revaluation of financial instruments (13 ) 10,142 414 (264 ) 10,279 Tax losses 1,369,150 (10,116 ) - (2,766 ) 1,356,268 Intangibles (351,238 ) (11,718 ) - 13,874 (349,082 ) Others (14,662 ) 5,844 - 125 (8,693 ) Total (513,042 ) 126,344 3,287 2,191 (381,220 ) |
Schedule of deferred tax assets not recognized | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Tax losses 110,933 137,761 Total Deferred tax assets not recognized 110,933 137,761 |
Schedule of deferred tax expense and current income taxes | For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated Current tax expense Current tax expense 72,999 77,713 127,024 Adjustment to previous period’s current tax (352 ) 362 489 Total current tax expense, net 72,647 78,075 127,513 Deferred tax expense Deferred expense for taxes related to the creation and reversal of temporary differences (126,344 ) (4,196 ) 31,485 Total deferred tax expense, net (126,344 ) (4,196 ) 31,485 Income tax expense (53,697 ) 73,879 158,998 |
Schedule of composition of income tax expense (income) | For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated Current tax expense, net, foreign 76,806 65,850 100,657 Current tax expense, net, Chile (4,159 ) 12,225 26,856 Total current tax expense, net 72,647 78,075 127,513 Deferred tax expense, net, foreign 37,294 58,271 21,846 Deferred tax expense, net, Chile (163,638 ) (62,467 ) 9,639 Deferred tax expense, net, total (126,344 ) (4,196 ) 31,485 Income tax expense (53,697 ) 73,879 158,998 |
Schedule of profit before tax by the legal tax rate | For the year ended For the year ended December 31, December 31, 2019 2018 2017 2019 2018 2017 ThUS$ ThUS$ ThUS$ % % % Tax expense using the legal rate 38,318 112,230 95,425 27.00 27.00 25.50 Tax effect by change in tax rate - 5,587 897 - 1.34 0.24 Tax effect of rates in other jurisdictions 20,082 15,905 42,326 14.15 3.83 11.31 Tax effect of non-taxable operating revenues (13,125 ) (3,076 ) (44,593 ) (9.25 ) (0.74 ) (11.92 ) Tax effect of disallowable expenses 66,257 61,295 35,481 46.69 14.75 9.48 Tax effect of due to the non-use of tax losses - 46,492 211 - 11.18 0.06 Other increases (decreases) in legal tax charge (165,229 ) (164,554 ) 43,757 (116.43 ) (39.59 ) 11.69 Total adjustments to tax expense using the legal rate (92,015 ) (38,351 ) 78,079 (64.84 ) (9.23 ) 20.86 Tax expense using the effective rate (53,697 ) 73,879 173,504 (37.84 ) 17.77 46.36 |
Schedule of deferred taxes related to items charged to net equity | For the period ended December 31, 2019 2018 ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income 3,287 1,297 |
OTHER FINANCIAL LIABILITIES (Ta
OTHER FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of composition of other financial liabilities | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Restated Current (a) Interest bearing loans 1,421,261 1,397,156 (b) Lease Liability 414,027 363,497 (c) Hedge derivatives 50,372 25,921 (d) Derivative non classified as hedge accounting - 7,712 Total current 1,885,660 1,794,286 Non-current (a) Interest bearing loans 5,772,266 5,864,570 (b) Lease Liability 2,758,130 2,494,552 (b) Hedge derivatives 22 340 Total non-current 8,530,418 8,359,462 |
Schedule of composition of interest bearing loans | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Current Loans to exporters 341,475 400,721 Bank loans 16,534 37,743 Guaranteed obligations (4) 237,951 324,976 Other guaranteed obligations 97,730 97,143 Subtotal bank loans 693,690 860,583 Obligation with the public 32,061 14,643 Financial leases (4) 594,249 425,100 Other loans 101,261 96,830 Total current 1,421,261 1,397,156 Non-current Bank loans 200,721 184,998 Guaranteed obligations (4) 1,919,376 2,209,045 Other guaranteed obligations 482,702 576,309 Subtotal bank loans 2,602,799 2,970,352 Obligation with the public (1)(2)(3) 2,032,873 1,538,436 Financial leases (4) 1,136,594 1,199,754 Other loans - 156,028 Total non-current 5,772,266 5,864,570 Total obligations with financial institutions 7,193,527 7,261,726 |
Schedule of currency balances of interest bearing loans | As of As of December 31, December 31, 2019 2018 Currency ThUS$ ThUS$ Chilean peso (U.F.) 611,542 500,398 US Dollar 6,581,985 6,761,328 Total 7,193,527 7,261,726 |
Disclosure of Movement of Lease Liabilities | Lease Liability Aircraft Others total ThUS$ ThUS$ ThUS$ Opening balance as January 1, 2018 Restated 3,037,585 109,387 3,146,972 New contracts 283,620 36,191 319,811 Renegotiations (240,047 ) 1,397 (238,650 ) Payments (526,071 ) (30,316 ) (556,387 ) Accrued interest 174,327 8,623 182,950 Exchange differences - (5,667 ) (5,667 ) Other variations 8,395 625 9,020 Changes (299,776 ) 10,853 (288,923 ) Closing balance as of december 31, 2018 Restated 2,737,809 120,240 2,858,049 Opening balance as January 1, 2019 Restated 2,737,809 120,240 2,858,049 New contracts 719,525 23,878 743,403 Renegotiations (41,535 ) 12,208 (29,327 ) Payments (539,549 ) (37,391 ) (576,940 ) Accrued interest 165,981 11,968 177,949 Exchange differences - 1,614 1,614 Cumulative translation adjustment - (467 ) (467 ) Other variations - (2,124 ) (2,124 ) Changes 304,422 9,686 314,108 Closing balance as of December 31, 2019 Restated 3,042,231 129,926 3,172,157 |
Disclosure of hedge accounting [text block] | Current liabilities Non-current liabilities Total hedge As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Accrued interest from the last date of interest rate swap 1,723 2,321 - 340 1,723 2,661 Fair value of interest rate derivatives 302 335 22 - 324 335 Fair value of fuel derivatives - 15,678 - - - 15,678 Fair value of foreign currency derivatives 48,347 7,587 - - 48,347 7,587 Total hedge derivatives 50,372 25,921 22 340 50,394 26,261 |
Schedule of derivatives of non coverage | Current liabilities Non-current liabilities Total derivatives of As of As of As of As of As of As of 31 December of 31 December of 31 December of 31 December of 31 December of 31 December of 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as hedge - 7,712 - - - 7,712 Total derived not qualify as hedge accounting - 7,712 - - - 7,712 |
Disclosure of detailed information about hedging instruments [text block] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Cross currency swaps (CCS) (1) (22,662 ) 15,099 Interest rate swaps (2) 2,618 (2,194 ) Fuel options (3) 48,542 (15,811 ) Currency options R$/US$ (4) (41 ) - |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [text block] | For the year ended 2019 2018 2017 ThUS$ ThUS$ ThUS$ Debit (credit) recognized in comprehensive income during the period 66,856 (27,797 ) 18,344 Debit (credit) transferred from net equity to income during the period (30,074 ) 39,915 (15,000 ) |
TAM S.A. and Subsidiaries [Member] | 2019 [Member] | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans catrgories by installments | Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland US$ 148 452 689 - - 1,289 153 452 689 - - 1,294 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 3,243 6,906 76,107 - - 86,256 3,723 6,906 76,107 - - 86,736 Quarterly/Semiannual 6.29 6.29 0-E WACAPOU LEASING S.A. Luxemburg US$ 757 2,317 3,206 - - 6,280 777 2,317 3,206 - - 6,300 Quarterly 4.32 4.32 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 9,855 160,076 - - - 169,931 10,409 159,876 - - - 170,285 Quarterly 5.39 5.39 0-E GA Telessis LLC U.S.A US$ 306 1,100 2,385 2,694 7,010 13,495 399 1,100 2,385 2,694 7,010 13,588 Monthly 14.72 14.72 Total 14,309 170,851 82,387 2,694 7,010 277,251 15,461 170,651 82,387 2,694 7,010 278,203 Total consolidated 407,312 960,151 2,006,441 1,637,296 2,183,164 7,194,364 446,930 974,331 1,958,570 1,620,521 2,193,175 7,193,527 |
TAM S.A. and Subsidiaries [Member] | 2018 [Member] | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans catrgories by installments | Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland US$ 138 426 1,233 54 - 1,851 147 426 1,233 54 - 1,860 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 3,043 6,490 44,525 41,731 - 95,789 3,656 6,490 44,525 41,731 - 96,402 Quarterly/Semiannual 6.87 6.87 0-E WACAPOU LEASING S.A. Luxemburg US$ 728 2,219 6,280 - - 9,227 756 2,219 6,280 - - 9,255 Quarterly 4.81 4.81 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 9,422 28,872 169,930 - - 208,224 10,212 28,871 169,730 - - 208,813 Quarterly 5.88 5.82 0-E GA Telessis LLC U.S.A US$ 299 908 2,496 2,623 6,876 13,202 568 908 3,823 2,623 6,876 14,798 Quarterly 15.62 15.62 Total 13,630 38,915 224,464 44,408 6,876 328,293 15,339 38,914 225,591 44,408 6,876 331,128 Total consolidated 510,398 843,836 2,605,097 1,411,899 1,943,107 7,314,337 550,657 846,500 2,543,952 1,390,110 1,930,508 7,261,727 |
TAM S.A. and Subsidiaries [Member] | Chile [Member] | 2019 [Member] | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans catrgories by installments | Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 24,000 75,000 - - - 99,000 24,910 75,000 - - - 99,910 At Expiration 3.29 3.29 97.003.000-K BANCO DO BRASIL Chile UF 150,000 50,000 - - - 200,000 150,257 50,283 - - - 200,540 At Expiration 2.93 2.93 97.951.000-4 HSBC Chile US$ 12,000 - - - - 12,000 12,016 - - - - 12,016 At Expiration 3.25 3.25 76.100.458-1 BLADEX Chile US$ - 29,000 - - - 29,000 - 29,009 - - - 29,009 At Expiration 2.82 2.82 Bank loans 97.023.000-9 CORPBANCA Chile UF 5,205 10,410 - - - 15,615 5,192 10,369 - - - 15,561 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ - - 137,860 - - 137,860 255 - 137,860 - - 138,115 Quarterly 3.62 4.61 76.362.099-9 BTG PACTUAL CHILE Chile UF - - 62,769 - - 62,769 113 - 62,172 - - 62,285 At Expiration 3.10 3.10 Obligations with the public 0-E ESTADO Chile UF - - 164,485 - 353,547 518,032 - 2,642 164,398 - 366,656 533,696 At Expiration 4.81 4.81 97.030.000-7 BANK OF NEW YORK U.S.A. US$ - - - 700,000 800,000 1,500,000 18,640 10,779 - 698,256 803,563 1,531,238 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 8,115 36,282 93,788 100,622 275,134 513,941 10,058 36,855 91,224 99,297 273,038 510,472 Quarterly 3.81 3.81 0-E WILMINGTON TRUST U.S.A. US$ 22,090 66,710 183,332 196,452 397,639 866,223 27,229 66,710 178,784 194,741 395,983 863,447 Quarterly 4.45 4.45 0-E CITIBANK U.S.A. US$ 4,805 14,608 40,414 42,626 41,022 143,475 5,461 14,608 36,178 40,932 40,310 137,489 Quarterly 3.76 2.68 0-E NATIXIS France US$ 10,675 32,708 84,674 78,123 76,726 282,906 11,410 32,708 83,072 77,195 75,928 280,313 Quarterly 3.82 3.82 0-E INVESTEC England US$ 1,538 8,976 22,977 10,596 - 44,087 1,867 9,112 22,597 10,565 - 44,141 Semiannual 6.35 6.35 0-E MUFG U.S.A. US$ 2,973 18,593 53,816 57,993 189,285 322,660 3,182 18,593 53,367 57,694 188,471 321,307 Quarterly 3.43 3.43 - SWAP Received Aircraft - US$ 80 78 - - - 158 80 78 - - - 158 Quarterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ - - 253,692 - - 253,692 2,370 - 252,747 - - 255,117 At Expiration 3.74 3.74 0-E MUFG U.S.A. US$ 23,669 71,432 188,440 44,482 - 328,023 23,929 71,431 185,938 44,017 - 325,315 Quarterly 3.54 3.54 Financial leases 0-E ING U.S.A. US$ 3,875 7,931 - - - 11,806 3,952 7,931 - - - 11,883 Quarterly 5.71 5.01 0-E CREDIT AGRICOLE France US$ 4,831 14,723 6,537 - - 26,091 4,943 14,723 6,537 - - 26,203 Quarterly 3.15 2.52 0-E CITIBANK U.S.A. US$ 17,972 52,790 113,746 16,399 - 200,907 18,633 52,790 112,712 16,368 - 200,503 Quarterly 3.39 2.80 0-E PEFCO U.S.A. US$ 1,901 1,926 - - - 3,827 1,918 1,926 - - - 3,844 Quarterly 5.65 5.03 0-E BNP PARIBAS U.S.A. US$ 8,523 23,197 25,182 20,717 10,110 87,729 9,042 23,197 24,675 20,424 9,975 87,313 Quarterly 3.85 3.72 0-E WELLS FARGO U.S.A. US$ 32,321 97,956 248,086 199,037 14,284 591,684 34,868 97,956 233,822 195,209 14,138 575,993 Quarterly 2.67 1.98 97.036.000-K SANTANDER Chile US$ 5,690 17,255 46,472 3,134 - 72,551 5,959 17,255 45,805 3,128 - 72,147 Quarterly 3.00 2.46 0-E RRPF ENGINE England US$ 864 2,348 7,441 8,075 915 19,643 908 2,348 7,441 8,075 915 19,687 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,483 4,509 12,474 7,242 - 25,708 1,632 4,509 12,162 7,212 - 25,515 Quarterly 3.33 2.73 0-E BTMU U.S.A. US$ 3,010 9,148 25,278 13,904 - 51,340 3,191 9,148 24,661 13,849 - 50,849 Quarterly 3.33 2.73 0-E NATIXIS France US$ 702 2,173 2,279 - - 5,154 723 2,173 2,279 - - 5,175 Quarterly 4.41 4.41 0-E KFW IPEX-BANK Germany US$ 1,760 3,568 - - - 5,328 1,769 3,568 - - - 5,337 Quarterly 3.55 3.55 0-E AIRBUS FINANCIAL U.S.A. US$ 1,977 5,687 - - - 7,664 1,992 5,687 - - - 7,679 Monthly 3.31 3.31 0-E US BANK U.S.A. US$ 15,862 48,132 132,441 135,200 17,492 349,127 17,610 48,132 119,881 130,865 17,188 333,676 Quarterly 4.01 2.82 0-E PK AIRFINANCE U.S.A. US$ 2,487 7,729 17,871 - - 28,087 2,530 7,729 17,871 - - 28,130 Monthly 3.45 3.45 Other loans 0-E CITIBANK (*) U.S.A. US$ 24,595 76,431 - - - 101,026 24,830 76,431 - - - 101,261 Quarterly 6.00 6.00 Total 393,003 789,300 1,924,054 1,634,602 2,176,154 6,917,113 431,469 803,680 1,876,183 1,617,827 2,186,165 6,915,324 |
TAM S.A. and Subsidiaries [Member] | Chile [Member] | 2018 [Member] | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans catrgories by installments | Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 38,000 75,000 - - - 113,000 38,432 75,623 - - - 114,055 At Expiration 3.36 3.36 97.032.000-8 BBVA Chile UF - 50,785 - - - 50,785 - 50,930 - - - 50,930 At Expiration 3.31 3.31 97.036.000-K SANTANDER Chile US$ 23,000 - - - - 23,000 23,025 - - - - 23,025 At Expiration 3.90 3.90 97.003.000-K BANCO DO BRASIL Chile US$ 200,000 - - - - 200,000 200,698 - - - - 200,698 At Expiration 3.64 3.64 97.951.000-4 HSBC Chile US$ 12,000 - - - - 12,000 12,013 - - - - 12,013 At Expiration 3.14 3.14 Bank loans 97.023.000-9 CORPBANCA Chile UF 5,461 16,385 16,385 - - 38,231 5,480 16,385 16,232 - - 38,097 Quarterly 3.35 3.35 0-E BLADEX U.S.A. US$ - 15,000 - - - 15,000 - 14,964 - - - 14,964 Semiannual 6.74 6.74 97.036.000-K SANTANDER Chile US$ - - 102,521 - - 102,521 223 - 102,521 - - 102,744 Quarterly 5.60 5.60 76.362.099-9 BTG PACTUAL CHILE Chile UF - - - 65,862 - 65,862 118 - - 64,957 - 65,075 At Expiration 3.10 3.10 Obligations with the public 0-E BANK OF NEW YORK U.S.A. US$ - - 500,000 - 700,000 1,200,000 13,057 - 495,617 - 697,869 1,206,543 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - - - 172,591 172,591 345,182 1,586 - - 172,420 172,530 346,536 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France US$ 658 1,986 5,384 2,052 - 10,080 715 1,986 5,384 2,052 - 10,137 Quarterly 3.23 3.23 0-E BNP PARIBAS U.S.A. US$ 10,553 43,430 114,247 117,556 225,912 511,698 13,334 44,191 110,977 115,747 224,093 508,342 Quarterly 4.55 4.55 0-E WILMINGTON TRUST U.S.A. US$ 20,689 65,846 178,818 237,334 450,071 952,758 26,365 65,846 173,617 235,058 447,686 948,572 Quarterly 4.47 4.47 0-E CITIBANK U.S.A. US$ 10,776 32,790 90,991 72,189 62,619 269,365 11,923 32,790 86,130 70,048 61,203 262,094 Quarterly 3.82 2.93 0-E US BANK U.S.A. US$ 15,506 47,050 129,462 135,489 84,177 411,684 17,433 47,050 114,729 129,547 82,137 390,896 Quarterly 4.00 2.82 0-E NATIXIS France US$ 10,247 31,350 88,688 77,693 116,546 324,524 11,250 31,350 86,883 76,760 115,285 321,528 Quarterly 4.69 4.69 0-E PK AIRFINANCE U.S.A. US$ 2,319 7,208 24,944 3,144 - 37,615 2,387 7,208 24,944 3,144 - 37,683 Monthly 4.15 4.14 0-E INVESTEC England US$ 1,454 8,472 21,667 22,421 - 54,014 1,879 8,661 21,154 22,309 - 54,003 Semiannual 7.17 7.17 - SWAP Received Aircraft - US$ 194 414 158 - - 766 194 414 158 - - 766 Quarterly - - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ - - 253,692 - - 253,692 2,646 - 252,207 - - 254,853 At Expiration 4.11 4.11 0-E DVB BANK SE Germany US$ 23,417 70,626 191,207 117,084 19,731 422,065 23,871 70,626 188,231 116,185 19,686 418,599 Quarterly 4.42 4.42 Financial leases 0-E ING U.S.A. US$ 3,687 11,338 11,806 - - 26,831 3,923 11,338 11,657 - - 26,918 Quarterly 5.70 5.01 0-E CREDIT AGRICOLE France US$ 13,171 24,577 18,655 - - 56,403 13,187 24,331 18,655 - - 56,173 Quarterly 3.66 3.31 0-E CITIBANK U.S.A. US$ 13,209 40,365 77,587 40,997 - 172,158 13,998 40,365 75,830 40,801 - 170,994 Quarterly 4.40 3.80 0-E PEFCO U.S.A. US$ 5,486 13,094 3,827 - - 22,407 5,641 13,094 3,743 - - 22,478 Quarterly 5.64 5.02 0-E BNP PARIBAS U.S.A. US$ 7,926 29,494 22,147 - - 59,567 8,320 29,493 21,891 - - 59,704 Quarterly 3.90 3.58 0-E WELLS FARGO U.S.A. US$ 31,673 95,981 263,239 230,417 98,028 719,338 34,816 95,981 245,615 224,395 96,589 697,396 Quarterly 2.77 2.09 97.036.000-K SANTANDER Chile US$ 5,576 16,895 46,386 26,165 - 95,022 6,000 16,895 45,346 26,063 - 94,304 Quarterly 3.68 3.14 0-E RRPF ENGINE England US$ 552 2,531 7,142 7,752 5,035 23,012 552 2,531 7,142 7,752 5,035 23,012 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,444 4,393 12,146 12,808 753 31,544 1,658 4,393 11,726 12,713 752 31,242 Quarterly 3.93 3.33 0-E BTMU U.S.A. US$ 2,933 8,916 24,635 25,937 768 63,189 3,199 8,916 23,798 25,751 767 62,431 Quarterly 4.06 3.46 0-E NATIXIS France US$ 10,056 7,951 5,154 - - 23,161 10,135 7,952 5,154 - - 23,241 Quarterly 4.28 4.12 0-E KFW IPEX-BANK Germany US$ 1,699 5,188 5,328 - - 12,215 1,723 5,188 5,328 - - 12,239 Quarterly 4.20 4.19 0-E AIRBUS FINANCIAL U.S.A. US$ 1,915 5,838 7,664 - - 15,417 1,954 5,838 7,664 - - 15,456 Monthly 4.19 4.19 Other loans 0-E BOEING U.S.A. US$ - - 55,727 - - 55,727 - 1,229 55,727 - - 56,956 At Expiration 4.01 4.01 0-E CITIBANK (*) U.S.A. US$ 23,167 72,018 101,026 - - 196,211 23,583 72,018 100,301 - - 195,902 Quarterly 6.00 6.00 Total 496,768 804,921 2,380,633 1,367,491 1,936,231 6,986,044 535,318 807,586 2,318,361 1,345,702 1,923,632 6,930,599 |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of trade and other payables [text block] [Abstract] | |
Schedule of composition of trade and other accounts payables & accrued liabilities | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,671,304 1,279,976 (b) Accrued liabilities at the reporting date 551,570 394,327 Total trade and other accounts payables 2,222,874 1,674,303 |
Disclosure of other current liabilities [text block] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Trade creditors 1,408,690 1,048,033 Other accounts payable 262,614 231,943 Total 1,671,304 1,279,976 |
Schedule of composition of current trade and other accounts payable | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Aircraft Fuel 476,320 304,426 Boarding Fee 234,070 210,621 Suppliers technical purchases 145,973 75,402 Handling and ground handling 114,163 84,213 Other personnel expenses 93,490 92,047 Professional services and advisory 87,825 83,182 Airport charges and overflight 81,459 82,181 Air companies 79,958 59,524 Marketing 60,850 60,303 Services on board 59,647 44,434 Leases, maintenance and IT services 59,011 55,427 Achievement of goals 30,635 21,943 Maintenance 42,202 8,244 Crew 22,921 21,265 Land services 18,166 26,014 Jol Fleet 3,997 - Aviation insurance 3,050 11,943 Others 57,567 38,807 Total trade and other accounts payables 1,671,304 1,279,976 |
Disclosure of accrued expenses and other liabilities [text block] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Aircraft and engine maintenance 292,793 170,731 Accrued personnel expenses 118,199 116,242 Accounts payable to personnel (*) 91,153 81,222 Others accrued liabilities (**) 49,425 26,132 Total accrued liabilities 551,570 394,327 (*) Profits and bonus participation (Note 23 letter b). (**) See Note 22 |
OTHER PROVISIONS (Tables)
OTHER PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of provisions [text block] [Abstract] | |
Disclosure of other provisions [text block] | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 2,033 2,982 164,190 197,038 166,223 200,020 Civil contingencies 2,202 1,207 66,605 59,834 68,807 61,041 Labor contingencies 971 605 26,505 23,244 27,476 23,849 Other - - 19,886 13,976 19,886 13,976 Provision for European Commission investigation (2) - - 9,217 9,403 9,217 9,403 Total other provisions (3) 5,206 4,794 286,403 303,495 291,609 308,289 (1) Provisions for contingencies: The tax contingencies correspond to litigation and tax criteria related to the tax treatment applicable to direct and indirect taxes, which are found in both administrative and judicial stage. The civil contingencies correspond to different demands of civil order filed against the Company. The labor contingencies correspond to different demands of labor order filed against the Company. The Provisions are recognized in the consolidated income statement in administrative expenses or tax expenses, as appropriate. (2) Provision made for proceedings brought by the European Commission for possible breaches of free competition in the freight market. (3) Total other provision as of December 31, 2019, and December 31, 2018, include the fair value correspond to those contingencies from the business combination with TAM S.A and subsidiaries, with a probability of loss under 50%, which are not provided for the normal application of IFRS enforcement and that only must be recognized in the context of a business combination in accordance with IFRS 3. |
Schedule of movement of other provisions | European Legal Commission claims (1) Investigation (2) Total ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 416,473 8,664 425,137 Increase in provisions 106,943 - 106,943 Provision used (14,860 ) - (14,860 ) Difference by subsidiaries conversion (5,830 ) - (5,830 ) Reversal of provision (135,109 ) - (135,109 ) Exchange difference (124 ) 1,219 1,095 Closing balance as of December 31, 2017 367,493 9,883 377,376 Opening balance as of January 1, 2018 367,493 9,883 377,376 Increase in provisions 106,870 - 106,870 Provision used (59,032 ) - (59,032 ) Difference by subsidiaries conversion (48,330 ) - (48,330 ) Reversal of provision (66,965 ) - (66,965 ) Exchange difference (1,150 ) (480 ) (1,630 ) Closing balance as of December 31, 2018 298,886 9,403 308,289 Opening balance as of January 1, 2019 298,886 9,403 308,289 Increase in provisions 134,847 - 134,847 Provision used (82,212 ) - (82,212 ) Difference by subsidiaries conversion (10,764 ) - (10,764 ) Reversal of provision (58,063 ) - (58,063 ) Exchange difference (302 ) (186 ) (488 ) Closing balance as of December 31, 2019 282,392 9,217 291,609 (1) Cumulative balances include judicial deposit delivered as security, with respect to the “Aerovía Fundo” (FA), for US$ 88 million, made in order to suspend the application of the tax credit. The Company is discussing in the Court the constitutionality of the requirement made by FA in a lawsuit. Initially it was covered by the effects of a precautionary measure, this means that the Company would not be obliged to collect the tax, as long as there is no judicial decision in this regard. However, the decision taken by the judge in the first instance was published unfavorably, revoking the injunction. As the lawsuit is still underway (TAM appealed this first decision), the Company needed to make the judicial deposit, for the suspension of the enforceability of the tax credit; deposit that was classified in this item, discounting the existing provision for this purpose. Finally, if the final decision is favorable to the Company, the deposit made will return to TAM. On the other hand, if the court confirms the first decision, said deposit will become a final payment in favor of the Government of Brazil. The procedural stage as of December 31, 2019 is described in Note 31 in the Role of the case 2001.51.01.012530-0. 2) European Commission Provision: Provision constituted on the occasion of the process initiated in December 2007 by the General Competition Directorate of the European Commission against more than 25 cargo airlines, among which is Lan Cargo SA, which forms part of the global investigation initiated in 2006 for possible infractions of free competition in the air cargo market, which was carried out jointly by the European and United States authorities. With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A .,For its part, LATAM Airlines Group S.A. and Lan Cargo S.A., jointly and severally, have been fined for the amount of € 8,220,000 (eight million two hundred and twenty thousand Euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission’s Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine of 8.2 million Euros. The procedural stage as of December 31, 2019 is described in Note 31 in section (ii) judgments received by LATAM Airlines Group S.A. and Subsidiaries. |
OTHER NON-FINANCIAL LIABILITI_2
OTHER NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER NON-FINANCIAL LIABILITIES [Abstract] | |
Schedule of composition of non financial liabilities [Text Block] | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (1)(2) 2,689,083 2,330,058 851,383 644,702 3,540,466 2,974,760 Sales tax 2,556 12,726 - - 2,556 12,726 Retentions 43,916 34,434 - - 43,916 34,434 Others taxes 7,555 7,700 - - 7,555 7,700 Dividends payable 57,129 54,580 - - 57,129 54,580 Other sundry liabilities 34,982 15,248 - - 34,982 15,248 Total other non-financial liabilities 2,835,221 2,454,746 851,383 644,702 3,686,604 3,099,448 |
Schedule of movement of other-non financial liabilities [Text Block] | Adjustment Deferred income application Loyalty IAS 29, (1) (accreditation Expiration of Argentina Others Initial balance Recognition Use and exchange) tickets hyperinflation provisions Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2018 2,849,266 7,690,972 (8,230,750 ) 944,246 (284,730 ) 927 4,829 2,974,760 From January 1 to December 31, 2019 2,974,760 8,264,970 (7,703,011 ) 124,548 (156,435 ) 2,232 33,402 3,540,466 (1) The balance includes, mainly, deferred income for services not provided as of December 31, 2019 and December 31, 2018; and programs such as: LATAM Pass, LATAM Fidelidade and Multiplus: LATAM Pass is the frequent passenger program created by LAN to reward the preference and loyalty of its customers with multiple benefits and privileges, through the accumulation of miles that can be exchanged for free flight tickets or for a varied range of products and services. Customers accumulate LATAM Pass miles every time they fly on LAN, TAM, oneworld® member companies and other airlines associated with the program, as well as buying at stores or using the services of a vast network of companies that have an agreement with the program around the world. For its part, TAM, thinking of people who travel constantly, created the LATAM Fidelidade program, in order to improve the service and give recognition to those who choose the company. Through the program, customers accumulate points in a wide variety of loyalty programs in a single account and can redeem them in all TAM destinations and associated airline companies, and even more, participate in the Multiplus Fidelidade Network. Multiplus is a coalition of loyalty programs, with the objective of operating accumulation and exchange of points. This program has a network integrated by associated companies, including hotels, financial institutions, retail companies, supermarkets, vehicle leases and magazines, among many other partners from different segments. After the merger of Multiplus S.A. described in Note1, the Latam Fidelidade programs and the Multiplus coalition and loyalty program become part of the Latam Pass Brazil Program. During 2018 the Company signed a renewal of the agreement with Banco Santander-Chile, which one extends its alliance in Chile to continue developing travel benefits to its respective clients during the next 7 years, and during 2019 signed a renewal of the agreement with Banco Crédito del Perú. On September 26, 2019, the Company signed a framework agreement with Delta Air Lines, Inc, in which the latter agreed to pay ThUS $ 350,000 for compensation of costs and revenues that the Company must incur or cease to receive, respectively, during the transition period until the implementation of the strategic alliance. ThUS$ 150,000 was received on September 2019. During December 2019, the Company sold its rights to receive future payments of the committed transition. The payments consisted of ThUS $ 200,000 payable in 8 quarterly installments of ThUS $ 25,000 as of January 2, 2020. On December 13, 2019, the Company received ThUS $ 194,068 for said sale. Account receivable was derecognized and ThUS$ 5,932 was recognized as financial cost on income statement. (2) As of December 31, 2019, Deferred Income includes ThUS $ 315,225 corresponding to the balance due from the compensation committed from Delta Airlines Inc., which will be recognized in income, on a systematic basis over the period in which related cost it intends to compensate, until the implementation of the strategic alliance. During the year, the Company recognized ThUS $ 4,435 for this concept. Additionally, the Company maintains a balance of ThUS $ 30,340 in the Commercial accounts payable item of the Statement of Financial Position regarding to Delta compensation, for the cost already incurred. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of employee benefits [text block] [Abstract] | |
Disclosure of defined benefit plans [text block] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Retirements payments 64,824 56,126 Resignation payments 9,722 8,802 Other obligations 19,024 17,437 Total liability for employee benefits 93,570 82,365 |
Disclosure of net defined benefit liability (asset) [text block] | Increase (decrease) Actuarial Opening current service Benefits (gains) Currency Closing balance provision paid losses translation balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2018 101,087 (7,384 ) (6,018 ) 5,819 (11,139 ) 82,365 From January 1 to December 31, 2019 82,365 11,242 (4,390 ) 10,636 (6,283 ) 93,570 |
Schedule of principal assumptions | For the period ended December 31, Assumptions 2019 2018 Discount rate 3.13 % 4.27 % Expected rate of salary increase 4.5 % 4.50 % Rate of turnover 6.04 % 6.60 % Mortality rate RV-2014 RV-2014 Inflation rate 2.8 % 2.7 % Retirement age of women 60 60 Retirement age of men 65 65 |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | Effect on the liability As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (7,257 ) (6,538 ) Change in the accrued liability an closing for decrease of 100 p.b. 5,365 4,918 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 4,989 4,750 Change in the accrued liability an closing for decrease of 100 p.b. (7,159 ) (6,547 ) |
Disclosure of additional information about defined benefit plans [text block] | As of As of ThUS$ ThUS$ Profit-sharing and bonuses (*) 91,153 81,222 (*) Accounts payables to employees (Note 20 letter b) |
Schedule of employment expenses [Text Block] | For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Salaries and wages 1,478,804 1,481,357 1,604,552 Short-term employee benefits 147,576 132,394 145,245 Termination benefits 54,256 54,007 85,070 Other personnel expenses 114,126 152,211 188,767 Total 1,794,762 1,819,969 2,023,634 |
ACCOUNTS PAYABLE, NON-CURRENT (
ACCOUNTS PAYABLE, NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS PAYABLE, NON-CURRENT [Abstract] | |
Schedule of accounts payable, non-current [Text Block] | As of As of December 31, December 31, 2019 2018 ThUS$ ThUS$ Aircraft and engine maintenance 412,710 513,544 Fleet (JOL) 190,225 - Provision for vacations and bonuses 15,868 15,357 Other sundry liabilities 307 376 Total accounts payable, non-current 619,110 529,277 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY (Tables) [Line Items] | |
Schedule of movement of authorized shares [Text Block] | Expired shares Opening intended for Closing Nro. Of shares balance and others balance From July 1 to December 31, 2018 608,374,525 (1,500,000 ) (*) 606,874,525 From July 1 to December 31, 2019 606,874,525 (466,832 ) 606,407,693 |
Schedule of movement of fully paid shares [Text Block] | Movement value Cost of issuance of shares and placement Paid- in N° of (1) of shares (2) Capital shares ThUS$ ThUS$ ThUS$ Paid shares as of January 1, 2018 606,407,693 3,160,718 (14,453 ) 3,146,265 There are no movements of shares paid during the 2018 period - - - - Paid shares as of December 31, 2018 606,407,693 3,160,718 (14,453 ) 3,146,265 Paid shares as of January 1, 2019 606,407,693 3,160,718 (14,453 ) 3,146,265 There are no movements of shares paid during the 2019 period - - - - Paid shares as of December 31, 2019 606,407,693 3,160,718 (14,453 ) 3,146,265 |
Disclosure of reserves within equity [text block] | Stock Opening option Closing Periods balance plan balance ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2017 38,538 943 39,481 From January 1 to December 31, 2018 39,481 (1,607 ) 37,874 From January 1 to December 31, 2019 37,874 (1,585 ) 36,289 |
Schedule of balance of other sundry reserves | As of As of As of December 31, December 31, December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Higher value for TAM S.A. share exchange (1) 2,665,692 2,665,692 2,665,692 Reserve for the adjustment to the value of fixed assets (2) 2,620 2,620 2,620 Transactions with non-controlling interest (3) (210,048 ) (25,913 ) (25,911 ) Others (5,795 ) (3,483 ) (2,621 ) Total 2,452,469 2,638,916 2,639,780 |
Schedule of movement of reserves with effect in other comprehensive income | Currency Cash flow Actuarial gain translation hedging or loss on defined reserve reserve benefit plans reserve Total ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2017 (2,086,555 ) 1,506 (12,900 ) (2,097,949 ) Increase (decrease) by application of new accounting standards 215,299 - - 215,299 Initial balance Restated (1,871,256 ) 1,506 (12,900 ) (1,882,650 ) Derivatives valuation gains (losses) - 18,436 - 18,436 Deferred tax - (1,802 ) - (1,802 ) Actuarial reserves by employee benefit plans - - 2,758 2,758 Deferred tax actuarial IAS by employee benefit plans - - (784 ) (784 ) Translation difference subsidiaries (54,458 ) - - (54,458 ) Closing balance as of December 31, 2017 Restated (1,925,714 ) 18,140 (10,926 ) (1,918,500 ) Opening balance as of January 1, 2018 Restated (1,925,714 ) 18,140 (10,926 ) (1,918,500 ) Derivatives valuation gains (losses) - (26,899 ) - (26,899 ) Deferred tax - (574 ) - (574 ) Actuarial reserves by employee benefit plans - - (5,818 ) (5,818 ) Deferred tax actuarial IAS by employee benefit plans - - 1,566 1,566 Translation difference subsidiaries (730,930 ) - - (730,930 ) Closing balance as of December 31, 2018 (2,656,644 ) (9,333 ) (15,178 ) (2,681,155 ) Opening balance as of January 1, 2019 (2,656,644 ) (9,333 ) (15,178 ) (2,681,155 ) Derivatives valuation gains (losses) - 65,880 - 65,880 Deferred tax - 345 - 345 Actuarial reserves by employee benefit plans - - (10,635 ) (10,635 ) Deferred tax actuarial IAS by employee benefit plans - - 2,873 2,873 Translation difference subsidiaries (233,643 ) - - (233,643 ) Closing balance as of December 31, 2019 (2,890,287 ) 56,892 (22,940 ) (2,856,335 ) |
Schedule of movement of retained earnings | Increase Other (decrease) by Result increase Opening new standards for the (decreases) Closing Periods balance (1) period Dividends (1) (2) balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2017 (Restated) 366,404 (460,173 ) 108,896 (46,591 ) - (31,464 ) From January 1 to December 31, 2018 (Restated) (31,464 ) (9,548 ) 309,811 (54,580 ) 4,752 218,971 From January 1 to December 31, 2019 218,971 - 190,430 (57,129 ) - 352,272 |
Disclosure of Intangible And Tangible Assets | Items ThUS$ Property, plant and equipment 4,573 Intangible assets other than goodwill 69 Goodwill 335 Deferred incomes (377 ) Other non-financial assets 152 Total Adjust accumulated results 4,752 |
Schedule of dividends | Minimum mandatory Minimum mandatory dividend dividend Description of dividend 2019 2018 Date of dividend 12-31-2019 12-31-2018 Amount of the dividend (ThUS$) 57,129 54,580 Number of shares among which the dividend is distributed 606,407,693 606,407,693 Dividend per share (US$) 0.0942 0.0900 |
Other Sundry Reserves [Member] | |
EQUITY (Tables) [Line Items] | |
Schedule of balance of other sundry reserves | Opening Transactions Legal Closing Periods balance minorities reserves balance ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2017 2,640,281 - (501 ) 2,639,780 From January 1 to December 31, 2018 2,639,780 - (864 ) 2,638,916 From January 1 to December 31, 2019 2,638,916 (184,135 ) (2,312 ) 2,452,469 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of revenue [text block] [Abstract] | |
Schedule of detail of revenues | For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Passengers 9,005,629 8,708,988 8,494,477 Cargo 1,064,434 1,186,468 1,119,430 Total 10,070,063 9,895,456 9,613,907 |
COSTS AND EXPENSES BY NATURE (T
COSTS AND EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of expenses by nature [text block] [Abstract] | |
Disclosure of general and administrative expense [text block] | For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Aircraft fuel 2,929,008 2,983,028 2,318,816 Other rentals and landing fees (*) 1,275,859 1,206,881 1,233,640 Aircraft maintenance 444,611 366,627 422,943 Comisions 221,884 222,506 252,474 Passenger services 261,330 280,279 288,662 Other operating expenses 1,291,895 1,229,311 1,374,368 Total 6,424,587 6,288,632 5,890,903 (*) Lease expenses are included within this amount (See Note 2.21) |
Schedule of Payments for leases of low-value assets | For the period ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Restated Restated Payments for leases of low-value assets 31,982 27,929 35,240 Total 31,982 27,929 35,240 |
Disclosure of depreciation and amortisation expense [text block] | For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Depreciation (*) 1,389,465 1,307,032 1,318,725 Amortization 80,511 65,596 58,410 Total 1,469,976 1,372,628 1,377,135 (*) Included within this amount is the depreciation of the Properties, plants and equipment (See Note 17 (a)) and the maintenance of the aircraft recognized as assets by right of use. The maintenance cost amount included in the depreciation line for the period ended December 31, 2019 is ThUS$ 445,680 and ThUS$ 366,393 for the same period 2018. |
Schedule of finance costs | For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Bank loan interest 325,650 283,786 347,551 Financial leases 61,980 62,202 37,522 Lease liabilities 181,814 182,868 185,947 Other financial instruments 20,490 10,281 8,213 Total 589,934 539,137 579,233 |
OTHER INCOME, BY FUNCTION (Tabl
OTHER INCOME, BY FUNCTION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other operating income [text block] [Abstract] | |
Schedule of other income by function | For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Coalition and loyalty program Multiplus (*) 36,172 126,443 240,952 Tours 96,997 108,448 109,463 Aircraft leasing 102,704 78,056 103,741 Customs and warehousing 29,353 26,667 26,793 Duty free 543 3,555 6,585 Maintenance 10,471 16,569 8,038 Other miscellaneous income 84,624 113,020 54,317 Total 360,864 472,758 549,889 (*) See Note 22 |
FOREIGN CURRENCY AND EXCHANGE_2
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of effect of changes in foreign exchange rates [text block] [Abstract] | |
Schedule of foreign currency | As of As of December 31, December 31, Current assets 2019 2018 ThUS$ ThUS$ Cash and cash equivalents 242,624 606,673 Argentine peso 10,974 4,236 Brazilian real 9,407 34,360 Chilean peso 50,421 415,399 Colombian peso 5,971 2,732 Euro 21,927 20,339 U.S. dollar 77,933 51,382 Other currency 65,991 78,225 Other financial assets, current 47,328 57,132 Argentine peso 7 11 Brazilian real 17,395 25,829 Chilean peso 26,008 25,904 Colombian peso 138 139 U.S. dollar 2,795 4,923 Other currency 985 326 As of As of December 31, December 31, Current assets 2019 2018 ThUS$ ThUS$ Other non - financial assets, current 81,521 106,952 Argentine peso 11,263 13,077 Brazilian real 20,553 37,794 Chilean peso 24,451 30,916 Colombian peso 61 434 Euro 2,878 3,935 U.S. dollar 5,140 8,949 Other currency 17,175 11,847 Trade and other accounts receivable, current 501,006 518,006 Argentine peso 22,809 54,053 Brazilian real 1,457 6,037 Chilean peso 125,342 112,133 Colombian peso 545 5,065 Euro 32,711 49,044 U.S. dollar 257,421 2,938 Other currency 60,721 288,736 Accounts receivable from related entities, current 537 593 Chilean peso 42 200 U.S. dollar 495 393 Tax current assets 19,506 20,774 Argentine peso 1,560 812 Brazilian real 1,006 1,106 Chilean peso 1,111 4,860 Colombian peso 54 5 Euro 264 - U.S. dollar - 429 Peruvian sun 13,707 13,306 Other currency 1,804 256 Total current assets 892,522 1,310,130 Argentine peso 46,613 72,189 Brazilian real 49,818 105,126 Chilean peso 227,375 589,412 Colombian peso 6,769 8,375 Euro 57,780 73,318 U.S. Dollar 343,784 69,014 Other currency 160,383 392,696 As of As of December 31, December 31, Non-current assets 2019 2018 ThUS$ ThUS$ Other financial assets, non-current 10,243 21,850 Brazilian real 4,441 4,941 Chilean peso 65 68 Colombian peso 296 145 Euro 1,525 7,438 U.S. dollar 2,169 7,441 Other currency 1,747 1,817 Other non - financial assets, non-current 29,166 31,126 Argentine peso 54 86 Brazilian real 7,891 7,465 U.S. dollar 3 3 Other currency 21,218 23,572 Accounts receivable, non-current 4,722 5,378 Chilean peso 4,722 5,378 Deferred tax assets 3,339 2,102 Colombian peso 487 78 U.S. dollar 856 29 Other currency 1,996 1,995 Total non-current assets 47,470 60,456 Argentine peso 54 86 Brazilian real 12,332 12,406 Chilean peso 4,787 5,446 Colombian peso 783 223 Euro 1,525 7,438 U.S. dollar 3,028 7,473 Other currency 24,961 27,384 |
Foreign Currency Current And Non Current Liabilities [Table Text Block] | Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, Current liabilities 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 69,623 63,920 210,627 107,815 Argentine peso 1 3 2 - Brazilian real 128 261 118 - Chilean peso 42,625 41,694 15,229 68,901 Euro 145 704 339 - U.S. dollar 26,676 16,773 194,896 38,914 Other currency 48 4,485 43 - Trade and other accounts payables, current 1,338,123 970,872 10,091 37,809 Argentine peso 252,799 229,907 1,096 6,142 Brazilian real 59,837 30,974 320 1,152 Chilean peso 322,996 198,766 1,295 26,113 Colombian peso 2,558 7,915 868 752 Euro 113,733 84,903 484 1,375 U.S. dollar 480,129 325,385 4,263 55 Peruvian sol 24,197 37,285 1,447 1,124 Mexican peso 5,233 5,975 33 167 Pound sterling 20,289 13,395 119 305 Uruguayan peso 1,018 847 29 - Other currency 55,334 35,520 137 624 Accounts payable to related entities, current 53 365 - - Chilean peso 53 253 - - U.S. dollar - 112 - - Other provisions, current 2,079 1,434 - - Chilean peso 27 28 - - Other currency 2,052 1,406 - - Tax liabilities, current - 13 - - Argentine peso - 4 - - Brazilian real - - - - Chilean peso - 9 - - Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, Current liabilities 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ Other non-financial liabilities, current 19,335 38,120 - - Argentine peso 348 1,089 - - Brazilian real 1,537 1,455 - - Chilean peso 705 14,130 - - Colombian peso 3,059 1,009 - - Euro 3,133 4,411 - - U.S. dollar 4,531 10,468 - - Other currency 6,022 5,558 - - Total current liabilities 1,429,213 1,074,724 220,718 145,624 Argentine peso 253,148 231,003 1,098 6,142 Brazilian real 61,502 32,690 438 1,152 Chilean peso 366,406 254,880 16,524 95,014 Colombian peso 5,617 8,924 868 752 Euro 117,011 90,018 823 1,375 U.S. dollar 511,336 352,738 199,159 38,969 Other currency 114,193 104,471 1,808 2,220 More than 1 to 3 years More than 3 to 5 years More than 5 years As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, Non-current liabilities 2019 2018 2019 2018 2019 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, non-current 366,889 299,735 12,915 281,785 376,535 179,406 Chilean peso 236,346 16,259 2,291 237,377 369,525 172,530 Brazillian real 700 948 40 - - - Euro 550 296 141 - - - U.S. dollar 128,820 280,197 10,308 44,408 7,010 6,876 Other currency 473 2,035 135 - - - Accounts payable, non-current 151,254 294,704 - - - - Chilean peso 14,367 14,027 - - - - U.S. dollar 135,541 279,437 - - - - Other currency 1,346 1,240 - - - - Other provisions, non-current 36,615 36,120 - - - - Argentine peso 485 542 - - - - Brazillian real 20,538 19,815 - - - - Colombian peso 281 295 - - - - Euro 9,217 9,403 - - - - U.S. dollar 6,094 6,065 - - - - Provisions for employees benefits, non-current 80,628 72,674 - - - - Chilean peso 80,628 72,187 - - - - U.S. dollar - 487 - - - - Total non-current liabilities 635,386 703,233 12,915 281,785 376,535 179,406 Argentine peso 485 542 - - - - Brazilian real 21,238 20,763 40 - - - Chilean peso 331,341 102,473 2,291 237,377 369,525 172,530 Colombian peso 281 295 - - - - Euro 9,767 9,699 141 - - - U.S. dollar 270,455 566,186 10,308 44,408 7,010 6,876 Other currency 1,819 3,275 135 - - - |
Schedule Of Foreign Currency [Table Text Block] | As of As of December 31, December 31, General summary of foreign currency: 2019 2018 ThUS$ ThUS$ Total assets 939,992 1,370,586 Argentine peso 46,667 72,275 Brazilian real 62,150 117,532 Chilean peso 232,162 594,858 Colombian peso 7,552 8,598 Euro 59,305 80,756 U.S. dollar 346,812 76,487 Other currency 185,344 420,080 Total liabilities 2,674,767 2,446,785 Argentine peso 254,731 237,687 Brazilian real 83,218 54,605 Chilean peso 1,086,087 862,274 Colombian peso 6,766 9,971 Euro 127,742 101,092 U.S. dollar 998,268 1,071,190 Other currency 117,955 109,966 Net position Argentine peso (208,064 ) (165,412 ) Brazilian real (21,068 ) 62,927 Chilean peso (853,925 ) (267,416 ) Colombian peso 786 (1,373 ) Euro (68,437 ) (20,336 ) U.S. dollar (651,456 ) (994,703 ) Other currency 67,389 310,114 |
Schedule of exchange differences | As of As of December 31, 2019 2018 2017 2016 Argentine peso 59.83 37.74 18.57 15.84 Brazilian real 4.01 3.87 3.31 3.25 Chilean peso 748.74 694.77 614.75 669.47 Colombian peso 3,271.55 3,239.45 2,984.77 3,000.25 Euro 0.89 0.87 0.83 0.95 Australian dollar 1.43 1.42 1.28 1.38 Boliviano 6.86 6.86 6.86 6.86 Mexican peso 18.89 19.68 19.66 20.63 New Zealand dollar 1.49 1.49 1.41 1.44 Peruvian Sol 3.31 3.37 3.24 3.35 Uruguayan peso 37.24 32.38 28.74 29.28 |
EARNINGS _ (LOSS) PER SHARE (Ta
EARNINGS / (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of earnings per share [text block] [Abstract] | |
Schedule of earning per share | For the year ended December 31, Basic earnings / (loss) per share 2019 2018 2017 Restated Restated Earnings / (loss) attributable to owners of the parent (ThUS$) 190,430 309,811 108,896 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Basic earnings / (loss) per share (US$) 0.31403 0.51090 0.17958 For the year ended December 31, Diluted earnings / (loss) per share 2019 2018 2017 Restated Restated Earnings / (loss) attributable to owners of the parent (ThUS$) 190,430 309,811 108,896 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Weighted average number of shares, diluted 606,407,693 606,407,693 606,407,693 Diluted earnings / (loss) per share (US$) 0.31403 0.51090 0.17958 |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of contingent liabilities [text block] [Abstract] | |
Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries | Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Viagens S.A. Fazenda Pública do Município de São Paulo. 1004194-37.2018.8.26.0053 This is a voidance action appealing the charges for violations and fines (67.168.795 / 67.168.833 / 67.168.884 / 67.168.906 / 67.168.914 / 67.168.965). We are arguing that numbers are missing from the ISS calculation base since the company supposedly made improper deductions. The lawsuit was assigned on January 31, 2018. That same day, a decision was rendered suspending the charges without any bond. The municipality filed an appeal against this decision on April 30, 2018. A decision was rendered on November 11, 2019 fully in favor of Tam Viagens S.A. We are waiting to see if the Municipality files an appeal. 95,216 |
Schedule of Lawsuits Received | Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Airlines Group S.A. y Lan Cargo S.A. European Commission. Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26, 2007, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the instruction process against twenty five cargo airlines, including Lan Cargo S.A., for alleged breaches of competition in the air cargo market in Europe, especially the alleged fixed fuel surcharge and freight. On April 14, 2008, the notification of the European Commission was replied. The appeal was filed on January 24, 2011. On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9, 2010, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the imposition of a fine in the amount of THUS$ 9,217 (8,220,000 Euros) This fine is being appealed by Lan Cargo S.A. and LATAM Airlines Group S.A. On December 16, 2015, the European Court of Justice revoked the Commission’s decision because of discrepancies. The European Commission did not appeal the decision, but presented a new one on March 17, 2017 reiterating the imposition of the same fine on the eleven original airlines. The fine totals 776,465,000 Euros. It imposed the same fine as before on Lan Cargo and its parent, LATAM Airlines Group S.A., totaling 8.2 million Euros. On May 31, 2017 Lan Cargo S.A. and LATAM Airlines Group S.A. filed a petition with the General Court of the European Union seeking vacation of this decision. We presented our defense in December 2017. On July 12, 2019, we attended a hearing before the European Court of Justice to confirm our petition for vacation of judgment or otherwise, a reduction in the amount of the fine. LATAM AIRLINES GROUP, S.A. expects that the ruling by the General Court of the European Union may reduce the amount of this fine. 9,217 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Lan Cargo S.A. y LATAM Airlines Group S.A. In the High Court of Justice Chancery División (England) Ovre Romerike District Court (Norway) y Directie Juridische Zaken Afdeling Ceveil Recht (Netherlands) , Cologne Regional Court (Landgerich Köln Germany). Lawsuits filed against European airlines by users of freight services in private lawsuits as a result of the investigation into alleged breaches of competition of cargo airlines, especially fuel surcharge. Lan Cargo S.A. and LATAM Airlines Group S.A., have been sued in court proceedings directly and/or in third party, based in England, Norway, the Netherlands and Germany. Cases are in the uncovering evidence stage. In the case in England, mediation was held with nearly all the airlines involved in the aim of attempting to reach an agreement. It began in September, and LATAM Airlines Group S.A. reached an agreement for approximately GBP 636,000. A settlement was signed in December 2018 and payment was made in January 2019. This lawsuit ended for all plaintiffs in the class action, except for one who signed a settlement for approximately GBP 222,469.63 in December 2019. The payment will be made in January 2020, which will put an end to the entire lawsuit in England. The amount remains undetermined for the lawsuits in the remaining countries (Norway, the Netherlands and Germany). -0- Aerolinhas Brasileiras S.A. Federal Justice. 0008285-53.2015.403.6105 An action seeking to quash a decision and petioning for early protection in order to obgain a revocation of the penalty imposed by the Brazilian Competition Authority (CADE) in the investigation of cargo airlines alleged fair trade violations, in particular the fuel surcharge. This action was filed by presenting a guaranty – policy – in order to suspend the effects of the CADE’s decision regarding the payment of the following fines: (i) ABSA: ThUS$ 10,438; (ii) Norberto Jochmann: ThUS$201; (iii) Hernan Merino: ThUS$ 102; (iv) Felipe Meyer :ThUS$ 102. The action also deals with the affirmative obligation required by the CADE consisting of the duty to publish the condemnation in a widely circulating newspaper. This obligation had also been stayed by the court of federal justice in this process. Awaiting CADE’s statement. ABSA began a judicial review in search of an additional reduction in the fine amount. The Judge’s decision was published on March 12, 2019, and we filed an appeal against it on March 13, 2019 10,403 Aerolinhas Brasileiras S.A. Federal Justice. 0001872-58.2014.4.03.6105 An annulment action with a motion for preliminary injunction, was filed on 02/28/2014, in order to cancel tax debts of PIS, CONFINS, IPI and II, connected with the administrative process 10831.005704/2006.43. We have been waiting since August 21, 2015 for a statement by Serasa on TAM’s letter of indemnity and a statement by the Union. The statement was authenticated on January 29, 2016. A new insurance policy was submitted on March 30, 2016 with the change to the guarantee requested by PGFN. On 05/20/2016 the process was sent to PGFN, which was manifested on 06/03/2016. A decision is pending 14,061 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Linhas Aéreas S.A Department of Federal Revenue of Brazil 19515.720476/2015-83 Alleged irregularities in the SAT payments for the periods 01/2011 to 12/2012 The lawsuit was converted into a measure in January 2018. A statement will be made after the prosecutor’s measure has concluded. The Brazilian Administrative Council of Tax Appeals (CARF) issued a decision in favor of the Company on September 22, 2018. We are currently expecting that the Ministry of Finance of Brazil will appeal. 59,481 Tam Linhas Aéreas S.A. Court of the Second Region. 2001.51.01.012530-0 Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for THUS$106. The court decision requesting that the Expert make all clarifications requested by the parties in a period of 30 days was published on March 29, 2016. The plaintiffs’ submitted a petition on June 21, 2016 requesting acceptance of the opinion of their consultant and an urgent ruling on the dispute. No amount additional to the deposit that has already been made is required if this case is lost. 87,538 Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil. 10880.725950/2011-05 Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. The objection (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. 26,293 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. 2013-20319 CA 01 The July 30, 2012 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on October 31, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. Florida. On June 4, 2019, the State Court of Florida allowed REGIONAL ONE to add a new claim against LATAM AIRLINES COLOMBIA for default on a verbal contract. Given the new claim, LATAM AIRLINES COLOMBIA petitioned that the Court postpone the trial to August 2019 to have the time to investigate the facts alleged by REGIONAL ONE to prove a verbal contract. The State Court granted the postponement of a jury trial to June 2020. In the meantime, the discovery stage continues, including verbal statements by experts on behalf of both parties. There may be some change in the committed amount, which will be reported in due course. 12,443 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil 10880.722.355/2014-52 On August 19, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. An administrative objection was filed on September 17, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On September 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). 65,895 TAM Linhas Aéreas S.A. Sao Paulo Labor Court, Sao Paulo 1001531-73.2016.5.02.0710 The Ministry of Labor filed an action seeking that the company adapt the ergonomics and comfort of seats. In August 2016, the Ministry of Labor filed a new lawsuit before the competent Labor Court in Sao Paulo, in the same terms as case 0000009-45.2016.5.02.090, as previously reported, the hearing date is set for October 22, 2018. We were served the decision completely dismissing the claim in March 2019, against which the plaintiff has filed an appeal. We are now awaiting the hearing by the Court of Appeals. 17,982 LATAM Airlines Group S.A. 22° Civil Court of Santiago C-29.945-2016 The Company received notice of a civil liability claim by Inversiones Ranco Tres S.A. on January 18, 2017. It is represented by Mr. Jorge Enrique Said Yarur. It was filed against LATAM Airlines Group S.A. for an alleged contractual default by the Company and against Ramon Eblen Kadiz, Jorge Awad Mehech, Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, directors and officers, for alleged breaches of their duties. In the case of Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, it alleges a breach, as controllers of the Company, of their duties under the incorporation agreement. LATAM has retained legal counsel specializing in this area to defend it. The claim was answered on March 22, 2017 and the plaintiff filed its replication on April 4, 2017. LATAM filed its rejoinder on April 13, 2017, which concluded the argument stage of the lawsuit. A reconciliation hearing was held on May 2, 2017, but the parties did not reach an agreement. The Court issued the evidentiary decree on May 12, 2017. We filed a petition for reconsideration because we disagreed with certain points of evidence. That petition was partially sustained by the Court on June 27, 2017. The evidentiary stage commenced and then concluded on July 20, 2017. Observations to the evidence must now be presented. That period expires August 1, 2017. We filed our observations to the evidence on August 1, 2017. We were served the decision on December 13, 2017 that dismissed the claim since LATAM was in no way liable. The plaintiff filed an appeal on December 26, 2017. Arguments were pled before the Santiago Court of Appeals on April 23, 2019, and on April 30, 2019, this Court confirmed the ruling of the trial court absolving LATAM. The losing party was ordered to pay costs in both cases. On May 18, 2019, Inversiones Ranco Tres S.A. filed a remedy of vacation of judgment based on technicalities and on substance against the Appellate Court decision. The Appellate Court admitted both appeals on May 29, 2019 and the appeals are pending a hearing by the Supreme Court. 17,705 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A. 10th Jurisdiction of Federal Tax Enforcement of Sao Paulo 0061196-68.2016.4.03.6182 Tax Enforcement Lien No. 0020869-47.2017.4.03.6182 on Profit-Based Social Contributions from 2004 to 2007. This tax enforcement was referred to the 10th Federal Jurisdiction on February 16, 2017. A petition reporting our request to submit collateral was recorded on April 18, 2017. At this time, the period is pending for the plaintiff to respond to our petition. The bond was replaced. We are waiting for the evidentiary period to begin. 39,584 TAM Linhas Aéreas S.A. Department of Federal Revenue of Brazil 5002912.29.2019.4.03.6100 A lawsuit disputing the debit in the administrative proceeding 16643.000085/2009-47, reported in previous Notes, consisting of a notice demanding recovery of the Income and Social Assessment Tax on the net profit (SCL) resulting from the itemization of royalties and use of the TAM trademark The lawsuit was assigned on February 28, 2019. A decision was rendered on March 1, 2019 stating that no guarantee was required. A final decision is now pending. 11,139 TAM Linhas Aéreas S.A. DERAT SPO (Delegacía de Receita Federal) 13808.005459/2001-45 Collection of the Social Security Funding Contribution (COFINS) based on gross revenue of the company in the period 1999-2000. The decision on collection was pending through June 2, 2010. 23,228 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720630/2017-16 This is an administrative claim about a fine for the incorrectness of an import declaration (new lawsuit). The administrative defensive arguments were presented September 28, 2017. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a special appeal (CRSF (Higher Tax Appeals Chamber)) that is pending a decision. 20,410 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720852/2016-58 An improper charge of the Contribution for the Financing of Social Security (COFINS) on an import (new lawsuit). We are currently awaiting a decision. There is no predictable decision date because it depends on the court of the government agency. 14,631 TAM Linhas Aéreas S.A Delegacía de Receita Federal 16692.721.933/2017-80 The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport. An administrative defense was presented on May 29, 2018. 31,381 SNEA (Sindicato Nacional das empresas aeroviárias) União Federal 0012177-54.2016.4.01.3400 A claim against the 72% increase in airport control fees (TAT-ADR) and approach control fees (TAT-APP) charged by the Airspace Control Department (“DECEA”). A decision is now pending on the appeal presented by SNEA. 63,951 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S/A União Federal 2001.51.01.020420-0 TAM and other airlines filed a recourse claim seeking a finding that there is no legal or tax basis to be released from collecting the Additional Airport Fee (“ATAERO”). A decision by the superior court is pending. The amount is indeterminate because even though TAM is the plaintiff, if the ruling is against it, it could be -0- TAM Linhas Aéreas S/A Delegacia da Receita Federal 10880-900.424/2018-07 This is a claim for a negative Legal Entity Income Tax (IRPJ) balance for the 2014 calendar year (2015 fiscal year) because set-offs were not allowed. The administrative defensive arguments were presented March 19, 2018. An administrative decision is now pending. 17,202 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 19515-720.823/2018-11 An administrative claim to collect alleged differences in SAT payments for the periods 11/2013 to 12/2017. A defense was presented on November 28, 2018. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a voluntary appeal (CRSF (Administrative Tax Appeals Board)) that is pending a decision. 120,551 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938832/2013-19 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the second quarter of 2011, which were determined to be in the non-cumulative system An administrative defense was argued on March 19, 2019. The decision is pending. 16,108 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938834/2013-16 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the third quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The decision is pending. 11,777 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938837/2013-41 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the fourth quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The decision is pending. 15,782 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938838/2013-96 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the first quarter of 2012, which were determined to be in the non-cumulative system. We presented our administrative defense. 10,891 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 0012541-56.2016.5.03.0144 A class action in which the Union is petitioning that TAM be ordered to make payment of the correct calculation of Sundays and holidays. A hearing was set for December 17, 2019 14,423 LATAM Airlines Argentina Commercial Trial Court No. 15 of Buenos Aires. 11479/2012 Proconsumer and Rafaella Cabrera filed a claim citing discriminating fees charged to foreign users as compared to domestic users for services retained in Argentina. The trial court judge dismissed Mrs. Cabrera’s claim on March 7, 2019 and sustained the motion of lack of standing entered by Proconsumer. The ruling was appealed by the plaintiff on April 8, 2019 and will be decided by Room D. -0- LATAM Airlines Group Argentina, Brasil, Perú, Ecuador, y TAM Mercosur. Commercial and Civil Trial Court No. 11 of Buenos Aires. 1408/2017 Consumidores Libres Coop. Ltda. filed this claim on March 14, 2017 regarding a provision of services. It petitioned for the reimbursement of certain fees or the difference in fees charged for passengers who purchased a ticket in the last 10 years but did not use it. Federal Commercial and Civil Trial Court No. 11 in the city of Buenos Aires. After two years of arguments on jurisdiction and competence, the claim was assigned to this court and an answer was filed on March 19, 2019 -0- TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10.880.938842/2013-54 The decision denied the petition for reassignment and did not equate the CONFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. 11,521 TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10.880.93844/2013-43 The decision denied the petition for reassignment and did not equate the CONFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense 10,876 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10880.938841/2013-18 The decision denied the petition for reassignment and did not equate the CONFINS credit statements for the second quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. 10,292 TAM Linhas Aéreas S.A Receita Federal de Brasil 10840.727719/2019-71 Collection of PIS / COFINS tax for the period of 2014. We presented our administrative defense on January 11, 2020 42,276 Latam-Airlines Ecuador S.A. Tribunal Distrital de lo Fiscal 17509-2014-0088 An audit of the 2006 Income Tax Return that disallowed fuel expenses, fees and other items because the necessary support was not provided, according to Management. On August 6, 2018, the District Tax Claims Court rendered a decision denying the request for a refund of a mistaken payment. An appeal seeking vacation of this judgment by the Court was filed on September 5 and we are awaiting a decision by the Appellate judges. As of December 31, 2018, the lawyers believe that the probability of recovering this amount has fallen by 30% to 40%, so the provision was increased to $8.7 million. We have applied IFRIC 23 as of 12/31/19 because of the percentage loss (more than 50%), and we have recorded the entire provision in the income tax item. 12,505 Latam Airlines Group S.A. Southern District of Florida. United States District Court 19cv23965 A lawsuit filed by Jose Ramon Lopez Regueiro against American Airlines Inc. and Latam Airlines Group S.A. seeking an indemnity for damages caused by the commercial use of the Jose Marti International Airport in Cuba that he says were repaired and reconditioned by his family before the change in government in 1959. Latam Airlines Group S.A. was served this claim on September 27, 2019. LATAM Airlines Group filed a motion to dismiss on November 26, 2019. In response, a motion to suspend discovery was filed on December 23, 2019 while the Court was deciding on the motion to dismiss. The provision is undetermined. -0- (*) The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of commitments [text block] [Abstract] | |
Schedule of letters of credit, certificates of deposits and warranty insurance policies | Creditor Guarantee Debtor Type Value Release Corporación Peruana de Aeropuertos y Aviación Comercial Latam Airlines Perú S.A. Twenty six letter of credit 3,493 Jan-31-20 Lima Airport Partners S.R.L. Latam Airlines Perú S.A. Twenty one letter of credit 2,990 Feb-17-20 Superintendencia Nacional de Aduanas y de Administración Tributaria Latam Airlines Perú S.A. Twenty five letter of credit 200,000 Feb-12-20 Instituto Nacional de Defensa de la Compentencia y de la Protección Latam Airlines Perú S.A. Forty three letter of credit 1,483 Feb-27-20 Aena Aeropuertos S.A. Latam Airlines Group S.A. Four letter of credit 2,820 Nov-15-20 American Alternative Insurance Corporation Latam Airlines Group S.A. Seven letter of credit 3,790 Abr-05-20 Citibank N.A. Latam Airlines Group S.A. One letter of credit 27,226 Dec-20-20 Comisión Europea Latam Airlines Group S.A. One letter of credit 9,346 Dec-31-20 Deutsche Bank A.G. Latam Airlines Group S.A. One letter of credit 2,500 March-31-20 Dirección General de Aeronáutica Civil Latam Airlines Group S.A. Forty six letter of credit 18,487 Feb-28-20 Empresa Pública de Hidrocarburos del Ecuador EP Petroecuador Latam Airlines Group S.A. One letter of credit 5,500 Jun-18-20 Metropolitan Dade County Latam Airlines Group S.A. Eight letter of credit 2,298 March-13-20 Numinous LLC Latam Airlines Group S.A. One letter of credit 2,200 Oct-15-20 Conselho Administrativo de Conselhos Federais Tam Linhas Aéreas S.A. Two letter of credit 1,730 Nov-24-20 Procon Tam Linhas Aéreas S.A. Three insurance policy guarantee 3,728 Apr-01-21 União Federal Tam Linhas Aéreas S.A. An insurance policy guarantee 1,277 Sep-28-21 Aena Aeropuertos S.A. Tam Linhas Aéreas S.A. One letter of credit 1,405 Aug-14-20 Procuradoria da Fazenda Nacional Tam Linhas Aéreas S.A. One letter of credit 8,017 Aug-10-20 RB Comercial Properties 49 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 35,974 Apr-29-20 Tribunal de Justição de São Paulo. Tam Linhas Aéreas S.A. An insurance policy guarantee 1,927 Sep-23-24 17a Vara Cível da Comarca da Capital de João Pessoa/PB. Tam Linhas Aéreas S.A. An insurance policy guarantee 3,050 Jun-25-23 10ª Vara de Execuções Fiscais Federais de São Paulo/SP. Tam Linhas Aéreas S.A. An insurance policy guarantee 33,938 Oct-03-20 Vara da Fazenda Pública da Comarca do Rio de Janeiro - RJ Tam Linhas Aéreas S.A. An insurance policy guarantee 1,043 Sep-25-23 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. Three insurance policy guarantee 6,770 Jul-05-23 Vara Civel Campinas. Tam Linhas Aéreas S.A. An insurance policy guarantee 1,709 Jun-14-24 Procon ABSA Linhas Aereas Brasileira S/A An insurance policy guarantee 10,453 May-19-20 Vara Federal da Subseção de Campinas SP ABSA Linhas Aereas Brasileira S/A An insurance policy guarantee 15,856 Feb-20-21 Vara Federal da Subseção de Campinas SP ABSA Linhas Aereas Brasileira S/A One letter of credit 2,329 Oct-20-21 Conselho Administrativo de Conselhos Federais ABSA Linhas Aereas Brasileira S/A An insurance policy guarantee 5,435 Oct-20-21 416,774 |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of related party [text block] [Abstract] | |
Disclosure of transactions between related parties [text block] | Nature of Nature of Transaction amount relationship with Country related parties As of December 31, Tax No. Related party related parties of origin transactions Currency 2019 2018 2017 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales CLP 16 16 18 65.216.000-K Comunidad Mujer Related director Chile Tickets sales CLP - - 14 78.591.370-1 Bethia S.A and subsidiaries Related director Chile Services received of cargo transport CLP 556 1,778 1,643 Services received from National and International Courier CLP (3) (85 ) (382 ) Services provided of cargo transport CLP - - (17 ) Sales commissions CLP (218) (821 ) (761 ) Services received advertising CLP (726 ) (1,025 ) 79.773.440-3 Transportes San Felipe S.A Related director Chile Tickets sales CLP - - 1 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Tickets sales CLP 61 51 72 Foreign Consultoría Administrativa Profesional S.A. de C.V. Associate Mexico Professional counseling services received MXN - - (2,357 ) 96.782.530-1 Inmobiliaria Inversiones Asturias S.A. Related director Chile Tickets sales CLP - 25 - 76.335.600-0 Parque de Chile S.A. Related director Chile Tickets sales CLP 9 20 - 96.989.370-3 Rio Dulce S.A. Related director Chile Tickets sales CLP - 18 - Foreign Inversora Aeronáutica Argentina Related director Argentina Property leases received ARS$ - (231 ) (251 ) Foreign TAM Aviação Executiva e Taxi Aéreo S/A Common shareholder Brazil Services provided BRL 58 62 45 Services received of cargo transport BRL 2 8 - Services provided BRL (10 ) - - Services received at airports BRL - (2 ) (39 ) Foreign Qatar Airways Indirect shareholder Qatar Services provided by aircraft lease US$ 39,528 21,321 31,707 Interlineal received service US$ (2,050 ) (6,345 ) (2,139 ) Interlineal provided service US$ 3,739 8,635 5,279 Services provided of handling US$ 1,106 1,392 1,002 Services provided / received others US$ 996 1,805 - |
Disclosure of information about key management personnel [text block] | For the year ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Remuneration 13,701 14,841 17,826 Management fees 411 307 468 Non-monetary benefits 1,815 748 740 Short-term benefits 31,124 45,653 36,970 Long-term benefits 8,577 2,412 - Share-based payments 3,296 (7,210 ) 13,173 Termination benefits 1,428 1,404 - Total 60,352 58,155 69,177 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of share-based payment arrangements [text block] [Abstract] | |
Schedule of compensation plan 2016-2018 | Base Units Opening Closing Periods balance Granted Annulled Exercised Balance From January 1 to December 31, 2018 2,932,896 - (171,419 ) (1,168,700 ) 1,592,777 From January 1 to December 31, 2019 1,592,777 93,481 - (1,686,258 ) - |
Schedule of stock-based payments | Multiplus S.A. 4nd Extraordinary 3rd Grant 4th Grant Grant Description 03/21/2012 04/03/2013 11/20/2013 Total Outstanding option number as December 31, 2018 84,249 163,251 - 247,500 Outstanding option number as December 31, 2019 - - - - |
Schedule of acquisition of the share’s rights | Number of shares Number of shares Accrued options Non accrued options As of As of As of As of December 31, December 31, December 31, December 31, Company 2019 2018 2019 2018 Multiplus S.A. - 247,500 - 247,500 |
Schedule of number shares in circulation | Not acquired due Opening to breach of employment Closing balance Exercised retention conditions balance From January 1 to December 31, 2018 309,710 (83,958 ) (8,916 ) 216,836 From January 1 to December 31, 2019 216,836 - - 216,836 |
STATEMENT OF CASH FLOWS (Tables
STATEMENT OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of cash flow statement [text block] [Abstract] | |
Disclosure of additional information about understanding financial position and liquidity of entity [text block] | For theyear ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Delta Air Lines Inc. compensation (1) 350,000 - - Fuel hedge (9,966 ) 77,234 19,862 Hedging margin guarantees (21,200 ) 1,573 (4,201 ) Currency hedge - (1,282 ) (17,798 ) Change reservation systems - - (16,120 ) Tax paid on bank transaction (11,369 ) 318 (6,635 ) Fuel derivatives premiums (17,102 ) (13,947 ) (2,832 ) Bank commissions, taxes paid and other (20,627 ) (8,179 ) (7,738 ) Guarantees (5,474 ) 14,755 59,988 Court deposits (22,976 ) (30,860 ) (33,457 ) Total Other inflows (outflows) Operation flow 241,286 39,612 (8,931 ) Others deposits in guarantees - - 3,754 Tax paid on bank transaction (2,249 ) (2,476 ) (2,594 ) Others - - (10,383 ) Total Other inflows (outflows) Investment flow (2,249 ) (2,476 ) (9,223 ) Loan guarantee - - 80,615 Settlement of derivative contracts (2,976 ) (11,675 ) (40,695 ) Aircraft Financing advances (55,728 ) 55,728 (26,214 ) Others - - - Total Other inflows (outflows) Financing flow (58,704 ) 44,053 13,706 |
Disclosure of dividends [text block] | For the period ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Latam Airlines Group S.A. (54,580 ) (46,591 ) (20,766 ) Multiplus S.A. (*) - (26,029 ) (45,876 ) Latam Airlines Perú S.A. (*) (536 ) - - Total dividends paid (55,116 ) (72,620 ) (66,642 ) |
Schedule of liabilities arising from financing activities | As of Cash flows Non-Flow Movements As of December 31, Obtainment Payment Interest accrued December 31, Obligations with financial institutions 2018 Capital Capital Interest and others Reclassifications 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Loans to exporters 400,721 93,000 (145,505 ) (12,934 ) 6,193 - 341,475 Bank loans 222,741 164,095 (165,549 ) (11,352 ) 7,320 - 217,255 Guaranteed obligations 2,534,021 607,797 (282,721 ) (93,335 ) 93,286 (701,721 ) 2,157,327 Other guaranteed obligations 673,452 - (92,549 ) (28,417 ) 27,946 - 580,432 Obligation with the public 1,553,079 1,009,836 (487,086 ) (144,932 ) 134,037 - 2,064,934 Financial leases 1,624,854 - (591,861 ) (72,311 ) 68,440 701,721 1,730,843 Other loans 252,858 27,864 (178,777 ) (9,648 ) 8,964 - 101,261 Lease liability 2,858,049 - (398,992 ) (177,949 ) 891,049 - 3,172,157 Total Obligations with financial institutions 10,119,775 1,902,592 (2,343,040 ) (550,878 ) 1,237,235 - 10,365,684 As of Cash flows Non-Flow Movements As of December 31, Obtainment Payment Interest accrued December 31, Obligations with financial institutions 2017 Capital Capital Interest and others Reclassifications 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Restated Restated Loans to exporters 314,619 293,001 (202,000 ) (10,467 ) 5,568 - 400,721 Bank loans 321,633 74,663 (167,548 ) (13,961 ) 7,954 - 222,741 Guaranteed obligations 4,036,843 - (315,698 ) (122,639 ) 99,320 (1,163,805 ) 2,534,021 Other guaranteed obligations 242,175 704,398 (274,339 ) (16,873 ) 18,091 - 673,452 Obligation with the public 1,584,066 - 1,561 (107,629 ) 75,081 - 1,553,079 Financial leases 1,109,504 - (691,390 ) (69,808 ) 112,743 1,163,805 1,624,854 Other loans 282,800 55,728 (88,934 ) (15,978 ) 19,242 - 252,858 Lease liability 3,146,972 - (373,440 ) (182,948 ) 267,465 - 2,858,049 Total Obligations with financial institutions 11,038,612 1,127,790 (2,111,788 ) (540,303 ) 605,464 - 10,119,775 |
Schedule of statement of consolidated cash flow | For the period ended December 31, 2019 2018 2017 ThUS$ ThUS$ ThUS$ Increases (payments) (86,288 ) (212,163 ) (205,143 ) Recoveries 349,702 157,508 103,065 Total cash flows 263,414 (54,655 ) (102,078 ) |
Schedule of consolidated statement of cash flow for the exercise | For the period ended December 31, 2019 2018 ThUS$ ThUS$ Net cash flows from (used in) operating activities 118,797 6,088 Net cash flows from (used in) investment activities 64,516 (17,611 ) Net cash flows from (used in) financing activities (56,866 ) 3,914 Effects of variation in the exchange rate on cash and cash equivalents (126,447 ) 7,609 Net increase (decrease) in cash and cash equivalents - - |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) $ in Thousands | Mar. 13, 2018 | Nov. 20, 2019 | Apr. 30, 2019 | Jan. 22, 2018shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares |
GENERAL INFORMATION (Details) [Line Items] | ||||||
Number of shares pending of subscription and payment (in Shares) | 466,832 | |||||
Number of average employees | 41,043 | |||||
Number of employees | 41,729 | |||||
Value of acquisition transaction (in Dollars) | $ | $ 294,105 | |||||
Cueto Group [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Percentage of ownership shares issued | 21.46% | |||||
Shareholders [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Total of shareholders | 1,228 | |||||
Percentage of share capital in form of ADRs | 4.17% | |||||
Andes Airport Services S.A. [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Sale value (in Dollars) | $ | $ 39,108 | |||||
Administrative Staff [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Number of employees | 6,966 | |||||
Maintenance Staff [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Number of employees | 4,911 | |||||
Operations Staff [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Number of employees | 13,538 | |||||
Cabin Crew [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Number of employees | 9,511 | |||||
Cockpit Crew [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Number of employees | 4,298 | |||||
Sales Staff [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Number of employees | 2,505 | |||||
Ordinary shares [member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Number of ordinary shares (in Shares) | 606,407,693 | 606,407,693 | ||||
Number of shares pending of subscription and payment (in Shares) | 466,832 | |||||
Holdco I S.A [Member] | TAM S.A. and Subsidiaries [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Percentage of economic rights | 99.9983% | |||||
TAM S.A. and Subsidiaries [Member] | Holdco I S.A [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Percentage of rights politicians product | 51.04% | |||||
Percentage of allows foreign capital | 100.00% | |||||
Sale value (in Dollars) | $ | $ 29,466 | |||||
Lan Pax Group S.A [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Number of purchased shares (in Shares) | 17,717 | |||||
Percentage of ownership changes for capital increase | 3.77922% | |||||
Percentage of equity ownership | 96.22078% | |||||
Percentage from inversiones | 1.00% | |||||
LATAM Airlines Group S.A. [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Percentage of equity ownership | 99.00% | 100.00% | ||||
Inversiones Lan S.A. and Subsidiaries [Member] | Aerovias de Integracion Regional, AIRES S.A. [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Percentage of equity ownership | 99.2012% | |||||
Number of shares acquired (in Shares) | 5,319,000 | |||||
Tam Linhas Aereas S.A [Member] | ||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||
Description of acquired shares | TAM Linhas Aereas S.A, through a public offering of shares, acquired 27.26% of the shares of Multiplus S.A., owned by minority shareholders. Subsequently, the Company TAM S.A assigned 72.74% of its stake in Multiplus S.A., through a capital increase, to TAM Linhas Aerea S.A.; Because of 100% of the shares remain under the control of TAM Linhas Aereas S.A. a merge with Multiplus S.A. was materialized, leaving Multiplus S.A. from being an independent company on May 31, 2019. |
GENERAL INFORMATION (Details) -
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Latam Travel Chile S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | 96.518.860-6 | |||
Company | Latam Travel Chile S.A. and Subsidiary | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 99.99% | 99.99% | ||
Indirect | 0.01% | 0.01% | ||
Total | 100.00% | 100.00% | ||
Lan Pax Group S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | [1] | 96.969.680-0 | ||
Company | Lan Pax Group S.A. and Subsidiaries | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 99.8361% | 99.8361% | 99.8361% | |
Indirect | 0.1639% | 0.1639% | 0.1639% | |
Total | 100.00% | 100.00% | 100.00% | |
Latam Airlines Perú S.A.[Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | Foreign | |||
Company | Latam Airlines Per S.A. | |||
Country of origin | Peru | |||
Functional Currency | US$ | |||
Direct | 49.00% | 49.00% | 49.00% | |
Indirect | 21.00% | 21.00% | 21.00% | |
Total | 70.00% | 70.00% | 70.00% | |
Lan Cargo S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | 93.383.000-4 | |||
Company | Lan Cargo S.A. | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 99.894% | 99.894% | 99.894% | |
Indirect | 0.0041% | 0.0041% | 0.0041% | |
Total | 99.8981% | 99.8981% | 99.8981% | |
Connecta Corporation [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | Foreign | |||
Company | Connecta Corporation | |||
Country of origin | U.S.A. | |||
Functional Currency | US$ | |||
Direct | 100.00% | 0.00% | 0.00% | |
Indirect | 0.00% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Prime Airport Services Inc. and Subsidiary [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | Foreign | |||
Company | Prime Airport Services Inc. and Subsidiary | |||
Country of origin | U.S.A. | |||
Functional Currency | US$ | |||
Direct | 99.9714% | 0.00% | 0.00% | |
Indirect | 0.0286% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Transporte Aéreo S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | 96.951.280-7 | |||
Company | Transporte Areo S.A. | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 99.9999% | 0.00% | 0.00% | |
Indirect | 0.0001% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Fast Air Almacenes de Carga S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | 96.631.520-2 | |||
Company | Fast Air Almacenes de Carga S.A. | |||
Country of origin | Chile | |||
Functional Currency | CLP | |||
Direct | 99.89% | 0.00% | 0.00% | |
Indirect | 0.11% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Laser Cargo S.R.L. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | Foreign | |||
Company | Laser Cargo S.R.L. | |||
Country of origin | Argentina | |||
Functional Currency | ARS | |||
Direct | 96.2208% | 0.00% | 0.00% | |
Indirect | 3.7792% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Lan Cargo Overseas Limited and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | [1] | Foreign | ||
Company | Lan Cargo Overseas Limited and Subsidiaries | |||
Country of origin | Bahamas | |||
Functional Currency | US$ | |||
Direct | 99.98% | 0.00% | 0.00% | |
Indirect | 0.02% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Lan Cargo Inversiones S.A. and Subsidiary [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | 96.969.690-8 | |||
Company | Lan Cargo Inversiones S.A. and Subsidiary | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 99.00% | 0.00% | 0.00% | |
Indirect | 1.00% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Inversiones Lan S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | [1] | 96.575.810-0 | ||
Company | Inversiones Lan S.A. and Subsidiaries | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 99.71% | 99.71% | 99.71% | |
Indirect | 0.29% | 0.29% | 0.29% | |
Total | 100.00% | 100.00% | 100.00% | |
Technical Trainning LATAM S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | 96.847.880-K | |||
Company | Technical Trainning LATAM S.A. | |||
Country of origin | Chile | |||
Functional Currency | CLP | |||
Direct | 99.83% | 99.83% | 99.83% | |
Indirect | 0.17% | 0.17% | 0.17% | |
Total | 100.00% | 100.00% | 100.00% | |
Latam Finance Limited [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | Foreign | |||
Company | Latam Finance Limited | |||
Country of origin | Cayman Island | |||
Functional Currency | US$ | |||
Direct | 100.00% | 100.00% | 100.00% | |
Indirect | 0.00% | 0.00% | 0.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Peuco Finance Limited [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | Foreign | |||
Company | Peuco Finance Limited | |||
Country of origin | Cayman Island | |||
Functional Currency | US$ | |||
Direct | 100.00% | 100.00% | 100.00% | |
Indirect | 0.00% | 0.00% | 0.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Profesional Airline Services INC. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | Foreign | |||
Company | Profesional Airline Services INC. | |||
Country of origin | U.S.A. | |||
Functional Currency | US$ | |||
Direct | 100.00% | 100.00% | 100.00% | |
Indirect | 0.00% | 0.00% | 0.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Jarletul S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | Foreign | |||
Company | Jarletul S.A. | |||
Country of origin | Uruguay | |||
Functional Currency | US$ | |||
Direct | 99.00% | 99.00% | 99.00% | |
Indirect | 1.00% | 1.00% | 1.00% | |
Total | 100.00% | 100.00% | 100.00% | |
TAM S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | ||||
Tax No. | [1],[2] | Foreign | ||
Company | [2] | TAM S.A. and Subsidiaries (*) | ||
Country of origin | [2] | Brazil | ||
Functional Currency | [2] | BRL | ||
Direct | [2] | 63.0901% | 63.0901% | 63.0901% |
Indirect | [2] | 36.9099% | 36.9099% | 36.9099% |
Total | [2] | 100.00% | 100.00% | 100.00% |
[1] | The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. | |||
[2] | As of December 31, 2019, the indirect participation percentage on TAM S.A. and Subsidiaries is from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 51.04% of political rights. Its percentage arise as a result of the provisional measure No. 863 of the Brazilian government implemented in December 2018 that allows foreign capital to have up to 100% of the property. |
GENERAL INFORMATION (Details)_2
GENERAL INFORMATION (Details) - Schedule of subsidiaries - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Latam Travel Chile S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.518.860-6 | |||
Company | 96.518.860-6 | |||
Assets | $ 10,841 | $ 6,771 | ||
Equity | 6,932 | 4,574 | ||
Latam Travel Chile S.A. and Subsidiaries [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 3,909 | 2,197 | ||
Net income for the year | 2,385 | 1,833 | ||
Lan Pax Group S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | [1] | 96.969.680-0 | ||
Company | [1] | 96.969.680-0 | ||
Assets | [1] | $ 632,673 | 526,017 | 499,345 |
Liabilities | [1] | 1,487,248 | ||
Equity | [1] | (853,624) | (751,960) | (596,406) |
Net income for the year | [1] | $ (26,551) | ||
Lan Pax Group S.A. and Subsidiaries [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | [1] | 1,281,800 | 1,101,548 | |
Net income for the year | [1] | (48,061) | (35,943) | |
Lan Peru S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Foreign | |||
Assets | $ 519,363 | 419,325 | 315,607 | |
Liabilities | 510,672 | |||
Equity | 8,691 | 10,104 | 12,403 | |
Net income for the year | $ (3,550) | |||
Lan Peru S.A. [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 409,221 | 303,204 | ||
Net income for the year | 5,416 | 1,205 | ||
Lan Cargo S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 93.383.000-4 | |||
Company | 93.383.000-4 | |||
Assets | $ 634,852 | 513,367 | 584,169 | |
Liabilities | 462,666 | |||
Equity | 172,186 | 176,652 | 212,235 | |
Net income for the year | $ (4,157) | |||
Lan Cargo S.A. [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 336,715 | 371,934 | ||
Net income for the year | (34,322) | (30,220) | ||
Connecta Corporation [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Foreign | |||
Assets | $ 64,110 | 66,593 | 38,735 | |
Liabilities | 24,023 | |||
Equity | 40,087 | 38,410 | 21,487 | |
Net income for the year | $ 1,677 | |||
Connecta Corporation [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 28,183 | 17,428 | ||
Net income for the year | 16,923 | 13,030 | ||
Prime Airport Services Inc. and Subsidary [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | [1] | Foreign | ||
Company | [1] | Foreign | ||
Assets | [1] | $ 22,068 | 15,817 | 12,671 |
Liabilities | [1] | 23,102 | ||
Equity | [1] | (1,034) | (1,837) | (3,051) |
Net income for the year | [1] | $ 802 | ||
Prime Airport Services Inc. and Subsidary [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | [1] | 17,654 | 15,722 | |
Net income for the year | [1] | 1,225 | 857 | |
Transporte Aereo S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.951.280-7 | |||
Company | 96.951.280-7 | |||
Assets | $ 359,335 | 331,496 | 324,498 | |
Liabilities | 142,423 | |||
Equity | 216,912 | 202,263 | 220,141 | |
Net income for the year | $ 14,610 | |||
Transporte Aereo S.A. [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 129,233 | 104,357 | ||
Net income for the year | (17,609) | 2,172 | ||
Fast Air Almacenes de Carga S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.631.520-2 | |||
Company | 96.631.520-2 | |||
Assets | $ 20,182 | 17,057 | 12,931 | |
Liabilities | 12,601 | |||
Equity | 7,581 | 7,443 | 8,068 | |
Net income for the year | $ 796 | |||
Fast Air Almacenes de Carga S.A. [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 9,614 | 4,863 | ||
Net income for the year | (3) | 939 | ||
Laser Cargo S.R.L. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Foreign | |||
Assets | $ (10) | 26 | 18 | |
Equity | $ (10) | 13 | (9) | |
Laser Cargo S.R.L. [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 13 | 27 | ||
Net income for the year | (3) | 2 | ||
Lan Cargo Overseas Limited and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | [1] | Foreign | ||
Company | [1] | Foreign | ||
Assets | [1] | $ 48,929 | 53,326 | 66,039 |
Liabilities | [1] | 15,228 | ||
Equity | [1] | 33,450 | 40,028 | 18,808 |
Net income for the year | [1] | $ (6,579) | ||
Lan Cargo Overseas Limited and Subsidiaries [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | [1] | 13,040 | 42,271 | |
Net income for the year | [1] | 19,121 | 3,438 | |
Lan Cargo Inversiones S.A. and Subsidary [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | [1] | 96.969.690-8 | ||
Company | [1] | 96.969.690-8 | ||
Assets | [1] | $ 65,422 | 181,522 | 144,884 |
Liabilities | [1] | 78,890 | ||
Equity | [1] | (12,111) | (9,614) | (10,112) |
Net income for the year | [1] | $ (2,497) | ||
Lan Cargo Inversiones S.A. and Subsidary [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | [1] | 192,059 | 156,005 | |
Net income for the year | [1] | 497 | 3,389 | |
Inversiones Lan S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | [1] | 96.575.810-0 | ||
Company | [1] | 96.575.810-0 | ||
Assets | [1] | $ 1,329 | 1,383 | 11,681 |
Liabilities | [1] | 50 | ||
Equity | [1] | 1,279 | 1,333 | 6,377 |
Net income for the year | [1] | $ (54) | ||
Inversiones Lan S.A. and Subsidiaries [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | [1] | 50 | 5,201 | |
Net income for the year | [1] | (4,774) | 1,561 | |
Technical Trainning LATAM S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.847.880-K | |||
Company | 96.847.880-K | |||
Assets | $ 2,378 | 2,879 | 1,967 | |
Liabilities | 1,075 | |||
Equity | 1,303 | 1,848 | 1,600 | |
Net income for the year | $ (282) | |||
Technical Trainning LATAM S.A. [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 1,031 | 367 | ||
Net income for the year | 884 | 109 | ||
Peuco Finance Limited [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Foreign | |||
Assets | $ 664,458 | 608,191 | 608,191 | |
Liabilities | $ 664,458 | |||
Peuco Finance Limited [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 608,191 | 608,191 | ||
Profesional Airline Services INC. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Foreign | |||
Assets | $ 3,509 | 2,430 | 3,703 | |
Liabilities | 1,950 | |||
Equity | 1,559 | 463 | 265 | |
Net income for the year | $ 1,096 | |||
Profesional Airline Services INC. [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 1,967 | 3,438 | ||
Net income for the year | 197 | 294 | ||
Jarletul S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Foreign | |||
Assets | $ 150 | 18 | ||
Liabilities | 860 | |||
Equity | (710) | (107) | ||
Net income for the year | $ (603) | |||
Jarletul S.A. [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | 125 | |||
Net income for the year | (107) | |||
TAM S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | [1],[2] | Foreign | ||
Company | [1],[2] | Foreign | ||
Assets | [1] | $ 5,090,180 | 4,420,546 | 4,490,714 |
Liabilities | [1] | 3,550,875 | ||
Equity | [1] | 1,539,305 | 1,164,529 | 856,829 |
Net income for the year | [1] | $ 186,140 | ||
TAM S.A. and Subsidiaries [Member] | Restated [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Liabilities | [1] | 3,256,017 | 3,555,423 | |
Net income for the year | [1] | $ 389,072 | $ 160,582 | |
[1] | The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. | |||
[2] | As of December 31, 2019, the indirect participation percentage on TAM S.A. and Subsidiaries is from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 51.04% of political rights. Its percentage arise as a result of the provisional measure No. 863 of the Brazilian government implemented in December 2018 that allows foreign capital to have up to 100% of the property. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | ||||||
Reversal of impairment loss | $ (11,100) | |||||
Property, plant and equipment | 12,919,618 | $ 12,501,809 | $ 12,930,652 | $ 10,065,335 | $ 10,498,149 | |
cost of restoration | 45,600 | 56,200 | ||||
Other financial liabilities | $ 1,885,660 | 1,794,286 | 1,619,979 | 3,147,000 | ||
Bottom of range [member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | ||||||
Proportion of voting rights held in associate | 20.00% | |||||
Top of range [member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | ||||||
Proportion of voting rights held in associate | 50.00% | |||||
Increase (decrease) due to application of IFRS 15 [member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | ||||||
Performance obligations | $ 60,800 | |||||
Reclassification of performance obligations | 16,800 | |||||
Adoption Impact of IFRS 16 [Member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | ||||||
Property, plant and equipment | [1] | 2,548,400 | $ 2,865,300 | $ 2,931,101,000 | ||
Right-of-use assets | 36,700 | 39,400 | ||||
Increase (decrease) through appropriation of retained earnings, equity | $ 378,700 | $ 506,600 | ||||
Increase decrease in other reserves | $ 205,900 | |||||
Computer software [member] | Bottom of range [member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | ||||||
Useful Lives Or Amortisation Rates Intangible Assets Other Than Goodwill | 3 | |||||
Computer software [member] | Top of range [member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | ||||||
Useful Lives Or Amortisation Rates Intangible Assets Other Than Goodwill | 10 years | |||||
Contract Costs [Member] | Increase (decrease) due to application of IFRS 15 [member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | ||||||
Fee and commission expense | $ 22,000 | |||||
Travel expense | 15,600 | |||||
Reclassification of commissions expenses | 16,800 | |||||
Contract Liabilities [Member] | Increase (decrease) due to application of IFRS 15 [member] | ||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | ||||||
Ground transportation service | 15,600 | |||||
Traveler's checks | $ 6,600 | |||||
[1] | Company recognized under Property, plant and equipment right of use assets for US $ 2,865.3 million as of January 1, 2018 and US $ 2,548.4 as of December 31, 2018, associated with contracts that meet the definition of lease (Note 2.21 & 17). |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of impacts of the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | |||
Current assets | |||||||||
Other non-financial assets, current | $ 313,449 | $ 290,476 | $ 275,549 | $ 244,778 | $ 212,242 | ||||
Trade debtors and other accounts receivable, current | 1,244,348 | 1,162,582 | 1,202,945 | 1,202,945 | |||||
Non-current assets | |||||||||
Other non-financial assets, non current | 204,928 | 227,541 | 220,807 | 212,203 | |||||
Properties, plants and equipment | 12,919,618 | 12,501,809 | 10,065,335 | 12,930,652 | 10,498,149 | ||||
Deferred tax assets | 235,583 | 273,529 | 370,115 | 370,564 | |||||
Current liabilities | |||||||||
Other current financial liabilities | 1,430,789,000 | 1,300,949 | 1,300,949,000 | 1,839,528 | |||||
Trade and other accounts payables | 619,110 | 529,277 | 1,673,010 | 1,695,202,000 | |||||
Other non current financial liabilities | 2,901,603 | 2,823,963,000 | |||||||
Non-current liabilities | |||||||||
Other non current financial liabilities | 8,530,418 | 8,359,462 | 6,605,508 | 9,433,450 | 6,796,952 | ||||
Accounts payable commercial and other | 2,222,874 | 1,674,303 | 498,832 | 1,668,612 | 359,391 | ||||
Deferred tax liability | 616,803 | 786,571 | 953,148 | 877,748 | 915,759 | ||||
Equity attributable to the owners of the parent | |||||||||
Accumulated earnings | 352,272 | 218,971 | 465,569 | (41,012) | 366,404 | ||||
Other reserves | (367,577) | (4,365) | 554,884 | 760,761 | 580,870 | ||||
Non-controlling interest | $ (1,605) | 79,908 | 91,147 | 90,457 | 88,644 | ||||
Adoption Impact of IFRS 16 [Member] | |||||||||
Current assets | |||||||||
Other non-financial assets, current | (30,501,000) | [1] | (30,771,000) | (25,567,000) | |||||
Non-current assets | |||||||||
Other non-financial assets, non current | (6,200,000) | [1] | (8,604,000) | ||||||
Properties, plants and equipment | [1] | 2,548,400 | 2,865,300 | 2,931,101,000 | |||||
Deferred tax assets | [2] | 201,000 | 449,000 | ||||||
Current liabilities | |||||||||
Other current financial liabilities | [3] | 363,497,000 | 319,030,000 | 311,307,000 | |||||
Trade and other accounts payables | (4,398,000) | ||||||||
Non-current liabilities | |||||||||
Other non current financial liabilities | [3] | 2,494,552,000 | 2,827,942,000 | 2,881,149,000 | |||||
Accounts payable commercial and other | [1] | 45,621,000 | 60,611,000 | 20,065,000 | |||||
Deferred tax liability | (85,550,000) | [2] | (75,400,000) | (61,343,000) | |||||
Equity attributable to the owners of the parent | |||||||||
Accumulated earnings | (378,705,000) | [4] | (506,581,000) | (460,173,000) | |||||
Other reserves | 72,561,000 | [4] | 205,877,000 | 215,299,000 | [4] | ||||
Non-controlling interest | $ (32,000) | [4] | (690,000) | $ (771,000) | |||||
Restated [Member] | |||||||||
Current assets | |||||||||
Other non-financial assets, current | 244,778,000 | $ 186,675 | |||||||
Trade debtors and other accounts receivable, current | 1,202,945,000 | ||||||||
Non-current assets | |||||||||
Other non-financial assets, non current | 212,203,000 | ||||||||
Properties, plants and equipment | 12,930,652,000 | 13,429,250 | |||||||
Deferred tax assets | 370,564,000 | ||||||||
Current liabilities | |||||||||
Other current financial liabilities | 1,619,979,000 | 2,150,835 | |||||||
Trade and other accounts payables | 1,668,612,000 | ||||||||
Other non current financial liabilities | 2,901,603,000 | ||||||||
Non-current liabilities | |||||||||
Other non current financial liabilities | 9,433,450,000 | 9,678,101 | |||||||
Accounts payable commercial and other | 559,443,000 | 379,456 | |||||||
Deferred tax liability | 877,748,000 | 854,416 | |||||||
Equity attributable to the owners of the parent | |||||||||
Accumulated earnings | (41,012,000) | (93,769) | |||||||
Other reserves | 760,761,000 | 796,169 | |||||||
Non-controlling interest | $ 90,457,000 | $ 87,873 | |||||||
Adoption Impact of IFRS 15 [Member] | |||||||||
Current assets | |||||||||
Other non-financial assets, current | [5] | 54,361,000 | |||||||
Non-current assets | |||||||||
Deferred tax assets | [6] | 6,005,000 | |||||||
Current liabilities | |||||||||
Trade and other accounts payables | (22,192,000) | ||||||||
Other non current financial liabilities | [7] | 77,640,000 | |||||||
Non-current liabilities | |||||||||
Deferred tax liability | 4,472,000 | ||||||||
Equity attributable to the owners of the parent | |||||||||
Accumulated earnings | 446,000 | ||||||||
Adoption of Impact IFRS 9 [Member] | |||||||||
Current assets | |||||||||
Trade debtors and other accounts receivable, current | (11,105,000) | ||||||||
Non-current assets | |||||||||
Deferred tax assets | [8] | 89,000 | |||||||
Non-current liabilities | |||||||||
Deferred tax liability | [8] | (1,021,000) | |||||||
Equity attributable to the owners of the parent | |||||||||
Accumulated earnings | $ (9,995,000) | ||||||||
[1] | Company recognized under Property, plant and equipment right of use assets for US $ 2,865.3 million as of January 1, 2018 and US $ 2,548.4 as of December 31, 2018, associated with contracts that meet the definition of lease (Note 2.21 & 17). | ||||||||
[2] | Deferred taxes: adjustments originated by the application of IFRS 16. | ||||||||
[3] | Lease liabilities: The Company recognized within the Other financial liabilities for lease for US$ 3,147.0 million as of January 1, 2018 and US$ 2,858.0 million as of December 31, 2018, associated with contracts that meet the definition of lease (Note 2.21 & 19). | ||||||||
[4] | The effect of the recognition of the leases under IFRS 16 generated a decrease in retained earnings of US$ 506.6 million as of January 1, 2018 (US$ 378.7 million as of December 31, 2018). The increase in Other reserves of US$ 205.9 million as of January 1, 2018 (decrease of US$ 72,5 million as of December 31, 2018), was caused by the Cumulative translation adjustment of those subsidiaries with functional currencies other than the US dollar. The application of IFRS 16 also affected non-controlling interests. | ||||||||
[5] | Contract costs: The Company has capitalized the costs related to the revenues from air transport of passengers, corresponding to: the commissions charged by the credit card administrators for US$ 22.0 million and the air ticket booking services through the system general distribution (GDS) for US$ 15.6 million. Additionally, there is a reclassification of commissions from travel agencies for US$ 16.8 million, which previously were presented, according IAS 18, net of the liability to fly in other non-financial liabilities. | ||||||||
[6] | Deferred tax adjustments originated by the application of IFRS 15. | ||||||||
[7] | Performance Obligations: The Company analyzed the moment in which the performance obligations identified in the contracts with customers must be recognized in the consolidated result. During this analysis, some concepts were identified which must be deferred until the moment of service provision, mainly related to land transportation services, charges for modifications to the initial contract in the sale of tickets and redeem of some products associated with loyalty programs for US$ 60.8 million. Additionally, there is the reclassification detailed in numeral (4) for US$ 16.8 million. | ||||||||
[8] | Deferred tax adjustments originated by the application of IFRS 9. |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of calculation of the impairment losses provision $ in Thousands | Dec. 31, 2019USD ($) |
Financial assets neither past due nor impaired [member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of calculation of the impairment losses provision [Line Items] | |
Expected loss rate | 1.00% |
Gross book value | $ 1,046,909 |
Impairment loss provision | $ (13,570) |
Not later than three months [member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of calculation of the impairment losses provision [Line Items] | |
Expected loss rate | 21.00% |
Gross book value | $ 36,241 |
Impairment loss provision | $ (7,774) |
Later than three months and not later than six months [member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of calculation of the impairment losses provision [Line Items] | |
Expected loss rate | 46.00% |
Gross book value | $ 12,001 |
Impairment loss provision | $ (5,499) |
Later than six months and not later than one year [member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of calculation of the impairment losses provision [Line Items] | |
Expected loss rate | 67.00% |
Gross book value | $ 14,623 |
Impairment loss provision | $ (9,803) |
Later than one year [member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of calculation of the impairment losses provision [Line Items] | |
Expected loss rate | 94.00% |
Gross book value | $ 66,022 |
Impairment loss provision | $ (61,787) |
Total [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of calculation of the impairment losses provision [Line Items] | |
Expected loss rate | 8.00% |
Gross book value | $ 1,175,796 |
Impairment loss provision | $ (98,433) |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | $ 3,013,536 | $ 3,013,536 | |||
Balance | 10,101,251 | 10,101,251 | |||
Other current financial liabilities | $ 1,885,660 | $ 1,794,286 | |||
Trade accounts payable and other accounts payable, current | 2,222,874 | 1,674,303 | 498,832 | 1,668,612 | $ 359,391 |
Accounts payable to related entities, current | 56 | 382 | 760 | ||
Other financial liabilities, not current | 8,530,418 | 8,359,462 | 6,605,508 | 9,433,450 | 6,796,952 |
Accounts payable, not current | |||||
Cash and cash equivalents | 1,072,579 | 1,081,642 | 1,142,004 | 949,327 | |
Other financial assets, current | 499,504 | 383,984 | 559,919 | ||
Trade debtors and other accounts receivable, current | 1,244,348 | 1,162,582 | 1,202,945 | 1,202,945 | |
Accounts receivable from entities related, current | |||||
Other financial assets, non-current | 313,449 | 290,476 | 275,549 | 244,778 | $ 212,242 |
Accounts receivable, non-current | |||||
Hedge Derivatives [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Other current financial liabilities | 50,372 | 25,921 | |||
Trade accounts payable and other accounts payable, current | |||||
Accounts payable to related entities, current | |||||
Cash and cash equivalents | |||||
Other financial assets, current | 76,175 | 23,355 | |||
Trade debtors and other accounts receivable, current | |||||
Other financial assets, non-current | |||||
Measured At Amortized Cost [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Other current financial liabilities | 1,835,288 | 1,760,653 | |||
Trade accounts payable and other accounts payable, current | 2,222,874 | 1,674,303 | |||
Accounts payable to related entities, current | 56 | 382 | |||
Cash and cash equivalents | 850,485 | 1,037,989 | |||
Other financial assets, current | 36,660 | 16,203 | |||
Trade debtors and other accounts receivable, current | 1,244,348 | 1,162,582 | |||
Other financial assets, non-current | 46,907 | 58,700 | |||
At Fair Value With Changes In Results [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Other current financial liabilities | 7,712 | ||||
Trade accounts payable and other accounts payable, current | |||||
Accounts payable to related entities, current | |||||
Cash and cash equivalents | 222,094 | 43,653 | |||
Other financial assets, current | 386,669 | 344,426 | |||
Trade debtors and other accounts receivable, current | |||||
Other financial assets, non-current | |||||
Classification IAS 39 [Member] | Loans and receivables, category [member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | 2,446,864 | ||||
Cash and cash equivalents | (1,112,346) | ||||
Other financial assets, current | (23,918) | ||||
Trade debtors and other accounts receivable, current | (1,214,050) | ||||
Accounts receivable from entities related, current | (2,582) | ||||
Other financial assets, non-current | (87,077) | ||||
Accounts receivable, non-current | (6,891) | ||||
Classification IAS 39 [Member] | Hedge Derivatives [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | 62,867 | 62,867 | |||
Cash and cash equivalents | |||||
Other financial assets, current | |||||
Trade debtors and other accounts receivable, current | |||||
Accounts receivable from entities related, current | |||||
Other financial assets, non-current | |||||
Accounts receivable, non-current | |||||
Classification IAS 39 [Member] | Held For Trading [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | 1,915 | ||||
Cash and cash equivalents | |||||
Other financial assets, current | (1,421) | ||||
Trade debtors and other accounts receivable, current | |||||
Accounts receivable from entities related, current | |||||
Other financial assets, non-current | (494) | ||||
Accounts receivable, non-current | |||||
Classification IAS 39 [Member] | Financial assets at fair value through profit or loss, category [member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | 501,890 | ||||
Cash and cash equivalents | (29,658) | ||||
Other financial assets, current | (472,232) | ||||
Trade debtors and other accounts receivable, current | |||||
Accounts receivable from entities related, current | |||||
Other financial assets, non-current | |||||
Accounts receivable, non-current | |||||
Classification IFRS 9 [Member] | Measured At Amortized Cost [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | 2,446,864 | ||||
Cash and cash equivalents | 1,112,346 | ||||
Other financial assets, current | 23,918 | ||||
Trade debtors and other accounts receivable, current | 1,214,050 | ||||
Accounts receivable from entities related, current | 2,582 | ||||
Other financial assets, non-current | 87,077 | ||||
Accounts receivable, non-current | 6,891 | ||||
Classification IFRS 9 [Member] | At Fair Value With Changes In Results [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | 503,805 | ||||
Cash and cash equivalents | 29,658 | ||||
Other financial assets, current | 473,653 | ||||
Trade debtors and other accounts receivable, current | |||||
Accounts receivable from entities related, current | |||||
Other financial assets, non-current | 494 | ||||
Accounts receivable, non-current | |||||
Other Financial Liabilities [Member] | Classification IAS 39 [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | 10,086,434 | ||||
Other current financial liabilities | (1,288,749) | ||||
Trade accounts payable and other accounts payable, current | (1,695,202) | ||||
Accounts payable to related entities, current | (760) | ||||
Other financial liabilities, not current | (6,602,891) | ||||
Accounts payable, not current | (498,832) | ||||
Held Hedge Derivatives [Member] | Classification IAS 39 [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | 14,817 | 14,817 | |||
Other current financial liabilities | |||||
Trade accounts payable and other accounts payable, current | |||||
Accounts payable to related entities, current | |||||
Other financial liabilities, not current | |||||
Accounts payable, not current | |||||
Measured At Amortized Cost [Member] | Classification IFRS 9 [Member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of classification of financial assets and liabilities [Line Items] | |||||
Balance | $ 10,086,434 | ||||
Other current financial liabilities | 1,288,749 | ||||
Trade accounts payable and other accounts payable, current | 1,695,202 | ||||
Accounts payable to related entities, current | 760 | ||||
Other financial liabilities, not current | 6,602,891 | ||||
Accounts payable, not current | $ 498,832 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | $ 10,070,063 | $ 9,895,456 | $ 9,613,907 |
Cost of sales | 7,951,269 | 7,773,432 | 7,279,358 |
Gross margin | 2,118,794 | 2,122,024 | 2,334,549 |
Other income | 360,864 | 472,758 | 549,889 |
Distribution costs | 580,046 | 615,214 | 696,784 |
Administrative expenses | 735,218 | 736,333 | 952,768 |
Other expenses | 422,792 | 356,250 | 365,460 |
Other gains (losses) | 11,525 | 53,499 | (7,754) |
Income from operation activities | 753,127 | 940,484 | 861,672 |
Financial income | 26,283 | 53,253 | 78,695 |
Financial costs | 589,934 | 539,137 | 579,233 |
Foreign exchange gains (losses) | (32,571) | (38,070) | (48,498) |
Result of indexation units | 499,504 | 383,984 | 559,919 |
Income (loss) before taxes | 141,916 | 415,665 | 313,384 |
Income (loss) tax expense / benefit | (53,697) | 73,879 | 158,998 |
NET INCOME (LOSS) FOR THE PERIOD | 195,613 | 341,786 | 154,386 |
Income (loss) attributable to owners of the parent | 190,430 | 309,811 | 108,896 |
Income (loss) attributable to non- controlling interest | $ 5,183 | 31,975 | 45,490 |
Results Under IAS 17 [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | 9,613,907 | ||
Cost of sales | (7,441,849) | ||
Gross margin | 2,172,058 | ||
Other income | 549,889 | ||
Distribution costs | (699,600) | ||
Administrative expenses | (938,931) | ||
Other expenses | (368,883) | ||
Other gains (losses) | (7,754) | ||
Income from operation activities | 706,779 | ||
Financial income | 78,695 | ||
Financial costs | (393,286) | ||
Foreign exchange gains (losses) | (18,718) | ||
Result of indexation units | 748 | ||
Income (loss) before taxes | 374,218 | ||
Income (loss) tax expense / benefit | (173,504) | ||
NET INCOME (LOSS) FOR THE PERIOD | 200,714 | ||
Income (loss) attributable to owners of the parent | 155,304 | ||
Income (loss) attributable to non- controlling interest | 45,410 | ||
Adoption Impact of IFRS 16 [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | |||
Cost of sales | 189,411 | 162,491 | |
Gross margin | 189,411 | 162,491 | |
Other income | |||
Distribution costs | 3,986 | 2,816 | |
Administrative expenses | (15,063) | (13,837) | |
Other expenses | 3,531 | 3,423 | |
Other gains (losses) | |||
Income from operation activities | 181,865 | 154,893 | |
Financial income | |||
Financial costs | (182,868) | (185,947) | |
Foreign exchange gains (losses) | 119,639 | (29,780) | |
Result of indexation units | |||
Income (loss) before taxes | 118,636 | (60,834) | |
Income (loss) tax expense / benefit | 9,903 | 14,506 | |
NET INCOME (LOSS) FOR THE PERIOD | 128,539 | (46,328) | |
Income (loss) attributable to owners of the parent | 127,876 | (46,408) | |
Income (loss) attributable to non- controlling interest | 663 | 80 | |
Results Under IFRS 16 [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | 9,613,907 | ||
Cost of sales | (7,279,358) | ||
Gross margin | 2,334,549 | ||
Other income | 549,889 | ||
Distribution costs | (696,784) | ||
Administrative expenses | (952,768) | ||
Other expenses | (365,460) | ||
Other gains (losses) | (7,754) | ||
Income from operation activities | 861,672 | ||
Financial income | 78,695 | ||
Financial costs | (579,233) | ||
Foreign exchange gains (losses) | (48,498) | ||
Result of indexation units | 748 | ||
Income (loss) before taxes | 313,384 | ||
Income (loss) tax expense / benefit | (158,998) | ||
NET INCOME (LOSS) FOR THE PERIOD | 154,386 | ||
Income (loss) attributable to owners of the parent | 108,896 | ||
Income (loss) attributable to non- controlling interest | $ 45,490 | ||
Results Under IFRS 15 Published [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | 9,895,456 | ||
Cost of sales | (7,962,843) | ||
Gross margin | 1,932,613 | ||
Other income | 472,758 | ||
Distribution costs | (619,200) | ||
Administrative expenses | (721,270) | ||
Other expenses | (359,781) | ||
Other gains (losses) | 53,499 | ||
Income from operation activities | 758,619 | ||
Financial income | 53,253 | ||
Financial costs | (356,269) | ||
Foreign exchange gains (losses) | (157,709) | ||
Result of indexation units | (865) | ||
Income (loss) before taxes | 297,029 | ||
Income (loss) tax expense / benefit | (83,782) | ||
NET INCOME (LOSS) FOR THE PERIOD | 213,247 | ||
Income (loss) attributable to owners of the parent | 181,935 | ||
Income (loss) attributable to non- controlling interest | 31,312 | ||
Results Under IFRS 15 Restated IFRS 16 [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | 9,895,456 | ||
Cost of sales | (7,773,432) | ||
Gross margin | 2,122,024 | ||
Other income | 472,758 | ||
Distribution costs | (615,214) | ||
Administrative expenses | (736,333) | ||
Other expenses | (356,250) | ||
Other gains (losses) | 53,499 | ||
Income from operation activities | 940,484 | ||
Financial income | 53,253 | ||
Financial costs | (539,137) | ||
Foreign exchange gains (losses) | (38,070) | ||
Result of indexation units | (865) | ||
Income (loss) before taxes | 415,665 | ||
Income (loss) tax expense / benefit | (73,879) | ||
NET INCOME (LOSS) FOR THE PERIOD | 341,786 | ||
Income (loss) attributable to owners of the parent | 309,811 | ||
Income (loss) attributable to non- controlling interest | 31,975 | ||
Contract Costs [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | |||
Cost of sales | |||
Gross margin | |||
Other income | |||
Distribution costs | (43) | ||
Administrative expenses | (806) | ||
Other expenses | |||
Other gains (losses) | |||
Income from operation activities | (849) | ||
Financial income | |||
Financial costs | |||
Foreign exchange gains (losses) | |||
Result of indexation units | |||
Income (loss) before taxes | (849) | ||
Income (loss) tax expense / benefit | (23) | ||
NET INCOME (LOSS) FOR THE PERIOD | (872) | ||
Income (loss) attributable to owners of the parent | (872) | ||
Income (loss) attributable to non- controlling interest | |||
Deferred Revenues Recognition [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | 48,561 | ||
Cost of sales | (34,986) | ||
Gross margin | 13,575 | ||
Other income | |||
Distribution costs | |||
Administrative expenses | |||
Other expenses | |||
Other gains (losses) | |||
Income from operation activities | 13,575 | ||
Financial income | |||
Financial costs | |||
Foreign exchange gains (losses) | |||
Result of indexation units | |||
Income (loss) before taxes | 13,575 | ||
Income (loss) tax expense / benefit | (1,030) | ||
NET INCOME (LOSS) FOR THE PERIOD | 12,545 | ||
Income (loss) attributable to owners of the parent | 12,545 | ||
Income (loss) attributable to non- controlling interest | |||
Reclassifications [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | 31,501 | ||
Cost of sales | |||
Gross margin | 31,501 | ||
Other income | 42,563 | ||
Distribution costs | (20,003) | ||
Administrative expenses | (54,061) | ||
Other expenses | |||
Other gains (losses) | |||
Income from operation activities | |||
Financial income | |||
Financial costs | |||
Foreign exchange gains (losses) | |||
Result of indexation units | |||
Income (loss) before taxes | |||
Income (loss) tax expense / benefit | |||
NET INCOME (LOSS) FOR THE PERIOD | |||
Income (loss) attributable to owners of the parent | |||
Income (loss) attributable to non- controlling interest | |||
Results Under IAS 18 [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of effects of changes recognized in the application of IFRS [Line Items] | |||
Revenue | 9,975,518 | ||
Cost of sales | (7,808,418) | ||
Gross margin | 2,167,100 | ||
Other income | 515,321 | ||
Distribution costs | (635,260) | ||
Administrative expenses | (791,200) | ||
Other expenses | (356,250) | ||
Other gains (losses) | 53,499 | ||
Income from operation activities | 953,210 | ||
Financial income | 53,253 | ||
Financial costs | (539,137) | ||
Foreign exchange gains (losses) | (38,070) | ||
Result of indexation units | (865) | ||
Income (loss) before taxes | 428,391 | ||
Income (loss) tax expense / benefit | (74,932) | ||
NET INCOME (LOSS) FOR THE PERIOD | 353,459 | ||
Income (loss) attributable to owners of the parent | 321,484 | ||
Income (loss) attributable to non- controlling interest | $ 31,975 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of impact recognized as a result of the adoption of IFRS 16 - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of impact recognized as a result of the adoption of IFRS 16 [Line Items] | ||||
Payments to suppliers for goods and services | $ (6,663,875) | $ (6,775,003) | $ (6,202,631) | |
Net cash flows from operating activities | 2,826,667 | 2,073,316 | 2,186,823 | |
Loans repayments | 1,860,455 | 1,738,348 | 2,174,092 | |
Payments of finance lease liabilities | ||||
Payments of lease liabilities | (373,439) | (338,179) | ||
Interest paid | 550,877 | 540,303 | 571,627 | |
Net cash flows (used in) financing activities | $ (1,343,521) | (1,608,597) | (1,699,171) | |
Previously stated [member] | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of impact recognized as a result of the adoption of IFRS 16 [Line Items] | ||||
Payments to suppliers for goods and services | (7,331,390) | (6,722,713) | ||
Net cash flows from operating activities | (7,331,390) | (6,722,713) | ||
Loans repayments | (1,045,662) | (1,829,191) | ||
Payments of finance lease liabilities | (692,687) | (344,901) | ||
Payments of lease liabilities | ||||
Interest paid | (357,355) | (389,724) | ||
Net cash flows (used in) financing activities | (2,095,704) | (2,563,816) | ||
Adoption Impact IFRS 16 [Member] | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of impact recognized as a result of the adoption of IFRS 16 [Line Items] | ||||
Payments to suppliers for goods and services | [1] | 556,387 | 520,082 | |
Net cash flows from operating activities | 556,387 | 520,082 | ||
Loans repayments | [2] | (692,687) | (344,901) | |
Payments of finance lease liabilities | [2] | 692,687 | 344,901 | |
Payments of lease liabilities | [1] | (373,439) | (338,179) | |
Interest paid | [1] | (182,948) | (181,903) | |
Net cash flows (used in) financing activities | $ (556,387) | $ (520,082) | ||
[1] | Correspond to the reclassification of lease payments, principal to payment of lease liability and interest to interest paid. | |||
[2] | Correspond to the reclassification of leases payments previously classified as financial lease. |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Vertical fall in cost of total fuel consumption | $ 121,800,000 | |
Vertical rise in cost of total fuel consumption | $ 114,200,000 | |
Derivative net of premiums | 6,200,000 | |
Liquidity risk [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Financial instruments designated as hedging instruments, at fair value | 15,800,000 | |
Liquid funds balance | 1,459,000,000 | 1,404,000,000 |
Undrawn committed credit line | 600,000,000 | 600,000,000 |
Derivative margin guarantees for cash and stand-by letters of credit | 23,700,000 | $ 5 |
Foreign Exchange Rate Risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Financial instruments designated as hedging instruments, at fair value | $ 40,000 | |
Percentage of fixed to fluctuations in interest rate | 10.00% | |
Interest rate risk [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Percentage of fixed to fluctuations in interest rate | 62.00% | 60.00% |
Fair Value Of Fuel Price Derivatives [Member] | Fuel-Price Risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Gains (losses) on hedging instrument, fair value hedges | $ 1,900,000 | |
Foreign Forward Instrument [Member] | Currency risk [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Gains (losses) on hedging instrument, fair value hedges | $ 18,300,000 | |
Interest Rate Derivative Contracts [Member] | Interest rate risk [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Financial instruments designated as hedging instruments, at fair value | 2,600,000 | 2.2 |
Fuel options [Member] | Fuel-Price Risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Gains (losses) on hedging instrument, fair value hedges | 23,100,000 | 29,700,000 |
Financial instruments designated as hedging instruments, at fair value | 48,500,000 | |
Foreign Forward Instrument [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Derivatives to BRL | 15,000,000 | |
Currency swap contract [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Financial instruments designated as hedging instruments, at fair value | $ 22,700,000 | $ 15,100,000 |
Percentage of fixed to fluctuations in interest rate | 10.00% |
FINANCIAL RISK MANAGEMENT (De_2
FINANCIAL RISK MANAGEMENT (Details) - Schedule of level of hedge | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of level of hedge [Abstract] | ||||||||||
Percentage of coverage over the expected volume of consumption | 19.00% | 20.00% | 61.00% | 65.00% | 15.00% | 40.00% | 58.00% | 66.00% | 41.00% | 45.00% |
FINANCIAL RISK MANAGEMENT (De_3
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - Fuel options [Member] - Fuel-Price Risk [Member] - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Benchmark price (in Dollars per share) | $ 5 | |
Positions effect on equity | $ 15.4 | $ 7.4 |
Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Benchmark price (in Dollars per share) | $ (5) | |
Positions effect on equity | $ (34.5) | $ (5.5) |
FINANCIAL RISK MANAGEMENT (De_4
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
TAM S.A [Member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | (10.00%) | |
Positions effect on equity | $ 9,500 | $ 39,800 |
TAM S.A [Member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | 10.00% | |
Positions effect on equity | (9,500) | $ (39,800) |
TAM S.A. and Subsidiaries [Member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | (10.00%) | |
Positions effect on equity | 402,480 | $ 384,730 |
TAM S.A. and Subsidiaries [Member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | 10.00% | |
Positions effect on equity | (329,290) | $ (314,780) |
Foreign Exchange Rate Risk [Member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | (10.00%) | |
Positions effect on equity | (600) | |
Foreign Exchange Rate Risk [Member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | 10.00% | |
Positions effect on equity | $ 1,100 |
FINANCIAL RISK MANAGEMENT (De_5
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - Interest Rate Derivative Contracts [Member] - Interest rate risk [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Increase (decrease) futures curve in libor 3 months | +100 basis points | |
Positions on effect on profit or loss before tax | $ (27,600) | $ (29,620) |
Positions effect on equity | $ (27,600) | (29,620) |
Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Increase (decrease) futures curve in libor 3 months | -100 basis points | |
Positions on effect on profit or loss before tax | $ 27,600 | 29,620 |
Positions effect on equity | $ 27,600 | $ 29,620 |
FINANCIAL RISK MANAGEMENT (De_6
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | Total consolidated | Total consolidated |
Up to 90 days | $ 2,287,910 | $ 2,058,082 |
More than 90 days to one year | 1,635,412 | 1,553,559 |
More than one to three years | 3,517,382 | 4,130,735 |
More than three to five years | 2,918,927 | 2,408,124 |
More than five years | 3,797,690 | 3,429,902 |
Total | 14,157,321 | 13,580,402 |
Nominal Value | $ 12,054,695 | $ 11,521,527 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | Total | Total |
Up to 90 days | $ 461,295 | $ 534,959 |
More than 90 days to one year | 1,013,822 | 1,039,060 |
More than one to three years | 2,391,950 | 2,866,810 |
More than three to five years | 1,972,457 | 1,555,906 |
More than five years | 2,410,030 | 2,098,861 |
Total | 8,249,554 | 8,095,596 |
Nominal Value | $ 6,933,927 | $ 6,989,299 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BBVA [Member] | Loans To Exporters [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.032.000-8 | 97.032.000-8 |
Creditor | BBVA | BBVA |
Creditor country | Chile | Chile |
Currency | US$ | US$ |
Up to 90 days | $ 24,387 | $ 38,625 |
More than 90 days to one year | 76,256 | 76,275 |
More than one to three years | ||
More than three to five years | ||
More than five years | ||
Total | 100,643 | 114,900 |
Nominal Value | $ 99,000 | $ 113,000 |
Amortization | At Expiration | At Expiration |
Effective rate % | 3.29% | 3.36% |
Nominal rate % | 3.29% | 3.36% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BANCO DO BRASIL [Member] | Loans To Exporters [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.003.000-K | 97.003.000-K |
Creditor | BANCO DO BRASIL | BANCO DO BRASIL |
Creditor country | Chile | Chile |
Currency | US$ | US$ |
Up to 90 days | $ 151,489 | $ 201,884 |
More than 90 days to one year | 50,758 | |
Total | 202,247 | 201,884 |
Nominal Value | $ 200,000 | $ 200,000 |
Amortization | At Expiration | At Expiration |
Effective rate % | 2.93% | 3.64% |
Nominal rate % | 2.93% | 3.64% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | HSBC [Member] | Loans To Exporters [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 76.100.458-1 | 97.951.000-4 |
Creditor | HSBC | HSBC |
Creditor country | Chile | Chile |
Currency | US$ | US$ |
Up to 90 days | $ 12,098 | $ 12,094 |
Total | 12,098 | 12,094 |
Nominal Value | $ 12,000 | $ 12,000 |
Amortization | At Expiration | At Expiration |
Effective rate % | 3.25% | 3.14% |
Nominal rate % | 3.25% | 3.14% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BLADEX [Member] | Loans To Exporters [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 76.100.458-1 | |
Creditor | BLADEX | |
Creditor country | Chile | |
Currency | US$ | |
More than 90 days to one year | $ 29,277 | |
Total | 29,277 | |
Nominal Value | $ 29,000 | |
Amortization | At Expiration | |
Effective rate % | 2.82% | |
Nominal rate % | 2.82% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BLADEX [Member] | Bank Loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | BLADEX | |
Creditor country | U.S.A. | |
Currency | US$ | |
More than 90 days to one year | $ 15,766 | |
Total | 15,766 | |
Nominal Value | $ 15,000 | |
Amortization | Semiannual | |
Effective rate % | 6.74% | |
Nominal rate % | 6.74% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | CORP BANCA [Member] | Bank Loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.023.000-9 | 97.023.000-9 |
Creditor | CORPBANCA | CORPBANCA |
Creditor country | Chile | Chile |
Currency | UF | UF |
Up to 90 days | $ 5,336 | $ 5,778 |
More than 90 days to one year | 10,544 | 17,086 |
More than one to three years | 16,662 | |
Total | 15,880 | 39,526 |
Nominal Value | $ 15,615 | $ 38,231 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.35% | 3.35% |
Nominal rate % | 3.35% | 3.35% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BTG PACTUAL CHILE [Member] | Bank Loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 76.362.099-9 | 76.362.099-9 |
Creditor | BTG PACTUAL CHILE | BTG |
Creditor country | Chile | Chile |
Currency | UF | UF |
Up to 90 days | $ 484 | $ 510 |
More than 90 days to one year | 1,451 | 1,531 |
More than one to three years | 63,872 | 69,435 |
Total | 65,807 | 71,476 |
Nominal Value | $ 62,769 | $ 65,862 |
Amortization | At Expiration | At Expiration |
Effective rate % | 3.10% | 3.10% |
Nominal rate % | 3.10% | 3.10% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | SANTANDER [Member] | Bank Loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | SANTANDER | |
Creditor country | Spain | |
Currency | US$ | |
Up to 90 days | $ 1,514 | |
More than 90 days to one year | 4,809 | |
More than one to three years | 141,719 | |
Total | 148,042 | |
Nominal Value | $ 137,860 | |
Amortization | Quarterly | |
Effective rate % | 3.62% | |
Nominal rate % | 4.61% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | SANTANDER [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 6,340 | |
More than 90 days to one year | 19,025 | |
More than one to three years | 49,945 | |
More than three to five years | 26,779 | |
Total | 102,089 | |
Nominal Value | $ 95,022 | |
Amortization | Quarterly | |
Effective rate % | 3.68% | |
Nominal rate % | 3.14% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BANCO ESTADO [Member] | Obligations with the public Member | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.030.000-7 | |
Creditor | BANCO ESTADO | |
Creditor country | Chile | |
Currency | UF | |
More than 90 days to one year | $ 24,702 | |
More than one to three years | 208,681 | |
More than three to five years | 32,228 | |
More than five years | 410,774 | |
Total | 676,385 | |
Nominal Value | $ 518,032 | |
Amortization | At Expiration | |
Effective rate % | 4.81% | |
Nominal rate % | 4.81% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BANK OF NEWYORK [Member] | Obligations with the public Member | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | BANK OF NEW YORK | BANK OF NEW YORK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 28,000 | |
More than 90 days to one year | 76,125 | $ 84,375 |
More than one to three years | 208,250 | 614,375 |
More than three to five years | 884,188 | 96,250 |
More than five years | 884,000 | 724,063 |
Total | 2,080,563 | 1,519,063 |
Nominal Value | $ 1,500,000 | $ 1,200,000 |
Amortization | At Expiration | At Expiration |
Effective rate % | 7.16% | 7.44% |
Nominal rate % | 6.94% | 7.03% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BNP PARIBAS [Member] | Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | BNP PARIBAS | BNP PARIBAS |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 11,657 | $ 14,741 |
More than 90 days to one year | 50,428 | 61,973 |
More than one to three years | 124,106 | 152,826 |
More than three to five years | 124,167 | 145,252 |
More than five years | 302,092 | 250,387 |
Total | 612,450 | 625,179 |
Nominal Value | $ 513,941 | $ 511,698 |
Amortization | Quarterly / Semiannual | Quarterly |
Effective rate % | 3.81% | 4.55% |
Nominal rate % | 3.81% | 4.55% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BNP PARIBAS [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | BNP PARIBAS | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 8,467 | |
More than 90 days to one year | 25,214 | |
More than one to three years | 26,933 | |
More than three to five years | 1,641 | |
Total | 62,255 | |
Nominal Value | $ 59,567 | |
Amortization | Quarterly | |
Effective rate % | 3.90% | |
Nominal rate % | 3.58% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | WILMINGTON TRUST [Member] | Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | WILMINGTON TRUST COMPANY | WILMINGTON TRUST COMPANY |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 31,733 | $ 31,336 |
More than 90 days to one year | 94,096 | 96,304 |
More than one to three years | 244,836 | 248,720 |
More than three to five years | 237,815 | 289,251 |
More than five years | 438,659 | 509,168 |
Total | 1,047,139 | 1,174,779 |
Nominal Value | $ 866,223 | $ 952,758 |
Amortization | Quarterly | Quarterly |
Effective rate % | 4.45% | 4.47% |
Nominal rate % | 4.45% | 4.47% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | CITIBANKMember | Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | CITIBANK | CITIBANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 5,765 | $ 12,757 |
More than 90 days to one year | 17,296 | 38,398 |
More than one to three years | 46,120 | 102,062 |
More than three to five years | 46,117 | 77,710 |
More than five years | 42,175 | 65,232 |
Total | 157,473 | 296,159 |
Nominal Value | $ 143,475 | $ 269,365 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.76% | 3.82% |
Nominal rate % | 2.68% | 2.93% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | NATIXISMember | Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | NATIXIS | NATIXIS |
Creditor country | France | France |
Currency | US$ | US$ |
Up to 90 days | $ 13,365 | $ 14,027 |
More than 90 days to one year | 40,159 | 42,132 |
More than one to three years | 99,556 | 111,528 |
More than three to five years | 86,984 | 92,228 |
More than five years | 79,724 | 124,910 |
Total | 319,788 | 384,825 |
Nominal Value | $ 282,906 | $ 324,524 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.82% | 4.69% |
Nominal rate % | 3.82% | 4.69% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | MUFG [Member] | Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | MUFG | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 5,552 | |
More than 90 days to one year | 27,068 | |
More than one to three years | 73,726 | |
More than three to five years | 73,914 | |
More than five years | 209,621 | |
Total | 389,881 | |
Nominal Value | $ 322,660 | |
Amortization | Quarterly | |
Effective rate % | 3.43% | |
Nominal rate % | 3.43% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | MUFG [Member] | Other Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | MUFG | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 26,607 | |
More than 90 days to one year | 78,955 | |
More than one to three years | 198,783 | |
More than three to five years | 46,131 | |
Total | 350,476 | |
Nominal Value | $ 328,023 | |
Amortization | Quarterly | |
Effective rate % | 3.54% | |
Nominal rate % | 3.54% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | INVESTEC [Member] | Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | INVESTEC | INVESTEC |
Creditor country | England | England |
Currency | US$ | US$ |
Up to 90 days | $ 1,980 | $ 2,004 |
More than 90 days to one year | 11,164 | 11,579 |
More than one to three years | 26,153 | 26,874 |
More than three to five years | 11,071 | 24,367 |
Total | 50,368 | 64,824 |
Nominal Value | $ 44,087 | $ 54,014 |
Amortization | Semiannual | Semiannual |
Effective rate % | 6.35% | 7.17% |
Nominal rate % | 6.35% | 7.17% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | Credit Agricole [Member] | Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 743 | |
More than 90 days to one year | 2,201 | |
More than one to three years | 5,718 | |
More than three to five years | 2,086 | |
Total | 10,748 | |
Nominal Value | $ 10,080 | |
Amortization | Quarterly | |
Effective rate % | 3.23% | |
Nominal rate % | 3.23% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | Credit Agricole [Member] | Other Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 2,326 | |
More than 90 days to one year | 6,740 | |
More than one to three years | 260,259 | |
Total | 269,325 | |
Nominal Value | $ 253,692 | |
Amortization | At Expiration | |
Effective rate % | 3.74% | |
Nominal rate % | 3.74% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | ING [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | ING | ING |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 4,025 | $ 4,025 |
More than 90 days to one year | 8,108 | 12,075 |
More than one to three years | 12,134 | |
Total | 12,133 | 28,234 |
Nominal Value | $ 11,806 | $ 26,831 |
Amortization | Quarterly | Quarterly |
Effective rate % | 5.71% | 5.70% |
Nominal rate % | 5.01% | 5.01% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | CREDITAGRICOLE [Member] | Other Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 2,576 | |
More than 90 days to one year | 8,380 | |
More than one to three years | 273,122 | |
Total | 284,078 | |
Nominal Value | $ 253,692 | |
Amortization | At Expiration | |
Effective rate % | 4.11% | |
Nominal rate % | 4.11% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | CREDITAGRICOLE [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 4,994 | |
More than 90 days to one year | 15,026 | |
More than one to three years | 6,671 | |
Total | 26,691 | |
Nominal Value | $ 26,091 | |
Amortization | Quarterly | |
Effective rate % | 3.15% | |
Nominal rate % | 2.52% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | CITIBANK [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | CITIBANK | CITIBANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 19,412 | $ 14,870 |
More than 90 days to one year | 56,148 | 44,570 |
More than one to three years | 117,881 | 83,389 |
More than three to five years | 16,653 | 42,178 |
Total | 210,094 | 185,007 |
Nominal Value | $ 200,907 | $ 172,158 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.39% | 4.40% |
Nominal rate % | 2.80% | 3.80% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | PEFCO [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | PEFCO | PEFCO |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 1,950 | $ 5,771 |
More than 90 days to one year | 1,950 | 13,541 |
More than one to three years | 3,899 | |
Total | 3,900 | 23,211 |
Nominal Value | $ 3,827 | $ 22,407 |
Amortization | Quarterly | Quarterly |
Effective rate % | 5.65% | 5.64% |
Nominal rate % | 5.03% | 5.02% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BNPPARIBAS1Member | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | BNP PARIBAS | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 9,353 | |
More than 90 days to one year | 25,211 | |
More than one to three years | 28,663 | |
More than three to five years | 22,502 | |
More than five years | 10,354 | |
Total | 96,083 | |
Nominal Value | $ 87,729 | |
Amortization | Quarterly | |
Effective rate % | 3.85% | |
Nominal rate % | 3.72% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | WELLSFARGOMember | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | WELLS FARGO | WELLS FARGO |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 35,251 | $ 35,458 |
More than 90 days to one year | 105,691 | 106,397 |
More than one to three years | 261,181 | 282,923 |
More than three to five years | 203,232 | 239,168 |
More than five years | 14,382 | 99,232 |
Total | 619,737 | 763,178 |
Nominal Value | $ 591,684 | $ 719,338 |
Amortization | Quarterly | Quarterly |
Effective rate % | 2.67% | 2.77% |
Nominal rate % | 1.98% | 2.09% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | SANTANDER1Member | Bank Loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 1,347 | |
More than 90 days to one year | 587 | |
More than one to three years | 102,521 | |
Total | 104,455 | |
Nominal Value | $ 102,521 | |
Amortization | Quarterly | |
Effective rate % | 5.60% | |
Nominal rate % | 5.60% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | SANTANDER1Member | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 6,145 | |
More than 90 days to one year | 18,394 | |
More than one to three years | 47,911 | |
More than three to five years | 3,158 | |
Total | 75,608 | |
Nominal Value | $ 72,551 | |
Amortization | Quarterly | |
Effective rate % | 3.00% | |
Nominal rate % | 2.46% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | RRP F ENGINE [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | RRPF ENGINE | RRPF ENGINE |
Creditor country | England | England |
Currency | US$ | US$ |
Up to 90 days | $ 1,152 | $ 1,167 |
More than 90 days to one year | 3,432 | 3,480 |
More than one to three years | 8,967 | 9,103 |
More than three to five years | 8,679 | 8,826 |
More than five years | 568 | 4,870 |
Total | 22,798 | 27,446 |
Nominal Value | $ 19,643 | $ 23,012 |
Amortization | Monthly | Monthly |
Effective rate % | 4.01% | 4.01% |
Nominal rate % | 4.01% | 4.01% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | APPLE BANK [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | APPLE BANK | APPLE BANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 1,661 | $ 1,711 |
More than 90 days to one year | 4,977 | 5,175 |
More than one to three years | 13,259 | 13,640 |
More than three to five years | 7,380 | 13,394 |
More than five years | 760 | |
Total | 27,277 | 34,680 |
Nominal Value | $ 25,708 | $ 31,544 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.33% | 3.93% |
Nominal rate % | 2.73% | 3.33% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BTMU [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | BTMU | BTMU |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 3,367 | $ 3,489 |
More than 90 days to one year | 10,081 | 10,485 |
More than one to three years | 26,827 | 27,605 |
More than three to five years | 14,153 | 27,062 |
More than five years | 775 | |
Total | 54,428 | 69,416 |
Nominal Value | $ 51,340 | $ 63,189 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.33% | 4.06% |
Nominal rate % | 2.73% | 3.46% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | NATIXIS [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | NATIXIS | NATIXIS |
Creditor country | France | France |
Currency | US$ | US$ |
Up to 90 days | $ 759 | $ 4,242 |
More than 90 days to one year | 2,299 | 9,870 |
More than one to three years | 2,330 | 9,815 |
More than three to five years | 563 | |
Total | 5,388 | 24,490 |
Nominal Value | $ 5,154 | $ 23,161 |
Amortization | Quarterly | Quarterly |
Effective rate % | 4.41% | 4.28% |
Nominal rate % | 4.41% | 4.12% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | KfWIP EX-Bank [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | KFW IPEX-BANK | KFW IPEX-BANK |
Creditor country | Germany | Germany |
Currency | US$ | US$ |
Up to 90 days | $ 1,804 | $ 1,764 |
More than 90 days to one year | 3,607 | 5,328 |
More than one to three years | 5,378 | |
Total | 5,411 | 12,470 |
Nominal Value | $ 5,328 | $ 12,215 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.55% | 4.20% |
Nominal rate % | 3.55% | 4.19% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | AIRBUS FINANCIAL [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | AIRBUS FINANCIAL | AIRBUS FINANCIAL |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 2,038 | $ 2,074 |
More than 90 days to one year | 5,746 | 6,197 |
More than one to three years | 7,840 | |
Total | 7,784 | 16,111 |
Nominal Value | $ 7,664 | $ 15,417 |
Amortization | Monthly | Monthly |
Effective rate % | 3.31% | 4.19% |
Nominal rate % | 3.31% | 4.19% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | US BANK [Member] | Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | US BANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 18,406 | |
More than 90 days to one year | 55,112 | |
More than one to three years | 146,045 | |
More than three to five years | 144,670 | |
More than five years | 86,076 | |
Total | 450,309 | |
Nominal Value | $ 411,684 | |
Amortization | Quarterly | |
Effective rate % | 4.00% | |
Nominal rate % | 2.82% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | US BANK [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | US BANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 18,328 | |
More than 90 days to one year | 54,864 | |
More than one to three years | 145,364 | |
More than three to five years | 140,555 | |
More than five years | 17,681 | |
Total | 376,792 | |
Nominal Value | $ 349,127 | |
Amortization | Quarterly | |
Effective rate % | 4.01% | |
Nominal rate % | 2.82% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | PK AirFinance [Member] | Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | PK AirFinance | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 2,490 | |
More than 90 days to one year | 7,663 | |
More than one to three years | 25,610 | |
More than three to five years | 3,153 | |
Total | 38,916 | |
Nominal Value | $ 37,615 | |
Amortization | Monthly | |
Effective rate % | 4.15% | |
Nominal rate % | 4.14% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | PK AirFinance [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | PK AIRFINANCE | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 2,652 | |
More than 90 days to one year | 8,136 | |
More than one to three years | 18,194 | |
Total | 28,982 | |
Nominal Value | $ 28,087 | |
Amortization | Monthly | |
Effective rate % | 3.45% | |
Nominal rate % | 3.45% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | CITIBANK [Member] | Other Loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | CITIBANK (*) | CITIBANK (*) |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 26,111 | $ 25,705 |
More than 90 days to one year | 78,742 | 77,703 |
More than one to three years | 103,341 | |
Total | 104,853 | 206,749 |
Nominal Value | $ 101,026 | $ 196,211 |
Amortization | Quarterly | Quarterly |
Effective rate % | 6.00% | 6.00% |
Nominal rate % | 6.00% | 6.00% |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | Others [Member] | Hedge Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | OTHERS | OTHERS |
Currency | US$ | US$ |
Up to 90 days | $ 1,224 | |
More than 90 days to one year | $ 11,582 | 2,484 |
More than one to three years | 18,641 | 681 |
More than three to five years | 13,530 | |
Total | 43,753 | 4,389 |
Nominal Value | $ 16,972 | $ 4,021 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BBVA1Member | Loans To Exporters [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.032.000-8 | |
Creditor | BBVA | |
Creditor country | Chile | |
Currency | UF | |
More than 90 days to one year | $ 52,490 | |
Total | 52,490 | |
Nominal Value | $ 50,785 | |
Amortization | At Expiration | |
Effective rate % | 3.31% | |
Nominal rate % | 3.31% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | SANTANDERMember | Loans To Exporters [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 23,070 | |
Total | 23,070 | |
Nominal Value | $ 23,000 | |
Amortization | At Expiration | |
Effective rate % | 3.90% | |
Nominal rate % | 3.90% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | ESTADOMember | Obligations with the public Member | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 97.030.000-7 | |
Creditor | ESTADO | |
Creditor country | Chile | |
Currency | UF | |
More than 90 days to one year | $ 18,985 | |
More than one to three years | 37,970 | |
More than three to five years | 196,970 | |
More than five years | 213,114 | |
Total | 467,039 | |
Nominal Value | $ 345,182 | |
Amortization | At Expiration | |
Effective rate % | 5.50% | |
Nominal rate % | 5.50% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | DVB BANK SE [Member] | Other Guaranteed Obligations [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | DVB BANK SE | |
Creditor country | Germany | |
Currency | US$ | |
Up to 90 days | $ 28,087 | |
More than 90 days to one year | 83,260 | |
More than one to three years | 213,177 | |
More than three to five years | 122,674 | |
More than five years | 20,274 | |
Total | 467,472 | |
Nominal Value | $ 422,065 | |
Amortization | Quarterly | |
Effective rate % | 4.42% | |
Nominal rate % | 4.42% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | CREDIT AGRICOLE [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 7,618 | |
More than 90 days to one year | 21,994 | |
More than one to three years | 27,811 | |
More than three to five years | 1,684 | |
Total | 59,107 | |
Nominal Value | $ 56,403 | |
Amortization | Quarterly | |
Effective rate % | 3.66% | |
Nominal rate % | 3.31% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile [Member] | BOEING [Member] | Other Loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | Boeing | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 559 | |
More than 90 days to one year | 1,425 | |
More than one to three years | 55,728 | |
Total | 57,712 | |
Nominal Value | $ 55,727 | |
Amortization | At Expiration | |
Effective rate % | 4.01% | |
Nominal rate % | 4.01% | |
TAMSA and Subsidiaries Tax Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | Total | Total |
Up to 90 days | $ 17,111 | $ 17,425 |
More than 90 days to one year | 163,714 | 44,932 |
More than one to three years | 85,702 | 221,107 |
More than three to five years | 4,675 | 46,602 |
More than five years | 10,480 | 11,318 |
Total | 281,682 | 341,384 |
Nominal Value | $ 277,251 | $ 328,292 |
TAMSA and Subsidiaries Tax Brazil [Member] | NATIXISMember | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 4,140 | |
More than 90 days to one year | 7,965 | |
More than one to three years | 77,028 | |
Total | 89,133 | |
Nominal Value | $ 86,256 | |
Amortization | Quarterly / Semiannual | |
Effective rate % | 6.29% | |
Nominal rate % | 6.29% | |
TAMSA and Subsidiaries Tax Brazil [Member] | NATIXIS [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 4,195 | |
More than 90 days to one year | 7,935 | |
More than one to three years | 46,780 | |
More than three to five years | 41,872 | |
Total | 100,782 | |
Nominal Value | $ 95,789 | |
Amortization | Quarterly / Semiannual | |
Effective rate % | 6.87% | |
Nominal rate % | 6.87% | |
TAMSA and Subsidiaries Tax Brazil [Member] | NCM [Member] | Bank Loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | NCM | |
Creditor country | Holland | |
Currency | US$ | |
Up to 90 days | $ 173 | |
More than 90 days to one year | 499 | |
More than one to three years | 722 | |
More than three to five years | ||
More than five years | ||
Total | 1,394 | |
Nominal Value | $ 1,289 | |
Amortization | Monthly | |
Effective rate % | 6.01% | |
Nominal rate % | 6.01% | |
TAMSA and Subsidiaries Tax Brazil [Member] | Wacapou Leasing S.A [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | WACAPOU LEASING S.A. | WACAPOU LEASING S.A. |
Creditor country | Luxembourg | Luxembourg |
Currency | US$ | US$ |
Up to 90 days | $ 835 | $ 839 |
More than 90 days to one year | 2,450 | 2,433 |
More than one to three years | 3,277 | 6,542 |
Total | 6,562 | 9,814 |
Nominal Value | $ 6,280 | $ 9,226 |
Amortization | Quarterly | Quarterly |
Effective rate % | 4.32% | 4.81% |
Nominal rate % | 4.32% | 4.81% |
TAMSA and Subsidiaries Tax Brazil [Member] | SOCIETE GENERALE MILAN BRANCH [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | SOCIT GNRALE MILAN BRANCH | |
Creditor country | Italy | |
Currency | US$ | |
Up to 90 days | $ 11,286 | |
More than 90 days to one year | 151,047 | |
Total | 162,333 | |
Nominal Value | $ 169,931 | |
Amortization | Quarterly | |
Effective rate % | 5.39% | |
Nominal rate % | 5.39% | |
TAMSA and Subsidiaries Tax Brazil [Member] | GA Telesis LLC [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | 0-E |
Creditor | GA Telesis LLC | GA Telesis LLC |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 677 | $ 680 |
More than 90 days to one year | 1,753 | 1,753 |
More than one to three years | 4,675 | 4,675 |
More than three to five years | 4,675 | 4,675 |
More than five years | 10,480 | 11,318 |
Total | 22,260 | 23,101 |
Nominal Value | $ 13,495 | $ 13,202 |
Amortization | Monthly | Monthly |
Effective rate % | 14.72% | 15.62% |
Nominal rate % | 14.72% | 15.62% |
TAMSA and Subsidiaries Tax Brazil [Member] | NEDERLANDSCHE NCM [Member] | Bank Loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | NEDERLANDSCHE NCM | |
Creditor country | Holland | |
Currency | US$ | |
Up to 90 days | $ 175 | |
More than 90 days to one year | 499 | |
More than one to three years | 1,332 | |
More than three to five years | 55 | |
Total | 2,061 | |
Nominal Value | $ 1,851 | |
Amortization | Monthly | |
Effective rate % | 6.01% | |
Nominal rate % | 6.01% | |
TAMSA and Subsidiaries Tax Brazil [Member] | SOCIÉTÉ GÉNÉRALE MILAN BRANCH [Member] | Financial Leases [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 0-E | |
Creditor | SOCIT GNRALE MILAN BRANCH | |
Creditor country | Italy | |
Currency | US$ | |
Up to 90 days | $ 11,536 | |
More than 90 days to one year | 32,312 | |
More than one to three years | 161,778 | |
Total | 205,626 | |
Nominal Value | $ 208,224 | |
Amortization | Quarterly | |
Effective rate % | 5.88% | |
Nominal rate % | 5.82% | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | Total | Total |
Up to 90 days | $ 1,809,504 | $ 1,505,698 |
More than 90 days to one year | 457,876 | 469,567 |
More than one to three years | 1,039,730 | 1,042,818 |
More than three to five years | 941,795 | 805,616 |
More than five years | 1,377,180 | 1,319,723 |
Total | 5,626,085 | 5,143,422 |
Nominal Value | $ 4,843,517 | $ 4,203,936 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | AIRCRAFTS [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | AIRCRAFT | AIRCRAFT |
Creditor country | OTHERS | OTHERS |
Currency | US$ | US$ |
Up to 90 days | $ 146,036 | $ 140,780 |
More than 90 days to one year | 417,929 | 420,561 |
More than one to three years | 1,002,564 | 1,015,495 |
More than three to five years | 877,353 | 785,417 |
More than five years | 1,357,910 | 1,298,585 |
Total | 3,801,792 | 3,660,838 |
Nominal Value | $ 3,042,231 | $ 2,721,352 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other assets [member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | OTHER ASSETS | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 3,017 | |
More than 90 days to one year | 8,649 | |
More than one to three years | 21,381 | |
More than three to five years | 19,815 | |
More than five years | 16,314 | |
Total | 69,176 | |
Nominal Value | $ 53,931 | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other Assets CLP [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | CLP | CLP |
Up to 90 days | $ 160 | $ 57 |
More than 90 days to one year | 478 | 170 |
More than one to three years | 531 | 1 |
More than three to five years | ||
More than five years | ||
Total | 1,169 | 228 |
Nominal Value | $ 1,195 | $ 228 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other Assets UF [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | UF | UF |
Up to 90 days | $ 2,713 | $ 1,683 |
More than 90 days to one year | 4,736 | 2,565 |
More than one to three years | 5,789 | 667 |
More than three to five years | 1,373 | 34 |
More than five years | 2,956 | |
Total | 17,567 | 4,949 |
Nominal Value | $ 17,145 | $ 4,949 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other Assets COP [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | COP | COP |
Up to 90 days | $ 71 | $ 304 |
More than 90 days to one year | 161 | 731 |
More than one to three years | 37 | 366 |
More than three to five years | 2 | 21 |
Total | 271 | 1,422 |
Nominal Value | $ 259 | $ 1,422 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other Assets EUR [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | EUR | EUR |
Up to 90 days | $ 163 | $ 311 |
More than 90 days to one year | 387 | 431 |
More than one to three years | 592 | 215 |
More than three to five years | 122 | |
Total | 1,264 | 957 |
Nominal Value | $ 1,175 | $ 957 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other Assets GBF [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | GBP | GBP |
Up to 90 days | $ 16 | $ 45 |
More than 90 days to one year | 10 | 128 |
More than one to three years | 36 | |
Total | 26 | 209 |
Nominal Value | $ 24 | $ 209 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other Assets MXN [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | MXN | MXN |
Up to 90 days | $ 37 | $ 33 |
More than 90 days to one year | 93 | 92 |
More than one to three years | 245 | 235 |
More than three to five years | 10 | 115 |
Total | 385 | 475 |
Nominal Value | $ 359 | $ 475 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other Assets PEN [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | PEN | PEN |
Up to 90 days | $ 95 | $ 183 |
More than 90 days to one year | 129 | 409 |
More than one to three years | 83 | 114 |
More than three to five years | 16 | |
Total | 323 | 706 |
Nominal Value | $ 306 | $ 706 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other Assets Other Currencies [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | Other currencies | |
Up to 90 days | $ 2,770 | |
More than 90 days to one year | 8,370 | |
More than one to three years | 8,508 | |
More than three to five years | 43,104 | |
Total | 62,752 | |
Nominal Value | $ 55,532 | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Others Creditor US [Member] | Trade and other accounts payables [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | OTHERS | OTHERS |
Creditor country | OTHERS | OTHERS |
Currency | US$ | US$ |
Up to 90 days | $ 371,527 | $ 720,718 |
More than 90 days to one year | 13,993 | 9,979 |
Total | 385,520 | 730,697 |
Nominal Value | $ 385,520 | $ 730,697 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Others Creditor BRL [Member] | Trade and other accounts payables [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | BRL | BRL |
Up to 90 days | $ 486,082 | $ 309,552 |
More than 90 days to one year | 320 | 66 |
Total | 486,402 | 309,618 |
Nominal Value | $ 486,402 | $ 309,618 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Others Creditor Other Currencies [Member] | Trade and other accounts payables [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | Other currencies | Other currencies |
Up to 90 days | $ 576,378 | $ 252,116 |
More than 90 days to one year | 1,716 | 3,406 |
Total | 578,094 | 255,522 |
Nominal Value | $ 578,094 | $ 255,522 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Bethia S.A. y Filiales [Member] | Accounts payable to related parties currents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | 78.591.370-1 | 78.591.370-1 |
Creditor | Bethia S.A. y Filiales | Bethia S.A. y Filiales |
Creditor country | Chile | Chile |
Currency | CLP | CLP |
Up to 90 days | $ 53 | $ 365 |
Total | 53 | 365 |
Nominal Value | $ 53 | $ 365 |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Patagonia Seafarms INC [Member] | Accounts payable to related parties currents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | Foreing | |
Creditor | Patagonia Seafarms INC | |
Creditor country | U.S.A. | |
Currency | CLP | |
Up to 90 days | $ 3 | |
Total | 3 | |
Nominal Value | $ 3 | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Other Assets US [Member] | Lease Liability [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | OTHER ASSETS | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 4,968 | |
More than 90 days to one year | 14,536 | |
More than one to three years | 25,689 | |
More than three to five years | 20,029 | |
More than five years | 21,138 | |
Total | 86,360 | |
Nominal Value | $ 86,360 | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Others Creditor CLP [Member] | Trade and other accounts payables [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | CLP | |
Up to 90 days | $ 74,566 | |
More than 90 days to one year | 16,493 | |
Total | 91,059 | |
Nominal Value | $ 91,059 | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | Inversora Aeronautica Argentina S.A. [Member] | Accounts payable to related parties currents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | Foreign | |
Creditor | Inversora Aeronutica Argentina S.A. | |
Creditor country | Argentina | |
Currency | ARS | |
Up to 90 days | $ 15 | |
Total | 15 | |
Nominal Value | $ 15 | |
LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. [Member] | TAM Aviação Executiva e Taxi Aéreo S/A [Member] | Accounts payable to related parties currents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | Foreign | |
Creditor | TAM Aviao Executiva e Taxi Areo S.A. | |
Creditor country | Brazil | |
Currency | BRL | |
Up to 90 days | $ 2 | |
Total | 2 | |
Nominal Value | $ 2 |
FINANCIAL RISK MANAGEMENT (De_7
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | |||
Other financial assets, current | $ 4,018,228 | $ 3,275,861 | $ 3,757,984 |
Other financial assets, not current | 17,069,578 | 16,802,861 | 17,915,729 |
Liabilities | |||
Other financial liabilities , current | 10,997,687 | 10,705,872 | 11,504,626 |
Other financial liabilities, non current | 6,960,942 | 5,932,249 | $ 6,212,794 |
Level 1 of fair value hierarchy [member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 7,712 | ||
Level 1 of fair value hierarchy [member] | Other financial liabilities, non current [Member] | |||
Liabilities | |||
Other financial liabilities, non current | 7,712 | ||
Level 1 of fair value hierarchy [member] | Cash And Cash Equivalents [Member] | |||
Assets | |||
Other financial assets, current | 222,094 | 43,653 | |
Level 1 of fair value hierarchy [member] | Short-Term Mutual Funds [Member] | |||
Assets | |||
Other financial assets, current | 222,094 | 43,653 | |
Level 1 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 386,688 | 343,218 | |
Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 50,372 | 25,921 | |
Level 2 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 85,109 | 23,355 | |
Fair Value Of Interest Rate Derivatives [Member] | Level 2 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 27,044 | 19,460 | |
Fair Value Of Fuel Price Derivatives [Member] | Level 2 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 48,542 | ||
Fair Value Of Foreign Currency Derivatives [Member] | Level 2 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 586 | 3,895 | |
Accrued interest since the last payment date Swap of currencies | Level 2 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 3 | ||
Derivative Not Recognized As A Hedge [Member] | Level 1 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 19,396 | ||
Private investment funds [Member] | Level 1 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 386,669 | 322,428 | |
Certificates of Deposit [Member] | Level 2 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 8,934 | ||
Domestic And Foreign Bonds [Member] | Level 1 of fair value hierarchy [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 19 | 1,394 | |
Fair value of interest rate derivatives [Member] | Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 302 | 335 | |
Fair value of fuel derivatives [Member] | Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 15,678 | ||
Fair value of foreign currency derivatives [Member] | Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 48,347 | 7,587 | |
Interest accrued since the last payment date of Currency Swap [Member] | Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 1,723 | 2,321 | |
Fair value of interest rate derivatives [Member] | Level 2 of fair value hierarchy [member] | Other financial liabilities, non current [Member] | |||
Liabilities | |||
Other financial liabilities, non current | 340 | ||
Interest accrued since the last date of Swap interest rates [Member] | Level 2 of fair value hierarchy [member] | Other financial liabilities, non current [Member] | |||
Liabilities | |||
Other financial liabilities, non current | 340 | ||
At fair value [member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 50,372 | 33,633 | |
At fair value [member] | Other financial liabilities, non current [Member] | |||
Liabilities | |||
Other financial liabilities, non current | 7,712 | ||
At fair value [member] | Cash And Cash Equivalents [Member] | |||
Assets | |||
Other financial assets, current | 222,094 | 43,653 | |
At fair value [member] | Short-Term Mutual Funds [Member] | |||
Assets | |||
Other financial assets, current | 222,094 | 43,653 | |
At fair value [member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 471,797 | 366,573 | |
At fair value [member] | Fair Value Of Interest Rate Derivatives [Member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 27,044 | 19,460 | |
At fair value [member] | Fair Value Of Fuel Price Derivatives [Member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 48,542 | ||
At fair value [member] | Fair Value Of Foreign Currency Derivatives [Member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 586 | 3,895 | |
At fair value [member] | Accrued interest since the last payment date Swap of currencies | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 3 | ||
At fair value [member] | Derivative Not Recognized As A Hedge [Member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 19,396 | ||
At fair value [member] | Private investment funds [Member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 386,669 | 322,428 | |
At fair value [member] | Certificates of Deposit [Member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 8,934 | ||
At fair value [member] | Domestic And Foreign Bonds [Member] | Other financial assets, current | |||
Assets | |||
Other financial assets, not current | 19 | 1,394 | |
At fair value [member] | Fair value of interest rate derivatives [Member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 302 | 335 | |
At fair value [member] | Fair value of fuel derivatives [Member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 15,678 | ||
At fair value [member] | Fair value of foreign currency derivatives [Member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | 48,347 | 7,587 | |
At fair value [member] | Interest accrued since the last payment date of Currency Swap [Member] | Other financial liabilities, current [Member] | |||
Liabilities | |||
Other financial liabilities , current | $ 1,723 | 2,321 | |
At fair value [member] | Fair value of interest rate derivatives [Member] | Other financial liabilities, non current [Member] | |||
Liabilities | |||
Other financial liabilities, non current | 340 | ||
At fair value [member] | Interest accrued since the last date of Swap interest rates [Member] | Other financial liabilities, non current [Member] | |||
Liabilities | |||
Other financial liabilities, non current | $ 340 |
FINANCIAL RISK MANAGEMENT (De_8
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | $ 850,486 | |
Cash on hand | 4,982 | |
Bank balance | 329,633 | |
Overnight | 350,080 | |
Time deposits | 165,791 | |
Other financial assets, current | ||
Other financial assets | ||
Trade debtors, other accounts receivable and Current accounts receivable | 1,244,348 | |
Accounts receivable from entities related, current | 19,645 | |
Other financial assets, not current | 46,907 | |
Accounts receivable, non-current | 4,725 | |
Other current financial liabilities | 1,835,288 | |
Accounts payable for trade and other accounts payable, current | 2,220,500 | |
Accounts payable to entities related, current | 56 | |
Other financial liabilities, not current | 8,530,418 | |
Accounts payable, not current | 619,110 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Restated [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | $ 1,037,989 | |
Cash on hand | 8,974 | |
Bank balance | 331,218 | |
Overnight | 282,164 | |
Time deposits | 415,633 | |
Other financial assets, current | 17,411 | |
Other financial assets | 17,411 | |
Trade debtors, other accounts receivable and Current accounts receivable | 1,162,582 | |
Accounts receivable from entities related, current | 2,931 | |
Other financial assets, not current | 58,700 | |
Accounts receivable, non-current | 5,381 | |
Other current financial liabilities | 1,397,156 | |
Accounts payable for trade and other accounts payable, current | 1,674,303 | |
Accounts payable to entities related, current | 382 | |
Other financial liabilities, not current | 5,864,570 | |
Accounts payable, not current | 483,656 | |
At fair value [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | 850,486 | |
Cash on hand | 4,982 | |
Bank balance | 329,633 | |
Overnight | 350,080 | |
Time deposits | 165,791 | |
Other financial assets, current | ||
Other financial assets | ||
Trade debtors, other accounts receivable and Current accounts receivable | 1,244,348 | |
Accounts receivable from entities related, current | 19,645 | |
Other financial assets, not current | 46,907 | |
Accounts receivable, non-current | 4,725 | |
Other current financial liabilities | 2,019,068 | |
Accounts payable for trade and other accounts payable, current | 2,220,500 | |
Accounts payable to entities related, current | 56 | |
Other financial liabilities, not current | 8,846,418 | |
Accounts payable, not current | $ 619,110 | |
At fair value [member] | Restated [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | 1,037,989 | |
Cash on hand | 8,974 | |
Bank balance | 331,218 | |
Overnight | 282,164 | |
Time deposits | 415,633 | |
Other financial assets, current | 17,411 | |
Other financial assets | 17,411 | |
Trade debtors, other accounts receivable and Current accounts receivable | 1,162,582 | |
Accounts receivable from entities related, current | 2,931 | |
Other financial assets, not current | 58,700 | |
Accounts receivable, non-current | 5,381 | |
Other current financial liabilities | 1,942,332 | |
Accounts payable for trade and other accounts payable, current | 1,674,303 | |
Accounts payable to entities related, current | 382 | |
Other financial liabilities, not current | 8,387,939 | |
Accounts payable, not current | $ 483,656 |
ACCOUNTING ESTIMATES AND JUDG_3
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | |||||
Goodwill | $ 2,209,576 | $ 2,294,072 | $ 2,672,550 | $ 2,710,382 | |
Deferred tax assets | 235,583 | 273,529 | $ 370,115 | $ 370,564 | |
Recognize deferred tax assets for tax losses | 110,933 | 137,761 | |||
Deferred revenue | $ 1,511,991 | 1,299,304 | |||
Description of change in ticket usage | A hypothetical change of one percentage point in passenger behavior with respect to use would result in an impact of up to ThUS$ 6,000 per month. | ||||
Lease liabilities | $ 105,000 | ||||
Airports Slots [Member] | Air Transport CGU [Member] | |||||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | |||||
Intangible assets with indefinite useful life | 845,959 | 828,969 | |||
Airports Slots [Member] | Coalition and Loyalty Program Multiplus CGU [Member] | |||||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | |||||
Intangible assets with indefinite useful life | |||||
Loyalty Program [Member] | Air Transport CGU [Member] | |||||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | |||||
Intangible assets with indefinite useful life | 263,806 | ||||
Loyalty Program [Member] | Coalition and Loyalty Program Multiplus CGU [Member] | |||||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | |||||
Intangible assets with indefinite useful life | 274,420 | ||||
LATAM Pass Loyalty Program [Member] | |||||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | |||||
Deferred revenue | 1,332,173 | 1,324,635 | |||
Probable change in deferred revenue | 31,565 | 27,726 | |||
LATAM Fidelidade and Multiplus Loyalty Program [Member] | |||||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | |||||
Deferred revenue | 354,847 | 293,831 | |||
Probable change in deferred revenue | 12,501 | 13,140 | |||
Financial assets collectively assessed for credit losses [member] | Loyalty Program [Member] | Coalition and Loyalty Program Multiplus CGU [Member] | |||||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | |||||
Intangible assets with indefinite useful life | $ 263,806 | $ 274,420 |
ACCOUNTING ESTIMATES AND JUDG_4
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - Schedule for intangible assets with an indefinite useful life assigned to CGU - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [member] | Air Transport CGU [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - Schedule for intangible assets with an indefinite useful life assigned to CGU [Line Items] | ||
Intangible assets with indefinite useful life | $ 2,209,576 | $ 1,845,136 |
Goodwill [member] | Coalition and Loyalty Program Multiplus CGU [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - Schedule for intangible assets with an indefinite useful life assigned to CGU [Line Items] | ||
Intangible assets with indefinite useful life | 448,936 | |
Airports Slots [Member] | Air Transport CGU [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - Schedule for intangible assets with an indefinite useful life assigned to CGU [Line Items] | ||
Intangible assets with indefinite useful life | 845,959 | 828,969 |
Airports Slots [Member] | Coalition and Loyalty Program Multiplus CGU [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - Schedule for intangible assets with an indefinite useful life assigned to CGU [Line Items] | ||
Intangible assets with indefinite useful life | ||
Loyalty Program [Member] | Air Transport CGU [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - Schedule for intangible assets with an indefinite useful life assigned to CGU [Line Items] | ||
Intangible assets with indefinite useful life | 263,806 | |
Loyalty Program [Member] | Coalition and Loyalty Program Multiplus CGU [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - Schedule for intangible assets with an indefinite useful life assigned to CGU [Line Items] | ||
Intangible assets with indefinite useful life | $ 274,420 |
SEGMENTAL INFORMATION (Details)
SEGMENTAL INFORMATION (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [text block] [Abstract] | |
Concentration risk, percentage | 10.00% |
SEGMENTAL INFORMATION (Detail_2
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 | |||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | $ 10,070,063 | $ 9,895,456 | $ 9,613,907 | ||||
Other operating income | 360,864 | 472,758 | 549,889 | ||||
Depreciation and amortization | 1,469,976 | 1,372,628 | 1,377,135 | ||||
Result of indexation units | 14,989 | 865 | (748) | ||||
Income (loss) attributable to owners of the parents | 190,430 | 309,811 | 108,896 | ||||
Expenses for income tax | (53,697) | 73,879 | 158,998 | ||||
Net income for the year | 195,613 | 341,786 | 154,386 | ||||
Assets of segment | 21,087,806 | 20,078,722 | 21,673,713 | ||||
Segment liabilities | 17,958,629 | 16,638,121 | 17,717,420 | ||||
Property, plant and equipment | 12,919,618 | 12,501,809 | 12,930,652 | $ 10,065,335 | $ 10,498,149 | ||
Intangibles other than goodwill | 1,448,241 | 1,441,072 | 1,617,247 | $ 1,610,313 | |||
Restated [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | [1] | 9,895,456 | 9,613,907 | ||||
Other operating income | 472,758 | 549,889 | |||||
Interest income | 53,253 | 78,695 | |||||
Interest expense | (539,137) | (579,233) | |||||
Total net interest expense | (485,884) | (500,538) | |||||
Depreciation and amortization | (1,372,628) | (1,377,135) | |||||
Material non-cash items other than depreciation and amortization | (104,123) | (105,404) | |||||
Disposal of fixed assets and inventory losses | (46,351) | (39,238) | |||||
Doubtful accounts | (18,837) | (18,416) | |||||
Exchange differences | (38,070) | (48,498) | |||||
Result of indexation units | (865) | 748 | |||||
Income (loss) attributable to owners of the parents | 309,811 | 108,896 | [2] | ||||
Expenses for income tax | 73,879 | (158,998) | |||||
Net income for the year | 341,786 | 154,386 | |||||
Assets of segment | 20,078,722 | 18,797,972 | |||||
Segment liabilities | 16,638,121 | 14,530,736 | |||||
Amount of non-current asset additions | 1,090,177 | 412,846 | |||||
Property, plant and equipment | 995,085 | 325,513 | |||||
Intangibles other than goodwill | 95,092 | 87,333 | |||||
Purchase of non-monetary assets of segment | 756,913 | 490,983 | |||||
Restated [Member] | Passenger [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | 8,708,988 | 8,494,477 | |||||
Restated [Member] | Freight [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | 1,186,468 | 1,119,430 | |||||
Air Transportation [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | [1] | 10,070,063 | |||||
Other operating income | 360,864 | ||||||
Interest income | 26,283 | ||||||
Interest expense | (589,934) | ||||||
Total net interest expense | (563,651) | ||||||
Depreciation and amortization | (1,469,976) | ||||||
Material non-cash items other than depreciation and amortization | (130,011) | ||||||
Disposal of fixed assets and inventory losses | (60,893) | ||||||
Doubtful accounts | (21,558) | ||||||
Exchange differences | (32,571) | ||||||
Result of indexation units | (14,989) | ||||||
Income (loss) attributable to owners of the parents | 190,430 | ||||||
Expenses for income tax | 53,697 | ||||||
Net income for the year | 195,613 | ||||||
Assets of segment | 21,087,806 | ||||||
Segment liabilities | 17,958,629 | ||||||
Amount of non-current asset additions | 2,658,541 | ||||||
Property, plant and equipment | 2,519,305 | ||||||
Intangibles other than goodwill | 139,236 | ||||||
Purchase of non-monetary assets of segment | 1,416,794 | ||||||
Air Transportation [Member] | Passenger [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | 9,005,629 | ||||||
Air Transportation [Member] | Freight [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | $ 1,064,434 | ||||||
Air Transportation [Member] | Restated [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | [1] | 9,895,456 | 9,613,907 | ||||
Other operating income | 472,758 | 549,889 | |||||
Interest income | 53,253 | 78,695 | |||||
Interest expense | (539,137) | (579,233) | |||||
Total net interest expense | (485,884) | (500,538) | |||||
Depreciation and amortization | (1,372,628) | (1,377,135) | |||||
Material non-cash items other than depreciation and amortization | (104,123) | (105,404) | |||||
Disposal of fixed assets and inventory losses | (46,351) | (39,238) | |||||
Doubtful accounts | (18,837) | (18,416) | |||||
Exchange differences | (38,070) | (48,498) | |||||
Result of indexation units | (865) | 748 | |||||
Income (loss) attributable to owners of the parents | 309,811 | 108,896 | |||||
Expenses for income tax | (73,879) | (158,998) | |||||
Net income for the year | 341,786 | 154,386 | |||||
Assets of segment | 20,078,722 | 21,673,713 | |||||
Segment liabilities | 16,638,121 | 17,717,420 | |||||
Amount of non-current asset additions | 1,090,177 | 412,846 | |||||
Property, plant and equipment | 995,085 | 325,513 | |||||
Intangibles other than goodwill | 95,092 | 87,333 | |||||
Purchase of non-monetary assets of segment | 756,913 | 499,872 | |||||
Air Transportation [Member] | Restated [Member] | Passenger [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | 8,708,988 | 8,494,477 | |||||
Air Transportation [Member] | Restated [Member] | Freight [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | 1,186,468 | 1,119,430 | |||||
Air Transportation [Member] | Previously Reported [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | [1] | 9,887,090 | 9,159,031 | ||||
Income from ordinary activities from transactions with other operating segments | 454,876 | ||||||
Other operating income | 346,315 | 308,937 | |||||
Interest income | 27,181 | 28,184 | |||||
Interest expense | (539,137) | (579,233) | |||||
Total net interest expense | (511,956) | (551,049) | |||||
Depreciation and amortization | (1,365,809) | (1,384,344) | |||||
Material non-cash items other than depreciation and amortization | (104,038) | (105,259) | |||||
Disposal of fixed assets and inventory losses | (46,351) | (39,238) | |||||
Doubtful accounts | (18,741) | (18,272) | |||||
Exchange differences | (38,081) | (48,497) | |||||
Result of indexation units | (865) | 748 | |||||
Income (loss) attributable to owners of the parents | 200,209 | (49,887) | [2] | ||||
Expenses for income tax | 121,155 | (89,870) | |||||
Net income for the year | 287,206 | (4,397) | |||||
Assets of segment | 18,943,127 | 17,430,937 | |||||
Segment liabilities | 16,212,905 | 14,007,916 | |||||
Amount of non-current asset additions | 1,090,177 | 412,846 | |||||
Property, plant and equipment | 995,085 | 325,513 | |||||
Intangibles other than goodwill | 95,092 | 87,333 | |||||
Purchase of non-monetary assets of segment | 756,913 | 490,983 | |||||
Air Transportation [Member] | Previously Reported [Member] | Passenger [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | 8,700,622 | 8,039,601 | |||||
Air Transportation [Member] | Previously Reported [Member] | Freight [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | 1,186,468 | 1,119,430 | |||||
Segment Adjustment | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | [1] | 60,020 | 454,876 | ||||
Income from ordinary activities from transactions with other operating segments | 67,554 | ||||||
Other operating income | 126,443 | 240,952 | |||||
Interest income | 26,072 | 50,511 | |||||
Total net interest expense | 26,072 | 50,511 | |||||
Depreciation and amortization | (6,819) | 7,209 | |||||
Material non-cash items other than depreciation and amortization | (85) | (145) | |||||
Doubtful accounts | (96) | (144) | |||||
Exchange differences | 11 | (1) | |||||
Income (loss) attributable to owners of the parents | 109,602 | 158,783 | [2] | ||||
Expenses for income tax | (47,276) | (69,128) | |||||
Net income for the year | 54,580 | 158,783 | |||||
Assets of segment | 1,145,942 | 1,373,049 | |||||
Segment liabilities | 449,347 | 563,849 | |||||
Segment Adjustment | Passenger [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | 60,020 | 454,876 | |||||
Eliminations [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | [1] | (51,654) | |||||
Income from ordinary activities from transactions with other operating segments | (522,430) | ||||||
Income (loss) attributable to owners of the parents | [2] | ||||||
Assets of segment | (10,347) | (6,014) | |||||
Segment liabilities | (24,131) | $ (41,029) | |||||
Eliminations [Member] | Passenger [Member] | |||||||
SEGMENTAL INFORMATION (Details) - Schedule of financial statements of operating segment [Line Items] | |||||||
Income from ordinary activities from external customers | $ (51,654) | ||||||
[1] | The Company does not have any interest income that should be recognized as income from ordinary activities by interest. | ||||||
[2] | The result of the Company includes a net result of ThUS$ (8,162) resulting from the application of IAS 21 and IAS 29, for the subsidiaries that are in hyperinflationary economies. |
SEGMENTAL INFORMATION (Detail_3
SEGMENTAL INFORMATION (Details) - Schedule of income from ordinary activities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Air Transportation [Member] | |||
Net cash flows from | |||
Purchases of property, plant and equipment | $ 1,276,621 | ||
Additions associated with maintenance | 453,827 | ||
Other additions | 822,794 | ||
Purchases of intangible assets | 140,173 | ||
Net cash flows from (used in) operating activities | 2,826,667 | ||
Net cash flow from (used in) investing activities | (1,419,207) | ||
Net cash flows from (used in) financing activities | $ (1,343,521) | ||
Air Transportation [Member] | Restated [Member] | |||
Net cash flows from | |||
Purchases of property, plant and equipment | $ 660,707 | $ 403,666 | |
Additions associated with maintenance | 375,634 | 217,687 | |
Other additions | 285,073 | 185,979 | |
Purchases of intangible assets | 96,206 | 96,206 | |
Net cash flows from (used in) operating activities | 2,073,316 | 2,186,823 | |
Net cash flow from (used in) investing activities | (358,368) | (293,925) | |
Net cash flows from (used in) financing activities | (1,608,597) | (1,692,668) | |
Air Transportation [Member] | Previously stated [member] | |||
Net cash flows from | |||
Purchases of property, plant and equipment | 660,631 | 403,282 | |
Additions associated with maintenance | 375,634 | 218,537 | |
Other additions | 284,997 | 184,745 | |
Purchases of intangible assets | 85,628 | 79,102 | |
Net cash flows from (used in) operating activities | 1,950,532 | 1,489,797 | |
Net cash flow from (used in) investing activities | (348,346) | (278,790) | |
Net cash flows from (used in) financing activities | (1,512,898) | (1,010,705) | |
Operating segments [member] | |||
Net cash flows from | |||
Purchases of property, plant and equipment | 76 | 384 | |
Other additions | 76 | 384 | |
Purchases of intangible assets | 10,578 | 8,216 | |
Net cash flows from (used in) operating activities | 111,161 | 186,367 | |
Net cash flow from (used in) investing activities | (10,022) | (8,632) | |
Net cash flows from (used in) financing activities | (95,699) | (168,383) | |
Elimination of intersegment amounts [member] | |||
Net cash flows from | |||
Net cash flows from (used in) operating activities | $ 11,623 | $ (9,424) |
SEGMENTAL INFORMATION (Detail_4
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
PERU | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | $ 801,965 | $ 705,133 | $ 626,316 |
ARGENTINA | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 584,959 | 989,883 | 1,113,467 |
UNITED STATES | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 1,004,238 | 985,919 | 900,413 |
Other operating income | 360,864 | 472,758 | 549,889 |
Europe | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 726,165 | 782,197 | 676,282 |
COLOMBIA | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 380,449 | 372,794 | 359,276 |
BRAZIL | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 3,949,797 | 3,433,877 | 3,436,402 |
ECUADOR | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 203,334 | 203,842 | 190,268 |
CHILE | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 1,546,960 | 1,591,313 | 1,527,158 |
Asia Pacific and rest of Latin America | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | $ 872,196 | $ 830,498 | $ 784,325 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of cash and cash equivalents [Abstract] | ||||
Cash on hand | $ 4,982 | $ 8,974 | ||
Bank balances | 329,632 | 331,218 | ||
Overnight | 350,080 | 282,164 | ||
Total Cash | 684,694 | 622,356 | ||
Cash equivalents | ||||
Time deposits | 165,791 | 415,633 | ||
Mutual funds | 222,094 | 43,653 | ||
Total cash equivalents | 387,885 | 459,286 | ||
Total cash and cash equivalents | $ 1,072,579 | $ 1,081,642 | $ 1,142,004 | $ 949,327 |
CASH AND CASH EQUIVALENTS (De_2
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||||
Total | $ 1,072,579 | $ 1,081,642 | $ 1,142,004 | $ 949,327 |
Argentina, Pesos | ||||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||||
Total | 16,579 | 17,786 | ||
Brazil, Brazil Real | ||||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||||
Total | 197,354 | 131,760 | ||
Chile, Pesos | ||||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||||
Total | 50,521 | 415,713 | ||
Colombia, Pesos | ||||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||||
Total | 48,191 | 10,843 | ||
Euro Member Countries, Euro | ||||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||||
Total | 21,927 | 20,339 | ||
United States of America, Dollars | ||||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||||
Total | 667,785 | 394,215 | ||
Other Currency | ||||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||||
Total | $ 70,222 | $ 90,986 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | |||||
Cash and cash equivalents | $ 1,072,579 | $ 1,081,642 | $ 1,142,004 | $ 949,327 | |
Other financial assets, current | 499,504 | 383,984 | 559,919 | ||
Trade and others accounts receivable, current | 1,244,348 | 1,162,582 | $ 1,202,945 | 1,202,945 | |
Accounts receivable from related entities, current | 19,645 | 2,931 | |||
Other financial assets, non current | 313,449 | 290,476 | 275,549 | 244,778 | 212,242 |
Accounts receivable, non current | 4,725 | 5,381 | |||
Total | 2,887,708 | 2,695,220 | |||
Other financial liabilities, current | 1,885,660 | 1,794,286 | |||
Accounts payable for trade and other accounts payable, current | 2,222,874 | 1,674,303 | $ 498,832 | 1,668,612 | $ 359,391 |
Accounts payable to related entities, current | 56 | 382 | 760 | ||
Other financial liabilities, non current | 8,530,418 | 8,359,462 | |||
Accounts payable, non-current | 619,110 | 529,277 | |||
Total | 17,958,629 | 16,638,121 | $ 17,717,420 | ||
Measured At Amortized Cost [Member] | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | |||||
Cash and cash equivalents | 850,485 | 1,037,989 | |||
Other financial assets, current | 36,660 | 16,203 | |||
Trade and others accounts receivable, current | 1,244,348 | 1,162,582 | |||
Accounts receivable from related entities, current | 19,645 | 2,931 | |||
Other financial assets, non current | 46,907 | 58,700 | |||
Accounts receivable, non current | 4,725 | 5,381 | |||
Total | 2,202,770 | 2,283,786 | |||
Other financial liabilities, current | 1,835,288 | 1,760,653 | |||
Accounts payable for trade and other accounts payable, current | 2,222,874 | 1,674,303 | |||
Accounts payable to related entities, current | 56 | 382 | |||
Other financial liabilities, non current | 8,530,396 | 8,359,122 | |||
Accounts payable, non-current | 619,110 | 529,277 | |||
Total | 13,207,724 | 12,323,737 | |||
At Fair Value With Changes In Results [Member] | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | |||||
Cash and cash equivalents | 222,094 | 43,653 | |||
Other financial assets, current | 386,669 | 344,426 | |||
Trade and others accounts receivable, current | |||||
Accounts receivable from related entities, current | |||||
Other financial assets, non current | |||||
Accounts receivable, non current | |||||
Total | 608,763 | 388,079 | |||
Other financial liabilities, current | 7,712 | ||||
Accounts payable for trade and other accounts payable, current | |||||
Accounts payable to related entities, current | |||||
Other financial liabilities, non current | |||||
Accounts payable, non-current | |||||
Total | 7,712 | ||||
Hedge Derivatives [Member] | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | |||||
Cash and cash equivalents | |||||
Other financial assets, current | 76,175 | 23,355 | |||
Trade and others accounts receivable, current | |||||
Accounts receivable from related entities, current | |||||
Other financial assets, non current | |||||
Accounts receivable, non current | |||||
Total | 76,175 | 23,355 | |||
Other financial liabilities, current | 50,372 | 25,921 | |||
Accounts payable for trade and other accounts payable, current | |||||
Accounts payable to related entities, current | |||||
Other financial liabilities, non current | 22 | 340 | |||
Accounts payable, non-current | |||||
Total | $ 50,394 | $ 26,261 |
FINANCIAL INSTRUMENTS (Detail_2
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by currency - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by currency [Line Items] | |||||
Cash and cash equivalents | $ 1,072,579 | $ 1,081,642 | $ 1,142,004 | $ 949,327 | |
Other financial assets (current and non-current) | 546,411 | 442,684 | |||
Trade and other accounts receivable, current | 1,244,348 | 1,162,582 | $ 1,202,945 | 1,202,945 | |
Accounts receivable, non-current | 4,725 | 5,381 | |||
Accounts receivable from related entities, current | 19,645 | 2,931 | |||
Total assets | 21,087,806 | 20,078,722 | $ 21,673,713 | ||
Argentina, Pesos | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by currency [Line Items] | |||||
Cash and cash equivalents | 16,579 | 17,786 | |||
Other financial assets (current and non-current) | 94 | 152 | |||
Trade and other accounts receivable, current | 47,079 | 82,893 | |||
Total assets | 63,752 | 100,831 | |||
Brazil, Brazil Real | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by currency [Line Items] | |||||
Cash and cash equivalents | 197,354 | 131,760 | |||
Other financial assets (current and non-current) | 417,477 | 327,110 | |||
Trade and other accounts receivable, current | 537,221 | 511,171 | |||
Accounts receivable, non-current | 3 | 3 | |||
Accounts receivable from related entities, current | 293 | ||||
Total assets | 1,152,055 | 970,337 | |||
Chile, Pesos | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by currency [Line Items] | |||||
Cash and cash equivalents | 50,521 | 415,713 | |||
Other financial assets (current and non-current) | 26,073 | 25,972 | |||
Trade and other accounts receivable, current | 126,821 | 113,168 | |||
Accounts receivable, non-current | 4,722 | 5,378 | |||
Accounts receivable from related entities, current | 42 | 200 | |||
Total assets | 208,179 | 560,431 | |||
Colombia, Pesos | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by currency [Line Items] | |||||
Cash and cash equivalents | 48,191 | 10,843 | |||
Other financial assets (current and non-current) | 522 | 1,748 | |||
Trade and other accounts receivable, current | 2,288 | 7,259 | |||
Total assets | 51,001 | 19,850 | |||
Euro Member Countries, Euro | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by currency [Line Items] | |||||
Cash and cash equivalents | 21,927 | 20,339 | |||
Other financial assets (current and non-current) | 1,525 | 7,438 | |||
Trade and other accounts receivable, current | 32,711 | 49,044 | |||
Total assets | 56,163 | 76,821 | |||
United States of America, Dollars | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by currency [Line Items] | |||||
Cash and cash equivalents | 667,785 | 394,215 | |||
Other financial assets (current and non-current) | 97,988 | 78,121 | |||
Trade and other accounts receivable, current | 436,774 | 110,312 | |||
Accounts receivable from related entities, current | 19,603 | 2,438 | |||
Total assets | 1,222,150 | 585,086 | |||
Other Currency | |||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by currency [Line Items] | |||||
Cash and cash equivalents | 70,222 | 90,986 | |||
Other financial assets (current and non-current) | 2,732 | 2,143 | |||
Trade and other accounts receivable, current | $ 61,454 | $ 288,735 |
TRADE AND OTHER ACCOUNTS RECE_3
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable [Line Items] | ||||
Less: non-current portion – accounts receivable | $ (4,725) | $ (5,381) | ||
Trade and other accounts receivable, current | 1,244,348 | 1,162,582 | $ 1,202,945 | $ 1,202,945 |
Gross carrying amount [member] | ||||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable [Line Items] | ||||
Trade accounts receivable | 1,073,599 | 1,077,561 | ||
Other accounts receivable | 275,876 | 188,393 | ||
Total net trade and accounts receivable | 1,349,475 | 1,265,954 | ||
Accumulated impairment [member] | ||||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable [Line Items] | ||||
Other accounts receivable | ||||
Total net trade and accounts receivable | 1,249,073 | 1,167,963 | ||
Less: Expected credit loss | $ (100,402) | $ (97,991) |
TRADE AND OTHER ACCOUNTS RECE_4
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of matured accounts receivable and impaired - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Up to date | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of matured accounts receivable and impaired [Line Items] | |||
Expected loss rate | [1] | 2.00% | 3.00% |
Gross book value | [2] | $ 875,889 | $ 888,930 |
Impairment loss Provision | $ (16,433) | $ (23,933) | |
From 1 to 90 Days | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of matured accounts receivable and impaired [Line Items] | |||
Expected loss rate | [1] | 8.00% | 5.00% |
Gross book value | [2] | $ 56,537 | $ 91,387 |
Impairment loss Provision | $ (4,253) | $ (5,014) | |
From 91 to 180 days | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of matured accounts receivable and impaired [Line Items] | |||
Expected loss rate | [1] | 28.00% | 45.00% |
Gross book value | [2] | $ 16,922 | $ 11,085 |
Impairment loss Provision | $ (4,747) | $ (4,983) | |
From 181 to 360 days | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of matured accounts receivable and impaired [Line Items] | |||
Expected loss rate | [1] | 39.00% | 65.00% |
Gross book value | [2] | $ 47,865 | $ 15,078 |
Impairment loss Provision | $ (18,459) | $ (9,864) | |
more of 360 days | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of matured accounts receivable and impaired [Line Items] | |||
Expected loss rate | [1] | 74.00% | 76.00% |
Gross book value | [2] | $ 76,386 | $ 71,081 |
Impairment loss Provision | $ (56,510) | $ (54,197) | |
Total | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of matured accounts receivable and impaired [Line Items] | |||
Expected loss rate | [1] | 9.00% | 9.00% |
Gross book value | [2] | $ 1,073,599 | $ 1,077,561 |
Impairment loss Provision | $ (100,402) | $ (97,991) | |
[1] | Corresponds to the expected average rate. | ||
[2] | the gross book value represents the maximum growth risk value of trade accounts receivable. |
TRADE AND OTHER ACCOUNTS RECE_5
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Argentina, Pesos | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | $ 47,079 | $ 82,893 | |
Brazil, Brazil Real | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | 537,224 | 511,174 | |
Chile, Pesos | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | 131,543 | 118,546 | |
Colombia, Pesos | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | 2,288 | 7,259 | |
Euro Member Countries, Euro | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | 32,711 | 49,044 | |
United States of America, Dollars | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | 436,774 | 110,312 | |
Other Currency | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 61,454 | 288,735 |
Australia, Dollars | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 20,964 | 100,733 |
China, Yuan Renminbi | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 2,145 | 5,106 |
Denmark, Kroner | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 54 | 475 |
United Kingdom, Pounds | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 7,428 | 18,129 |
India, Rupees | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 37 | 7,163 |
Japan, Yen | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 1,222 | 56,589 |
Norway, Krone | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 14 | 283 |
Switzerland, Francs | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 535 | 5,046 |
Korea (South), Won | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 8,172 | 31,381 |
Taiwan, New Dollars | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | 1,117 | 6,180 |
Other Currencies | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | |||
Total | [1] | $ 19,766 | $ 57,650 |
[1] | Adjustment to the balance as of December 31, 2017 registered in retained earnings as of 01.01.2018 for the adoption of IFRS 9. |
TRADE AND OTHER ACCOUNTS RECE_6
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of allowance for impairment loss of trade and other accounts receivables - Accumulated impairment [member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of allowance for impairment loss of trade and other accounts receivables [Line Items] | ||||
Opening balance | $ (97,991) | $ (87,909) | $ (77,054) | |
Adoption adjustment IFRS 9 | [1] | (10,524) | ||
Write-offs | 12,569 | 8,620 | 8,249 | |
(Increase) Decrease | (14,980) | (8,178) | (19,104) | |
Closing balance | $ (100,402) | $ (97,991) | $ (87,909) | |
[1] | Adjustment to the balance as of December 31, 2017 registered in retained earnings as of 01.01.2018 for the adoption of IFRS 9. |
TRADE AND OTHER ACCOUNTS RECE_7
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Gross carrying amount [member] | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories [Line Items] | ||
Trade accounts receivable | $ 1,073,599 | $ 1,077,561 |
Other accounts receivable | 275,876 | 188,393 |
Accumulated impairment [member] | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories [Line Items] | ||
Trade accounts receivable | (100,402) | (97,991) |
Other accounts receivable | ||
Exposure net of risk concentrations | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories [Line Items] | ||
Trade accounts receivable | 973,197 | 979,570 |
Other accounts receivable | $ 275,876 | $ 188,393 |
ACCOUNTS RECEIVABLE FROM_PAYA_3
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | |||
Related party | Total current assets | ||
Current assets | $ 19,645 | $ 2,931 | $ 2,582 |
Qatar Airways [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | |||
Tax No. | Foreign | ||
Related party | Qatar Airways | ||
Relationship | Indirect shareholder | ||
Country of origin | Qatar | ||
Currency | US$ | ||
Current assets | $ 19,400 | 1,907 | |
Bethia S.A. and Subsidiaries [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | |||
Tax No. | 78.591.370-1 | ||
Related party | Bethia S.A. and Subsidiaries | ||
Relationship | Related director | ||
Country of origin | Chile | ||
Currency | CLP | ||
Current assets | 988 | ||
Delta Air Lines Inc. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | |||
Tax No. | Foreign | ||
Related party | Delta Air Lines Inc. | ||
Relationship | Shareholder | ||
Country of origin | U.S.A. | ||
Currency | USD | ||
Current assets | $ 205 | ||
Granja Marina Tornagaleones S.A. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | |||
Tax No. | 87.752.000-5 | ||
Related party | Granja Marina Tornagaleones S.A. | ||
Relationship | Common shareholder | ||
Country of origin | Chile | ||
Currency | CLP | ||
Current assets | $ 36 | 31 | |
Inmobiliaria e Inversiones Asturias S.A. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | |||
Tax No. | 96.782.530-1 | ||
Related party | Inmobiliaria e Inversiones Asturias S.A. | ||
Relationship | Related director | ||
Country of origin | Chile | ||
Currency | CLP | ||
Current assets | $ 1 | ||
Parque de Chile S.A. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | |||
Tax No. | 76.335.600-0 | ||
Related party | Parque de Chile S.A. | ||
Relationship | Related director | ||
Country of origin | Chile | ||
Currency | CLP | ||
Current assets | $ 2 | ||
Inversiones Costa Verde Ltda. y CPA. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | |||
Tax No. | 96.810.370-9 | ||
Related party | Inversiones Costa Verde Ltda. y CPA. | ||
Relationship | Related director | ||
Country of origin | Chile | ||
Currency | CLP | ||
Current assets | $ 1 | $ 5 |
ACCOUNTS RECEIVABLE FROM_PAYA_4
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts payable - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts payable [Line Items] | |||
Related party | Total current assets | ||
Current liabilities | $ 56 | $ 382 | $ 760 |
Bethia S.A and subsidiaries [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts payable [Line Items] | |||
Tax No. | 78.591.370-1 | ||
Related party | Bethia S.A. and Subsidiaries | ||
Relationship | Related director | ||
Country of origin | Chile | ||
Currency | CLP | ||
Current liabilities | $ 53 | 365 | |
Inversora Aeronáutica Argentina S.A. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts payable [Line Items] | |||
Tax No. | Foreign | ||
Related party | Inversora Aeronutica Argentina S.A. | ||
Relationship | Related director | ||
Country of origin | Argentina | ||
Currency | ARS | ||
Current liabilities | 15 | ||
Patagonia Seafarms INC [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts payable [Line Items] | |||
Tax No. | Foreign | ||
Related party | Patagonia Seafarms INC | ||
Relationship | Related director | ||
Country of origin | U.S.A. | ||
Currency | USD | ||
Current liabilities | $ 3 | ||
TAM Aviação Executiva e Taxi Aéreo S.A. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts payable [Line Items] | |||
Tax No. | Foreign | ||
Related party | TAM Aviao Executiva e Taxi Areo S.A. | ||
Relationship | Common shareholder | ||
Country of origin | Brasil | ||
Currency | BRL | ||
Current liabilities | $ 2 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of inventories [text block] [Abstract] | |||
Cost of sales | $ 7,951,269 | $ 7,773,432 | $ 7,279,358 |
INVENTORIES (Details) - Schedul
INVENTORIES (Details) - Schedule of composition of inventories - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of composition of inventories [Abstract] | |||
Technical stock | $ 315,286 | $ 233,276 | |
Non-technical stock | 38,946 | 46,068 | |
Total | $ 354,232 | $ 279,344 | $ 236,666 |
INVENTORIES (Details) - Sched_2
INVENTORIES (Details) - Schedule of inventory average cost, net of provision for obsolescence - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of inventory average cost, net of provision for obsolescence [Abstract] | ||
Provision for obsolescence Technical stock | $ 21,193 | $ 20,500 |
Provision for obsolescence Non-technical stock | 11,610 | 4,621 |
Total | $ 32,803 | $ 25,121 |
OTHER FINANCIAL ASSETS (Details
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | $ 499,504 | $ 383,984 | $ 559,919 |
Non-current assets | 46,907 | 58,700 | 88,090 |
Total Assets | 546,411 | 442,684 | |
Cross currency swap of currencies | 499,504 | 383,984 | 559,919 |
Cross currency swap of currencies | 46,907 | 58,700 | $ 88,090 |
Cross currency swap of currencies | 546,411 | 442,684 | |
Cross currency swap of currencies [Member] | Hedging Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 3 | ||
Non-current assets | |||
Total Assets | 3 | ||
Cross currency swap of currencies | 3 | ||
Cross currency swap of currencies | |||
Cross currency swap of currencies | 3 | ||
Fair Value Of Interest Rate Derivatives [Member] | Hedging Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 27,044 | 19,460 | |
Non-current assets | 2,676 | ||
Total Assets | 29,720 | 19,460 | |
Cross currency swap of currencies | 27,044 | 19,460 | |
Cross currency swap of currencies | 2,676 | ||
Cross currency swap of currencies | 29,720 | 19,460 | |
Fair Value Of Foreign Currency Derivatives [Member] | Hedging Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 586 | 3,895 | |
Non-current assets | |||
Total Assets | 586 | 3,895 | |
Cross currency swap of currencies | 586 | 3,895 | |
Cross currency swap of currencies | |||
Cross currency swap of currencies | 586 | 3,895 | |
Fair Value Of Fuel Price Derivatives [Member] | Hedging Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 48,542 | 23,355 | |
Non-current assets | 2,676 | ||
Total Assets | 48,542 | 23,355 | |
Cross currency swap of currencies | 48,542 | 23,355 | |
Cross currency swap of currencies | 2,676 | ||
Cross currency swap of currencies | 48,542 | 23,355 | |
Foreign Currency Derivatives Not Recognized As A Hedge [Member] | Derivatives Not Recognized As A Hedge Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 19,396 | ||
Non-current assets | |||
Total Assets | 19,396 | ||
Cross currency swap of currencies | 19,396 | ||
Cross currency swap of currencies | |||
Cross currency swap of currencies | 19,396 | ||
Private Investment Funds [Member] | Other Financial Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 386,669 | 322,428 | |
Non-current assets | |||
Total Assets | 386,669 | 322,428 | |
Cross currency swap of currencies | 386,669 | 322,428 | |
Cross currency swap of currencies | |||
Cross currency swap of currencies | 386,669 | 322,428 | |
Deposits In Guarantee (Aircraft) [Member] | Other Financial Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 8,934 | 9,610 | |
Non-current assets | 28,599 | 37,636 | |
Total Assets | 37,533 | 47,246 | |
Cross currency swap of currencies | 8,934 | 9,610 | |
Cross currency swap of currencies | 28,599 | 37,636 | |
Cross currency swap of currencies | 37,533 | 47,246 | |
Guarantees For Margins Of Derivatives [Member] | Other Financial Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 21,200 | 661 | |
Non-current assets | |||
Total Assets | 21,200 | 661 | |
Cross currency swap of currencies | 21,200 | 661 | |
Cross currency swap of currencies | |||
Cross currency swap of currencies | 21,200 | 661 | |
Other Investments [Member] | Other Financial Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | |||
Non-current assets | 494 | 494 | |
Total Assets | 494 | 494 | |
Cross currency swap of currencies | |||
Cross currency swap of currencies | 494 | 494 | |
Cross currency swap of currencies | 494 | 494 | |
Domestic And Foreign Bonds [Member] | Other Financial Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 19 | 1,394 | |
Non-current assets | |||
Total Assets | 19 | 1,394 | |
Cross currency swap of currencies | 19 | 1,394 | |
Cross currency swap of currencies | |||
Cross currency swap of currencies | 19 | 1,394 | |
Other Guarantees Given [Member] | Other Financial Assets Categories [Member] | |||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | |||
Current assets | 6,507 | 7,140 | |
Non-current assets | 15,138 | 20,570 | |
Total Assets | 21,645 | 27,710 | |
Cross currency swap of currencies | 6,507 | 7,140 | |
Cross currency swap of currencies | 15,138 | 20,570 | |
Cross currency swap of currencies | $ 21,645 | $ 27,710 |
OTHER NON-FINANCIAL ASSETS (Det
OTHER NON-FINANCIAL ASSETS (Details) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
OTHER NON-FINANCIAL ASSETS (Details) [Line Items] | |||||
Reserve maintain | $ (367,577) | $ (4,365) | $ 554,884 | $ 760,761 | $ 580,870 |
Number of aircraft under operating leases | 8 | ||||
Aircraft [member] | |||||
OTHER NON-FINANCIAL ASSETS (Details) [Line Items] | |||||
Reserve maintain | $ 45,831 | $ 52,667 |
OTHER NON-FINANCIAL ASSETS (D_2
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | $ 313,449 | $ 290,476 | $ 275,549 | $ 244,778 | $ 212,242 | |
Non-current assets | 204,928 | 227,541 | $ 220,807 | $ 212,203 | ||
Total Assets | 518,377 | 518,017 | ||||
Advance Payments Categories [Member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | 26,346 | 36,588 | ||||
Non-current assets | 2,355 | 4,460 | ||||
Total Assets | 28,701 | 41,048 | ||||
Contract assets [member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | [1] | 56,576 | 48,957 | |||
Non-current assets | [1] | |||||
Total Assets | [1] | 56,576 | 48,957 | |||
Aircraft Insurance And Other [Member] | Advance Payments Categories [Member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | 11,179 | 16,483 | ||||
Non-current assets | 523 | |||||
Total Assets | 11,702 | 16,483 | ||||
Others [Member] | Advance Payments Categories [Member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | 15,167 | 20,105 | ||||
Non-current assets | 1,832 | 4,460 | ||||
Total Assets | 16,999 | 24,565 | ||||
GDS Costs [Member] | Contract assets [member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | [1] | 16,593 | 14,708 | |||
Non-current assets | [1] | |||||
Total Assets | [1] | 16,593 | 14,708 | |||
Credit Card Commissions [Member] | Contract assets [member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | [1] | 23,437 | 21,614 | |||
Non-current assets | [1] | |||||
Total Assets | [1] | 23,437 | 21,614 | |||
Travel Agencies Commissions [Member] | Contract assets [member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | [1] | 16,546 | 12,635 | |||
Non-current assets | [1] | |||||
Total Assets | [1] | 16,546 | 12,635 | |||
Aircraft Maintenance Reserve [Member] | Other Assets [Member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | [2] | 27,987 | 831 | |||
Non-current assets | [2] | 17,844 | 51,836 | |||
Total Assets | [2] | 45,831 | 52,667 | |||
Sales Tax [Member] | Other Assets [Member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | 167,987 | 187,410 | ||||
Non-current assets | 34,680 | 38,186 | ||||
Total Assets | 202,667 | 225,596 | ||||
Other Assets [Member] | Other Assets [Member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | 230,527 | 1,177 | ||||
Non-current assets | 202,573 | 53 | ||||
Total Assets | 433,100 | 1,230 | ||||
Other Assets [Member] | Other Taxes [Member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | 34,295 | 15,255 | ||||
Non-current assets | ||||||
Total Assets | 34,295 | 15,255 | ||||
Contributions to Societe Internationale de Telecommunications Aeronautiques ("SITA") [Member] | Other Assets [Member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | 258 | 258 | ||||
Non-current assets | 739 | 739 | ||||
Total Assets | 997 | 997 | ||||
Judicial Deposits [Member] | Other Assets [Member] | ||||||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of Other non-financial assets [Line Items] | ||||||
Other financial assets | ||||||
Non-current assets | 149,310 | 132,267 | ||||
Total Assets | $ 149,310 | $ 132,267 | ||||
[1] | Movement of Contracts assets: | |||||
[2] | Aircraft maintenance reserves reflect prepayment deposits made by the group to lessors of certain aircraft under operating lease agreements in order to ensure that funds are available to support the scheduled heavy maintenance of the aircraft. |
OTHER NON-FINANCIAL ASSETS (D_3
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of movement of Contracts assets - Contract assets [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of movement of Contracts assets [Line Items] | |||
Opening Balance | [1] | $ 48,957 | |
Activation | 166,300 | $ 180,171 | |
Adjustments by the application of IFRS 15 | 54,361 | ||
Difference by conversion | (4,950) | (5,019) | |
Amortization | (153,731) | (180,556) | |
Closing Balance | [1] | $ 56,576 | $ 48,957 |
[1] | Movement of Contracts assets: |
NON-CURRENT ASSETS AND DISPOS_3
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) | Dec. 31, 2019USD ($) |
Disclosure of non-current assets or disposal groups classified as held for sale [text block] [Abstract] | |
Assets reclassified from inventories net realizable value | $ 2 |
NON-CURRENT ASSETS AND DISPOS_4
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of non-current assets and in disposal groups held for sale - Non-current assets or disposal groups classified as held for sale [member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of non-current assets and in disposal groups held for sale [Line Items] | ||
Aircraft | $ 482,806 | $ 265 |
Engines and rotables | 1,943 | 5,299 |
Other liabilities | 401 | 204 |
Total | $ 485,150 | $ 5,768 |
NON-CURRENT ASSETS AND DISPOS_5
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of fleet classified as non-current assets or groups of assets for disposal classified as held | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Boeing 777 [Member] | ||
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of fleet classified as non-current assets or groups of assets for disposal classified as held [Line Items] | ||
Total | 1 | |
Airbus A330-200 [Member] | ||
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of fleet classified as non-current assets or groups of assets for disposal classified as held [Line Items] | ||
Total | 4 | |
ATR42-300 [Member] | ||
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - Schedule of fleet classified as non-current assets or groups of assets for disposal classified as held [Line Items] | ||
Total | 5 | 1 |
INVESTMENTS IN SUBSIDIARIES (De
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lan Peru S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Peru | |
Functional currency | US$ | |
Percentage of equity ownership | 70.00% | 70.00% |
Lan Cargo S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Chile | |
Functional currency | US$ | |
Percentage of equity ownership | 99.89395% | 99.89803% |
Lan Argentina S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Argentina | |
Functional currency | ARS | |
Percentage of equity ownership | 99.9837% | 99.8656% |
Transporte Aereo S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Chile | |
Functional currency | US$ | |
Percentage of equity ownership | 100.00% | 100.00% |
Aerolane Lineas Aereas Nacionales del Ecuador S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Ecuador | |
Functional currency | US$ | |
Percentage of equity ownership | 100.00% | 100.00% |
Aerovias de Integracion Regional, AIRES S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Colombia | |
Functional currency | COP | |
Percentage of equity ownership | 99.19414% | 99.19061% |
TAM S.A. and Subsidiaries [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Brazil | |
Functional currency | BRL | |
Percentage of equity ownership | 99.99938% | 99.99938% |
INVESTMENTS IN SUBSIDIARIES (_2
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lan Peru S.A. [Member] | |
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | |
Assets | $ 519,363 |
Current Assets | 481,592 |
Non-current Assets | 37,771 |
Total liabilities | 510,672 |
Current Liabilities | 508,541 |
Non-current Liabilities | 2,131 |
Revenue | 1,186,668 |
NET INCOME (LOSS) FOR THE PERIOD | (1,739) |
Lan Cargo S.A. [Member] | |
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | |
Assets | 634,852 |
Current Assets | 334,725 |
Non-current Assets | 300,127 |
Total liabilities | 462,666 |
Current Liabilities | 398,872 |
Non-current Liabilities | 63,794 |
Revenue | 274,774 |
NET INCOME (LOSS) FOR THE PERIOD | (4,157) |
Lan Argentina S.A. [Member] | |
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | |
Assets | 262,049 |
Current Assets | 255,641 |
Non-current Assets | 6,408 |
Total liabilities | 89,070 |
Current Liabilities | 86,912 |
Non-current Liabilities | 2,158 |
Revenue | 218,989 |
NET INCOME (LOSS) FOR THE PERIOD | (133,408) |
Transporte Aereo S.A. [Member] | |
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | |
Assets | 359,335 |
Current Assets | 101,128 |
Non-current Assets | 258,207 |
Total liabilities | 142,423 |
Current Liabilities | 46,383 |
Non-current Liabilities | 96,040 |
Revenue | 315,105 |
NET INCOME (LOSS) FOR THE PERIOD | 14,610 |
Aerolane Lineas Aereas Nacionales del Ecuador S.A. [Member] | |
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | |
Assets | 99,019 |
Current Assets | 95,187 |
Non-current Assets | 3,832 |
Total liabilities | 97,198 |
Current Liabilities | 86,810 |
Non-current Liabilities | 10,388 |
Revenue | 229,797 |
NET INCOME (LOSS) FOR THE PERIOD | (3,411) |
Aerovias de Integracion Regional, AIRES S.A. [Member] | |
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | |
Assets | 187,001 |
Current Assets | 135,344 |
Non-current Assets | 51,657 |
Total liabilities | 78,990 |
Current Liabilities | 70,643 |
Non-current Liabilities | 8,347 |
Revenue | 291,235 |
NET INCOME (LOSS) FOR THE PERIOD | (3,009) |
TAM S.A. and Subsidiaries [Member] | |
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | |
Assets | 5,036,864 |
Current Assets | 2,580,665 |
Non-current Assets | 2,456,199 |
Total liabilities | 3,497,559 |
Current Liabilities | 2,556,280 |
Non-current Liabilities | 941,279 |
Revenue | 5,013,293 |
NET INCOME (LOSS) FOR THE PERIOD | $ 185,720 |
INVESTMENTS IN SUBSIDIARIES (_3
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary - Non-controlling interests [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Total | $ (1,605) | $ 79,908 | $ 45,410 |
Lan Peru S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Peru | ||
Percentage of income attributable to subsidiaries | 30.00% | 30.00% | 30.00% |
Total | $ 2,609 | $ 3,032 | $ 360 |
Lan Cargo S.A. And Subsidiaries [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 93.383.000-4 | ||
Country of origin | Chile | ||
Percentage of income attributable to subsidiaries | 0.10196% | 0.10196% | 0.10196% |
Total | $ 369 | $ (101) | $ (4) |
Promotora Aerea Latinoamericana S.A. and Subsidiaries [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Argentina | ||
Percentage of income attributable to subsidiaries | 0.0163% | 0.1394% | 51.00% |
Total | $ (6,276) | $ 8,684 | $ 1,416 |
Lan Argentina S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Argentina | ||
Percentage of income attributable to subsidiaries | 0.0289% | 0.0289% | 0.02842% |
Total | $ 50 | $ (472) | $ 24 |
Americonsult de Guatemala S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Guatemala | ||
Percentage of income attributable to subsidiaries | 0.87% | 1.00% | |
Total | $ 1 | $ 1 | |
Americonsult S.A. and Subsidiaries [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Mexico | ||
Percentage of income attributable to subsidiaries | 0.20% | 0.20% | 0.20% |
Total | $ (7) | $ 1 | |
Americonsult Costa Rica S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Costa Rica | ||
Percentage of income attributable to subsidiaries | 0.20% | 1.00% | |
Total | $ 2 | $ 11 | |
Linea Aerea Carguera de Colombiana S.A. [Mmeber] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Colombia | ||
Percentage of income attributable to subsidiaries | 10.00% | 10.00% | 10.00% |
Total | $ (755) | $ (462) | $ 398 |
Aerolineas Regionales de Integracion Aires S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Colombia | ||
Percentage of income attributable to subsidiaries | 0.7988% | 0.7988% | 0.80944% |
Total | $ 899 | $ 378 | $ 4 |
Transportes Aereos del Mercosur S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Paraguay | ||
Percentage of income attributable to subsidiaries | 5.02% | 5.02% | 5.02% |
Total | $ 1,503 | $ 1,740 | $ 299 |
Multiplus S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Brazil | ||
Percentage of income attributable to subsidiaries | 27.26% | 27.26% | |
Total | $ 5,726 | $ 67,096 | $ 42,796 |
Inversora Cordillera S.A. and Subsidiaries [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Tax No . | 0-E | ||
Country of origin | Argentina | ||
Percentage of income attributable to subsidiaries | 0.0163% | 0.1394% | 0.1394% |
Total | $ 359 | $ 66 | $ 117 |
INTANGIBLE ASSETS OTHER THAN _3
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) [Line Items] | |||
Useful lives | The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. | ||
Accumulated amortization | $ (80,511) | $ (65,595) | $ (58,410) |
Accumulated depreciation and amortisation [member] | Computer Programs [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) [Line Items] | |||
Accumulated amortization | $ 470,057 | $ 397,895 |
INTANGIBLE ASSETS OTHER THAN _4
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net Carrying Amount [Member] | Airports Slots [Member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | $ 845,959 | $ 828,969 |
Intangible assets other than goodwill, Net | 845,959 | 828,969 |
Net Carrying Amount [Member] | Loyalty Program [Member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 263,806 | 274,420 |
Intangible assets other than goodwill, Net | 263,806 | 274,420 |
Net Carrying Amount [Member] | Computer software [member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 220,993 | 156,038 |
Intangible assets other than goodwill, Net | 220,993 | 156,038 |
Net Carrying Amount [Member] | Developing Software [Member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 99,193 | 151,853 |
Intangible assets other than goodwill, Net | 99,193 | 151,853 |
Net Carrying Amount [Member] | Brand names [member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 17,959 | 29,361 |
Intangible assets other than goodwill, Net | 17,959 | 29,361 |
Net Carrying Amount [Member] | Other intangible assets [member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 331 | 431 |
Intangible assets other than goodwill, Net | 331 | 431 |
Gross carrying amount [member] | Airports Slots [Member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 845,959 | 828,969 |
Intangible assets other than goodwill, Net | 845,959 | 828,969 |
Gross carrying amount [member] | Loyalty Program [Member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 263,806 | 274,420 |
Intangible assets other than goodwill, Net | 263,806 | 274,420 |
Gross carrying amount [member] | Computer software [member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 656,699 | 529,009 |
Intangible assets other than goodwill, Net | 656,699 | 529,009 |
Gross carrying amount [member] | Developing Software [Member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 99,193 | 151,853 |
Intangible assets other than goodwill, Net | 99,193 | 151,853 |
Gross carrying amount [member] | Brand names [member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 51,326 | 53,391 |
Intangible assets other than goodwill, Net | 51,326 | 53,391 |
Gross carrying amount [member] | Other intangible assets [member] | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | ||
Intangible assets other than goodwill, Gross | 1,315 | 1,325 |
Intangible assets other than goodwill, Net | $ 1,315 | $ 1,325 |
INTANGIBLE ASSETS OTHER THAN _5
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in Intangible assets other than goodwill - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in Intangible assets other than goodwill [Line Items] | ||||
Opening balance | $ 1,441,072 | $ 1,617,247 | $ 1,610,313 | |
Additions | 139,236 | 95,092 | 87,333 | |
Withdrawals | (1,393) | (528) | (928) | |
Transfer software | (3,167) | (1,316) | 203 | |
Foreing exchange | (46,996) | (203,948) | (21,264) | |
Amortization | (80,511) | (65,595) | (58,410) | |
Adjustment aplication IAS 29 by hyperinflation Argentina | 120 | |||
Closing balance | 1,448,241 | 1,441,072 | 1,617,247 | |
Computer software [member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in Intangible assets other than goodwill [Line Items] | ||||
Opening balance | 156,469 | 160,970 | 157,016 | |
Additions | 278 | 791 | 8,453 | |
Withdrawals | (270) | (403) | (244) | |
Transfer software | 136,935 | 59,771 | 45,783 | |
Foreing exchange | (1,981) | (10,231) | (1,215) | |
Amortization | (70,107) | (54,549) | (48,823) | |
Adjustment aplication IAS 29 by hyperinflation Argentina | 120 | |||
Closing balance | 221,324 | 156,469 | 160,970 | |
Developing Software [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in Intangible assets other than goodwill [Line Items] | ||||
Opening balance | 151,853 | 123,415 | 91,053 | |
Additions | 91,371 | 94,301 | 78,880 | |
Withdrawals | (1,123) | (125) | (684) | |
Transfer software | (140,102) | (61,087) | (45,580) | |
Foreing exchange | (2,806) | (4,651) | (254) | |
Amortization | ||||
Adjustment aplication IAS 29 by hyperinflation Argentina | ||||
Closing balance | 99,193 | 151,853 | 123,415 | |
Airports Slots [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in Intangible assets other than goodwill [Line Items] | ||||
Opening balance | [1] | 828,969 | 964,513 | 978,849 |
Additions | [1] | 47,587 | ||
Withdrawals | [1] | |||
Transfer software | [1] | |||
Foreing exchange | [1] | (30,597) | (135,544) | (14,336) |
Amortization | [1] | |||
Adjustment aplication IAS 29 by hyperinflation Argentina | [1] | |||
Closing balance | [1] | 845,959 | 828,969 | 964,513 |
Trademarks and Loyalty Program [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in Intangible assets other than goodwill [Line Items] | ||||
Opening balance | [1],[2] | 303,781 | 368,349 | 383,395 |
Additions | [1],[2] | |||
Withdrawals | [1],[2] | |||
Transfer software | [1],[2] | |||
Foreing exchange | [1],[2] | (11,612) | (53,522) | (5,459) |
Amortization | [1],[2] | (10,404) | (11,046) | (9,587) |
Adjustment aplication IAS 29 by hyperinflation Argentina | [1],[2] | |||
Closing balance | [1],[2] | $ 281,765 | $ 303,781 | $ 368,349 |
[1] | See Note 2.5 | |||
[2] | In 2016, the Company resolved to adopt a unique name and identity, and announced that the group's brand will be LATAM, which united all the companies under a single image. |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of goodwill [text block] [Abstract] | ||||
Goodwill | $ 2,209,576 | $ 2,294,072 | $ 2,672,550 | $ 2,710,382 |
GOODWILL (Details) - Schedule o
GOODWILL (Details) - Schedule of movement of goodwill - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
GOODWILL (Details) - Schedule of movement of goodwill [Line Items] | |||
Opening balance | $ 2,294,072 | $ 2,672,550 | $ 2,710,382 |
Increase (decrease) due to exchange rate differences | (84,496) | (377,125) | (37,832) |
Transfer from Multiplus S.A. (see nota 1) | |||
Adjustment IAS 29, hyperinflation Argentina | 335 | ||
Others | (1,688) | ||
Closing balance | 2,209,576 | 2,294,072 | 2,672,550 |
Cash-generating units [member] | |||
GOODWILL (Details) - Schedule of movement of goodwill [Line Items] | |||
Opening balance | 1,845,136 | 2,146,692 | 2,176,634 |
Increase (decrease) due to exchange rate differences | (67,133) | (300,203) | (29,942) |
Transfer from Multiplus S.A. (see nota 1) | 431,573 | ||
Adjustment IAS 29, hyperinflation Argentina | 335 | ||
Others | (1,688) | ||
Closing balance | 2,209,576 | 1,845,136 | 2,146,692 |
Coalition and Loyalty Program Multiplus CGU [Member] | |||
GOODWILL (Details) - Schedule of movement of goodwill [Line Items] | |||
Opening balance | 448,936 | 525,858 | 533,748 |
Increase (decrease) due to exchange rate differences | (17,363) | (76,922) | (7,890) |
Transfer from Multiplus S.A. (see nota 1) | (431,573) | ||
Adjustment IAS 29, hyperinflation Argentina | |||
Others | |||
Closing balance | $ 448,936 | $ 525,858 |
GOODWILL (Details) - Schedule_2
GOODWILL (Details) - Schedule of recoverable values categories by CGU - Goodwill [member] $ in Thousands | Dec. 31, 2019USD ($) | |
Bottom of range [member] | ||
GOODWILL (Details) - Schedule of recoverable values categories by CGU [Line Items] | ||
Annual growth rate (Terminal) | 1.00% | |
Exchange rate | 4 | [1] |
Discount rate based on the weighted average cost of capital (WACC) | 7.50% | |
Fuel Price from futures price curves commodities markets (in Dollars) | $ 79 | |
Top of range [member] | ||
GOODWILL (Details) - Schedule of recoverable values categories by CGU [Line Items] | ||
Annual growth rate (Terminal) | 2.00% | |
Exchange rate | 4.9 | [1] |
Discount rate based on the weighted average cost of capital (WACC) | 8.50% | |
Fuel Price from futures price curves commodities markets (in Dollars) | $ 80 | |
[1] | In line with the expectations of the Central Bank of Brazil |
GOODWILL (Details) - Schedule_3
GOODWILL (Details) - Schedule of sensitivity analysis of goodwill by CGU - Air Transport CGU [Member] | 12 Months Ended |
Dec. 31, 2019 | |
GOODWILL (Details) - Schedule of sensitivity analysis of goodwill by CGU [Line Items] | |
Increase Maximum WACC | 8.50% |
Decrease Minimum terminal growth rate | 1.00% |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Depreciation expenses | $ 1,221,991 | $ 1,155,061 | $ 1,462,562 |
Indirect existing debt | 1,762,611 | 1,633,504 | |
Indirect book value | $ 3,866,237 | 3,258,950 | |
Bottom of range [member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Financial leasing contracts term | 12 years | ||
Top of range [member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Financial leasing contracts term | 18 years | ||
Right-of-use assets [member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Depreciation expenses | $ 400,384 | 391,138 | 375,510 |
Construction in progress [member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Pre-delivery payments to aircraft manufacturers | 348,148 | 612,236 | |
Depreciation expenses | |||
Airbus SAS [Member] | Aircraft Purchase Agreement [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Manufacturers price property, plant and equipment | 5,640,000 | ||
The Boeing Company [Member] | Aircraft Purchase Contracts [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | |||
Manufacturers price property, plant and equipment | $ 1,750,000 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Construction in progress [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | $ 372,589 | [1] | $ 630,320 | [1] | $ 556,822 | $ 470,065 | |
Accumulated depreciation | 372,589 | [1] | 630,320 | [1] | 556,822 | 470,065 | |
Net Book Value | 372,589 | [1] | 630,320 | [1] | 556,822 | 470,065 | |
Land [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 48,406 | 45,424 | |||||
Accumulated depreciation | 48,406 | 45,424 | |||||
Net Book Value | 48,406 | 45,424 | |||||
Buildings [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 74,862 | 112,565 | 124,548 | 130,219 | |||
Accumulated depreciation | 74,862 | 112,565 | 124,548 | 130,219 | |||
Net Book Value | 74,862 | 112,565 | 124,548 | 130,219 | |||
Plant and Equipment [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 9,363,043 | 8,972,500 | |||||
Accumulated depreciation | 9,363,043 | 8,972,500 | |||||
Net Book Value | 9,363,043 | 8,972,500 | |||||
Owned aircraft [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 8,847,351 | 8,498,248 | |||||
Accumulated depreciation | 8,847,351 | 8,498,248 | |||||
Net Book Value | 8,847,351 | 8,498,248 | |||||
Others [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | [2] | 515,692 | 474,252 | ||||
Accumulated depreciation | [2] | 515,692 | 474,252 | ||||
Net Book Value | [2] | 515,692 | 474,252 | ||||
Machinery [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 5,217 | 6,594 | |||||
Accumulated depreciation | 5,217 | 6,594 | |||||
Net Book Value | 5,217 | 6,594 | |||||
Information Technology Equipment [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 20,776 | 22,564 | 30,156 | 39,714 | |||
Accumulated depreciation | 20,776 | 22,564 | 30,156 | 39,714 | |||
Net Book Value | 20,776 | 22,564 | 30,156 | 39,714 | |||
Fixed Installations and Accessories [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 59,834 | 71,009 | 80,777 | 83,912 | |||
Accumulated depreciation | 59,834 | 71,009 | 80,777 | 83,912 | |||
Net Book Value | 59,834 | 71,009 | 80,777 | 83,912 | |||
Motor vehicles [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 6,733 | 9,122 | 436 | 1,045 | |||
Accumulated depreciation | 6,733 | 9,122 | 436 | 1,045 | |||
Net Book Value | 6,733 | 9,122 | 436 | 1,045 | |||
Leasehold improvements [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 98,460 | 83,267 | 84,225 | 104,541 | |||
Accumulated depreciation | 98,460 | 83,267 | 84,225 | 104,541 | |||
Net Book Value | 98,460 | 83,267 | $ 84,225 | $ 104,541 | |||
Financial Leasing Aircraft [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 2,869,698 | 2,548,444 | |||||
Accumulated depreciation | 2,869,698 | 2,548,444 | |||||
Net Book Value | 2,869,698 | 2,548,444 | |||||
OTHERS [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 101,158 | 92,110 | |||||
Accumulated depreciation | 101,158 | 92,110 | |||||
Net Book Value | 101,158 | 92,110 | |||||
Gross carrying amount [member] | Construction in progress [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | [1] | 372,589 | 630,320 | ||||
Accumulated depreciation | [1] | 372,589 | 630,320 | ||||
Net Book Value | [1] | 372,589 | 630,320 | ||||
Gross carrying amount [member] | Land [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 48,406 | 45,424 | |||||
Accumulated depreciation | 48,406 | 45,424 | |||||
Net Book Value | 48,406 | 45,424 | |||||
Gross carrying amount [member] | Buildings [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 133,488 | 179,907 | |||||
Accumulated depreciation | 133,488 | 179,907 | |||||
Net Book Value | 133,488 | 179,907 | |||||
Gross carrying amount [member] | Plant and Equipment [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 13,993,044 | 13,333,837 | |||||
Accumulated depreciation | 13,993,044 | 13,333,837 | |||||
Net Book Value | 13,993,044 | 13,333,837 | |||||
Gross carrying amount [member] | Owned aircraft [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 13,268,562 | 12,595,223 | |||||
Accumulated depreciation | 13,268,562 | 12,595,223 | |||||
Net Book Value | 13,268,562 | 12,595,223 | |||||
Gross carrying amount [member] | Others [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | [2] | 724,482 | 738,614 | ||||
Accumulated depreciation | [2] | 724,482 | 738,614 | ||||
Net Book Value | [2] | 724,482 | 738,614 | ||||
Gross carrying amount [member] | Machinery [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 33,658 | 34,253 | |||||
Accumulated depreciation | 33,658 | 34,253 | |||||
Net Book Value | 33,658 | 34,253 | |||||
Gross carrying amount [member] | Information Technology Equipment [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 161,992 | 160,936 | |||||
Accumulated depreciation | 161,992 | 160,936 | |||||
Net Book Value | 161,992 | 160,936 | |||||
Gross carrying amount [member] | Fixed Installations and Accessories [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 171,469 | 182,629 | |||||
Accumulated depreciation | 171,469 | 182,629 | |||||
Net Book Value | 171,469 | 182,629 | |||||
Gross carrying amount [member] | Motor vehicles [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 67,060 | 69,653 | |||||
Accumulated depreciation | 67,060 | 69,653 | |||||
Net Book Value | 67,060 | 69,653 | |||||
Gross carrying amount [member] | Leasehold improvements [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 234,249 | 211,322 | |||||
Accumulated depreciation | 234,249 | 211,322 | |||||
Net Book Value | 234,249 | 211,322 | |||||
Gross carrying amount [member] | Financial Leasing Aircraft [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 5,693,553 | 4,987,953 | |||||
Accumulated depreciation | 5,693,553 | 4,987,953 | |||||
Net Book Value | 5,693,553 | 4,987,953 | |||||
Gross carrying amount [member] | OTHERS [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | 255,149 | 226,424 | |||||
Accumulated depreciation | 255,149 | 226,424 | |||||
Net Book Value | 255,149 | 226,424 | |||||
Accumulated depreciation and amortisation [member] | Construction in progress [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | [1] | ||||||
Accumulated depreciation | [1] | ||||||
Net Book Value | [1] | ||||||
Accumulated depreciation and amortisation [member] | Land [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | |||||||
Accumulated depreciation | |||||||
Net Book Value | |||||||
Accumulated depreciation and amortisation [member] | Buildings [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (58,626) | (67,342) | |||||
Accumulated depreciation | (58,626) | (67,342) | |||||
Net Book Value | (58,626) | (67,342) | |||||
Accumulated depreciation and amortisation [member] | Plant and Equipment [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (4,630,001) | (4,361,337) | |||||
Accumulated depreciation | (4,630,001) | (4,361,337) | |||||
Net Book Value | (4,630,001) | (4,361,337) | |||||
Accumulated depreciation and amortisation [member] | Owned aircraft [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (4,421,211) | (4,096,975) | |||||
Accumulated depreciation | (4,421,211) | (4,096,975) | |||||
Net Book Value | (4,421,211) | (4,096,975) | |||||
Accumulated depreciation and amortisation [member] | Others [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | [2] | (208,790) | (264,362) | ||||
Accumulated depreciation | [2] | (208,790) | (264,362) | ||||
Net Book Value | [2] | (208,790) | (264,362) | ||||
Accumulated depreciation and amortisation [member] | Machinery [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (28,441) | (27,659) | |||||
Accumulated depreciation | (28,441) | (27,659) | |||||
Net Book Value | (28,441) | (27,659) | |||||
Accumulated depreciation and amortisation [member] | Information Technology Equipment [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (141,216) | (138,372) | |||||
Accumulated depreciation | (141,216) | (138,372) | |||||
Net Book Value | (141,216) | (138,372) | |||||
Accumulated depreciation and amortisation [member] | Fixed Installations and Accessories [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (111,635) | (111,620) | |||||
Accumulated depreciation | (111,635) | (111,620) | |||||
Net Book Value | (111,635) | (111,620) | |||||
Accumulated depreciation and amortisation [member] | Motor vehicles [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (60,327) | (60,531) | |||||
Accumulated depreciation | (60,327) | (60,531) | |||||
Net Book Value | (60,327) | (60,531) | |||||
Accumulated depreciation and amortisation [member] | Leasehold improvements [member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (135,789) | (128,055) | |||||
Accumulated depreciation | (135,789) | (128,055) | |||||
Net Book Value | (135,789) | (128,055) | |||||
Accumulated depreciation and amortisation [member] | Financial Leasing Aircraft [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (2,823,855) | (2,439,509) | |||||
Accumulated depreciation | (2,823,855) | (2,439,509) | |||||
Net Book Value | (2,823,855) | (2,439,509) | |||||
Accumulated depreciation and amortisation [member] | OTHERS [Member] | |||||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||||||
Gross Book Value | (153,991) | (134,314) | |||||
Accumulated depreciation | (153,991) | (134,314) | |||||
Net Book Value | $ (153,991) | $ (134,314) | |||||
[1] | As of December 31, 2019, includes advances paid to aircraft manufacturers for ThUS$ 348,148 (ThUS$ 612,236 as of December 31, 2018) | ||||||
[2] | Consider mainly rotables and tools. |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | $ 12,501,809 | $ 12,930,652 | $ 10,498,149 | ||
Additions | 2,519,305 | 995,085 | 613,655 | ||
Disposals | (24,119) | (6,285) | (16,090) | ||
Retirements | (65,382) | (63,996) | (27,054) | ||
Depreciation expenses | (1,221,991) | (1,155,061) | (1,462,562) | ||
Foreign exchange | (35,331) | (130,242) | (11,506) | ||
Other increases (decreases) | (754,673) | (74,085) | 83,111 | ||
Adjustment application IAS 29 | 5,741 | ||||
Changes, total | 417,809 | (428,843) | (498,598) | ||
Closing balance | 12,919,618 | 12,501,809 | 12,930,652 | ||
Construction in progress [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 630,320 | [1] | 556,822 | 470,065 | |
Additions | 21,884 | 7,927 | 11,145 | ||
Disposals | |||||
Retirements | (20) | (80) | (127) | ||
Depreciation expenses | |||||
Foreign exchange | (1,340) | (714) | 107 | ||
Other increases (decreases) | (278,255) | 65,992 | 75,632 | ||
Adjustment application IAS 29 | 373 | ||||
Changes, total | (257,731) | 73,498 | 86,757 | ||
Closing balance | 372,589 | [1] | 630,320 | [1] | 556,822 |
Land [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 45,424 | 49,780 | 50,148 | ||
Additions | 7,950 | ||||
Disposals | (28) | (8) | |||
Retirements | |||||
Depreciation expenses | |||||
Foreign exchange | (1,103) | (4,348) | (368) | ||
Other increases (decreases) | (3,837) | ||||
Adjustment application IAS 29 | |||||
Changes, total | 2,982 | (4,356) | (368) | ||
Closing balance | 48,406 | 45,424 | 49,780 | ||
Buildings [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 112,565 | 124,548 | 130,219 | ||
Additions | |||||
Disposals | (47) | (1,412) | |||
Retirements | (19) | (6) | |||
Depreciation expenses | (5,768) | (6,219) | (7,946) | ||
Foreign exchange | (914) | (4,244) | (275) | ||
Other increases (decreases) | (30,974) | (89) | 2,556 | ||
Adjustment application IAS 29 | |||||
Changes, total | (37,703) | (11,983) | (5,671) | ||
Closing balance | 74,862 | 112,565 | 124,548 | ||
Plant and Equipment Net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 8,987,582 | 9,138,591 | 9,618,505 | ||
Additions | 1,694,640 | 635,367 | 300,098 | ||
Disposals | (23,945) | (4,747) | (16,031) | ||
Retirements | (64,838) | (63,774) | (25,951) | ||
Depreciation expenses | (776,225) | (705,577) | (701,094) | ||
Foreign exchange | (24,615) | (94,488) | (9,716) | ||
Other increases (decreases) | (418,083) | 78,341 | (27,220) | ||
Adjustment application IAS 29 | 3,869 | ||||
Changes, total | 386,934 | (151,009) | (479,914) | ||
Closing balance | 9,374,516 | 8,987,582 | 9,138,591 | ||
Information Technology Equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 22,564 | 30,156 | 39,714 | ||
Additions | 6,580 | 4,995 | 5,708 | ||
Disposals | (13) | (30) | (6) | ||
Retirements | (85) | (92) | (473) | ||
Depreciation expenses | (8,574) | (11,677) | (14,587) | ||
Foreign exchange | (234) | (1,819) | (183) | ||
Other increases (decreases) | 538 | 732 | (17) | ||
Adjustment application IAS 29 | 299 | ||||
Changes, total | (1,788) | (7,592) | (9,558) | ||
Closing balance | 20,776 | 22,564 | 30,156 | ||
Fixed Installations and Accessories [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 71,009 | 80,777 | 83,912 | ||
Additions | 26 | 64 | 329 | ||
Disposals | (75) | (74) | (10) | ||
Retirements | (77) | (27) | (497) | ||
Depreciation expenses | (11,945) | (12,538) | (14,124) | ||
Foreign exchange | (2,007) | (8,499) | (820) | ||
Other increases (decreases) | 2,903 | 10,195 | 11,987 | ||
Adjustment application IAS 29 | 1,111 | ||||
Changes, total | (11,175) | (9,768) | (3,135) | ||
Closing balance | 59,834 | 71,009 | 80,777 | ||
Motor vehicles [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 9,122 | 436 | 1,045 | ||
Additions | 73 | 24 | 77 | ||
Disposals | (11) | (14) | (43) | ||
Retirements | |||||
Depreciation expenses | (94) | (146) | (187) | ||
Foreign exchange | (125) | (28) | (8) | ||
Other increases (decreases) | 273 | (448) | |||
Adjustment application IAS 29 | 89 | ||||
Changes, total | (157) | 198 | (609) | ||
Closing balance | 6,733 | 9,122 | 436 | ||
Leasehold improvements [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 83,267 | 84,225 | 104,541 | ||
Additions | 34,988 | 20,410 | 8,156 | ||
Disposals | |||||
Retirements | (362) | (4) | |||
Depreciation expenses | (19,001) | (27,766) | (27,266) | ||
Foreign exchange | (432) | (2,351) | (243) | ||
Other increases (decreases) | 8,753 | (963) | |||
Adjustment application IAS 29 | |||||
Changes, total | 15,193 | (958) | (20,316) | ||
Closing balance | 98,460 | 83,267 | 84,225 | ||
Other Property, Plants and Equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 2,548,444 | 2,865,317 | 2,931,101 | ||
Additions | 753,164 | 326,298 | 288,142 | ||
Disposals | |||||
Retirements | |||||
Depreciation expenses | (400,384) | (391,138) | (375,510) | ||
Foreign exchange | (4,561) | (13,751) | |||
Other increases (decreases) | (26,965) | (238,282) | 21,584 | ||
Adjustment application IAS 29 | |||||
Changes, total | 321,254 | (316,873) | (65,784) | ||
Closing balance | $ 2,869,698 | $ 2,548,444 | $ 2,865,317 | ||
[1] | As of December 31, 2019, includes advances paid to aircraft manufacturers for ThUS$ 348,148 (ThUS$ 612,236 as of December 31, 2018) |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet pure in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Total | |||
Total fleet | 337 | 320 | ||
Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 227 | 226 | ||
Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 110 | 94 | ||
Boeing 767 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Boeing 767 | |||
Model | 300ER | |||
Total fleet | 30 | 35 | ||
Boeing 767 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 28 | 33 | ||
Boeing 767 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 2 | 2 | ||
Boeing 767 300 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Boeing 767 | |||
Model | 300F | |||
Total fleet | [1] | 12 | 10 | |
Boeing 767 300 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | [1] | 11 | 9 | |
Boeing 767 300 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 1 | 1 | ||
Boeing 777 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Boeing 777 | |||
Model | 300ER | |||
Total fleet | 10 | 10 | ||
Boeing 777 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 4 | 4 | ||
Boeing 777 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 6 | 6 | ||
Boeing 777 300 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Boeing 777 | |||
Model | 200ER | |||
Total fleet | 2 | |||
Boeing 777 300 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | ||||
Boeing 777 300 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 2 | |||
Boeing 787 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Boeing 787 | |||
Model | 800 | |||
Total fleet | 10 | 10 | ||
Boeing 787 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 6 | 6 | ||
Boeing 787 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 4 | 4 | ||
Boeing 787-9 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Boeing 787 | |||
Model | 900 | |||
Total fleet | 16 | 14 | ||
Boeing 787-9 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 6 | 4 | ||
Boeing 787-9 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 10 | 10 | ||
Airbus A319 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Airbus A319 | |||
Model | 100 | |||
Total fleet | 46 | 46 | ||
Airbus A319 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 37 | 37 | ||
Airbus A319 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 9 | 9 | ||
Airbus A320 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Airbus A320 | |||
Model | 200 | |||
Total fleet | [2] | 142 | 131 | |
Airbus A320 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | [2] | 96 | 97 | |
Airbus A320 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 46 | 34 | ||
Airbus A320-NEO | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Airbus A320 | |||
Model | NEO | |||
Total fleet | 13 | 4 | ||
Airbus A320-NEO | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 7 | 1 | ||
Airbus A320-NEO | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 6 | 3 | ||
Airbus A320-200 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Airbus A321 | |||
Model | 200 | |||
Total fleet | 49 | 49 | ||
Airbus A320-200 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 30 | 30 | ||
Airbus A320-200 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 19 | 19 | ||
Airbus A350-900 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | Airbus A350 | |||
Model | 900 | |||
Total fleet | 9 | [3] | 9 | |
Airbus A350-900 [Member] | Property, plant and equipment not subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 2 | 5 | ||
Airbus A350-900 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | [3] | 7 | 4 | |
[1] | One aircraft leased to Aerotransportes Mas de Carga S.A. de C.V. | |||
[2] | Three aircraft leased to Salam Air and two to Sundair | |||
[3] | Four aircraft leased to Qatar Airways, which are in assets by right of use. |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment | 12 Months Ended |
Dec. 31, 2019 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Method | Straight line without residual value |
Bottom of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 1 |
Top of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 25 |
Bearer plants [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Method | Straight line without residual value |
Bearer plants [member] | Bottom of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 20 |
Bearer plants [member] | Top of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 50 |
Plant and Equipment Net [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Method | Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) |
Plant and Equipment Net [Member] | Bottom of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 5 |
Plant and Equipment Net [Member] | Top of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 30 |
Information Technology Equipment [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Method | Straight line without residual value |
Information Technology Equipment [Member] | Bottom of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 5 |
Information Technology Equipment [Member] | Top of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 10 |
Fixed Installations and Accessories [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Method | Straight line without residual value |
Fixed Installations and Accessories [Member] | Bottom of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 10 |
Fixed Installations and Accessories [Member] | Top of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 10 |
Motor vehicles [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Method | Straight line without residual value |
Motor vehicles [member] | Bottom of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 10 |
Motor vehicles [member] | Top of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 10 |
Leasehold improvements [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Method | Straight line without residual value |
Leasehold improvements [member] | Bottom of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 5 |
Leasehold improvements [member] | Top of range [member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | |
Useful life (years) | 8 |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Existing Debt | $ 2,755,034 | $ 3,298,281 |
Book Value | $ 3,766,032,000 | 4,365,250,000 |
Wilmington [Member] | Airbus A319 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | MUFG | |
Fleet | Airbus A319 | |
Existing Debt | $ 74,713 | 96,057 |
Book Value | $ 256,937,000 | 234,329,000 |
Trust Company [Member] | Airbus A320 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Airbus A320 | |
Existing Debt | $ 70,644 | 98,903 |
Book Value | $ 256,651,000 | 220,390,000 |
Trust Company [Member] | Boeing 767 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Boeing 767 | |
Existing Debt | $ 61,728 | 82,793 |
Book Value | $ 196,244,000 | 206,868,000 |
Trust Company [Member] | Boeing 787 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Boeing 787 | |
Existing Debt | $ 120,938 | 144,312 |
Book Value | $ 127,283,000 | 133,388,000 |
Trust Company [Member] | Airbus A321 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Airbus A321 | |
Existing Debt | $ 353,774 | 389,080 |
Book Value | $ 452,107,000 | 477,778,000 |
Trust Company [Member] | Airbus A350 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Fleet | Airbus A350 | |
Existing Debt | $ 180,320 | 198,301 |
Book Value | $ 192,620,000 | 204,860,000 |
Trust Company [Member] | Boeing 787 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Boeing 787 | |
Existing Debt | $ 143,475 | 162,378 |
Book Value | $ 191,804,000 | 204,961,000 |
Boeing 787-9 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Boeing 787 | |
Existing Debt | $ 332,131 | 365,375 |
Book Value | $ 374,998,000 | 398,510,000 |
Banco Santander S.A. [Member] | Airbus A320 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Fleet | Airbus A320 | |
Existing Debt | 172,474 | |
Book Value | 275,511,000 | |
Banco Santander S.A. [Member] | Airbus A321 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Airbus A321 | |
Existing Debt | 25,661 | |
Book Value | 41,957,000 | |
BNP PARIBAS [Member] | Airbus A319 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Fleet | Airbus A319 | |
Existing Debt | 9,693 | |
Book Value | 19,113,000 | |
BNP PARIBAS [Member] | Airbus A319 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Airbus A319 | |
Existing Debt | 17,009 | |
Book Value | 26,407,000 | |
Credit Agricole [Member] | Airbus A320 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Airbus A320 | |
Existing Debt | $ 85,986 | 134,328 |
Book Value | $ 95,148,000 | 132,301,000 |
Credit Agricole [Member] | Boeing 767 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Boeing 767 | |
Existing Debt | $ 10,404 | 21,830 |
Book Value | $ 35,226,000 | 43,568,000 |
Credit Agricole [Member] | Boeing 787 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Fleet | Boeing 787 | |
Existing Debt | $ 74,023 | 74,023 |
Book Value | $ 36,594,000 | 42,228,000 |
Credit Agricole [Member] | Airbus A319 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Airbus A319 | |
Existing Debt | 11,154 | |
Book Value | 31,865,000 | |
Credit Agricole [Member] | Airbus A320/A350 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Airbus A321 / A350 | |
Existing Debt | $ 83,281 | 22,439 |
Book Value | $ 67,882,000 | 24,939,000 |
WELLS FARGO [Member] | Airbus A320 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Fleet | Airbus A320 | |
Existing Debt | 196,540 | |
Book Value | 285,877,000 | |
Bank of Utah [Member] | Airbus A320/A350 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines (2) | |
Fleet | Airbus A320 / A350 | |
Existing Debt | $ 296,441 | 502,006 |
Book Value | $ 378,462,000 | 630,065,000 |
Boeing 787 [Member] | Boeing 787 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Boeing 787 | |
Existing Debt | $ 217,500 | |
Book Value | $ 259,934,000 | |
NATIXIS [Member] | Airbus A321 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Airbus A321 | |
Existing Debt | $ 282,927 | 324,524 |
Book Value | $ 384,224,000 | 410,771,000 |
Citibank N.A. [Member] | Airbus A320 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Fleet | Airbus A320 | |
Existing Debt | 78,049 | |
Book Value | 132,296,000 | |
Citibank N.A. [Member] | Airbus A321 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Fleet | Airbus A321 | |
Existing Debt | 28,938 | |
Book Value | 70,333,000 | |
UMB [Member] | Airbus A320 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Fleet | Airbus A320 | |
Existing Debt | $ 106,250 | |
Book Value | $ 149,607,000 | |
MUFG [Member] | Wilmington [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Fleet | Airbus A320 | |
Existing Debt | $ 216,411 | |
Book Value | $ 310,311,000 | |
PK AirFinance US, Inc. [Member] | Airbus A320 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Aircraft and engines | |
Fleet | Airbus A320 | |
Existing Debt | 37,615 | |
Book Value | 52,435,000 | |
Banco BBVA [Member] | Land and Building [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Assets committed | Land and buildings (3) | |
Existing Debt | 50,785 | |
Book Value | $ 64,500,000 |
PROPERTY, PLANT AND EQUIPMENT_8
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Value | $ 115,671 |
GE Capital Aviation Services Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Lan Cargo S.A. |
Type | One letter of credit |
Value | $ 1,100 |
Release date | Nov. 30, 2020 |
Avolon Aerospace AOE 62 Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Three letter of credit |
Value | $ 2,167 |
Release date | Sep. 30, 2020 |
Bank of Utah [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 2,000 |
Release date | Mar. 24, 2020 |
Ge Capital Aviation Services Ltd. [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Three letter of credit |
Value | $ 14,327 |
Release date | Jan. 20, 2020 |
Orix Aviation Systems Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Four letter of credit |
Value | $ 10,034 |
Release date | Sep. 26, 2020 |
Sky High XXIV Leasing Company Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Eight letter of credit |
Value | $ 6,831 |
Release date | Aug. 5, 2020 |
Merlin Aviation Leasing (Ireland) 18 Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | One letter of credit |
Value | $ 3,852 |
Release date | Mar. 15, 2020 |
Shapphire Leasing (AOE) Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | One letter of credit |
Value | $ 7,500 |
Release date | Oct. 19, 2020 |
Wells Fargo Bank [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Nine letter of credit |
Value | $ 15,160 |
Release date | Mar. 13, 2020 |
Bank of America [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Three letter of credit |
Value | $ 1,044 |
Release date | Jul. 7, 2020 |
Macquaire Aircraft Leasing Services [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Five letter of credit |
Value | $ 2,582 |
Release date | Aug. 1, 2020 |
TC Skyward Aviation US Inc [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | One letter of credit |
Value | $ 13,100 |
Release date | Oct. 6, 2020 |
RB Comercial Properties 49 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | |
Type | |
Value | |
Release date | |
Empreendimentos Imobiliarios LTDA [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of credit related to assets by right of use [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | One letter of credit |
Value | $ 35,974 |
Release date | Apr. 29, 2020 |
PROPERTY, PLANT AND EQUIPMENT_9
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of fully depreciated assets and commitments for future purchases - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of fully depreciated assets and commitments for future purchases [Abstract] | |||
Gross book value of fully depreciated property, plant and equipment still in use | $ 261,792 | $ 192,606 | |
Commitments for the acquisition of aircraft | [1],[2] | $ 7,390,000 | $ 14,400,000 |
[1] | According to the manufacturer's price list. | ||
[2] | The current commitments do not consider 10 Airbus aircraft of the A350 family, included in a sales contract with Delta Air Lines, Inc. |
PROPERTY, PLANT AND EQUIPMEN_10
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment - Manufacturer [Member] | 12 Months Ended | |
Dec. 31, 2019 | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 50 | |
Not later than one year [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 5 | |
Later than one year and not later than two years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 12 | |
Later than two years and not later than three years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 11 | |
Later than three years and not later than four years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 11 | |
Later than four years and not later than five years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 11 | |
Airbus SAS [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 44 | [1] |
Airbus SAS [Member] | Not later than one year [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 3 | [1] |
Airbus SAS [Member] | Later than one year and not later than two years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 10 | [1] |
Airbus SAS [Member] | Later than two years and not later than three years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 11 | [1] |
Airbus SAS [Member] | Later than three years and not later than four years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 9 | [1] |
Airbus SAS [Member] | Later than four years and not later than five years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 11 | [1] |
Airbus A320-NEO | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 42 | |
Airbus A320-NEO | Not later than one year [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 3 | |
Airbus A320-NEO | Later than one year and not later than two years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 10 | |
Airbus A320-NEO | Later than two years and not later than three years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 11 | |
Airbus A320-NEO | Later than three years and not later than four years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 9 | |
Airbus A320-NEO | Later than four years and not later than five years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 9 | |
Airbus A350-900 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 2 | |
Airbus A350-900 [Member] | Not later than one year [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | ||
Airbus A350-900 [Member] | Later than one year and not later than two years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | ||
Airbus A350-900 [Member] | Later than two years and not later than three years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | ||
Airbus A350-900 [Member] | Later than three years and not later than four years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | ||
Airbus A350-900 [Member] | Later than four years and not later than five years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 2 | |
The Boeing Company [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 6 | |
The Boeing Company [Member] | Not later than one year [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 2 | |
The Boeing Company [Member] | Later than one year and not later than two years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 2 | |
The Boeing Company [Member] | Later than two years and not later than three years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | ||
The Boeing Company [Member] | Later than three years and not later than four years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 2 | |
The Boeing Company [Member] | Later than four years and not later than five years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | ||
Boeing 787-9 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 6 | |
Boeing 787-9 [Member] | Not later than one year [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 2 | |
Boeing 787-9 [Member] | Later than one year and not later than two years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 2 | |
Boeing 787-9 [Member] | Later than two years and not later than three years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | ||
Boeing 787-9 [Member] | Later than three years and not later than four years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | 2 | |
Boeing 787-9 [Member] | Later than four years and not later than five years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | ||
Number of aircraft purchase | ||
[1] | During the third quarter of 2019 the company signed a sale contract with Delta Air Lines, Inc. for 14 Airbus A350 family aircraft, 10 were within the current aircraft purchase commitments and 4 that were already in PPE were classified as assets held for sale as of December 31, 2019. |
PROPERTY, PLANT AND EQUIPMEN_11
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of capitalized interest costs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of capitalized interest costs [Abstract] | |||
Average rate of capitalization of capitalized interest costs | 4.72% | 4.64% | 412.00% |
Costs of capitalized interest | $ 1,444 | $ 13,007 | $ 8,210 |
CURRENT AND DEFERRED TAXES (Det
CURRENT AND DEFERRED TAXES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CURRENT AND DEFERRED TAXES (Details) [Line Items] | |||
Income tax, applicable tax rate | 27.00% | 27.00% | 25.50% |
Total Deferred tax assets not recognized | $ 110,933 | $ 137,761,000 | |
Tax loss under deferred tax assets not recognized | 338,679,000 | 447,150,000 | |
Other increases (decreases) in legal tax charges | 165,200,000 | 164,600,000 | |
Decrease in deferred tax liabilities | 145,900,000 | 172,900,000 | |
Other adjustments for permanent differences in other group companies | $ 19,300,000 | $ 8.3 | |
Changes in tax rates or tax laws enacted or announced [member] | |||
CURRENT AND DEFERRED TAXES (Details) [Line Items] | |||
Income tax, applicable tax rate | 27.00% |
CURRENT AND DEFERRED TAXES (D_2
CURRENT AND DEFERRED TAXES (Details) - Schedule of Composition of current tax assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current Assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of Composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Current assets | $ 10,968 | |
Provisional monthly payments (advances), Current assets | $ 48,480 | |
Other recoverable credits, Current assets | 18,353 | 20,654 |
Total assets by current tax, Current assets | 29,321 | 69,134 |
Non Current Assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of Composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Non-current assets | ||
Other recoverable credits, Non-current assets | 757 | |
Total assets by current tax, Non-current assets | 757 | |
Current And Non Current Assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of Composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Total assets | 10,968 | 48,480 |
Other recoverable credits, Total assets | 18,353 | 21,411 |
Total assets by current tax, Total assets | $ 29,321 | $ 69,891 |
CURRENT AND DEFERRED TAXES (D_3
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current Assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Current liabilities | $ 11,925 | $ 3,738,000 |
Total liabilities by current tax, Current liabilities | 11,925 | 3,738,000 |
Non Current Assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Non-current liabilities | ||
Total liabilities by current tax, Non-current liabilities | ||
Current And Non Current Assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Total liabilities | 11,925,000 | 3,738,000 |
Total liabilities by current tax, Total liabilities | $ 11,925,000 | $ 3,738,000 |
CURRENT AND DEFERRED TAXES (D_4
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are [Line Items] | ||
Assets | $ 235,583 | $ 273,529 |
Liabilities | 616,803 | 786,571 |
Property, plant and equipment [member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are [Line Items] | ||
Assets | 186,311 | 150,831 |
Liabilities | 1,700,215 | 1,733,327 |
Assets By Rights Of Use [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are [Line Items] | ||
Assets | 42,011 | 202 |
Liabilities | (91,470) | (85,550) |
Amortization [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are [Line Items] | ||
Assets | (903) | (983) |
Liabilities | 52,233 | 55,880 |
Provisions [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are [Line Items] | ||
Assets | (139,346) | (38,303) |
Liabilities | (182,913) | (75,631) |
Revaluation of Financial Assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are [Line Items] | ||
Assets | 422 | 445 |
Liabilities | (9,857) | 458 |
Tax Losses [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are [Line Items] | ||
Assets | 155,539 | 170,980 |
Liabilities | (1,200,729) | (1,198,170) |
Intangibles [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are [Line Items] | ||
Assets | ||
Liabilities | 349,082 | 351,238 |
Other [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax are [Line Items] | ||
Assets | (8,451) | (9,643) |
Liabilities | $ 242 | $ 5,019 |
CURRENT AND DEFERRED TAXES (D_5
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | $ (513,042) | $ (509,827) | $ (469,836) |
Recognized in consolidated income | 126,344 | 4,196 | (31,485) |
Recognized in comprehensive income | 3,287 | 1,297 | (2,555) |
Exchange rate variation | 2,191 | (8,708) | (5,951) |
Ending balance Asset (liability) | (381,220) | (513,042) | (509,827) |
Property, plant and equipment [member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (1,582,496) | (1,568,764) | (1,615,783) |
Recognized in consolidated income | 67,237 | (19,735) | 46,403 |
Recognized in comprehensive income | |||
Exchange rate variation | 1,355 | 6,003 | 616 |
Ending balance Asset (liability) | (1,513,904) | (1,582,496) | (1,568,764) |
Leased Assets [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 85,752 | 75,849 | 61,343 |
Recognized in consolidated income | 47,729 | 9,903 | 14,506 |
Recognized in comprehensive income | |||
Exchange rate variation | |||
Ending balance Asset (liability) | 133,481 | 85,752 | 75,849 |
Amortization [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (56,863) | (54,820) | (77,480) |
Recognized in consolidated income | 3,345 | (3,735) | 22,486 |
Recognized in comprehensive income | |||
Exchange rate variation | 382 | 1,692 | 174 |
Ending balance Asset (liability) | (53,136) | (56,863) | (54,820) |
Provisions [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 37,328 | (10,461) | 281,369 |
Recognized in consolidated income | 13,881 | 92,804 | (286,267) |
Recognized in comprehensive income | 2,873 | 1,566 | (785) |
Exchange rate variation | (10,515) | (46,581) | (4,778) |
Ending balance Asset (liability) | 43,567 | 37,328 | (10,461) |
Revaluation of Financial Assets [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (13) | 3,750 | 3,223 |
Recognized in consolidated income | 10,142 | (2,326) | 2,417 |
Recognized in comprehensive income | 414 | (269) | (1,770) |
Exchange rate variation | (264) | (1,168) | (120) |
Ending balance Asset (liability) | 10,279 | (13) | 3,750 |
Tax Losses [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 1,369,150 | 1,479,560 | 1,328,736 |
Recognized in consolidated income | (10,116) | (98,154) | 152,081 |
Recognized in comprehensive income | |||
Exchange rate variation | (2,766) | (12,256) | (1,257) |
Ending balance Asset (liability) | 1,356,268 | 1,369,150 | 1,479,560 |
Intangibles [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (351,238) | (406,536) | (430,705) |
Recognized in consolidated income | (11,718) | 20,000 | 24,436 |
Recognized in comprehensive income | |||
Exchange rate variation | 13,874 | 35,298 | (267) |
Ending balance Asset (liability) | (349,082) | (351,238) | (406,536) |
Others [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (14,662) | (28,405) | (20,539) |
Recognized in consolidated income | 5,844 | 5,439 | (7,547) |
Recognized in comprehensive income | |||
Exchange rate variation | 125 | 8,304 | (319) |
Ending balance Asset (liability) | $ (8,693) | $ (14,662) | $ (28,405) |
CURRENT AND DEFERRED TAXES (D_6
CURRENT AND DEFERRED TAXES (Details) - Schedule of deferred tax assets not recognized - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax expense (income) [abstract] | ||
Tax losses | $ 110,933,000 | $ 137,761,000 |
Total Deferred tax assets not recognized | $ 110,933 | $ 137,761,000 |
CURRENT AND DEFERRED TAXES (D_7
CURRENT AND DEFERRED TAXES (Details) - Schedule of deferred tax expense and current income taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax expense | |||
Current tax expense | $ 72,999 | $ 77,713 | $ 127,024 |
Adjustment to previous period’s current tax | (352) | 362 | 489 |
Total current tax expense, net | 72,647 | 78,075 | 127,513 |
Deferred tax expense | |||
Deferred expense for taxes related to the creation and reversal of temporary differences | (126,344) | (4,196) | 31,485 |
Total deferred tax expense, net | (126,344) | (4,196) | 31,485 |
Income tax expense | $ (53,697) | $ 73,879 | $ 158,998 |
CURRENT AND DEFERRED TAXES (D_8
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of income tax expense (income) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Total current tax expense, net | $ 72,647 | $ 78,075 | $ 127,513 |
Deferred tax expense, net, total | (126,344) | (4,196) | 31,485 |
Income tax expense | (53,697) | 73,879 | 158,998 |
Foreign countries [member] | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Total current tax expense, net | 76,806 | 65,850 | 100,657 |
Deferred tax expense, net, total | 37,294 | 58,271 | 21,846 |
Country of domicile [member] | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Total current tax expense, net | (4,159) | 12,225 | 26,856 |
Deferred tax expense, net, total | $ (163,638) | $ (62,467) | $ 9,639 |
CURRENT AND DEFERRED TAXES (D_9
CURRENT AND DEFERRED TAXES (Details) - Schedule of profit before tax by the legal tax rate - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred tax expense (income) [abstract] | |||
Tax expense using the legal rate | $ 38,318 | $ 112,230 | $ 95,425 |
Tax expense using the legal rate, percentage | 27.00% | 27.00% | 25.50% |
Tax effect by change in tax rate | $ 5,587 | $ 897 | |
Tax effect by change in tax rate, percentage | 1.34% | 0.24% | |
Tax effect of rates in other jurisdictions | $ 20,082 | $ 15,905 | $ 42,326 |
Tax effect of rates in other jurisdictions, percentage | 14.15% | 3.83% | 11.31% |
Tax effect of non-taxable operating revenues | $ (13,125) | $ (3,076) | $ (44,593) |
Tax effect of non-taxable operating revenues, percentage | (9.25%) | (0.74%) | (11.92%) |
Tax effect of disallowable expenses | $ 66,257 | $ 61,295 | $ 35,481 |
Tax effect of disallowable expenses, percentage | 46.69% | 14.75% | 9.48% |
Tax effect of due to the non-use of tax losses | $ (190,430) | $ (309,811) | $ (108,896) |
Tax effect of due to the non-use of tax losses, percentage | 11.18% | 0.06% | |
Other increases (decreases) in legal tax charge | $ (165,229) | $ (164,554) | $ 43,757 |
Other increases (decreases) in legal tax charge, percentage | (116.43%) | (39.59%) | 11.69% |
Total adjustments to tax expense using the legal rate | $ (92,015) | $ (38,351) | $ 78,079 |
Total adjustments to tax expense using the legal rate, percentage | (64.84%) | (9.23%) | 20.86% |
Tax expense using the effective rate | $ (53,697) | $ 73,879 | $ 158,998 |
Tax expense using the effective rate, percentage | (37.84%) | 17.77% | 46.36% |
CURRENT AND DEFERRED TAXES (_10
CURRENT AND DEFERRED TAXES (Details) - Schedule of deferred taxes related to items charged to net equity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax expense (income) [abstract] | ||
Aggregate deferred taxation of components of other comprehensive income | $ 3,287 | $ 1,297 |
OTHER FINANCIAL LIABILITIES (De
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) - USD ($) | 7 Months Ended | 12 Months Ended | ||
Jul. 24, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | ||||
Bonds were placed at an issue price | 99.309% | |||
Description allocated funds | The funds from the issuance were allocated 50% to the refinancing of liabilities, 30% for the financing of investments and 20% for general corporate purposes. | |||
Total obligations with financial institutions | $ 7,193,527,000 | $ 7,261,726,000 | $ 11,038,612,000 | |
Expiration of offer | 238,412,000 | 54,007,000,000 | 85,070,000,000 | |
Expiration of offer redeemed | $ 238,162,000 | 250,000 | ||
Unused bonds | 262,000,000 | |||
Obligation With The Public [Member] | ||||
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | ||||
Total obligations with financial institutions | 2,064,934,000 | 1,553,079,000 | 1,584,066,000 | |
Bank Loans [Member] | ||||
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | ||||
Total obligations with financial institutions | 217,255,000 | $ 222,741,000 | $ 321,633,000 | |
Latam Finance Limited [Member] | Obligation With The Public [Member] | ||||
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | ||||
Unsecured long-term bonds for a nominal amount | $ 600,000,000 | |||
Annual interest rate | 7.00% | |||
Latam Finance Limited [Member] | Series C Bond [Member] | Obligation With The Public [Member] | ||||
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | ||||
Borrowings, maturity | The total amount issued was UF 5,000,000 with an expiration date on April 15, 2029 and a 3.60% annual coupon rate with semiannual interest payments. The placement rate was 2.73%, equivalent to an amount of ThUS$ 215,093. | |||
Tam Linhas Aereas S.A. [Member] | Bank Loans [Member] | ||||
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | ||||
Description of collateral | On July 11, 2019, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusive property of LATAM Airlines Group SA, issued a re-opening of the LATAM 2026 bond, issued on February 11 of 2019, for US $ 200,000,000. This re-opening had a placement rate of 5.979%. | |||
TAM Capital 3 Inc [Member] | Obligation With The Public [Member] | ||||
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | ||||
Total obligations with financial institutions | $ 500,000,000 |
OTHER FINANCIAL LIABILITIES (_2
OTHER FINANCIAL LIABILITIES (Details) - Schedule of composition of other financial liabilities - Other Financial Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current | ||
(a) Interest bearing loans | $ 1,421,261 | $ 1,397,156 |
(b) Lease Liability | 414,027 | 363,497 |
(b) Hedge derivatives | 50,372 | 25,921 |
(c) Derivative non classified as hedge acounting | 7,712 | |
Total current | 1,885,660 | 1,794,286 |
Non-current | ||
(a) Interest bearing loans | 5,772,266 | 5,864,570 |
(b) Lease Liability | 2,758,130 | 2,494,552 |
(b) Hedge derivatives | 22 | 340 |
Total non-current | $ 8,530,418 | $ 8,359,462 |
OTHER FINANCIAL LIABILITIES (_3
OTHER FINANCIAL LIABILITIES (Details) - Schedule of composition of interest bearing loans - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | ||||
Total current | $ 1,421,261 | $ 1,397,156 | ||
Non-current | ||||
Total non-current | 5,772,266 | 5,864,570 | ||
Total obligations with financial institutions | 7,193,527 | 7,261,726 | $ 11,038,612 | |
Loans To Exporters [Member] | ||||
Current | ||||
Total current | 341,475 | 400,721 | ||
Non-current | ||||
Total obligations with financial institutions | 341,475 | 400,721 | 314,619 | |
Bank Loans [Member] | ||||
Current | ||||
Total current | 16,534 | 37,743 | ||
Non-current | ||||
Total non-current | 200,721 | 184,998 | ||
Total obligations with financial institutions | 217,255 | 222,741 | 321,633 | |
Guaranteed Obligations [Member] | ||||
Current | ||||
Total current | [1] | 237,951 | 324,976 | |
Non-current | ||||
Total non-current | [1] | 1,919,376 | 2,209,045 | |
Total obligations with financial institutions | 2,157,327 | 2,534,021 | 4,036,843 | |
Other Guaranteed Obligations [Member] | ||||
Current | ||||
Total current | 97,730 | 97,143 | ||
Non-current | ||||
Total non-current | 482,702 | 576,309 | ||
Total obligations with financial institutions | 580,432 | 673,452 | 242,175 | |
Total Bank Loans [Member] | ||||
Current | ||||
Total current | 693,690 | 860,583 | ||
Non-current | ||||
Total non-current | 2,602,799 | 2,970,352 | ||
Obligation With The Public [Member] | ||||
Current | ||||
Total current | 32,061 | 14,643 | ||
Non-current | ||||
Total non-current | [2],[3],[4] | 2,032,873 | 1,538,436 | |
Total obligations with financial institutions | 2,064,934 | 1,553,079 | 1,584,066 | |
Financial Leases [Member] | ||||
Current | ||||
Total current | [1] | 594,249 | 425,100 | |
Non-current | ||||
Total non-current | [1] | 1,136,594 | 1,199,754 | |
Total obligations with financial institutions | 1,730,843 | 1,624,854 | 1,109,504 | |
Other Loans [Member] | ||||
Current | ||||
Total current | 101,261 | 96,830 | ||
Non-current | ||||
Total non-current | 156,028 | |||
Total obligations with financial institutions | $ 101,261 | $ 252,858 | $ 282,800 | |
[1] | In the year ended December 31, 2019, the Company sold its participation in 8 permanent establishments. As a result of the above, the classification of financial liabilities associated with 41 aircraft of guaranteed obligations became financial leases. | |||
[2] | On February 11, 2019, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusively owned by LATAM Airlines Group SA, has issued on the international market, pursuant to Rule 144-A and Regulation S of the securities laws of the United States of America, unsecured long-term bonds for a nominal amount of US $ 600,000,000 at an annual interest rate of 7.00%. The bonds were placed at an issue price of 99.309% with respect to its even value. The bonds have semiannual interest payments and amortization of all capital at maturity and maturity date on March 1, 2026, unless they will be redeemed early according to their terms. As reported to the market, the issuance and placement was intended to finance general corporate purposes. | |||
[3] | On July 11, 2019, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusive property of LATAM Airlines Group SA, issued a re-opening of the LATAM 2026 bond, issued on February 11 of 2019, for US $ 200,000,000. This re-opening had a placement rate of 5.979%. | |||
[4] | On June 6, 2019, LATAM Airlines Group S.A. has issued in the local market (Santiago Stock Exchange) long-term unsecured bonds called Series E (BLATM-E), which correspond to the first series of bonds charged to the line registered in the Registro de Comisin para el Mercado Financiero ("CMF") under the number N 921 dated November 26, 2018 for a total of UF 9,000,000. |
OTHER FINANCIAL LIABILITIES (_4
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | |||
Total obligations with financial institutions | $ 7,193,527 | $ 7,261,726 | $ 11,038,612 |
Chile, Pesos | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | |||
Total obligations with financial institutions | 611,542 | 500,398 | |
United States of America, Dollars | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | |||
Total obligations with financial institutions | $ 6,581,985 | $ 6,761,328 |
OTHER FINANCIAL LIABILITIES (_5
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) - 2019 [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Loans | Bank loans |
BBVA [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 97.032.000-8 |
Creditor | BBVA |
Creditor country | Chile |
Currency | US$ |
Nominal values Up to 90 days | $ 24,000 |
Nominal values More than 90 days to one year | 75,000 |
Total nominal value | 99,000 |
Accounting values Up to 90 days | 24,910 |
Accounting values More than 90 days to one year | 75,000 |
Total accounting value | $ 99,910 |
Amortization | At Expiration |
Effective rate % | 3.29% |
Nominal rate % | 3.29% |
BANCO DO BRASIL [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 97.003.000-K |
Creditor | BANCO DO BRASIL |
Creditor country | Chile |
Currency | UF |
Nominal values Up to 90 days | $ 150,000 |
Nominal values More than 90 days to one year | 50,000 |
Total nominal value | 200,000 |
Accounting values Up to 90 days | 150,257 |
Accounting values More than 90 days to one year | 50,283 |
Total accounting value | $ 200,540 |
Amortization | At Expiration |
Effective rate % | 2.93% |
Nominal rate % | 2.93% |
HSBC [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 97.951.000-4 |
Creditor | HSBC |
Creditor country | Chile |
Currency | US$ |
Nominal values Up to 90 days | $ 12,000 |
Total nominal value | 12,000 |
Accounting values Up to 90 days | 12,016 |
Total accounting value | $ 12,016 |
Amortization | At Expiration |
Effective rate % | 3.25% |
Nominal rate % | 3.25% |
BLADEX [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 76.100.458-1 |
Creditor | BLADEX |
Creditor country | Chile |
Currency | US$ |
Nominal values More than 90 days to one year | $ 29,000 |
Total nominal value | 29,000 |
Accounting values More than 90 days to one year | 29,009 |
Total accounting value | $ 29,009 |
Amortization | At Expiration |
Effective rate % | 2.82% |
Nominal rate % | 2.82% |
CORP BANCA [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 97.023.000-9 |
Creditor | CORPBANCA |
Creditor country | Chile |
Currency | UF |
Nominal values Up to 90 days | $ 5,205 |
Nominal values More than 90 days to one year | 10,410 |
Total nominal value | 15,615 |
Accounting values Up to 90 days | 5,192 |
Accounting values More than 90 days to one year | 10,369 |
Total accounting value | $ 15,561 |
Amortization | Quarterly |
Effective rate % | 3.35% |
Nominal rate % | 3.35% |
SANTANDER [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | SANTANDER |
Creditor country | Spain |
Currency | US$ |
Nominal values More than one to three years | $ 137,860 |
Total nominal value | 137,860 |
Accounting values Up to 90 days | 255 |
Accounting values More than one to three years | 137,860 |
Total accounting value | $ 138,115 |
Amortization | Quarterly |
Effective rate % | 3.62% |
Nominal rate % | 4.61% |
BTG PACTUAL CHILE [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 76.362.099-9 |
Creditor | BTG PACTUAL CHILE |
Creditor country | Chile |
Currency | UF |
Nominal values More than one to three years | $ 62,769 |
Total nominal value | 62,769 |
Accounting values Up to 90 days | 113 |
Accounting values More than one to three years | 62,172 |
Total accounting value | $ 62,285 |
Amortization | At Expiration |
Effective rate % | 3.10% |
Nominal rate % | 3.10% |
ESTADO [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | ESTADO |
Creditor country | Chile |
Currency | UF |
Nominal values More than one to three years | $ 164,485 |
Nominal values More than five years | 353,547 |
Total nominal value | 518,032 |
Accounting values More than 90 days to one year | 2,642 |
Accounting values More than one to three years | 164,398 |
Accounting values More than five years | 366,656 |
Total accounting value | $ 533,696 |
Amortization | At Expiration |
Effective rate % | 4.81% |
Nominal rate % | 4.81% |
BANK OF NEWYORK [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 97.030.000-7 |
Creditor | BANK OF NEW YORK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values More than three to five years | $ 700,000 |
Nominal values More than five years | 800,000 |
Total nominal value | 1,500,000 |
Accounting values Up to 90 days | 18,640 |
Accounting values More than 90 days to one year | 10,779 |
Accounting values More than three to five years | 698,256 |
Accounting values More than five years | 803,563 |
Total accounting value | $ 1,531,238 |
Amortization | At Expiration |
Effective rate % | 7.16% |
Nominal rate % | 6.94% |
BNP PARIBAS [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | BNP PARIBAS |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 8,115 |
Nominal values More than 90 days to one year | 36,282 |
Nominal values More than one to three years | 93,788 |
Nominal values More than three to five years | 100,622 |
Nominal values More than five years | 275,134 |
Total nominal value | 513,941 |
Accounting values Up to 90 days | 10,058 |
Accounting values More than 90 days to one year | 36,855 |
Accounting values More than one to three years | 91,224 |
Accounting values More than three to five years | 99,297 |
Accounting values More than five years | 273,038 |
Total accounting value | $ 510,472 |
Amortization | Quarterly |
Effective rate % | 3.81% |
Nominal rate % | 3.81% |
WILMINGTON TRUST [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | WILMINGTON TRUST |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 22,090 |
Nominal values More than 90 days to one year | 66,710 |
Nominal values More than one to three years | 183,332 |
Nominal values More than three to five years | 196,452 |
Nominal values More than five years | 397,639 |
Total nominal value | 866,223 |
Accounting values Up to 90 days | 27,229 |
Accounting values More than 90 days to one year | 66,710 |
Accounting values More than one to three years | 178,784 |
Accounting values More than three to five years | 194,741 |
Accounting values More than five years | 395,983 |
Total accounting value | $ 863,447 |
Amortization | Quarterly |
Effective rate % | 4.45% |
Nominal rate % | 4.45% |
CITIBANK [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 4,805 |
Nominal values More than 90 days to one year | 14,608 |
Nominal values More than one to three years | 40,414 |
Nominal values More than three to five years | 42,626 |
Nominal values More than five years | 41,022 |
Total nominal value | 143,475 |
Accounting values Up to 90 days | 5,461 |
Accounting values More than 90 days to one year | 14,608 |
Accounting values More than one to three years | 36,178 |
Accounting values More than three to five years | 40,932 |
Accounting values More than five years | 40,310 |
Total accounting value | $ 137,489 |
Amortization | Quarterly |
Effective rate % | 3.76% |
Nominal rate % | 2.68% |
NATIXIS [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | NATIXIS |
Creditor country | France |
Currency | US$ |
Nominal values Up to 90 days | $ 10,675 |
Nominal values More than 90 days to one year | 32,708 |
Nominal values More than one to three years | 84,674 |
Nominal values More than three to five years | 78,123 |
Nominal values More than five years | 76,726 |
Total nominal value | 282,906 |
Accounting values Up to 90 days | 11,410 |
Accounting values More than 90 days to one year | 32,708 |
Accounting values More than one to three years | 83,072 |
Accounting values More than three to five years | 77,195 |
Accounting values More than five years | 75,928 |
Total accounting value | $ 280,313 |
Amortization | Quarterly |
Effective rate % | 3.82% |
Nominal rate % | 3.82% |
INVESTEC [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | INVESTEC |
Creditor country | England |
Currency | US$ |
Nominal values Up to 90 days | $ 1,538 |
Nominal values More than 90 days to one year | 8,976 |
Nominal values More than one to three years | 22,977 |
Nominal values More than three to five years | 10,596 |
Total nominal value | 44,087 |
Accounting values Up to 90 days | 1,867 |
Accounting values More than 90 days to one year | 9,112 |
Accounting values More than one to three years | 22,597 |
Accounting values More than three to five years | 10,565 |
Total accounting value | $ 44,141 |
Amortization | Semiannual |
Effective rate % | 6.35% |
Nominal rate % | 6.35% |
MUFG [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | MUFG |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 2,973 |
Nominal values More than 90 days to one year | 18,593 |
Nominal values More than one to three years | 53,816 |
Nominal values More than three to five years | 57,993 |
Nominal values More than five years | 189,285 |
Total nominal value | 322,660 |
Accounting values Up to 90 days | 3,182 |
Accounting values More than 90 days to one year | 18,593 |
Accounting values More than one to three years | 53,367 |
Accounting values More than three to five years | 57,694 |
Accounting values More than five years | 188,471 |
Total accounting value | $ 321,307 |
Amortization | Quarterly |
Effective rate % | 3.43% |
Nominal rate % | 3.43% |
SWAP Received Aircraft [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Creditor | SWAP Received Aircraft |
Currency | US$ |
Nominal values Up to 90 days | $ 80 |
Nominal values More than 90 days to one year | 78 |
Total nominal value | 158 |
Accounting values Up to 90 days | 80 |
Accounting values More than 90 days to one year | 78 |
Total accounting value | $ 158 |
Amortization | Quarterly |
Credit Agricole [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | CREDIT AGRICOLE |
Creditor country | France |
Currency | US$ |
Nominal values More than one to three years | $ 253,692 |
Total nominal value | 253,692 |
Accounting values Up to 90 days | 2,370 |
Accounting values More than one to three years | 252,747 |
Total accounting value | $ 255,117 |
Amortization | At Expiration |
Effective rate % | 3.74% |
Nominal rate % | 3.74% |
ING [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | ING |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 3,875 |
Nominal values More than 90 days to one year | 7,931 |
Total nominal value | 11,806 |
Accounting values Up to 90 days | 3,952 |
Accounting values More than 90 days to one year | 7,931 |
Total accounting value | $ 11,883 |
Amortization | Quarterly |
Effective rate % | 5.71% |
Nominal rate % | 5.01% |
CREDITAGRICOLE [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | CREDIT AGRICOLE |
Creditor country | France |
Currency | US$ |
Nominal values Up to 90 days | $ 4,831 |
Nominal values More than 90 days to one year | 14,723 |
Nominal values More than one to three years | 6,537 |
Total nominal value | 26,091 |
Accounting values Up to 90 days | 4,943 |
Accounting values More than 90 days to one year | 14,723 |
Accounting values More than one to three years | 6,537 |
Total accounting value | $ 26,203 |
Amortization | Quarterly |
Effective rate % | 3.15% |
Nominal rate % | 2.52% |
PEFCO [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | PEFCO |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 1,901 |
Nominal values More than 90 days to one year | 1,926 |
Total nominal value | 3,827 |
Accounting values Up to 90 days | 1,918 |
Accounting values More than 90 days to one year | 1,926 |
Total accounting value | $ 3,844 |
Amortization | Quarterly |
Effective rate % | 5.65% |
Nominal rate % | 5.03% |
BNPPARIBAS1Member | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | BNP PARIBAS |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 8,523 |
Nominal values More than 90 days to one year | 23,197 |
Nominal values More than one to three years | 25,182 |
Nominal values More than three to five years | 20,717 |
Nominal values More than five years | 10,110 |
Total nominal value | 87,729 |
Accounting values Up to 90 days | 9,042 |
Accounting values More than 90 days to one year | 23,197 |
Accounting values More than one to three years | 24,675 |
Accounting values More than three to five years | 20,424 |
Accounting values More than five years | 9,975 |
Total accounting value | $ 87,313 |
Amortization | Quarterly |
Effective rate % | 3.85% |
Nominal rate % | 3.72% |
WELLS FARGO [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | WELLS FARGO |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 32,321 |
Nominal values More than 90 days to one year | 97,956 |
Nominal values More than one to three years | 248,086 |
Nominal values More than three to five years | 199,037 |
Nominal values More than five years | 14,284 |
Total nominal value | 591,684 |
Accounting values Up to 90 days | 34,868 |
Accounting values More than 90 days to one year | 97,956 |
Accounting values More than one to three years | 233,822 |
Accounting values More than three to five years | 195,209 |
Accounting values More than five years | 14,138 |
Total accounting value | $ 575,993 |
Amortization | Quarterly |
Effective rate % | 2.67% |
Nominal rate % | 1.98% |
SANTANDER1Member | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 97.036.000-K |
Creditor | SANTANDER |
Creditor country | Chile |
Currency | US$ |
Nominal values Up to 90 days | $ 5,690 |
Nominal values More than 90 days to one year | 17,255 |
Nominal values More than one to three years | 46,472 |
Nominal values More than three to five years | 3,134 |
Total nominal value | 72,551 |
Accounting values Up to 90 days | 5,959 |
Accounting values More than 90 days to one year | 17,255 |
Accounting values More than one to three years | 45,805 |
Accounting values More than three to five years | 3,128 |
Total accounting value | $ 72,147 |
Amortization | Quarterly |
Effective rate % | 3.00% |
Nominal rate % | 2.46% |
RRP F ENGINE [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | RRPF ENGINE |
Creditor country | England |
Currency | US$ |
Nominal values Up to 90 days | $ 864 |
Nominal values More than 90 days to one year | 2,348 |
Nominal values More than one to three years | 7,441 |
Nominal values More than three to five years | 8,075 |
Nominal values More than five years | 915 |
Total nominal value | 19,643 |
Accounting values Up to 90 days | 908 |
Accounting values More than 90 days to one year | 2,348 |
Accounting values More than one to three years | 7,441 |
Accounting values More than three to five years | 8,075 |
Accounting values More than five years | 915 |
Total accounting value | $ 19,687 |
Amortization | Monthly |
Effective rate % | 4.01% |
Nominal rate % | 4.01% |
APPLE BANK [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | APPLE BANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 1,483 |
Nominal values More than 90 days to one year | 4,509 |
Nominal values More than one to three years | 12,474 |
Nominal values More than three to five years | 7,242 |
Total nominal value | 25,708 |
Accounting values Up to 90 days | 1,632 |
Accounting values More than 90 days to one year | 4,509 |
Accounting values More than one to three years | 12,162 |
Accounting values More than three to five years | 7,212 |
Total accounting value | $ 25,515 |
Amortization | Quarterly |
Effective rate % | 3.33% |
Nominal rate % | 2.73% |
BTMU [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | BTMU |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 3,010 |
Nominal values More than 90 days to one year | 9,148 |
Nominal values More than one to three years | 25,278 |
Nominal values More than three to five years | 13,904 |
Total nominal value | 51,340 |
Accounting values Up to 90 days | 3,191 |
Accounting values More than 90 days to one year | 9,148 |
Accounting values More than one to three years | 24,661 |
Accounting values More than three to five years | 13,849 |
Total accounting value | $ 50,849 |
Amortization | Quarterly |
Effective rate % | 3.33% |
Nominal rate % | 2.73% |
KfWIP EX-Bank [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | KFW IPEX-BANK |
Creditor country | Germany |
Currency | US$ |
Nominal values Up to 90 days | $ 1,760 |
Nominal values More than 90 days to one year | 3,568 |
Total nominal value | 5,328 |
Accounting values Up to 90 days | 1,769 |
Accounting values More than 90 days to one year | 3,568 |
Total accounting value | $ 5,337 |
Amortization | Quarterly |
Effective rate % | 3.55% |
Nominal rate % | 3.55% |
AIRBUS FINANCIAL [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | AIRBUS FINANCIAL |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 1,977 |
Nominal values More than 90 days to one year | 5,687 |
Total nominal value | 7,664 |
Accounting values Up to 90 days | 1,992 |
Accounting values More than 90 days to one year | 5,687 |
Total accounting value | $ 7,679 |
Amortization | Monthly |
Effective rate % | 3.31% |
Nominal rate % | 3.31% |
US BANK [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | US BANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 15,862 |
Nominal values More than 90 days to one year | 48,132 |
Nominal values More than one to three years | 132,441 |
Nominal values More than three to five years | 135,200 |
Nominal values More than five years | 17,492 |
Total nominal value | 349,127 |
Accounting values Up to 90 days | 17,610 |
Accounting values More than 90 days to one year | 48,132 |
Accounting values More than one to three years | 119,881 |
Accounting values More than three to five years | 130,865 |
Accounting values More than five years | 17,188 |
Total accounting value | $ 333,676 |
Amortization | Quarterly |
Effective rate % | 4.01% |
Nominal rate % | 2.82% |
PK AirFinance [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | PK AIRFINANCE |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 2,487 |
Nominal values More than 90 days to one year | 7,729 |
Nominal values More than one to three years | 17,871 |
Total nominal value | 28,087 |
Accounting values Up to 90 days | 2,530 |
Accounting values More than 90 days to one year | 7,729 |
Accounting values More than one to three years | 17,871 |
Total accounting value | $ 28,130 |
Amortization | Monthly |
Effective rate % | 3.45% |
Nominal rate % | 3.45% |
CITIBANK [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK (*) |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 24,595 |
Nominal values More than 90 days to one year | 76,431 |
Total nominal value | 101,026 |
Accounting values Up to 90 days | 24,830 |
Accounting values More than 90 days to one year | 76,431 |
Total accounting value | $ 101,261 |
Amortization | Quarterly |
Effective rate % | 6.00% |
Nominal rate % | 6.00% |
Total [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Creditor | Total |
Nominal values Up to 90 days | $ 393,003 |
Nominal values More than 90 days to one year | 789,300 |
Nominal values More than one to three years | 1,924,054 |
Nominal values More than three to five years | 1,634,602 |
Nominal values More than five years | 2,176,154 |
Total nominal value | 6,917,113 |
Accounting values Up to 90 days | 431,469 |
Accounting values More than 90 days to one year | 803,680 |
Accounting values More than one to three years | 1,876,183 |
Accounting values More than three to five years | 1,617,827 |
Accounting values More than five years | 2,186,165 |
Total accounting value | $ 6,915,324 |
OTHER FINANCIAL LIABILITIES (_6
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | ||
Tax No. | Obligations with the public | |
Nederlandsche Credietverzekering Maatschappij [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ | NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ |
Creditor country | Holland | Holland |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 148 | $ 138 |
Nominal values More than 90 days to one year | 452,000 | 426 |
Nominal values More than one to three years | 689,000 | 1,233,000 |
Nominal values More than three to five years | 54,000 | |
Total nominal value | 1,289,000 | 1,851,000 |
Accounting values Up to 90 days | 153,000 | 147,000 |
Accounting values More than 90 days to one year | 452,000 | 426,000 |
Accounting values More than one to three years | 689,000 | 1,233,000 |
Accounting values More than three to five years | 54,000 | |
Total accounting value | $ 1,294,000 | $ 1,860,000 |
Amortization | Monthly | Monthly |
Effective rate % | 6.01% | |
Nominal rate % | 6.01% | 6.01% |
NATIXISMember | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | ||
Tax No. | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Nominal values Up to 90 days | $ 3,243 | |
Nominal values More than 90 days to one year | 6,906,000 | |
Nominal values More than one to three years | 76,107,000 | |
Total nominal value | 86,256,000 | |
Accounting values Up to 90 days | 3,723,000 | |
Accounting values More than 90 days to one year | 6,906,000 | |
Accounting values More than one to three years | 76,107,000 | |
Total accounting value | $ 86,736,000 | |
Amortization | Quarterly/Semiannual | |
Effective rate % | 6.29% | |
Nominal rate % | 6.29% | |
Wacapou Leasing S.A. [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | WACAPOU LEASING S.A. | WACAPOU LEASING S.A. |
Creditor country | Luxemburg | Luxemburg |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 757 | $ 728 |
Nominal values More than 90 days to one year | 2,317,000 | 2,219 |
Nominal values More than one to three years | 3,206,000 | 6,280,000 |
Total nominal value | 6,280,000 | 9,227,000 |
Accounting values Up to 90 days | 777,000 | 756,000 |
Accounting values More than 90 days to one year | 2,317,000 | 2,219,000 |
Accounting values More than one to three years | 3,206,000 | 6,280,000 |
Total accounting value | $ 6,300,000 | $ 9,255,000 |
Amortization | Quarterly | Quarterly |
Effective rate % | 4.32% | |
Nominal rate % | 4.32% | 4.81% |
Société Générale Milan Branch [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | ||
Tax No. | 0-E | |
Creditor | SOCIT GNRALE MILAN BRANCH | |
Creditor country | Italy | |
Currency | US$ | |
Nominal values Up to 90 days | $ 9,855 | |
Nominal values More than 90 days to one year | 160,076,000 | |
Total nominal value | 169,931,000 | |
Accounting values Up to 90 days | 10,409,000 | |
Accounting values More than 90 days to one year | 159,876,000 | |
Total accounting value | $ 170,285,000 | |
Amortization | Quarterly | |
Effective rate % | 5.39% | |
Nominal rate % | 5.39% | |
GA Telessis LLC [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | GA Telessis LLC | GA Telessis LLC |
Creditor country | U.S.A | U.S.A |
Currency | US$ | US$ |
Nominal values Up to 90 days | $ 306 | $ 299 |
Nominal values More than 90 days to one year | 1,100,000 | 908 |
Nominal values More than one to three years | 2,385,000 | 2,496,000 |
Nominal values More than three to five years | 2,694,000 | 2,623,000 |
Nominal values More than five years | 7,010,000 | 6,876,000 |
Total nominal value | 13,495,000 | 13,202,000 |
Accounting values Up to 90 days | 399,000 | 568,000 |
Accounting values More than 90 days to one year | 1,100,000 | 908,000 |
Accounting values More than one to three years | 2,385,000 | 3,823,000 |
Accounting values More than three to five years | 2,694,000 | 2,623,000 |
Accounting values More than five years | 7,010,000 | 6,876,000 |
Total accounting value | $ 13,588,000 | $ 14,798,000 |
Amortization | Monthly | Quarterly |
Effective rate % | 14.72% | |
Nominal rate % | 14.72% | 15.62% |
Total [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | ||
Creditor | Total | Total |
Nominal values Up to 90 days | $ 14,309 | $ 13,630 |
Nominal values More than 90 days to one year | 170,851,000 | 38,915 |
Nominal values More than one to three years | 82,387,000 | 224,464,000 |
Nominal values More than three to five years | 2,694,000 | 44,408,000 |
Nominal values More than five years | 7,010,000 | 6,876,000 |
Total nominal value | 277,251,000 | 328,293,000 |
Accounting values Up to 90 days | 15,461,000 | 15,339,000 |
Accounting values More than 90 days to one year | 170,651,000 | 38,914,000 |
Accounting values More than one to three years | 82,387,000 | 225,591,000 |
Accounting values More than three to five years | 2,694,000 | 44,408,000 |
Accounting values More than five years | 7,010,000 | 6,876,000 |
Total accounting value | $ 278,203,000 | $ 331,128,000 |
Total consolidated [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | ||
Creditor | Total consolidated | Total consolidated |
Nominal values Up to 90 days | $ 407,312 | $ 510,398 |
Nominal values More than 90 days to one year | 960,151,000 | 843,836 |
Nominal values More than one to three years | 2,006,441,000 | 2,605,097,000 |
Nominal values More than three to five years | 1,637,296,000 | 1,411,899,000 |
Nominal values More than five years | 2,183,164,000 | 1,943,107,000 |
Total nominal value | 7,194,364,000 | 7,314,337,000 |
Accounting values Up to 90 days | 446,930,000 | 550,657,000 |
Accounting values More than 90 days to one year | 974,331,000 | 846,500,000 |
Accounting values More than one to three years | 1,958,570,000 | 2,543,952,000 |
Accounting values More than three to five years | 1,620,521,000 | 1,390,110,000 |
Accounting values More than five years | 2,193,175,000 | 1,930,508,000 |
Total accounting value | $ 7,193,527,000 | $ 7,261,727,000 |
OTHER FINANCIAL LIABILITIES (_7
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | Obligations with the public | |
Loans | Bank loans | |
Chile [Member] | 2018 [Member] | BBVA [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 97.032.000-8 | |
Creditor | BBVA | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 38,000 | |
More than 90 days to one year | 75,000 | |
Total nominal value | 113,000 | |
Up to 90 days | 38,432 | |
More than 90 days to one year | 75,623 | |
Total accounting value | $ 114,055 | |
Amortization | At Expiration | |
Effective rate % | 3.36% | |
Nominal rate % | 3.36% | |
Chile [Member] | 2018 [Member] | BBVA1Member | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 97.032.000-8 | |
Creditor | BBVA | |
Creditor country | Chile | |
Currency | UF | |
More than 90 days to one year | $ 50,785 | |
Total nominal value | 50,785 | |
More than 90 days to one year | 50,930 | |
Total accounting value | $ 50,930 | |
Amortization | At Expiration | |
Effective rate % | 3.31% | |
Nominal rate % | 3.31% | |
Chile [Member] | 2018 [Member] | SANTANDER [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 23,000 | |
Total nominal value | 23,000 | |
Up to 90 days | 23,025 | |
Total accounting value | $ 23,025 | |
Amortization | At Expiration | |
Effective rate % | 3.90% | |
Nominal rate % | 3.90% | |
Chile [Member] | 2018 [Member] | BANCO DO BRASIL [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 97.003.000-K | |
Creditor | BANCO DO BRASIL | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 200,000 | |
Total nominal value | 200,000 | |
Up to 90 days | 200,698 | |
Total accounting value | $ 200,698 | |
Amortization | At Expiration | |
Effective rate % | 3.64% | |
Nominal rate % | 3.64% | |
Chile [Member] | 2018 [Member] | HSBC [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 97.951.000-4 | |
Creditor | HSBC | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 12,000 | |
Total nominal value | 12,000 | |
Up to 90 days | 12,013 | |
Total accounting value | $ 12,013 | |
Amortization | At Expiration | |
Effective rate % | 3.14% | |
Nominal rate % | 3.14% | |
Chile [Member] | 2018 [Member] | CORP BANCA [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 97.023.000-9 | |
Creditor | CORPBANCA | |
Creditor country | Chile | |
Currency | UF | |
Up to 90 days | $ 5,461 | |
More than 90 days to one year | 16,385 | |
More than one to three years | 16,385 | |
Total nominal value | 38,231 | |
Up to 90 days | 5,480 | |
More than 90 days to one year | 16,385 | |
More than one to three years | 16,232 | |
Total accounting value | $ 38,097 | |
Amortization | Quarterly | |
Effective rate % | 3.35% | |
Nominal rate % | 3.35% | |
Chile [Member] | 2018 [Member] | BLADEX [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | BLADEX | |
Creditor country | U.S.A. | |
Currency | US$ | |
More than 90 days to one year | $ 15,000 | |
Total nominal value | 15,000 | |
More than 90 days to one year | 14,964 | |
Total accounting value | $ 14,964 | |
Amortization | Semiannual | |
Effective rate % | 6.74% | |
Nominal rate % | 6.74% | |
Chile [Member] | 2018 [Member] | SANTANDER [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | US$ | |
More than one to three years | $ 102,521 | |
Total nominal value | 102,521 | |
Up to 90 days | 223 | |
More than one to three years | 102,521 | |
Total accounting value | $ 102,744 | |
Amortization | Quarterly | |
Effective rate % | 5.60% | |
Nominal rate % | 5.60% | |
Chile [Member] | 2018 [Member] | BTG PACTUAL CHILE [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 76.362.099-9 | |
Creditor | BTG PACTUAL CHILE | |
Creditor country | Chile | |
Currency | UF | |
More than three to five years | $ 65,862 | |
Total nominal value | 65,862 | |
Up to 90 days | 118 | |
More than three to five years | 64,957 | |
Total accounting value | $ 65,075 | |
Amortization | At Expiration | |
Effective rate % | 3.10% | |
Nominal rate % | 3.10% | |
Chile [Member] | 2018 [Member] | BANK OF NEWYORK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | BANK OF NEW YORK | |
Creditor country | U.S.A. | |
Currency | US$ | |
More than one to three years | $ 500,000 | |
More than five years | 700,000 | |
Total nominal value | 1,200,000 | |
Up to 90 days | 13,057 | |
More than one to three years | 495,617 | |
More than five years | 697,869 | |
Total accounting value | $ 1,206,543 | |
Amortization | At Expiration | |
Effective rate % | 7.44% | |
Nominal rate % | 7.03% | |
Chile [Member] | 2018 [Member] | ESTADO [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 97.030.000-7 | |
Creditor | ESTADO | |
Creditor country | Chile | |
Currency | UF | |
More than three to five years | $ 172,591 | |
More than five years | 172,591 | |
Total nominal value | 345,182 | |
Up to 90 days | 1,586 | |
More than three to five years | 172,420 | |
More than five years | 172,530 | |
Total accounting value | $ 346,536 | |
Amortization | At Expiration | |
Effective rate % | 5.50% | |
Nominal rate % | 5.50% | |
Chile [Member] | 2018 [Member] | CREDIT AGRICOLE [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 658 | |
More than 90 days to one year | 1,986 | |
More than one to three years | 5,384 | |
More than three to five years | 2,052 | |
Total nominal value | 10,080 | |
Up to 90 days | 715 | |
More than 90 days to one year | 1,986 | |
More than one to three years | 5,384 | |
More than three to five years | 2,052 | |
Total accounting value | $ 10,137 | |
Amortization | Quarterly | |
Effective rate % | 3.23% | |
Nominal rate % | 3.23% | |
Chile [Member] | 2018 [Member] | BNP PARIBAS [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | BNP PARIBAS | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 10,553 | |
More than 90 days to one year | 43,430 | |
More than one to three years | 114,247 | |
More than three to five years | 117,556 | |
More than five years | 225,912 | |
Total nominal value | 511,698 | |
Up to 90 days | 13,334 | |
More than 90 days to one year | 44,191 | |
More than one to three years | 110,977 | |
More than three to five years | 115,747 | |
More than five years | 224,093 | |
Total accounting value | $ 508,342 | |
Amortization | Quarterly | |
Effective rate % | 4.55% | |
Nominal rate % | 4.55% | |
Chile [Member] | 2018 [Member] | WILMINGTON TRUST [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | WILMINGTON TRUST | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 20,689 | |
More than 90 days to one year | 65,846 | |
More than one to three years | 178,818 | |
More than three to five years | 237,334 | |
More than five years | 450,071 | |
Total nominal value | 952,758 | |
Up to 90 days | 26,365 | |
More than 90 days to one year | 65,846 | |
More than one to three years | 173,617 | |
More than three to five years | 235,058 | |
More than five years | 447,686 | |
Total accounting value | $ 948,572 | |
Amortization | Quarterly | |
Effective rate % | 4.47% | |
Nominal rate % | 4.47% | |
Chile [Member] | 2018 [Member] | CITIBANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 10,776 | |
More than 90 days to one year | 32,790 | |
More than one to three years | 90,991 | |
More than three to five years | 72,189 | |
More than five years | 62,619 | |
Total nominal value | 269,365 | |
Up to 90 days | 11,923 | |
More than 90 days to one year | 32,790 | |
More than one to three years | 86,130 | |
More than three to five years | 70,048 | |
More than five years | 61,203 | |
Total accounting value | $ 262,094 | |
Amortization | Quarterly | |
Effective rate % | 3.82% | |
Nominal rate % | 2.93% | |
Chile [Member] | 2018 [Member] | US BANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | US BANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 15,506 | |
More than 90 days to one year | 47,050 | |
More than one to three years | 129,462 | |
More than three to five years | 135,489 | |
More than five years | 84,177 | |
Total nominal value | 411,684 | |
Up to 90 days | 17,433 | |
More than 90 days to one year | 47,050 | |
More than one to three years | 114,729 | |
More than three to five years | 129,547 | |
More than five years | 82,137 | |
Total accounting value | $ 390,896 | |
Amortization | Quarterly | |
Effective rate % | 4.00% | |
Nominal rate % | 2.82% | |
Chile [Member] | 2018 [Member] | NATIXIS [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 10,247 | |
More than 90 days to one year | 31,350 | |
More than one to three years | 88,688 | |
More than three to five years | 77,693 | |
More than five years | 116,546 | |
Total nominal value | 324,524 | |
Up to 90 days | 11,250 | |
More than 90 days to one year | 31,350 | |
More than one to three years | 86,883 | |
More than three to five years | 76,760 | |
More than five years | 115,285 | |
Total accounting value | $ 321,528 | |
Amortization | Quarterly | |
Effective rate % | 4.69% | |
Nominal rate % | 4.69% | |
Chile [Member] | 2018 [Member] | PK AirFinance [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | PK AIRFINANCE | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 2,319 | |
More than 90 days to one year | 7,208 | |
More than one to three years | 24,944 | |
More than three to five years | 3,144 | |
Total nominal value | 37,615 | |
Up to 90 days | 2,387 | |
More than 90 days to one year | 7,208 | |
More than one to three years | 24,944 | |
More than three to five years | 3,144 | |
Total accounting value | $ 37,683 | |
Amortization | Monthly | |
Effective rate % | 4.15% | |
Nominal rate % | 4.14% | |
Chile [Member] | 2018 [Member] | INVESTEC [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | INVESTEC | |
Creditor country | England | |
Currency | US$ | |
Up to 90 days | $ 1,454 | |
More than 90 days to one year | 8,472 | |
More than one to three years | 21,667 | |
More than three to five years | 22,421 | |
Total nominal value | 54,014 | |
Up to 90 days | 1,879 | |
More than 90 days to one year | 8,661 | |
More than one to three years | 21,154 | |
More than three to five years | 22,309 | |
Total accounting value | $ 54,003 | |
Amortization | Semiannual | |
Effective rate % | 7.17% | |
Nominal rate % | 7.17% | |
Chile [Member] | 2018 [Member] | SWAP Received Aircraft [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Creditor | SWAP Received Aircraft | |
Currency | US$ | |
Up to 90 days | $ 194 | |
More than 90 days to one year | 414 | |
More than one to three years | 158 | |
Total nominal value | 766 | |
Up to 90 days | 194 | |
More than 90 days to one year | 414 | |
More than one to three years | 158 | |
Total accounting value | $ 766 | |
Amortization | Quarterly | |
Chile [Member] | 2018 [Member] | DVB BANK SE [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | DVB BANK SE | |
Creditor country | Germany | |
Currency | US$ | |
Up to 90 days | $ 23,417 | |
More than 90 days to one year | 70,626 | |
More than one to three years | 191,207 | |
More than three to five years | 117,084 | |
More than five years | 19,731 | |
Total nominal value | 422,065 | |
Up to 90 days | 23,871 | |
More than 90 days to one year | 70,626 | |
More than one to three years | 188,231 | |
More than three to five years | 116,185 | |
More than five years | 19,686 | |
Total accounting value | $ 418,599 | |
Amortization | Quarterly | |
Effective rate % | 4.42% | |
Nominal rate % | 4.42% | |
Chile [Member] | 2018 [Member] | INGs [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | ING | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 3,687 | |
More than 90 days to one year | 11,338 | |
More than one to three years | 11,806 | |
Total nominal value | 26,831 | |
Up to 90 days | 3,923 | |
More than 90 days to one year | 11,338 | |
More than one to three years | 11,657 | |
Total accounting value | $ 26,918 | |
Amortization | Quarterly | |
Effective rate % | 5.70% | |
Nominal rate % | 5.01% | |
Chile [Member] | 2018 [Member] | PEFCO [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | PEFCO | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 5,486 | |
More than 90 days to one year | 13,094 | |
More than one to three years | 3,827 | |
Total nominal value | 22,407 | |
Up to 90 days | 5,641 | |
More than 90 days to one year | 13,094 | |
More than one to three years | 3,743 | |
Total accounting value | $ 22,478 | |
Amortization | Quarterly | |
Effective rate % | 5.64% | |
Nominal rate % | 5.02% | |
Chile [Member] | 2018 [Member] | BNPPARIBAS1Member | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | BNP PARIBAS | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 7,926 | |
More than 90 days to one year | 29,494 | |
More than one to three years | 22,147 | |
Total nominal value | 59,567 | |
Up to 90 days | 8,320 | |
More than 90 days to one year | 29,493 | |
More than one to three years | 21,891 | |
Total accounting value | $ 59,704 | |
Amortization | Quarterly | |
Effective rate % | 3.90% | |
Nominal rate % | 3.58% | |
Chile [Member] | 2018 [Member] | WELLS FARGO [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | WELLS FARGO | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 31,673 | |
More than 90 days to one year | 95,981 | |
More than one to three years | 263,239 | |
More than three to five years | 230,417 | |
More than five years | 98,028 | |
Total nominal value | 719,338 | |
Up to 90 days | 34,816 | |
More than 90 days to one year | 95,981 | |
More than one to three years | 245,615 | |
More than three to five years | 224,395 | |
More than five years | 96,589 | |
Total accounting value | $ 697,396 | |
Amortization | Quarterly | |
Effective rate % | 2.77% | |
Nominal rate % | 2.09% | |
Chile [Member] | 2018 [Member] | SANTANDER [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 5,576 | |
More than 90 days to one year | 16,895 | |
More than one to three years | 46,386 | |
More than three to five years | 26,165 | |
Total nominal value | 95,022 | |
Up to 90 days | 6,000 | |
More than 90 days to one year | 16,895 | |
More than one to three years | 45,346 | |
More than three to five years | 26,063 | |
Total accounting value | $ 94,304 | |
Amortization | Quarterly | |
Effective rate % | 3.68% | |
Nominal rate % | 3.14% | |
Chile [Member] | 2018 [Member] | RRP F ENGINE [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | RRPF ENGINE | |
Creditor country | England | |
Currency | US$ | |
Up to 90 days | $ 552 | |
More than 90 days to one year | 2,531 | |
More than one to three years | 7,142 | |
More than three to five years | 7,752 | |
More than five years | 5,035 | |
Total nominal value | 23,012 | |
Up to 90 days | 552 | |
More than 90 days to one year | 2,531 | |
More than one to three years | 7,142 | |
More than three to five years | 7,752 | |
More than five years | 5,035 | |
Total accounting value | $ 23,012 | |
Amortization | Monthly | |
Effective rate % | 4.01% | |
Nominal rate % | 4.01% | |
Chile [Member] | 2018 [Member] | APPLE BANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | APPLE BANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 1,444 | |
More than 90 days to one year | 4,393 | |
More than one to three years | 12,146 | |
More than three to five years | 12,808 | |
More than five years | 753 | |
Total nominal value | 31,544 | |
Up to 90 days | 1,658 | |
More than 90 days to one year | 4,393 | |
More than one to three years | 11,726 | |
More than three to five years | 12,713 | |
More than five years | 752 | |
Total accounting value | $ 31,242 | |
Amortization | Quarterly | |
Effective rate % | 3.93% | |
Nominal rate % | 3.33% | |
Chile [Member] | 2018 [Member] | BTMU [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | BTMU | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 2,933 | |
More than 90 days to one year | 8,916 | |
More than one to three years | 24,635 | |
More than three to five years | 25,937 | |
More than five years | 768 | |
Total nominal value | 63,189 | |
Up to 90 days | 3,199 | |
More than 90 days to one year | 8,916 | |
More than one to three years | 23,798 | |
More than three to five years | 25,751 | |
More than five years | 767 | |
Total accounting value | $ 62,431 | |
Amortization | Quarterly | |
Effective rate % | 4.06% | |
Nominal rate % | 3.46% | |
Chile [Member] | 2018 [Member] | Natixis [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 10,056 | |
More than 90 days to one year | 7,951 | |
More than one to three years | 5,154 | |
Total nominal value | 23,161 | |
Up to 90 days | 10,135 | |
More than 90 days to one year | 7,952 | |
More than one to three years | 5,154 | |
Total accounting value | $ 23,241 | |
Amortization | Quarterly | |
Effective rate % | 4.28% | |
Nominal rate % | 4.12% | |
Chile [Member] | 2018 [Member] | KfWIP EX-Bank [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | KFW IPEX-BANK | |
Creditor country | Germany | |
Currency | US$ | |
Up to 90 days | $ 1,699 | |
More than 90 days to one year | 5,188 | |
More than one to three years | 5,328 | |
Total nominal value | 12,215 | |
Up to 90 days | 1,723 | |
More than 90 days to one year | 5,188 | |
More than one to three years | 5,328 | |
Total accounting value | $ 12,239 | |
Amortization | Quarterly | |
Effective rate % | 4.20% | |
Nominal rate % | 4.19% | |
Chile [Member] | 2018 [Member] | AIRBUS FINANCIAL [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | AIRBUS FINANCIAL | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 1,915 | |
More than 90 days to one year | 5,838 | |
More than one to three years | 7,664 | |
Total nominal value | 15,417 | |
Up to 90 days | 1,954 | |
More than 90 days to one year | 5,838 | |
More than one to three years | 7,664 | |
Total accounting value | $ 15,456 | |
Amortization | Monthly | |
Effective rate % | 4.19% | |
Nominal rate % | 4.19% | |
Chile [Member] | 2018 [Member] | BOEING [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | BOEING | |
Creditor country | U.S.A. | |
Currency | US$ | |
More than one to three years | $ 55,727 | |
Total nominal value | 55,727 | |
More than 90 days to one year | 1,229 | |
More than one to three years | 55,727 | |
Total accounting value | $ 56,956 | |
Amortization | At Expiration | |
Effective rate % | 4.01% | |
Nominal rate % | 4.01% | |
Chile [Member] | 2018 [Member] | CITIBANK [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Tax No. | 0-E | |
Creditor | CITIBANK (*) | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 23,167 | |
More than 90 days to one year | 72,018 | |
More than one to three years | 101,026 | |
Total nominal value | 196,211 | |
Up to 90 days | 23,583 | |
More than 90 days to one year | 72,018 | |
More than one to three years | 100,301 | |
Total accounting value | $ 195,902 | |
Amortization | Quarterly | |
Effective rate % | 6.00% | |
Nominal rate % | 6.00% | |
Chile [Member] | 2018 [Member] | Total [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2018) [Line Items] | ||
Creditor | Total | |
Up to 90 days | $ 496,768 | |
More than 90 days to one year | 804,921 | |
More than one to three years | 2,380,633 | |
More than three to five years | 1,367,491 | |
More than five years | 1,936,231 | |
Total nominal value | 6,986,044 | |
Up to 90 days | 535,318 | |
More than 90 days to one year | 807,586 | |
More than one to three years | 2,318,361 | |
More than three to five years | 1,345,702 | |
More than five years | 1,923,632 | |
Total accounting value | $ 6,930,599 |
OTHER FINANCIAL LIABILITIES (_8
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2018 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2018 [Line Items] | ||
Nominal values Tax No. | Obligations with the public | |
Nominal values Tax No. | Financial leases | |
Nederlandsche Credietverzekering Maatschappij [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2018 [Line Items] | ||
Nominal values Tax No. | 0-E | 0-E |
Nominal values Creditor | NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ | NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ |
Nominal values Creditor country | Holland | Holland |
Nominal values Currency | US$ | US$ |
Nominal values Up to 90 days | $ 148 | $ 138 |
Nominal values More than 90 days to one year | 452,000 | 426 |
Nominal values More than one to three years | 689,000 | 1,233,000 |
Nominal values More than three to five years | 54,000 | |
Total nominal value | 1,289,000 | 1,851,000 |
Accounting values Up to 90days | 153,000 | 147,000 |
Accounting values More than 90 days to one year | 452,000 | 426,000 |
Accounting values More than one to three years | 689,000 | 1,233,000 |
Accounting values More than three to five years | 54,000 | |
Total accounting value | $ 1,294,000 | $ 1,860,000 |
Amortization | Monthly | Monthly |
Effective rate % | 6.01% | |
Nominal rate % | 6.01% | 6.01% |
Natixis [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2018 [Line Items] | ||
Nominal values Tax No. | 0-E | |
Nominal values Creditor | NATIXIS | |
Nominal values Creditor country | France | |
Nominal values Currency | US$ | |
Nominal values Up to 90 days | $ 3,043 | |
Nominal values More than 90 days to one year | 6,490 | |
Nominal values More than one to three years | 44,525,000 | |
Nominal values More than three to five years | 41,731,000 | |
Total nominal value | 95,789,000 | |
Accounting values Up to 90days | 3,656,000 | |
Accounting values More than 90 days to one year | 6,490,000 | |
Accounting values More than one to three years | 44,525,000 | |
Accounting values More than three to five years | 41,731,000 | |
Total accounting value | $ 96,402,000 | |
Amortization | Quarterly/Semiannual | |
Effective rate % | 6.87% | |
Nominal rate % | 6.87% | |
Wacapou Leasing S.A. [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2018 [Line Items] | ||
Nominal values Tax No. | 0-E | 0-E |
Nominal values Creditor | WACAPOU LEASING S.A. | WACAPOU LEASING S.A. |
Nominal values Creditor country | Luxemburg | Luxemburg |
Nominal values Currency | US$ | US$ |
Nominal values Up to 90 days | $ 757 | $ 728 |
Nominal values More than 90 days to one year | 2,317,000 | 2,219 |
Nominal values More than one to three years | 3,206,000 | 6,280,000 |
Total nominal value | 6,280,000 | 9,227,000 |
Accounting values Up to 90days | 777,000 | 756,000 |
Accounting values More than 90 days to one year | 2,317,000 | 2,219,000 |
Accounting values More than one to three years | 3,206,000 | 6,280,000 |
Total accounting value | $ 6,300,000 | $ 9,255,000 |
Amortization | Quarterly | Quarterly |
Effective rate % | 4.81% | |
Nominal rate % | 4.32% | 4.81% |
SOCIETE GENERALE MILAN BRANCH [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2018 [Line Items] | ||
Nominal values Tax No. | 0-E | |
Nominal values Creditor | SOCIT GNRALE MILAN BRANCH | |
Nominal values Creditor country | Italy | |
Nominal values Currency | US$ | |
Nominal values Up to 90 days | $ 9,422 | |
Nominal values More than 90 days to one year | 28,872 | |
Nominal values More than one to three years | 169,930,000 | |
Total nominal value | 208,224,000 | |
Accounting values Up to 90days | 10,212,000 | |
Accounting values More than 90 days to one year | 28,871,000 | |
Accounting values More than one to three years | 169,730,000 | |
Total accounting value | $ 208,813,000 | |
Amortization | Quarterly | |
Effective rate % | 5.88% | |
Nominal rate % | 5.82% | |
GA Telessis LLC [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2018 [Line Items] | ||
Nominal values Tax No. | 0-E | 0-E |
Nominal values Creditor | GA Telessis LLC | GA Telessis LLC |
Nominal values Creditor country | U.S.A | U.S.A |
Nominal values Currency | US$ | US$ |
Nominal values Up to 90 days | $ 306 | $ 299 |
Nominal values More than 90 days to one year | 1,100,000 | 908 |
Nominal values More than one to three years | 2,385,000 | 2,496,000 |
Nominal values More than three to five years | 2,694,000 | 2,623,000 |
Nominal values More than five years | 7,010,000 | 6,876,000 |
Total nominal value | 13,495,000 | 13,202,000 |
Accounting values Up to 90days | 399,000 | 568,000 |
Accounting values More than 90 days to one year | 1,100,000 | 908,000 |
Accounting values More than one to three years | 2,385,000 | 3,823,000 |
Accounting values More than three to five years | 2,694,000 | 2,623,000 |
Accounting values More than five years | 7,010,000 | 6,876,000 |
Total accounting value | $ 13,588,000 | $ 14,798,000 |
Amortization | Monthly | Quarterly |
Effective rate % | 15.62% | |
Nominal rate % | 14.72% | 15.62% |
Total [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2018 [Line Items] | ||
Nominal values Creditor | Total | Total |
Nominal values Up to 90 days | $ 14,309 | $ 13,630 |
Nominal values More than 90 days to one year | 170,851,000 | 38,915 |
Nominal values More than one to three years | 82,387,000 | 224,464,000 |
Nominal values More than three to five years | 2,694,000 | 44,408,000 |
Nominal values More than five years | 7,010,000 | 6,876,000 |
Total nominal value | 277,251,000 | 328,293,000 |
Accounting values Up to 90days | 15,461,000 | 15,339,000 |
Accounting values More than 90 days to one year | 170,651,000 | 38,914,000 |
Accounting values More than one to three years | 82,387,000 | 225,591,000 |
Accounting values More than three to five years | 2,694,000 | 44,408,000 |
Accounting values More than five years | 7,010,000 | 6,876,000 |
Total accounting value | $ 278,203,000 | $ 331,128,000 |
Total consolidated [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2018 [Line Items] | ||
Nominal values Creditor | Total consolidated | Total consolidated |
Nominal values Up to 90 days | $ 407,312 | $ 510,398 |
Nominal values More than 90 days to one year | 960,151,000 | 843,836 |
Nominal values More than one to three years | 2,006,441,000 | 2,605,097,000 |
Nominal values More than three to five years | 1,637,296,000 | 1,411,899,000 |
Nominal values More than five years | 2,183,164,000 | 1,943,107,000 |
Total nominal value | 7,194,364,000 | 7,314,337,000 |
Accounting values Up to 90days | 446,930,000 | 550,657,000 |
Accounting values More than 90 days to one year | 974,331,000 | 846,500,000 |
Accounting values More than one to three years | 1,958,570,000 | 2,543,952,000 |
Accounting values More than three to five years | 1,620,521,000 | 1,390,110,000 |
Accounting values More than five years | 2,193,175,000 | 1,930,508,000 |
Total accounting value | $ 7,193,527,000 | $ 7,261,727,000 |
OTHER FINANCIAL LIABILITIES (_9
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Aircraft [member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | ||
Opening balance | $ 2,737,809 | $ 3,037,585 |
Changes | 304,422 | (299,776) |
Closing balance | 3,042,231 | 2,737,809 |
New contracts | 719,525 | 283,620 |
Renegotiations | (41,535) | (240,047) |
Payments | (539,549) | (526,071) |
Accrued interest | 165,981 | 174,327 |
Exchange differences | ||
Cumulative translation adjustment | ||
Other variations | 8,395 | |
Others [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | ||
Opening balance | 120,240 | 109,387 |
Changes | 9,686 | 10,853 |
Closing balance | 129,926 | 120,240 |
New contracts | 23,878 | 36,191 |
Renegotiations | 12,208 | 1,397 |
Payments | (37,391) | (30,316) |
Accrued interest | 11,968 | 8,623 |
Exchange differences | 1,614 | (5,667) |
Cumulative translation adjustment | (467) | |
Other variations | (2,124) | 625 |
Lease Liability total [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | ||
Opening balance | 2,858,049 | 3,146,972 |
Changes | 314,108 | (288,923) |
Closing balance | 3,172,157 | 2,858,049 |
New contracts | 743,403 | 319,811 |
Renegotiations | (29,327) | (238,650) |
Payments | (576,940) | (556,387) |
Accrued interest | 177,949 | 182,950 |
Exchange differences | 1,614 | (5,667) |
Cumulative translation adjustment | (467) | |
Other variations | $ (2,124) | $ 9,020 |
OTHER FINANCIAL LIABILITIES _10
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | $ 50,372 | $ 25,921 |
Non-current liabilities | 22 | 340 |
Total hedge derivatives | 50,394 | 26,261 |
Interest Rate Swap [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | 1,723 | 2,321 |
Non-current liabilities | 340 | |
Total hedge derivatives | 1,723 | 2,661 |
Interest Rate Derivative Contracts [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | 302 | 335 |
Non-current liabilities | 22 | |
Total hedge derivatives | 324 | 335 |
Fair Value Fuel Derivatives [Membe] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | 15,678 | |
Non-current liabilities | ||
Total hedge derivatives | 15,678 | |
Foreign Forward Instrument [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | 48,347 | 7,587 |
Non-current liabilities | ||
Total hedge derivatives | $ 48,347 | $ 7,587 |
OTHER FINANCIAL LIABILITIES _11
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage [Line Items] | ||
Current liabilities | $ 50,372 | $ 25,921 |
Non-current liabilities | 22 | 340 |
Total derivatives of no coverage | 7,712 | |
Derivative Foreign Currency Not Registered Coverage [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage [Line Items] | ||
Current liabilities | 7,712 | |
Non-current liabilities | ||
Total derivatives of no coverage | $ 7,712 |
OTHER FINANCIAL LIABILITIES _12
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging operation - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Cross currency swaps (CCS) [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | |||
Fair values of net assets/ (liabilities) | [1] | $ (22,662) | $ 15,099 |
Interest rate swaps [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | |||
Fair values of net assets/ (liabilities) | [2] | 2,618 | (2,194) |
Fuel options [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | |||
Fair values of net assets/ (liabilities) | [3] | 48,542 | (15,811) |
Currency options CLP/US$ | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | |||
Fair values of net assets/ (liabilities) | [4] | $ (41) | |
[1] | Covers the significant variations in cash flows associated with market risk implicit in the changes in the 3-month LIBOR interest rate and the exchange rate US$/UF of bank loans. These contracts are recorded as cash flow hedges and fair value. | ||
[2] | Covers the significant variations in cash flows associated with market risk implicit in the increases in the 3 months LIBOR interest rates for long-term loans incurred in the acquisition of aircraft and bank loans. These contracts are recorded as cash flow hedges. | ||
[3] | Covers significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. | ||
[4] | They cover the exposure to foreign exchange risk of operating cash flows, mainly caused by the fluctuation of the CLP/US$, R$/US$, US$/EUR and US$/GBP exchange rate. These contracts are registered as cash flow hedge contracts. |
OTHER FINANCIAL LIABILITIES _13
OTHER FINANCIAL LIABILITIES (Details) - Schedule of comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of comprehensive income [Abstract] | |||
Debit (credit) recognized in comprehensive income during the period | $ 66,856 | $ (27,797) | $ 18,344 |
Debit (credit) transferred from net equity to income during the period | $ (30,074) | $ 39,915 | $ (15,000) |
TRADE AND OTHER ACCOUNTS PAYA_3
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of composition of trade and other accounts payables & accrued liabilities - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current | |||||
Trade and other accounts payables | $ 1,671,304 | $ 1,279,976 | |||
Accrued liabilities at the reporting date | 551,570 | 394,327 | |||
Total trade and other accounts payables | $ 2,222,874 | $ 1,674,303 | $ 498,832 | $ 1,668,612 | $ 359,391 |
TRADE AND OTHER ACCOUNTS PAYA_4
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of current trade and other accounts payables - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of current trade and other accounts payables [Abstract] | ||
Trade creditors | $ 1,408,690 | $ 1,048,033 |
Other accounts payable | 262,614 | 231,943 |
Trade and other accounts payables | $ 1,671,304 | $ 1,279,976 |
TRADE AND OTHER ACCOUNTS PAYA_5
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of composition of current trade and other accounts payable - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of composition of current trade and other accounts payable [Abstract] | ||
Aircraft Fuel | $ 476,320 | $ 304,426 |
Boarding Fee | 234,070 | 210,621 |
Suppliers technical purchases | 145,973 | 75,402 |
Handling and ground handling | 114,163 | 84,213 |
Other personnel expenses | 93,490 | 92,047 |
Professional services and advisory | 87,825 | 83,182 |
Airport charges and overflight | 81,459 | 82,181 |
Air companies | 79,958 | 59,524 |
Marketing | 60,850 | 60,303 |
Services on board | 59,647 | 44,434 |
Leases, maintenance and IT services | 59,011 | 55,427 |
Achievement of goals | 30,635 | 21,943 |
Maintenance | 42,202 | 8,244 |
Crew | 22,921 | 21,265 |
Land services | 18,166 | 26,014 |
Jol Fleet | 3,997 | |
Aviation insurance | 3,050 | 11,943 |
Others | 57,567 | 38,807 |
Total trade and other accounts payables | $ 1,671,304 | $ 1,279,976 |
TRADE AND OTHER ACCOUNTS PAYA_6
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of composition of accrued liabilities - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of composition of accrued liabilities [Abstract] | |||
Aircraft and engine maintenance | $ 292,793 | $ 170,731 | |
Accrued personnel expenses | 118,199 | 116,242 | |
Accounts payable to personnel | [1] | 91,153 | 81,222 |
Others accrued liabilities | 49,425 | 26,132 | |
Total accrued liabilities | $ 551,570 | $ 394,327 | |
[1] | Profits and bonus participation (Note 23 letter b) |
OTHER PROVISIONS (Details)
OTHER PROVISIONS (Details) - 12 months ended Dec. 31, 2019 - Provision for European Commission Investigation [Member] $ in Thousands | USD ($) | EUR (€) |
OTHER PROVISIONS (Details) [Line Items] | ||
Tax credit suspend amount (in Dollars) | $ | $ 88 | |
Infringement of European Union Regulations [Member] | ||
OTHER PROVISIONS (Details) [Line Items] | ||
Number of cargo airline fine imposed | With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A . | |
Estimated financial effect of contingent liabilities | € 799,445,000 | |
Infringement of European Union Regulations [Member] | Lan Cargo S.A. [Member] | ||
OTHER PROVISIONS (Details) [Line Items] | ||
Estimated financial effect of contingent liabilities | € 8,220,000 |
OTHER PROVISIONS (Details) - Sc
OTHER PROVISIONS (Details) - Schedule of composition of other provisions - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Provision for contingencies (1) | ||||
Current liabilities | $ 5,206 | $ 4,794 | $ 2,783 | |
Non-current liabilities | 286,403 | 303,495 | 374,593 | |
Total Liabilities | 291,609 | 308,289 | 377,376 | $ 425,137 |
Tax contingencies [Member] | ||||
Provision for contingencies (1) | ||||
Current liabilities | 2,033 | 2,982 | ||
Non-current liabilities | 164,190 | 197,038 | ||
Total Liabilities | 166,223 | 200,020 | ||
Civil contingencies [Member] | ||||
Provision for contingencies (1) | ||||
Current liabilities | 2,202 | 1,207 | ||
Non-current liabilities | 66,605 | 59,834 | ||
Total Liabilities | 68,807 | 61,041 | ||
Labor contingencies [Member] | ||||
Provision for contingencies (1) | ||||
Current liabilities | 971 | 605 | ||
Non-current liabilities | 26,505 | 23,244 | ||
Total Liabilities | 27,476 | 23,849 | ||
Others [Member] | ||||
Provision for contingencies (1) | ||||
Current liabilities | ||||
Non-current liabilities | 19,886 | 13,976 | ||
Total Liabilities | 19,886 | 13,976 | ||
Provision for European Commission Investigation [Member] | ||||
Provision for contingencies (1) | ||||
Current liabilities | ||||
Non-current liabilities | 9,217 | 9,403 | ||
Total Liabilities | $ 9,217 | $ 9,403 | $ 9,883 | $ 8,664 |
OTHER PROVISIONS (Details) - _2
OTHER PROVISIONS (Details) - Schedule of movement of other provisions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER PROVISIONS (Details) - Schedule of movement of other provisions [Line Items] | |||
Opening balance | $ 308,289 | $ 377,376 | $ 425,137 |
Increase in provisions | 134,847 | 106,870 | 106,943 |
Provision used | (82,212) | (59,032) | (14,860) |
Difference by subsidiaries conversion | (10,764) | (48,330) | (5,830) |
Reversal of provision | (58,063) | (66,965) | (135,109) |
Exchange difference | (488) | (1,630) | 1,095 |
Closing balance | 291,609 | 308,289 | 377,376 |
Legal claims [Member] | |||
OTHER PROVISIONS (Details) - Schedule of movement of other provisions [Line Items] | |||
Opening balance | 298,886 | 367,493 | 416,473 |
Increase in provisions | 134,847 | 106,870 | 106,943 |
Provision used | (82,212) | (59,032) | (14,860) |
Difference by subsidiaries conversion | (10,764) | (48,330) | (5,830) |
Reversal of provision | (58,063) | (66,965) | (135,109) |
Exchange difference | (302) | (1,150) | (124) |
Closing balance | 282,392 | 298,886 | 367,493 |
Provision for European Commission Investigation [Member] | |||
OTHER PROVISIONS (Details) - Schedule of movement of other provisions [Line Items] | |||
Opening balance | 9,403 | 9,883 | 8,664 |
Increase in provisions | |||
Provision used | |||
Difference by subsidiaries conversion | |||
Reversal of provision | |||
Exchange difference | (186) | (480) | 1,219 |
Closing balance | $ 9,217 | $ 9,403 | $ 9,883 |
OTHER NON-FINANCIAL LIABILITI_3
OTHER NON-FINANCIAL LIABILITIES (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2019 | Jan. 02, 2020 | Sep. 26, 2019 | Dec. 31, 2018 | |
OTHER NON-FINANCIAL LIABILITIES [Abstract] | |||||
Delta Air Lines Inc. compensation | $ 350,000,000 | ||||
Cease to receive | $ 150,000 | ||||
Quarterly installments payments | $ 200,000,000 | $ 25,000,000 | |||
Sale Receivable | 194,068,000 | ||||
Accounts and Financing Receivable, after Allowance for Credit Loss | 5,932,000 | ||||
Deferred income | 1,511,991,000 | $ 1,299,304,000 | |||
Compensation deferred income | 4,435 | ||||
Commercial accounts payable | $ 30,340,000 |
OTHER NON-FINANCIAL LIABILITI_4
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | ||||
Current liabilities | $ 2,835,221 | $ 2,454,746 | $ 2,901,603 | |
Non-current liabilities | 851,383 | 644,702 | 158,305 | |
Total Liabilities | 3,686,604 | 3,099,448 | $ 2,849,266 | |
Deferred Revenues [Member] | ||||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | ||||
Current liabilities | [1],[2] | 2,689,083 | 2,330,058 | |
Non-current liabilities | [1],[2] | 851,383 | 644,702 | |
Total Liabilities | [1],[2] | 3,540,466 | 2,974,760 | |
Sales Tax [Member] | ||||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | ||||
Current liabilities | 2,556 | 12,726 | ||
Non-current liabilities | ||||
Total Liabilities | 2,556 | 12,726 | ||
Retentions [Member] | ||||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | ||||
Current liabilities | 43,916 | 34,434 | ||
Non-current liabilities | ||||
Total Liabilities | 43,916 | 34,434 | ||
Others Taxes [Member] | ||||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | ||||
Current liabilities | 7,555 | 7,700 | ||
Non-current liabilities | ||||
Total Liabilities | 7,555 | 7,700 | ||
Dividends Payable [Member] | ||||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | ||||
Current liabilities | 57,129 | 54,580 | ||
Non-current liabilities | ||||
Total Liabilities | 57,129 | 54,580 | ||
Other Sundry Liabilities [Member] | ||||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | ||||
Current liabilities | 34,982 | 15,248 | ||
Non-current liabilities | ||||
Total Liabilities | $ 34,982 | $ 15,248 | ||
[1] | As of December 31, 2019, Deferred Income includes ThUS $ 315,225 corresponding to the balance due from the compensation committed from Delta Airlines Inc., which will be recognized in income, on a systematic basis over the period in which related cost it intends to compensate, until the implementation of the strategic alliance. During the year, the Company recognized ThUS $ 4,435 for this concept. Additionally, the Company maintains a balance of ThUS $ 30,340 in the Commercial accounts payable item of the Statement of Financial Position regarding to Delta compensation, for the cost already incurred. | |||
[2] | The balance includes, mainly, deferred income for services not provided as of December 31, 2019 and December 31, 2018; and programs such as: LATAM Pass, LATAM Fidelidade and Multiplus: LATAM Pass is the frequent passenger program created by LAN to reward the preference and loyalty of its customers with multiple benefits and privileges, through the accumulation of miles that can be exchanged for free flight tickets or for a varied range of products and services. Customers accumulate LATAM Pass miles every time they fly on LAN, TAM, oneworld member companies and other airlines associated with the program, as well as buying at stores or using the services of a vast network of companies that have an agreement with the program around the world. For its part, TAM, thinking of people who travel constantly, created the LATAM Fidelidade program, in order to improve the service and give recognition to those who choose the company. Through the program, customers accumulate points in a wide variety of loyalty programs in a single account and can redeem them in all TAM destinations and associated airline companies, and even more, participate in the Multiplus Fidelidade Network. Multiplus is a coalition of loyalty programs, with the objective of operating accumulation and exchange of points. This program has a network integrated by associated companies, including hotels, financial institutions, retail companies, supermarkets, vehicle leases and magazines, among many other partners from different segments. After the merger of Multiplus S.A. described in Note1, the Latam Fidelidade programs and the Multiplus coalition and loyalty program become part of the Latam Pass Brazil Program. During 2018 the Company signed a renewal of the agreement with Banco Santander-Chile, which one extends its alliance in Chile to continue developing travel benefits to its respective clients during the next 7 years, and during 2019 signed a renewal of the agreement with Banco Crdito del Per. On September 26, 2019, the Company signed a framework agreement with Delta Air Lines, Inc, in which the latter agreed to pay ThUS $ 350,000 for compensation of costs and revenues that the Company must incur or cease to receive, respectively, during the transition period until the implementation of the strategic alliance. ThUS$ 150,000 was received on September 2019. During December 2019, the Company sold its rights to receive future payments of the committed transition. The payments consisted of ThUS $ 200,000 payable in 8 quarterly installments of ThUS $ 25,000 as of January 2, 2020. On December 13, 2019, the Company received ThUS $ 194,068 for said sale. Account receivable was derecognized and ThUS$ 5,932 was recognized as financial cost on income statement. |
OTHER NON-FINANCIAL LIABILITI_5
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of movement of other-non financial liabilities - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of movement of other-non financial liabilities [Abstract] | ||||
Initial balance | Initial balance | |||
Recognition | (1) | |||
Use | Use | |||
Loyalty (accreditation and exchange) | (accreditation | |||
Expiration of tickets | Expiration of | |||
Adjustment application IAS 29, Argentina hyperinflation | Argentina | |||
Others provisions | Others | |||
Final balance | Final balance | |||
Initial balance | $ 3,099,448 | |||
Recognition | 8,264,970 | $ 7,690,972 | ||
Use | (7,703,011) | (8,230,750) | ||
Loyalty (accreditation and exchange) | 124,548 | 944,246 | ||
Expiration of tickets | (156,435) | (284,730) | ||
Adjustment application IAS 29, Argentina hyperinflation | 2,232 | 927 | ||
Others provisions | 291,609 | $ 308,289 | $ 377,376 | $ 425,137 |
Final balance | $ 3,686,604 |
EMPLOYEE BENEFITS (Details) - S
EMPLOYEE BENEFITS (Details) - Schedule of composition of employee benefits - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Defined Benefit Plans Abstract | |||
Retirements payments | $ 64,824 | $ 56,126 | |
Resignation payments | 9,722 | 8,802 | |
Other obligations | 19,024 | 17,437 | |
Total liability for employee benefits | $ 93,570 | $ 82,365 | $ 101,087 |
EMPLOYEE BENEFITS (Details) -_2
EMPLOYEE BENEFITS (Details) - Schedule of movement of employee benefits - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Defined Benefit Plans Abstract | ||
Opening balance | $ 82,365 | $ 101,087 |
Increase (decrease) current service provision | 11,242 | (7,384) |
Benefits paid | (4,390) | (6,018) |
Actuarial (gains) losses | 10,636 | 5,819 |
Currency translation | (6,283) | (11,139) |
Closing balance | $ 93,570 | $ 82,365 |
EMPLOYEE BENEFITS (Details) -_3
EMPLOYEE BENEFITS (Details) - Schedule of principal assumptions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Defined Benefit Plans Abstract | ||
Discount rate | 3.13% | 4.27% |
Expected rate of salary increase | 4.50% | 4.50% |
Rate of turnover | 6.04% | 6.60% |
Mortality rate | RV-2014 | RV-2014 |
Inflation rate | 2.80% | 2.70% |
Retirement age of women | 60 | 60 |
Retirement age of men | 65 | 65 |
EMPLOYEE BENEFITS (Details) -_4
EMPLOYEE BENEFITS (Details) - Schedule of sensitivity analysis actuarial assumptions - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Discount rate | ||
Change in the accrued liability an closing for increase in 100 p.b. | $ (7,257) | $ (6,538) |
Change in the accrued liability an closing for decrease of 100 p.b. | 5,365 | 4,918 |
Rate of wage growth | ||
Change in the accrued liability an closing for increase in 100 p.b. | 4,989 | 4,750 |
Change in the accrued liability an closing for decrease of 100 p.b. | $ (7,159) | $ (6,547) |
EMPLOYEE BENEFITS (Details) -_5
EMPLOYEE BENEFITS (Details) - Schedule of liability for short-term - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure Of Defined Benefit Plans Abstract | |||
Profit-sharing and bonuses | [1] | $ 91,153 | $ 81,222 |
[1] | Accounts payables to employees (Note 20 letter b) |
EMPLOYEE BENEFITS (Details) -_6
EMPLOYEE BENEFITS (Details) - Schedule of employment expenses - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Defined Benefit Plans Abstract | |||
Salaries and wages | $ 1,478,804,000 | $ 1,481,357,000,000 | $ 1,604,552,000,000 |
Short-term employee benefits | 147,576,000 | 132,394,000,000 | 145,245,000,000 |
Termination benefits | 238,412,000 | 54,007,000,000 | 85,070,000,000 |
Other personnel expenses | 114,126,000 | 152,211,000,000 | 188,767,000,000 |
Total | $ 1,794,762,000 | $ 1,819,969,000,000 | $ 2,023,634,000,000 |
ACCOUNTS PAYABLE, NON-CURRENT_2
ACCOUNTS PAYABLE, NON-CURRENT (Details) - Schedule of accounts payable, non-current - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Trade And Other Payables Abstract | ||||
Aircraft and engine maintenance | $ 412,710 | $ 513,544 | ||
Fleet (JOL) | 190,225 | |||
Provision for vacations and bonuses | 15,868 | 15,357 | ||
Other sundry liabilities | 307 | 376 | ||
Total accounts payable, non-current | $ 619,110 | $ 529,277 | $ 1,673,010 | $ 1,695,202,000 |
EQUITY (Details)
EQUITY (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 28, 2018 | Dec. 23, 2018 | Jan. 01, 2018 | Dec. 31, 2016 | Aug. 18, 2016 | |
EQUITY (Details) [Line Items] | ||||||||
Value of shares subscribed and paid capital | $ (178,000) | |||||||
Number of shares placed (in shares) (in Shares) | 60,849,592 | |||||||
Number of shares for subscription and payment expired | $ 1,500,000 | |||||||
Number of additional shares subscription (in shares) (in Shares) | 30,349,907 | |||||||
Number of shares pending of subscription and payment (in Shares) | 466,832 | |||||||
Number of revised authorized shares capital stock (in shares) (in Shares) | 606,407,693 | 606,874,525 | 608,374,525 | |||||
Transactions with non-controlling interest | $ (1,605,000) | $ 79,908,000 | $ 90,457,000 | $ 91,147,000 | $ 88,644,000 | |||
Loss due to acquisition on minority interest | (184,135) | |||||||
Increase (decrease) by application of new accounting standards | (9,548,000) | (245,645,000) | ||||||
Initial balance Restated | $ (460,173,000) | |||||||
Ordinary shares [member] | ||||||||
EQUITY (Details) [Line Items] | ||||||||
Value of shares subscribed and paid capital | $ 3,146,265,000 | $ 3,146,265,000 | ||||||
Number of shares subscribed and paid capital (in shares) (in Shares) | 606,407,693 | 606,407,693 | ||||||
Number of shares issued (in shares) (in Shares) | 61,316,424 | |||||||
Number of shares for subscription and payment expired (in shares) (in Shares) | 30,499,685 | |||||||
Number of shares for subscription and payment expired | $ 304,996,850 | |||||||
Number of additional shares subscription | $ 303,499,070 | |||||||
Number of shares pending of subscription and payment (in Shares) | 466,832 | |||||||
Number of revised authorized shares capital stock (in shares) (in Shares) | 606,874,525 | |||||||
Lan Pax Group S.A. and Subsidiaries [Member] | Aerovias de Integracion Regional Aires [Member] | ||||||||
EQUITY (Details) [Line Items] | ||||||||
Transactions with non-controlling interest | $ (3,480,000) | |||||||
Lan Pax Group S.A. and Subsidiaries [Member] | Holdco I S.A [Member] | ||||||||
EQUITY (Details) [Line Items] | ||||||||
Transactions with non-controlling interest | (21,526,000) | |||||||
Inversiones Lan S.A. and Subsidiaries [Member] | Aerovias de Integracion Regional Aires [Member] | ||||||||
EQUITY (Details) [Line Items] | ||||||||
Transactions with non-controlling interest | (20,000) | |||||||
Aerovias de Integracion Regional Aires [Member] | ||||||||
EQUITY (Details) [Line Items] | ||||||||
Transactions with non-controlling interest | (2,000) | |||||||
Aerovias de Integracion Regional Aires [Member] | Lan S.A. [Member] | ||||||||
EQUITY (Details) [Line Items] | ||||||||
Transactions with non-controlling interest | $ (885,000) | |||||||
Number Of Shares [Member] | ||||||||
EQUITY (Details) [Line Items] | ||||||||
Number of shares subscribed and paid capital (in shares) (in Shares) | 606,407,693 | 606,407,693 | 606,407,693 | |||||
Issuance Cost | $ 3,299,000 | |||||||
Increase (decrease) by transfers and other changes (in shares) (in Shares) | 10,282 | |||||||
Movement Value Of Shares [Member] | ||||||||
EQUITY (Details) [Line Items] | ||||||||
Increase (decrease) by transfers and other changes | $ 156,000 | |||||||
Retained earnings [member] | ||||||||
EQUITY (Details) [Line Items] | ||||||||
Increase (decrease) by transfers and other changes | $ 4,752,000,000 | |||||||
Increase (decrease) by application of new accounting standards | $ (9,548,000) | $ (460,173,000) |
EQUITY (Details) - Schedule of
EQUITY (Details) - Schedule of movement of authorized shares - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule of movement of authorized shares [Abstract] | |||
Opening balance | 606,874,525 | 608,374,525 | |
Expired shares intended for compensation plans and others | (466,832) | (1,500,000) | [1] |
Closing balance | 606,407,693 | 606,874,525 | |
[1] | On June 11, 2018, the term of subscription and payment of 1,500,000 shares to create and implement compensation plans for Company employees expired. |
EQUITY (Details) - Schedule o_2
EQUITY (Details) - Schedule of movement of fully paid shares - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Number Of Shares [Member] | |||
EQUITY (Details) - Schedule of movement of fully paid shares [Line Items] | |||
Paid shares as of beginning of period (in shares) | 606,407,693 | 606,407,693 | |
There are no movements of shares paid (in shares) | |||
Paid shares as of end of period (in shares) | 606,407,693 | 606,407,693 | |
Cost Of Issuance And Placement Of Shares [Member] | |||
EQUITY (Details) - Schedule of movement of fully paid shares [Line Items] | |||
Paid shares as of beginning of period (in shares) | [1] | (14,453) | (14,453) |
There are no movements of shares paid (in shares) | [1] | ||
Paid shares as of end of period (in shares) | [1] | (14,453) | (14,453) |
Paid-in Capital [Member] | |||
EQUITY (Details) - Schedule of movement of fully paid shares [Line Items] | |||
Paid shares as of beginning of period (in shares) | 3,146,265 | 3,146,265 | |
There are no movements of shares paid (in shares) | |||
Paid shares as of end of period (in shares) | 3,146,265 | 3,146,265 | |
[1] | Decrease of capital by capitalization of reserves for cost of issuance and placement of shares established according to Extraordinary Shareholders Meetings, where such decreases were authorized. |
EQUITY (Details) - Schedule o_3
EQUITY (Details) - Schedule of movement of reserves of share-based payments - Reserve of share-based payments [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EQUITY (Details) - Schedule of movement of reserves of share-based payments [Line Items] | |||
Opening balance | $ 37,874 | $ 39,481 | $ 38,538 |
Stock option plan | (1,585) | (1,607) | 943 |
Closing balance | $ 37,874 | $ 39,481 | $ 38,538 |
EQUITY (Details) - Schedule o_4
EQUITY (Details) - Schedule of balance of other sundry reserves - Other Sundry Reserves [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EQUITY (Details) - Schedule of balance of other sundry reserves [Line Items] | |||
Opening balance | $ 2,638,916 | $ 2,639,780 | $ 2,640,281 |
Transactions with minorities | (184,135) | ||
Legal reserves | (2,312) | (864) | (501) |
Closing balance | $ 2,638,916 | $ 2,639,780 | $ 2,640,281 |
EQUITY (Details) - Schedule o_5
EQUITY (Details) - Schedule of balance of other sundry reserves - Other Sundry Reserves [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EQUITY (Details) - Schedule of balance of other sundry reserves [Line Items] | ||||
Higher value for TAM S.A. share exchange | [1] | $ 2,665,692 | $ 2,665,692 | $ 2,665,692 |
Reserve for the adjustment to the value of fixed assets | [2] | 2,620 | 2,620 | 2,620 |
Transactions with non-controlling interest | [3] | (210,048) | (25,913) | (25,911) |
Others | (5,795) | (3,483) | (2,621) | |
Total | $ 2,638,916 | $ 2,639,780 | $ 2,640,281 | |
[1] | Corresponds to the difference between the value of the shares of TAM S.A., acquired by Sister Holdco S.A. (under the Subscriptions) and by Holdco II S.A. (by virtue of the Exchange Offer), which is recorded in the declaration of completion of the merger by absorption, and the fair value of the shares exchanged by LATAM Airlines Group S.A. as of June 22, 2012. | |||
[2] | Corresponds to the technical revaluation of the fixed assets authorized by the Commission for the Financial Market in the year 1979, in Circular No. 1529. The revaluation was optional and could be made only once; the originated reserve is not distributable and can only be capitalized. | |||
[3] | The balance as of December 31, 2019 corresponds to the loss generated by: Lan Pax Group S.A. e Inversiones Lan S.A. in the acquisition of shares of Aerovas de Integracin Regional Aires S.A. for ThUS$ (3,480) and ThUS$ (20), respectively; the acquisition of TAM S.A. of the minority interest in Aerolinhas Brasileiras S.A. for ThUS$ (885), the acquisition of Inversiones Lan S.A. of the minority participation in Aires Integra Regional Airlines S.A. for an amount of ThUS$ (2) and the acquisition of a minority stake in Aerolane S.A. by Lan Pax Group S.A. for an amount of ThUS$ (21,526) through Holdco Ecuador S.A. The loss due to the acquisition of the minority interest of Multiplus S.A. for ThUS$ (184.135) (see Note 1). |
EQUITY (Details) - Schedule o_6
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reserve of exchange differences on translation [member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | $ (2,656,644) | $ (1,925,714) | $ (2,086,555) |
Increase (decrease) by application of new accounting standards | 215,299 | ||
Initial balance Restated | (1,871,256) | ||
Derivatives valuation gains (losses) | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Translation difference subsidiaries | (233,643) | (730,930) | (54,458) |
Ending balance | (2,890,287) | (2,656,644) | (1,925,714) |
Reserve of cash flow hedges [member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (9,333) | 18,140 | 1,506 |
Increase (decrease) by application of new accounting standards | |||
Initial balance Restated | 1,506 | ||
Derivatives valuation gains (losses) | 65,880 | (26,899) | 18,436 |
Deferred tax | 345 | (574) | (1,802) |
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Translation difference subsidiaries | |||
Ending balance | 56,892 | (9,333) | 18,140 |
Reserve of remeasurements of defined benefit plans [member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (15,178) | (10,926) | (12,900) |
Increase (decrease) by application of new accounting standards | |||
Initial balance Restated | (12,900) | ||
Derivatives valuation gains (losses) | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | (10,635) | (5,818) | 2,758 |
Deferred tax actuarial IAS by employee benefit plans | 2,873 | 1,566 | (784) |
Translation difference subsidiaries | |||
Ending balance | (22,940) | (15,178) | (10,926) |
Other Comprehensive Income [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (2,681,155) | (1,918,500) | (2,097,949) |
Increase (decrease) by application of new accounting standards | 215,299 | ||
Initial balance Restated | (1,882,650) | ||
Derivatives valuation gains (losses) | 65,880 | (26,899) | 18,436 |
Deferred tax | 345 | (574) | (1,802) |
Actuarial reserves by employee benefit plans | (10,635) | (5,818) | 2,758 |
Deferred tax actuarial IAS by employee benefit plans | 2,873 | 1,566 | (784) |
Translation difference subsidiaries | (233,643) | (730,930) | (54,458) |
Ending balance | $ (2,856,335) | $ (2,681,155) | $ (1,918,500) |
EQUITY (Details) - Schedule o_7
EQUITY (Details) - Schedule of movement of retained earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EQUITY (Details) - Schedule of movement of retained earnings [Line Items] | |||
Opening balance | ThUS$ | ||
Increase (decrease) by new standards | ThUS$ | ||
Result for the period | ThUS$ | ||
Dividends | ThUS$ | ||
Other increase (decreases) | ThUS$ | ||
Closing balance | ThUS$ | ||
Increase (decrease) by new standards | $ (9,548) | $ (245,645) | |
Dividends | $ (57,129) | (54,580) | (46,591) |
Retained earnings [member] | |||
EQUITY (Details) - Schedule of movement of retained earnings [Line Items] | |||
Opening balance | 218,971 | (31,464) | 366,404 |
Increase (decrease) by new standards | (9,548) | (460,173) | |
Result for the period | 190,430 | 309,811 | 108,896 |
Dividends | (57,129) | (54,580) | (46,591) |
Other increase (decreases) | 4,752,000 | ||
Closing balance | $ 352,272,000 | $ 218,971,000 | $ (31,464,000) |
EQUITY (Details) - Schedule o_8
EQUITY (Details) - Schedule of Intangible and tangible assets - Argentina hyperinflation [Member] $ in Thousands | Dec. 31, 2019USD ($) |
EQUITY (Details) - Schedule of Intangible and tangible assets [Line Items] | |
Property, plant and equipment | $ 4,573 |
Intangible assets other than goodwill | 69 |
Goodwill | 335 |
Deferred incomes | (377) |
Other non-financial assets | 152 |
Total Adjust accumulated results | $ 4,752 |
EQUITY (Details) - Schedule o_9
EQUITY (Details) - Schedule of dividends - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Classes Of Share Capital Abstract | ||
Date of dividend | Dec. 31, 2019 | Dec. 31, 2018 |
Amount of the dividend | $ 57,129 | $ 54,580 |
Number of shares among which the dividend is distributed | $ 606,407,693 | $ 606,407,693 |
Dividend per share (in Dollars per share) | $ 0.0942 | $ 0.0900 |
REVENUE (Details) - Schedule of
REVENUE (Details) - Schedule of detail of revenues - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | $ 10,070,063 | $ 9,895,456 | $ 9,613,907 |
Passengers [Member] | |||
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | 9,005,629 | 8,708,988 | 8,494,477 |
Cargo [Member] | |||
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | $ 1,064,434 | $ 1,186,468 | $ 1,119,430 |
COSTS AND EXPENSES BY NATURE (D
COSTS AND EXPENSES BY NATURE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Material Income And Expense Abstract | ||
Repairs and maintenance expense | $ 445,680 | $ 366,393 |
COSTS AND EXPENSES BY NATURE _2
COSTS AND EXPENSES BY NATURE (Details) - Schedule of operating costs and administrative expenses - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of operating costs and administrative expenses [Abstract] | ||||
Aircraft fuel | $ 2,929,008 | $ 2,983,028 | $ 2,318,816 | |
Other rentals and landing fees | [1] | 1,275,859 | 1,206,881 | 1,233,640 |
Aircraft maintenance | 444,611 | 366,627 | 422,943 | |
Comissions | 221,884 | 222,506 | 252,474 | |
Passenger services | 261,330 | 280,279 | 288,662 | |
Other operating expenses | 1,291,895 | 1,229,311 | 1,374,368 | |
Total | $ 6,424,587 | $ 6,288,632 | $ 5,890,903 | |
[1] | Lease expenses are included within this amount (See Note 2.21) |
COSTS AND EXPENSES BY NATURE _3
COSTS AND EXPENSES BY NATURE (Details) - Schedule of payments for leases of low-value assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
COSTS AND EXPENSES BY NATURE (Details) - Schedule of payments for leases of low-value assets [Line Items] | |||
Payments for leases of low-value assets | $ 31,982 | ||
Total | $ 31,982 | ||
Restated [Member] | |||
COSTS AND EXPENSES BY NATURE (Details) - Schedule of payments for leases of low-value assets [Line Items] | |||
Payments for leases of low-value assets | $ 27,929 | $ 35,240 | |
Total | $ 27,929 | $ 35,240 |
COSTS AND EXPENSES BY NATURE _4
COSTS AND EXPENSES BY NATURE (Details) - Schedule of depreciation and amortisation expense - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Material Income And Expense Abstract | ||||
Depreciation | [1] | $ 1,389,465 | $ 1,307,032 | $ 1,318,725 |
Amortization | 80,511 | 65,596 | 58,410 | |
Total | $ 1,469,976 | $ 1,372,628 | $ 1,377,135 | |
[1] | Included within this amount is the depreciation of the Properties, plants and equipment (See Note 17 (a)) and the maintenance of the aircraft recognized as assets by right of use. The maintenance cost amount included in the depreciation line for the period ended December 31, 2019 is ThUS$ 445,680 and ThUS$ 366,393 for the same period 2018. |
COSTS AND EXPENSES BY NATURE _5
COSTS AND EXPENSES BY NATURE (Details) - Schedule of finance costs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Material Income And Expense Abstract | |||
Bank loan interest | $ 325,650 | $ 283,786 | $ 347,551 |
Financial leases | 61,980 | 62,202 | 37,522 |
Lease liabilities | 181,814 | 182,868 | 185,947 |
Other financial instruments | 20,490 | 10,281 | 8,213 |
Total | $ 589,934 | $ 539,137 | $ 579,233 |
OTHER INCOME, BY FUNCTION (Deta
OTHER INCOME, BY FUNCTION (Details) - Schedule of other income by function - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Material Income And Expense Abstract | ||||
Coalition and loyalty program Multiplus | [1] | $ 36,172 | $ 126,443 | $ 240,952 |
Tours | 96,997 | 108,448 | 109,463 | |
Aircraft leasing | 102,704 | 78,056 | 103,741 | |
Customs and warehousing | 29,353 | 26,667 | 26,793 | |
Duty free | 543 | 3,555 | 6,585 | |
Maintenance | 10,471 | 16,569 | 8,038 | |
Other miscellaneous income | 84,624 | 113,020 | 54,317 | |
Total | $ 360,864 | $ 472,758 | $ 549,889 | |
[1] | See Note 22 |
FOREIGN CURRENCY AND EXCHANGE_3
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of effect of changes in foreign exchange rates [text block] [Abstract] | |||
Exchange differences recognized in the profit or loss statement | $ (32,571) | $ (38,070) | $ (48,498) |
Exchange differences recognized in equity statement of comprehensive income as reserves | $ 243,271 | $ 743,516 |
FOREIGN CURRENCY AND EXCHANGE_4
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | $ 242,624 | $ 606,673 |
Other financial assets, current | 47,328 | 57,132 |
Other non - financial assets, current | 81,521 | 106,952 |
Trade and other accounts receivable, current | 501,006 | 518,006 |
Accounts receivable from related entities, current | 537 | 593 |
Tax current assets | 19,506 | 20,774 |
Total current assets | 892,522 | 1,310,130 |
Other financial assets, non-current | 10,243 | 21,850 |
Other non - financial assets, non-current | 29,166 | 31,126 |
Accounts receivable, non-current | 4,722 | 5,378 |
Deferred tax assets | 3,339 | 2,102 |
Total non-current assets | 47,470 | 60,456 |
Argentina, Pesos | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 10,974 | 4,236 |
Other financial assets, current | 7 | 11 |
Other non - financial assets, current | 11,263 | 13,077 |
Trade and other accounts receivable, current | 22,809 | 54,053 |
Tax current assets | 1,560 | 812 |
Total current assets | 46,613 | 72,189 |
Other non - financial assets, non-current | 54 | 86 |
Total non-current assets | 54 | 86 |
Brazil, Brazil Real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 9,407 | 34,360 |
Other financial assets, current | 17,395 | 25,829 |
Other non - financial assets, current | 20,553 | 37,794 |
Trade and other accounts receivable, current | 1,457 | 6,037 |
Tax current assets | 1,006 | 1,106 |
Total current assets | 49,818 | 105,126 |
Other financial assets, non-current | 4,441 | 4,941 |
Other non - financial assets, non-current | 7,891 | 7,465 |
Total non-current assets | 12,332 | 12,406 |
Chile, Pesos | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 50,421 | 415,399 |
Other financial assets, current | 26,008 | 25,904 |
Other non - financial assets, current | 24,451 | 30,916 |
Trade and other accounts receivable, current | 125,342 | 112,133 |
Accounts receivable from related entities, current | 42 | 200 |
Tax current assets | 1,111 | 4,860 |
Total current assets | 227,375 | 589,412 |
Other financial assets, non-current | 65 | 68 |
Accounts receivable, non-current | 4,722 | 5,378 |
Total non-current assets | 4,787 | 5,446 |
Colombia, Pesos | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 5,971 | 2,732 |
Other financial assets, current | 138 | 139 |
Other non - financial assets, current | 61 | 434 |
Trade and other accounts receivable, current | 545 | 5,065 |
Tax current assets | 54 | 5 |
Total current assets | 6,769 | 8,375 |
Other financial assets, non-current | 296 | 145 |
Deferred tax assets | 487 | 78 |
Total non-current assets | 783 | 223 |
Euro Member Countries, Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 21,927 | 20,339 |
Other non - financial assets, current | 2,878 | 3,935 |
Trade and other accounts receivable, current | 32,711 | 49,044 |
Tax current assets | 264 | |
Total current assets | 57,780 | 73,318 |
Other financial assets, non-current | 1,525 | 7,438 |
Total non-current assets | 1,525 | 7,438 |
United States of America, Dollars | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 77,933 | 51,382 |
Other financial assets, current | 2,795 | 4,923 |
Other non - financial assets, current | 5,140 | 8,949 |
Trade and other accounts receivable, current | 257,421 | 2,938 |
Accounts receivable from related entities, current | 495 | 393 |
Tax current assets | 429 | |
Total current assets | 343,784 | 69,014 |
Other financial assets, non-current | 2,169 | 7,441 |
Other non - financial assets, non-current | 3 | 3 |
Deferred tax assets | 856 | 29 |
Total non-current assets | 3,028 | 7,473 |
Other Currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 65,991 | 78,225 |
Other financial assets, current | 985 | 326 |
Other non - financial assets, current | 17,175 | 11,847 |
Trade and other accounts receivable, current | 60,721 | 288,736 |
Tax current assets | 1,804 | 256 |
Total current assets | 160,383 | 392,696 |
Other financial assets, non-current | 1,747 | 1,817 |
Other non - financial assets, non-current | 21,218 | 23,572 |
Deferred tax assets | 1,996 | 1,995 |
Total non-current assets | 24,961 | 27,384 |
Peru, Nuevos Soles | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Tax current assets | $ 13,707 | $ 13,306 |
FOREIGN CURRENCY AND EXCHANGE_5
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | $ 69,623 | $ 63,920 |
Accounts payable for trade and other accounts payable, current | 1,338,123 | 970,872 |
Accounts payable to related entities, current | 53 | 365 |
Other provisions, current | 2,079 | 1,434 |
Tax liabilities, current | 13 | |
Other non-financial liabilities, current | 19,335 | 38,120 |
Total current liabilities | 1,429,213 | 1,074,724 |
Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 210,627 | 107,815 |
Accounts payable for trade and other accounts payable, current | 10,091 | 37,809 |
Total current liabilities | 220,718 | 145,624 |
Later than one year and not later than three years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 366,889 | 299,735 |
Accounts payable, non-current | 151,254 | 294,704 |
Other provisions, non-current | 36,615 | 36,120 |
Provisions for employees benefits, non-current | 80,628 | 72,674 |
Total non-current liabilities | 635,386 | 703,233 |
Later than three years and not later than five years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 12,915 | 281,785 |
Total non-current liabilities | 12,915 | 281,785 |
Later than five years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 376,535 | 179,406 |
Total non-current liabilities | 376,535 | 179,406 |
Argentina, Pesos | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 1 | 3 |
Accounts payable for trade and other accounts payable, current | 252,799 | 229,907 |
Tax liabilities, current | 4 | |
Other non-financial liabilities, current | 348 | 1,089 |
Total current liabilities | 253,148 | 231,003 |
Argentina, Pesos | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 2 | |
Accounts payable for trade and other accounts payable, current | 1,096 | 6,142 |
Total current liabilities | 1,098 | 6,142 |
Argentina, Pesos | Later than one year and not later than three years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | 485 | 542 |
Total non-current liabilities | 485 | 542 |
Brazil, Brazil Real | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 128 | 261 |
Accounts payable for trade and other accounts payable, current | 59,837 | 30,974 |
Other non-financial liabilities, current | 1,537 | 1,455 |
Total current liabilities | 61,502 | 32,690 |
Brazil, Brazil Real | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 118 | |
Accounts payable for trade and other accounts payable, current | 320 | 1,152 |
Total current liabilities | 438 | 1,152 |
Brazil, Brazil Real | Later than one year and not later than three years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 700 | 948 |
Other provisions, non-current | 20,538 | 19,815 |
Total non-current liabilities | 21,238 | 20,763 |
Brazil, Brazil Real | Later than three years and not later than five years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 40 | |
Total non-current liabilities | 40 | |
Chile, Pesos | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 42,625 | 41,694 |
Accounts payable for trade and other accounts payable, current | 322,996 | 198,766 |
Accounts payable to related entities, current | 53 | 253 |
Other provisions, current | 27 | 28 |
Tax liabilities, current | 9 | |
Other non-financial liabilities, current | 705 | 14,130 |
Total current liabilities | 366,406 | 254,880 |
Chile, Pesos | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 15,229 | 68,901 |
Accounts payable for trade and other accounts payable, current | 1,295 | 26,113 |
Total current liabilities | 16,524 | 95,014 |
Chile, Pesos | Later than one year and not later than three years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 236,346 | 16,259 |
Accounts payable, non-current | 14,367 | 14,027 |
Provisions for employees benefits, non-current | 80,628 | 72,187 |
Total non-current liabilities | 331,341 | 102,473 |
Chile, Pesos | Later than three years and not later than five years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 2,291 | 237,377 |
Total non-current liabilities | 2,291 | 237,377 |
Chile, Pesos | Later than five years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 369,525 | 172,530 |
Total non-current liabilities | 369,525 | 172,530 |
Euro Member Countries, Euro | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 145 | 704 |
Accounts payable for trade and other accounts payable, current | 113,733 | 84,903 |
Other non-financial liabilities, current | 3,133 | 4,411 |
Total current liabilities | 117,011 | 90,018 |
Euro Member Countries, Euro | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 339 | |
Accounts payable for trade and other accounts payable, current | 484 | 1,375 |
Total current liabilities | 823 | 1,375 |
Euro Member Countries, Euro | Later than one year and not later than three years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 550 | 296 |
Other provisions, non-current | 9,217 | 9,403 |
Total non-current liabilities | 9,767 | 9,699 |
Euro Member Countries, Euro | Later than three years and not later than five years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 141 | |
Total non-current liabilities | 141 | |
United States of America, Dollars | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 26,676 | 16,773 |
Accounts payable for trade and other accounts payable, current | 480,129 | 325,385 |
Accounts payable to related entities, current | 112 | |
Other non-financial liabilities, current | 4,531 | 10,468 |
Total current liabilities | 511,336 | 352,738 |
United States of America, Dollars | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 194,896 | 38,914 |
Accounts payable for trade and other accounts payable, current | 4,263 | 55 |
Total current liabilities | 199,159 | 38,969 |
United States of America, Dollars | Later than one year and not later than three years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 128,820 | 280,197 |
Accounts payable, non-current | 135,541 | 279,437 |
Other provisions, non-current | 6,094 | 6,065 |
Provisions for employees benefits, non-current | 487 | |
Total non-current liabilities | 270,455 | 566,186 |
United States of America, Dollars | Later than three years and not later than five years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 10,308 | 44,408 |
Total non-current liabilities | 10,308 | 44,408 |
United States of America, Dollars | Later than five years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 7,010 | 6,876 |
Total non-current liabilities | 7,010 | 6,876 |
Other Currency | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 48 | 4,485 |
Accounts payable for trade and other accounts payable, current | 55,334 | 35,520 |
Other provisions, current | 2,052 | 1,406 |
Other non-financial liabilities, current | 6,022 | 5,558 |
Total current liabilities | 114,193 | 104,471 |
Other Currency | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 43 | |
Accounts payable for trade and other accounts payable, current | 137 | 624 |
Total current liabilities | 1,808 | 2,220 |
Other Currency | Later than one year and not later than three years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 473 | 2,035 |
Accounts payable, non-current | 1,346 | 1,240 |
Total non-current liabilities | 1,819 | 3,275 |
Other Currency | Later than three years and not later than five years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 135 | |
Total non-current liabilities | 135 | |
Colombia, Pesos | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | 2,558 | 7,915 |
Other non-financial liabilities, current | 3,059 | 1,009 |
Total current liabilities | 5,617 | 8,924 |
Colombia, Pesos | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | 868 | 752 |
Total current liabilities | 868 | 752 |
Colombia, Pesos | Later than one year and not later than three years [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | 281 | 295 |
Total non-current liabilities | 281 | 295 |
Peru, Nuevos Soles | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | 24,197 | 37,285 |
Peru, Nuevos Soles | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | 1,447 | 1,124 |
Mexico, Pesos | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | 5,233 | 5,975 |
Mexico, Pesos | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | 33 | 167 |
South Sudan pound | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | 20,289 | 13,395 |
South Sudan pound | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | 119 | 305 |
Uruguay, Pesos | Not later than three months [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | 1,018 | $ 847 |
Uruguay, Pesos | Later than three months and not later than one year [member] | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Accounts payable for trade and other accounts payable, current | $ 29 |
FOREIGN CURRENCY AND EXCHANGE_6
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | $ 939,992 | $ 1,370,586 |
Total liabilities | 2,674,767 | 2,446,785 |
Argentina, Pesos | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 46,667 | 72,275 |
Total liabilities | 254,731 | 237,687 |
Net position | ||
Net position | (208,064) | (165,412) |
Brazil, Brazil Real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 62,150 | 117,532 |
Total liabilities | 83,218 | 54,605 |
Net position | ||
Net position | (21,068) | 62,927 |
Chile, Pesos | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 232,162 | 594,858 |
Total liabilities | 1,086,087 | 862,274 |
Net position | ||
Net position | (853,925) | (267,416) |
Colombia, Pesos | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 7,552 | 8,598 |
Total liabilities | 6,766 | 9,971 |
Net position | ||
Net position | 786 | (1,373) |
Euro Member Countries, Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 59,305 | 80,756 |
Total liabilities | 127,742 | 101,092 |
Net position | ||
Net position | (68,437) | (20,336) |
United States of America, Dollars | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 346,812 | 76,487 |
Total liabilities | 998,268 | 1,071,190 |
Net position | ||
Net position | (651,456) | (994,703) |
Other Currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 185,344 | 420,080 |
Total liabilities | 117,955 | 109,966 |
Net position | ||
Net position | $ 67,389 | $ 310,114 |
FOREIGN CURRENCY AND EXCHANGE_7
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Argentina, Pesos | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | $ 59.83 | $ 37.74 | $ 18.57 | $ 15.84 |
Brazil, Brazil Real | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 4.01 | 3.87 | 3.31 | 3.25 |
Chile, Pesos | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 748.74 | 694.77 | 614.75 | 669.47 |
Colombia, Pesos | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 3,271.55 | 3,239.45 | 2,984.77 | 3,000.25 |
Euro Member Countries, Euro | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 0.89 | 0.87 | 0.83 | 0.95 |
Australia, Dollars | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 1.43 | 1.42 | 1.28 | 1.38 |
Bolivia, Bolivianos | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 6.86 | 6.86 | 6.86 | 6.86 |
Mexico, Pesos | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 18.89 | 19.68 | 19.66 | 20.63 |
New Zealand, Dollars | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 1.49 | 1.49 | 1.41 | 1.44 |
Peru, Nuevos Soles | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 3.31 | 3.37 | 3.24 | 3.35 |
Uruguay, Pesos | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | $ 37.24 | $ 32.38 | $ 28.74 | $ 29.28 |
EARNINGS _ (LOSS) PER SHARE (De
EARNINGS / (LOSS) PER SHARE (Details) - Schedule of earning per share - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
EARNINGS / (LOSS) PER SHARE (Details) - Schedule of earning per share [Line Items] | ||||
Earnings / (loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ 190,430 | $ 309,811 | $ 108,896 | |
Basic earnings / (loss) per share (US$) (in Dollars per share) | $ 0.31403 | $ 0.51090 | $ 0.17958 | |
Diluted earnings / (loss) per share (US$) (in Dollars per share) | $ 0.31403 | $ 0.51090 | $ 0.17958 | |
Diluted earnings per share [Member] | ||||
EARNINGS / (LOSS) PER SHARE (Details) - Schedule of earning per share [Line Items] | ||||
Earnings / (loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ 190,430 | |||
Weighted average number of shares, basic | 606,407,693 | |||
Weighted average number of shares, diluted | 606,407,693 | |||
Diluted earnings / (loss) per share (US$) (in Dollars per share) | $ 0.31403 | |||
Restated [Member] | ||||
EARNINGS / (LOSS) PER SHARE (Details) - Schedule of earning per share [Line Items] | ||||
Earnings / (loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ 309,811 | $ 108,896 | [1] | |
Restated [Member] | Diluted earnings per share [Member] | ||||
EARNINGS / (LOSS) PER SHARE (Details) - Schedule of earning per share [Line Items] | ||||
Earnings / (loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ 309,811 | $ 108,896 | ||
Weighted average number of shares, basic | 606,407,693 | 606,407,693 | ||
Weighted average number of shares, diluted | 606,407,693 | 606,407,693 | ||
Diluted earnings / (loss) per share (US$) (in Dollars per share) | $ 0.51090 | $ 0.17958 | ||
Earnings per share [Member] | ||||
EARNINGS / (LOSS) PER SHARE (Details) - Schedule of earning per share [Line Items] | ||||
Earnings / (loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ 190,430 | |||
Weighted average number of shares, basic | 606,407,693 | |||
Basic earnings / (loss) per share (US$) (in Dollars per share) | $ 0.31403 | |||
Earnings per share [Member] | Restated [Member] | ||||
EARNINGS / (LOSS) PER SHARE (Details) - Schedule of earning per share [Line Items] | ||||
Earnings / (loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ 309,811 | $ 108,896 | ||
Weighted average number of shares, basic | 606,407,693 | 606,407,693 | ||
Basic earnings / (loss) per share (US$) (in Dollars per share) | $ 0.51090 | $ 0.17958 | ||
[1] | The result of the Company includes a net result of ThUS$ (8,162) resulting from the application of IAS 21 and IAS 29, for the subsidiaries that are in hyperinflationary economies. |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2017 | Jul. 25, 2016 |
CONTINGENCIES (Details) [Line Items] | |||
Amounts committed | $ 12,750 | ||
LATAM Airlines Group S.A. y Lan Cargo S.A. [Member] | |||
CONTINGENCIES (Details) [Line Items] | |||
Investigation of payments | $ 6,744 | ||
Lan Cargo S.A. y LATAM Airlines Group S.A. [Member] | |||
CONTINGENCIES (Details) [Line Items] | |||
Investigation of payments | $ 1,150,000 | ||
Amounts committed | $ 0 |
CONTINGENCIES (Details) - Sched
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries - Tam Viagens S.A. [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Fazenda Pblica do Municpio de So Paulo. |
Case Number | 1004194-37.2018.8.26.0053 |
Origin | This is a voidance action appealing the charges for violations and fines (67.168.795 / 67.168.833 / 67.168.884 / 67.168.906 / 67.168.914 / 67.168.965). We are arguing that numbers are missing from the ISS calculation base since the company supposedly made improper deductions. |
Stage of trial | The lawsuit was assigned on January 31, 2018. That same day, a decision was rendered suspending the charges without any bond. The municipality filed an appeal against this decision on April 30, 2018. A decision was rendered on November 11, 2019 fully in favor of Tam Viagens S.A. We are waiting to see if the Municipality files an appeal. |
Amounts Committed | $ 95,216 |
CONTINGENCIES (Details) - Sch_2
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
LATAM Airlines Group S.A. y Lan Cargo S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | European Commission. |
Origin | Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26, 2007, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the instruction process against twenty five cargo airlines, including Lan Cargo S.A., for alleged breaches of competition in the air cargo market in Europe, especially the alleged fixed fuel surcharge and freight. |
Stage of trial | On April 14, 2008, the notification of the European Commission was replied. The appeal was filed on January 24, 2011. On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9, 2010, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the imposition of a fine in the amount of THUS$ 9,217 (8,220,000 Euros) This fine is being appealed by Lan Cargo S.A. and LATAM Airlines Group S.A. On December 16, 2015, the European Court of Justice revoked the Commission's decision because of discrepancies. The European Commission did not appeal the decision, but presented a new one on March 17, 2017 reiterating the imposition of the same fine on the eleven original airlines. The fine totals 776,465,000 Euros. It imposed the same fine as before on Lan Cargo and its parent, LATAM Airlines Group S.A., totaling 8.2 million Euros. On May 31, 2017 Lan Cargo S.A. and LATAM Airlines Group S.A. filed a petition with the General Court of the European Union seeking vacation of this decision. We presented our defense in December 2017. On July 12, 2019, we attended a hearing before the European Court of Justice to confirm our petition for vacation of judgment or otherwise, a reduction in the amount of the fine. LATAM AIRLINES GROUP, S.A. expects that the ruling by the General Court of the European Union may reduce the amount of this fine. |
Amounts Committed | $ 9,217 |
Lan Cargo S.A. y LATAM Airlines Group S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | In the High Court of Justice Chancery Divisin (England) Ovre Romerike District Court (Norway) y Directie Juridische Zaken Afdeling Ceveil Recht (Netherlands) , Cologne Regional Court (Landgerich Kln Germany). |
Origin | Lawsuits filed against European airlines by users of freight services in private lawsuits as a result of the investigation into alleged breaches of competition of cargo airlines, especially fuel surcharge. Lan Cargo S.A. and LATAM Airlines Group S.A., have been sued in court proceedings directly and/or in third party, based in England, Norway, the Netherlands and Germany. |
Stage of trial | Cases are in the uncovering evidence stage. In the case in England, mediation was held with nearly all the airlines involved in the aim of attempting to reach an agreement. It began in September, and LATAM Airlines Group S.A. reached an agreement for approximately GBP 636,000. A settlement was signed in December 2018 and payment was made in January 2019. This lawsuit ended for all plaintiffs in the class action, except for one who signed a settlement for approximately GBP 222,469.63 in December 2019. The payment will be made in January 2020, which will put an end to the entire lawsuit in England. The amount remains undetermined for the lawsuits in the remaining countries (Norway, the Netherlands and Germany). |
Amounts Committed | $ 0 |
Aerolinhas Brasileiras S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Federal Justice. |
Case Number | 0008285-53.2015.403.6105 |
Origin | An action seeking to quash a decision and petioning for early protection in order to obgain a revocation of the penalty imposed by the Brazilian Competition Authority (CADE) in the investigation of cargo airlines alleged fair trade violations, in particular the fuel surcharge. |
Stage of trial | This action was filed by presenting a guaranty - policy - in order to suspend the effects of the CADE's decision regarding the payment of the following fines: (i) ABSA: ThUS$ 10,438; (ii) Norberto Jochmann: ThUS$201; (iii) Hernan Merino: ThUS$ 102; (iv) Felipe Meyer :ThUS$ 102. The action also deals with the affirmative obligation required by the CADE consisting of the duty to publish the condemnation in a widely circulating newspaper. This obligation had also been stayed by the court of federal justice in this process. Awaiting CADE's statement. ABSA began a judicial review in search of an additional reduction in the fine amount. The Judge's decision was published on March 12, 2019, and we filed an appeal against it on March 13, 2019 |
Amounts Committed | $ 10,403 |
AerolinhasBrasileirasSA1Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Federal Justice. |
Case Number | 0001872-58.2014.4.03.6105 |
Origin | An annulment action with a motion for preliminary injunction, was filed on 02/28/2014, in order to cancel tax debts of PIS, CONFINS, IPI and II, connected with the administrative process 10831.005704/2006.43. |
Stage of trial | We have been waiting since August 21, 2015 for a statement by Serasa on TAM's letter of indemnity and a statement by the Union. The statement was authenticated on January 29, 2016. A new insurance policy was submitted on March 30, 2016 with the change to the guarantee requested by PGFN. On 05/20/2016 the process was sent to PGFN, which was manifested on 06/03/2016. A decision is pending |
Amounts Committed | $ 14,061 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 19515.720476/2015-83 |
Origin | Alleged irregularities in the SAT payments for the periods 01/2011 to 12/2012 |
Stage of trial | The lawsuit was converted into a measure in January 2018. A statement will be made after the prosecutor's measure has concluded. The Brazilian Administrative Council of Tax Appeals (CARF) issued a decision in favor of the Company on September 22, 2018. We are currently expecting that the Ministry of Finance of Brazil will appeal. |
Amounts Committed | $ 59,481 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Court of the Second Region. |
Case Number | 2001.51.01.012530-0 |
Origin | Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. |
Stage of trial | Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for THUS$106. The court decision requesting that the Expert make all clarifications requested by the parties in a period of 30 days was published on March 29, 2016. The plaintiffs' submitted a petition on June 21, 2016 requesting acceptance of the opinion of their consultant and an urgent ruling on the dispute. No amount additional to the deposit that has already been made is required if this case is lost. |
Amounts Committed | $ 87,538 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Internal Revenue Service of Brazil. |
Case Number | 10880.725950/2011-05 |
Origin | Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. |
Stage of trial | The objection (manifestao de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil's Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM's appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. |
Amounts Committed | $ 26,293 |
Aerovias de Integracion Regional, AIRES S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. |
Case Number | 2013-20319 CA 01 |
Origin | The July 30, 2012 Aerovas de Integracin Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. |
Stage of trial | Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on October 31, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge's chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogot to decide which court, the 45th or 46th, had to continue with the case. Florida. On June 4, 2019, the State Court of Florida allowed REGIONAL ONE to add a new claim against LATAM AIRLINES COLOMBIA for default on a verbal contract. Given the new claim, LATAM AIRLINES COLOMBIA petitioned that the Court postpone the trial to August 2019 to have the time to investigate the facts alleged by REGIONAL ONE to prove a verbal contract. The State Court granted the postponement of a jury trial to June 2020. In the meantime, the discovery stage continues, including verbal statements by experts on behalf of both parties. There may be some change in the committed amount, which will be reported in due course. |
Amounts Committed | $ 12,443 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Internal Revenue Service of Brazil |
Case Number | 10880.722.355/2014-52 |
Origin | On August 19, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. |
Stage of trial | An administrative objection was filed on September 17, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On September 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). |
Amounts Committed | $ 65,895 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Sao Paulo Labor Court, Sao Paulo |
Case Number | 1001531-73.2016.5.02.0710 |
Origin | The Ministry of Labor filed an action seeking that the company adapt the ergonomics and comfort of seats. |
Stage of trial | In August 2016, the Ministry of Labor filed a new lawsuit before the competent Labor Court in Sao Paulo, in the same terms as case 0000009-45.2016.5.02.090, as previously reported, the hearing date is set for October 22, 2018. We were served the decision completely dismissing the claim in March 2019, against which the plaintiff has filed an appeal. We are now awaiting the hearing by the Court of Appeals. |
Amounts Committed | $ 17,982 |
LATAM Airlines Group S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | 22 Civil Court of Santiago |
Case Number | C-29.945-2016 |
Origin | The Company received notice of a civil liability claim by Inversiones Ranco Tres S.A. on January 18, 2017. It is represented by Mr. Jorge Enrique Said Yarur. It was filed against LATAM Airlines Group S.A. for an alleged contractual default by the Company and against Ramon Eblen Kadiz, Jorge Awad Mehech, Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, directors and officers, for alleged breaches of their duties. In the case of Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, it alleges a breach, as controllers of the Company, of their duties under the incorporation agreement. LATAM has retained legal counsel specializing in this area to defend it. |
Stage of trial | The claim was answered on March 22, 2017 and the plaintiff filed its replication on April 4, 2017. LATAM filed its rejoinder on April 13, 2017, which concluded the argument stage of the lawsuit. A reconciliation hearing was held on May 2, 2017, but the parties did not reach an agreement. The Court issued the evidentiary decree on May 12, 2017. We filed a petition for reconsideration because we disagreed with certain points of evidence. That petition was partially sustained by the Court on June 27, 2017. The evidentiary stage commenced and then concluded on July 20, 2017. Observations to the evidence must now be presented. That period expires August 1, 2017. We filed our observations to the evidence on August 1, 2017. We were served the decision on December 13, 2017 that dismissed the claim since LATAM was in no way liable. The plaintiff filed an appeal on December 26, 2017. Arguments were pled before the Santiago Court of Appeals on April 23, 2019, and on April 30, 2019, this Court confirmed the ruling of the trial court absolving LATAM. The losing party was ordered to pay costs in both cases. On May 18, 2019, Inversiones Ranco Tres S.A. filed a remedy of vacation of judgment based on technicalities and on substance against the Appellate Court decision. The Appellate Court admitted both appeals on May 29, 2019 and the appeals are pending a hearing by the Supreme Court. |
Amounts Committed | $ 17,705 |
TamLinhasAereasSA7Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | 10th Jurisdiction of Federal Tax Enforcement of Sao Paulo |
Case Number | 0061196-68.2016.4.03.6182 |
Origin | Tax Enforcement Lien No. 0020869-47.2017.4.03.6182 on Profit-Based Social Contributions from 2004 to 2007. |
Stage of trial | This tax enforcement was referred to the 10th Federal Jurisdiction on February 16, 2017. A petition reporting our request to submit collateral was recorded on April 18, 2017. At this time, the period is pending for the plaintiff to respond to our petition. The bond was replaced. We are waiting for the evidentiary period to begin. |
Amounts Committed | $ 39,584 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 5002912.29.2019.4.03.6100 |
Origin | A lawsuit disputing the debit in the administrative proceeding 16643.000085/2009-47, reported in previous Notes, consisting of a notice demanding recovery of the Income and Social Assessment Tax on the net profit (SCL) resulting from the itemization of royalties and use of the TAM trademark |
Stage of trial | The lawsuit was assigned on February 28, 2019. A decision was rendered on March 1, 2019 stating that no guarantee was required. A final decision is now pending. |
Amounts Committed | $ 11,139 |
TamLinhasAereasSA9Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | DERAT SPO (Delegaca de Receita Federal) |
Case Number | 13808.005459/2001-45 |
Origin | Collection of the Social Security Funding Contribution (COFINS) based on gross revenue of the company in the period 1999-2000. |
Stage of trial | The decision on collection was pending through June 2, 2010. |
Amounts Committed | $ 23,228 |
TamLinhasAereasSA10Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Delegaca de Receita Federal |
Case Number | 10611.720630/2017-16 |
Origin | This is an administrative claim about a fine for the incorrectness of an import declaration (new lawsuit). |
Stage of trial | The administrative defensive arguments were presented September 28, 2017. The Court dismissed the Company's appeal in August 2019. Then on September 17, 2019, Company filed a special appeal (CRSF (Higher Tax Appeals Chamber)) that is pending a decision. |
Amounts Committed | $ 20,410 |
TamLinhasAereasSA11Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Delegaca de Receita Federal |
Case Number | 16692.721.933/2017-80 |
Origin | The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport. |
Stage of trial | An administrative defense was presented on May 29, 2018. |
Amounts Committed | $ 31,381 |
SNEA (Sindicato Nacional das empresas aeroviarias) [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Unio Federal |
Case Number | 0012177-54.2016.4.01.3400 |
Origin | A claim against the 72% increase in airport control fees (TAT-ADR) and approach control fees (TAT-APP) charged by the Airspace Control Department ("DECEA"). |
Stage of trial | A decision is now pending on the appeal presented by SNEA. |
Amounts Committed | $ 63,951 |
TamLinhasAereasSA12Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Unio Federal |
Case Number | 2001.51.01.020420-0 |
Origin | TAM and other airlines filed a recourse claim seeking a finding that there is no legal or tax basis to be released from collecting the Additional Airport Fee ("ATAERO"). |
Stage of trial | A decision by the superior court is pending. The amount is indeterminate because even though TAM is the plaintiff, if the ruling is against it, it could be |
Amounts Committed | $ 0 |
TamLinhasAereasSA13Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Delegacia da Receita Federal |
Case Number | 10880-900.424/2018-07 |
Origin | This is a claim for a negative Legal Entity Income Tax (IRPJ) balance for the 2014 calendar year (2015 fiscal year) because set-offs were not allowed. |
Stage of trial | The administrative defensive arguments were presented March 19, 2018. An administrative decision is now pending. |
Amounts Committed | $ 17,202 |
TamLinhasAereasSA14Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 19515-720.823/2018-11 |
Origin | An administrative claim to collect alleged differences in SAT payments for the periods 11/2013 to 12/2017. |
Stage of trial | A defense was presented on November 28, 2018. The Court dismissed the Company's appeal in August 2019. Then on September 17, 2019, Company filed a voluntary appeal (CRSF (Administrative Tax Appeals Board)) that is pending a decision. |
Amounts Committed | $ 120,551 |
TamLinhasAereasSA15Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 10880.938832/2013-19 |
Origin | The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the second quarter of 2011, which were determined to be in the non-cumulative system |
Stage of trial | An administrative defense was argued on March 19, 2019. The decision is pending. |
Amounts Committed | $ 16,108 |
TamLinhasAereasSA16Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 10880.938834/2013-16 |
Origin | The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the third quarter of 2011, which were determined to be in the non-cumulative system. |
Stage of trial | An administrative defense was argued on March 19, 2019. The decision is pending. |
Amounts Committed | $ 11,777 |
TamLinhasAereasSA17Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 10880.938837/2013-41 |
Origin | The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the fourth quarter of 2011, which were determined to be in the non-cumulative system. |
Stage of trial | An administrative defense was argued on March 19, 2019. The decision is pending. |
Amounts Committed | $ 15,782 |
TamLinhasAereasSA18Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 10880.938838/2013-96 |
Origin | The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the first quarter of 2012, which were determined to be in the non-cumulative system. |
Stage of trial | We presented our administrative defense. |
Amounts Committed | $ 10,891 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 0012541-56.2016.5.03.0144 |
Origin | A class action in which the Union is petitioning that TAM be ordered to make payment of the correct calculation of Sundays and holidays. |
Stage of trial | A hearing was set for December 17, 2019 |
Amounts Committed | $ 14,423 |
LATAM Airlines Argentina [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Commercial Trial Court No. 15 of Buenos Aires. |
Case Number | 11479/2012 |
Origin | Proconsumer and Rafaella Cabrera filed a claim citing discriminating fees charged to foreign users as compared to domestic users for services retained in Argentina. |
Stage of trial | The trial court judge dismissed Mrs. Cabrera's claim on March 7, 2019 and sustained the motion of lack of standing entered by Proconsumer. The ruling was appealed by the plaintiff on April 8, 2019 and will be decided by Room D. |
Amounts Committed | $ 0 |
LATAM Airlines Group Argentina, Brasil, Perú, Ecuador, y TAM Mercosur. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Commercial and Civil Trial Court No. 11 of Buenos Aires. |
Case Number | 1408/2017 |
Origin | Consumidores Libres Coop. Ltda. filed this claim on March 14, 2017 regarding a provision of services. It petitioned for the reimbursement of certain fees or the difference in fees charged for passengers who purchased a ticket in the last 10 years but did not use it. |
Stage of trial | Federal Commercial and Civil Trial Court No. 11 in the city of Buenos Aires. After two years of arguments on jurisdiction and competence, the claim was assigned to this court and an answer was filed on March 19, 2019 |
Amounts Committed | $ 0 |
TamLinhasAereasSA20Member | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 10.880.938842/2013-54 |
Origin | The decision denied the petition for reassignment and did not equate the CONFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. |
Stage of trial | We presented our administrative defense. |
Amounts Committed | $ 11,521 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 10.880.93844/2013-43 |
Origin | The decision denied the petition for reassignment and did not equate the CONFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. |
Stage of trial | We presented our administrative defense |
Amounts Committed | $ 10,876 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Department of Federal Revenue of Brazil |
Case Number | 10880.938841/2013-18 |
Origin | The decision denied the petition for reassignment and did not equate the CONFINS credit statements for the second quarter of 2012 that had been determined to be in the non-accumulative system. |
Stage of trial | We presented our administrative defense. |
Amounts Committed | $ 10,292 |
Tam Linhas Aereas S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Receita Federal de Brasil |
Case Number | 10840.727719/2019-71 |
Origin | Collection of PIS / COFINS tax for the period of 2014. |
Stage of trial | We presented our administrative defense on January 11, 2020 |
Amounts Committed | $ 42,276 |
Latam-Airlines Ecuador S.A.[Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Tribunal Distrital de lo Fiscal |
Case Number | 17509-2014-0088 |
Origin | An audit of the 2006 Income Tax Return that disallowed fuel expenses, fees and other items because the necessary support was not provided, according to Management. |
Stage of trial | On August 6, 2018, the District Tax Claims Court rendered a decision denying the request for a refund of a mistaken payment. An appeal seeking vacation of this judgment by the Court was filed on September 5 and we are awaiting a decision by the Appellate judges. As of December 31, 2018, the lawyers believe that the probability of recovering this amount has fallen by 30% to 40%, so the provision was increased to $8.7 million. We have applied IFRIC 23 as of 12/31/19 because of the percentage loss (more than 50%), and we have recorded the entire provision in the income tax item. |
Amounts Committed | $ 12,505 |
LATAM Airlines Group S.A. [Member] | |
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | |
Court | Southern District of Florida. United States District Court |
Case Number | 19cv23965 |
Origin | A lawsuit filed by Jose Ramon Lopez Regueiro against American Airlines Inc. and Latam Airlines Group S.A. seeking an indemnity for damages caused by the commercial use of the Jose Marti International Airport in Cuba that he says were repaired and reconditioned by his family before the change in government in 1959. |
Stage of trial | Latam Airlines Group S.A. was served this claim on September 27, 2019. LATAM Airlines Group filed a motion to dismiss on November 26, 2019. In response, a motion to suspend discovery was filed on December 23, 2019 while the Court was deciding on the motion to dismiss. The provision is undetermined. |
Amounts Committed | $ 0 |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
COMMITMENTS (Details) [Line Items] | ||||
Minimum of cash and cash equivalent | $ 1,072,579,000 | $ 1,081,642,000 | $ 1,142,004,000 | $ 949,327,000 |
percentage of acquisition | 20.00% | |||
Top of range [member] | ||||
COMMITMENTS (Details) [Line Items] | ||||
Revolving credit facility | $ 600,000,000 | |||
Bottom of range [member] | ||||
COMMITMENTS (Details) [Line Items] | ||||
Revolving credit facility | 750,000,000 | |||
Tam Linhas Aereas S.A. [Member] | ||||
COMMITMENTS (Details) [Line Items] | ||||
Revolving credit facility | 400,000,000 | |||
Liquidity risk [member] | ||||
COMMITMENTS (Details) [Line Items] | ||||
Minimum of cash and cash equivalent | $ 75,000 |
COMMITMENTS (Details) - Schedul
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Value | $ 416,774 |
Corporacion Peruana De Aeropuertos Y Aviacion Comercial [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Per S.A. |
Type | Twenty six letter of credit |
Value | $ 3,493 |
Release date | Jan-31-20 |
Lima Airport Partners S.R.L. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Per S.A. |
Type | Twenty one letter of credit |
Value | $ 2,990 |
Release date | Feb-17-20 |
Superintendencia Nacional De Aduanas Y De Administracion Tributaria [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Per S.A. |
Type | Twenty five letter of credit |
Value | $ 200,000 |
Release date | Feb-12-20 |
Instituto Nacional de Defensa de la Compentencia y de la Protección [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Per S.A. |
Type | Forty three letter of credit |
Value | $ 1,483 |
Release date | Feb-27-20 |
Aena Aeropuertos S.A. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Four letter of credit |
Value | $ 2,820 |
Release date | Nov-15-20 |
American Alternative Insurance Corporation [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Seven letter of credit |
Value | $ 3,790 |
Release date | Abr-05-20 |
Citibank N.A. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 27,226 |
Release date | Dec-20-20 |
Comision Europea [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 9,346 |
Release date | Dec-31-20 |
Deutsche Bank A.G. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 2,500 |
Release date | March-31-20 |
Direccion General De Aeronautic A Civil [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Forty six letter of credit |
Value | $ 18,487 |
Release date | Feb-28-20 |
Empresa Publica De Hidrocarburos Del Ecuador EP Petroecuador [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 5,500 |
Release date | Jun-18-20 |
Metropolitan Dade County [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Eight letter of credit |
Value | $ 2,298 |
Release date | March-13-20 |
Numinous LLC [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 2,200 |
Release date | Oct-15-20 |
Conselho Administrativo De Conselhos Federais [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | Two letter of credit |
Value | $ 1,730 |
Release date | Nov-24-20 |
Procon [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | Three insurance policy guarantee |
Value | $ 3,728 |
Release date | Apr-01-21 |
Uniao Federal [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | An insurance policy guarantee |
Value | $ 1,277 |
Release date | Sep-28-21 |
Aena Aeropuertos S.A. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | One letter of credit |
Value | $ 1,405 |
Release date | Aug-14-20 |
Procuradoria da Fazenda Nacional [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | One letter of credit |
Value | $ 8,017 |
Release date | Aug-10-20 |
RB Comercial Properties 49 Empreendimentos Imobiliarios LTDA [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | One letter of credit |
Value | $ 35,974 |
Release date | Apr-29-20 |
Tribunal de Justição de São Paulo. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | An insurance policy guarantee |
Value | $ 1,927 |
Release date | Sep-23-24 |
17a Vara Cível da Comarca da Capital de João Pessoa/PB. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | An insurance policy guarantee |
Value | $ 3,050 |
Release date | Jun-25-23 |
10ª Vara de Execuções Fiscais Federais de São Paulo/SP. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | An insurance policy guarantee |
Value | $ 33,938 |
Release date | Oct-03-20 |
Vara da Fazenda Publica da Comarca do Rio de Janeiro RJ [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | An insurance policy guarantee |
Value | $ 1,043 |
Release date | Sep-25-23 |
Vara das Execucoes Fiscais Estaduais [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | Three insurance policy guarantee |
Value | $ 6,770 |
Release date | Jul-05-23 |
Vara Civel Campinas. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | An insurance policy guarantee |
Value | $ 1,709 |
Release date | Jun-14-24 |
Procon [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | ABSA Linhas Aereas Brasileira S/A |
Type | An insurance policy guarantee |
Value | $ 10,453 |
Release date | May-19-20 |
Vara Federal da Subseção de Campinas SP [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | ABSA Linhas Aereas Brasileira S/A |
Type | An insurance policy guarantee |
Value | $ 15,856 |
Release date | Feb-20-21 |
Vara Federal da Subsecao de Campinas SP [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | ABSA Linhas Aereas Brasileira S/A |
Type | One letter of credit |
Value | $ 2,329 |
Release date | Oct-20-21 |
Conselho Administrativo de Conselhos Federais [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | ABSA Linhas Aereas Brasileira S/A |
Type | An insurance policy guarantee |
Value | $ 5,435 |
Release date | Oct-20-21 |
TRANSACTIONS WITH RELATED PAR_3
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inversiones Costa Verde Ltda. y CPA. [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | 96.810.370-9 | ||
Related party | Inversiones Costa Verde Ltda. y CPA. | ||
Nature of relationship with related parties | Related director | ||
Country of origin | Chile | ||
Nature of related parties transactions | Tickets sales | ||
Currency | CLP | ||
Transaction amount with related parties | $ 16 | $ 16 | $ 18 |
Comunidad Mujer [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | 65.216.000-K | ||
Related party | Comunidad Mujer | ||
Nature of relationship with related parties | Related director | ||
Country of origin | Chile | ||
Nature of related parties transactions | Tickets sales | ||
Currency | CLP | ||
Transaction amount with related parties | 14 | ||
Bethia S.A and subsidiaries [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | 78.591.370-1 | ||
Related party | Bethia S.A and subsidiaries | ||
Nature of relationship with related parties | Related director | ||
Country of origin | Chile | ||
Nature of related parties transactions | Services received of cargo transport | ||
Currency | CLP | ||
Transaction amount with related parties | $ 556 | 1,778 | 1,643 |
Bethia S.A and subsidiaries [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Services received from National and International Courier | ||
Currency | CLP | ||
Transaction amount with related parties | $ (3) | (85) | (382) |
Bethia S.A and subsidiaries [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Services provided of cargo transport | ||
Currency | CLP | ||
Transaction amount with related parties | (17) | ||
Bethia S.A and subsidiaries [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Sales commissions | ||
Currency | CLP | ||
Transaction amount with related parties | $ (218) | (821) | (761) |
Bethia S.A and subsidiaries [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Services received advertising | ||
Currency | CLP | ||
Transaction amount with related parties | $ (726) | (1,025) | |
Transportes San Felipe S.A [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | 79.773.440-3 | ||
Related party | Transportes San Felipe S.A | ||
Nature of relationship with related parties | Related director | ||
Country of origin | Chile | ||
Nature of related parties transactions | Tickets sales | ||
Currency | CLP | ||
Transaction amount with related parties | 1 | ||
Granja Marina Tornagaleones S.A. [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | 87.752.000-5 | ||
Related party | Granja Marina Tornagaleones S.A. | ||
Nature of relationship with related parties | Common shareholder | ||
Country of origin | Chile | ||
Nature of related parties transactions | Tickets sales | ||
Currency | CLP | ||
Transaction amount with related parties | $ 61 | 51 | 72 |
Consultoría Administrativa Profesional S.A. de C.V. [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | Foreign | ||
Related party | Consultora Administrativa Profesional S.A. de C.V. | ||
Nature of relationship with related parties | Associate | ||
Country of origin | Mexico | ||
Nature of related parties transactions | Professional counseling services received | ||
Currency | MXN | ||
Transaction amount with related parties | (2,357) | ||
Inmobiliaria Inversiones Asturias S.A. [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | 96.782.530-1 | ||
Related party | Inmobiliaria Inversiones Asturias S.A. | ||
Nature of relationship with related parties | Related director | ||
Country of origin | Chile | ||
Nature of related parties transactions | Tickets sales | ||
Currency | CLP | ||
Transaction amount with related parties | 25 | ||
Parque de Chile S.A. [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | 76.335.600-0 | ||
Related party | Parque de Chile S.A. | ||
Nature of relationship with related parties | Related director | ||
Country of origin | Chile | ||
Nature of related parties transactions | Tickets sales | ||
Currency | CLP | ||
Transaction amount with related parties | $ 9 | 20 | |
Rio Dulce S.A. [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | 96.989.370-3 | ||
Related party | Rio Dulce S.A. | ||
Nature of relationship with related parties | Related director | ||
Country of origin | Chile | ||
Nature of related parties transactions | Tickets sales | ||
Currency | CLP | ||
Transaction amount with related parties | 18 | ||
Inversora Aeronáutica Argentina [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | Foreign | ||
Related party | Inversora Aeronutica Argentina | ||
Nature of relationship with related parties | Related director | ||
Country of origin | Argentina | ||
Nature of related parties transactions | Property leases received | ||
Currency | ARS$ | ||
Transaction amount with related parties | (231) | (251) | |
TAM Aviação Executiva e Taxi Aéreo S/A [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | Foreign | ||
Related party | TAM Aviao Executiva e Taxi Areo S/A | ||
Nature of relationship with related parties | Common shareholder | ||
Country of origin | Brazil | ||
Nature of related parties transactions | Services provided | ||
Currency | BRL | ||
Transaction amount with related parties | $ 58 | 62 | 45 |
TAM Aviação Executiva e Taxi Aéreo S/A [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Services received of cargo transport | ||
Currency | BRL | ||
Transaction amount with related parties | $ 2 | 8 | |
TAM Aviação Executiva e Taxi Aéreo S/A [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Services provided | ||
Currency | BRL | ||
Transaction amount with related parties | $ (10) | ||
TAM Aviação Executiva e Taxi Aéreo S/A [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Services received at airports | ||
Currency | BRL | ||
Transaction amount with related parties | (2) | (39) | |
Qatar Airways [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Tax No. | Foreign | ||
Related party | Qatar Airways | ||
Nature of relationship with related parties | Indirect shareholder | ||
Country of origin | Qatar | ||
Nature of related parties transactions | Services provided by aircraft lease | ||
Currency | US$ | ||
Transaction amount with related parties | $ 39,528 | 21,321 | 31,707 |
Qatar Airways [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Interlineal received service | ||
Currency | US$ | ||
Transaction amount with related parties | $ (2,050) | (6,345) | (2,139) |
Qatar Airways [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Interlineal provided service | ||
Currency | US$ | ||
Transaction amount with related parties | $ 3,739 | 8,635 | 5,279 |
Qatar Airways [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Services provided of handling | ||
Currency | US$ | ||
Transaction amount with related parties | $ 1,106 | 1,392 | $ 1,002 |
Qatar Airways [Member] | |||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | |||
Nature of related parties transactions | Services provided / received others | ||
Currency | US$ | ||
Transaction amount with related parties | $ 996 | $ 1,805 |
TRANSACTIONS WITH RELATED PAR_4
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of key management personnel compensation - Key management personnel of entity or parent [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of key management personnel compensation [Line Items] | |||
Remuneration | $ 13,701 | $ 14,841 | $ 17,826 |
Management fees | 411 | 307 | 468 |
Non-monetary benefits | 1,815 | 748 | 740 |
Short-term benefits | 31,124 | 45,653 | 36,970 |
Long-term benefits | 8,577 | 2,412 | |
Share-based payments | 3,296 | (7,210) | 13,173 |
Termination benefits | 1,428 | 1,404 | |
Total | $ 60,352 | $ 58,155 | $ 69,177 |
SHARE-BASED PAYMENTS (Details)
SHARE-BASED PAYMENTS (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 11, 2013shares | |
SHARE-BASED PAYMENTS (Details) [Line Items] | ||||
Administrative expenses | $ | $ 735,218 | $ 736,333 | $ 952,768 | |
Number of ordinary restricted stock | 1,592,777 | 2,932,896 | ||
Compensation Plan 2013 [Member] | ||||
SHARE-BASED PAYMENTS (Details) [Line Items] | ||||
Number of shares authorized (in Shares) | shares | 1,500,000 | |||
Multiplus S.A. [Member] | Restricted Stock [Member] | ||||
SHARE-BASED PAYMENTS (Details) [Line Items] | ||||
Number of ordinary restricted stock | 247,500 |
SHARE-BASED PAYMENTS (Details)
SHARE-BASED PAYMENTS (Details) - Schedule of compensation plan 2016-2018 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of compensation plan 2016-2018 [Abstract] | ||
Opening balance | 1,592,777 | 2,932,896 |
Granted | 93,481 | |
Annulled | (171,419) | |
Exercised | (1,686,258) | (1,168,700) |
Closing balance | 1,592,777 |
SHARE-BASED PAYMENTS (Details_2
SHARE-BASED PAYMENTS (Details) - Schedule of stock-based payments - shares | Dec. 31, 2019 | Dec. 31, 2018 |
SHARE-BASED PAYMENTS (Details) - Schedule of stock-based payments [Line Items] | ||
Outstanding option number | 247,500 | |
3rd Grant [Member] | ||
SHARE-BASED PAYMENTS (Details) - Schedule of stock-based payments [Line Items] | ||
Outstanding option number | 84,249 | |
4th Grant [Member] | ||
SHARE-BASED PAYMENTS (Details) - Schedule of stock-based payments [Line Items] | ||
Outstanding option number | 163,251 | |
4nd Extraordinary Grant [Member] | ||
SHARE-BASED PAYMENTS (Details) - Schedule of stock-based payments [Line Items] | ||
Outstanding option number |
SHARE-BASED PAYMENTS (Details_3
SHARE-BASED PAYMENTS (Details) - Schedule of acquisition of the share’s rights - Multiplus S.A. [Member] - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SHARE-BASED PAYMENTS (Details) - Schedule of acquisition of the share’s rights [Line Items] | ||
Number of shares Accrued options | 247,500 | |
Number of shares Non accrued options | 247,500 |
SHARE-BASED PAYMENTS (Details_4
SHARE-BASED PAYMENTS (Details) - Schedule of payments based on restricted stock - Restricted Stock [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SHARE-BASED PAYMENTS (Details) - Schedule of payments based on restricted stock [Line Items] | ||
Opening balance | $ 216,836 | $ 309,710 |
Exercised | (83,958) | |
Not acquired due to breach of employment retention conditions | (8,916) | |
Closing balance | $ 216,836 | $ 216,836 |
STATEMENT OF CASH FLOWS (Detail
STATEMENT OF CASH FLOWS (Details) - Schedule of other inflows (outflows) of cash - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of other inflows (outflows) of cash [Abstract] | |||
Delta Air Lines Inc. compensation (1) | $ 350,000 | ||
Fuel hedge | (9,966) | 77,234 | 19,862 |
Hedging margin guarantees | (21,200) | 1,573 | (4,201) |
Currency hedge | (1,282) | (17,798) | |
Change reservation systems | (16,120) | ||
Tax paid on bank transaction | (11,369) | 318 | (6,635) |
Fuel derivatives premiums | (17,102) | (13,947) | (2,832) |
Bank commissions, taxes paid and other | (20,627) | (8,179) | (7,738) |
Guarantees | (5,474) | 14,755 | 59,988 |
Court deposits | (22,976) | (30,860) | (33,457) |
Total Other inflows (outflows) Operation flow | 241,286 | 39,612 | (8,931) |
Others deposits in guarantees | 3,754 | ||
Tax paid on bank transaction | (2,249) | (2,476) | (2,594) |
Others | (10,383) | ||
Total Other inflows (outflows) Investment flow | (2,249) | (2,476) | (9,223) |
Loan guarantee | 80,615 | ||
Settlement of derivative contracts | (2,976) | (11,675) | (40,695) |
Aircraft Financing advances | (55,728) | 55,728 | (26,214) |
Others | |||
Total Other inflows (outflows) Financing flow | $ (58,704) | $ 44,053 | $ 13,706 |
STATEMENT OF CASH FLOWS (Deta_2
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends paid to minority shareholders - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
LATAM Airlines Group S.A. [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends paid to minority shareholders [Line Items] | |||
Total dividends paid | $ (54,580) | $ (46,591) | $ (20,766) |
Multiplus S.A. [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends paid to minority shareholders [Line Items] | |||
Total dividends paid | (26,029) | (45,876) | |
Lan Peru S.A. [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends paid to minority shareholders [Line Items] | |||
Total dividends paid | $ (536) | $ (72,620) | $ (66,642) |
STATEMENT OF CASH FLOWS (Deta_3
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | $ 7,261,726 | $ 11,038,612 |
Obtainment Capital | 1,902,592 | 1,127,790 |
Payment Capital | (2,343,040) | (2,111,788) |
Payment Interest | (550,878) | (540,303) |
Interest accrued and others | 1,237,235 | 605,464 |
Reclassifications | ||
Ending balance | 7,193,527 | 7,261,726 |
Loans To Exporters [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 400,721 | 314,619 |
Obtainment Capital | 93,000 | 293,001 |
Payment Capital | (145,505) | (202,000) |
Payment Interest | (12,934) | (10,467) |
Interest accrued and others | 6,193 | 5,568 |
Reclassifications | ||
Ending balance | 341,475 | 400,721 |
Bank Loans [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 222,741 | 321,633 |
Obtainment Capital | 164,095 | 74,663 |
Payment Capital | (165,549) | (167,548) |
Payment Interest | (11,352) | (13,961) |
Interest accrued and others | 7,320 | 7,954 |
Reclassifications | ||
Ending balance | 217,255 | 222,741 |
Guaranteed Obligations [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 2,534,021 | 4,036,843 |
Obtainment Capital | 607,797 | |
Payment Capital | (282,721) | (315,698) |
Payment Interest | (93,335) | (122,639) |
Interest accrued and others | 93,286 | 99,320 |
Reclassifications | (701,721) | (1,163,805) |
Ending balance | 2,157,327 | 2,534,021 |
Other Guaranteed Obligations [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 673,452 | 242,175 |
Obtainment Capital | 704,398 | |
Payment Capital | (92,549) | (274,339) |
Payment Interest | (28,417) | (16,873) |
Interest accrued and others | 27,946 | 18,091 |
Reclassifications | ||
Ending balance | 580,432 | 673,452 |
Obligation With The Public [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 1,553,079 | 1,584,066 |
Obtainment Capital | 1,009,836 | |
Payment Capital | (487,086) | 1,561 |
Payment Interest | (144,932) | (107,629) |
Interest accrued and others | 134,037 | 75,081 |
Reclassifications | ||
Ending balance | 2,064,934 | 1,553,079 |
Financial Leases [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 1,624,854 | 1,109,504 |
Obtainment Capital | ||
Payment Capital | (591,861) | (691,390) |
Payment Interest | (72,311) | (69,808) |
Interest accrued and others | 68,440 | 112,743 |
Reclassifications | 701,721 | 1,163,805 |
Ending balance | 1,730,843 | 1,624,854 |
Other Loans [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 252,858 | 282,800 |
Obtainment Capital | 27,864 | 55,728 |
Payment Capital | (178,777) | (88,934) |
Payment Interest | (9,648) | (15,978) |
Interest accrued and others | 8,964 | 19,242 |
Reclassifications | ||
Ending balance | 101,261 | 252,858 |
Lease Liability [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 2,858,049 | 3,146,972 |
Obtainment Capital | ||
Payment Capital | (398,992) | (373,440) |
Payment Interest | (177,949) | (182,948) |
Interest accrued and others | 891,049 | 267,465 |
Reclassifications | ||
Ending balance | $ 3,172,157 | $ 2,858,049 |
STATEMENT OF CASH FLOWS (Deta_4
STATEMENT OF CASH FLOWS (Details) - Schedule of statement of consolidated cash flow - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of statement of consolidated cash flow [Abstract] | |||
Increases (payments) | $ (86,288) | $ (212,163) | $ (205,143) |
Recoveries | 349,702 | 157,508 | 103,065 |
Total cash flows | $ 263,414 | $ (54,655) | $ (102,078) |
STATEMENT OF CASH FLOWS (Deta_5
STATEMENT OF CASH FLOWS (Details) - Schedule of consolidated statement of cash flow for the exercise - Hyperinflation Application [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
STATEMENT OF CASH FLOWS (Details) - Schedule of consolidated statement of cash flow for the exercise [Line Items] | ||
Net cash flows from (used in) operating activities | $ 118,797 | $ 6,088 |
Net cash flows from (used in) investment activities | 64,516 | (17,611) |
Net cash flows from (used in) financing activities | (56,866) | 3,914 |
Effects of variation in the exchange rate on cash and cash equivalents | (126,447) | 7,609 |
Net increase (decrease) in cash and cash equivalents |
THE ENVIRONMENT (Details)
THE ENVIRONMENT (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of interest in funds [text block] [Abstract] | |
Percentage of incorporation of electric power | 100.00% |
EVENTS SUBSEQUENT TO THE DATE_2
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of events after reporting period [text block] [Abstract] | |
Description of significant variation in exchange rate | there has been a significant variation in the exchange rate (Central Bank of Brazil) R $ / US $, from R $ 4.03 to US$ to R $ 4.85 per US$ to March 13, 2020, which represents a depreciation of 20.23% of the Brazilian currency. |
Description of decrease in capacity due to COVIND-19 | On March 12, 2020, LATAM Airlines and its Affiliates announced the suspension of its guidance 2020 in light of the uncertainty due to the COVID-19 (coronavirus) outbreak that is affecting the demand for air traffic. Accordingly, LATAM Airlines Group and its affiliates announced a decrease in capacity of approximately 30% of international operations. On March 16, 2020, LATAM Airlines and its affiliates updated the decrease in capacity to approximately 70% of the total operations, corresponding 90% to international operations and 40% to domestic operations. |