Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
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 | No |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
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, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | ||
Cash and cash equivalents | $ 1,695,841 | $ 1,072,579 |
Other financial assets | 50,250 | 499,504 |
Other non-financial assets | 155,892 | 313,449 |
Trade and other accounts receivable | 599,381 | 1,244,348 |
Accounts receivable from related entities | 158 | 19,645 |
Inventories | 323,574 | 354,232 |
Current tax assets | 42,320 | 29,321 |
Total current assets other than non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 2,867,416 | 3,533,078 |
Non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 276,122 | 485,150 |
Total current assets | 3,143,538 | 4,018,228 |
Non-current assets | ||
Other financial assets | 33,140 | 46,907 |
Other non-financial assets | 126,782 | 204,928 |
Accounts receivable | 4,986 | 4,725 |
Intangible assets other than goodwill | 1,046,559 | 1,448,241 |
Goodwill | 2,209,576 | |
Property, plant and equipment | 10,730,269 | 12,919,618 |
Deferred tax assets | 564,816 | 235,583 |
Total non-current assets | 12,506,552 | 17,069,578 |
Total assets | 15,650,090 | 21,087,806 |
Current liabilities | ||
Other financial liabilities | 3,055,730 | 1,885,660 |
Trade and other accounts payables | 2,322,125 | 2,222,874 |
Accounts payable to related entities | 812 | 56 |
Other provisions | 23,774 | 5,206 |
Current tax liabilities | 656 | 11,925 |
Other non-financial liabilities | 2,088,791 | 2,835,221 |
Total current liabilities other than non-current liabilities (or disposal groups) classified as held for sale | 7,491,888 | 6,960,942 |
Total current liabilities | 7,491,888 | 6,960,942 |
Non-current liabilities | ||
Other financial liabilities | 7,803,801 | 8,530,418 |
Accounts payable | 651,600 | 619,110 |
Accounts payable to related entities | 396,423 | |
Other provisions | 588,359 | 286,403 |
Deferred tax liabilities | 384,280 | 616,803 |
Employee benefits | 74,116 | 93,570 |
Other non-financial liabilities | 702,008 | 851,383 |
Total non-current liabilities | 10,600,587 | 10,997,687 |
Total liabilities | 18,092,475 | 17,958,629 |
EQUITY | ||
Share capital | 3,146,265 | 3,146,265 |
Retained earnings/(losses) | (4,193,615) | 352,272 |
Treasury Shares | (178) | (178) |
Other reserves | (1,388,185) | (367,577) |
Parent’s ownership interest | (2,435,713) | 3,130,782 |
Non-controlling interest | (6,672) | (1,605) |
Total equity | (2,442,385) | 3,129,177 |
Total liabilities and equity | $ 15,650,090 | $ 21,087,806 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME BY FUNCTION - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Revenue | $ 3,923,667 | $ 10,070,063 | $ 9,895,456 |
Cost of sales | (4,513,228) | (7,951,269) | (7,773,432) |
Gross margin | (589,561) | 2,118,794 | 2,122,024 |
Other income | 411,002 | 360,864 | 472,758 |
Distribution costs | (294,278) | (580,046) | (615,214) |
Administrative expenses | (499,512) | (735,218) | (736,333) |
Other expenses | (692,939) | (422,792) | (356,250) |
Restructuring activities expenses | (990,009) | ||
Other gains/(losses) | (1,874,789) | 11,525 | 53,499 |
Income from operation activities | (4,530,086) | 753,127 | 940,484 |
Financial income | 50,397 | 26,283 | 53,253 |
Financial costs | (586,979) | (589,934) | (539,137) |
Foreign exchange gains/(losses) | (48,403) | (32,571) | (38,070) |
Result of indexation units | 9,348 | (14,989) | (865) |
Income (loss) before taxes | (5,105,723) | 141,916 | 415,665 |
Income tax expense / benefit | 550,188 | 53,697 | (73,879) |
NET INCOME (LOSS) FOR THE YEAR | (4,555,535) | 195,613 | 341,786 |
Income (loss) attributable to owners of the parent | (4,545,887) | 190,430 | 309,811 |
Income (loss) attributable to non-controlling interest | (9,648) | 5,183 | 31,975 |
Net income (loss) for the year | $ (4,555,535) | $ 195,613 | $ 341,786 |
EARNINGS PER SHARE | |||
Basic earnings (losses) per share (US$) (in Dollars per share) | $ (7.49642) | $ 0.31403 | $ 0.51090 |
Diluted earnings (losses) per share (US$) (in Dollars per share) | $ (7.49642) | $ 0.31403 | $ 0.51090 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME [Abstract] | |||
NET INCOME | $ (4,555,535) | $ 195,613 | $ 341,786 |
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 | (3,968) | (10,636) | (5,819) |
Total other comprehensive (loss) that will not be reclassified to income before taxes | (3,968) | (10,636) | (5,819) |
Currency translation differences | |||
Gains (losses) on currency translation, before tax | (894,394) | (243,271) | (743,516) |
Other comprehensive loss, before taxes, currency translation differences | (894,394) | (243,271) | (743,516) |
Cash flow hedges | |||
Gains (losses) on cash flow hedges before taxes | (119,970) | 66,856 | (27,797) |
Other comprehensive income (losses), before taxes, cash flow hedges | (119,970) | 66,856 | (27,797) |
Total other comprehensive (loss) that will be reclassified to income before taxes | (1,014,364) | (176,415) | (771,313) |
Other components of other comprehensive income (loss), before taxes | (1,018,332) | (187,051) | (777,132) |
Income tax relating to other comprehensive income that will not be reclassified to income | |||
Income tax relating to new measurements on defined benefit plans | 924 | 2,873 | 1,566 |
Accumulate income tax relating to other comprehensive income (loss) that will not be reclassified to income | 924 | 2,873 | 1,566 |
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) | 959 | 414 | (269) |
Income taxes related to components of other comprehensive loss will be reclassified to income | 959 | 414 | (269) |
Total Other comprehensive (loss) | (1,016,449) | (183,764) | (775,835) |
Total comprehensive income (loss) | (5,571,984) | 11,849 | (434,049) |
Comprehensive income (loss) attributable to owners of the parent | (5,566,991) | 15,250 | (452,844) |
Comprehensive income (loss) attributable to non-controlling interests | (4,993) | (3,401) | 18,795 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (5,571,984) | $ 11,849 | $ (434,049) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share capital | Treasury shares | Currency translation reserve | Cash flow hedging reserve | Actuarial gains or losses on defined benefit plans reserve | Shares based payments reserve | Other sundry reserve | Total other reserve | Retained earnings/(losses) | Parent’s ownership interest | Non- controlling interest | Total |
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 | $ 3,965,841 |
Increase (decrease) by application of new accounting standards | (9,548) | (9,548) | (9,548) | |||||||||
Initial balance | 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 |
Total increase (decrease) in equity | ||||||||||||
Net income/(loss) | 309,811 | 309,811 | 31,975 | 341,786 | ||||||||
Other comprehensive income (loss) | (730,930) | (27,473) | (4,252) | (762,655) | (762,655) | (13,180) | (775,835) | |||||
Total comprehensive income | (730,930) | (27,473) | (4,252) | (762,655) | 309,811 | (452,844) | 18,795 | (434,049) | ||||
Transactions with shareholders | ||||||||||||
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 | ||||||||||||
Total increase (decrease) in equity | ||||||||||||
Net income/(loss) | 190,430 | 190,430 | 5,183 | 195,613 | ||||||||
Other comprehensive income (loss) | (233,643) | 66,225 | (7,762) | (175,180) | (175,180) | (8,584) | (183,764) | |||||
Total comprehensive income | (233,643) | 66,225 | (7,762) | (175,180) | 190,430 | 15,250 | (3,401) | 11,849 | ||||
Transactions with shareholders | ||||||||||||
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 |
Increase (decrease) by application of new accounting standards | ||||||||||||
Total increase (decrease) in equity | ||||||||||||
Net income/(loss) | (4,545,887) | (4,545,887) | (9,648) | (4,555,535) | ||||||||
Other comprehensive income (loss) | (900,226) | (117,833) | (3,045) | (1,021,104) | (1,021,104) | 4,655 | (1,016,449) | |||||
Total comprehensive income | (900,226) | (117,833) | (3,045) | (1,021,104) | (4,545,887) | (5,566,991) | (4,993) | (5,571,984) | ||||
Transactions with shareholders | ||||||||||||
Dividends | ||||||||||||
Increase (decrease) through transfers and other changes, equity | 946 | (450) | 496 | 496 | (74) | 422 | ||||||
Total transactions with shareholders | 946 | (450) | 496 | 496 | (74) | 422 | ||||||
Balance at Dec. 31, 2020 | $ 3,146,265 | $ (178) | $ (3,790,513) | $ (60,941) | $ (25,985) | $ 37,235 | $ 2,452,019 | $ (1,388,185) | $ (4,193,615) | $ (2,435,713) | $ (6,672) | $ (2,442,385) |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - DIRECT METHOD - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash collection from operating activities | |||
Proceeds from sales of goods and services | $ 4,620,409 | $ 11,079,333 | $ 10,787,804 |
Other cash receipts from operating activities | 51,900 | 127,683 | 95,099 |
Payments for operating activities | |||
Payments to suppliers for goods and services | (3,817,339) | (6,663,875) | (6,775,003) |
Payments to and on behalf of employees | (1,227,010) | (1,644,806) | (1,789,022) |
Other payments for operating activities | (70,558) | (267,643) | (255,988) |
Income taxes (paid) | (65,692) | (45,311) | (29,186) |
Other cash inflows (outflows) | 13,593 | 241,286 | 39,612 |
Net cash (outflow) inflow from operating activities | (494,697) | 2,826,667 | 2,073,316 |
Cash flows from investing activities | |||
Cash flows from losses of control of subsidiaries or other businesses | 69,724 | ||
Other cash receipts from sales of equity or debt instruments of other entities | 1,464,012 | 4,063,582 | 3,640,208 |
Other payments to acquire equity or debt instruments of other entities | (1,140,940) | (4,131,890) | (3,542,839) |
Amounts raised from sale of property, plant and equipment | 75,566 | 50,322 | 223,753 |
Purchases of property, plant and equipment | (324,264) | (1,276,621) | (660,707) |
Purchases of intangible assets | (75,433) | (140,173) | (96,206) |
Interest received | 36,859 | 17,822 | 10,175 |
Other cash inflows (outflows) | (2,192) | (2,249) | (2,476) |
Net cash inflow (outflow) from investing activities | 33,608 | (1,419,207) | (358,368) |
Cash flows from financing activities | |||
Payments for changes in ownership interests in subsidiaries that do not result in loss of control | (3,225) | (294,105) | (2) |
Amounts raised from long-term loans | 1,425,184 | 1,781,728 | 779,062 |
Amounts raised from short-term loans | 560,296 | 93,000 | 293,000 |
Loans from Related Entities | 373,125 | ||
Loans repayments | (793,712) | (1,860,455) | (1,738,348) |
Payments of lease liabilities | (122,062) | (398,992) | (373,439) |
Dividends paid | (571) | (55,116) | (72,620) |
Interest paid | (210,418) | (550,877) | (540,303) |
Other cash inflows (outflows) | (107,788) | (58,704) | 44,053 |
Net cash inflow (outflow) from financing activities | 1,120,829 | (1,343,521) | (1,608,597) |
Net increase in cash and cash equivalents before effect of exchanges rate change | 659,740 | 63,939 | 106,351 |
Effects of variation in the exchange rate on cash and cash equivalents | (36,478) | (73,002) | (166,713) |
Net increase (decrease) in cash and cash equivalents | 623,262 | (9,063) | (60,362) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR | 1,072,579 | 1,081,642 | 1,142,004 |
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | $ 1,695,841 | $ 1,072,579 | $ 1,081,642 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of general information about financial statements [text block] [Abstract] | |
GENERAL INFORMATION | LATAM Airlines Group S.A. (the “Company”) is an open stock 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. After Chapter 11 filing, the ADR program is no longer trading on NYSE. Since then Latam’s ADR are trading in the United States of America on the OTC (Over-The-Counter) markets. Its main business is the air transport of passengers and cargo, both in the domestic markets of Chile, Peru, Colombia, Ecuador and Brazil, as well as in a series of regional and international routes in America, Europe and Oceania. These businesses are developed directly or by its subsidiaries in Ecuador, Peru, Brazil, Colombia, Argentine and Paraguay. In addition, the Company has subsidiaries that operate in the cargo business in Chile, Brazil and Colombia. The Company is located in Chile, in the city of Santiago, on Avenida Américo Vespucio Sur No. 901, Renca commune. As of December 31, 2020, the Company’s statutory capital is represented by 604,407,693 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 466.382 outstanding shares, of the last capital increase approved in August of the year 2016. The major shareholders of the Company are Delta Air Lines who owns 20% of the shares and the Cueto Group, which through the companies Costa Verde Aeronáutica S.A., Costa Verde Aeronáutica SpA, and Inv. Costa Verde Ltda y Cia at CPA., owns 16.39% of the shares issued by the Company. As of December 31, 2020, the Company had a total of 4,131 shareholders in its registry. At that date, approximately 8.75% of the Company’s property was in the form of ADRs. For the year ended December 31, 2020, the Company had an average of 35,717 employees, ending this year with a total number of 29,115 people, distributed in 4,477 Administration employees, 15,664 in Operations, 5,918 Cabin Crew and 3,056 Command crew. The main subsidiaries included in these consolidated financial statements are as follows: a) Participation rate Country Functional As December 31, 2020 As December 31, 2019 As December 31, 2018 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 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$ 23.6200 76.1900 99.8100 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 100.0000 0.0000 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 99.9714 0.0286 100.0000 0.0000 100.0000 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 0.0000 100.0000 100.0000 99.9999 0.0001 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 99.8900 0.1100 100.0000 0.0000 100.0000 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 96.2208 3.2208 99.4416 96.2208 3.7792 100.0000 0.0000 100.0000 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 99.9800 0.0200 100.0000 99.9800 0.0200 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 99.0000 1.0000 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, 2020, 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 December 31, As of December 31, 2020 As of December 31, 2019 As of December 31, 2018 2020 2019 2018 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain /(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 96.518.860-6 Latam Travel Chile S.A. and Subsidiary - - - - - - 10,841 3,909 6,932 - - 2,385 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 404,944 1,624,944 (1,219,539 ) 632,673 1,487,248 (853,624 ) 526,017 1,281,800 (751,960 ) (290,980 ) (26,551 ) (48,061 ) Foreign Latam Airlines Perú S.A. 661,721 486,098 175,623 519,363 510,672 8,691 419,325 409,221 10,104 (175,485 ) (3,550 ) 5,416 93.383.000-4 Lan Cargo S.A. 749,789 567,128 182,661 634,852 462,666 172,186 513,367 336,715 176,652 10,936 (4,157 ) (34,322 ) Foreign Connecta Corporation 57,922 17,335 40,587 64,110 24,023 40,087 66,593 28,183 38,410 500 1,677 16,923 Foreign Prime Airport Services Inc. and Subsidiary (*) 25,050 26,265 (1,215 ) 22,068 23,102 (1,034 ) 15,817 17,654 (1,837 ) (181 ) 802 1,225 96.951.280-7 Transporte Aéreo S.A. 546,216 347,714 198,502 359,335 142,423 216,912 331,496 129,233 202,263 (39,032 ) 14,610 (17,609 ) 96.631.520-2 Fast Air Almacenes de Carga S.A. 20,132 11,576 8,556 20,182 12,601 7,581 17,057 9,614 7,443 500 796 (3 ) Foreign Laser Cargo S.R.L. (6 ) - (6 ) (10 ) - (10 ) 26 13 13 - - (3 ) Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 218,435 14,355 203,829 48,929 15,228 33,450 53,326 13,040 40,028 (92,623 ) (6,579 ) 19,121 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary (*) 250,027 86,691 130,823 65,422 78,890 (12,111 ) 181,522 192,059 (9,614 ) 1,452 (2,497 ) 497 96.575.810-0 Inversiones Lan S.A. and Subsidiaries (*) 1,394 65 1,329 1,329 50 1,279 1,383 50 1,333 50 (54 ) (4,774 ) 96.847.880-K Technical Trainning LATAM S.A. 2,181 625 1,556 2,378 1,075 1,303 2,879 1,031 1,848 60 (282 ) 884 Foreign Latam Finance Limited 1,310,735 1,584,311 (273,576 ) 1,362,762 1,531,238 (168,476 ) 679,034 756,774 (77,740 ) (105,100 ) (90,736 ) (47,723 ) Foreign Peuco Finance Limited 1,307,721 1,307,721 - 664,458 664,458 - 608,191 608,191 - - - - Foreign Profesional Airline Services INC. 17,345 14,772 2,573 3,509 1,950 1,559 2,430 1,967 463 1,014 1,096 197 Foreign Jarletul S.A. 34 1,076 (1,042 ) 150 860 (710 ) 18 125 (107 ) (332 ) (603 ) (107 ) Foreign TAM S.A. and Subsidiaries (*) 3,110,055 3,004,935 105,120 5,090,180 3,550,875 1,539,305 4,420,546 3,256,017 1,164,529 (1,025,814 ) 186,140 389,072 (*) The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. In addition, special purpose entities have been consolidated: 1. Chercán Leasing Limited, intended to finance advance payments of aircraft; 2. Guanay Finance Limited, intended for the issue of a securitized bond with future credit card payments; 3. Private investment funds; 4. 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.17 Co. Limited, LS-Aviation No.18 Co. Limited, 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, LS-Aviation No.23 Co. Limited, and LS-Aviation No.24 Co. Limited, requirements for financing aircraft. These companies have been consolidated as required by IFRS 10. All entities over which Latam has control have been included in the consolidation. The Company has analyzed the control criteria in accordance with the requirements of IFRS 10. For those subsidiaries that filed for bankruptcy under Chapter 11 (See note 2 to the consolidated financial statements), although in this reorganization process in certain cases decisions are subject to authorization by the Court, considering that the Company and various subsidiaries filed for bankruptcy before the same Court, and before the same judge, the Court generally views the consolidated entity as a single group and management considers that the Company continues to maintain control over its subsidiaries and therefore have considered appropriate to continue to consolidate these subsidiaries. Changes occurred in the consolidation perimeter between January 1, 2019 and December 31, 2020, are detailed below: (1) Incorporation or acquisition of companies - On December 22, 2020, Línea Aérea Carguera de Colombia S.A. carries out a capital increase for 1,861,785 shares, consequently, its shareholding composition is as follows: LATAM Airlines Group S.A. with 4.57%, Fast Air S.A. with 1.53%, Inversiones Lan S.A. with 1.53%, Lan Pax Group S.A. with 1.53% and Lan Cargo Inversiones S.A. 81.31%. - On December 22, 2020, Inversiones Aéreas S.A. carries out a capital increase for 9,504,335 shares, consequently its shareholding composition as follows: LATAM Airlines Group S.A. with 33.41%, Línea Aérea Carguera de Colombia S.A. with 66.43% and Mas Investment Limited with 0.16%. - On December 22, 2020, Latam Airlines Perú S.A. carries out a capital increase for 12,312,020 shares, consequently its shareholding composition as follows: LATAM Airlines Group S.A. with 23.62% and Inversiones Aéreas S.A. with 76.19%. - On December 16, 2020, Lan Pax Group S.A. carries out capital increase for 23,678 shares. However, the shareholding composition has not changed. - On December 18, 2020, Latam Ecuador S.A. carries out a capital increase for 30,000,000 shares. However, the shareholding composition is not modified. - On March 23, 2020, Transporte Aéreo S.A. carries out a capital increase for 109,662 shares which were acquired by Mas Investment Limited, consequently, the shareholding of Transporte Aéreo S.A. is as follows: Lan Cargo S.A. with 87.12567%, Inversiones Lan S.A. with 0.00012% and Mas Investment Limited with 12.87421%. - 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The following describes the principal accounting policies adopted in the preparation of these consolidated financial statements. These consolidated financial statements of LATAM Airlines Group S.A. as of December 31, 2020 and 2019 and for the three years ended December 31, 2020 and have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (“IASB”) and with the interpretations issued by the interpretations committee of the International Financial Reporting Standards (IFRIC). The consolidated financial statements have been prepared under the historic-cost criterion, although modified by the valuation at fair value of certain financial instruments. The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to use its judgment in applying the Company’s accounting policies. Note 4 shows the areas that imply a greater degree of judgment or complexity or the areas where the assumptions and estimates are significant to the consolidated financial statements. The consolidated financial statements have been prepared in accordance with the accounting policies used by the Company for the consolidated financial statements 2019, except for the standards and interpretations adopted as of January 1, 2020. (a) Accounting pronouncements with implementation effective from January 1, 2020: (i) Standards and amendments Date of issue Effective Date: Amendment to IFRS 3: Business combinations. October 2018 01/01/2020 Amendment to IAS 1: Presentation of Financial Statements and IAS 8 Accounting policies, changes in accounting estimates and errors. October 2018 01/01/2020 Amendment to IFRS 9: Financial instruments; IAS 39: Financial Instruments: Recognition and Measurement; and IFRS 7: Financial Instruments: Disclosure September 2019 01/01/2020 The application of these accounting pronouncements as of January 1, 2020, had no significant effect on the Company’s consolidated financial statements. (b) Accounting pronouncements not in force for the financial years beginning on January 1, 2020: (b.1.) Not early adopted: (i) Standards and amendments Date of issue Effective Date: Amendment to IFRS 9: Financial instruments; IAS 39: Financial Instruments: Recognition and Measurement; IFRS 7: Financial Instruments: Disclosure; IFRS 4: Insurance contracts; and IFRS 16: Leases. August 2020 01/01/2021 Amendment to IFRS 4: Insurance contracts June 2020 01/01/2023 Amendment to IFRS 17: Insurance contracts. June 2020 01/01/2023 Amendment to IFRS 3: Business combinations. May 2020 01/01/2022 Amendment to IAS 37: Provisions, contingent liabilities and contingent assets. May 2020 01/01/2022 Amendment to IAS 16: Property, plant and equipment. May 2020 01/01/2022 Amendment to IAS 1: Presentation of financial statements. January 2020 01/01/2023 IFRS 17: Insurance contracts May 2017 01/01/2023 Amendment to IFRS 10: Consolidated financial statements and IAS 28: Investments in associates and joint ventures. September 2014 Not determined (ii) Improvements Improvements to International Information Standards Financial (2018-2020 cycle) IFRS 1: First-time adoption of international financial reporting standards, IFRS 9: Financial Instruments, illustrative examples accompanying IFRS 16: Leases, IAS 41: Agriculture May 2020 01/01/2022 The Company’s management estimates that the adoption of the standards, amendments and interpretations described above will not have a significant impact on the Company’s consolidated financial statements in the exercise of their first application. (b.2.) Early adopted standard: (i) Standards and amendments Date of issue Effective Date: Amendment to IFRS 16: Leases. May 2020 06/01/2020 (b.3.) Adoption of IFRS 9 Financial Instruments for hedge accounting: On January 1, 2018, the effective adoption date of IFRS 9 Financial Instruments, the Company established the accounting policy to continue applying IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting. On January 1, 2021, the Company will modify this accounting policy and adopt IFRS 9 in relation to hedge accounting, aligning the requirements for hedge accounting with the Company’s risk management policies. The Company has evaluated the hedge relationships in force as of December 31, 2020, and has determined that they meet the criteria for hedge accounting under IFRS 9 Financial Instruments as of January 1, 2021 and, consequently, they will be considered relationships continuous coverage. The time value of the options used as hedging instruments, effective at the closing of these Consolidated Financial Statements, will not continue to be designated as part of the hedging relationship but their recognition will continue in Other Comprehensive Income until the forecast transaction occurs at which time will be recognized in the income statement. As of December 31, 2020, the amount recognized in Equity corresponding to the temporal value of the options is ThUS $ (380). The hedge accounting requirements of IFRS 9 will be applied prospectively. The Company estimates that the application of this part of the standard will not have significant impact on consolidated financial statements. The Company is modifying the documentation of the existing hedging relationships as of December 31, 2020 in accordance with the provisions of IFRS 9 Financial Instruments. (c) Chapter 11 Filing and Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As disclosed in the accompanying consolidated financial statements, the Company incurred a net loss attributable to owners of the parent of US$ 4,546 million for the year ended December 31, 2020. As of that date, the Company has a negative working capital of US$ 4,348 million and will require additional working capital during 2021 to support a sustainable business operation. As of December 31, 2020, the company has negative equity of US$ 2,436 million, which corresponds to the attributable equity to the owners of the parent. On May 26, 2020 (the “Initial Petition Date”), LATAM Airlines Group S.A. and certain of its direct and indirect subsidiaries (collectively, the “Initial Debtors”) filed voluntary petitions for reorganization (the “Initial Bankruptcy Filing”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). On July 7, 2020 (the “Piquero Petition Date”), Piquero Leasing Limited (“Piquero”) also filed a petition for reorganization with the Bankruptcy Court (the “Piquero Bankruptcy Filing”). On July 9, 2020 (together with the Initial Petition Date and Piquero Petition Date, as applicable, the “Petition Date”), TAM S.A. and certain of its subsidiaries in Brazil (together with the Initial Debtors and Piquero, the “Debtors”) also filed petitions for reorganization (together with the Initial Bankruptcy Filing and the Piquero Bankruptcy Filing, the “Bankruptcy Filing”), as a consequence of the prolonged effects of the COVID-19 Pandemic. The Bankruptcy Filing for each of the Debtors is being jointly administered under the caption “In re LATAM Airlines Group S.A.” Case Number 20-11254. The Debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Bankruptcy Filing is intended to permit the Company to reorganize and improve liquidity, wind down unprofitable contracts and amend its capacity purchase agreements to enable sustainable profitability. The Company’s goal is to develop and implement a plan of reorganization that meets the standards for confirmation under the Bankruptcy Code. As part of their overall reorganization process, the Debtors also have sought and received relief in certain non-U.S. jurisdictions. On May 27, 2020, the Grand Court of the Cayman Islands granted the applications of certain of the Debtors for the appointment of provisional liquidators (“JPLs”) pursuant to section 104(3) of the Companies Law (2020 Revision). On June 4, 2020, the 2nd Civil Court of Santiago, Chile issued an order recognizing the Chapter 11 proceeding with respect to the LATAM Airlines Group S.A., Lan Cargo S.A., Fast Air Almacenes de Carga S.A., Latam Travel Chile II S.A., Lan Cargo Inversiones S.A., Transporte Aéreo S.A., Inversiones Lan S.A., Lan Pax Group S.A. and Technical Training LATAM S.A. All remedies filed against the order have been rejected and the decision is, then, final. Finally, on June 12, 2020, the Superintendence of Companies of Colombia granted recognition to the Chapter 11 proceedings. On July 10, 2020, the Grand Court of the Cayman Islands granted the Debtors’ application for the appointment of JPLs to Piquero Leasing Limited. Operation and Implication of the Bankruptcy Filing: The Debtors continue to operate their businesses and manage their properties as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. As debtors-in-possession, the Debtors are authorized to engage in transactions within the ordinary course of business without prior authorization of the Bankruptcy Court. The protections afforded by the Bankruptcy Code allows the Debtors to operate their business without interruption, and the Bankruptcy Court has granted additional relief including, inter alia, the authority, but not the obligation, to (i) pay amounts owed under certain critical airline agreements; (ii) pay certain third-parties who hold liens or other possessory interests in the Debtors’ property; (iii) pay employee wages and continue employee benefit programs; (iv) pay prepetition taxes and related fees; (v) continue insurance and surety bond programs; (vi) pay certain de minimis litigation judgements or settlements without prior approval of the Bankruptcy Court; (vii) pay fuel supplies; and As debtors-in-possession, the Debtors may use, sell, or lease property of their estates, subject to the Bankruptcy Court’s approval if not otherwise in the ordinary course of business. The Debtors have not yet prepared or filed with the Bankruptcy Court a plan of reorganization, and, pursuant to section 1121 of the Bankruptcy Code, have the exclusive right to propose such a plan on or before June 30, 2021, or such later date as may be further ordered by the Bankruptcy Court. The ultimate plan of reorganization, which can only be adopted after meeting all requirements set forth in sections 1126 and 1129 of the Bankruptcy Code and subject to approval by the Bankruptcy Court, could materially change the amounts and classifications in the consolidated financial statements, including the value, if any, of the Debtors’ prepetition liabilities and securities. Events Leading to the Chapter 11 Cases: Since the first quarter of 2020, the passenger air transportation business has been affected worldwide by a significant decrease in international air traffic, due to the closure of international borders with the aim of protecting the population from the effects of COVID-19, an infectious disease caused by a new virus, declared a pandemic by the World Health Organization. LATAM’s preliminary assessment in the beginning of March 2020 indicated previous disease outbreaks have peaked after few months and recovered pre-outbreak levels in no more than 6 to 7 months, and the effect with scenery impacting mainly on Asia Pacific Airlines, indicating impact on Latin America of a marginal decrease of Revenue Per Kilometers forecast. For the Company, the reduction in its operation began in the middle of March 2020 with the announcement of a 30% decrease in its operations and the suspension of the guidance for 2020 in line with protection measures and boarding restrictions implemented by local governments (March 16, 2020 for Peru, Colombia and Argentina, March 18, 2020 for Chile and March 27, 2020 for Brazil). On March 16, 2020, the Company announced an update of its projection to a progressive decrease in its operation up to 70%. By March 29, 2020, COVID 19 had already generated an unprecedented shock on Airlines Industry, specifically on airlines passenger revenue. The situation has both broadened and deepened beyond the initial assessment. In response to COVID 19, governments have been imposing much more severe border restrictions and airlines have been subsequently announcing sharp capacity cuts in response to a dramatic drop in travel demand. On April 2, 2020, the Company announced a decrease in its operation by 95%. The Company’s passenger traffic for the year ended December 31, 2020, decreased by 65,8% compared to the year 2019. In order to protect liquidity, the Company has carried out financial transactions, such as the use of funds from the Revolving Credit Facility (Revolving Credit Facility) for US $ 600 million, which have affected its financial assets and liabilities, especially the items of Cash and cash equivalents and other financial liabilities. In the second quarter of 2020, the Company estimated that reactivation of its operations would occur during the third and fourth quarters of 2020. At this time there is an approximately 30% increase in the Company’s operations, however, the exact moment and pace of the full recovery are uncertain, given the significant impact of the pandemic on the countries in which it operates. Among the initiatives that the Company studied and committed to protect liquidity were the following: (i) Reduction and postponement of the investment plan for different projects; (ii) Implementation of control measurements for payments to suppliers and purchases of new goods and services; (iii) Negotiation of the payment conditions with suppliers; (iv) Ticket refunds via travel vouchers and Frequent Flyer Program points and miles; all in all, the LATAM Group will continue to honor all current and future tickets, as well as travel vouchers, frequent flyer miles and benefits, and flexibility policies; (v) Temporary reduction of salaries, considering the legal framework of each country: as of the second quarter, the Company implemented a voluntary process to reduce salaries in force until December 31, 2020. Associated with the restructuring plan and in order to adapt to the new demand scenario, the company has designed a staff reduction plan in the different countries where it operates. The costs associated with the execution of this plan were recorded in income as Restructuring activities expenses. (See note 27d); (vi) Short-term debt and debt maturities renewal; (vii) Governmental loan request in different countries in which the company operates; and Reduction of non-essential fleet and non-fleet investments The Company, in consultation with its advisors, also evaluated a variety of potential restructuring options. In the opinion of the Board, the timings for a conventional bilateral process, the possibility that creditors may have decided to engage in collection actions, the impossibility of curing defaults and the need to implement a comprehensive restructuring of LATAM Airlines to which all its creditors and other interested parties must join, lead the Board to consider an in-court bankruptcy proceedings the best alternative. In addition, the Board noted that other benefits of an in-court bankruptcy proceeding, including the imposition of the Bankruptcy Code’s “automatic stay,” which protects the Company from efforts by creditors and other interested parties to take action in respect of pre-bankruptcy debt, but which, at the same time, allows it to continue operating with its main assets, suppliers, financial parties, regulators and employees, while structuring a binding reorganization to be financially viable in a post-pandemic scenario. Due to the foregoing, and after consulting the administration and the legal and financial advisors of the Company, on May 26, 2020 the Board has resolved unanimously that LATAM Airlines should initiate a reorganization process in the United States of America according to the rules established in the Bankruptcy Code by filing a voluntary petition for relief in accordance with the same. Since the Chapter 11 filing, the Company secured up to US$ 2.45 billion in a debtor-in-possession financing facility (the “DIP Facility”) (See Note 3.1 c)). Plan of Reorganization: In order for the Company to emerge successfully from Chapter 11, the Company must obtain the Bankruptcy Court’s approval of a plan of reorganization, which will enable the Company to transition from Chapter 11 into ordinary course operations outside of bankruptcy. In connection with a plan of reorganization, the Company also may require a new credit facility, or “exit financing.” The Company’s ability to obtain such approval and financing will depend on, among other things, the timing and outcome of various ongoing matters related to the Bankruptcy Filing. A plan of reorganization determines the rights and satisfaction of claims of various creditors and parties-in-interest, and is subject to the ultimate outcome of negotiations and Bankruptcy Court decisions ongoing through the date on which the plan of reorganization is confirmed. On October 1, 2020, the Court entered an order extending the period by which the Debtors have the exclusive right to submit a plan of reorganization through and including January 29, 2021; on January 12, 2021, the Company requested a further extension until June 30, 2021. There is no guarantee that the Company will be able to obtain approval of the proposed reorganization plan from the Bankruptcy Court. The Company presently expects that any proposed plan of reorganization will provide, among other things, mechanisms for settlement of claims against the Debtors’ estates, treatment of the Company’s existing equity and debt holders, and certain corporate governance and administrative matters pertaining to the reorganized Company. Any proposed plan of reorganization will be subject to revision prior to submission to the Bankruptcy Court based upon discussions with the Company’s creditors and other interested parties, and thereafter in response to interested parties’ objections and the requirements of the Bankruptcy Code and Bankruptcy Court. There can be no assurance that the Company will be able to secure approval for the Company’s proposed plan of reorganization from the Bankruptcy Court. Going Concern: These Consolidated Financial Statements have also been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business. Accordingly, the Consolidated Financial Statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Debtors be unable to continue as a going concern. As a result of the Chapter 11 proceedings, the satisfaction of the Company’s liabilities and funding of ongoing operations are subject to uncertainty as a product of the COVID-19 pandemic and the impossibility of knowing its duration at this date and, accordingly, there is a substantial doubt regarding the Company’s ability to continue as a going concern. There is no assurance that the Company will be able to emerge successfully from Chapter 11. Additionally, there is no assurance that long-term funding would be available at rates and on terms and conditions that would be financially acceptable and viable to the Company in the long term. If the Company is unable to generate additional working capital or raise additional financing when needed, it may not able to reinitiate currently suspended operations as a result of the COVID-19 pandemic, sell assets or enter into a merger or other combination with a third party, any of which could adversely affect the value of the Company’s common stock, or render it worthless. If the Company issues additional debt or equity securities, such securities may enjoy rights, privileges and priorities superior to those enjoyed by holders of the Company’s common stock, thereby diluting the value of the Company’s common stock. Additionally, in connection with the Chapter 11 Filing, material modifications could be made to the Company’s fleet and capacity purchase agreements. These modifications could materially affect the Company’s financial results going forward, and could result in future impairment charges. Chapter 11 Milestones Notice to Creditors - Effect of the Automatic Stay: The Debtors have notified all known current or potential creditors that the Chapter 11 Cases were filed. Pursuant to the Bankruptcy Code and subject to certain limited exceptions, the filing of the Chapter 11 Cases gave rise to an automatic, worldwide injunction that precludes, among other things, any act to (i) obtain possession of property of or from the Debtors’ estates, (ii) create, perfect, or enforce any lien against property of the Debtors’ estates; (iii) exercise control over property of the Debtors’ estate, wherever in the world that property may be located; and further enjoined or stayed (iv) and also ordered or suspended the commencement or continuation of any judicial, administrative, or other action or proceeding against the debtor that could have been commenced before the Petition Date or efforts to recover a claim against the Debtors that arose before the Petition Date. Vendors are being paid for goods furnished and services provided postpetition in the ordinary course of business. On August 31, 2020 (the “First Stay Motion”), and December 30, 2020 (the “Second Stay Motion”), Corporación Nacional de Consumidores y Usuarios de Chile (“CONADECUS”) filed two motions in the Bankruptcy Court seeking relief from the automatic stay in order prosecute certain actions against LATAM that are currently pending before the courts of Chile. LATAM filed a brief in opposition to the First Stay Motion, and on December 16, 2020, the Bankruptcy Court heard oral arguments on the First Stay Motion. At that hearing, the Bankruptcy Court granted the First Stay Motion for the limited purpose of allowing CONADECUS to further prosecute its pending appeal before the courts of Chile. On February 9, 2021, the Bankruptcy Court granted the Second Stay Motion on the same narrow grounds as the First Stay Motion. The Bankruptcy Court’s decisions on the First Stay Motion and Second Stay Motion did not affect the underlying proceedings in Chile beyond allowing CONADECUS to continue its pending appeals. Appointment of the Creditors’ Committee: On June 5, 2020, the United States Trustee for Region 2 appointed an official committee of unsecured creditors (the “Creditors’ Committee”) in the Initial Chapter 11 Cases. The United States Trustee has not solicited additional members for the Creditors’ Committee as a result of TAM S.A. or any of its applicable subsidiaries joining the Bankruptcy Filing. On June 12, 2020, one of the Creditors’ Committee’s members, Compañía de Seguros de Vida Consorcio Nactional de Seguros S.A. resigned from the Creditors’ Committee. No trustee or examiner has been appointed in any of these Chapter 11 Cases. No other official committee have been solicited or appointed. Assumption & Rejection of Executory Contracts: Pursuant to the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), the Debtors are authorized to assume, assign or reject certain executory contracts and unexpired leases. Absent certain exceptions, the Debtors’ rejection of an executory contract or an unexpired lease is generally treated as prepetition breach, which entitles the contract counterparty to file a general unsecured claim against the Debtors and simultaneously relives the Debtors from their future obligations under the contract or lease. Further, the Debtors’ assumption of an executory contract or unexpired lease would generally require the Debtors to satisfy certain prepetition amounts due and owning under such contract or lease. On June 28, 2020, the Bankruptcy Court authorized the Debtors to establish procedures for the rejection of certain executory contracts and unexpired leases. In accordance with these rejection procedures, the Bankruptcy Code and the Bankruptcy Rules the Debtors have or will reject certain contracts and leases (see note 17, 19 and 27). Relatedly, the Bankruptcy Court approved the Debtors’ request to extend the date by which the Debtors may assume or reject unexpired non-residential, real property leases until December 22, 2020. Following consent of certain lessors to further extend the deadline in order to finalize productive negotiations, the Debtors have moved to assume multiple airport leases at Miami-Dade, LAX and JFK related to the Debtors’ passenger and cargo businesses. Further, the Debtors have or will file motions to reject certain aircraft and engine leases: Bankruptcy Court approval date: Asset rejected: June 8, 2020 (i) 1 Boeing 767 June 24, 2020 (i) 16 Airbus A320-family aircraft; (ii) 2 Airbus A350 aircraft; and (iii) 4 Boeing 787-9 June 28, 2020 (i) 2 Engine model V2527-A5; and (ii) 2 Engine model CFM56-5B4/3 July 29, 2020 (i) 1 Engine model CFM56-5B3/3 August 19, 2020 (i) 1 Boeing 767 October 26, 2020 (i) 3 Airbus A320-family aircraft October 28, 2020 (i) 1 Airbus A319 November 5, 2020 (i) 1 A320-family aircraft As of December 31, 2020, and as a result of these contract rejections, obligations with the lenders and lessors were extinguish and also the Company lost control over the related assets, which led to the derecognition of the assets and the liabilities associated with these aircraft. See note 17, 19 and 27. All accounting effects were recorded during the year ended December 31, 2020 as Restructuring activities expenses. On November 23, 2020, the Bankruptcy Court also entered order authorizing the Debtors to assume key commercial agreements with Delta Air Lines, Inc. Relatedly, the Debtors have or will file motions to enter into certain aircraft lease amendment agreements which have the effect of, among other things, reducing the Debtors’ rental payment obligations. On December 31, 2020, the Bankruptcy Court entered an order authorizing the Debtors to enter into a lease amendment agreement with Vermillion Aviation (Two) Limited. The agreement requires the Debtors to assume the amended lease through a plan of reorganization, with certain limited exceptions. Statements and Schedules: On September 8, 2020, the Debtors filed with the Bankruptcy Court schedules and statements of financial affairs setting forth, among other things, the assets and liabilities of the Debtors (the “Statements and Schedules”). The Statements and Schedules are prepared according to the requirements of applicable bankruptcy law and are subject to further amendment or modification by the Debtors, for example: “Monthly Operating Report” (MOR). The Company on a monthly basis makes the presentation of these schedules and statements. Although the Debtors believe that these materials provide the information required under the Bankruptcy Code or orders of the Bankruptcy Court, they are nonetheless unaudited and prepared in a format different from the consolidated financial reports historically prepared by LATAM in accordance with IFRS (International Financial Reporting Standards). Certain of the information contained in the Statements and Schedules may be prepared on an unconsolidated basis. Accordingly, the Debtors believe that the substance and format of these materials do not allow meaningful comparison with their regularly publicly-disclosed consolidated financial statements. Moreover, the materials filed with the Bankruptcy Court are not prepared for the purpose of providing a basis for an investment decision relating to the Debtors’ securities, or claims against the Debtors, or for comparison with other financial information required to be reported under applicable securities law. Intercompany and Affiliate Transactions: The Debtors are authorized to continue performing certain postpetition intercompany and affiliate transactions in the ordinary course of business, including transactions with non-debtor affiliates, and to honor obligations in connection with such transactions; provided, however, the Debtors shall not make any cash payments on account of prepetition transactions with affiliates absent permission from the Bankruptcy Court, including any repayments on any prepetition loans to non-debtor affiliates pursuant to any such transactions. Out of an abundance of caution, the Debtors have also sought and received Bankruptcy Court approval to contribute capital, capitalize intercompany debt and issue shares between certain debtor affiliates. Debtor in Possession Financing On September 19, 2020, the Bankruptcy Court entered an order authorizing the Debtors to obtain postpetition “debtor-in-possession financing” in the form of a multi-draw term loan facility in an aggregate principal amount of up to US$2.45 billion (See note 3.1 c)). Establishment of Bar Dates. On September 24, 2020, the Bankruptcy Court entered an order (the “Bar Date Order”) establishing December 18, 2020, as the general deadline (the “General Bar Date”) by which persons or entities who believe they hold any claims against any Debtor that arose prior to the Petition Date, as applicable to each Debtor, must have submitted written documentation of such claims (a “Proof of Claim”). The General Bar Date was not applicable to governmental units, which must have submitted Proofs of Claims by January 5, 2021 (the “Governmental Bar Date”). Finally, as more fully described in the Bar Date Order, claims with respect to rejected contracts or unexpired leases may be subject to a deadline later than the General Bar Date (the “Rejection Bar Date” and, together with the General Bar Date and the Governmental Bar Date, the “Bar Dates’). Any person or entity that fails to timely file its Proof of Claim by the applicable Bar Date will be forever barred from asserting their claim and will not receive any distributions made as part of the ultimate plan of reorganization. Notice of the Bar Dates, as well as instructions on how to file Proof of Claims, were sent to all known creditors and published in various newspapers in the United States and South America. On December 17, 2020, the Court entered an order establishing a supplemental bar date of February 5, 2021 (the “Supplemental Bar Date”), for certain non-U.S. claimants not otherwise subject to the General Bar Date. The Supplemental Bar Date applies only to those entities and individuals specifically identified in the court order. Any person or entity that fails to timely file its Proof of Claim by the Supplemental Bar Date will be forever barred from asserting their claim and will not receive any distributions made as part of the ultimate plan of reorganization. Following the close of the General Bar Date and the Supplemental Bar Date, the Debtors have continued the process of reconciling approximately 6,000 submitted claims and have developed procedures to streamline the claims process. The Company has already filed objections to a number of claims and anticipates continuing to do so in the coming months. Although many objections have been entered on an omnibus basis, some claims disputes will likely require individualized adjudication by the Bankruptcy Court. Further, the Company has also filed a motion requesting approval of alternative dispute resolution procedures to resolves certain claims disputes outside of the Bankruptcy Court. Given the need to reconcile claims against the Company’s books and records and to resolve claims disputes both in and outside of the Bankruptcy Court, the Company is not yet able to make a reliable estimate of the final claims pool, both in terms of the final number of claims and the value of such claims. (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 contr |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of financial risk management [text block] [Abstract] | |
FINANCIAL RISK MANAGEMENT | 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 the foregoing, Management monitors the evolution of price levels, exchange rates and interest rates, quantifies exposures and their risk, and develops and executes hedging strategies. (i) Fuel-price risk: Exposure: For the execution of its operations the Company purchases a fuel called Jet Fuel grade 54 USGC, which is subject to the fluctuations of international fuel prices. Mitigation: To hedge the 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 year ended December 31, 2020, the Company recognized losses of US$ 14.3 million (negative) for fuel hedge net of premiums in the costs of sale for the year. During the same year of 2019, the Company recognized losses of US$ 23.1 million for the same concept. As of the end of March 31, the Company has determined that the highly probable expected transactions, which made up the hedged item, will no longer occur in the formally established magnitudes, therefore it has stopped recognizing these contracts under the accounting of hedge recognizing for the year ended December 31,2020 a loss of US$ 50.8 million in the line in Other gains (losses) of the income statement, as a reclassification effect from other reserves from the statement of comprehensive income and a loss of US$ 30.8 million corresponding to the premiums associated with these contracts. On November 2020, the new fuel derivatives taken by the Company were classified as hedge accounting. As of December 31, 2020 the market value of the fuel positions was US$ 1.3 million (positive). At the end of December 2019, this market value was US$ 48.5 million (positive). The following tables show the level of hedge for different periods: Positions as of December 31, 2020 (*) Maturities Q121 Q221 Q321 Q421 Total Percentage of coverage over the expected volume of consumption 3.0 % 2.8 % 2.6 % 2.6 % 2.7 % (*) The percentage shown in the table considers all the hedging instruments (swaps and options). 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). 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 tables show the sensitization of financial instruments according to reasonable changes in the price of fuel and their effect on equity. The calculations were made considering a parallel movement of US$ 5 per barrel in the underlying reference price curve at the end of December 2019 and 2020. The projection period was defined until the end of the last fuel hedging contract in force, being the last business day of the fourth quarter of the year 2021. Positions as of December 31, 2020 Positions as of December 31, 2019 Benchmark price effect on Statement of Income effect on Equity (US$ per barrel) (MUS$) (MUS$) +5 +0.6 +15.4 -5 -0.6 - 34.5 Given the fuel hedging structure during 2020, which considers a portion free of hedges, a vertical drop of 5 dollars in the JET reference price (considered as the monthly daily average), would have meant an impact of approximately US$ 160.5 million lower fuel cost. For the same period, a vertical rise of 5 dollars in the JET reference price (considered as the monthly daily average), would have meant an approximate impact of US$ 135.0 million in higher fuel costs. (ii) Foreign exchange rate risk: Exposure: 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 2020, and securing the operating margin, LATAM makes hedges using FX derivatives. As of December 31, 2020, the Company did not maintain FX derivatives. At the end of December 2019, this market value was MUS$ 0.01 (negative). During the year ended December 31 , 2020, As of December 31, 2020, the Company had no current FX derivatives for BRL. At the end of December 2019, the Company maintain current FX derivatives for BRL for MUS$ 15. During 2019 the company contracted FX derivatives recognized in results amounts to USS$ 6.2 million (negative) net of premiums. As of December 31, 2020, the Company does not hold FX derivatives that are not under hedge accounting. 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 Company did not maintain FX derivatives in force for BRL as of December 31, 2020: Appreciation (depreciation)(*) Effect at December 31, 2020 Effect at December 31, 2019 of R$ MUS$ MUS$ -10% - -0.6 +10% - +1.1 (*) Appreciation (depreciation) of US$ regard to the covered currencies. During 2017 and 2019, the Company contracted swap currency derivatives for debt coverage issued the same years by notionals UF 8.7 million and UF 5.0 million, respectively. As of December 31, 2020 Company does not has currency hedge swap. At the end of December 2019, this market value was MUS$ 22.7 (negative). 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, 2020 Effect at December, 2019 of R$/US$(*) MUS$ MUS$ -10% +10.9 +9.5 +10% - 10.9 -9.5 (*) 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, 2020 Effect at December 31, 2019 of R$/US$ MUS$ MUS$ -10% +191.53 +402.48 +10% -156.71 -329.29 (iii) Interest -rate risk: Exposure: 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 At the end of December 2020, the Company did not have current interest rate derivative positions. Currently a 42% (62% at December 31, 2019) of the debt is fixed to fluctuations in interest rate. Rate Hedging Results As of December 31, 2020, the Company did not hold current interest rate derivative positions. At the end of December 2019, this market value was US$ 2.6 million (positive). 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, 2020 Positions as of December 31, 2019 futures curve effect on profit or loss before tax effect on profit or loss before tax in libor 3 months (MUS$) (MUS$) +100 basis points -42.11 -27.60 -100 basis points +42.11 +27.60 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. At December 31, 2020 Company does not has interest rate hedge. 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, 2020 Positions as of December 31, 2019 futures curve effect on equity effect on equity in libor 3 months (MUS$) (MUS$) +100 basis points - +13.62 -100 basis points - -14.71 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. On July 27, 2017, the Financial Conduct Authority (LIBOR regulating authority) announced its intention to stop asking banks to submit rates for the calculation of LIBOR after 2021. The Federal Reserve Board and the Fed of New York then convened the Alternative Reference Rates Committee (ARRC), a group of private market participants, to help ensure a successful transition from LIBOR in US dollars (USD) to a more robust reference rate, their recommended alternative, the Overnight Guaranteed Financing Rate (SOFR). Although the adoption of SOFR is voluntary, the impending discontinuation of LIBOR makes it essential that market participants consider moving to alternative rates such as SOFR and that they have appropriate alternative language in existing contracts that reference LIBOR. (b) Credit risk Credit risk occurs when the counterparty does not meet its obligations to the Company under a specific contract or financial instrument, resulting in a loss in the market value of a financial instrument (only financial assets, not liabilities). Given the impact of COVID-19 on the operation, the client portfolio as of December 31, 2020 decreased when compared to the balance as of December 31, 2019 by 51%, due to a reduction in company-wide operations, mainly in passenger transport (travel agencies and corporate) and in the case of clients who were left with debt and that management considered risky, the corresponding measures were taken to consider their expected credit loss. For this reason, the provision at the end of December 2020 had an increase of 21.7% compared to the previous period. The Company is exposed to credit risk due to its operational activities and its financial activities, including deposits with banks and financial institutions, investments in other types of instruments, exchange rate transactions and contracting derivative instruments or options. To reduce the credit risk related to operational activities, the Company has implemented credit limits to limit the exposure of its debtors, which are permanently monitored for the LATAM network, when deemed necessary, agencies have been blocked for cargo and passenger businesses. (i) Financial activities Cash surpluses that remain after the financing of assets necessary for the operation are invested according to credit limits approved by the Company’s Board, mainly in time deposits with different financial institutions, private investment funds, short-term mutual funds, and easily-liquidated corporate and sovereign bonds with short remaining maturities. These investments are booked as Cash and cash equivalents and other current financial assets. In order to reduce counterparty risk and to ensure that the risk assumed is known and managed by the Company, investments are diversified among different banking institutions (both local and international). The Company evaluates the credit standing of each counterparty and the levels of investment, based on (i) 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. Additionally, section 345(b) of the Chapter 11 of the US Bankruptcy Code imposes restrictions on, among other things, the institutions where the Debtors can hold their cash. In particular, it establishes that cash should be held in what are called Authorized Bank Depositories, which are US Banking Institutions that are accepted by the US Trustee Program of the US Department of Justice. Such Authorized Bank Depositories have generally agreed with the US Trustee Program to maintain collateral of no less than 115% of the aggregate funds on deposit (in excess of FDIC insurance limit) by (i) surety bond or (ii) US Treasury securities. Consequently, pursuant to Section 345(b), as implemented through an agreement with the Office of the United States Trustee, as of the year end the Company held the majority of its cash and equivalents in Banks in the US that are depositories authorized by Office of the United States Trustee for the Southern District of New York. Otherwise, the DIP Facility contains certain restrictions on new investments made by the Debtors during the term of the facility. (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. Under certain of the Company’s credit card processing agreements, the financial institutions have the right to require that the Company maintain a reserve equal to a portion of advance ticket sales that have been processed by that financial institution, but for which the Company has not yet provided the air transportation. Additionally, the financial institutions have the ability to require additional collateral reserves or withhold payments related to receivables to be collected if increased risk is perceived related to liquidity covenants in these agreements or negative balances occur. The exposure consists of the term granted, which fluctuates between 1 and 45 days. One of the tools the Company uses for reducing credit risk is to participate in global entities related to the industry, such as IATA, Business Sales Processing (“BSP”), Cargo Account Settlement Systems (“CASS”), IATA Clearing House (“ICH”) and banks (credit cards). These institutions fulfill the role of collectors and distributors between airlines and travel and cargo agencies. In the case of the Clearing House, it acts as an offsetting entity between airlines for the services provided between them. A reduction in term and implementation of guarantees has been achieved through these entities. Currently the sales invoicing of TAM Linhas Aéreas S.A. related with travel agents and cargo agents for domestic transportation in Brazil is done directly by TAM Linhas Aéreas S.A. Credit quality of financial assets The external credit evaluation system used by the Company is provided by IATA. Internal systems are also used for particular evaluations or specific markets based on trade reports available on the local market. The internal classification system is complementary to the external one, i.e. for agencies or airlines not members of IATA, the internal demands are greater. To reduce the credit risk associated with operational activities, the Company has established credit limits to abridge the exposure of their debtors which are monitored permanently (mainly in case of operational activities of TAM Linhas Aéreas S.A. with travel agents). The bad-debt rate in the principal countries where the Company has a presence is insignificant. (c) Liquidity risk Liquidity risk represents the risk that the Company does not have sufficient funds to pay its obligations. Due to the cyclical nature of its business, the operation and investment needs, along with the need for financing, the Company requires liquid funds, defined as Cash and cash equivalents plus other short-term financial assets, to meet its payment obligations. On May 26, 2020, the Company and its subsidiaries in Chile, Peru, Colombia, Ecuador and the United States began a voluntary process of reorganization and restructuring of their debt under the protection of the Chapter 11 of the United States, to which on July 9, the Brazilian subsidiary and certain of its subsidiaries were included, in order to preserve the group’s liquidity. In light of the unprecedented impact COVID-19 has had on the global aviation industry, this reorganization process provides LATAM with the opportunity to work with the group’s creditors, and main stakeholders, to reduce its debt and obtain new sources of financing, providing the company with the tools to adapt the group to this new reality. The balance of liquid funds, future cash generation and the ability to obtain financing, provides the Company with alternatives to meet future investment and financing commitments. As of December 31, 2020, the balance of liquid funds is US$ 1,696 million (US $ 1,073 million as of December 31, 2019), which are invested in short-term instruments through financial entities with high-risk classification. As of December 31, 2020, LATAM maintains a committed revolving credit facility (Revolving Credit Facility) for a total amount of US$ 600 million, which is fully drawn. This line is secured by and subject to the availability of collateral (i.e. aircraft, engines and spare parts). In order to preserve liquidity, the Company has implemented a series of measures. Among them, the Company proposed 50% salary reduction to the entire organization for the second quarter, which was accepted by more than 90% of the employees. For the third quarter, the salary reduction to the entire organization was between 20% and 25%, which also had an adhesion of more than 90% of the group’s employees, and for the fourth quarter a reduction of 15% was proposed, which also achieved high levels of adherence. Finally, during the year 2020, the company has reduced its planned investments for 2020 by approximately US$ 698 million, mainly related to maintenance, given the lower operation, purchase of engines, investments in cabins and other projects, given the reduced operation. In addition, LATAM did not receive aircrafts that were previously committed to be delivered during 2020, which at the beginning of the year amounted to US$ 408 million. After filing Chapter 11 protection, the company received authorization from the Bankruptcy Court for the “debtors in possession” (DIP) financing, in the form of a multi-draw term loan facility in an aggregate principal amount of up to US$ 2,450 million. This facility consists of two tranches in which the following creditors participate: 1) A Tranche A, which is committed for up to US$ 1,300 million, out of which (i) US$ 1,125 million were be provided by Oaktree Capital Management, L.P. or certain entities related to it; and (ii) US$ 175 million were be provided by Knighthead, Jefferies and / or other entities that are part of the syndicate of creditors organized by Jefferies; and 2) A Tranche C for a capital amount of up to US$ 1,150 million, of which (i) US$ 750 million was provided by a certain group of LATAM’s shareholders composed by Grupo Cueto, Grupo Eblen and Qatar Airways, or certain related entities; (ii) US$ 250 million was provided by Knighthead, Jefferies and / or other entities that are part of the syndicate of creditors organized by Jefferies; and (iii) US$ 150 million which was committed by certain additional shareholder investors through a public investment fund managed by Toesca S.A. on November 6, 2020 through a joinder to the DIP Agreement. In addition, this proposal contemplates a possible Tranche B for up to an additional US$ 750 million, subject to the authorization of the Court and other customary conditions for this type of operations. On October 8, 2020, the first disbursement took place under the DIP Credit Agreement for a 50% of the total funds committed to that date, US$ 1,150 million. Pursuant to the terms of the DIP Agreement, the Debtors will be required to maintain consolidated liquidity of at least US$ 400 million, taking into consideration the undrawn portion of the DIP financing, and meet certain milestones with respect to the bankruptcy process). Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2020 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile. More than More than More than Annual Tax No. Creditor Creditor Currency Up to 90 days one to three to More than five years Total Nominal Amortization Effective Nominal ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 SCOTIABANK Chile US$ 76,929 - - - - 76,929 74,000 At Expiration 3.08 3.08 97.030.000-7 BANCO ESTADO Chile US$ 41,543 - - - - 41,543 40,000 At Expiration 3.49 3.49 76.645.030-K ITAU Chile US$ 20,685 - - - - 20,685 20,000 At Expiration 4.20 4.20 97.951.000-4 HSBC Chile US$ 12,545 - - - - 12,545 12,000 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORP BANCA Chile UF 11,631 - - - - 11,631 11,255 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ 3,323 2,678 139,459 - - 145,460 139,459 Quarterly 2.80 2.80 76.362.099-9 BTG Chile UF 2,104 68,920 - - - 71,024 67,868 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCO ESTADO Chile UF 23,210 26,857 217,555 35,041 429,101 731,764 560,113 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 80,063 76,125 208,250 836,063 828,000 2,028,501 1,500,000 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 50,500 40,889 104,166 107,342 219,666 522,563 474,273 Quarterly / Semiannual 2.95 2.95 0-E NATIXIS France US$ 47,918 37,509 84,048 84,487 35,712 289,674 271,129 Quarterly 3.11 3.11 0-E INVESTEC England US$ 11,502 9,425 21,042 - - 41,969 37,870 Semiannual 6.21 6.21 0-E MUFG U.S.A. US$ 37,114 28,497 77,881 80,678 194,901 419,071 382,413 Quarterly 2.88 2.88 0-E SMBC U.S.A. US$ 131,345 - - - 131,345 130,000 At Expiration 1.73 1.73 Other guaranteed obligation 0-E CREDIT AGRICOLE France US$ 1,347 275,773 - - - 277,120 273,199 At Expiration 1.92 1.92 0-E MUFG U.S.A. US$ 87,611 74,852 119,460 19,950 - 301,873 291,519 Quarterly 2.67 2.67 0-E CITIBANK U.S.A. US$ 3,405 10,404 603,443 - - 617,252 600,000 At Expiration 2.27 2.27 0-E BANK OF UTAH U.S.A. US$ - - 952,990 - - 952,990 793,003 At Expiration 22.19 13.19 Financial lease 0-E ING U.S.A. US$ 5,965 - - - - 5,965 5,965 Quarterly 5.71 5.01 0-E CREDIT AGRICOLE France US$ 13,889 2,057 2,062 - - 18,008 17,961 Quarterly 1.99 1.54 0-E CITIBANK U.S.A. US$ 79,117 61,983 118,372 46,115 19,118 324,705 312,792 Quarterly 2.58 1.77 0-E PEFCO U.S.A. US$ 1,926 - - - - 1,926 1,926 Quarterly 5.65 5.03 0-E BNP PARIBAS U.S.A. US$ 14,851 2,343 793 - - 17,987 17,951 Quarterly 1.81 1.41 0-E WELLS FARGO U.S.A. US$ 114,952 104,946 237,945 99,232 - 557,075 541,406 Quarterly 2.43 1.74 97.036.000-K SANTANDER Chile US$ 21,551 17,851 26,308 - - 65,710 65,247 Quarterly 1.30 0.76 0-E RRPF ENGINE LEASING England US$ 4,093 3,382 8,826 4,870 - 21,171 18,489 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 4,589 4,763 12,977 755 - 23,084 22,730 Quarterly 1.61 1.01 0-E BTMU U.S.A. US$ 11,620 9,647 26,261 770 - 48,298 47,609 Quarterly 1.63 1.03 0-E US BANK U.S.A. US$ 60,527 54,611 144,670 86,076 - 345,884 327,419 Quarterly 4.00 2.82 0-E PK AIRFINANCE U.S.A. US$ 4,624 12,202 3,153 - 19,979 19,522 Monthly 1.98 1.98 TOTAL 980,479 925,714 3,109,661 1,401,379 1,726,498 8,143,731 7,077,118 (*) Oblligation are presented according original contractual condition and do not considered any Chapter 11 resolution. See detail on Note 19. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2020 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NCM Netherlands US$ 452 497 61 - - 1,010 943 Monthly 6.01 6.01 0-E BANCO BRADESCO Brazil BRL 91,672 - - - - 91,672 80,175 Monthly 4.34 4.33 0-E BANCO DO BRASIL Brazil BRL 208,987 - - - - 208,987 199,557 Monthly 3.95 3.95 Financial leases 0-E NATIXIS France US$ 31,482 9,276 42,383 - - 83,141 81,260 Quarterly / Semiannual 4.09 4.09 0-E WAC AP OU LEASING S.A. Luxembourg US$ 2,460 2,442 25 - - 4,927 4,759 Quarterly 2.00 2.00 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 134,919 - - - - 134,919 144,120 Quarterly 3.07 3.01 0-E GA TELESIS LLC U.S.A. US$ 758 1,753 4,675 4,675 7,969 19,830 12,261 Monthly 14.72 14.72 TOTAL 470,730 13,968 47,144 4,675 7,969 544,486 523,075 (*) Oblligation are presented according original contractual condition and do not considered any Chapter 11 resolution. See detail on Note 19. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2020 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Lease Liability - AIRCRAFT OTHERS US$ 226,510 679,529 877,438 812,821 889,072 3,485,370 3,026,573 - - - - OTHER ASSETS OTHERS US$ 3,403 9,953 6,706 18,271 6,349 44,682 46,520 - - - UF 2,103 5,836 1,072 1,973 2,485 13,469 11,401 - - - COP 22 7 14 - - 43 48 - - - EUR 156 443 188 - - 787 772 - - - PEN 29 15 49 - - 93 137 - - - BRL 1,002 3,891 14,414 - - 19,307 35,555 - - - Trade and other accounts payables - OTHERS OTHERS US$ 330,172 47,781 - - 377,953 377,953 - - - CLP 230,997 119,337 - - 350,334 350,334 - - - BRL 359,350 5,859 - - 365,209 365,209 - - - Other currency 598,619 65,684 - - 664,303 664,303 - - - Accounts payable to related parties currents Foreign Delta Airlines U.S.A US$ 805 - - - 805 805 - - - Foreign Patagonia Seafarms INC U.S.A CLP 7 - - - 7 7 97.810.370-9 Inversiones Costa Verde Ltda. y CPA. Chile CLP - - 105,713 - 105,713 105,713 Foreign QA Investments Ltd Jersey Channel Islands US$ - - 132,141 - 132,141 132,141 - - - Foreign QA Investments 2 Ltd Jersey Channel Islands US$ - - 132,141 - 132,141 132,141 Foreign Lozuy S.A. Uruguay US$ - - 26,428 - - 26,428 26,428 - - - Total 1,753,175 938,335 1,296,304 833,065 897,906 5,718,785 5,276,040 Total consolidated 3,204,384 1,878,017 4,453,109 2,239,119 2,632,373 14,407,002 12,876,233 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. Up to More than More than More than More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 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 Bank loans 97.023.000-9 CORP BANCA 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 Obligations with the public 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 Guaranteed obligations 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 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 |
ACCOUNTING ESTIMATES AND JUDGME
ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of accounting judgements and estimates [text block] [Abstract] | |
ACCOUNTING ESTIMATES AND JUDGMENTS | The Company has used estimates to value and record some of the assets, liabilities, income, expenses and commitments. Basically, these estimates refer to: (a) Evaluation of possible losses due to impairment of goodwill and intangible assets with indefinite useful life Management conducts an impairment test annually or more frequently if events or changes in circumstances indicate potential impairment. An impairment loss is recognized for the amount by which the carrying amount of the cash generating unit (CGU) exceeds its recoverable amount. Management’s value-in-use calculations included significant judgments and assumptions relating to revenue growth rates, exchange 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 forecasts approved by management. Therefore, management evaluates and updates the estimates as necessary, in light of conditions that affect these variables. The main assumptions used as well as the corresponding sensitivity analyses are 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. The residual values are estimated according to the market value that said assets will have at the end of their life. The residual value and useful life of the assets are reviewed, and adjusted if necessary, once a year. When the value of an asset is greater than its estimated recoverable amount, its value is immediately reduced to its recoverable amount. The Company has concluded that the Properties, Plant and Equipment cannot generate cash inflows to a large extent independent of other assets, therefore the impairment assessment is made as an integral part of the only Cash Generating Unit maintained by the Company, Air Transport. The Company checks when there are signs of impairment, whether the assets have suffered any impairment losses at the Cash Generated Unit level. (c) Recoverability of deferred tax assets Management records deferred taxes on the temporary differences that arise between the tax bases of assets and liabilities and their amounts in the financial statements. Deferred tax assets on tax losses are recognized to the extent that it is probable that future tax benefits will be available to offset temporary differences. The Company applies significant judgment in evaluating the recoverability of deferred tax assets. In determining the amounts of the deferred tax asset to be accounted for, management considers historical profitability, projected future taxable income (considering assumptions such as: growth rate, exchange rate, discount rate, fuel price online with those used in the impairment analysis of the group’s cash-generating unit) and the expected timing of reversals of existing temporary differences. (d) Air tickets sold that will not be finally used. The Company records the sale of 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. In effect and due to the worldwide contingency of the COVID 19 pandemic, the company has established new commercial policies with clients regarding the validity of air tickets, making it easier to use in flight, reissue and return. Under this new scenario, in the year 2020 no income for expiration ticket’s revenue were recorded, which in a normal scenario would have amounted to approximately ThUS $ 70,000. As of December 31, 2020, deferred income associated with air tickets sold amounted to ThUS $ 904,558 (ThUS $ 1,511,179 as of December 31, 2019). (e) Valuation of miles and points awarded to holders of loyalty programs, pending use. As of December 31, 2020, the deferred income associated with the LATAM Pass loyalty program amounts to ThUS $ 1,365,534 (ThUS $ 1,332,173 as of December 31, 2019). A hypothetical change of one percentage point in the probability of swaps would translate into an impact of ThUS $ 24,425 in the results as of 2020 (ThUS $ 30,506 in the results as of 2019). The deferred income associated with the LATAM Pass Brasil loyalty program (See Note 22) amounts to ThUS $ 187,493 as of December 31, 2020 (ThUS $ 354,847 as of December 31, 2019). A hypothetical change of two percentage points in exchange probability would translate into an impact of ThUS $ 2,950 in the results as of 2020 (ThUS $ 3,150 in the results as of 2019). 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 the LATAM Pass Brasil loyalty program, expiration occurs after a fixed period of time from accumulation, the model is built by the administration considering historical expiration rates, 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 In the case of known contingencies, the Company records a provision when it has a present obligation, whether legal or implicit, as a result of past events, it is likely that an outflow of resources will be necessary to settle the obligation and the amount is has reliably estimated. Based on available information, the Company uses the knowledge, experience and professional judgment, to the specific characteristics of the known risks. This process facilitates the early assessment and quantification of potential risks in individual cases or in the development of contingent matters. Company recognized as the present obligation under an onerous contract as a provision when a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. (g) Leases (i) Discount rate The discount rate used to calculate the lease debt corresponds, for each aircraft, to the implicit interest rate calculated by the contractual elements and residual market values. The implicit rate of the contract is the discount rate that gives the aggregate present value of the minimum lease payments and the unguaranteed residual value. For assets other than aircraft, the estimated lessee’s incremental loan rate was used, which is derived from the information available on the lease commencement date, to determine the present value of the lease payments. We consider our recent debt issues, as well as publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. A decrease of one percentage point in our estimate of the rates used as of January 1, 2019 (the date of adoption of the standard) would increase the lease liability by approximately ThUS $ 105 million. (ii) Lease term In determining the term of the lease, all the facts and circumstances that create an economic incentive to exercise an extension option are considered. Extension options (or periods after termination options) are only included in the term of the lease if you are reasonably certain that the lease will be extended (or not terminated). This is reviewed if a significant event or significant change in circumstances occurs that affects this assessment and is within the 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, 2020 | |
Disclosure of operating segments [text block] [Abstract] | |
SEGMENTAL INFORMATION | As of December 31, 2020, the Company considers that it has a single operating segment, Air Transport. This segment corresponds to the route network for air transport and is based on the way in which the business is managed, according to the centralized nature of its operations, the ability to open and close routes, as well as reassignment (airplanes, crew, personnel, etc.) within the network, which implies a functional interrelation between all of them, making them inseparable. This segment definition is one of the most common in the worldwide airline industry. The Company’s revenues by geographic area are as follows: For the year ended At December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Peru 297,549 801,965 705,133 Argentina 172,229 584,959 989,883 U.S.A. 505,145 1,004,238 985,919 Europe 338,565 726,165 782,197 Colombia 177,007 380,449 372,794 Brazil 1,304,006 3,949,797 3,433,877 Ecuador 112,581 203,334 203,842 Chile 638,225 1,546,960 1,591,313 Asia Pacific and rest of Latin America 378,360 872,196 830,498 Income from ordinary activities 3,923,667 10,070,063 9,895,456 Other operating income 411,002 360,864 472,758 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, 2020 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
CASH AND CASH EQUIVALENTS | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Cash on hand 4,277 4,982 Bank balances 732,578 329,632 Overnight 802,220 350,080 Total Cash 1,539,075 684,694 Cash equivalents Time deposits 123,984 165,791 Mutual funds 32,782 222,094 Total cash equivalents 156,766 387,885 Total cash and cash equivalents 1,695,841 1,072,579 Balance include Cash and Cash equivalent from the Group’s Companies that file for Chapter 11. Due to a motion approved by the US bankruptcy court these balance can only be used on normal course of business activities and invested on specific banks also approved on the motion. Cash and cash equivalents are denominated in the following currencies: As of As of December 31, December 31, Currency 2020 2019 ThUS$ ThUS$ Argentine peso 20,107 16,579 Brazilian real 136,938 197,354 Chilean peso 32,649 50,521 Colombian peso 17,185 48,191 Euro 10,361 21,927 US Dollar 1,438,846 667,785 Other currencies 39,755 70,222 Total 1,695,841 1,072,579 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of derivative financial instruments [text block] [Abstract] | |
FINANCIAL INSTRUMENTS | Financial instruments by category As of December 31, 2020 Measured at At fair value amortized with changes Hedge Assets cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,663,059 32,782 - 1,695,841 Other financial assets, current (*) 48,605 348 1,297 50,250 Trade and others accounts receivable, current 599,381 - - 599,381 Accounts receivable from related entities, current 158 - - 158 Other financial assets, non current 33,140 - - 33,140 Accounts receivable, non current 4,986 - - 4,986 Total 2,349,329 33,130 1,297 2,383,756 Measured at At fair value amortized with changes Hedge Liabilities cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 3,050,059 2,937 2,734 3,055,730 Trade and others accounts payable, current 2,322,125 - - 2,322,125 Accounts payable to related entities, current 812 - - 812 Other financial liabilities, non-current 7,803,801 - - 7,803,801 Accounts payable, non-current 651,600 - - 651,600 Accounts payable to related entities, non-current 396,423 - - 396,423 Total 14,224,820 2,937 2,734 14,230,491 (*) The value presented as fair value with changes in the result, corresponds mainly to private investment funds; and as measured at amortized cost correspond to guarantees delivered. As of December 31, 2019 Measured at At fair value amortized with changes Hedge Assets cost in results 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 accounts payables, 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 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 |
TRADE AND OTHER ACCOUNTS RECEIV
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2020 | |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE [Abstract] | |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Trade accounts receivable 532,106 1,073,599 Other accounts receivable 194,454 275,876 Total trade and other accounts receivable 726,560 1,349,475 Less: Expected credit loss (122,193 ) (100,402 ) Total net trade and accounts receivable 604,367 1,249,073 Less: non-current portion – accounts receivable (4,986 ) (4,725 ) Trade and other accounts receivable, current 599,381 1,244,348 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, 2020 As December 31, 2019 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 4 % 302,079 (11,112 ) 2 % 875,889 (16,433 ) From 1 to 90 days 4 % 103,615 (4,049 ) 8 % 56,537 (4,253 ) From 91 to 180 days 66 % 15,989 (10,501 ) 28 % 16,922 (4,747 ) From 181 to 360 days 80 % 40,621 (32,627 ) 39 % 47,865 (18,459 ) more of 360 days 92 % 69,802 (63,904 ) 74 % 76,386 (56,510 ) Total 23 % 532,106 (122,193 ) 9 % 1,073,599 (100,402 ) (1) Corresponds to the consolidated expected rate of accounts receivable. (2) The gross book value represents the maximum credit risk value of trade accounts receivables. Currency balances composition of the Trade and other accounts receivable and non-current accounts receivable are as follow: As of As of December 31, December 31, Currency 2020 2019 ThUS$ ThUS$ Argentine Peso 6,517 47,079 Brazilian Real 221,952 537,224 Chilean Peso 44,737 131,543 Colombian Peso 1,292 2,288 Euro 24,370 32,711 US Dollar 292,125 436,774 Korean Won 79 8,172 Mexican Peso 4,624 6,093 Australian Dollar 49 20,964 Pound Sterling 5,647 7,428 South African Rand - 2,982 Uruguayan Peso (New) 792 1,375 Thai Bht - 1,559 Swiss Franc 754 535 Russian Ruble - 896 Japanese Yen 77 1,222 Swedish crown 129 2,012 New Zealand Dollar - 1,148 Costa Rican Colon - 1,390 Other Currencies 1,223 5,678 Total 604,367 1,249,073 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, 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 ) From January 1 to December 31, 2020 (100,402 ) - 30,754 (52,545 ) (122,193 ) 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, 2020 As of December 31, 2019 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 532,106 (122,193 ) 409,913 1,073,599 (100,402 ) 973,197 Other accounts receivable 194,454 - 194,454 275,876 - 275,876 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, 2020 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES [Abstract] | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES | (a) Accounts Receivable As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2020 2019 ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 148 19,400 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL 1 - Foreign Delta Air Lines Inc. Shareholder U.S.A. US$ - 205 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP 6 36 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 2 96.989.370-3 Rio Dulce S.A. Related director Chile CLP 1 - 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP - 1 Total current assets 158 19,645 (b) Current and non current accounts payable Current liabilities Non current liabilities As of As of As of As of Country December 31, December 31, December 31, December 31, Tax No. Related party Relationship of origin Currency 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP - 53 - - Foreign Delta Airlines, Inc. Shareholder U.S.A. US$ 805 - - - Foreign Patagonia Seafarms INC Related director U.S.A. US$ 7 3 - - 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. (*) Related director Chile CLP - - 105,713 - Foreign QA Investments Ltd (*) Common shareholder Jersey Channel Islands US$ - - 132,141 - Foreign QA Investments 2 Ltd (*) Common shareholder Jersey Channel Islands US$ - - 132,141 - Foreign Lozuy S.A. (*) Common shareholder Uruguay US$ - - 26,428 - Total current and non current liabilities 812 56 396,423 - (*) The balance correspond to DIP loan which is explained on Note 3.1 c). Transactions between related parties have been carried out on arm’s lenght conditions between interested and duly-informed parties. The transaction times for Current and Non-Current Liabilities, they correspond to between 30 to 45 days and 1 to 2 years respectively, and the nature of settlement of the transactions is monetary. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2020 | |
INVENTORIES [Abstract] | |
INVENTORIES | The composition of Inventories is as follows: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Technical stock 284,409 315,286 Non-technical stock 39,165 38,946 Total 323,574 354,232 The items included in this item correspond to spare parts and materials which will be used, mainly, in consumptions of on-board services and in own and third-party maintenance services; These are valued at their average acquisition cost net of their obsolescence provision according to the following detail: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Provision for obsolescence Technical stock 42,979 21,193 Provision for obsolescence Non-technical stock 4,651 11,610 Total 47,630 32,803 The resulting amounts do not exceed the respective net realization values. As of December 31, 2020, the Company registered ThUS$ 55,507 (ThUS$ 133,286 as of December 31, 2019) 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, 2020 | |
Disclosure of other assets [text block] [Abstract] | |
OTHER FINANCIAL ASSETS | (a) 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 December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 348 386,669 - - 348 386,669 Deposits in guarantee (aircraft) 2,435 8,934 21,498 28,599 23,933 37,533 Guarantees for margins of derivatives 3,047 21,200 - - 3,047 21,200 Other investments - - 493 494 493 494 Domestic and foreign bonds 18 19 - - 18 19 Other guarantees given 43,106 6,507 11,149 15,138 54,255 21,645 Subtotal of other financial assets 48,954 423,329 33,140 44,231 82,094 467,560 (b) Hedging derivate asset Accrued Interest since the last payment date Cross currency swap of currencies - 3 - - - 3 Fair value of interest rate derivatives - 27,044 - 2,676 - 29,720 Fair value of foreign currency derivatives - 586 - - - 586 Fair value of fuel price derivatives 1,296 48,542 - - 1,296 48,542 Subtotal of derivate assets 1,296 76,175 - 2,676 1,296 78,851 Total Other Financial Assets 50,250 499,504 33,140 46,907 83,390 546,411 The different derivative hedging contracts maintained by the Company at the end of each fiscal year are described in Note 19. (b) The balances composition by currencies of the Other financial assets are as follows: As of As of December 31, December 31, Type of currency 2020 2019 ThUS $ ThUS $ Argentine peso 460 94 Brazilian real 8,475 417,477 Chilean peso 4,056 26,073 Colombian peso 500 522 Euro 3,236 1,525 U.S.A dollar 63,922 97,988 Other currencies 2,741 2,732 Total 83,390 546,411 |
OTHER NON-FINANCIAL ASSETS
OTHER NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
OTHER NON-FINANCIAL ASSETS [Abstract] | |
OTHER NON-FINANCIAL ASSETS | The composition of other non-financial assets is as follows: Current assets Non-current assets Total Assets As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Advance payments Aircraft insurance and other 10,137 11,179 - 523 10,137 11,702 Others 15,375 15,167 2,998 1,832 18,373 16,999 Subtotal advance payments 25,512 26,346 2,998 2,355 28,510 28,701 (b) Contract assets (1) GDS costs 4,491 16,593 - - 4,491 16,593 Credit card commissions 6,021 23,437 - - 6,021 23,437 Travel agencies commissions 4,964 16,546 - - 4,964 16,546 Subtotal advance payments 15,476 56,576 - - 15,476 56,576 (c) Other assets Aircraft maintenance reserve (2) 8,613 27,987 - 17,844 8,613 45,831 Sales tax 102,010 167,987 46,210 34,680 148,220 202,667 Other taxes 4,023 34,295 - - 4,023 34,295 Contributions to the International Aeronautical Telecommunications Society (“SITA”) 258 258 739 739 997 997 Judicial deposits - - 76,835 149,310 76,835 149,310 Subtotal other assets 114,904 230,527 123,784 202,573 238,688 433,100 Total Other Non - Financial Assets 155,892 313,449 126,782 204,928 282,674 518,377 (1) Movement of Contracts assets: Initial balance Cummulative Amortization Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2019 48,957 166,300 (4,950 ) (153,731 ) 56,576 From January 1 to December 31, 2020 56,576 146,778 (14,672 ) (173,206 ) 15,476 (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 deposits are calculated based on the operation, measured in cycles or flight hours, are paid periodically, and it is contractually stipulated that they be returned to the Company each time major maintenance is carried out. At the end of the lease, the unused maintenance reserves are returned to the Company or used to compensate the lessor for any debt related to the maintenance conditions of the aircraft. In some cases, (2 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, 2020, maintenance reserves amount to ThUS$ 8,613 (ThUS$ 45,831 as of December 31, 2019), corresponding to 2 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, 2020 | |
OTHER NON-FINANCIAL ASSETS [Abstract] | |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | Non-current assets and disposal group classified as held for sale at December 31, 2020 and December 31, 2019, are detailed below: As of As of ThUS$ ThUS$ Current assets Aircraft 275,000 482,806 Engines and rotables 740 1,943 Other assets 382 401 Total 276,122 485,150 The balances are presented at the lower of book value and fair value less cost to sell. The fair value of these assets was determined based on quoted prices in active markets for similar assets or liabilities. This is a level II measurement as per the fair value hierarchy set out in Note 3.3 (2). There were no transfers between levels for recurring fair value measurements during the year. - Assets reclassified from Property, plant and equipment to Non-current assets or groups of assets for disposal classified as held for sale. During 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 the same year 2019, the sale of one motor spare Boeing 767 and one Boeing 767 aircraft were materialized. As a result of the above, during 2019, adjustments for US $ 2 million of expense were recognized to record these assets at their net realizable value. During the year 2020, the sale of a Boeing 767 aircraft took place and therefore US $ 5.5 million was recognized as profit from the transaction. Additionally, during the year 2020, Delta Air Lines, Inc. canceled the purchase of four Airbus A350 aircraft, given this, LATAM was compensated with the payment of ThUS $ 62,000, which was recorded in the income statement as other income. These four aircraft were reclassified to Property, plant and equipment. During 2020, eleven Boeing 767 aircraft were transferred from the Property, plant and equipment item, to the Non-current assets item or groups of assets for disposal classified as held for sale. Additionally, during the year 2020, adjustments for US $ 332 million of were recognized in income statement to adjust the assets to its fair value less the cost of sales, which were recorded the income statements as part of the expenses of restructuring activities. The detail of the fleet classified as non-current assets and disposal group classified as held for sale is as follows: As of As of December 31, December 31, Aircraft 2020 2019 Boeing 767 11 1 Airbus A350 - 4 Total 11 5 |
INVESTMENTS IN SUBSIDIARIES
INVESTMENTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of subsidiaries [text block] [Abstract] | |
INVESTMENTS IN SUBSIDIARIES | (a) Investments in subsidiaries The Company has investments in companies recognized as investments in subsidiaries. All the companies defined as subsidiaries have been consolidated within the financial statements of LATAM Airlines Group S.A. and Subsidiaries. The consolidation also includes special-purpose entities. Detail of significant subsidiaries: Ownership As of As of Country of Functional December 31, December 31, Name of significant subsidiary incorporation currency 2020 2019 % % Latam Airlines Perú S.A. Peru US$ 99.81000 70.00000 Lan Cargo S.A. Chile US$ 99.89395 99.89395 Lan Argentina S.A. Argentina ARS 99.98370 99.98370 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 99.19414 TAM S.A. Brazil BRL 99.99938 99.99938 The consolidated subsidiaries do not have significant restrictions for transferring funds to the controlling entity in the normal course of operations, except for those imposed by Chapter 11 of the United States Bankruptcy Law, on dividend payments prior to the application for protection. Summary financial informat ion of significant subsidiaries Statement of financial position as of December 31, 2020 Income for the year Total Current Non-current Total Current Non-current Net Income/ Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue (loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A. 661,721 629,910 31,811 486,098 484,450 1,648 372,255 (96,066 ) Lan Cargo S.A. 749,789 472,869 276,920 567,128 516,985 50,143 207,854 10,936 Lan Argentina S.A. 176,790 171,613 5,177 148,824 146,555 2,269 49,101 (220,667 ) Transporte Aéreo S.A. 546,216 264,690 281,526 347,714 278,319 69,395 142,096 (39,032 ) Latam Airlines Ecuador S.A. 108,086 104,534 3,552 99,538 87,437 12,101 51,205 (22,655 ) Aerovías de Integración Regional, AIRES S.A. 76,770 73,446 3,324 77,471 68,433 9,038 90,668 (89,707 ) TAM S.A. (*) 3,110,055 1,492,792 1,617,263 3,004,935 2,206,089 798,846 1,808,314 (1,025,618 ) Statement of financial position as of December 31, 2019 Income for the year Total Current Non-current Total Current Non-current Net Income/ Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue (loss) 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 (3,099 ) 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$ 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 (*) Corresponds to consolidated information of TAM S.A. and subsidiaries (b) Non-controlling interest Country As of As of As of As of Equity Tax No. of origin 2020 2019 2020 2019 % % ThUS$ ThUS$ Latam Airlines Perú S.A 0-E Peru 0.19000 30.00000 (7,238 ) 2,609 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 666 369 Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.01630 0.01630 (276 ) (6,276 ) Lan Argentina S.A. 0-E Argentina 0.00344 0.00344 1 50 Americonsult de Guatemala S.A. 0-E Guatemala 0.87000 0.87000 1 1 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 (6 ) (7 ) Americonsult Costa Rica S.A. 0-E Costa Rica 0.20000 0.20000 2 2 Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 9.54000 10.00000 (522 ) (755 ) Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.79880 (13 ) 899 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 713 1,503 Total (6,672 ) (1,605 ) For the year ended For the year ended Country December 31, December 31, December 31, December 31, Incomes Tax No. of origin 2020 2019 2018 2020 2019 2018 % % % ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A 0-E Peru 0.19000 30.00000 30.00000 (8,102 ) (1,065 ) 1,673 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 0.10196 (121 ) 19 (406 ) Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.01630 4.22000 0.13940 360 359 66 Lan Argentina S.A. 0-E Argentina 0.00344 0.00344 0.02890 70 48 39 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 0.20000 1 (7 ) 2 Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 9.54000 10.00000 10.00000 (943 ) (293 ) 58 Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.79880 0.79880 (724 ) (24 ) 87 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 5.02000 (189 ) 420 717 Multiplus S.A.(*) 0-E Brazil - - 27.26000 - 5,726 29,739 Total (9,648 ) 5,183 31,975 (*) See Note 1 letter (b) |
INTANGIBLE ASSETS OTHER THAN GO
INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of intangible assets [text block] [Abstract] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | The details of intangible assets are as follows: Classes of intangible assets Classes of intangible assets As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 627,742 845,959 627,742 845,959 Loyalty program 204,615 263,806 204,615 263,806 Computer software 139,113 220,993 528,097 656,699 Developing software 68,521 99,193 69,379 99,193 Trademarks (1) 6,340 17,959 39,803 51,326 Other assets 228 331 1,315 1,315 Total 1,046,559 1,448,241 1,470,951 1,918,298 Movement in Intangible assets other than goodwill: Computer Developing Airport Trademarks Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 Opening balance as of January 1, 2020 221,324 99,193 845,959 281,765 1,448,241 Additions 45 76,331 - - 76,376 Withdrawals (333 ) (454 ) (36,896 ) - (37,683 ) Transfer software 101,015 (99,890 ) - - 1,125 Foreign exchange (20,242 ) (6,659 ) (181,321 ) (63,478 ) (271,700 ) Amortization (162,468 ) - - (7,332 ) (169,800 ) Closing balance as of December 31, 2020 139,341 68,521 627,742 210,955 1,046,559 (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 (3) In 2020, a digital transformation was implemented (LATAM XP), as a result some projects became obsolete and were fully amortized. For further detail on impairment test see Note 16. The amortization of each period is recognized in the consolidated income statement in the administrative expenses. The cumulative amortization of computer programs, brands and other assets as of December 31, 2020, amounts to ThUS $ 424,932 (ThUS $ 470,057 as of December 31, 2019). |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets of Indefinite Useful Life [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE | During the year 2020, the Company, as a result of what is described below, has recognized an impairment for the total Goodwill. As of December 31, 2019, its value was ThUS $ 2,209,576. Movement of Goodwill, separated by CGU: Air Coalition Total ThUS$ ThUS$ ThUS$ 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 Opening balance as of January 1, 2020 2,209,576 - 2,209,576 Increase (decrease) due to exchange rate differences (480,601 ) - (480,601 ) Impairment loss (1,728,975 ) - (1,728,975 ) Closing balance as of December 31, 2020 - - - As of December 31, 2020, the Company maintains only the CGU “Air Transport”, due to the merger of Multiplus S.A. in TAM Linhas Aereas in the year 2019 (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, Africa and Oceania. As of March 31, 2020 LATAM Airlines Group S.A. maintained a suspension of a large part of the operation and as a result of the impacts mentioned in Note 2 associated with COVID 19, impairment indicator were identified that led the Company to carry out an impairment test. Impairment indicator identified were: Increase in uncertainty about pandemic (on the economic and health situation, the lengths of the crisis, the extent of the closure of operations, among others), increase in market interest rates, fall in share price and decrease in operations. The recoverable amount of the CGU was determined based on calculations of the value in use. These calculations use projections of 5 years cash flows after taxes from the financial budgets approved by the Administration. Cash flows beyond the budgeted period are extrapolated using growth rates and estimated average volumes, which do not exceed long-term average growth rates. Management’s cash flow projections included significant judgements and assumptions related to annual revenue growth rates, discount rate, inflation rates, the exchange rate and 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 Banks of the various countries where it operates, and the price of fuel is determined based on estimated levels of production, the competitive environment of the market in which they operate and their commercial strategy. As of March 31, 2020 the recoverable values were determined using the following assumptions presented below: Air Annual growth rate (Terminal) % 1.1 Exchange rate (1) R$/US$ 4.8 - 5.2 Discount rate based on the weighted average cost of capital (WACC) (2) % 8.0 - 19.4 Fuel Price from futures price curves commodities markets US$/barrel 52-75 (1) In line with the expectations of the Central Bank of Brazil (2) As a result of the distortion generated by the current contingency in market rates, a multi-period WACC was used for each of the years of the projection, starting at 19.4% for the first year and reaching 8.0% from the Third year onward. WACC sensitivity At using a single rate the possible impairment scenario will be as follow: Actual 7.5% 8.0% 9.0% 10.0% WACC MUS$ MUS$ MUS$ MUS$ MUS$ Excess (Impairment) (1,716 ) 381 (564 ) (2,095 ) (3,280 ) The estimated recoverable amount as of March 31, 2020 of ThUS $ 9,398 was compared to the net book values of the cash-generating unit on the same date, resulting in an impairment loss of MUS $ 1,729. The total amount was recognized in the consolidated statement of income under Other gains (losses). There were no additional amounts of impairment that needed to be adjusted to other non-financial assets. As of December 31, 2020, in accordance with its accounting policy, the Company performed the annual impairment test. Compared to the test carried out as of March 31, 2020, the only methodological difference is that a single discount rate (WACC) was used again for all periods, and the uncertainty that exists in the current market was incorporated into multiple probability-weighted scenarios. As of December 31, 2020, the recoverable values were determined using the following assumptions: Air Transportation CGU Annual growth rate (terminal) % 0.6-1.6 Exchange rate (1) R$/US$ 5.4-5.6 Discount rate based on weighted average cost of capital (WACC - Weighted Average Cost of Capital) % 8.65-9.65 Fuel price from future price curves of the commodity markets. US$/barril 60-78 (1) In line with the expectations of the Central Bank of Brazil. (2) The ranges incorporate the variables of the multiple probability-weighted scenarios. The result of the impairment test, which includes a sensitivity analysis of its principal assumptions, conclude that the calculated value in use exceed the book value of the assets net of the cash-generating unit, and therefore no impairment was detected. The CGU is sensitive to annual growth, discount and exchange rates. The analysis of sensitivity included the individual impact of variations in critical assumptions when determine the value in use, as follow: Increase Decrease rate WACC terminal growth Maximum minimal % % Air Transportation CGU 9.65 0.6 In none of the above scenarios an impairment of the cash-generating unit was identified. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | The composition by category of Property, plant and equipment is as follows: Gross Book Value Accumulated depreciation Net Book Value As of As of As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ a) Property, plant and equipment Construction in progress (1) 377,961 372,589 - - 377,961 372,589 Land 42,979 48,406 - - 42,979 48,406 Buildings 123,836 133,488 (58,629 ) (58,626 ) 65,207 74,862 Plant and equipment 12,983,173 13,993,044 (5,292,429 ) (4,630,001 ) 7,690,744 9,363,043 Own aircraft (3) (4) 12,375,500 13,268,562 (5,088,297 ) (4,421,211 ) 7,287,203 8,847,351 Other (2) 607,673 724,482 (204,132 ) (208,790 ) 403,541 515,692 Machinery 27,402 33,658 (23,986 ) (28,441 ) 3,416 5,217 Information technology equipment 147,754 161,992 (132,923 ) (141,216 ) 14,831 20,776 Fixed installations and accessories 154,414 171,469 (105,215 ) (111,635 ) 49,199 59,834 Motor vehicles 49,345 67,060 (44,140 ) (60,327 ) 5,205 6,733 Leasehold improvements 201,828 234,249 (127,420 ) (135,789 ) 74,408 98,460 Subtotal Properties, plant and equipment 14,108,692 15,215,955 (5,784,742 ) (5,166,035 ) 8,323,950 10,049,920 b) Right of use Aircraft (3) 5,369,519 5,438,404 (3,031,477 ) (2,669,864 ) 2,338,042 2,768,540 Other assets 244,847 255,149 (176,570 ) (153,991 ) 68,277 101,158 Subtotal Right of use 5,614,366 5,693,553 (3,208,047 ) (2,823,855 ) 2,406,319 2,869,698 Total 19,723,058 20,909,508 (8,992,789 ) (7,989,890 ) 10,730,269 12,919,618 (1) As of December 31, 2020, includes advances paid to aircraft manufacturers for ThUS$ 360,387 (ThUS$ 348,148 as of December 31, 2019) (2) Consider mainly rotables and tools. (3) As of December 31, 2020, due to the process of Chapter 11, 29 aircraft lease contract were rejected, 19 were presented as to Property, plant and equipment, (2 A350, 11 A321, 1 A320, 1 A320N and 4 B787) and 10 were presented as to right of use assets, (1 A319, 7 A320 and 2 B767). (4) As of December 31, 2020, eleven B767 aircraft were classified as non-current assets or groups of assets for disposal as held for sale. (a) Movement in the different categories of Property, plant and equipment: Information Fixed Property, Plant and technology installations Motor Leasehold Plant and Construction Buildings equipment equipment & accessories vehicles improvements equipment in progress Land net net net net net net net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2018 556,822 49,780 124,548 9,138,591 30,156 80,777 436 84,225 10,065,335 Additions 7,927 - - 635,367 4,995 64 24 20,410 668,787 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 ) (763,923 ) Foreign exchange (714 ) (4,348 ) (4,244 ) (94,488 ) (1,819 ) (8,499 ) (28 ) (2,351 ) (116,491 ) Other increases (decreases) 65,992 - (89 ) 78,341 732 10,195 273 8,753 164,197 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 ) (111,970 ) Closing balance as of December 31, 2018 630,320 45,424 112,565 8,987,582 22,564 71,009 634 83,267 9,953,365 Opening balance as of January 1, 2019 630,320 45,424 112,565 8,987,582 22,564 71,009 634 83,267 9,953,365 Additions 21,884 7,950 - 1,694,640 6,580 26 73 34,988 1,766,141 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 ) (821,607 ) Foreign exchange (1,340 ) (1,103 ) (914 ) (24,615 ) (234 ) (2,007 ) (125 ) (432 ) (30,770 ) Other increases (decreases) (278,255 ) (3,837 ) (30,974 ) (418,083 ) 538 2,903 - - (727,708 ) Changes, total (257,731 ) 2,982 (37,703 ) 386,934 (1,788 ) (11,175 ) (157 ) 15,193 96,555 Closing balance as of December 31, 2019 372,589 48,406 74,862 9,374,516 20,776 59,834 477 98,460 10,049,920 Opening balance as of January 1, 2020 372,589 48,406 74,862 9,374,516 20,776 59,834 477 98,460 10,049,920 Additions 6,535 - - 485,800 1,295 9 - - 493,639 Disposals - - - (1,439 ) (112 ) (31 ) (4 ) - (1,586 ) Rejection fleet (*) - - - (1,081,496 ) - - - (82 ) (1,081,578 ) Retirements (39 ) - - (107,912 ) (55 ) (3,250 ) (111,256 ) Depreciation expenses - - (4,819 ) (682,102 ) (6,186 ) (9,037 ) (81 ) (16,542 ) (718,767 ) Foreign exchange (2,601 ) (5,428 ) (4,836 ) (146,219 ) (1,543 ) (7,195 ) 4 (2,587 ) (170,405 ) Other increases (decreases) (**) 1,477 1 - (142,179 ) 656 8,869 - (4,841 ) (136,017 ) Changes, total 5,372 (5,427 ) (9,655 ) (1,675,547 ) (5,945 ) (10,635 ) (81 ) (24,052 ) (1,725,970 ) Closing balance as of December 31, 2020 377,961 42,979 65,207 7,698,969 14,831 49,199 396 74,408 8,323,950 (*) Include aircraft lease rejection due to Chapter 11 process. (**) Include the reclassification of 4 A350 aircraft that were incorporated on property plant and equipment from available for sale for ThU$ 464,812 and the reclassification of 11 B767 aircraft that were moved to available for sales for ThU$ 606,522 (see note 13). (b) Right of use assets: Aircraft Others Net right ThUS $ ThUS $ ThUS $ Opening balances as of January 1, 2018 2,786,685 78,632 2,865,317 Additions 289,209 37,089 326,298 Depreciation expense (371,789 ) (19,349 ) (391,138 ) Cummulative translate adjustment (9,490 ) (4,261 ) (13,751 ) Other increases (decreases) (238,282 ) - (238,282 ) Total changes (330,352 ) 13,479 (316,873 ) Final balances as of December 31, 2018 2,456,333 92,111 2,548,444 Opening balances as of January 1, 2019 2,456,333 92,111 2,548,444 Additions 732,489 20,675 753,164 Depreciation expense (377,911 ) (22,473 ) (400,384 ) Cummulative translate adjustment (2,046 ) (2,515 ) (4,561 ) Other increases (decreases) (40,325 ) 13,360 (26,965 ) Total changes 312,207 9,047 321,254 Final balances as of December 31, 2019 2,768,540 101,158 2,869,698 Opening balances as of January 1, 2020 2,768,540 101,158 2,869,698 Additions - 399 399 Fleet rejection (*) (9,090 ) - (9,090 ) Write off - - - Depreciation expense (395,936 ) (22,492 ) (418,428 ) Cummulative translate adjustment (6,578 ) (11,173 ) (17,751 ) Other increases (decreases) (18,894 ) 385 (18,509 ) Total changes (430,498 ) (32,881 ) (463,379 ) Final balances as of December 31, 2020 2,338,042 68,277 2,406,319 (*) Include aircraft lease rejection due to Chapter 11 process. (c) Composition of the fleet Aircraft included in Property, plant and equipment Aircraft included as Rights of use assets Total fleet Aircraft Model As of December 31, 2020 As of December 31, 2019 As of December 31, 2020 As of December 31, 2019 As of December 31, 2020 As of December 31, 2019 Boeing 767 300ER 17 28 - 2 17 30 Boeing 767 300F 11 (1) 11 (1) 1 1 12 (1) 12 (1) Boeing 777 300ER 4 4 6 6 10 10 Boeing 787 800 6 6 4 4 10 10 Boeing 787 900 2 6 10 10 12 16 Airbus A319 100 37 37 7 9 44 46 Airbus A320 200 96 (2) 96 (2) 38 46 134 (2) 142 (2) Airbus A320 NEO 6 7 6 6 12 13 Airbus A321 200 19 30 19 19 38 49 Airbus A350 900 4 2 7 7 11 9 Total 202 227 98 110 300 337 (1) One aircraft leased to Aerotransportes Mas de Carga S.A. de C.V. (2) Two aircraft leased to Sundair. (d) Method used for the depreciation of Property, plant and equipment: Useful life (years) Method minimum maximum Buildings Straight line without residual value 20 50 Plant and equipment Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) 5 30 Information technology equipment Straight line without residual value 5 10 Fixed installations and accessories Straight line without residual value 10 10 Motor vehicle Straight line without residual value 10 10 Leasehold improvements Straight line without residual value 5 8 Assets for rights of use Straight line without residual value 1 25 (*) Except in the case of the Boeing 767 300ER 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. (e) Additional information regarding Property, plant and equipment: (i) Property, plant and equipment pledged as guarantee: Description of Property, plant and equipment pledged as guarantee: As of As of December 31, December 31, 2020 2019 Guarantee agent (1) Creditor company Committed Assets Fleet Existing Debt Book Value Existing Debt Book Value ThUS$ ThUS$ ThUS$ ThUS$ - Wilmington MUFG Aircraft and engines Airbus A319 69,375 268,746 74,713 256,937 Trust Company Airbus A320 63,581 257,613 70,644 256,651 Boeing 767 43,628 180,591 61,728 196,244 Boeing 787 114,936 119,229 120,938 127,283 Wilmington Aircraft and engines Airbus A321 - - 353,774 452,107 Trust Company Boeing 787 - - 332,131 374,998 Airbus A350 - - 180,320 192,620 Citibank N.A. Aircraft and engines Boeing 787 - - 143,475 191,804 Credit Agricole Credit Agricole Aircraft and engines Airbus A319 1,073 6,936 - - Airbus A320 139,192 122,251 85,986 95,148 Airbus A321 / A350 30,733 28,127 83,281 67,882 Boeing 767 10,404 32,802 10,404 35,226 Boeing 787 91,797 43,020 74,023 36,594 Bank Of Utah BNP Paribas Aircraft and engines (2) Airbus A320 / A350 262,420 289,946 296,441 378,462 Boeing 787 211,849 246,349 217,500 259,934 Investec Aircraft and engines (2) Airbus A320 / A350 37,870 - 44,088 - SMBC Aircraft and engines (2) Airbus A350 130,000 134,780 - - Natixis Natixis Aircraft and engines Airbus A321 271,129 375,645 282,927 384,224 Citibank N.A. Citibank N.A. Aircraft and engines Airbus A319 27,936 38,836 - - Airbus A320 128,030 214,597 - - Airbus A321 41,599 81,706 - - Airbus A350 15,960 26,823 - - Airbus B767 90,846 197,797 - - Airbus B787 23,156 19,047 - - Rotables 162,477 145,708 - - UMB Bank MUFG Aircraft and engines Airbus A320 167,371 246,293 106,250 149,607 MUFG Bank MUFG Bank Aircraft and engines Airbus A320 215,043 295,036 216,411 310,311 Total direct guarantee 2,350,405 3,371,878 2,755,034 3,766,032 (1) For the syndicated loans, is the Guarantee Agent that represent different creditors. (2) As of December 31, 2020, four A350 aircraft were reincorporated to Property, plant and equipment due to cancellation of the sale contract. Which were classified previously as Non-current assets or groups of assets for disposal as held for sale. The amounts of the current debt are presented at their nominal value. The net book value corresponds to the assets granted as collateral. Additionally, there are indirect guarantees associated with assets registered in properties, plants and equipment whose total debt as of December 31, 2020, amounts to ThUS$ 1,642,779 (ThUS$ 1,762,611 as of December 31, 2019). The book value of the assets with indirect guarantees as of December 31, 2020, amounts to ThUS$ 3,496,397 (ThUS$ 3,866,237 as of December 31, 2019). As of December 31, 2020, given the Chapter 11 process, nineteen aircraft corresponding to Property, plant and equipment were rejected, of which eighteen had direct guarantees and one indirect guarantee. As of December 31, 2020, 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 Avolon Aerospace AOE 62 Limited Latam Airlines Group S.A. Seven letters of credit 3,554 Feb 05, 2021 Bank of Utah Latam Airlines Group S.A. One letter of credit 2,000 Mar 24, 2021 GE Capital Aviation Services Ltd. Latam Airlines Group S.A. Three letters of credit 12,198 Jan 20, 2021 ORIX Aviation Systems Limited Latam Airlines Group S.A. Three letters of credit 8,445 Nov 26, 2021 Wells Fargo Bank Latam Airlines Group S.A. Six letters of credit 11,870 Feb 04, 2021 BBAM Latam Airlines Group S.A. Two letters of credit 1,695 Jan 14, 2021 Merlin Aviation Leasing (Ireland) 18 Limited Tam Linhas Aéreas S.A. Two letters of credit 3,852 Mar 15, 2021 RB Comercial Properties 49 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 27,193 Apr 29, 2021 70,807 (ii) Commitments and others Fully depreciated assets and commitments for future purchases are as follows: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 206,497 261,792 Commitments for the acquisition of aircraft (*) 7,500,000 7,390,000 (*) According to the manufacturer’s price list. Purchase commitment of aircraft Year of delivery Manufacturer 2021-2026 Total Airbus S.A.S. 44 44 A320-NEO Family 42 42 A350 Family 2 2 The Boeing Company 6 6 Boeing 787-9 6 6 Total 50 50 As of December 31, 2020, as a result of the different aircraft purchase contracts signed with Airbus SAS, 42 Airbus A320 family aircraft remain to be received with deliveries between 2020 and 2024 and 2 Airbus aircraft of the A350 family with delivery dates. by 2026. The approximate amount, according to the manufacturer’s list prices, is ThUS $ 5,700,000. As of December 31, 2020, as a result of the different aircraft purchase contracts signed with The Boeing Company, 6 Boeing 787 Dreamliner aircraft remain to be received with delivery dates between 2021 and 2023. The approximate amount, according to list prices from the manufacturer, is ThUS $ 1,800,000. The delivery dates of some aircraft could be modified as a result of the continuous discussions held with aircraft manufacturer in the context of the current situation of the company. (iii) Capitalized interest costs with respect to Property, plant and equipment. For the year ended 2020 2019 2018 Average rate of capitalization of capitalized interest costs % 3.52 4.72 4.64 Costs of capitalized interest ThUS$ 11,627 1,444 13,007 |
CURRENT AND DEFERRED TAXES
CURRENT AND DEFERRED TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of income tax [text block] [Abstract] | |
CURRENT AND DEFERRED TAXES | In the year ended December 31, 2020, the income tax provision was calculated for such period, applying the partially semi-integrated taxation system and a rate of 27%, in accordance with the Law No. 21,210, which modernizes the Tax Legislation, published in the Journal of the Republic of Chile, dated February 24, 2020. The net result for deferred tax corresponds to the variation of the year, of the assets and liabilities for deferred taxes generated by temporary differences and tax losses. For the permanent differences that give rise to a book value of assets and liabilities other than their tax value, no deferred tax has been recorded since they are caused by transactions that are recorded in the financial statements and that will have no effect on spending tax for income tax. (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, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 36,788 10,968 - - 36,788 10,968 Other recoverable credits 5,532 18,353 - - 5,532 18,353 Total assets by current tax 42,320 29,321 - - 42,320 29,321 (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, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 656 11,925 - - 656 11,925 Total liabilities by current tax 656 11,925 - - 656 11,925 (b) Deferred taxes The balances of deferred tax are the following: Assets Liabilities Concept As of December 31, 2020 As of December 31, 2019 As of December 31, 2020 As of December 31, 2019 ThUS$ ThUS$ ThUS$ ThUS$ Properties, Plants and equipment (1,314,456 ) 186,311 81,881 1,700,215 Assets by right of use 229,119 42,011 (136 ) (91,470 ) Amortization (65,139 ) (903 ) 9 52,233 Provisions 212,492 (139,346 ) 68,462 (182,913 ) Revaluation of financial instruments (18,133 ) 422 - (9,857 ) Tax losses 1,496,952 155,539 (60,785 ) (1,200,729 ) Intangibles - - 270,681 349,082 Other 23,981 (8,451 ) 24,168 242 Total 564,816 235,583 384,280 616,803 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, 2018 Opening balance Assets/ Recognized in consolidated income Recognized in comprehensive income Exchange rate variation Ending balance 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 ) (b) From January 1 to December 31, 2019 Opening balance Assets/ Recognized in consolidated income Recognized in comprehensive income Exchange rate variation Ending balance 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 ) (c) From January 1 to December 31, 2020 Opening balance Assets/ Recognized in consolidated income Recognized in comprehensive income Exchange rate variation Ending balance Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,513,904 ) 110,010 - 7,557 (1,396,337 ) Assets for right of use 133,481 95,774 - - 229,255 Amortization (53,136 ) (14,142 ) - 2,130 (65,148 ) Provisions 43,567 158,178 924 (58,639 ) 144,030 Revaluation of financial instruments 10,279 (27,901 ) 959 (1,470 ) (18,133 ) Tax losses 1,356,268 216,897 - (15,428 ) 1,557,737 Intangibles (349,082 ) 1,030 - 77,371 (270,681 ) Others (8,693 ) 6,541 - 1,965 (187 ) Total (381,220 ) 546,387 1,883 13,486 180,536 Unrecognized deferred tax assets: Deferred tax assets are recognized to the extent that it is probable that the corresponding tax benefit will be realized in the future. Therefore, as of December 31, 2020, the Company has recognized provision with an impact on income, for the deferred tax assets that it estimates will not be recoverable in the foreseeable future for ThUS$ 237,637, in total the company has not recognized deferred tax assets for ThUS$ 749,100 (ThUS$ 110,933 as of December 31, 2019) which include deferred tax assets related to negative tax results of ThUS$ 1,433,474 (ThUS$ 338,679 at December 31, 2019). Deferred tax expense and current income taxes: For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Current tax expense Current tax expense (3,602 ) 72,999 77,713 Adjustment to previous period’s current tax (199 ) (352 ) 362 Total current tax expense, net (3,801 ) 72,647 78,075 Deferred tax expense Deferred expense for taxes related to the creation and reversal of temporary differences (546,387 ) (126,344 ) (126,344 ) Total deferred tax expense, net (546,387 ) (126,344 ) (126,344 ) Income/(loss) tax expense (550,188 ) (53,697 ) (48,269 ) Composition of income/(loss) tax expense: For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Current tax expense, net, foreign 4,232 76,806 65,850 Current tax expense, net, Chile (8,033 ) (4,159 ) 12,225 Total current tax expense, net (3,801 ) 72,647 78,075 Deferred tax expense, net, foreign 235,963 37,294 58,271 Deferred tax expense, net, Chile (782,350 ) (163,638 ) (62,467 ) Deferred tax expense, net, total (546,387 ) (126,344 ) (4,196 ) Income/(loss) tax expense (550,188 ) (53,697 ) 73,879 Income before tax from the Chilean legal tax rate (27% as of December 31, 2020 and 2019) For the year ended For the year ended December 31, December 31, 2020 2019 2018 2020 2019 2018 ThUS$ ThUS$ ThUS$ % % % Tax expense using the legal rate (1,378,547 ) 38,318 11,230 27.00 27.00 27.00 Tax effect by change in tax rate - - 5,587 - - 1.34 Tax effect of rates in other jurisdictions (58,268 ) 20,082 15,905 1.14 14.15 3.83 Tax effect of non-taxable operating revenues (19,529 ) (13,125 ) (3,076 ) 0.38 (9.25 ) (0.74 ) Tax effect of disallowable expenses 40,528 66,257 61,295 (0.79 ) 46.69 14.75 Other increases (decreases): Derecognition of deferred tax liabilities for early termination of aircraft financing (294,969 ) (145,930 ) - 5.78 (102.83 ) - Tax effect for goodwill impairment losses 453,681 - - (8.89 ) - - Derecognition of deferred tax assets not recoverable 237,637 - - (4.65 ) - - Deferred tax asset not recognized 414,741 - - (8.12 ) - - Other increases (decreases): 54,538 (19,299 ) - (1.07 ) (13.60 ) - Total adjustments to tax expense using the legal rate 828,359 (92,015 ) 79,711 (16.22 ) (64.84 ) 19.18 Tax expense using the effective rate (550,188 ) (53,697 ) 90,941 10.78 (37.84 ) 46.18 Deferred taxes related to items charged to equity: For the year ended December 31, 2020 2019 ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income 1,883 3,287 |
OTHER FINANCIAL LIABILITIES
OTHER FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other liabilities [text block] [Abstract] | |
OTHER FINANCIAL LIABILITIES | The composition of other financial liabilities is as follows: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Current (a) Interest bearing loans 2,243,776 1,421,261 (b) Lease Liability 806,283 414,027 (c) Hedge derivatives 2,734 50,372 (d) Derivative non classified as hedge accounting 2,937 - Total current 3,055,730 1,885,660 Non-current (a) Interest bearing loans 5,489,078 5,772,266 (b) Lease Liability 2,314,723 2,758,130 (c) Hedge derivatives - 22 Total non-current 7,803,801 8,530,418 (a) Interest bearing loans Obligations with credit institutions and debt instruments: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Current Loans to exporters 151,701 341,475 Bank loans 385,490 16,534 Guaranteed obligations (7)(8)(10) 388,492 237,951 Other guaranteed obligations 435,413 97,730 Subtotal bank loans 1,361,096 693,690 Obligation with the public 108,301 32,061 Financial leases (7)(8)(10) 774,379 594,249 Other loans (4) - 101,261 Total current 2,243,776 1,421,261 Non-current Bank loans 139,783 200,721 Guaranteed obligations (7)(8)(10) 930,364 1,919,376 Other guaranteed obligations (5)(9) 1,503,703 482,702 Subtotal bank loans 2,573,850 2,602,799 Obligation with the public (1)(2)(3) 2,075,106 2,032,873 Financial leases (7)(8)(10) 840,122 1,136,594 Total non-current 5,489,078 5,772,266 Total obligations with financial institutions 7,732,854 7,193,527 (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 S.A., 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) On March 16, 2020, the obligations contained in the contract called “Indenture” signed between Guanay Finance Limited (see Note 1), LATAM Airlines Group S.A. expired. and Citibank, N.A. dated November 7, 2013. The bonds securitized with the future flows of credit card sales in the United States and Canada were issued in 2013 for a total of US $ 450 million. (5) During March and April 2020, LATAM Airlines Group S.A. it drew down the entire (US $600 million) of the committed credit line “Revolving Credit Facility (RCF)”. The financing expires on March 29, 2022. The line is guaranteed with collateral consisting of airplanes, engines and spare parts. The first withdrawal was on March 27, 2020 with an amount of US $ 504.7 million, the second withdrawal was on April 7, 2020 for US $ 72 million, the third withdrawal was on April 14, 2020 for US $ 11.2 million and the fourth and last withdrawal was on April 21, 2020 of US $ 12.1 million. (6) On May 26, 2020, LATAM Airlines Group S.A. and its subsidiaries in Chile, Peru, Colombia and Ecuador availed themselves, in court for the southern district of New York, to the protection of Chapter 11 of the bankruptcy law of the United States. Under Section 362 of the Bankruptcy Code. The same happened for TAM LINHAS AÉREAS S.A and certain subsidiaries (all LATAM subsidiary in Brazil), on July 8, 2020. Having filed for Chapter 11 automatically suspends most actions against LATAM and its subsidiaries, including most actions to collect financial obligations incurred before the date of receipt of Chapter 11 or to exercise control over the property of LATAM and its subsidiaries. Consequently, although the bankruptcy filing may have led to breaches of some of the obligations of LATAM and its subsidiaries, the counterparties cannot take any action as a result of said breaches. At the end of the year, Chapter 11 retains most of the actions on the debtors so the repayment of the debt is not accelerated. The Group continues to present its financial information as of December 31, 2020, including its interest bearing loan and leases, in accordance with the originally agreed conditions, pending future agreements that it may reach with its creditors under Chapter 11. (7) On June 24, 2020, the United States Court for the Southern District of New York approved the motion filed by the Company to reject certain aircraft lease contracts. Rejected contracts include, 17 aircraft financed under the EETC structure with an amount of MUS $ 844.1 and an aircraft financed with a financial lease with an amount of MUS $ 4.5. (8) On October 20, 2020, the United States Court for the Southern District of New York approved the motion presented by the Company to reject an aircraft lease contract financed as financial lease in the amount of MUS $ 34.3. (9) On October 10, 2020, LATAM Airlines Group S.A. partially drew down (MUS $ 1,150) of the committed credit line of the “DIP” financing. The financing expires on April 10, 2022. The line is guaranteed with collateral consisting of routes, slots, engines and spare parts. After this, transfer, the company still has MUS $ 1,300 available. This line is committed for a total of US $ 2,450 million, of which US $ 750 million are committed by related parties. (10) In the year ended December 31, 2020, the Company transferred its interest in 7 special purpose entities. As a result of the above, the classification of financial liabilities associated with 3 aircraft within guaranteed obligations was modified, and classified as financial leases. Balances by currency of interest bearing loans are as follows: As of As of December 31, December 31, 2020 2019 Currency ThUS$ ThUS$ Brazilian real 300,659 - Chilean peso (U.F.) 679,983 611,542 US Dollar 6,752,212 6,581,985 Total 7,732,854 7,193,527 Interest-bearing loans due in installments to December 31, 2020 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 74,000 - - - - 74,000 76,929 - - - - 76,929 At Expiration 3.08 3.08 97.030.000-7 ESTADO Chile US$ 40,000 - - - - 40,000 41,542 - - - - 41,542 At Expiration 3.49 3.49 76.645.030-K ITAU Chile US$ 20,000 - - - - 20,000 20,685 - - - - 20,685 At Expiration 4.20 4.20 97.951.000-4 HSBC Chile US$ 12,000 - - - - 12,000 12,545 - - - - 12,545 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 11,255 - - - - 11,255 11,665 - - - - 11,665 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ - - 139,459 - - 139,459 3,300 - 139,459 - - 142,759 Quarterly 2.80 2.80 76.362.099-9 BTG PACTUAL CHILE Chile UF - 67,868 - - - 67,868 1,985 67,237 - - - 69,222 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 ESTADO Chile UF - - 177,846 - 382,267 560,113 25,729 - 177,715 - 395,652 599,096 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ - - - 700,000 800,000 1,500,000 82,572 - - 698,450 803,289 1,584,311 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 31,039 43,655 91,002 97,621 210,956 474,273 40,931 47,668 87,767 96,513 209,612 482,491 Quarterly / Semiannual 2.95 2.95 0-E NATIXIS France US$ 42,740 34,150 77,693 81,244 35,302 271,129 50,001 34,150 75,808 80,316 34,969 275,244 Quarterly 3.11 3.11 0-E INVESTEC England US$ 6,329 11,606 19,935 - - 37,870 7,952 12,522 19,588 - - 40,062 Semiannual 6.21 6.21 0-E MUFG U.S.A. US$ 30,590 24,080 67,730 72,881 187,132 382,413 39,516 24,080 67,014 72,494 186,283 389,387 Quarterly 2.88 2.88 0-E SMBC U.S.A. US$ 130,000 - - - - 130,000 131,662 - - - - 131,662 At Expiration 1.73 1.73 - SWAP Received aircraft - US$ 10 - - - - 10 10 - - - - 10 Quarterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ - 273,199 - - - 273,199 1,395 272,794 - - - 274,189 At Expiration 1.92 1.92 0-E MUFG U.S.A. US$ 82,498 72,206 117,084 19,731 - 291,519 88,880 72,206 114,589 19,499 - 295,174 Quarterly 2.67 2.67 0-E CITIBANK U.S.A. US$ - - 600,000 - - 600,000 138 - 600,000 - - 600,138 At Expiration 2.27 2.27 0-E BANK OF UTAH U.S.A. US$ - - 793,003 - - 793,003 - - 769,615 - - 769,615 At Expiration 18.95 12.26 Financial leases 0-E ING U.S.A. US$ 5,965 - - - - 5,965 6,017 - - - - 6,017 Quarterly 5.71 5.01 0-E CREDIT AGRICOLE France US$ 13,875 2,034 2,052 - - 17,961 13,922 2,034 2,052 - - 18,008 Quarterly 1.99 1.54 0-E CITIBANK U.S.A. US$ 77,994 58,993 113,186 43,778 18,841 312,792 78,860 58,993 109,086 42,558 18,619 308,116 Quarterly 2.58 1.77 0-E PEFCO U.S.A. US$ 1,926 - - - - 1,926 1,938 - - - - 1,938 Quarterly 5.65 5.03 0-E BNP PARIBAS U.S.A. US$ 14,934 2,326 791 - - 17,951 14,909 2,326 788 - - 18,023 Quarterly 1.81 1.41 0-E WELLS FARGO U.S.A. US$ 112,987 99,975 230,416 98,028 - 541,406 114,994 99,975 219,624 96,556 - 531,149 Quarterly 2.43 1.74 97.036.000-K SANTANDER Chile US$ 21,456 17,626 26,165 - - 65,247 21,550 17,626 25,840 - - 65,016 Quarterly 1.30 0.76 0-E RRPF ENGINE England US$ 2,058 3,644 7,752 5,035 - 18,489 2,602 3,644 7,752 5,035 - 19,033 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 4,538 4,631 12,808 753 - 22,730 4,599 4,632 12,608 752 - 22,591 Quarterly 1.61 1.01 0-E BTMU U.S.A. US$ 11,519 9,385 25,937 768 - 47,609 11,595 9,386 25,563 767 - 47,311 Quarterly 1.63 1.03 0-E US BANK U.S.A. US$ 58,512 49,240 135,489 84,178 - 327,419 60,094 49,240 125,274 82,149 - 316,757 Quarterly 4.00 2.82 0-E PK AIRFINANCE U.S.A. US$ 8,996 9,062 1,464 - - 19,522 9,319 9,009 1,435 - - 19,763 Monthly 1.98 1.98 Total 815,221 783,680 2,639,812 1,204,017 1,634,498 7,077,128 977,836 787,522 2,581,577 1,195,089 1,648,424 7,190,448 Interest-bearing loans due in installments to December 31, 2020 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. 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 Netherlands US$ 409 318 216 - - 943 333 311 324 - - 968 Monthly 6.01 6.01 0-E BANCO BRADESCO Brazil BRL 80,175 - - - - 80,175 91,672 - - - - 91,672 Monthly 4.34 4.34 0-E BANCO DO BRASIL Brazil BRL 199,557 - - - - 199,557 208,987 - - - - 208,987 Monthly 3.95 3.95 Financial lease 0-E NATIXIS France US$ 30,253 - 51,007 - - 81,260 31,308 - 51,007 - - 82,315 Quarterly / Semiannual 4.09 4.09 0-E WACAPOU LEASING S.A. Luxembourg US$ 2,342 797 1,620 - - 4,759 2,439 797 1,620 - - 4,856 Quarterly 2.00 2.00 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 144,120 - - - - 144,120 141,094 - - - - 141,094 Quarterly 3.07 3.01 0-E GA Telessis LLC U.S.A. US$ 486 950 2,623 2,772 5,430 12,261 486 991 2,623 2,772 5,642 12,514 Monthly 14.72 14.72 Total 457,342 2,065 55,466 2,772 5,430 523,075 476,319 2,099 55,574 2,772 5,642 542,406 Total consolidated 1,272,563 785,745 2,695,278 1,206,789 1,639,928 7,600,203 1,454,155 789,621 2,637,151 1,197,861 1,654,066 7,732,854 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 Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 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 CORP BANCA 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 IP EX-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 Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Netherland 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 WACAPOULEASING 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 (b) Lease Liability: The movement of the lease liabilities corresponding to the years reported are as follow: Lease Liability Aircraft Others total ThUS$ ThUS$ ThUS$ Opening balance as January 1, 2018 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 increases (decreases) 8,395 625 9,020 Changes (299,776 ) 10,853 (288,923 ) Closing balance as of December 31, 2018 2,737,809 120,240 2,858,049 Opening balance as January 1, 2019 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 increases (decreases) - (2,124 ) (2,124 ) Changes 304,422 9,686 314,108 Closing balance as of December 31, 2019 3,042,231 129,926 3,172,157 Opening balance as January 1, 2020 3,042,231 129,926 3,172,157 New contracts - 543 543 Write off (7,435 ) (285 ) (7,720 ) Renegotiations (35,049 ) 4,919 (30,130 ) Payments (131,427 ) (36,689 ) (168,116 ) Accrued interest 158,253 9,348 167,601 Exchange differences - (7,967 ) (7,967 ) Cumulative translation adjustment - (38 ) (38 ) Other increases (decreases) - (5,324 ) (5,324 ) Changes (15,658 ) (35,493 ) (51,151 ) Closing balance as of December 31, 2020 3,026,573 94,433 3,121,006 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 derivatives As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Accrued interest from the last date of interest rate swap - 1,723 - - - 1,723 Fair value of interest rate derivatives 2,734 302 - 22 2,734 324 Fair value of fuel derivatives - - - - - - Fair value of foreign currency derivatives - 48,347 - - - 48,347 Total hedge derivatives 2,734 50,372 - 22 2,734 50,394 (d) Derivatives that do not qualify for hedge accounting Total derivatives of Current liabilities Non-current liabilities no coverage As of As of As of As of As of As of December December December December December December 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as hedge 2,937 - - - 2,937 - Total derived not qualify - as hedge accounting 2,937 - - - 2,937 - The foreign currency derivatives correspond to options, forwards and swaps. Hedging operation The fair values of net assets/ (liabilities), by type of derivative, of the contracts held as hedging instruments are presented below: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Cross currency swaps (CCS) (1) - (22,662 ) Interest rate swaps (2) (2,734 ) 2,618 Fuel options (3) 1,296 48,542 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. 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, except for fuel hedge. See Note 3. Since none of the hedges resulted in the recognition of a non-financial asset, no portion of the result of derivatives recognized in equity was transferred to the initial value of that type of asset. The amounts recognized in comprehensive income during the period and transferred from net equity to income are as follows: For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Debit (credit) recognized in comprehensive income during the period (119,970 ) 66,856 (27,797 ) Debit (credit) transferred from net equity to income during the period (13,016 ) (30,074 ) 39,915 See note 3.1 a) for reclassification to profit or loss for each hedging operation and Note 18 b) for deferred taxes related. |
TRADE AND OTHER ACCOUNTS PAYABL
TRADE AND OTHER ACCOUNTS PAYABLES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of trade and other payables [text block] [Abstract] | |
TRADE AND OTHER ACCOUNTS PAYABLES | The composition of Trade and other accounts payables is as follows: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,757,799 1,671,304 (b) Accrued liabilities at the reporting date 564,326 551,570 Total trade and other accounts payables 2,322,125 2,222,874 (a) Trade and other accounts payable: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Trade creditors 1,281,432 1,408,690 Other accounts payable 476,367 262,614 Total 1,757,799 1,671,304 The details of Trade and other accounts payables are as follows: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Suppliers technical purchases 281,452 145,973 Boarding Fees 181,049 234,070 Professional services and advisory 146,753 87,825 Aircraft Fuel 143,119 476,320 Handling and ground handling 137,626 114,163 Airport charges and overflight 142,709 81,459 Leases, maintenance and IT services 110,472 59,011 Other personnel expenses 105,696 93,490 Maintenance 116,103 42,202 Services on board 58,099 59,647 Marketing 53,419 60,850 Air companies 27,668 79,958 Crew 16,541 22,921 Land services 10,466 18,166 Achievement of goals 7,840 30,635 Jol Fleet 6,622 3,997 Others 212,165 60,617 Total trade and other accounts payables 1,757,799 1,671,304 (b) Liabilities accrued: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Aircraft and engine maintenance 460,082 292,793 Accrued personnel expenses 72,696 118,199 Accounts payable to personnel (*) 2,186 91,153 Others accrued liabilities (**) 29,362 49,425 Total accrued liabilities 564,326 551,570 (*) Profits and bonus participation (Note 23 letter b). (**) See Note 22. The balances include the amounts that will be part of the reorganization agreement, product of the entry into the Chapter 11 process on May 26, 2020 for LATAM, and July 08 for certain subsidiaries in Brazil. |
OTHER PROVISIONS
OTHER PROVISIONS | 12 Months Ended |
Dec. 31, 2020 | |
OTHER PROVISIONS [Abstract] | |
OTHER PROVISIONS | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 21,188 2,033 364,342 164,190 385,530 166,223 Civil contingencies 2,266 2,202 103,984 66,605 106,250 68,807 Labor contingencies 320 971 48,115 26,505 48,435 27,476 Other - - 17,821 19,886 17,821 19,886 Provision for European Commission investigation (2) - - 10,097 9,217 10,097 9,217 Provisions for onerous contracts (3) - - 44,000 - 44,000 - Total other provisions (4) 23,774 5,206 588,359 286,403 612,133 291,609 (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) Based on market information on the drop in the price of some assets, a provision was made for onerous contracts associated with the purchase commitments of aircraft. (4) Total other provision as of December 31, 2020, and December 31, 2019, 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 Onerous claims (1) Investigation (2) Contracts Total ThUS$ ThUS$ ThUS$ ThUS$ 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 Opening balance as of January 1, 2020 282,392 9,217 - 291,609 Increase in provisions 408,078 - 44,000 452,078 Provision used (47,238 ) - - (47,238 ) Difference by subsidiaries conversion (58,654 ) - - (58,654 ) Reversal of provision (25,563 ) - - (25,563 ) Exchange difference (979 ) 880 - (99 ) Closing balance as of December 31, 2020 558,036 10,097 44,000 612,133 (1) Accumulated balances include a judicial deposit delivered in guarantee, with respect to the “Fundo Aeroviario” (FA), for ThUS$ 69, made in order to suspend the collection and the application of a fine. The Company is discussing in Court the constitutionality of the requirement made by FA calculated at the ratio of 2.5% on the payroll in a legal claim. Initially the payment of said contribution was suspended by a preliminary judicial decision and about 10 years later, this same decision was reversed. As the decision is not final, the Company has deposited the securities open until that date, in order to avoid collection processing and the application of the fine. Finally, if the final decision is favorable to the Company, the deposit made and payments made later will return to TAM. On the other hand, if the court confirms the first decision, said deposit will become a final payment in favor of the Government of Brazil. The procedural stage as of December 31, 2020 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 twenty thousand euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission’s Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros. In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine mentioned above. The procedural stage as of December 31, 2020 is described in Note 31 in section 2 judgments received by LATAM Airlines Group S.A. and Subsidiaries. |
OTHER NON-FINANCIAL LIABILITIES
OTHER NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Non Financial Other Liabilities Explanatory [Abstract] | |
OTHER NON-FINANCIAL LIABILITIES | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (1)(2) 2,036,880 2,689,083 702,008 851,383 2,738,888 3,540,466 Sales tax 7,609 2,556 - - 7,609 2,556 Retentions 27,853 43,916 - - 27,853 43,916 Others taxes 3,931 7,555 - - 3,931 7,555 Dividends payable - 57,129 - - - 57,129 Other sundry liabilities 12,518 34,982 - - 12,518 34,982 Total other non-financial liabilities 2,088,791 2,835,221 702,008 851,383 2,790,799 3,686,604 Deferred Income Movement Deferred income Initial balance (1) Recognition Use Loyalty (accreditation and exchange) Expiration of tickets Adjustment application IAS 29, Argentina hyperinflation Others Provisions Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2019 2,974,760 8,264,970 (7,703,011 ) 124,548 (156,435 ) 2,232 33,402 3,540,466 From January 1 to December 31, 2020 3,540,466 1,970,203 (2,554,476 ) (137,176 ) (72,670 ) (3,485 ) (3,974 ) 2,738,888 (1) The balance includes mainly, deferred income for services not provided as of December 31, 2020 and December 31, 2019; and for the frequent flyer LATAM Pass program. LATAM Pass is LATAM’s frequent flyer program that allows rewarding the preference and loyalty of its customers with multiple benefits and privileges, through the accumulation of miles or points that can be exchanged for tickets or for a varied range of products and services. Clients accumulate miles or LATAM Pass points every time they fly in LATAM and other connections associated with the program, as well as buy in stores or use the services of a vast network of companies that have agreements with the program around the world. 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 income that the Company must incur or stop receiving, respectively, during the transition period until the implementation of the strategic alliance. 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. The account receivable was derecognized and the interest of ThUS $ 5,932 was recognized in the item Financial Costs of the Consolidated Statement of Income. (2) As of December 31, 2020, Deferred Income includes ThUS $ 179,612 corresponding to the balance to be accrued from the committed compensation from Delta Air Lines, Inc., which is recognized in Income Statement, based on the estimation of differentials of income, until the implementation of the strategic alliance. During the period, the Company has recognized ThUS $ 132,467 for this concept. Additionally, the Company maintains a balance of ThUS $ 29,507 in the Trade accounts payable item of the Statement of Financial Position, corresponding to the compensation of costs to be incurred. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of employee benefits [text block] [Abstract] | |
EMPLOYEE BENEFITS | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Retirements payments 51,007 64,824 Resignation payments 8,230 9,722 Other obligations 14,879 19,024 Total liability for employee benefits 74,116 93,570 (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 From January 1 to December 31, 2020 93,570 (18,759 ) (8,634 ) 3,968 3,971 74,116 The principal assumptions used in the calculation to the provision in Chile, are presented below: For the period ended December 31, Assumptions 2020 2019 Discount rate 2.67 % 3.13 % Expected rate of salary increase 2.80 % 4.50 % Rate of turnover 5.56 % 6.04 % Mortality rate RV-2014 RV-2014 Inflation rate 2.8 % 2.8 % Retirement age of women 60 60 Retirement age of men 65 65 The discount rate corresponds to the 20 years Central Bank of Chile Bonds (BCP). 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 BCU Central Bank of Chile papers have been used and BCP long term at the scope date. 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, 2020 2019 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (4,576 ) (7,257 ) Change in the accrued liability an closing for decrease of 100 p.b. 5,244 5,365 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 4,946 4,989 Change in the accrued liability an closing for decrease of 100 p.b. (4,678 ) (7,159 ) (b) The liability for short-term: As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Profit-sharing and bonuses (*) 2,186 91,153 (*) Accounts payables to employees (Note 20 letter b) The participation in profits and bonuses related to an annual incentive plan for achievement of certain objectives. (c) Employment expenses are detailed below: For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Salaries and wages 850,557 1,478,804 1,481,357 Short-term employee benefits 41,259 147,576 132,394 Termination benefits (*) - 54,256 54,007 Other personnel expenses 70,244 114,126 152,211 Total 962,060 1,794,762 1,819,969 (*) The termination benefits related to the reorganization under Chapter 11 are classified in Note 27, Restructuring activities expense. |
ACCOUNTS PAYABLE, NON-CURRENT
ACCOUNTS PAYABLE, NON-CURRENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Trade And Other Payables Non Current Explanatory [Abstract] | |
ACCOUNTS PAYABLE, NON-CURRENT | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Aircraft and engine maintenance 392,347 412,710 Fleet (JOL) 208,037 190,225 Provision for vacations and bonuses 15,036 15,868 Other sundry liabilities 36,180 307 Total accounts payable, non-current 651,600 619,110 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of share capital, reserves and other equity interest [text block] [Abstract] | |
EQUITY | (a) Capital The Company’s objective is to maintain an appropriate level of capitalization that enables it to ensure access to the financial markets for carrying out its medium and long-term objectives, optimizing the return for its shareholders and maintaining a solid financial position. The paid capital of the Company at December 31, 2020 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, 2019), 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. (b) Subscribed and paid shares During the year 2019, the Company fully reduced 466,832 shares pending placement and payment, corresponding to the authorized capital increase in the extraordinary shareholders meeting of August 18, 2016. Consequently, as of December 31, 2020, the statutory capital of the Company is demonstrated by 606,407,693 shares fully subscribed and paid. The following table shows the movement of authorized and fully paid shares previously described above: Movement of authorized shares Nro. Of shares Opening balance Expired shares intended for compensation plans and others Closing balance From January 1 to December 31, 2019 606,874,525 (466,832 ) 606,407,693 From January 1 to December 31, 2020 606,407,693 - 606,407,693 Movement fully paid shares N° of shares Movement value of shares (1) Cost of issuance and placement of shares (2) Paid- in Capital 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 Paid shares as of January 1, 2020 606,407,693 3,160,718 (14,453 ) 3,146,265 There are no movements of shares paid during the 2020 period - - - - Paid shares as of December 31, 2020 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, 2020, 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, 2018 39,481 (1,607 ) 37,874 From January 1 to December 31, 2019 37,874 (1,585 ) 36,289 From January 1 to December 31, 2020 36,289 946 37,235 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 with minorities reserves balance ThUS$ ThUS$ ThUS$ ThUS$ 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 From January 1 to December 31, 2020 2,452,469 (3,125 ) 2,675 2,452,019 Balance of Other sundry reserves comprise the following: As of As of As of December 31, December 31, December 31, 2020 2019 2018 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) (213,273 ) (210,048 ) (25,913 ) Others (3,020 ) (5,795 ) (3,483 ) Total 2,452,019 2,452,469 2,638,916 (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, 2020 corresponds to the loss generated by: Lan Pax Group S.A. e Inversiones Lan S.A. in the acquisition of shares of Aerovías de Integración Regional Aires S.A. for ThUS $ (3,480) and ThUS $ (20), respectively; the acquisition of TAM S.A. of the minority interest in Aerolinhas Brasileiras S.A. for ThUS $ (885), the acquisition of Inversiones Lan S.A. of the minority participation in Aires Integra Regional Airlines S.A. for an amount of ThUS $ (2) and the acquisition of a minority stake in Aerolane S.A. by Lan Pax Group S.A. for an amount of ThUS $ (21,526) through Holdco Ecuador S.A. (3) The loss due to the acquisition of the minority interest of Multiplus S.A. for ThUS $ (184,135) (see Note 1), (4) and the acquisition of a minority interest in Latam Airlines Perú S.A through Latam Airlines Group S.A for an amount of ThUS $ (3,225). (f) Reserves with effect in other comprehensive income. Movement of Reserves with effect in other comprehensive income: Actuarial gain Currency Cash flow or loss on defined translation hedging benefit plans reserve reserve reserve T otal ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2018 (1,925,714 ) 18,140 (10,926 ) (1,918,500 ) Increase (decrease) by application of new accounting standards - - - - Initial balance (1,925,714 ) 18,140 (10,926 ) (1,918,500 ) Change in fair value of hedging instrument recognised in OCI - (56,917 ) - (56,917 ) Reclassified from OCI to profit or loss - 30,018 - 30,018 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 ) Change in fair value of hedging instrument recognised in OCI - 95,954 - 95,954 Reclassified from OCI to profit or loss - (30,074 ) - (30,074 ) 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 ) Opening balance as of January 1, 2020 (2,890,287 ) 56,892 (22,940 ) (2,856,335 ) Change in fair value of hedging instrument recognised in OCI - (105,776 ) - (105,776 ) Reclassified from OCI to profit or loss - (13,016 ) - (13,016 ) Deferred tax - 959 - 959 Actuarial reserves by employee benefit plans - - (3,968 ) (3,968 ) Deferred tax actuarial IAS by employee benefit plans - - 923 923 Translation difference subsidiaries (900,226 ) - - (900,226 ) Closing balance as of December 31, 2020 (3,790,513 ) (60,941 ) (25,985 ) (3,877,439 ) (f.1) Cumulative translate difference These are 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 a loss of control occurs, these reserves are shown in the consolidated statement of income as part of the loss or gain on the sale or disposal. If the sale does not involve loss of control, these reserves are transferred to non-controlling interests. (f.2) Cash flow hedging reserve These are 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 are the effects of differences between the previous actuarial assumptions and the actual event. Movement of Retained earnings/(losses): Increase Result Other Opening (decrease) by for the increase Closing Periods balance new standards period Dividends (decreases) balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2018 (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 From January 1 to December 31, 2020 352,272 - (4,545,887 ) - - (4,193,615 ) (h) Dividends per share Minimum mandatory Minimum mandatory dividend dividend Description of dividend 2020 2019 Date of dividend 12-31-2020 12-31-2019 Amount of the dividend (ThUS$) - 57,129 Number of shares among which the dividend is distributed 606,407,693 606,407,693 Dividend per share (US$) - 0.0942 |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of revenue [text block] [Abstract] | |
REVENUE | The detail of revenues is as follows: For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Passengers 2,713,774 9,005,629 8,708,988 Cargo 1,209,893 1,064,434 1,186,468 Total 3,923,667 10,070,063 9,895,456 |
COSTS AND EXPENSES BY NATURE
COSTS AND EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of expenses by nature [text block] [Abstract] | |
COSTS AND EXPENSES BY NATURE | (a) Costs and operating expenses The main operating costs and administrative expenses are detailed below: For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Aircraft fuel 1,045,343 2,929,008 2,983,028 Other rentals and landing fees (*) 720,005 1,275,859 1,206,881 Aircraft maintenance 472,382 444,611 366,627 Comisions 91,910 221,884 222,506 Passenger services 97,688 261,330 280,279 Other operating expenses 1,221,183 1,291,895 1,229,311 Total 3,648,511 6,424,587 6,288,632 (*) Lease expenses are included within this amount (See Note 2.21) For the period ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Payments for leases of low-value assets 21,178 31,982 27,929 Rent concessions recognized directly in profit or loss (110 ) - - Total 21,068 31,982 27,929 (b) Depreciation and amortization Depreciation and amortization are detailed below: For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Depreciation (*) 1,219,586 1,389,465 1,307,032 Amortization 169,800 80,511 65,596 Total 1,389,386 1,469,976 1,372,628 (*) 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 year ended December 31, 2020 is ThUS $ 276,908 and ThUS $ 445,680 for the same year 2019. (c) Financial costs The detail of financial costs is as follows: For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Bank loan interest 314,468 325,650 283,786 Financial leases 45,245 61,980 62,202 Lease liabilities 170,918 181,814 182,868 Other financial instruments 56,348 20,490 10,281 Total 586,979 589,934 539,137 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. (d) Restructuring activities expenses The Restructuring activities expenses are detailed below: For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Fair value adjustment of fleet available for sale 331,522 - - Rejection of aircraft lease contract 269,467 - - Employee restructuring plan (*) 290,831 - - Legal and financial advice 76,541 - - Others 21,648 - - Total 990,009 - - (*) See note 2.1, letter c. (e) Other (gains) losses Other (gains) losses are detailed below: For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Fuel hedging 82,487 - - Slot Write Off 36,896 - - Provision for onerous contract related to purchase commitment 44,000 - - Goodwill Impairment 1,728,975 - - Other (17,569 ) (11,525 ) 53,499 Total 1,874,789 (11,525 ) 53,499 |
OTHER INCOME, BY FUNCTION
OTHER INCOME, BY FUNCTION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other operating income [text block] [Abstract] | |
OTHER INCOME, BY FUNCTION | Other income, by function is as follows: For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Coalition and loyalty program Multiplus - 36,172 126,443 Tours 22,499 96,997 108,448 Aircraft leasing 46,045 102,704 78,056 Customs and warehousing 25,138 29,353 26,667 Duty free - 543 3,555 Maintenance 18,579 10,471 16,569 Income from non-airlines products Latam Pass 42,913 42,791 19,864 Other miscellaneous income (*) 255,828 41,833 93,156 Total 411,002 360,864 472,758 (*) For 2020 included in this amount is ThUS$ 62,000 from compensation of the cancellation of the purchase of 4 A350 aircraft from Delta Air Lines Inc and ThUS$ 9,240 to the early return of leased aircraft from Qatar Airways and ThUS$ 132,467 corresponding to compensation of Delta Air Lines Inc from JBA signed in 2019. |
FOREIGN CURRENCY AND EXCHANGE R
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of effect of changes in foreign exchange rates [text block] [Abstract] | |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES | 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. Following are the current exchange rates for the US dollar, on the dates indicated: As of December 31, 2020 2019 2018 2017 Argentine peso 84.14 59.83 37.74 18.57 Brazilian real 5.18 4.01 3.87 3.31 Chilean peso 710.95 748.74 694.77 614.75 Colombian peso 3,421.00 3,271.55 3,239.45 2,984.77 Euro 0.81 0.89 0.87 0.83 Australian dollar 1.30 1.43 1.42 1.28 Boliviano 6.86 6.86 6.86 6.86 Mexican peso 19.93 18.89 19.68 19.66 New Zealand dollar 1.39 1.49 1.49 1.41 Peruvian Sol 3.62 3.31 3.37 3.24 Uruguayan peso 42.14 37.24 32.38 28.74 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 2020 2019 ThUS$ ThUS$ Cash and cash equivalents 483,303 242,624 Argentine peso 16,885 10,974 Brazilian real 13,157 9,407 Chilean peso 32,368 50,421 Colombian peso 2,168 5,971 Euro 10,361 21,927 U.S. dollar 369,455 77,933 Other currency 38,909 65,991 Other financial assets, current 12,981 47,328 Argentine peso 311 7 Brazilian real 4 17,395 Chilean peso 3,987 26,008 Colombian peso 132 138 Euro 1,867 - U.S. dollar 5,639 2,795 Other currency 1,041 985 As of As of December 31, December 31, Current assets 2020 2019 ThUS$ ThUS$ Other non - financial assets, current 42,973 81,521 Argentine peso 11,058 11,263 Brazilian real 2,985 20,553 Chilean peso 15,913 24,451 Colombian peso 175 61 Euro 2,667 2,878 U.S. dollar 2,351 5,140 Other currency 7,824 17,175 Trade and other accounts receivable, current 177,491 501,006 Argentine peso 1,881 22,809 Brazilian real 841 1,457 Chilean peso 38,340 125,342 Colombian peso 209 545 Euro 24,370 32,711 U.S. dollar 98,385 257,421 Other currency 13,465 60,721 Accounts receivable from related entities, current 430 537 Chilean peso 9 42 U.S. dollar 421 495 Tax current assets 11,050 19,506 Argentine peso 389 1,560 Brazilian real 887 1,006 Chilean peso 1,003 1,111 Colombian peso 675 54 Euro 235 264 U.S. dollar 354 - Peruvian sun 5,220 13,707 Other currency 2,287 1,804 Total current assets 728,228 892,522 Argentine peso 30,524 46,613 Brazilian real 17,874 49,818 Chilean peso 91,620 227,375 Colombian peso 3,359 6,769 Euro 39,500 57,780 U.S. Dollar 476,605 343,784 Other currency 68,746 160,383 As of As of December 31, December 31, Non-current assets 2020 2019 ThUS$ ThUS$ Other financial assets, non-current 9,486 10,243 Brazilian real 3,574 4,441 Chilean peso 69 65 Colombian peso 284 296 Euro 1,369 1,525 U.S. dollar 2,490 2,169 Other currency 1,700 1,747 Other non - financial assets, non-current 36,251 29,166 Argentine peso 39 54 Brazilian real 12,974 7,891 U.S. dollar 3,732 3 Other currency 19,506 21,218 Accounts receivable, non-current 4,984 4,722 Chilean peso 4,984 4,722 Deferred tax assets 2,228 3,339 Colombian peso 221 487 U.S. dollar 13 856 Other currency 1,994 1,996 Total non-current assets 52,949 47,470 Argentine peso 39 54 Brazilian real 16,548 12,332 Chilean peso 5,053 4,787 Colombian peso 505 783 Euro 1,369 1,525 U.S. dollar 6,235 3,028 Other currency 23,200 24,961 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 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 239,712 69,623 86,573 210,627 Argentine peso 2 1 - 2 Brazilian real 59 128 163 118 Chilean peso 40,552 42,625 70,639 15,229 Euro 87 145 258 339 U.S. dollar 198,996 26,676 15,504 194,896 Other currency 16 48 9 43 Trade and other accounts payables, current 1,285,233 1,338,123 20,908 10,091 Argentine peso 228,069 252,799 7,315 1,096 Brazilian real 71,446 59,837 37 320 Chilean peso 312,921 322,996 10,991 1,295 Colombian peso 12,300 2,558 1,165 868 Euro 143,780 113,733 41 484 U.S. dollar 392,914 480,129 912 4,263 Peruvian sol 11,759 24,197 222 1,447 Mexican peso 16,546 5,233 60 33 Pound sterling 35,269 20,289 45 119 Uruguayan peso 441 1,018 - 29 Other currency 59,788 55,334 120 137 Accounts payable to related entities, current (229 ) 53 - - Chilean peso - 53 - - U.S. dollar (229 ) - - - Other provisions, current 14 2,079 1,628 - Chilean peso - 27 29 - Other currency 14 2,052 1,599 - 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 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ Other non-financial liabilities, current 42,467 19,335 50 - Argentine peso 961 348 - - Brazilian real 976 1,537 3 - Chilean peso 5,836 705 1 - Colombian peso 622 3,059 38 - Euro 3,206 3,133 - - U.S. dollar 19,707 4,531 - - Other currency 11,159 6,022 8 - Total current liabilities 1,567,596 1,429,213 109,159 220,718 Argentine peso 229,032 253,148 7,315 1,098 Brazilian real 72,481 61,502 203 438 Chilean peso 359,309 366,406 81,660 16,524 Colombian peso 12,922 5,617 1,203 868 Euro 147,073 117,011 299 823 U.S. dollar 611,787 511,336 16,416 199,159 Other currency 134,992 114,193 2,063 1,808 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 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, non-current 268,320 366,889 4,250 12,915 403,841 376,535 Chilean peso 180,150 236,346 1,320 2,291 398,199 369,525 Brazillian real 351 700 - 40 - - Euro 427 550 - 141 - - U.S. dollar 87,280 128,820 2,930 10,308 5,642 7,010 Other currency 112 473 - 135 - - Accounts payable, non-current 70,145 151,254 1,390 - 241 - Chilean peso 47,752 14,367 1,390 - 241 - U.S. dollar 21,051 135,541 - - - - Other currency 1,342 1,346 - - - - Other provisions, non-current 45,834 36,615 - - - - Argentine peso 696 485 - - - - Brazillian real 26,872 20,538 - - - - Colombian peso 278 281 - - - - Euro 11,736 9,217 - - - - U.S. dollar 6,252 6,094 - - - - Provisions for employees benefits, non-current 64,152 80,628 - - - - Chilean peso 64,152 80,628 - - - - U.S. dollar - - - - - - Total non-current liabilities 448,451 635,386 5,640 12,915 404,082 376,535 Argentine peso 696 485 - - - - Brazilian real 27,223 21,238 - 40 - - Chilean peso 292,054 331,341 2,710 2,291 398,440 369,525 Colombian peso 278 281 - - - - Euro 12,163 9,767 - 141 - - U.S. dollar 114,583 270,455 2,930 10,308 5,642 7,010 Other currency 1,454 1,819 - 135 - - As of As of December 31, December 31, General summary of foreign currency: 2020 2019 ThUS$ ThUS$ Total assets 781,177 939,992 Argentine peso 30,563 46,667 Brazilian real 34,422 62,150 Chilean peso 96,673 232,162 Colombian peso 3,864 7,552 Euro 40,869 59,305 U.S. dollar 482,840 346,812 Other currency 91,946 185,344 Total liabilities 2,534,928 2,674,767 Argentine peso 237,043 254,731 Brazilian real 99,907 83,218 Chilean peso 1,134,173 1,086,087 Colombian peso 14,403 6,766 Euro 159,535 127,742 U.S. dollar 751,358 998,268 Other currency 138,509 117,955 Net position Argentine peso (206,480 ) (208,064 ) Brazilian real (65,485 ) (21,068 ) Chilean peso (1,037,500 ) (853,925 ) Colombian peso (10,539 ) 786 Euro (118,666 ) (68,437 ) U.S. dollar (268,518 ) (651,456 ) Other currency (46,563 ) 67,389 |
EARNINGS _ (LOSS) PER SHARE
EARNINGS / (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of earnings per share [text block] [Abstract] | |
EARNINGS / (LOSS) PER SHARE | For the year ended December 31, Basic earnings / (loss) per share 2020 2019 2018 Earnings / (loss) attributable to owners of the parent (ThUS$) (4,545,887 ) 190,430 309,811 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Basic earnings / (loss) per share (US$) (7.49642 ) 0.31403 0.51090 For the year ended December 31, Diluted earnings / (loss) per share 2020 2019 2018 Earnings / (loss) attributable to owners of the parent (ThUS$) (4,545,887 ) 190,430 309,811 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Weighted average number of shares, diluted 606,407,693 606,407,693 606,407,693 Diluted earnings / (loss) per share (US$) (7.49642 ) 0.31403 0.51090 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of contingent liabilities [text block] [Abstract] | |
CONTINGENCIES | I. Lawsuits 1) Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries Company Court Case Number Origin Stage of trial Amounts ThUS$ Fidelidade Viagens e Turismo Fazenda Pública do Município de São Paulo. 1004194-37.2018.8.26.0053 (EF 1526893-48.2018.8.26.0090) 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. On November 11, 2019 there was a totally favorable decision for Tam Viagens S.A. The Municipio filed an appeal that is pending. 84,652 LATAM Airlines Group S.A., Aerovías de Integración Regional S.A., LATAM Airlines Perú S.A., Latam-Airlines Ecuador S.A., LAN Cargo S.A., TAM Linhas Aereas S.A. and 32 affiliates United States Bankruptcy Court for the Southern District of New York Case No. 20-11254 LATAM Airlines initiated a reorganization proceeding in the United States of America in accordance with the regulations established in Chapter 11 of Title 11 of the Code of the United States of America, filing a voluntary request for relief pursuant thereto (the “Chapter 11 Proceeding”), which grants an automatic stay of enforcement for at least 180 days. On May 26, 2020, LATAM Airlines Group S.A. and 28 affiliates individually filed a voluntary bankruptcy petition with the United States Bankruptcy Court for the Southern District of New York pursuant to Chapter 11 of the United States Bankruptcy Code. Subsequently, on July 7 and 9, 2020, 9 additional affiliated debtors (the “Subsequent Debtors”), including TAM Linhas Aereas S.A., filed voluntary bankruptcy applications with the Court pursuant to Chapter 11 of the United States Bankruptcy Code. The cases are pending ruling before the Honorable Judge James L. Garrity Jr. and are jointly administered under case number 20-11254. On September 18, 2020, LATAM Airlines Group S.A. received approval of the amended proposal on Debtor in Possession (DIP) financing submitted September 17, 2020 to the United States District Court for the Southern District of New York. The Court issued an order setting December 18, 2020 as the general deadline by which LATAM’s creditors can present proof of claim, except for certain litigants in Brazil, who can present proof of claim through February 5, 2021. The judge also extended the period during which LATAM has the exclusive right to present a reorganization plan to January 29, 2021 On January 27, 2021, the Court approved the extension for the period for exclusively filing the reorganization plan until June 30, 2021. Currently, various hearings have been held, the process is in force. -0- Company Court Case Number Origin Stage of trial Amounts ThUS$ LATAM Airlines Group S.A. 2° Juzgado Civil de Santiago C-8553-2020 Request for recognition of the foreign reorganization proceeding. On June 1, 2020, LATAM Airlines Group SA, in its capacity as foreign representative of the reorganization procedure under the rules of Chapter 11 of Title 11 of the United States Code, filed the request for recognition of the foreign reorganization proceeding as the main proceeding, pursuant to Law 20,720. On June 4, 2020, the Court issued the ruling recognizing in Chile the bankruptcy proceeding for the foreign reorganization of the company LATAM Airlines Group S.A. All remedies filed against the decision have been dismissed, so the decision is final. Currently the proceeding remains open. -0- Aerovías de Integración Regional S.A. Superintendencia de Sociedades - Request for recognition of the foreign reorganization proceeding. On June 12, 2020, the Superintendency of Companies recognized in Colombia the reorganization proceeding filed before the Bankruptcy Court of the United States of America for the Southern District of New York as a main process, under the terms of Title III of Law 1116 of 2006. On October 2, 2020, the Companies Commission of Colombia acknowledged the decision adopted September 18, 2020, by the United States District Court for the Southern District of New York that approved the Debtor in Possession financing proposal submitted by LATAM Airlines Group S.A. and the companies that voluntarily petitioned for Chapter 11, including the Colombian companies. -0- Company Court Case Number Origin Stage of trial Amounts ThUS$ LATAM Airlines Perú S.A INDECOPI - Request for a preventive bankruptcy process. On May 27, 2020, LATAM Airlines Peru submitted a request for a preventive bankruptcy process before the Indecopi of Peru and is awaiting admission. -0- LATAM Finance Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On May 26, 2020, LATAM Finance Limited submitted a request for a provisional liquidation, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. Currently the proceeding remains open. -0- Peuco Finance Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On May 26, 2020, Peuco Finance Limited submitted a request for a provisional liquidation, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. Currently the proceeding remains open. -0- Piquero Leasing Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On July 07, 2020, Piquero Leasing Limited submitted a request for a provisional liquidation, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on July 10, 2020, by the Grand Court of the Cayman Islands. Currently the proceeding remains open. -0- Peuco Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On September 28, 2020, Peuco Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. -0- LATAM Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On September 28, 2020, LATAM Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. -0- 2) Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries. Company Court Case Number Origin Stage of trial Amounts ThUS$ LATAM Airlines Group S.A. y Lan Cargo S.A. European Commission. Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26th, 2007, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the instruction process against twenty five cargo airlines, including Lan Cargo S.A., for alleged breaches of competition in the air cargo market in Europe, especially the alleged fixed fuel surcharge and freight. On April 14th, 2008, the notification of the European Commission was replied. The appeal was filed on January 24, 2011. On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9th, 2010, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the imposition of a fine in the amount of THUS$10,072 (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. On December 17, 2020, the European Commission submitted proof of claim for the total amount of the fine (KUS$10,072 or €8,220,000) to the New York Court hearing the Chapter 11 procedure petitioned by LATAM Airlines Group, S.A. and LAN Cargo, S.A. in May 2020. 10,072 Company Court Case Number Origin Stage of trial Amounts ThUS$ 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 was made in January 2020 and concluded the entire lawsuit in England. The amount remains undetermined for the lawsuits in the remaining countries (Norway, the Netherlands and Germany). In the case of Germany, the suspension of the case has been requested, relying on the financial reorganization procedure requested by LATAM Airlines Group, S.A. and LAN CARGO, S.A. in the United States (Chapter 11) in May 2020. The German Court has not yet ruled on this request. DB Barnsdale AG; British Airways; KLM; Martinair; Air France; Lufthansa; Lufthansa Cargo and Swiss Air filed a claim with the U.S. Bankruptcy Court before the deadline that creditors had to present their Chapter 11 claims, which must be processed accordingly. -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 8,353 Aerolinhas Brasileiras S.A. Federal Justice. 0001872-58.2014.4.03.6105 An annulment action with a motion for preliminary injunction, was filed on 28/02/2014, in order to cancel tax debts of PIS, CONFINS, IPI and II, connected with the administrative process 10831.005704/2006.43. We have been waiting since August 21, 2015 for a statement by Serasa on TAM’s letter of indemnity and a statement by the Union. The statement was authenticated on January 29, 2016. A new insurance policy was submitted on March 30, 2016 with the change to the guarantee requested by PGFN. On 05/20/2016 the process was sent to PGFN, which was manifested on 06/03/2016. The Decision denied the company’s request in the lawsuit. The court (TRF3) made a decision to eliminate part of the debt and keep the other part (already owed by the Company, but which it has to pay only at the end of the process: KUS$3,283– R$17,063,902.35). We must await a decision on the Treasury appeal. 8,875 Company Court Case Number Origin Stage of trial Amounts ThUS$ 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 R$ 260.223.373,10-original amount in 2012/2013, which currently equals THUS$63,256. The court decision requesting that the Expert make all clarifications requested by the parties in a period of 30 days was published on March 29, 2016. The plaintiffs’ submitted a petition on June 21, 2016 requesting acceptance of the opinion of their consultant and an urgent ruling on the dispute. No amount additional to the deposit that has already been made is required if this case is lost. 68,821 Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil. 10880.725950/2011-05 Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. The objection (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. 20,732 Company Court Case Number Origin Stage of trial Amounts ThUS$ Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. 2013-20319 CA 01 The July 30th, 2012 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20th, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on February 12, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. The Court decided that 45 th Florida. On June 4, 2019, the State Court of Florida allowed REGIONAL ONE to add a new claim against LATAM AIRLINES COLOMBIA for default on a verbal contract. Given the new claim, LATAM AIRLINES COLOMBIA petitioned that the Court postpone the trial to August 2019 to have the time to investigate the facts alleged by REGIONAL ONE to prove a verbal contract. The facts discovery phase continued, including the verbal statements of the experts of both sides, which have been taking place since March 2020. Given the Covid-19 pandemic and the suspension of trials in the County of Miami-Dade, the Court canceled the trial scheduled for June 2020. In addition, the claims against Aires have been suspended given the request for reorganization filed by LATAM AIRLINES GROUP SA and some of its subsidiaries, including Aires, on May 26, 2020, under Chapter 11 of the United States Bankruptcy Code. Dash and Regional One filed a claim with the U.S. Bankruptcy Court in December 2020 before the deadline that creditors had to present their Chapter 11 claims, which must be processed accordingly. 12,443 Company Court Case Number Origin Stage of trial Amounts ThUS$ Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil 10880.722.355/2014-52 On August 19th, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. An administrative objection was filed on September 17th, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On September 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). In September 2019, the Court rejected the appeal of the Hacienda Nacional. Hacienda Nacional filed a complaint that was denied by the Court. 52,024 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. 15,260 TAM Linhas Aéreas S.A. Ministerio de Trabajo 0001734- 78.2014.5.02.0045 This action was filed by the Ministry of Labor seeking compliance with the laws on rest time, overtime and similar issues. It is before the São Paulo Labor Court. Initial stage. It could potentially impact operations and control of employees’ working hours. The case was won at the trial court level, but the Public Prosecutor appealed that decision, which failed at the appellate court level. The Prosecutor then filed a motion requesting clarification that he later withdrew. He proposed taking it as far as the supreme court, but he did not go through with it. The Prosecutor has filed a remedy internally that is pending a decision by the Labor Supreme Court (TST). 18,243 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. 18,646 Company Court Case Number Origin Stage of trial Amounts 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. 31,392 TAM Linhas Aéreas S.A. Department of Federal Revenue of Brazil 5002912.29.2019.4.03.6100 A lawsuit disputing the debit in the administrative proceeding 16643.000085/2009-47, reported in previous notes, consisting of a notice demanding recovery of the Income and Social Assessment Tax on the net profit (SCL) resulting from the itemization of royalties and use of the TAM trademark The lawsuit was assigned on February 28, 2019. A decision was rendered on March 1, 2019 stating that no guarantee was required. Actualmente, debemos esperar la decisión final. On 04/06/2020 TAM Linhas Aéreas S.A. had a favorable decision (sentence). The National Treasury can appeal. Today, we await the final decision. 8,862 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720630/2017-16 This is an administrative claim about a fine for the incorrectness of an import declaration. The administrative defensive arguments were presented September 28, 2017. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a special appeal (CRSF (Higher Tax Appeals Chamber)) that is pending a decision. 16,204 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720852/2016-58 An improper charge of the Contribution for the Financing of Social Security (COFINS) on an import We are currently awaiting a decision. There is no predictable decision date because it depends on the court of the government agency. 11,598 TAM Linhas Aéreas S.A Delegacía de Receita Federal 16692.721.933/2017-80 The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport (Referring to 2012). An administrative defense was presented on May 29, 2018. 24,926 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. 58,919 TAM Linhas Aéreas S/A União Federal 2001.51.01.020420-0 TAM and other airlines filed a recourse claim seeking a finding that there is no legal or tax basis to be released from collecting the Additional Airport Fee (“ATAERO”). A decision by the superior court is pending. The amount is indeterminate because even though TAM is the plaintiff, if the ruling is against it, it could be ordered to pay a fee. -0- 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. 13,667 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. 95,878 Company Court Case Number Origin Stage of trial Amounts ThUS$ TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938832/2013-19 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the second quarter of 2011, which were determined to be in the non-cumulative system An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 12,815 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938834/2013-16 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the third quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 9,370 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938837/2013-41 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the fourth quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 12,556 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938838/2013-96 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the first quarter of 2012, which were determined to be in the non-cumulative system. We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 8,665 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. On 04/30/2020, we were notified of the unfavorable court ruling in the first instance, filing an appeal. The Court of Appeals confirmed the trial court’s decision. 12,272 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. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 9,169 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. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of commitments [text block] [Abstract] | |
COMMITMENTS | (a) Commitments for loans obtained The Company and its subsidiaries do not have credit agreements that indicate limits to some financial indicators of the Company or the subsidiaries, with the exception of those detailed below: Regarding the revolving committed credit line (“Revolving Credit Facility”) established with a consortium of twelve banks led by Citibank, with a guarantee of aircraft, engines, spare parts and supplies for a total committed amount of US $ 600 million, it includes restrictions of minimum liquidity, measured at the Consolidated Company level (with a minimum level of US $ 750 million) and individually measured for LATAM Airlines Group S.A. companies and TAM Linhas Aéreas S.A. (with a minimum level of US $ 400 million). Compliance with these restrictions is a prerequisite for using the line; if the line is used, said restrictions must be reported quarterly, and non-compliance with these restrictions will accelerate credit. As of December 31, 2020, this line of credit is fully used. As of December 31, 2020, the Company is in compliance with all the financial indicators detailed above. On the other hand, the financing agreements of the Company generally establish clauses regarding changes in the ownership structure and in the controller and disposition of assets (which mainly refers to significant transfers of assets). Under Section 362 of the Bankruptcy Code, the filing of voluntary bankruptcy petitions by the Debtors automatically stayed most actions against the Debtors, including most actions to collect indebtedness incurred prior to the Petition Date or to exercise control over the Debtors’ property. Accordingly, counterparties are stayed from taking any actions as a result of such purported defaults. Specifically, the financing agreements of the Company generally establish that the filing of bankruptcy or similar proceedings constitute an event of default, which are unenforceable under the Bankruptcy Code. At the date of the issuance of these financial statements, the Company has not received notices of termination of financing arrangements, based on such an event of default. On September 29, 2020 the company signed the so-called “DIP Financing”, which contemplates minimum liquidity restrictions of at least US $ 400 million at a consolidated level. LATAM’s obligations to the lenders of the DIP Financing have a super administrative preference recognized under Chapter 11 of the U.S. Bankruptcy Code with respect to the other liabilities of the company and entities of its corporate group that have filed for Chapter 11 proceedings (“Related Subsidiaries”) prior to the commencement of the Chapter 11 proceeding. In addition, in order to secure the debt under the DIP Financing, LATAM and the Related Subsidiaries granted certain guarantees, including, but not limited to, (i) in-rem guarantees to be granted over certain specified assets, such as spare engines, spare inventory, shares in certain subsidiaries (including, but not limited to, (a) a pledge over the shares owned by LATAM in LAN Cargo S.A., Inversiones Lan S.A., Lan Pax Group S.A., LATAM Travel II S.A., Technical Training Latam S.A. and Holdco I S.A., (b) pledge over the shares owned by LAN Cargo S.A. in Transporte Aéreo S.A., Inversiones Lan S.A., Fast Air Almacenes de Carga S.A. and Lan Cargo Inversiones S.A. and (c) pledge over the shares owned by Inversiones LAN S.A. in LAN Cargo S.A., Transporte Aéreo S.A., Lan Pax Group S.A., Fast Air Almacenes de Carga S.A., LATAM Travel Chile II S.A., Technical Training LATAM S.A. and Lan Cargo Inversiones S.A.), among others, under the laws of the jurisdictions in which they are located, (ii) personal guarantees of the Related Subsidiaries and (iii) a in-rem guarentee of general nature over the assets of LATAM and the Related Subsidiaries other than certain “Excluded Assets” comprising, among other things, the aircraft and the “Carve-Out” including, among other things, certain funds assigned for expenses of the Chapter 11 proceedings. (b) Other commitments At December 31, 2020 the Company has existing letters of credit, certificates of deposits and warranty insurance policies as follows: Value Release Creditor Guarantee Debtor Type ThUS$ date Superintendencia Nacional de Aduanas y de Administración Tributaria Latam Airlines Perú S.A. Twenty six letters of credit 188,524 Jan-20-21 Aena Aeropuertos S.A. Latam Airlines Group S.A. Four letters of credit 2.871 Dec-04-21 American Alternative Insurance Corporation Latam Airlines Group S.A. Eight letters of credit 4,240 Apr-05-21 Comisión Europea Latam Airlines Group S.A. One letter of credit 9,682 Mar-29-21 Empresa Pública de Hidrocarburos del Ecuador EP Petroecuador Latam Airlines Group S.A. One letter of credit 1,500 Jun-18-21 Metropolitan Dade County Latam Airlines Group S.A. Seven letters of credit 2,463 Apr-09-21 BBVA Latam Airlines Group S.A. One letter of credit 4,476 Jan-16-22 JFK International Air Terminal LLC. Latam Airlines Group S.A. One letter of credit 2,300 Jan-27-21 Sociedad Concesionaria Pudahuel S.A. Latam Airlines Group S.A. Sixteen letters of credit 1,953 Apr-01-21 Servicio Nacional de Aduanas Latam Airlines Group S.A. Five letters of credit 2,574 Apr-01-21 Tesorería Nacional de la República Latam Airlines Group S.A. Five letters of credit 1,416 Apr-30-21 Procon Tam Linhas Aéreas S.A. Eleven insurance policy guarantee 14,972 Apr-01-21 União Federal Tam Linhas Aéreas S.A. Six insurance policy guarantee 53,718 Nov-09-21 Procuradoria da Fazenda Nacional Tam Linhas Aéreas S.A. One letter of credit 6,060 Aug-10-21 Tribunal de Justição de São Paulo. Tam Linhas Aéreas S.A. Two insurance policy guarantee 1,047 Sep-23-24 17a Vara Cível da Comarca da Capital de João Pessoa/PB. Tam Linhas Aéreas S.A. An insurance policy guarantee 2,300 Jun-25-23 14ª Vara Federal da Seção Judiciária de Distrito Federal Tam Linhas Aéreas S.A. An insurance policy guarantee 1,373 May-29-25 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. Two insurance policy guarantee 2,722 Jul-05-23 Vara Civel Campinas SP Tam Linhas Aéreas S.A. An insurance policy guarantee 1,487 Jun-14-24 JFK International Air Terminal LLC. Tam Linhas Aéreas S.A. An letter of credit 1,300 Jan-10-21 7ª Turma do Tribunal Regional Federal da 1ª Região Tam Linhas Aéreas S.A. An insurance policy guarantee 41,993 Apr-20-23 Vara de Execuções Fiscais Estaduais da Comarca de São Paulo Tam Linhas Aéreas S.A. Three insurance policy guarantee 10,775 Jul-05-23 Bond Safeguard Insurance Company Tam Linhas Aéreas S.A. Four insurance policy guarantee 2,700 Jul-14-21 União Federal Fazenda Nacional Tam Linhas Aéreas S.A. Four insurance policy guarantee 2,304 Nov-16-25 Unia o Federal ABSA Linhas Aereas Brasileira S.A. Four insurance policy guarantee 31,247 Feb-22-21 Vara Federal da Subseção de Campinas SP ABSA Linhas Aereas Brasileira S.A. An insurance policy guarantee 1,560 Feb-20-23 Tribunal de Justição de São Paulo. ABSA Linhas Aereas Brasileira S.A. Two insurance policy guarantee 5,084 Sep-23-24 7ª Turma do Tribunal Regional Federal da 1ª Região ABSA Linhas Aereas Brasileira S.A. An insurance policy guarantee 1,638 May-07-23 404,279 Letters of credit related to assets for right of use are included in Note 17 Properties, plants and equipment letter (d) Additional information Properties, plants and equipment, in numeral (i) Properties, plants and equipment delivered in guarantee. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2020 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | (a) Details of transactions with related parties as follows: Transaction amount Nature of Nature of with related parties relationship with Country related parties As of December 31, Tax No. Related party related parties of origin transactions Currency 2020 2019 2018 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales 28 16 16 Loans received (*) CLP (100,013 ) - - Interest accrued (*) CLP (5,700 ) - - 78.591.370-1 Bethia S.A and subsidiaries Related director Chile Services provided of cargo transport CLP - 556 1,778 Services received from National and International Courier CLP - (3 ) (85 ) Sales commissions CLP - (218 ) (821 ) Services received advertising CLP - (726 ) (1,025 ) 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Services provided CLP 13 61 51 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 5 - 18 Foreign Patagonia Seafarms INC Related director U.S.A Services provided of cargo transport 40 - - Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil Services provided Services provided of cargo transport BRL 13 58 62 Services received BRL - 2 8 Foreign Qatar Airways Indirect shareholder Qatar Services provided by aircraft lease US$ 22,215 39,528 21,321 Interlineal received service US$ (4,736 ) (2,050 ) (6,345 ) Interlineal provided service US$ 3,141 3,739 8,635 Services provided of handling US$ 1,246 1,106 1,392 Compensation for early return of aircraft US$ 9,240 - - Services provided / received others US$ 1,160 996 1,805 Foreign Delta Air Lines, Inc. Shareholder U.S.A Interlineal received service US$ (4,160 ) - - Interlineal provided service US$ 4,357 - - Compensation for cancellation of aircraft purchase US$ 62,000 - - Compensation for cancellation of aircraft purchase US$ 3,310 - - Compensation for cancellation of aircraft purchase US$ 30 - - Foreign QA Investments Ltd Common shareholder Jersey Channel Islands (*)Loans received US$ (125,016 ) - - (*)Interest accrued US$ (7,125 ) - - Foreign QA Investments 2 Ltd Common shareholder Jersey Channel Islands (*)Loans received US$ (125,016 ) - - (*)Interest accrued US$ (7,125 ) - - Foreign Lozuy S.A. Common shareholder Uruguay (*)Loans received US$ (25,003 ) - - (*)Interest accrued US$ (1,425 ) - - (*) Corresponding to DIP tranche C. 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, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Remuneration 8,395 13,701 14,841 Management fees 257 411 307 Non-monetary benefits 1,719 1,815 748 Short-term benefits 13,624 31,124 45,653 Long-term benefits - 8,577 2,412 Share-based payments - 3,296 (7,210 ) Termination benefits (*) 4,539 1,428 1,404 Total 28,534 60,352 58,155 (*) Includes termination benefits ThUS $ 489 related to the reorganization within the framework of Chapter 11 and classified as expenses of restructuring activities (Note 27). |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of share-based payment arrangements [text block] [Abstract] | |
SHARE-BASED PAYMENTS | 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 activated, if the target of the share price defined in each year is met. In case the bonus accumulates, up to the last year, the total bonus is doubled (in case the share price is activated). This Compensation Plan has not yet been provisioned due to the fact that the action price required for collection is below the initial target. |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2020 | |
STATEMENT OF CASH FLOWS [Abstract] | |
STATEMENT OF CASH FLOWS | (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 the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Delta Air Lines Inc. compensation (1) 62,000 350,000 - Fuel hedge (46,579 ) (9,966 ) 77,234 Hedging margin guarantees 14,962 (21,200 ) 1,573 Currency hedge - - (1,282 ) Tax paid on bank transaction (1,261 ) (11,369 ) 318 Fuel derivatives premiums (3,949 ) (17,102 ) (13,947 ) Bank commissions, taxes paid and other (5,828 ) (20,627 ) (8,179 ) Guarantees (44,279 ) (5,474 ) 14,755 Court deposits 38,527 (22,976 ) (30,860 ) Total Other inflows (outflows) Operation flow 13,593 241,286 39,612 Tax paid on bank transaction (2,192 ) (2,249 ) (2,476 ) Total Other inflows (outflows) Investment flow (2,192 ) (2,249 ) (2,476 ) Settlement of derivative contracts (107,788 ) (2,976 ) (11,675 ) Aircraft Financing advances - (55,728 ) 55,728 Total Other inflows (outflows) Financing flow (107,788 ) (58,704 ) 44,053 (c) Dividends: For the period ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Latam Airlines Group S.A. - (54,580 ) (46,591 ) Multiplus S.A. (*) - - (26,029 ) Latam Airlines Perú S.A. (*) (571 ) (536 ) - Total dividends paid (571 ) (55,116 ) (72,620 ) (*) Dividends paid to minority shareholders (d) Reconciliation of liabilities arising from financing activities: Cash flows Non cash-Flow Movements As of Obtainment Payment Interest accrued As of Obligations with financial institutions 2019 Capital Capital Interest and others (*) Reclassifications 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Loans to exporters 341,475 165,000 (359,000 ) (4,140 ) 8,366 - 151,701 Bank loans 217,255 265,627 (4,870 ) (2,397 ) 49,658 - 525,273 Guaranteed obligations 2,157,327 192,972 (48,576 ) (21,163 ) (823,984 ) (137,720 ) 1,318,856 Other guaranteed obligations 580,432 1,361,881 (42,721 ) (27,744 ) 67,268 - 1,939,116 Obligation with the public 2,064,934 - (774 ) (55,613 ) 174,860 - 2,183,407 Financial leases 1,730,843 - (236,744 ) (52,155 ) 34,837 137,720 1,614,501 Other loans 101,261 - (101,026 ) (1,151 ) 916 - - Lease liability 3,172,157 - (122,063 ) (46,055 ) 116,967 - 3,121,006 Total Obligations with financial institutions 10,365,684 1,985,480 (915,774 ) (210,418 ) (371,112 ) - 10,853,860 Cash flows Non cash-Flow Movements Obligations with As of Obtainment Payment Interest accrued As of financial institutions 2018 Capital Capital Interest and others Reclassifications 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 ) (177,948 ) 891,048 - 3,172,157 Total Obligations with financial institutions 10,119,775 1,902,592 (2,343,040 ) (550,877 ) 1,237,234 - 10,365,684 (*) Accrued interest and others, includes ThUS$ (891,407), associated with the rejection of fleet contracts. This amount includes ThUS$ (886,895) of Other secured obligations and ThUS$ (4,512) of financial leases. (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 year ended 2020 2019 ThUS$ ThUS$ Increases (payments) (31,803 ) (86,288 ) Recoveries 8,157 349,702 Total cash flows (23,646 ) 263,414 (f) Additions of property, plant and equipment and Intangibles For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Net cash flows from Purchases of property, plant and equipment 324,264 1,276,621 660,707 Additions associated with maintenance 173,740 453,827 375,634 Other additions 150,524 822,794 285,073 Purchases of intangible assets 75,433 140,173 96,206 Other additions 75,433 140,173 96,206 (g) The net effect of the application of hyperinflation in the consolidated cash flow statement for the periods ended December 31 corresponds to: For the year ended 2020 2019 ThUS$ ThUS$ Net cash flows from (used in) operating activities 18,347 118,797 Net cash flows from (used in) investment activities (13,872 ) 64,516 Net cash flows from (used in) financing activities - (56,866 ) Effects of variation in the exchange rate on cash and cash equivalents (4,475 ) (126,447 ) Net increase (decrease) in cash and cash equivalents - - |
THE ENVIRONMENT
THE ENVIRONMENT | 12 Months Ended |
Dec. 31, 2020 | |
THE ENVIRONMENT [Abstract] | |
THE ENVIRONMENT | LATAM Airlines Group S.A is committed to sustainable development seeking to generate social, economic and environmental value for the countries where it operates and for all its stakeholders. The company manages environmental issues at the corporate level, centralized in the Corporate Affairs and Sustainability Management. The company is committed to monitoring and mitigating its impact on the environment in all of its ground and air operations, being a key actor in the solution and search for alternatives to face the challenge of climate change. Some of the functions of the Corporate Affairs and Sustainability Management in environmental issues, together with the various areas of the company, is to ensure that environmental legal compliance is maintained in all the countries where it is present and in 100% of its operations, to implement and to maintain a corporate environmental management system, to use non-renewable resources such as jet fuel efficiently, to dispose of its waste responsibly, and to develop programs and actions that allow it to reduce its greenhouse gas emissions, seeking to generate environmental, social and economic benefits for the company and its environment. Within the current sustainability strategy, the environment dimension is called Climate Change, and its objective is for the company to assume a leadership role in the region in this area, for which it works on the following aspects: i. Implementation of management systems and environmental certifications ii. Promotion of a circular economy iii. Measurement and management of the corporate carbon footprint iv. Emissions Offset Program v. Development of sustainable alternative fuels and energy vi. Creation of Shared Value During 2020, the company worked on updating its sustainability strategy, co-building it with its stakeholders and experts in different topics, which allows it to respond to the new challenges it is facing by being part of the solution, with the objective of to be an asset in the countries where it operates and to generate value for them. This update was made in the midst of the health crisis, with the company convinced that its recovery comes hand in hand with being a leader in the region in sustainability. This strategy will be made public during 2021, once it has been validated by all the actors who participated. At the same time, during 2020, the company worked on the following initiatives: - Maintenance of the certification of the international standard ISO 14001 in the cargo operation in Miami. - Maintenance of the stage 2 certifications of the IEnvA environmental management system (IATA Environmental Assessment) whose scope is international flights operated from Chile, the most advanced level of this certification; being the first in the continent and one of six airlines in the world that have this certification - Maintenance of stage 1 certification of the IEnvA environmental management system (IATA Environmental Assessment) whose scope is the domestic and international operations of Colombia - Response to the DJSI (Dow Jones Sustainability Index) questionnaire - Neutralization of domestic air operations in Colombian operations - Incorporation of 100% electrical energy from renewable sources in the facilities of the maintenance base 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. - Verification of company emissions under the EU-ETS and CORSIA schemes. - Strengthening of the Solidarity Plane program. It is highlighted that LATAM Airlines Group, during 2020, had an excellent performance in the sustainability evaluation of the Dow Jones Sustainability Index, the best in its history. However, the company was delisted from the different indices (World, MILA and Chile), for being in Chapter 11. |
EVENTS SUBSEQUENT TO THE DATE O
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of events after reporting period [text block] [Abstract] | |
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS | (1) On January 28, 2021, the United States Southern District Court of New York issued an order extending the exclusive period of the debtors’, to present a reorganization plan within Chapter 11 until June 30, 2021 and extending until August 23, 2021, the period to obtain acceptances of said plan. (2) On January 29, 2021, according to Chapter 11 Procedure, the United States Southern District of New York court approved a motion to reject 2 A320 family aircraft registered under IFRS 16 as right-of-use assets. (3) On February 3, 2021, authorities of the state of Sao Paulo at the petition of the federal district authorities requested at the offices of the subsidiary Latam Airlines Brasil, financial and accounting information relative to two suppliers referring to the period 2012-2014, which was provided by that company, collaborating with the procedure. (4) On February 24, 2021 LATAM and Delta Air Lines received from the Administrative Council for Economic Defense (CADE) in Brazil the unrestricted approval of their commercial agreement (“Trans-American Joint Venture Agreement” or “JVA”), then of initial approval in September 2020. After December 31, 2020 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, 2020, have been approved in the Ordinary Board Session of March 9, 2021. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company Financial Information [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | In accordance with the requirements of SEC Rule 12-04(a) and 5-04(c) of Regulation S-X, which require condensed financial information for the financial position, changes in financial position and results of operations and cash flows of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. Due to chapter 11 procedures some subsidiaries are restricted to transfer dividends to the Parent Company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements and include the investment in subdiaries accounted for the equity method. ASSETS As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Cash and cash equivalents Cash and cash equivalents 1,295,042 538,200 Other financial assets 32,407 82,041 Other non-financial assets 82,318 126,765 Trade and other accounts receivable 282,896 442,046 Accounts receivable from related entities 412,370 214,693 Inventories 168,686 162,826 Current tax assets 2,545 5,182 Total current assets other than non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners 2,276,264 1,571,753 Non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners 300,367 489,719 Total current assets 2,576,631 2,061,472 Non-current assets Other financial assets 27,658 35,675 Investments accounted for using the equity method 9,006,797 9,801,639 Other non-financial assets 13,356 33,104 Accounts receivable 2,975 2,313 Accounts receivable from related entities 38,300 56,823 Intangible assets other than goodwill 167,893 222,260 Goodwill - 38,992 Property, plant and equipment 8,683,419 10,756,213 Deferred tax assets 553,122 - Total non-current assets 18,493,520 20,947,019 Total assets 21,070,151 23,008,491 LIABILITIES AND EQUITY As of As of December 31, December 31, LIABILITIES 2020 2019 ThUS$ ThUS$ Current liabilities Other financial liabilities 2,347,033 1,576,602 Trade and other accounts payables 1,013,399 712,790 Accounts payable to related entities 1,481,281 1,261,916 Other provisions 32 30 Other non-financial liabilities 1,411,582 1,860,979 Total current liabilities other than non-current liabilities (or disposal groups) classified as held for sale 6,253,327 5,412,317 Total current liabilities 6,253,327 5,412,317 Non-current liabilities Other financial liabilities 5,631,916 6,286,583 Accounts payable 416,034 347,529 Accounts payable to related entities 574,202 177,779 Other provisions 9,892,007 6,539,683 Deferred tax liabilities - 211,095 Employee benefits 47,915 61,793 Other non-financial liabilities 697,135 842,535 Total non-current liabilities 17,259,209 14,466,997 Total liabilities 23,512,536 19,879,314 EQUITY Share capital 3,146,265 3,146,265 Retained earnings/(losses) (4,193,615 ) 352,272 Treasury Shares (178 ) (178 ) Other reserves (1,388,185 ) (367,577 ) Parent’s ownership interest (2,435,713 ) 3,130,782 Non-controlling interest (6,672 ) (1,605 ) Total equity (2,442,385 ) 3,129,177 Total liabilities and equity 21,070,151 23,008,491 For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Revenue 1,272,077 2,958,270 3,107,993 Cost of sales (2,099,716 ) (2,860,173 ) (2,687,140 ) Gross margin (827,639 ) 98,097 420,853 Other income 948,160 1,124,033 1,157,905 Distribution costs (125,563 ) (222,585 ) (217,828 ) Administrative expenses (225,557 ) (326,640 ) (339,017 ) Other expenses (154,582 ) (211,830 ) (189,719 ) Restructuring activities expenses (837,673 ) - - Other gains/(losses) (98,790 ) 15,367 53,446 Income from operation activities (1,321,644 ) 476,442 885,640 Financial income 11,812 23,262 10,906 Financial costs (410,153 ) (479,596 ) (468,842 ) Share of profit of investments accounted for using the equity method (3,537,259 ) 88,429 (49,115 ) Foreign exchange gains/(losses) (66,004 ) (76,122 ) (78,566 ) Result of indexation units - 67 115 Income (loss) before taxes (5,323,248 ) 32,482 300,138 Income tax expense / benefit 767,713 163,131 41,648 NET INCOME (LOSS) FOR THE YEAR (4,555,535 ) 195,613 341,786 For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Cash flows from operating activities Cash collection from operating activities Proceeds from sales of goods and services 2,240,961 6,621,168 5,948,097 Other cash receipts from operating activities 52,192 122,637 89,513 Payments for operating activities Payments to suppliers for goods and services (1,713,223 ) (4,491,682 ) (4,325,619 ) Payments to and on behalf of employees (298,370 ) (466,212 ) (437,946 ) Other payments for operating activities (27,757 ) (67,056 ) (55,511 ) Interest received - 5,127 (1,454 ) Income taxes (paid) (2,764 ) - - Other cash inflows (outflows) 61,532 302,246 75,403 Net cash flows from operating activities 312,571 2,026,228 1,292,483 Cash flows from investing activities Cash flows from losses of control of subsidiaries or other businesses - - 39,108 Cash flows used to obtain control of subsidiaries or other businesses (349,125 ) - (199,701 ) Other cash receipts from sales of equity or debt instruments of other entities 30,439 172,122 242,253 Other payments to acquire equity or debt instruments of other entities (27,199 ) (172,295 ) (250,968 ) Loans to related entities - - (48,125 ) Amounts raised from sale of property, plant and equipment 75,566 42,600 112,255 Purchases of property, plant and equipment (163,022 ) (578,498 ) (545,885 ) Purchases of intangible assets (70,363 ) (66,018 ) (60,508 ) Interest received 3,235 12,757 6,200 Net cash flow (used in) investing activities (500,469 ) (589,332 ) (705,371 ) Cash flows from financing activities Payments for changes in ownership interests in subsidiaries that do not result in loss of control (3,225 ) - - Amounts raised from long-term loans 1,361,807 370,139 769,055 Amounts raised from short-term loans 296,267 93,000 293,000 Loans from Related Entities 373,125 - - Loans repayments (749,258 ) (1,632,577 ) (913,490 ) Payments of lease liabilities (90,335 ) - (545,824 ) Dividends paid - (54,580 ) (46,591 ) Interest paid (135,859 ) (283,612 ) (287,730 ) Other cash inflows (outflows) (107,782 ) (58,704 ) 44,053 Net cash flows (used in) financing activities 944,740 (1,566,334 ) (687,527 ) Net increase in cash and cash equivalents before effect of exchanges rate change 756,842 (129,438 ) (100,415 ) Effects of variation in the exchange rate on cash and cash equivalents - 5,183 - Net increase (decrease) in cash and cash equivalents 756,842 (124,255 ) (100,415 ) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR 538,200 662,455 762,870 CASH AND CASH EQUIVALENTS AT THE END OF YEAR 1,295,042 538,200 662,455 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Preparation | 2.1. Basis of Preparation These consolidated financial statements of LATAM Airlines Group S.A. as of December 31, 2020 and 2019 and for the three years ended December 31, 2020 and have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (“IASB”) and with the interpretations issued by the interpretations committee of the International Financial Reporting Standards (IFRIC). The consolidated financial statements have been prepared under the historic-cost criterion, although modified by the valuation at fair value of certain financial instruments. The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to use its judgment in applying the Company’s accounting policies. Note 4 shows the areas that imply a greater degree of judgment or complexity or the areas where the assumptions and estimates are significant to the consolidated financial statements. The consolidated financial statements have been prepared in accordance with the accounting policies used by the Company for the consolidated financial statements 2019, except for the standards and interpretations adopted as of January 1, 2020. (a) Accounting pronouncements with implementation effective from January 1, 2020: (i) Standards and amendments Date of issue Effective Date: Amendment to IFRS 3: Business combinations. October 2018 01/01/2020 Amendment to IAS 1: Presentation of Financial Statements and IAS 8 Accounting policies, changes in accounting estimates and errors. October 2018 01/01/2020 Amendment to IFRS 9: Financial instruments; IAS 39: Financial Instruments: Recognition and Measurement; and IFRS 7: Financial Instruments: Disclosure September 2019 01/01/2020 The application of these accounting pronouncements as of January 1, 2020, had no significant effect on the Company’s consolidated financial statements. (b) Accounting pronouncements not in force for the financial years beginning on January 1, 2020: (b.1.) Not early adopted: (i) Standards and amendments Date of issue Effective Date: Amendment to IFRS 9: Financial instruments; IAS 39: Financial Instruments: Recognition and Measurement; IFRS 7: Financial Instruments: Disclosure; IFRS 4: Insurance contracts; and IFRS 16: Leases. August 2020 01/01/2021 Amendment to IFRS 4: Insurance contracts June 2020 01/01/2023 Amendment to IFRS 17: Insurance contracts. June 2020 01/01/2023 Amendment to IFRS 3: Business combinations. May 2020 01/01/2022 Amendment to IAS 37: Provisions, contingent liabilities and contingent assets. May 2020 01/01/2022 Amendment to IAS 16: Property, plant and equipment. May 2020 01/01/2022 Amendment to IAS 1: Presentation of financial statements. January 2020 01/01/2023 IFRS 17: Insurance contracts May 2017 01/01/2023 Amendment to IFRS 10: Consolidated financial statements and IAS 28: Investments in associates and joint ventures. September 2014 Not determined (ii) Improvements Improvements to International Information Standards Financial (2018-2020 cycle) IFRS 1: First-time adoption of international financial reporting standards, IFRS 9: Financial Instruments, illustrative examples accompanying IFRS 16: Leases, IAS 41: Agriculture May 2020 01/01/2022 The Company’s management estimates that the adoption of the standards, amendments and interpretations described above will not have a significant impact on the Company’s consolidated financial statements in the exercise of their first application. (b.2.) Early adopted standard: (i) Standards and amendments Date of issue Effective Date: Amendment to IFRS 16: Leases. May 2020 06/01/2020 (b.3.) Adoption of IFRS 9 Financial Instruments for hedge accounting: On January 1, 2018, the effective adoption date of IFRS 9 Financial Instruments, the Company established the accounting policy to continue applying IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting. On January 1, 2021, the Company will modify this accounting policy and adopt IFRS 9 in relation to hedge accounting, aligning the requirements for hedge accounting with the Company’s risk management policies. The Company has evaluated the hedge relationships in force as of December 31, 2020, and has determined that they meet the criteria for hedge accounting under IFRS 9 Financial Instruments as of January 1, 2021 and, consequently, they will be considered relationships continuous coverage. The time value of the options used as hedging instruments, effective at the closing of these Consolidated Financial Statements, will not continue to be designated as part of the hedging relationship but their recognition will continue in Other Comprehensive Income until the forecast transaction occurs at which time will be recognized in the income statement. As of December 31, 2020, the amount recognized in Equity corresponding to the temporal value of the options is ThUS $ (380). The hedge accounting requirements of IFRS 9 will be applied prospectively. The Company estimates that the application of this part of the standard will not have significant impact on consolidated financial statements. The Company is modifying the documentation of the existing hedging relationships as of December 31, 2020 in accordance with the provisions of IFRS 9 Financial Instruments. (c) Chapter 11 Filing and Going Concern The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As disclosed in the accompanying consolidated financial statements, the Company incurred a net loss attributable to owners of the parent of US$ 4,546 million for the year ended December 31, 2020. As of that date, the Company has a negative working capital of US$ 4,348 million and will require additional working capital during 2021 to support a sustainable business operation. As of December 31, 2020, the company has negative equity of US$ 2,436 million, which corresponds to the attributable equity to the owners of the parent. On May 26, 2020 (the “Initial Petition Date”), LATAM Airlines Group S.A. and certain of its direct and indirect subsidiaries (collectively, the “Initial Debtors”) filed voluntary petitions for reorganization (the “Initial Bankruptcy Filing”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). On July 7, 2020 (the “Piquero Petition Date”), Piquero Leasing Limited (“Piquero”) also filed a petition for reorganization with the Bankruptcy Court (the “Piquero Bankruptcy Filing”). On July 9, 2020 (together with the Initial Petition Date and Piquero Petition Date, as applicable, the “Petition Date”), TAM S.A. and certain of its subsidiaries in Brazil (together with the Initial Debtors and Piquero, the “Debtors”) also filed petitions for reorganization (together with the Initial Bankruptcy Filing and the Piquero Bankruptcy Filing, the “Bankruptcy Filing”), as a consequence of the prolonged effects of the COVID-19 Pandemic. The Bankruptcy Filing for each of the Debtors is being jointly administered under the caption “In re LATAM Airlines Group S.A.” Case Number 20-11254. The Debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Bankruptcy Filing is intended to permit the Company to reorganize and improve liquidity, wind down unprofitable contracts and amend its capacity purchase agreements to enable sustainable profitability. The Company’s goal is to develop and implement a plan of reorganization that meets the standards for confirmation under the Bankruptcy Code. As part of their overall reorganization process, the Debtors also have sought and received relief in certain non-U.S. jurisdictions. On May 27, 2020, the Grand Court of the Cayman Islands granted the applications of certain of the Debtors for the appointment of provisional liquidators (“JPLs”) pursuant to section 104(3) of the Companies Law (2020 Revision). On June 4, 2020, the 2nd Civil Court of Santiago, Chile issued an order recognizing the Chapter 11 proceeding with respect to the LATAM Airlines Group S.A., Lan Cargo S.A., Fast Air Almacenes de Carga S.A., Latam Travel Chile II S.A., Lan Cargo Inversiones S.A., Transporte Aéreo S.A., Inversiones Lan S.A., Lan Pax Group S.A. and Technical Training LATAM S.A. All remedies filed against the order have been rejected and the decision is, then, final. Finally, on June 12, 2020, the Superintendence of Companies of Colombia granted recognition to the Chapter 11 proceedings. On July 10, 2020, the Grand Court of the Cayman Islands granted the Debtors’ application for the appointment of JPLs to Piquero Leasing Limited. Operation and Implication of the Bankruptcy Filing: The Debtors continue to operate their businesses and manage their properties as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. As debtors-in-possession, the Debtors are authorized to engage in transactions within the ordinary course of business without prior authorization of the Bankruptcy Court. The protections afforded by the Bankruptcy Code allows the Debtors to operate their business without interruption, and the Bankruptcy Court has granted additional relief including, inter alia, the authority, but not the obligation, to (i) pay amounts owed under certain critical airline agreements; (ii) pay certain third-parties who hold liens or other possessory interests in the Debtors’ property; (iii) pay employee wages and continue employee benefit programs; (iv) pay prepetition taxes and related fees; (v) continue insurance and surety bond programs; (vi) pay certain de minimis litigation judgements or settlements without prior approval of the Bankruptcy Court; (vii) pay fuel supplies; and As debtors-in-possession, the Debtors may use, sell, or lease property of their estates, subject to the Bankruptcy Court’s approval if not otherwise in the ordinary course of business. The Debtors have not yet prepared or filed with the Bankruptcy Court a plan of reorganization, and, pursuant to section 1121 of the Bankruptcy Code, have the exclusive right to propose such a plan on or before June 30, 2021, or such later date as may be further ordered by the Bankruptcy Court. The ultimate plan of reorganization, which can only be adopted after meeting all requirements set forth in sections 1126 and 1129 of the Bankruptcy Code and subject to approval by the Bankruptcy Court, could materially change the amounts and classifications in the consolidated financial statements, including the value, if any, of the Debtors’ prepetition liabilities and securities. Events Leading to the Chapter 11 Cases: Since the first quarter of 2020, the passenger air transportation business has been affected worldwide by a significant decrease in international air traffic, due to the closure of international borders with the aim of protecting the population from the effects of COVID-19, an infectious disease caused by a new virus, declared a pandemic by the World Health Organization. LATAM’s preliminary assessment in the beginning of March 2020 indicated previous disease outbreaks have peaked after few months and recovered pre-outbreak levels in no more than 6 to 7 months, and the effect with scenery impacting mainly on Asia Pacific Airlines, indicating impact on Latin America of a marginal decrease of Revenue Per Kilometers forecast. For the Company, the reduction in its operation began in the middle of March 2020 with the announcement of a 30% decrease in its operations and the suspension of the guidance for 2020 in line with protection measures and boarding restrictions implemented by local governments (March 16, 2020 for Peru, Colombia and Argentina, March 18, 2020 for Chile and March 27, 2020 for Brazil). On March 16, 2020, the Company announced an update of its projection to a progressive decrease in its operation up to 70%. By March 29, 2020, COVID 19 had already generated an unprecedented shock on Airlines Industry, specifically on airlines passenger revenue. The situation has both broadened and deepened beyond the initial assessment. In response to COVID 19, governments have been imposing much more severe border restrictions and airlines have been subsequently announcing sharp capacity cuts in response to a dramatic drop in travel demand. On April 2, 2020, the Company announced a decrease in its operation by 95%. The Company’s passenger traffic for the year ended December 31, 2020, decreased by 65,8% compared to the year 2019. In order to protect liquidity, the Company has carried out financial transactions, such as the use of funds from the Revolving Credit Facility (Revolving Credit Facility) for US $ 600 million, which have affected its financial assets and liabilities, especially the items of Cash and cash equivalents and other financial liabilities. In the second quarter of 2020, the Company estimated that reactivation of its operations would occur during the third and fourth quarters of 2020. At this time there is an approximately 30% increase in the Company’s operations, however, the exact moment and pace of the full recovery are uncertain, given the significant impact of the pandemic on the countries in which it operates. Among the initiatives that the Company studied and committed to protect liquidity were the following: (i) Reduction and postponement of the investment plan for different projects; (ii) Implementation of control measurements for payments to suppliers and purchases of new goods and services; (iii) Negotiation of the payment conditions with suppliers; (iv) Ticket refunds via travel vouchers and Frequent Flyer Program points and miles; all in all, the LATAM Group will continue to honor all current and future tickets, as well as travel vouchers, frequent flyer miles and benefits, and flexibility policies; (v) Temporary reduction of salaries, considering the legal framework of each country: as of the second quarter, the Company implemented a voluntary process to reduce salaries in force until December 31, 2020. Associated with the restructuring plan and in order to adapt to the new demand scenario, the company has designed a staff reduction plan in the different countries where it operates. The costs associated with the execution of this plan were recorded in income as Restructuring activities expenses. (See note 27d); (vi) Short-term debt and debt maturities renewal; (vii) Governmental loan request in different countries in which the company operates; and Reduction of non-essential fleet and non-fleet investments The Company, in consultation with its advisors, also evaluated a variety of potential restructuring options. In the opinion of the Board, the timings for a conventional bilateral process, the possibility that creditors may have decided to engage in collection actions, the impossibility of curing defaults and the need to implement a comprehensive restructuring of LATAM Airlines to which all its creditors and other interested parties must join, lead the Board to consider an in-court bankruptcy proceedings the best alternative. In addition, the Board noted that other benefits of an in-court bankruptcy proceeding, including the imposition of the Bankruptcy Code’s “automatic stay,” which protects the Company from efforts by creditors and other interested parties to take action in respect of pre-bankruptcy debt, but which, at the same time, allows it to continue operating with its main assets, suppliers, financial parties, regulators and employees, while structuring a binding reorganization to be financially viable in a post-pandemic scenario. Due to the foregoing, and after consulting the administration and the legal and financial advisors of the Company, on May 26, 2020 the Board has resolved unanimously that LATAM Airlines should initiate a reorganization process in the United States of America according to the rules established in the Bankruptcy Code by filing a voluntary petition for relief in accordance with the same. Since the Chapter 11 filing, the Company secured up to US$ 2.45 billion in a debtor-in-possession financing facility (the “DIP Facility”) (See Note 3.1 c)). Plan of Reorganization: In order for the Company to emerge successfully from Chapter 11, the Company must obtain the Bankruptcy Court’s approval of a plan of reorganization, which will enable the Company to transition from Chapter 11 into ordinary course operations outside of bankruptcy. In connection with a plan of reorganization, the Company also may require a new credit facility, or “exit financing.” The Company’s ability to obtain such approval and financing will depend on, among other things, the timing and outcome of various ongoing matters related to the Bankruptcy Filing. A plan of reorganization determines the rights and satisfaction of claims of various creditors and parties-in-interest, and is subject to the ultimate outcome of negotiations and Bankruptcy Court decisions ongoing through the date on which the plan of reorganization is confirmed. On October 1, 2020, the Court entered an order extending the period by which the Debtors have the exclusive right to submit a plan of reorganization through and including January 29, 2021; on January 12, 2021, the Company requested a further extension until June 30, 2021. There is no guarantee that the Company will be able to obtain approval of the proposed reorganization plan from the Bankruptcy Court. The Company presently expects that any proposed plan of reorganization will provide, among other things, mechanisms for settlement of claims against the Debtors’ estates, treatment of the Company’s existing equity and debt holders, and certain corporate governance and administrative matters pertaining to the reorganized Company. Any proposed plan of reorganization will be subject to revision prior to submission to the Bankruptcy Court based upon discussions with the Company’s creditors and other interested parties, and thereafter in response to interested parties’ objections and the requirements of the Bankruptcy Code and Bankruptcy Court. There can be no assurance that the Company will be able to secure approval for the Company’s proposed plan of reorganization from the Bankruptcy Court. Going Concern: These Consolidated Financial Statements have also been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and satisfaction of liabilities in the ordinary course of business. Accordingly, the Consolidated Financial Statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Debtors be unable to continue as a going concern. As a result of the Chapter 11 proceedings, the satisfaction of the Company’s liabilities and funding of ongoing operations are subject to uncertainty as a product of the COVID-19 pandemic and the impossibility of knowing its duration at this date and, accordingly, there is a substantial doubt regarding the Company’s ability to continue as a going concern. There is no assurance that the Company will be able to emerge successfully from Chapter 11. Additionally, there is no assurance that long-term funding would be available at rates and on terms and conditions that would be financially acceptable and viable to the Company in the long term. If the Company is unable to generate additional working capital or raise additional financing when needed, it may not able to reinitiate currently suspended operations as a result of the COVID-19 pandemic, sell assets or enter into a merger or other combination with a third party, any of which could adversely affect the value of the Company’s common stock, or render it worthless. If the Company issues additional debt or equity securities, such securities may enjoy rights, privileges and priorities superior to those enjoyed by holders of the Company’s common stock, thereby diluting the value of the Company’s common stock. Additionally, in connection with the Chapter 11 Filing, material modifications could be made to the Company’s fleet and capacity purchase agreements. These modifications could materially affect the Company’s financial results going forward, and could result in future impairment charges. Chapter 11 Milestones Notice to Creditors - Effect of the Automatic Stay: The Debtors have notified all known current or potential creditors that the Chapter 11 Cases were filed. Pursuant to the Bankruptcy Code and subject to certain limited exceptions, the filing of the Chapter 11 Cases gave rise to an automatic, worldwide injunction that precludes, among other things, any act to (i) obtain possession of property of or from the Debtors’ estates, (ii) create, perfect, or enforce any lien against property of the Debtors’ estates; (iii) exercise control over property of the Debtors’ estate, wherever in the world that property may be located; and further enjoined or stayed (iv) and also ordered or suspended the commencement or continuation of any judicial, administrative, or other action or proceeding against the debtor that could have been commenced before the Petition Date or efforts to recover a claim against the Debtors that arose before the Petition Date. Vendors are being paid for goods furnished and services provided postpetition in the ordinary course of business. On August 31, 2020 (the “First Stay Motion”), and December 30, 2020 (the “Second Stay Motion”), Corporación Nacional de Consumidores y Usuarios de Chile (“CONADECUS”) filed two motions in the Bankruptcy Court seeking relief from the automatic stay in order prosecute certain actions against LATAM that are currently pending before the courts of Chile. LATAM filed a brief in opposition to the First Stay Motion, and on December 16, 2020, the Bankruptcy Court heard oral arguments on the First Stay Motion. At that hearing, the Bankruptcy Court granted the First Stay Motion for the limited purpose of allowing CONADECUS to further prosecute its pending appeal before the courts of Chile. On February 9, 2021, the Bankruptcy Court granted the Second Stay Motion on the same narrow grounds as the First Stay Motion. The Bankruptcy Court’s decisions on the First Stay Motion and Second Stay Motion did not affect the underlying proceedings in Chile beyond allowing CONADECUS to continue its pending appeals. Appointment of the Creditors’ Committee: On June 5, 2020, the United States Trustee for Region 2 appointed an official committee of unsecured creditors (the “Creditors’ Committee”) in the Initial Chapter 11 Cases. The United States Trustee has not solicited additional members for the Creditors’ Committee as a result of TAM S.A. or any of its applicable subsidiaries joining the Bankruptcy Filing. On June 12, 2020, one of the Creditors’ Committee’s members, Compañía de Seguros de Vida Consorcio Nactional de Seguros S.A. resigned from the Creditors’ Committee. No trustee or examiner has been appointed in any of these Chapter 11 Cases. No other official committee have been solicited or appointed. Assumption & Rejection of Executory Contracts: Pursuant to the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), the Debtors are authorized to assume, assign or reject certain executory contracts and unexpired leases. Absent certain exceptions, the Debtors’ rejection of an executory contract or an unexpired lease is generally treated as prepetition breach, which entitles the contract counterparty to file a general unsecured claim against the Debtors and simultaneously relives the Debtors from their future obligations under the contract or lease. Further, the Debtors’ assumption of an executory contract or unexpired lease would generally require the Debtors to satisfy certain prepetition amounts due and owning under such contract or lease. On June 28, 2020, the Bankruptcy Court authorized the Debtors to establish procedures for the rejection of certain executory contracts and unexpired leases. In accordance with these rejection procedures, the Bankruptcy Code and the Bankruptcy Rules the Debtors have or will reject certain contracts and leases (see note 17, 19 and 27). Relatedly, the Bankruptcy Court approved the Debtors’ request to extend the date by which the Debtors may assume or reject unexpired non-residential, real property leases until December 22, 2020. Following consent of certain lessors to further extend the deadline in order to finalize productive negotiations, the Debtors have moved to assume multiple airport leases at Miami-Dade, LAX and JFK related to the Debtors’ passenger and cargo businesses. Further, the Debtors have or will file motions to reject certain aircraft and engine leases: Bankruptcy Court approval date: Asset rejected: June 8, 2020 (i) 1 Boeing 767 June 24, 2020 (i) 16 Airbus A320-family aircraft; (ii) 2 Airbus A350 aircraft; and (iii) 4 Boeing 787-9 June 28, 2020 (i) 2 Engine model V2527-A5; and (ii) 2 Engine model CFM56-5B4/3 July 29, 2020 (i) 1 Engine model CFM56-5B3/3 August 19, 2020 (i) 1 Boeing 767 October 26, 2020 (i) 3 Airbus A320-family aircraft October 28, 2020 (i) 1 Airbus A319 November 5, 2020 (i) 1 A320-family aircraft As of December 31, 2020, and as a result of these contract rejections, obligations with the lenders and lessors were extinguish and also the Company lost control over the related assets, which led to the derecognition of the assets and the liabilities associated with these aircraft. See note 17, 19 and 27. All accounting effects were recorded during the year ended December 31, 2020 as Restructuring activities expenses. On November 23, 2020, the Bankruptcy Court also entered order authorizing the Debtors to assume key commercial agreements with Delta Air Lines, Inc. Relatedly, the Debtors have or will file motions to enter into certain aircraft lease amendment agreements which have the effect of, among other things, reducing the Debtors’ rental payment obligations. On December 31, 2020, the Bankruptcy Court entered an order authorizing the Debtors to enter into a lease amendment agreement with Vermillion Aviation (Two) Limited. The agreement requires the Debtors to assume the amended lease through a plan of reorganization, with certain limited exceptions. Statements and Schedules: On September 8, 2020, the Debtors filed with the Bankruptcy Court schedules and statements of financial affairs setting forth, among other things, the assets and liabilities of the Debtors (the “Statements and Schedules”). The Statements and Schedules are prepared according to the requirements of applicable bankruptcy law and are subject to further amendment or modification by the Debtors, for example: “Monthly Operating Report” (MOR). The Company on a monthly basis makes the presentation of these schedules and statements. Although the Debtors believe that these materials provide the information required under the Bankruptcy Code or orders of the Bankruptcy Court, they are nonetheless unaudited and prepared in a format different from the consolidated financial reports historically prepared by LATAM in accordance with IFRS (International Financial Reporting Standards). Certain of the information contained in the Statements and Schedules may be prepared on an unconsolidated basis. Accordingly, the Debtors believe that the substance and format of these materials do not allow meaningful comparison with their regularly publicly-disclosed consolidated financial statements. Moreover, the materials filed with the Bankruptcy Court are not prepared for the purpose of providing a basis for an investment decision relating to the Debtors’ securities, or claims against the Debtors, or for comparison with other financial information required to be reported under applicable securities law. Intercompany and Affiliate Transactions: The Debtors are authorized to continue performing certain postpetition intercompany and affiliate transactions in the ordinary course of business, including transactions with non-debtor affiliates, and to honor obligations in connection with such transactions; provided, however, the Debtors shall not make any cash payments on account of prepetition transactions with affiliates absent permission from the Bankruptcy Court, including any repayments on any prepetition loans to non-debtor affiliates pursuant to any such transactions. Out of an abundance of caution, the Debtors have also sought and received Bankruptcy Court approval to contribute capital, capitalize intercompany debt and issue shares between certain debtor affiliates. Debtor in Possession Financing On September 19, 2020, the Bankruptcy Court entered an order authorizing the Debtors to obtain postpetition “debtor-in-possession financing” in the form of a multi-draw term loan facility in an aggregate principal amount of up to US$2.45 billion (See note 3.1 c)). Establishment of Bar Dates. On September 24, 2020, the Bankruptcy Court entered an order (the “Bar Date Order”) establishing December 18, 2020, as the general deadline (the “General Bar Date”) by which persons or entities who believe they hold any claims against any Debtor that arose prior to the Petition Date, as applicable to each Debtor, must have submitted written documentation of such claims (a “Proof of Claim”). The General Bar Date was not applicable to governmental units, which must have submitted Proofs of Claims by January 5, 2021 (the “Governmental Bar Date”). Finally, as more fully described in the Bar Date Order, claims with respect to rejected contracts or unexpired leases may be subject to a deadline later than the General Bar Date (the “Rejection Bar Date” and, together with the General Bar Date and the Governmental Bar Date, the “Bar Dates’). Any person or entity that fails to timely file its Proof of Claim by the applicable Bar Date will be forever barred from asserting their claim and will not receive any distributions made as part of the ultimate plan of reorganization. Notice of the Bar Dates, as well as instructions on how to file Proof of Claims, were sent to all known creditors and published in various newspapers in the United States and South America. On December 17, 2020, the Court entered an order establishing a supplemental bar date of February 5, 2021 (the “Supplemental Bar Date”), for certain non-U.S. claimants not otherwise subject to the General Bar Date. The Supplemental Bar Date applies only to those entities and individuals specifically identified in the court order. Any person or entity that fails to timely file its Proof of Claim by the Supplemental Bar Date will be forever barred from asserting their claim and will not receive any distributions made as part of the ultimate plan of reorganization. Following the close of the General Bar Date and the Supplemental Bar Date, the Debtors have continued the process of reconciling approximately 6,000 submitted claims and have developed procedures to streamline the claims process. The Company has already filed objections to a number of claims and anticipates continuing to do so in the coming months. Although many objections have been entered on an omnibus basis, some claims disputes will likely require individualized adjudication by the Bankruptcy Court. Further, the Company has also filed a motion requesting approval of alternative dispute resolution procedures to resolves certain claims disputes outside of the Bankruptcy Court. Given the need to reconcile claims against the Company’s books and records and to resolve claims disputes both in and outside of the Bankruptcy Court, the Company is not yet able to make a reliable estimate of the final claims pool, both in terms of the final number of claims and the value of such claims. |
Basis of Consolidation | 2.2. Basis of Consolidation (a) Subsidiaries Subsidiaries are all the entities (including special-purpose entities) over which the Company has the power to control the financial and operating policies, which are generally accompanied by a holding of more than half of the voting rights. In evaluating whether the Company controls another entity, the existence and effect of potential voting rights that are currently exercisable or convertible at the date of the consolidated financial statements are considered. The subsidiaries are consolidated from the date on which control is passed to the Company and they are excluded from the consolidation on the date they cease to be so controlled. The results and 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. |
Foreign currency transactions | 2.3. Foreign currency transactions (a) Presentation and functional currencies The items included in the financial statements of each of the entities of LATAM Airlines Group S.A. and Subsidiaries are valued using the currency of the main economic environment in which the entity operates (the functional currency). The functional currency of LATAM Airlines Group S.A. is the United States dollar which is also the presentation currency of the consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries. (b) Transactions and balances Foreign currency transactions are translated to the functional currency using the exchange rates on the transaction dates. Foreign currency gains and losses resulting from the liquidation of these transactions and from the translation at the closing exchange rates of the monetary assets and liabilities denominated in foreign currency are shown in the consolidated statement of income by function except when deferred in Other comprehensive income as qualifying cash flow hedges. (c) Adjustment due to hyperinflation After July 1, 2018, the Argentine economy was considered, for purposes of IFRS, hyperinflationary. The 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 or exercise in which the economy of the entity ceases to be considered as a hyperinflationary economy, at that time, the adjustments made by hyperinflation will be part of the cost of non-monetary assets and liabilities. The comparative amounts in the Consolidated financial statements of the Company are presented in a stable currency and are not adjusted for subsequent changes in the price level or exchange rates. (d) Group entities The results and the financial situation of the Group’s entities, whose functional currency is different from the presentation currency of the consolidated financial statements, of LATAM Airlines Group S.A., which does not correspond to the currency of a hyperinflationary economy, are converted into the currency of presentation as follows: (i) Assets and liabilities of each consolidated statement of financial position presented are translated at the closing exchange rate on the consolidated statement of financial position date; (ii) The revenues and expenses of each income statement account are translated at the exchange rates prevailing on the transaction dates, and (iii) All the resultant exchange differences by conversion are shown as a separate component in other comprehensive income, within “Gain (losses) from exchange rate difference, before tax”. For those subsidiaries of the group whose functional currency is different from the presentation currency and, moreover, corresponds to the currency of a hyperinflationary economy; its restated results, cash flow and financial situation are converted to the presentation currency at the closing exchange rate on the date of the consolidated financial statements. The exchange rates used correspond to those fixed in the country where the subsidiary is located, whose functional currency is different to the U.S. dollar. 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. Property, plant and equipment The land of LATAM Airlines Group S.A. and Subsidiaries, are recognized at cost less any accumulated impairment loss. The rest of the Properties, plants and equipment are recorded, both in their initial recognition and in their subsequent measurement, at their historical cost, restated for inflation when appropriate, less the corresponding depreciation and any loss due to 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. This charge is recognized in the captions “Cost of sale” and “Administrative expenses”. The residual value and the useful life of the assets are reviewed and adjusted, if necessary, once a year. When the value of an asset exceeds its estimated recoverable amount, its value is immediately reduced to its recoverable amount. Losses and gains from the sale of property, plant and equipment are calculated by comparing the consideration with the book value and are included in the consolidated statement of income. |
Intangible assets other than goodwill | 2.5. Intangible assets other than goodwill (a) Airport slots and Loyalty program Airport slots and the Loyalty program correspond to intangible assets with indefinite useful lives and are annually tested for impairment as an integral part of the CGU Air Transport. Airport Slots correspond to an administrative authorization to carry out operations of arrival and departure of aircraft, at a specific airport, within a certain period of time. The Loyalty program corresponds to the system of accumulation and exchange of points that is part of TAM Linhas Aereas S.A. The airport slots and Loyalty program were recognized at fair value under IFRS 3, as a consequence of the business combination with TAM S.A. and Subsidiaries. (b) Computer software Licenses for computer software acquired are capitalized on the basis of the costs incurred in acquiring them and preparing them for using the specific software. These costs are amortized over their estimated useful lives, for which the Company has 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 3. The Company has defined a useful life of five years, period in which the value of the brands will be amortized. |
Goodwill | 2.6. Goodwill 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. Borrowing costs Interest costs incurred for the construction of any qualified asset are capitalized over the time necessary for completing and preparing the asset for its intended use. Other interest costs are recognized in the consolidated statement of income when accrued. |
Losses for impairment of non-financial assets | 2.8. Losses for impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Assets subject to amortization are tested for impairment losses whenever any event or change in circumstances indicates that the carrying amount may not be recoverable. An impairment loss is recognized for the excess of the carrying amount of the asset over its recoverable amount. The recoverable amount is the fair value of an asset less the costs for sale or the value in use, whichever is greater. For the purpose of evaluating impairment losses, assets are grouped at the lowest level for which there are largely independent cash inflows (cash generating unit. Non-financial assets, other than goodwill, that would have suffered an impairment loss are reviewed if there are indicators of reversal of losses. Impairment losses are recognized in the consolidated statement of income under “Other gains (losses)”. |
Financial assets | 2.9. Financial assets The Company classifies its financial assets in the following categories: at fair value (either through other comprehensive income, or through gains or losses), and at amortized cost. The classification depends on the business model of the entity to manage the financial assets and the contractual terms of the cash flows. The group reclassifies debt investments when, and only when, it changes its business model to manage those assets. In the initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset classified at amortized cost, the transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets accounted for at fair value through profit or loss are recorded as expenses in the 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 or exercise in which it arises. (b) Equity instruments Changes in the fair value of financial assets at fair value through profit or loss are recognized in other gains / (losses) in the 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. Derivative financial instruments and hedging activities 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 or exercise 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)”. |
Inventories | 2.11. Inventories Inventories, are shown at the lower of cost and their net realizable value. The cost is determined on the basis of the weighted average cost method (WAC). The net realizable value is the estimated selling price in the normal course of business, less estimated costs necessary to make the sale. |
Trade and other accounts receivable | 2.12. Trade and other accounts receivable Commercial accounts receivable are initially recognized at their fair value and subsequently at their amortized cost in accordance with the effective rate method, less the provision for impairment according to the model of the expected credit losses. The Company applies the simplified approach permitted by IFRS 9, which requires that expected lifetime losses be recognized upon initial recognition of accounts receivable. In the event that the Company transfers its rights to any financial asset (generally accounts receivable) to a third party in exchange for a cash payment, the Company evaluates whether all risks and rewards have been transferred, in which case the account receivable is derecognized. The existence of significant financial difficulties on the part of the debtor, the probability that the debtor goes bankrupt or financial reorganization are considered indicators of a significant increase in credit risk. The carrying amount of the asset is reduced as the provision account is used and the loss is recognized in the consolidated income statement under “Cost of sales”. When an account receivable is written off, it is regularized against the provision account for the account receivable. |
Cash and cash equivalents | 2.13. Cash and cash equivalents Cash and cash equivalents include cash and bank balances, time deposits in financial institutions, and other short-term and highly liquid investments. |
Capital | 2.14. Capital The common shares are classified as net equity. Incremental costs directly attributable to the issuance of new shares or options are shown in net equity as a deduction from the proceeds received from the placement of shares. |
Trade and other accounts payables | 2.15. Trade and other accounts payables Trade payables and other accounts payable are initially recognized at fair value and subsequently at amortized cost. |
Interest-bearing loans | 2.16. Interest-bearing loans Financial liabilities are shown initially at their fair value, net of the costs incurred in the transaction. Later, these financial liabilities are valued at their amortized cost; any difference between the proceeds obtained (net of the necessary arrangement| costs) and the repayment value, is shown in the consolidated statement of income during the term of the debt, according to the effective interest rate method. Financial liabilities are classified in current and non-current liabilities according to the contractual payment dates of the nominal principal. |
Current and deferred taxes | 2.17. Current and deferred taxes 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. |
Employee benefits | 2.18. Employee benefits (a) Personnel vacations The Company recognizes the expense for personnel vacations on an accrual basis. (b) Share-based compensation The compensation plans implemented based on the 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 or exercise, is recorded as a liability with charge to remuneration. (c) Post-employment and other long-term benefits Provisions are made for these obligations by applying the method of the projected unit credit method, and considering estimates of future permanence, mortality rates and future wage increases determined on the basis of actuarial calculations. The discount rates are determined by reference to market interest-rate curves. Actuarial gains or losses are shown in other comprehensive income. (d) Incentives The Company has an annual incentives plan for its personnel for compliance with objectives and individual contribution to the results. The incentives eventually granted consist of a given number or portion of monthly remuneration and the provision is made on the basis of the amount estimated for distribution. (e) Termination benefits The group recognizes termination benefits at the earlier of the following dates: (a) when the group terminates laboral relation; and (b) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. |
Provisions | 2.19. Provisions Provisions are recognized when: (i) The Company has a present legal or implicit obligation as a result of past events; (ii) It is probable that payment is going to be necessary to settle an obligation; and (iii) The amount has been reliably estimated. |
Revenue from contracts with customers | 2.19. Provisions Provisions are recognized when: (i) The Company has a present legal or implicit obligation as a result of past events; (ii) It is probable that payment is going to be necessary to settle an obligation; and (iii) The amount has been reliably estimated. (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 moment of providing the corresponding service. These assets are included under the heading “Other current non-financial assets” in the Consolidated Classified Statement of Financial Position. (d) Frequent passenger program The Company maintains the following loyalty programs: LATAM Pass and LATAM Pass Brasil, whose objective is building customer loyalty through the delivery of miles or points. These programs give their frequent passengers the possibility of earning LATAMPASS’s miles or points, which grant the right to a selection of both air and non-air awards. Additionally, the Company sells the LATAMPASS miles or points to financial and non-financial partners through commercial alliances to award miles or points to their customers. To reflect the miles and points earned, the loyalty program mainly includes two types of transactions that are considered revenue arrangements with multiple performance obligations: (1) Passenger Ticket Sales Earning miles or points (2) miles or points sold to financial and non-financial partner (1) Passenger Ticket Sales Earning Miles or Points. In this case, the miles or points are awarded to customers at the time that the company performs the flight. To value the miles or points earned with travel, we consider the quantitative value a passenger receives by redeeming miles for a ticket rather than paying cash, which is referred to as Equivalent Ticket Value (“ETV”). Our estimate of ETV is adjusted for miles and point that are not likely to be redeemed (“breakage”). The balance of miles and point that are pending to redeem are include on deferred revenue. (2) Miles sold to financial and non-financial partner To value the miles or points earns through financial and non-financial partners,the performance obligations with the client are estimated separately. To calculate these performance obligations, different components that add value in the commercial contract must be considered, such as marketing, advertising and other benefits, and finally the value of the points awarded to customers based on our ETV. The value of each of these components is finally allocated in proportion to their relative prices. The performance obligations associated with the valuation of the points or miles earned become part of the Deferred Revenue, and the remaining performance obligations, are recorded as revenue when the miles or points are delivered to the client. When the miles and points are exchanged for products and services other than the services provided by the Company, the income is recognized immediately, when the exchange is made for air tickets of any airline of LATAM Airlines Group S.A. and subsidiaries, the income is deferred until the air transport service is provided. The miles and points that the Company estimates will not be exchanged are recognized in the results based on the consumption pattern of the miles or points effectively exchanged by customers. The Company uses statistical models to estimate the probability of exchange, which is based on historical patterns and projections. (e) Dividend income Dividend income is recognized when the right to receive payment is established. |
Leases | 2.21. Leases The Company recognizes contracts that meet the definition of a lease, as a right of use asset and a lease liability on the date when the underlying asset is available for use. 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. 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. Interest accrued on financial liabilities is recognized in the consolidated statement of income in “Financial costs”. 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 to IFRS 9 and continue to be presented within the “Other financial liabilities” described in Note 19. On the other hand, the aircraft are presented in Property, Plants and Equipment, as described in Note 17, as “own aircraft”. The Group qualifies as sale and lease transactions, operations that lead to a sale according to IFRS 15. More specifically, a sale is considered as such if there is no option to purchase the goods at the end of the lease term. If the sale by the seller-lessee is classified as a sale in accordance with IFRS 15, the underlying asset is derecognized, and a right-of-use asset equal to the portion retained proportionally of the amount of the asset is recognized. If the sale by the seller-lessee is not classified as a sale in accordance with IFRS 15, the transferred assets are kept in the financial statements and a financial liability equal to the sale price is recognized (received from the buyer-lessor). The Company has applied the practical solution allowed by IFRS 16 for those contracts that meet the established requirements and that allows a lessee to choose not to evaluate if the concessions that it obtains derived from COVID-19 are a modification of the lease. |
Non-current assets or disposal groups classified as held for sale | 2.21. Leases The Company recognizes contracts that meet the definition of a lease, as a right of use asset and a lease liability on the date when the underlying asset is available for use. 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. 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. Interest accrued on financial liabilities is recognized in the consolidated statement of income in “Financial costs”. 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 to IFRS 9 and continue to be presented within the “Other financial liabilities” described in Note 19. On the other hand, the aircraft are presented in Property, Plants and Equipment, as described in Note 17, as “own aircraft”. The Group qualifies as sale and lease transactions, operations that lead to a sale according to IFRS 15. More specifically, a sale is considered as such if there is no option to purchase the goods at the end of the lease term. If the sale by the seller-lessee is classified as a sale in accordance with IFRS 15, the underlying asset is derecognized, and a right-of-use asset equal to the portion retained proportionally of the amount of the asset is recognized. If the sale by the seller-lessee is not classified as a sale in accordance with IFRS 15, the transferred assets are kept in the financial statements and a financial liability equal to the sale price is recognized (received from the buyer-lessor). The Company has applied the practical solution allowed by IFRS 16 for those contracts that meet the established requirements and that allows a lessee to choose not to evaluate if the concessions that it obtains derived from COVID-19 are a modification of the lease. Non-current assets (or disposal groups) classified as assets held for sale are shown at the lesser of their book value and the fair value less costs to sell. |
Maintenance | 2.23. Maintenance The costs incurred for scheduled heavy maintenance of the aircraft’s fuselage and engines are capitalized and depreciated until the next maintenance. The depreciation rate is determined on technical grounds, according to the use of the aircraft expressed in terms of cycles and flight hours. In case of aircraft include in property, plant and equipment, these maintenance cost are capitalized as Property, plant and equipment, while in the case of aircraft on right of use, a liability is accrued based on the use of the main components is recognized, since a contractual obligation with the lessor to return the aircraft on agreed terms of maintenance levels exists. These are recognized as Cost of sales. Additionally, some contracts that comply with the definition of lease establish the obligation of the lessee to make deposits to the lessor as a guarantee of compliance with maintenance and return conditions. These deposits, often called maintenance reserves, accumulate until a major maintenance is performed, once made, the recovery is requested to the lessor. At the end of the contract period, there is comparison between the reserves that have been paid and required return conditions, and compensation between the parties are made if applicable. The unscheduled maintenance of aircraft and engines, as well as minor maintenance, are charged to results as incurred. |
Environmental costs | 2.24. Environmental costs Disbursements related to environmental protection are charged to results when incurred. |
GENERAL INFORMATION (Tables)
GENERAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of general information about financial statements [text block] [Abstract] | |
Schedule of consolidated financial statements | Country Functional As December 31, 2020 As December 31, 2019 As December 31, 2018 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 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$ 23.6200 76.1900 99.8100 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 100.0000 0.0000 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 99.9714 0.0286 100.0000 0.0000 100.0000 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 0.0000 100.0000 100.0000 99.9999 0.0001 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 99.8900 0.1100 100.0000 0.0000 100.0000 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 96.2208 3.2208 99.4416 96.2208 3.7792 100.0000 0.0000 100.0000 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 99.9800 0.0200 100.0000 99.9800 0.0200 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 99.0000 1.0000 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, 2020, 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 subsidiaries | Statement of financial position Net Income December 31, As of December 31, 2020 As of December 31, 2019 As of December 31, 2018 2020 2019 2018 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain /(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 96.518.860-6 Latam Travel Chile S.A. and Subsidiary - - - - - - 10,841 3,909 6,932 - - 2,385 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 404,944 1,624,944 (1,219,539 ) 632,673 1,487,248 (853,624 ) 526,017 1,281,800 (751,960 ) (290,980 ) (26,551 ) (48,061 ) Foreign Latam Airlines Perú S.A. 661,721 486,098 175,623 519,363 510,672 8,691 419,325 409,221 10,104 (175,485 ) (3,550 ) 5,416 93.383.000-4 Lan Cargo S.A. 749,789 567,128 182,661 634,852 462,666 172,186 513,367 336,715 176,652 10,936 (4,157 ) (34,322 ) Foreign Connecta Corporation 57,922 17,335 40,587 64,110 24,023 40,087 66,593 28,183 38,410 500 1,677 16,923 Foreign Prime Airport Services Inc. and Subsidiary (*) 25,050 26,265 (1,215 ) 22,068 23,102 (1,034 ) 15,817 17,654 (1,837 ) (181 ) 802 1,225 96.951.280-7 Transporte Aéreo S.A. 546,216 347,714 198,502 359,335 142,423 216,912 331,496 129,233 202,263 (39,032 ) 14,610 (17,609 ) 96.631.520-2 Fast Air Almacenes de Carga S.A. 20,132 11,576 8,556 20,182 12,601 7,581 17,057 9,614 7,443 500 796 (3 ) Foreign Laser Cargo S.R.L. (6 ) - (6 ) (10 ) - (10 ) 26 13 13 - - (3 ) Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 218,435 14,355 203,829 48,929 15,228 33,450 53,326 13,040 40,028 (92,623 ) (6,579 ) 19,121 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary (*) 250,027 86,691 130,823 65,422 78,890 (12,111 ) 181,522 192,059 (9,614 ) 1,452 (2,497 ) 497 96.575.810-0 Inversiones Lan S.A. and Subsidiaries (*) 1,394 65 1,329 1,329 50 1,279 1,383 50 1,333 50 (54 ) (4,774 ) 96.847.880-K Technical Trainning LATAM S.A. 2,181 625 1,556 2,378 1,075 1,303 2,879 1,031 1,848 60 (282 ) 884 Foreign Latam Finance Limited 1,310,735 1,584,311 (273,576 ) 1,362,762 1,531,238 (168,476 ) 679,034 756,774 (77,740 ) (105,100 ) (90,736 ) (47,723 ) Foreign Peuco Finance Limited 1,307,721 1,307,721 - 664,458 664,458 - 608,191 608,191 - - - - Foreign Profesional Airline Services INC. 17,345 14,772 2,573 3,509 1,950 1,559 2,430 1,967 463 1,014 1,096 197 Foreign Jarletul S.A. 34 1,076 (1,042 ) 150 860 (710 ) 18 125 (107 ) (332 ) (603 ) (107 ) Foreign TAM S.A. and Subsidiaries (*) 3,110,055 3,004,935 105,120 5,090,180 3,550,875 1,539,305 4,420,546 3,256,017 1,164,529 (1,025,814 ) 186,140 389,072 (*) The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of level of hedge | Positions as of December 31, 2020 (*) Maturities Q121 Q221 Q321 Q421 Total Percentage of coverage over the expected volume of consumption 3.0 % 2.8 % 2.6 % 2.6 % 2.7 % 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 percentage shown in the table considers all the hedging instruments (swaps and options). (*) The volume shown in the table considers all the hedging instruments (swaps and options). |
Schedule of sensitivity analysis | Appreciation (depreciation)(*) Effect at December 31, 2020 Effect at December 31, 2019 of R$ MUS$ MUS$ -10% - -0.6 +10% - +1.1 Appreciation (depreciation)(*) Effect at December 31, 2020 Effect at December, 2019 of R$/US$(*) MUS$ MUS$ -10% +10.9 +9.5 +10% - 10.9 -9.5 Appreciation (depreciation) Effect at December 31, 2020 Effect at December 31, 2019 of R$/US$ MUS$ MUS$ -10% +191.53 +402.48 +10% -156.71 -329.29 (*) Appreciation (depreciation) of US$ regard to the covered currencies. |
Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity | More than More than More than Annual Tax No. Creditor Creditor Currency Up to 90 days one to three to More than five years Total Nominal Amortization Effective Nominal ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 SCOTIABANK Chile US$ 76,929 - - - - 76,929 74,000 At Expiration 3.08 3.08 97.030.000-7 BANCO ESTADO Chile US$ 41,543 - - - - 41,543 40,000 At Expiration 3.49 3.49 76.645.030-K ITAU Chile US$ 20,685 - - - - 20,685 20,000 At Expiration 4.20 4.20 97.951.000-4 HSBC Chile US$ 12,545 - - - - 12,545 12,000 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORP BANCA Chile UF 11,631 - - - - 11,631 11,255 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ 3,323 2,678 139,459 - - 145,460 139,459 Quarterly 2.80 2.80 76.362.099-9 BTG Chile UF 2,104 68,920 - - - 71,024 67,868 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCO ESTADO Chile UF 23,210 26,857 217,555 35,041 429,101 731,764 560,113 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 80,063 76,125 208,250 836,063 828,000 2,028,501 1,500,000 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 50,500 40,889 104,166 107,342 219,666 522,563 474,273 Quarterly / Semiannual 2.95 2.95 0-E NATIXIS France US$ 47,918 37,509 84,048 84,487 35,712 289,674 271,129 Quarterly 3.11 3.11 0-E INVESTEC England US$ 11,502 9,425 21,042 - - 41,969 37,870 Semiannual 6.21 6.21 0-E MUFG U.S.A. US$ 37,114 28,497 77,881 80,678 194,901 419,071 382,413 Quarterly 2.88 2.88 0-E SMBC U.S.A. US$ 131,345 - - - 131,345 130,000 At Expiration 1.73 1.73 Other guaranteed obligation 0-E CREDIT AGRICOLE France US$ 1,347 275,773 - - - 277,120 273,199 At Expiration 1.92 1.92 0-E MUFG U.S.A. US$ 87,611 74,852 119,460 19,950 - 301,873 291,519 Quarterly 2.67 2.67 0-E CITIBANK U.S.A. US$ 3,405 10,404 603,443 - - 617,252 600,000 At Expiration 2.27 2.27 0-E BANK OF UTAH U.S.A. US$ - - 952,990 - - 952,990 793,003 At Expiration 22.19 13.19 Financial lease 0-E ING U.S.A. US$ 5,965 - - - - 5,965 5,965 Quarterly 5.71 5.01 0-E CREDIT AGRICOLE France US$ 13,889 2,057 2,062 - - 18,008 17,961 Quarterly 1.99 1.54 0-E CITIBANK U.S.A. US$ 79,117 61,983 118,372 46,115 19,118 324,705 312,792 Quarterly 2.58 1.77 0-E PEFCO U.S.A. US$ 1,926 - - - - 1,926 1,926 Quarterly 5.65 5.03 0-E BNP PARIBAS U.S.A. US$ 14,851 2,343 793 - - 17,987 17,951 Quarterly 1.81 1.41 0-E WELLS FARGO U.S.A. US$ 114,952 104,946 237,945 99,232 - 557,075 541,406 Quarterly 2.43 1.74 97.036.000-K SANTANDER Chile US$ 21,551 17,851 26,308 - - 65,710 65,247 Quarterly 1.30 0.76 0-E RRPF ENGINE LEASING England US$ 4,093 3,382 8,826 4,870 - 21,171 18,489 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 4,589 4,763 12,977 755 - 23,084 22,730 Quarterly 1.61 1.01 0-E BTMU U.S.A. US$ 11,620 9,647 26,261 770 - 48,298 47,609 Quarterly 1.63 1.03 0-E US BANK U.S.A. US$ 60,527 54,611 144,670 86,076 - 345,884 327,419 Quarterly 4.00 2.82 0-E PK AIRFINANCE U.S.A. US$ 4,624 12,202 3,153 - 19,979 19,522 Monthly 1.98 1.98 TOTAL 980,479 925,714 3,109,661 1,401,379 1,726,498 8,143,731 7,077,118 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NCM Netherlands US$ 452 497 61 - - 1,010 943 Monthly 6.01 6.01 0-E BANCO BRADESCO Brazil BRL 91,672 - - - - 91,672 80,175 Monthly 4.34 4.33 0-E BANCO DO BRASIL Brazil BRL 208,987 - - - - 208,987 199,557 Monthly 3.95 3.95 Financial leases 0-E NATIXIS France US$ 31,482 9,276 42,383 - - 83,141 81,260 Quarterly / Semiannual 4.09 4.09 0-E WAC AP OU LEASING S.A. Luxembourg US$ 2,460 2,442 25 - - 4,927 4,759 Quarterly 2.00 2.00 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 134,919 - - - - 134,919 144,120 Quarterly 3.07 3.01 0-E GA TELESIS LLC U.S.A. US$ 758 1,753 4,675 4,675 7,969 19,830 12,261 Monthly 14.72 14.72 TOTAL 470,730 13,968 47,144 4,675 7,969 544,486 523,075 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Lease Liability - AIRCRAFT OTHERS US$ 226,510 679,529 877,438 812,821 889,072 3,485,370 3,026,573 - - - - OTHER ASSETS OTHERS US$ 3,403 9,953 6,706 18,271 6,349 44,682 46,520 - - - UF 2,103 5,836 1,072 1,973 2,485 13,469 11,401 - - - COP 22 7 14 - - 43 48 - - - EUR 156 443 188 - - 787 772 - - - PEN 29 15 49 - - 93 137 - - - BRL 1,002 3,891 14,414 - - 19,307 35,555 - - - Trade and other accounts payables - OTHERS OTHERS US$ 330,172 47,781 - - 377,953 377,953 - - - CLP 230,997 119,337 - - 350,334 350,334 - - - BRL 359,350 5,859 - - 365,209 365,209 - - - Other currency 598,619 65,684 - - 664,303 664,303 - - - Accounts payable to related parties currents Foreign Delta Airlines U.S.A US$ 805 - - - 805 805 - - - Foreign Patagonia Seafarms INC U.S.A CLP 7 - - - 7 7 97.810.370-9 Inversiones Costa Verde Ltda. y CPA. Chile CLP - - 105,713 - 105,713 105,713 Foreign QA Investments Ltd Jersey Channel Islands US$ - - 132,141 - 132,141 132,141 - - - Foreign QA Investments 2 Ltd Jersey Channel Islands US$ - - 132,141 - 132,141 132,141 Foreign Lozuy S.A. Uruguay US$ - - 26,428 - - 26,428 26,428 - - - Total 1,753,175 938,335 1,296,304 833,065 897,906 5,718,785 5,276,040 Total consolidated 3,204,384 1,878,017 4,453,109 2,239,119 2,632,373 14,407,002 12,876,233 Up to More than More than More than More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 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 Bank loans 97.023.000-9 CORP BANCA 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 Obligations with the public 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 Guaranteed obligations 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 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 Other guaranteed obligation 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 Financial lease 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 IP EX-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 Other loans 0-E CITIBANK (*) U.S.A. US$ 26,111 78,742 - - - 104,853 101,026 Quarterly 6.00 6.00 Hedge derivative - 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 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NCM Netherlands US$ 173 499 722 - - 1,394 1,289 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 4,140 7,965 77,028 - - 89,133 86,256 Quarterly / Semiannual 6.29 6.29 0-E WACAP OULEASING 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 Teles is 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 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Lease Liability - 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 - - - Trade and other accounts payables - 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 - - - Accounts payable to related parties currents 78.591.370-1 Bethia S.A. y Filiales Chile CLP 53 - - - - 53 53 - - - Foreign 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 (*) Oblligation are presented according original contractual condition and do not considered any Chapter 11 resolution. See detail on Note 19. (*) Bonus securitized with the future flows of credit card sales in the United States and Canada, through the Guanay Finance Limited company. |
Schedule of classification of financial instruments at fair value | As of December 31, 2020 As of December 31, 2019 Fair value measurements using values Fair value measurements using values considered as 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 32,782 32,782 - - 222,094 222,094 - - Short-term mutual funds 32,782 32,782 - - 222,094 222,094 - - Other financial assets, current 4,097 366 3,731 - 471,797 386,688 85,109 - Fair value interest rate derivatives - - - - 27,044 - 27,044 - Fair value of fuel derivatives 1,296 - 1,296 - 48,542 - 48,044 - Fair value of foreign currency derivative - - - - 586 - 586 - Accrued interest since the last payment date Swap of currencies - - - - 3 - 3 - Private investment funds 348 348 - - 386,669 386,669 - - Certificate of Deposit (CBD) 2,435 - 2,435 - 8,934 - 8,934 - Domestic and foreign bonds 18 18 - - 19 19 - - Liabilities Other financial liabilities, current 5,671 - 5,671 - 50,372 - 50,372 - Fair value of interest rate derivatives 2,734 - 2,734 - 302 - 302 - Fair value of foreign currency derivatives - - - - 48,347 - 48,347 - Interest accrued since the last payment date of Currency Swap - - - - 1,723 - 1,723 - Currency derivative not registered as hedge accounting 2,937 - 2,937 - - - - - |
Schedule of financial instruments which are not recorded at fair value | As of December 31, 2020 As of December 31, 2019 Book Fair Book Fair value value value value ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,663,059 1,663,059 850,486 850,486 Cash on hand 4,277 4,277 4,982 4,982 Bank balance 732,578 732,578 329,633 329,633 Overnight 802,220 802,220 350,080 350,080 Time deposits 123,984 123,894 165,791 165,791 Other financial assets, current 46,153 46,153 27,707 27,707 Other financial assets 46,153 46,153 27,707 27,707 Trade debtors, other accounts receivable and Current accounts receivable 599,180 599,180 1,244,348 1,244,348 Accounts receivable from entities related, current 158 158 19,645 19,645 Other financial assets, not current 33,140 33,140 46,907 46,907 Accounts receivable, non-current 4,986 4,986 4,725 4,725 Other current financial liabilities 3,050,059 2,995,768 1,835,288 2,019,068 Accounts payable for trade and other accounts payable, current 2,322,961 2,322,961 2,222,874 2,222,874 Accounts payable to entities related, current 812 812 56 56 Other financial liabilities, not current 7,803,801 6,509,081 8,530,418 8,846,418 Accounts payable, not current 651,600 651,600 619,110 619,110 Accounts payable to entities related, non-current 396,423 410,706 - - |
Fuel-Price Risk [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of sensitivity analysis | Positions as of December 31, 2020 Positions as of December 31, 2019 Benchmark price effect on Statement of Income effect on Equity (US$ per barrel) (MUS$) (MUS$) +5 +0.6 +15.4 -5 -0.6 - 34.5 |
Interest rate risk [member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of sensitivity analysis | Increase (decrease) Positions as of December 31, 2020 Positions as of December 31, 2019 futures curve effect on profit or loss before tax effect on profit or loss before tax in libor 3 months (MUS$) (MUS$) +100 basis points -42.11 -27.60 -100 basis points +42.11 +27.60 Increase (decrease) Positions as of December 31, 2020 Positions as of December 31, 2019 futures curve effect on equity effect on equity in libor 3 months (MUS$) (MUS$) +100 basis points - +13.62 -100 basis points - -14.71 |
SEGMENTAL INFORMATION (Tables)
SEGMENTAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [text block] [Abstract] | |
Schedule of revenues by geographic area | For the year ended At December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Peru 297,549 801,965 705,133 Argentina 172,229 584,959 989,883 U.S.A. 505,145 1,004,238 985,919 Europe 338,565 726,165 782,197 Colombia 177,007 380,449 372,794 Brazil 1,304,006 3,949,797 3,433,877 Ecuador 112,581 203,334 203,842 Chile 638,225 1,546,960 1,591,313 Asia Pacific and rest of Latin America 378,360 872,196 830,498 Income from ordinary activities 3,923,667 10,070,063 9,895,456 Other operating income 411,002 360,864 472,758 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
Schedule of cash and cash equivalents | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Cash on hand 4,277 4,982 Bank balances 732,578 329,632 Overnight 802,220 350,080 Total Cash 1,539,075 684,694 Cash equivalents Time deposits 123,984 165,791 Mutual funds 32,782 222,094 Total cash equivalents 156,766 387,885 Total cash and cash equivalents 1,695,841 1,072,579 |
Schedule of cash and cash equivalents denominated by currencies | As of As of December 31, December 31, Currency 2020 2019 ThUS$ ThUS$ Argentine peso 20,107 16,579 Brazilian real 136,938 197,354 Chilean peso 32,649 50,521 Colombian peso 17,185 48,191 Euro 10,361 21,927 US Dollar 1,438,846 667,785 Other currencies 39,755 70,222 Total 1,695,841 1,072,579 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of derivative financial instruments [text block] [Abstract] | |
Schedule of financial instruments by category | Measured at At fair value amortized with changes Hedge Assets cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,663,059 32,782 - 1,695,841 Other financial assets, current (*) 48,605 348 1,297 50,250 Trade and others accounts receivable, current 599,381 - - 599,381 Accounts receivable from related entities, current 158 - - 158 Other financial assets, non current 33,140 - - 33,140 Accounts receivable, non current 4,986 - - 4,986 Total 2,349,329 33,130 1,297 2,383,756 Measured at At fair value amortized with changes Hedge Liabilities cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 3,050,059 2,937 2,734 3,055,730 Trade and others accounts payable, current 2,322,125 - - 2,322,125 Accounts payable to related entities, current 812 - - 812 Other financial liabilities, non-current 7,803,801 - - 7,803,801 Accounts payable, non-current 651,600 - - 651,600 Accounts payable to related entities, non-current 396,423 - - 396,423 Total 14,224,820 2,937 2,734 14,230,491 Measured at At fair value amortized with changes Hedge Assets cost in results 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 accounts payables, 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 |
TRADE AND OTHER ACCOUNTS RECE_2
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE [Abstract] | |
Schedule of trade and other accounts receivable | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Trade accounts receivable 532,106 1,073,599 Other accounts receivable 194,454 275,876 Total trade and other accounts receivable 726,560 1,349,475 Less: Expected credit loss (122,193 ) (100,402 ) Total net trade and accounts receivable 604,367 1,249,073 Less: non-current portion – accounts receivable (4,986 ) (4,725 ) Trade and other accounts receivable, current 599,381 1,244,348 |
Schedule of expected credit losses | As of December 31, 2020 As December 31, 2019 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 4 % 302,079 (11,112 ) 2 % 875,889 (16,433 ) From 1 to 90 days 4 % 103,615 (4,049 ) 8 % 56,537 (4,253 ) From 91 to 180 days 66 % 15,989 (10,501 ) 28 % 16,922 (4,747 ) From 181 to 360 days 80 % 40,621 (32,627 ) 39 % 47,865 (18,459 ) more of 360 days 92 % 69,802 (63,904 ) 74 % 76,386 (56,510 ) Total 23 % 532,106 (122,193 ) 9 % 1,073,599 (100,402 ) |
Schedule of trade and other accounts receivable and non-current accounts receivable | As of As of December 31, December 31, Currency 2020 2019 ThUS$ ThUS$ Argentine Peso 6,517 47,079 Brazilian Real 221,952 537,224 Chilean Peso 44,737 131,543 Colombian Peso 1,292 2,288 Euro 24,370 32,711 US Dollar 292,125 436,774 Korean Won 79 8,172 Mexican Peso 4,624 6,093 Australian Dollar 49 20,964 Pound Sterling 5,647 7,428 South African Rand - 2,982 Uruguayan Peso (New) 792 1,375 Thai Bht - 1,559 Swiss Franc 754 535 Russian Ruble - 896 Japanese Yen 77 1,222 Swedish crown 129 2,012 New Zealand Dollar - 1,148 Costa Rican Colon - 1,390 Other Currencies 1,223 5,678 Total 604,367 1,249,073 |
Schedule of allowance for impairment loss of trade and other accounts receivables | Adoption Opening adjustment (Increase) Closing balance IFRS 9 (*) Write-offs Decrease balance Periods ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 ) From January 1 to December 31, 2020 (100,402 ) - 30,754 (52,545 ) (122,193 ) |
Schedule of accounts receivable categories | As of December 31, 2020 As of December 31, 2019 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 532,106 (122,193 ) 409,913 1,073,599 (100,402 ) 973,197 Other accounts receivable 194,454 - 194,454 275,876 - 275,876 |
ACCOUNTS RECEIVABLE FROM_PAYA_2
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Accouts Receivable Payable From To Related Party Explanatory [Abstract] | |
Schedule of accounts receivable | As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2020 2019 ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 148 19,400 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL 1 - Foreign Delta Air Lines Inc. Shareholder U.S.A. US$ - 205 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP 6 36 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 2 96.989.370-3 Rio Dulce S.A. Related director Chile CLP 1 - 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP - 1 Total current assets 158 19,645 |
Schedule of current and non current accounts payable | Current liabilities Non current liabilities As of As of As of As of Country December 31, December 31, December 31, December 31, Tax No. Related party Relationship of origin Currency 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP - 53 - - Foreign Delta Airlines, Inc. Shareholder U.S.A. US$ 805 - - - Foreign Patagonia Seafarms INC Related director U.S.A. US$ 7 3 - - 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. (*) Related director Chile CLP - - 105,713 - Foreign QA Investments Ltd (*) Common shareholder Jersey Channel Islands US$ - - 132,141 - Foreign QA Investments 2 Ltd (*) Common shareholder Jersey Channel Islands US$ - - 132,141 - Foreign Lozuy S.A. (*) Common shareholder Uruguay US$ - - 26,428 - Total current and non current liabilities 812 56 396,423 - |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of inventories [text block] [Abstract] | |
Schedule of composition of inventories | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Technical stock 284,409 315,286 Non-technical stock 39,165 38,946 Total 323,574 354,232 |
Schedule of inventory average cost, net of provision for obsolescence | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Provision for obsolescence Technical stock 42,979 21,193 Provision for obsolescence Non-technical stock 4,651 11,610 Total 47,630 32,803 |
OTHER FINANCIAL ASSETS (Tables)
OTHER FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other assets [text block] [Abstract] | |
Schedule of composition of other financial 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, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 348 386,669 - - 348 386,669 Deposits in guarantee (aircraft) 2,435 8,934 21,498 28,599 23,933 37,533 Guarantees for margins of derivatives 3,047 21,200 - - 3,047 21,200 Other investments - - 493 494 493 494 Domestic and foreign bonds 18 19 - - 18 19 Other guarantees given 43,106 6,507 11,149 15,138 54,255 21,645 Subtotal of other financial assets 48,954 423,329 33,140 44,231 82,094 467,560 (b) Hedging derivate asset Accrued Interest since the last payment date Cross currency swap of currencies - 3 - - - 3 Fair value of interest rate derivatives - 27,044 - 2,676 - 29,720 Fair value of foreign currency derivatives - 586 - - - 586 Fair value of fuel price derivatives 1,296 48,542 - - 1,296 48,542 Subtotal of derivate assets 1,296 76,175 - 2,676 1,296 78,851 Total Other Financial Assets 50,250 499,504 33,140 46,907 83,390 546,411 |
Schedule of composition by currencies of other financial assets | As of As of December 31, December 31, Type of currency 2020 2019 ThUS $ ThUS $ Argentine peso 460 94 Brazilian real 8,475 417,477 Chilean peso 4,056 26,073 Colombian peso 500 522 Euro 3,236 1,525 U.S.A dollar 63,922 97,988 Other currencies 2,741 2,732 Total 83,390 546,411 |
OTHER NON-FINANCIAL ASSETS (Tab
OTHER NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
OTHER NON-FINANCIAL ASSETS [Abstract] | |
Schedule of composition of other non-financial assets | Current assets Non-current assets Total Assets As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Advance payments Aircraft insurance and other 10,137 11,179 - 523 10,137 11,702 Others 15,375 15,167 2,998 1,832 18,373 16,999 Subtotal advance payments 25,512 26,346 2,998 2,355 28,510 28,701 (b) Contract assets (1) GDS costs 4,491 16,593 - - 4,491 16,593 Credit card commissions 6,021 23,437 - - 6,021 23,437 Travel agencies commissions 4,964 16,546 - - 4,964 16,546 Subtotal advance payments 15,476 56,576 - - 15,476 56,576 (c) Other assets Aircraft maintenance reserve (2) 8,613 27,987 - 17,844 8,613 45,831 Sales tax 102,010 167,987 46,210 34,680 148,220 202,667 Other taxes 4,023 34,295 - - 4,023 34,295 Contributions to the International Aeronautical Telecommunications Society (“SITA”) 258 258 739 739 997 997 Judicial deposits - - 76,835 149,310 76,835 149,310 Subtotal other assets 114,904 230,527 123,784 202,573 238,688 433,100 Total Other Non - Financial Assets 155,892 313,449 126,782 204,928 282,674 518,377 |
Schedule of movement of contracts assets | Initial balance Cummulative Amortization Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2019 48,957 166,300 (4,950 ) (153,731 ) 56,576 From January 1 to December 31, 2020 56,576 146,778 (14,672 ) (173,206 ) 15,476 |
NON-CURRENT ASSETS AND DISPOS_2
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
OTHER NON-FINANCIAL ASSETS [Abstract] | |
Schedule of non-current assets and in disposal groups held for sale | As of As of ThUS$ ThUS$ Current assets Aircraft 275,000 482,806 Engines and rotables 740 1,943 Other assets 382 401 Total 276,122 485,150 |
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 2020 2019 Boeing 767 11 1 Airbus A350 - 4 Total 11 5 |
INVESTMENTS IN SUBSIDIARIES (Ta
INVESTMENTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of subsidiaries [text block] [Abstract] | |
Schedule of significant subsidiaries | Ownership As of As of Country of Functional December 31, December 31, Name of significant subsidiary incorporation currency 2020 2019 % % Latam Airlines Perú S.A. Peru US$ 99.81000 70.00000 Lan Cargo S.A. Chile US$ 99.89395 99.89395 Lan Argentina S.A. Argentina ARS 99.98370 99.98370 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 99.19414 TAM S.A. Brazil BRL 99.99938 99.99938 |
Schedule of financial statements of subsidiaries | Statement of financial position as of December 31, 2020 Income for the year Total Current Non-current Total Current Non-current Net Income/ Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue (loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A. 661,721 629,910 31,811 486,098 484,450 1,648 372,255 (96,066 ) Lan Cargo S.A. 749,789 472,869 276,920 567,128 516,985 50,143 207,854 10,936 Lan Argentina S.A. 176,790 171,613 5,177 148,824 146,555 2,269 49,101 (220,667 ) Transporte Aéreo S.A. 546,216 264,690 281,526 347,714 278,319 69,395 142,096 (39,032 ) Latam Airlines Ecuador S.A. 108,086 104,534 3,552 99,538 87,437 12,101 51,205 (22,655 ) Aerovías de Integración Regional, AIRES S.A. 76,770 73,446 3,324 77,471 68,433 9,038 90,668 (89,707 ) TAM S.A. (*) 3,110,055 1,492,792 1,617,263 3,004,935 2,206,089 798,846 1,808,314 (1,025,618 ) Statement of financial position as of December 31, 2019 Income for the year Total Current Non-current Total Current Non-current Net Income/ Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue (loss) 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 (3,099 ) 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$ 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 |
Schedule of non-controlling interest of subsidiary | Country As of As of As of As of Equity Tax No. of origin 2020 2019 2020 2019 % % ThUS$ ThUS$ Latam Airlines Perú S.A 0-E Peru 0.19000 30.00000 (7,238 ) 2,609 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 666 369 Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.01630 0.01630 (276 ) (6,276 ) Lan Argentina S.A. 0-E Argentina 0.00344 0.00344 1 50 Americonsult de Guatemala S.A. 0-E Guatemala 0.87000 0.87000 1 1 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 (6 ) (7 ) Americonsult Costa Rica S.A. 0-E Costa Rica 0.20000 0.20000 2 2 Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 9.54000 10.00000 (522 ) (755 ) Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.79880 (13 ) 899 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 713 1,503 Total (6,672 ) (1,605 ) For the year ended For the year ended Country December 31, December 31, December 31, December 31, Incomes Tax No. of origin 2020 2019 2018 2020 2019 2018 % % % ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A 0-E Peru 0.19000 30.00000 30.00000 (8,102 ) (1,065 ) 1,673 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 0.10196 (121 ) 19 (406 ) Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.01630 4.22000 0.13940 360 359 66 Lan Argentina S.A. 0-E Argentina 0.00344 0.00344 0.02890 70 48 39 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 0.20000 1 (7 ) 2 Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 9.54000 10.00000 10.00000 (943 ) (293 ) 58 Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.79880 0.79880 (724 ) (24 ) 87 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 5.02000 (189 ) 420 717 Multiplus S.A.(*) 0-E Brazil - - 27.26000 - 5,726 29,739 Total (9,648 ) 5,183 31,975 |
INTANGIBLE ASSETS OTHER THAN _2
INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of intangible assets [text block] [Abstract] | |
Schedule of intangible assets | Classes of intangible assets Classes of intangible assets As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 627,742 845,959 627,742 845,959 Loyalty program 204,615 263,806 204,615 263,806 Computer software 139,113 220,993 528,097 656,699 Developing software 68,521 99,193 69,379 99,193 Trademarks (1) 6,340 17,959 39,803 51,326 Other assets 228 331 1,315 1,315 Total 1,046,559 1,448,241 1,470,951 1,918,298 |
Schedule of movement in intangible assets other than goodwill | Computer Developing Airport Trademarks Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 Opening balance as of January 1, 2020 221,324 99,193 845,959 281,765 1,448,241 Additions 45 76,331 - - 76,376 Withdrawals (333 ) (454 ) (36,896 ) - (37,683 ) Transfer software 101,015 (99,890 ) - - 1,125 Foreign exchange (20,242 ) (6,659 ) (181,321 ) (63,478 ) (271,700 ) Amortization (162,468 ) - - (7,332 ) (169,800 ) Closing balance as of December 31, 2020 139,341 68,521 627,742 210,955 1,046,559 (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 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets of Indefinite Useful Life [Abstract] | |
Schedule of movement of goodwill | Air Coalition Total ThUS$ ThUS$ ThUS$ 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 Opening balance as of January 1, 2020 2,209,576 - 2,209,576 Increase (decrease) due to exchange rate differences (480,601 ) - (480,601 ) Impairment loss (1,728,975 ) - (1,728,975 ) Closing balance as of December 31, 2020 - - - |
Schedule of recoverable values | Air Annual growth rate (Terminal) % 1.1 Exchange rate (1) R$/US$ 4.8 - 5.2 Discount rate based on the weighted average cost of capital (WACC) (2) % 8.0 - 19.4 Fuel Price from futures price curves commodities markets US$/barrel 52-75 Air Transportation CGU Annual growth rate (terminal) % 0.6-1.6 Exchange rate (1) R$/US$ 5.4-5.6 Discount rate based on weighted average cost of capital (WACC - Weighted Average Cost of Capital) % 8.65-9.65 Fuel price from future price curves of the commodity markets. US$/barril 60-78 |
Schedule of single rate the possible impairment scenario | Actual 7.5% 8.0% 9.0% 10.0% WACC MUS$ MUS$ MUS$ MUS$ MUS$ Excess (Impairment) (1,716 ) 381 (564 ) (2,095 ) (3,280 ) |
Schedule of CGU is sensitive to annual growth, discount and exchange rates | Increase Decrease rate WACC terminal growth Maximum minimal % % Air Transportation CGU 9.65 0.6 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
Schedule of composition of property, plant and equipment | Gross Book Value Accumulated depreciation Net Book Value As of As of As of As of As of As of ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ a) Property, plant and equipment Construction in progress (1) 377,961 372,589 - - 377,961 372,589 Land 42,979 48,406 - - 42,979 48,406 Buildings 123,836 133,488 (58,629 ) (58,626 ) 65,207 74,862 Plant and equipment 12,983,173 13,993,044 (5,292,429 ) (4,630,001 ) 7,690,744 9,363,043 Own aircraft (3) (4) 12,375,500 13,268,562 (5,088,297 ) (4,421,211 ) 7,287,203 8,847,351 Other (2) 607,673 724,482 (204,132 ) (208,790 ) 403,541 515,692 Machinery 27,402 33,658 (23,986 ) (28,441 ) 3,416 5,217 Information technology equipment 147,754 161,992 (132,923 ) (141,216 ) 14,831 20,776 Fixed installations and accessories 154,414 171,469 (105,215 ) (111,635 ) 49,199 59,834 Motor vehicles 49,345 67,060 (44,140 ) (60,327 ) 5,205 6,733 Leasehold improvements 201,828 234,249 (127,420 ) (135,789 ) 74,408 98,460 Subtotal Properties, plant and equipment 14,108,692 15,215,955 (5,784,742 ) (5,166,035 ) 8,323,950 10,049,920 b) Right of use Aircraft (3) 5,369,519 5,438,404 (3,031,477 ) (2,669,864 ) 2,338,042 2,768,540 Other assets 244,847 255,149 (176,570 ) (153,991 ) 68,277 101,158 Subtotal Right of use 5,614,366 5,693,553 (3,208,047 ) (2,823,855 ) 2,406,319 2,869,698 Total 19,723,058 20,909,508 (8,992,789 ) (7,989,890 ) 10,730,269 12,919,618 (1) As of December 31, 2020, includes advances paid to aircraft manufacturers for ThUS$ 360,387 (ThUS$ 348,148 as of December 31, 2019) (2) Consider mainly rotables and tools. (3) As of December 31, 2020, due to the process of Chapter 11, 29 aircraft lease contract were rejected, 19 were presented as to Property, plant and equipment, (2 A350, 11 A321, 1 A320, 1 A320N and 4 B787) and 10 were presented as to right of use assets, (1 A319, 7 A320 and 2 B767). (4) As of December 31, 2020, eleven B767 aircraft were classified as non-current assets or groups of assets for disposal as held for sale. |
Schedule of movement of property, plant and equipment | Information Fixed Property, Plant and technology installations Motor Leasehold Plant and Construction Buildings equipment equipment & accessories vehicles improvements equipment in progress Land net net net net net net net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2018 556,822 49,780 124,548 9,138,591 30,156 80,777 436 84,225 10,065,335 Additions 7,927 - - 635,367 4,995 64 24 20,410 668,787 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 ) (763,923 ) Foreign exchange (714 ) (4,348 ) (4,244 ) (94,488 ) (1,819 ) (8,499 ) (28 ) (2,351 ) (116,491 ) Other increases (decreases) 65,992 - (89 ) 78,341 732 10,195 273 8,753 164,197 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 ) (111,970 ) Closing balance as of December 31, 2018 630,320 45,424 112,565 8,987,582 22,564 71,009 634 83,267 9,953,365 Opening balance as of January 1, 2019 630,320 45,424 112,565 8,987,582 22,564 71,009 634 83,267 9,953,365 Additions 21,884 7,950 - 1,694,640 6,580 26 73 34,988 1,766,141 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 ) (821,607 ) Foreign exchange (1,340 ) (1,103 ) (914 ) (24,615 ) (234 ) (2,007 ) (125 ) (432 ) (30,770 ) Other increases (decreases) (278,255 ) (3,837 ) (30,974 ) (418,083 ) 538 2,903 - - (727,708 ) Changes, total (257,731 ) 2,982 (37,703 ) 386,934 (1,788 ) (11,175 ) (157 ) 15,193 96,555 Closing balance as of December 31, 2019 372,589 48,406 74,862 9,374,516 20,776 59,834 477 98,460 10,049,920 Opening balance as of January 1, 2020 372,589 48,406 74,862 9,374,516 20,776 59,834 477 98,460 10,049,920 Additions 6,535 - - 485,800 1,295 9 - - 493,639 Disposals - - - (1,439 ) (112 ) (31 ) (4 ) - (1,586 ) Rejection fleet (*) - - - (1,081,496 ) - - - (82 ) (1,081,578 ) Retirements (39 ) - - (107,912 ) (55 ) (3,250 ) (111,256 ) Depreciation expenses - - (4,819 ) (682,102 ) (6,186 ) (9,037 ) (81 ) (16,542 ) (718,767 ) Foreign exchange (2,601 ) (5,428 ) (4,836 ) (146,219 ) (1,543 ) (7,195 ) 4 (2,587 ) (170,405 ) Other increases (decreases) (**) 1,477 1 - (142,179 ) 656 8,869 - (4,841 ) (136,017 ) Changes, total 5,372 (5,427 ) (9,655 ) (1,675,547 ) (5,945 ) (10,635 ) (81 ) (24,052 ) (1,725,970 ) Closing balance as of December 31, 2020 377,961 42,979 65,207 7,698,969 14,831 49,199 396 74,408 8,323,950 (*) Include aircraft lease rejection due to Chapter 11 process. (**) Include the reclassification of 4 A350 aircraft that were incorporated on property plant and equipment from available for sale for ThU$ 464,812 and the reclassification of 11 B767 aircraft that were moved to available for sales for ThU$ 606,522 (see note 13). |
Schedule of right of use assets | Aircraft Others Net right ThUS $ ThUS $ ThUS $ Opening balances as of January 1, 2018 2,786,685 78,632 2,865,317 Additions 289,209 37,089 326,298 Depreciation expense (371,789 ) (19,349 ) (391,138 ) Cummulative translate adjustment (9,490 ) (4,261 ) (13,751 ) Other increases (decreases) (238,282 ) - (238,282 ) Total changes (330,352 ) 13,479 (316,873 ) Final balances as of December 31, 2018 2,456,333 92,111 2,548,444 Opening balances as of January 1, 2019 2,456,333 92,111 2,548,444 Additions 732,489 20,675 753,164 Depreciation expense (377,911 ) (22,473 ) (400,384 ) Cummulative translate adjustment (2,046 ) (2,515 ) (4,561 ) Other increases (decreases) (40,325 ) 13,360 (26,965 ) Total changes 312,207 9,047 321,254 Final balances as of December 31, 2019 2,768,540 101,158 2,869,698 Opening balances as of January 1, 2020 2,768,540 101,158 2,869,698 Additions - 399 399 Fleet rejection (*) (9,090 ) - (9,090 ) Write off - - - Depreciation expense (395,936 ) (22,492 ) (418,428 ) Cummulative translate adjustment (6,578 ) (11,173 ) (17,751 ) Other increases (decreases) (18,894 ) 385 (18,509 ) Total changes (430,498 ) (32,881 ) (463,379 ) Final balances as of December 31, 2020 2,338,042 68,277 2,406,319 (*) Include aircraft lease rejection due to Chapter 11 process. |
Schedule of composition of the fleet | Aircraft included in Property, plant and equipment Aircraft included as Rights of use assets Total fleet Aircraft Model As of December 31, 2020 As of December 31, 2019 As of December 31, 2020 As of December 31, 2019 As of December 31, 2020 As of December 31, 2019 Boeing 767 300ER 17 28 - 2 17 30 Boeing 767 300F 11 (1) 11 (1) 1 1 12 (1) 12 (1) Boeing 777 300ER 4 4 6 6 10 10 Boeing 787 800 6 6 4 4 10 10 Boeing 787 900 2 6 10 10 12 16 Airbus A319 100 37 37 7 9 44 46 Airbus A320 200 96 (2) 96 (2) 38 46 134 (2) 142 (2) Airbus A320 NEO 6 7 6 6 12 13 Airbus A321 200 19 30 19 19 38 49 Airbus A350 900 4 2 7 7 11 9 Total 202 227 98 110 300 337 (1) One aircraft leased to Aerotransportes Mas de Carga S.A. de C.V. (2) Two aircraft leased to Sundair. |
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. |
Schedule of property, plant and equipment pledged as guarantee | As of As of December 31, December 31, 2020 2019 Guarantee agent (1) Creditor company Committed Assets Fleet Existing Debt Book Value Existing Debt Book Value ThUS$ ThUS$ ThUS$ ThUS$ - Wilmington MUFG Aircraft and engines Airbus A319 69,375 268,746 74,713 256,937 Trust Company Airbus A320 63,581 257,613 70,644 256,651 Boeing 767 43,628 180,591 61,728 196,244 Boeing 787 114,936 119,229 120,938 127,283 Wilmington Aircraft and engines Airbus A321 - - 353,774 452,107 Trust Company Boeing 787 - - 332,131 374,998 Airbus A350 - - 180,320 192,620 Citibank N.A. Aircraft and engines Boeing 787 - - 143,475 191,804 Credit Agricole Credit Agricole Aircraft and engines Airbus A319 1,073 6,936 - - Airbus A320 139,192 122,251 85,986 95,148 Airbus A321 / A350 30,733 28,127 83,281 67,882 Boeing 767 10,404 32,802 10,404 35,226 Boeing 787 91,797 43,020 74,023 36,594 Bank Of Utah BNP Paribas Aircraft and engines (2) Airbus A320 / A350 262,420 289,946 296,441 378,462 Boeing 787 211,849 246,349 217,500 259,934 Investec Aircraft and engines (2) Airbus A320 / A350 37,870 - 44,088 - SMBC Aircraft and engines (2) Airbus A350 130,000 134,780 - - Natixis Natixis Aircraft and engines Airbus A321 271,129 375,645 282,927 384,224 Citibank N.A. Citibank N.A. Aircraft and engines Airbus A319 27,936 38,836 - - Airbus A320 128,030 214,597 - - Airbus A321 41,599 81,706 - - Airbus A350 15,960 26,823 - - Airbus B767 90,846 197,797 - - Airbus B787 23,156 19,047 - - Rotables 162,477 145,708 - - UMB Bank MUFG Aircraft and engines Airbus A320 167,371 246,293 106,250 149,607 MUFG Bank MUFG Bank Aircraft and engines Airbus A320 215,043 295,036 216,411 310,311 Total direct guarantee 2,350,405 3,371,878 2,755,034 3,766,032 (1) For the syndicated loans, is the Guarantee Agent that represent different creditors. (2) As of December 31, 2020, four A350 aircraft were reincorporated to Property, plant and equipment due to cancellation of the sale contract. Which were classified previously as Non-current assets or groups of assets for disposal as held for sale. |
Schedule of letters of credit related assets | Value Release Creditor Guarantee Debtor Type ThUS$ date Avolon Aerospace AOE 62 Limited Latam Airlines Group S.A. Seven letters of credit 3,554 Feb 05, 2021 Bank of Utah Latam Airlines Group S.A. One letter of credit 2,000 Mar 24, 2021 GE Capital Aviation Services Ltd. Latam Airlines Group S.A. Three letters of credit 12,198 Jan 20, 2021 ORIX Aviation Systems Limited Latam Airlines Group S.A. Three letters of credit 8,445 Nov 26, 2021 Wells Fargo Bank Latam Airlines Group S.A. Six letters of credit 11,870 Feb 04, 2021 BBAM Latam Airlines Group S.A. Two letters of credit 1,695 Jan 14, 2021 Merlin Aviation Leasing (Ireland) 18 Limited Tam Linhas Aéreas S.A. Two letters of credit 3,852 Mar 15, 2021 RB Comercial Properties 49 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 27,193 Apr 29, 2021 70,807 |
Schedule of fully depreciated assets and commitments for future purchases | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 206,497 261,792 Commitments for the acquisition of aircraft (*) 7,500,000 7,390,000 (*) According to the manufacturer’s price list. |
Schedule of purchase commitment | Year of delivery Manufacturer 2021-2026 Total Airbus S.A.S. 44 44 A320-NEO Family 42 42 A350 Family 2 2 The Boeing Company 6 6 Boeing 787-9 6 6 Total 50 50 |
Schedule of capitalized interest costs | For the year ended 2020 2019 2018 Average rate of capitalization of capitalized interest costs % 3.52 4.72 4.64 Costs of capitalized interest ThUS$ 11,627 1,444 13,007 |
CURRENT AND DEFERRED TAXES (Tab
CURRENT AND DEFERRED TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 36,788 10,968 - - 36,788 10,968 Other recoverable credits 5,532 18,353 - - 5,532 18,353 Total assets by current tax 42,320 29,321 - - 42,320 29,321 |
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, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 656 11,925 - - 656 11,925 Total liabilities by current tax 656 11,925 - - 656 11,925 |
Schedule of balances of deferred tax | Assets Liabilities Concept As of December 31, 2020 As of December 31, 2019 As of December 31, 2020 As of December 31, 2019 ThUS$ ThUS$ ThUS$ ThUS$ Properties, Plants and equipment (1,314,456 ) 186,311 81,881 1,700,215 Assets by right of use 229,119 42,011 (136 ) (91,470 ) Amortization (65,139 ) (903 ) 9 52,233 Provisions 212,492 (139,346 ) 68,462 (182,913 ) Revaluation of financial instruments (18,133 ) 422 - (9,857 ) Tax losses 1,496,952 155,539 (60,785 ) (1,200,729 ) Intangibles - - 270,681 349,082 Other 23,981 (8,451 ) 24,168 242 Total 564,816 235,583 384,280 616,803 |
Schedule of movements of deferred tax assets and liabilities | Opening balance Assets/ Recognized in consolidated income Recognized in comprehensive income Exchange rate variation Ending balance 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 balance Assets/ Recognized in consolidated income Recognized in comprehensive income Exchange rate variation Ending balance 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 ) Opening balance Assets/ Recognized in consolidated income Recognized in comprehensive income Exchange rate variation Ending balance Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,513,904 ) 110,010 - 7,557 (1,396,337 ) Assets for right of use 133,481 95,774 - - 229,255 Amortization (53,136 ) (14,142 ) - 2,130 (65,148 ) Provisions 43,567 158,178 924 (58,639 ) 144,030 Revaluation of financial instruments 10,279 (27,901 ) 959 (1,470 ) (18,133 ) Tax losses 1,356,268 216,897 - (15,428 ) 1,557,737 Intangibles (349,082 ) 1,030 - 77,371 (270,681 ) Others (8,693 ) 6,541 - 1,965 (187 ) Total (381,220 ) 546,387 1,883 13,486 180,536 |
Schedule of deferred tax expense and current income taxes | For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Current tax expense Current tax expense (3,602 ) 72,999 77,713 Adjustment to previous period’s current tax (199 ) (352 ) 362 Total current tax expense, net (3,801 ) 72,647 78,075 Deferred tax expense Deferred expense for taxes related to the creation and reversal of temporary differences (546,387 ) (126,344 ) (126,344 ) Total deferred tax expense, net (546,387 ) (126,344 ) (126,344 ) Income/(loss) tax expense (550,188 ) (53,697 ) (48,269 ) |
Schedule of composition of income/(loss) tax expense | For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Current tax expense, net, foreign 4,232 76,806 65,850 Current tax expense, net, Chile (8,033 ) (4,159 ) 12,225 Total current tax expense, net (3,801 ) 72,647 78,075 Deferred tax expense, net, foreign 235,963 37,294 58,271 Deferred tax expense, net, Chile (782,350 ) (163,638 ) (62,467 ) Deferred tax expense, net, total (546,387 ) (126,344 ) (4,196 ) Income/(loss) tax expense (550,188 ) (53,697 ) 73,879 |
Schedule of income before tax from the Chilean legal tax rate | For the year ended For the year ended December 31, December 31, 2020 2019 2018 2020 2019 2018 ThUS$ ThUS$ ThUS$ % % % Tax expense using the legal rate (1,378,547 ) 38,318 11,230 27.00 27.00 27.00 Tax effect by change in tax rate - - 5,587 - - 1.34 Tax effect of rates in other jurisdictions (58,268 ) 20,082 15,905 1.14 14.15 3.83 Tax effect of non-taxable operating revenues (19,529 ) (13,125 ) (3,076 ) 0.38 (9.25 ) (0.74 ) Tax effect of disallowable expenses 40,528 66,257 61,295 (0.79 ) 46.69 14.75 Other increases (decreases): Derecognition of deferred tax liabilities for early termination of aircraft financing (294,969 ) (145,930 ) - 5.78 (102.83 ) - Tax effect for goodwill impairment losses 453,681 - - (8.89 ) - - Derecognition of deferred tax assets not recoverable 237,637 - - (4.65 ) - - Deferred tax asset not recognized 414,741 - - (8.12 ) - - Other increases (decreases): 54,538 (19,299 ) - (1.07 ) (13.60 ) - Total adjustments to tax expense using the legal rate 828,359 (92,015 ) 79,711 (16.22 ) (64.84 ) 19.18 Tax expense using the effective rate (550,188 ) (53,697 ) 90,941 10.78 (37.84 ) 46.18 |
Schedule of deferred taxes related to items charged to equity | For the year ended December 31, 2020 2019 ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income 1,883 3,287 |
OTHER FINANCIAL LIABILITIES (Ta
OTHER FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of composition of other financial liabilities | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Current (a) Interest bearing loans 2,243,776 1,421,261 (b) Lease Liability 806,283 414,027 (c) Hedge derivatives 2,734 50,372 (d) Derivative non classified as hedge accounting 2,937 - Total current 3,055,730 1,885,660 Non-current (a) Interest bearing loans 5,489,078 5,772,266 (b) Lease Liability 2,314,723 2,758,130 (c) Hedge derivatives - 22 Total non-current 7,803,801 8,530,418 |
Schedule of composition of interest bearing loans | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Current Loans to exporters 151,701 341,475 Bank loans 385,490 16,534 Guaranteed obligations (7)(8)(10) 388,492 237,951 Other guaranteed obligations 435,413 97,730 Subtotal bank loans 1,361,096 693,690 Obligation with the public 108,301 32,061 Financial leases (7)(8)(10) 774,379 594,249 Other loans (4) - 101,261 Total current 2,243,776 1,421,261 Non-current Bank loans 139,783 200,721 Guaranteed obligations (7)(8)(10) 930,364 1,919,376 Other guaranteed obligations (5)(9) 1,503,703 482,702 Subtotal bank loans 2,573,850 2,602,799 Obligation with the public (1)(2)(3) 2,075,106 2,032,873 Financial leases (7)(8)(10) 840,122 1,136,594 Total non-current 5,489,078 5,772,266 Total obligations with financial institutions 7,732,854 7,193,527 (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 S.A., 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) On March 16, 2020, the obligations contained in the contract called “Indenture” signed between Guanay Finance Limited (see Note 1), LATAM Airlines Group S.A. expired. and Citibank, N.A. dated November 7, 2013. The bonds securitized with the future flows of credit card sales in the United States and Canada were issued in 2013 for a total of US $ 450 million. (5) During March and April 2020, LATAM Airlines Group S.A. it drew down the entire (US $600 million) of the committed credit line “Revolving Credit Facility (RCF)”. The financing expires on March 29, 2022. The line is guaranteed with collateral consisting of airplanes, engines and spare parts. The first withdrawal was on March 27, 2020 with an amount of US $ 504.7 million, the second withdrawal was on April 7, 2020 for US $ 72 million, the third withdrawal was on April 14, 2020 for US $ 11.2 million and the fourth and last withdrawal was on April 21, 2020 of US $ 12.1 million. (7) On June 24, 2020, the United States Court for the Southern District of New York approved the motion filed by the Company to reject certain aircraft lease contracts. Rejected contracts include, 17 aircraft financed under the EETC structure with an amount of MUS $ 844.1 and an aircraft financed with a financial lease with an amount of MUS $ 4.5. (8) On October 20, 2020, the United States Court for the Southern District of New York approved the motion presented by the Company to reject an aircraft lease contract financed as financial lease in the amount of MUS $ 34.3. (9) On October 10, 2020, LATAM Airlines Group S.A. partially drew down (MUS $ 1,150) of the committed credit line of the “DIP” financing. The financing expires on April 10, 2022. The line is guaranteed with collateral consisting of routes, slots, engines and spare parts. After this, transfer, the company still has MUS $ 1,300 available. This line is committed for a total of US $ 2,450 million, of which US $ 750 million are committed by related parties. (10) In the year ended December 31, 2020, the Company transferred its interest in 7 special purpose entities. As a result of the above, the classification of financial liabilities associated with 3 aircraft within guaranteed obligations was modified, and classified as financial leases. |
Schedule of currency balances of interest bearing loans | As of As of December 31, December 31, 2020 2019 Currency ThUS$ ThUS$ Brazilian real 300,659 - Chilean peso (U.F.) 679,983 611,542 US Dollar 6,752,212 6,581,985 Total 7,732,854 7,193,527 |
Schedule of interest-bearing loans catrgories by installments | More than More than More than Annual Tax No. Creditor Creditor Currency Up to 90 days one to three to More than five years Total Nominal Amortization Effective Nominal ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 SCOTIABANK Chile US$ 76,929 - - - - 76,929 74,000 At Expiration 3.08 3.08 97.030.000-7 BANCO ESTADO Chile US$ 41,543 - - - - 41,543 40,000 At Expiration 3.49 3.49 76.645.030-K ITAU Chile US$ 20,685 - - - - 20,685 20,000 At Expiration 4.20 4.20 97.951.000-4 HSBC Chile US$ 12,545 - - - - 12,545 12,000 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORP BANCA Chile UF 11,631 - - - - 11,631 11,255 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ 3,323 2,678 139,459 - - 145,460 139,459 Quarterly 2.80 2.80 76.362.099-9 BTG Chile UF 2,104 68,920 - - - 71,024 67,868 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCO ESTADO Chile UF 23,210 26,857 217,555 35,041 429,101 731,764 560,113 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 80,063 76,125 208,250 836,063 828,000 2,028,501 1,500,000 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 50,500 40,889 104,166 107,342 219,666 522,563 474,273 Quarterly / Semiannual 2.95 2.95 0-E NATIXIS France US$ 47,918 37,509 84,048 84,487 35,712 289,674 271,129 Quarterly 3.11 3.11 0-E INVESTEC England US$ 11,502 9,425 21,042 - - 41,969 37,870 Semiannual 6.21 6.21 0-E MUFG U.S.A. US$ 37,114 28,497 77,881 80,678 194,901 419,071 382,413 Quarterly 2.88 2.88 0-E SMBC U.S.A. US$ 131,345 - - - 131,345 130,000 At Expiration 1.73 1.73 Other guaranteed obligation 0-E CREDIT AGRICOLE France US$ 1,347 275,773 - - - 277,120 273,199 At Expiration 1.92 1.92 0-E MUFG U.S.A. US$ 87,611 74,852 119,460 19,950 - 301,873 291,519 Quarterly 2.67 2.67 0-E CITIBANK U.S.A. US$ 3,405 10,404 603,443 - - 617,252 600,000 At Expiration 2.27 2.27 0-E BANK OF UTAH U.S.A. US$ - - 952,990 - - 952,990 793,003 At Expiration 22.19 13.19 Financial lease 0-E ING U.S.A. US$ 5,965 - - - - 5,965 5,965 Quarterly 5.71 5.01 0-E CREDIT AGRICOLE France US$ 13,889 2,057 2,062 - - 18,008 17,961 Quarterly 1.99 1.54 0-E CITIBANK U.S.A. US$ 79,117 61,983 118,372 46,115 19,118 324,705 312,792 Quarterly 2.58 1.77 0-E PEFCO U.S.A. US$ 1,926 - - - - 1,926 1,926 Quarterly 5.65 5.03 0-E BNP PARIBAS U.S.A. US$ 14,851 2,343 793 - - 17,987 17,951 Quarterly 1.81 1.41 0-E WELLS FARGO U.S.A. US$ 114,952 104,946 237,945 99,232 - 557,075 541,406 Quarterly 2.43 1.74 97.036.000-K SANTANDER Chile US$ 21,551 17,851 26,308 - - 65,710 65,247 Quarterly 1.30 0.76 0-E RRPF ENGINE LEASING England US$ 4,093 3,382 8,826 4,870 - 21,171 18,489 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 4,589 4,763 12,977 755 - 23,084 22,730 Quarterly 1.61 1.01 0-E BTMU U.S.A. US$ 11,620 9,647 26,261 770 - 48,298 47,609 Quarterly 1.63 1.03 0-E US BANK U.S.A. US$ 60,527 54,611 144,670 86,076 - 345,884 327,419 Quarterly 4.00 2.82 0-E PK AIRFINANCE U.S.A. US$ 4,624 12,202 3,153 - 19,979 19,522 Monthly 1.98 1.98 TOTAL 980,479 925,714 3,109,661 1,401,379 1,726,498 8,143,731 7,077,118 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NCM Netherlands US$ 452 497 61 - - 1,010 943 Monthly 6.01 6.01 0-E BANCO BRADESCO Brazil BRL 91,672 - - - - 91,672 80,175 Monthly 4.34 4.33 0-E BANCO DO BRASIL Brazil BRL 208,987 - - - - 208,987 199,557 Monthly 3.95 3.95 Financial leases 0-E NATIXIS France US$ 31,482 9,276 42,383 - - 83,141 81,260 Quarterly / Semiannual 4.09 4.09 0-E WAC AP OU LEASING S.A. Luxembourg US$ 2,460 2,442 25 - - 4,927 4,759 Quarterly 2.00 2.00 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 134,919 - - - - 134,919 144,120 Quarterly 3.07 3.01 0-E GA TELESIS LLC U.S.A. US$ 758 1,753 4,675 4,675 7,969 19,830 12,261 Monthly 14.72 14.72 TOTAL 470,730 13,968 47,144 4,675 7,969 544,486 523,075 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Lease Liability - AIRCRAFT OTHERS US$ 226,510 679,529 877,438 812,821 889,072 3,485,370 3,026,573 - - - - OTHER ASSETS OTHERS US$ 3,403 9,953 6,706 18,271 6,349 44,682 46,520 - - - UF 2,103 5,836 1,072 1,973 2,485 13,469 11,401 - - - COP 22 7 14 - - 43 48 - - - EUR 156 443 188 - - 787 772 - - - PEN 29 15 49 - - 93 137 - - - BRL 1,002 3,891 14,414 - - 19,307 35,555 - - - Trade and other accounts payables - OTHERS OTHERS US$ 330,172 47,781 - - 377,953 377,953 - - - CLP 230,997 119,337 - - 350,334 350,334 - - - BRL 359,350 5,859 - - 365,209 365,209 - - - Other currency 598,619 65,684 - - 664,303 664,303 - - - Accounts payable to related parties currents Foreign Delta Airlines U.S.A US$ 805 - - - 805 805 - - - Foreign Patagonia Seafarms INC U.S.A CLP 7 - - - 7 7 97.810.370-9 Inversiones Costa Verde Ltda. y CPA. Chile CLP - - 105,713 - 105,713 105,713 Foreign QA Investments Ltd Jersey Channel Islands US$ - - 132,141 - 132,141 132,141 - - - Foreign QA Investments 2 Ltd Jersey Channel Islands US$ - - 132,141 - 132,141 132,141 Foreign Lozuy S.A. Uruguay US$ - - 26,428 - - 26,428 26,428 - - - Total 1,753,175 938,335 1,296,304 833,065 897,906 5,718,785 5,276,040 Total consolidated 3,204,384 1,878,017 4,453,109 2,239,119 2,632,373 14,407,002 12,876,233 Up to More than More than More than More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 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 Bank loans 97.023.000-9 CORP BANCA 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 Obligations with the public 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 Guaranteed obligations 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 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 Other guaranteed obligation 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 Financial lease 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 IP EX-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 Other loans 0-E CITIBANK (*) U.S.A. US$ 26,111 78,742 - - - 104,853 101,026 Quarterly 6.00 6.00 Hedge derivative - 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 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NCM Netherlands US$ 173 499 722 - - 1,394 1,289 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 4,140 7,965 77,028 - - 89,133 86,256 Quarterly / Semiannual 6.29 6.29 0-E WACAP OULEASING 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 Teles is 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 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Lease Liability - 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 - - - Trade and other accounts payables - 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 - - - Accounts payable to related parties currents 78.591.370-1 Bethia S.A. y Filiales Chile CLP 53 - - - - 53 53 - - - Foreign 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 (*) Oblligation are presented according original contractual condition and do not considered any Chapter 11 resolution. See detail on Note 19. (*) Bonus securitized with the future flows of credit card sales in the United States and Canada, through the Guanay Finance Limited company. |
Schedule of movement of lease liabilities | Lease Liability Aircraft Others total ThUS$ ThUS$ ThUS$ Opening balance as January 1, 2018 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 increases (decreases) 8,395 625 9,020 Changes (299,776 ) 10,853 (288,923 ) Closing balance as of December 31, 2018 2,737,809 120,240 2,858,049 Opening balance as January 1, 2019 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 increases (decreases) - (2,124 ) (2,124 ) Changes 304,422 9,686 314,108 Closing balance as of December 31, 2019 3,042,231 129,926 3,172,157 Opening balance as January 1, 2020 3,042,231 129,926 3,172,157 New contracts - 543 543 Write off (7,435 ) (285 ) (7,720 ) Renegotiations (35,049 ) 4,919 (30,130 ) Payments (131,427 ) (36,689 ) (168,116 ) Accrued interest 158,253 9,348 167,601 Exchange differences - (7,967 ) (7,967 ) Cumulative translation adjustment - (38 ) (38 ) Other increases (decreases) - (5,324 ) (5,324 ) Changes (15,658 ) (35,493 ) (51,151 ) Closing balance as of December 31, 2020 3,026,573 94,433 3,121,006 |
Schedule of hedge derivatives | Current liabilities Non-current liabilities Total hedge derivatives As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Accrued interest from the last date of interest rate swap - 1,723 - - - 1,723 Fair value of interest rate derivatives 2,734 302 - 22 2,734 324 Fair value of fuel derivatives - - - - - - Fair value of foreign currency derivatives - 48,347 - - - 48,347 Total hedge derivatives 2,734 50,372 - 22 2,734 50,394 |
Schedule of derivatives of non coverage | Total derivatives of Current liabilities Non-current liabilities no coverage As of As of As of As of As of As of December December December December December December 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as hedge 2,937 - - - 2,937 - Total derived not qualify - as hedge accounting 2,937 - - - 2,937 - |
Schedule of hedging instruments | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Cross currency swaps (CCS) (1) - (22,662 ) Interest rate swaps (2) (2,734 ) 2,618 Fuel options (3) 1,296 48,542 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. |
Schedule of comprehensive income | For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Debit (credit) recognized in comprehensive income during the period (119,970 ) 66,856 (27,797 ) Debit (credit) transferred from net equity to income during the period (13,016 ) (30,074 ) 39,915 |
2020 {Member] | LATAM Airlines Group S.A. and Subsidiaries {Member] | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans categories by installments Brazil 2019 | Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. 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 Netherlands US$ 409 318 216 - - 943 333 311 324 - - 968 Monthly 6.01 6.01 0-E BANCO BRADESCO Brazil BRL 80,175 - - - - 80,175 91,672 - - - - 91,672 Monthly 4.34 4.34 0-E BANCO DO BRASIL Brazil BRL 199,557 - - - - 199,557 208,987 - - - - 208,987 Monthly 3.95 3.95 Financial lease 0-E NATIXIS France US$ 30,253 - 51,007 - - 81,260 31,308 - 51,007 - - 82,315 Quarterly / Semiannual 4.09 4.09 0-E WACAPOU LEASING S.A. Luxembourg US$ 2,342 797 1,620 - - 4,759 2,439 797 1,620 - - 4,856 Quarterly 2.00 2.00 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 144,120 - - - - 144,120 141,094 - - - - 141,094 Quarterly 3.07 3.01 0-E GA Telessis LLC U.S.A. US$ 486 950 2,623 2,772 5,430 12,261 486 991 2,623 2,772 5,642 12,514 Monthly 14.72 14.72 Total 457,342 2,065 55,466 2,772 5,430 523,075 476,319 2,099 55,574 2,772 5,642 542,406 Total consolidated 1,272,563 785,745 2,695,278 1,206,789 1,639,928 7,600,203 1,454,155 789,621 2,637,151 1,197,861 1,654,066 7,732,854 |
2020 {Member] | CHILE | LATAM Airlines Group S.A. and Subsidiaries {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 Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 74,000 - - - - 74,000 76,929 - - - - 76,929 At Expiration 3.08 3.08 97.030.000-7 ESTADO Chile US$ 40,000 - - - - 40,000 41,542 - - - - 41,542 At Expiration 3.49 3.49 76.645.030-K ITAU Chile US$ 20,000 - - - - 20,000 20,685 - - - - 20,685 At Expiration 4.20 4.20 97.951.000-4 HSBC Chile US$ 12,000 - - - - 12,000 12,545 - - - - 12,545 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 11,255 - - - - 11,255 11,665 - - - - 11,665 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ - - 139,459 - - 139,459 3,300 - 139,459 - - 142,759 Quarterly 2.80 2.80 76.362.099-9 BTG PACTUAL CHILE Chile UF - 67,868 - - - 67,868 1,985 67,237 - - - 69,222 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 ESTADO Chile UF - - 177,846 - 382,267 560,113 25,729 - 177,715 - 395,652 599,096 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ - - - 700,000 800,000 1,500,000 82,572 - - 698,450 803,289 1,584,311 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 31,039 43,655 91,002 97,621 210,956 474,273 40,931 47,668 87,767 96,513 209,612 482,491 Quarterly / Semiannual 2.95 2.95 0-E NATIXIS France US$ 42,740 34,150 77,693 81,244 35,302 271,129 50,001 34,150 75,808 80,316 34,969 275,244 Quarterly 3.11 3.11 0-E INVESTEC England US$ 6,329 11,606 19,935 - - 37,870 7,952 12,522 19,588 - - 40,062 Semiannual 6.21 6.21 0-E MUFG U.S.A. US$ 30,590 24,080 67,730 72,881 187,132 382,413 39,516 24,080 67,014 72,494 186,283 389,387 Quarterly 2.88 2.88 0-E SMBC U.S.A. US$ 130,000 - - - - 130,000 131,662 - - - - 131,662 At Expiration 1.73 1.73 - SWAP Received aircraft - US$ 10 - - - - 10 10 - - - - 10 Quarterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ - 273,199 - - - 273,199 1,395 272,794 - - - 274,189 At Expiration 1.92 1.92 0-E MUFG U.S.A. US$ 82,498 72,206 117,084 19,731 - 291,519 88,880 72,206 114,589 19,499 - 295,174 Quarterly 2.67 2.67 0-E CITIBANK U.S.A. US$ - - 600,000 - - 600,000 138 - 600,000 - - 600,138 At Expiration 2.27 2.27 0-E BANK OF UTAH U.S.A. US$ - - 793,003 - - 793,003 - - 769,615 - - 769,615 At Expiration 18.95 12.26 Financial leases 0-E ING U.S.A. US$ 5,965 - - - - 5,965 6,017 - - - - 6,017 Quarterly 5.71 5.01 0-E CREDIT AGRICOLE France US$ 13,875 2,034 2,052 - - 17,961 13,922 2,034 2,052 - - 18,008 Quarterly 1.99 1.54 0-E CITIBANK U.S.A. US$ 77,994 58,993 113,186 43,778 18,841 312,792 78,860 58,993 109,086 42,558 18,619 308,116 Quarterly 2.58 1.77 0-E PEFCO U.S.A. US$ 1,926 - - - - 1,926 1,938 - - - - 1,938 Quarterly 5.65 5.03 0-E BNP PARIBAS U.S.A. US$ 14,934 2,326 791 - - 17,951 14,909 2,326 788 - - 18,023 Quarterly 1.81 1.41 0-E WELLS FARGO U.S.A. US$ 112,987 99,975 230,416 98,028 - 541,406 114,994 99,975 219,624 96,556 - 531,149 Quarterly 2.43 1.74 97.036.000-K SANTANDER Chile US$ 21,456 17,626 26,165 - - 65,247 21,550 17,626 25,840 - - 65,016 Quarterly 1.30 0.76 0-E RRPF ENGINE England US$ 2,058 3,644 7,752 5,035 - 18,489 2,602 3,644 7,752 5,035 - 19,033 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 4,538 4,631 12,808 753 - 22,730 4,599 4,632 12,608 752 - 22,591 Quarterly 1.61 1.01 0-E BTMU U.S.A. US$ 11,519 9,385 25,937 768 - 47,609 11,595 9,386 25,563 767 - 47,311 Quarterly 1.63 1.03 0-E US BANK U.S.A. US$ 58,512 49,240 135,489 84,178 - 327,419 60,094 49,240 125,274 82,149 - 316,757 Quarterly 4.00 2.82 0-E PK AIRFINANCE U.S.A. US$ 8,996 9,062 1,464 - - 19,522 9,319 9,009 1,435 - - 19,763 Monthly 1.98 1.98 Total 815,221 783,680 2,639,812 1,204,017 1,634,498 7,077,128 977,836 787,522 2,581,577 1,195,089 1,648,424 7,190,448 |
2019 [Member] | TAM S.A. and Subsidiaries [Member] | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans categories by installments Brazil 2019 | Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Netherland 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 WACAPOULEASING 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 |
2019 [Member] | CHILE | LATAM Airlines Group S.A. and Subsidiaries {Member] | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans categories by installments Brazil 2019 | Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % 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 CORP BANCA 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 IP EX-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. |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,757,799 1,671,304 (b) Accrued liabilities at the reporting date 564,326 551,570 Total trade and other accounts payables 2,322,125 2,222,874 |
Schedule of current trade and other accounts payables | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Trade creditors 1,281,432 1,408,690 Other accounts payable 476,367 262,614 Total 1,757,799 1,671,304 |
Schedule of composition of current trade and other accounts payable | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Suppliers technical purchases 281,452 145,973 Boarding Fees 181,049 234,070 Professional services and advisory 146,753 87,825 Aircraft Fuel 143,119 476,320 Handling and ground handling 137,626 114,163 Airport charges and overflight 142,709 81,459 Leases, maintenance and IT services 110,472 59,011 Other personnel expenses 105,696 93,490 Maintenance 116,103 42,202 Services on board 58,099 59,647 Marketing 53,419 60,850 Air companies 27,668 79,958 Crew 16,541 22,921 Land services 10,466 18,166 Achievement of goals 7,840 30,635 Jol Fleet 6,622 3,997 Others 212,165 60,617 Total trade and other accounts payables 1,757,799 1,671,304 |
Schedule of composition of accrued liabilities | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Aircraft and engine maintenance 460,082 292,793 Accrued personnel expenses 72,696 118,199 Accounts payable to personnel (*) 2,186 91,153 Others accrued liabilities (**) 29,362 49,425 Total accrued liabilities 564,326 551,570 |
OTHER PROVISIONS (Tables)
OTHER PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
OTHER PROVISIONS [Abstract] | |
Schedule of other provisions | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 21,188 2,033 364,342 164,190 385,530 166,223 Civil contingencies 2,266 2,202 103,984 66,605 106,250 68,807 Labor contingencies 320 971 48,115 26,505 48,435 27,476 Other - - 17,821 19,886 17,821 19,886 Provision for European Commission investigation (2) - - 10,097 9,217 10,097 9,217 Provisions for onerous contracts (3) - - 44,000 - 44,000 - Total other provisions (4) 23,774 5,206 588,359 286,403 612,133 291,609 |
Schedule of movement of provisions | European Legal Commission Onerous claims (1) Investigation (2) Contracts Total ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 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 Opening balance as of January 1, 2020 282,392 9,217 - 291,609 Increase in provisions 408,078 - 44,000 452,078 Provision used (47,238 ) - - (47,238 ) Difference by subsidiaries conversion (58,654 ) - - (58,654 ) Reversal of provision (25,563 ) - - (25,563 ) Exchange difference (979 ) 880 - (99 ) Closing balance as of December 31, 2020 558,036 10,097 44,000 612,133 (1) Accumulated balances include a judicial deposit delivered in guarantee, with respect to the “Fundo Aeroviario” (FA), for ThUS$ 69, made in order to suspend the collection and the application of a fine. The Company is discussing in Court the constitutionality of the requirement made by FA calculated at the ratio of 2.5% on the payroll in a legal claim. Initially the payment of said contribution was suspended by a preliminary judicial decision and about 10 years later, this same decision was reversed. As the decision is not final, the Company has deposited the securities open until that date, in order to avoid collection processing and the application of the fine. Finally, if the final decision is favorable to the Company, the deposit made and payments made later will return to TAM. On the other hand, if the court confirms the first decision, said deposit will become a final payment in favor of the Government of Brazil. The procedural stage as of December 31, 2020 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 twenty thousand euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission’s Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros. In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine mentioned above. The procedural stage as of December 31, 2020 is described in Note 31 in section 2 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, 2020 | |
Disclosure Of Non Financial Other Liabilities Explanatory [Abstract] | |
Schedule of composition of non financial liabilities | Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (1)(2) 2,036,880 2,689,083 702,008 851,383 2,738,888 3,540,466 Sales tax 7,609 2,556 - - 7,609 2,556 Retentions 27,853 43,916 - - 27,853 43,916 Others taxes 3,931 7,555 - - 3,931 7,555 Dividends payable - 57,129 - - - 57,129 Other sundry liabilities 12,518 34,982 - - 12,518 34,982 Total other non-financial liabilities 2,088,791 2,835,221 702,008 851,383 2,790,799 3,686,604 |
Schedule of composition of non financial liabilities | Deferred income Initial balance (1) Recognition Use Loyalty (accreditation and exchange) Expiration of tickets Adjustment application IAS 29, Argentina hyperinflation Others Provisions Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2019 2,974,760 8,264,970 (7,703,011 ) 124,548 (156,435 ) 2,232 33,402 3,540,466 From January 1 to December 31, 2020 3,540,466 1,970,203 (2,554,476 ) (137,176 ) (72,670 ) (3,485 ) (3,974 ) 2,738,888 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of employee benefits [text block] [Abstract] | |
Schedule of defined benefit plans | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Retirements payments 51,007 64,824 Resignation payments 8,230 9,722 Other obligations 14,879 19,024 Total liability for employee benefits 74,116 93,570 |
Schedule of movement in retirements and resignation payments and other obligations | Increase (decrease) Actuarial Opening current service Benefits (gains) Currency Closing balance provision paid losses translation balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 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 From January 1 to December 31, 2020 93,570 (18,759 ) (8,634 ) 3,968 3,971 74,116 |
Schedule of principal assumptions | For the period ended December 31, Assumptions 2020 2019 Discount rate 2.67 % 3.13 % Expected rate of salary increase 2.80 % 4.50 % Rate of turnover 5.56 % 6.04 % Mortality rate RV-2014 RV-2014 Inflation rate 2.8 % 2.8 % Retirement age of women 60 60 Retirement age of men 65 65 |
Schedule of sensitivity analysis for the variables | Effect on the liability As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (4,576 ) (7,257 ) Change in the accrued liability an closing for decrease of 100 p.b. 5,244 5,365 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 4,946 4,989 Change in the accrued liability an closing for decrease of 100 p.b. (4,678 ) (7,159 ) |
Schedule of liability for short-term | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Profit-sharing and bonuses (*) 2,186 91,153 (*) Accounts payables to employees (Note 20 letter b) |
Schedule of employment expenses | For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Salaries and wages 850,557 1,478,804 1,481,357 Short-term employee benefits 41,259 147,576 132,394 Termination benefits (*) - 54,256 54,007 Other personnel expenses 70,244 114,126 152,211 Total 962,060 1,794,762 1,819,969 (*) The termination benefits related to the reorganization under Chapter 11 are classified in Note 27, Restructuring activities expense. |
ACCOUNTS PAYABLE, NON-CURRENT (
ACCOUNTS PAYABLE, NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Trade And Other Payables Non Current Explanatory [Abstract] | |
Schedule of accounts payable, non-current | As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Aircraft and engine maintenance 392,347 412,710 Fleet (JOL) 208,037 190,225 Provision for vacations and bonuses 15,036 15,868 Other sundry liabilities 36,180 307 Total accounts payable, non-current 651,600 619,110 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
EQUITY (Tables) [Line Items] | |
Schedule of movement of authorized shares | Movement of authorized shares Nro. Of shares Opening balance Expired shares intended for compensation plans and others Closing balance From January 1 to December 31, 2019 606,874,525 (466,832 ) 606,407,693 From January 1 to December 31, 2020 606,407,693 - 606,407,693 |
Schedule of movement of fully paid shares | N° of shares Movement value of shares (1) Cost of issuance and placement of shares (2) Paid- in Capital 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 Paid shares as of January 1, 2020 606,407,693 3,160,718 (14,453 ) 3,146,265 There are no movements of shares paid during the 2020 period - - - - Paid shares as of December 31, 2020 606,407,693 3,160,718 (14,453 ) 3,146,265 |
Schedule of movement of reserves of share-based payments | Stock Opening option Closing Periods balance plan balance ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2018 39,481 (1,607 ) 37,874 From January 1 to December 31, 2019 37,874 (1,585 ) 36,289 From January 1 to December 31, 2020 36,289 946 37,235 |
Schedule of balance of other sundry reserves | As of As of As of December 31, December 31, December 31, 2020 2019 2018 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) (213,273 ) (210,048 ) (25,913 ) Others (3,020 ) (5,795 ) (3,483 ) Total 2,452,019 2,452,469 2,638,916 |
Schedule of movement of reserves with effect in other comprehensive income | Actuarial gain Currency Cash flow or loss on defined translation hedging benefit plans reserve reserve reserve T otal ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2018 (1,925,714 ) 18,140 (10,926 ) (1,918,500 ) Increase (decrease) by application of new accounting standards - - - - Initial balance (1,925,714 ) 18,140 (10,926 ) (1,918,500 ) Change in fair value of hedging instrument recognised in OCI - (56,917 ) - (56,917 ) Reclassified from OCI to profit or loss - 30,018 - 30,018 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 ) Change in fair value of hedging instrument recognised in OCI - 95,954 - 95,954 Reclassified from OCI to profit or loss - (30,074 ) - (30,074 ) 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 ) Opening balance as of January 1, 2020 (2,890,287 ) 56,892 (22,940 ) (2,856,335 ) Change in fair value of hedging instrument recognised in OCI - (105,776 ) - (105,776 ) Reclassified from OCI to profit or loss - (13,016 ) - (13,016 ) Deferred tax - 959 - 959 Actuarial reserves by employee benefit plans - - (3,968 ) (3,968 ) Deferred tax actuarial IAS by employee benefit plans - - 923 923 Translation difference subsidiaries (900,226 ) - - (900,226 ) Closing balance as of December 31, 2020 (3,790,513 ) (60,941 ) (25,985 ) (3,877,439 ) |
Schedule of movement of retained earnings | Increase Result Other Opening (decrease) by for the increase Closing Periods balance new standards period Dividends (decreases) balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2018 (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 From January 1 to December 31, 2020 352,272 - (4,545,887 ) - - (4,193,615 ) |
Schedule of dividends | Minimum mandatory Minimum mandatory dividend dividend Description of dividend 2020 2019 Date of dividend 12-31-2020 12-31-2019 Amount of the dividend (ThUS$) - 57,129 Number of shares among which the dividend is distributed 606,407,693 606,407,693 Dividend per share (US$) - 0.0942 |
Other Sundry Reserves [Member] | |
EQUITY (Tables) [Line Items] | |
Schedule of balance of other sundry reserves | Opening Transactions Legal Closing Periods balance with minorities reserves balance ThUS$ ThUS$ ThUS$ ThUS$ 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 From January 1 to December 31, 2020 2,452,469 (3,125 ) 2,675 2,452,019 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of revenue [text block] [Abstract] | |
Schedule of detail of revenues | For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Passengers 2,713,774 9,005,629 8,708,988 Cargo 1,209,893 1,064,434 1,186,468 Total 3,923,667 10,070,063 9,895,456 |
COSTS AND EXPENSES BY NATURE (T
COSTS AND EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of expenses by nature [text block] [Abstract] | |
Schedule of operating costs and administrative expenses | For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Aircraft fuel 1,045,343 2,929,008 2,983,028 Other rentals and landing fees (*) 720,005 1,275,859 1,206,881 Aircraft maintenance 472,382 444,611 366,627 Comisions 91,910 221,884 222,506 Passenger services 97,688 261,330 280,279 Other operating expenses 1,221,183 1,291,895 1,229,311 Total 3,648,511 6,424,587 6,288,632 |
Schedule of payments for leases of low-value assets | For the period ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Payments for leases of low-value assets 21,178 31,982 27,929 Rent concessions recognized directly in profit or loss (110 ) - - Total 21,068 31,982 27,929 |
Schedule of depreciation and amortisation expense | For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Depreciation (*) 1,219,586 1,389,465 1,307,032 Amortization 169,800 80,511 65,596 Total 1,389,386 1,469,976 1,372,628 |
Schedule of finance costs | For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Bank loan interest 314,468 325,650 283,786 Financial leases 45,245 61,980 62,202 Lease liabilities 170,918 181,814 182,868 Other financial instruments 56,348 20,490 10,281 Total 586,979 589,934 539,137 |
Schedule of restructuring activities expenses | For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Fair value adjustment of fleet available for sale 331,522 - - Rejection of aircraft lease contract 269,467 - - Employee restructuring plan (*) 290,831 - - Legal and financial advice 76,541 - - Others 21,648 - - Total 990,009 - - |
Schedule of other (gains) losses | For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Fuel hedging 82,487 - - Slot Write Off 36,896 - - Provision for onerous contract related to purchase commitment 44,000 - - Goodwill Impairment 1,728,975 - - Other (17,569 ) (11,525 ) 53,499 Total 1,874,789 (11,525 ) 53,499 |
OTHER INCOME, BY FUNCTION (Tabl
OTHER INCOME, BY FUNCTION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of other operating income [text block] [Abstract] | |
Schedule of other income by function | For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Coalition and loyalty program Multiplus - 36,172 126,443 Tours 22,499 96,997 108,448 Aircraft leasing 46,045 102,704 78,056 Customs and warehousing 25,138 29,353 26,667 Duty free - 543 3,555 Maintenance 18,579 10,471 16,569 Income from non-airlines products Latam Pass 42,913 42,791 19,864 Other miscellaneous income (*) 255,828 41,833 93,156 Total 411,002 360,864 472,758 |
FOREIGN CURRENCY AND EXCHANGE_2
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of effect of changes in foreign exchange rates [text block] [Abstract] | |
Schedule of exchange differences | As of December 31, 2020 2019 2018 2017 Argentine peso 84.14 59.83 37.74 18.57 Brazilian real 5.18 4.01 3.87 3.31 Chilean peso 710.95 748.74 694.77 614.75 Colombian peso 3,421.00 3,271.55 3,239.45 2,984.77 Euro 0.81 0.89 0.87 0.83 Australian dollar 1.30 1.43 1.42 1.28 Boliviano 6.86 6.86 6.86 6.86 Mexican peso 19.93 18.89 19.68 19.66 New Zealand dollar 1.39 1.49 1.49 1.41 Peruvian Sol 3.62 3.31 3.37 3.24 Uruguayan peso 42.14 37.24 32.38 28.74 |
Schedule of foreign currency | As of As of December 31, December 31, Current assets 2020 2019 ThUS$ ThUS$ Cash and cash equivalents 483,303 242,624 Argentine peso 16,885 10,974 Brazilian real 13,157 9,407 Chilean peso 32,368 50,421 Colombian peso 2,168 5,971 Euro 10,361 21,927 U.S. dollar 369,455 77,933 Other currency 38,909 65,991 Other financial assets, current 12,981 47,328 Argentine peso 311 7 Brazilian real 4 17,395 Chilean peso 3,987 26,008 Colombian peso 132 138 Euro 1,867 - U.S. dollar 5,639 2,795 Other currency 1,041 985 As of As of December 31, December 31, Current assets 2020 2019 ThUS$ ThUS$ Other non - financial assets, current 42,973 81,521 Argentine peso 11,058 11,263 Brazilian real 2,985 20,553 Chilean peso 15,913 24,451 Colombian peso 175 61 Euro 2,667 2,878 U.S. dollar 2,351 5,140 Other currency 7,824 17,175 Trade and other accounts receivable, current 177,491 501,006 Argentine peso 1,881 22,809 Brazilian real 841 1,457 Chilean peso 38,340 125,342 Colombian peso 209 545 Euro 24,370 32,711 U.S. dollar 98,385 257,421 Other currency 13,465 60,721 Accounts receivable from related entities, current 430 537 Chilean peso 9 42 U.S. dollar 421 495 Tax current assets 11,050 19,506 Argentine peso 389 1,560 Brazilian real 887 1,006 Chilean peso 1,003 1,111 Colombian peso 675 54 Euro 235 264 U.S. dollar 354 - Peruvian sun 5,220 13,707 Other currency 2,287 1,804 Total current assets 728,228 892,522 Argentine peso 30,524 46,613 Brazilian real 17,874 49,818 Chilean peso 91,620 227,375 Colombian peso 3,359 6,769 Euro 39,500 57,780 U.S. Dollar 476,605 343,784 Other currency 68,746 160,383 As of As of December 31, December 31, Non-current assets 2020 2019 ThUS$ ThUS$ Other financial assets, non-current 9,486 10,243 Brazilian real 3,574 4,441 Chilean peso 69 65 Colombian peso 284 296 Euro 1,369 1,525 U.S. dollar 2,490 2,169 Other currency 1,700 1,747 Other non - financial assets, non-current 36,251 29,166 Argentine peso 39 54 Brazilian real 12,974 7,891 U.S. dollar 3,732 3 Other currency 19,506 21,218 Accounts receivable, non-current 4,984 4,722 Chilean peso 4,984 4,722 Deferred tax assets 2,228 3,339 Colombian peso 221 487 U.S. dollar 13 856 Other currency 1,994 1,996 Total non-current assets 52,949 47,470 Argentine peso 39 54 Brazilian real 16,548 12,332 Chilean peso 5,053 4,787 Colombian peso 505 783 Euro 1,369 1,525 U.S. dollar 6,235 3,028 Other currency 23,200 24,961 |
Schedule of foreign currency balances in current liabilities and non-current | Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, Current liabilities 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 239,712 69,623 86,573 210,627 Argentine peso 2 1 - 2 Brazilian real 59 128 163 118 Chilean peso 40,552 42,625 70,639 15,229 Euro 87 145 258 339 U.S. dollar 198,996 26,676 15,504 194,896 Other currency 16 48 9 43 Trade and other accounts payables, current 1,285,233 1,338,123 20,908 10,091 Argentine peso 228,069 252,799 7,315 1,096 Brazilian real 71,446 59,837 37 320 Chilean peso 312,921 322,996 10,991 1,295 Colombian peso 12,300 2,558 1,165 868 Euro 143,780 113,733 41 484 U.S. dollar 392,914 480,129 912 4,263 Peruvian sol 11,759 24,197 222 1,447 Mexican peso 16,546 5,233 60 33 Pound sterling 35,269 20,289 45 119 Uruguayan peso 441 1,018 - 29 Other currency 59,788 55,334 120 137 Accounts payable to related entities, current (229 ) 53 - - Chilean peso - 53 - - U.S. dollar (229 ) - - - Other provisions, current 14 2,079 1,628 - Chilean peso - 27 29 - Other currency 14 2,052 1,599 - 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 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ Other non-financial liabilities, current 42,467 19,335 50 - Argentine peso 961 348 - - Brazilian real 976 1,537 3 - Chilean peso 5,836 705 1 - Colombian peso 622 3,059 38 - Euro 3,206 3,133 - - U.S. dollar 19,707 4,531 - - Other currency 11,159 6,022 8 - Total current liabilities 1,567,596 1,429,213 109,159 220,718 Argentine peso 229,032 253,148 7,315 1,098 Brazilian real 72,481 61,502 203 438 Chilean peso 359,309 366,406 81,660 16,524 Colombian peso 12,922 5,617 1,203 868 Euro 147,073 117,011 299 823 U.S. dollar 611,787 511,336 16,416 199,159 Other currency 134,992 114,193 2,063 1,808 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 2020 2019 2020 2019 2020 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, non-current 268,320 366,889 4,250 12,915 403,841 376,535 Chilean peso 180,150 236,346 1,320 2,291 398,199 369,525 Brazillian real 351 700 - 40 - - Euro 427 550 - 141 - - U.S. dollar 87,280 128,820 2,930 10,308 5,642 7,010 Other currency 112 473 - 135 - - Accounts payable, non-current 70,145 151,254 1,390 - 241 - Chilean peso 47,752 14,367 1,390 - 241 - U.S. dollar 21,051 135,541 - - - - Other currency 1,342 1,346 - - - - Other provisions, non-current 45,834 36,615 - - - - Argentine peso 696 485 - - - - Brazillian real 26,872 20,538 - - - - Colombian peso 278 281 - - - - Euro 11,736 9,217 - - - - U.S. dollar 6,252 6,094 - - - - Provisions for employees benefits, non-current 64,152 80,628 - - - - Chilean peso 64,152 80,628 - - - - U.S. dollar - - - - - - Total non-current liabilities 448,451 635,386 5,640 12,915 404,082 376,535 Argentine peso 696 485 - - - - Brazilian real 27,223 21,238 - 40 - - Chilean peso 292,054 331,341 2,710 2,291 398,440 369,525 Colombian peso 278 281 - - - - Euro 12,163 9,767 - 141 - - U.S. dollar 114,583 270,455 2,930 10,308 5,642 7,010 Other currency 1,454 1,819 - 135 - - |
Schedule of general summary of foreign currency | As of As of December 31, December 31, General summary of foreign currency: 2020 2019 ThUS$ ThUS$ Total assets 781,177 939,992 Argentine peso 30,563 46,667 Brazilian real 34,422 62,150 Chilean peso 96,673 232,162 Colombian peso 3,864 7,552 Euro 40,869 59,305 U.S. dollar 482,840 346,812 Other currency 91,946 185,344 Total liabilities 2,534,928 2,674,767 Argentine peso 237,043 254,731 Brazilian real 99,907 83,218 Chilean peso 1,134,173 1,086,087 Colombian peso 14,403 6,766 Euro 159,535 127,742 U.S. dollar 751,358 998,268 Other currency 138,509 117,955 Net position Argentine peso (206,480 ) (208,064 ) Brazilian real (65,485 ) (21,068 ) Chilean peso (1,037,500 ) (853,925 ) Colombian peso (10,539 ) 786 Euro (118,666 ) (68,437 ) U.S. dollar (268,518 ) (651,456 ) Other currency (46,563 ) 67,389 |
EARNINGS _ (LOSS) PER SHARE (Ta
EARNINGS / (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of earnings per share [text block] [Abstract] | |
Schedule of earning per share | For the year ended December 31, Basic earnings / (loss) per share 2020 2019 2018 Earnings / (loss) attributable to owners of the parent (ThUS$) (4,545,887 ) 190,430 309,811 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Basic earnings / (loss) per share (US$) (7.49642 ) 0.31403 0.51090 For the year ended December 31, Diluted earnings / (loss) per share 2020 2019 2018 Earnings / (loss) attributable to owners of the parent (ThUS$) (4,545,887 ) 190,430 309,811 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Weighted average number of shares, diluted 606,407,693 606,407,693 606,407,693 Diluted earnings / (loss) per share (US$) (7.49642 ) 0.31403 0.51090 |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of contingent liabilities [text block] [Abstract] | |
Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries | Company Court Case Number Origin Stage of trial Amounts ThUS$ Fidelidade Viagens e Turismo Fazenda Pública do Município de São Paulo. 1004194-37.2018.8.26.0053 (EF 1526893-48.2018.8.26.0090) 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. On November 11, 2019 there was a totally favorable decision for Tam Viagens S.A. The Municipio filed an appeal that is pending. 84,652 LATAM Airlines Group S.A., Aerovías de Integración Regional S.A., LATAM Airlines Perú S.A., Latam-Airlines Ecuador S.A., LAN Cargo S.A., TAM Linhas Aereas S.A. and 32 affiliates United States Bankruptcy Court for the Southern District of New York Case No. 20-11254 LATAM Airlines initiated a reorganization proceeding in the United States of America in accordance with the regulations established in Chapter 11 of Title 11 of the Code of the United States of America, filing a voluntary request for relief pursuant thereto (the “Chapter 11 Proceeding”), which grants an automatic stay of enforcement for at least 180 days. On May 26, 2020, LATAM Airlines Group S.A. and 28 affiliates individually filed a voluntary bankruptcy petition with the United States Bankruptcy Court for the Southern District of New York pursuant to Chapter 11 of the United States Bankruptcy Code. Subsequently, on July 7 and 9, 2020, 9 additional affiliated debtors (the “Subsequent Debtors”), including TAM Linhas Aereas S.A., filed voluntary bankruptcy applications with the Court pursuant to Chapter 11 of the United States Bankruptcy Code. The cases are pending ruling before the Honorable Judge James L. Garrity Jr. and are jointly administered under case number 20-11254. On September 18, 2020, LATAM Airlines Group S.A. received approval of the amended proposal on Debtor in Possession (DIP) financing submitted September 17, 2020 to the United States District Court for the Southern District of New York. The Court issued an order setting December 18, 2020 as the general deadline by which LATAM’s creditors can present proof of claim, except for certain litigants in Brazil, who can present proof of claim through February 5, 2021. The judge also extended the period during which LATAM has the exclusive right to present a reorganization plan to January 29, 2021 On January 27, 2021, the Court approved the extension for the period for exclusively filing the reorganization plan until June 30, 2021. Currently, various hearings have been held, the process is in force. -0- Company Court Case Number Origin Stage of trial Amounts ThUS$ LATAM Airlines Group S.A. 2° Juzgado Civil de Santiago C-8553-2020 Request for recognition of the foreign reorganization proceeding. On June 1, 2020, LATAM Airlines Group SA, in its capacity as foreign representative of the reorganization procedure under the rules of Chapter 11 of Title 11 of the United States Code, filed the request for recognition of the foreign reorganization proceeding as the main proceeding, pursuant to Law 20,720. On June 4, 2020, the Court issued the ruling recognizing in Chile the bankruptcy proceeding for the foreign reorganization of the company LATAM Airlines Group S.A. All remedies filed against the decision have been dismissed, so the decision is final. Currently the proceeding remains open. -0- Aerovías de Integración Regional S.A. Superintendencia de Sociedades - Request for recognition of the foreign reorganization proceeding. On June 12, 2020, the Superintendency of Companies recognized in Colombia the reorganization proceeding filed before the Bankruptcy Court of the United States of America for the Southern District of New York as a main process, under the terms of Title III of Law 1116 of 2006. On October 2, 2020, the Companies Commission of Colombia acknowledged the decision adopted September 18, 2020, by the United States District Court for the Southern District of New York that approved the Debtor in Possession financing proposal submitted by LATAM Airlines Group S.A. and the companies that voluntarily petitioned for Chapter 11, including the Colombian companies. -0- Company Court Case Number Origin Stage of trial Amounts ThUS$ LATAM Airlines Perú S.A INDECOPI - Request for a preventive bankruptcy process. On May 27, 2020, LATAM Airlines Peru submitted a request for a preventive bankruptcy process before the Indecopi of Peru and is awaiting admission. -0- LATAM Finance Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On May 26, 2020, LATAM Finance Limited submitted a request for a provisional liquidation, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. Currently the proceeding remains open. -0- Peuco Finance Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On May 26, 2020, Peuco Finance Limited submitted a request for a provisional liquidation, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. Currently the proceeding remains open. -0- Piquero Leasing Limited Grand Court of the Cayman Islands - Request for a provisional bankruptcy process. On July 07, 2020, Piquero Leasing Limited submitted a request for a provisional liquidation, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on July 10, 2020, by the Grand Court of the Cayman Islands. Currently the proceeding remains open. -0- Peuco Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On September 28, 2020, Peuco Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. -0- LATAM Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On September 28, 2020, LATAM Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. -0- |
Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries | Company Court Case Number Origin Stage of trial Amounts ThUS$ LATAM Airlines Group S.A. y Lan Cargo S.A. European Commission. Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26th, 2007, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the instruction process against twenty five cargo airlines, including Lan Cargo S.A., for alleged breaches of competition in the air cargo market in Europe, especially the alleged fixed fuel surcharge and freight. On April 14th, 2008, the notification of the European Commission was replied. The appeal was filed on January 24, 2011. On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9th, 2010, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the imposition of a fine in the amount of THUS$10,072 (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. On December 17, 2020, the European Commission submitted proof of claim for the total amount of the fine (KUS$10,072 or €8,220,000) to the New York Court hearing the Chapter 11 procedure petitioned by LATAM Airlines Group, S.A. and LAN Cargo, S.A. in May 2020. 10,072 Company Court Case Number Origin Stage of trial Amounts ThUS$ 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 was made in January 2020 and concluded the entire lawsuit in England. The amount remains undetermined for the lawsuits in the remaining countries (Norway, the Netherlands and Germany). In the case of Germany, the suspension of the case has been requested, relying on the financial reorganization procedure requested by LATAM Airlines Group, S.A. and LAN CARGO, S.A. in the United States (Chapter 11) in May 2020. The German Court has not yet ruled on this request. DB Barnsdale AG; British Airways; KLM; Martinair; Air France; Lufthansa; Lufthansa Cargo and Swiss Air filed a claim with the U.S. Bankruptcy Court before the deadline that creditors had to present their Chapter 11 claims, which must be processed accordingly. -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 8,353 Aerolinhas Brasileiras S.A. Federal Justice. 0001872-58.2014.4.03.6105 An annulment action with a motion for preliminary injunction, was filed on 28/02/2014, in order to cancel tax debts of PIS, CONFINS, IPI and II, connected with the administrative process 10831.005704/2006.43. We have been waiting since August 21, 2015 for a statement by Serasa on TAM’s letter of indemnity and a statement by the Union. The statement was authenticated on January 29, 2016. A new insurance policy was submitted on March 30, 2016 with the change to the guarantee requested by PGFN. On 05/20/2016 the process was sent to PGFN, which was manifested on 06/03/2016. The Decision denied the company’s request in the lawsuit. The court (TRF3) made a decision to eliminate part of the debt and keep the other part (already owed by the Company, but which it has to pay only at the end of the process: KUS$3,283– R$17,063,902.35). We must await a decision on the Treasury appeal. 8,875 Company Court Case Number Origin Stage of trial Amounts ThUS$ 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 R$ 260.223.373,10-original amount in 2012/2013, which currently equals THUS$63,256. The court decision requesting that the Expert make all clarifications requested by the parties in a period of 30 days was published on March 29, 2016. The plaintiffs’ submitted a petition on June 21, 2016 requesting acceptance of the opinion of their consultant and an urgent ruling on the dispute. No amount additional to the deposit that has already been made is required if this case is lost. 68,821 Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil. 10880.725950/2011-05 Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. The objection (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. 20,732 Company Court Case Number Origin Stage of trial Amounts ThUS$ Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. 2013-20319 CA 01 The July 30th, 2012 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20th, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on February 12, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. The Court decided that 45 th Florida. On June 4, 2019, the State Court of Florida allowed REGIONAL ONE to add a new claim against LATAM AIRLINES COLOMBIA for default on a verbal contract. Given the new claim, LATAM AIRLINES COLOMBIA petitioned that the Court postpone the trial to August 2019 to have the time to investigate the facts alleged by REGIONAL ONE to prove a verbal contract. The facts discovery phase continued, including the verbal statements of the experts of both sides, which have been taking place since March 2020. Given the Covid-19 pandemic and the suspension of trials in the County of Miami-Dade, the Court canceled the trial scheduled for June 2020. In addition, the claims against Aires have been suspended given the request for reorganization filed by LATAM AIRLINES GROUP SA and some of its subsidiaries, including Aires, on May 26, 2020, under Chapter 11 of the United States Bankruptcy Code. Dash and Regional One filed a claim with the U.S. Bankruptcy Court in December 2020 before the deadline that creditors had to present their Chapter 11 claims, which must be processed accordingly. 12,443 Company Court Case Number Origin Stage of trial Amounts ThUS$ Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil 10880.722.355/2014-52 On August 19th, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. An administrative objection was filed on September 17th, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On September 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). In September 2019, the Court rejected the appeal of the Hacienda Nacional. Hacienda Nacional filed a complaint that was denied by the Court. 52,024 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. 15,260 TAM Linhas Aéreas S.A. Ministerio de Trabajo 0001734- 78.2014.5.02.0045 This action was filed by the Ministry of Labor seeking compliance with the laws on rest time, overtime and similar issues. It is before the São Paulo Labor Court. Initial stage. It could potentially impact operations and control of employees’ working hours. The case was won at the trial court level, but the Public Prosecutor appealed that decision, which failed at the appellate court level. The Prosecutor then filed a motion requesting clarification that he later withdrew. He proposed taking it as far as the supreme court, but he did not go through with it. The Prosecutor has filed a remedy internally that is pending a decision by the Labor Supreme Court (TST). 18,243 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. 18,646 Company Court Case Number Origin Stage of trial Amounts 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. 31,392 TAM Linhas Aéreas S.A. Department of Federal Revenue of Brazil 5002912.29.2019.4.03.6100 A lawsuit disputing the debit in the administrative proceeding 16643.000085/2009-47, reported in previous notes, consisting of a notice demanding recovery of the Income and Social Assessment Tax on the net profit (SCL) resulting from the itemization of royalties and use of the TAM trademark The lawsuit was assigned on February 28, 2019. A decision was rendered on March 1, 2019 stating that no guarantee was required. Actualmente, debemos esperar la decisión final. On 04/06/2020 TAM Linhas Aéreas S.A. had a favorable decision (sentence). The National Treasury can appeal. Today, we await the final decision. 8,862 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720630/2017-16 This is an administrative claim about a fine for the incorrectness of an import declaration. The administrative defensive arguments were presented September 28, 2017. The Court dismissed the Company’s appeal in August 2019. Then on September 17, 2019, Company filed a special appeal (CRSF (Higher Tax Appeals Chamber)) that is pending a decision. 16,204 TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720852/2016-58 An improper charge of the Contribution for the Financing of Social Security (COFINS) on an import We are currently awaiting a decision. There is no predictable decision date because it depends on the court of the government agency. 11,598 TAM Linhas Aéreas S.A Delegacía de Receita Federal 16692.721.933/2017-80 The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport (Referring to 2012). An administrative defense was presented on May 29, 2018. 24,926 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. 58,919 TAM Linhas Aéreas S/A União Federal 2001.51.01.020420-0 TAM and other airlines filed a recourse claim seeking a finding that there is no legal or tax basis to be released from collecting the Additional Airport Fee (“ATAERO”). A decision by the superior court is pending. The amount is indeterminate because even though TAM is the plaintiff, if the ruling is against it, it could be ordered to pay a fee. -0- 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. 13,667 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. 95,878 Company Court Case Number Origin Stage of trial Amounts ThUS$ TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938832/2013-19 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the second quarter of 2011, which were determined to be in the non-cumulative system An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 12,815 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938834/2013-16 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the third quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 9,370 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938837/2013-41 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the fourth quarter of 2011, which were determined to be in the non-cumulative system. An administrative defense was argued on March 19, 2019. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 12,556 TAM Linhas Aéreas S/A Department of Federal Revenue of Brazil 10880.938838/2013-96 The decision denied the reallocation petition and did not equate the Social Security Tax (COFINS) credit declarations for the first quarter of 2012, which were determined to be in the non-cumulative system. We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 8,665 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. On 04/30/2020, we were notified of the unfavorable court ruling in the first instance, filing an appeal. The Court of Appeals confirmed the trial court’s decision. 12,272 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. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 9,169 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. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 8,655 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. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 8,189 Company Court Case Number Origin Stage of trial Amounts ThUS$ TAM Linhas Aéreas S.A Receita Federal de Brasil 10840.727719/2019-71 Collection of PIS / COFINS tax for the period of 2014. We presented our administrative defense on January 11, 2020. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 33,551 Latam-Airlines Ecuador S.A. Tribunal Distrital de lo Fiscal 17509-2014-0088 An audit of the 2006 Income Tax Return that disallowed fuel expenses, fees and other items because the necessary support was not provided, according to Management. On August 6, 2018, the District Tax Claims Court rendered a decision denying the request for a refund of a mistaken payment. An appeal seeking vacation of this judgment by the Court was filed on September 5th and we are awaiting a decision by the Appellate judges. As of December 31, 2018, the 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. On April 6, 2020 the Court issued a Temporary Suspension Order given the inability to proceed with the case on a regular basis as a result of the indefinite duration and restrictions of the global pandemic. The parties must notify the Court monthly of the possibility of moving forward. The provision is undetermined. -0- TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910559/2017-91 Compensation non equate by Cofins It is about the non-approved compensation of Cofins. Administrative defense submitted (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 10,185 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910547/2017-67 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 11,839 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910553/2017-14 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 11,324 Company Court Case Number Origin Stage of trial Amounts ThUS$ TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910555/2017-11 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 11,976 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910560/2017-16 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 10,354 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910550/2017-81 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 12,117 Company Court Case Number Origin Stage of trial Amounts ThUS$ TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910549/2017-56 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 10,153 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910557/2017-01 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 9,604 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10840.722712/2020-05 Administrative trial that deals with the collection of PIS/Cofins proportionality (fiscal year 2015). We presented our administrative defense (Manifestação de Inconformidade). A decision is pending. 26,454 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.978948/2019-86 It is about the non-approved compensation/reimbursement of Cofins for the 4th Quarter of 2015. TAM filed its administrative defense on July 14, 2020. A decision is pending. 15,114 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.978946/2019-97 It is about the non-approved compensation/reimbursement of Cofins for the 3th Quarter of 2015 TAM filed its administrative defense on July 14, 2020. A decision is pending. 9,159 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.978944/2019-06 It is about the non-approved compensation/reimbursement of Cofins for the 2th Quarter of 2015 TAM filed its administrative defense on July 14, 2020 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of commitments [text block] [Abstract] | |
Schedule of letters of credit, certificates of deposits and warranty insurance policies | Value Release Creditor Guarantee Debtor Type ThUS$ date Superintendencia Nacional de Aduanas y de Administración Tributaria Latam Airlines Perú S.A. Twenty six letters of credit 188,524 Jan-20-21 Aena Aeropuertos S.A. Latam Airlines Group S.A. Four letters of credit 2.871 Dec-04-21 American Alternative Insurance Corporation Latam Airlines Group S.A. Eight letters of credit 4,240 Apr-05-21 Comisión Europea Latam Airlines Group S.A. One letter of credit 9,682 Mar-29-21 Empresa Pública de Hidrocarburos del Ecuador EP Petroecuador Latam Airlines Group S.A. One letter of credit 1,500 Jun-18-21 Metropolitan Dade County Latam Airlines Group S.A. Seven letters of credit 2,463 Apr-09-21 BBVA Latam Airlines Group S.A. One letter of credit 4,476 Jan-16-22 JFK International Air Terminal LLC. Latam Airlines Group S.A. One letter of credit 2,300 Jan-27-21 Sociedad Concesionaria Pudahuel S.A. Latam Airlines Group S.A. Sixteen letters of credit 1,953 Apr-01-21 Servicio Nacional de Aduanas Latam Airlines Group S.A. Five letters of credit 2,574 Apr-01-21 Tesorería Nacional de la República Latam Airlines Group S.A. Five letters of credit 1,416 Apr-30-21 Procon Tam Linhas Aéreas S.A. Eleven insurance policy guarantee 14,972 Apr-01-21 União Federal Tam Linhas Aéreas S.A. Six insurance policy guarantee 53,718 Nov-09-21 Procuradoria da Fazenda Nacional Tam Linhas Aéreas S.A. One letter of credit 6,060 Aug-10-21 Tribunal de Justição de São Paulo. Tam Linhas Aéreas S.A. Two insurance policy guarantee 1,047 Sep-23-24 17a Vara Cível da Comarca da Capital de João Pessoa/PB. Tam Linhas Aéreas S.A. An insurance policy guarantee 2,300 Jun-25-23 14ª Vara Federal da Seção Judiciária de Distrito Federal Tam Linhas Aéreas S.A. An insurance policy guarantee 1,373 May-29-25 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. Two insurance policy guarantee 2,722 Jul-05-23 Vara Civel Campinas SP Tam Linhas Aéreas S.A. An insurance policy guarantee 1,487 Jun-14-24 JFK International Air Terminal LLC. Tam Linhas Aéreas S.A. An letter of credit 1,300 Jan-10-21 7ª Turma do Tribunal Regional Federal da 1ª Região Tam Linhas Aéreas S.A. An insurance policy guarantee 41,993 Apr-20-23 Vara de Execuções Fiscais Estaduais da Comarca de São Paulo Tam Linhas Aéreas S.A. Three insurance policy guarantee 10,775 Jul-05-23 Bond Safeguard Insurance Company Tam Linhas Aéreas S.A. Four insurance policy guarantee 2,700 Jul-14-21 União Federal Fazenda Nacional Tam Linhas Aéreas S.A. Four insurance policy guarantee 2,304 Nov-16-25 Unia o Federal ABSA Linhas Aereas Brasileira S.A. Four insurance policy guarantee 31,247 Feb-22-21 Vara Federal da Subseção de Campinas SP ABSA Linhas Aereas Brasileira S.A. An insurance policy guarantee 1,560 Feb-20-23 Tribunal de Justição de São Paulo. ABSA Linhas Aereas Brasileira S.A. Two insurance policy guarantee 5,084 Sep-23-24 7ª Turma do Tribunal Regional Federal da 1ª Região ABSA Linhas Aereas Brasileira S.A. An insurance policy guarantee 1,638 May-07-23 404,279 |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of related party [text block] [Abstract] | |
Schedule of related party transactions | Transaction amount Nature of Nature of with related parties relationship with Country related parties As of December 31, Tax No. Related party related parties of origin transactions Currency 2020 2019 2018 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales 28 16 16 Loans received (*) CLP (100,013 ) - - Interest accrued (*) CLP (5,700 ) - - 78.591.370-1 Bethia S.A and subsidiaries Related director Chile Services provided of cargo transport CLP - 556 1,778 Services received from National and International Courier CLP - (3 ) (85 ) Sales commissions CLP - (218 ) (821 ) Services received advertising CLP - (726 ) (1,025 ) 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Services provided CLP 13 61 51 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 5 - 18 Foreign Patagonia Seafarms INC Related director U.S.A Services provided of cargo transport 40 - - Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil Services provided Services provided of cargo transport BRL 13 58 62 Services received BRL - 2 8 Foreign Qatar Airways Indirect shareholder Qatar Services provided by aircraft lease US$ 22,215 39,528 21,321 Interlineal received service US$ (4,736 ) (2,050 ) (6,345 ) Interlineal provided service US$ 3,141 3,739 8,635 Services provided of handling US$ 1,246 1,106 1,392 Compensation for early return of aircraft US$ 9,240 - - Services provided / received others US$ 1,160 996 1,805 Foreign Delta Air Lines, Inc. Shareholder U.S.A Interlineal received service US$ (4,160 ) - - Interlineal provided service US$ 4,357 - - Compensation for cancellation of aircraft purchase US$ 62,000 - - Compensation for cancellation of aircraft purchase US$ 3,310 - - Compensation for cancellation of aircraft purchase US$ 30 - - Foreign QA Investments Ltd Common shareholder Jersey Channel Islands (*)Loans received US$ (125,016 ) - - (*)Interest accrued US$ (7,125 ) - - Foreign QA Investments 2 Ltd Common shareholder Jersey Channel Islands (*)Loans received US$ (125,016 ) - - (*)Interest accrued US$ (7,125 ) - - Foreign Lozuy S.A. Common shareholder Uruguay (*)Loans received US$ (25,003 ) - - (*)Interest accrued US$ (1,425 ) - - |
Schedule of key management personnel compensation | For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Remuneration 8,395 13,701 14,841 Management fees 257 411 307 Non-monetary benefits 1,719 1,815 748 Short-term benefits 13,624 31,124 45,653 Long-term benefits - 8,577 2,412 Share-based payments - 3,296 (7,210 ) Termination benefits (*) 4,539 1,428 1,404 Total 28,534 60,352 58,155 (*) Includes termination benefits ThUS $ 489 related to the reorganization within the framework of Chapter 11 and classified as expenses of restructuring activities (Note 27). |
STATEMENT OF CASH FLOWS (Tables
STATEMENT OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of cash flow statement [text block] [Abstract] | |
Schedule of other inflows (outflows) of cash | For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Delta Air Lines Inc. compensation (1) 62,000 350,000 - Fuel hedge (46,579 ) (9,966 ) 77,234 Hedging margin guarantees 14,962 (21,200 ) 1,573 Currency hedge - - (1,282 ) Tax paid on bank transaction (1,261 ) (11,369 ) 318 Fuel derivatives premiums (3,949 ) (17,102 ) (13,947 ) Bank commissions, taxes paid and other (5,828 ) (20,627 ) (8,179 ) Guarantees (44,279 ) (5,474 ) 14,755 Court deposits 38,527 (22,976 ) (30,860 ) Total Other inflows (outflows) Operation flow 13,593 241,286 39,612 Tax paid on bank transaction (2,192 ) (2,249 ) (2,476 ) Total Other inflows (outflows) Investment flow (2,192 ) (2,249 ) (2,476 ) Settlement of derivative contracts (107,788 ) (2,976 ) (11,675 ) Aircraft Financing advances - (55,728 ) 55,728 Total Other inflows (outflows) Financing flow (107,788 ) (58,704 ) 44,053 |
Schedule of dividends paid to minority shareholders | For the period ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Latam Airlines Group S.A. - (54,580 ) (46,591 ) Multiplus S.A. (*) - - (26,029 ) Latam Airlines Perú S.A. (*) (571 ) (536 ) - Total dividends paid (571 ) (55,116 ) (72,620 ) |
Schedule of liabilities arising from financing activities | Cash flows Non cash-Flow Movements As of Obtainment Payment Interest accrued As of Obligations with financial institutions 2019 Capital Capital Interest and others (*) Reclassifications 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Loans to exporters 341,475 165,000 (359,000 ) (4,140 ) 8,366 - 151,701 Bank loans 217,255 265,627 (4,870 ) (2,397 ) 49,658 - 525,273 Guaranteed obligations 2,157,327 192,972 (48,576 ) (21,163 ) (823,984 ) (137,720 ) 1,318,856 Other guaranteed obligations 580,432 1,361,881 (42,721 ) (27,744 ) 67,268 - 1,939,116 Obligation with the public 2,064,934 - (774 ) (55,613 ) 174,860 - 2,183,407 Financial leases 1,730,843 - (236,744 ) (52,155 ) 34,837 137,720 1,614,501 Other loans 101,261 - (101,026 ) (1,151 ) 916 - - Lease liability 3,172,157 - (122,063 ) (46,055 ) 116,967 - 3,121,006 Total Obligations with financial institutions 10,365,684 1,985,480 (915,774 ) (210,418 ) (371,112 ) - 10,853,860 Cash flows Non cash-Flow Movements Obligations with As of Obtainment Payment Interest accrued As of financial institutions 2018 Capital Capital Interest and others Reclassifications 2019 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 ) (177,948 ) 891,048 - 3,172,157 Total Obligations with financial institutions 10,119,775 1,902,592 (2,343,040 ) (550,877 ) 1,237,234 - 10,365,684 |
Schedule of statement of consolidated cash flow | For the year ended 2020 2019 ThUS$ ThUS$ Increases (payments) (31,803 ) (86,288 ) Recoveries 8,157 349,702 Total cash flows (23,646 ) 263,414 |
Schedule of property, plant and equipment and intangibles | For the year ended 2020 2019 2018 ThUS$ ThUS$ ThUS$ Net cash flows from Purchases of property, plant and equipment 324,264 1,276,621 660,707 Additions associated with maintenance 173,740 453,827 375,634 Other additions 150,524 822,794 285,073 Purchases of intangible assets 75,433 140,173 96,206 Other additions 75,433 140,173 96,206 |
Schedule of property, plant and equipment and intangibles | For the year ended 2020 2019 ThUS$ ThUS$ Net cash flows from (used in) operating activities 18,347 118,797 Net cash flows from (used in) investment activities (13,872 ) 64,516 Net cash flows from (used in) financing activities - (56,866 ) Effects of variation in the exchange rate on cash and cash equivalents (4,475 ) (126,447 ) Net increase (decrease) in cash and cash equivalents - - |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Parent Company Financial Information [Abstract] | |
Schedule of condensed balance sheets | ASSETS As of As of December 31, December 31, 2020 2019 ThUS$ ThUS$ Cash and cash equivalents Cash and cash equivalents 1,295,042 538,200 Other financial assets 32,407 82,041 Other non-financial assets 82,318 126,765 Trade and other accounts receivable 282,896 442,046 Accounts receivable from related entities 412,370 214,693 Inventories 168,686 162,826 Current tax assets 2,545 5,182 Total current assets other than non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners 2,276,264 1,571,753 Non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners 300,367 489,719 Total current assets 2,576,631 2,061,472 Non-current assets Other financial assets 27,658 35,675 Investments accounted for using the equity method 9,006,797 9,801,639 Other non-financial assets 13,356 33,104 Accounts receivable 2,975 2,313 Accounts receivable from related entities 38,300 56,823 Intangible assets other than goodwill 167,893 222,260 Goodwill - 38,992 Property, plant and equipment 8,683,419 10,756,213 Deferred tax assets 553,122 - Total non-current assets 18,493,520 20,947,019 Total assets 21,070,151 23,008,491 LIABILITIES AND EQUITY As of As of December 31, December 31, LIABILITIES 2020 2019 ThUS$ ThUS$ Current liabilities Other financial liabilities 2,347,033 1,576,602 Trade and other accounts payables 1,013,399 712,790 Accounts payable to related entities 1,481,281 1,261,916 Other provisions 32 30 Other non-financial liabilities 1,411,582 1,860,979 Total current liabilities other than non-current liabilities (or disposal groups) classified as held for sale 6,253,327 5,412,317 Total current liabilities 6,253,327 5,412,317 Non-current liabilities Other financial liabilities 5,631,916 6,286,583 Accounts payable 416,034 347,529 Accounts payable to related entities 574,202 177,779 Other provisions 9,892,007 6,539,683 Deferred tax liabilities - 211,095 Employee benefits 47,915 61,793 Other non-financial liabilities 697,135 842,535 Total non-current liabilities 17,259,209 14,466,997 Total liabilities 23,512,536 19,879,314 EQUITY Share capital 3,146,265 3,146,265 Retained earnings/(losses) (4,193,615 ) 352,272 Treasury Shares (178 ) (178 ) Other reserves (1,388,185 ) (367,577 ) Parent’s ownership interest (2,435,713 ) 3,130,782 Non-controlling interest (6,672 ) (1,605 ) Total equity (2,442,385 ) 3,129,177 Total liabilities and equity 21,070,151 23,008,491 |
Schedule of condensed income statement | For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Revenue 1,272,077 2,958,270 3,107,993 Cost of sales (2,099,716 ) (2,860,173 ) (2,687,140 ) Gross margin (827,639 ) 98,097 420,853 Other income 948,160 1,124,033 1,157,905 Distribution costs (125,563 ) (222,585 ) (217,828 ) Administrative expenses (225,557 ) (326,640 ) (339,017 ) Other expenses (154,582 ) (211,830 ) (189,719 ) Restructuring activities expenses (837,673 ) - - Other gains/(losses) (98,790 ) 15,367 53,446 Income from operation activities (1,321,644 ) 476,442 885,640 Financial income 11,812 23,262 10,906 Financial costs (410,153 ) (479,596 ) (468,842 ) Share of profit of investments accounted for using the equity method (3,537,259 ) 88,429 (49,115 ) Foreign exchange gains/(losses) (66,004 ) (76,122 ) (78,566 ) Result of indexation units - 67 115 Income (loss) before taxes (5,323,248 ) 32,482 300,138 Income tax expense / benefit 767,713 163,131 41,648 NET INCOME (LOSS) FOR THE YEAR (4,555,535 ) 195,613 341,786 |
Schedule of condensed cash flow statement | For the year ended December 31, 2020 2019 2018 ThUS$ ThUS$ ThUS$ Cash flows from operating activities Cash collection from operating activities Proceeds from sales of goods and services 2,240,961 6,621,168 5,948,097 Other cash receipts from operating activities 52,192 122,637 89,513 Payments for operating activities Payments to suppliers for goods and services (1,713,223 ) (4,491,682 ) (4,325,619 ) Payments to and on behalf of employees (298,370 ) (466,212 ) (437,946 ) Other payments for operating activities (27,757 ) (67,056 ) (55,511 ) Interest received - 5,127 (1,454 ) Income taxes (paid) (2,764 ) - - Other cash inflows (outflows) 61,532 302,246 75,403 Net cash flows from operating activities 312,571 2,026,228 1,292,483 Cash flows from investing activities Cash flows from losses of control of subsidiaries or other businesses - - 39,108 Cash flows used to obtain control of subsidiaries or other businesses (349,125 ) - (199,701 ) Other cash receipts from sales of equity or debt instruments of other entities 30,439 172,122 242,253 Other payments to acquire equity or debt instruments of other entities (27,199 ) (172,295 ) (250,968 ) Loans to related entities - - (48,125 ) Amounts raised from sale of property, plant and equipment 75,566 42,600 112,255 Purchases of property, plant and equipment (163,022 ) (578,498 ) (545,885 ) Purchases of intangible assets (70,363 ) (66,018 ) (60,508 ) Interest received 3,235 12,757 6,200 Net cash flow (used in) investing activities (500,469 ) (589,332 ) (705,371 ) Cash flows from financing activities Payments for changes in ownership interests in subsidiaries that do not result in loss of control (3,225 ) - - Amounts raised from long-term loans 1,361,807 370,139 769,055 Amounts raised from short-term loans 296,267 93,000 293,000 Loans from Related Entities 373,125 - - Loans repayments (749,258 ) (1,632,577 ) (913,490 ) Payments of lease liabilities (90,335 ) - (545,824 ) Dividends paid - (54,580 ) (46,591 ) Interest paid (135,859 ) (283,612 ) (287,730 ) Other cash inflows (outflows) (107,782 ) (58,704 ) 44,053 Net cash flows (used in) financing activities 944,740 (1,566,334 ) (687,527 ) Net increase in cash and cash equivalents before effect of exchanges rate change 756,842 (129,438 ) (100,415 ) Effects of variation in the exchange rate on cash and cash equivalents - 5,183 - Net increase (decrease) in cash and cash equivalents 756,842 (124,255 ) (100,415 ) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR 538,200 662,455 762,870 CASH AND CASH EQUIVALENTS AT THE END OF YEAR 1,295,042 538,200 662,455 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) $ in Thousands | Dec. 22, 2020shares | Dec. 16, 2020shares | Dec. 22, 2020 | Mar. 23, 2020 | Nov. 20, 2019 | Apr. 30, 2019 | Dec. 31, 2020USD ($)shares | Dec. 31, 2019shares | Dec. 31, 2018 |
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Percentage of ownership shares issued | 4131.00% | ||||||||
Number of average employees | 35,717 | 4 | |||||||
Number of employees | 29,115 | ||||||||
Description of inversiones | On December 22, 2020, Inversiones Aéreas S.A. carries out a capital increase for 9,504,335 shares, consequently its shareholding composition as follows: LATAM Airlines Group S.A. with 33.41%, Línea Aérea Carguera de Colombia S.A. with 66.43% and Mas Investment Limited with 0.16%. | ||||||||
Number of shares acquired (in Shares) | 30,000,000 | ||||||||
Value of acquisition transaction (in Dollars) | $ | $ 294,105 | ||||||||
Administrative Staff [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Number of employees | 4,477 | ||||||||
Maintenance Staff [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Number of employees | 15,664 | ||||||||
Operations Staff [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Number of employees | 5,918 | ||||||||
Cabin Crew [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Number of employees | 3,056 | ||||||||
Ordinary shares [member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Number of statutory capital shares (in Shares) | 604,407,693 | ||||||||
Number of shares pending of subscription and payment (in Shares) | 466.382 | ||||||||
Línea Aérea Carguera de Colombia S.A [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Description of acquired shares | On December 22, 2020, Línea Aérea Carguera de Colombia S.A. carries out a capital increase for 1,861,785 shares, consequently, its shareholding composition is as follows: LATAM Airlines Group S.A. with 4.57%, Fast Air S.A. with 1.53%, Inversiones Lan S.A. with 1.53%, Lan Pax Group S.A. with 1.53% and Lan Cargo Inversiones S.A. 81.31%. | ||||||||
Inversiones Lan S.A. and Subsidiaries [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Number of shares acquired (in Shares) | 12,312,020 | ||||||||
Percentage of ownership changes for capital increase | 76.19% | ||||||||
LATAM Airlines Group S.A. [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Percentage of ownership changes for capital increase | 23.62% | ||||||||
Latam Ecuador S.A [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Number of shares acquired (in Shares) | 23,678 | ||||||||
Tam Linhas Aereas S.A [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Description of acquired shares | On March 23, 2020, Transporte Aéreo S.A. carries out a capital increase for 109,662 shares which were acquired by Mas Investment Limited, consequently, the shareholding of Transporte Aéreo S.A. is as follows: Lan Cargo S.A. with 87.12567%, Inversiones Lan S.A. with 0.00012% and Mas Investment Limited with 12.87421%. | 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. | |||||||
Holdco I S.A [Member] | TAM S.A. and Subsidiaries [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Percentage of rights politicians product | 51.04% | ||||||||
Percentage of foreign capital | 100.00% | ||||||||
Delta Air Lines [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Percentage of ownership shares issued | 20.00% | ||||||||
Cueto Group [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Percentage of ownership shares issued | 16.39% | ||||||||
Shareholders [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Percentage of share capital in form of ADRs | 8.75% | ||||||||
TAM S.A. and Subsidiaries [Member] | Holdco I S.A [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Percentage of economic rights | 99.9983% | ||||||||
Latam Travel Chile S.A. and Subsidiaries [Member] | |||||||||
GENERAL INFORMATION (Details) [Line Items] | |||||||||
Percentage of ownership shares issued | 100.00% |
GENERAL INFORMATION (Details) -
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Latam Travel Chile S.A. and Subsidiaries [Member] | |||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||||
Tax No. | 96.518.860-6 | 96.518.860-6 | |||
Company | Latam Travel Chile S.A. and Subsidiary | Latam Travel Chile S.A. and Subsidiary | |||
Country of origin | Chile | ||||
Functional Currency | US$ | ||||
Direct | 99.99% | ||||
Indirect | 0.01% | ||||
Total | 100.00% | ||||
Lan Pax Group S.A. and Subsidiaries [Member] | |||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||||
Tax No. | 96.969.680-0 | ||||
Company | Lan Pax Group S.A. and Subsidiaries | ||||
Country of origin | Chile | ||||
Functional Currency | US$ | ||||
Direct | 99.8361% | 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 | Foreign | |||
Company | Latam Airlines Per S.A. | Latam Airlines Per S.A. | |||
Country of origin | Peru | ||||
Functional Currency | US$ | ||||
Direct | 23.62% | 49.00% | 49.00% | ||
Indirect | 76.19% | 21.00% | 21.00% | ||
Total | 99.81% | 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 | 93.383.000-4 | |||
Company | Lan Cargo S.A. | 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 | Foreign | |||
Company | Connecta Corporation | Connecta Corporation | |||
Country of origin | U.S.A. | ||||
Functional Currency | US$ | ||||
Direct | 100.00% | 100.00% | 0.00% | ||
Indirect | 0.00% | 0.00% | 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 | Foreign | |||
Company | Prime Airport Services Inc. and Subsidiary (*) | [1] | Prime Airport Services Inc. and Subsidiary | ||
Country of origin | U.S.A. | ||||
Functional Currency | US$ | ||||
Direct | 99.9714% | 99.9714% | 0.00% | ||
Indirect | 0.0286% | 0.0286% | 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 | 96.951.280-7 | |||
Company | Transporte Areo S.A. | Transporte Areo S.A. | |||
Country of origin | Chile | ||||
Functional Currency | US$ | ||||
Direct | 0.00% | 99.9999% | 0.00% | ||
Indirect | 100.00% | 0.0001% | 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 | 96.631.520-2 | |||
Company | Fast Air Almacenes de Carga S.A. | Fast Air Almacenes de Carga S.A. | |||
Country of origin | Chile | ||||
Functional Currency | CLP | ||||
Direct | 99.89% | 99.89% | 0.00% | ||
Indirect | 0.11% | 0.11% | 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 | Foreign | |||
Company | Laser Cargo S.R.L. | Laser Cargo S.R.L. | |||
Country of origin | Argentina | ||||
Functional Currency | ARS | ||||
Direct | 96.2208% | 96.2208% | 0.00% | ||
Indirect | 3.2208% | 3.7792% | 100.00% | ||
Total | 99.4416% | 100.00% | 100.00% | ||
Lan Cargo Overseas Limited and Subsidiaries [Member] | |||||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||||
Tax No. | Foreign | Foreign | |||
Company | Lan Cargo Overseas Limited and Subsidiaries (*) | [1] | Lan Cargo Overseas Limited and Subsidiaries | ||
Country of origin | Bahamas | ||||
Functional Currency | US$ | ||||
Direct | 99.98% | 99.98% | 0.00% | ||
Indirect | 0.02% | 0.02% | 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 | 96.969.690-8 | |||
Company | Lan Cargo Inversiones S.A. and Subsidiary (*) | [1] | Lan Cargo Inversiones S.A. and Subsidiary | ||
Country of origin | Chile | ||||
Functional Currency | US$ | ||||
Direct | 99.00% | 99.00% | 0.00% | ||
Indirect | 1.00% | 1.00% | 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. | 96.575.810-0 | 96.575.810-0 | |||
Company | Inversiones Lan S.A. and Subsidiaries (*) | [1] | 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 | 96.847.880-K | |||
Company | Technical Trainning LATAM S.A. | 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 | Foreign | |||
Company | Latam Finance Limited | 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 | Foreign | |||
Company | Peuco Finance Limited | 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 | Foreign | |||
Company | Profesional Airline Services INC. | 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 | Foreign | |||
Company | Jarletul S.A. | 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. | Foreign | Foreign | |||
Company | TAM S.A. and Subsidiaries (*) | [1] | TAM S.A. and Subsidiaries (*) | [2] | |
Country of origin | Brazil | ||||
Functional Currency | BRL | ||||
Direct | 63.0901% | 63.0901% | 63.0901% | ||
Indirect | 36.9099% | 36.9099% | 36.9099% | ||
Total | 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, 2020, 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Latam Travel Chile S.A. and Subsidiaries [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | 96.518.860-6 | 96.518.860-6 | ||||
Company | Latam Travel Chile S.A. and Subsidiary | Latam Travel Chile S.A. and Subsidiary | ||||
Assets | $ 10,841 | |||||
Liabilities | 3,909 | |||||
Equity | 6,932 | |||||
Gain /(loss) | 2,385 | |||||
Latam Travel Chile S.A. and Subsidiaries [Member] | Restated [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | 96.969.680-0 | |||||
Company | [1] | Lan Pax Group S.A. and Subsidiaries (*) | ||||
Assets | $ 404,944 | 632,673 | 526,017 | |||
Liabilities | 1,624,944 | 1,487,248 | 1,281,800 | |||
Equity | (1,219,539) | (853,624) | (751,960) | |||
Gain /(loss) | $ (290,980) | (26,551) | $ (48,061) | |||
Latam Airlines Perú S.A.[Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | Latam Airlines Per S.A. | Latam Airlines Per S.A. | ||||
Assets | $ 661,721 | 519,363 | $ 419,325 | |||
Liabilities | 486,098 | 510,672 | 409,221 | |||
Equity | 175,623 | 8,691 | 10,104 | |||
Gain /(loss) | $ (175,485) | (3,550) | $ 5,416 | |||
Lan Cargo S.A. [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | 93.383.000-4 | 93.383.000-4 | ||||
Company | Lan Cargo S.A. | Lan Cargo S.A. | ||||
Assets | $ 749,789 | 634,852 | $ 513,367 | |||
Liabilities | 567,128 | 462,666 | 336,715 | |||
Equity | 182,661 | 172,186 | 176,652 | |||
Gain /(loss) | $ 10,936 | (4,157) | $ (34,322) | |||
Connecta Corporation [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | Connecta Corporation | Connecta Corporation | ||||
Assets | $ 57,922 | 64,110 | $ 66,593 | |||
Liabilities | 17,335 | 24,023 | 28,183 | |||
Equity | 40,587 | 40,087 | 38,410 | |||
Gain /(loss) | $ 500 | 1,677 | $ 16,923 | |||
Prime Airport Services Inc. and Subsidiary [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | Prime Airport Services Inc. and Subsidiary (*) | [1] | Prime Airport Services Inc. and Subsidiary | |||
Assets | $ 25,050 | 22,068 | $ 15,817 | |||
Liabilities | 26,265 | 23,102 | 17,654 | |||
Equity | (1,215) | (1,034) | (1,837) | |||
Gain /(loss) | $ (181) | 802 | $ 1,225 | |||
Transporte Aéreo S.A. [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | 96.951.280-7 | 96.951.280-7 | ||||
Company | Transporte Areo S.A. | Transporte Areo S.A. | ||||
Assets | $ 546,216 | 359,335 | $ 331,496 | |||
Liabilities | 347,714 | 142,423 | 129,233 | |||
Equity | 198,502 | 216,912 | 202,263 | |||
Gain /(loss) | $ (39,032) | 14,610 | $ (17,609) | |||
Fast Air Almacenes de Carga S.A. [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | 96.631.520-2 | 96.631.520-2 | ||||
Company | Fast Air Almacenes de Carga S.A. | Fast Air Almacenes de Carga S.A. | ||||
Assets | $ 20,132 | 20,182 | $ 17,057 | |||
Liabilities | 11,576 | 12,601 | 9,614 | |||
Equity | 8,556 | 7,581 | 7,443 | |||
Gain /(loss) | $ 500 | 796 | $ (3) | |||
Laser Cargo S.R.L. [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | Laser Cargo S.R.L. | Laser Cargo S.R.L. | ||||
Assets | $ (6) | (10) | $ 26 | |||
Liabilities | 13 | |||||
Equity | (6) | (10) | 13 | |||
Gain /(loss) | $ (3) | |||||
Lan Cargo Overseas Limited and Subsidiaries [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | Lan Cargo Overseas Limited and Subsidiaries (*) | [1] | Lan Cargo Overseas Limited and Subsidiaries | |||
Assets | $ 218,435 | 48,929 | $ 53,326 | |||
Liabilities | 14,355 | 15,228 | 13,040 | |||
Equity | 203,829 | 33,450 | 40,028 | |||
Gain /(loss) | $ (92,623) | (6,579) | $ 19,121 | |||
Lan Cargo Inversiones S.A. and Subsidiary [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | 96.969.690-8 | 96.969.690-8 | ||||
Company | Lan Cargo Inversiones S.A. and Subsidiary (*) | [1] | Lan Cargo Inversiones S.A. and Subsidiary | |||
Assets | $ 250,027 | 65,422 | $ 181,522 | |||
Liabilities | 86,691 | 78,890 | 192,059 | |||
Equity | 130,823 | (12,111) | (9,614) | |||
Gain /(loss) | $ 1,452 | (2,497) | $ 497 | |||
Inversiones Lan S.A. and Subsidiaries [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | 96.575.810-0 | 96.575.810-0 | ||||
Company | Inversiones Lan S.A. and Subsidiaries (*) | [1] | Inversiones Lan S.A. and Subsidiaries | |||
Assets | $ 1,394 | 1,329 | $ 1,383 | |||
Liabilities | 65 | 50 | 50 | |||
Equity | 1,329 | 1,279 | 1,333 | |||
Gain /(loss) | $ 50 | (54) | $ (4,774) | |||
Technical Trainning LATAM S.A. [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | 96.847.880-K | 96.847.880-K | ||||
Company | Technical Trainning LATAM S.A. | Technical Trainning LATAM S.A. | ||||
Assets | $ 2,181 | 2,378 | $ 2,879 | |||
Liabilities | 625 | 1,075 | 1,031 | |||
Equity | 1,556 | 1,303 | 1,848 | |||
Gain /(loss) | $ 60 | (282) | $ 884 | |||
Latam Finance Limited [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | Latam Finance Limited | Latam Finance Limited | ||||
Assets | $ 1,310,735 | 1,362,762 | $ 679,034 | |||
Liabilities | 1,584,311 | 1,531,238 | 756,774 | |||
Equity | (273,576) | (168,476) | (77,740) | |||
Gain /(loss) | $ (105,100) | (90,736) | $ (47,723) | |||
Peuco Finance Limited [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | Peuco Finance Limited | Peuco Finance Limited | ||||
Assets | $ 1,307,721 | 664,458 | $ 608,191 | |||
Liabilities | $ 1,307,721 | 664,458 | $ 608,191 | |||
Profesional Airline Services INC. [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | Profesional Airline Services INC. | Profesional Airline Services INC. | ||||
Assets | $ 17,345 | 3,509 | $ 2,430 | |||
Liabilities | 14,772 | 1,950 | 1,967 | |||
Equity | 2,573 | 1,559 | 463 | |||
Gain /(loss) | $ 1,014 | 1,096 | $ 197 | |||
Jarletul S.A. [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | Jarletul S.A. | Jarletul S.A. | ||||
Assets | $ 34 | 150 | $ 18 | |||
Liabilities | 1,076 | 860 | 125 | |||
Equity | (1,042) | (710) | (107) | |||
Gain /(loss) | $ (332) | (603) | $ (107) | |||
TAM S.A. and Subsidiaries [Member] | ||||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||||
Tax No. | Foreign | Foreign | ||||
Company | TAM S.A. and Subsidiaries (*) | [1] | TAM S.A. and Subsidiaries (*) | [2] | ||
Assets | $ 3,110,055 | 5,090,180 | $ 4,420,546 | |||
Liabilities | 3,004,935 | 3,550,875 | 3,256,017 | |||
Equity | 105,120 | 1,539,305 | 1,164,529 | |||
Gain /(loss) | $ (1,025,814) | $ 186,140 | $ 389,072 | |||
[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, 2020, 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_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 19, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | |||||
Recognized options value | $ (380) | ||||
Net loss attributable to owners of the parent | (4,545,887) | $ 190,430 | $ 309,811 | ||
Negative Working capital | $ (4,348,000) | ||||
Decrease in operations, description | the reduction in its operation began in the middle of March 2020 with the announcement of a 30% decrease in its operations and the suspension of the guidance for 2020 in line with protection measures and boarding restrictions implemented by local governments (March 16, 2020 for Peru, Colombia and Argentina, March 18, 2020 for Chile and March 27, 2020 for Brazil). On March 16, 2020, the Company announced an update of its projection to a progressive decrease in its operation up to 70%. | ||||
Percentage of decrease in operations | 95.00% | ||||
Revolving credit facility | $ 600,000 | ||||
Increase in operations | 30.00% | ||||
Secured debtor in possession | $ 2,450,000 | ||||
Aggregate principal amount | $ 2,450,000 | ||||
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% | ||||
Parent [member] | |||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | |||||
Net loss attributable to owners of the parent | $ 4,546,000 |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) | 12 Months Ended | |
Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | |
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Gains (losses) on hedging instrument, fair value hedges | $ 50,800,000 | |
Comprehensive income and loss | 30,800,000 | |
Number of barrel | 5 | |
Vertical fall in cost of total fuel consumption | $ 160,500,000 | |
Higher fuel costs | $ 135,000,000 | |
Market value per share (in Dollars per share) | $ / shares | $ 15 | |
Derivative net of premiums | $ (6.2) | |
Percentage of aggregate funds on deposits | 115.00% | |
Reduction in maintenance | $ 698,000,000 | |
Balance aircraft yet to receive | 408,000,000 | |
Aggregate principal amount | 2,450,000,000 | |
Guarantees for derivative margins | $ 600,000 | 2,370,000 |
Effects of exchange rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Depreciate exchange rate | 10.00% | |
Tranche A [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Tranche, description | 1) A Tranche A, which is committed for up to US$ 1,300 million, out of which (i) US$ 1,125 million were be provided by Oaktree Capital Management, L.P. or certain entities related to it; and (ii) US$ 175 million were be provided by Knighthead, Jefferies and / or other entities that are part of the syndicate of creditors organized by Jefferies; and | |
Tranche C [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Tranche, description | 2) A Tranche C for a capital amount of up to US$ 1,150 million, of which (i) US$ 750 million was provided by a certain group of LATAM’s shareholders composed by Grupo Cueto, Grupo Eblen and Qatar Airways, or certain related entities; (ii) US$ 250 million was provided by Knighthead, Jefferies and / or other entities that are part of the syndicate of creditors organized by Jefferies; and (iii) US$ 150 million which was committed by certain additional shareholder investors through a public investment fund managed by Toesca S.A. on November 6, 2020 through a joinder to the DIP Agreement. | |
Tranche B [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Additional | $ 750,000,000 | |
DIP Credit Agreement [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Undrawn committed credit line | $ 400,000,000 | |
Credit agreement percentage | 50.00% | |
Fund committed | $ 1,150,000,000 | |
Liquidity risk [member] | Fair value of fuel derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Gains (losses) on hedging instrument, fair value hedges | 14,300,000 | 23,100,000 |
Market value | $ 1.3 | $ 48,500,000 |
Interest rate risk [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Market value per share (in Dollars per share) | $ / shares | $ (0.01) | |
Percentage of exchange rate | 42.00% | 62.00% |
Exchange Rate Risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Gains (losses) on hedging instrument, fair value hedges | $ 1,900,000 | |
Derivative net of premiums | $ 3,200,000 | |
Currency swap contract [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Undrawn committed credit line | $ 22,700,000 | |
Interest Rate Derivative Contracts [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Market value | 2,600,000 | |
Credit risk [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Risk, description | Credit risk occurs when the counterparty does not meet its obligations to the Company under a specific contract or financial instrument, resulting in a loss in the market value of a financial instrument (only financial assets, not liabilities). Given the impact of COVID-19 on the operation, the client portfolio as of December 31, 2020 decreased when compared to the balance as of December 31, 2019 by 51%, due to a reduction in company-wide operations, mainly in passenger transport (travel agencies and corporate) and in the case of clients who were left with debt and that management considered risky, the corresponding measures were taken to consider their expected credit loss. For this reason, the provision at the end of December 2020 had an increase of 21.7% compared to the previous period. | |
Liquidity risk [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Undrawn committed credit line | $ 600,000,000 | |
Liquid funds balance | $ 1,696,000,000 | $ 1,073,000,000 |
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 | 2.60% | [1] | 2.60% | [1] | 2.80% | [1] | 3.00% | [1] | 19.00% | [2] | 20.00% | [2] | 61.00% | [2] | 65.00% | [2] | 2.70% | [1] | 41.00% | [2] |
[1] | The percentage shown in the table considers all the hedging instruments (swaps and options). | |||||||||||||||||||
[2] | The volume shown in the table considers all the hedging instruments (swaps and options). |
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, 2020 | Dec. 31, 2019 |
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 | $ 0.6 | $ 15.4 |
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 | $ (0.6) | $ (34.5) |
FINANCIAL RISK MANAGEMENT (De_4
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign Exchange Rate Risk [member] | Bottom of range [member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | |||
Appreciation (depreciation) of R$ /US$ | [1] | (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$ | [1] | 10.00% | |
Positions effect on equity | 1,100 | ||
TAM S.A [member] | Bottom of range [member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | |||
Appreciation (depreciation) of R$ /US$ | [1] | (10.00%) | |
Positions effect on equity | $ 10,900 | 9,500 | |
TAM S.A [member] | Top of range [member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | |||
Appreciation (depreciation) of R$ /US$ | [1] | 10.00% | |
Positions effect on equity | $ (10,900) | (9,500) | |
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$ | [1] | (10.00%) | |
Positions effect on equity | $ 191,530 | 402,480 | |
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$ | [1] | 10.00% | |
Positions effect on equity | $ (156,710) | $ (329,290) | |
[1] | Appreciation (depreciation) of US$ regard to the covered currencies. |
FINANCIAL RISK MANAGEMENT (De_5
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - Interest rate risk [member] - Interest Rate Derivative Contracts [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | +100 basis points |
Positions on effect on profit or loss before tax | $ (42,110) | $ (27,600) |
Positions effect on equity | $ 13,620 | |
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 | -100 basis points |
Positions on effect on profit or loss before tax | $ 42,110 | $ 27,600 |
Positions effect on equity | $ (14,710) |
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 Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No | Bank loans | |
Creditor | Total consolidated | Total consolidated |
Up to 90 days | $ 3,204,384 | $ 2,287,910 |
More than 90 days to one year | 1,878,017 | 1,635,412 |
More than one to three years | 4,453,109 | 3,517,382 |
More than three to five years | 2,239,119 | 2,918,927 |
More than five years | 2,632,373 | 3,797,690 |
Total | 14,407,002 | 14,157,321 |
Nominal Value | $ 12,876,233 | $ 12,054,695 |
SCOTIABANK [Member] | Loans To Exporters [Member] | 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] | ||
Tax No | 97.018.000-1 | |
Creditor | SCOTIABANK | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 76,929 | |
Total | 76,929 | |
Nominal Value | $ 74,000 | |
Amortization | At Expiration | |
Effective rate % | 3.08% | |
Nominal rate % | 3.08% | |
BANCO ESTADO [Member] | Loans To Exporters [Member] | 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] | ||
Tax No | 97.030.000-7 | |
Creditor | BANCO ESTADO | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 41,543 | |
Total | 41,543 | |
Nominal Value | $ 40,000 | |
Amortization | At Expiration | |
Effective rate % | 3.49% | |
Nominal rate % | 3.49% | |
BANCO ESTADO [Member] | Obligations with the public [Member] | 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] | ||
Tax No | 97.030.000-7 | 97.030.000-7 |
Creditor | BANCO ESTADO | BANCO ESTADO |
Creditor country | Chile | Chile |
Currency | UF | UF |
Up to 90 days | $ 23,210 | |
More than 90 days to one year | 26,857 | $ 24,702 |
More than one to three years | 217,555 | 208,681 |
More than three to five years | 35,041 | 32,228 |
More than five years | 429,101 | 410,774 |
Total | 731,764 | 676,385 |
Nominal Value | $ 560,113 | $ 518,032 |
Amortization | At Expiration | At Expiration |
Effective rate % | 4.81% | 4.81% |
Nominal rate % | 4.81% | 4.81% |
ITAU [Member] | Loans To Exporters [Member] | 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] | ||
Tax No | 76.645.030-K | |
Creditor | ITAU | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 20,685 | |
Total | 20,685 | |
Nominal Value | $ 20,000 | |
Amortization | At Expiration | |
Effective rate % | 4.20% | |
Nominal rate % | 4.20% | |
HSBC [Member] | Loans To Exporters [Member] | 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] | ||
Tax No | 97.951.000-4 | 76.100.458-1 |
Creditor | HSBC | HSBC |
Creditor country | Chile | Chile |
Currency | US$ | US$ |
Up to 90 days | $ 12,545 | $ 12,098 |
Total | 12,545 | 12,098 |
Nominal Value | $ 12,000 | $ 12,000 |
Amortization | At Expiration | At Expiration |
Effective rate % | 4.15% | 3.25% |
Nominal rate % | 4.15% | 3.25% |
CORP BANCA [Member] | Bank Loans [Member] | 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] | ||
Tax No | 97.023.000-9 | 97.023.000-9 |
Creditor | CORP BANCA | CORP BANCA |
Creditor country | Chile | Chile |
Currency | UF | UF |
Up to 90 days | $ 11,631 | $ 5,336 |
More than 90 days to one year | 10,544 | |
Total | 11,631 | 15,880 |
Nominal Value | $ 11,255 | $ 15,615 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.35% | 3.35% |
Nominal rate % | 3.35% | 3.35% |
SANTANDERMember | Bank Loans [Member] | 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] | ||
Tax No | 0-E | |
Creditor | SANTANDER | |
Creditor country | Spain | |
Currency | US$ | |
Up to 90 days | $ 3,323 | |
More than 90 days to one year | 2,678 | |
More than one to three years | 139,459 | |
Total | 145,460 | |
Nominal Value | $ 139,459 | |
Amortization | Quarterly | |
Effective rate % | 2.80% | |
Nominal rate % | 2.80% | |
BTG [Member] | Bank Loans [Member] | 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] | ||
Tax No | 76.362.099-9 | |
Creditor | BTG | |
Creditor country | Chile | |
Currency | UF | |
Up to 90 days | $ 2,104 | |
More than 90 days to one year | 68,920 | |
Total | 71,024 | |
Nominal Value | $ 67,868 | |
Amortization | At Expiration | |
Effective rate % | 3.10% | |
Nominal rate % | 3.10% | |
BANK OF NEWYORK [Member] | Obligations with the public [Member] | 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] | ||
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 | $ 80,063 | $ 28,000 |
More than 90 days to one year | 76,125 | 76,125 |
More than one to three years | 208,250 | 208,250 |
More than three to five years | 836,063 | 884,188 |
More than five years | 828,000 | 884,000 |
Total | 2,028,501 | 2,080,563 |
Nominal Value | $ 1,500,000 | $ 1,500,000 |
Amortization | At Expiration | At Expiration |
Effective rate % | 7.16% | 7.16% |
Nominal rate % | 6.94% | 6.94% |
BNP PARIBAS [Member] | Guarantee Obligations [Member] | 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] | ||
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 | $ 50,500 | $ 11,657 |
More than 90 days to one year | 40,889 | 50,428 |
More than one to three years | 104,166 | 124,106 |
More than three to five years | 107,342 | 124,167 |
More than five years | 219,666 | 302,092 |
Total | 522,563 | 612,450 |
Nominal Value | $ 474,273 | $ 513,941 |
Amortization | Quarterly / Semiannual | Quarterly / Semiannual |
Effective rate % | 2.95% | 3.81% |
Nominal rate % | 2.95% | 3.81% |
BNP PARIBAS [Member] | Financial lease [Member] | 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] | ||
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% | |
NATIXIS [Member] | Guarantee Obligations [Member] | 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] | ||
Tax No | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 47,918 | |
More than 90 days to one year | 37,509 | |
More than one to three years | 84,048 | |
More than three to five years | 84,487 | |
More than five years | 35,712 | |
Total | 289,674 | |
Nominal Value | $ 271,129 | |
Amortization | Quarterly | |
Effective rate % | 3.11% | |
Nominal rate % | 3.11% | |
INVESTEC [Member] | Guarantee Obligations [Member] | 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] | ||
Tax No | 0-E | 0-E |
Creditor | INVESTEC | INVESTEC |
Creditor country | England | England |
Currency | US$ | US$ |
Up to 90 days | $ 11,502 | $ 1,980 |
More than 90 days to one year | 9,425 | 11,164 |
More than one to three years | 21,042 | 26,153 |
More than three to five years | 11,071 | |
Total | 41,969 | 50,368 |
Nominal Value | $ 37,870 | $ 44,087 |
Amortization | Semiannual | Semiannual |
Effective rate % | 6.21% | 6.35% |
Nominal rate % | 6.21% | 6.35% |
MUFG [Member] | Guarantee Obligations [Member] | 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] | ||
Tax No | 0-E | 0-E |
Creditor | MUFG | MUFG |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 37,114 | $ 5,552 |
More than 90 days to one year | 28,497 | 27,068 |
More than one to three years | 77,881 | 73,726 |
More than three to five years | 80,678 | 73,914 |
More than five years | 194,901 | 209,621 |
Total | 419,071 | 389,881 |
Nominal Value | $ 382,413 | $ 322,660 |
Amortization | Quarterly | Quarterly |
Effective rate % | 2.88% | 3.43% |
Nominal rate % | 2.88% | 3.43% |
MUFG [Member] | Other Guaranteed Obligations [Member] | 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] | ||
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% | |
SMBC [Member] | Guarantee Obligations [Member] | 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] | ||
Tax No | 0-E | |
Creditor | SMBC | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 131,345 | |
Total | 131,345 | |
Nominal Value | $ 130,000 | |
Amortization | At Expiration | |
Effective rate % | 1.73% | |
Nominal rate % | 1.73% | |
CREDIT AGRICOLE [Member] | Other Guaranteed Obligations [Member] | 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] | ||
Tax No | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 1,347 | |
More than 90 days to one year | 275,773 | |
Total | 277,120 | |
Nominal Value | $ 273,199 | |
Amortization | At Expiration | |
Effective rate % | 1.92% | |
Nominal rate % | 1.92% | |
CREDIT AGRICOLE [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | CREDIT AGRICOLE | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 13,889 | |
More than 90 days to one year | 2,057 | |
More than one to three years | 2,062 | |
Total | 18,008 | |
Nominal Value | $ 17,961 | |
Amortization | Quarterly | |
Effective rate % | 1.99% | |
Nominal rate % | 1.54% | |
MUFG 1 [Member] | Other Guaranteed Obligations [Member] | 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] | ||
Tax No | 0-E | |
Creditor | MUFG | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 87,611 | |
More than 90 days to one year | 74,852 | |
More than one to three years | 119,460 | |
More than three to five years | 19,950 | |
Total | 301,873 | |
Nominal Value | $ 291,519 | |
Amortization | Quarterly | |
Effective rate % | 2.67% | |
Nominal rate % | 2.67% | |
CITIBANKMember | Other Guaranteed Obligations [Member] | 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] | ||
Tax No | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 3,405 | |
More than 90 days to one year | 10,404 | |
More than one to three years | 603,443 | |
Total | 617,252 | |
Nominal Value | $ 600,000 | |
Amortization | At Expiration | |
Effective rate % | 2.27% | |
Nominal rate % | 2.27% | |
Bank of Utah [Member] | Other Guaranteed Obligations [Member] | 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] | ||
Tax No | 0-E | |
Creditor | BANK OF UTAH | |
Creditor country | U.S.A. | |
Currency | US$ | |
More than one to three years | $ 952,990 | |
Total | 952,990 | |
Nominal Value | $ 793,003 | |
Amortization | At Expiration | |
Effective rate % | 22.19% | |
Nominal rate % | 13.19% | |
ING [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | ING | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 5,965 | |
Total | 5,965 | |
Nominal Value | $ 5,965 | |
Amortization | Quarterly | |
Effective rate % | 5.71% | |
Nominal rate % | 5.01% | |
CITIBANK [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 79,117 | |
More than 90 days to one year | 61,983 | |
More than one to three years | 118,372 | |
More than three to five years | 46,115 | |
More than five years | 19,118 | |
Total | 324,705 | |
Nominal Value | $ 312,792 | |
Amortization | Quarterly | |
Effective rate % | 2.58% | |
Nominal rate % | 1.77% | |
PEFCO [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | 0-E |
Creditor | PEFCO | PEFCO |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 1,926 | $ 1,950 |
More than 90 days to one year | 1,950 | |
Total | 1,926 | 3,900 |
Nominal Value | $ 1,926 | $ 3,827 |
Amortization | Quarterly | Quarterly |
Effective rate % | 5.65% | 5.65% |
Nominal rate % | 5.03% | 5.03% |
BNP PARIBAS [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | BNP PARIBAS | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 14,851 | |
More than 90 days to one year | 2,343 | |
More than one to three years | 793 | |
Total | 17,987 | |
Nominal Value | $ 17,951 | |
Amortization | Quarterly | |
Effective rate % | 1.81% | |
Nominal rate % | 1.41% | |
WELLS FARGO [Member] | Financial lease [Member] | 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] | ||
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 | $ 114,952 | $ 35,251 |
More than 90 days to one year | 104,946 | 105,691 |
More than one to three years | 237,945 | 261,181 |
More than three to five years | 99,232 | 203,232 |
More than five years | 14,382 | |
Total | 557,075 | 619,737 |
Nominal Value | $ 541,406 | $ 591,684 |
Amortization | Quarterly | Quarterly |
Effective rate % | 2.43% | 2.67% |
Nominal rate % | 1.74% | 1.98% |
SANTANDER [Member] | Bank Loans [Member] | 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] | ||
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% | |
SANTANDER [Member] | Financial lease [Member] | 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] | ||
Tax No | 97.036.000-K | |
Creditor | SANTANDER | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 21,551 | |
More than 90 days to one year | 17,851 | |
More than one to three years | 26,308 | |
Total | 65,710 | |
Nominal Value | $ 65,247 | |
Amortization | Quarterly | |
Effective rate % | 1.30% | |
Nominal rate % | 0.76% | |
RRPF ENGINE LEASING [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | RRPF ENGINE LEASING | |
Creditor country | England | |
Currency | US$ | |
Up to 90 days | $ 4,093 | |
More than 90 days to one year | 3,382 | |
More than one to three years | 8,826 | |
More than three to five years | 4,870 | |
Total | 21,171 | |
Nominal Value | $ 18,489 | |
Amortization | Monthly | |
Effective rate % | 4.01% | |
Nominal rate % | 4.01% | |
APPLE BANK [Member] | Financial lease [Member] | 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] | ||
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 | $ 4,589 | $ 1,661 |
More than 90 days to one year | 4,763 | 4,977 |
More than one to three years | 12,977 | 13,259 |
More than three to five years | 755 | 7,380 |
Total | 23,084 | 27,277 |
Nominal Value | $ 22,730 | $ 25,708 |
Amortization | Quarterly | Quarterly |
Effective rate % | 1.61% | 3.33% |
Nominal rate % | 1.01% | 2.73% |
BTMU [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | 0-E |
Creditor | BTMU | BTMU |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 11,620 | $ 3,367 |
More than 90 days to one year | 9,647 | 10,081 |
More than one to three years | 26,261 | 26,827 |
More than three to five years | 770 | 14,153 |
Total | 48,298 | 54,428 |
Nominal Value | $ 47,609 | $ 51,340 |
Amortization | Quarterly | Quarterly |
Effective rate % | 1.63% | 3.33% |
Nominal rate % | 1.03% | 2.73% |
US BANK [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | 0-E |
Creditor | US BANK | US BANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 60,527 | $ 18,328 |
More than 90 days to one year | 54,611 | 54,864 |
More than one to three years | 144,670 | 145,364 |
More than three to five years | 86,076 | 140,555 |
More than five years | 17,681 | |
Total | 345,884 | 376,792 |
Nominal Value | $ 327,419 | $ 349,127 |
Amortization | Quarterly | Quarterly |
Effective rate % | 4.00% | 4.01% |
Nominal rate % | 2.82% | 2.82% |
PK AirFinance [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | 0-E |
Creditor | PK AIRFINANCE | PK AIRFINANCE |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 4,624 | $ 2,652 |
More than 90 days to one year | 12,202 | 8,136 |
More than one to three years | 3,153 | 18,194 |
Total | 19,979 | 28,982 |
Nominal Value | $ 19,522 | $ 28,087 |
Amortization | Monthly | Monthly |
Effective rate % | 1.98% | 3.45% |
Nominal rate % | 1.98% | 3.45% |
NCM [Member] | Bank Loans [Member] | 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] | ||
Tax No | 0-E | 0-E |
Creditor | NCM | NCM |
Creditor country | Netherlands | Netherlands |
Currency | US$ | US$ |
Up to 90 days | $ 452 | $ 173 |
More than 90 days to one year | 497 | 499 |
More than one to three years | 61 | 722 |
Total | 1,010 | 1,394 |
Nominal Value | $ 943 | $ 1,289 |
Amortization | Monthly | Monthly |
Effective rate % | 6.01% | 6.01% |
Nominal rate % | 6.01% | 6.01% |
BANCO BRADESCO [Member] | Bank Loans [Member] | 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] | ||
Tax No | 0-E | |
Creditor | BANCO BRADESCO | |
Creditor country | Brazil | |
Currency | BRL | |
Up to 90 days | $ 91,672 | |
Total | 91,672 | |
Nominal Value | $ 80,175 | |
Amortization | Monthly | |
Effective rate % | 4.34% | |
Nominal rate % | 4.33% | |
BANCO DO BRASIL [Member] | Loans To Exporters [Member] | 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] | ||
Tax No | 97.003.000-K | |
Creditor | BANCO DO BRASIL | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 151,489 | |
More than 90 days to one year | 50,758 | |
Total | 202,247 | |
Nominal Value | $ 200,000 | |
Amortization | At Expiration | |
Effective rate % | 2.93% | |
Nominal rate % | 2.93% | |
BANCO DO BRASIL [Member] | Bank Loans [Member] | 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] | ||
Tax No | 0-E | |
Creditor | BANCO DO BRASIL | |
Creditor country | Brazil | |
Currency | BRL | |
Up to 90 days | $ 208,987 | |
Total | 208,987 | |
Nominal Value | $ 199,557 | |
Amortization | Monthly | |
Effective rate % | 3.95% | |
Nominal rate % | 3.95% | |
NATIXISMember | Guarantee Obligations [Member] | 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] | ||
Tax No | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 13,365 | |
More than 90 days to one year | 40,159 | |
More than one to three years | 99,556 | |
More than three to five years | 86,984 | |
More than five years | 79,724 | |
Total | 319,788 | |
Nominal Value | $ 282,906 | |
Amortization | Quarterly | |
Effective rate % | 3.82% | |
Nominal rate % | 3.82% | |
NATIXISMember | Financial Leases [Member] | 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] | ||
Tax No | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 31,482 | |
More than 90 days to one year | 9,276 | |
More than one to three years | 42,383 | |
Total | 83,141 | |
Nominal Value | $ 81,260 | |
Amortization | Quarterly / Semiannual | |
Effective rate % | 4.09% | |
Nominal rate % | 4.09% | |
WAC AP OU LEASING S.A. [Member] | Financial Leases [Member] | 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] | ||
Tax No | 0-E | |
Creditor | WAC AP OU LEASING S.A. | |
Creditor country | Luxembourg | |
Currency | US$ | |
Up to 90 days | $ 2,460 | |
More than 90 days to one year | 2,442 | |
More than one to three years | 25 | |
Total | 4,927 | |
Nominal Value | $ 4,759 | |
Amortization | Quarterly | |
Effective rate % | 2.00% | |
Nominal rate % | 2.00% | |
SOCIÉTÉ GÉNÉRALE MILAN BRANCH [Member] | Financial Leases [Member] | 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] | ||
Tax No | 0-E | 0-E |
Creditor | SOCIT GNRALE MILAN BRANCH | SOCIT GNRALE MILAN BRANCH |
Creditor country | Italy | Italy |
Currency | US$ | US$ |
Up to 90 days | $ 134,919 | $ 11,286 |
More than 90 days to one year | 151,047 | |
Total | 134,919 | 162,333 |
Nominal Value | $ 144,120 | $ 169,931 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.07% | 5.39% |
Nominal rate % | 3.01% | 5.39% |
GA Telesis LLC [Member] | Financial Leases [Member] | 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] | ||
Tax No | 0-E | 0-E |
Creditor | GA TELESIS LLC | GA Teles is LLC |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 758 | $ 677 |
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 | 7,969 | 10,480 |
Total | 19,830 | 22,260 |
Nominal Value | $ 12,261 | $ 13,495 |
Amortization | Monthly | Monthly |
Effective rate % | 14.72% | 14.72% |
Nominal rate % | 14.72% | 14.72% |
AIRCRAFT [Member] | Lease Liability [Member] | 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 | AIRCRAFT | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 226,510 | |
More than 90 days to one year | 679,529 | |
More than one to three years | 877,438 | |
More than three to five years | 812,821 | |
More than five years | 889,072 | |
Total | 3,485,370 | |
Nominal Value | $ 3,026,573 | |
Other Assets [Member] | Lease Liability [Member] | 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 | OTHER ASSETS | OTHER ASSETS |
Creditor country | OTHERS | OTHERS |
Currency | US$ | US$ |
Up to 90 days | $ 3,403 | $ 3,017 |
More than 90 days to one year | 9,953 | 8,649 |
More than one to three years | 6,706 | 21,381 |
More than three to five years | 18,271 | 19,815 |
More than five years | 6,349 | 16,314 |
Total | 44,682 | 69,176 |
Nominal Value | $ 46,520 | $ 53,931 |
Other Assets UF [Member] | Lease Liability [Member] | 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] | ||
Currency | UF | UF |
Up to 90 days | $ 2,103 | $ 2,713 |
More than 90 days to one year | 5,836 | 4,736 |
More than one to three years | 1,072 | 5,789 |
More than three to five years | 1,973 | 1,373 |
More than five years | 2,485 | 2,956 |
Total | 13,469 | 17,567 |
Nominal Value | $ 11,401 | $ 17,145 |
Other Assets COP [Member] | Lease Liability [Member] | 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] | ||
Currency | COP | COP |
Up to 90 days | $ 22 | $ 71 |
More than 90 days to one year | 7 | 161 |
More than one to three years | 14 | 37 |
More than three to five years | 2 | |
Total | 43 | 271 |
Nominal Value | $ 48 | $ 259 |
Other Assets EUR [Member] | Lease Liability [Member] | 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] | ||
Currency | EUR | EUR |
Up to 90 days | $ 156 | $ 163 |
More than 90 days to one year | 443 | 387 |
More than one to three years | 188 | 592 |
More than three to five years | 122 | |
Total | 787 | 1,264 |
Nominal Value | $ 772 | $ 1,175 |
Other Assets PEN [Member] | Lease Liability [Member] | 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] | ||
Currency | PEN | PEN |
Up to 90 days | $ 29 | $ 95 |
More than 90 days to one year | 15 | 129 |
More than one to three years | 49 | 83 |
More than three to five years | 16 | |
Total | 93 | 323 |
Nominal Value | $ 137 | $ 306 |
Other Assets BRL [Member] | Lease Liability [Member] | 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] | ||
Currency | BRL | |
Up to 90 days | $ 1,002 | |
More than 90 days to one year | 3,891 | |
More than one to three years | 14,414 | |
Total | 19,307 | |
Nominal Value | $ 35,555 | |
Other Assets BRL [Member] | Trade and other accounts payables [Member] | 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] | ||
Currency | BRL | BRL |
Up to 90 days | $ 359,350 | $ 486,082 |
More than 90 days to one year | 5,859 | 320 |
Total | 365,209 | 486,402 |
Nominal Value | $ 365,209 | $ 486,402 |
OTHERS [Member] | Trade and other accounts payables [Member] | 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 | OTHERS | OTHERS |
Creditor country | OTHERS | OTHERS |
Currency | US$ | US$ |
Up to 90 days | $ 330,172 | $ 371,527 |
More than 90 days to one year | 47,781 | 13,993 |
Total | 377,953 | 385,520 |
Nominal Value | $ 377,953 | $ 385,520 |
OTHERS [Member] | Hedge Derivatives [Member] | 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 | OTHERS | |
Currency | US$ | |
More than 90 days to one year | $ 11,582 | |
More than one to three years | 18,641 | |
More than three to five years | 13,530 | |
Total | 43,753 | |
Nominal Value | $ 16,972 | |
Other Assets CLP [Member] | Lease Liability [Member] | 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] | ||
Currency | CLP | |
Up to 90 days | $ 160 | |
More than 90 days to one year | 478 | |
More than one to three years | 531 | |
Total | 1,169 | |
Nominal Value | $ 1,195 | |
Other Assets CLP [Member] | Trade and other accounts payables [Member] | 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] | ||
Currency | CLP | CLP |
Up to 90 days | $ 230,997 | $ 220,383 |
More than 90 days to one year | 119,337 | 905 |
Total | 350,334 | 221,288 |
Nominal Value | $ 350,334 | $ 221,288 |
Other currency [Member] | Trade and other accounts payables [Member] | 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] | ||
Currency | Other currency | |
Up to 90 days | $ 598,619 | |
More than 90 days to one year | 65,684 | |
Total | 664,303 | |
Nominal Value | $ 664,303 | |
Delta Airlines [Member] | Accounts payable to related parties currents [Member] | 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] | ||
Tax No | Foreign | |
Creditor | Delta Airlines | |
Creditor country | U.S.A | |
Currency | US$ | |
Up to 90 days | $ 805 | |
Total | 805 | |
Nominal Value | $ 805 | |
Patagonia Seafarms INC [Member] | Accounts payable to related parties currents [Member] | 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] | ||
Tax No | Foreign | Foreign |
Creditor | Patagonia Seafarms INC | Patagonia Seafarms INC |
Creditor country | U.S.A | U.S.A. |
Currency | CLP | CLP |
Up to 90 days | $ 7 | $ 3 |
Total | 7 | 3 |
Nominal Value | $ 7 | $ 3 |
Inversiones Costa Verde Ltda. y CPA. [Member] | Accounts payable to related parties currents [Member] | 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] | ||
Tax No | 97.810.370-9 | |
Creditor | Inversiones Costa Verde Ltda. y CPA. | |
Creditor country | Chile | |
Currency | CLP | |
More than one to three years | $ 105,713 | |
Total | 105,713 | |
Nominal Value | $ 105,713 | |
QA Investments Ltd [Member] | Accounts payable to related parties currents [Member] | 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] | ||
Tax No | Foreign | |
Creditor | QA Investments Ltd | |
Creditor country | Jersey Channel Islands | |
Currency | US$ | |
More than one to three years | $ 132,141 | |
Total | 132,141 | |
Nominal Value | $ 132,141 | |
QA Investments 2 Ltd [Member] | Accounts payable to related parties currents [Member] | 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] | ||
Tax No | Foreign | |
Creditor | QA Investments 2 Ltd | |
Creditor country | Jersey Channel Islands | |
Currency | US$ | |
More than one to three years | $ 132,141 | |
Total | 132,141 | |
Nominal Value | $ 132,141 | |
Lozuy S.A. [Member] | Accounts payable to related parties currents [Member] | 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] | ||
Tax No | Foreign | |
Creditor | Lozuy S.A. | |
Creditor country | Uruguay | |
Currency | US$ | |
More than one to three years | $ 26,428 | |
Total | 26,428 | |
Nominal Value | $ 26,428 | |
BBVA [Member] | Loans To Exporters [Member] | 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] | ||
Tax No | 97.032.000-8 | |
Creditor | BBVA | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 24,387 | |
More than 90 days to one year | 76,256 | |
Total | 100,643 | |
Nominal Value | $ 99,000 | |
Amortization | At Expiration | |
Effective rate % | 3.29% | |
Nominal rate % | 3.29% | |
BLADEX [Member] | Loans To Exporters [Member] | 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] | ||
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% | |
BTG PACTUAL CHILE [Member] | Bank Loans [Member] | 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] | ||
Tax No | 76.362.099-9 | |
Creditor | BTG PACTUAL CHILE | |
Creditor country | Chile | |
Currency | UF | |
Up to 90 days | $ 484 | |
More than 90 days to one year | 1,451 | |
More than one to three years | 63,872 | |
Total | 65,807 | |
Nominal Value | $ 62,769 | |
Amortization | At Expiration | |
Effective rate % | 3.10% | |
Nominal rate % | 3.10% | |
WILMINGTON TRUST COMPANY [Member] | Guarantee Obligations [Member] | 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] | ||
Tax No | 0-E | |
Creditor | WILMINGTON TRUST COMPANY | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 31,733 | |
More than 90 days to one year | 94,096 | |
More than one to three years | 244,836 | |
More than three to five years | 237,815 | |
More than five years | 438,659 | |
Total | 1,047,139 | |
Nominal Value | $ 866,223 | |
Amortization | Quarterly | |
Effective rate % | 4.45% | |
Nominal rate % | 4.45% | |
CITIBANK [Member] | Guarantee Obligations [Member] | 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] | ||
Tax No | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 5,765 | |
More than 90 days to one year | 17,296 | |
More than one to three years | 46,120 | |
More than three to five years | 46,117 | |
More than five years | 42,175 | |
Total | 157,473 | |
Nominal Value | $ 143,475 | |
Amortization | Quarterly | |
Effective rate % | 3.76% | |
Nominal rate % | 2.68% | |
CITIBANK [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 19,412 | |
More than 90 days to one year | 56,148 | |
More than one to three years | 117,881 | |
More than three to five years | 16,653 | |
Total | 210,094 | |
Nominal Value | $ 200,907 | |
Amortization | Quarterly | |
Effective rate % | 3.39% | |
Nominal rate % | 2.80% | |
CITIBANK [Member] | Other Loans [Member] | 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] | ||
Tax No | 0-E | |
Creditor | CITIBANK (*) | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 26,111 | |
More than 90 days to one year | 78,742 | |
Total | 104,853 | |
Nominal Value | $ 101,026 | |
Amortization | Quarterly | |
Effective rate % | 6.00% | |
Nominal rate % | 6.00% | |
Credit Agricole [Member] | Other Guaranteed Obligations [Member] | 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] | ||
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% | |
ING [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | ING | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 4,025 | |
More than 90 days to one year | 8,108 | |
Total | 12,133 | |
Nominal Value | $ 11,806 | |
Amortization | Quarterly | |
Effective rate % | 5.71% | |
Nominal rate % | 5.01% | |
CREDIT AGRICOLE [Member] | Financial lease [Member] | 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] | ||
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% | |
SANTANDER [Member] | Financial lease [Member] | 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] | ||
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% | |
RRPF ENGINE [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | RRPF ENGINE | |
Creditor country | England | |
Currency | US$ | |
Up to 90 days | $ 1,152 | |
More than 90 days to one year | 3,432 | |
More than one to three years | 8,967 | |
More than three to five years | 8,679 | |
More than five years | 568 | |
Total | 22,798 | |
Nominal Value | $ 19,643 | |
Amortization | Monthly | |
Effective rate % | 4.01% | |
Nominal rate % | 4.01% | |
NATIXIS [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Up to 90 days | $ 759 | |
More than 90 days to one year | 2,299 | |
More than one to three years | 2,330 | |
Total | 5,388 | |
Nominal Value | $ 5,154 | |
Amortization | Quarterly | |
Effective rate % | 4.41% | |
Nominal rate % | 4.41% | |
KfWIP EX-Bank [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | KFW IP EX-BANK | |
Creditor country | Germany | |
Currency | US$ | |
Up to 90 days | $ 1,804 | |
More than 90 days to one year | 3,607 | |
Total | 5,411 | |
Nominal Value | $ 5,328 | |
Amortization | Quarterly | |
Effective rate % | 3.55% | |
Nominal rate % | 3.55% | |
AIRBUS FINANCIAL [Member] | Financial lease [Member] | 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] | ||
Tax No | 0-E | |
Creditor | AIRBUS FINANCIAL | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 2,038 | |
More than 90 days to one year | 5,746 | |
Total | 7,784 | |
Nominal Value | $ 7,664 | |
Amortization | Monthly | |
Effective rate % | 3.31% | |
Nominal rate % | 3.31% | |
Wacapou Leasing S.A [Member] | Financial Leases [Member] | 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] | ||
Tax No | 0-E | |
Creditor | WACAP OULEASING S.A. | |
Creditor country | Luxembourg | |
Currency | US$ | |
Up to 90 days | $ 835 | |
More than 90 days to one year | 2,450 | |
More than one to three years | 3,277 | |
Total | 6,562 | |
Nominal Value | $ 6,280 | |
Amortization | Quarterly | |
Effective rate % | 4.32% | |
Nominal rate % | 4.32% | |
AIRCRAFTS [Member] | Lease Liability [Member] | 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 | AIRCRAFT | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 146,036 | |
More than 90 days to one year | 417,929 | |
More than one to three years | 1,002,564 | |
More than three to five years | 877,353 | |
More than five years | 1,357,910 | |
Total | 3,801,792 | |
Nominal Value | $ 3,042,231 | |
Other Assets BGP [Member] | Lease Liability [Member] | 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] | ||
Currency | GBP | |
Up to 90 days | $ 16 | |
More than 90 days to one year | 10 | |
Total | 26 | |
Nominal Value | $ 24 | |
Other Assets MXN [Member] | Lease Liability [Member] | 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] | ||
Currency | MXN | |
Up to 90 days | $ 37 | |
More than 90 days to one year | 93 | |
More than one to three years | 245 | |
More than three to five years | 10 | |
Total | 385 | |
Nominal Value | $ 359 | |
Other Currencies | Lease Liability [Member] | 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] | ||
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 | |
Other Currencies | Trade and other accounts payables [Member] | 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] | ||
Currency | Other currencies | |
Up to 90 days | $ 576,378 | |
More than 90 days to one year | 1,716 | |
Total | 578,094 | |
Nominal Value | $ 578,094 | |
Bethia S.A. y Filiales [Member] | Accounts payable to related parties currents [Member] | 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] | ||
Tax No | 78.591.370-1 | |
Creditor | Bethia S.A. y Filiales | |
Creditor country | Chile | |
Currency | CLP | |
Up to 90 days | $ 53 | |
Total | 53 | |
Nominal Value | $ 53 | |
Liquidity risk [member] | 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 | $ 980,479 | $ 461,295 |
More than 90 days to one year | 925,714 | 1,013,822 |
More than one to three years | 3,109,661 | 2,391,950 |
More than three to five years | 1,401,379 | 1,972,457 |
More than five years | 1,726,498 | 2,410,030 |
Total | 8,143,731 | 8,249,554 |
Nominal Value | $ 7,077,118 | $ 6,933,927 |
Liquidity risk [member] | LATTAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | TOTAL | |
Up to 90 days | $ 470,730 | |
More than 90 days to one year | 13,968 | |
More than one to three years | 47,144 | |
More than three to five years | 4,675 | |
More than five years | 7,969 | |
Total | 544,486 | |
Nominal Value | $ 523,075 | |
Liquidity risk [member] | Financial Leases [Member] | LATTAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | Total | |
Up to 90 days | $ 17,111 | |
More than 90 days to one year | 163,714 | |
More than one to three years | 85,702 | |
More than three to five years | 4,675 | |
More than five years | 10,480 | |
Total | 281,682 | |
Nominal Value | $ 277,251 |
FINANCIAL RISK MANAGEMENT (De_7
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | $ 3,143,538 | $ 4,018,228 |
Other financial assets, not current | 12,506,552 | 17,069,578 |
Other financial liabilities , current | 7,491,888 | 6,960,942 |
Other financial liabilities, current [Member] | At fair value [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 5,671 | 50,372 |
Other financial liabilities, current [Member] | At fair value [member] | Fair value of interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 2,734 | 302 |
Other financial liabilities, current [Member] | At fair value [member] | Fair value of foreign currency derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 48,347 | |
Other financial liabilities, current [Member] | At fair value [member] | Interest accrued since the last date of Swap interest rates [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 1,723 | |
Other financial liabilities, current [Member] | At fair value [member] | Currency derivative not registered as hedge accounting [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 2,937 | |
Cash And Cash Equivalents [Member] | At fair value [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | 32,782 | 222,094 |
Short-Term Mutual Funds [Member] | At fair value [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | 32,782 | 222,094 |
Other financial assets, current | At fair value [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 4,097 | 471,797 |
Other financial assets, current | At fair value [member] | Fair Value Of Interest Rate Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 27,044 | |
Other financial assets, current | At fair value [member] | Fair Value Of Fuel Price Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 1,296 | 48,542 |
Other financial assets, current | At fair value [member] | Fair Value Of Foreign Currency Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 586 | |
Other financial assets, current | At fair value [member] | Accrued interest since the last payment date Swap of currencies | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 3 | |
Other financial assets, current | At fair value [member] | Private investment funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 348 | 386,669 |
Other financial assets, current | At fair value [member] | Certificates of Deposit [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 2,435 | 8,934 |
Other financial assets, current | At fair value [member] | Domestic And Foreign Bonds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 18 | 19 |
Level 1 of fair value hierarchy [member] | Other financial liabilities, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 1 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Fair value of interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 1 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Fair value of foreign currency derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 1 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Interest accrued since the last date of Swap interest rates [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 1 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Currency derivative not registered as hedge accounting [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 1 of fair value hierarchy [member] | Cash And Cash Equivalents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | 32,782 | 222,094 |
Level 1 of fair value hierarchy [member] | Short-Term Mutual Funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | 32,782 | 222,094 |
Level 1 of fair value hierarchy [member] | Other financial assets, current | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 366 | 386,688 |
Level 1 of fair value hierarchy [member] | Other financial assets, current | Fair Value Of Interest Rate Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 1 of fair value hierarchy [member] | Other financial assets, current | Fair Value Of Fuel Price Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 1 of fair value hierarchy [member] | Other financial assets, current | Fair Value Of Foreign Currency Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 1 of fair value hierarchy [member] | Other financial assets, current | Accrued interest since the last payment date Swap of currencies | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 1 of fair value hierarchy [member] | Other financial assets, current | Private investment funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 348 | 386,669 |
Level 1 of fair value hierarchy [member] | Other financial assets, current | Certificates of Deposit [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 1 of fair value hierarchy [member] | Other financial assets, current | Domestic And Foreign Bonds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 18 | 19 |
Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 5,671 | 50,372 |
Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Fair value of interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 2,734 | 302 |
Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Fair value of foreign currency derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 48,347 | |
Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Interest accrued since the last date of Swap interest rates [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 1,723 | |
Level 2 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Currency derivative not registered as hedge accounting [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | 2,937 | |
Level 2 of fair value hierarchy [member] | Cash And Cash Equivalents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | ||
Level 2 of fair value hierarchy [member] | Short-Term Mutual Funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | ||
Level 2 of fair value hierarchy [member] | Other financial assets, current | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 3,731 | 85,109 |
Level 2 of fair value hierarchy [member] | Other financial assets, current | Fair Value Of Interest Rate Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 27,044 | |
Level 2 of fair value hierarchy [member] | Other financial assets, current | Fair Value Of Fuel Price Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 1,296 | 48,044 |
Level 2 of fair value hierarchy [member] | Other financial assets, current | Fair Value Of Foreign Currency Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 586 | |
Level 2 of fair value hierarchy [member] | Other financial assets, current | Accrued interest since the last payment date Swap of currencies | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 3 | |
Level 2 of fair value hierarchy [member] | Other financial assets, current | Private investment funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 2 of fair value hierarchy [member] | Other financial assets, current | Certificates of Deposit [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 2,435 | 8,934 |
Level 2 of fair value hierarchy [member] | Other financial assets, current | Domestic And Foreign Bonds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [member] | Other financial liabilities, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 3 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Fair value of interest rate derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 3 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Fair value of foreign currency derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 3 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Interest accrued since the last date of Swap interest rates [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 3 of fair value hierarchy [member] | Other financial liabilities, current [Member] | Currency derivative not registered as hedge accounting [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial liabilities , current | ||
Level 3 of fair value hierarchy [member] | Cash And Cash Equivalents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | ||
Level 3 of fair value hierarchy [member] | Short-Term Mutual Funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | ||
Level 3 of fair value hierarchy [member] | Other financial assets, current | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [member] | Other financial assets, current | Fair Value Of Interest Rate Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [member] | Other financial assets, current | Fair Value Of Fuel Price Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [member] | Other financial assets, current | Fair Value Of Foreign Currency Derivatives [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [member] | Other financial assets, current | Accrued interest since the last payment date Swap of currencies | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [member] | Other financial assets, current | Private investment funds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [member] | Other financial assets, current | Certificates of Deposit [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Level 3 of fair value hierarchy [member] | Other financial assets, current | Domestic And Foreign Bonds [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current |
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, 2020 | Dec. 31, 2019 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | $ 1,663,059 | |
Cash on hand | 4,277 | |
Bank balance | 732,578 | |
Overnight | 802,220 | |
Time deposits | 123,984 | |
Other financial assets, current | 46,153 | |
Other financial assets | 46,153 | |
Trade debtors, other accounts receivable and Current accounts receivable | 599,180 | |
Accounts receivable from entities related, current | 158 | |
Other financial assets, not current | 33,140 | |
Accounts receivable, non-current | 4,986 | |
Other current financial liabilities | 3,050,059 | |
Accounts payable for trade and other accounts payable, current | 2,322,961 | |
Accounts payable to entities related, current | 812 | |
Other financial liabilities, not current | 7,803,801 | |
Accounts payable, not current | 651,600 | |
Accounts payable to entities related, non-current | 396,423 | |
At fair value [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | 1,663,059 | |
Cash on hand | 4,277 | |
Bank balance | 732,578 | |
Overnight | 802,220 | |
Time deposits | 123,894 | |
Other financial assets, current | 46,153 | |
Other financial assets | 46,153 | |
Trade debtors, other accounts receivable and Current accounts receivable | 599,180 | |
Accounts receivable from entities related, current | 158 | |
Other financial assets, not current | 33,140 | |
Accounts receivable, non-current | 4,986 | |
Other current financial liabilities | 2,995,768 | |
Accounts payable for trade and other accounts payable, current | 2,322,961 | |
Accounts payable to entities related, current | 812 | |
Other financial liabilities, not current | 6,509,081 | |
Accounts payable, not current | 651,600 | |
Accounts payable to entities related, non-current | $ 410,706 | |
Restated [Member] | 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 | 27,707 | |
Other financial assets | 27,707 | |
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 | 2,222,874 | |
Accounts payable to entities related, current | 56 | |
Other financial liabilities, not current | 8,530,418 | |
Accounts payable, not current | 619,110 | |
Accounts payable to entities related, non-current | ||
Restated [Member] | 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 | 27,707 | |
Other financial assets | 27,707 | |
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 | 2,222,874 | |
Accounts payable to entities related, current | 56 | |
Other financial liabilities, not current | 8,846,418 | |
Accounts payable, not current | 619,110 | |
Accounts payable to entities related, non-current |
ACCOUNTING ESTIMATES AND JUDG_2
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | ||
Revenue from expiration of ticket | $ 70,000 | |
Deferred income | $ 904,558 | $ 1,511,179 |
Description of lease liability | A decrease of one percentage point in our estimate of the rates used as of January 1, 2019 (the date of adoption of the standard) would increase the lease liability by approximately ThUS $ 105 million. | |
LATAM Pass Loyalty Program [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | ||
Deferred income | $ 1,365,534 | 1,332,173 |
Description of change in ticket usage | A hypothetical change of one percentage point in the probability of swaps would translate into an impact of ThUS $ 24,425 in the results as of 2020 (ThUS $ 30,506 in the results as of 2019). | |
Probable change in deferred revenue | $ 24,425 | 30,506 |
LATAM Pass Brasil Loyalty Program [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | ||
Deferred income | $ 187,493 | 354,847 |
Description of change in ticket usage | A hypothetical change of two percentage points in exchange probability | |
Probable change in deferred revenue | $ 2,950 | $ 3,150 |
SEGMENTAL INFORMATION (Details)
SEGMENTAL INFORMATION (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [text block] [Abstract] | |
Concentration risk, percentage | 10.00% |
SEGMENTAL INFORMATION (Detail_2
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | $ 3,923,667 | $ 10,070,063 | $ 9,895,456 |
Other operating income | 411,002 | 360,864 | 472,758 |
PERU | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 297,549 | 801,965 | 705,133 |
ARGENTINA | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 172,229 | 584,959 | 989,883 |
UNITED STATES | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 505,145 | 1,004,238 | 985,919 |
Europe | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 338,565 | 726,165 | 782,197 |
COLOMBIA | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 177,007 | 380,449 | 372,794 |
BRAZIL | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 1,304,006 | 3,949,797 | 3,433,877 |
ECUADOR | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 112,581 | 203,334 | 203,842 |
CHILE | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 638,225 | 1,546,960 | 1,591,313 |
Asia Pacific and rest of Latin America | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | $ 378,360 | $ 872,196 | $ 830,498 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of cash and cash equivalents [Abstract] | ||
Cash on hand | $ 4,277 | $ 4,982 |
Bank balances | 732,578 | 329,632 |
Overnight | 802,220 | 350,080 |
Total Cash | 1,539,075 | 684,694 |
Cash equivalents | ||
Time deposits | 123,984 | 165,791 |
Mutual funds | 32,782 | 222,094 |
Total cash equivalents | 156,766 | 387,885 |
Total cash and cash equivalents | $ 1,695,841 | $ 1,072,579 |
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, 2020 | Dec. 31, 2019 |
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | $ 1,695,841 | $ 1,072,579 |
Argentine peso | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 20,107 | 16,579 |
Brazilian real | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 136,938 | 197,354 |
Chilean peso | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 32,649 | 50,521 |
Colombian peso | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 17,185 | 48,191 |
Euro | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 10,361 | 21,927 |
US Dollar | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 1,438,846 | 667,785 |
Other currencies | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | $ 39,755 | $ 70,222 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||
Cash and cash equivalents | $ 1,695,841 | $ 1,072,579 | ||
Other financial assets, current | 50,250 | [1] | 499,504 | [2] |
Trade and others accounts receivable, current | 599,381 | 1,244,348 | ||
Accounts receivable from related entities, current | 158 | 19,645 | ||
Other financial assets, non current | 33,140 | 46,907 | ||
Accounts receivable, non current | 4,986 | 4,725 | ||
Total | 2,383,756 | 2,887,708 | ||
Other financial liabilities, current | 3,055,730 | 1,885,660 | ||
Trade and others accounts payable, current | 2,322,125 | 2,222,874 | ||
Accounts payable to related entities, current | 812 | 56 | ||
Other financial liabilities, non-current | 7,803,801 | 8,530,418 | ||
Accounts payable, non-current | 651,600 | 619,110 | ||
Accounts payable to related entities, non-current | 396,423 | |||
Total | 14,230,491 | 13,258,118 | ||
Measured at amortized cost [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||
Cash and cash equivalents | 1,663,059 | 850,485 | ||
Other financial assets, current | 48,605 | [1] | 36,660 | [2] |
Trade and others accounts receivable, current | 599,381 | 1,244,348 | ||
Accounts receivable from related entities, current | 158 | 19,645 | ||
Other financial assets, non current | 33,140 | 46,907 | ||
Accounts receivable, non current | 4,986 | 4,725 | ||
Total | 2,349,329 | 2,202,770 | ||
Other financial liabilities, current | 3,050,059 | 1,835,288 | ||
Trade and others accounts payable, current | 2,322,125 | 2,222,874 | ||
Accounts payable to related entities, current | 812 | 56 | ||
Other financial liabilities, non-current | 7,803,801 | 8,530,396 | ||
Accounts payable, non-current | 651,600 | 619,110 | ||
Accounts payable to related entities, non-current | 396,423 | |||
Total | 14,224,820 | 13,207,724 | ||
At fair value with changes in results [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||
Cash and cash equivalents | 32,782 | 222,094 | ||
Other financial assets, current | 348 | [1] | 386,669 | [2] |
Trade and others accounts receivable, current | ||||
Accounts receivable from related entities, current | ||||
Other financial assets, non current | ||||
Accounts receivable, non current | ||||
Total | 33,130 | 608,763 | ||
Other financial liabilities, current | 2,937 | |||
Trade and others accounts payable, current | ||||
Accounts payable to related entities, current | ||||
Other financial liabilities, non-current | ||||
Accounts payable, non-current | ||||
Accounts payable to related entities, non-current | ||||
Total | 2,937 | |||
Hedge derivatives [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||
Cash and cash equivalents | ||||
Other financial assets, current | 1,297 | [1] | 76,175 | [2] |
Trade and others accounts receivable, current | ||||
Accounts receivable from related entities, current | ||||
Other financial assets, non current | ||||
Accounts receivable, non current | ||||
Total | 1,297 | 76,175 | ||
Other financial liabilities, current | 2,734 | 50,372 | ||
Trade and others accounts payable, current | ||||
Accounts payable to related entities, current | ||||
Other financial liabilities, non-current | 22 | |||
Accounts payable, non-current | ||||
Accounts payable to related entities, non-current | ||||
Total | $ 2,734 | $ 50,394 | ||
[1] | The value presented as fair value with changes in the result, corresponds mainly to private investment funds; and as measured at amortized cost correspond to guarantees delivered. | |||
[2] | 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 |
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, 2020 | Dec. 31, 2019 |
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 | $ 532,106 | $ 1,073,599 |
Other accounts receivable | 194,454 | 275,876 |
Total trade and other accounts receivable | 726,560 | 1,349,475 |
Accumulated impairment [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 | (122,193) | (100,402) |
Other accounts receivable | ||
Less: Expected credit loss | (122,193) | (100,402) |
Total net trade and accounts receivable | 604,367 | 1,249,073 |
Less: non-current portion – accounts receivable | (4,986) | (4,725) |
Trade and other accounts receivable, current | $ 599,381 | $ 1,244,348 |
TRADE AND OTHER ACCOUNTS RECE_4
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Up to date [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [1] | 4.00% | 2.00% |
Gross book value | [2] | $ 302,079 | $ 875,889 |
Impairment loss Provision | $ (11,112) | $ (16,433) | |
From 1 to 90 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [1] | 4.00% | 8.00% |
Gross book value | [2] | $ 103,615 | $ 56,537 |
Impairment loss Provision | $ (4,049) | $ (4,253) | |
From 91 to 180 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [1] | 66.00% | 28.00% |
Gross book value | [2] | $ 15,989 | $ 16,922 |
Impairment loss Provision | $ (10,501) | $ (4,747) | |
From 181 to 360 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [1] | 80.00% | 39.00% |
Gross book value | [2] | $ 40,621 | $ 47,865 |
Impairment loss Provision | $ (32,627) | $ (18,459) | |
more of 360 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [1] | 92.00% | 74.00% |
Gross book value | [2] | $ 69,802 | $ 76,386 |
Impairment loss Provision | $ (63,904) | $ (56,510) | |
Total [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [1] | 23.00% | 9.00% |
Gross book value | [2] | $ 532,106 | $ 1,073,599 |
Impairment loss Provision | $ (122,193) | $ (100,402) | |
[1] | Corresponds to the consolidated expected rate of accounts receivable. | ||
[2] | The gross book value represents the maximum credit risk value of trade accounts receivables. |
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, 2020 | Dec. 31, 2019 |
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 | $ 604,367 | $ 1,249,073 |
Argentine Peso | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 6,517 | 47,079 |
Brazilian Real | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 221,952 | 537,224 |
Chilean Peso | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 44,737 | 131,543 |
Colombian Peso | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 1,292 | 2,288 |
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 | 24,370 | 32,711 |
US Dollar | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 292,125 | 436,774 |
Korean Won | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 79 | 8,172 |
Mexican Peso | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 4,624 | 6,093 |
Australian Dollar | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 49 | 20,964 |
Pound Sterling | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 5,647 | 7,428 |
South African Rand | ||
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 | 2,982 | |
Uruguayan Peso (New) | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 792 | 1,375 |
Thai Bht | ||
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 | 1,559 | |
Swiss Franc | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 754 | 535 |
Russian Ruble | ||
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 | 896 | |
Japanese Yen | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 77 | 1,222 |
Swedish crown | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 129 | 2,012 |
New Zealand Dollar | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable [Line Items] | ||
Total | 1,148 | |
Costa Rican Colon | ||
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 | 1,390 | |
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 | $ 1,223 | $ 5,678 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ (100,402) | $ (97,991) | $ (87,909) |
Adoption adjustment IFRS 9 | (10,524) | ||
Write-offs | 30,754 | 12,569 | 8,620 |
(Increase) Decrease | (52,545) | (14,980) | (8,178) |
Closing balance | $ (122,193) | $ (100,402) | $ (97,991) |
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, 2020 | Dec. 31, 2019 |
Gross exposure according to balance [Member] | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories [Line Items] | ||
Trade accounts receivable | $ 532,106 | $ 1,073,599 |
Other accounts receivable | 194,454 | 275,876 |
Gross impaired exposure [Member] | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories [Line Items] | ||
Trade accounts receivable | (122,193) | (100,402) |
Other accounts receivable | ||
Exposure net of risk concentrations [Member] | ||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of accounts receivable categories [Line Items] | ||
Trade accounts receivable | 409,913 | 973,197 |
Other accounts receivable | $ 194,454 | $ 275,876 |
ACCOUNTS RECEIVABLE FROM_PAYA_3
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Accouts Receivable Payable From To Related Party Explanatory [Abstract] | |
Related party transaction terms and nature of settlement, description | The transaction times for Current and Non-Current Liabilities, they correspond to between 30 to 45 days and 1 to 2 years respectively, and the nature of settlement of the transactions is monetary. |
ACCOUNTS RECEIVABLE FROM_PAYA_4
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Related party | Total current assets | |
Current assets | $ 158 | $ 19,645 |
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 | $ 148 | 19,400 |
TAM Aviação Executiva e Taxi Aéreo S.A [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Related party | Taxi Areo S.A. | |
Relationship | Common shareholder | |
Country of origin | Brazil | |
Currency | BRL | |
Current assets | $ 1 | |
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 | US$ | |
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 | $ 6 | 36 |
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 | 2 |
Rio Dulce S.A. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | 96.989.370-3 | |
Related party | Rio Dulce S.A. | |
Relationship | Related director | |
Country of origin | Chile | |
Currency | CLP | |
Current assets | $ 1 | |
Inversiones Costa Verde Ltda. y CPA. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Related party | Ltda. y CPA. | |
Relationship | Related director | |
Country of origin | Chile | |
Currency | CLP | |
Current assets | $ 1 |
ACCOUNTS RECEIVABLE FROM_PAYA_5
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current accounts payable - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current accounts payable [Line Items] | ||||
Related party | Total current and non current liabilities | |||
Current liabilities | $ 812 | $ 56 | ||
Non current liabilities | $ 396,423 | |||
Bethia S.A. and Subsidiaries [Member] | ||||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current 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 | |||
Non current liabilities | ||||
Delta Airlines, Inc. [Member] | ||||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current accounts payable [Line Items] | ||||
Tax No. | Foreign | |||
Related party | Delta Airlines, Inc. | |||
Relationship | Shareholder | |||
Country of origin | U.S.A. | |||
Currency | US$ | |||
Current liabilities | $ 805 | |||
Non current liabilities | ||||
Patagonia Seafarms INC [Member] | ||||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current accounts payable [Line Items] | ||||
Tax No. | Foreign | |||
Related party | Patagonia Seafarms INC | |||
Relationship | Related director | |||
Country of origin | U.S.A. | |||
Currency | US$ | |||
Current liabilities | $ 7 | 3 | ||
Inversiones Costa Verde Ltda. y CPA. [Member] | ||||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current accounts payable [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 liabilities | ||||
Non current liabilities | [1] | $ 105,713 | ||
QA Investments Ltd [Member] | ||||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current accounts payable [Line Items] | ||||
Tax No. | Foreign | |||
Related party | QA Investments Ltd (*) | |||
Relationship | Common shareholder | |||
Country of origin | Jersey Channel Islands | |||
Currency | US$ | |||
Current liabilities | ||||
Non current liabilities | $ 132,141 | [1] | ||
QA Investments 2 Ltd [Member] | ||||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current accounts payable [Line Items] | ||||
Tax No. | Foreign | |||
Related party | QA Investments 2 Ltd (*) | |||
Relationship | Common shareholder | |||
Country of origin | Jersey Channel Islands | |||
Currency | US$ | |||
Current liabilities | ||||
Non current liabilities | [1] | $ 132,141 | ||
Lozuy S.A. [Member] | ||||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current accounts payable [Line Items] | ||||
Tax No. | Foreign | |||
Related party | Lozuy S.A. (*) | |||
Relationship | Common shareholder | |||
Country of origin | Uruguay | |||
Currency | US$ | |||
Current liabilities | ||||
Non current liabilities | [1] | $ 26,428 | ||
[1] | The balance correspond to DIP loan which is explained on Note 3.1 c). |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of inventories [text block] [Abstract] | ||
Cost of sales | $ 55,507 | $ 133,286 |
INVENTORIES (Details) - Schedul
INVENTORIES (Details) - Schedule of composition of inventories - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of composition of inventories [Abstract] | ||
Technical stock | $ 284,409 | $ 315,286 |
Non-technical stock | 39,165 | 38,946 |
Total | $ 323,574 | $ 354,232 |
INVENTORIES (Details) - Sched_2
INVENTORIES (Details) - Schedule of inventory average cost, net of provision for obsolescence - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of inventory average cost, net of provision for obsolescence [Abstract] | ||
Provision for obsolescence Technical stock | $ 42,979 | $ 21,193 |
Provision for obsolescence Non-technical stock | 4,651 | 11,610 |
Total | $ 47,630 | $ 32,803 |
OTHER FINANCIAL ASSETS (Details
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | $ 50,250 | $ 499,504 |
Non-current assets | 33,140 | 46,907 |
Total Assets | 83,390 | 546,411 |
Other Financial Assets Categories [Member] | Private investment funds [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 348 | 386,669 |
Non-current assets | ||
Total Assets | 348 | 386,669 |
Other Financial Assets Categories [Member] | Deposits in guarantee (aircraft) [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 2,435 | 8,934 |
Non-current assets | 21,498 | 28,599 |
Total Assets | 23,933 | 37,533 |
Other Financial Assets Categories [Member] | Guarantees for margins of derivatives [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 3,047 | 21,200 |
Non-current assets | ||
Total Assets | 3,047 | 21,200 |
Other Financial Assets Categories [Member] | Other Investments [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | ||
Non-current assets | 493 | 494 |
Total Assets | 493 | 494 |
Other Financial Assets Categories [Member] | Domestic And Foreign Bonds [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 18 | 19 |
Non-current assets | ||
Total Assets | 18 | 19 |
Other Financial Assets Categories [Member] | Other guarantees given [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 43,106 | 6,507 |
Non-current assets | 11,149 | 15,138 |
Total Assets | 54,255 | 21,645 |
Other Financial Assets Categories [Member] | Subtotal of other financial assets [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 48,954 | 423,329 |
Non-current assets | 33,140 | 44,231 |
Total Assets | 82,094 | 467,560 |
Hedging Assets Categories [Member] | Accrued Interest since the last payment date Cross currency swap of currencies [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 3 | |
Non-current assets | ||
Total Assets | 3 | |
Hedging Assets Categories [Member] | Fair value of interest rate derivatives [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 27,044 | |
Non-current assets | 2,676 | |
Total Assets | 29,720 | |
Hedging Assets Categories [Member] | Fair value of foreign currency derivatives [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 586 | |
Non-current assets | ||
Total Assets | 586 | |
Hedging Assets Categories [Member] | Fair value of fuel price derivatives [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 1,296 | 48,542 |
Non-current assets | ||
Total Assets | 1,296 | 48,542 |
Hedging Assets Categories [Member] | Subtotal of derivate assets [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 1,296 | 76,175 |
Non-current assets | 2,676 | |
Total Assets | $ 1,296 | $ 78,851 |
OTHER FINANCIAL ASSETS (Detai_2
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | $ 83,390 | $ 546,411 |
Argentine peso [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 460 | 94 |
Brazilian real | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 8,475 | 417,477 |
Chilean peso [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 4,056 | 26,073 |
Colombian peso [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 500 | 522 |
Euro [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 3,236 | 1,525 |
U.S.A dollar [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 63,922 | 97,988 |
Other currencies [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | $ 2,741 | $ 2,732 |
OTHER NON-FINANCIAL ASSETS (Det
OTHER NON-FINANCIAL ASSETS (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
OTHER NON-FINANCIAL ASSETS (Details) [Line Items] | ||
Reserve maintainance | $ (1,388,185) | $ (367,577) |
Number of aircraft under operating leases | 2 | |
Aircraft [member] | ||
OTHER NON-FINANCIAL ASSETS (Details) [Line Items] | ||
Reserve maintainance | $ 8,613 | $ 45,831 |
OTHER NON-FINANCIAL ASSETS (D_2
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Advance payments categories [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | $ 25,512 | $ 26,346 | |
Non-current assets | 2,998 | 2,355 | |
Total Assets | 28,510 | 28,701 | |
Contract assets [member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [1] | 15,476 | 56,576 |
Non-current assets | [1] | ||
Total Assets | [1] | 15,476 | 56,576 |
Other assets [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 114,904 | 230,527 |
Non-current assets | [2] | 123,784 | 202,573 |
Total Assets | [2] | 238,688 | 433,100 |
Total Other Non - Financial Assets [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 155,892 | 313,449 |
Non-current assets | [2] | 126,782 | 204,928 |
Total Assets | [2] | 282,674 | 518,377 |
Aircraft insurance and other [Member] | Advance payments categories [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | 10,137 | 11,179 | |
Non-current assets | 523 | ||
Total Assets | 10,137 | 11,702 | |
Others [Member] | Advance payments categories [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | 15,375 | 15,167 | |
Non-current assets | 2,998 | 1,832 | |
Total Assets | 18,373 | 16,999 | |
GDS costs [Member] | Contract assets [member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [1] | 4,491 | 16,593 |
Non-current assets | [1] | ||
Total Assets | [1] | 4,491 | 16,593 |
Credit Card Commissions [Member] | Contract assets [member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [1] | 6,021 | 23,437 |
Non-current assets | [1] | ||
Total Assets | [1] | 6,021 | 23,437 |
Travel agencies commisions [Member] | Contract assets [member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [1] | 4,964 | 16,546 |
Non-current assets | [1] | ||
Total Assets | [1] | 4,964 | 16,546 |
Aircraft maintenance reserve [Member] | Other assets [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 8,613 | 27,987 |
Non-current assets | [2] | 17,844 | |
Total Assets | [2] | 8,613 | 45,831 |
Sales tax [Member] | Other assets [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 102,010 | 167,987 |
Non-current assets | [2] | 46,210 | 34,680 |
Total Assets | [2] | 148,220 | 202,667 |
Other assets [Member] | Other taxes [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 4,023 | 34,295 |
Non-current assets | [2] | ||
Total Assets | [2] | 4,023 | 34,295 |
Other assets [Member] | Contributions to the International Aeronautical [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | |||
Non-current assets | |||
Total Assets | |||
Other assets [Member] | Telecommunications Society (“SITA”) [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 258 | 258 |
Non-current assets | [2] | 739 | 739 |
Total Assets | [2] | 997 | 997 |
Judicial deposits [Member] | Other assets [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | ||
Non-current assets | [2] | 76,835 | 149,310 |
Total Assets | [2] | $ 76,835 | $ 149,310 |
[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 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of movement of contracts assets [Abstract] | ||
Opening Balance | $ 56,576 | $ 48,957 |
Activation | 146,778 | 166,300 |
Cummulative translation adjustment | (14,672) | (4,950) |
Amortization | (173,206) | (153,731) |
Closing Balance | $ 15,476 | $ 56,576 |
NON-CURRENT ASSETS AND DISPOS_3
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) [Line Items] | |
Assets reclassified from inventories net realizable value | $ 2,000 |
Assets reclassified from property, plant and equipment net realizable value | 62,000 |
Income statement to adjust the assets to its fair value less the cost of sales | 332,000 |
Boeing 767 [Member] | |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) [Line Items] | |
Profit from the transaction | $ 5,500 |
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 And In Disposal Groups Held For Sale [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
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 | $ 275,000 | $ 482,806 |
Engines and rotables | 740 | 1,943 |
Other liabilities | 382 | 401 |
Total | $ 276,122 | $ 485,150 |
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, 2020 | Dec. 31, 2019 | |
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 | 11 | 5 |
Boeing 767 [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 | 11 | 1 |
Airbus A350 [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 |
INVESTMENTS IN SUBSIDIARIES (De
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Latam Airlines Perú S.A.[Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Peru | |
Functional currency | US$ | |
Percentage of equity ownership | 99.81% | 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% | 99.89395% |
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% | 99.9837% |
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% |
Latam Airlines Ecuador S.A. [Member] | ||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | ||
Country of incorporation | Ecuador | |
Functional currency | US$ | |
Percentage of 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% | 99.19414% |
TAM S.A. [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 - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Latam Airlines Perú S.A.[Member] | ||||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | ||||
Total Assets | $ 661,721 | $ 519,363 | $ 419,325 | |
Current Assets | 629,910 | 481,592 | 379,490 | |
Non-current Assets | 31,811 | 37,771 | 39,835 | |
Total liabilities | 486,098 | 510,672 | 409,221 | |
Current Liabilities | 484,450 | 508,541 | 406,159 | |
Non-current Liabilities | 1,648 | 2,131 | 3,062 | |
Revenue | 372,255 | 1,186,668 | 871,860 | |
NET INCOME (LOSS) FOR THE PERIOD | (96,066) | (1,739) | 2,732 | |
Lan Cargo S.A. [Member] | ||||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | ||||
Total Assets | 749,789 | 634,852 | 513,367 | |
Current Assets | 472,869 | 334,725 | 243,499 | |
Non-current Assets | 276,920 | 300,127 | 269,868 | |
Total liabilities | 567,128 | 462,666 | 336,715 | |
Current Liabilities | 516,985 | 398,872 | 292,399 | |
Non-current Liabilities | 50,143 | 63,794 | 44,316 | |
Revenue | 207,854 | 274,774 | 190,997 | |
NET INCOME (LOSS) FOR THE PERIOD | 10,936 | (4,157) | (34,322) | |
Lan Argentina S.A. [Member] | ||||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | ||||
Total Assets | 176,790 | 262,049 | 243,230 | |
Current Assets | 171,613 | 255,641 | 235,919 | |
Non-current Assets | 5,177 | 6,408 | 7,311 | |
Total liabilities | 148,824 | 89,070 | 239,234 | |
Current Liabilities | 146,555 | 86,912 | 236,786 | |
Non-current Liabilities | 2,269 | 2,158 | 2,448 | |
Revenue | 49,101 | 218,989 | 154,878 | |
NET INCOME (LOSS) FOR THE PERIOD | (220,667) | (133,408) | (132,538) | |
Transporte Aereo S.A. [Member] | ||||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | ||||
Total Assets | 546,216 | 359,335 | 331,496 | |
Current Assets | 264,690 | 101,128 | 72,597 | |
Non-current Assets | 281,526 | 258,207 | 258,899 | |
Total liabilities | 347,714 | 142,423 | 129,233 | |
Current Liabilities | 278,319 | 46,383 | 28,277 | |
Non-current Liabilities | 69,395 | 96,040 | 100,956 | |
Revenue | 142,096 | 315,105 | 231,221 | |
NET INCOME (LOSS) FOR THE PERIOD | (39,032) | 14,610 | (17,609) | |
Latam-Airlines Ecuador S.A.[Member] | ||||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | ||||
Total Assets | 108,086 | 99,019 | 108,735 | |
Current Assets | 104,534 | 95,187 | 96,564 | |
Non-current Assets | 3,552 | 3,832 | 12,171 | |
Total liabilities | 99,538 | 97,198 | 98,238 | |
Current Liabilities | 87,437 | 86,810 | 89,921 | |
Non-current Liabilities | 12,101 | 10,388 | 8,317 | |
Revenue | 51,205 | 229,797 | 174,821 | |
NET INCOME (LOSS) FOR THE PERIOD | (22,655) | (3,411) | 4,354 | |
Aerovias de Integracion Regional, AIRES S.A. [Member] | ||||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | ||||
Total Assets | 76,770 | 187,001 | 116,352 | |
Current Assets | 73,446 | 135,344 | 55,865 | |
Non-current Assets | 3,324 | 51,657 | 60,487 | |
Total liabilities | 77,471 | 78,990 | 77,984 | |
Current Liabilities | 68,433 | 70,643 | 69,150 | |
Non-current Liabilities | 9,038 | 8,347 | 8,834 | |
Revenue | 90,668 | 291,235 | 215,366 | |
NET INCOME (LOSS) FOR THE PERIOD | (89,707) | (3,099) | (6,396) | |
TAM S.A [Member] | ||||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial statements of subsidiaries [Line Items] | ||||
Total Assets | [1] | 3,110,055 | 5,036,864 | 4,420,546 |
Current Assets | [1] | 1,492,792 | 2,580,665 | 2,007,830 |
Non-current Assets | [1] | 1,617,263 | 2,456,199 | 2,412,716 |
Total liabilities | [1] | 3,004,935 | 3,497,559 | 3,256,017 |
Current Liabilities | [1] | 2,206,089 | 2,556,280 | 1,832,796 |
Non-current Liabilities | [1] | 798,846 | 941,279 | 1,423,221 |
Revenue | [1] | 1,808,314 | 5,013,293 | 3,434,453 |
NET INCOME (LOSS) FOR THE PERIOD | [1] | $ (1,025,618) | $ 185,720 | $ 358,616 |
[1] | Corresponds to consolidated information of TAM S.A. and subsidiaries |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Total | $ (6,672) | $ (1,605) | |
Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest of subsidiary [Line Items] | |||
Total | $ (9,648) | $ 5,183 | $ 31,975 |
Latam Airlines Perú S.A.[Member] | Equity [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 | 0.19% | 30.00% | |
Total | $ (7,238) | $ 2,609 | |
Latam Airlines Perú S.A.[Member] | Income [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 | 0.19% | 30.00% | 30.00% |
Total | $ (8,102) | $ (1,065) | $ 1,673 |
Lan Cargo S.A. And Subsidiaries [Member] | Equity [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% | |
Total | $ 666 | $ 369 | |
Lan Cargo S.A. And Subsidiaries [Member] | Income [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 | $ (121) | $ 19 | $ (406) |
Inversora Cordillera S.A. and Subsidiaries [Member] | Equity [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% | 0.0163% | |
Total | $ (276) | $ (6,276) | |
Inversora Cordillera S.A. and Subsidiaries [Member] | Income [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% | 4.22% | 0.1394% |
Total | $ 360 | $ 359 | $ 66 |
Lan Argentina S.A. [Member] | Equity [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 | 0.00344% | 0.00344% | |
Total | $ 1 | $ 50 | |
Lan Argentina S.A. [Member] | Income [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 | 0.00344% | 0.00344% | 0.0289% |
Total | $ 70 | $ 48 | $ 39 |
Americonsult de Guatemala S.A. [Member] | Equity [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% | 0.87% | |
Total | $ 1 | $ 1 | |
Americonsult S.A. and Subsidiaries [Member] | Equity [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% | |
Total | $ (6) | $ (7) | |
Americonsult S.A. and Subsidiaries [Member] | Income [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 | $ 1 | $ (7) | $ 2 |
Americonsult Costa Rica S.A. [Member] | Equity [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% | 0.20% | |
Total | $ 2 | $ 2 | |
Linea Aerea Carguera de Colombiana S.A. [Mmeber] | Equity [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 | 9.54% | 10.00% | |
Total | $ (522) | $ (755) | |
Linea Aerea Carguera de Colombiana S.A. [Mmeber] | Income [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 | 9.54% | 10.00% | 10.00% |
Total | $ (943) | $ (293) | $ 58 |
Aerolineas Regionales de Integracion Aires S.A. [Member] | Equity [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% | |
Total | $ (13) | $ 899 | |
Aerolineas Regionales de Integracion Aires S.A. [Member] | Income [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% | 0.7988% |
Total | $ (724) | $ (24) | $ 87 |
Transportes Aereos del Mercosur S.A. [Member] | Equity [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% | |
Total | $ 713 | $ 1,503 | |
Transportes Aereos del Mercosur S.A. [Member] | Income [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 | $ (189) | $ 420 | $ 717 |
Multiplus S.A. [Member] | Income [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% | ||
Total | $ 5,726 | $ 29,739 |
INTANGIBLE ASSETS OTHER THAN _3
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ (169,800) | $ (80,511) | $ (65,595) |
Computer Programs [Member] | Accumulated depreciation and amortisation [member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) [Line Items] | |||
Accumulated amortization | $ 424,932 | $ 470,057 |
INTANGIBLE ASSETS OTHER THAN _4
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Intangible assets other than goodwill, net | $ 1,046,559 | $ 1,448,241 | |
Intangible assets other than goodwill, gross | 1,470,951 | 1,918,298 | |
Airport slots [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Intangible assets other than goodwill, net | 627,742 | 845,959 | |
Intangible assets other than goodwill, gross | 627,742 | 845,959 | |
Loyalty program [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Intangible assets other than goodwill, net | 204,615 | 263,806 | |
Intangible assets other than goodwill, gross | 204,615 | 263,806 | |
Computer software [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Intangible assets other than goodwill, net | 139,113 | 220,993 | |
Intangible assets other than goodwill, gross | 528,097 | 656,699 | |
Developing software [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Intangible assets other than goodwill, net | 68,521 | 99,193 | |
Intangible assets other than goodwill, gross | 69,379 | 99,193 | |
Trademarks [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Intangible assets other than goodwill, net | [1] | 6,340 | 17,959 |
Intangible assets other than goodwill, gross | [1] | 39,803 | 51,326 |
Other assets [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Intangible assets other than goodwill, net | 228 | 331 | |
Intangible assets other than goodwill, gross | $ 1,315 | $ 1,315 | |
[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. |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | $ 1,448,241 | $ 1,441,072 | $ 1,617,247 | |
Closing balance | 1,046,559 | 1,448,241 | 1,441,072 | |
Additions | 76,376 | 139,236 | 95,092 | |
Withdrawals | (37,683) | (1,393) | (528) | |
Transfer software | 1,125 | (3,167) | (1,316) | |
Foreing exchange | (271,700) | (46,996) | (203,948) | |
Amortization | (169,800) | (80,511) | (65,595) | |
Adjustment aplication IAS 29 by hyperinflation Argentina | 120 | |||
Computer software Net [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | 221,324 | 156,469 | 160,970 | |
Closing balance | 139,341 | 221,324 | 156,469 | |
Additions | 45 | 278 | 791 | |
Withdrawals | (333) | (270) | (403) | |
Transfer software | 101,015 | 136,935 | 59,771 | |
Foreing exchange | (20,242) | (1,981) | (10,231) | |
Amortization | (162,468) | (70,107) | (54,549) | |
Adjustment aplication IAS 29 by hyperinflation Argentina | 120 | |||
Developing Software [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | 99,193 | 151,853 | 123,415 | |
Closing balance | 68,521 | 99,193 | 151,853 | |
Additions | 76,331 | 91,371 | 94,301 | |
Withdrawals | (454) | (1,123) | (125) | |
Transfer software | (99,890) | (140,102) | (61,087) | |
Foreing exchange | (6,659) | (2,806) | (4,651) | |
Amortization | ||||
Adjustment aplication IAS 29 by hyperinflation Argentina | ||||
Airports Slots [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | [1] | 845,959 | 828,969 | 964,513 |
Closing balance | [1] | 627,742 | 845,959 | 828,969 |
Additions | [1] | 47,587 | ||
Withdrawals | [1] | (36,896) | ||
Transfer software | [1] | |||
Foreing exchange | [1] | (181,321) | (30,597) | (135,544) |
Amortization | [1] | |||
Adjustment aplication IAS 29 by hyperinflation Argentina | [1] | |||
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] | 281,765 | 303,781 | 368,349 |
Closing balance | [1],[2] | 210,955 | 281,765 | 303,781 |
Additions | [1],[2] | |||
Withdrawals | [1],[2] | |||
Transfer software | [1],[2] | |||
Foreing exchange | [1],[2] | (63,478) | (11,612) | (53,522) |
Amortization | [1],[2] | $ (7,332) | $ (10,404) | (11,046) |
Adjustment aplication IAS 29 by hyperinflation Argentina | [1],[2] | |||
[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 AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2019 | |
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) [Line Items] | |||
Goodwill | $ 2,209,576 | ||
Cash flow after tax, term | 5 years | ||
Estimated recoverable amount cash generating unit | $ 9,398 | ||
Impairment loss | $ 1,729,000 | ||
WACC [Member] | |||
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) [Line Items] | |||
WACC first year percentage | 19.40% | ||
WACC third year percentage | 8.00% |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of movement of goodwill - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of movement of goodwill [Line Items] | |||
Opening balance | $ 2,209,576 | $ 2,294,072 | $ 2,672,550 |
Increase (decrease) due to exchange rate differences | (480,601) | (84,496) | (377,125) |
Impairment loss | (1,728,975) | ||
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 | |
Air Transport [Member] | |||
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of movement of goodwill [Line Items] | |||
Opening balance | 2,209,576 | 1,845,136 | 2,146,692 |
Increase (decrease) due to exchange rate differences | (480,601) | (67,133) | (300,203) |
Impairment loss | (1,728,975) | ||
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 | |
Coalition and loyalty program Multiplus [Member] | |||
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of movement of goodwill [Line Items] | |||
Opening balance | 448,936 | 525,858 | |
Increase (decrease) due to exchange rate differences | (17,363) | (76,922) | |
Impairment loss | |||
Transfer from Multiplus S.A. (see nota 1) | (431,573) | ||
Adjustment IAS 29, hyperinflation Argentina | |||
Others | |||
Closing balance | $ 448,936 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of recoverable values - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | |||
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of recoverable values [Line Items] | ||||
Annual growth rate (Terminal) | 1.10% | |||
Bottom of range [member] | ||||
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of recoverable values [Line Items] | ||||
Annual growth rate (Terminal) | [1] | 0.60% | ||
Exchange rate | 4.80% | [1] | 5.40% | |
Discount rate based on the weighted average cost of capital | 8.00% | [2] | 8.65% | |
Fuel Price from futures price curves commodities markets (in Dollars) | $ 52 | $ 60 | ||
Top of range [member] | ||||
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of recoverable values [Line Items] | ||||
Annual growth rate (Terminal) | [1] | 1.60% | ||
Exchange rate | 5.20% | [1] | 5.60% | |
Discount rate based on the weighted average cost of capital | 19.40% | [2] | 9.65% | |
Fuel Price from futures price curves commodities markets (in Dollars) | $ 75 | $ 78 | ||
[1] | In line with the expectations of the Central Bank of Brazil | |||
[2] | As a result of the distortion generated by the current contingency in market rates, a multi-period WACC was used for each of the years of the projection, starting at 19.4% for the first year and reaching 8.0% from the Third year onward. |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of single rate the possible impairment scenario $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Actual [Member] | |
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of single rate the possible impairment scenario [Line Items] | |
Excess (Impairment) | $ (1,716) |
7.5% [Member] | |
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of single rate the possible impairment scenario [Line Items] | |
Excess (Impairment) | 381 |
8.0% [Member] | |
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of single rate the possible impairment scenario [Line Items] | |
Excess (Impairment) | (564) |
9.0% [Member] | |
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of single rate the possible impairment scenario [Line Items] | |
Excess (Impairment) | (2,095) |
10.0% [Member] | |
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of single rate the possible impairment scenario [Line Items] | |
Excess (Impairment) | $ (3,280) |
GOODWILL AND INTANGIBLE ASSET_7
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of CGU is sensitive to annual growth, discount and exchange rates - Air Transportation CGU [Member] | 12 Months Ended |
Dec. 31, 2020 | |
GOODWILL AND INTANGIBLE ASSETS OF INDEFINITE USEFUL LIFE (Details) - Schedule of CGU is sensitive to annual growth, discount and exchange rates [Line Items] | |
Increase Maximum WACC | 9.65% |
Decrease Minimum terminal growth rate | 0.60% |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Pre-delivery payments to aircraft manufacturers | $ 360,387 | $ 348,148 |
Description of property and plant equipment | property plant and equipment from available for sale for ThU$ 464,812 and the reclassification of 11 B767 aircraft that were moved to available for sales for ThU$ 606,522 (see note 13). | |
Description of property plant and equipment | 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. | |
Indirect existing debt | $ 1,642,779 | 1,762,611 |
Indirect book value | 3,496,397 | $ 3,866,237 |
Airbus SAS [Member] | Aircraft Purchase Agreement [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Manufacturers price property, plant and equipment | 5,700,000 | |
The Boeing Company [Member] | Aircraft Purchase Contracts [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Manufacturers price property, plant and equipment | $ 1,800,000 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | $ 19,723,058 | $ 20,909,508 | |
Accumulated depreciation | (8,992,789) | (7,989,890) | |
Net Book Value | 10,730,269 | 12,919,618 | |
Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 14,108,692 | 15,215,955 | |
Accumulated depreciation | (5,784,742) | (5,166,035) | |
Net Book Value | 8,323,950 | 10,049,920 | |
Right of use [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 5,614,366 | 5,693,553 | |
Accumulated depreciation | (3,208,047) | (2,823,855) | |
Net Book Value | 2,406,319 | 2,869,698 | |
Construction in progress [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | [1] | 377,961 | 372,589 |
Accumulated depreciation | [1] | ||
Net Book Value | [1] | 377,961 | 372,589 |
Land [member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 42,979 | 48,406 | |
Accumulated depreciation | |||
Net Book Value | 42,979 | 48,406 | |
Buildings [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 123,836 | 133,488 | |
Accumulated depreciation | (58,629) | (58,626) | |
Net Book Value | 65,207 | 74,862 | |
Plant and equipment [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 12,983,173 | 13,993,044 | |
Accumulated depreciation | (5,292,429) | (4,630,001) | |
Net Book Value | 7,690,744 | 9,363,043 | |
Own aircraft [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | [2],[3] | 12,375,500 | 13,268,562 |
Accumulated depreciation | [2],[3] | (5,088,297) | (4,421,211) |
Net Book Value | [2],[3] | 7,287,203 | 8,847,351 |
Other [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | [4] | 607,673 | 724,482 |
Accumulated depreciation | [4] | (204,132) | (208,790) |
Net Book Value | [4] | 403,541 | 515,692 |
Machinery [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 27,402 | 33,658 | |
Accumulated depreciation | (23,986) | (28,441) | |
Net Book Value | 3,416 | 5,217 | |
Information technology equipment [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 147,754 | 161,992 | |
Accumulated depreciation | (132,923) | (141,216) | |
Net Book Value | 14,831 | 20,776 | |
Fixed installations and accessories [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 154,414 | 171,469 | |
Accumulated depreciation | (105,215) | (111,635) | |
Net Book Value | 49,199 | 59,834 | |
Motor vehicles [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 49,345 | 67,060 | |
Accumulated depreciation | (44,140) | (60,327) | |
Net Book Value | 5,205 | 6,733 | |
Leasehold improvements [Member] | Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 201,828 | 234,249 | |
Accumulated depreciation | (127,420) | (135,789) | |
Net Book Value | 74,408 | 98,460 | |
Aircraft [Member] | Right of use [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 5,369,519 | 5,438,404 | |
Accumulated depreciation | (3,031,477) | (2,669,864) | |
Net Book Value | 2,338,042 | 2,768,540 | |
Other assets [Member] | Right of use [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 244,847 | 255,149 | |
Accumulated depreciation | (176,570) | (153,991) | |
Net Book Value | $ 68,277 | $ 101,158 | |
[1] | As of December 31, 2020, includes advances paid to aircraft manufacturers for ThUS$ 360,387 (ThUS$ 348,148 as of December 31, 2019) | ||
[2] | As of December 31, 2020, due to the process of Chapter 11, 29 aircraft lease contract were rejected, 19 were presented as to Property, plant and equipment, (2 A350, 11 A321, 1 A320, 1 A320N and 4 B787) and 10 were presented as to right of use assets, (1 A319, 7 A320 and 2 B767). | ||
[3] | As of December 31, 2020, eleven B767 aircraft were classified as non-current assets or groups of assets for disposal as held for sale. | ||
[4] | Consider mainly rotables and tools. |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | $ 10,049,920 | $ 9,953,365 | $ 10,065,335 | ||
Additions | 493,639 | 1,766,141 | 668,787 | ||
Disposals | (1,586) | (24,119) | (6,285) | ||
Rejection fleet | [1] | (1,081,578) | |||
Retirements | (111,256) | (65,382) | (63,996) | ||
Depreciation expenses | (718,767) | (821,607) | (763,923) | ||
Foreign exchange | (170,405) | (30,770) | (116,491) | ||
Other increases (decreases) | (136,017) | [2] | (727,708) | 164,197 | |
Adjustment application IAS 29 | 5,741 | ||||
Changes, total | (1,725,970) | 96,555 | (111,970) | ||
Closing balance | 8,323,950 | 10,049,920 | 9,953,365 | ||
Construction in progress [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 372,589 | 630,320 | 556,822 | ||
Additions | 6,535 | 21,884 | 7,927 | ||
Disposals | |||||
Rejection fleet | [1] | ||||
Retirements | (39) | (20) | (80) | ||
Depreciation expenses | |||||
Foreign exchange | (2,601) | (1,340) | (714) | ||
Other increases (decreases) | 1,477 | [2] | (278,255) | 65,992 | |
Adjustment application IAS 29 | 373 | ||||
Changes, total | 5,372 | (257,731) | 73,498 | ||
Closing balance | 377,961 | 372,589 | 630,320 | ||
Land [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 48,406 | 45,424 | 49,780 | ||
Additions | 7,950 | ||||
Disposals | (28) | (8) | |||
Rejection fleet | [1] | ||||
Retirements | |||||
Depreciation expenses | |||||
Foreign exchange | (5,428) | (1,103) | (4,348) | ||
Other increases (decreases) | 1 | [2] | (3,837) | ||
Adjustment application IAS 29 | |||||
Changes, total | (5,427) | 2,982 | (4,356) | ||
Closing balance | 42,979 | 48,406 | 45,424 | ||
Buildings net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 74,862 | 112,565 | 124,548 | ||
Additions | |||||
Disposals | (47) | (1,412) | |||
Rejection fleet | [1] | ||||
Retirements | (19) | ||||
Depreciation expenses | (4,819) | (5,768) | (6,219) | ||
Foreign exchange | (4,836) | (914) | (4,244) | ||
Other increases (decreases) | [2] | (30,974) | (89) | ||
Adjustment application IAS 29 | |||||
Changes, total | (9,655) | (37,703) | (11,983) | ||
Closing balance | 65,207 | 74,862 | 112,565 | ||
Plant and Equipment Net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 9,374,516 | 8,987,582 | 9,138,591 | ||
Additions | 485,800 | 1,694,640 | 635,367 | ||
Disposals | (1,439) | (23,945) | (4,747) | ||
Rejection fleet | [1] | (1,081,496) | |||
Retirements | (107,912) | (64,838) | (63,774) | ||
Depreciation expenses | (682,102) | (776,225) | (705,577) | ||
Foreign exchange | (146,219) | (24,615) | (94,488) | ||
Other increases (decreases) | (142,179) | [2] | (418,083) | 78,341 | |
Adjustment application IAS 29 | 3,869 | ||||
Changes, total | (1,675,547) | 386,934 | (151,009) | ||
Closing balance | 7,698,969 | 9,374,516 | 8,987,582 | ||
Information technology equipment net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 20,776 | 22,564 | 30,156 | ||
Additions | 1,295 | 6,580 | 4,995 | ||
Disposals | (112) | (13) | (30) | ||
Rejection fleet | [1] | ||||
Retirements | (55) | (85) | (92) | ||
Depreciation expenses | (6,186) | (8,574) | (11,677) | ||
Foreign exchange | (1,543) | (234) | (1,819) | ||
Other increases (decreases) | 656 | [2] | 538 | 732 | |
Adjustment application IAS 29 | 299 | ||||
Changes, total | (5,945) | (1,788) | (7,592) | ||
Closing balance | 14,831 | 20,776 | 22,564 | ||
Fixed installations & accessories net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 59,834 | 71,009 | 80,777 | ||
Additions | 9 | 26 | 64 | ||
Disposals | (31) | (75) | (74) | ||
Rejection fleet | [1] | ||||
Retirements | (3,250) | (77) | (27) | ||
Depreciation expenses | (9,037) | (11,945) | (12,538) | ||
Foreign exchange | (7,195) | (2,007) | (8,499) | ||
Other increases (decreases) | 8,869 | [2] | 2,903 | 10,195 | |
Adjustment application IAS 29 | 1,111 | ||||
Changes, total | (10,635) | (11,175) | (9,768) | ||
Closing balance | 49,199 | 59,834 | 71,009 | ||
Motor vehicles net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 477 | 634 | 436 | ||
Additions | 73 | 24 | |||
Disposals | (4) | (11) | (14) | ||
Rejection fleet | [1] | ||||
Retirements | |||||
Depreciation expenses | (81) | (94) | (146) | ||
Foreign exchange | 4 | (125) | (28) | ||
Other increases (decreases) | [2] | 273 | |||
Adjustment application IAS 29 | 89 | ||||
Changes, total | (81) | (157) | 198 | ||
Closing balance | 396 | 477 | 634 | ||
Leasehold improvements [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 98,460 | 83,267 | 84,225 | ||
Additions | 34,988 | 20,410 | |||
Disposals | |||||
Rejection fleet | [1] | (82) | |||
Retirements | (362) | (4) | |||
Depreciation expenses | (16,542) | (19,001) | (27,766) | ||
Foreign exchange | (2,587) | (432) | (2,351) | ||
Other increases (decreases) | (4,841) | [2] | 8,753 | ||
Adjustment application IAS 29 | |||||
Changes, total | (24,052) | 15,193 | (958) | ||
Closing balance | $ 74,408 | $ 98,460 | $ 83,267 | ||
[1] | Include aircraft lease rejection due to Chapter 11 process. | ||||
[2] | Include the reclassification of 4 A350 aircraft that were incorporated on property plant and equipment from available for sale for ThU$ 464,812 and the reclassification of 11 B767 aircraft that were moved to available for sales for ThU$ 606,522 (see note 13). |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Aircraft [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets [Line Items] | |||
Opening balances | $ 2,768,540 | $ 2,456,333 | $ 2,786,685 |
Total changes | (430,498) | 312,207 | (330,352) |
Final balances | 2,338,042 | 2,768,540 | 2,456,333 |
Additions | 732,489 | 289,209 | |
Fleet rejection | (9,090) | ||
Write off | |||
Depreciation expense | (395,936) | (377,911) | (371,789) |
Cummulative translate adjustment | (6,578) | (2,046) | (9,490) |
Other increases (decreases) | (18,894) | (40,325) | (238,282) |
Others [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets [Line Items] | |||
Opening balances | 101,158 | 92,111 | 78,632 |
Total changes | (32,881) | 9,047 | 13,479 |
Final balances | 68,277 | 101,158 | 92,111 |
Additions | 399 | 20,675 | 37,089 |
Fleet rejection | |||
Write off | |||
Depreciation expense | (22,492) | (22,473) | (19,349) |
Cummulative translate adjustment | (11,173) | (2,515) | (4,261) |
Other increases (decreases) | 385 | 13,360 | |
Right-of-use assets [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets [Line Items] | |||
Opening balances | 2,869,698 | 2,548,444 | 2,865,317 |
Total changes | (463,379) | 321,254 | (316,873) |
Final balances | 2,406,319 | 2,869,698 | 2,548,444 |
Additions | 399 | 753,164 | 326,298 |
Fleet rejection | (9,090) | ||
Write off | |||
Depreciation expense | (418,428) | (400,384) | (391,138) |
Cummulative translate adjustment | (17,751) | (4,561) | (13,751) |
Other increases (decreases) | $ (18,509) | $ (26,965) | $ (238,282) |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Aircraft | Total | ||||
Total fleet | 300 | 337 | |||
Property, plant and equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 202 | 227 | |||
Right-of-use assets [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 98 | 110 | |||
Boeing 767 [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Aircraft | Boeing 767 | ||||
Model | 300ER | ||||
Total fleet | 17 | 30 | |||
Boeing 767 [Member] | Property, plant and equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 17 | 28 | |||
Boeing 767 [Member] | Right-of-use assets [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 2 | ||||
Boeing 767 One [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Aircraft | Boeing 767 | ||||
Model | 300F | ||||
Total fleet | [1] | 12 | 12 | ||
Boeing 767 One [Member] | Property, plant and equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 11 | 11 | [1] | ||
Boeing 767 One [Member] | Right-of-use assets [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 1 | [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 [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 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 [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 One [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Aircraft | Boeing 787 | ||||
Model | 900 | ||||
Total fleet | 12 | 16 | |||
Boeing 787 One [Member] | Property, plant and equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 2 | 6 | |||
Boeing 787 One [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 | 44 | 46 | |||
Airbus A319 [Member] | Property, plant and equipment [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 | 7 | 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] | 134 | 142 | ||
Airbus A320 [Member] | Property, plant and equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 96 | 96 | [2] | ||
Airbus A320 [Member] | Right-of-use assets [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 38 | [2] | 46 | ||
Airbus A320 One [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Aircraft | Airbus A320 | ||||
Model | NEO | ||||
Total fleet | 12 | 13 | |||
Airbus A320 One [Member] | Property, plant and equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 6 | 7 | |||
Airbus A320 One [Member] | Right-of-use assets [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 6 | 6 | |||
Airbus A321 [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Aircraft | Airbus A321 | ||||
Model | 200 | ||||
Total fleet | 38 | 49 | |||
Airbus A321 [Member] | Property, plant and equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 19 | 30 | |||
Airbus A321 [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 [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Aircraft | Airbus A350 | ||||
Model | 900 | ||||
Total fleet | 11 | 9 | |||
Airbus A350 [Member] | Property, plant and equipment [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 4 | 2 | |||
Airbus A350 [Member] | Right-of-use assets [member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | |||||
Total fleet | 7 | 7 | |||
[1] | One aircraft leased to Aerotransportes Mas de Carga S.A. de C.V. | ||||
[2] | Two aircraft leased to Sundair. |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment | 12 Months Ended | |
Dec. 31, 2020 | ||
Buildings [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line without residual value | |
Buildings [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 years | |
Buildings [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 years | |
Plant and equipment [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) | [1] |
Plant and 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 years | |
Plant and 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) | 30 years | |
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 years | |
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 years | |
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 years | |
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 years | |
Motor vehicle [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line without residual value | |
Motor vehicle [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 years | |
Motor vehicle [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 years | |
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 years | |
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 years | |
Assets for rights of use [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of method used for the depreciation of property, plant and equipment [Line Items] | ||
Method | Straight line without residual value | |
Assets for rights of use [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) | 1 year | |
Assets for rights of use [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) | 25 years | |
[1] | 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. |
PROPERTY, PLANT AND EQUIPMENT_8
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | $ 2,755,034 | $ 2,350,405 | |
Book Value | $ 3,766,032 | 3,371,878 | |
Airbus A319 [Member] | Wilmington [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | MUFG | ||
Committed Assets | Aircraft and engines | ||
Existing Debt | $ 74,713 | 69,375 | |
Book Value | $ 256,937 | 268,746 | |
Airbus A319 [Member] | Citibank N.A. [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | Citibank N.A. | ||
Committed Assets | Aircraft and engines | ||
Existing Debt | 27,936 | ||
Book Value | 38,836 | ||
Airbus A320 [Member] | Trust Company [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 70,644 | 63,581 | |
Book Value | 256,651 | 257,613 | |
Airbus A320 [Member] | Credit Agricole [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 85,986 | 139,192 | |
Book Value | 95,148 | 122,251 | |
Airbus A320 [Member] | Citibank N.A. [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 128,030 | ||
Book Value | 214,597 | ||
Airbus A320 [Member] | UMB [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | MUFG | ||
Committed Assets | Aircraft and engines | ||
Existing Debt | $ 106,250 | 167,371 | |
Book Value | $ 149,607 | 246,293 | |
Airbus A320 [Member] | MUFG [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | MUFG Bank | ||
Committed Assets | Aircraft and engines | ||
Existing Debt | $ 216,411 | 215,043 | |
Book Value | 310,311 | 295,036 | |
Boeing 767 [Member] | Trust Company [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 61,728 | 43,628 | |
Book Value | 196,244 | 180,591 | |
Boeing 767 [Member] | Credit Agricole [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 10,404 | 10,404 | |
Book Value | 35,226 | 32,802 | |
Boeing 787 [Member] | Trust Company [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 120,938 | 114,936 | |
Book Value | 127,283 | 119,229 | |
Boeing 787 [Member] | Bank of Utah [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 217,500 | 211,849 | |
Book Value | $ 259,934 | 246,349 | |
Airbus A321 [Member] | Trust Company [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | Wilmington | ||
Committed Assets | Aircraft and engines | ||
Existing Debt | $ 353,774 | ||
Book Value | $ 452,107 | ||
Airbus A321 [Member] | NATIXIS [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | Natixis | ||
Committed Assets | Aircraft and engines | ||
Existing Debt | $ 282,927 | 271,129 | |
Book Value | 384,224 | 375,645 | |
Airbus A321 [Member] | Citibank N.A. [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 41,599 | ||
Book Value | 81,706 | ||
Boeing 787 [Member] | Trust Company [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | Trust Company | ||
Existing Debt | $ 332,131 | ||
Book Value | 374,998 | ||
Boeing 787 [Member] | Credit Agricole [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 74,023 | 91,797 | |
Book Value | 36,594 | 43,020 | |
Airbus A350 [Member] | Trust Company [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 180,320 | ||
Book Value | $ 192,620 | ||
Airbus A350 [Member] | Bank of Utah [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | SMBC | ||
Committed Assets | [1] | Aircraft and engines (2) | |
Existing Debt | 130,000 | ||
Book Value | 134,780 | ||
Airbus A350 [Member] | Citibank N.A. [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 15,960 | ||
Book Value | 26,823 | ||
Boeing 787 Three [Member] | Trust Company [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | Citibank N.A. | ||
Committed Assets | Aircraft and engines | ||
Existing Debt | $ 143,475 | ||
Book Value | $ 191,804 | ||
Airbus A319 [Member] | Credit Agricole [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | Credit Agricole | ||
Committed Assets | Aircraft and engines | ||
Existing Debt | 1,073 | ||
Book Value | 6,936 | ||
Airbus A320/A350 [Member] | Credit Agricole [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 83,281 | 30,733 | |
Book Value | $ 67,882 | 28,127 | |
Airbus A320/A350 [Member] | Bank of Utah [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | BNP Paribas | ||
Committed Assets | [1] | Aircraft and engines (2) | |
Existing Debt | $ 296,441 | 262,420 | |
Book Value | $ 378,462 | 289,946 | |
Airbus A320 / A350 Two [Member] | Bank of Utah [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Creditor company | Investec | ||
Committed Assets | [1] | Aircraft and engines (2) | |
Existing Debt | $ 44,088 | 37,870 | |
Book Value | |||
Airbus B767 [Member] | Citibank N.A. [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 90,846 | ||
Book Value | 197,797 | ||
Airbus B787 [Member] | Citibank N.A. [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 23,156 | ||
Book Value | 19,047 | ||
Rotables [Member] | Citibank N.A. [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | |||
Existing Debt | 162,477 | ||
Book Value | $ 145,708 | ||
[1] | As of December 31, 2020, four A350 aircraft were reincorporated to Property, plant and equipment due to cancellation of the sale contract. Which were classified previously as Non-current assets or groups of assets for disposal as held for sale. |
PROPERTY, PLANT AND EQUIPMENT_9
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Value | $ 70,807 |
Avolon Aerospace AOE 62 Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Seven letters of credit |
Value | $ 3,554 |
Release date | Feb. 5, 2021 |
Bank of Utah [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 2,000 |
Release date | Mar. 24, 2021 |
Ge Capital Aviation Services Ltd. [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Three letters of credit |
Value | $ 12,198 |
Release date | Jan. 20, 2021 |
Orix Aviation Systems Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Three letters of credit |
Value | $ 8,445 |
Release date | Nov. 26, 2021 |
Wells Fargo Bank [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Six letters of credit |
Value | $ 11,870 |
Release date | Feb. 4, 2021 |
BBAM [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Two letters of credit |
Value | $ 1,695 |
Release date | Jan. 14, 2021 |
Merlin Aviation Leasing (Ireland) 18 Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | Two letters of credit |
Value | $ 3,852 |
Release date | Mar. 15, 2021 |
RB Comercial Properties 49 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | |
Type | |
Value | |
Release date | |
Empreendimentos Imobiliarios LTDA [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | One letter of credit |
Value | $ 27,193 |
Release date | Apr. 29, 2021 |
PROPERTY, PLANT AND EQUIPMEN_10
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of fully depreciated assets and commitments for future purchases - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of fully depreciated assets and commitments for future purchases [Abstract] | |||
Gross book value of fully depreciated property, plant and equipment still in use | $ 206,497 | $ 261,792 | |
Commitments for the acquisition of aircraft | [1] | $ 7,500,000 | $ 7,390,000 |
[1] | According to the manufacturer’s price list. |
PROPERTY, PLANT AND EQUIPMEN_11
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment - Later than one year and not later than six years [Member] - Manufacturer [Member] | 12 Months Ended |
Dec. 31, 2020 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 50 |
Airbus S.A.S [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 44 |
A320-NEO Family [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 42 |
A350 Family [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 |
Boeing 787-9 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 6 |
PROPERTY, PLANT AND EQUIPMEN_12
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of capitalized interest costs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of capitalized interest costs [Abstract] | |||
Average rate of capitalization of capitalized interest costs | 3.52% | 4.72% | 4.64% |
Costs of capitalized interest | $ 11,627 | $ 1,444 | $ 13,007 |
CURRENT AND DEFERRED TAXES (Det
CURRENT AND DEFERRED TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CURRENT AND DEFERRED TAXES (Details) [Line Items] | |||
Income tax, applicable tax rate | 27.00% | 27.00% | 27.00% |
Unrecoverable deferred tax assets | $ 237,637 | ||
Total deferred tax assets not recognized | $ 749,100 | 110,933 | |
Deferred tax expense income related costs | $ 1,433,474 | $ 338,679 | |
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, 2020 | Dec. 31, 2019 | |
Current assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Current assets | $ 36,788 | |
Provisional monthly payments (advances), Current assets | $ 10,968 | |
Other recoverable credits, Current assets | 5,532 | 18,353 |
Total assets by current tax, Current assets | 42,320 | 29,321 |
Non-current assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Non-current assets | ||
Other recoverable credits, Non-current assets | ||
Total assets by current tax, Non-current assets | ||
Total assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Total assets | 36,788 | 10,968 |
Other recoverable credits, Total assets | 5,532 | 18,353 |
Total assets by current tax, Total assets | $ 42,320 | $ 29,321 |
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, 2020 | Dec. 31, 2019 | |
Current liabilities [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Current liabilities | $ 656 | |
Income tax provision, Current liabilities | $ 11,925 | |
Income tax provision, Non-current liabilities | 11,925 | |
Total liabilities by current tax, Current liabilities | 656 | |
Total liabilities by current tax, Current liabilities | 11,925 | |
Total liabilities by current tax, Non-current liabilities | 11,925 | |
Non-current liabilities [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Current liabilities | ||
Income tax provision, Non-current liabilities | ||
Total liabilities by current tax, Current liabilities | ||
Total liabilities by current tax, Non-current liabilities | ||
Current and Non-current liabilities [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Total liabilities | 656 | 11,925 |
Total liabilities by current tax, Total liabilities | $ 656 | $ 11,925 |
CURRENT AND DEFERRED TAXES (D_4
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | $ 564,816 | $ 235,583 |
Liabilities | 384,280 | 616,803 |
Property, plant and equipment [member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | (1,314,456) | 186,311 |
Liabilities | 81,881 | 1,700,215 |
Assets by right of use [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 229,119 | 42,011 |
Liabilities | (136) | (91,470) |
Amortization [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | (65,139) | (903) |
Liabilities | 9 | 52,233 |
Provisions [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 212,492 | (139,346) |
Liabilities | 68,462 | (182,913) |
Revaluation of financial instruments [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | (18,133) | 422 |
Liabilities | (9,857) | |
Tax losses [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 1,496,952 | 155,539 |
Liabilities | (60,785) | (1,200,729) |
Intangibles [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | ||
Liabilities | 270,681 | 349,082 |
Other [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 23,981 | (8,451) |
Liabilities | $ 24,168 | $ 242 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | $ (381,220) | $ (513,042) | $ (509,827) |
Recognized in consolidated income | 546,387 | 126,344 | 4,196 |
Recognized in comprehensive income | 1,883 | 3,287 | 1,297 |
Exchange rate variation | 13,486 | 2,191 | (8,708) |
Ending balance Asset (liability) | 180,536 | (381,220) | (513,042) |
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) | (1,513,904) | (1,582,496) | (1,568,764) |
Recognized in consolidated income | 110,010 | 67,237 | (19,735) |
Recognized in comprehensive income | |||
Exchange rate variation | 7,557 | 1,355 | 6,003 |
Ending balance Asset (liability) | (1,396,337) | (1,513,904) | (1,582,496) |
Assets for right of use | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 133,481 | 85,752 | 75,849 |
Recognized in consolidated income | 95,774 | 47,729 | 9,903 |
Recognized in comprehensive income | |||
Exchange rate variation | |||
Ending balance Asset (liability) | 229,255 | 133,481 | 85,752 |
Amortization [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (53,136) | (56,863) | (54,820) |
Recognized in consolidated income | (14,142) | 3,345 | (3,735) |
Recognized in comprehensive income | |||
Exchange rate variation | 2,130 | 382 | 1,692 |
Ending balance Asset (liability) | (65,148) | (53,136) | (56,863) |
Provisions [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 43,567 | 37,328 | (10,461) |
Recognized in consolidated income | 158,178 | 13,881 | 92,804 |
Recognized in comprehensive income | 924 | 2,873 | 1,566 |
Exchange rate variation | (58,639) | (10,515) | (46,581) |
Ending balance Asset (liability) | 144,030 | 43,567 | 37,328 |
Revaluation of financial instruments [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 10,279 | (13) | 3,750 |
Recognized in consolidated income | (27,901) | 10,142 | (2,326) |
Recognized in comprehensive income | 959 | 414 | (269) |
Exchange rate variation | (1,470) | (264) | (1,168) |
Ending balance Asset (liability) | (18,133) | 10,279 | (13) |
Tax losses [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | 1,356,268 | 1,369,150 | 1,479,560 |
Recognized in consolidated income | 216,897 | (10,116) | (98,154) |
Recognized in comprehensive income | |||
Exchange rate variation | (15,428) | (2,766) | (12,256) |
Ending balance Asset (liability) | 1,557,737 | 1,356,268 | 1,369,150 |
Intangibles [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (349,082) | (351,238) | (406,536) |
Recognized in consolidated income | 1,030 | (11,718) | 20,000 |
Recognized in comprehensive income | |||
Exchange rate variation | 77,371 | 13,874 | 35,298 |
Ending balance Asset (liability) | (270,681) | (349,082) | (351,238) |
Others [Member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||
Opening balance Assets/(liabilities) | (8,693) | (14,662) | (28,405) |
Recognized in consolidated income | 6,541 | 5,844 | 5,439 |
Recognized in comprehensive income | |||
Exchange rate variation | 1,965 | 125 | 8,304 |
Ending balance Asset (liability) | $ (187) | $ (8,693) | $ (14,662) |
CURRENT AND DEFERRED TAXES (D_6
CURRENT AND DEFERRED TAXES (Details) - Schedule of deferred tax expense and current income taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax expense | |||
Current tax expense | $ (3,602) | $ 72,999 | $ 77,713 |
Adjustment to previous period’s current tax | (199) | (352) | 362 |
Total current tax expense, net | (3,801) | 72,647 | 78,075 |
Deferred tax expense | |||
Deferred expense for taxes related to the creation and reversal of temporary differences | (546,387) | (126,344) | (126,344) |
Total deferred tax expense, net | (546,387) | (126,344) | (126,344) |
Income/(loss) tax expense | $ (550,188) | $ (53,697) | $ (48,269) |
CURRENT AND DEFERRED TAXES (D_7
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of income/(loss) tax expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of income/(loss) tax expense [Line Items] | |||
Total current tax expense, net | $ (3,801) | $ 72,647 | $ 78,075 |
Deferred tax expense, net, total | (546,387) | (126,344) | (4,196) |
Income/(loss) tax expense | (550,188) | (53,697) | 73,879 |
Foreign countries [member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of income/(loss) tax expense [Line Items] | |||
Total current tax expense, net | 4,232 | 76,806 | 65,850 |
Deferred tax expense, net, total | 235,963 | 37,294 | 58,271 |
Country of domicile [member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of income/(loss) tax expense [Line Items] | |||
Total current tax expense, net | (8,033) | (4,159) | 12,225 |
Deferred tax expense, net, total | $ (782,350) | $ (163,638) | $ (62,467) |
CURRENT AND DEFERRED TAXES (D_8
CURRENT AND DEFERRED TAXES (Details) - Schedule of income before tax from the Chilean legal tax rate - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of income before tax from the Chilean legal tax rate [Abstract] | |||
Tax expense using the legal rate | $ (1,378,547) | $ 38,318 | $ 11,230 |
Tax expense using the legal rate, percentage | 27.00% | 27.00% | 27.00% |
Tax effect by change in tax rate | $ 5,587 | ||
Tax effect by change in tax rate, percentage | 1.34% | ||
Tax effect of rates in other jurisdictions | $ (58,268) | $ 20,082 | $ 15,905 |
Tax effect of rates in other jurisdictions, percentage | 1.14% | 14.15% | 3.83% |
Tax effect of non-taxable operating revenues | $ (19,529) | $ (13,125) | $ (3,076) |
Tax effect of non-taxable operating revenues, percentage | 0.38% | (9.25%) | (0.74%) |
Tax effect of disallowable expenses | $ 40,528 | $ 66,257 | $ 61,295 |
Tax effect of disallowable expenses, percentage | (0.79%) | 46.69% | 14.75% |
Derecognition of deferred tax liabilities for early termination of aircraft financing | $ (294,969) | $ (145,930) | |
Derecognition of deferred tax liabilities for early termination of aircraft financing, percentage | 5.78% | (102.83%) | |
Tax effect of due to the non-use of tax losses | $ 453,681 | ||
Tax effect of due to the non-use of tax losses, percentage | (8.89%) | ||
Derecognition of deferred tax assets not recoverable | $ 237,637 | ||
Derecognition of deferred tax assets not recoverable, percentage | (4.65%) | ||
Deferred tax asset not recognized | $ 414,741 | ||
Deferred tax asset not recognized, percentage | (8.12%) | ||
Other increases (decreases) | $ 54,538 | $ (19,299) | |
Other increases (decreases), percentage | (1.07%) | (13.60%) | |
Total adjustments to tax expense using the legal rate | $ 828,359 | $ (92,015) | $ 79,711 |
Total adjustments to tax expense using the legal rate, percentage | (16.22%) | (64.84%) | 19.18% |
Tax expense using the effective rate | $ (550,188) | $ (53,697) | $ 90,941 |
Tax expense using the effective rate, percentage | 10.78% | (37.84%) | 46.18% |
CURRENT AND DEFERRED TAXES (D_9
CURRENT AND DEFERRED TAXES (Details) - Schedule of deferred taxes related to items charged to equity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of deferred taxes related to items charged to equity [Abstract] | ||
Aggregate deferred taxation of components of other comprehensive income | $ 1,883 | $ 3,287 |
OTHER FINANCIAL LIABILITIES (De
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) - USD ($) | Oct. 10, 2020 | Jun. 24, 2020 | Apr. 30, 2020 | Dec. 17, 2019 | Dec. 31, 2020 | Oct. 20, 2020 |
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. | |||||
Description of collateral | LATAM Airlines Group S.A. partially drew down (MUS $ 1,150) of the committed credit line of the “DIP” financing. The financing expires on April 10, 2022. The line is guaranteed with collateral consisting of routes, slots, engines and spare parts. After this, transfer, the company still has MUS $ 1,300 available. This line is committed for a total of US $ 2,450 million, of which US $ 750 million are committed by related parties. | |||||
Unused bonds | $ 262,000,000 | |||||
Amount of credit card issued | $ 450,000,000 | |||||
Description of withdrawal amount | LATAM Airlines Group S.A. it drew down the entire (US $600 million) of the committed credit line “Revolving Credit Facility (RCF)”. The financing expires on March 29, 2022. The line is guaranteed with collateral consisting of airplanes, engines and spare parts. The first withdrawal was on March 27, 2020 with an amount of US $ 504.7 million, the second withdrawal was on April 7, 2020 for US $ 72 million, the third withdrawal was on April 14, 2020 for US $ 11.2 million and the fourth and last withdrawal was on April 21, 2020 of US $ 12.1 million. | |||||
EETC structure amount | $ 844,100,000 | |||||
Amount of financial lease | $ 4,500,000 | $ 34,300,000 | ||||
LATAM Airlines Group S.A. [Member] | ||||||
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | ||||||
Description of unsecured bonds | 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. | |||||
Obligation With The Public [Member] | Latam Finance Limited [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% | |||||
Obligation With The Public [Member] | Series C Bond [Member] | Latam Finance Limited [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. | |||||
Bank Loans [Member] | Tam Linhas Aereas S.A. [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%. |
OTHER FINANCIAL LIABILITIES (_2
OTHER FINANCIAL LIABILITIES (Details) - Schedule of composition of other financial liabilities - Other Financial Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current | ||
(a) Interest bearing loans | $ 2,243,776 | $ 1,421,261 |
(b) Lease Liability | 806,283 | 414,027 |
(c) Hedge derivatives | 2,734 | 50,372 |
(d) Derivative non classified as hedge accounting | 2,937 | |
Total current | 3,055,730 | 1,885,660 |
Non-current | ||
(a) Interest bearing loans | 5,489,078 | 5,772,266 |
(b) Lease Liability | 2,314,723 | 2,758,130 |
(c) Hedge derivatives | 22 | |
Total non-current | $ 7,803,801 | $ 8,530,418 |
OTHER FINANCIAL LIABILITIES (_3
OTHER FINANCIAL LIABILITIES (Details) - Schedule of composition of interest bearing loans - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
Total current | $ 2,243,776 | $ 1,421,261 | |
Non-current | |||
Total non-current | 5,489,078 | 5,772,266 | |
Total obligations with financial institutions | 7,732,854 | 7,193,527 | |
Loans to exporters [Member] | |||
Current | |||
Total current | 151,701 | 341,475 | |
Bank loans [Member] | |||
Current | |||
Total current | 385,490 | 16,534 | |
Non-current | |||
Total non-current | 139,783 | 200,721 | |
Guaranteed obligations [Member] | |||
Current | |||
Total current | [1],[2],[3] | 388,492 | 237,951 |
Non-current | |||
Total non-current | [1],[2],[3] | 930,364 | 1,919,376 |
Other guaranteed obligations [Member] | |||
Current | |||
Total current | 435,413 | 97,730 | |
Non-current | |||
Total non-current | [2],[4] | 1,503,703 | 482,702 |
Subtotal bank loans [Member] | |||
Current | |||
Total current | 1,361,096 | 693,690 | |
Non-current | |||
Total non-current | 2,573,850 | 2,602,799 | |
Obligation with the public [Member] | |||
Current | |||
Total current | 108,301 | 32,061 | |
Non-current | |||
Total non-current | [5],[6],[7] | 2,075,106 | 2,032,873 |
Financial leases [Member] | |||
Current | |||
Total current | [1],[2],[3] | 774,379 | 594,249 |
Non-current | |||
Total non-current | [1],[2],[3] | 840,122 | 1,136,594 |
Other Loans [Member] | |||
Current | |||
Total current | [8] | $ 101,261 | |
[1] | On June 24, 2020, the United States Court for the Southern District of New York approved the motion filed by the Company to reject certain aircraft lease contracts. Rejected contracts include, 17 aircraft financed under the EETC structure with an amount of MUS $ 844.1 and an aircraft financed with a financial lease with an amount of MUS $ 4.5. | ||
[2] | On October 10, 2020, LATAM Airlines Group S.A. partially drew down (MUS $ 1,150) of the committed credit line of the “DIP” financing. The financing expires on April 10, 2022. The line is guaranteed with collateral consisting of routes, slots, engines and spare parts. After this, transfer, the company still has MUS $ 1,300 available. This line is committed for a total of US $ 2,450 million, of which US $ 750 million are committed by related parties. | ||
[3] | On October 20, 2020, the United States Court for the Southern District of New York approved the motion presented by the Company to reject an aircraft lease contract financed as financial lease in the amount of MUS $ 34.3. | ||
[4] | During March and April 2020, LATAM Airlines Group S.A. it drew down the entire (US $600 million) of the committed credit line “Revolving Credit Facility (RCF)”. The financing expires on March 29, 2022. The line is guaranteed with collateral consisting of airplanes, engines and spare parts. The first withdrawal was on March 27, 2020 with an amount of US $ 504.7 million, the second withdrawal was on April 7, 2020 for US $ 72 million, the third withdrawal was on April 14, 2020 for US $ 11.2 million and the fourth and last withdrawal was on April 21, 2020 of US $ 12.1 million. | ||
[5] | On February 11, 2019, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusively owned by LATAM Airlines Group S.A., 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. | ||
[6] | 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%. | ||
[7] | 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. | ||
[8] | On March 16, 2020, the obligations contained in the contract called “Indenture” signed between Guanay Finance Limited (see Note 1), LATAM Airlines Group S.A. expired. and Citibank, N.A. dated November 7, 2013. The bonds securitized with the future flows of credit card sales in the United States and Canada were issued in 2013 for a total of US $ 450 million. |
OTHER FINANCIAL LIABILITIES (_4
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | ||
Total obligations with financial institutions | $ 7,732,854 | $ 7,193,527 |
Brazil, Brazil Real | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | ||
Total obligations with financial institutions | 300,659 | |
Chile, Pesos | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | ||
Total obligations with financial institutions | 679,983 | 611,542 |
United States of America, Dollars | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | ||
Total obligations with financial institutions | $ 6,752,212 | $ 6,581,985 |
OTHER FINANCIAL LIABILITIES (_5
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments - 2020 [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
BBVA [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 97.032.000-8 |
Creditor | BBVA |
Creditor country | Chile |
Currency | US$ |
Nominal values Up to 90 days | $ 74,000 |
Total nominal value | 74,000 |
Accounting values Up to 90 days | 76,929 |
Total accounting value | $ 76,929 |
Amortization | At Expiration |
Effective rate % | 3.08% |
Nominal rate % | 3.08% |
ESTADOMember | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 97.030.000-7 |
Creditor | ESTADO |
Creditor country | Chile |
Currency | US$ |
Nominal values Up to 90 days | $ 40,000 |
Total nominal value | 40,000 |
Accounting values Up to 90 days | 41,542 |
Total accounting value | $ 41,542 |
Amortization | At Expiration |
Effective rate % | 3.49% |
Nominal rate % | 3.49% |
ITAU [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 76.645.030-K |
Creditor | ITAU |
Creditor country | Chile |
Currency | US$ |
Nominal values Up to 90 days | $ 20,000 |
Total nominal value | 20,000 |
Accounting values Up to 90 days | 20,685 |
Total accounting value | $ 20,685 |
Amortization | At Expiration |
Effective rate % | 4.20% |
Nominal rate % | 4.20% |
HSBC [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [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 | 12,545 |
Total accounting value | $ 12,545 |
Amortization | At Expiration |
Effective rate % | 4.15% |
Nominal rate % | 4.15% |
CORP BANCA [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 97.023.000-9 |
Creditor | CORPBANCA |
Creditor country | Chile |
Currency | UF |
Nominal values Up to 90 days | $ 11,255 |
Total nominal value | 11,255 |
Accounting values Up to 90 days | 11,665 |
Total accounting value | $ 11,665 |
Amortization | Quarterly |
Effective rate % | 3.35% |
Nominal rate % | 3.35% |
SANTANDER [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | SANTANDER |
Creditor country | Spain |
Currency | US$ |
Nominal values More than one to three years | $ 139,459 |
Total nominal value | 139,459 |
Accounting values Up to 90 days | 3,300 |
Accounting values More than one to three years | 139,459 |
Total accounting value | $ 142,759 |
Amortization | Quarterly |
Effective rate % | 2.80% |
Nominal rate % | 2.80% |
BTG PACTUAL CHILE [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 76.362.099-9 |
Creditor | BTG PACTUAL CHILE |
Creditor country | Chile |
Currency | UF |
Nominal values More than 90 days to one year | $ 67,868 |
Total nominal value | 67,868 |
Accounting values Up to 90 days | 1,985 |
Accounting values More than 90 days to one year | 67,237 |
Total accounting value | $ 69,222 |
Amortization | At Expiration |
Effective rate % | 3.10% |
Nominal rate % | 3.10% |
ESTADO [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 97.030.000-7 |
Creditor | ESTADO |
Creditor country | Chile |
Currency | UF |
Nominal values More than one to three years | $ 177,846 |
Nominal values More than five years | 382,267 |
Total nominal value | 560,113 |
Accounting values Up to 90 days | 25,729 |
Accounting values More than one to three years | 177,715 |
Accounting values More than five years | 395,652 |
Total accounting value | $ 599,096 |
Amortization | At Expiration |
Effective rate % | 4.81% |
Nominal rate % | 4.81% |
BANK OF NEWYORK [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
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 | 82,572 |
Accounting values More than three to five years | 698,450 |
Accounting values More than five years | 803,289 |
Total accounting value | $ 1,584,311 |
Amortization | At Expiration |
Effective rate % | 7.16% |
Nominal rate % | 6.94% |
BNP PARIBAS [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | BNP PARIBAS |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 31,039 |
Nominal values More than 90 days to one year | 43,655 |
Nominal values More than one to three years | 91,002 |
Nominal values More than three to five years | 97,621 |
Nominal values More than five years | 210,956 |
Total nominal value | 474,273 |
Accounting values Up to 90 days | 40,931 |
Accounting values More than 90 days to one year | 47,668 |
Accounting values More than one to three years | 87,767 |
Accounting values More than three to five years | 96,513 |
Accounting values More than five years | 209,612 |
Total accounting value | $ 482,491 |
Amortization | Quarterly / Semiannual |
Effective rate % | 2.95% |
Nominal rate % | 2.95% |
Natixis [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | NATIXIS |
Creditor country | France |
Currency | US$ |
Nominal values Up to 90 days | $ 42,740 |
Nominal values More than 90 days to one year | 34,150 |
Nominal values More than one to three years | 77,693 |
Nominal values More than three to five years | 81,244 |
Nominal values More than five years | 35,302 |
Total nominal value | 271,129 |
Accounting values Up to 90 days | 50,001 |
Accounting values More than 90 days to one year | 34,150 |
Accounting values More than one to three years | 75,808 |
Accounting values More than three to five years | 80,316 |
Accounting values More than five years | 34,969 |
Total accounting value | $ 275,244 |
Amortization | Quarterly |
Effective rate % | 3.11% |
Nominal rate % | 3.11% |
INVESTEC [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | INVESTEC |
Creditor country | England |
Currency | US$ |
Nominal values Up to 90 days | $ 6,329 |
Nominal values More than 90 days to one year | 11,606 |
Nominal values More than one to three years | 19,935 |
Total nominal value | 37,870 |
Accounting values Up to 90 days | 7,952 |
Accounting values More than 90 days to one year | 12,522 |
Accounting values More than one to three years | 19,588 |
Total accounting value | $ 40,062 |
Amortization | Semiannual |
Effective rate % | 6.21% |
Nominal rate % | 6.21% |
MUFG [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | MUFG |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 30,590 |
Nominal values More than 90 days to one year | 24,080 |
Nominal values More than one to three years | 67,730 |
Nominal values More than three to five years | 72,881 |
Nominal values More than five years | 187,132 |
Total nominal value | 382,413 |
Accounting values Up to 90 days | 39,516 |
Accounting values More than 90 days to one year | 24,080 |
Accounting values More than one to three years | 67,014 |
Accounting values More than three to five years | 72,494 |
Accounting values More than five years | 186,283 |
Total accounting value | $ 389,387 |
Amortization | Quarterly |
Effective rate % | 2.88% |
Nominal rate % | 2.88% |
SMBC [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | SMBC |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 130,000 |
Total nominal value | 130,000 |
Accounting values Up to 90 days | 131,662 |
Total accounting value | $ 131,662 |
Amortization | At Expiration |
Effective rate % | 1.73% |
Nominal rate % | 1.73% |
SWAP Received Aircraft [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Creditor | SWAP Received aircraft |
Currency | US$ |
Nominal values Up to 90 days | $ 10 |
Total nominal value | 10 |
Accounting values Up to 90 days | 10 |
Total accounting value | $ 10 |
Amortization | Quarterly |
CREDIT AGRICOLE [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | CREDIT AGRICOLE |
Creditor country | France |
Currency | US$ |
Nominal values More than 90 days to one year | $ 273,199 |
Total nominal value | 273,199 |
Accounting values Up to 90 days | 1,395 |
Accounting values More than 90 days to one year | 272,794 |
Total accounting value | $ 274,189 |
Amortization | At Expiration |
Effective rate % | 1.92% |
Nominal rate % | 1.92% |
MUFG 1 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | MUFG |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 82,498 |
Nominal values More than 90 days to one year | 72,206 |
Nominal values More than one to three years | 117,084 |
Nominal values More than three to five years | 19,731 |
Total nominal value | 291,519 |
Accounting values Up to 90 days | 88,880 |
Accounting values More than 90 days to one year | 72,206 |
Accounting values More than one to three years | 114,589 |
Accounting values More than three to five years | 19,499 |
Total accounting value | $ 295,174 |
Amortization | Quarterly |
Effective rate % | 2.67% |
Nominal rate % | 2.67% |
CITIBANKMember | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values More than one to three years | $ 600,000 |
Total nominal value | 600,000 |
Accounting values Up to 90 days | 138 |
Accounting values More than one to three years | 600,000 |
Total accounting value | $ 600,138 |
Amortization | At Expiration |
Effective rate % | 2.27% |
Nominal rate % | 2.27% |
Bank of Utah [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | BANK OF UTAH |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values More than one to three years | $ 793,003 |
Total nominal value | 793,003 |
Accounting values More than one to three years | 769,615 |
Total accounting value | $ 769,615 |
Amortization | At Expiration |
Effective rate % | 18.95% |
Nominal rate % | 12.26% |
ING [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | ING |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 5,965 |
Total nominal value | 5,965 |
Accounting values Up to 90 days | 6,017 |
Total accounting value | $ 6,017 |
Amortization | Quarterly |
Effective rate % | 5.71% |
Nominal rate % | 5.01% |
CREDITAGRICOLE [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | CREDIT AGRICOLE |
Creditor country | France |
Currency | US$ |
Nominal values Up to 90 days | $ 13,875 |
Nominal values More than 90 days to one year | 2,034 |
Nominal values More than one to three years | 2,052 |
Total nominal value | 17,961 |
Accounting values Up to 90 days | 13,922 |
Accounting values More than 90 days to one year | 2,034 |
Accounting values More than one to three years | 2,052 |
Total accounting value | $ 18,008 |
Amortization | Quarterly |
Effective rate % | 1.99% |
Nominal rate % | 1.54% |
CITIBANK [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 77,994 |
Nominal values More than 90 days to one year | 58,993 |
Nominal values More than one to three years | 113,186 |
Nominal values More than three to five years | 43,778 |
Nominal values More than five years | 18,841 |
Total nominal value | 312,792 |
Accounting values Up to 90 days | 78,860 |
Accounting values More than 90 days to one year | 58,993 |
Accounting values More than one to three years | 109,086 |
Accounting values More than three to five years | 42,558 |
Accounting values More than five years | 18,619 |
Total accounting value | $ 308,116 |
Amortization | Quarterly |
Effective rate % | 2.58% |
Nominal rate % | 1.77% |
PEFCO [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | PEFCO |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 1,926 |
Total nominal value | 1,926 |
Accounting values Up to 90 days | 1,938 |
Total accounting value | $ 1,938 |
Amortization | Quarterly |
Effective rate % | 5.65% |
Nominal rate % | 5.03% |
BNPPARIBAS1Member | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | BNP PARIBAS |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 14,934 |
Nominal values More than 90 days to one year | 2,326 |
Nominal values More than one to three years | 791 |
Total nominal value | 17,951 |
Accounting values Up to 90 days | 14,909 |
Accounting values More than 90 days to one year | 2,326 |
Accounting values More than one to three years | 788 |
Total accounting value | $ 18,023 |
Amortization | Quarterly |
Effective rate % | 1.81% |
Nominal rate % | 1.41% |
Wells Fargo Bank [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | WELLS FARGO |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 112,987 |
Nominal values More than 90 days to one year | 99,975 |
Nominal values More than one to three years | 230,416 |
Nominal values More than three to five years | 98,028 |
Total nominal value | 541,406 |
Accounting values Up to 90 days | 114,994 |
Accounting values More than 90 days to one year | 99,975 |
Accounting values More than one to three years | 219,624 |
Accounting values More than three to five years | 96,556 |
Total accounting value | $ 531,149 |
Amortization | Quarterly |
Effective rate % | 2.43% |
Nominal rate % | 1.74% |
SANTANDER1Member | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 97.036.000-K |
Creditor | SANTANDER |
Creditor country | Chile |
Currency | US$ |
Nominal values Up to 90 days | $ 21,456 |
Nominal values More than 90 days to one year | 17,626 |
Nominal values More than one to three years | 26,165 |
Total nominal value | 65,247 |
Accounting values Up to 90 days | 21,550 |
Accounting values More than 90 days to one year | 17,626 |
Accounting values More than one to three years | 25,840 |
Total accounting value | $ 65,016 |
Amortization | Quarterly |
Effective rate % | 1.30% |
Nominal rate % | 0.76% |
RRPF ENGINE [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | RRPF ENGINE |
Creditor country | England |
Currency | US$ |
Nominal values Up to 90 days | $ 2,058 |
Nominal values More than 90 days to one year | 3,644 |
Nominal values More than one to three years | 7,752 |
Nominal values More than three to five years | 5,035 |
Total nominal value | 18,489 |
Accounting values Up to 90 days | 2,602 |
Accounting values More than 90 days to one year | 3,644 |
Accounting values More than one to three years | 7,752 |
Accounting values More than three to five years | 5,035 |
Total accounting value | $ 19,033 |
Amortization | Monthly |
Effective rate % | 4.01% |
Nominal rate % | 4.01% |
APPLE BANK [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | APPLE BANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 4,538 |
Nominal values More than 90 days to one year | 4,631 |
Nominal values More than one to three years | 12,808 |
Nominal values More than three to five years | 753 |
Total nominal value | 22,730 |
Accounting values Up to 90 days | 4,599 |
Accounting values More than 90 days to one year | 4,632 |
Accounting values More than one to three years | 12,608 |
Accounting values More than three to five years | 752 |
Total accounting value | $ 22,591 |
Amortization | Quarterly |
Effective rate % | 1.61% |
Nominal rate % | 1.01% |
BTMU [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | BTMU |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 11,519 |
Nominal values More than 90 days to one year | 9,385 |
Nominal values More than one to three years | 25,937 |
Nominal values More than three to five years | 768 |
Total nominal value | 47,609 |
Accounting values Up to 90 days | 11,595 |
Accounting values More than 90 days to one year | 9,386 |
Accounting values More than one to three years | 25,563 |
Accounting values More than three to five years | 767 |
Total accounting value | $ 47,311 |
Amortization | Quarterly |
Effective rate % | 1.63% |
Nominal rate % | 1.03% |
US BANK [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | US BANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 58,512 |
Nominal values More than 90 days to one year | 49,240 |
Nominal values More than one to three years | 135,489 |
Nominal values More than three to five years | 84,178 |
Total nominal value | 327,419 |
Accounting values Up to 90 days | 60,094 |
Accounting values More than 90 days to one year | 49,240 |
Accounting values More than one to three years | 125,274 |
Accounting values More than three to five years | 82,149 |
Total accounting value | $ 316,757 |
Amortization | Quarterly |
Effective rate % | 4.00% |
Nominal rate % | 2.82% |
PK AirFinance [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Tax No. | 0-E |
Creditor | PK AIRFINANCE |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 8,996 |
Nominal values More than 90 days to one year | 9,062 |
Nominal values More than one to three years | 1,464 |
Total nominal value | 19,522 |
Accounting values Up to 90 days | 9,319 |
Accounting values More than 90 days to one year | 9,009 |
Accounting values More than one to three years | 1,435 |
Total accounting value | $ 19,763 |
Amortization | Monthly |
Effective rate % | 1.98% |
Nominal rate % | 1.98% |
Total [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans catrgories by installments [Line Items] | |
Creditor | Total |
Nominal values Up to 90 days | $ 815,221 |
Nominal values More than 90 days to one year | 783,680 |
Nominal values More than one to three years | 2,639,812 |
Nominal values More than three to five years | 1,204,017 |
Nominal values More than five years | 1,634,498 |
Total nominal value | 7,077,128 |
Accounting values Up to 90 days | 977,836 |
Accounting values More than 90 days to one year | 787,522 |
Accounting values More than one to three years | 2,581,577 |
Accounting values More than three to five years | 1,195,089 |
Accounting values More than five years | 1,648,424 |
Total accounting value | $ 7,190,448 |
OTHER FINANCIAL LIABILITIES (_6
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 [Line Items] | |
Creditor | Total consolidated |
Nominal values Up to 90 days | $ 785,745 |
Nominal values More than 90 days to one year | 1,272,563 |
Nominal values More than one to three years | 2,695,278 |
Nominal values More than three to five years | 1,206,789 |
Nominal values More than five years | 1,639,928 |
Total nominal value | 7,600,203 |
Accounting values Up to 90 days | 1,454,155 |
Accounting values More than 90 days to one year | 789,621 |
Accounting values More than one to three years | 2,637,151 |
Accounting values More than three to five years | 1,197,861 |
Accounting values More than five years | 1,654,066 |
Total accounting value | $ 7,732,854 |
Financial lease [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 [Line Items] | |
Creditor | Total |
Nominal values Up to 90 days | $ 2,065 |
Nominal values More than 90 days to one year | 457,342 |
Nominal values More than one to three years | 55,466 |
Nominal values More than three to five years | 2,772 |
Nominal values More than five years | 5,430 |
Total nominal value | 523,075 |
Accounting values Up to 90 days | 476,319 |
Accounting values More than 90 days to one year | 2,099 |
Accounting values More than one to three years | 55,574 |
Accounting values More than three to five years | 2,772 |
Accounting values More than five years | 5,642 |
Total accounting value | $ 542,406 |
MAATSCHAPPIJ [Member] | Bank Loans [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 [Line Items] | |
Tax No. | 0-E |
Creditor | NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ |
Creditor country | Netherlands |
Currency | US$ |
Nominal values Up to 90 days | $ 318 |
Nominal values More than 90 days to one year | 409 |
Nominal values More than one to three years | 216 |
Total nominal value | 943 |
Accounting values Up to 90 days | 333 |
Accounting values More than 90 days to one year | 311 |
Accounting values More than one to three years | 324 |
Total accounting value | $ 968 |
Amortization | Monthly |
Effective rate % | 6.01% |
Nominal rate % | 6.01% |
BANCO BRADESCO [Member] | Bank Loans [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 [Line Items] | |
Tax No. | 0-E |
Creditor | BANCO BRADESCO |
Creditor country | Brazil |
Currency | BRL |
Nominal values More than 90 days to one year | $ 80,175 |
Total nominal value | 80,175 |
Accounting values Up to 90 days | 91,672 |
Total accounting value | $ 91,672 |
Amortization | Monthly |
Effective rate % | 4.34% |
Nominal rate % | 4.34% |
BANCO DO BRASIL [Member] | Bank Loans [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 [Line Items] | |
Tax No. | 0-E |
Creditor | BANCO DO BRASIL |
Creditor country | Brazil |
Currency | BRL |
Nominal values More than 90 days to one year | $ 199,557 |
Total nominal value | 199,557 |
Accounting values Up to 90 days | 208,987 |
Total accounting value | $ 208,987 |
Amortization | Monthly |
Effective rate % | 3.95% |
Nominal rate % | 3.95% |
NATIXIS [Member] | Financial lease [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 [Line Items] | |
Tax No. | 0-E |
Creditor | NATIXIS |
Creditor country | France |
Currency | US$ |
Nominal values More than 90 days to one year | $ 30,253 |
Nominal values More than one to three years | 51,007 |
Total nominal value | 81,260 |
Accounting values Up to 90 days | 31,308 |
Accounting values More than one to three years | 51,007 |
Total accounting value | $ 82,315 |
Amortization | Quarterly / Semiannual |
Effective rate % | 4.09% |
Nominal rate % | 4.09% |
Wacapou Leasing S.A. [Member] | Financial lease [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 [Line Items] | |
Tax No. | 0-E |
Creditor | WACAPOU LEASING S.A. |
Creditor country | Luxembourg |
Currency | US$ |
Nominal values Up to 90 days | $ 797 |
Nominal values More than 90 days to one year | 2,342 |
Nominal values More than one to three years | 1,620 |
Total nominal value | 4,759 |
Accounting values Up to 90 days | 2,439 |
Accounting values More than 90 days to one year | 797 |
Accounting values More than one to three years | 1,620 |
Total accounting value | $ 4,856 |
Amortization | Quarterly |
Effective rate % | 2.00% |
Nominal rate % | 2.00% |
SOCIÉTÉ GÉNÉRALE MILAN BRANCH [Member] | Financial lease [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 [Line Items] | |
Tax No. | 0-E |
Creditor | SOCIT GNRALE MILAN BRANCH |
Creditor country | Italy |
Currency | US$ |
Nominal values More than 90 days to one year | $ 144,120 |
Total nominal value | 144,120 |
Accounting values Up to 90 days | 141,094 |
Total accounting value | $ 141,094 |
Amortization | Quarterly |
Effective rate % | 3.07% |
Nominal rate % | 3.01% |
GA Telessis LLC [Member] | Financial lease [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2020 [Line Items] | |
Tax No. | 0-E |
Creditor | GA Telessis LLC |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 950 |
Nominal values More than 90 days to one year | 486 |
Nominal values More than one to three years | 2,623 |
Nominal values More than three to five years | 2,772 |
Nominal values More than five years | 5,430 |
Total nominal value | 12,261 |
Accounting values Up to 90 days | 486 |
Accounting values More than 90 days to one year | 991 |
Accounting values More than one to three years | 2,623 |
Accounting values More than three to five years | 2,772 |
Accounting values More than five years | 5,642 |
Total accounting value | $ 12,514 |
Amortization | Monthly |
Effective rate % | 14.72% |
Nominal rate % | 14.72% |
OTHER FINANCIAL LIABILITIES (_7
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) - 2019 [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
BBVA [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 97.032.000-8 |
Creditor | BBVA |
Creditor country | Chile |
Currency | US$ |
Amortization | At Expiration |
Effective rate % | 3.29 |
Nominal rate % | 3.29 |
BANCO DO BRASIL [Member] | Chile [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 |
Amortization | At Expiration |
Effective rate % | 2.93 |
Nominal rate % | 2.93 |
HSBC [Member] | Chile [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$ |
Amortization | At Expiration |
Effective rate % | 3.25 |
Nominal rate % | 3.25 |
BLADEX [Member] | Chile [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$ |
Amortization | At Expiration |
Effective rate % | 2.82 |
Nominal rate % | 2.82 |
CORP BANCA [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 97.023.000-9 |
Creditor | CORP BANCA |
Creditor country | Chile |
Currency | UF |
Amortization | Quarterly |
Effective rate % | 3.35 |
Nominal rate % | 3.35 |
SANTANDER [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.62 |
Nominal rate % | 4.61 |
BTG PACTUAL CHILE [Member] | 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 |
Amortization | At Expiration |
Effective rate % | 3.10 |
Nominal rate % | 3.10 |
ESTADO [Member] | Chile [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 |
Amortization | At Expiration |
Effective rate % | 4.81 |
Nominal rate % | 4.81 |
BANK OF NEWYORK [Member] | Chile [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$ |
Amortization | At Expiration |
Effective rate % | 7.16 |
Nominal rate % | 6.94 |
BNP PARIBAS [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.81 |
Nominal rate % | 3.81 |
WILMINGTON TRUST [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 4.45 |
Nominal rate % | 4.45 |
CITIBANKMember | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.76 |
Nominal rate % | 2.68 |
Natixis [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.82 |
Nominal rate % | 3.82 |
INVESTEC [Member] | Chile [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$ |
Amortization | Semiannual |
Effective rate % | 6.35 |
Nominal rate % | 6.35 |
MUFG [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.43 |
Nominal rate % | 3.43 |
SWAP Received Aircraft [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Creditor | SWAP Received Aircraft |
Currency | US$ |
Amortization | Quarterly |
CREDIT AGRICOLE [Member] | Chile [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$ |
Amortization | At Expiration |
Effective rate % | 3.74 |
Nominal rate % | 3.74 |
MUFG 1 [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.54 |
Nominal rate % | 3.54 |
ING [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 5.71 |
Nominal rate % | 5.01 |
CREDITAGRICOLE [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.15 |
Nominal rate % | 2.52 |
CITIBANK [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.39 |
Nominal rate % | 2.80 |
PEFCO [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 5.65 |
Nominal rate % | 5.03 |
BNP PARIBAS Two [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.85 |
Nominal rate % | 3.72 |
Wells Fargo Bank [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 2.67 |
Nominal rate % | 1.98 |
SANTANDER1Member | Chile [Member] | |
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$ |
Amortization | Quarterly |
Effective rate % | 3.00 |
Nominal rate % | 2.46 |
RRP F ENGINE [Member] | Chile [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$ |
Amortization | Monthly |
Effective rate % | 4.01 |
Nominal rate % | 4.01 |
APPLE BANK [Member] | BTMU [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$ |
Amortization | Quarterly |
Effective rate % | 3.33 |
Nominal rate % | 2.73 |
BTMU [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 3.33 |
Nominal rate % | 2.73 |
NATIXIS [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 4.41 |
Nominal rate % | 4.41 |
KfWIP EX-Bank [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Tax No. | 0-E |
Creditor | KFW IP EX-BANK |
Creditor country | Germany |
Currency | US$ |
Amortization | Quarterly |
Effective rate % | 3.55 |
Nominal rate % | 3.55 |
AIRBUS FINANCIAL [Member] | Chile [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$ |
Amortization | Monthly |
Effective rate % | 3.31 |
Nominal rate % | 3.31 |
US BANK [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 4.01 |
Nominal rate % | 2.82 |
PK AirFinance [Member] | Chile [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$ |
Amortization | Monthly |
Effective rate % | 3.45 |
Nominal rate % | 3.45 |
Citibank 3 [Member] | Chile [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$ |
Amortization | Quarterly |
Effective rate % | 6.00 |
Nominal rate % | 6.00 |
Total [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Creditor | Total |
Nominal values [Member] | BBVA [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | $ 24,000 |
More than 90 days to one year | 75,000 |
Total nominal value | 99,000 |
Nominal values [Member] | BANCO DO BRASIL [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 150,000 |
More than 90 days to one year | 50,000 |
Total nominal value | 200,000 |
Nominal values [Member] | HSBC [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 12,000 |
Total nominal value | 12,000 |
Nominal values [Member] | BLADEX [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
More than 90 days to one year | 29,000 |
Total nominal value | 29,000 |
Nominal values [Member] | CORP BANCA [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 5,205 |
More than 90 days to one year | 10,410 |
Total nominal value | 15,615 |
Nominal values [Member] | SANTANDER [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
More than one to three years | 137,860 |
Total nominal value | 137,860 |
Nominal values [Member] | BTG PACTUAL CHILE [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
More than one to three years | 62,769 |
Total nominal value | 62,769 |
Nominal values [Member] | ESTADO [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
More than one to three years | 164,485 |
More than five years | 353,547 |
Total nominal value | 518,032 |
Nominal values [Member] | BANK OF NEWYORK [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
More than three to five years | 700,000 |
More than five years | 800,000 |
Total nominal value | 1,500,000 |
Nominal values [Member] | BNP PARIBAS [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 8,115 |
More than 90 days to one year | 36,282 |
More than one to three years | 93,788 |
More than three to five years | 100,622 |
More than five years | 275,134 |
Total nominal value | 513,941 |
Nominal values [Member] | WILMINGTON TRUST [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 22,090 |
More than 90 days to one year | 66,710 |
More than one to three years | 183,332 |
More than three to five years | 196,452 |
More than five years | 397,639 |
Total nominal value | 866,223 |
Nominal values [Member] | CITIBANKMember | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 4,805 |
More than 90 days to one year | 14,608 |
More than one to three years | 40,414 |
More than three to five years | 42,626 |
More than five years | 41,022 |
Total nominal value | 143,475 |
Nominal values [Member] | Natixis [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 10,675 |
More than 90 days to one year | 32,708 |
More than one to three years | 84,674 |
More than three to five years | 78,123 |
More than five years | 76,726 |
Total nominal value | 282,906 |
Nominal values [Member] | INVESTEC [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,538 |
More than 90 days to one year | 8,976 |
More than one to three years | 22,977 |
More than three to five years | 10,596 |
Total nominal value | 44,087 |
Nominal values [Member] | MUFG [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 2,973 |
More than 90 days to one year | 18,593 |
More than one to three years | 53,816 |
More than three to five years | 57,993 |
More than five years | 189,285 |
Total nominal value | 322,660 |
Nominal values [Member] | SWAP Received Aircraft [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 80 |
More than 90 days to one year | 78 |
Total nominal value | 158 |
Nominal values [Member] | CREDIT AGRICOLE [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
More than one to three years | 253,692 |
Total nominal value | 253,692 |
Nominal values [Member] | MUFG 1 [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 23,669 |
More than 90 days to one year | 71,432 |
More than one to three years | 188,440 |
More than three to five years | 44,482 |
Total nominal value | 328,023 |
Nominal values [Member] | ING [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 3,875 |
More than 90 days to one year | 7,931 |
Total nominal value | 11,806 |
Nominal values [Member] | CREDITAGRICOLE [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 4,831 |
More than 90 days to one year | 14,723 |
More than one to three years | 6,537 |
Total nominal value | 26,091 |
Nominal values [Member] | CITIBANK [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 17,972 |
More than 90 days to one year | 52,790 |
More than one to three years | 113,746 |
More than three to five years | 16,399 |
Total nominal value | 200,907 |
Nominal values [Member] | PEFCO [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,901 |
More than 90 days to one year | 1,926 |
Total nominal value | 3,827 |
Nominal values [Member] | BNP PARIBAS Two [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 8,523 |
More than 90 days to one year | 23,197 |
More than one to three years | 25,182 |
More than three to five years | 20,717 |
More than five years | 10,110 |
Total nominal value | 87,729 |
Nominal values [Member] | Wells Fargo Bank [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 32,321 |
More than 90 days to one year | 97,956 |
More than one to three years | 248,086 |
More than three to five years | 199,037 |
More than five years | 14,284 |
Total nominal value | 591,684 |
Nominal values [Member] | SANTANDER1Member | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 5,690 |
More than 90 days to one year | 17,255 |
More than one to three years | 46,472 |
More than three to five years | 3,134 |
Total nominal value | 72,551 |
Nominal values [Member] | RRP F ENGINE [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 864 |
More than 90 days to one year | 2,348 |
More than one to three years | 7,441 |
More than three to five years | 8,075 |
More than five years | 915 |
Total nominal value | 19,643 |
Nominal values [Member] | APPLE BANK [Member] | BTMU [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,483 |
More than 90 days to one year | 4,509 |
More than one to three years | 12,474 |
More than three to five years | 7,242 |
Total nominal value | 25,708 |
Nominal values [Member] | BTMU [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 3,010 |
More than 90 days to one year | 9,148 |
More than one to three years | 25,278 |
More than three to five years | 13,904 |
Total nominal value | 51,340 |
Nominal values [Member] | NATIXIS [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 702 |
More than 90 days to one year | 2,173 |
More than one to three years | 2,279 |
Total nominal value | 5,154 |
Nominal values [Member] | KfWIP EX-Bank [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,760 |
More than 90 days to one year | 3,568 |
Total nominal value | 5,328 |
Nominal values [Member] | AIRBUS FINANCIAL [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,977 |
More than 90 days to one year | 5,687 |
Total nominal value | 7,664 |
Nominal values [Member] | US BANK [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 15,862 |
More than 90 days to one year | 48,132 |
More than one to three years | 132,441 |
More than three to five years | 135,200 |
More than five years | 17,492 |
Total nominal value | 349,127 |
Nominal values [Member] | PK AirFinance [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 2,487 |
More than 90 days to one year | 7,729 |
More than one to three years | 17,871 |
Total nominal value | 28,087 |
Nominal values [Member] | Citibank 3 [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 24,595 |
More than 90 days to one year | 76,431 |
Total nominal value | 101,026 |
Nominal values [Member] | Total [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 393,003 |
More than 90 days to one year | 789,300 |
More than one to three years | 1,924,054 |
More than three to five years | 1,634,602 |
More than five years | 2,176,154 |
Total nominal value | 6,917,113 |
Accounting values [Member] | BBVA [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 24,910 |
More than 90 days to one year | 75,000 |
Total accounting value | 99,910 |
Accounting values [Member] | BANCO DO BRASIL [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 150,257 |
More than 90 days to one year | 50,283 |
Total accounting value | 200,540 |
Accounting values [Member] | HSBC [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 12,016 |
Total accounting value | 12,016 |
Accounting values [Member] | BLADEX [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
More than 90 days to one year | 29,009 |
Total accounting value | 29,009 |
Accounting values [Member] | CORP BANCA [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 5,192 |
More than 90 days to one year | 10,369 |
Total accounting value | 15,561 |
Accounting values [Member] | SANTANDER [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 255 |
More than one to three years | 137,860 |
Total accounting value | 138,115 |
Accounting values [Member] | BTG PACTUAL CHILE [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 113 |
More than one to three years | 62,172 |
Total accounting value | 62,285 |
Accounting values [Member] | ESTADO [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
More than 90 days to one year | 2,642 |
More than one to three years | 164,398 |
More than three to five years | (366,656) |
Total accounting value | 533,696 |
Accounting values [Member] | BANK OF NEWYORK [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 18,640 |
More than 90 days to one year | 10,779 |
More than three to five years | 698,256 |
More than five years | 803,563 |
Total accounting value | 1,531,238 |
Accounting values [Member] | BNP PARIBAS [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 10,058 |
More than 90 days to one year | 36,855 |
More than one to three years | 91,224 |
More than three to five years | 99,297 |
More than five years | 273,038 |
Total accounting value | 510,472 |
Accounting values [Member] | WILMINGTON TRUST [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 27,229 |
More than 90 days to one year | 66,710 |
More than one to three years | 178,784 |
More than three to five years | 194,741 |
More than five years | 395,983 |
Total accounting value | 863,447 |
Accounting values [Member] | CITIBANKMember | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 5,461 |
More than 90 days to one year | 14,608 |
More than one to three years | 36,178 |
More than three to five years | 40,932 |
More than five years | 40,310 |
Total accounting value | 137,489 |
Accounting values [Member] | Natixis [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 11,410 |
More than 90 days to one year | 32,708 |
More than one to three years | 83,072 |
More than three to five years | 77,195 |
More than five years | 75,928 |
Total accounting value | 280,313 |
Accounting values [Member] | INVESTEC [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,867 |
More than 90 days to one year | 9,112 |
More than one to three years | 22,597 |
More than three to five years | 10,565 |
Total accounting value | 44,141 |
Accounting values [Member] | MUFG [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 3,182 |
More than 90 days to one year | 18,593 |
More than one to three years | 53,367 |
More than three to five years | 57,694 |
More than five years | 188,471 |
Total accounting value | 321,307 |
Accounting values [Member] | SWAP Received Aircraft [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 80 |
More than 90 days to one year | 78 |
Total accounting value | 158 |
Accounting values [Member] | CREDIT AGRICOLE [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 2,370 |
More than one to three years | 252,747 |
Total accounting value | 255,117 |
Accounting values [Member] | MUFG 1 [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 23,929 |
More than 90 days to one year | 71,431 |
More than one to three years | 185,938 |
More than three to five years | 44,017 |
Total accounting value | 325,315 |
Accounting values [Member] | ING [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 3,952 |
More than 90 days to one year | 7,931 |
Total accounting value | 11,883 |
Accounting values [Member] | CREDITAGRICOLE [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 4,943 |
More than 90 days to one year | 14,723 |
More than one to three years | 6,537 |
Total accounting value | 26,203 |
Accounting values [Member] | CITIBANK [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 18,633 |
More than 90 days to one year | 52,790 |
More than one to three years | 112,712 |
More than three to five years | 16,368 |
Total accounting value | 200,503 |
Accounting values [Member] | PEFCO [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,918 |
More than 90 days to one year | 1,926 |
Total accounting value | 3,844 |
Accounting values [Member] | BNP PARIBAS Two [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 9,042 |
More than 90 days to one year | 23,197 |
More than one to three years | 24,675 |
More than three to five years | 20,424 |
More than five years | 9,975 |
Total accounting value | 87,313 |
Accounting values [Member] | Wells Fargo Bank [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 34,868 |
More than 90 days to one year | 97,956 |
More than one to three years | 233,822 |
More than three to five years | 195,209 |
More than five years | 14,138 |
Total accounting value | 575,993 |
Accounting values [Member] | SANTANDER1Member | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 5,959 |
More than 90 days to one year | 17,255 |
More than one to three years | 45,805 |
More than three to five years | 3,128 |
Total accounting value | 72,147 |
Accounting values [Member] | RRP F ENGINE [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 908 |
More than 90 days to one year | 2,348 |
More than one to three years | 7,441 |
More than three to five years | 8,075 |
More than five years | 915 |
Total accounting value | 19,687 |
Accounting values [Member] | APPLE BANK [Member] | BTMU [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,632 |
More than 90 days to one year | 4,509 |
More than one to three years | 12,162 |
More than three to five years | 7,212 |
Total accounting value | 25,515 |
Accounting values [Member] | BTMU [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 3,191 |
More than 90 days to one year | 9,148 |
More than one to three years | 24,661 |
More than three to five years | 13,849 |
Total accounting value | 50,849 |
Accounting values [Member] | NATIXIS [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 723 |
More than 90 days to one year | 2,173 |
More than one to three years | 2,279 |
Total accounting value | 5,175 |
Accounting values [Member] | KfWIP EX-Bank [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,769 |
More than 90 days to one year | 3,568 |
Total accounting value | 5,337 |
Accounting values [Member] | AIRBUS FINANCIAL [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 1,992 |
More than 90 days to one year | 5,687 |
Total accounting value | 7,679 |
Accounting values [Member] | US BANK [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 17,610 |
More than 90 days to one year | 48,132 |
More than one to three years | 119,881 |
More than three to five years | 130,865 |
More than five years | 17,188 |
Total accounting value | 333,676 |
Accounting values [Member] | PK AirFinance [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 2,530 |
More than 90 days to one year | 7,729 |
More than one to three years | 17,871 |
Total accounting value | 28,130 |
Accounting values [Member] | Citibank 3 [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 24,830 |
More than 90 days to one year | 76,431 |
Total accounting value | 101,261 |
Accounting values [Member] | Total [Member] | Chile [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Chile (2019) [Line Items] | |
Up to 90 days | 431,469 |
More than 90 days to one year | 803,680 |
More than one to three years | 1,876,183 |
More than three to five years | 1,617,827 |
More than five years | 2,186,165 |
Total accounting value | $ 6,915,324 |
OTHER FINANCIAL LIABILITIES (_8
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Nederlandsche Credietverzekering Maatschappij [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | |
Nominal values Tax No. | 0-E |
Nominal values Creditor | NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ |
Nominal values Creditor country | Netherland |
Nominal values Currency | US$ |
Nominal values Up to 90 days | $ 148 |
Nominal values More than 90 days to one year | 452 |
Nominal values More than one to three years | 689 |
Total nominal value | 1,289 |
Accounting values Up to 90days | 153 |
Accounting values More than 90 days to one year | 452 |
Accounting values More than one to three years | 689 |
Total accounting value | $ 1,294 |
Amortization | Monthly |
Effective rate % | 6.01% |
Nominal rate % | 6.01% |
Natixis [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [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 | $ 3,243 |
Nominal values More than 90 days to one year | 6,906 |
Nominal values More than one to three years | 76,107 |
Total nominal value | 86,256 |
Accounting values Up to 90days | 3,723 |
Accounting values More than 90 days to one year | 6,906 |
Accounting values More than one to three years | 76,107 |
Total accounting value | $ 86,736 |
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] | |
Nominal values Tax No. | 0-E |
Nominal values Creditor | WACAPOULEASING S.A. |
Nominal values Creditor country | Luxemburg |
Nominal values Currency | US$ |
Nominal values Up to 90 days | $ 757 |
Nominal values More than 90 days to one year | 2,317 |
Nominal values More than one to three years | 3,206 |
Total nominal value | 6,280 |
Accounting values Up to 90days | 777 |
Accounting values More than 90 days to one year | 2,317 |
Accounting values More than one to three years | 3,206 |
Total accounting value | $ 6,300 |
Amortization | Quarterly |
Effective rate % | 4.32% |
Nominal rate % | 4.32% |
SOCIÉTÉ GÉNÉRALE MILAN BRANCH [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [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 | $ 9,855 |
Nominal values More than 90 days to one year | 160,076 |
Total nominal value | 169,931 |
Accounting values Up to 90days | 10,409 |
Accounting values More than 90 days to one year | 159,876 |
Total accounting value | $ 170,285 |
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] | |
Nominal values Tax No. | 0-E |
Nominal values Creditor | GA Telessis LLC |
Nominal values Creditor country | U.S.A |
Nominal values Currency | US$ |
Nominal values Up to 90 days | $ 306 |
Nominal values More than 90 days to one year | 1,100 |
Nominal values More than one to three years | 2,385 |
Nominal values More than three to five years | 2,694 |
Nominal values More than five years | 7,010 |
Total nominal value | 13,495 |
Accounting values Up to 90days | 399 |
Accounting values More than 90 days to one year | 1,100 |
Accounting values More than one to three years | 2,385 |
Accounting values More than three to five years | 2,694 |
Accounting values More than five years | 7,010 |
Total accounting value | $ 13,588 |
Amortization | Monthly |
Effective rate % | 14.72% |
Nominal rate % | 14.72% |
Total [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | |
Nominal values Creditor | Total |
Nominal values Up to 90 days | $ 14,309 |
Nominal values More than 90 days to one year | 170,851 |
Nominal values More than one to three years | 82,387 |
Nominal values More than three to five years | 2,694 |
Nominal values More than five years | 7,010 |
Total nominal value | 277,251 |
Accounting values Up to 90days | 15,461 |
Accounting values More than 90 days to one year | 170,651 |
Accounting values More than one to three years | 82,387 |
Accounting values More than three to five years | 2,694 |
Accounting values More than five years | 7,010 |
Total accounting value | $ 278,203 |
Total consolidated [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans categories by installments Brazil 2019 [Line Items] | |
Nominal values Creditor | Total consolidated |
Nominal values Up to 90 days | $ 407,312 |
Nominal values More than 90 days to one year | 960,151 |
Nominal values More than one to three years | 2,006,441 |
Nominal values More than three to five years | 1,637,296 |
Nominal values More than five years | 2,183,164 |
Total nominal value | 7,194,364 |
Accounting values Up to 90days | 446,930 |
Accounting values More than 90 days to one year | 974,331 |
Accounting values More than one to three years | 1,958,570 |
Accounting values More than three to five years | 1,620,521 |
Accounting values More than five years | 2,193,175 |
Total accounting value | $ 7,193,527 |
OTHER FINANCIAL LIABILITIES (_9
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Aircraft [member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | |||
Opening balance | $ 3,042,231 | $ 2,737,809 | $ 3,037,585 |
Changes | (15,658) | 304,422 | (299,776) |
Closing balance | 3,026,573 | 3,042,231 | 2,737,809 |
New contracts | 719,525 | 283,620 | |
Write off | (7,435) | ||
Renegotiations | (35,049) | (41,535) | (240,047) |
Payments | (131,427) | (539,549) | (526,071) |
Accrued interest | 158,253 | 165,981 | 174,327 |
Exchange differences | |||
Cumulative translation adjustment | |||
Other increases (decreases) | 8,395 | ||
Others [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | |||
Opening balance | 129,926 | 120,240 | 109,387 |
Changes | (35,493) | 9,686 | 10,853 |
Closing balance | 94,433 | 129,926 | 120,240 |
New contracts | 543 | 23,878 | 36,191 |
Write off | (285) | ||
Renegotiations | 4,919 | 12,208 | 1,397 |
Payments | (36,689) | (37,391) | (30,316) |
Accrued interest | 9,348 | 11,968 | 8,623 |
Exchange differences | (7,967) | 1,614 | (5,667) |
Cumulative translation adjustment | (38) | (467) | |
Other increases (decreases) | (5,324) | (2,124) | 625 |
Lease Liability total [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | |||
Opening balance | 3,172,157 | 2,858,049 | 3,146,972 |
Changes | (51,151) | 314,108 | (288,923) |
Closing balance | 3,121,006 | 3,172,157 | 2,858,049 |
New contracts | 543 | 743,403 | 319,811 |
Write off | (7,720) | ||
Renegotiations | (30,130) | (29,327) | (238,650) |
Payments | (168,116) | (576,940) | (556,387) |
Accrued interest | 167,601 | 177,949 | 182,950 |
Exchange differences | (7,967) | 1,614 | (5,667) |
Cumulative translation adjustment | (38) | (467) | |
Other increases (decreases) | $ (5,324) | $ (2,124) | $ 9,020 |
OTHER FINANCIAL LIABILITIES _10
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | $ 2,734 | $ 50,372 |
Non- current liabilities | 22 | |
Total hedge derivatives | 2,734 | 50,394 |
Interest Rate Swap [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | 1,723 | |
Non- current liabilities | ||
Total hedge derivatives | 1,723 | |
Interest Rate Derivative Contracts [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | 2,734 | 302 |
Non- current liabilities | 22 | |
Total hedge derivatives | 2,734 | 324 |
Fair Value Fuel Derivatives [Membe] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | ||
Non- current liabilities | ||
Total hedge derivatives | ||
Foreign Forward Instrument [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | 48,347 | |
Non- current liabilities | ||
Total hedge derivatives | $ 48,347 |
OTHER FINANCIAL LIABILITIES _11
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Foreign Currency Not Registered Coverage [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage [Line Items] | ||
Current liabilities | $ 2,937 | |
Non-current liabilities | ||
Total derivatives of no coverage | 2,937 | |
Total derived not qualify as hedge accounting [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage [Line Items] | ||
Current liabilities | 2,937 | |
Non-current liabilities | ||
Total derivatives of no coverage | $ 2,937 |
OTHER FINANCIAL LIABILITIES _12
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Cross currency swaps (CCS) [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments [Line Items] | |||
Fair values of net assets/ (liabilities) | [1] | $ (22,662) | |
Interest rate swaps [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments [Line Items] | |||
Fair values of net assets/ (liabilities) | [2] | (2,734) | 2,618 |
Fuel options [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments [Line Items] | |||
Fair values of net assets/ (liabilities) | [3] | 1,296 | 48,542 |
Currency options CLP/US$ | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments [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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of comprehensive income [Abstract] | |||
Debit (credit) recognized in comprehensive income during the period | $ (119,970) | $ 66,856 | $ (27,797) |
Debit (credit) transferred from net equity to income during the period | $ (13,016) | $ (30,074) | $ 39,915 |
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, 2020 | Dec. 31, 2019 |
Current | ||
Trade and other accounts payables | $ 1,757,799 | $ 1,671,304 |
Accrued liabilities at the reporting date | 564,326 | 551,570 |
Total trade and other accounts payables | $ 2,322,125 | $ 2,222,874 |
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, 2020 | Dec. 31, 2019 |
Schedule of current trade and other accounts payables [Abstract] | ||
Trade creditors | $ 1,281,432 | $ 1,408,690 |
Other accounts payable | 476,367 | 262,614 |
Trade and other accounts payables | $ 1,757,799 | $ 1,671,304 |
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, 2020 | Dec. 31, 2019 |
Schedule of composition of current trade and other accounts payable [Abstract] | ||
Suppliers technical purchases | $ 281,452 | $ 145,973 |
Boarding Fee | 181,049 | 234,070 |
Professional services and advisory | 146,753 | 87,825 |
Aircraft Fuel | 143,119 | 476,320 |
Handling and ground handling | 137,626 | 114,163 |
Airport charges and overflight | 142,709 | 81,459 |
Leases, maintenance and IT services | 110,472 | 59,011 |
Other personnel expenses | 105,696 | 93,490 |
Maintenance | 116,103 | 42,202 |
Services on board | 58,099 | 59,647 |
Marketing | 53,419 | 60,850 |
Air companies | 27,668 | 79,958 |
Crew | 16,541 | 22,921 |
Land services | 10,466 | 18,166 |
Achievement of goals | 7,840 | 30,635 |
Jol Fleet | 6,622 | 3,997 |
Others | 212,165 | 60,617 |
Total trade and other accounts payables | $ 1,757,799 | $ 1,671,304 |
TRADE AND OTHER ACCOUNTS PAYA_6
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of composition of accrued liabilities - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of composition of accrued liabilities [Abstract] | |||
Aircraft and engine maintenance | $ 460,082 | $ 292,793 | |
Accrued personnel expenses | 72,696 | 118,199 | |
Accounts payable to personnel | [1] | 2,186 | 91,153 |
Others accrued liabilities | [2] | 29,362 | 49,425 |
Total accrued liabilities | $ 564,326 | $ 551,570 | |
[1] | Profits and bonus participation (Note 23 letter b). | ||
[2] | See Note 22. |
OTHER PROVISIONS (Details)
OTHER PROVISIONS (Details) - 12 months ended Dec. 31, 2020 $ in Thousands | USD ($) | EUR (€) |
OTHER PROVISIONS (Details) [Line Items] | ||
Tax credit suspend amount | $ | $ 69 | |
Legal claim, percentage | 2.50% | |
Infringement of European Union Regulations [Member] | ||
OTHER PROVISIONS (Details) [Line Items] | ||
Estimated financial effect of contingent liabilities | € 776,465,000 | |
Infringement of European Union Regulations [Member] | Provision for European Commission Investigation [Member] | ||
OTHER PROVISIONS (Details) [Line Items] | ||
Commission provision decrease, description | With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A .,For its part, LATAM Airlines Group S.A. and Lan Cargo S.A., jointly and severally, have been fined for the amount of € 8,220,000 (eight million two hundred twenty thousand euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. | |
TAM S.A. and Subsidiaries [Member] | ||
OTHER PROVISIONS (Details) [Line Items] | ||
Business combination loss percentage | 50.00% | |
Lan Cargo S.A. [Member] | Infringement of European Union Regulations [Member] | Provision for European Commission Investigation [Member] | ||
OTHER PROVISIONS (Details) [Line Items] | ||
Estimated financial effect of contingent liabilities | € 8,220,000 |
OTHER PROVISIONS (Details) - Sc
OTHER PROVISIONS (Details) - Schedule of other provisions - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
OTHER PROVISIONS (Details) - Schedule of other provisions [Line Items] | |||||||
Current liabilities | [1] | $ 23,774 | $ 5,206 | ||||
Non-current liabilities | [1] | 588,359 | 286,403 | ||||
Total Liabilities | 612,133 | [1] | 291,609 | [1] | $ 308,289 | $ 377,376 | |
Tax contingencies [Member] | |||||||
OTHER PROVISIONS (Details) - Schedule of other provisions [Line Items] | |||||||
Current liabilities | [2] | 21,188 | 2,033 | ||||
Non-current liabilities | [2] | 364,342 | 164,190 | ||||
Total Liabilities | [2] | 385,530 | 166,223 | ||||
Civil contingencies [Member] | |||||||
OTHER PROVISIONS (Details) - Schedule of other provisions [Line Items] | |||||||
Current liabilities | [2] | 2,266 | 2,202 | ||||
Non-current liabilities | [2] | 103,984 | 66,605 | ||||
Total Liabilities | [2] | 106,250 | 68,807 | ||||
Labor contingencies [Member] | |||||||
OTHER PROVISIONS (Details) - Schedule of other provisions [Line Items] | |||||||
Current liabilities | [2] | 320 | 971 | ||||
Non-current liabilities | [2] | 48,115 | 26,505 | ||||
Total Liabilities | [2] | 48,435 | 27,476 | ||||
Others [Member] | |||||||
OTHER PROVISIONS (Details) - Schedule of other provisions [Line Items] | |||||||
Current liabilities | [2] | ||||||
Non-current liabilities | [2] | 17,821 | 19,886 | ||||
Total Liabilities | [2] | 17,821 | 19,886 | ||||
Provision for European Commission Investigation [Member] | |||||||
OTHER PROVISIONS (Details) - Schedule of other provisions [Line Items] | |||||||
Current liabilities | [3] | ||||||
Non-current liabilities | [3] | 10,097 | 9,217 | ||||
Total Liabilities | [4] | 10,097 | [3] | 9,217 | [3] | $ 9,403 | $ 9,883 |
Provisions for onerous contracts [Member] | |||||||
OTHER PROVISIONS (Details) - Schedule of other provisions [Line Items] | |||||||
Current liabilities | [5] | ||||||
Non-current liabilities | [5] | 44,000 | |||||
Total Liabilities | [5] | $ 44,000 | |||||
[1] | Total other provision as of December 31, 2020, and December 31, 2019, 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. | ||||||
[2] | Provisions for contingencies: The tax contingencies correspond to litigation and tax criteria related to the tax treatment applicable to direct and indirect taxes, which are found in both administrative and judicial stage. The civil contingencies correspond to different demands of civil order filed against the Company. The labor contingencies correspond to different demands of labor order filed against the Company. The Provisions are recognized in the consolidated income statement in administrative expenses or tax expenses, as appropriate. | ||||||
[3] | Provision made for proceedings brought by the European Commission for possible breaches of free competition in the freight market. | ||||||
[4] | European Commission Provision Provision constituted on the occasion of the process initiated in December 2007 by the General Competition Directorate of the European Commission against more than 25 cargo airlines, among which is Lan Cargo SA, which forms part of the global investigation initiated in 2006 for possible infractions of free competition in the air cargo market, which was carried out jointly by the European and United States authorities. With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A .,For its part, LATAM Airlines Group S.A. and Lan Cargo S.A., jointly and severally, have been fined for the amount of € 8,220,000 (eight million two hundred twenty thousand euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission’s Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros. In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine mentioned above. The procedural stage as of December 31, 2020 is described in Note 31 in section 2 judgments received by LATAM Airlines Group S.A. and Subsidiaries. | ||||||
[5] | Based on market information on the drop in the price of some assets, a provision was made for onerous contracts associated with the purchase commitments of aircraft. |
OTHER PROVISIONS (Details) - _2
OTHER PROVISIONS (Details) - Schedule of movement of provisions - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | $ 291,609 | [1] | $ 308,289 | $ 377,376 | ||
Increase in provisions | 452,078 | 134,847 | 106,870 | |||
Provision used | (47,238) | (82,212) | (59,032) | |||
Difference by subsidiaries conversion | (58,654) | (10,764) | (48,330) | |||
Reversal of provision | (25,563) | (58,063) | (66,965) | |||
Exchange difference | (99) | (488) | (1,630) | |||
Closing balance | 612,133 | [1] | 291,609 | [1] | 308,289 | |
Legal claims [Member] | ||||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | [2] | 282,392 | 298,886 | 367,493 | ||
Increase in provisions | [2] | 408,078 | 134,847 | 106,870 | ||
Provision used | [2] | (47,238) | (82,212) | (59,032) | ||
Difference by subsidiaries conversion | [2] | (58,654) | (10,764) | (48,330) | ||
Reversal of provision | [2] | (25,563) | (58,063) | (66,965) | ||
Exchange difference | [2] | (979) | (302) | (1,150) | ||
Closing balance | [2] | 558,036 | 282,392 | 298,886 | ||
European Commission Investigation [Member] | ||||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | [3] | 9,217 | [4] | 9,403 | 9,883 | |
Increase in provisions | [3] | |||||
Provision used | [3] | |||||
Difference by subsidiaries conversion | [3] | |||||
Reversal of provision | [3] | |||||
Exchange difference | [3] | 880 | (186) | (480) | ||
Closing balance | [3] | 10,097 | [4] | 9,217 | [4] | 9,403 |
Onerous Contracts [Member] | ||||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | ||||||
Increase in provisions | 44,000 | |||||
Provision used | ||||||
Difference by subsidiaries conversion | ||||||
Reversal of provision | ||||||
Exchange difference | ||||||
Closing balance | $ 44,000 | |||||
[1] | Total other provision as of December 31, 2020, and December 31, 2019, 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. | |||||
[2] | Accumulated balances include a judicial deposit delivered in guarantee, with respect to the “Fundo Aeroviario” (FA), for ThUS$ 69, made in order to suspend the collection and the application of a fine. The Company is discussing in Court the constitutionality of the requirement made by FA calculated at the ratio of 2.5% on the payroll in a legal claim. Initially the payment of said contribution was suspended by a preliminary judicial decision and about 10 years later, this same decision was reversed. As the decision is not final, the Company has deposited the securities open until that date, in order to avoid collection processing and the application of the fine. Finally, if the final decision is favorable to the Company, the deposit made and payments made later will return to TAM. On the other hand, if the court confirms the first decision, said deposit will become a final payment in favor of the Government of Brazil. The procedural stage as of December 31, 2020 is described in Note 31 in the Role of the case 2001.51.01.012530-0. | |||||
[3] | European Commission Provision Provision constituted on the occasion of the process initiated in December 2007 by the General Competition Directorate of the European Commission against more than 25 cargo airlines, among which is Lan Cargo SA, which forms part of the global investigation initiated in 2006 for possible infractions of free competition in the air cargo market, which was carried out jointly by the European and United States authorities. With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A .,For its part, LATAM Airlines Group S.A. and Lan Cargo S.A., jointly and severally, have been fined for the amount of € 8,220,000 (eight million two hundred twenty thousand euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission’s Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros. In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine mentioned above. The procedural stage as of December 31, 2020 is described in Note 31 in section 2 judgments received by LATAM Airlines Group S.A. and Subsidiaries. | |||||
[4] | Provision made for proceedings brought by the European Commission for possible breaches of free competition in the freight market. |
OTHER NON-FINANCIAL LIABILITI_3
OTHER NON-FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Jan. 02, 2020 | Dec. 31, 2019 | Dec. 13, 2019 | Sep. 26, 2019 | |
Disclosure Of Non Financial Other Liabilities Explanatory [Abstract] | |||||
Delta Air Lines Inc. compensation | $ 350,000 | ||||
Quarterly installments payments | $ 25,000 | $ 200,000 | |||
Sale receivable | $ 194,068 | ||||
Accounts and financing receivable, after allowance for credit loss | $ 5,932 | ||||
Accrued committed compensation | 179,612 | ||||
Compensation deferred income | 132,467 | ||||
Commercial accounts payable | $ 29,507 |
OTHER NON-FINANCIAL LIABILITI_4
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Revenues [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | [1],[2] | $ 2,036,880 | $ 2,689,083 |
Non-current liabilities | [1],[2] | 702,008 | 851,383 |
Total Liabilities | [1],[2] | 2,738,888 | 3,540,466 |
Sales Tax [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 7,609 | 2,556 | |
Non-current liabilities | |||
Total Liabilities | 7,609 | 2,556 | |
Retentions [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 27,853 | 43,916 | |
Non-current liabilities | |||
Total Liabilities | 27,853 | 43,916 | |
Others Taxes [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 3,931 | 7,555 | |
Non-current liabilities | |||
Total Liabilities | 3,931 | 7,555 | |
Dividends Payable [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 57,129 | ||
Non-current liabilities | |||
Total Liabilities | 57,129 | ||
Other Sundry Liabilities [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 12,518 | 34,982 | |
Non-current liabilities | |||
Total Liabilities | 12,518 | 34,982 | |
Total other non-financial liabilities [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 2,088,791 | 2,835,221 | |
Non-current liabilities | 702,008 | 851,383 | |
Total Liabilities | $ 2,790,799 | $ 3,686,604 | |
[1] | As of December 31, 2020, Deferred Income includes ThUS $ 179,612 corresponding to the balance to be accrued from the committed compensation from Delta Air Lines, Inc., which is recognized in Income Statement, based on the estimation of differentials of income, until the implementation of the strategic alliance. During the period, the Company has recognized ThUS $ 132,467 for this concept. Additionally, the Company maintains a balance of ThUS $ 29,507 in the Trade accounts payable item of the Statement of Financial Position, corresponding to the compensation of costs to be incurred. | ||
[2] | The balance includes mainly, deferred income for services not provided as of December 31, 2020 and December 31, 2019; and for the frequent flyer LATAM Pass program. LATAM Pass is LATAM’s frequent flyer program that allows rewarding the preference and loyalty of its customers with multiple benefits and privileges, through the accumulation of miles or points that can be exchanged for tickets or for a varied range of products and services. Clients accumulate miles or LATAM Pass points every time they fly in LATAM and other connections associated with the program, as well as buy in stores or use the services of a vast network of companies that have agreements with the program around the world. 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 income that the Company must incur or stop receiving, respectively, during the transition period until the implementation of the strategic alliance. 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. The account receivable was derecognized and the interest of ThUS $ 5,932 was recognized in the item Financial Costs of the Consolidated Statement of Income. |
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, 2020 | Dec. 31, 2019 | ||
Schedule of movement of other-non financial liabilities [Abstract] | |||
Initial balance | $ 3,540,466 | $ 2,974,760 | |
Recognition | [1] | 1,970,203 | 8,264,970 |
Use | (2,554,476) | (7,703,011) | |
Loyalty (accreditation and exchange) | (137,176) | 124,548 | |
Expiration of tickets | (72,670) | (156,435) | |
Adjustment application IAS 29, Argentina hyperinflation | (3,485) | 2,232 | |
Others provisions | (3,974) | 33,402 | |
Final balance | $ 2,738,888 | $ 3,540,466 | |
[1] | The balance includes mainly, deferred income for services not provided as of December 31, 2020 and December 31, 2019; and for the frequent flyer LATAM Pass program. LATAM Pass is LATAM’s frequent flyer program that allows rewarding the preference and loyalty of its customers with multiple benefits and privileges, through the accumulation of miles or points that can be exchanged for tickets or for a varied range of products and services. Clients accumulate miles or LATAM Pass points every time they fly in LATAM and other connections associated with the program, as well as buy in stores or use the services of a vast network of companies that have agreements with the program around the world. 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 income that the Company must incur or stop receiving, respectively, during the transition period until the implementation of the strategic alliance. 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. The account receivable was derecognized and the interest of ThUS $ 5,932 was recognized in the item Financial Costs of the Consolidated Statement of Income. |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of employee benefits [text block] [Abstract] | |
Discount rate term year | 20 years |
EMPLOYEE BENEFITS (Details) - S
EMPLOYEE BENEFITS (Details) - Schedule of defined benefit plans - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of defined benefit plans [Abstract] | ||
Retirements payments | $ 51,007 | $ 64,824 |
Resignation payments | 8,230 | 9,722 |
Other obligations | 14,879 | 19,024 |
Total liability for employee benefits | $ 74,116 | $ 93,570 |
EMPLOYEE BENEFITS (Details) -_2
EMPLOYEE BENEFITS (Details) - Schedule of movement in retirements and resignation payments and other obligations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of movement in retirements and resignation payments and other obligations [Abstract] | |||
Opening balance | $ 93,570 | $ 82,365 | $ 101,087 |
Increase (decrease) curservice provisionrent | (18,759) | 11,242 | (7,384) |
Benefits paid | (8,634) | (4,390) | (6,018) |
Actuarial (gains) losses | 3,968 | 10,636 | 5,819 |
Currency translation | 3,971 | (6,283) | (11,139) |
Closing balance | $ 74,116 | $ 93,570 | $ 82,365 |
EMPLOYEE BENEFITS (Details) -_3
EMPLOYEE BENEFITS (Details) - Schedule of principal assumptions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of principal assumptions [Abstract] | ||
Discount rate | 2.67% | 3.13% |
Expected rate of salary increase | 2.80% | 4.50% |
Rate of turnover | 5.56% | 6.04% |
Mortality rate | RV-2014 | RV-2014 |
Inflation rate | 2.80% | 2.80% |
Retirement age of women | 60 | 60 |
Retirement age of men | 65 | 65 |
EMPLOYEE BENEFITS (Details) -_4
EMPLOYEE BENEFITS (Details) - Schedule of sensitivity analysis for the variables - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Discount rate | ||
Change in the accrued liability an closing for increase in 100 p.b. | $ (4,576) | $ (7,257) |
Change in the accrued liability an closing for decrease of 100 p.b. | 5,244 | 5,365 |
Rate of wage growth | ||
Change in the accrued liability an closing for increase in 100 p.b. | 4,946 | 4,989 |
Change in the accrued liability an closing for decrease of 100 p.b. | $ (4,678) | $ (7,159) |
EMPLOYEE BENEFITS (Details) -_5
EMPLOYEE BENEFITS (Details) - Schedule of liability for short-term - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule of liability for short-term [Abstract] | |||
Profit-sharing and bonuses | [1] | $ 2,186 | $ 91,153 |
[1] | Accounts payables to employees (Note 20 letter b) |
EMPLOYEE BENEFITS (Details) -_6
EMPLOYEE BENEFITS (Details) - Schedule of employment expenses - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule of employment expenses [Abstract] | ||||
Salaries and wages | $ 850,557 | $ 1,478,804 | $ 1,481,357 | |
Short-term employee benefits | 41,259 | 147,576 | 132,394 | |
Termination benefits | [1] | 54,256 | 54,007 | |
Other personnel expenses | 70,244 | 114,126 | 152,211 | |
Total | $ 962,060 | $ 1,794,762 | $ 1,819,969 | |
[1] | The termination benefits related to the reorganization under Chapter 11 are classified in Note 27, Restructuring activities expense. |
ACCOUNTS PAYABLE, NON-CURRENT_2
ACCOUNTS PAYABLE, NON-CURRENT (Details) - Schedule of accounts payable, non-current - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of accounts payable, non-current [Abstract] | ||
Aircraft and engine maintenance | $ 392,347 | $ 412,710 |
Fleet (JOL) | 208,037 | 190,225 |
Provision for vacations and bonuses | 15,036 | 15,868 |
Other sundry liabilities | 36,180 | 307 |
Total accounts payable, non-current | $ 651,600 | $ 619,110 |
EQUITY (Details)
EQUITY (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EQUITY (Details) [Line Items] | |||
Value of shares subscribed and paid capital | $ (178,000) | ||
Number of revised authorized shares capital stock (in shares) (in Shares) | 606,407,693 | 606,407,693 | 606,874,525 |
Transactions with non-controlling interest | $ (6,672,000) | $ (1,605,000) | |
Loss due to acquisition on minority interest | (184,135,000) | ||
Acquisition of minority interest amount | (3,225) | ||
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) | 606,407,693 | 606,407,693 | |
Number of shares for subscription and payment expired (in shares) (in Shares) | 466,832 | ||
Number of revised authorized shares capital stock (in shares) (in Shares) | 606,407,693 | ||
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) | ||
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) | ||
Holdco I S.A [Member] | Lan Pax Group S.A. and Subsidiaries [Member] | |||
EQUITY (Details) [Line Items] | |||
Transactions with non-controlling interest | $ (21,526,000) |
EQUITY (Details) - Schedule of
EQUITY (Details) - Schedule of movement of authorized shares - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of movement of authorized shares [Abstract] | ||
Opening balance | 606,407,693 | 606,874,525 |
Expired shares intended for compensation plans and others | (466,832) | |
Closing balance | 606,407,693 | 606,407,693 |
EQUITY (Details) - Schedule o_2
EQUITY (Details) - Schedule of movement of fully paid shares - shares | 12 Months Ended | |||
Dec. 31, 2020 | 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 | 606,407,693 | 606,407,693 | 606,407,693 | |
There are no movements of shares paid | ||||
Paid shares as of end of period | 606,407,693 | 606,407,693 | 606,407,693 | |
Movement Value Of Shares [Member] | ||||
EQUITY (Details) - Schedule of movement of fully paid shares [Line Items] | ||||
Paid shares as of beginning of period | [1] | 3,160,718 | 3,160,718 | 3,160,718 |
There are no movements of shares paid | [1] | |||
Paid shares as of end of period | [1] | 3,160,718 | 3,160,718 | 3,160,718 |
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 | [2] | (14,453) | (14,453) | (14,453) |
There are no movements of shares paid | [2] | |||
Paid shares as of end of period | [2] | (14,453) | (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 | 3,146,265 | 3,146,265 | 3,146,265 | |
There are no movements of shares paid | ||||
Paid shares as of end of period | 3,146,265 | 3,146,265 | 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. |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EQUITY (Details) - Schedule of movement of reserves of share-based payments [Line Items] | |||
Balance | $ 36,289 | $ 37,874 | $ 39,481 |
Stock option plan | 946 | (1,585) | (1,607) |
Balance | $ 37,235 | $ 36,289 | $ 37,874 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EQUITY (Details) - Schedule of balance of other sundry reserves [Line Items] | |||
Opening balance | $ 2,452,469 | $ 2,638,916 | $ 2,639,780 |
Transactions with minorities | (3,125) | (184,135) | |
Legal reserves | 2,675 | (2,312) | (864) |
Closing balance | $ 2,452,019 | $ 2,452,469 | $ 2,638,916 |
EQUITY (Details) - Schedule o_5
EQUITY (Details) - Schedule of balance of other sundry reserves - Other Sundry Reserves [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
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] | (213,273) | (210,048) | (25,913) |
Others | (3,020) | (5,795) | (3,483) | |
Total | $ 2,452,019 | $ 2,452,469 | $ 2,638,916 | |
[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, 2020 corresponds to the loss generated by: Lan Pax Group S.A. e Inversiones Lan S.A. in the acquisition of shares of Aerovías de Integración Regional Aires S.A. for ThUS $ (3,480) and ThUS $ (20), respectively; the acquisition of TAM S.A. of the minority interest in Aerolinhas Brasileiras S.A. for ThUS $ (885), the acquisition of Inversiones Lan S.A. of the minority participation in Aires Integra Regional Airlines S.A. for an amount of ThUS $ (2) and the acquisition of a minority stake in Aerolane S.A. by Lan Pax Group S.A. for an amount of ThUS $ (21,526) through Holdco Ecuador S.A. (3) The loss due to the acquisition of the minority interest of Multiplus S.A. for ThUS $ (184,135) (see Note 1), (4) and the acquisition of a minority interest in Latam Airlines Perú S.A through Latam Airlines Group S.A for an amount of ThUS $ (3,225). |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reserve of exchange differences on translation [member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | $ (2,890,287) | $ (2,656,644) | $ (1,925,714) |
Increase (decrease) by application of new accounting standards | |||
Initial balance | (1,925,714) | ||
Change in fair value of hedging instrument recognised in OCI | |||
Reclassified from OCI to profit or loss | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Translation difference subsidiaries | (900,226) | (233,643) | (730,930) |
Closing balance | (3,790,513) | (2,890,287) | (2,656,644) |
Reserve of cash flow hedges [member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | 56,892 | (9,333) | 18,140 |
Increase (decrease) by application of new accounting standards | |||
Initial balance | 18,140 | ||
Change in fair value of hedging instrument recognised in OCI | (105,776) | 95,954 | (56,917) |
Reclassified from OCI to profit or loss | (13,016) | (30,074) | 30,018 |
Deferred tax | 959 | 345 | (574) |
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Translation difference subsidiaries | |||
Closing balance | (60,941) | 56,892 | (9,333) |
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 | (22,940) | (15,178) | (10,926) |
Increase (decrease) by application of new accounting standards | |||
Initial balance | (10,926) | ||
Change in fair value of hedging instrument recognised in OCI | |||
Reclassified from OCI to profit or loss | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | (3,968) | (10,635) | (5,818) |
Deferred tax actuarial IAS by employee benefit plans | 923 | 2,873 | 1,566 |
Translation difference subsidiaries | |||
Closing balance | (25,985) | (22,940) | (15,178) |
Other Comprehensive Income [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (2,856,335) | (2,681,155) | (1,918,500) |
Increase (decrease) by application of new accounting standards | |||
Initial balance | (1,918,500) | ||
Change in fair value of hedging instrument recognised in OCI | (105,776) | 95,954 | (56,917) |
Reclassified from OCI to profit or loss | (13,016) | (30,074) | 30,018 |
Deferred tax | 959 | 345 | (574) |
Actuarial reserves by employee benefit plans | (3,968) | (10,635) | (5,818) |
Deferred tax actuarial IAS by employee benefit plans | 923 | 2,873 | 1,566 |
Translation difference subsidiaries | (900,226) | (233,643) | (730,930) |
Closing balance | $ (3,877,439) | $ (2,856,335) | $ (2,681,155) |
EQUITY (Details) - Schedule o_7
EQUITY (Details) - Schedule of movement of retained earnings - Retained earnings [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EQUITY (Details) - Schedule of movement of retained earnings [Line Items] | |||
Opening balance | $ 352,272 | $ 218,971 | $ (31,464) |
Increase (decrease) by new standards | (9,548) | ||
Result for the period | (4,545,887) | 190,430 | 309,811 |
Dividends | (57,129) | (54,580) | |
Other increase (decreases) | 4,752 | ||
Closing balance | $ (4,193,615) | $ 352,272 | $ 218,971 |
EQUITY (Details) - Schedule o_8
EQUITY (Details) - Schedule of dividends - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of dividends [Abstract] | ||
Date of dividend | Dec. 31, 2020 | Dec. 31, 2019 |
Amount of the dividend | $ 57,129 | |
Number of shares among which the dividend is distributed | $ 606,407,693 | $ 606,407,693 |
Dividend per share (in Dollars per share) | $ 0.0942 |
REVENUE (Details) - Schedule of
REVENUE (Details) - Schedule of detail of revenues - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | $ 3,923,667 | $ 10,070,063 | $ 9,895,456 |
Passengers [Member] | |||
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | 2,713,774 | 9,005,629 | 8,708,988 |
Cargo [Member] | |||
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | $ 1,209,893 | $ 1,064,434 | $ 1,186,468 |
COSTS AND EXPENSES BY NATURE (D
COSTS AND EXPENSES BY NATURE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Material Income And Expense Abstract | ||
Repairs and maintenance expense | $ 276,908 | $ 445,680 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule of operating costs and administrative expenses [Abstract] | ||||
Aircraft fuel | $ 1,045,343 | $ 2,929,008 | $ 2,983,028 | |
Other rentals and landing fees | [1] | 720,005 | 1,275,859 | 1,206,881 |
Aircraft maintenance | 472,382 | 444,611 | 366,627 | |
Comisions | 91,910 | 221,884 | 222,506 | |
Passenger services | 97,688 | 261,330 | 280,279 | |
Other operating expenses | 1,221,183 | 1,291,895 | 1,229,311 | |
Total | $ 3,648,511 | $ 6,424,587 | $ 6,288,632 | |
[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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
COSTS AND EXPENSES BY NATURE (Details) - Schedule of payments for leases of low-value assets [Line Items] | |||
Payments for leases of low-value assets | $ 21,178 | ||
Rent concessions recognized directly in profit or loss | (110) | ||
Total | $ 21,068 | ||
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 | $ 31,982 | $ 27,929 | |
Rent concessions recognized directly in profit or loss | |||
Total | $ 31,982 | $ 27,929 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of depreciation and amortisation expense [Abstract] | |||
Depreciation | $ 1,219,586 | $ 1,389,465 | $ 1,307,032 |
Amortization | 169,800 | 80,511 | 65,596 |
Total | $ 1,389,386 | $ 1,469,976 | $ 1,372,628 |
COSTS AND EXPENSES BY NATURE _5
COSTS AND EXPENSES BY NATURE (Details) - Schedule of finance costs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of finance costs [Abstract] | |||
Bank loan interest | $ 314,468 | $ 325,650 | $ 283,786 |
Financial leases | 45,245 | 61,980 | 62,202 |
Lease liabilities | 170,918 | 181,814 | 182,868 |
Other financial instruments | 56,348 | 20,490 | 10,281 |
Total | $ 586,979 | $ 589,934 | $ 539,137 |
COSTS AND EXPENSES BY NATURE _6
COSTS AND EXPENSES BY NATURE (Details) - Schedule of restructuring activities expenses - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of restructuring activities expenses [Abstract] | ||||
Fair value adjustment of fleet available for sale | $ 331,522 | |||
Rejection of aircraft lease contract | 269,467 | |||
Employee restructuring plan | [1] | 290,831 | ||
Legal and financial advice | 76,541 | |||
Others | 21,648 | |||
Total | $ 990,009 | |||
[1] | See note 2.1, letter c. |
COSTS AND EXPENSES BY NATURE _7
COSTS AND EXPENSES BY NATURE (Details) - Schedule of other (gains) losses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of other (gains) losses [Abstract] | |||
Fuel hedging | $ 82,487 | ||
Slot Write Off | 36,896 | ||
Provision for onerous contract related to purchase commitment | 44,000 | ||
Goodwill Impairment | 1,728,975 | ||
Other | (17,569) | (11,525) | 53,499 |
Total | $ 1,874,789 | $ (11,525) | $ 53,499 |
OTHER INCOME, BY FUNCTION (Deta
OTHER INCOME, BY FUNCTION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other operating income [text block] [Abstract] | ||
Delta Airlines compensation | $ 62,000 | $ 132,467 |
Lease return amount | $ 9,240 |
OTHER INCOME, BY FUNCTION (De_2
OTHER INCOME, BY FUNCTION (Details) - Schedule of other income by function - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule of other income by function [Abstract] | ||||
Coalition and loyalty program Multiplus | $ 36,172 | $ 126,443 | ||
Tours | 22,499 | 96,997 | 108,448 | |
Aircraft leasing | 46,045 | 102,704 | 78,056 | |
Customs and warehousing | 25,138 | 29,353 | 26,667 | |
Duty free | 543 | 3,555 | ||
Maintenance | 18,579 | 10,471 | 16,569 | |
Income from non-airlines products Latam Pass | 42,913 | 42,791 | 19,864 | |
Other miscellaneous income | [1] | 255,828 | 41,833 | 93,156 |
Total | $ 411,002 | $ 360,864 | $ 472,758 | |
[1] | For 2020 included in this amount is ThUS$ 62,000 from compensation of the cancellation of the purchase of 4 A350 aircraft from Delta Air Lines Inc and ThUS$ 9,240 to the early return of leased aircraft from Qatar Airways and ThUS$ 132,467 corresponding to compensation of Delta Air Lines Inc from JBA signed in 2019. |
FOREIGN CURRENCY AND EXCHANGE_3
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Argentine peso | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | $ 84.14 | $ 59.83 | $ 37.74 | $ 18.57 |
Brazilian real | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 5.18 | 4.01 | 3.87 | 3.31 |
Chilean peso | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 710.95 | 748.74 | 694.77 | 614.75 |
Colombian peso | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 3,421 | 3,271.55 | 3,239.45 | 2,984.77 |
Euro | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 0.81 | 0.89 | 0.87 | 0.83 |
Australian dollar | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 1.30 | 1.43 | 1.42 | 1.28 |
Boliviano | ||||
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 |
Mexican peso | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 19.93 | 18.89 | 19.68 | 19.66 |
New Zealand dollar | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 1.39 | 1.49 | 1.49 | 1.41 |
Peruvian Sol | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 3.62 | 3.31 | 3.37 | 3.24 |
Uruguayan peso | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | $ 42.14 | $ 37.24 | $ 32.38 | $ 28.74 |
FOREIGN CURRENCY AND EXCHANGE_4
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | $ 483,303 | $ 242,624 |
Other financial assets, current | 12,981 | 47,328 |
Other non - financial assets, current | 42,973 | 81,521 |
Trade and other accounts receivable, current | 177,491 | 501,006 |
Accounts receivable from related entities, current | 430 | 537 |
Tax current assets | 11,050 | 19,506 |
Total current assets | 728,228 | 892,522 |
Other financial assets, non-current | 9,486 | 10,243 |
Other non - financial assets, non-current | 36,251 | 29,166 |
Accounts receivable, non-current | 4,984 | 4,722 |
Deferred tax assets | 2,228 | 3,339 |
Total non-current assets | 52,949 | 47,470 |
Argentine peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 16,885 | 10,974 |
Other financial assets, current | 311 | 7 |
Other non - financial assets, current | 11,058 | 11,263 |
Trade and other accounts receivable, current | 1,881 | 22,809 |
Tax current assets | 389 | 1,560 |
Total current assets | 30,524 | 46,613 |
Other non - financial assets, non-current | 39 | 54 |
Total non-current assets | 39 | 54 |
Brazilian real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 13,157 | 9,407 |
Other financial assets, current | 4 | 17,395 |
Other non - financial assets, current | 2,985 | 20,553 |
Trade and other accounts receivable, current | 841 | 1,457 |
Tax current assets | 887 | 1,006 |
Total current assets | 17,874 | 49,818 |
Other financial assets, non-current | 3,574 | 4,441 |
Other non - financial assets, non-current | 12,974 | 7,891 |
Total non-current assets | 16,548 | 12,332 |
Chilean peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 32,368 | 50,421 |
Other financial assets, current | 3,987 | 26,008 |
Other non - financial assets, current | 15,913 | 24,451 |
Trade and other accounts receivable, current | 38,340 | 125,342 |
Accounts receivable from related entities, current | 9 | 42 |
Tax current assets | 1,003 | 1,111 |
Total current assets | 91,620 | 227,375 |
Other financial assets, non-current | 69 | 65 |
Accounts receivable, non-current | 4,984 | 4,722 |
Total non-current assets | 5,053 | 4,787 |
Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 2,168 | 5,971 |
Other financial assets, current | 132 | 138 |
Other non - financial assets, current | 175 | 61 |
Trade and other accounts receivable, current | 209 | 545 |
Tax current assets | 675 | 54 |
Total current assets | 3,359 | 6,769 |
Other financial assets, non-current | 284 | 296 |
Deferred tax assets | 221 | 487 |
Total non-current assets | 505 | 783 |
Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 10,361 | 21,927 |
Other financial assets, current | 1,867 | |
Other non - financial assets, current | 2,667 | 2,878 |
Trade and other accounts receivable, current | 24,370 | 32,711 |
Tax current assets | 235 | 264 |
Total current assets | 39,500 | 57,780 |
Other financial assets, non-current | 1,369 | 1,525 |
Total non-current assets | 1,369 | 1,525 |
U.S. dollar | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 369,455 | 77,933 |
Other financial assets, current | 5,639 | 2,795 |
Other non - financial assets, current | 2,351 | 5,140 |
Trade and other accounts receivable, current | 98,385 | 257,421 |
Accounts receivable from related entities, current | 421 | 495 |
Tax current assets | 354 | |
Total current assets | 476,605 | 343,784 |
Other financial assets, non-current | 2,490 | 2,169 |
Other non - financial assets, non-current | 3,732 | 3 |
Deferred tax assets | 13 | 856 |
Total non-current assets | 6,235 | 3,028 |
Other currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 38,909 | 65,991 |
Other financial assets, current | 1,041 | 985 |
Other non - financial assets, current | 7,824 | 17,175 |
Trade and other accounts receivable, current | 13,465 | 60,721 |
Tax current assets | 2,287 | 1,804 |
Total current assets | 68,746 | 160,383 |
Other financial assets, non-current | 1,700 | 1,747 |
Other non - financial assets, non-current | 19,506 | 21,218 |
Deferred tax assets | 1,994 | 1,996 |
Total non-current assets | 23,200 | 24,961 |
Peruvian sun | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Tax current assets | $ 5,220 | $ 13,707 |
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, 2020 | Dec. 31, 2019 |
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 | $ 239,712 | $ 69,623 |
Trade and other accounts payables, current | 1,285,233 | 1,338,123 |
Accounts payable to related entities, current | (229) | 53 |
Other provisions, current | 14 | 2,079 |
Other non-financial liabilities, current | 42,467 | 19,335 |
Total current liabilities | 1,567,596 | 1,429,213 |
Not later than three months [member] | Argentine peso | ||
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 | 1 |
Trade and other accounts payables, current | 228,069 | 252,799 |
Other non-financial liabilities, current | 961 | 348 |
Total current liabilities | 229,032 | 253,148 |
Not later than three months [member] | Brazilian real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 59 | 128 |
Trade and other accounts payables, current | 71,446 | 59,837 |
Other non-financial liabilities, current | 976 | 1,537 |
Total current liabilities | 72,481 | 61,502 |
Not later than three months [member] | Chilean peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 40,552 | 42,625 |
Trade and other accounts payables, current | 312,921 | 322,996 |
Accounts payable to related entities, current | 53 | |
Other provisions, current | 27 | |
Other non-financial liabilities, current | 5,836 | 705 |
Total current liabilities | 359,309 | 366,406 |
Not later than three months [member] | Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 87 | 145 |
Trade and other accounts payables, current | 143,780 | 113,733 |
Other non-financial liabilities, current | 3,206 | 3,133 |
Total current liabilities | 147,073 | 117,011 |
Not later than three months [member] | U.S. dollar | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 198,996 | 26,676 |
Trade and other accounts payables, current | 392,914 | 480,129 |
Accounts payable to related entities, current | (229) | |
Other non-financial liabilities, current | 19,707 | 4,531 |
Total current liabilities | 611,787 | 511,336 |
Not later than three months [member] | Other currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 16 | 48 |
Trade and other accounts payables, current | 59,788 | 55,334 |
Other provisions, current | 14 | 2,052 |
Other non-financial liabilities, current | 11,159 | 6,022 |
Total current liabilities | 134,992 | 114,193 |
Not later than three months [member] | Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 12,300 | 2,558 |
Other non-financial liabilities, current | 622 | 3,059 |
Total current liabilities | 12,922 | 5,617 |
Not later than three months [member] | Peruvian sol | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 11,759 | 24,197 |
Not later than three months [member] | Mexican peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 16,546 | 5,233 |
Not later than three months [member] | Pound sterling | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 35,269 | 20,289 |
Not later than three months [member] | Uruguayan peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 441 | 1,018 |
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 | 86,573 | 210,627 |
Trade and other accounts payables, current | 20,908 | 10,091 |
Accounts payable to related entities, current | ||
Other provisions, current | 1,628 | |
Other non-financial liabilities, current | 50 | |
Total current liabilities | 109,159 | 220,718 |
Later than three months and not later than one year [member] | Argentine peso | ||
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 | |
Trade and other accounts payables, current | 7,315 | 1,096 |
Other non-financial liabilities, current | ||
Total current liabilities | 7,315 | 1,098 |
Later than three months and not later than one year [member] | Brazilian real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 163 | 118 |
Trade and other accounts payables, current | 37 | 320 |
Other non-financial liabilities, current | 3 | |
Total current liabilities | 203 | 438 |
Later than three months and not later than one year [member] | Chilean peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 70,639 | 15,229 |
Trade and other accounts payables, current | 10,991 | 1,295 |
Accounts payable to related entities, current | ||
Other provisions, current | 29 | |
Other non-financial liabilities, current | 1 | |
Total current liabilities | 81,660 | 16,524 |
Later than three months and not later than one year [member] | Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 258 | 339 |
Trade and other accounts payables, current | 41 | 484 |
Other non-financial liabilities, current | ||
Total current liabilities | 299 | 823 |
Later than three months and not later than one year [member] | U.S. dollar | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 15,504 | 194,896 |
Trade and other accounts payables, current | 912 | 4,263 |
Accounts payable to related entities, current | ||
Other non-financial liabilities, current | ||
Total current liabilities | 16,416 | 199,159 |
Later than three months and not later than one year [member] | Other currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, current | 9 | 43 |
Trade and other accounts payables, current | 120 | 137 |
Other provisions, current | 1,599 | |
Other non-financial liabilities, current | 8 | |
Total current liabilities | 2,063 | 1,808 |
Later than three months and not later than one year [member] | Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 1,165 | 868 |
Other non-financial liabilities, current | 38 | |
Total current liabilities | 1,203 | 868 |
Later than three months and not later than one year [member] | Peruvian sol | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 222 | 1,447 |
Later than three months and not later than one year [member] | Mexican peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 60 | 33 |
Later than three months and not later than one year [member] | Pound sterling | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 45 | 119 |
Later than three months and not later than one year [member] | Uruguayan peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Trade and other accounts payables, current | 29 | |
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 | 268,320 | 366,889 |
Accounts payable, non-current | 70,145 | 151,254 |
Other provisions, non-current | 45,834 | 36,615 |
Provisions for employees benefits, non-current | 64,152 | 80,628 |
Total non-current liabilities | 448,451 | 635,386 |
Later than one year and not later than three years [member] | Argentine peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | 696 | 485 |
Total non-current liabilities | 696 | 485 |
Later than one year and not later than three years [member] | Brazilian real | ||
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 | 351 | 700 |
Other provisions, non-current | 26,872 | 20,538 |
Total non-current liabilities | 27,223 | 21,238 |
Later than one year and not later than three years [member] | Chilean peso | ||
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 | 180,150 | 236,346 |
Accounts payable, non-current | 47,752 | 14,367 |
Provisions for employees benefits, non-current | 64,152 | 80,628 |
Total non-current liabilities | 292,054 | 331,341 |
Later than one year and not later than three years [member] | Euro | ||
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 | 427 | 550 |
Other provisions, non-current | 11,736 | 9,217 |
Total non-current liabilities | 12,163 | 9,767 |
Later than one year and not later than three years [member] | U.S. dollar | ||
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 | 87,280 | 128,820 |
Accounts payable, non-current | 21,051 | 135,541 |
Other provisions, non-current | 6,252 | 6,094 |
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 114,583 | 270,455 |
Later than one year and not later than three years [member] | Other currency | ||
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 | 112 | 473 |
Accounts payable, non-current | 1,342 | 1,346 |
Total non-current liabilities | 1,454 | 1,819 |
Later than one year and not later than three years [member] | Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | 278 | 281 |
Total non-current liabilities | 278 | 281 |
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 | 4,250 | 12,915 |
Accounts payable, non-current | 1,390 | |
Other provisions, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 5,640 | 12,915 |
Later than three years and not later than five years [member] | Argentine peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Later than three years and not later than five years [member] | Brazilian real | ||
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 | |
Other provisions, non-current | ||
Total non-current liabilities | 40 | |
Later than three years and not later than five years [member] | Chilean peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | 1,320 | 2,291 |
Accounts payable, non-current | 1,390 | |
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 2,710 | 2,291 |
Later than three years and not later than five years [member] | Euro | ||
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 | |
Other provisions, non-current | ||
Total non-current liabilities | 141 | |
Later than three years and not later than five years [member] | U.S. dollar | ||
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 | 2,930 | 10,308 |
Accounts payable, non-current | ||
Other provisions, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 2,930 | 10,308 |
Later than three years and not later than five years [member] | Other currency | ||
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 | |
Accounts payable, non-current | ||
Total non-current liabilities | 135 | |
Later than three years and not later than five years [member] | Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
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 | 403,841 | 376,535 |
Accounts payable, non-current | 241 | |
Other provisions, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 404,082 | 376,535 |
Later than five years [member] | Argentine peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Later than five years [member] | Brazilian real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Later than five years [member] | Chilean peso | ||
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 | 398,199 | 369,525 |
Accounts payable, non-current | 241 | |
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 398,440 | 369,525 |
Later than five years [member] | Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
Later than five years [member] | U.S. dollar | ||
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 | 5,642 | 7,010 |
Accounts payable, non-current | ||
Other provisions, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 5,642 | 7,010 |
Later than five years [member] | Other currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other financial liabilities, non-current | ||
Accounts payable, non-current | ||
Total non-current liabilities | ||
Later than five years [member] | Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency balances in current liabilities and non-current [Line Items] | ||
Other provisions, non-current | ||
Total non-current liabilities |
FOREIGN CURRENCY AND EXCHANGE_6
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | $ 781,177 | $ 939,992 |
Total liabilities | 2,534,928 | 2,674,767 |
Argentine peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 30,563 | 46,667 |
Total liabilities | 237,043 | 254,731 |
Net position | ||
Net position | (206,480) | (208,064) |
Brazilian real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 34,422 | 62,150 |
Total liabilities | 99,907 | 83,218 |
Net position | ||
Net position | (65,485) | (21,068) |
Chilean peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 96,673 | 232,162 |
Total liabilities | 1,134,173 | 1,086,087 |
Net position | ||
Net position | (1,037,500) | (853,925) |
Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 3,864 | 7,552 |
Total liabilities | 14,403 | 6,766 |
Net position | ||
Net position | (10,539) | 786 |
Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 40,869 | 59,305 |
Total liabilities | 159,535 | 127,742 |
Net position | ||
Net position | (118,666) | (68,437) |
U.S. dollar | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 482,840 | 346,812 |
Total liabilities | 751,358 | 998,268 |
Net position | ||
Net position | (268,518) | (651,456) |
Other currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 91,946 | 185,344 |
Total liabilities | 138,509 | 117,955 |
Net position | ||
Net position | $ (46,563) | $ 67,389 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EARNINGS / (LOSS) PER SHARE (Details) - Schedule of earning per share [Line Items] | |||
Earnings / (loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ (4,545,887) | $ 190,430 | $ 309,811 |
Basic earnings / (loss) per share (US$) (in Dollars per share) | $ (7.49642) | $ 0.31403 | $ 0.51090 |
Diluted earnings / (loss) per share (US$) (in Dollars per share) | $ (7.49642) | $ 0.31403 | $ 0.51090 |
Diluted earnings / (loss) 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) | $ (4,545,887) | $ 190,430 | $ 309,811 |
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$) (in Dollars per share) | $ (7.49642) | $ 0.31403 | $ 0.51090 |
Basic earnings / (loss) 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) | $ (4,545,887) | $ 190,430 | $ 309,811 |
Weighted average number of shares, basic | 606,407,693 | 606,407,693 | 606,407,693 |
Basic earnings / (loss) per share (US$) (in Dollars per share) | $ (7.49642) | $ 0.31403 | $ 0.51090 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) | Mar. 18, 2020USD ($) |
Disclosure of contingent liabilities [text block] [Abstract] | |
Shipping fees | $ 5,165 |
Additional amount | $ 565 |
CONTINGENCIES (Details) - Sched
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
Fidelidade Viagens e Turismo [Member] | ||
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 (EF 1526893-48.2018.8.26.0090) | |
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. On November 11, 2019 there was a totally favorable decision for Tam Viagens S.A. The Municipio filed an appeal that is pending. | |
Amounts Committed | $ 84,652 | [1] |
LATAM Airlines [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | United States Bankruptcy Court for the Southern District of New York | |
Case Number | Case No. 20-11254 | |
Origin | LATAM Airlines initiated a reorganization proceeding in the United States of America in accordance with the regulations established in Chapter 11 of Title 11 of the Code of the United States of America, filing a voluntary request for relief pursuant thereto (the "Chapter 11 Proceeding"), which grants an automatic stay of enforcement for at least 180 days. | |
Stage of trial | On May 26, 2020, LATAM Airlines Group S.A. and 28 affiliates individually filed a voluntary bankruptcy petition with the United States Bankruptcy Court for the Southern District of New York pursuant to Chapter 11 of the United States Bankruptcy Code. Subsequently, on July 7 and 9, 2020, 9 additional affiliated debtors (the "Subsequent Debtors"), including TAM Linhas Aereas S.A., filed voluntary bankruptcy applications with the Court pursuant to Chapter 11 of the United States Bankruptcy Code. The cases are pending ruling before the Honorable Judge James L. Garrity Jr. and are jointly administered under case number 20-11254. On September 18, 2020, LATAM Airlines Group S.A. received approval of the amended proposal on Debtor in Possession (DIP) financing submitted September 17, 2020 to the United States District Court for the Southern District of New York. The Court issued an order setting December 18, 2020 as the general deadline by which LATAM's creditors can present proof of claim, except for certain litigants in Brazil, who can present proof of claim through February 5, 2021. The judge also extended the period during which LATAM has the exclusive right to present a reorganization plan to January 29, 2021 On January 27, 2021, the Court approved the extension for the period for exclusively filing the reorganization plan until June 30, 2021. Currently, various hearings have been held, the process is in force. | |
Amounts Committed | $ 0 | [1] |
LATAM Airlines Group S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | 2 Juzgado Civil de Santiago | |
Case Number | C-8553-2020 | |
Origin | Request for recognition of the foreign reorganization proceeding. | |
Stage of trial | On June 1, 2020, LATAM Airlines Group SA, in its capacity as foreign representative of the reorganization procedure under the rules of Chapter 11 of Title 11 of the United States Code, filed the request for recognition of the foreign reorganization proceeding as the main proceeding, pursuant to Law 20,720. On June 4, 2020, the Court issued the ruling recognizing in Chile the bankruptcy proceeding for the foreign reorganization of the company LATAM Airlines Group S.A. All remedies filed against the decision have been dismissed, so the decision is final. Currently the proceeding remains open. | |
Amounts Committed | $ 0 | [1] |
Aerovías de Integración Regional S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Superintendencia de Sociedades | |
Origin | Request for recognition of the foreign reorganization proceeding. | |
Stage of trial | On June 12, 2020, the Superintendency of Companies recognized in Colombia the reorganization proceeding filed before the Bankruptcy Court of the United States of America for the Southern District of New York as a main process, under the terms of Title III of Law 1116 of 2006. On October 2, 2020, the Companies Commission of Colombia acknowledged the decision adopted September 18, 2020, by the United States District Court for the Southern District of New York that approved the Debtor in Possession financing proposal submitted by LATAM Airlines Group S.A. and the companies that voluntarily petitioned for Chapter 11, including the Colombian companies. | |
Amounts Committed | $ 0 | [1] |
LATAM Airlines Perú S.A [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | INDECOPI | |
Origin | Request for a preventive bankruptcy process. | |
Stage of trial | On May 27, 2020, LATAM Airlines Peru submitted a request for a preventive bankruptcy process before the Indecopi of Peru and is awaiting admission. | |
Amounts Committed | $ 0 | [1] |
LATAM Finance Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Origin | Request for a provisional bankruptcy process. | |
Stage of trial | On May 26, 2020, LATAM Finance Limited submitted a request for a provisional liquidation, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. Currently the proceeding remains open. | |
Amounts Committed | $ 0 | [1] |
Peuco Finance Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Origin | Request for a provisional bankruptcy process. | |
Stage of trial | On May 26, 2020, Peuco Finance Limited submitted a request for a provisional liquidation, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on May 27, 2020 by the Grand Court of the Cayman Islands. Currently the proceeding remains open. | |
Amounts Committed | $ 0 | [1] |
Piquero Leasing Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Origin | Request for a provisional bankruptcy process. | |
Stage of trial | On July 07, 2020, Piquero Leasing Limited submitted a request for a provisional liquidation, covered in the reorganization proceeding filed before the Bankruptcy Court of the United States of America, which was accepted on July 10, 2020, by the Grand Court of the Cayman Islands. Currently the proceeding remains open. | |
Amounts Committed | $ 0 | [1] |
Peuco Finance Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Origin | A petition for a provisional liquidation. | |
Stage of trial | On September 28, 2020, Peuco Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. | |
Amounts Committed | $ 0 | [1] |
LATAM Finance Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Origin | A petition for a provisional liquidation. | |
Stage of trial | On September 28, 2020, LATAM Finance Limited filed a petition to suspend the liquidation. On October 9, 2020, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation for a period of 6 months. The lawsuit continues to be active. | |
Amounts Committed | $ 0 | [1] |
[1] | The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. |
CONTINGENCIES (Details) - Sch_2
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
LATAM Airlines Group S.A. y Lan Cargo S.A. [Member | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | European Commission. | |
Origin | Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26th, 2007, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the instruction process against twenty five cargo airlines, including Lan Cargo S.A., for alleged breaches of competition in the air cargo market in Europe, especially the alleged fixed fuel surcharge and freight. | |
Stage of trial | On April 14th, 2008, the notification of the European Commission was replied. The appeal was filed on January 24, 2011. On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9th, 2010, the General Directorate for Competition of the European Commission notified Lan Cargo S.A. and LATAM Airlines Group S.A. the imposition of a fine in the amount of THUS$10,072 (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. On December 17, 2020, the European Commission submitted proof of claim for the total amount of the fine (KUS$10,072 or 8,220,000) to the New York Court hearing the Chapter 11 procedure petitioned by LATAM Airlines Group, S.A. and LAN Cargo, S.A. in May 2020. | |
Amounts Committed | $ 10,072 | [1] |
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 was made in January 2020 and concluded the entire lawsuit in England. The amount remains undetermined for the lawsuits in the remaining countries (Norway, the Netherlands and Germany). In the case of Germany, the suspension of the case has been requested, relying on the financial reorganization procedure requested by LATAM Airlines Group, S.A. and LAN CARGO, S.A. in the United States (Chapter 11) in May 2020. The German Court has not yet ruled on this request. DB Barnsdale AG; British Airways; KLM; Martinair; Air France; Lufthansa; Lufthansa Cargo and Swiss Air filed a claim with the U.S. Bankruptcy Court before the deadline that creditors had to present their Chapter 11 claims, which must be processed accordingly. | |
Amounts Committed | $ 0 | [1] |
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 | $ 8,353 | [1] |
Aerolinhas Brasileiras S.A. [member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Federal Justice. | |
Case Number | 0001872-58.2014.4.03.6105 | |
Origin | An annulment action with a motion for preliminary injunction, was filed on 28/02/2014, in order to cancel tax debts of PIS, CONFINS, IPI and II, connected with the administrative process 10831.005704/2006.43. | |
Stage of trial | We have been waiting since August 21, 2015 for a statement by Serasa on TAM's letter of indemnity and a statement by the Union. The statement was authenticated on January 29, 2016. A new insurance policy was submitted on March 30, 2016 with the change to the guarantee requested by PGFN. On 05/20/2016 the process was sent to PGFN, which was manifested on 06/03/2016. The Decision denied the company's request in the lawsuit. The court (TRF3) made a decision to eliminate part of the debt and keep the other part (already owed by the Company, but which it has to pay only at the end of the process: KUS$3,283- R$17,063,902.35). We must await a decision on the Treasury appeal. | |
Amounts Committed | $ 8,875 | [1] |
Tam Linhas Aéreas S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Court of the Second Region. | |
Case Number | 2001.51.01.012530-0 | |
Origin | Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. | |
Stage of trial | Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for R$ 260.223.373,10-original amount in 2012/2013, which currently equals THUS$63,256. 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 | $ 68,821 | [1] |
Tam Linhas Aéreas S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Internal Revenue Service of Brazil. | |
Case Number | 10880.725950/2011-05 | |
Origin | Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. | |
Stage of trial | The objection (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 | $ 20,732 | [1] |
Aerovías de Integración Regional, AIRES S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. | |
Case Number | 2013-20319 CA 01 | |
Origin | The July 30th, 2012 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 20th, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. | |
Stage of trial | Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on February 12, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge's chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogot to decide which court, the 45th or 46th, had to continue with the case. The Court decided that 45th Civil Circuit Court should continue with the case, so this Court on 01/15/2020 has reactivated the procedural process ordering the transfer to the parties of the objection presented by VAS for serious error of the translation to Spanish of documents provided in English. On 02/24/2020 it declares that the parties did not rule on the objection presented by VAS and requires the plaintiff to submit an expert opinion of damages corresponding to the claims of the lawsuit through its channel. Since 03/16/20 a suspension of terms is filed in Courts due to the pandemic. Judicial terms were reactivated on July 1, 2020. On September 18, 2020, an expert opinion on damages was submitted that had been requested by the Court. The Court ordered service of the ruling to the parties on December 12, 2020. Florida. On June 4, 2019, the State Court of Florida allowed REGIONAL ONE to add a new claim against LATAM AIRLINES COLOMBIA for default on a verbal contract. Given the new claim, LATAM AIRLINES COLOMBIA petitioned that the Court postpone the trial to August 2019 to have the time to investigate the facts alleged by REGIONAL ONE to prove a verbal contract. The facts discovery phase continued, including the verbal statements of the experts of both sides, which have been taking place since March 2020. Given the Covid-19 pandemic and the suspension of trials in the County of Miami-Dade, the Court canceled the trial scheduled for June 2020. In addition, the claims against Aires have been suspended given the request for reorganization filed by LATAM AIRLINES GROUP SA and some of its subsidiaries, including Aires, on May 26, 2020, under Chapter 11 of the United States Bankruptcy Code. Dash and Regional One filed a claim with the U.S. Bankruptcy Court in December 2020 before the deadline that creditors had to present their Chapter 11 claims, which must be processed accordingly. | |
Amounts Committed | $ 12,443 | [1] |
Tam Linhas Aéreas S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Internal Revenue Service of Brazil | |
Case Number | 10880.722.355/2014-52 | |
Origin | On August 19th, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. | |
Stage of trial | An administrative objection was filed on September 17th, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On September 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). In September 2019, the Court rejected the appeal of the Hacienda Nacional. Hacienda Nacional filed a complaint that was denied by the Court. | |
Amounts Committed | $ 52,024 | [1] |
Tam Linhas Aéreas 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 | $ 15,260 | [1] |
Tam Linhas Aéreas S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Ministerio de Trabajo | |
Case Number | 0001734- 78.2014.5.02.0045 | |
Origin | This action was filed by the Ministry of Labor seeking compliance with the laws on rest time, overtime and similar issues. It is before the So Paulo Labor Court. | |
Stage of trial | Initial stage. It could potentially impact operations and control of employees' working hours. The case was won at the trial court level, but the Public Prosecutor appealed that decision, which failed at the appellate court level. The Prosecutor then filed a motion requesting clarification that he later withdrew. He proposed taking it as far as the supreme court, but he did not go through with it. The Prosecutor has filed a remedy internally that is pending a decision by the Labor Supreme Court (TST). | |
Amounts Committed | $ 18,243 | [1] |
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 | $ 18,646 | [1] |
TAM Linhas Aéreas S.A. [Member] | ||
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 | $ 31,392 | [1] |
TAM Linhas Aéreas 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. Actualmente, debemos esperar la decisin final. On 04/06/2020 TAM Linhas Areas S.A. had a favorable decision (sentence). The National Treasury can appeal. Today, we await the final decision. | |
Amounts Committed | $ 8,862 | [1] |
TAM Linhas Aéreas S.A [Member] | ||
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. | |
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 | $ 16,204 | [1] |
TAM Linhas Aéreas S.A [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Delegaca de Receita Federal | |
Case Number | 10611.720852/2016-58 | |
Origin | An improper charge of the Contribution for the Financing of Social Security (COFINS) on an import | |
Stage of trial | We are currently awaiting a decision. There is no predictable decision date because it depends on the court of the government agency. | |
Amounts Committed | $ 11,598 | [1] |
TAM Linhas Aéreas S.A [Member] | ||
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 (Referring to 2012). | |
Stage of trial | An administrative defense was presented on May 29, 2018. | |
Amounts Committed | $ 24,926 | [1] |
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 | $ 58,919 | [1] |
TAM Linhas Aéreas S/A [Member] | ||
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 ordered to pay a fee. | |
Amounts Committed | $ 0 | [1] |
TAM Linhas Aéreas S/A [Member] | ||
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 | $ 13,667 | [1] |
TAM Linhas Aéreas 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 | 19515-720.823/2018-11 | |
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 | $ 95,878 | [1] |
TAM Linhas Aéreas 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 | 10880.938832/2013-19 | |
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 Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 12,815 | [1] |
TAM Linhas Aéreas 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 | 10880.938834/2013-16 | |
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 Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 9,370 | [1] |
TAM Linhas Aéreas 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 | 10880.938837/2013-41 | |
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 Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 12,556 | [1] |
TAM Linhas Aéreas 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 | 10880.938838/2013-96 | |
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. The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 8,665 | [1] |
TAM Linhas Aéreas 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. On 04/30/2020, we were notified of the unfavorable court ruling in the first instance, filing an appeal. The Court of Appeals confirmed the trial court's decision. | |
Amounts Committed | $ 12,272 | [1] |
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 | [1] |
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 | [1] |
TAM Linhas Aéreas 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 | 10.880.938842/2013-54 | |
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. The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 9,169 | [1] |
TAM Linhas Aéreas 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. The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 8,655 | [1] |
TAM Linhas Aéreas 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. The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 8,189 | [1] |
TAM Linhas Aéreas 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. The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 33,551 | [1] |
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 5th 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 | [1] |
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. On April 6, 2020 the Court issued a Temporary Suspension Order given the inability to proceed with the case on a regular basis as a result of the indefinite duration and restrictions of the global pandemic. The parties must notify the Court monthly of the possibility of moving forward. The provision is undetermined. | |
Amounts Committed | $ 0 | [1] |
TAM Linhas Aéreas 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 | 10880.910559/2017-91 | |
Origin | Compensation non equate by Cofins | |
Stage of trial | It is about the non-approved compensation of Cofins. Administrative defense submitted (Manifestao de Inconformidade). The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 10,185 | [1] |
TAM Linhas Aéreas 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 | 10880.910547/2017-67 | |
Origin | Compensation non equate by Cofins | |
Stage of trial | We presented our administrative defense (Manifestao de Inconformidade). The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 11,839 | [1] |
TAM Linhas Aéreas 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 | 10880.910553/2017-14 | |
Origin | Compensation non equate by Cofins | |
Stage of trial | We presented our administrative defense (Manifestao de Inconformidade). The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 11,324 | [1] |
TAM Linhas Aéreas 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 | 10880.910555/2017-11 | |
Origin | Compensation non equate by Cofins | |
Stage of trial | We presented our administrative defense (Manifestao de Inconformidade). The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 11,976 | [1] |
TAM Linhas Aéreas 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 | 10880.910560/2017-16 | |
Origin | Compensation non equate by Cofins | |
Stage of trial | We presented our administrative defense (Manifestao de Inconformidade). The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 10,354 | [1] |
TAM Linhas Aéreas 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 | 10880.910550/2017-81 | |
Origin | Compensation non equate by Cofins | |
Stage of trial | We presented our administrative defense (Manifestao de Inconformidade). The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 12,117 | [1] |
TAM Linhas Aéreas 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 | 10880.910549/2017-56 | |
Origin | Compensation non equate by Cofins | |
Stage of trial | We presented our administrative defense (Manifestao de Inconformidade). The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 10,153 | [1] |
TAM Linhas Aéreas 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 | 10880.910557/2017-01 | |
Origin | Compensation non equate by Cofins | |
Stage of trial | We presented our administrative defense (Manifestao de Inconformidade). The Court dismissed the Company's defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. | |
Amounts Committed | $ 9,604 | [1] |
TAM Linhas Aéreas 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 | 10840.722712/2020-05 | |
Origin | Administrative trial that deals with the collection of PIS/Cofins proportionality (fiscal year 2015). | |
Stage of trial | We presented our administrative defense (Manifestao de Inconformidade). A decision is pending. | |
Amounts Committed | $ 26,454 | [1] |
TAM Linhas Aéreas 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 | 10880.978948/2019-86 | |
Origin | It is about the non-approved compensation/reimbursement of Cofins for the 4th Quarter of 2015. | |
Stage of trial | TAM filed its administrative defense on July 14, 2020. A decision is pending. | |
Amounts Committed | $ 15,114 | [1] |
TAM Linhas Aéreas 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 | 10880.978946/2019-97 | |
Origin | It is about the non-approved compensation/reimbursement of Cofins for the 3th Quarter of 2015 | |
Stage of trial | TAM filed its administrative defense on July 14, 2020. A decision is pending. | |
Amounts Committed | $ 9,159 | [1] |
TAM Linhas Aéreas 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 | 10880.978944/2019-06 | |
Origin | It is about the non-approved compensation/reimbursement of Cofins for the 2th Quarter of 2015 | |
Stage of trial | TAM filed its administrative defense on July 14, 2020. A decision is pending. | |
Amounts Committed | $ 9,723 | [1] |
Latam Airlines Group S.A [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | 23 Juzgado Civil de Santiago | |
Case Number | C-8498-2020 | |
Origin | Class Action Lawsuit filed by the National Corporation of Consumers and Users (CONADECUS) against LATAM Airlines Group S.A. for alleged breaches of the Law on Protection of Consumer Rights due to flight cancellations caused by the COVID-19 Pandemic, requesting the nullity of possible abusive clauses, the imposition of fines and compensation for damages in defense of the collective interest of consumers. LATAM has hired specialist lawyers to undertake its defense. | |
Stage of trial | On 06/25/2020 we were notified of the lawsuit. On 04/07/2020 we filed a motion for reversal against the ruling that declared the action filed by CONADECUS admissible, the decision is pending to date. On 07/11/2020 we requested the Court to comply with the suspension of this case, ruled by the 2nd Civil Court of Santiago, in recognition of the foreign reorganization procedure pursuant to Law No. 20,720, for the entire period that said proceeding lasts, a request that was accepted by the Court. CONADECUS filed a remedy of reconsideration and an appeal against this resolution should the remedy of reconsideration be dismissed. The Court dismissed the reconsideration on August 3, 2020, but admitted the appeal. The appeal is currently pending before the Santiago Court of Appeals. The amount at the moment is undetermined. New York Case. Parallel to the lawsuit in Chile, on August 31, 2020, CONADECUS filed on appeal with U.S. Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") because of the automatic suspension imposed by Section 362 of the U.S. Bankruptcy Code that, among other things, prohibits the parties from filing or continuing with claims that involve a preliminary petition against the Borrowers. CONADECUS petitioned (i) for a stay of the automatic suspension to the extent necessary to continue with the class action against LATAM in Chile and (ii) for a joint hearing by the Bankruptcy Court and the Second Civil Court of Santiago in Chile (the "Chile Insolvency Court") to hear the matters relating to the claims of CONADECUS in Chile. On December 18, 2020, the Bankruptcy Court sustained part of CONADECUS's petition, but only to allow it to continue its appeal against the decision by the 23rd Civil Court of Santiago and solely so that the Court of Appeals can decide whether or not a stay is admissible under Chilean insolvency law. On December 31, 2020, CONADECUS petitioned to continue with its appeal against the decision by the 25th Civil Court that approved the reconciliation between AGRECU and LATAM. | |
Amounts Committed | $ 0 | [1] |
Latam Airlines Group S.A [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | 23 Juzgado Civil de Santiago | |
Case Number | C-8903-2020 | |
Origin | Class Action Lawsuit filed by AGRECU against LATAM Airlines Group S.A. for alleged breaches of the Law on Protection of Consumer Rights due to flight cancellations caused by the COVID-19 Pandemic, requesting the nullity of possible abusive clauses, the imposition of fines and compensation for damages in defense of the collective interest of consumers. LATAM has hired specialist lawyers to undertake its defense. | |
Stage of trial | On July 7, 2020 we were notified of the lawsuit. We filed our answer to the claim on August 21, 2020. A settlement was reached with AGRECU at that hearing that was approved by the Court on October 5, 2020. On October 7, 2020, the 25th Civil Court confirmed that the decision approving the settlement was final and binding. CONADECUS filed a brief on October 4, 2020 to become a party and oppose the agreement, which was dismissed on October 5, 2020. It petitioned for an official correction on October 8, 2020 and the annulment of all proceedings on October 22, 2020, which were dismissed, costs payable by CONADECUS, on November 16, 2020 and November 20, 2020, respectively. CONADECUS still has appeals pending against these decisions. The amount at the moment is undetermined. | |
Amounts Committed | $ 0 | [1] |
[1] | The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Sep. 29, 2020 |
COMMITMENTS (Details) [Line Items] | ||
Revolving credit facility | $ 400 | |
Top of range [member] | ||
COMMITMENTS (Details) [Line Items] | ||
Revolving credit facility | $ 600 | |
Bottom of range [member] | ||
COMMITMENTS (Details) [Line Items] | ||
Revolving credit facility | 750 | |
Tam Linhas Aereas S.A. [Member] | ||
COMMITMENTS (Details) [Line Items] | ||
Revolving credit facility | $ 400 |
COMMITMENTS (Details) - Schedul
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies | 12 Months Ended |
Dec. 31, 2020USD ($) | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Value | $ 404,279,000 |
Superintendencia Nacional de Aduanas y de Administración Tributaria [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Per S.A. |
Type | Twenty six letters of credit |
Value | $ 188,524,000 |
Release date | Jan-20-21 |
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 letters of credit |
Value | $ 2,871 |
Release date | Dec-04-21 |
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 | Eight letters of credit |
Value | $ 4,240,000 |
Release date | Apr-05-21 |
Comisión Europea [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 9,682,000 |
Release date | Mar-29-21 |
Empresa Pública 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 | $ 1,500,000 |
Release date | Jun-18-21 |
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 | Seven letters of credit |
Value | $ 2,463,000 |
Release date | Apr-09-21 |
BBVA [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 4,476,000 |
Release date | Jan-16-22 |
JFK International Air Terminal LLC. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 2,300,000 |
Release date | Jan-27-21 |
Sociedad Concesionaria Pudahuel 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 | Sixteen letters of credit |
Value | $ 1,953,000 |
Release date | Apr-01-21 |
Servicio Nacional de Aduanas [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Five letters of credit |
Value | $ 2,574,000 |
Release date | Apr-01-21 |
Tesorería Nacional de la República [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Five letters of credit |
Value | $ 1,416,000 |
Release date | Apr-30-21 |
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 | Eleven insurance policy guarantee |
Value | $ 14,972,000 |
Release date | Apr-01-21 |
União 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 | Six insurance policy guarantee |
Value | $ 53,718,000 |
Release date | Nov-09-21 |
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 | $ 6,060,000 |
Release date | Aug-10-21 |
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 | Two insurance policy guarantee |
Value | $ 1,047,000 |
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 | $ 2,300,000 |
Release date | Jun-25-23 |
14ª Vara Federal da Seção Judiciária de Distrito Federal [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | An insurance policy guarantee |
Value | $ 1,373,000 |
Release date | May-29-25 |
Vara das Execuções 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 | Two insurance policy guarantee |
Value | $ 2,722,000 |
Release date | Jul-05-23 |
Vara Civel Campinas 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 | $ 1,487,000 |
Release date | Jun-14-24 |
JFK International Air Terminal LLC. [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 letter of credit |
Value | $ 1,300,000 |
Release date | Jan-10-21 |
7ª Turma do Tribunal Regional Federal da 1ª Região [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | An insurance policy guarantee |
Value | $ 41,993,000 |
Release date | Apr-20-23 |
Vara de Execuções Fiscais Estaduais da Comarca 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 | Three insurance policy guarantee |
Value | $ 10,775,000 |
Release date | Jul-05-23 |
Bond Safeguard Insurance Company [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Areas S.A. |
Type | Four insurance policy guarantee |
Value | $ 2,700,000 |
Release date | Jul-14-21 |
Uniao Federal 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 | Four insurance policy guarantee |
Value | $ 2,304,000 |
Release date | Nov-16-25 |
Unia o Federal [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 | Four insurance policy guarantee |
Value | $ 31,247,000 |
Release date | Feb-22-21 |
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 | $ 1,560,000 |
Release date | Feb-20-23 |
Tribunal de Justição de São Paulo.[Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | ABSA Linhas Aereas Brasileira S.A. |
Type | Two insurance policy guarantee |
Value | $ 5,084,000 |
Release date | Sep-23-24 |
7ª Turma do Tribunal Regional Federal da 1ª Região [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | ABSA Linhas Aereas Brasileira S.A. |
Type | An insurance policy guarantee |
Value | $ 1,638,000 |
Release date | May-07-23 |
TRANSACTIONS WITH RELATED PAR_3
TRANSACTIONS WITH RELATED PARTIES (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure of related party [text block] [Abstract] | |
Revenue from sale of goods, related party transactions | $ 489 |
TRANSACTIONS WITH RELATED PAR_4
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
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 | |||
Transaction amount with related parties | $ 28 | $ 16 | $ 16 | |
Currency | CLP | |||
Inversiones Costa Verde Ltda. y CPA [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | [1] | Loans received (*) | ||
Transaction amount with related parties | $ (100,013) | |||
Currency | CLP | |||
Inversiones Costa Verde Ltda. y CPA. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of relationship with related parties | Related director | |||
Country of origin | Chile | |||
Nature of related parties transactions | [1] | Interest accrued (*) | ||
Transaction amount with related parties | $ (5,700) | |||
Currency | CLP | |||
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 provided of cargo transport | |||
Transaction amount with related parties | 556 | 1,778 | ||
Currency | CLP | |||
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 | |||
Transaction amount with related parties | (3) | (85) | ||
Currency | CLP | |||
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 | |||
Transaction amount with related parties | (218) | (821) | ||
Currency | CLP | |||
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 | |||
Transaction amount with related parties | (726) | (1,025) | ||
Currency | CLP | |||
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 | Services provided | |||
Transaction amount with related parties | $ 13 | 61 | 51 | |
Currency | CLP | |||
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 | |||
Transaction amount with related parties | 9 | 20 | ||
Currency | CLP | |||
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 | |||
Transaction amount with related parties | $ 5 | 18 | ||
Currency | CLP | |||
Patagonia Seafarms INC [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Tax No. | Foreign | |||
Related party | Patagonia Seafarms INC | |||
Nature of relationship with related parties | Related director | |||
Country of origin | U.S.A | |||
Nature of related parties transactions | Services provided of cargo transport | |||
Transaction amount with related parties | $ 40 | |||
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 | |||
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 of cargo transport | |||
Transaction amount with related parties | $ 13 | 58 | 62 | |
Currency | BRL | |||
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 | |||
Transaction amount with related parties | 2 | 8 | ||
Currency | BRL | |||
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 | |||
Transaction amount with related parties | $ 22,215 | 39,528 | 21,321 | |
Currency | US$ | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | Interlineal received service | |||
Transaction amount with related parties | $ (4,736) | (2,050) | (6,345) | |
Currency | US$ | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | Interlineal provided service | |||
Transaction amount with related parties | $ 3,141 | 3,739 | 8,635 | |
Currency | US$ | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | Services provided of handling | |||
Transaction amount with related parties | $ 1,246 | 1,106 | 1,392 | |
Currency | US$ | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | Compensation for early return of aircraft | |||
Transaction amount with related parties | $ 9,240 | |||
Currency | US$ | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | Services provided / received others | |||
Transaction amount with related parties | $ 1,160 | 996 | 1,805 | |
Currency | US$ | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Tax No. | Foreign | |||
Related party | Delta Air Lines, Inc. | |||
Nature of relationship with related parties | Shareholder | |||
Country of origin | U.S.A | |||
Nature of related parties transactions | Interlineal received service | |||
Transaction amount with related parties | $ (4,160) | |||
Currency | US$ | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | Interlineal provided service | |||
Transaction amount with related parties | $ 4,357 | |||
Currency | US$ | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | Compensation for cancellation of aircraft purchase | |||
Transaction amount with related parties | $ 62,000 | |||
Currency | US$ | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | Compensation for cancellation of aircraft purchase | |||
Transaction amount with related parties | $ 3,310 | |||
Currency | US$ | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | Compensation for cancellation of aircraft purchase | |||
Transaction amount with related parties | $ 30 | |||
Currency | US$ | |||
QA Investments Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Tax No. | Foreign | |||
Related party | QA Investments Ltd | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | Jersey Channel Islands | |||
Nature of related parties transactions | [1] | (*)Loans received | ||
Transaction amount with related parties | $ (125,016) | |||
Currency | US$ | |||
QA Investments Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | [1] | (*)Interest accrued | ||
Transaction amount with related parties | $ (7,125) | |||
Currency | US$ | |||
QA Investments 2 Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Tax No. | Foreign | |||
Related party | QA Investments 2 Ltd | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | Jersey Channel Islands | |||
Nature of related parties transactions | [1] | (*)Loans received | ||
Transaction amount with related parties | $ (125,016) | |||
Currency | US$ | |||
QA Investments 2 Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | [1] | (*)Interest accrued | ||
Transaction amount with related parties | $ (7,125) | |||
Currency | US$ | |||
Lozuy S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Tax No. | Foreign | |||
Related party | Lozuy S.A. | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | Uruguay | |||
Nature of related parties transactions | [1] | (*)Loans received | ||
Transaction amount with related parties | $ (25,003) | |||
Currency | US$ | |||
Lozuy S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of related party transactions [Line Items] | ||||
Nature of related parties transactions | [1] | (*)Interest accrued | ||
Transaction amount with related parties | $ (1,425) | |||
Currency | US$ | |||
[1] | Corresponding to DIP tranche C. |
TRANSACTIONS WITH RELATED PAR_5
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of key management personnel compensation - Key management personnel of entity or parent [member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of key management personnel compensation [Line Items] | ||||
Remuneration | $ 8,395 | $ 13,701 | $ 14,841 | |
M anagement fees | 257 | 411 | 307 | |
Non-monetary benefits | 1,719 | 1,815 | 748 | |
Short-term benefits | 13,624 | 31,124 | 45,653 | |
Long-term benefits | 8,577 | 2,412 | ||
Share-based payments | 3,296 | (7,210) | ||
Termination benefits | [1] | 4,539 | 1,428 | 1,404 |
Total | $ 28,534 | $ 60,352 | $ 58,155 | |
[1] | Includes termination benefits ThUS $ 489 related to the reorganization within the framework of Chapter 11 and classified as expenses of restructuring activities (Note 27). |
STATEMENT OF CASH FLOWS (Detail
STATEMENT OF CASH FLOWS (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Disclosure of cash flow statement [text block] [Abstract] | |
Rejection amount of fleet contracts | $ (891,407) |
Other secured obligations | (886,895) |
Financial leases value | $ (4,512) |
STATEMENT OF CASH FLOWS (Deta_2
STATEMENT OF CASH FLOWS (Details) - Schedule of other inflows (outflows) of cash - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of other inflows (outflows) of cash [Abstract] | |||
Delta Air Lines Inc. compensation | $ 62,000 | $ 350,000 | |
Fuel hedge | (46,579) | (9,966) | 77,234 |
Hedging margin guarantees | 14,962 | (21,200) | 1,573 |
Currency hedge | (1,282) | ||
Tax paid on bank transaction | (1,261) | (11,369) | 318 |
Fuel derivatives premiums | (3,949) | (17,102) | (13,947) |
Bank commissions, taxes paid and other | (5,828) | (20,627) | (8,179) |
Guarantees | (44,279) | (5,474) | 14,755 |
Court deposits | 38,527 | (22,976) | (30,860) |
Total Other inflows (outflows) Operation flow | 13,593 | 241,286 | 39,612 |
Tax paid on bank transaction | (2,192) | (2,249) | (2,476) |
Total Other inflows (outflows) Investment flow | (2,192) | (2,249) | (2,476) |
Settlement of derivative contracts | (107,788) | (2,976) | (11,675) |
Aircraft Financing advances | (55,728) | 55,728 | |
Total Other inflows (outflows) Financing flow | $ (107,788) | $ (58,704) | $ 44,053 |
STATEMENT OF CASH FLOWS (Deta_3
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends paid to minority shareholders - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends paid to minority shareholders [Line Items] | ||||
Total dividends paid | $ (571) | $ (55,116) | $ (72,620) | |
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) | ||
Multiplus S.A.[Member] | ||||
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends paid to minority shareholders [Line Items] | ||||
Total dividends paid | [1] | (26,029) | ||
Latam Airlines Perú S.A. [Member] | ||||
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends paid to minority shareholders [Line Items] | ||||
Total dividends paid | [1] | $ (571) | $ (536) | |
[1] | Dividends paid to minority shareholders |
STATEMENT OF CASH FLOWS (Deta_4
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | $ 10,365,684 | $ 10,119,775 |
Obtainment Capital | 1,985,480 | 1,902,592 |
Payment Capital | (915,774) | (2,343,040) |
Payment Interest | (210,418) | (550,877) |
Interest accrued and others | (371,112) | 1,237,234 |
Reclassifications | ||
Ending balance | 10,853,860 | 10,365,684 |
Loans To Exporters [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 341,475 | 400,721 |
Obtainment Capital | 165,000 | 93,000 |
Payment Capital | (359,000) | (145,505) |
Payment Interest | (4,140) | (12,934) |
Interest accrued and others | 8,366 | 6,193 |
Reclassifications | ||
Ending balance | 151,701 | 341,475 |
Bank Loans [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 217,255 | 222,741 |
Obtainment Capital | 265,627 | 164,095 |
Payment Capital | (4,870) | (165,549) |
Payment Interest | (2,397) | (11,352) |
Interest accrued and others | 49,658 | 7,320 |
Reclassifications | ||
Ending balance | 525,273 | 217,255 |
Guaranteed Obligations [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 2,157,327 | 2,534,021 |
Obtainment Capital | 192,972 | 607,797 |
Payment Capital | (48,576) | (282,721) |
Payment Interest | (21,163) | (93,335) |
Interest accrued and others | (823,984) | 93,286 |
Reclassifications | (137,720) | (701,721) |
Ending balance | 1,318,856 | 2,157,327 |
Other Guaranteed Obligations [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 580,432 | 673,452 |
Obtainment Capital | 1,361,881 | |
Payment Capital | (42,721) | (92,549) |
Payment Interest | (27,744) | (28,417) |
Interest accrued and others | 67,268 | 27,946 |
Reclassifications | ||
Ending balance | 1,939,116 | 580,432 |
Obligations with the public [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 2,064,934 | 1,553,079 |
Obtainment Capital | 1,009,836 | |
Payment Capital | (774) | (487,086) |
Payment Interest | (55,613) | (144,932) |
Interest accrued and others | 174,860 | 134,037 |
Reclassifications | ||
Ending balance | 2,183,407 | 2,064,934 |
Financial Leases [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 1,730,843 | 1,624,854 |
Obtainment Capital | ||
Payment Capital | (236,744) | (591,861) |
Payment Interest | (52,155) | (72,311) |
Interest accrued and others | 34,837 | 68,440 |
Reclassifications | 137,720 | 701,721 |
Ending balance | 1,614,501 | 1,730,843 |
Other Loans [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 101,261 | 252,858 |
Obtainment Capital | 27,864 | |
Payment Capital | (101,026) | (178,777) |
Payment Interest | (1,151) | (9,648) |
Interest accrued and others | 916 | 8,964 |
Reclassifications | ||
Ending balance | 101,261 | |
Lease Liability [Member] | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | ||
Beginning balance | 3,172,157 | 2,858,049 |
Obtainment Capital | ||
Payment Capital | (122,063) | (398,992) |
Payment Interest | (46,055) | (177,948) |
Interest accrued and others | 116,967 | 891,048 |
Reclassifications | ||
Ending balance | $ 3,121,006 | $ 3,172,157 |
STATEMENT OF CASH FLOWS (Deta_5
STATEMENT OF CASH FLOWS (Details) - Schedule of statement of consolidated cash flow - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of statement of consolidated cash flow [Abstract] | ||
Increases (payments) | $ (31,803) | $ (86,288) |
Recoveries | 8,157 | 349,702 |
Total cash flows | $ (23,646) | $ 263,414 |
STATEMENT OF CASH FLOWS (Deta_6
STATEMENT OF CASH FLOWS (Details) - Schedule of property, plant and equipment and intangibles - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net cash flows from | |||
Purchases of property, plant and equipment | $ 324,264 | $ 1,276,621 | $ 660,707 |
Additions associated with maintenance | 173,740 | 453,827 | 375,634 |
Other additions | 150,524 | 822,794 | 285,073 |
Purchases of intangible assets | 75,433 | 140,173 | 96,206 |
Other additions | $ 75,433 | $ 140,173 | $ 96,206 |
STATEMENT OF CASH FLOWS (Deta_7
STATEMENT OF CASH FLOWS (Details) - Schedule of consolidated statement of cash flow for the exercise - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of consolidated statement of cash flow for the exercise [Abstract] | ||
Net cash flows from (used in) operating activities | $ 18,347 | $ 118,797 |
Net cash flows from (used in) investment activities | (13,872) | 64,516 |
Net cash flows from (used in) financing activities | (56,866) | |
Effects of variation in the exchange rate on cash and cash equivalents | (4,475) | (126,447) |
Net increase (decrease) in cash and cash equivalents |
THE ENVIRONMENT (Details)
THE ENVIRONMENT (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of interest in funds [text block] [Abstract] | |
Percentage of incorporation of electric power | 100.00% |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed balance sheets - Separate [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | ||
Cash and cash equivalents | $ 1,295,042 | $ 538,200 |
Other financial assets | 32,407 | 82,041 |
Other non-financial assets | 82,318 | 126,765 |
Trade and other accounts receivable | 282,896 | 442,046 |
Accounts receivable from related entities | 412,370 | 214,693 |
Inventories | 168,686 | 162,826 |
Current tax assets | 2,545 | 5,182 |
Total current assets other than non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 2,276,264 | 1,571,753 |
Non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 300,367 | 489,719 |
Total current assets | 2,576,631 | 2,061,472 |
Non-current assets | ||
Other financial assets | 27,658 | 35,675 |
Investments accounted for using the equity method | 9,006,797 | 9,801,639 |
Other non-financial assets | 13,356 | 33,104 |
Accounts receivable | 2,975 | 2,313 |
Accounts receivable from related entities | 38,300 | 56,823 |
Intangible assets other than goodwill | 167,893 | 222,260 |
Goodwill | 38,992 | |
Property, plant and equipment | 8,683,419 | 10,756,213 |
Deferred tax assets | 553,122 | |
Total non-current assets | 18,493,520 | 20,947,019 |
Total assets | 21,070,151 | 23,008,491 |
Current liabilities | ||
Other financial liabilities | 2,347,033 | 1,576,602 |
Trade and other accounts payables | 1,013,399 | 712,790 |
Accounts payable to related entities | 1,481,281 | 1,261,916 |
Other provisions | 32 | 30 |
Other non-financial liabilities | 1,411,582 | 1,860,979 |
Total current liabilities other than non-current liabilities (or disposal groups) classified as held for sale | 6,253,327 | 5,412,317 |
Total current liabilities | 6,253,327 | 5,412,317 |
Non-current liabilities | ||
Other financial liabilities | 5,631,916 | 6,286,583 |
Accounts payable | 416,034 | 347,529 |
Accounts payable to related entities | 574,202 | 177,779 |
Other provisions | 9,892,007 | 6,539,683 |
Deferred tax liabilities | 211,095 | |
Employee benefits | 47,915 | 61,793 |
Other non-financial liabilities | 697,135 | 842,535 |
Total non-current liabilities | 17,259,209 | 14,466,997 |
Total liabilities | 23,512,536 | 19,879,314 |
EQUITY | ||
Share capital | 3,146,265 | 3,146,265 |
Retained earnings/(losses) | (4,193,615) | 352,272 |
Treasury Shares | (178) | (178) |
Other reserves | (1,388,185) | (367,577) |
Parent’s ownership interest | (2,435,713) | 3,130,782 |
Non-controlling interest | (6,672) | (1,605) |
Total equity | (2,442,385) | 3,129,177 |
Total liabilities and equity | $ 21,070,151 | $ 23,008,491 |
PARENT COMPANY FINANCIAL INFO_4
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed income statement - Separate [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed income statement [Line Items] | |||
Revenue | $ 1,272,077 | $ 2,958,270 | $ 3,107,993 |
Cost of sales | (2,099,716) | (2,860,173) | (2,687,140) |
Gross margin | (827,639) | 98,097 | 420,853 |
Other income | 948,160 | 1,124,033 | 1,157,905 |
Distribution costs | (125,563) | (222,585) | (217,828) |
Administrative expenses | (225,557) | (326,640) | (339,017) |
Other expenses | (154,582) | (211,830) | (189,719) |
Restructuring activities expenses | (837,673) | ||
Other gains/(losses) | (98,790) | 15,367 | 53,446 |
Income from operation activities | (1,321,644) | 476,442 | 885,640 |
Financial income | 11,812 | 23,262 | 10,906 |
Financial costs | (410,153) | (479,596) | (468,842) |
Share of profit of investments accounted for using the equity method | (3,537,259) | 88,429 | (49,115) |
Foreign exchange gains/(losses) | (66,004) | (76,122) | (78,566) |
Result of indexation units | 67 | 115 | |
Income (loss) before taxes | (5,323,248) | 32,482 | 300,138 |
Income tax expense / benefit | 767,713 | 163,131 | 41,648 |
NET INCOME (LOSS) FOR THE YEAR | $ (4,555,535) | $ 195,613 | $ 341,786 |
PARENT COMPANY FINANCIAL INFO_5
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed cash flow statement - Separate [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash collection from operating activities | |||
Proceeds from sales of goods and services | $ 2,240,961 | $ 6,621,168 | $ 5,948,097 |
Other cash receipts from operating activities | 52,192 | 122,637 | 89,513 |
Payments to suppliers for goods and services | (1,713,223) | (4,491,682) | (4,325,619) |
Payments to and on behalf of employees | (298,370) | (466,212) | (437,946) |
Other payments for operating activities | (27,757) | (67,056) | (55,511) |
Interest received | 5,127 | (1,454) | |
Income taxes (paid) | (2,764) | ||
Other cash inflows (outflows) | 61,532 | 302,246 | 75,403 |
Net cash flows from operating activities | 312,571 | 2,026,228 | 1,292,483 |
Cash flows from investing activities | |||
Cash flows from losses of control of subsidiaries or other businesses | 39,108 | ||
Cash flows used to obtain control of subsidiaries or other businesses | (349,125) | (199,701) | |
Other cash receipts from sales of equity or debt instruments of other entities | 30,439 | 172,122 | 242,253 |
Other payments to acquire equity or debt instruments of other entities | (27,199) | (172,295) | (250,968) |
Loans to related entities | (48,125) | ||
Amounts raised from sale of property, plant and equipment | 75,566 | 42,600 | 112,255 |
Purchases of property, plant and equipment | (163,022) | (578,498) | (545,885) |
Purchases of intangible assets | (70,363) | (66,018) | (60,508) |
Interest received | 3,235 | 12,757 | 6,200 |
Net cash flow (used in) investing activities | (500,469) | (589,332) | (705,371) |
Cash flows from financing activities | |||
subsidiaries that do not result in loss of control | (3,225) | ||
Amounts raised from long-term loans | 1,361,807 | 370,139 | 769,055 |
Amounts raised from short-term loans | 296,267 | 93,000 | 293,000 |
Loans from Related Entities | 373,125 | ||
Loans repayments | (749,258) | (1,632,577) | (913,490) |
Payments of lease liabilities | (90,335) | (545,824) | |
Dividends paid | (54,580) | (46,591) | |
Interest paid | (135,859) | (283,612) | (287,730) |
Other cash inflows (outflows) | (107,782) | (58,704) | 44,053 |
Net cash flows (used in) financing activities | 944,740 | (1,566,334) | (687,527) |
Net increase in cash and cash equivalents before effect of exchanges rate change | 756,842 | (129,438) | (100,415) |
Effects of variation in the exchange rate on cash and cash equivalents | 5,183 | ||
Net increase (decrease) in cash and cash equivalents | 756,842 | (124,255) | (100,415) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR | 538,200 | 662,455 | 762,870 |
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | $ 1,295,042 | $ 538,200 | $ 662,455 |