Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
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, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 1-14728 |
Entity Incorporation, State or Country Code | F3 |
Entity Address, Address Line One | Presidente Riesco 5711, 20th Floor |
Entity Address, City or Town | Las Condes |
Entity Address, Country | CL |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1364 |
Auditor Name | Santiago |
Auditor Location | Chile |
Entity Address, Postal Zip Code | 7550000 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Presidente Riesco 5711, 20th Floor |
Entity Address, City or Town | Las Condes |
Entity Address, Country | CL |
Contact Personnel Name | Andrés del Valle |
Local Phone Number | 2565-2525 |
Contact Personnel Email Address | InvestorRelations@latam.com |
City Area Code | 56-2 |
Entity Address, Postal Zip Code | 5537 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | ||
Cash and cash equivalents | $ 1,046,835 | $ 1,695,841 |
Other financial assets | 101,138 | 50,250 |
Other non-financial assets | 108,368 | 155,892 |
Trade and other accounts receivable | 902,672 | 599,381 |
Accounts receivable from related entities | 724 | 158 |
Inventories | 287,337 | 323,574 |
Current tax assets | 41,264 | 42,320 |
Total current assets other than non-current assets (or disposal groups) classified as held for sale | 2,488,338 | 2,867,416 |
Non-current assets (or disposal groups) classified as held for sale | 146,792 | 276,122 |
Total current assets | 2,635,130 | 3,143,538 |
Non-current assets | ||
Other financial assets | 15,622 | 33,140 |
Other non-financial assets | 125,432 | 126,782 |
Accounts receivable | 12,201 | 4,986 |
Intangible assets other than goodwill | 1,018,892 | 1,046,559 |
Property, plant and equipment | 9,489,867 | 10,730,269 |
Deferred tax assets | 15,290 | 564,816 |
Total non-current assets | 10,677,304 | 12,506,552 |
Total assets | 13,312,434 | 15,650,090 |
Current liabilities | ||
Other financial liabilities | 4,453,451 | 3,055,730 |
Trade and other accounts payables | 4,860,153 | 2,322,125 |
Accounts payable to related entities | 661,602 | 812 |
Other provisions | 27,872 | 23,774 |
Current tax liabilities | 675 | 656 |
Other non-financial liabilities | 2,332,576 | 2,088,791 |
Total current liabilities | 12,336,329 | 7,491,888 |
Non-current liabilities | ||
Other financial liabilities | 5,948,702 | 7,803,801 |
Accounts payable | 472,426 | 651,600 |
Accounts payable to related entities | 396,423 | |
Other provisions | 712,581 | 588,359 |
Deferred tax liabilities | 341,011 | 384,280 |
Employee benefits | 56,233 | 74,116 |
Other non-financial liabilities | 512,056 | 702,008 |
Total non-current liabilities | 8,043,009 | 10,600,587 |
Total liabilities | 20,379,338 | 18,092,475 |
EQUITY | ||
Share capital | 3,146,265 | 3,146,265 |
Retained earnings/(losses) | (8,841,106) | (4,193,615) |
Treasury Shares | (178) | (178) |
Other reserves | (1,361,529) | (1,388,185) |
Parent’s ownership interest | (7,056,548) | (2,435,713) |
Non-controlling interest | (10,356) | (6,672) |
Total equity | (7,066,904) | (2,442,385) |
Total liabilities and equity | $ 13,312,434 | $ 15,650,090 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME BY FUNCTION - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Revenue | $ 4,884,015 | $ 3,923,667 | $ 10,070,063 |
Cost of sales | (4,963,485) | (4,513,228) | (7,951,269) |
Gross margin | (79,470) | (589,561) | 2,118,794 |
Other income | 227,331 | 411,002 | 360,864 |
Distribution costs | (291,820) | (294,278) | (580,046) |
Administrative expenses | (439,494) | (499,512) | (735,218) |
Other expenses | (535,824) | (692,939) | (422,792) |
Restructuring activities expenses | (2,337,182) | (990,009) | |
Other gains/(losses) | 30,674 | (1,874,789) | 11,525 |
Income (loss) from operation activities | (3,425,785) | (4,530,086) | 753,127 |
Financial income | 21,107 | 50,397 | 26,283 |
Financial costs | (805,544) | (586,979) | (589,934) |
Foreign exchange gains/(losses) | 131,408 | (48,403) | (32,571) |
Result of indexation units | (5,393) | 9,348 | (14,989) |
Income (loss) before taxes | (4,084,207) | (5,105,723) | 141,916 |
Income tax expense / benefit | (568,935) | 550,188 | 53,697 |
NET INCOME (LOSS) FOR THE YEAR | (4,653,142) | (4,555,535) | 195,613 |
Income (loss) attributable to owners of the parent | (4,647,491) | (4,545,887) | 190,430 |
Income (loss) attributable to non-controlling interest | (5,651) | (9,648) | 5,183 |
Net income (loss) for the year | $ (4,653,142) | $ (4,555,535) | $ 195,613 |
EARNINGS PER SHARE | |||
Basic earnings (losses) per share (US$) (in Dollars per share) | $ (7.66397) | $ (7.49642) | $ 0.31403 |
Diluted earnings (losses) per share (US$) (in Dollars per share) | $ (7.66397) | $ (7.49642) | $ 0.31403 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
NET INCOME (LOSS) | $ (4,653,142) | $ (4,555,535) | $ 195,613 |
Components of other comprehensive income that will not be reclassified to income before taxes | |||
Other comprehensive income, before taxes, gains by new measurements on defined benefit plans | 10,018 | (3,968) | (10,636) |
Total other comprehensive (loss) that will not be reclassified to income before taxes | 10,018 | (3,968) | (10,636) |
Currency translation differences | |||
Gains (losses) on currency translation, before tax | 20,008 | (894,394) | (243,271) |
Other comprehensive loss, before taxes, currency translation differences | 20,008 | (894,394) | (243,271) |
Cash flow hedges | |||
Gains (losses) on cash flow hedges before taxes | 38,870 | (105,280) | 96,930 |
Reclasification adjustment on cash flow hedges before tax | (16,641) | (14,690) | (30,074) |
Other comprehensive income (losses), before taxes, cash flow hedges | 22,229 | (119,970) | 66,856 |
Change in value of time value of options | |||
Gains (losses) on change in value of time value of options before tax | (23,692) | ||
Reclassification adjustments on change in value of time value of options before tax | 6,509 | ||
Other comprehensive income (losses), before taxes, changes in the time value of the options | (17,183) | ||
Total other comprehensive (loss) that will be reclassified to income before taxes | 25,054 | (1,014,364) | (176,415) |
Other components of other comprehensive income (loss), before taxes | 35,072 | (1,018,332) | (187,051) |
Income tax relating to new measurements on defined benefit plans | (2,783) | 924 | 2,873 |
Accumulate income tax relating to other comprehensive income (loss) that will not be reclassified to income | (2,783) | 924 | 2,873 |
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) | (58) | 959 | 414 |
Income taxes related to components of other comprehensive loss will be reclassified to income | (58) | 959 | 414 |
Total Other comprehensive (loss) | 32,231 | (1,016,449) | (183,764) |
Total comprehensive income (loss) | (4,620,911) | (5,571,984) | 11,849 |
Comprehensive income (loss) attributable to owners of the parent | (4,616,914) | (5,566,991) | 15,250 |
Comprehensive income (loss) attributable to non-controlling interests | (3,997) | (4,993) | (3,401) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (4,620,911) | $ (5,571,984) | $ 11,849 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share capital | Treasury shares | Currency translation reserve | Cash flow hedging reserve | Gains (Losses) from changes in the time value of the options | Actuarial gains or losses on defined benefit plans reserve | Shares based payments reserve | Other sundry reserve | Total other reserve | Retained earnings/ (losses) | Parent’s ownership interest | Non- controlling interest | Total |
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 | |
Total increase (decrease) in equity | |||||||||||||
Net income/(loss) | 190,430 | 190,430 | 5,183 | 195,613 | |||||||||
Other comprehensive income | (233,643) | 66,225 | (7,762) | (175,180) | (175,180) | (8,584) | (183,764) | ||||||
Total comprehensive income | (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 | |
Total increase (decrease) in equity | |||||||||||||
Net income/(loss) | (4,545,887) | (4,545,887) | (9,648) | (4,555,535) | |||||||||
Other comprehensive income | (900,226) | (117,833) | (3,045) | (1,021,104) | (1,021,104) | 4,655 | (1,016,449) | ||||||
Total comprehensive income | (900,226) | (117,833) | (3,045) | (1,021,104) | (4,545,887) | (5,566,991) | (4,993) | (5,571,984) | |||||
Transactions with shareholders | |||||||||||||
Increase (decrease) through transfers and other changes, equity | 946 | (450) | 496 | 496 | (74) | 422 | |||||||
Total transactions with shareholders | 946 | (450) | 496 | 496 | (74) | 422 | |||||||
Balance at Dec. 31, 2020 | 3,146,265 | (178) | (3,790,513) | (60,941) | (25,985) | 37,235 | 2,452,019 | (1,388,185) | (4,193,615) | (2,435,713) | (6,672) | (2,442,385) | |
Increase (decrease) by application of new accounting standards | 380 | (380) | |||||||||||
Initial balance restated | 3,146,265 | (178) | (3,790,513) | (60,561) | (380) | (25,985) | 37,235 | 2,452,019 | (1,388,185) | (4,193,615) | (2,435,713) | (6,672) | (2,442,385) |
Total increase (decrease) in equity | |||||||||||||
Net income/(loss) | (4,647,491) | (4,647,491) | (5,651) | (4,653,142) | |||||||||
Other comprehensive income | 18,354 | 22,171 | (17,183) | 7,235 | 30,577 | 30,577 | 1,654 | 32,231 | |||||
Total comprehensive income | 18,354 | 22,171 | (17,183) | 7,235 | 30,577 | (4,647,491) | (4,616,914) | (3,997) | (4,620,911) | ||||
Transactions with shareholders | |||||||||||||
Increase (decrease) through transfers and other changes, equity | (3,921) | (3,921) | (3,921) | 313 | (3,608) | ||||||||
Total transactions with shareholders | (3,921) | (3,921) | (3,921) | 313 | (3,608) | ||||||||
Balance at Dec. 31, 2021 | $ 3,146,265 | $ (178) | $ (3,772,159) | $ (38,390) | $ (17,563) | $ (18,750) | $ 37,235 | $ 2,448,098 | $ (1,361,529) | $ (8,841,106) | $ (7,056,548) | $ (10,356) | $ (7,066,904) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - DIRECT METHOD - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash collection from operating activities | |||
Proceeds from sales of goods and services | $ 5,359,778 | $ 4,620,409 | $ 11,079,333 |
Other cash receipts from operating activities | 52,084 | 51,900 | 127,683 |
Payments for operating activities | |||
Payments to suppliers for goods and services | (4,401,485) | (3,817,339) | (6,663,875) |
Payments to and on behalf of employees | (941,068) | (1,227,010) | (1,644,806) |
Other payments for operating activities | (156,395) | (70,558) | (267,643) |
Income taxes (paid) | (9,437) | (65,692) | (45,311) |
Other cash inflows (outflows) | (87,576) | 13,593 | 241,286 |
Net cash (outflow) inflow from operating activities | (184,099) | (494,697) | 2,826,667 |
Cash flows from investing activities | |||
Cash flows from losses of control of subsidiaries or other businesses | 752 | ||
Other cash receipts from sales of equity or debt instruments of other entities | 35 | 1,464,012 | 4,063,582 |
Other payments to acquire equity or debt instruments of other entities | (208) | (1,140,940) | (4,131,890) |
Amounts raised from sale of property, plant and equipment | 105,000 | 75,566 | 50,322 |
Purchases of property, plant and equipment | (587,245) | (324,264) | (1,276,621) |
Purchases of intangible assets | (88,518) | (75,433) | (140,173) |
Interest received | 9,056 | 36,859 | 17,822 |
Other cash inflows (outflows) | 18,475 | (2,192) | (2,249) |
Net cash inflow (outflow) from investing activities | (542,653) | 33,608 | (1,419,207) |
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) | |
Amounts raised from long-term loans | 1,425,184 | 1,781,728 | |
Amounts raised from short-term loans | 661,609 | 560,296 | 93,000 |
Loans from Related Entities | 130,102 | 373,125 | |
Loans repayments | (463,048) | (793,712) | (1,860,455) |
Payments of lease liabilities | (103,366) | (122,062) | (398,992) |
Dividends paid | (571) | (55,116) | |
Interest paid | (104,621) | (210,418) | (550,877) |
Other cash inflows (outflows) | (11,034) | (107,788) | (58,704) |
Net cash inflow (outflow) from financing activities | 109,642 | 1,120,829 | (1,343,521) |
Net increase in cash and cash equivalents before effect of exchanges rate change | (617,110) | 659,740 | 63,939 |
Effects of variation in the exchange rate on cash and cash equivalents | (31,896) | (36,478) | (73,002) |
Net increase (decrease) in cash and cash equivalents | (649,006) | 623,262 | (9,063) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR | 1,695,841 | 1,072,579 | 1,081,642 |
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | $ 1,046,835 | $ 1,695,841 | $ 1,072,579 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of general information about financial statements [text block] [Abstract] | |
GENERAL INFORMATION | NOTE 1 - 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. LATAM Airlines Group S.A. and certain of its direct and indirect affiliates are currently subject to a reorganization process in the United States of America under Chapter 11 of Title 11 of the United States Code at the United States Bankruptcy Court for the Southern District of New York (the “Chapter 11 Proceedings” or “Chapter 11”). 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, 2021, the Company’s statutory capital is represented by 606,407,693 ordinary shares without nominal value. All shares are subscribed and paid considering the capital reduction that occurred in full, after the legal period of three years to subscribe the balance of 466,382 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, 2021, the Company had a total of 4,828 shareholders in its registry. At that date, approximately 13.07% of the Company’s property was in the form of ADRs. For the year ended December 31, 2021, the Company had an average of 28,600 employees, ending this year with a total number of 29,114 people, distributed in 4,372 Administration employees, 14,784 in Operations, 6,708 Cabin Crew and 3,250 Command crew. The main subsidiaries included in these consolidated financial statements are as follows: a) Percentage ownership Functional As December 31, 2021 As December 31, 2020 As December 31, 2019 Tax No. Company of origin Currency Direct Indirect Total Direct Indirect Total Direct Indirect Total % % % % % % % % % 96.969.680-0 Lan Pax Group S.A. and Subsidiaries Chile US$ 99.8361 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 23.6200 76.1900 99.8100 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$ 0.0000 100.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Prime Airport Services Inc. and Subsidiary U.S.A. US$ 0.0000 100.0000 100.0000 99.9714 0.0286 100.0000 99.9714 0.0286 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.9999 0.0001 100.0000 96.631.520-2 Fast Air Almacenes de Carga S.A. Chile CLP 0.0000 100.0000 100.0000 99.8900 0.1100 100.0000 99.8900 0.1100 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 0.0000 100.0000 100.0000 96.2208 3.7792 100.0000 96.2208 3.7792 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 0.0000 100.0000 100.0000 99.9800 0.0200 100.0000 99.9800 0.0200 100.0000 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary Chile US$ 0.0000 100.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 96.575.810-0 Inversiones Lan S.A. and Subsidiaries Chile US$ 99.9000 0.1000 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 LatamTravel S.R.L. Bolivia US$ 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 76.262.894-5 Latam Travel Chile II S.A. Chile US$ 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 Foreign 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, 2021, the indirect participation percentage on TAM S.A. and Subsidiaries is from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 51.04% of political rights. Its percentage arise as a result of the provisional measure No. 863 of the Brazilian government implemented in December 2018 that allows foreign capital to have up to 100% of the property. b) Financial Information Statement of financial position Net Income For the year ended As of December 31, As of December 31, As of December 31, December 31, 2021 2020 2019 2021 2020 2019 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain /(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 432,271 1,648,715 (1,236,243 ) 404,944 1,624,944 (1,219,539 ) 632,673 1,487,248 (853,624 ) (7,289 ) (290,980 ) (26,551 ) Foreign Latam Airlines Perú S.A. 484,388 417,067 67,321 661,721 486,098 175,623 519,363 510,672 8,691 (109,392 ) (175,485 ) (3,550 ) 93.383.000-4 Lan Cargo S.A. 721,484 537,180 184,304 749,789 567,128 182,661 634,852 462,666 172,186 1,590 10,936 (4,157 ) Foreign Connecta Corporation 61,068 19,312 41,756 57,922 17,335 40,587 64,110 24,023 40,087 1,169 500 1,677 Foreign Prime Airport Services Inc. and Subsidiary (*) 24,654 25,680 (1,026 ) 25,050 26,265 (1,215 ) 22,068 23,102 (1,034 ) 190 (181 ) 802 96.951.280-7 Transporte Aéreo S.A. 471,094 327,955 143,139 546,216 347,714 198,502 359,335 142,423 216,912 (56,135 ) (39,032 ) 14,610 96.631.520-2 Fast Air Almacenes de Carga S.A. 18,303 10,948 7,355 20,132 11,576 8,556 20,182 12,601 7,581 48 500 796 Foreign Laser Cargo S.R.L. (5 ) - (5 ) (6 ) - (6 ) (10 ) - (10 ) - - - Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 36,617 14,669 21,940 218,435 14,355 203,829 48,929 15,228 33,450 (806 ) (92,623 ) (6,579 ) 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary (*) 202,402 113,930 23,563 250,027 86,691 130,823 65,422 78,890 (12,111 ) (54,961 ) 1,452 (2,497 ) 96.575.810-0 Inversiones Lan S.A. and Subsidiaries (*) 1,284 45 1,239 1,394 65 1,329 1,329 50 1,279 (90 ) 50 (54 ) 96.847.880-K Technical Trainning LATAM S.A. 2,004 467 1,537 2,181 625 1,556 2,378 1,075 1,303 181 60 (282 ) Foreign Latam Finance Limited 1,310,733 1,688,821 (378,088 ) 1,310,735 1,584,311 (273,576 ) 1,362,762 1,531,238 (168,476 ) (104,512 ) (105,100 ) (90,736 ) Foreign Peuco Finance Limited 1,307,721 1,307,721 - 1,307,721 1,307,721 - 664,458 664,458 - - - - Foreign Profesional Airline Services INC. 61,659 58,808 2,851 17,345 14,772 2,573 3,509 1,950 1,559 278 1,014 1,096 Foreign Jarletul S.A. 24 1,116 (1,092 ) 34 1,076 (1,042 ) 150 860 (710 ) (50 ) (332 ) (603 ) Foreign LatamTravel S.R.L. 64 132 (68 ) 1,061 1,106 (45 ) 161 138 23 (23 ) (33 ) (8 ) 76.262.894-5 Latam Travel Chile II S.A. 588 1,457 (869 ) 943 1,841 (898 ) 672 1,354 (682 ) 29 392 - Foreign TAM S.A. and Subsidiaries (*) 2,608,859 3,257,148 (648,289 ) 3,110,055 3,004,935 105,120 5,090,180 3,550,875 1,539,305 (756,633 ) (1,025,814 ) 186,140 (*) 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. Vari 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, 2020 and December 31, 2021, are detailed below: (1) Incorporation or acquisition of companies - On January 21, 2021, Transporte Aéreos del Mercosur S.A. puchased 2,392,166 preferred shares of Inversora Cordillera S.A. consequently, the shareholding composition of Inversora Cordillera S.A. is as follows: Lan Pax Group S.A. with 90.5% and Transporte Aéreos del Mercosur S.A. with 9.5%. - On January 21, 2021, Transporte Aéreos del Mercosur S.A. purchased 53,376 preferred shares of Lan Argentina S.A. consequently, the shareholding composition of Lan Argentina S.A. is as follows: Inversora Cordillera S.A. with 95%, Lan Pax Group S.A. with 4% and Transporte Aéreos del Mercosur S.A. with 1%. - 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%. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following describes the principal accounting policies adopted in the preparation of these consolidated financial statements. 2.1. Basis of Preparation These consolidated financial statements of LATAM Airlines Group S.A. as of December 31, 2021 and 2020 and for the three years ended December 31, 2021 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 2020, except for the standards and interpretations adopted as of January 1, 2021. (a) Application of new standards for the year 2021: (a.1.) Accounting pronouncements with implementation effective from January 1, 2021: Date of issue Effective Date: (i) Standards and amendments 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 The application of these accounting pronouncements as of January 1, 2021, had no significant effect on the Company’s consolidated financial statements. (a.2.) Adoption of IFRS 9 Financial Instruments for hedge accounting: On January 1, 2018, the effective adoption date of IFRS 9 Financial Instruments, the Company decided to continue applying IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting. On January 1, 2021, the Company modified this accounting policy and adopted 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, the hedge continue. The time value of the options used as hedging instruments, at December 31, 2020, will not continue to be designated as part of the hedging relationship, but it recognition will continue been in Other Comprehensive Income until the forecast transaction occurs at which time will be recycled 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 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 modified the documentation of the existing hedging relationships as of December 31, 2020 in accordance with the provisions of IFRS 9 Financial Instruments. (b) Accounting pronouncements not in force for the financial years beginning on January 1, 2021: Date of issue Effective Date: (i) Standards and amendments Amendment to IAS 12: Income taxes. May 2021 01/01/2023 Amendment to IFRS 16: Lease. March 2021 04/01/2021 Amendment to IAS 8: Accounting policies, changes in accounting estimates and error. February 2021 01/01/2023 Amendment to IAS 1: Presentation of financial statements and IFRS practice statements 2 February 2021 01/01/2023 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 Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17) December 2021 An entity that elects to apply the amendment applies it when it first applies IFRS 17 Amendment to IFRS 10: Consolidated financial statements and IAS 28: Investments in associates and joint ventures. September 2014 Not determined (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. (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$ 4,642 million for the year ended December 31, 2021. As of that date, the Company has a negative working capital of US$ 9,701 million and will require additional working capital during 2021 to support a sustainable business operation. As of December 31, 2021, the company has negative equity of US$ 7,051 million, which corresponds to the attributable equity to the owners of the parent. LATAM Group passenger traffic for the year ended December 31, 2021, increasing by 18% compared to the same period in 2020 (decreasing by 59,6% compared to the same exercise in 2019). In December 2021, the group’s revenues amounted to approximately 49% of revenues for the year ended December 31, 2019. At this time, the pace to meet the pre-COVID demand are uncertain and highly dependent on the evolution of the COVID-19 pandemic in the markets in which LATAM Group operates, therefore, management cannot make specific predictions as to this timing, but considers it reasonable to expect that the pace of the demand recovery will be different for each country. 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. 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 (collectively, the “Subsequent Debtors” and, 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 (each one, respectively, a “Petition Date”) is being jointly administered under the caption “In re LATAM Airlines Group S.A. et al.” 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. On June 28, 2021, LATAM Airlines Perú withdrew its request for a preventive bankruptcy process previously filed before the Indecopi of Peru, entity which approved said withdrawal by resolution without further comments. 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 (viii) pay certain foreign vendors and certain vendors deemed critical to the Debtors’ operations. 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. On November 26, 2021, the Debtors filed a joint plan of reorganization (the “Plan”) and the related disclosure statement (the “Disclosure Statement”) with the Bankruptcy Court. As detailed in the Disclosure Statement, the Plan is supported by a restructuring support agreement executed among the Debtors, creditors holding more than 70% of the general unsecured claims asserted against LATAM Airline Group S.A., and holders of more than 50% of LATAM Airline Group S.A.’s existing equity. As of December 31, 2021, the Plan remains subject to approval by the Bankruptcy Court and could materially change the amounts and classifications in the consolidated financial statements, including the value, if any, of the Debtors’ prepetition liabilities and securities. On December 17, 2021, December 20, 2021, January 24, 2022, January 27, 2022, and February 28, 2022, the Debtors filed a revised Plan and associated Disclosure Statement. On November 1, 2021, the Bankruptcy Court entered an order extending the periods in which the Debtors have the exclusive right to file and solicit a plan of reorganization to November 26, 2021 and January 26, 2022 respectively. On November 26, 2021, the Debtors filed a motion to further extend such periods, solely with respect to the Subsequent Debtors, to January 7, 2022 and March 7, 2022 respectively. On December 15, 2021, the Creditors’ Committee filed an objection to the Subsequent Debtors’ motion. That same day, the Creditors’ Committee also filed a motion seeking to terminate the Debtors’ exclusivity periods. Certain other interested parties subsequently filed joinders to the Creditors’ Committee’s termination motion, while others filed statements opposing the termination motion. On February 14, 2022, the Bankruptcy Court entered an order approving the Subsequent Debtors’ motion and denying the Creditors’ Committee’s motion. Events Leading to the Chapter 11 Cases Since the first quarter of 2020, the passenger air transportation business was 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%. 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. 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 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$ 3.2 billion in a debtor-in-possession financing facility (the “DIP Facility”), as provided for in in the Super-Priority Debtor-in-Possession Term Loan Agreement 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. 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. Any proposed plan of reorganization will be subject to revision 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 is no guarantee at this time that the Company will be able to obtain approval of the Plan from the Bankruptcy Court. On November 26, 2021, the Company filed the Plan and associated Disclosure Statement. The Plan is accompanied by a Restructuring Support Agreement (the “RSA”) with the largest unsecured creditor group in the Chapter 11 Cases— holding of more than 70% of unsecured claims filed against LATAM Airlines Group S.A. and holders of approximately 48% of the US-law governed notes issued by LATAM Finance Ltd. due 2024 and 2026— The Plan proposes the infusion of up to approximately $8.19 billion through a mix of new equity, convertible notes, and debt, which will enable the Company to exit Chapter 11 with appropriate capitalization to effectuate its business plan. Upon emergence, the Company is expected to have total debt of approximately $7.26 billion and liquidity of approximately $2.67 billion. Specifically, the Plan outlines that: ● Upon confirmation of the Plan, the Company intends to launch an $800 million common equity rights offering, open to all shareholders in accordance with their preemptive rights under applicable Chilean law, and fully backstopped by the parties participating in the RSA; ● Three distinct classes of convertible notes will be issued by the Company, all of which will be preemptively offered to shareholders. To the extent not subscribed by the Company’s shareholders during the respective preemptive rights period: ○ Convertible Notes Class A will be provided to certain general unsecured creditors of the Company in settlement of their allowed claims under the Plan; ○ Convertible Notes Class B will be subscribed and purchased by the shareholders parties to the RSA; and ○ Convertible Notes Class C will be provided to certain general unsecured creditors in exchange for a combination of new money to the Company and the settlement of their claims, subject to certain limitations and holdbacks by backstopping parties. ● The convertible notes belonging to the New Convertible Notes Classes B and C will be provided, totally or partially, in consideration of a new money contribution for the aggregate amount of approximately $4.64 billion fully backstopped by the parties to the RSA; and ● LATAM will raise a $500 million new revolving credit facility and approximately $2.25 billion in total new money debt financing, consisting of either a new term loan or new notes. The general deadline to file objections to the Plan and Disclosure Statement was January 7, 2022, and such deadline was further extended to January 12, 2022 and January 14, 2022 for certain interested parties. 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 material uncertainty as a product of the COVID-19 pandemic and the impossibility of knowing its duration at this date and, accordingly, a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by Public Company Accounting Oversight Board (“PCAOB”) standards) on 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, which could adversely affect the value of the Company’s common stock, or render it worthless. 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 (See Note 31 I 2 for any updates this proceedings). 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. Since the formation of the Creditors’ Committee, three Creditors’ Committee’s members - Compañía de Seguros de Vida Consorcio Nactional de Seguros S.A., AerCap Holdings N.V., and Aircastle Limited - have resigned from the Creditors’ Committee. The Office of the United States Trustee has not appointed replacements for these members. No trustee or examiner has been appointed in any of these Chapter 11 Cases. No other official committee have been solicited or appointed. Assumption, Amendment & Rejection of Executory Contracts & Leases 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 notes 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 Bankruptcy Court granted the Debtors’ motions to assume multiple airport leases at Miami-Dade, LAX and JFK related to the Debtors’ passenger and cargo businesses. The Debtors have also assumed a number of important agreements. For example, on June 1, 2021, the Bankruptcy Court approved the assumption and ratification of certain purchase agreements, as amended, with The Boeing Company. In addition, on July 1, 2021, the Court approved the Debtors’ assumption of the Export Credit Agency-backed fleets, which comprises 65 total aircraft. On December 15, 2021, the Debtors filed a motion for an order approving streamlined procedures for the assumption of executory contracts and unexpired leases. At the December 29, 2021 hearing, the Bankruptcy Court granted the Debtors’ motion. Further, the Debtors have filed 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 Airbus A320-family aircraft January 29, 2021 (i) 2 Airbus A320-family aircraft April 23, 2021 (i) 1 Airbus A350-941 aircraft May 14, 2021 (i) 6 Airbus A350 aircraft June 17, 2021 (i) 1 Airbus A350-941 aircraft June 24, 2021 (i) 3 Airbus A350-941 aircraft November 3, 2021 (i) 1 Rolls-Royce Trent XWB-84K engine; and (ii) 1 Rolls-Royce International Aero Engine AG V2527M-A5 As of December 31, 2021, and as a result of these contract rejections, obligations with the lenders and lessors were extinguished and the Company lost control over the related assets resulting in the derecognition of the assets and the liabilities associated with these aircraft. See note 17, 19 and 27. All accounting effects were recorded as Restructuring activities expenses during the year ending December 31, 2020 and 2021 as Restructuring activities expenses. The Debtors also have filed or will file motions to enter into certain new aircraft lease agreements, including: Bankruptcy Court Approval Date: MSN Number /Counterparty March 8, 2021 Vermillion Aviation (nine) Limited, Aircraft MSNs 4860 and 4827 April 12, 2021 Wilmington Trust Company, Solely in its Capacity as Trustee, Aircraft MSNs 6698, 6780, 6797, 6798, 6894, 6895, 6899, 6949, 7005, 7036, 7081 May 30, 2021 UMB Bank N.A., Solely in its Capacity as Trustee Aircraft MSNs 38459, 38478, 38479, 38461 August 31, 2021 (i) Avolon Aerospace Leasing Limited or its Affiliates, MSNs 38891, 38893, 38895 (ii) Sky Aero Management Ltd. In addition, the Debtors also have filed or will file motions to enter into certain aircraft lease amendment agreement which have the effect of, among other things, reducing the Debtors’ rental payment obligations and extension on the lease term. Certain amendments also involved updates to related financing arrangements. These amendments include: Bankruptcy Court Approval Date: Amended Lease Agreement/Counterparty December 31, 2020 Vermillion Aviation (two) Limited April 14, 2021 (1) Bank of Utah (2) AWAS 5234 Trust (3) Sapucaia Leasing Limited, PK Airfinance US, LLC and PK Air 1 LP April 15, 2021 Aviator IV 3058, Limited April 27, 2021 Bank of America Leasing Ireland Co., May 4, 2021 (1) NBB Grosbeak Co., Ltd, NBB Cuckoo Co., Ltd., NBB-6658 Lease Partnership, NBB-6670 Lease Partnership and NBB Redstart Co. Ltd. (2) Sky High XXIV Leasing Company Limited and Sky High XXV Leasing Company Limited (3) SMBC Aviation Capital Limited May 5, 2021 (1) JSA International US Holdings LLC and Wells Fargo Trust Company N.A. (2) Orix Aviation Systems Limited May 27, 2021 (1) Shenton Aircraft Leasing 3 (Ireland) Limited. (2) Chishima Real Estate Company, Limited and PAAL Aquila Company Limited May 28, 2021 MAF Aviation 1 Designated Activity Company May 30, 2021 (1) IC Airlease One Limited (2) UMB Bank, National Association, Macquarie Aerospace Finance 5125-2 Trust and Macquarie Aerospace Finance 5178 Limited (3) Wilmington Trust SP Services (Dublin) Limited (4) Aercap Holdings N.V. (5) Banc of America Leasing Ireland Co. (6) Castlelake L.P. July 1, 2021 EX-IM Fleet July 8, 2021 Greylag Goose Leasing 38887 Designated Activity Company July 15, 2021 (1) ECAF I 40589 DAC (2) Wells Fargo Company, National Associates, as Owner Trustee (3) Orix Av |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial risk management [text block] [Abstract] | |
FINANCIAL RISK MANAGEMENT | NOTE 3 - FINANCIAL RISK MANAGEMENT 3.1. Financial risk factors The Company is exposed to different financial risks: (a) market risk, (b) credit risk, and (c) liquidity risk. The 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 fuel 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, such as 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: As of December 31, 2021, the Company recognized profit of US$ 10.1 million for fuel hedge net of premiums in the costs of sale for the year. During the same period of 2020, the Company recognized losses of US$ 14,3 As of December 31, 2021 the market value of the fuel positions was US$ 17.6 million (positive). At the end of December 2020, this market value was US$ 1.3 million (positive). The following tables show the level of hedge for different periods: Positions as of December 31, 2021 (*) Maturities Q122 Q222 Q322 Q422 Total Percentage of coverage over the expected volume of consumption 25 % 30 % 17 % 14 % 21 % (*) The percentage shown in the table considers all the hedging instruments (swaps and options). Positions as of December 31, 2020 (*) Maturities Q121 Q221 Q321 Q421 Total Percentage of coverage over the expected volume of consumption 3 % 3 % 3 % 3 % 3 % (*) 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 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 sensitivity of financial instruments according to reasonable changes in the price of fuel and their effect on equity. The calculations were made considering a parallel movement of US$ 5 per barrel in the underlying reference price curve at the end of December 2021 and the end of December 2020. The projection period was defined until the end of the last fuel hedging contract in force, corresponding to the last business day of the fourth quarter of the year 2022. Positions as of December 31, 2021 Positions as of December 31, 2020 Benchmark price effect on Equity effect on Equity (US$ per barrel) (MUS$) (MUS$) +5 +2.7 +0.6 -5 -3.3 -0.6 Given the fuel hedging structure during half – year 2021, 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$ 79.2 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$ 80.8 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 2021, and securing the operating margin, LATAM makes hedges using FX derivatives. As of December 31, 2021 and December 31, 2020 the Company did not maintain FX derivatives. During the year ended December 31 , 2021, As of December 31, 2021 and December 31, 2020 the company does not hold FX derivatives that are not recognized as 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. As of December 31, 2021 and December 31, 2020 the Company had no current FX derivatives for BRL. 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 in financial results when the R$/US$ exchange rate appreciates or depreciates by 10%: Appreciation (depreciation) Effect December 31, 2021 Effect December 31, 2020 De R$/US$ (MUS$) (MUS$) -10% +51.9 -10.9 +10% -51.9 +10.9 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 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, 2021 Effect at December 31, 2020 of R$/US$ MUS$ MUS$ -10% +96.66 +191.53 +10 -79.09 -156.71 (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”). Because the publication of LIBOR will cease for June 2023, the company has begun to migrate to the adoption of SOFR as an alternative rate, which will materialize with the termination of LIBOR. Mitigation At the end of December 31, the Company did not have current interest rate derivative positions. Currently a 40% (42% at December 31, 2020) of the debt is fixed to fluctuations in interest rate. Most of this debt is indexed to a benchmark rate based on LIBOR. To mitigate the effect of those derivatives that will be affected by the transition from LIBOR to SOFR, the Company is evaluating adherence to the ISDA protocol in the case of derivatives and is following the recommendations of the relevant authorities, including the Alternative Reference Rates Committee. (“ARRC”) in the case of debt, in line with the measures generally adopted by the market for the replacement of LIBOR in debt contracts. Rate Hedging Results As of December 31, 2021, the Company did not hold current interest rate derivative positions. At the end of December 2020, the Company did not hold current interest rate derivative positions. 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, 2021 Positions as of December 31, 2020 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 -46.31 -42.11 -100 basis points +46.31 +42.11 As of December 31, 2021, the Company does not hold current interest rate derivative positions. The above calculations were vertically increased (decreased) 100 basis points of the three-month Libor future curve, both scenarios being reasonably possible based on historical market conditions. 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. On March 5, 2021, the ICE Benchmark Administration (“IBA”) announced that, as a result of little access to the information necessary for calculating rates, the publication of the 1-week, 2-months USD rates will cease to be published on December 31, 2021 and the remaining terms will cease on June 30, 2023. Although the adoption of alternative rates 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 the discontinuation of LIBOR. In this regard, the Company identifies that its derivative and debt contracts may be affected by the change in the relevant rate. To mitigate the effect, the Company is evaluating adherence to the ISDA protocol in the case of derivatives and is following the recommendations of the relevant authorities, including the Alternative Reference Rates Committee (“ARRC”) in the case of debt, online with the measures generally adopted by the market for the replacement of LIBOR in debt contracts. Currently, the Company only has fuel derivatives with a nominal value equivalent to 21%’s hedge of the total consumption expected for the next 12 months. (b) Credit risk Credit risk occurs when the counterparty does not meet its obligations to the Company under a specific contract or financial instrument, resulting in a loss in the market value of a financial instrument (only financial assets, not liabilities). The client portfolio at December 31, 2021 increased when compared to the balance as of December 31, 2020 by 48%, mainly due to an increase in passenger transport operations (travel agencies and corporate) that increased by 124% in sales, mainly from a 68% of credit card payments and 32% in cash sales. Instead, the cargo business showed an increase in its net income of 23% compared to December 2020. The cargo business increase in its operation in a 23% compared to December 2020. In the case of clients who still have pending balances and that the administration considered risky, the corresponding measures were taken to consider expected credit loss The provision at the end of December 2021 had a decrease of 34% compared to December 31, 2020, as a result of the decrease in the portfolio for recoveries and for the application of write-offs in the years. 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, 2021, the balance of liquid funds is US$ 1,047 million (US $ 1,696 million as of December 31, 2020), which are invested in short-term instruments through financial entities with a high credit rating classification. As of December 31, 2021, 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). Finally, during the fourth quarter of 2021, the company has reduced budgeted investments by approximately US$ 146 million, mainly related to maintenance, given the lower operation, purchase of engines, investments in cabins and other projects. In addition, LATAM has not received aircraft that it was committed to receiving in 2021, which at the beginning of the year reached US$ 773 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$ 3.2 billion divided in Tranche A, B and C. Initially, Tranches A and C were committed for a total of US$2.45 billion. To date, these three tranches are fully committed after the approval on October 18 of a proposal to grant financing under Tranche B of the DIP for a total of US$750 million, thus allowing LATAM to access lower financing costs in the next disbursements of the DIP financing. 1) A Tranche A, which is committed for up to US$ 1.3 billion, out of which (i) US$ 1.125 billion 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; 2) A Tranche B for an amount up to US $750 million that will be contributed by a group of financiers including Oaktree Capital Management, L.P. and Apollo Management Holdings, L.P. and other certain funds advised by them; and 3) A Tranche C for a capital amount of up to US$ 1.15 billion, 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., through a “joinder” or supplement to the “DIP Agreement” subscripted on November 6, 2020. In consideration of the extension of the health and mobility restrictions imposed by the authorities in the countries where the group operates, as well as the analysis of the company’s liquidity projection, beginning on October 8, 2020, LATAM has made four withdrawals under the DIP Credit Agreement. In accordance with the terms of the “DIP Agreement”, Debtors must maintain consolidated liquidity of at least US $ 400 million, considering the undrawn line of the DIP, and meet certain milestones with respect to the Chapter 11 Proceedings. The amounts by Tranche are summarized in the table below: As of December 31, 2021 As of December 31, 2020 Tranche Committed Withdrew Available Committed Withdrew Available MUS$ MUS$ MUS$ MUS$ MUS$ MUS$ Tranche A 1,300 876 424 1,300 650 650 Tranche B 750 300 450 - - - Tranche C 1,150 774 376 1,150 500 650 Total 3,200 1,950 1,250 2,450 1,150 1,300 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2021 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile. More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Cu rrency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 CITIBANK Chile US$ 115,350 - - - - 115,350 114,000 At Expiration 2.96 2.96 97.030.000-7 ITAU Chile US$ 20,140 - - - - 20,140 20,000 At Expiration 4.20 4.20 0-E HSBC Chile US$ 12,123 - - - - 12,123 12,000 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 10,236 - - - - 10,236 10,106 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ 751 2,604 106,939 - - 110,294 106,427 Quarterly 2.80 2.80 0-E CITIBANK U.S.A. UF 60,935 - - - - 60,935 60,935 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCO ESTADO Chile UF 36,171 179,601 31,461 31,461 369,537 648,231 502,897 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 184,188 104,125 884,188 856,000 - 2,028,501 1,500,000 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 17,182 19,425 40,087 41,862 95,475 214,031 198,475 Quarterly 1.48 1.48 0-E MUFG U.S.A. US$ 29,652 17,921 36,660 37,829 55,297 177,359 166,712 Quarterly 1.64 1.64 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 933 4,990 29,851 36,337 89,263 161,374 144,358 Quarterly / Monthly 3.17 1.60 Other guaranteed obligation 0-E CREDIT AGRICOLE France US$ 273,199 - - - - 273,199 273,199 At Expiration 1.82 1.82 0-E MUFG U.S.A. US$ 8,150 46,746 94,062 14,757 - 163,715 156,933 Quarterly 1.72 1.72 0-E CITIBANK U.S.A. US$ 613,419 - - - - 613,419 600,000 At Expiration 2.00 2.00 0-E BANK OF UTAH U.S.A. US$ - 1,858,051 - - - 1,858,051 1,644,876 At Expiration 22.71 12.97 0-E EXIM BANK U.S.A. US$ 271 1,173 3,375 10,546 55,957 71,322 62,890 Quarterly 1.84 1.84 Financial lease 0-E CREDIT AGRICOLE France US$ 699 1,387 - - - 2,086 2,052 Quarterly 3.68 3.23 0-E CITIBANK U.S.A. US$ 19,268 59,522 5,721 - - 84,511 83,985 Quarterly 1.37 0.79 0-E BNP PARIBAS U.S.A. US$ 7,351 26,519 21,685 - - 55,555 54,918 Quarterly 1.56 0.96 0-E NATIXIS France US$ 5,929 34,328 59,574 59,930 130,131 289,892 261,458 Quarterly 2.09 2.09 0-E US BANK U.S.A. US$ 18,158 72,424 133,592 6,573 - 230,747 219,667 Quarterly 4.03 2.84 0-E PK AIRFINANCE U.S.A. US$ 853 5,763 10,913 - - 17,529 16,851 Quarterly 1.88 1.88 0-E EXIM BANK U.S.A. US$ 2,758 11,040 61,167 249,466 269,087 593,518 533,127 Quarterly 2.88 2.03 Others loans 0-E OTHERS (**) US$ 55,819 - - - - 55,819 55,819 At Expiration - - TOTAL 1,493,535 2,445,619 1,519,275 1,344,761 1,064,747 7,867,937 6,801,685 (*) Note that the liabilities reflect their contractual obligations in force at December 31, 2021 (**) Obligation with creditors for executed letters of credit. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2021 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. More than More than More than 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$ 990 - - - - 990 943 Monthly 6.01 6.01 0-E MERRIL LYNCH CREDIT PRODUCTS LLC U.S.A. BRL 185,833 - - - - 185,833 185,833 Monthly 3.95 3.95 0-E BANCO BRADESCO Brazil BRL 74,661 - - - - 74,661 74,661 Monthly 4.33 4.33 Financial leases 0-E NATIXIS France US$ 486 2,235 4,080 11,076 - 17,877 17,326 Quarterly 2.74 2.74 0-E GA TELESIS LLC U.S.A. US$ 762 2,706 4,675 4,646 5,077 17,866 10,999 Monthly 14.72 14.72 Others Loans 0-E Deustche Bank (**) Brazil US$ 20,689 - - - - 20,689 20,689 At Expiration - - TOTAL 283,421 4,941 8,755 15,722 5,077 317,916 310,451 (*) Note that the liabilities reflect their contractual obligations in force at December 31, 2021 (**) Obligation with creditors for executed letters of credit Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2021 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. 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$ 694,568 469,568 767,629 811,843 778,613 3,522,221 2,883,657 - - - - OTHER ASSETS OTHERS US$ 9,859 11,820 22,433 23,365 8,651 76,128 73,615 - - - UF 1,759 982 245 76 231 3,293 2,621 - - - COP 2 7 35 - - 44 42 - - - EUR 198 112 293 - - 603 599 - - - PEN 4 7 97 - - 108 103 - - - Trade and other accounts payables - OTHERS OTHERS US$ 665,645 165,085 - - - 830,730 830,730 - - - CLP 214,224 4,912 - - - 219,136 219,136 - - - BRL 365,486 5,258 - - - 370,744 370,744 - - - Other currency 542,304 3,719 - - - 546,023 546,023 - - - Accounts payable to related parties currents (*) Foreign Inversora Aeronáutica Argentina S.A. Argentina US$ - 5 - - - 5 5 - - - Foreign Delta Airlines U.S.A US$ - 2,268 - - - 2,268 2,268 - - - Foreign Patagonia Seafarms INC U.S.A CLP - 7 - - - 7 7 - - - 81.062.300-4 Costa Verde Aeronautica S.A. Chile CLP - 175,819 - - - 175,819 175,819 - - - Foreign QA Investments Ltd Jersey Channel Islands US$ - 219,774 - - - 219,774 219,774 - - - Foreign QA Investments 2 Ltd Jersey Channel Islands US$ - 219,774 - - - 219,774 219,774 - - - Foreign Lozuy S.A. Uruguay US$ - 43,955 - - - 43,955 43,955 - - - Total 2,494,049 1,323,072 790,732 835,284 787,495 6,230,632 5,588,872 Total consolidated 4,271,005 3,773,632 2,318,762 2,195,767 1,857,319 14,416,485 12,701,008 (*) Trade and other accounts payables include claims resulting from Chapter 11 negotiation and are subject to settlement in accordance with the Reorganization plan. 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$ % % 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 CORPBANCA 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 |
ACCOUNTING ESTIMATES AND JUDGME
ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of accounting judgements and estimates [text block] [Abstract] | |
ACCOUNTING ESTIMATES AND JUDGMENTS | NOTE 4 - ACCOUNTING ESTIMATES AND JUDGMENTS The Company has used estimates to value and record some of the assets, liabilities, income, expenses and commitments. Basically, these estimates refer to: (a) Evaluation of possible losses due to impairment of 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 15. (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 tax planning strategies 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, what has been considered at the time of estimating expired tickets. As of December 31, 2021, deferred income associated with air tickets sold amounted to ThUS $ 1,126,371 (ThUS $ 904,558 as of December 31, 2020). (e) Valuation of miles and points awarded to holders of loyalty programs, pending use. As of December 31, 2021, the deferred income associated with the LATAM Pass loyalty program amounts to ThUS $ 1,285,732 (ThUS $ 1,365,534 as of December 31, 2020). A hypothetical change of one percentage point in the probability of swaps would translate into an impact of ThUS $ 27,151 in the results as of 2021 (ThUS $ 24,425 in the results as of 2020). The deferred income associated with the LATAM Pass Brasil loyalty program (See Note 22) amounts to ThUS $ 192,381 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. The management in conjunction with an external specialist develop a predictive model of non-use miles or points, which allows to generate non-use rates on the basis of historical information, based on behavior of the accumulation, use and expiration of the miles or points. (f) 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 constructive, as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the obligation amount can be made. The assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events, the likelihood of loss being incurred and when determining whether a reliable estimate of the loss can be made. The Company assesses its liabilities and contingencies based upon the best information available, uses the knowledge, experience and professional judgment to the specific characteristics of the known risks. This process facilitates the early assessment and quantification of potential risks in individual cases or in the development of contingent matters. If we are unable to reliably estimate the obligation or conclude no loss is probable but it is reasonably possible that a loss may be incurred, no provision is recorded but the contingency is disclosed in the notes to the consolidated financial statements. 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 in the calculation of the new and amendment contract as of December 31, 2021 would increase the lease liability by approximately US $ 76 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, 2021 | |
Disclosure of operating segments [text block] [Abstract] | |
SEGMENTAL INFORMATION | NOTE 5 - SEGMENTAL INFORMATION As of December 31, 2021, 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, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Peru 503,616 297,549 801,965 Argentina 75,513 172,229 584,959 U.S.A. 577,970 505,145 1,004,238 Europe 376,857 338,565 726,165 Colombia 368,474 177,007 380,449 Brazil 1,664,523 1,304,006 3,949,797 Ecuador 162,959 112,581 203,334 Chile 794,122 638,225 1,546,960 Asia Pacific and rest of Latin America 359,981 378,360 872,196 Income from ordinary activities 4,884,015 3,923,667 10,070,063 Other operating income 227,331 411,002 360,864 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, 2021 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 6 - CASH AND CASH EQUIVALENTS As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Cash on hand 2,120 4,277 Bank balances 558,078 732,578 Overnight 386,034 802,220 Total Cash 946,232 1,539,075 Cash equivalents Time deposits 74,578 123,984 Mutual funds 26,025 32,782 Total cash equivalents 100,603 156,766 Total cash and cash equivalents 1,046,835 1,695,841 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 in 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 2021 2020 ThUS$ ThUS$ Argentine peso 7,148 20,107 Brazilian real 89,083 136,938 Chilean peso 9,800 32,649 Colombian peso 13,535 17,185 Euro 7,099 10,361 US Dollar 886,627 1,438,846 Other currencies 33,543 39,755 Total 1,046,835 1,695,841 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of derivative financial instruments [text block] [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 7 - FINANCIAL INSTRUMENTS Financial instruments by category As of December 31, 2021 Assets Measured at amortized cost At fair value with changes in results Hedge derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,020,810 26,025 - 1,046,835 Other financial assets, current (*) 83,150 347 17,641 101,138 Trade and others accounts receivable, current 902,672 - - 902,672 Accounts receivable from related entities, current 724 - - 724 Other financial assets, non current 15,622 - - 15,622 Accounts receivable, non current 12,201 - - 12,201 Total 2,035,179 26,372 17,641 2,079,192 Liabilities Measured at amortized cost At fair value with changes in results Hedge derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 4,447,780 2,937 2,734 4,453,451 Trade and others accounts payable, current 4,860,153 - - 4,860,153 Accounts payable to related entities, current 661,602 - - 661,602 Other financial liabilities, non-current 5,948,702 - - 5,948,702 Accounts payable, non-current 472,426 - - 472,426 Total 16,390,663 2,937 2,734 16,396,334 (*) 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, 2020 Assets Measured at amortized cost At fair value with changes in results Hedge 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 Liabilities Measured at amortized cost At fair value with changes in results Hedge 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 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, 2021 | |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE [Abstract] | |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE | NOTE 8 - TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Trade accounts receivable 785,952 532,106 Other accounts receivable 209,925 194,454 Total trade and other accounts receivable 995,877 726,560 Less: Expected credit loss (81,004 ) (122,193 ) Total net trade and accounts receivable 914,873 604,367 Less: non-current portion – accounts receivable (12,201 ) (4,986 ) Trade and other accounts receivable, current 902,672 599,381 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, 2021 As December 31, 2020 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 1 % 591,210 (8,806 ) 4 % 302,079 (11,112 ) From 1 to 90 days 10 % 116,613 (11,840 ) 4 % 103,615 (4,049 ) From 91 to 180 days 31 % 11,376 (3,567 ) 66 % 15,989 (10,501 ) From 181 to 360 days 72 % 3,863 (2,766 ) 80 % 40,621 (32,627 ) more of 360 days 86 % 62,890 (54,025 ) 92 % 69,802 (63,904 ) Total 785,952 (81,004 ) 532,106 (122,193 ) (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 2021 2020 ThUS$ ThUS$ Argentine Peso 7,282 6,517 Brazilian Real 361,745 221,952 Chilean Peso 53,488 44,737 Colombian Peso 5,657 1,292 Euro 24,143 24,370 US Dollar 441,079 292,125 Korean Won 844 79 Mexican Peso 2,428 4,624 Australian Dollar 62 49 Pound Sterling 12,728 5,647 Uruguayan Peso (New) 860 792 Swiss Franc 360 754 Japanese Yen 106 77 Swedish crown 488 129 Other Currencies 3,603 1,223 Total 914,873 604,367 The movements of the provision for impairment losses of the Trade Debtors and other accounts receivable are as follows: Opening (Increase) Closing Periods balance Write-offs Decrease balance ThUS$ ThUS$ ThUS$ ThUS$ 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 ) From January 1 to December 31, 2021 (122,193 ) 26,435 14,754 (81,004 ) 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, 2021 As of December 31, 2020 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 785,952 (81,004 ) 704,948 532,106 (122,193 ) 409,913 Other accounts receivable 209,925 - 209,925 194,454 - 194,454 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, 2021 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES [Abstract] | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES | NOTE 9 - ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (a) Accounts Receivable As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2021 2020 ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 703 148 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL 2 1 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP 6 6 76.335.600-0 Parque de Chile S.A. Related director Chile CLP 2 2 96.989.370-3 Rio Dulce S.A. Related director Chile CLP 4 1 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP 7 - Total current assets 724 158 (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 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Foreign Delta Airlines, Inc. Shareholder U.S.A. US$ 2,268 805 - - Foreign Inversora Aeronáutica Related director Argentina US$ 5 - - - Foreign Patagonia Seafarms INC Related director U.S.A. US$ 7 7 - - 81.062.300-4 Costa Verde Aeronautica S.A. (*) Shareholder Chile US$ 175,819 - - 105,713 Foreign QA Investments Ltd (*) Common shareholder Jersey Channel Islands US$ 219,774 - - 132,141 Foreign QA Investments 2 Ltd (*) Common shareholder Jersey Channel Islands US$ 219,774 - - 132,141 Foreign Lozuy S.A. (*) Common shareholder Uruguay US$ 43,955 - - 26,428 Total current and non current liabilities 661,602 812 - 396,423 (*) Corresponds to drawdowns of Tranche C of the DIP loan (See Note 3.1c) Transactions between related parties have been carried out on arm’s length conditions between interested and duly-informed parties. The transaction terms for the Liabilities of the period 2021 correspond from 30 days to 1 year of maturity, and the nature of the settlement of transactions are monetary. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
INVENTORIES [Abstract] | |
INVENTORIES | NOTE 10 - INVENTORIES The composition of Inventories is as follows: As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Technical stock 250,327 284,409 Non-technical stock 37,010 39,165 Total 287,337 323,574 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, 2021 2020 ThUS$ ThUS$ Provision for obsolescence Technical stock 64,455 42,979 Provision for obsolescence Non-technical stock 5,785 4,651 Total 70,240 47,630 The resulting amounts do not exceed the respective net realization values. As of December 31, 2021, the Company registered ThUS$ 47,362 (ThUS$ 55,507 as of December 31, 2020) 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, 2021 | |
Disclosure of other assets [text block] [Abstract] | |
OTHER FINANCIAL ASSETS | NOTE 11 - OTHER FINANCIAL ASSETS (a) The composition of other financial assets is as follows: Current Assets Non-current assets Total Assets As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 347 348 - - 347 348 Deposits in guarantee (aircraft) 7,189 2,435 2,758 21,498 9,947 23,933 Guarantees for margins of derivatives 5,451 3,047 - - 5,451 3,047 Other investments - - 493 493 493 493 Domestic and foreign bonds 1,290 18 - - 1,290 18 Other guarantees given 69,220 43,106 12,371 11,149 81,591 54,255 Subtotal of other financial assets 83,497 48,954 15,622 33,140 99,119 82,094 (b) Hedging derivate asset Fair value of fuel price derivatives 17,641 1,296 - - 17,641 1,296 Subtotal of derivate assets 17,641 1,296 - - 17,641 1,296 Total Other Financial Assets 101,138 50,250 15,622 33,140 116,760 83,390 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 2021 2020 ThUS$ ThUS$ Argentine peso 16 460 Brazilian real 9,775 8,475 Chilean peso 4,502 4,056 Colombian peso 1,727 500 Euro 4,104 3,236 U.S.A dollar 93,247 63,922 Other currencies 3,389 2,741 Total 116,760 83,390 |
OTHER NON-FINANCIAL ASSETS
OTHER NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
OTHER NON-FINANCIAL ASSETS [Abstract] | |
OTHER NON-FINANCIAL ASSETS | NOTE 12 - OTHER NON-FINANCIAL ASSETS The composition of other non-financial assets is as follows: Current assets Non-current assets Total Assets As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Advance payments Aircraft insurance and other 12,331 10,137 - - 12,331 10,137 Others 11,404 15,375 2,002 2,998 13,406 18,373 Subtotal advance payments 23,735 25,512 2,002 2,998 25,737 28,510 (b) Contract assets (1) GDS costs 6,439 4,491 - - 6,439 4,491 Credit card commissions 10,550 6,021 - - 10,550 6,021 Travel agencies commissions 8,091 4,964 - - 8,091 4,964 Subtotal advance payments 25,080 15,476 - - 25,080 15,476 (c) Other assets Aircraft maintenance reserve (2) - 8,613 - - - 8,613 Sales tax 57,634 102,010 33,212 46,210 90,846 148,220 Other taxes 1,661 4,023 - - 1,661 4,023 Contributions to the International Aeronautical Telecommunications Society (“SITA”) 258 258 739 739 997 997 Contributions to Universal Air Travel Plan “UATP” - - 20 - 20 - Judicial deposits - - 89,459 76,835 89,459 76,835 Subtotal other assets 59,553 114,904 123,430 123,784 182,983 238,688 Total Other Non - Financial Assets 108,368 155,892 125,432 126,782 233,800 282,674 (1) Movement of Contracts assets: Cumulative translation Initial balance Activation adjustment Amortization Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 56,576 146,778 (14,672 ) (173,206 ) 15,476 From January 1 to December 31, 2021 15,476 67,647 (6,680 ) (51,363 ) 25,080 (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, 2021, the company does not maintain maintenance reserves, these were exercised by the lessors for the non-payment of rent as a result of the Chapter 11 Proceedings (ThUS$ 8,613 as of December 31, 2020). 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, 2021 | |
OTHER NON-FINANCIAL ASSETS [Abstract] | |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | NOTE 13 - NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE Non-current assets and disposal group classified as held for sale at December 31, 2021 and December 31, 2020, are detailed below: As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Current assets Aircraft 99,694 275,000 Engines and rotables 46,724 740 Other assets 374 382 Total 146,792 276,122 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 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. During 2021, the sale of five aircraft were completed. During the third quarter of the year 2021, associated with the fleet restructuring plan, they were transferred from the Property, plant and equipment component of spare parts and engines to the Non-current assets or groups of assets for disposal classified as held for sale. During the fourth quarter of 2021, according to the Chapter 11 Proceedings, an engine of the XWB family included in this group of assets was rejected, due to finally not complete the sales. Additionally, a loss was recognized for US$85 million during the year (US$ 332 million at December 31, 2020) to adjust the assets to its fair value less the cost of sales, which were recorded in the income statement as part of the restructuring activities expenses. The detail of the fleet classified as non-current assets and disposal group classified as held for sale is as follows: As of As of December 31, December 31, Aircraft 2021 2020 Boeing 767 6 11 Total 6 11 |
INVESTMENTS IN SUBSIDIARIES
INVESTMENTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [text block] [Abstract] | |
INVESTMENTS IN SUBSIDIARIES | NOTE 14 - INVESTMENTS IN SUBSIDIARIES (a) Investments in subsidiaries The Company has investments in companies recognized as investments in subsidiaries. All the companies defined as subsidiaries have been consolidated within the financial statements of LATAM Airlines Group S.A. and Subsidiaries. The consolidation also includes special-purpose entities. Detail of significant subsidiaries: Ownership As of As of Country of Functional December 31, December 31, Name of significant subsidiary incorporation currency 2021 2020 % % Latam Airlines Perú S.A. Peru US$ 99.81000 99.81000 Lan Cargo S.A. Chile US$ 99.89395 99.89395 Lan Argentina S.A. (*) Argentina ARS 100.00000 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 99.20120 99.19414 TAM S.A. Brazil BRL 100.00000 99.99938 (*) See Note 1 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, on dividend payments prior to the application for protection. Summary financial information of significant subsidiaries Income for the year Statement of financial position as of December 31, 2021 ended December 31, 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. 484,388 454,266 30,122 417,067 414,997 2,070 584,929 (83,346 ) Lan Cargo S.A. 721,484 452,981 268,503 537,180 488,535 48,645 215,811 1,590 Lan Argentina S.A. 162,995 158,008 4,987 119,700 98,316 21,384 242 (190,299 ) Transporte Aéreo S.A. 471,094 184,235 286,859 327,955 275,246 52,709 203,411 (56,135 ) Latam Airlines Ecuador S.A. 112,437 108,851 3,586 97,111 80,861 16,250 68,762 (3,078 ) Aerovías de Integración Regional, AIRES S.A. 70,490 67,809 2,681 87,749 75,621 12,128 239,988 (19,615 ) TAM S.A. (*) 2,608,859 1,262,825 1,346,034 3,257,148 2,410,426 846,722 2,003,922 (756,694 ) Income for the year Statement of financial position as of December 31, 2020 ended December 31, 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. 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 ) (*) Corresponds to consolidated information of TAM S.A. and subsidiaries (b) Non-controlling interest As of As of As of As of Country December 31, December 31, December 31, December 31, Equity Tax No. of origin 2021 2020 2021 2020 % % ThUS$ ThUS$ Latam Airlines Perú S.A 0 - E Peru 0.19000 0.19000 (13,035 ) (7,238 ) Lan Cargo S.A. and Subsidiaries 93.383.000 - 4 Chile 0.10196 0.10196 2,481 666 Inversora Cordillera S.A. and Subsidiaries 0 - E Argentina 0.00000 0.01630 - (276 ) Lan Argentina S.A. 0 - E Argentina 0.00000 0.00344 - 1 Americonsult de Guatemala S.A. 0 - E Guatemala 0.87000 0.87000 - 1 Americonsult S.A. and Subsidiaries 0 - E Mexico 0.20000 0.20000 (6 ) (6 ) 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 9.54000 (422 ) (522 ) Aerolíneas Regionales de Integración Aires S.A. 0 - E Colombia 0.79880 0.79880 (145 ) (13 ) Transportes Aereos del Mercosur S.A. 0 - E Paraguay 5.02000 5.02000 769 713 Total (10,356 ) (6,672 ) For the year ended For the year ended Country December 31, December 31, December 31, December 31, Incomes Tax No. of origin 2021 2020 2019 2021 2020 2019 % % % ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A 0 - E Peru 0.19000 0.19000 30.00000 (5,553 ) (8,102 ) (1,065 ) Lan Cargo S.A. and Subsidiaries 93.383.000 - 4 Chile 0.10196 0.10196 0.10196 (82 ) (121 ) 19 Inversora Cordillera S.A. and Subsidiaries 0 - E Argentina 0.00000 0.01630 4.22000 (19 ) 360 359 Lan Argentina S.A. 0 - E Argentina 0.00000 0.00344 0.00344 (5 ) 70 48 Americonsult S.A. and Subsidiaries 0 - E Mexico 0.20000 0.20000 0.20000 (1 ) 1 (7 ) Linea Aérea Carguera de Colombiana S.A. 0 - E Colombia 9.54000 9.54000 10.00000 100 (943 ) (293 ) Aerolíneas Regionales de Integración Aires S.A. 0 - E Colombia 0.79880 0.79880 0.79880 (158 ) (724 ) (24 ) Transportes Aereos del Mercosur S.A. 0 - E Paraguay 5.02000 5.02000 5.02000 67 (189 ) 420 Total (5,651 ) (9,648 ) 5,183 (*) See Note 1 letter (b) |
INTANGIBLE ASSETS OTHER THAN GO
INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of intangible assets [text block] [Abstract] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL | NOTE 15 - INTANGIBLE ASSETS OTHER THAN GOODWILL The details of intangible assets are as follows: Classes of intangible assets Classes of intangible assets (net) (gross) As of As of As of As of December 31, December 31, December 31, December 31, 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 587,214 627,742 587,214 627,742 Loyalty program 190,542 204,615 190,542 204,615 Computer software 136,135 139,113 463,478 528,097 Developing software 104,874 68,521 105,673 69,379 Trademarks (1) - 6,340 36,723 39,803 Other assets 127 228 1,315 1,315 Total 1,018,892 1,046,559 1,384,945 1,470,951 Movement in Intangible assets other than goodwill: Computer Trademarks software Developing Airport and loyalty Net software slots (2) program (1) (2) Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 ) Adjustment application IAS 29 by hyperinflation Argentina - - - - - 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 Opening balance as of January 1, 2021 139,341 68,521 627,742 210,955 1,046,559 Additions - 82,798 - - 82,798 Withdrawals (275 ) (429 ) - - (704 ) Transfer software 46,144 (45,657 ) - (352 ) 135 Foreign exchange (3,571 ) (359 ) (40,528 ) (14,276 ) (58,734 ) Amortization (45,377 ) - - (5,785 ) (51,162 ) Closing balance as of December 31, 2021 136,262 104,874 587,214 190,542 1,018,892 (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. At December 31, 2021 TAM’s trademark is fully amortized (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, 2021, amounts to ThUS $ 366,053 (ThUS $ 424,932 as of December 31, 2020). b) Impairment Test Intangible Assets with an indefinite useful life As of December 31, 2021, the Company maintains only the CGU “Air Transport”. The CGU “Air transport” considers the transport of passengers and cargo, both in the domestic markets of Chile, Peru, Argentina, Colombia, Ecuador and Brazil, as well as in a series of regional and international routes in America, Europe, Africa and Oceania. As of December 31, 2021, in accordance with the accounting policy, the Company performed the annual impairment test. The recoverable amount of the CGU was determined based on calculations of the value in use. These calculations use projections of 5 years 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. The recoverable values were determined using the following assumptions: CGU Air transport Annual growth arte (Terminal) % 1.1 – 2.5 Exchange rate (1) R$/US$ 5.4 – 5.7 Discount rate base don the weighted average Cost of Capital (WACC) % 8.60 – 10.60 Fuel Price from future prices curves Commodities markets US$/barrel 71 - 73 (1) In line with expectations of the Central Bank of Brazil. The result of the impairment test, which includes a sensitivity analysis of its main variables, showed that the calculated recoverable values exceed the book value of the cash-generating unit, and therefore no impairment was detected. The CGU is sensitive to annual growth rates, discounts, exchange rates and fuel price. The sensitivity analysis included the individual impact of changes in critical estimates in determining recoverable amounts, namely: Increase Decrease rate Increase WACC Terminal growth Fuel Price Maximum Minimal Maximum % % Air Transportation CGU 10.6 1.1 100-114 In none of the above scenarios an impairment of the cash-generating unit was identified. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets of Indefinite Useful Life [Abstract] | |
GOODWILL | NOTE 16 - GOODWILL Movement of Goodwill, separated by CGU: Air Coalition Transport Multiplus Total ThUS$ ThUS$ ThUS$ 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 - - - Opening balance as of January 1, 2021 - - - Increase (decrease) due to exchange rate differences - - Impairment loss - - Closing balance as of December 31, 2021 - - - During fiscal year 2020, the Company recognized an impairment for the total Goodwill. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 17 - PROPERTY, PLANT AND EQUIPMENT The composition by category of Property, plant and equipment is as follows: Gross Book Value Accumulated depreciation Net Book Value As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ a) Property, plant and equipment Construction in progress (1) 473,797 377,961 - - 473,797 377,961 Land 43,276 42,979 - - 43,276 42,979 Buildings 121,972 123,836 (61,521 ) (58,629 ) 60,451 65,207 Plant and equipment 11,024,722 12,983,173 (4,462,706 ) (5,292,429 ) 6,562,016 7,690,744 Own aircraft (3) (4) 10,377,850 12,375,500 (4,237,585 ) (5,088,297 ) 6,140,265 7,287,203 Other (2) 646,872 607,673 (225,121 ) (204,132 ) 421,751 403,541 Machinery 25,764 27,402 (23,501 ) (23,986 ) 2,263 3,416 Information technology equipment 146,986 147,754 (130,150 ) (132,923 ) 16,836 14,831 Fixed installations and accessories 147,402 154,414 (108,661 ) (105,215 ) 38,741 49,199 Motor vehicles 49,186 49,345 (44,423 ) (44,140 ) 4,763 5,205 Leasehold improvements 248,733 201,828 (115,758 ) (127,420 ) 132,975 74,408 Subtotal Properties, plant and equipment 12,281,838 14,108,692 (4,946,720 ) (5,784,742 ) 7,335,118 8,323,950 b) Right of use Aircraft (3) 5,211,153 5,369,519 (3,109,411 ) (3,031,477 ) 2,101,742 2,338,042 Other assets 243,014 244,847 (190,007 ) (176,570 ) 53,007 68,277 Subtotal Right of use 5,454,167 5,614,366 (3,299,418 ) (3,208,047 ) 2,154,749 2,406,319 Total 17,736,005 19,723,058 (8,246,138 ) (8,992,789 ) 9,489,867 10,730,269 (1) As of December 31, 2021, includes advances paid to aircraft manufacturers for ThUS$ 377,590 (ThUS$ 360,387 as of December 31, 2020) (2) Consider mainly rotables and tools. (3) As of December 31, 2020, due to 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 right of use assets, (1 A319, 7 A320 and 2 B767). As of December 31, 2021, due to Chapter 11, 13 aircraft lease contract were rejected, 4 were presented as to Property, plant and equipment, (4 A350) and 9 were presented as right of use assets, (2 A320 and 7 A350). (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: Construction Land Buildings Plant and Information Fixed Motor Leasehold Property, ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 Opening balance as of January 1, 2021 377,961 42,979 65,207 7,698,969 14,831 49,199 396 74,408 8,323,950 Additions 84,392 1,550 92 563,023 6,455 6 17 6,543 662,078 Disposals - - - (169 ) (26 ) (309 ) (17 ) - (521 ) Rejection fleet (*) - - - (469,878 ) - - - (46,816 ) (516,694 ) Retirements (279 ) - - (44,684 ) (212 ) (1,885 ) - (26 ) (47,086 ) Depreciation expenses - - (4,074 ) (620,349 ) (4,345 ) (8,304 ) (61 ) (11,649 ) (648,782 ) Foreign exchange (1,720 ) (1,252 ) (833 ) (19,199 ) (404 ) (1,752 ) (11 ) (13,074 ) (38,245 ) Other increases (decreases) (**) 13,443 - 59 (538,996 ) 537 1,786 1 123,589 (399,581 ) Changes, total 95,836 298 (4,756 ) (1,130,252 ) 2,005 (10,458 ) (71 ) 58,567 (988,831 ) Closing balance as of December 31, 2021 473,797 43,277 60,451 6,568,717 16,836 38,741 325 132,975 7,335,119 (*) Include aircraft lease rejection due to Chapter 11. (**) As of December 31, 2021, it includes the lease contract amendment of two B787 aircraft ThUS$ (397,569) and six A320N aircraft ThUS$ (284,952). Include the reclassification of 4 A350 aircraft that were incorporated on property plant and equipment from available for sale for ThUS$ 464.812 and the reclassification of 11 B767 aircraft that were moved to available for sales for ThUS$(606,522) (see note 13). (b) Right of use assets: Net right of use Aircraft Others assets ThUS $ ThUS $ ThUS $ 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 ) Cumulative 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 ) Depreciation expense (395,936 ) (22,492 ) (418,428 ) Cumulative translate adjustment (6,578 ) (11,173 ) (17,751 ) Other increases (decreases) ** (18,894 ) 385 (18,509 ) Total changes (430,498 ) (32,881 ) (463,379 ) Final balances as of December 31, 2020 2,338,042 68,277 2,406,319 Opening balances as of January 1, 2021 2,338,042 68,277 2,406,319 Additions 537,995 1,406 539,401 Fleet rejection (*) (573,047 ) (4,577 ) (577,624 ) Depreciation expense (317,616 ) (16,597 ) (334,213 ) Cumulative translate adjustment (574 ) (1,933 ) (2,507 ) Other increases (decreases) ** 116,942 6,431 123,373 Total changes (236,300 ) (15,270 ) (251,570 ) Final balances as of December 31, 2021 2,101,742 53,007 2,154,749 (*) Include aircraft lease rejection due to Chapter 11. (**) Include the amendment of 109 aircraft lease contract (1 A319, 37 A320, 12 A320N, 19 A321, 1 B767, 6 B777 and 16 B787). (c) Composition of the fleet Aircraft included Aircraft included in Property, as Rights Total plant and equipment of use assets fleet As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, Aircraft Model 2021 2020 2021 2020 2021 2020 Boeing 767 300 ER 16 17 - - 16 17 Boeing 767 300 F 12 (1) 11 (1) 1 1 13 (1) 12 (1) Boeing 777 300 ER 4 4 6 6 10 10 Boeing 787 800 4 6 6 4 10 10 Boeing 787 900 2 2 15 10 17 12 Airbus A319 100 37 37 7 7 44 44 Airbus A320 200 94 96 (2) 39 38 133 134 (2) Airbus A320 NEO - 6 12 6 12 12 Airbus A321 200 18 19 31 19 49 38 Airbus A350 900 - 4 - 7 - 11 Total 187 202 117 98 304 300 (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, 2021 2020 Guarantee Creditor Committed Existing Book Existing Book agent (1) company Assets Fleet Debt Value Debt Value ThUS$ ThUS$ ThUS$ ThUS$ Wilmington Trust Company MUFG Aircraft and engines Airbus A319 58,611 259,036 69,375 268,746 Airbus A320 51,543 227,604 63,581 257,613 Boeing 767 46,779 168,315 43,628 180,591 Boeing 777 144,358 141,620 - - Boeing 787 - - 114,936 119,229 Credit Agricole Credit Agricole Aircraft and engines Airbus A319 1,073 6,419 1,073 6,936 Airbus A320 139,192 117,130 139,192 122,251 Airbus A321 / A350 30,733 27,427 30,733 28,127 Boeing 767 10,404 30,958 10,404 32,802 Boeing 787 91,797 38,551 91,797 43,020 Bank Of Utah BNP Paribas Aircraft and engines Airbus A320 / A350 198,475 233,501 262,420 289,946 Boeing 787 - - 211,849 246,349 Investec Aircraft and engines Airbus A320 / A350 - - 37,870 - SMBC Aircraft and engines Airbus A350 - - 130,000 134,780 Natixis Natixis Aircraft and engines Airbus A321 - - 271,129 375,645 Citibank N.A. Citibank N.A. Aircraft and engines Airbus A319 27,936 45,849 27,936 38,836 Airbus A320 128,030 181,224 128,030 214,597 Airbus A321 41,599 75,092 41,599 81,706 Airbus A350 15,960 26,507 15,960 26,823 Airbus B767 90,846 181,246 90,846 197,797 Airbus B787 23,156 17,036 23,156 19,047 Rotables 162,477 134,846 162,477 145,708 UMB Bank MUFG Aircraft and engines Airbus A320 166,712 258,875 167,371 246,293 MUFG Bank MUFG Bank Aircraft and engines Airbus A320 - - 215,043 295,036 Total direct guarantee 1,429,681 2,171,236 2,350,405 3,371,878 (1) For the syndicated loans, is the Guarantee Agent that represent different creditors. The amounts of the current debt are presented at their nominal value. The net book value corresponds to the assets granted as collateral. Additionally, there are indirect guarantees associated with assets registered in properties, plants and equipment whose total debt as of December 31, 2021, amounts to ThUS$ 1,200,382 (ThUS $ 1,642,779 As of December 31, 2020, given Chapter 11, nineteen aircraft corresponding to Property, plant and equipment were rejected, of which eighteen had direct guarantees and one indirect guarantee. As of December 31, 2021, the Company keeps valid letters of credit related to assets by right of use according to the following detail: Value Release Creditor Guarantee Debtor Type ThUS$ date GE Capital Aviation Services Ltd. Latam Airlines Group S.A. Three letters of credit 12,198 Jan 20, 2022 Merlin Aviation Leasing (Ireland) 18 Limited Tam Linhas Aéreas S.A. Two letters of credit 3,852 Mar 15, 2022 RB Comercial Properties 49 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 25,835 Apr 29, 2022 41,885 (ii) Commitments and others Fully depreciated assets and commitments for future purchases are as follows: As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 223,608 206,497 Commitments for the acquisition of aircraft (*) 10,800,000 7,500,000 (*) According to the manufacturer’s price list. Purchase commitment of aircraft Year of Manufacturer 2022-2028 Total Airbus S.A.S. 70 70 A320-NEO Family 70 70 The Boeing Company 2 2 Boeing 787-9 2 2 Total 72 72 As of December 31, 2021, as a result of the different aircraft purchase contracts signed with Airbus SAS, 70 Airbus A320 family aircraft remain to be received with deliveries between 2020 and 2028. The approximate amount, according to the manufacturer’s list prices, is ThUS $ 10,200,000. As of December 31, 2021, as a result of the different aircraft purchase contracts signed with The Boeing Company, 2 Boeing 787 Dreamliner aircraft remain to be received with delivery dates between 2022. The approximate amount, according to list prices from the manufacturer, is ThUS $ 600,000. (iii) Capitalized interest costs with respect to Property, plant and equipment. For the year ended December 31, 2021 2020 2019 Average rate of capitalization of capitalized interest costs % 5.06 3.52 4.72 Costs of capitalized interest ThUS$ 7,345 11,627 1,444 |
CURRENT AND DEFERRED TAXES
CURRENT AND DEFERRED TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [text block] [Abstract] | |
CURRENT AND DEFERRED TAXES | NOTE 18 - CURRENT AND DEFERRED TAXES In the year ended December 31, 2021, 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, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 32,086 36,788 - - 32,086 36,788 Other recoverable credits 9,171 5,532 - - 9,171 5,532 Total current tax assets 41,257 42,320 - - 41,257 42,320 (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, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 675 656 - - 675 656 Total current tax liabilities 675 656 - - 675 656 (b) Deferred taxes The balances of deferred tax are the following: Assets Liabilities As of As of As of As of Concept December 31, December 31, December 31, December 31, 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Properties, Plants and equipment (1,128,225 ) (1,314,456 ) 80,468 81,881 Assets by right of use 715,440 229,119 (68 ) (136 ) Amortization (44,605 ) (65,139 ) 10 9 Provisions 111,468 212,492 74,047 68,462 Revaluation of financial instruments (16,575 ) (18,133 ) - - Tax losses 358,284 1,496,952 (87,378 ) (60,785 ) Intangibles - - 254,155 270,681 Other 19,503 23,981 19,777 24,168 Total 15,290 564,816 341,011 384,280 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, 2019 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,582,496 ) 67,237 - 1,355 (1,513,904 ) Assets for right of use 85,752 47,729 - - 133,481 Amortization (56,863 ) 3,345 - 382 (53,136 ) Provisions 37,328 13,881 2,873 (10,515 ) 43,567 Revaluation of financial instruments (13 ) 10,142 414 (264 ) 10,279 Tax losses 1,369,150 (10,116 ) - (2,766 ) 1,356,268 Intangibles (351,238 ) (11,718 ) - 13,874 (349,082 ) Others (14,662 ) 5,844 - 125 (8,693 ) Total (513,042 ) 126,344 3,287 2,191 (381,220 ) (b) From January 1 to December 31, 2020 Opening balance Assets/ Recognized in consolidated income Recognized in comprehensive income Exchange rate variation Ending balance Asset 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 (c) From January 1 to December 31, 2021 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,396,337 ) 187,644 - - (1,208,693 ) Assets for right of use 229,255 486,253 - - 715,508 Amortization (65,148 ) 20,533 - - (44,615 ) Provisions 144,030 (103,826 ) (2,783 ) - 37,421 Revaluation of financial instruments (18,133 ) 1,616 (58 ) - (16,575 ) Tax losses (*) 1,557,737 (1,112,075 ) - - 445,662 Intangibles (270,681 ) (1,394 ) - 17,920 (254,155 ) Others (187 ) (87 ) - - (274 ) Total 180,536 (521,336 ) (2,841 ) 17,920 (325,721 ) 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. In total the company has not recognized deferred tax assets for ThUS$ 2,638,473 (ThUS$ 749,100 as of December 31, 2020) which include deferred tax assets related to negative tax results of ThUS$ 9,030,059 (ThUS$ 1,433,474 at December 31, 2020). (*) As stated in note 2c), on November 26th, 2021 the Company filed a Reorganization Plan and Disclosure Statement in which, among other items, financial forecasts are included together with the proposed issuance of new shares and convertible bonds. With the referred information, the Company management updated its analysis on the recoverability of deferred tax assets and determined that during the time covered by the financial forecast it will not be probable that part of such deferred tax assets may offset future taxable profits. Therefore, the Company during the fourth quarter of 2021 derecognized deferred tax assets not considered recoverable in the amount of THUS$1,251,912. Deferred tax expense and current income/(loss) taxes: For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Current tax expense Current tax expense (47,139 ) 3,602 (72,999 ) Adjustment to previous period’s current tax (460 ) 199 352 Total current tax expense, net (47,599 ) 3,801 (72,647 ) Deferred tax expense Deferred expense for taxes related to the creation and reversal of temporary differences (521,336 ) 546,387 126,344 Total deferred tax expense, net (521,336 ) 546,387 126,344 Income/(loss) tax expense (568,935 ) 550,188 53,697 Composition of income/(loss) tax expense: For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Current tax expense, net, foreign (9,943 ) (4,232 ) (76,806 ) Current tax expense, net, Chile (37,656 ) 8,033 4,159 Total current tax expense, net (47,599 ) 3,801 (72,647 ) Deferred tax expense, net, foreign 4,309 (235,963 ) (37,294 ) Deferred tax expense, net, Chile (525,645 ) 782,350 163,638 Deferred tax expense, net, total (521,336 ) 546,387 126,344 Income tax (expense)/benefit (568,935 ) 550,188 53,697 Income before tax from the Chilean legal tax rate (27% as of December 31, 2021 and 2020) For the year ended For the year ended 2021 2020 2019 2021 2020 2019 ThUS$ ThUS$ ThUS$ % % % Tax expense using the legal rate 1,102,736 1,378,547 (38,318 ) (27.00 ) (27.00 ) (27.00 ) Tax effect of rates in other jurisdictions 54,775 58,268 (20,082 ) (1.34 ) (1.14 ) (14.15 ) Tax effect of non-taxable operating revenues 9,444 19,529 13,125 (0.23 ) (0.38 ) 9.25 Tax effect of disallowable expenses (30,928 ) (40,528 ) (66,257 ) 0.76 0.79 (46.69 ) Other increases (decreases): Derecognition of deferred tax liabilities 205,458 294,969 145,930 (5.03 ) (5.78 ) 102.83 Tax effect for goodwill impairment losses - (453,681 ) - - 8.89 - Derecognition of deferred tax assets not recoverable (1,251,912 ) (237,637 ) - 30.65 4.65 - Deferred tax asset not recognized (667,702 ) (414,741 ) - 16.35 8.12 - Other increases (decreases): 9,194 (54,538 ) 19,299 (0.23 ) 1.07 13.60 Total adjustments to tax expense using the legal rate (1,671,671 ) (828,359 ) 92,015 40.93 16.22 64.84 Tax expense using the effective rate (568,935 ) 550,188 53,697 13.93 (10.78 ) 37.84 Deferred taxes related to items charged to equity: For the year ended December 31, 2021 2020 ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income (2,841 ) 1,883 |
OTHER FINANCIAL LIABILITIES
OTHER FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
OTHER FINANCIAL LIABILITIES [Abstract] | |
OTHER FINANCIAL LIABILITIES | NOTE 19 - OTHER FINANCIAL LIABILITIES The composition of other financial liabilities is as follows: As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Current (a) Interest bearing loans 3,869,040 2,243,776 (b) Lease Liability 578,740 806,283 (c) Hedge derivatives 2,734 2,734 (d) Derivative non classified as hedge accounting 2,937 2,937 Total current 4,453,451 3,055,730 Non-current (a) Interest bearing loans 3,566,804 5,489,078 (b) Lease Liability 2,381,898 2,314,723 Total non-current 5,948,702 7,803,801 (a) Interest bearing loans Obligations with credit institutions and debt instruments: As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Current Loans to exporters 159,161 151,701 Bank loans 415,087 385,490 Guaranteed obligations (3)(4)(7)(8)(10) 75,593 388,492 Other guaranteed obligations (1)(5) 2,546,461 435,413 Subtotal bank loans 3,196,302 1,361,096 Obligation with the public 396,345 108,301 Financial leases (3)(4)(6)(7)(8)(9) 199,885 774,379 Other loans 76,508 - Total current 3,869,040 2,243,776 Non-current Bank loans 106,751 139,783 Guaranteed obligations (3)(4)(7)(8)(10) 434,942 930,364 Other guaranteed obligations (1)(5) 178,961 1,503,703 Subtotal bank loans 720,654 2,573,850 Obligation with the public 1,856,853 2,075,106 Financial leases (3)(4)(6)(7)(8)(9) 989,297 840,122 Total non-current 3,566,804 5,489,078 Total obligations with financial institutions 7,435,844 7,732,854 (1) 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. (2) 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 9, 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 period, 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 September 30, 2021, 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. For those agreements that have already been modified or extinguished, the financial information has been properly presented according to the new contracts’ terms and conditions. (3) 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. (4) 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. (5) On September 29, 2020, LATAM Airlines Group S.A. entered into a MUS$ 2,450 Debtor-in-Possession financing (the “DIP Financing”), consisting of a MUS$ 1,300 Tranche A Facility and a MUS$ 1,150 Tranche C Facility, of which MUS$ 750 are committed by related parties. The obligations under the DIP Financing are secured by collateral consisting of certain assets of LATAM and certain of its subsidiaries, including, but not limited to, equity, certain engines and spare parts. On October 8, 2020, LATAM made a partial withdrawal for MUS$ 1,150 from Tranche A and Tranche C, and then, on or around June 22, 2021, LATAM made an additional withdrawal for MUS$ 500 from Tranche A and Tranche C. On October 18, 2021, LATAM Airlines Group S.A. obtained court approval for a Tranche B (“Tranche B”) of the Debtor-in-Possession (“DIP”) Financing for up to a total of US$ 750 million. The obligations of this Tranche B, like the previous tranches, are guaranteed with the same guarantees granted by LATAM and its subsidiaries subject to the Chapter 11 Procedure, without limitation, pledges on shares, certain engines and spare parts. The following turns of the DIP must be made to Tranche B until the proportion turned of the latter is equal to that of the previous tranches. Once this ratio is equal, spins are pro-rata. On November 10, 2021, the company made a partial transfer for MUS$ 200 from Tranche B and later on December 28, 2021, LATAM made a new transfer for MUS$ 100. After these transfers, LATAM still It has MUS$1,250 of line available for future transfers. The DIP has an expiration date of April 8, 2022, subject to a potential extension, at LATAM’s decision, for an additional 60 days in the event that LATAM’s reorganization plan has been confirmed by a United States Court order for the Southern District of New York, but the plan is not yet effective. (6) On March 31, 2021, the United States Court for the Southern District of New York approved and, subsequently, on April 13, 2021, issued an order approving the motion presented by the Company to extend certain leases of 3 aircraft. (7) On June 17, 2021, the United States Court for the Southern District of New York approved the motion presented by the Company to reject the lease of an aircraft financed under a financial lease in the amount of MUS $ 130.7. (8) On June 30, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 3 aircraft financed under a financial lease in the amount of MUS $307.4. (9) On November 1, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 1 engine financed under a financial lease in the amount of ThUS$19.5. (10) In the year ended December 31, 2021, the Company transferred its ownership in 5 special purpose vehicles and ceased to control 6 Special Purpose entities. As a result of the foregoing, the classification of the financial liabilities associated with 18 aircraft was changed from guaranteed obligations; 10 to financial leases and 8 to lease liabilities. Balances by currency of interest bearing loans are as follows: As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Currency Brazilian real 338,953 300,659 Chilean peso (U.F.) 639,710 679,983 US Dollar 6,457,181 6,752,212 Total 7,435,844 7,732,854 Interest-bearing loans due in installments to December 31, 2021 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More 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 0-E CITIBANK U.S.A. US$ 114,000 - - - - 114,000 123,366 - - - - 123,366 At Expiration 2.96 2.96 76.645.030-K ITAU Chile US$ 20,000 - - - - 20,000 22,742 - - - - 22,742 At Expiration 4.20 4.20 0-E HSBC England US$ 12,000 - - - - 12,000 13,053 - - - - 13,053 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 10,106 - - - - 10,106 11,040 - - - - 11,040 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ - - 106,427 - - 106,427 135 - 106,427 - - 106,562 Quarterly 2.80 2.80 0-E CITIBANK U.S.A. UF 60,935 - - - - 60,935 64,293 - - - - 64,293 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCOESTADO Chile UF - 159,679 - - 343,218 502,897 49,584 159,679 - - 355,114 564,377 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ - - 700,000 800,000 - 1,500,000 187,082 - 698,450 803,289 - 1,688,821 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 16,079 12,412 34,958 37,891 97,135 198,475 17,926 12,412 34,044 37,466 96,379 198,227 Quarterly 1.48 1.48 0-E MUFG U.S.A. US$ 29,054 11,661 32,639 34,970 58,388 166,712 31,375 11,661 32,188 34,733 57,983 167,940 Quarterly 1.64 1.64 0-E WILMINGTON TRUST U.S.A. US$ - 2,209 24,703 32,327 85,119 144,358 - 2,209 24,703 32,327 85,119 144,358 Quarterly/Monthly 3.17 1.60 - SWAP Received aircraft - US$ 10 - - - - 10 10 - - - - 10 Quarterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ 273,199 - - - - 273,199 274,403 - - - - 274,403 At Expiration 1.82 1.82 0-E MUFG U.S.A. US$ 7,551 33,131 91,435 24,816 - 156,933 8,259 33,131 91,255 24,816 - 157,461 Quarterly 1.72 1.72 0-E CITIBANK U.S.A. US$ - 600,000 - - - 600,000 95 600,000 - - - 600,095 At Expiration 2.00 2.00 0-E BANK OF UTAH U.S.A. US$ - 1,644,876 - - - 1,644,876 - 1,630,390 - - - 1,630,390 At Expiration 22.71 12.97 0-E EXIM BANK U.S.A. US$ - - - 25,876 37,014 62,890 183 - - 25,876 37,014 63,073 Quarterly 1.84 1.84 Financial leases 0-E CREDIT AGRICOLE France US$ 682 1,370 - - - 2,052 694 1,370 - - - 2,064 Quarterly 3.68 3.23 0-E CITIBANK U.S.A. US$ 19,101 52,371 12,513 - - 83,985 19,198 52,371 12,359 - - 83,928 Quarterly 1.37 0.79 0-E BNP PARIBAS U.S.A. US$ 7,216 19,537 28,165 - - 54,918 7,313 19,537 27,905 - - 54,755 Quarterly 1.56 0.96 0-E NATIXIS France US$ 1,335 15,612 52,010 54,443 138,058 261,458 4,472 15,612 51,647 54,064 137,430 263,225 Quarterly 2.09 2.09 0-E US BANK U.S.A. US$ 16,601 50,373 135,201 17,492 - 219,667 17,755 50,373 127,721 17,188 - 213,037 Quarterly 4.03 2.84 0-E PK AIRFINANCE U.S.A. US$ 800 3,842 11,562 647 - 16,851 903 3,842 11,562 647 - 16,954 Quarterly 1.88 1.88 0-E EXIM BANK U.S.A. US$ - - - 248,354 284,773 533,127 1,771 - - 244,490 280,341 526,602 Quarterly 2.88 2.03 Others loans 0-E Various (**) US$ 55,819 - - - - 55,819 55,819 - - - - 55,819 At Expiration - - Total 644,488 2,607,073 1,229,613 1,276,816 1,043,705 6,801,695 911,471 2,592,587 1,218,261 1,274,896 1,049,380 7,046,595 (*) Note that the obligations are due to expire and contractual obligations, for not presenting any resolution of chapter 11. (**) Obligation to creditors for executed letters of creditresolution. Interest -bearing loans due in installments to December 31, 2021 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil Nominal values Accounting values Up to More than More than More than More than Total Up to More than More than More than 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 NCM Netherlands US$ 619 - 324 - - 943 666 - 324 - - 990 Monthly 6.01 6.01 0-E BANCO BRADESCO Brazil BRL 74,661 - - - - 74,661 98,864 - - - - 98,864 Monthly 4.33 4.33 0-E Merril Lynch Credit Products LLC U.S.A. BRL 185,833 - - - - 185,833 240,089 - - - - 240,089 Monthly 3.95 3.95 Financial lease 0-E NATIXIS France US$ 433 2,482 2,872 11,539 - 17,326 637 2,481 2,872 11,539 - 17,529 Quarterly 2.74 2.74 0-E GA Telessis LLC U.S.A. US$ 320 1,147 2,695 2,850 3,987 10,999 409 1,147 2,695 2,850 3,987 11,088 Monthly 14.72 14.72 Others loans 0-E DEUTCHEBANK (*) Brazil US$ 20,689 - - - - 20,689 20,689 - - - - 20,689 At Expiration - - Total 282,555 3,629 5,891 14,389 3,987 310,451 361,354 3,628 5,891 14,389 3,987 389,249 Total consolidated 927,043 2,610,702 1,235,504 1,291,205 1,047,692 7,112,146 1,272,825 2,596,215 1,224,152 1,289,285 1,053,367 7,435,844 (*) Obligation to creditors for executed letters of credit 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 Up to More than More than More than More than Total Up to More than More than More than 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$ 14,834 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 815,121 783,680 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 Up to More than More than More than More than Total Up to More than More than More than 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 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 1,272,463 785,745 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 (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, 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 Lease termination (7,435 ) (285 ) (7,720 ) Renegotiations (35,049 ) 4,919 (30,130 ) Payments (131,427 ) (36,689 ) (168,116 ) Accrued interest 158,253 9,348 167,601 Exchange differences - (7,967 ) (7,967 ) Cumulative translation adjustment - (38 ) (38 ) Other increases (decreases) - (5,324 ) (5,324 ) Changes (15,658 ) (35,493 ) (51,151 ) Closing balance as of December 31, 2020 3,026,573 94,433 3,121,006 Opening balance as January 1, 2021 3,026,573 94,433 3,121,006 New contracts 518,478 875 519,353 Lease termination (724,193 ) (5,300 ) (729,493 ) Renegotiations 101,486 5,717 107,203 Payments (95,831 ) (24,192 ) (120,023 ) Accrued interest 88,245 8,334 96,579 Exchange differences - 3,356 3,356 Cumulative translation adjustment - (2,332 ) (2,332 ) Other increases (decreases) (31,097 ) (3,914 ) (35,011 ) Changes (142,912 ) (17,456 ) (160,368 ) Closing balance as of December 31, 2021 2,883,661 76,977 2,960,638 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 December 31, As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Fair value of interest rate derivatives 2,734 2,734 - - 2,734 2,734 Total hedge derivatives 2,734 2,734 - - 2,734 2,734 (d) Derivatives that do not qualify for hedge accounting Total derivatives of Current liabilities Non-current liabilities no coverage As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as hedge 2,937 2,937 - - 2,937 2,937 Total derived not qualify as hedge accounting 2,937 2,937 - - 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 December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Interest rate swaps (2) (2,734 ) (2,734 ) Fuel options (3) 17,641 1,296 (1) Hedge 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. (2) Hedge significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. 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, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Debit (credit) recognized in comprehensive income during the year 38,870 (105,776 ) 95,954 Debit (credit) transferred from net equity to income during the year 16,641 (13,016 ) (30,074 ) See note 25 (f) 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, 2021 | |
Disclosure of trade and other payables [text block] [Abstract] | |
TRADE AND OTHER ACCOUNTS PAYABLES | NOTE 20 - TRADE AND OTHER ACCOUNTS PAYABLES The composition of Trade and other accounts payables is as follows: As of December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,966,633 1,757,799 (b) Accrued liabilities 2,893,520 564,326 Total trade and other accounts payables 4,860,153 2,322,125 (a) Trade and other accounts payable: As of December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Trade creditors 1,460,832 1,281,432 Other accounts payable 505,801 476,367 Total 1,966,633 1,757,799 The details of Trade and other accounts payables are as follows: As of December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Maintenance 375,144 116,103 Suppliers technical purchases 328,811 281,452 Handling and ground handling 176,142 137,626 Boarding Fees 171,128 181,049 Leases, maintenance and IT services 143,586 110,472 Professional services and advisory 129,682 146,753 Airport charges and overflight 104,241 142,709 Other personnel expenses 90,410 105,696 Aircraft Fuel 77,171 143,119 Services on board 56,072 58,099 Marketing 49,865 53,419 Air companies 32,152 27,668 Crew 12,007 16,541 Achievement of goals 11,144 6,622 Jol Fleet 9,891 7,840 Land services 6,553 10,466 Others 192,634 212,165 Total trade and other accounts payables 1,966,633 1,757,799 (b) Liabilities accrued: As of December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Aircraft and engine maintenance (*) 1,166,181 460,082 Accrued personnel expenses 59,327 72,696 Accounts payable to personnel (**) 58,153 2,186 Other settled claims (****) 1,575,005 - Others accrued liabilities (***) 34,854 29,362 Total accrued liabilities 2,893,520 564,326 (*) In addition to the account payable for maintenance in the normal course of operations, this amount includes some claims agreed with aircraft lessors, related to maintenance. (**) Profits and bonus participation (Note 23 letter b). (***) See Note 22. (****) This amount includes some agreed fleet claims, associated with the negotiations resulting from the Chapter 11 Proceedings. The balances include the amounts that will be part of the reorganization agreement, product of the entry into the Chapter 11 Proceedings on May 26, 2020 for LATAM, and July 09 for certain subsidiaries in Brazil. |
OTHER PROVISIONS
OTHER PROVISIONS | 12 Months Ended |
Dec. 31, 2021 | |
OTHER PROVISIONS [Abstract] | |
OTHER PROVISIONS | NOTE 21 - OTHER PROVISIONS Current liabilities Non-current liabilities Total Liabilities As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 24,330 21,188 490,217 364,342 514,547 385,530 Civil contingencies 3,154 2,266 92,955 103,984 96,109 106,250 Labor contingencies 388 320 98,254 48,115 98,642 48,435 Other - - 21,855 17,821 21,855 17,821 Provision for European Commission investigation (2) - - 9,300 10,097 9,300 10,097 Provisions for onerous contracts (3) - - - 44,000 - 44,000 Total other provisions (4) 27,872 23,774 712,581 588,359 740,453 612,133 (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, 2021, and December 31, 2020, 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, 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 Opening balance as of January 1, 2021 558,036 10,097 44,000 612,133 Increase in provisions 403,229 - - 403,229 Provision used (84,497 ) - - (84,497 ) Difference by subsidiaries conversion (25,531 ) - - (25,531 ) Reversal of provision (119,029 ) - (44,000 ) (163,029 ) Exchange difference (1,055 ) (797 ) - (1,852 ) Closing balance as of December 31, 2021 731,153 9,300 - 740,453 (1) Accumulated balances include a judicial deposit delivered in guarantee, with respect to the “Fundo Aeroviario” (FA), for MUS$ 65, 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, 2021 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, 2021 | |
Disclosure Of Non Financial Other Liabilities Explanatory [Abstract] | |
OTHER NON-FINANCIAL LIABILITIES | NOTE 22 - 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, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (1)(2) 2,273,137 2,036,880 512,056 702,008 2,785,193 2,738,888 Sales tax 3,870 7,609 - - 3,870 7,609 Retentions 31,509 27,853 - - 31,509 27,853 Others taxes 4,916 3,931 - - 4,916 3,931 Dividends payable - - - - - - Other sundry liabilities 19,144 12,518 - - 19,144 12,518 Total other non-financial liabilities 2,332,576 2,088,791 512,056 702,008 2,844,632 2,790,799 Deferred Income Movement Deferred income Adjustment Loyalty program IAS 29, Initial balance (1) Use (Award Expiration of tickets Argentina Others provisions Final ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2019 2,974,760 8,264,970 (7,703,011 ) 124,548 (156,435 ) 2,232 33,402 3,540,466 From January 1 to December 31, 2020 3,540,466 1,970,203 (2,554,476 ) (137,176 ) (72,670 ) (3,485 ) (3,974 ) 2,738,888 From January 1 to December 31, 2021 2,738,888 4,221,168 (4,053,345 ) (12,091 ) (114,227 ) - 4,800 2,785,193 (1) The balance includes mainly, deferred income for services not provided as of December 31, 2021 and December 31, 2020; 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. (2) As of December 31, 2021, Deferred Income includes ThUS $ 58,509 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, 2021 | |
Disclosure of employee benefits [text block] [Abstract] | |
EMPLOYEE BENEFITS | NOTE 23 - EMPLOYEE BENEFITS As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Retirements payments 35,075 51,007 Resignation payments 5,817 8,230 Other obligations 15,341 14,879 Total liability for employee benefits 56,233 74,116 (a) The movement in retirements and resignation payments and other obligations: Opening Increase Benefits Actuarial Currency Closing balance provision paid losses translation balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 From January 1 to December 31, 2021 74,116 (11,391 ) (5,136 ) 10,018 (11,374 ) 56,233 The principal assumptions used in the calculation to the provision in Chile, are presented below: For the year ended December 31, Assumptions 2021 2020 Discount rate 5.81% 2.67% Expected rate of salary increase 3.00% 2.80% Rate of turnover 5.14% 5.56% Mortality rate RV-2014 RV-2014 Inflation rate 3.4% 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, 2021 2020 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (2,642 ) (4,576 ) Change in the accrued liability an closing for decrease of 100 p.b. 2,959 5,244 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 2,849 4,946 Change in the accrued liability an closing for decrease of 100 p.b. (2,613 ) (4,678 ) (b) The liability for short-term: As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Profit-sharing and bonuses (*) 58,153 2,186 (*) 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, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Salaries and wages 825,792 850,557 1,478,804 Short-term employee benefits 122,650 41,259 147,576 Other personnel expenses 93,457 70,244 168,382 Total 1,041,899 962,060 1,794,762 |
ACCOUNTS PAYABLE, NON-CURRENT
ACCOUNTS PAYABLE, NON-CURRENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Trade And Other Payables Non Current Explanatory [Abstract] | |
ACCOUNTS PAYABLE, NON-CURRENT | NOTE 24 - ACCOUNTS PAYABLE, NON-CURRENT As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Aircraft and engine maintenance 276,816 392,347 Fleet (JOL) 124,387 208,037 Airport and Overflight Taxes 26,321 - Provision for vacations and bonuses 14,545 15,036 Other sundry liabilities 30,357 36,180 Total accounts payable, non-current 472,426 651,600 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share capital, reserves and other equity interest [text block] [Abstract] | |
EQUITY | NOTE 25 - 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, 2021 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, 2020), 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 The following table shows the movement of authorized and fully paid shares previously described above: Movement fully paid shares Movement Cost of Paid- in N° of (1) of shares (2) Capital shares ThUS$ ThUS$ ThUS$ 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 year - - - - 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 year - - - - Paid shares as of December 31, 2020 606,407,693 3,160,718 (14,453 ) 3,146,265 Paid shares as of January 1, 2021 606,407,693 3,160,718 (14,453 ) 3,146,265 There are no movements of shares paid during the 2021 year - - - - Paid shares as of December 31, 2021 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, 2021, 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, 2019 37,874 (1,585 ) 36,289 From January 1 to December 31, 2020 36,289 946 37,235 From January 1 to December 31, 2021 37,235 - 37,235 These reserves are related to the “Share-based payments” explained in Note 34. (e) Other sundry reserves Movement of Other sundry reserves: Transactions with Periods Opening non-controlling Legal Closing ThUS$ ThUS$ ThUS$ ThUS$ 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 From January 1 to December 31, 2021 2,452,019 (3,383 ) (538 ) 2,448,098 Balance of Other sundry reserves comprise the following: As of As of As of December 31, December 31, December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Higher value for TAM S.A. share exchange (1) 2,665,692 2,665,692 2,665,692 Reserve for the adjustment to the value of fixed assets (2) 2,620 2,620 2,620 Transactions with non-controlling interest (3) (216,656 ) (213,273 ) (210,048 ) Others (3,558 ) (3,020 ) (5,795 ) Total 2,448,098 2,452,019 2,452,469 (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) and acquisition of the minority stake in LAN Argentina S.A. and Inversora Cordillera through Transportes Aéreos del Mercosur S.A. for an amount of ThUS $ (3,383). (f) Reserves with effect in other comprehensive income. Movement of Reserves with effect in other comprehensive income: Currency translation reserve Cash flow hedging reserve Gains (Losses) Actuarial gain Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2019 (2,656,644 ) (9,333 ) - (15,178 ) (2,681,155 ) Change in fair value of hedging instrument recognized 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 recognized in OCI - (105,776 ) - - (105,776 ) Reclassified from OCI to profit or loss - (13,016 ) - - (13,016 ) Deferred tax - 959 - - 959 Actuarial reserves by employee benefit plans - - - (3,968 ) (3,968 ) Deferred tax actuarial IAS by employee benefit plans - - - 923 923 Translation difference subsidiaries (900,226 ) - - - (900,226 ) Closing balance as of December 31, 2020 (3,790,513 ) (60,941 ) - (25,985 ) (3,877,439 ) Increase (decrease) due to application of new accounting standards - 380 (380 ) - - Opening balance as of January 1, 2021 (3,790,513 ) (60,561 ) (380 ) (25,985 ) (3,877,439 ) Change in fair value of hedging instrument recognized in OCI - 39,602 (23,692 ) - 15,910 Reclassified from OCI to profit or loss - (16,641 ) 6,509 - (10,132 ) Deferred tax - (58 ) - - (58 ) Actuarial reserves by employee benefit plans - - - 10,017 10,017 Deferred tax actuarial IAS by employee benefit plans - - - (2,782 ) (2,782 ) Translation difference subsidiaries 18,354 (732 ) - - 17,622 Closing balance as of December 31, 2021 (3,772,159 ) (38,390 ) (17,563 ) (18,750 ) (3,846,862 ) (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. (g) Retained earnings/(losses) Movement of Retained earnings/(losses): Periods Opening Result for Dividends Closing ThUS$ ThUS$ ThUS$ ThUS$ 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 ) From January 1 to December 31, 2021 (4,193,615 ) (4,647,491 ) - (8,841,106 ) (h) Dividends per share During the year 2021 and 2020 no dividend was paid. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of revenue [text block] [Abstract] | |
REVENUE | NOTE 26 - REVENUE The detail of revenues is as follows: For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Passengers 3,342,381 2,713,774 9,005,629 Cargo 1,541,634 1,209,893 1,064,434 Total 4,884,015 3,923,667 10,070,063 |
COSTS AND EXPENSES BY NATURE
COSTS AND EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of expenses by nature [text block] [Abstract] | |
COSTS AND EXPENSES BY NATURE | NOTE 27 - COSTS AND EXPENSES BY NATURE (a) The main operating costs and administrative expenses are detailed below: For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Aircraft fuel 1,487,776 1,045,343 2,929,008 Other rentals and landing fees (*) 755,188 720,005 1,275,859 Aircraft rentals (**) 120,630 - - Aircraft maintenance 533,738 472,382 444,611 Commissions 89,208 91,910 221,884 Passenger services 77,363 97,688 261,330 Other operating expenses 959,427 1,221,183 1,291,895 Total 4,023,330 3,648,511 6,424,587 (*) Lease expenses are included within this amount (See Note 2.21) (**) During 2021, the Company amended its Aircraft Lease Contracts which included lease payment based on Power by the Hour (PBH) at the beginning of the contract and then switches to fixed-rent payments. A right of use asset and a lease liability was recognized as result of those amendments at the date of modification of the contract, even if they initially have a variable payment period. As a result of the application of the lease accounting policy, the right of use assets continues to be amortized on a straight-line basis over the term of the lease from the contract modification date. The expenses for the year include both: the lease expense for variable payments (Aircraft Rentals) as well as the expenses resulting from the amortization of the right of use assets from the beginning of the contract (included in the Depreciation line b) below) and interest from the lease liability (included in Lease Liabilities c) below). For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Payments for leases of low-value assets 19,793 21,178 31,982 Rent concessions recognized directly in profit or loss - (110 ) - Total 19,793 21,068 31,982 (b) Depreciation and amortization Depreciation and amortization are detailed below: For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Depreciation (*) 1,114,232 1,219,586 1,389,465 Amortization 51,162 169,800 80,511 Total 1,165,394 1,389,386 1,469,976 (*) 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, 2021 is ThUS $ 351,701, ThUS $ 276,908 for year 2020 and ThUS $ 445,680 for the same year 2019. (c) Financial costs The detail of financial costs is as follows: For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Bank loan interest 580,193 314,468 325,650 Financial leases 46,679 45,245 61,980 Lease liabilities 121,147 170,918 181,814 Other financial instruments 57,525 56,348 20,490 Total 805,544 586,979 589,934 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 December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Fair value adjustment of fleet available for sale 73,595 331,522 - Rejection of aircraft lease contract 1,564,973 269,467 - Rejection of IT contracts 26,368 - - Employee restructuring plan (*) 46,938 290,831 - Legal advice 91,870 76,541 - Renegotiation of fleet contracts 516,559 - - Others 16,879 21,648 - Total 2,337,182 990,009 - (*) See note 2.1, letter c. (e) Other (gains) losses Other (gains) losses are detailed below: For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Fuel hedging - 82,487 - Slot Write Off - 36,896 - Provision for onerous contract related to purchase commitment (44,000 ) 44,000 - Goodwill Impairment - 1,728,975 - Other 13,326 (17,569 ) (11,525 ) Total (30,674 ) 1,874,789 (11,525 ) |
OTHER INCOME, BY FUNCTION
OTHER INCOME, BY FUNCTION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other operating income [text block] [Abstract] | |
OTHER INCOME, BY FUNCTION | NOTE 28 - OTHER INCOME, BY FUNCTION Other income, by function is as follows: For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Coalition and loyalty program Multiplus - - 36,172 Tours 11,209 22,499 96,997 Aircraft leasing 6,852 46,045 102,704 Customs and warehousing 27,089 25,138 29,353 Duty free - - 543 Maintenance 15,602 18,579 10,471 Income from non-airlines products Latam Pass 40,481 42,913 42,791 Other miscellaneous income (*) 126,098 255,828 41,833 Total 227,331 411,002 360,864 (*) Included within this amount is ThUS$118,188 of 2021 and ThUS$132,467 of 2020 corresponding to the compensation of Delta Air Lines Inc for the JBA signed in 2019. |
FOREIGN CURRENCY AND EXCHANGE R
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of effect of changes in foreign exchange rates [text block] [Abstract] | |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES | NOTE 29 - FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES The functional currency of LATAM Airlines Group S.A. is the US dollar, also it has subsidiaries whose functional currency is different to the US dollar, such as the Chilean peso, Argentine peso, Colombian peso, Brazilian real and guaraní. The functional currency is defined as the currency of the primary economic environment in which an entity operates and in each entity and all other currencies are defined as foreign currency. Considering the above, the balances by currency mentioned in this Note correspond to the sum of foreign currency of each of the entities that make LATAM Airlines Group S.A. and Subsidiaries. Following are the current exchange rates for the US dollar, on the dates indicated: As of December 31, 2021 2020 2019 2018 Argentine peso 102.75 84.14 59.83 37.74 Brazilian real 5.57 5.18 4.01 3.87 Chilean peso 844.69 710.95 748.74 694.77 Colombian peso 4,002.52 3,421.00 3,271.55 3,239.45 Euro 0.88 0.81 0.89 0.87 Australian dollar 1.38 1.30 1.43 1.42 Boliviano 6.86 6.86 6.86 6.86 Mexican peso 20.53 19.93 18.89 19.68 New Zealand dollar 1.46 1.39 1.49 1.49 Peruvian Sol 3.98 3.62 3.31 3.37 Uruguayan peso 44.43 42.14 37.24 32.38 Foreign currency The foreign currency detail of balances of monetary items in current and non-current assets is as follows: As of As of December 31, December 31, Current assets 2021 2020 ThUS$ ThUS$ Cash and cash equivalents 262,886 483,303 Argentine peso 6,440 16,885 Brazilian real 9,073 13,157 Chilean peso 9,759 32,368 Colombian peso 4,745 2,168 Euro 7,099 10,361 U.S. dollar 195,264 369,455 Other currency 30,506 38,909 Other financial assets, current 12,728 12,981 Argentine peso 4 311 Brazilian real 4 4 Chilean peso 4,440 3,987 Colombian peso 111 132 Euro 1,720 1,867 U.S. dollar 5,242 5,639 Other currency 1,207 1,041 As of As of December 31, December 31, Current assets 2021 2020 ThUS$ ThUS$ Other non - financial assets, current 34,613 42,973 Argentine peso 5,715 11,058 Brazilian real 1,488 2,985 Chilean peso 20,074 15,913 Colombian peso 121 175 Euro 1,936 2,667 U.S. dollar 1,106 2,351 Other currency 4,173 7,824 Trade and other accounts receivable, current 156,824 177,491 Argentine peso 6,850 1,881 Brazilian real 53 841 Chilean peso 47,392 38,340 Colombian peso 455 209 Euro 24,143 24,370 U.S. dollar 56,676 98,385 Other currency 21,255 13,465 Accounts receivable from related entities, current 502 430 Chilean peso 19 9 U.S. dollar 483 421 Tax current assets 8,674 11,050 Argentine peso 322 389 Brazilian real 47 887 Chilean peso 681 1,003 Colombian peso 1,618 675 Euro 70 235 U.S. dollar 406 354 Peruvian sun 4,450 5,220 Other currency 1,080 2,287 Total current assets 476,227 728,228 Argentine peso 19,331 30,524 Brazilian real 10,665 17,874 Chilean peso 82,365 91,620 Colombian peso 7,050 3,359 Euro 34,968 39,500 U.S. Dollar 259,177 476,605 Other currency 62,671 68,746 As of As of December 31, December 31, Non-current assets 2021 2020 ThUS$ ThUS$ Other financial assets, non-current 10,700 9,486 Brazilian real 3,326 3,574 Chilean peso 62 69 Colombian peso 231 284 Euro 2,384 1,369 U.S. dollar 2,524 2,490 Other currency 2,173 1,700 Other non - financial assets, non-current 12,197 36,251 Argentine peso 32 39 Brazilian real 6,924 12,974 U.S. dollar 5,241 3,732 Other currency - 19,506 Accounts receivable, non-current 3,985 4,984 Chilean peso 3,985 4,984 Deferred tax assets 6,720 2,228 Colombian peso 4,717 221 U.S. dollar 10 13 Other currency 1,993 1,994 Total non-current assets 33,602 52,949 Argentine peso 32 39 Brazilian real 10,250 16,548 Chilean peso 4,047 5,053 Colombian peso 4,948 505 Euro 2,384 1,369 U.S. dollar 7,775 6,235 Other currency 4,166 23,200 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 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 179,777 239,712 177,471 86,573 Argentine peso 1 2 - - Brazilian real 31 59 210 163 Chilean peso 135,431 40,552 159,541 70,639 Euro 259 87 184 258 U.S. dollar 43,919 198,996 17,460 15,504 Other currency 136 16 76 9 Trade and other accounts payables, current 1,317,418 1,285,233 50,312 20,908 Argentine peso 234,358 228,069 2,335 7,315 Brazilian real 70,523 71,446 653 37 Chilean peso 280,405 312,921 44,438 10,991 Colombian peso 7,673 12,300 1,134 1,165 Euro 134,146 143,780 887 41 U.S. dollar 472,800 392,914 73 912 Peruvian sol 2,487 11,759 310 222 Mexican peso 11,297 16,546 29 60 Pound sterling 45,096 35,269 86 45 Uruguayan peso 775 441 58 - Other currency 57,858 59,788 309 120 Accounts payable to related entities, current 57 (229 ) - - Chilean peso 6 - - - U.S. dollar 51 (229 ) - - Other provisions, current - 14 4,980 1,628 Chilean peso - - 25 29 Other currency - 14 4,955 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 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Other non-financial liabilities, current 29,057 42,467 - 50 Argentine peso 1,604 961 - - Brazilian real 859 976 - 3 Chilean peso 1,332 5,836 - 1 Colombian peso 941 622 - 38 Euro 1,375 3,206 - - U.S. dollar 21,174 19,707 - - Other currency 1,772 11,159 - 8 Total current liabilities 1,526,331 1,567,596 232,763 109,159 Argentine peso 235,963 229,032 2,335 7,315 Brazilian real 71,413 72,481 863 203 Chilean peso 417,174 359,309 204,004 81,660 Colombian peso 8,614 12,922 1,134 1,203 Euro 135,780 147,073 1,071 299 U.S. dollar 537,944 611,787 17,533 16,416 Other currency 119,443 134,992 5,823 2,063 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 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, non-current 33,205 268,320 15,375 4,250 359,623 403,841 Chilean peso 1,512 180,150 896 1,320 355,636 398,199 Brazilian real 86 351 - - - - Euro 135 427 90 - - - U.S. dollar 31,413 87,280 14,389 2,930 3,987 5,642 Other currency 59 112 - - - - Accounts payable, non-current 114,097 70,145 1,451 1,390 342 241 Chilean peso 41,456 47,752 1,451 1,390 342 241 U.S. dollar 71,339 21,051 - - - - Other currency 1,302 1,342 - - - - Other provisions, non-current 49,420 45,834 - - - - Argentine peso 1,074 696 - - - - Brazilian real 27,532 26,872 - - - - Colombian peso 255 278 - - - - Euro 10,820 11,736 - - - - U.S. dollar 9,739 6,252 - - - - Provisions for employees benefits, non-current 44,816 64,152 - - - - Chilean peso 44,816 64,152 - - - - Total non-current liabilities 241,538 448,451 16,826 5,640 359,965 404,082 Argentine peso 1,074 696 - - - - Brazilian real 27,618 27,223 - - - - Chilean peso 87,784 292,054 2,347 2,710 355,978 398,440 Colombian peso 255 278 - - - - Euro 10,955 12,163 90 - - - U.S. dollar 112,491 114,583 14,389 2,930 3,987 5,642 Other currency 1,361 1,454 - - - - As of As of December 31, December 31, General summary of foreign currency: 2021 2020 ThUS$ ThUS$ Total assets 509,829 781,177 Argentine peso 19,363 30,563 Brazilian real 20,915 34,422 Chilean peso 86,412 96,673 Colombian peso 11,998 3,864 Euro 37,352 40,869 U.S. dollar 266,952 482,840 Other currency 66,837 91,946 Total liabilities 2,377,423 2,534,928 Argentine peso 239,372 237,043 Brazilian real 99,894 99,907 Chilean peso 1,067,287 1,134,173 Colombian peso 10,003 14,403 Euro 147,896 159,535 U.S. dollar 686,344 751,358 Other currency 126,627 138,509 Net position Argentine peso (220,009 ) (206,480 ) Brazilian real (78,979 ) (65,485 ) Chilean peso (980,875 ) (1,037,500 ) Colombian peso 1,995 (10,539 ) Euro (110,544 ) (118,666 ) U.S. dollar (419,392 ) (268,518 ) Other currency (59,790 ) (46,563 ) |
EARNINGS _ (LOSS) PER SHARE
EARNINGS / (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of earnings per share [text block] [Abstract] | |
EARNINGS / (LOSS) PER SHARE | NOTE 30 - EARNINGS / (LOSS) PER SHARE For the year ended December 31, 2021 2020 2019 Basic earnings / (loss) per share Earnings / (loss) attributable to owners of the parent (ThUS$) (4,647,491 ) (4,545,887 ) 190,430 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Basic earnings / (loss) per share (US$) (7.66397 ) (7.49642 ) 0.31403 For the year ended December 31, 2021 2020 2019 Diluted earnings / (loss) per share Earnings / (loss) attributable to owners of the parent (ThUS$) (4,647,491 ) (4,545,887 ) 190,430 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Weighted average number of shares, diluted 606,407,693 606,407,693 606,407,693 Diluted earnings / (loss) per share (US$) (7.66397 ) (7.49642 ) 0.31403 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of contingent liabilities [text block] [Abstract] | |
CONTINGENCIES | NOTE 31 – CONTINGENCIES I. Lawsuits 1) Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries Company Court Case Number Origin Stage of trial Amounts Fidelidade Viagens e Turismo Fazenda Pública do Município de São Paulo. 1004194-37.2018.8.26.0053 This is a voidance action appealing the charges for violations and fines (67.168.795 / 67.168.833 / 67.168.884 / 67.168.906 / 67.168.914 / 67.168.965). We are arguing that numbers are missing from the ISS calculation base since the company supposedly made improper deductions. The lawsuit was assigned on January 31, 2018. That same day, a decision was rendered suspending the charges without any bond. The municipality filed an appeal against this decision on April 30, 2018. On November 11, 2019 there was a totally favorable decision for Tam Viagens S.A. The court issued a ruling in favor of Tam Viagens S/A on June 24, 2021. An appeal by the Municipality is pending. 99,198 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 subsidiaries (the “Initial Debtors”) individually filed a voluntary petition for reorganization 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” and together with the Initial 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 resolution before the Honorable James L. Garrity Jr. in United States Bankruptcy Court for the Southern District Court of New York (the “Bankruptcy Court”) and are being jointly administered under case number 20-11254. On September 18, 2020, the Debtors received approval of the modified funding proposal for Debtor in Possession (“DIP”) funding filed on September 17, 2020 from the Bankruptcy Court. On October 18, 2021 the Bankruptcy Court approved the Debtors’ request for certain additional DIP funding, namely a “Tranche B” facility. On November 26, 2021, the Debtors filed a joint plan of reorganization together with a disclosure statement. A hearing will be conducted on January 27, 2022 to rule on the adequacy of the disclosure statement. The Bankruptcy Court has extended the Debtors’ exclusive period to solicit acceptances for the plan to January 26, 2022. The Subsequent Debtors have sought an additional extension of their exclusive periods to file and solicit acceptances for the plan, until January 7, 2022 and March 7, 2022 respectively. A hearing on that request will be conducted on January 27, 2022. LATAM has continued its process of reconciling claims and presenting objections. Likewise, LATAM continues to evaluate its contracts and has rejected some of them. It continues with the review of its existing fleet obligations, and pursuing solicitation and confirmation of its plan. -0- Company Court Case Number Origin Stage of trial Amounts 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. The Companies Commission adopted the Cross-Border Communications Protocol on November 4, 2020. On December 14, 2020, that Commission recognized the order issued by the Bankruptcy Court on November 20, 2020 authorizing the stock issue, capital contributions and changes to the pledge agreements. On October 27, 2021, the Commission recognized the order issued by the Bankruptcy Court on October 18, 2021 approving the second proposed DIP loan submitted by LATAM Airlines Group S.A. and authorizing a change in the collateral provided in the first DIP loan and the signature of a petition accessory to the DIP loan agreement. The Commission was informed on December 22, 2021 that on November 26, 2021, LATAM Airlines Group S.A. had filed a Reorganization Agreement pursuant to Chapter 11 and that the hearing for the Bankruptcy Court to rule on that Agreement would be held January 27, 2022. That was the last action in the process. -0- Company Court Case Number Origin Stage of trial Amounts 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- Piquero Leasing Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. Piquero Leasing Limited entered a motion to suspend the liquidation on September 28, 2020. The Grand Court of the Cayman Islands granted the motion and extended the provisional liquidation status for 6 months. The procedure continues. -0- Company Court Case Number Origin Stage of trial Amounts Peuco Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On May 13, 2021, Peuco Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. -0- LATAM Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On May 13, 2021, LATAM Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. -0- Piquero Leasing Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On May 13, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. -0- Peuco Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On December 1, 2021, Peuco Finance Limited filed a petition to suspend the liquidation on December 1, 2021. The process continues. -0- LATAM Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On December 1, 2021, LATAM Finance Limited filed a petition to suspend the liquidation on December 1, 2021. The process continues. -0- Piquero Leasing Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On December 1, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation on December 1, 2021. The process continues. -0- 2) Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries. Company Court Case Number Origin Stage of trial Amounts 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$9,299 (8.220.000 Euros) 9,299 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, which is expected to be known at the end of March 2022, 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 (ThUS$9.299 (€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. Company Court Case Number Origin Stage of trial Amounts 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. 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 2018, 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. For the case in Germany, LATAM petitioned the German Court for a suspension on the basis of the financial reorganization petitioned by LATAM Airlines Group S.A. and Lan Cargo S.A. in the United States (Chapter 11) in May 2020. DB Barnsdale AG also filed a claim with the U.S. Court by the deadline that creditors have under Chapter 11 claims. An agreement was reached with Barnsdale AG before the Courts could rule and that ended all claims in Germany. British Airways; KLM; Martinair; Air France; Lufthansa; Lufthansa Cargo and Swiss Air filed claims with the U.S. Court. LATAM opposed these claims and the U.S. Court dismissed and voided them after a review on May 27, 2021. The two proceedings still pending in Norway and the Netherlands are in the evidentiary stages. There has been no activity in Norway since January 2014 and in the Netherlands, since February 2021. The amounts are indeterminate. -0- Aerolinhas Brasileiras S.A. Federal Justice. 0008285-53.2015.403.6105 An action seeking to quash a decision and petitioning for early protection in order to obtain 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 8,643 Company Court Case Number Origin Stage of trial Amounts 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$3.100– R$ 17.302.858,00). We must await a decision on the Treasury appeal. 6,973 Tam Linhas Aéreas S.A. Court of the Second Region. 2001.51.01.012530-0 (linked to the procces 19515.721154/2014-71, 19515.002963/2009-12) Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for R$ 260.223.373,10-original amount in 2012/2013, which currently equals THUS$65.464. 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. 65,464 Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil. 10880.725950/2011-05 Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. The objection (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. We must wait until the due diligence is complete. 29,484 Company Court Case Number Origin Stage of trial Amounts Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. 2013-20319 CA 01 The July 30th, 2012 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20th, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on February 12, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. The Court decided that 45 th Judicial terms were reactivated on July 1, 2020. On September 18, 2020, an expert opinion on damages was submitted that had been requested by the Court. The Court ordered service of the ruling to the parties on December 14, 2020. The defendants, REGIONAL ONE and VAS, filed a motion for reconsideration of this decision, petitioning that the evidence of the expert opinion be eliminated because it was presented late. The motion was denied by the Court. On April 30, 2021, they petitioned for a clarification and supplement to the opinion, to which the Court agreed in a decision on May 19, 2021, giving the expert 10 business days to respond. The brief of clarification was filed June 2, 2021 and the docket was presented to the Judge on June 3, 2021. The parties were given notice of the objection on July 21, 2021 based on a serious mistake in the opinion presented by Regional One. The case entered the judgment phase on August 5, 2021. On October 7, 2021, the Court set a date for the instruction and judgment hearing, which will be February 3, 2022. Regional One, the defendant, filed a petition for reconsideration on October 13, 2021 that had not been decided on the date of this report. The claim was withdrawn on January 11, 2022 because the matter had been settled before the Bankruptcy Court hearing the Chapter 11 claim. The Court decreed the end of the proceedings because the claims were withdrawn in a ruling issued January 19, 2022. 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 unsecured claims with the U.S. Bankruptcy Court by the deadline that creditors have according to Chapter 11. On October 18, 2021, the parties participated in a third mediation where they agreed on the terms of a global settlement. On December 16, 2021, the Bankruptcy Court for the Southern District of New York approved the global agreement and release. Therefore, Dash and Regional withdrew their claims against Aires in Florida on December 21, 2021, which put an end to the proceedings. 9,500 Company Court Case Number Origin Stage of trial Amounts 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. 7,661 LATAM Airlines Group S.A. 22° Civil Court of Santiago C-29.945-2016 The Company received notice of a civil liability claim by Inversiones Ranco Tres S.A. on January 18, 2017. It is represented by Mr. Jorge Enrique Said Yarur. It was filed against LATAM Airlines Group S.A. for an alleged contractual default by the Company and against Ramon Eblen Kadiz, Jorge Awad Mehech, Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, directors and officers, for alleged breaches of their duties. In the case of Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, it alleges a breach, as controllers of the Company, of their duties under the incorporation agreement. LATAM has retained legal counsel specializing in this area to defend it. The claim was answered on March 22, 2017 and the plaintiff filed its replication on April 4, 2017. LATAM filed its rejoinder on April 13, 2017, which concluded the argument stage of the lawsuit. A reconciliation hearing was held on May 2, 2017, but the parties did not reach an agreement. The Court issued the evidentiary decree on May 12, 2017. We filed a petition for reconsideration because we disagreed with certain points of evidence. That petition was partially sustained by the Court on June 27, 2017. The evidentiary stage commenced and then concluded on July 20, 2017. Observations to the evidence must now be presented. That period expires August 1, 2017. We filed our observations to the evidence on August 1, 2017. We were served the decision on December 13, 2017 that dismissed the claim since LATAM was in no way liable. The plaintiff filed an appeal on December 26, 2017. Arguments were pled before the Santiago Court of Appeals on April 23, 2019, and on April 30, 2019, this Court confirmed the ruling of the trial court absolving LATAM. The losing party was ordered to pay costs in both cases. On May 18, 2019, Inversiones Ranco Tres S.A. filed a remedy of vacation of judgment based on technicalities and on substance against the Appellate Court decision. The Appellate Court admitted both appeals on May 29, 2019 and the appeals are pending a hearing by the Supreme Court. On August 11, 2021 Inversiones Ranco Tres S.A. requested the suspension of the hearing of the Appeal, after the recognition by the 2nd Civil Court of Santiago of the foreign reorganization procedure in accordance with Law No. 20,720, for the entire period that said procedure lasts, a request that was accepted by the Supreme Court. 15,694 Company Court Case Number Origin Stage of trial Amounts 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. 27,129 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. 8,064 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. 15,646 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. 11,193 TAM Linhas Aéreas S.A Delegacía de Receita Federal 16692.721.933/2017-80 The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport (Referring to 2012). An administrative defense was presented on May 29, 2018. The process has become a judicial proceeding. 22,136 Company Court Case Number Origin Stage of trial Amounts SNEA (Sindicato Nacional das empresas aeroviárias) União Federal 0012177-54.2016.4.01.3400 A claim against the 72% increase in airport control fees (TAT-ADR) and approach control fees (TAT-APP) charged by the Airspace Control Department (“DECEA”). A decision is now pending on the appeal presented by SNEA. 63,585 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. 12,509 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. 92,152 TAM Linhas A |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of commitments [text block] [Abstract] | |
COMMITMENTS | NOTE 32 - COMMITMENTS (a) Commitments for loans obtained In relation to certain contracts committed by the Company for the financing of the Boeing 777 aircraft, which are guaranteed by Export – Import Bank of the United States of America, commencing on January 1, 2023, limits have been established for some financial indicators of LATAM Airlines Group S.A. on a consolidated basis. Under any circumstance, non-compliance of this limits, does not generate credit acceleration. 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, 2021, this line of credit is fully used. As of December 31, 2021, 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, 2021 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 Latam Airlines Perú S.A. Forty-five letters of credit 228,184 Jan 14, 2022 Superintendencia Nacional de Aduanas Latam Airlines Perú S.A. Four letters of credit 15,176 Nov 23, 2022 Lima Airport Partners S.R.L. Latam Airlines Perú S.A. Two letters of credit 1,150 Nov 30, 2022 Servicio Nacional de Aduana del Ecuador Latam Airlines Ecuador S.A. Four letters of credit 2,130 Aug 5, 2022 Empresa Pública de Hidro carburos Latam Airlines Ecuador S.A. Four letters of credit 1,500 Jun 20, 2022 Aena Aeropuertos S.A. Latam Airlines Group S.A. Three letters of credit 1,237 Nov 15, 2022 American Alternative Insurance Corporation Latam Airlines Group S.A. Twelve letters of credit 4,585 Mar 22, 2022 Comisión Europea Latam Airlines Group S.A. One letter of credit 9,333 Mar 29, 2022 Metropolitan Dade County Latam Airlines Group S.A. Seven letters of credit 3,597 Mar 13, 2022 BBVA Latam Airlines Group S.A. One letter of credit 4,315 Jan 16, 2022 JFK International Air Terminal LLC. Latam Airlines Group S.A. One letter of credit 2,300 Jan 27, 2022 Servicio Nacional de Aduanas Latam Airlines Group S.A. Eight letters of credit 2,303 Jul 30, 2022 Isoceles Latam Airlines Group S.A. One letter of credit 12,750 Aug 6, 2022 Procon Tam Linhas Aéreas S.A. Two insurance policy guarantee 2,233 Nov 17, 2025 União Federal Tam Linhas Aéreas S.A. Two insurance policy guarantee 8,250 Feb 4, 2025 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. One insurance policy guarantee 8,531 Apr 15, 2025 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. One insurance policy guarantee 1,417 Apr 4, 2025 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. One insurance policy guarantee 1,323 Jul 5, 2023 Procon Tam Linhas Aéreas S.A. Seven insurance policy guarantee 9,542 Apr 6, 2022 17a Vara Cível da Comarca da Capital Tam Linhas Aéreas S.A. One insurance policy guarantee 2,247 Jun 25, 2023 14ª Vara Federal da Seção Judiciária Tam Linhas Aéreas S.A. One insurance policy guarantee 1,342 May 29, 2025 Value Release Creditor Guarantee Debtor Type ThUS$ Date Tribunal de Justição de Rio de Janeiro. Tam Linhas Aéreas S.A. One insurance policy guarantee 11,198 Aug 30, 2026 Vara Civel Campinas SP. Tam Linhas Aéreas S.A. One insurance policy guarantee 1,577 Jun 14, 2024 JFK International Air Terminal LLC. Tam Linhas Aéreas S.A. One insurance policy guarantee 1,300 Jan 25, 2022 7ª Turma do Tribunal Regional Tam Linhas Aéreas S.A. One insurance policy guarantee 41,029 Apr 20, 2023 Procon Tam Linhas Aéreas S.A. One insurance policy guarantee 1,931 Feb 10, 2026 Bond Safeguard Insurance Company Tam Linhas Aéreas S.A. One insurance policy guarantee 2,700 Jul 20, 2022 Fundacao de Protecao e Defesa Tam Linhas Aéreas S.A. Two insurance policy guarantee 4,079 Sep 20, 2023 Uniao Federal Fazenda Nacional Tam Linhas Aéreas S.A. One insurance policy guarantee 2,251 Nov 16, 2025 Uniao Federal PGFN Tam Linhas Aéreas S.A. Three póliza de seguro de garantía 17,621 Jan 4, 2024 Uniao Federal Fazenda Nacional Tam Linhas Aéreas S.A. One insurance policy guarantee 27,446 Jul 30, 2022 Uniao Federal Fazenda Nacional Absa Linhas Aereas Three póliza de seguro de garantía 25,839 Apr 14, 2023 Uniao Federal PGFN Absa Linhas Aereas Two póliza de seguro de garantía 19,732 Oct 20, 2022 Tribunal de Justição Absa Linhas Aereas One insurance policy guarantee 4,709 Mar 31, 2022 7ª Turma do Tribunal Regional Absa Linhas Aereas One insurance policy guarantee 1,600 May 7, 2023 486,457 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, 2021 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 33 - TRANSACTIONS WITH RELATED PARTIES (a) Details of transactions with related parties as follows: Nature of relationship with related Country Nature of related parties Transaction amount with related parties As of December 31, Tax No. Related party parties of origin transactions Currency 2021 2020 2019 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales 23 28 16 Loans received (*) CLP (35,412 ) (100,013 ) - Interest accrued (*) CLP (34,694 ) (5,700 ) - 78.591.370-1 Bethia S.A and subsidiaries Related director Chile Services provided of cargo transport CLP - - 556 Services received from National and International Courier CLP - - (3 ) Sales commissions CLP - - (218 ) Services received advertising CLP - - (726 ) 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Services provided CLP 26 13 61 76.335.600-0 Parque de Chile S.A. Related director Chile Tickets sales CLP - - 9 96.989.370-3 Rio Dulce S.A. Related director Chile Tickets sales CLP 9 5 - Foreign Patagonia Seafarms INC Related director U.S.A Services provided of cargo transport 15 40 - Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil Services provided BRL 12 Services provided of cargo transport BRL - 13 58 Services received BRL - - 2 Foreign Qatar Airways Indirect shareholder Qatar Services provided by aircraft lease US$ - 22,215 39,528 Interlineal received service US$ (6,387 ) (4,736 ) (2,050 ) Interlineal provided service US$ 6,283 3,141 3,739 Services provided of handling US$ 1,493 1,246 1,106 Compensation for early return of aircraft US$ - 9,240 - Services provided / received others US$ (963 ) 1,160 996 Foreign Delta Air Lines, Inc. Shareholder U.S.A Interlineal received service US$ (11,768 ) (4,160 ) - Interlineal provided service US$ 7,695 4,357 - Compensation for cancellation of aircraft purchase US$ - 62,000 - Compensation for cancellation of aircraft purchase US$ (59 ) 3,310 - Compensation for cancellation of aircraft purchase US$ (318 ) 30 - Foreign QA Investments Ltd Common shareholder Jersey Channel Islands (*)Loans received US$ (8,853 ) (125,016 ) - (*)Interest accrued US$ (8,673 ) (7,125 ) - Foreign QA Investments 2 Ltd Common shareholder Jersey Channel Islands (*)Loans received US$ (44,266 ) (125,016 ) - (*)Interest accrued US$ (43,367 ) (7,125 ) - Foreign Lozuy S.A. Common shareholder Uruguay (*)Loans received US$ (44,266 ) (25,003 ) - (*)Interest accrued US$ (43,367 ) (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 at arm’s length basis. (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, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Remuneration 9,981 8,395 13,701 Management fees 1,016 257 411 Non-monetary benefits 501 1,719 1,815 Short-term benefits 16,639 13,624 31,124 Long-term benefits - - 8,577 Share-based payments - - 3,296 Termination benefits 513 4,539 1,428 Total 28,650 28,534 60,352 |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share-based payment arrangements [text block] [Abstract] | |
SHARE-BASED PAYMENTS | NOTE 34 - 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, 2021 | |
STATEMENT OF CASH FLOWS [Abstract] | |
STATEMENT OF CASH FLOWS | NOTE 35 - 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 December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Fuel hedge 14,269 (46,579 ) (9,966 ) Hedging margin guarantees (4,900 ) 14,962 (21,200 ) Tax paid on bank transaction (2,530 ) (1,261 ) (11,369 ) Fuel derivatives premiums (17,077 ) (3,949 ) (17,102 ) Bank commissions, taxes paid and other (21,287 ) (5,828 ) (20,627 ) Guarantees (39,728 ) (44,280 ) (5,474 ) Court deposits (16,323 ) 38,528 (22,976 ) Delta Air Lines Inc. Compensation - 62,000 350,000 Total Other inflows (outflows) Operation flow (87,576 ) 13,593 241,286 Tax paid on bank transaction (425 ) (2,192 ) (2,249 ) Guarantee deposit received from the sale of aircraft 18,900 - - Total Other inflows (outflows) Investment flow 18,475 (2,192 ) (2,249 ) Settlement of derivative contracts - (107,788 ) (2,976 ) Aircraft Financing advances - - (55,728 ) Fees paid to financial institutions (11,034 ) - - Total Other inflows (outflows) Financing flow (11,034 ) (107,788 ) (58,704 ) (c) Dividends: For the period ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Latam Airlines Group S.A. - - (54,580 ) Latam Airlines Perú S.A. (*) - (571 ) (536 ) Total dividends paid - (571 ) (55,116 ) (*) Dividends paid to non-controlling shareholders (d) Reconciliation of liabilities arising from financing activities: As of Cash flows Non cash-Flow Movements As of Obligations with December 31, Obtainment Payment Interest accrued December 31, financial institutions 2020 Capital Capital Interest and others (*) Reclassifications 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Loans to exporters 151,701 - - - 7,460 - 159,161 Bank loans 525,273 - - (546 ) (2,889 ) - 521,838 Guaranteed obligations 1,318,856 - (14,605 ) (17,405 ) (513,276 ) (263,035 ) 510,535 Other guaranteed obligations 1,939,116 661,609 (26,991 ) (28,510 ) 135,405 44,793 2,725,422 Obligation with the public 2,183,407 - - - 69,791 - 2,253,198 Financial leases 1,614,501 - (421,452 ) (40,392 ) (181,717 ) 218,242 1,189,182 Other loans - - - - 76,508 - 76,508 Lease liability 3,121,006 - (103,366 ) (17,768 ) (39,234 ) - 2,960,638 Total Obligations with financial institutions 10,853,860 661,609 (566,414 ) (104,621 ) (447,952 ) - 10,396,482 As of Cash flows Non cash-Flow Movements As of Obligations with December 31, Obtainment Payment Interest accrued December 31, 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 (*) Accrued interest and others, includes ThUS$ 458,642 (ThUS$ (891,407) as of December 31, 2020), associated with the rejection of fleet contracts. (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 December 31, 2021 2020 ThUS$ ThUS$ Increases (payments) - (31,803 ) Recoveries - 8,157 Total cash flows - (23,646 ) (f) Additions of property, plant and equipment and Intangibles For the year ended At December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Net cash flows from Purchases of property, plant and equipment 587,245 324,264 1,276,621 Additions associated with maintenance 302,858 173,740 453,827 Other additions 284,387 150,524 822,794 Purchases of intangible assets 88,518 75,433 140,173 Other additions 88,518 75,433 140,173 (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 December 31, 2021 2020 ThUS$ ThUS$ Net cash flows from (used in) operating activities (65,901 ) 18,347 Net cash flows from (used in) investment activities 17,223 (13,872 ) Net cash flows from (used in) financing activities - - Effects of variation in the exchange rate on cash and cash equivalents 48,678 (4,475 ) Net increase (decrease) in cash and cash equivalents - - |
EVENTS SUBSEQUENT TO THE DATE O
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of events after reporting period [text block] [Abstract] | |
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS | NOTE 36 - EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (1) Within the context of the Chapter 11 Proceedings: a. On February 10, 2022, an amendment to the restructuring support agreement, or "Restructuring Support Agreement (RSA)", dated November 26, 2021, was executed, through which, the Ad Hoc Group of LATAM Bondholders, represented by White & Case LLP (W&C), was incorporated as part of the RSA, agreeing among other things, to support the Reorganization Plan and LATAM agreeing mainly to pay certain of this group’s professional fees up to a certain limit. On March 15, 2022, the Court resolved to approve the New Amended and Restated DIP Financing Proposal. Pursuant to the approval of the New Amended and Restated DIP Financing Proposal, on April 8, 2022, an amended and restated text of the Existing DIP Credit Agreement will be executed, which will replace and refinance in full the Existing DIP Credit Agreement. The new loan agreement also extends the maturity date in accordance with the timing that LATAM is targeting for emergence from the Chapter 11 Proceeding. It is worth mentioning that the Tranche C lenders of the New Amended and Restated DIP Financing Proposal have agreed to allow LATAM’s group of shareholders comprised of the Cueto Group, Qatar and Delta, which are lenders under Tranche C of the Existing DIP Credit Agreement, to participate in Tranche C of the New Amended and Restated DIP Financing Proposal. On March 15, 2022, the Court also resolved to approve the Backstop Commitment Agreements (the “Backstop Agreements”), which LATAM entered into with (i) a group of LATAM’s unsecured creditors represented by Evercore; (ii) Delta Air Lines, Inc, Qatar Airways Investment (UK) Ltd., the Cueto group; and (iii) with the Eblen group, and were previously informed by Material Fact dated January 12, 2022. In these Backstop Agreements, the counterparts agree to support to the plan of reorganization and financing proposed by LATAM and certain of its direct and indirect subsidiaries (collectively with LATAM, the “Debtors”), committing approximately US$ 5.4 billion in funds. On March 24, 2022, the Unsecured Creditors Committee (“UCC”) and certain other creditors filed a notice to appeal this ruling to the United States District Court for the Southern District of New York. b. On March 14, 2022, the company made a partial withdrawal for US$ 300 million from Tranche A, B and C of the DIP Financing. After these transfers, LATAM still has US$ 950 million undrawn and available for future transfers from the DIP. c. On March 21, 2022, the Court approved the adequacy of the Chapter 11 Disclosure Statement for LATAM. This resolution establishes that the documentation provided by LATAM in the process is sufficient to allow the group to commence solicitation of votes, during which it will seek approval of the Plan from creditors. LATAM will begin the process of soliciting votes to approve the Plan shortly and such Solicitation Period will last until May 2, 2022. The Court has also set the Confirmation Hearing to take place on May 17 and 18, 2022, at which point the Court will evaluate the Plan of Reorganization, the last milestone of the bankruptcy process in the United States. LATAM continues to anticipate completion of the process and emergence from Chapter 11 in the second half of 2022. (2) On February 25, 2022, an agreement was signed to receive 6 aircraft of the A321NEO family under an operating lease, which will be delivered during 2023. (3) During the month of February, the Company filed an application to register an additional 200 million ADRs (American Depositary Receipt) with the Securities Exchange Commission (“SEC”) with the sole purpose of having them available for issuance in the market, since most of the existing registered ADRs have already been issued. The Company informed that this does not mean that the Company is issuing new shares or increasing capital, but rather allowing investors in the United States to access the ADRs, which have as an underlying security LATAM’s previously issued common stock. After December 31, 2021 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, 2021, have been approved in the Extraordinary Meeting Session of March 29, 2022. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company Financial Information [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | NOTE 37 - 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 some subsidiaries are restricted to transfer dividends to the Parent Company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements and include the investment in subsidiaries accounted for the equity method. As of As of December 31, December 31, 2021 2020 ASSETS ThUS$ ThUS$ Cash and cash equivalents Cash and cash equivalents 549,766 1,295,042 Other financial assets 78,706 32,407 Other non-financial assets 38,557 82,318 Trade and other accounts receivable 400,540 282,896 Accounts receivable from related entities 933,853 412,370 Inventories 121,949 168,686 Current tax assets 4,846 2,545 Total current assets other than non-current assets (or disposal groups) classified as held for sale 2,128,217 2,276,264 Non-current assets (or disposal groups) classified as held for sale 161,347 300,367 Total current assets 2,289,564 2,576,631 Non-current assets Other financial assets 8,804 27,658 Investments accounted for using the equity method 8,065,391 9,006,797 Other non-financial assets 12,344 13,356 Accounts receivable 10,551 2,975 Accounts receivable from related entities 48,008 38,300 Intangible assets other than goodwill 213,822 167,893 Property, plant and equipment 7,980,150 8,683,419 Deferred tax assets - 553,122 Total non-current assets 16,339,070 18,493,520 Total assets 18,628,634 21,070,151 As of As of December 31, December 31, LIABILITIES AND EQUITY 2021 2020 LIABILITIES ThUS$ ThUS$ Current liabilities Other financial liabilities 3,777,465 2,347,033 Trade and other accounts payables 3,670,381 1,013,399 Accounts payable to related entities 1,650,246 1,481,281 Other provisions 99 32 Other non-financial liabilities 1,487,629 1,411,582 Total current liabilities 10,585,820 6,253,327 Non-current liabilities Other financial liabilities 4,041,347 5,631,916 Accounts payable 303,309 416,034 Accounts payable to related entities 177,779 574,202 Other provisions 10,045,195 9,892,007 Employee benefits 33,145 47,915 Other non-financial liabilities 508,943 697,135 Total non-current liabilities 15,109,718 17,259,209 Total liabilities 25,695,538 23,512,536 EQUITY Share capital 3,146,265 3,146,265 Retained earnings/(losses) (8,841,106 ) (4,193,615 ) Treasury Shares (178 ) (178 ) Other reserves (1,361,529 ) (1,388,185 ) Parent’s ownership interest (7,056,548 ) (2,435,713 ) Non-controlling interest (10,356 ) (6,672 ) Total equity (7,066,904 ) (2,442,385 ) Total liabilities and equity 18,628,634 21,070,151 For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Revenue 1,485,841 1,272,077 2,958,270 Cost of sales (1,964,137 ) (2,099,716 ) (2,860,173 ) Gross margin (478,296 ) (827,639 ) 98,097 Other income 712,997 948,160 1,124,033 Distribution costs (134,366 ) (125,563 ) (222,585 ) Administrative expenses (199,409 ) (225,557 ) (326,640 ) Other expenses (197,737 ) (154,582 ) (211,830 ) Restructuring activities expenses (2,177,754 ) (837,673 ) - Other gains/(losses) 39,471 (98,790 ) 15,367 Income from operation activities (2,435,094 ) (1,321,644 ) 476,442 Financial income 8,905 11,812 23,262 Financial costs (579,304 ) (410,153 ) (479,596 ) Share of profit of investments accounted for using the equity method (1,168,898 ) (3,537,259 ) 88,429 Foreign exchange gains/(losses) 72,888 (66,004 ) (76,122 ) Result of indexation units (799 ) - 67 Income (loss) before taxes (4,102,302 ) (5,323,248 ) 32,482 Income tax expense / benefit (550,840 ) 767,713 163,131 NET INCOME (LOSS) FOR THE YEAR (4,653,142 ) (4,555,535 ) 195,613 For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Cash flows from operating activities Cash collection from operating activities Proceeds from sales of goods and services 2,046,751 2,240,961 6,621,168 Other cash receipts from operating activities 38,268 52,192 122,637 Payments for operating activities Payments to suppliers for goods and services (2,085,094 ) (1,713,223 ) (4,491,682 ) Payments to and on behalf of employees (295,030 ) (298,370 ) (466,212 ) Other payments for operating activities (29,363 ) (27,757 ) (67,056 ) Interest received - - 5,127 Income taxes (paid) (898 ) (2,764 ) - Other cash inflows (outflows) (37,992 ) 61,532 302,246 Net cash flows from operating activities (363,358 ) 312,571 2,026,228 Cash flows from investing activities Cash flows from losses of control of subsidiaries or other businesses 752 - - Cash flows used to obtain control of subsidiaries or other businesses (12,375 ) (349,125 ) - Other cash receipts from sales of equity or debt instruments of other entities - 30,439 172,122 Other payments to acquire equity or debt instruments of other entities - (27,199 ) (172,295 ) Amounts raised from sale of property, plant and equipment 105,000 75,566 42,600 Purchases of property, plant and equipment (574,431 ) (163,022 ) (578,498 ) Purchases of intangible assets (85,449 ) (70,363 ) (66,018 ) Interest received 1,644 3,235 12,757 Other cash inflows (outflows) 18,900 - - Net cash flow (used in) investing activities (545,959 ) (500,469 ) (589,332 ) 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 1,665 1,361,807 370,139 Amounts raised from short-term loans 661,609 296,267 93,000 Loans from Related Entities 130,102 373,125 - Loans repayments (135,837 ) (749,258 ) (1,632,577 ) Payments of lease liabilities (391,879 ) (90,335 ) - Dividends paid - - (54,580 ) Interest paid (90,585 ) (135,859 ) (283,612 ) Other cash inflows (outflows) (11,034 ) (107,782 ) (58,704 ) Net cash flows (used in) financing activities 164,041 944,740 (1,566,334 ) Net increase in cash and cash equivalents before effect of exchanges rate change (745,276 ) 756,842 (129,438 ) Effects of variation in the exchange rate on cash and cash equivalents - - 5,183 Net increase (decrease) in cash and cash equivalents (745,276 ) 756,842 (124,255 ) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR 1,295,042 538,200 662,455 CASH AND CASH EQUIVALENTS AT THE END OF YEAR 549,766 1,295,042 538,200 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 and for the three years ended December 31, 2021 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 2020, except for the standards and interpretations adopted as of January 1, 2021. (a) Application of new standards for the year 2021: (a.1.) Accounting pronouncements with implementation effective from January 1, 2021: Date of issue Effective Date: (i) Standards and amendments 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 The application of these accounting pronouncements as of January 1, 2021, had no significant effect on the Company’s consolidated financial statements. (a.2.) Adoption of IFRS 9 Financial Instruments for hedge accounting: On January 1, 2018, the effective adoption date of IFRS 9 Financial Instruments, the Company decided to continue applying IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting. On January 1, 2021, the Company modified this accounting policy and adopted 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, the hedge continue. The time value of the options used as hedging instruments, at December 31, 2020, will not continue to be designated as part of the hedging relationship, but it recognition will continue been in Other Comprehensive Income until the forecast transaction occurs at which time will be recycled 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 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 modified the documentation of the existing hedging relationships as of December 31, 2020 in accordance with the provisions of IFRS 9 Financial Instruments. (b) Accounting pronouncements not in force for the financial years beginning on January 1, 2021: Date of issue Effective Date: (i) Standards and amendments Amendment to IAS 12: Income taxes. May 2021 01/01/2023 Amendment to IFRS 16: Lease. March 2021 04/01/2021 Amendment to IAS 8: Accounting policies, changes in accounting estimates and error. February 2021 01/01/2023 Amendment to IAS 1: Presentation of financial statements and IFRS practice statements 2 February 2021 01/01/2023 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 Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17) December 2021 An entity that elects to apply the amendment applies it when it first applies IFRS 17 Amendment to IFRS 10: Consolidated financial statements and IAS 28: Investments in associates and joint ventures. September 2014 Not determined (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. (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$ 4,642 million for the year ended December 31, 2021. As of that date, the Company has a negative working capital of US$ 9,701 million and will require additional working capital during 2021 to support a sustainable business operation. As of December 31, 2021, the company has negative equity of US$ 7,051 million, which corresponds to the attributable equity to the owners of the parent. LATAM Group passenger traffic for the year ended December 31, 2021, increasing by 18% compared to the same period in 2020 (decreasing by 59,6% compared to the same exercise in 2019). In December 2021, the group’s revenues amounted to approximately 49% of revenues for the year ended December 31, 2019. At this time, the pace to meet the pre-COVID demand are uncertain and highly dependent on the evolution of the COVID-19 pandemic in the markets in which LATAM Group operates, therefore, management cannot make specific predictions as to this timing, but considers it reasonable to expect that the pace of the demand recovery will be different for each country. 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. 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 (collectively, the “Subsequent Debtors” and, 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 (each one, respectively, a “Petition Date”) is being jointly administered under the caption “In re LATAM Airlines Group S.A. et al.” 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. On June 28, 2021, LATAM Airlines Perú withdrew its request for a preventive bankruptcy process previously filed before the Indecopi of Peru, entity which approved said withdrawal by resolution without further comments. 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 (viii) pay certain foreign vendors and certain vendors deemed critical to the Debtors’ operations. 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. On November 26, 2021, the Debtors filed a joint plan of reorganization (the “Plan”) and the related disclosure statement (the “Disclosure Statement”) with the Bankruptcy Court. As detailed in the Disclosure Statement, the Plan is supported by a restructuring support agreement executed among the Debtors, creditors holding more than 70% of the general unsecured claims asserted against LATAM Airline Group S.A., and holders of more than 50% of LATAM Airline Group S.A.’s existing equity. As of December 31, 2021, the Plan remains subject to approval by the Bankruptcy Court and could materially change the amounts and classifications in the consolidated financial statements, including the value, if any, of the Debtors’ prepetition liabilities and securities. On December 17, 2021, December 20, 2021, January 24, 2022, January 27, 2022, and February 28, 2022, the Debtors filed a revised Plan and associated Disclosure Statement. On November 1, 2021, the Bankruptcy Court entered an order extending the periods in which the Debtors have the exclusive right to file and solicit a plan of reorganization to November 26, 2021 and January 26, 2022 respectively. On November 26, 2021, the Debtors filed a motion to further extend such periods, solely with respect to the Subsequent Debtors, to January 7, 2022 and March 7, 2022 respectively. On December 15, 2021, the Creditors’ Committee filed an objection to the Subsequent Debtors’ motion. That same day, the Creditors’ Committee also filed a motion seeking to terminate the Debtors’ exclusivity periods. Certain other interested parties subsequently filed joinders to the Creditors’ Committee’s termination motion, while others filed statements opposing the termination motion. On February 14, 2022, the Bankruptcy Court entered an order approving the Subsequent Debtors’ motion and denying the Creditors’ Committee’s motion. Events Leading to the Chapter 11 Cases Since the first quarter of 2020, the passenger air transportation business was 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%. 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. 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 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$ 3.2 billion in a debtor-in-possession financing facility (the “DIP Facility”), as provided for in in the Super-Priority Debtor-in-Possession Term Loan Agreement 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. 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. Any proposed plan of reorganization will be subject to revision 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 is no guarantee at this time that the Company will be able to obtain approval of the Plan from the Bankruptcy Court. On November 26, 2021, the Company filed the Plan and associated Disclosure Statement. The Plan is accompanied by a Restructuring Support Agreement (the “RSA”) with the largest unsecured creditor group in the Chapter 11 Cases— holding of more than 70% of unsecured claims filed against LATAM Airlines Group S.A. and holders of approximately 48% of the US-law governed notes issued by LATAM Finance Ltd. due 2024 and 2026— The Plan proposes the infusion of up to approximately $8.19 billion through a mix of new equity, convertible notes, and debt, which will enable the Company to exit Chapter 11 with appropriate capitalization to effectuate its business plan. Upon emergence, the Company is expected to have total debt of approximately $7.26 billion and liquidity of approximately $2.67 billion. Specifically, the Plan outlines that: ● Upon confirmation of the Plan, the Company intends to launch an $800 million common equity rights offering, open to all shareholders in accordance with their preemptive rights under applicable Chilean law, and fully backstopped by the parties participating in the RSA; ● Three distinct classes of convertible notes will be issued by the Company, all of which will be preemptively offered to shareholders. To the extent not subscribed by the Company’s shareholders during the respective preemptive rights period: ○ Convertible Notes Class A will be provided to certain general unsecured creditors of the Company in settlement of their allowed claims under the Plan; ○ Convertible Notes Class B will be subscribed and purchased by the shareholders parties to the RSA; and ○ Convertible Notes Class C will be provided to certain general unsecured creditors in exchange for a combination of new money to the Company and the settlement of their claims, subject to certain limitations and holdbacks by backstopping parties. ● The convertible notes belonging to the New Convertible Notes Classes B and C will be provided, totally or partially, in consideration of a new money contribution for the aggregate amount of approximately $4.64 billion fully backstopped by the parties to the RSA; and ● LATAM will raise a $500 million new revolving credit facility and approximately $2.25 billion in total new money debt financing, consisting of either a new term loan or new notes. The general deadline to file objections to the Plan and Disclosure Statement was January 7, 2022, and such deadline was further extended to January 12, 2022 and January 14, 2022 for certain interested parties. 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 material uncertainty as a product of the COVID-19 pandemic and the impossibility of knowing its duration at this date and, accordingly, a material uncertainty exists that may cast significant doubt (or raise substantial doubt as contemplated by Public Company Accounting Oversight Board (“PCAOB”) standards) on 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, which could adversely affect the value of the Company’s common stock, or render it worthless. 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 (See Note 31 I 2 for any updates this proceedings). 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. Since the formation of the Creditors’ Committee, three Creditors’ Committee’s members - Compañía de Seguros de Vida Consorcio Nactional de Seguros S.A., AerCap Holdings N.V., and Aircastle Limited - have resigned from the Creditors’ Committee. The Office of the United States Trustee has not appointed replacements for these members. No trustee or examiner has been appointed in any of these Chapter 11 Cases. No other official committee have been solicited or appointed. Assumption, Amendment & Rejection of Executory Contracts & Leases 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 notes 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 Bankruptcy Court granted the Debtors’ motions to assume multiple airport leases at Miami-Dade, LAX and JFK related to the Debtors’ passenger and cargo businesses. The Debtors have also assumed a number of important agreements. For example, on June 1, 2021, the Bankruptcy Court approved the assumption and ratification of certain purchase agreements, as amended, with The Boeing Company. In addition, on July 1, 2021, the Court approved the Debtors’ assumption of the Export Credit Agency-backed fleets, which comprises 65 total aircraft. On December 15, 2021, the Debtors filed a motion for an order approving streamlined procedures for the assumption of executory contracts and unexpired leases. At the December 29, 2021 hearing, the Bankruptcy Court granted the Debtors’ motion. Further, the Debtors have filed 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 Airbus A320-family aircraft January 29, 2021 (i) 2 Airbus A320-family aircraft April 23, 2021 (i) 1 Airbus A350-941 aircraft May 14, 2021 (i) 6 Airbus A350 aircraft June 17, 2021 (i) 1 Airbus A350-941 aircraft June 24, 2021 (i) 3 Airbus A350-941 aircraft November 3, 2021 (i) 1 Rolls-Royce Trent XWB-84K engine; and (ii) 1 Rolls-Royce International Aero Engine AG V2527M-A5 As of December 31, 2021, and as a result of these contract rejections, obligations with the lenders and lessors were extinguished and the Company lost control over the related assets resulting in the derecognition of the assets and the liabilities associated with these aircraft. See note 17, 19 and 27. All accounting effects were recorded as Restructuring activities expenses during the year ending December 31, 2020 and 2021 as Restructuring activities expenses. The Debtors also have filed or will file motions to enter into certain new aircraft lease agreements, including: Bankruptcy Court Approval Date: MSN Number /Counterparty March 8, 2021 Vermillion Aviation (nine) Limited, Aircraft MSNs 4860 and 4827 April 12, 2021 Wilmington Trust Company, Solely in its Capacity as Trustee, Aircraft MSNs 6698, 6780, 6797, 6798, 6894, 6895, 6899, 6949, 7005, 7036, 7081 May 30, 2021 UMB Bank N.A., Solely in its Capacity as Trustee Aircraft MSNs 38459, 38478, 38479, 38461 August 31, 2021 (i) Avolon Aerospace Leasing Limited or its Affiliates, MSNs 38891, 38893, 38895 (ii) Sky Aero Management Ltd. In addition, the Debtors also have filed or will file motions to enter into certain aircraft lease amendment agreement which have the effect of, among other things, reducing the Debtors’ rental payment obligations and extension on the lease term. Certain amendments also involved updates to related financing arrangements. These amendments include: Bankruptcy Court Approval Date: Amended Lease Agreement/Counterparty December 31, 2020 Vermillion Aviation (two) Limited April 14, 2021 (1) Bank of Utah (2) AWAS 5234 Trust (3) Sapucaia Leasing Limited, PK Airfinance US, LLC and PK Air 1 LP April 15, 2021 Aviator IV 3058, Limited April 27, 2021 Bank of America Leasing Ireland Co., May 4, 2021 (1) NBB Grosbeak Co., Ltd, NBB Cuckoo Co., Ltd., NBB-6658 Lease Partnership, NBB-6670 Lease Partnership and NBB Redstart Co. Ltd. (2) Sky High XXIV Leasing Company Limited and Sky High XXV Leasing Company Limited (3) SMBC Aviation Capital Limited May 5, 2021 (1) JSA International US Holdings LLC and Wells Fargo Trust Company N.A. (2) Orix Aviation Systems Limited May 27, 2021 (1) Shenton Aircraft Leasing 3 (Ireland) Limited. (2) Chishima Real Estate Company, Limited and PAAL Aquila Company Limited May 28, 2021 MAF Aviation 1 Designated Activity Company May 30, 2021 (1) IC Airlease One Limited (2) UMB Bank, National Association, Macquarie Aerospace Finance 5125-2 Trust and Macquarie Aerospace Finance 5178 Limited (3) Wilmington Trust SP Services (Dublin) Limited (4) Aercap Holdings N.V. (5) Banc of America Leasing Ireland Co. (6) Castlelake L.P. July 1, 2021 EX-IM Fleet July 8, 2021 Greylag Goose Leasing 38887 Designated Activity Company July 15, 2021 (1) ECAF I 40589 DAC (2) Wells Fargo Company, National Associates, as Owner Trustee (3) Orix Aviation Systems Limited (4) Wells Fargo Trust Company, N.A. July 20, 2021 (1) Avolon AOE 62 Limited (2) Avolon Aerospace (Ireland) AOE 99 Limited, Avolon Aerospace (Ireland) AOE 100 |
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 by function 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 consolidated financial statements of the subsidiaries whose functional currency is the Argentine Peso have been restated. The non-monetary items of the statement of financial position as well as the income statement, comprehensive incomes and cash flows of the group’s entities, whose functional currency corresponds to a hyperinflationary economy, 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 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. Useful lives are detailed in Note 17 (d). When the value of an asset exceeds its estimated recoverable amount, its value is immediately reduced to its recoverable amount. Losses and gains from the sale of property, plant and equipment are calculated by comparing the consideration with the book value and are included in the consolidated statement of income. |
Intangible assets other than goodwill | 2.5. Intangible assets other than goodwill (a) Airport slots and Loyalty program Airport slots and the Loyalty program correspond to intangible assets with indefinite useful lives and are annually tested for impairment as an integral part of the CGU Air Transport. Airport Slots correspond to an administrative authorization to carry out operations of arrival and departure of aircraft, at a specific airport, within a certain period of time. The Loyalty program corresponds to the system of accumulation and exchange of points that is part of TAM Linhas Aereas S.A. The airport slots and Loyalty program were recognized at fair value under IFRS 3, as a consequence of the business combination with TAM S.A. and Subsidiaries. (b) Computer software Licenses for computer software acquired are capitalized on the basis of the costs incurred in acquiring them and preparing them for using the specific software. These costs are amortized over their estimated useful lives, for which the Company has 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 by function 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 by function 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 consolidated statement of income by function. (a) Debt instruments The subsequent measurement of debt instruments depends on the group’s business model to manage the asset and cash flow characteristics of the asset. The Company has two measurement categories in which the group classifies its debt instruments: Amortized cost: the assets held for the collection of contractual cash flows where those cash flows represent only payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in income when the asset is derecognized or impaired. Interest income from these financial assets is included in financial income using the effective interest rate method. Fair value through profit or loss: assets that do not meet the criteria of amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and is presented net in the consolidated statement of income by function within other gains / (losses) in the period or exercise in which it arises. (b) Equity instruments Changes in the fair value of financial assets at fair value through profit or loss are recognized in other gains / (losses) in the consolidated statement of income by function as appropriate. The Company evaluates in advance the expected credit losses associated with its debt instruments recorded at amortized cost. The applied impairment methodology depends on whether there has been a significant increase in credit risk. |
Derivative financial instruments and hedging activities | 2.10. Derivative financial instruments and hedging activities Until December 31, 2020 the Company recognized the hedging derivatives in accordance with IAS 39, as of January 1, 2021 the Company changed the recognition of these derivatives in accordance with IFRS 9 and continues to recognize under this same standard the derivatives that do not qualify as hedges. Initially at fair value on the date on which the derivative contract was made and are subsequently valued at their fair value. The method to recognize the resulting loss or gain depends on whether the derivative designated as a hedging instrument and, if so, the nature of the item being hedged. The Company designates certain derivatives as: (a) Hedge of an identified risk associated with a recognized liability or an expected highly- Probable transaction (cash-flow hedge), or (b) Derivatives that do not qualify for hedge accounting. At the beginning of the transaction, the Company documents the economic relationship between the hedged items existing between the hedging instruments and the hedged items, as well as its objectives for risk management and the strategy to carry out various hedging operations. The Company also documents its assessment, both at the beginning and on an ongoing basis, as to whether the derivatives used in the hedging transactions are highly effective in offsetting the changes in the fair value or cash flows of the items being hedged. The total fair value of the hedging derivatives is booked as Other non-current financial asset or liability if the remaining maturity of the item hedged is over 12 months, and as an other current financial asset or liability if the remaining term of the item hedged is less than 12 months. (a) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is shown in the statement of other comprehensive income. The loss or gain relating to the ineffective portion is recognized immediately in the consolidated statement of income by function under other gains (losses). Amounts accumulated in equity are reclassified to profit or loss in the periods or exercise when the hedged item affects profit or loss. For fuel price hedges, the amounts shown in the statement of other comprehensive income are reclassified to results under the line item Cost of sales to the extent that the fuel subject to the hedge is used. Gains or losses related to the effective part of the change in the intrinsic value of the options are recognized in the cash flow hedge reserve within equity. Changes in the time value of the options related to the part are recognized within Other Consolidated Comprehensive Income in the costs of the hedge reserve within equity. When 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 by function as “Other gains (losses)”. (b) Derivatives not booked as a hedge The changes in fair value of any derivative instrument that is not booked as a hedge are shown immediately in the consolidated statement of income in “Other gains (losses)”. |
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 and a low risk of loss of value. |
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 or exercise 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 constructive obligation as a result of a past event; (ii) It is probable that payment is going to be required to settle an obligation; and (iii) A reliable estimate of the obligation amount can be made. |
Revenue from contracts with customers | 2.20. Revenue from contracts with customers (a) Transportation of passengers and cargo The Company recognizes the sale for the transportation service as a deferred income liability, which is recognized as income when the transportation service has been 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”. Principal and interest are present in the consolidated cash flow as “Payments of lease liability” and “Interest paid”, respectively, in cash flows use in financing activities Payments associated with short-term leases without purchase options and leases of low-value assets are recognized on a straight-line basis in profit or loss at the time of accrual. Those payments are presented in cash flows use in operation activities. The Company analyzes the financing agreements of aircrafts, mainly considering characteristics such as: (a) that the Company initially acquired the aircraft or took an important part in the process of direct acquisition with the manufacturers. (b) Due to the contractual conditions, it is virtually certain that the Company will execute the purchase option of the aircraft at the end of the lease term. Since these financing agreements are “substantially purchases” and not leases, the related liability is considered as a financial debt classified under 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 | 2.22. Non-current assets or disposal groups classified as held for sale Non-current assets (or disposal groups) classified as assets held for sale are shown at the lesser of their book value and the fair value less costs to sell. |
Maintenance | 2.23. 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 or accrue. |
GENERAL INFORMATION (Tables)
GENERAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of general information about financial statements [text block] [Abstract] | |
Schedule of consolidated financial statements | Functional As December 31, 2021 As December 31, 2020 As December 31, 2019 Tax No. Company of origin Currency Direct Indirect Total Direct Indirect Total Direct Indirect Total % % % % % % % % % 96.969.680-0 Lan Pax Group S.A. and Subsidiaries Chile US$ 99.8361 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 23.6200 76.1900 99.8100 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$ 0.0000 100.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 Foreign Prime Airport Services Inc. and Subsidiary U.S.A. US$ 0.0000 100.0000 100.0000 99.9714 0.0286 100.0000 99.9714 0.0286 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 99.9999 0.0001 100.0000 96.631.520-2 Fast Air Almacenes de Carga S.A. Chile CLP 0.0000 100.0000 100.0000 99.8900 0.1100 100.0000 99.8900 0.1100 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 0.0000 100.0000 100.0000 96.2208 3.7792 100.0000 96.2208 3.7792 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 0.0000 100.0000 100.0000 99.9800 0.0200 100.0000 99.9800 0.0200 100.0000 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary Chile US$ 0.0000 100.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 96.575.810-0 Inversiones Lan S.A. and Subsidiaries Chile US$ 99.9000 0.1000 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 LatamTravel S.R.L. Bolivia US$ 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 99.0000 1.0000 100.0000 76.262.894-5 Latam Travel Chile II S.A. Chile US$ 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 Foreign 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 |
Schedule of subsidiaries | Statement of financial position Net Income For the year ended As of December 31, As of December 31, As of December 31, December 31, 2021 2020 2019 2021 2020 2019 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain /(loss) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 432,271 1,648,715 (1,236,243 ) 404,944 1,624,944 (1,219,539 ) 632,673 1,487,248 (853,624 ) (7,289 ) (290,980 ) (26,551 ) Foreign Latam Airlines Perú S.A. 484,388 417,067 67,321 661,721 486,098 175,623 519,363 510,672 8,691 (109,392 ) (175,485 ) (3,550 ) 93.383.000-4 Lan Cargo S.A. 721,484 537,180 184,304 749,789 567,128 182,661 634,852 462,666 172,186 1,590 10,936 (4,157 ) Foreign Connecta Corporation 61,068 19,312 41,756 57,922 17,335 40,587 64,110 24,023 40,087 1,169 500 1,677 Foreign Prime Airport Services Inc. and Subsidiary (*) 24,654 25,680 (1,026 ) 25,050 26,265 (1,215 ) 22,068 23,102 (1,034 ) 190 (181 ) 802 96.951.280-7 Transporte Aéreo S.A. 471,094 327,955 143,139 546,216 347,714 198,502 359,335 142,423 216,912 (56,135 ) (39,032 ) 14,610 96.631.520-2 Fast Air Almacenes de Carga S.A. 18,303 10,948 7,355 20,132 11,576 8,556 20,182 12,601 7,581 48 500 796 Foreign Laser Cargo S.R.L. (5 ) - (5 ) (6 ) - (6 ) (10 ) - (10 ) - - - Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 36,617 14,669 21,940 218,435 14,355 203,829 48,929 15,228 33,450 (806 ) (92,623 ) (6,579 ) 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidiary (*) 202,402 113,930 23,563 250,027 86,691 130,823 65,422 78,890 (12,111 ) (54,961 ) 1,452 (2,497 ) 96.575.810-0 Inversiones Lan S.A. and Subsidiaries (*) 1,284 45 1,239 1,394 65 1,329 1,329 50 1,279 (90 ) 50 (54 ) 96.847.880-K Technical Trainning LATAM S.A. 2,004 467 1,537 2,181 625 1,556 2,378 1,075 1,303 181 60 (282 ) Foreign Latam Finance Limited 1,310,733 1,688,821 (378,088 ) 1,310,735 1,584,311 (273,576 ) 1,362,762 1,531,238 (168,476 ) (104,512 ) (105,100 ) (90,736 ) Foreign Peuco Finance Limited 1,307,721 1,307,721 - 1,307,721 1,307,721 - 664,458 664,458 - - - - Foreign Profesional Airline Services INC. 61,659 58,808 2,851 17,345 14,772 2,573 3,509 1,950 1,559 278 1,014 1,096 Foreign Jarletul S.A. 24 1,116 (1,092 ) 34 1,076 (1,042 ) 150 860 (710 ) (50 ) (332 ) (603 ) Foreign LatamTravel S.R.L. 64 132 (68 ) 1,061 1,106 (45 ) 161 138 23 (23 ) (33 ) (8 ) 76.262.894-5 Latam Travel Chile II S.A. 588 1,457 (869 ) 943 1,841 (898 ) 672 1,354 (682 ) 29 392 - Foreign TAM S.A. and Subsidiaries (*) 2,608,859 3,257,148 (648,289 ) 3,110,055 3,004,935 105,120 5,090,180 3,550,875 1,539,305 (756,633 ) (1,025,814 ) 186,140 |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of level of hedge | Positions as of December 31, 2021 (*) Maturities Q122 Q222 Q322 Q422 Total Percentage of coverage over the expected volume of consumption 25 % 30 % 17 % 14 % 21 % Positions as of December 31, 2020 (*) Maturities Q121 Q221 Q321 Q421 Total Percentage of coverage over the expected volume of consumption 3 % 3 % 3 % 3 % 3 % |
Schedule of sensitivity analysis | Appreciation (depreciation) Effect December 31, 2021 Effect December 31, 2020 De R$/US$ (MUS$) (MUS$) -10% +51.9 -10.9 +10% -51.9 +10.9 Appreciation (depreciation) Effect at December 31, 2021 Effect at December 31, 2020 of R$/US$ MUS$ MUS$ -10% +96.66 +191.53 +10 -79.09 -156.71 |
Schedule of amounts by Tranche are summarized | As of December 31, 2021 As of December 31, 2020 Tranche Committed Withdrew Available Committed Withdrew Available MUS$ MUS$ MUS$ MUS$ MUS$ MUS$ Tranche A 1,300 876 424 1,300 650 650 Tranche B 750 300 450 - - - Tranche C 1,150 774 376 1,150 500 650 Total 3,200 1,950 1,250 2,450 1,150 1,300 |
Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity | More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Cu rrency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 CITIBANK Chile US$ 115,350 - - - - 115,350 114,000 At Expiration 2.96 2.96 97.030.000-7 ITAU Chile US$ 20,140 - - - - 20,140 20,000 At Expiration 4.20 4.20 0-E HSBC Chile US$ 12,123 - - - - 12,123 12,000 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 10,236 - - - - 10,236 10,106 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ 751 2,604 106,939 - - 110,294 106,427 Quarterly 2.80 2.80 0-E CITIBANK U.S.A. UF 60,935 - - - - 60,935 60,935 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCO ESTADO Chile UF 36,171 179,601 31,461 31,461 369,537 648,231 502,897 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 184,188 104,125 884,188 856,000 - 2,028,501 1,500,000 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 17,182 19,425 40,087 41,862 95,475 214,031 198,475 Quarterly 1.48 1.48 0-E MUFG U.S.A. US$ 29,652 17,921 36,660 37,829 55,297 177,359 166,712 Quarterly 1.64 1.64 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 933 4,990 29,851 36,337 89,263 161,374 144,358 Quarterly / Monthly 3.17 1.60 Other guaranteed obligation 0-E CREDIT AGRICOLE France US$ 273,199 - - - - 273,199 273,199 At Expiration 1.82 1.82 0-E MUFG U.S.A. US$ 8,150 46,746 94,062 14,757 - 163,715 156,933 Quarterly 1.72 1.72 0-E CITIBANK U.S.A. US$ 613,419 - - - - 613,419 600,000 At Expiration 2.00 2.00 0-E BANK OF UTAH U.S.A. US$ - 1,858,051 - - - 1,858,051 1,644,876 At Expiration 22.71 12.97 0-E EXIM BANK U.S.A. US$ 271 1,173 3,375 10,546 55,957 71,322 62,890 Quarterly 1.84 1.84 Financial lease 0-E CREDIT AGRICOLE France US$ 699 1,387 - - - 2,086 2,052 Quarterly 3.68 3.23 0-E CITIBANK U.S.A. US$ 19,268 59,522 5,721 - - 84,511 83,985 Quarterly 1.37 0.79 0-E BNP PARIBAS U.S.A. US$ 7,351 26,519 21,685 - - 55,555 54,918 Quarterly 1.56 0.96 0-E NATIXIS France US$ 5,929 34,328 59,574 59,930 130,131 289,892 261,458 Quarterly 2.09 2.09 0-E US BANK U.S.A. US$ 18,158 72,424 133,592 6,573 - 230,747 219,667 Quarterly 4.03 2.84 0-E PK AIRFINANCE U.S.A. US$ 853 5,763 10,913 - - 17,529 16,851 Quarterly 1.88 1.88 0-E EXIM BANK U.S.A. US$ 2,758 11,040 61,167 249,466 269,087 593,518 533,127 Quarterly 2.88 2.03 Others loans 0-E OTHERS (**) US$ 55,819 - - - - 55,819 55,819 At Expiration - - TOTAL 1,493,535 2,445,619 1,519,275 1,344,761 1,064,747 7,867,937 6,801,685 More than More than More than 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$ 990 - - - - 990 943 Monthly 6.01 6.01 0-E MERRIL LYNCH CREDIT PRODUCTS LLC U.S.A. BRL 185,833 - - - - 185,833 185,833 Monthly 3.95 3.95 0-E BANCO BRADESCO Brazil BRL 74,661 - - - - 74,661 74,661 Monthly 4.33 4.33 Financial leases 0-E NATIXIS France US$ 486 2,235 4,080 11,076 - 17,877 17,326 Quarterly 2.74 2.74 0-E GA TELESIS LLC U.S.A. US$ 762 2,706 4,675 4,646 5,077 17,866 10,999 Monthly 14.72 14.72 Others Loans 0-E Deustche Bank (**) Brazil US$ 20,689 - - - - 20,689 20,689 At Expiration - - TOTAL 283,421 4,941 8,755 15,722 5,077 317,916 310,451 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$ 694,568 469,568 767,629 811,843 778,613 3,522,221 2,883,657 - - - - OTHER ASSETS OTHERS US$ 9,859 11,820 22,433 23,365 8,651 76,128 73,615 - - - UF 1,759 982 245 76 231 3,293 2,621 - - - COP 2 7 35 - - 44 42 - - - EUR 198 112 293 - - 603 599 - - - PEN 4 7 97 - - 108 103 - - - Trade and other accounts payables - OTHERS OTHERS US$ 665,645 165,085 - - - 830,730 830,730 - - - CLP 214,224 4,912 - - - 219,136 219,136 - - - BRL 365,486 5,258 - - - 370,744 370,744 - - - Other currency 542,304 3,719 - - - 546,023 546,023 - - - Accounts payable to related parties currents (*) Foreign Inversora Aeronáutica Argentina S.A. Argentina US$ - 5 - - - 5 5 - - - Foreign Delta Airlines U.S.A US$ - 2,268 - - - 2,268 2,268 - - - Foreign Patagonia Seafarms INC U.S.A CLP - 7 - - - 7 7 - - - 81.062.300-4 Costa Verde Aeronautica S.A. Chile CLP - 175,819 - - - 175,819 175,819 - - - Foreign QA Investments Ltd Jersey Channel Islands US$ - 219,774 - - - 219,774 219,774 - - - Foreign QA Investments 2 Ltd Jersey Channel Islands US$ - 219,774 - - - 219,774 219,774 - - - Foreign Lozuy S.A. Uruguay US$ - 43,955 - - - 43,955 43,955 - - - Total 2,494,049 1,323,072 790,732 835,284 787,495 6,230,632 5,588,872 Total consolidated 4,271,005 3,773,632 2,318,762 2,195,767 1,857,319 14,416,485 12,701,008 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 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 CORPBANCA 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 WACAPOU 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 |
Schedule of classification of financial instruments at fair value | As of December 31, 2021 As of December 31, 2020 Fair value measurements using values Fair value measurements using values 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 26,025 26,025 - - 32,782 32,782 - - Short-term mutual funds 26,025 26,025 - - 32,782 32,782 - - Other financial assets, current 26,467 1,637 24,830 - 4,097 366 3,731 - Fair value of fuel derivatives 17,641 - 17,641 - 1,296 - 1,296 - Private investment funds 347 347 - - 348 348 - - Certificate of Deposit (CBD) 7,189 - 7,189 - 2,435 - 2,435 - Domestic and foreign bonds 1,290 1,290 - - 18 18 - - Liabilities Other financial liabilities, current 5,671 - 5,671 - 5,671 - 5,671 - Fair value of interest rate derivatives 2,734 - 2,734 - 2,734 - 2,734 - Currency derivative not registered as hedge accounting 2,937 - 2,937 - 2,937 - 2,937 - |
Schedule of financial instruments which are not recorded at fair value | As of December 31, As of December 31, Book Fair Book Fair value value value value ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,020,810 1,020,810 1,663,059 1,663,059 Cash on hand 2,120 2,120 4,277 4,277 Bank balance 558,078 558,078 732,578 732,578 Overnight 386,034 386,034 802,220 802,220 Time deposits 74,578 74,578 123,984 123,894 Other financial assets, current 74,671 74,671 46,153 46,153 Other financial assets 74,671 74,671 46,153 46,153 Trade debtors, other accounts receivable and Current accounts receivable 902,672 902,672 599,381 599,381 Accounts receivable from entities related, current 724 724 158 158 Other financial assets, not current 15,622 15,622 33,140 33,140 Accounts receivable, non-current 12,201 12,201 4,986 4,986 Other current financial liabilities 4,447,780 4,339,370 3,050,059 2,995,768 Accounts payable for trade and other accounts payable, current 4,860,153 4,860,153 2,322,125 2,322,125 Accounts payable to entities related, current 661,602 662,345 812 812 Other financial liabilities, not current 5,948,702 5,467,594 7,803,801 6,509,081 Accounts payable, not current 472,426 472,426 396,423 410,706 |
Fuel-Price Risk [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of sensitivity analysis | Positions as of December 31, 2021 Positions as of December 31, 2020 Benchmark price effect on Equity effect on Equity (US$ per barrel) (MUS$) (MUS$) +5 +2.7 +0.6 -5 -3.3 -0.6 |
Interest rate risk [member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Schedule of sensitivity analysis | Increase (decrease) Positions as of December 31, 2021 Positions as of December 31, 2020 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 -46.31 -42.11 -100 basis points +46.31 +42.11 |
SEGMENTAL INFORMATION (Tables)
SEGMENTAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [text block] [Abstract] | |
Schedule of revenues by geographic area | For the year ended At December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Peru 503,616 297,549 801,965 Argentina 75,513 172,229 584,959 U.S.A. 577,970 505,145 1,004,238 Europe 376,857 338,565 726,165 Colombia 368,474 177,007 380,449 Brazil 1,664,523 1,304,006 3,949,797 Ecuador 162,959 112,581 203,334 Chile 794,122 638,225 1,546,960 Asia Pacific and rest of Latin America 359,981 378,360 872,196 Income from ordinary activities 4,884,015 3,923,667 10,070,063 Other operating income 227,331 411,002 360,864 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
Schedule of cash and cash equivalents | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Cash on hand 2,120 4,277 Bank balances 558,078 732,578 Overnight 386,034 802,220 Total Cash 946,232 1,539,075 Cash equivalents Time deposits 74,578 123,984 Mutual funds 26,025 32,782 Total cash equivalents 100,603 156,766 Total cash and cash equivalents 1,046,835 1,695,841 |
Schedule of cash and cash equivalents denominated by currencies | As of As of December 31, December 31, Currency 2021 2020 ThUS$ ThUS$ Argentine peso 7,148 20,107 Brazilian real 89,083 136,938 Chilean peso 9,800 32,649 Colombian peso 13,535 17,185 Euro 7,099 10,361 US Dollar 886,627 1,438,846 Other currencies 33,543 39,755 Total 1,046,835 1,695,841 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of derivative financial instruments [text block] [Abstract] | |
Schedule of financial instruments by category | Assets Measured at amortized cost At fair value with changes in results Hedge derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,020,810 26,025 - 1,046,835 Other financial assets, current (*) 83,150 347 17,641 101,138 Trade and others accounts receivable, current 902,672 - - 902,672 Accounts receivable from related entities, current 724 - - 724 Other financial assets, non current 15,622 - - 15,622 Accounts receivable, non current 12,201 - - 12,201 Total 2,035,179 26,372 17,641 2,079,192 Liabilities Measured at amortized cost At fair value with changes in results Hedge derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 4,447,780 2,937 2,734 4,453,451 Trade and others accounts payable, current 4,860,153 - - 4,860,153 Accounts payable to related entities, current 661,602 - - 661,602 Other financial liabilities, non-current 5,948,702 - - 5,948,702 Accounts payable, non-current 472,426 - - 472,426 Total 16,390,663 2,937 2,734 16,396,334 (*) 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. Assets Measured at amortized cost At fair value with changes in results Hedge 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 Liabilities Measured at amortized cost At fair value with changes in results Hedge 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 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_2
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 ThUS$ ThUS$ Trade accounts receivable 785,952 532,106 Other accounts receivable 209,925 194,454 Total trade and other accounts receivable 995,877 726,560 Less: Expected credit loss (81,004 ) (122,193 ) Total net trade and accounts receivable 914,873 604,367 Less: non-current portion – accounts receivable (12,201 ) (4,986 ) Trade and other accounts receivable, current 902,672 599,381 |
Schedule of expected credit losses | As of December 31, 2021 As December 31, 2020 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 1 % 591,210 (8,806 ) 4 % 302,079 (11,112 ) From 1 to 90 days 10 % 116,613 (11,840 ) 4 % 103,615 (4,049 ) From 91 to 180 days 31 % 11,376 (3,567 ) 66 % 15,989 (10,501 ) From 181 to 360 days 72 % 3,863 (2,766 ) 80 % 40,621 (32,627 ) more of 360 days 86 % 62,890 (54,025 ) 92 % 69,802 (63,904 ) Total 785,952 (81,004 ) 532,106 (122,193 ) (1) Corresponds to the consolidated expected rate of accounts receivable. (2) The gross book value represents the maximum credit risk value of trade accounts receivables. |
Schedule of trade and other accounts receivable and non-current accounts receivable | As of As of December 31, December 31, Currency 2021 2020 ThUS$ ThUS$ Argentine Peso 7,282 6,517 Brazilian Real 361,745 221,952 Chilean Peso 53,488 44,737 Colombian Peso 5,657 1,292 Euro 24,143 24,370 US Dollar 441,079 292,125 Korean Won 844 79 Mexican Peso 2,428 4,624 Australian Dollar 62 49 Pound Sterling 12,728 5,647 Uruguayan Peso (New) 860 792 Swiss Franc 360 754 Japanese Yen 106 77 Swedish crown 488 129 Other Currencies 3,603 1,223 Total 914,873 604,367 |
Schedule of provision for impairment losses of trade debtors and other accounts receivable | Opening (Increase) Closing Periods balance Write-offs Decrease balance ThUS$ ThUS$ ThUS$ ThUS$ 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 ) From January 1 to December 31, 2021 (122,193 ) 26,435 14,754 (81,004 ) |
Schedule of accounts receivable categories | As of December 31, 2021 As of December 31, 2020 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 785,952 (81,004 ) 704,948 532,106 (122,193 ) 409,913 Other accounts receivable 209,925 - 209,925 194,454 - 194,454 |
ACCOUNTS RECEIVABLE FROM_PAYA_2
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES [Abstract] | |
Schedule of accounts receivable | As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2021 2020 ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 703 148 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL 2 1 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP 6 6 76.335.600-0 Parque de Chile S.A. Related director Chile CLP 2 2 96.989.370-3 Rio Dulce S.A. Related director Chile CLP 4 1 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP 7 - Total current assets 724 158 |
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 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Foreign Delta Airlines, Inc. Shareholder U.S.A. US$ 2,268 805 - - Foreign Inversora Aeronáutica Related director Argentina US$ 5 - - - Foreign Patagonia Seafarms INC Related director U.S.A. US$ 7 7 - - 81.062.300-4 Costa Verde Aeronautica S.A. (*) Shareholder Chile US$ 175,819 - - 105,713 Foreign QA Investments Ltd (*) Common shareholder Jersey Channel Islands US$ 219,774 - - 132,141 Foreign QA Investments 2 Ltd (*) Common shareholder Jersey Channel Islands US$ 219,774 - - 132,141 Foreign Lozuy S.A. (*) Common shareholder Uruguay US$ 43,955 - - 26,428 Total current and non current liabilities 661,602 812 - 396,423 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVENTORIES [Abstract] | |
Schedule of composition of inventories | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Technical stock 250,327 284,409 Non-technical stock 37,010 39,165 Total 287,337 323,574 |
Schedule of inventory average cost, net of provision for obsolescence | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Provision for obsolescence Technical stock 64,455 42,979 Provision for obsolescence Non-technical stock 5,785 4,651 Total 70,240 47,630 |
OTHER FINANCIAL ASSETS (Tables)
OTHER FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 347 348 - - 347 348 Deposits in guarantee (aircraft) 7,189 2,435 2,758 21,498 9,947 23,933 Guarantees for margins of derivatives 5,451 3,047 - - 5,451 3,047 Other investments - - 493 493 493 493 Domestic and foreign bonds 1,290 18 - - 1,290 18 Other guarantees given 69,220 43,106 12,371 11,149 81,591 54,255 Subtotal of other financial assets 83,497 48,954 15,622 33,140 99,119 82,094 (b) Hedging derivate asset Fair value of fuel price derivatives 17,641 1,296 - - 17,641 1,296 Subtotal of derivate assets 17,641 1,296 - - 17,641 1,296 Total Other Financial Assets 101,138 50,250 15,622 33,140 116,760 83,390 |
Schedule of composition by currencies of other financial assets | As of As of December 31, December 31, Type of currency 2021 2020 ThUS$ ThUS$ Argentine peso 16 460 Brazilian real 9,775 8,475 Chilean peso 4,502 4,056 Colombian peso 1,727 500 Euro 4,104 3,236 U.S.A dollar 93,247 63,922 Other currencies 3,389 2,741 Total 116,760 83,390 |
OTHER NON-FINANCIAL ASSETS (Tab
OTHER NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Advance payments Aircraft insurance and other 12,331 10,137 - - 12,331 10,137 Others 11,404 15,375 2,002 2,998 13,406 18,373 Subtotal advance payments 23,735 25,512 2,002 2,998 25,737 28,510 (b) Contract assets (1) GDS costs 6,439 4,491 - - 6,439 4,491 Credit card commissions 10,550 6,021 - - 10,550 6,021 Travel agencies commissions 8,091 4,964 - - 8,091 4,964 Subtotal advance payments 25,080 15,476 - - 25,080 15,476 (c) Other assets Aircraft maintenance reserve (2) - 8,613 - - - 8,613 Sales tax 57,634 102,010 33,212 46,210 90,846 148,220 Other taxes 1,661 4,023 - - 1,661 4,023 Contributions to the International Aeronautical Telecommunications Society (“SITA”) 258 258 739 739 997 997 Contributions to Universal Air Travel Plan “UATP” - - 20 - 20 - Judicial deposits - - 89,459 76,835 89,459 76,835 Subtotal other assets 59,553 114,904 123,430 123,784 182,983 238,688 Total Other Non - Financial Assets 108,368 155,892 125,432 126,782 233,800 282,674 |
Schedule of movement of contracts assets | Cumulative translation Initial balance Activation adjustment Amortization Final balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2020 56,576 146,778 (14,672 ) (173,206 ) 15,476 From January 1 to December 31, 2021 15,476 67,647 (6,680 ) (51,363 ) 25,080 |
NON-CURRENT ASSETS AND DISPOS_2
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER NON-FINANCIAL ASSETS [Abstract] | |
Schedule of non-current assets and in disposal groups held for sale | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Current assets Aircraft 99,694 275,000 Engines and rotables 46,724 740 Other assets 374 382 Total 146,792 276,122 |
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 2021 2020 Boeing 767 6 11 Total 6 11 |
INVESTMENTS IN SUBSIDIARIES (Ta
INVESTMENTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 % % Latam Airlines Perú S.A. Peru US$ 99.81000 99.81000 Lan Cargo S.A. Chile US$ 99.89395 99.89395 Lan Argentina S.A. (*) Argentina ARS 100.00000 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 99.20120 99.19414 TAM S.A. Brazil BRL 100.00000 99.99938 (*) See Note 1 |
Schedule of financial information of significant subsidiaries | Income for the year Statement of financial position as of December 31, 2021 ended December 31, 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. 484,388 454,266 30,122 417,067 414,997 2,070 584,929 (83,346 ) Lan Cargo S.A. 721,484 452,981 268,503 537,180 488,535 48,645 215,811 1,590 Lan Argentina S.A. 162,995 158,008 4,987 119,700 98,316 21,384 242 (190,299 ) Transporte Aéreo S.A. 471,094 184,235 286,859 327,955 275,246 52,709 203,411 (56,135 ) Latam Airlines Ecuador S.A. 112,437 108,851 3,586 97,111 80,861 16,250 68,762 (3,078 ) Aerovías de Integración Regional, AIRES S.A. 70,490 67,809 2,681 87,749 75,621 12,128 239,988 (19,615 ) TAM S.A. (*) 2,608,859 1,262,825 1,346,034 3,257,148 2,410,426 846,722 2,003,922 (756,694 ) Income for the year Statement of financial position as of December 31, 2020 ended December 31, 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. 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 ) (*) Corresponds to consolidated information of TAM S.A. and subsidiaries |
Schedule of non-controlling interest | As of As of As of As of Country December 31, December 31, December 31, December 31, Equity Tax No. of origin 2021 2020 2021 2020 % % ThUS$ ThUS$ Latam Airlines Perú S.A 0 - E Peru 0.19000 0.19000 (13,035 ) (7,238 ) Lan Cargo S.A. and Subsidiaries 93.383.000 - 4 Chile 0.10196 0.10196 2,481 666 Inversora Cordillera S.A. and Subsidiaries 0 - E Argentina 0.00000 0.01630 - (276 ) Lan Argentina S.A. 0 - E Argentina 0.00000 0.00344 - 1 Americonsult de Guatemala S.A. 0 - E Guatemala 0.87000 0.87000 - 1 Americonsult S.A. and Subsidiaries 0 - E Mexico 0.20000 0.20000 (6 ) (6 ) 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 9.54000 (422 ) (522 ) Aerolíneas Regionales de Integración Aires S.A. 0 - E Colombia 0.79880 0.79880 (145 ) (13 ) Transportes Aereos del Mercosur S.A. 0 - E Paraguay 5.02000 5.02000 769 713 Total (10,356 ) (6,672 ) For the year ended For the year ended Country December 31, December 31, December 31, December 31, Incomes Tax No. of origin 2021 2020 2019 2021 2020 2019 % % % ThUS$ ThUS$ ThUS$ Latam Airlines Perú S.A 0 - E Peru 0.19000 0.19000 30.00000 (5,553 ) (8,102 ) (1,065 ) Lan Cargo S.A. and Subsidiaries 93.383.000 - 4 Chile 0.10196 0.10196 0.10196 (82 ) (121 ) 19 Inversora Cordillera S.A. and Subsidiaries 0 - E Argentina 0.00000 0.01630 4.22000 (19 ) 360 359 Lan Argentina S.A. 0 - E Argentina 0.00000 0.00344 0.00344 (5 ) 70 48 Americonsult S.A. and Subsidiaries 0 - E Mexico 0.20000 0.20000 0.20000 (1 ) 1 (7 ) Linea Aérea Carguera de Colombiana S.A. 0 - E Colombia 9.54000 9.54000 10.00000 100 (943 ) (293 ) Aerolíneas Regionales de Integración Aires S.A. 0 - E Colombia 0.79880 0.79880 0.79880 (158 ) (724 ) (24 ) Transportes Aereos del Mercosur S.A. 0 - E Paraguay 5.02000 5.02000 5.02000 67 (189 ) 420 Total (5,651 ) (9,648 ) 5,183 (*) See Note 1 letter (b) |
INTANGIBLE ASSETS OTHER THAN _2
INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of intangible assets [text block] [Abstract] | |
Schedule of intangible assets | Classes of intangible assets Classes of intangible assets (net) (gross) As of As of As of As of December 31, December 31, December 31, December 31, 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 587,214 627,742 587,214 627,742 Loyalty program 190,542 204,615 190,542 204,615 Computer software 136,135 139,113 463,478 528,097 Developing software 104,874 68,521 105,673 69,379 Trademarks (1) - 6,340 36,723 39,803 Other assets 127 228 1,315 1,315 Total 1,018,892 1,046,559 1,384,945 1,470,951 |
Schedule of movement in intangible assets other than goodwill | Computer Trademarks software Developing Airport and loyalty Net software slots (2) program (1) (2) Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 ) Adjustment application IAS 29 by hyperinflation Argentina - - - - - 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 Opening balance as of January 1, 2021 139,341 68,521 627,742 210,955 1,046,559 Additions - 82,798 - - 82,798 Withdrawals (275 ) (429 ) - - (704 ) Transfer software 46,144 (45,657 ) - (352 ) 135 Foreign exchange (3,571 ) (359 ) (40,528 ) (14,276 ) (58,734 ) Amortization (45,377 ) - - (5,785 ) (51,162 ) Closing balance as of December 31, 2021 136,262 104,874 587,214 190,542 1,018,892 (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. At December 31, 2021 TAM’s trademark is fully amortized (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. |
Schedule of recoverable values | CGU Air transport Annual growth arte (Terminal) % 1.1 – 2.5 Exchange rate (1) R$/US$ 5.4 – 5.7 Discount rate base don the weighted average Cost of Capital (WACC) % 8.60 – 10.60 Fuel Price from future prices curves Commodities markets US$/barrel 71 - 73 (1) In line with expectations of the Central Bank of Brazil. |
Schedule of annual growth rates, discounts, exchange rates and fuel price | Increase Decrease rate Increase WACC Terminal growth Fuel Price Maximum Minimal Maximum % % Air Transportation CGU 10.6 1.1 100-114 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets of Indefinite Useful Life [Abstract] | |
Schedule of movement of goodwill | Air Coalition Transport Multiplus Total ThUS$ ThUS$ ThUS$ 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 - - - Opening balance as of January 1, 2021 - - - Increase (decrease) due to exchange rate differences - - Impairment loss - - Closing balance as of December 31, 2021 - - - |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
Schedule of fully depreciated assets and commitments for future purchases | Gross Book Value Accumulated depreciation Net Book Value As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ a) Property, plant and equipment Construction in progress (1) 473,797 377,961 - - 473,797 377,961 Land 43,276 42,979 - - 43,276 42,979 Buildings 121,972 123,836 (61,521 ) (58,629 ) 60,451 65,207 Plant and equipment 11,024,722 12,983,173 (4,462,706 ) (5,292,429 ) 6,562,016 7,690,744 Own aircraft (3) (4) 10,377,850 12,375,500 (4,237,585 ) (5,088,297 ) 6,140,265 7,287,203 Other (2) 646,872 607,673 (225,121 ) (204,132 ) 421,751 403,541 Machinery 25,764 27,402 (23,501 ) (23,986 ) 2,263 3,416 Information technology equipment 146,986 147,754 (130,150 ) (132,923 ) 16,836 14,831 Fixed installations and accessories 147,402 154,414 (108,661 ) (105,215 ) 38,741 49,199 Motor vehicles 49,186 49,345 (44,423 ) (44,140 ) 4,763 5,205 Leasehold improvements 248,733 201,828 (115,758 ) (127,420 ) 132,975 74,408 Subtotal Properties, plant and equipment 12,281,838 14,108,692 (4,946,720 ) (5,784,742 ) 7,335,118 8,323,950 b) Right of use Aircraft (3) 5,211,153 5,369,519 (3,109,411 ) (3,031,477 ) 2,101,742 2,338,042 Other assets 243,014 244,847 (190,007 ) (176,570 ) 53,007 68,277 Subtotal Right of use 5,454,167 5,614,366 (3,299,418 ) (3,208,047 ) 2,154,749 2,406,319 Total 17,736,005 19,723,058 (8,246,138 ) (8,992,789 ) 9,489,867 10,730,269 |
Schedule of movement of property, plant and equipment | Construction Land Buildings Plant and Information Fixed Motor Leasehold Property, ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 Opening balance as of January 1, 2021 377,961 42,979 65,207 7,698,969 14,831 49,199 396 74,408 8,323,950 Additions 84,392 1,550 92 563,023 6,455 6 17 6,543 662,078 Disposals - - - (169 ) (26 ) (309 ) (17 ) - (521 ) Rejection fleet (*) - - - (469,878 ) - - - (46,816 ) (516,694 ) Retirements (279 ) - - (44,684 ) (212 ) (1,885 ) - (26 ) (47,086 ) Depreciation expenses - - (4,074 ) (620,349 ) (4,345 ) (8,304 ) (61 ) (11,649 ) (648,782 ) Foreign exchange (1,720 ) (1,252 ) (833 ) (19,199 ) (404 ) (1,752 ) (11 ) (13,074 ) (38,245 ) Other increases (decreases) (**) 13,443 - 59 (538,996 ) 537 1,786 1 123,589 (399,581 ) Changes, total 95,836 298 (4,756 ) (1,130,252 ) 2,005 (10,458 ) (71 ) 58,567 (988,831 ) Closing balance as of December 31, 2021 473,797 43,277 60,451 6,568,717 16,836 38,741 325 132,975 7,335,119 |
Schedule of right of use assets | Net right of use Aircraft Others assets ThUS $ ThUS $ ThUS $ 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 ) Cumulative 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 ) Depreciation expense (395,936 ) (22,492 ) (418,428 ) Cumulative translate adjustment (6,578 ) (11,173 ) (17,751 ) Other increases (decreases) ** (18,894 ) 385 (18,509 ) Total changes (430,498 ) (32,881 ) (463,379 ) Final balances as of December 31, 2020 2,338,042 68,277 2,406,319 Opening balances as of January 1, 2021 2,338,042 68,277 2,406,319 Additions 537,995 1,406 539,401 Fleet rejection (*) (573,047 ) (4,577 ) (577,624 ) Depreciation expense (317,616 ) (16,597 ) (334,213 ) Cumulative translate adjustment (574 ) (1,933 ) (2,507 ) Other increases (decreases) ** 116,942 6,431 123,373 Total changes (236,300 ) (15,270 ) (251,570 ) Final balances as of December 31, 2021 2,101,742 53,007 2,154,749 |
Schedule of composition of the fleet | Aircraft included Aircraft included in Property, as Rights Total plant and equipment of use assets fleet As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, Aircraft Model 2021 2020 2021 2020 2021 2020 Boeing 767 300 ER 16 17 - - 16 17 Boeing 767 300 F 12 (1) 11 (1) 1 1 13 (1) 12 (1) Boeing 777 300 ER 4 4 6 6 10 10 Boeing 787 800 4 6 6 4 10 10 Boeing 787 900 2 2 15 10 17 12 Airbus A319 100 37 37 7 7 44 44 Airbus A320 200 94 96 (2) 39 38 133 134 (2) Airbus A320 NEO - 6 12 6 12 12 Airbus A321 200 18 19 31 19 49 38 Airbus A350 900 - 4 - 7 - 11 Total 187 202 117 98 304 300 |
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 |
Schedule of property, plant and equipment pledged as guarantee | As of As of December 31, December 31, 2021 2020 Guarantee Creditor Committed Existing Book Existing Book agent (1) company Assets Fleet Debt Value Debt Value ThUS$ ThUS$ ThUS$ ThUS$ Wilmington Trust Company MUFG Aircraft and engines Airbus A319 58,611 259,036 69,375 268,746 Airbus A320 51,543 227,604 63,581 257,613 Boeing 767 46,779 168,315 43,628 180,591 Boeing 777 144,358 141,620 - - Boeing 787 - - 114,936 119,229 Credit Agricole Credit Agricole Aircraft and engines Airbus A319 1,073 6,419 1,073 6,936 Airbus A320 139,192 117,130 139,192 122,251 Airbus A321 / A350 30,733 27,427 30,733 28,127 Boeing 767 10,404 30,958 10,404 32,802 Boeing 787 91,797 38,551 91,797 43,020 Bank Of Utah BNP Paribas Aircraft and engines Airbus A320 / A350 198,475 233,501 262,420 289,946 Boeing 787 - - 211,849 246,349 Investec Aircraft and engines Airbus A320 / A350 - - 37,870 - SMBC Aircraft and engines Airbus A350 - - 130,000 134,780 Natixis Natixis Aircraft and engines Airbus A321 - - 271,129 375,645 Citibank N.A. Citibank N.A. Aircraft and engines Airbus A319 27,936 45,849 27,936 38,836 Airbus A320 128,030 181,224 128,030 214,597 Airbus A321 41,599 75,092 41,599 81,706 Airbus A350 15,960 26,507 15,960 26,823 Airbus B767 90,846 181,246 90,846 197,797 Airbus B787 23,156 17,036 23,156 19,047 Rotables 162,477 134,846 162,477 145,708 UMB Bank MUFG Aircraft and engines Airbus A320 166,712 258,875 167,371 246,293 MUFG Bank MUFG Bank Aircraft and engines Airbus A320 - - 215,043 295,036 Total direct guarantee 1,429,681 2,171,236 2,350,405 3,371,878 |
Schedule of letters of credit related assets | Value Release Creditor Guarantee Debtor Type ThUS$ date GE Capital Aviation Services Ltd. Latam Airlines Group S.A. Three letters of credit 12,198 Jan 20, 2022 Merlin Aviation Leasing (Ireland) 18 Limited Tam Linhas Aéreas S.A. Two letters of credit 3,852 Mar 15, 2022 RB Comercial Properties 49 Empreendimentos Imobiliarios LTDA Tam Linhas Aéreas S.A. One letter of credit 25,835 Apr 29, 2022 41,885 |
Schedule of fully depreciated assets and commitments for future purchases | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 223,608 206,497 Commitments for the acquisition of aircraft (*) 10,800,000 7,500,000 |
Schedule of purchase commitment | Year of Manufacturer 2022-2028 Total Airbus S.A.S. 70 70 A320-NEO Family 70 70 The Boeing Company 2 2 Boeing 787-9 2 2 Total 72 72 |
Schedule of capitalized interest costs | For the year ended December 31, 2021 2020 2019 Average rate of capitalization of capitalized interest costs % 5.06 3.52 4.72 Costs of capitalized interest ThUS$ 7,345 11,627 1,444 |
CURRENT AND DEFERRED TAXES (Tab
CURRENT AND DEFERRED TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 32,086 36,788 - - 32,086 36,788 Other recoverable credits 9,171 5,532 - - 9,171 5,532 Total current tax assets 41,257 42,320 - - 41,257 42,320 |
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, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 675 656 - - 675 656 Total current tax liabilities 675 656 - - 675 656 |
Schedule of balances of deferred tax | Assets Liabilities As of As of As of As of Concept December 31, December 31, December 31, December 31, 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Properties, Plants and equipment (1,128,225 ) (1,314,456 ) 80,468 81,881 Assets by right of use 715,440 229,119 (68 ) (136 ) Amortization (44,605 ) (65,139 ) 10 9 Provisions 111,468 212,492 74,047 68,462 Revaluation of financial instruments (16,575 ) (18,133 ) - - Tax losses 358,284 1,496,952 (87,378 ) (60,785 ) Intangibles - - 254,155 270,681 Other 19,503 23,981 19,777 24,168 Total 15,290 564,816 341,011 384,280 |
Schedule of movements of deferred tax assets and liabilities | Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,513,904 ) 110,010 - 7,557 (1,396,337 ) Assets for right of use 133,481 95,774 - - 229,255 Amortization (53,136 ) (14,142 ) - 2,130 (65,148 ) Provisions 43,567 158,178 924 (58,639 ) 144,030 Revaluation of financial instruments 10,279 (27,901 ) 959 (1,470 ) (18,133 ) Tax losses 1,356,268 216,897 - (15,428 ) 1,557,737 Intangibles (349,082 ) 1,030 - 77,371 (270,681 ) Others (8,693 ) 6,541 - 1,965 (187 ) Total (381,220 ) 546,387 1,883 13,486 180,536 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Property, plant and equipment (1,396,337 ) 187,644 - - (1,208,693 ) Assets for right of use 229,255 486,253 - - 715,508 Amortization (65,148 ) 20,533 - - (44,615 ) Provisions 144,030 (103,826 ) (2,783 ) - 37,421 Revaluation of financial instruments (18,133 ) 1,616 (58 ) - (16,575 ) Tax losses (*) 1,557,737 (1,112,075 ) - - 445,662 Intangibles (270,681 ) (1,394 ) - 17,920 (254,155 ) Others (187 ) (87 ) - - (274 ) Total 180,536 (521,336 ) (2,841 ) 17,920 (325,721 ) |
Schedule of deferred tax expense and current income taxes | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Current tax expense Current tax expense (47,139 ) 3,602 (72,999 ) Adjustment to previous period’s current tax (460 ) 199 352 Total current tax expense, net (47,599 ) 3,801 (72,647 ) Deferred tax expense Deferred expense for taxes related to the creation and reversal of temporary differences (521,336 ) 546,387 126,344 Total deferred tax expense, net (521,336 ) 546,387 126,344 Income/(loss) tax expense (568,935 ) 550,188 53,697 |
Schedule of composition of income/(loss) tax expense | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Current tax expense, net, foreign (9,943 ) (4,232 ) (76,806 ) Current tax expense, net, Chile (37,656 ) 8,033 4,159 Total current tax expense, net (47,599 ) 3,801 (72,647 ) Deferred tax expense, net, foreign 4,309 (235,963 ) (37,294 ) Deferred tax expense, net, Chile (525,645 ) 782,350 163,638 Deferred tax expense, net, total (521,336 ) 546,387 126,344 Income tax (expense)/benefit (568,935 ) 550,188 53,697 |
Schedule of income before tax from the Chilean legal tax rate | For the year ended For the year ended 2021 2020 2019 2021 2020 2019 ThUS$ ThUS$ ThUS$ % % % Tax expense using the legal rate 1,102,736 1,378,547 (38,318 ) (27.00 ) (27.00 ) (27.00 ) Tax effect of rates in other jurisdictions 54,775 58,268 (20,082 ) (1.34 ) (1.14 ) (14.15 ) Tax effect of non-taxable operating revenues 9,444 19,529 13,125 (0.23 ) (0.38 ) 9.25 Tax effect of disallowable expenses (30,928 ) (40,528 ) (66,257 ) 0.76 0.79 (46.69 ) Other increases (decreases): Derecognition of deferred tax liabilities 205,458 294,969 145,930 (5.03 ) (5.78 ) 102.83 Tax effect for goodwill impairment losses - (453,681 ) - - 8.89 - Derecognition of deferred tax assets not recoverable (1,251,912 ) (237,637 ) - 30.65 4.65 - Deferred tax asset not recognized (667,702 ) (414,741 ) - 16.35 8.12 - Other increases (decreases): 9,194 (54,538 ) 19,299 (0.23 ) 1.07 13.60 Total adjustments to tax expense using the legal rate (1,671,671 ) (828,359 ) 92,015 40.93 16.22 64.84 Tax expense using the effective rate (568,935 ) 550,188 53,697 13.93 (10.78 ) 37.84 |
Schedule of deferred taxes related to items charged to equity | For the year ended December 31, 2021 2020 ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income (2,841 ) 1,883 |
OTHER FINANCIAL LIABILITIES (Ta
OTHER FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of composition of other financial liabilities | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Current (a) Interest bearing loans 3,869,040 2,243,776 (b) Lease Liability 578,740 806,283 (c) Hedge derivatives 2,734 2,734 (d) Derivative non classified as hedge accounting 2,937 2,937 Total current 4,453,451 3,055,730 Non-current (a) Interest bearing loans 3,566,804 5,489,078 (b) Lease Liability 2,381,898 2,314,723 Total non-current 5,948,702 7,803,801 |
Schedule of composition of interest bearing loans | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Current Loans to exporters 159,161 151,701 Bank loans 415,087 385,490 Guaranteed obligations (3)(4)(7)(8)(10) 75,593 388,492 Other guaranteed obligations (1)(5) 2,546,461 435,413 Subtotal bank loans 3,196,302 1,361,096 Obligation with the public 396,345 108,301 Financial leases (3)(4)(6)(7)(8)(9) 199,885 774,379 Other loans 76,508 - Total current 3,869,040 2,243,776 Non-current Bank loans 106,751 139,783 Guaranteed obligations (3)(4)(7)(8)(10) 434,942 930,364 Other guaranteed obligations (1)(5) 178,961 1,503,703 Subtotal bank loans 720,654 2,573,850 Obligation with the public 1,856,853 2,075,106 Financial leases (3)(4)(6)(7)(8)(9) 989,297 840,122 Total non-current 3,566,804 5,489,078 Total obligations with financial institutions 7,435,844 7,732,854 |
Schedule of currency balances of interest bearing loans | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Currency Brazilian real 338,953 300,659 Chilean peso (U.F.) 639,710 679,983 US Dollar 6,457,181 6,752,212 Total 7,435,844 7,732,854 |
Schedule of interest-bearing loans due in installments Chile (2021) | 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 Cu rrency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 CITIBANK Chile US$ 115,350 - - - - 115,350 114,000 At Expiration 2.96 2.96 97.030.000-7 ITAU Chile US$ 20,140 - - - - 20,140 20,000 At Expiration 4.20 4.20 0-E HSBC Chile US$ 12,123 - - - - 12,123 12,000 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 10,236 - - - - 10,236 10,106 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ 751 2,604 106,939 - - 110,294 106,427 Quarterly 2.80 2.80 0-E CITIBANK U.S.A. UF 60,935 - - - - 60,935 60,935 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCO ESTADO Chile UF 36,171 179,601 31,461 31,461 369,537 648,231 502,897 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ 184,188 104,125 884,188 856,000 - 2,028,501 1,500,000 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 17,182 19,425 40,087 41,862 95,475 214,031 198,475 Quarterly 1.48 1.48 0-E MUFG U.S.A. US$ 29,652 17,921 36,660 37,829 55,297 177,359 166,712 Quarterly 1.64 1.64 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 933 4,990 29,851 36,337 89,263 161,374 144,358 Quarterly / Monthly 3.17 1.60 Other guaranteed obligation 0-E CREDIT AGRICOLE France US$ 273,199 - - - - 273,199 273,199 At Expiration 1.82 1.82 0-E MUFG U.S.A. US$ 8,150 46,746 94,062 14,757 - 163,715 156,933 Quarterly 1.72 1.72 0-E CITIBANK U.S.A. US$ 613,419 - - - - 613,419 600,000 At Expiration 2.00 2.00 0-E BANK OF UTAH U.S.A. US$ - 1,858,051 - - - 1,858,051 1,644,876 At Expiration 22.71 12.97 0-E EXIM BANK U.S.A. US$ 271 1,173 3,375 10,546 55,957 71,322 62,890 Quarterly 1.84 1.84 Financial lease 0-E CREDIT AGRICOLE France US$ 699 1,387 - - - 2,086 2,052 Quarterly 3.68 3.23 0-E CITIBANK U.S.A. US$ 19,268 59,522 5,721 - - 84,511 83,985 Quarterly 1.37 0.79 0-E BNP PARIBAS U.S.A. US$ 7,351 26,519 21,685 - - 55,555 54,918 Quarterly 1.56 0.96 0-E NATIXIS France US$ 5,929 34,328 59,574 59,930 130,131 289,892 261,458 Quarterly 2.09 2.09 0-E US BANK U.S.A. US$ 18,158 72,424 133,592 6,573 - 230,747 219,667 Quarterly 4.03 2.84 0-E PK AIRFINANCE U.S.A. US$ 853 5,763 10,913 - - 17,529 16,851 Quarterly 1.88 1.88 0-E EXIM BANK U.S.A. US$ 2,758 11,040 61,167 249,466 269,087 593,518 533,127 Quarterly 2.88 2.03 Others loans 0-E OTHERS (**) US$ 55,819 - - - - 55,819 55,819 At Expiration - - TOTAL 1,493,535 2,445,619 1,519,275 1,344,761 1,064,747 7,867,937 6,801,685 More than More than More than 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$ 990 - - - - 990 943 Monthly 6.01 6.01 0-E MERRIL LYNCH CREDIT PRODUCTS LLC U.S.A. BRL 185,833 - - - - 185,833 185,833 Monthly 3.95 3.95 0-E BANCO BRADESCO Brazil BRL 74,661 - - - - 74,661 74,661 Monthly 4.33 4.33 Financial leases 0-E NATIXIS France US$ 486 2,235 4,080 11,076 - 17,877 17,326 Quarterly 2.74 2.74 0-E GA TELESIS LLC U.S.A. US$ 762 2,706 4,675 4,646 5,077 17,866 10,999 Monthly 14.72 14.72 Others Loans 0-E Deustche Bank (**) Brazil US$ 20,689 - - - - 20,689 20,689 At Expiration - - TOTAL 283,421 4,941 8,755 15,722 5,077 317,916 310,451 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$ 694,568 469,568 767,629 811,843 778,613 3,522,221 2,883,657 - - - - OTHER ASSETS OTHERS US$ 9,859 11,820 22,433 23,365 8,651 76,128 73,615 - - - UF 1,759 982 245 76 231 3,293 2,621 - - - COP 2 7 35 - - 44 42 - - - EUR 198 112 293 - - 603 599 - - - PEN 4 7 97 - - 108 103 - - - Trade and other accounts payables - OTHERS OTHERS US$ 665,645 165,085 - - - 830,730 830,730 - - - CLP 214,224 4,912 - - - 219,136 219,136 - - - BRL 365,486 5,258 - - - 370,744 370,744 - - - Other currency 542,304 3,719 - - - 546,023 546,023 - - - Accounts payable to related parties currents (*) Foreign Inversora Aeronáutica Argentina S.A. Argentina US$ - 5 - - - 5 5 - - - Foreign Delta Airlines U.S.A US$ - 2,268 - - - 2,268 2,268 - - - Foreign Patagonia Seafarms INC U.S.A CLP - 7 - - - 7 7 - - - 81.062.300-4 Costa Verde Aeronautica S.A. Chile CLP - 175,819 - - - 175,819 175,819 - - - Foreign QA Investments Ltd Jersey Channel Islands US$ - 219,774 - - - 219,774 219,774 - - - Foreign QA Investments 2 Ltd Jersey Channel Islands US$ - 219,774 - - - 219,774 219,774 - - - Foreign Lozuy S.A. Uruguay US$ - 43,955 - - - 43,955 43,955 - - - Total 2,494,049 1,323,072 790,732 835,284 787,495 6,230,632 5,588,872 Total consolidated 4,271,005 3,773,632 2,318,762 2,195,767 1,857,319 14,416,485 12,701,008 More than More than More than Up to 90 days one to three to More than Annual Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.018.000-1 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 CORPBANCA 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 WACAPOU 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 |
Schedule of movement of lease liabilities | Lease Liability Aircraft Others total ThUS$ ThUS$ ThUS$ 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 Lease termination (7,435 ) (285 ) (7,720 ) Renegotiations (35,049 ) 4,919 (30,130 ) Payments (131,427 ) (36,689 ) (168,116 ) Accrued interest 158,253 9,348 167,601 Exchange differences - (7,967 ) (7,967 ) Cumulative translation adjustment - (38 ) (38 ) Other increases (decreases) - (5,324 ) (5,324 ) Changes (15,658 ) (35,493 ) (51,151 ) Closing balance as of December 31, 2020 3,026,573 94,433 3,121,006 Opening balance as January 1, 2021 3,026,573 94,433 3,121,006 New contracts 518,478 875 519,353 Lease termination (724,193 ) (5,300 ) (729,493 ) Renegotiations 101,486 5,717 107,203 Payments (95,831 ) (24,192 ) (120,023 ) Accrued interest 88,245 8,334 96,579 Exchange differences - 3,356 3,356 Cumulative translation adjustment - (2,332 ) (2,332 ) Other increases (decreases) (31,097 ) (3,914 ) (35,011 ) Changes (142,912 ) (17,456 ) (160,368 ) Closing balance as of December 31, 2021 2,883,661 76,977 2,960,638 |
Schedule of hedge derivatives | Current liabilities Non-current liabilities Total hedge derivatives As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Fair value of interest rate derivatives 2,734 2,734 - - 2,734 2,734 Total hedge derivatives 2,734 2,734 - - 2,734 2,734 |
Schedule of derivatives of non coverage | Total derivatives of Current liabilities Non-current liabilities no coverage As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as hedge 2,937 2,937 - - 2,937 2,937 Total derived not qualify as hedge accounting 2,937 2,937 - - 2,937 2,937 |
Schedule of hedging instruments | As of December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Interest rate swaps (2) (2,734 ) (2,734 ) Fuel options (3) 17,641 1,296 |
Schedule of comprehensive income | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Debit (credit) recognized in comprehensive income during the year 38,870 (105,776 ) 95,954 Debit (credit) transferred from net equity to income during the year 16,641 (13,016 ) (30,074 ) |
LATAM Airlines Group S.A. and Subsidiaries {Member] | 2021 [Member] | CHILE | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans due in installments Chile (2021) | Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Annual Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 0-E CITIBANK U.S.A. US$ 114,000 - - - - 114,000 123,366 - - - - 123,366 At Expiration 2.96 2.96 76.645.030-K ITAU Chile US$ 20,000 - - - - 20,000 22,742 - - - - 22,742 At Expiration 4.20 4.20 0-E HSBC England US$ 12,000 - - - - 12,000 13,053 - - - - 13,053 At Expiration 4.15 4.15 Bank loans 97.023.000-9 CORPBANCA Chile UF 10,106 - - - - 10,106 11,040 - - - - 11,040 Quarterly 3.35 3.35 0-E SANTANDER Spain US$ - - 106,427 - - 106,427 135 - 106,427 - - 106,562 Quarterly 2.80 2.80 0-E CITIBANK U.S.A. UF 60,935 - - - - 60,935 64,293 - - - - 64,293 At Expiration 3.10 3.10 Obligations with the public 97.030.000-7 BANCOESTADO Chile UF - 159,679 - - 343,218 502,897 49,584 159,679 - - 355,114 564,377 At Expiration 4.81 4.81 0-E BANK OF NEW YORK U.S.A. US$ - - 700,000 800,000 - 1,500,000 187,082 - 698,450 803,289 - 1,688,821 At Expiration 7.16 6.94 Guaranteed obligations 0-E BNP PARIBAS U.S.A. US$ 16,079 12,412 34,958 37,891 97,135 198,475 17,926 12,412 34,044 37,466 96,379 198,227 Quarterly 1.48 1.48 0-E MUFG U.S.A. US$ 29,054 11,661 32,639 34,970 58,388 166,712 31,375 11,661 32,188 34,733 57,983 167,940 Quarterly 1.64 1.64 0-E WILMINGTON TRUST U.S.A. US$ - 2,209 24,703 32,327 85,119 144,358 - 2,209 24,703 32,327 85,119 144,358 Quarterly/Monthly 3.17 1.60 - SWAP Received aircraft - US$ 10 - - - - 10 10 - - - - 10 Quarterly - - Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ 273,199 - - - - 273,199 274,403 - - - - 274,403 At Expiration 1.82 1.82 0-E MUFG U.S.A. US$ 7,551 33,131 91,435 24,816 - 156,933 8,259 33,131 91,255 24,816 - 157,461 Quarterly 1.72 1.72 0-E CITIBANK U.S.A. US$ - 600,000 - - - 600,000 95 600,000 - - - 600,095 At Expiration 2.00 2.00 0-E BANK OF UTAH U.S.A. US$ - 1,644,876 - - - 1,644,876 - 1,630,390 - - - 1,630,390 At Expiration 22.71 12.97 0-E EXIM BANK U.S.A. US$ - - - 25,876 37,014 62,890 183 - - 25,876 37,014 63,073 Quarterly 1.84 1.84 Financial leases 0-E CREDIT AGRICOLE France US$ 682 1,370 - - - 2,052 694 1,370 - - - 2,064 Quarterly 3.68 3.23 0-E CITIBANK U.S.A. US$ 19,101 52,371 12,513 - - 83,985 19,198 52,371 12,359 - - 83,928 Quarterly 1.37 0.79 0-E BNP PARIBAS U.S.A. US$ 7,216 19,537 28,165 - - 54,918 7,313 19,537 27,905 - - 54,755 Quarterly 1.56 0.96 0-E NATIXIS France US$ 1,335 15,612 52,010 54,443 138,058 261,458 4,472 15,612 51,647 54,064 137,430 263,225 Quarterly 2.09 2.09 0-E US BANK U.S.A. US$ 16,601 50,373 135,201 17,492 - 219,667 17,755 50,373 127,721 17,188 - 213,037 Quarterly 4.03 2.84 0-E PK AIRFINANCE U.S.A. US$ 800 3,842 11,562 647 - 16,851 903 3,842 11,562 647 - 16,954 Quarterly 1.88 1.88 0-E EXIM BANK U.S.A. US$ - - - 248,354 284,773 533,127 1,771 - - 244,490 280,341 526,602 Quarterly 2.88 2.03 Others loans 0-E Various (**) US$ 55,819 - - - - 55,819 55,819 - - - - 55,819 At Expiration - - Total 644,488 2,607,073 1,229,613 1,276,816 1,043,705 6,801,695 911,471 2,592,587 1,218,261 1,274,896 1,049,380 7,046,595 |
LATAM Airlines Group S.A. and Subsidiaries {Member] | 2020 [Member] | CHILE | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans due in installments Chile (2021) | Nominal values Accounting values Up to More than More than More than More than Total Up to More than More than More than 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$ 14,834 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 815,121 783,680 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 Nominal values Accounting values Up to More than More than More than More than Total Up to More than More than More than 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 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 1,272,463 785,745 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 |
TAM S.A. and Subsidiaries [Member] | 2021 [Member] | BRAZIL | |
OTHER FINANCIAL LIABILITIES (Tables) [Line Items] | |
Schedule of interest-bearing loans due in installments Brazil (2021) | Nominal values Accounting values Up to More than More than More than More than Total Up to More than More than More than 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 NCM Netherlands US$ 619 - 324 - - 943 666 - 324 - - 990 Monthly 6.01 6.01 0-E BANCO BRADESCO Brazil BRL 74,661 - - - - 74,661 98,864 - - - - 98,864 Monthly 4.33 4.33 0-E Merril Lynch Credit Products LLC U.S.A. BRL 185,833 - - - - 185,833 240,089 - - - - 240,089 Monthly 3.95 3.95 Financial lease 0-E NATIXIS France US$ 433 2,482 2,872 11,539 - 17,326 637 2,481 2,872 11,539 - 17,529 Quarterly 2.74 2.74 0-E GA Telessis LLC U.S.A. US$ 320 1,147 2,695 2,850 3,987 10,999 409 1,147 2,695 2,850 3,987 11,088 Monthly 14.72 14.72 Others loans 0-E DEUTCHEBANK (*) Brazil US$ 20,689 - - - - 20,689 20,689 - - - - 20,689 At Expiration - - Total 282,555 3,629 5,891 14,389 3,987 310,451 361,354 3,628 5,891 14,389 3,987 389,249 Total consolidated 927,043 2,610,702 1,235,504 1,291,205 1,047,692 7,112,146 1,272,825 2,596,215 1,224,152 1,289,285 1,053,367 7,435,844 |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of trade and other payables [text block] [Abstract] | |
Schedule of composition of trade and other accounts payables | As of December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,966,633 1,757,799 (b) Accrued liabilities 2,893,520 564,326 Total trade and other accounts payables 4,860,153 2,322,125 |
Schedule of current trade and other accounts payables | As of December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Trade creditors 1,460,832 1,281,432 Other accounts payable 505,801 476,367 Total 1,966,633 1,757,799 |
Schedule of composition of current trade and other accounts payable | As of December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Maintenance 375,144 116,103 Suppliers technical purchases 328,811 281,452 Handling and ground handling 176,142 137,626 Boarding Fees 171,128 181,049 Leases, maintenance and IT services 143,586 110,472 Professional services and advisory 129,682 146,753 Airport charges and overflight 104,241 142,709 Other personnel expenses 90,410 105,696 Aircraft Fuel 77,171 143,119 Services on board 56,072 58,099 Marketing 49,865 53,419 Air companies 32,152 27,668 Crew 12,007 16,541 Achievement of goals 11,144 6,622 Jol Fleet 9,891 7,840 Land services 6,553 10,466 Others 192,634 212,165 Total trade and other accounts payables 1,966,633 1,757,799 |
Schedule of composition of accrued liabilities | As of December 31, As of December 31, 2021 2020 ThUS$ ThUS$ Aircraft and engine maintenance (*) 1,166,181 460,082 Accrued personnel expenses 59,327 72,696 Accounts payable to personnel (**) 58,153 2,186 Other settled claims (****) 1,575,005 - Others accrued liabilities (***) 34,854 29,362 Total accrued liabilities 2,893,520 564,326 (*) In addition to the account payable for maintenance in the normal course of operations, this amount includes some claims agreed with aircraft lessors, related to maintenance. (**) Profits and bonus participation (Note 23 letter b). (***) See Note 22. (****) This amount includes some agreed fleet claims, associated with the negotiations resulting from the Chapter 11 Proceedings. |
OTHER PROVISIONS (Tables)
OTHER PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER PROVISIONS [Abstract] | |
Schedule of other provisions | Current liabilities Non-current liabilities Total Liabilities As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, As of December 31, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 24,330 21,188 490,217 364,342 514,547 385,530 Civil contingencies 3,154 2,266 92,955 103,984 96,109 106,250 Labor contingencies 388 320 98,254 48,115 98,642 48,435 Other - - 21,855 17,821 21,855 17,821 Provision for European Commission investigation (2) - - 9,300 10,097 9,300 10,097 Provisions for onerous contracts (3) - - - 44,000 - 44,000 Total other provisions (4) 27,872 23,774 712,581 588,359 740,453 612,133 (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, 2021, and December 31, 2020, include the fair value correspond to those contingencies from the business combination with TAM S.A and subsidiaries, with a probability of loss under 50%, which are not provided for the normal application of IFRS enforcement and that only must be recognized in the context of a business combination in accordance with IFRS 3. |
Schedule of movement of provisions | European Legal Commission Onerous claims (1) Investigation (2) Contracts Total ThUS$ ThUS$ ThUS$ ThUS$ 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 Opening balance as of January 1, 2021 558,036 10,097 44,000 612,133 Increase in provisions 403,229 - - 403,229 Provision used (84,497 ) - - (84,497 ) Difference by subsidiaries conversion (25,531 ) - - (25,531 ) Reversal of provision (119,029 ) - (44,000 ) (163,029 ) Exchange difference (1,055 ) (797 ) - (1,852 ) Closing balance as of December 31, 2021 731,153 9,300 - 740,453 (1) Accumulated balances include a judicial deposit delivered in guarantee, with respect to the “Fundo Aeroviario” (FA), for MUS$ 65, 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. (2) European Commission Provision |
OTHER NON-FINANCIAL LIABILITI_2
OTHER NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (1)(2) 2,273,137 2,036,880 512,056 702,008 2,785,193 2,738,888 Sales tax 3,870 7,609 - - 3,870 7,609 Retentions 31,509 27,853 - - 31,509 27,853 Others taxes 4,916 3,931 - - 4,916 3,931 Dividends payable - - - - - - Other sundry liabilities 19,144 12,518 - - 19,144 12,518 Total other non-financial liabilities 2,332,576 2,088,791 512,056 702,008 2,844,632 2,790,799 (1) The balance includes mainly, deferred income for services not provided as of December 31, 2021 and December 31, 2020; 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. (2) As of December 31, 2021, Deferred Income includes ThUS $ 58,509 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. |
Schedule of composition of non financial liabilities | Deferred income Adjustment Loyalty program IAS 29, Initial balance (1) Use (Award Expiration of tickets Argentina Others provisions Final ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2019 2,974,760 8,264,970 (7,703,011 ) 124,548 (156,435 ) 2,232 33,402 3,540,466 From January 1 to December 31, 2020 3,540,466 1,970,203 (2,554,476 ) (137,176 ) (72,670 ) (3,485 ) (3,974 ) 2,738,888 From January 1 to December 31, 2021 2,738,888 4,221,168 (4,053,345 ) (12,091 ) (114,227 ) - 4,800 2,785,193 (1) The balance includes mainly, deferred income for services not provided as of December 31, 2021 and December 31, 2020; 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. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefits [text block] [Abstract] | |
Schedule of defined benefit plans | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Retirements payments 35,075 51,007 Resignation payments 5,817 8,230 Other obligations 15,341 14,879 Total liability for employee benefits 56,233 74,116 |
Schedule of movement in retirements and resignation payments and other obligations | Opening Increase Benefits Actuarial Currency Closing balance provision paid losses translation balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 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 From January 1 to December 31, 2021 74,116 (11,391 ) (5,136 ) 10,018 (11,374 ) 56,233 |
Schedule of principal assumptions | For the year ended December 31, Assumptions 2021 2020 Discount rate 5.81% 2.67% Expected rate of salary increase 3.00% 2.80% Rate of turnover 5.14% 5.56% Mortality rate RV-2014 RV-2014 Inflation rate 3.4% 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, 2021 2020 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (2,642 ) (4,576 ) Change in the accrued liability an closing for decrease of 100 p.b. 2,959 5,244 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 2,849 4,946 Change in the accrued liability an closing for decrease of 100 p.b. (2,613 ) (4,678 ) |
Schedule of liability for short-term | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Profit-sharing and bonuses (*) 58,153 2,186 (*) Accounts payables to employees (Note 20 letter b) |
Schedule of employment expenses | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Salaries and wages 825,792 850,557 1,478,804 Short-term employee benefits 122,650 41,259 147,576 Other personnel expenses 93,457 70,244 168,382 Total 1,041,899 962,060 1,794,762 |
ACCOUNTS PAYABLE, NON-CURRENT (
ACCOUNTS PAYABLE, NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Trade And Other Payables Non Current Explanatory [Abstract] | |
Schedule of accounts payable, non-current | As of As of December 31, December 31, 2021 2020 ThUS$ ThUS$ Aircraft and engine maintenance 276,816 392,347 Fleet (JOL) 124,387 208,037 Airport and Overflight Taxes 26,321 - Provision for vacations and bonuses 14,545 15,036 Other sundry liabilities 30,357 36,180 Total accounts payable, non-current 472,426 651,600 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EQUITY (Tables) [Line Items] | |
Schedule of movement of fully paid shares | Movement Cost of Paid- in N° of (1) of shares (2) Capital shares ThUS$ ThUS$ ThUS$ 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 year - - - - 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 year - - - - Paid shares as of December 31, 2020 606,407,693 3,160,718 (14,453 ) 3,146,265 Paid shares as of January 1, 2021 606,407,693 3,160,718 (14,453 ) 3,146,265 There are no movements of shares paid during the 2021 year - - - - Paid shares as of December 31, 2021 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, 2019 37,874 (1,585 ) 36,289 From January 1 to December 31, 2020 36,289 946 37,235 From January 1 to December 31, 2021 37,235 - 37,235 |
Schedule of balance of other sundry reserves | As of As of As of December 31, December 31, December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Higher value for TAM S.A. share exchange (1) 2,665,692 2,665,692 2,665,692 Reserve for the adjustment to the value of fixed assets (2) 2,620 2,620 2,620 Transactions with non-controlling interest (3) (216,656 ) (213,273 ) (210,048 ) Others (3,558 ) (3,020 ) (5,795 ) Total 2,448,098 2,452,019 2,452,469 |
Schedule of movement of reserves with effect in other comprehensive income | Currency translation reserve Cash flow hedging reserve Gains (Losses) Actuarial gain Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2019 (2,656,644 ) (9,333 ) - (15,178 ) (2,681,155 ) Change in fair value of hedging instrument recognized 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 recognized in OCI - (105,776 ) - - (105,776 ) Reclassified from OCI to profit or loss - (13,016 ) - - (13,016 ) Deferred tax - 959 - - 959 Actuarial reserves by employee benefit plans - - - (3,968 ) (3,968 ) Deferred tax actuarial IAS by employee benefit plans - - - 923 923 Translation difference subsidiaries (900,226 ) - - - (900,226 ) Closing balance as of December 31, 2020 (3,790,513 ) (60,941 ) - (25,985 ) (3,877,439 ) Increase (decrease) due to application of new accounting standards - 380 (380 ) - - Opening balance as of January 1, 2021 (3,790,513 ) (60,561 ) (380 ) (25,985 ) (3,877,439 ) Change in fair value of hedging instrument recognized in OCI - 39,602 (23,692 ) - 15,910 Reclassified from OCI to profit or loss - (16,641 ) 6,509 - (10,132 ) Deferred tax - (58 ) - - (58 ) Actuarial reserves by employee benefit plans - - - 10,017 10,017 Deferred tax actuarial IAS by employee benefit plans - - - (2,782 ) (2,782 ) Translation difference subsidiaries 18,354 (732 ) - - 17,622 Closing balance as of December 31, 2021 (3,772,159 ) (38,390 ) (17,563 ) (18,750 ) (3,846,862 ) |
Schedule of movement of retained earnings | Periods Opening Result for Dividends Closing ThUS$ ThUS$ ThUS$ ThUS$ 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 ) From January 1 to December 31, 2021 (4,193,615 ) (4,647,491 ) - (8,841,106 ) |
Other Sundry Reserves [Member] | |
EQUITY (Tables) [Line Items] | |
Schedule of balance of other sundry reserves | Transactions with Periods Opening non-controlling Legal Closing ThUS$ ThUS$ ThUS$ ThUS$ 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 From January 1 to December 31, 2021 2,452,019 (3,383 ) (538 ) 2,448,098 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of revenue [text block] [Abstract] | |
Schedule of detail of revenues | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Passengers 3,342,381 2,713,774 9,005,629 Cargo 1,541,634 1,209,893 1,064,434 Total 4,884,015 3,923,667 10,070,063 |
COSTS AND EXPENSES BY NATURE (T
COSTS AND EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of expenses by nature [text block] [Abstract] | |
Schedule of operating costs and administrative expenses | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Aircraft fuel 1,487,776 1,045,343 2,929,008 Other rentals and landing fees (*) 755,188 720,005 1,275,859 Aircraft rentals (**) 120,630 - - Aircraft maintenance 533,738 472,382 444,611 Commissions 89,208 91,910 221,884 Passenger services 77,363 97,688 261,330 Other operating expenses 959,427 1,221,183 1,291,895 Total 4,023,330 3,648,511 6,424,587 |
Schedule of payments for leases of low-value assets | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Payments for leases of low-value assets 19,793 21,178 31,982 Rent concessions recognized directly in profit or loss - (110 ) - Total 19,793 21,068 31,982 |
Schedule of depreciation and amortisation expense | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Depreciation (*) 1,114,232 1,219,586 1,389,465 Amortization 51,162 169,800 80,511 Total 1,165,394 1,389,386 1,469,976 |
Schedule of finance costs | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Bank loan interest 580,193 314,468 325,650 Financial leases 46,679 45,245 61,980 Lease liabilities 121,147 170,918 181,814 Other financial instruments 57,525 56,348 20,490 Total 805,544 586,979 589,934 |
Schedule of restructuring activities expenses | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Fair value adjustment of fleet available for sale 73,595 331,522 - Rejection of aircraft lease contract 1,564,973 269,467 - Rejection of IT contracts 26,368 - - Employee restructuring plan (*) 46,938 290,831 - Legal advice 91,870 76,541 - Renegotiation of fleet contracts 516,559 - - Others 16,879 21,648 - Total 2,337,182 990,009 - |
Schedule of other (gains) losses | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Fuel hedging - 82,487 - Slot Write Off - 36,896 - Provision for onerous contract related to purchase commitment (44,000 ) 44,000 - Goodwill Impairment - 1,728,975 - Other 13,326 (17,569 ) (11,525 ) Total (30,674 ) 1,874,789 (11,525 ) |
OTHER INCOME, BY FUNCTION (Tabl
OTHER INCOME, BY FUNCTION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other operating income [text block] [Abstract] | |
Schedule of other income by function | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Coalition and loyalty program Multiplus - - 36,172 Tours 11,209 22,499 96,997 Aircraft leasing 6,852 46,045 102,704 Customs and warehousing 27,089 25,138 29,353 Duty free - - 543 Maintenance 15,602 18,579 10,471 Income from non-airlines products Latam Pass 40,481 42,913 42,791 Other miscellaneous income (*) 126,098 255,828 41,833 Total 227,331 411,002 360,864 (*) Included within this amount is ThUS$118,188 of 2021 and ThUS$132,467 of 2020 corresponding to the compensation of Delta Air Lines Inc for the JBA signed in 2019. |
FOREIGN CURRENCY AND EXCHANGE_2
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of effect of changes in foreign exchange rates [text block] [Abstract] | |
Schedule of exchange differences | As of December 31, 2021 2020 2019 2018 Argentine peso 102.75 84.14 59.83 37.74 Brazilian real 5.57 5.18 4.01 3.87 Chilean peso 844.69 710.95 748.74 694.77 Colombian peso 4,002.52 3,421.00 3,271.55 3,239.45 Euro 0.88 0.81 0.89 0.87 Australian dollar 1.38 1.30 1.43 1.42 Boliviano 6.86 6.86 6.86 6.86 Mexican peso 20.53 19.93 18.89 19.68 New Zealand dollar 1.46 1.39 1.49 1.49 Peruvian Sol 3.98 3.62 3.31 3.37 Uruguayan peso 44.43 42.14 37.24 32.38 |
Schedule of foreign currency | As of As of December 31, December 31, Current assets 2021 2020 ThUS$ ThUS$ Cash and cash equivalents 262,886 483,303 Argentine peso 6,440 16,885 Brazilian real 9,073 13,157 Chilean peso 9,759 32,368 Colombian peso 4,745 2,168 Euro 7,099 10,361 U.S. dollar 195,264 369,455 Other currency 30,506 38,909 Other financial assets, current 12,728 12,981 Argentine peso 4 311 Brazilian real 4 4 Chilean peso 4,440 3,987 Colombian peso 111 132 Euro 1,720 1,867 U.S. dollar 5,242 5,639 Other currency 1,207 1,041 As of As of December 31, December 31, Current assets 2021 2020 ThUS$ ThUS$ Other non - financial assets, current 34,613 42,973 Argentine peso 5,715 11,058 Brazilian real 1,488 2,985 Chilean peso 20,074 15,913 Colombian peso 121 175 Euro 1,936 2,667 U.S. dollar 1,106 2,351 Other currency 4,173 7,824 Trade and other accounts receivable, current 156,824 177,491 Argentine peso 6,850 1,881 Brazilian real 53 841 Chilean peso 47,392 38,340 Colombian peso 455 209 Euro 24,143 24,370 U.S. dollar 56,676 98,385 Other currency 21,255 13,465 Accounts receivable from related entities, current 502 430 Chilean peso 19 9 U.S. dollar 483 421 Tax current assets 8,674 11,050 Argentine peso 322 389 Brazilian real 47 887 Chilean peso 681 1,003 Colombian peso 1,618 675 Euro 70 235 U.S. dollar 406 354 Peruvian sun 4,450 5,220 Other currency 1,080 2,287 Total current assets 476,227 728,228 Argentine peso 19,331 30,524 Brazilian real 10,665 17,874 Chilean peso 82,365 91,620 Colombian peso 7,050 3,359 Euro 34,968 39,500 U.S. Dollar 259,177 476,605 Other currency 62,671 68,746 As of As of December 31, December 31, Non-current assets 2021 2020 ThUS$ ThUS$ Other financial assets, non-current 10,700 9,486 Brazilian real 3,326 3,574 Chilean peso 62 69 Colombian peso 231 284 Euro 2,384 1,369 U.S. dollar 2,524 2,490 Other currency 2,173 1,700 Other non - financial assets, non-current 12,197 36,251 Argentine peso 32 39 Brazilian real 6,924 12,974 U.S. dollar 5,241 3,732 Other currency - 19,506 Accounts receivable, non-current 3,985 4,984 Chilean peso 3,985 4,984 Deferred tax assets 6,720 2,228 Colombian peso 4,717 221 U.S. dollar 10 13 Other currency 1,993 1,994 Total non-current assets 33,602 52,949 Argentine peso 32 39 Brazilian real 10,250 16,548 Chilean peso 4,047 5,053 Colombian peso 4,948 505 Euro 2,384 1,369 U.S. dollar 7,775 6,235 Other currency 4,166 23,200 |
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 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 179,777 239,712 177,471 86,573 Argentine peso 1 2 - - Brazilian real 31 59 210 163 Chilean peso 135,431 40,552 159,541 70,639 Euro 259 87 184 258 U.S. dollar 43,919 198,996 17,460 15,504 Other currency 136 16 76 9 Trade and other accounts payables, current 1,317,418 1,285,233 50,312 20,908 Argentine peso 234,358 228,069 2,335 7,315 Brazilian real 70,523 71,446 653 37 Chilean peso 280,405 312,921 44,438 10,991 Colombian peso 7,673 12,300 1,134 1,165 Euro 134,146 143,780 887 41 U.S. dollar 472,800 392,914 73 912 Peruvian sol 2,487 11,759 310 222 Mexican peso 11,297 16,546 29 60 Pound sterling 45,096 35,269 86 45 Uruguayan peso 775 441 58 - Other currency 57,858 59,788 309 120 Accounts payable to related entities, current 57 (229 ) - - Chilean peso 6 - - - U.S. dollar 51 (229 ) - - Other provisions, current - 14 4,980 1,628 Chilean peso - - 25 29 Other currency - 14 4,955 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 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ Other non-financial liabilities, current 29,057 42,467 - 50 Argentine peso 1,604 961 - - Brazilian real 859 976 - 3 Chilean peso 1,332 5,836 - 1 Colombian peso 941 622 - 38 Euro 1,375 3,206 - - U.S. dollar 21,174 19,707 - - Other currency 1,772 11,159 - 8 Total current liabilities 1,526,331 1,567,596 232,763 109,159 Argentine peso 235,963 229,032 2,335 7,315 Brazilian real 71,413 72,481 863 203 Chilean peso 417,174 359,309 204,004 81,660 Colombian peso 8,614 12,922 1,134 1,203 Euro 135,780 147,073 1,071 299 U.S. dollar 537,944 611,787 17,533 16,416 Other currency 119,443 134,992 5,823 2,063 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 2021 2020 2021 2020 2021 2020 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, non-current 33,205 268,320 15,375 4,250 359,623 403,841 Chilean peso 1,512 180,150 896 1,320 355,636 398,199 Brazilian real 86 351 - - - - Euro 135 427 90 - - - U.S. dollar 31,413 87,280 14,389 2,930 3,987 5,642 Other currency 59 112 - - - - Accounts payable, non-current 114,097 70,145 1,451 1,390 342 241 Chilean peso 41,456 47,752 1,451 1,390 342 241 U.S. dollar 71,339 21,051 - - - - Other currency 1,302 1,342 - - - - Other provisions, non-current 49,420 45,834 - - - - Argentine peso 1,074 696 - - - - Brazilian real 27,532 26,872 - - - - Colombian peso 255 278 - - - - Euro 10,820 11,736 - - - - U.S. dollar 9,739 6,252 - - - - Provisions for employees benefits, non-current 44,816 64,152 - - - - Chilean peso 44,816 64,152 - - - - Total non-current liabilities 241,538 448,451 16,826 5,640 359,965 404,082 Argentine peso 1,074 696 - - - - Brazilian real 27,618 27,223 - - - - Chilean peso 87,784 292,054 2,347 2,710 355,978 398,440 Colombian peso 255 278 - - - - Euro 10,955 12,163 90 - - - U.S. dollar 112,491 114,583 14,389 2,930 3,987 5,642 Other currency 1,361 1,454 - - - - |
Schedule of general summary of foreign currency | As of As of December 31, December 31, General summary of foreign currency: 2021 2020 ThUS$ ThUS$ Total assets 509,829 781,177 Argentine peso 19,363 30,563 Brazilian real 20,915 34,422 Chilean peso 86,412 96,673 Colombian peso 11,998 3,864 Euro 37,352 40,869 U.S. dollar 266,952 482,840 Other currency 66,837 91,946 Total liabilities 2,377,423 2,534,928 Argentine peso 239,372 237,043 Brazilian real 99,894 99,907 Chilean peso 1,067,287 1,134,173 Colombian peso 10,003 14,403 Euro 147,896 159,535 U.S. dollar 686,344 751,358 Other currency 126,627 138,509 Net position Argentine peso (220,009 ) (206,480 ) Brazilian real (78,979 ) (65,485 ) Chilean peso (980,875 ) (1,037,500 ) Colombian peso 1,995 (10,539 ) Euro (110,544 ) (118,666 ) U.S. dollar (419,392 ) (268,518 ) Other currency (59,790 ) (46,563 ) |
EARNINGS _ (LOSS) PER SHARE (Ta
EARNINGS / (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of earnings per share [text block] [Abstract] | |
Schedule of earning per share | For the year ended December 31, 2021 2020 2019 Basic earnings / (loss) per share Earnings / (loss) attributable to owners of the parent (ThUS$) (4,647,491 ) (4,545,887 ) 190,430 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Basic earnings / (loss) per share (US$) (7.66397 ) (7.49642 ) 0.31403 For the year ended December 31, 2021 2020 2019 Diluted earnings / (loss) per share Earnings / (loss) attributable to owners of the parent (ThUS$) (4,647,491 ) (4,545,887 ) 190,430 Weighted average number of shares, basic 606,407,693 606,407,693 606,407,693 Weighted average number of shares, diluted 606,407,693 606,407,693 606,407,693 Diluted earnings / (loss) per share (US$) (7.66397 ) (7.49642 ) 0.31403 |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Fidelidade Viagens e Turismo Fazenda Pública do Município de São Paulo. 1004194-37.2018.8.26.0053 This is a voidance action appealing the charges for violations and fines (67.168.795 / 67.168.833 / 67.168.884 / 67.168.906 / 67.168.914 / 67.168.965). We are arguing that numbers are missing from the ISS calculation base since the company supposedly made improper deductions. The lawsuit was assigned on January 31, 2018. That same day, a decision was rendered suspending the charges without any bond. The municipality filed an appeal against this decision on April 30, 2018. On November 11, 2019 there was a totally favorable decision for Tam Viagens S.A. The court issued a ruling in favor of Tam Viagens S/A on June 24, 2021. An appeal by the Municipality is pending. 99,198 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 subsidiaries (the “Initial Debtors”) individually filed a voluntary petition for reorganization 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” and together with the Initial 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 resolution before the Honorable James L. Garrity Jr. in United States Bankruptcy Court for the Southern District Court of New York (the “Bankruptcy Court”) and are being jointly administered under case number 20-11254. On September 18, 2020, the Debtors received approval of the modified funding proposal for Debtor in Possession (“DIP”) funding filed on September 17, 2020 from the Bankruptcy Court. On October 18, 2021 the Bankruptcy Court approved the Debtors’ request for certain additional DIP funding, namely a “Tranche B” facility. On November 26, 2021, the Debtors filed a joint plan of reorganization together with a disclosure statement. A hearing will be conducted on January 27, 2022 to rule on the adequacy of the disclosure statement. The Bankruptcy Court has extended the Debtors’ exclusive period to solicit acceptances for the plan to January 26, 2022. The Subsequent Debtors have sought an additional extension of their exclusive periods to file and solicit acceptances for the plan, until January 7, 2022 and March 7, 2022 respectively. A hearing on that request will be conducted on January 27, 2022. LATAM has continued its process of reconciling claims and presenting objections. Likewise, LATAM continues to evaluate its contracts and has rejected some of them. It continues with the review of its existing fleet obligations, and pursuing solicitation and confirmation of its plan. -0- Company Court Case Number Origin Stage of trial Amounts 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. The Companies Commission adopted the Cross-Border Communications Protocol on November 4, 2020. On December 14, 2020, that Commission recognized the order issued by the Bankruptcy Court on November 20, 2020 authorizing the stock issue, capital contributions and changes to the pledge agreements. On October 27, 2021, the Commission recognized the order issued by the Bankruptcy Court on October 18, 2021 approving the second proposed DIP loan submitted by LATAM Airlines Group S.A. and authorizing a change in the collateral provided in the first DIP loan and the signature of a petition accessory to the DIP loan agreement. The Commission was informed on December 22, 2021 that on November 26, 2021, LATAM Airlines Group S.A. had filed a Reorganization Agreement pursuant to Chapter 11 and that the hearing for the Bankruptcy Court to rule on that Agreement would be held January 27, 2022. That was the last action in the process. -0- Company Court Case Number Origin Stage of trial Amounts 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- Piquero Leasing Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. Piquero Leasing Limited entered a motion to suspend the liquidation on September 28, 2020. The Grand Court of the Cayman Islands granted the motion and extended the provisional liquidation status for 6 months. The procedure continues. -0- Company Court Case Number Origin Stage of trial Amounts Peuco Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On May 13, 2021, Peuco Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. -0- LATAM Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On May 13, 2021, LATAM Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. -0- Piquero Leasing Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On May 13, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. -0- Peuco Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On December 1, 2021, Peuco Finance Limited filed a petition to suspend the liquidation on December 1, 2021. The process continues. -0- LATAM Finance Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On December 1, 2021, LATAM Finance Limited filed a petition to suspend the liquidation on December 1, 2021. The process continues. -0- Piquero Leasing Limited Grand Court of the Cayman Islands - A petition for a provisional liquidation. On December 1, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation on December 1, 2021. The process continues. -0- |
Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries | Company Court Case Number Origin Stage of trial Amounts 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$9,299 (8.220.000 Euros) 9,299 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, which is expected to be known at the end of March 2022, 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 (ThUS$9.299 (€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. Company Court Case Number Origin Stage of trial Amounts 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. 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 2018, 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. For the case in Germany, LATAM petitioned the German Court for a suspension on the basis of the financial reorganization petitioned by LATAM Airlines Group S.A. and Lan Cargo S.A. in the United States (Chapter 11) in May 2020. DB Barnsdale AG also filed a claim with the U.S. Court by the deadline that creditors have under Chapter 11 claims. An agreement was reached with Barnsdale AG before the Courts could rule and that ended all claims in Germany. British Airways; KLM; Martinair; Air France; Lufthansa; Lufthansa Cargo and Swiss Air filed claims with the U.S. Court. LATAM opposed these claims and the U.S. Court dismissed and voided them after a review on May 27, 2021. The two proceedings still pending in Norway and the Netherlands are in the evidentiary stages. There has been no activity in Norway since January 2014 and in the Netherlands, since February 2021. The amounts are indeterminate. -0- Aerolinhas Brasileiras S.A. Federal Justice. 0008285-53.2015.403.6105 An action seeking to quash a decision and petitioning for early protection in order to obtain 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 8,643 Company Court Case Number Origin Stage of trial Amounts 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$3.100– R$ 17.302.858,00). We must await a decision on the Treasury appeal. 6,973 Tam Linhas Aéreas S.A. Court of the Second Region. 2001.51.01.012530-0 (linked to the procces 19515.721154/2014-71, 19515.002963/2009-12) Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for R$ 260.223.373,10-original amount in 2012/2013, which currently equals THUS$65.464. 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. 65,464 Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil. 10880.725950/2011-05 Compensation credits of the Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS) Declared on DCOMPs. The objection (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. We must wait until the due diligence is complete. 29,484 Company Court Case Number Origin Stage of trial Amounts Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 45th Civil Court of the Bogota Circuit in Colombia. 2013-20319 CA 01 The July 30th, 2012 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20th, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on February 12, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. The Court decided that 45 th Judicial terms were reactivated on July 1, 2020. On September 18, 2020, an expert opinion on damages was submitted that had been requested by the Court. The Court ordered service of the ruling to the parties on December 14, 2020. The defendants, REGIONAL ONE and VAS, filed a motion for reconsideration of this decision, petitioning that the evidence of the expert opinion be eliminated because it was presented late. The motion was denied by the Court. On April 30, 2021, they petitioned for a clarification and supplement to the opinion, to which the Court agreed in a decision on May 19, 2021, giving the expert 10 business days to respond. The brief of clarification was filed June 2, 2021 and the docket was presented to the Judge on June 3, 2021. The parties were given notice of the objection on July 21, 2021 based on a serious mistake in the opinion presented by Regional One. The case entered the judgment phase on August 5, 2021. On October 7, 2021, the Court set a date for the instruction and judgment hearing, which will be February 3, 2022. Regional One, the defendant, filed a petition for reconsideration on October 13, 2021 that had not been decided on the date of this report. The claim was withdrawn on January 11, 2022 because the matter had been settled before the Bankruptcy Court hearing the Chapter 11 claim. The Court decreed the end of the proceedings because the claims were withdrawn in a ruling issued January 19, 2022. 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 unsecured claims with the U.S. Bankruptcy Court by the deadline that creditors have according to Chapter 11. On October 18, 2021, the parties participated in a third mediation where they agreed on the terms of a global settlement. On December 16, 2021, the Bankruptcy Court for the Southern District of New York approved the global agreement and release. Therefore, Dash and Regional withdrew their claims against Aires in Florida on December 21, 2021, which put an end to the proceedings. 9,500 Company Court Case Number Origin Stage of trial Amounts 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. 7,661 LATAM Airlines Group S.A. 22° Civil Court of Santiago C-29.945-2016 The Company received notice of a civil liability claim by Inversiones Ranco Tres S.A. on January 18, 2017. It is represented by Mr. Jorge Enrique Said Yarur. It was filed against LATAM Airlines Group S.A. for an alleged contractual default by the Company and against Ramon Eblen Kadiz, Jorge Awad Mehech, Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, directors and officers, for alleged breaches of their duties. In the case of Juan Jose Cueto Plaza, Enrique Cueto Plaza and Ignacio Cueto Plaza, it alleges a breach, as controllers of the Company, of their duties under the incorporation agreement. LATAM has retained legal counsel specializing in this area to defend it. The claim was answered on March 22, 2017 and the plaintiff filed its replication on April 4, 2017. LATAM filed its rejoinder on April 13, 2017, which concluded the argument stage of the lawsuit. A reconciliation hearing was held on May 2, 2017, but the parties did not reach an agreement. The Court issued the evidentiary decree on May 12, 2017. We filed a petition for reconsideration because we disagreed with certain points of evidence. That petition was partially sustained by the Court on June 27, 2017. The evidentiary stage commenced and then concluded on July 20, 2017. Observations to the evidence must now be presented. That period expires August 1, 2017. We filed our observations to the evidence on August 1, 2017. We were served the decision on December 13, 2017 that dismissed the claim since LATAM was in no way liable. The plaintiff filed an appeal on December 26, 2017. Arguments were pled before the Santiago Court of Appeals on April 23, 2019, and on April 30, 2019, this Court confirmed the ruling of the trial court absolving LATAM. The losing party was ordered to pay costs in both cases. On May 18, 2019, Inversiones Ranco Tres S.A. filed a remedy of vacation of judgment based on technicalities and on substance against the Appellate Court decision. The Appellate Court admitted both appeals on May 29, 2019 and the appeals are pending a hearing by the Supreme Court. On August 11, 2021 Inversiones Ranco Tres S.A. requested the suspension of the hearing of the Appeal, after the recognition by the 2nd Civil Court of Santiago of the foreign reorganization procedure in accordance with Law No. 20,720, for the entire period that said procedure lasts, a request that was accepted by the Supreme Court. 15,694 Company Court Case Number Origin Stage of trial Amounts 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. 27,129 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. 8,064 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. 15,646 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. 11,193 TAM Linhas Aéreas S.A Delegacía de Receita Federal 16692.721.933/2017-80 The Internal Revenue Service of Brazil issued a notice of violation because TAM applied for credits offsetting the contributions for the Social Integration Program (PIS) and the Social Security Funding Contribution (COFINS) that do not bear a direct relationship to air transport (Referring to 2012). An administrative defense was presented on May 29, 2018. The process has become a judicial proceeding. 22,136 Company Court Case Number Origin Stage of trial Amounts SNEA (Sindicato Nacional das empresas aeroviárias) União Federal 0012177-54.2016.4.01.3400 A claim against the 72% increase in airport control fees (TAT-ADR) and approach control fees (TAT-APP) charged by the Airspace Control Department (“DECEA”). A decision is now pending on the appeal presented by SNEA. 63,585 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. 12,509 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. 92,152 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. 17,153 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. 9,436 Company Court Case Number Origin Stage of trial Amounts 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. 16,750 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. 11,316 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. 12.256 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 is pending a decision by the D Room. On July 30, 2020, the D Room ordered the General Prosecutor to appear. -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. The Court ruled in favor of the defendants on March 26, 2021, denying the precautionary measure petitioned by the plaintiff. -0- TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10.880.938842/2013-54 The decision denied the petition for reassignment and did not equate the COFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal to the Brazilian Administrative Council of Tax Appeals (CARF) that is pending a decision. 12,406 Company Court Case Number Origin Stage of trial Amounts TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10.880.93844/2013-43 The decision denied the petition for reassignment and did not equate the COFINS credit statements for the third quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 11,292 TAM Linhas Aéreas S.A Department of Federal Revenue of Brazil 10880.938841/2013-18 The decision denied the petition for reassignment and did not equate the COFINS credit statements for the second quarter of 2012 that had been determined to be in the non-accumulative system. We presented our administrative defense. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 11,221 TAM Linhas Aéreas S.A Receita Federal de Brasil 10840.727719/2019-71 Collection of PIS / COFINS tax for the period of 2014. We presented our administrative defense on January 11, 2020. The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 31,996 Latam-Airlines Ecuador S.A. Tribunal Distrital de lo Fiscal 17509-2014-0088 An audit of the 2006 Income Tax Return that disallowed fuel expenses, fees and other items because the necessary support was not provided, according to Management. On August 6, 2018, the District Tax Claims Court rendered a decision denying the request for a refund of a mistaken payment. An appeal seeking vacation of this judgment by the Court was filed on September 5th and we are awaiting a decision by the Appellate judges. As of December 31, 2018, the attorneys believed that the probability of recovering this sum had fallen to 30%-40% because of the pressure being put by the Executive Branch on the National Court of Justice and the Judiciary in general for rulings not to affect government revenues and because the case involves differences that are based on insufficient documentation supporting the expense. Given the percentage loss (above 50%), the accounting write-off of this recovery has been carried out. 12,505 Company Court Case Number Origin Stage of trial Amounts 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 (CARF) that is pending a decision. 9,612 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910547/2017-67 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 12,068 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910553/2017-14 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 11,830 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910555/2017-11 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 12,046 TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910560/2017-16 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 10,713 Company Court Case Number Origin Stage of trial Amounts TAM Linhas Aéreas S.A. Receita Federal de Brasil 10880.910550/2017-81 Compensation non equate by Cofins We presented our administrative defense (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. 12,559 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 (CARF) that is pending a decision. 10,530 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 (CARF) that is pending a decision. 9,592 TAM Linhas Aéreas S.A. Receita Federal d |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Latam Airlines Perú S.A. Forty-five letters of credit 228,184 Jan 14, 2022 Superintendencia Nacional de Aduanas Latam Airlines Perú S.A. Four letters of credit 15,176 Nov 23, 2022 Lima Airport Partners S.R.L. Latam Airlines Perú S.A. Two letters of credit 1,150 Nov 30, 2022 Servicio Nacional de Aduana del Ecuador Latam Airlines Ecuador S.A. Four letters of credit 2,130 Aug 5, 2022 Empresa Pública de Hidro carburos Latam Airlines Ecuador S.A. Four letters of credit 1,500 Jun 20, 2022 Aena Aeropuertos S.A. Latam Airlines Group S.A. Three letters of credit 1,237 Nov 15, 2022 American Alternative Insurance Corporation Latam Airlines Group S.A. Twelve letters of credit 4,585 Mar 22, 2022 Comisión Europea Latam Airlines Group S.A. One letter of credit 9,333 Mar 29, 2022 Metropolitan Dade County Latam Airlines Group S.A. Seven letters of credit 3,597 Mar 13, 2022 BBVA Latam Airlines Group S.A. One letter of credit 4,315 Jan 16, 2022 JFK International Air Terminal LLC. Latam Airlines Group S.A. One letter of credit 2,300 Jan 27, 2022 Servicio Nacional de Aduanas Latam Airlines Group S.A. Eight letters of credit 2,303 Jul 30, 2022 Isoceles Latam Airlines Group S.A. One letter of credit 12,750 Aug 6, 2022 Procon Tam Linhas Aéreas S.A. Two insurance policy guarantee 2,233 Nov 17, 2025 União Federal Tam Linhas Aéreas S.A. Two insurance policy guarantee 8,250 Feb 4, 2025 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. One insurance policy guarantee 8,531 Apr 15, 2025 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. One insurance policy guarantee 1,417 Apr 4, 2025 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. One insurance policy guarantee 1,323 Jul 5, 2023 Procon Tam Linhas Aéreas S.A. Seven insurance policy guarantee 9,542 Apr 6, 2022 17a Vara Cível da Comarca da Capital Tam Linhas Aéreas S.A. One insurance policy guarantee 2,247 Jun 25, 2023 14ª Vara Federal da Seção Judiciária Tam Linhas Aéreas S.A. One insurance policy guarantee 1,342 May 29, 2025 Value Release Creditor Guarantee Debtor Type ThUS$ Date Tribunal de Justição de Rio de Janeiro. Tam Linhas Aéreas S.A. One insurance policy guarantee 11,198 Aug 30, 2026 Vara Civel Campinas SP. Tam Linhas Aéreas S.A. One insurance policy guarantee 1,577 Jun 14, 2024 JFK International Air Terminal LLC. Tam Linhas Aéreas S.A. One insurance policy guarantee 1,300 Jan 25, 2022 7ª Turma do Tribunal Regional Tam Linhas Aéreas S.A. One insurance policy guarantee 41,029 Apr 20, 2023 Procon Tam Linhas Aéreas S.A. One insurance policy guarantee 1,931 Feb 10, 2026 Bond Safeguard Insurance Company Tam Linhas Aéreas S.A. One insurance policy guarantee 2,700 Jul 20, 2022 Fundacao de Protecao e Defesa Tam Linhas Aéreas S.A. Two insurance policy guarantee 4,079 Sep 20, 2023 Uniao Federal Fazenda Nacional Tam Linhas Aéreas S.A. One insurance policy guarantee 2,251 Nov 16, 2025 Uniao Federal PGFN Tam Linhas Aéreas S.A. Three póliza de seguro de garantía 17,621 Jan 4, 2024 Uniao Federal Fazenda Nacional Tam Linhas Aéreas S.A. One insurance policy guarantee 27,446 Jul 30, 2022 Uniao Federal Fazenda Nacional Absa Linhas Aereas Three póliza de seguro de garantía 25,839 Apr 14, 2023 Uniao Federal PGFN Absa Linhas Aereas Two póliza de seguro de garantía 19,732 Oct 20, 2022 Tribunal de Justição Absa Linhas Aereas One insurance policy guarantee 4,709 Mar 31, 2022 7ª Turma do Tribunal Regional Absa Linhas Aereas One insurance policy guarantee 1,600 May 7, 2023 486,457 |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
TRANSACTIONS WITH RELATED PARTIES [Abstract] | |
Schedule of transactions with related parties | Nature of relationship with related Country Nature of related parties Transaction amount with related parties As of December 31, Tax No. Related party parties of origin transactions Currency 2021 2020 2019 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales 23 28 16 Loans received (*) CLP (35,412 ) (100,013 ) - Interest accrued (*) CLP (34,694 ) (5,700 ) - 78.591.370-1 Bethia S.A and subsidiaries Related director Chile Services provided of cargo transport CLP - - 556 Services received from National and International Courier CLP - - (3 ) Sales commissions CLP - - (218 ) Services received advertising CLP - - (726 ) 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Services provided CLP 26 13 61 76.335.600-0 Parque de Chile S.A. Related director Chile Tickets sales CLP - - 9 96.989.370-3 Rio Dulce S.A. Related director Chile Tickets sales CLP 9 5 - Foreign Patagonia Seafarms INC Related director U.S.A Services provided of cargo transport 15 40 - Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil Services provided BRL 12 Services provided of cargo transport BRL - 13 58 Services received BRL - - 2 Foreign Qatar Airways Indirect shareholder Qatar Services provided by aircraft lease US$ - 22,215 39,528 Interlineal received service US$ (6,387 ) (4,736 ) (2,050 ) Interlineal provided service US$ 6,283 3,141 3,739 Services provided of handling US$ 1,493 1,246 1,106 Compensation for early return of aircraft US$ - 9,240 - Services provided / received others US$ (963 ) 1,160 996 Foreign Delta Air Lines, Inc. Shareholder U.S.A Interlineal received service US$ (11,768 ) (4,160 ) - Interlineal provided service US$ 7,695 4,357 - Compensation for cancellation of aircraft purchase US$ - 62,000 - Compensation for cancellation of aircraft purchase US$ (59 ) 3,310 - Compensation for cancellation of aircraft purchase US$ (318 ) 30 - Foreign QA Investments Ltd Common shareholder Jersey Channel Islands (*)Loans received US$ (8,853 ) (125,016 ) - (*)Interest accrued US$ (8,673 ) (7,125 ) - Foreign QA Investments 2 Ltd Common shareholder Jersey Channel Islands (*)Loans received US$ (44,266 ) (125,016 ) - (*)Interest accrued US$ (43,367 ) (7,125 ) - Foreign Lozuy S.A. Common shareholder Uruguay (*)Loans received US$ (44,266 ) (25,003 ) - (*)Interest accrued US$ (43,367 ) (1,425 ) - (*) Corresponding to DIP tranche C. |
Schedule of key management personnel compensation | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Remuneration 9,981 8,395 13,701 Management fees 1,016 257 411 Non-monetary benefits 501 1,719 1,815 Short-term benefits 16,639 13,624 31,124 Long-term benefits - - 8,577 Share-based payments - - 3,296 Termination benefits 513 4,539 1,428 Total 28,650 28,534 60,352 |
STATEMENT OF CASH FLOWS (Tables
STATEMENT OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
STATEMENT OF CASH FLOWS [Abstract] | |
Schedule of other inflows (outflows) of cash | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Fuel hedge 14,269 (46,579 ) (9,966 ) Hedging margin guarantees (4,900 ) 14,962 (21,200 ) Tax paid on bank transaction (2,530 ) (1,261 ) (11,369 ) Fuel derivatives premiums (17,077 ) (3,949 ) (17,102 ) Bank commissions, taxes paid and other (21,287 ) (5,828 ) (20,627 ) Guarantees (39,728 ) (44,280 ) (5,474 ) Court deposits (16,323 ) 38,528 (22,976 ) Delta Air Lines Inc. Compensation - 62,000 350,000 Total Other inflows (outflows) Operation flow (87,576 ) 13,593 241,286 Tax paid on bank transaction (425 ) (2,192 ) (2,249 ) Guarantee deposit received from the sale of aircraft 18,900 - - Total Other inflows (outflows) Investment flow 18,475 (2,192 ) (2,249 ) Settlement of derivative contracts - (107,788 ) (2,976 ) Aircraft Financing advances - - (55,728 ) Fees paid to financial institutions (11,034 ) - - Total Other inflows (outflows) Financing flow (11,034 ) (107,788 ) (58,704 ) |
Schedule of dividends | For the period ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Latam Airlines Group S.A. - - (54,580 ) Latam Airlines Perú S.A. (*) - (571 ) (536 ) Total dividends paid - (571 ) (55,116 ) |
Schedule of liabilities arising from financing activities | As of Cash flows Non cash-Flow Movements As of Obligations with December 31, Obtainment Payment Interest accrued December 31, financial institutions 2020 Capital Capital Interest and others (*) Reclassifications 2021 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Loans to exporters 151,701 - - - 7,460 - 159,161 Bank loans 525,273 - - (546 ) (2,889 ) - 521,838 Guaranteed obligations 1,318,856 - (14,605 ) (17,405 ) (513,276 ) (263,035 ) 510,535 Other guaranteed obligations 1,939,116 661,609 (26,991 ) (28,510 ) 135,405 44,793 2,725,422 Obligation with the public 2,183,407 - - - 69,791 - 2,253,198 Financial leases 1,614,501 - (421,452 ) (40,392 ) (181,717 ) 218,242 1,189,182 Other loans - - - - 76,508 - 76,508 Lease liability 3,121,006 - (103,366 ) (17,768 ) (39,234 ) - 2,960,638 Total Obligations with financial institutions 10,853,860 661,609 (566,414 ) (104,621 ) (447,952 ) - 10,396,482 As of Cash flows Non cash-Flow Movements As of Obligations with December 31, Obtainment Payment Interest accrued December 31, 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 |
Schedule of statement of consolidated cash flow | For the year ended December 31, 2021 2020 ThUS$ ThUS$ Increases (payments) - (31,803 ) Recoveries - 8,157 Total cash flows - (23,646 ) |
Schedule of property, plant and equipment and intangibles | For the year ended At December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Net cash flows from Purchases of property, plant and equipment 587,245 324,264 1,276,621 Additions associated with maintenance 302,858 173,740 453,827 Other additions 284,387 150,524 822,794 Purchases of intangible assets 88,518 75,433 140,173 Other additions 88,518 75,433 140,173 |
Schedule of consolidated statement of cash flow | For the year ended December 31, 2021 2020 ThUS$ ThUS$ Net cash flows from (used in) operating activities (65,901 ) 18,347 Net cash flows from (used in) investment activities 17,223 (13,872 ) Net cash flows from (used in) financing activities - - Effects of variation in the exchange rate on cash and cash equivalents 48,678 (4,475 ) Net increase (decrease) in cash and cash equivalents - - |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company Financial Information [Abstract] | |
Schedule of condensed balance sheets | As of As of December 31, December 31, 2021 2020 ASSETS ThUS$ ThUS$ Cash and cash equivalents Cash and cash equivalents 549,766 1,295,042 Other financial assets 78,706 32,407 Other non-financial assets 38,557 82,318 Trade and other accounts receivable 400,540 282,896 Accounts receivable from related entities 933,853 412,370 Inventories 121,949 168,686 Current tax assets 4,846 2,545 Total current assets other than non-current assets (or disposal groups) classified as held for sale 2,128,217 2,276,264 Non-current assets (or disposal groups) classified as held for sale 161,347 300,367 Total current assets 2,289,564 2,576,631 Non-current assets Other financial assets 8,804 27,658 Investments accounted for using the equity method 8,065,391 9,006,797 Other non-financial assets 12,344 13,356 Accounts receivable 10,551 2,975 Accounts receivable from related entities 48,008 38,300 Intangible assets other than goodwill 213,822 167,893 Property, plant and equipment 7,980,150 8,683,419 Deferred tax assets - 553,122 Total non-current assets 16,339,070 18,493,520 Total assets 18,628,634 21,070,151 As of As of December 31, December 31, LIABILITIES AND EQUITY 2021 2020 LIABILITIES ThUS$ ThUS$ Current liabilities Other financial liabilities 3,777,465 2,347,033 Trade and other accounts payables 3,670,381 1,013,399 Accounts payable to related entities 1,650,246 1,481,281 Other provisions 99 32 Other non-financial liabilities 1,487,629 1,411,582 Total current liabilities 10,585,820 6,253,327 Non-current liabilities Other financial liabilities 4,041,347 5,631,916 Accounts payable 303,309 416,034 Accounts payable to related entities 177,779 574,202 Other provisions 10,045,195 9,892,007 Employee benefits 33,145 47,915 Other non-financial liabilities 508,943 697,135 Total non-current liabilities 15,109,718 17,259,209 Total liabilities 25,695,538 23,512,536 EQUITY Share capital 3,146,265 3,146,265 Retained earnings/(losses) (8,841,106 ) (4,193,615 ) Treasury Shares (178 ) (178 ) Other reserves (1,361,529 ) (1,388,185 ) Parent’s ownership interest (7,056,548 ) (2,435,713 ) Non-controlling interest (10,356 ) (6,672 ) Total equity (7,066,904 ) (2,442,385 ) Total liabilities and equity 18,628,634 21,070,151 |
Schedule of condensed income statement | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Revenue 1,485,841 1,272,077 2,958,270 Cost of sales (1,964,137 ) (2,099,716 ) (2,860,173 ) Gross margin (478,296 ) (827,639 ) 98,097 Other income 712,997 948,160 1,124,033 Distribution costs (134,366 ) (125,563 ) (222,585 ) Administrative expenses (199,409 ) (225,557 ) (326,640 ) Other expenses (197,737 ) (154,582 ) (211,830 ) Restructuring activities expenses (2,177,754 ) (837,673 ) - Other gains/(losses) 39,471 (98,790 ) 15,367 Income from operation activities (2,435,094 ) (1,321,644 ) 476,442 Financial income 8,905 11,812 23,262 Financial costs (579,304 ) (410,153 ) (479,596 ) Share of profit of investments accounted for using the equity method (1,168,898 ) (3,537,259 ) 88,429 Foreign exchange gains/(losses) 72,888 (66,004 ) (76,122 ) Result of indexation units (799 ) - 67 Income (loss) before taxes (4,102,302 ) (5,323,248 ) 32,482 Income tax expense / benefit (550,840 ) 767,713 163,131 NET INCOME (LOSS) FOR THE YEAR (4,653,142 ) (4,555,535 ) 195,613 |
Schedule of condensed cash flow statement | For the year ended December 31, 2021 2020 2019 ThUS$ ThUS$ ThUS$ Cash flows from operating activities Cash collection from operating activities Proceeds from sales of goods and services 2,046,751 2,240,961 6,621,168 Other cash receipts from operating activities 38,268 52,192 122,637 Payments for operating activities Payments to suppliers for goods and services (2,085,094 ) (1,713,223 ) (4,491,682 ) Payments to and on behalf of employees (295,030 ) (298,370 ) (466,212 ) Other payments for operating activities (29,363 ) (27,757 ) (67,056 ) Interest received - - 5,127 Income taxes (paid) (898 ) (2,764 ) - Other cash inflows (outflows) (37,992 ) 61,532 302,246 Net cash flows from operating activities (363,358 ) 312,571 2,026,228 Cash flows from investing activities Cash flows from losses of control of subsidiaries or other businesses 752 - - Cash flows used to obtain control of subsidiaries or other businesses (12,375 ) (349,125 ) - Other cash receipts from sales of equity or debt instruments of other entities - 30,439 172,122 Other payments to acquire equity or debt instruments of other entities - (27,199 ) (172,295 ) Amounts raised from sale of property, plant and equipment 105,000 75,566 42,600 Purchases of property, plant and equipment (574,431 ) (163,022 ) (578,498 ) Purchases of intangible assets (85,449 ) (70,363 ) (66,018 ) Interest received 1,644 3,235 12,757 Other cash inflows (outflows) 18,900 - - Net cash flow (used in) investing activities (545,959 ) (500,469 ) (589,332 ) 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 1,665 1,361,807 370,139 Amounts raised from short-term loans 661,609 296,267 93,000 Loans from Related Entities 130,102 373,125 - Loans repayments (135,837 ) (749,258 ) (1,632,577 ) Payments of lease liabilities (391,879 ) (90,335 ) - Dividends paid - - (54,580 ) Interest paid (90,585 ) (135,859 ) (283,612 ) Other cash inflows (outflows) (11,034 ) (107,782 ) (58,704 ) Net cash flows (used in) financing activities 164,041 944,740 (1,566,334 ) Net increase in cash and cash equivalents before effect of exchanges rate change (745,276 ) 756,842 (129,438 ) Effects of variation in the exchange rate on cash and cash equivalents - - 5,183 Net increase (decrease) in cash and cash equivalents (745,276 ) 756,842 (124,255 ) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR 1,295,042 538,200 662,455 CASH AND CASH EQUIVALENTS AT THE END OF YEAR 549,766 1,295,042 538,200 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) | Dec. 22, 2020shares | Dec. 18, 2020shares | Dec. 16, 2020shares | Jan. 21, 2021 | Dec. 22, 2020 | Mar. 23, 2020 | Dec. 31, 2021shares | Dec. 31, 2018 |
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Total shareholders (in Shares) | 4,828 | |||||||
Number of average employees | 28,600 | |||||||
Number of employees | 29,114 | |||||||
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%. | |||||||
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 | 13.07% | |||||||
Inversora Cordillera S.A. [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Description of acquired shares | On January 21, 2021, Transporte Aéreos del Mercosur S.A. puchased 2,392,166 preferred shares of Inversora Cordillera S.A. consequently, the shareholding composition of Inversora Cordillera S.A. is as follows: Lan Pax Group S.A. with 90.5% and Transporte Aéreos del Mercosur S.A. with 9.5%. | |||||||
Lan Argentina S.A. [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Description of acquired shares | On January 21, 2021, Transporte Aéreos del Mercosur S.A. purchased 53,376 preferred shares of Lan Argentina S.A. consequently, the shareholding composition of Lan Argentina S.A. is as follows: Inversora Cordillera S.A. with 95%, Lan Pax Group S.A. with 4% and Transporte Aéreos del Mercosur S.A. with 1%. | |||||||
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% | |||||||
Lan Pax Group S.A [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Number of shares acquired (in Shares) | 23,678 | |||||||
Latam Ecuador S.A [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Number of shares acquired (in Shares) | 30,000,000 | |||||||
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%. | |||||||
Holdco I S.A [Member] | TAM S.A. and Subsidiaries [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Percentage of economic rights | 99.9983% | |||||||
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% | |||||||
Administrative Staff [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Number of employees | 4,372 | |||||||
Maintenance Staff [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Number of employees | 14,784 | |||||||
Operations Staff [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Number of employees | 6,708 | |||||||
Cabin Crew [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Number of employees | 3,250 | |||||||
Ordinary Shares [Member] | ||||||||
GENERAL INFORMATION (Details) [Line Items] | ||||||||
Number of statutory capital shares (in Shares) | 606,407,693 | |||||||
Number of shares pending of subscription and payment (in Shares) | 466,382 |
GENERAL INFORMATION (Details) -
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | ||
Company | Latam Airlines Perú S.A. | ||
Country of origin | Peru | ||
Functional Currency | US$ | ||
Direct | 23.62% | 23.62% | 49.00% |
Indirect | 76.19% | 76.19% | 21.00% |
Total | 99.81% | 99.81% | 70.00% |
Lan Cargo S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 93.383.000-4 | ||
Company | Lan Cargo S.A. | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 99.894% | 99.894% | 99.894% |
Indirect | 0.0041% | 0.0041% | 0.0041% |
Total | 99.8981% | 99.8981% | 99.8981% |
Connecta Corporation [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Connecta Corporation | ||
Country of origin | U.S.A. | ||
Functional Currency | US$ | ||
Direct | 0.00% | 100.00% | 100.00% |
Indirect | 100.00% | 0.00% | 0.00% |
Total | 100.00% | 100.00% | 100.00% |
Prime Airport Services Inc. and Subsidiary [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Prime Airport Services Inc. and Subsidiary | ||
Country of origin | U.S.A. | ||
Functional Currency | US$ | ||
Direct | 0.00% | 99.9714% | 99.9714% |
Indirect | 100.00% | 0.0286% | 0.0286% |
Total | 100.00% | 100.00% | 100.00% |
Transporte Aéreo S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.951.280-7 | ||
Company | Transporte Aéreo S.A. | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 0.00% | 0.00% | 99.9999% |
Indirect | 100.00% | 100.00% | 0.0001% |
Total | 100.00% | 100.00% | 100.00% |
Fast Air Almacenes de Carga S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.631.520-2 | ||
Company | Fast Air Almacenes de Carga S.A. | ||
Country of origin | Chile | ||
Functional Currency | CLP | ||
Direct | 0.00% | 99.89% | 99.89% |
Indirect | 100.00% | 0.11% | 0.11% |
Total | 100.00% | 100.00% | 100.00% |
Laser Cargo S.R.L. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Laser Cargo S.R.L. | ||
Country of origin | Argentina | ||
Functional Currency | ARS | ||
Direct | 0.00% | 96.2208% | 96.2208% |
Indirect | 100.00% | 3.7792% | 3.7792% |
Total | 100.00% | 100.00% | 100.00% |
Lan Cargo Overseas Limited and Subsidiaries [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Lan Cargo Overseas Limited and Subsidiaries | ||
Country of origin | Bahamas | ||
Functional Currency | US$ | ||
Direct | 0.00% | 99.98% | 99.98% |
Indirect | 100.00% | 0.02% | 0.02% |
Total | 100.00% | 100.00% | 100.00% |
Lan Cargo Inversiones S.A. and Subsidiary [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.969.690-8 | ||
Company | Lan Cargo Inversiones S.A. and Subsidiary | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 0.00% | 99.00% | 99.00% |
Indirect | 100.00% | 1.00% | 1.00% |
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 | ||
Company | Inversiones Lan S.A. and Subsidiaries | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 99.90% | 99.71% | 99.71% |
Indirect | 0.10% | 0.29% | 0.29% |
Total | 100.00% | 100.00% | 100.00% |
Technical Trainning LATAM S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 96.847.880-K | ||
Company | Technical Trainning LATAM S.A. | ||
Country of origin | Chile | ||
Functional Currency | CLP | ||
Direct | 99.83% | 99.83% | 99.83% |
Indirect | 0.17% | 0.17% | 0.17% |
Total | 100.00% | 100.00% | 100.00% |
Latam Finance Limited [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Latam Finance Limited | ||
Country of origin | Cayman Island | ||
Functional Currency | US$ | ||
Direct | 100.00% | 100.00% | 100.00% |
Indirect | 0.00% | 0.00% | 0.00% |
Total | 100.00% | 100.00% | 100.00% |
Peuco Finance Limited [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Peuco Finance Limited | ||
Country of origin | Cayman Island | ||
Functional Currency | US$ | ||
Direct | 100.00% | 100.00% | 100.00% |
Indirect | 0.00% | 0.00% | 0.00% |
Total | 100.00% | 100.00% | 100.00% |
Profesional Airline Services INC. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Profesional Airline Services INC. | ||
Country of origin | U.S.A. | ||
Functional Currency | US$ | ||
Direct | 100.00% | 100.00% | 100.00% |
Indirect | 0.00% | 0.00% | 0.00% |
Total | 100.00% | 100.00% | 100.00% |
Jarletul S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | Jarletul S.A. | ||
Country of origin | Uruguay | ||
Functional Currency | US$ | ||
Direct | 99.00% | 99.00% | 99.00% |
Indirect | 1.00% | 1.00% | 1.00% |
Total | 100.00% | 100.00% | 100.00% |
LatamTravel S.R.L. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | LatamTravel S.R.L. | ||
Country of origin | Bolivia | ||
Functional Currency | US$ | ||
Direct | 99.00% | 99.00% | 99.00% |
Indirect | 1.00% | 1.00% | 1.00% |
Total | 100.00% | 100.00% | 100.00% |
Latam Travel Chile II S.A. [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | 76.262.894-5 | ||
Company | Latam Travel Chile II S.A. | ||
Country of origin | Chile | ||
Functional Currency | US$ | ||
Direct | 99.99% | 99.99% | 99.99% |
Indirect | 0.01% | 0.01% | 0.01% |
Total | 100.00% | 100.00% | 100.00% |
TAM S.A. and Subsidiaries [Member] | |||
GENERAL INFORMATION (Details) - Schedule of consolidated financial statements [Line Items] | |||
Tax No. | Foreign | ||
Company | TAM S.A. and Subsidiaries (*) | ||
Country of origin | Brazil | ||
Functional Currency | BRL | ||
Direct | 63.0901% | 63.0901% | 63.0901% |
Indirect | 36.9099% | 36.9099% | 36.9099% |
Total | 100.00% | 100.00% | 100.00% |
GENERAL INFORMATION (Details)_2
GENERAL INFORMATION (Details) - Schedule of subsidiaries - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Lan Pax Group S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.969.680-0 | |||
Company | [1] | Lan Pax Group S.A. and Subsidiaries (*) | ||
Assets | $ 432,271 | $ 404,944 | $ 632,673 | |
Liabilities | 1,648,715 | 1,624,944 | 1,487,248 | |
Equity | (1,236,243) | (1,219,539) | (853,624) | |
Gain /(loss) | (7,289) | (290,980) | (26,551) | |
Assets | $ (432,271) | (404,944) | (632,673) | |
Latam Airlines Perú S.A.[Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Latam Airlines Perú S.A. | |||
Assets | $ 484,388 | 661,721 | 519,363 | |
Liabilities | 417,067 | 486,098 | 510,672 | |
Equity | 67,321 | 175,623 | 8,691 | |
Gain /(loss) | (109,392) | (175,485) | (3,550) | |
Assets | $ (484,388) | (661,721) | (519,363) | |
Lan Cargo S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 93.383.000-4 | |||
Company | Lan Cargo S.A. | |||
Assets | $ 721,484 | 749,789 | 634,852 | |
Liabilities | 537,180 | 567,128 | 462,666 | |
Equity | 184,304 | 182,661 | 172,186 | |
Gain /(loss) | 1,590 | 10,936 | (4,157) | |
Assets | $ (721,484) | (749,789) | (634,852) | |
Connecta Corporation [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Connecta Corporation | |||
Assets | $ 61,068 | 57,922 | 64,110 | |
Liabilities | 19,312 | 17,335 | 24,023 | |
Equity | 41,756 | 40,587 | 40,087 | |
Gain /(loss) | 1,169 | 500 | 1,677 | |
Assets | $ (61,068) | (57,922) | (64,110) | |
Prime Airport Services Inc. and Subsidiary [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | [1] | Prime Airport Services Inc. and Subsidiary (*) | ||
Assets | $ 24,654 | 25,050 | 22,068 | |
Liabilities | 25,680 | 26,265 | 23,102 | |
Equity | (1,026) | (1,215) | (1,034) | |
Gain /(loss) | 190 | (181) | 802 | |
Assets | $ (24,654) | (25,050) | (22,068) | |
Transporte Aéreo S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.951.280-7 | |||
Company | Transporte Aéreo S.A. | |||
Assets | $ 471,094 | 546,216 | 359,335 | |
Liabilities | 327,955 | 347,714 | 142,423 | |
Equity | 143,139 | 198,502 | 216,912 | |
Gain /(loss) | (56,135) | (39,032) | 14,610 | |
Assets | $ (471,094) | (546,216) | (359,335) | |
Fast Air Almacenes de Carga S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.631.520-2 | |||
Company | Fast Air Almacenes de Carga S.A. | |||
Assets | $ 18,303 | 20,132 | 20,182 | |
Liabilities | 10,948 | 11,576 | 12,601 | |
Equity | 7,355 | 8,556 | 7,581 | |
Gain /(loss) | 48 | 500 | 796 | |
Assets | $ (18,303) | (20,132) | (20,182) | |
Laser Cargo S.R.L. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Laser Cargo S.R.L. | |||
Assets | $ 5 | 6 | 10 | |
Liabilities | ||||
Equity | (5) | (6) | (10) | |
Gain /(loss) | ||||
Assets | $ (5) | (6) | (10) | |
Lan Cargo Overseas Limited and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | [1] | Lan Cargo Overseas Limited and Subsidiaries (*) | ||
Assets | $ 36,617 | 218,435 | 48,929 | |
Liabilities | 14,669 | 14,355 | 15,228 | |
Equity | 21,940 | 203,829 | 33,450 | |
Gain /(loss) | (806) | (92,623) | (6,579) | |
Assets | $ (36,617) | (218,435) | (48,929) | |
Lan Cargo Inversiones S.A. and Subsidiary [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.969.690-8 | |||
Company | [1] | Lan Cargo Inversiones S.A. and Subsidiary (*) | ||
Assets | $ 202,402 | 250,027 | 65,422 | |
Liabilities | 113,930 | 86,691 | 78,890 | |
Equity | 23,563 | 130,823 | (12,111) | |
Gain /(loss) | (54,961) | 1,452 | (2,497) | |
Assets | $ (202,402) | (250,027) | (65,422) | |
Inversiones Lan S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.575.810-0 | |||
Company | [1] | Inversiones Lan S.A. and Subsidiaries (*) | ||
Assets | $ 1,284 | 1,394 | 1,329 | |
Liabilities | 45 | 65 | 50 | |
Equity | 1,239 | 1,329 | 1,279 | |
Gain /(loss) | (90) | 50 | (54) | |
Assets | $ (1,284) | (1,394) | (1,329) | |
Technical Trainning LATAM S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 96.847.880-K | |||
Company | Technical Trainning LATAM S.A. | |||
Assets | $ 2,004 | 2,181 | 2,378 | |
Liabilities | 467 | 625 | 1,075 | |
Equity | 1,537 | 1,556 | 1,303 | |
Gain /(loss) | 181 | 60 | (282) | |
Assets | $ (2,004) | (2,181) | (2,378) | |
Latam Finance Limited [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Latam Finance Limited | |||
Assets | $ 1,310,733 | 1,310,735 | 1,362,762 | |
Liabilities | 1,688,821 | 1,584,311 | 1,531,238 | |
Equity | (378,088) | (273,576) | (168,476) | |
Gain /(loss) | (104,512) | (105,100) | (90,736) | |
Assets | $ (1,310,733) | (1,310,735) | (1,362,762) | |
Peuco Finance Limited [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Peuco Finance Limited | |||
Assets | $ 1,307,721 | 1,307,721 | 664,458 | |
Liabilities | 1,307,721 | 1,307,721 | 664,458 | |
Equity | ||||
Gain /(loss) | ||||
Assets | $ (1,307,721) | (1,307,721) | (664,458) | |
Profesional Airline Services INC. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Profesional Airline Services INC. | |||
Assets | $ 61,659 | 17,345 | 3,509 | |
Liabilities | 58,808 | 14,772 | 1,950 | |
Equity | 2,851 | 2,573 | 1,559 | |
Gain /(loss) | 278 | 1,014 | 1,096 | |
Assets | $ (61,659) | (17,345) | (3,509) | |
Jarletul S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | Jarletul S.A. | |||
Assets | $ 24 | 34 | 150 | |
Liabilities | 1,116 | 1,076 | 860 | |
Equity | (1,092) | (1,042) | (710) | |
Gain /(loss) | (50) | (332) | (603) | |
Assets | $ (24) | (34) | (150) | |
LatamTravel S.R.L. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | LatamTravel S.R.L. | |||
Assets | $ 64 | 1,061 | 161 | |
Liabilities | 132 | 1,106 | 138 | |
Equity | (68) | (45) | 23 | |
Gain /(loss) | (23) | (33) | (8) | |
Assets | $ (64) | (1,061) | (161) | |
Latam Travel Chile II S.A. [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | 76.262.894-5 | |||
Company | Latam Travel Chile II S.A. | |||
Assets | $ 588 | 943 | 672 | |
Liabilities | 1,457 | 1,841 | 1,354 | |
Equity | (869) | (898) | (682) | |
Gain /(loss) | 29 | 392 | ||
Assets | $ (588) | (943) | (672) | |
TAM S.A. and Subsidiaries [Member] | ||||
GENERAL INFORMATION (Details) - Schedule of subsidiaries [Line Items] | ||||
Tax No. | Foreign | |||
Company | [1] | TAM S.A. and Subsidiaries (*) | ||
Assets | $ 2,608,859 | 3,110,055 | 5,090,180 | |
Liabilities | 3,257,148 | 3,004,935 | 3,550,875 | |
Equity | (648,289) | 105,120 | 1,539,305 | |
Gain /(loss) | (756,633) | (1,025,814) | 186,140 | |
Assets | $ (2,608,859) | $ (3,110,055) | $ (5,090,180) | |
[1] | The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative - USD ($) $ in Millions | Apr. 02, 2020 | Nov. 26, 2021 | Oct. 18, 2021 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 23, 2021 | Sep. 19, 2019 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | |||||||
Negative working capital | $ (9,701) | ||||||
Negative equity | $ 7,051 | ||||||
Percentage of revenues | 49.00% | ||||||
Percentage of unsecured claims | 70.00% | 70.00% | |||||
Percentage of existing equity | 50.00% | 50.00% | |||||
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 | ||||||
Secured debtor in possession | $ 3,200 | ||||||
Percentage of holders | 48.00% | ||||||
Convertible note, description | The Plan proposes the infusion of up to approximately $8.19 billion through a mix of new equity, convertible notes, and debt, which will enable the Company to exit Chapter 11 with appropriate capitalization to effectuate its business plan. Upon emergence, the Company is expected to have total debt of approximately $7.26 billion and liquidity of approximately $2.67 billion. Specifically, the Plan outlines that: | ||||||
Aggregate principal amount | $ 2,450 | ||||||
Third tranche of secured financing | $ 750 | ||||||
Total aggregate amount | $ 3,200 | ||||||
Total value | $ 60,000 | ||||||
Useful lives | 5 years | ||||||
Bottom of Range [Member] | |||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | |||||||
Proportion of voting rights held in associate | 20.00% | ||||||
Useful lives | 3 years | ||||||
Top of Range [Member] | |||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | |||||||
Proportion of voting rights held in associate | 50.00% | ||||||
Useful lives | 10 years | ||||||
Parent [Member] | |||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Narrative [Line Items] | |||||||
Net loss attributable to owners of parent | $ 4,642 |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Number of barrel | 5 | |
Lower fuel cost | $ 79.2 | |
Higher fuel costs | $ 80.8 | |
Exchange rate, percentage | 10.00% | |
Percentage of aggregate funds on deposit | 115.00% | |
Commercial traffic, percentage | 90.00% | |
Issuing institutions, percentage | 100.00% | |
Reduced budgeted | $ 146 | |
Aircraft | 773 | |
Aggregate principal amount | 3,200 | |
Tranches | 2,450 | |
Access lower financing costs | 750 | |
Financiers including | 750 | |
Consolidated liquidity | 400 | |
Derivative margins | 5.5 | $ 3 |
Liquidity risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Market value of the fuel positions | 17.6 | 1.3 |
Liquid funds | 1,047 | 1,696 |
Revolving credit facility | $ 600 | |
Exchange Rate Risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Net of premiums. | $ 3.2 | |
Interest rate risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Interest rate derivative positions | 40.00% | 42.00% |
Credit risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Credit 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). The client portfolio at December 31, 2021 increased when compared to the balance as of December 31, 2020 by 48%, mainly due to an increase in passenger transport operations (travel agencies and corporate) that increased by 124% in sales, mainly from a 68% of credit card payments and 32% in cash sales. Instead, the cargo business showed an increase in its net income of 23% compared to December 2020. The cargo business increase in its operation in a 23% compared to December 2020. In the case of clients who still have pending balances and that the administration considered risky, the corresponding measures were taken to consider expected credit loss The provision at the end of December 2021 had a decrease of 34% compared to December 31, 2020, as a result of the decrease in the portfolio for recoveries and for the application of write-offs in the years. | |
DIP Credit Agreement [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Percentage of fuel derivatives with a nominal value | 21.00% | |
Fair value of fuel derivatives [Member] | Fuel-Price Risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Fuel hedge net of premiums | $ 10.1 | $ 143 |
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$ 1.3 billion, out of which (i) US$ 1.125 billion 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; | |
Tranche C [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - (Details Narrative) [Line Items] | ||
Tranche, description | 3) A Tranche C for a capital amount of up to US$ 1.15 billion, 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., through a “joinder” or supplement to the “DIP Agreement” subscripted on November 6, 2020. |
FINANCIAL RISK MANAGEMENT (De_2
FINANCIAL RISK MANAGEMENT (Details) - Schedule of level of hedge | 3 Months Ended | 12 Months Ended | 15 Months Ended | |||||||||||||||||
Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | |||||||||||
Schedule of level of hedge [Abstract] | ||||||||||||||||||||
Percentage of coverage over the expected volume of consumption | 14.00% | [1] | 30.00% | [1] | 25.00% | [1] | 3.00% | [2] | 3.00% | [2] | 21.00% | [1] | 3.00% | [2] | 17.00% | [1] | 3.00% | [2] | 3.00% | [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-Price Risk [Member] - Fuel options [Member] - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Top of Range [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Benchmark price (in Dollars per share) | $ 5 | |
Positions effect on equity | $ 2.7 | $ 0.6 |
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 | $ (3.3) | $ (0.6) |
FINANCIAL RISK MANAGEMENT (De_4
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Foreign Exchange Rate Risk [Member] | Bottom of Range [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | (10.00%) | |
Positions effect on equity | $ 51,900 | $ (10,900) |
Foreign Exchange Rate Risk [Member] | Top of Range [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | 10.00% | |
Positions effect on equity | $ (51,900) | 10,900 |
TAM S.A. and Subsidiaries [Member] | Bottom of Range [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | (10.00%) | |
Positions effect on equity | $ 96,660 | 191,530 |
TAM S.A. and Subsidiaries [Member] | Top of Range [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Appreciation (depreciation) of R$ /US$ | 10.00% | |
Positions effect on equity | $ (79,090) | $ (156,710) |
FINANCIAL RISK MANAGEMENT (De_5
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis - Interest Rate Derivative Contracts [Member] - Interest rate risk [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Bottom of Range [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Increase (decrease) futures curve in libor 3 months | -46.31 | |
Positions on effect on profit or loss before tax | $ (42,110) | |
Top of Range [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of sensitivity analysis [Line Items] | ||
Increase (decrease) futures curve in libor 3 months | +46.31 | |
Positions on effect on profit or loss before tax | $ 42,110 |
FINANCIAL RISK MANAGEMENT (De_6
FINANCIAL RISK MANAGEMENT (Details) - Schedule of amounts by Tranche are summarized - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of amounts by Tranche are summarized [Line Items] | ||
Commited amount | $ 3,200 | $ 2,450 |
Withdrew amount | 1,950 | 1,150 |
Available amount | 1,250 | 1,300 |
Tranche A [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of amounts by Tranche are summarized [Line Items] | ||
Commited amount | 1,300 | 1,300 |
Withdrew amount | 876 | 650 |
Available amount | 424 | 650 |
Tranche B [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of amounts by Tranche are summarized [Line Items] | ||
Commited amount | 750 | |
Withdrew amount | 300 | |
Available amount | 450 | |
Tranche C [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of amounts by Tranche are summarized [Line Items] | ||
Commited amount | 1,150 | 1,150 |
Withdrew amount | 774 | 500 |
Available amount | $ 376 | $ 650 |
FINANCIAL RISK MANAGEMENT (De_7
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Liquidity risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | TOTAL | TOTAL |
Up to 90 days | $ 1,493,535 | $ 980,479 |
More than 90 days to one year | 2,445,619 | 925,714 |
More than one to three years | 1,519,275 | 3,109,661 |
More than three to five years | 1,344,761 | 1,401,379 |
More than five years | 1,064,747 | 1,726,498 |
Total | 7,867,937 | 8,143,731 |
Nominal Value | $ 6,801,685 | $ 7,077,118 |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Loans To Exporters [Member] | CITIBANK [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 97.018.000-1 | |
Creditor | CITIBANK | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 115,350 | |
Total | 115,350 | |
Nominal Value | $ 114,000 | |
Amortization | At Expiration | |
Effective rate % | 2.96% | |
Nominal rate % | 2.96% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Loans To Exporters [Member] | ITAU [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 97.030.000-7 | |
Creditor | ITAU | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 20,140 | |
Total | 20,140 | |
Nominal Value | $ 20,000 | |
Amortization | At Expiration | |
Effective rate % | 4.20% | |
Nominal rate % | 4.20% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Loans To Exporters [Member] | HSBC [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | HSBC | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 12,123 | |
Total | 12,123 | |
Nominal Value | $ 12,000 | |
Amortization | At Expiration | |
Effective rate % | 4.15% | |
Nominal rate % | 4.15% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Loans To Exporters [Member] | BANCO ESTADO [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% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Loans To Exporters [Member] | SCOTIABANK [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% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Loans To Exporters [Member] | ITAU One [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% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Loans To Exporters [Member] | HSBC One [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 | |
Creditor | HSBC | |
Creditor country | Chile | |
Currency | US$ | |
Up to 90 days | $ 12,545 | |
Total | 12,545 | |
Nominal Value | $ 12,000 | |
Amortization | At Expiration | |
Effective rate % | 4.15% | |
Nominal rate % | 4.15% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Bank Loans [Member] | CITIBANK [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | CITIBANK | |
Creditor country | U.S.A. | |
Currency | UF | |
Up to 90 days | $ 60,935 | |
Total | 60,935 | |
Nominal Value | $ 60,935 | |
Amortization | At Expiration | |
Effective rate % | 3.10% | |
Nominal rate % | 3.10% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Bank Loans [Member] | CORP BANCA [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 97.023.000-9 | 97.023.000-9 |
Creditor | CORPBANCA | CORPBANCA |
Creditor country | Chile | Chile |
Currency | UF | UF |
Up to 90 days | $ 10,236 | $ 11,631 |
Total | 10,236 | 11,631 |
Nominal Value | $ 10,106 | $ 11,255 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.35% | 3.35% |
Nominal rate % | 3.35% | 3.35% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Bank Loans [Member] | SANTANDER [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 | SANTANDER | SANTANDER |
Creditor country | Spain | Spain |
Currency | US$ | US$ |
Up to 90 days | $ 751 | $ 3,323 |
More than 90 days to one year | 2,604 | 2,678 |
More than one to three years | 106,939 | 139,459 |
Total | 110,294 | 145,460 |
Nominal Value | $ 106,427 | $ 139,459 |
Amortization | Quarterly | Quarterly |
Effective rate % | 2.80% | 2.80% |
Nominal rate % | 2.80% | 2.80% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Bank Loans [Member] | BTG [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% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Obligations with the public [Member] | BANCO ESTADO [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 | $ 36,171 | $ 23,210 |
More than 90 days to one year | 179,601 | 26,857 |
More than one to three years | 31,461 | 217,555 |
More than three to five years | 31,461 | 35,041 |
More than five years | 369,537 | 429,101 |
Total | 648,231 | 731,764 |
Nominal Value | $ 502,897 | $ 560,113 |
Amortization | At Expiration | At Expiration |
Effective rate % | 4.81% | 4.81% |
Nominal rate % | 4.81% | 4.81% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Obligations with the public [Member] | BANK OF NEWYORK [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 | $ 184,188 | $ 80,063 |
More than 90 days to one year | 104,125 | 76,125 |
More than one to three years | 884,188 | 208,250 |
More than three to five years | 856,000 | 836,063 |
More than five years | 828,000 | |
Total | 2,028,501 | 2,028,501 |
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% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Guarantee Obligation [Member] | BNP PARIBAS [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 | $ 17,182 | |
More than 90 days to one year | 19,425 | |
More than one to three years | 40,087 | |
More than three to five years | 41,862 | |
More than five years | 95,475 | |
Total | 214,031 | |
Nominal Value | $ 198,475 | |
Amortization | Quarterly | |
Effective rate % | 1.48% | |
Nominal rate % | 1.48% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Guarantee Obligation [Member] | MUFG [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | MUFG | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 29,652 | |
More than 90 days to one year | 17,921 | |
More than one to three years | 36,660 | |
More than three to five years | 37,829 | |
More than five years | 55,297 | |
Total | 177,359 | |
Nominal Value | $ 166,712 | |
Amortization | Quarterly | |
Effective rate % | 1.64% | |
Nominal rate % | 1.64% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Guarantee Obligation [Member] | WILMINGTON TRUST COMPANY [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 | $ 933 | |
More than 90 days to one year | 4,990 | |
More than one to three years | 29,851 | |
More than three to five years | 36,337 | |
More than five years | 89,263 | |
Total | 161,374 | |
Nominal Value | $ 144,358 | |
Amortization | Quarterly / Monthly | |
Effective rate % | 3.17% | |
Nominal rate % | 1.60% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Other Guaranteed Obligations [Member] | CITIBANK [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | CITIBANK | CITIBANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 613,419 | $ 3,405 |
More than 90 days to one year | 10,404 | |
More than one to three years | 603,443 | |
Total | 613,419 | 617,252 |
Nominal Value | $ 600,000 | $ 600,000 |
Amortization | At Expiration | At Expiration |
Effective rate % | 2.00% | 2.27% |
Nominal rate % | 2.00% | 2.27% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Other Guaranteed Obligations [Member] | MUFG [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 | $ 8,150 | $ 87,611 |
More than 90 days to one year | 46,746 | 74,852 |
More than one to three years | 94,062 | 119,460 |
More than three to five years | 14,757 | 19,950 |
Total | 163,715 | 301,873 |
Nominal Value | $ 156,933 | $ 291,519 |
Amortization | Quarterly | Quarterly |
Effective rate % | 1.72% | 2.67% |
Nominal rate % | 1.72% | 2.67% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Other Guaranteed Obligations [Member] | CREDIT AGRICOLE [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 | $ 273,199 | |
Total | 273,199 | |
Nominal Value | $ 273,199 | |
Amortization | At Expiration | |
Effective rate % | 1.82% | |
Nominal rate % | 1.82% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Other Guaranteed Obligations [Member] | Bank of Utah [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 UTAH | BANK OF UTAH |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
More than 90 days to one year | $ 1,858,051 | |
More than one to three years | $ 952,990 | |
Total | 1,858,051 | 952,990 |
Nominal Value | $ 1,644,876 | $ 793,003 |
Amortization | At Expiration | At Expiration |
Effective rate % | 22.71% | 22.19% |
Nominal rate % | 12.97% | 1319.00% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Other Guaranteed Obligations [Member] | EXIM BANK [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 | EXIM BANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 271 | |
More than 90 days to one year | 1,173 | |
More than one to three years | 3,375 | |
More than three to five years | 10,546 | |
More than five years | 55,957 | |
Total | 71,322 | |
Nominal Value | $ 62,890 | |
Amortization | Quarterly | |
Effective rate % | 1.84% | |
Nominal rate % | 1.84% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Other Guaranteed Obligations [Member] | Credit Agricole [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% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | CITIBANK [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | CITIBANK | CITIBANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 19,268 | $ 79,117 |
More than 90 days to one year | 59,522 | 61,983 |
More than one to three years | 5,721 | 118,372 |
More than three to five years | 46,115 | |
More than five years | 19,118 | |
Total | 84,511 | 324,705 |
Nominal Value | $ 83,985 | $ 312,792 |
Amortization | Quarterly | Quarterly |
Effective rate % | 1.37% | 2.58% |
Nominal rate % | 0.79% | 1.77% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | SANTANDER [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% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | BNP PARIBAS [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 | $ 7,351 | $ 14,851 |
More than 90 days to one year | 26,519 | 2,343 |
More than one to three years | 21,685 | 793 |
Total | 55,555 | 17,987 |
Nominal Value | $ 54,918 | $ 17,951 |
Amortization | Quarterly | Quarterly |
Effective rate % | 1.56% | 1.81% |
Nominal rate % | 0.96% | 1.41% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | CREDIT AGRICOLE [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | CREDIT AGRICOLE | CREDIT AGRICOLE |
Creditor country | France | France |
Currency | US$ | US$ |
Up to 90 days | $ 699 | $ 13,889 |
More than 90 days to one year | 1,387 | 2,057 |
More than one to three years | 2,062 | |
Total | 2,086 | 18,008 |
Nominal Value | $ 2,052 | $ 17,961 |
Amortization | Quarterly | Quarterly |
Effective rate % | 3.68% | 1.99% |
Nominal rate % | 3.23% | 1.54% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | EXIM BANK [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 | EXIM BANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 2,758 | |
More than 90 days to one year | 11,040 | |
More than one to three years | 61,167 | |
More than three to five years | 249,466 | |
More than five years | 269,087 | |
Total | 593,518 | |
Nominal Value | $ 533,127 | |
Amortization | Quarterly | |
Effective rate % | 2.88% | |
Nominal rate % | 2.03% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | NATIXIS One [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 | $ 5,929 | |
More than 90 days to one year | 34,328 | |
More than one to three years | 59,574 | |
More than three to five years | 59,930 | |
More than five years | 130,131 | |
Total | 289,892 | |
Nominal Value | $ 261,458 | |
Amortization | Quarterly | |
Effective rate % | 2.09% | |
Nominal rate % | 2.09% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | US BANK [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | US BANK | US BANK |
Creditor country | U.S.A. | U.S.A. |
Currency | US$ | US$ |
Up to 90 days | $ 18,158 | $ 60,527 |
More than 90 days to one year | 72,424 | 54,611 |
More than one to three years | 133,592 | 144,670 |
More than three to five years | 6,573 | 86,076 |
Total | 230,747 | 345,884 |
Nominal Value | $ 219,667 | $ 327,419 |
Amortization | Quarterly | Quarterly |
Effective rate % | 4.03% | 4.00% |
Nominal rate % | 2.84% | 2.82% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | PK AirFinance [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 | $ 853 | $ 4,624 |
More than 90 days to one year | 5,763 | 12,202 |
More than one to three years | 10,913 | 3,153 |
Total | 17,529 | 19,979 |
Nominal Value | $ 16,851 | $ 19,522 |
Amortization | Quarterly | Monthly |
Effective rate % | 1.88% | 1.98% |
Nominal rate % | 1.88% | 1.98% |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | ING [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% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | PEFCO [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 | PEFCO | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 1,926 | |
Total | 1,926 | |
Nominal Value | $ 1,926 | |
Amortization | Quarterly | |
Effective rate % | 5.65% | |
Nominal rate % | 5.03% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | WELLS FARGO [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 | WELLS FARGO | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 114,952 | |
More than 90 days to one year | 104,946 | |
More than one to three years | 237,945 | |
More than three to five years | 99,232 | |
Total | 557,075 | |
Nominal Value | $ 541,406 | |
Amortization | Quarterly | |
Effective rate % | 2.43% | |
Nominal rate % | 1.74% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | RRPF ENGINE LEASING [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% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | APPLE BANK [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 | APPLE BANK | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 4,589 | |
More than 90 days to one year | 4,763 | |
More than one to three years | 12,977 | |
More than three to five years | 755 | |
Total | 23,084 | |
Nominal Value | $ 22,730 | |
Amortization | Quarterly | |
Effective rate % | 1.61% | |
Nominal rate % | 1.01% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Others loans [Member] | OTHERS [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | OTHERS (**) | |
Currency | US$ | |
Up to 90 days | $ 55,819 | |
Total | 55,819 | |
Nominal Value | $ 55,819 | |
Amortization | At Expiration | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | 3721 Aircraft [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | AIRCRAFT | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 694,568 | |
More than 90 days to one year | 469,568 | |
More than one to three years | 767,629 | |
More than three to five years | 811,843 | |
More than five years | 778,613 | |
Total | 3,522,221 | |
Nominal Value | $ 2,883,657 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Asset [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | OTHER ASSETS | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 9,859 | |
More than 90 days to one year | 11,820 | |
More than one to three years | 22,433 | |
More than three to five years | 23,365 | |
More than five years | 8,651 | |
Total | 76,128 | |
Nominal Value | $ 73,615 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Assets UF [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 | |
Up to 90 days | $ 1,759 | |
More than 90 days to one year | 982 | |
More than one to three years | 245 | |
More than three to five years | 76 | |
More than five years | 231 | |
Total | 3,293 | |
Nominal Value | $ 2,621 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Assets COP [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 | |
Up to 90 days | $ 2 | |
More than 90 days to one year | 7 | |
More than one to three years | 35 | |
Total | 44 | |
Nominal Value | $ 42 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Assets EUR [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 | |
Up to 90 days | $ 198 | |
More than 90 days to one year | 112 | |
More than one to three years | 293 | |
Total | 603 | |
Nominal Value | $ 599 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Assets PEN [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | PEN | |
Up to 90 days | $ 4 | |
More than 90 days to one year | 7 | |
More than one to three years | 97 | |
Total | 108 | |
Nominal Value | $ 103 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Trade and other accounts payables [Member] | OTHERS [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 | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 665,645 | |
More than 90 days to one year | 165,085 | |
Total | 830,730 | |
Nominal Value | $ 830,730 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Trade and other accounts payables [Member] | Other Assets CLP [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 | $ 214,224 | |
More than 90 days to one year | 4,912 | |
Total | 219,136 | |
Nominal Value | $ 219,136 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Trade and other accounts payables [Member] | Other Assets BRL [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 | $ 365,486 | |
More than 90 days to one year | 5,258 | |
Total | 370,744 | |
Nominal Value | $ 370,744 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Trade and other accounts payables [Member] | Other currency [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 | $ 542,304 | |
More than 90 days to one year | 3,719 | |
Total | 546,023 | |
Nominal Value | $ 546,023 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | Inversora Aeronáutica Argentina S.A. [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | |
Creditor | Inversora Aeronáutica Argentina S.A. | |
Creditor country | Argentina | |
Currency | US$ | |
More than 90 days to one year | $ 5 | |
Total | 5 | |
Nominal Value | $ 5 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | Delta Air Lines [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | |
Creditor | Delta Airlines | |
Creditor country | U.S.A | |
Currency | US$ | |
More than 90 days to one year | $ 2,268 | |
Total | 2,268 | |
Nominal Value | $ 2,268 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | Patagonia Seafarms INC [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 | Patagonia Seafarms INC | |
Creditor country | U.S.A | |
Currency | CLP | |
More than 90 days to one year | $ 7 | |
Total | 7 | |
Nominal Value | $ 7 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | Costa Verde Aeronautica S.A. [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 81.062.300-4 | |
Creditor | Costa Verde Aeronautica S.A. | |
Creditor country | Chile | |
Currency | CLP | |
More than 90 days to one year | $ 175,819 | |
Total | 175,819 | |
Nominal Value | $ 175,819 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | QA Investments Ltd [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | |
Creditor | QA Investments Ltd | |
Creditor country | Jersey Channel Islands | |
Currency | US$ | |
More than 90 days to one year | $ 219,774 | |
Total | 219,774 | |
Nominal Value | $ 219,774 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | QA Investments 2 Ltd [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | |
Creditor | QA Investments 2 Ltd | |
Creditor country | Jersey Channel Islands | |
Currency | US$ | |
More than 90 days to one year | $ 219,774 | |
Total | 219,774 | |
Nominal Value | $ 219,774 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | Lozuy S.A. [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | Foreign | |
Creditor | Lozuy S.A. | |
Creditor country | Uruguay | |
Currency | US$ | |
More than 90 days to one year | $ 43,955 | |
Total | 43,955 | |
Nominal Value | $ 43,955 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Guaranteed Obligations [Member] | BNP PARIBAS [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 | $ 50,500 | |
More than 90 days to one year | 40,889 | |
More than one to three years | 104,166 | |
More than three to five years | 107,342 | |
More than five years | 219,666 | |
Total | 522,563 | |
Nominal Value | $ 474,273 | |
Amortization | Quarterly / Semiannual | |
Effective rate % | 2.95% | |
Nominal rate % | 2.95% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Guaranteed Obligations [Member] | MUFG [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 | $ 37,114 | |
More than 90 days to one year | 28,497 | |
More than one to three years | 77,881 | |
More than three to five years | 80,678 | |
More than five years | 194,901 | |
Total | 419,071 | |
Nominal Value | $ 382,413 | |
Amortization | Quarterly | |
Effective rate % | 2.88% | |
Nominal rate % | 2.88% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Guaranteed Obligations [Member] | NATIXIS [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% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Guaranteed Obligations [Member] | INVESTEC [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 | INVESTEC | |
Creditor country | England | |
Currency | US$ | |
Up to 90 days | $ 11,502 | |
More than 90 days to one year | 9,425 | |
More than one to three years | 21,042 | |
Total | 41,969 | |
Nominal Value | $ 37,870 | |
Amortization | Semiannual | |
Effective rate % | 6.21% | |
Nominal rate % | 6.21% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Guaranteed Obligations [Member] | SMBC [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% | |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Liquidity risk [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 | |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Bank Loans [Member] | NCM [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 | $ 990 | $ 452 |
More than 90 days to one year | 497 | |
More than one to three years | 61 | |
Total | 990 | 1,010 |
Nominal Value | $ 943 | $ 943 |
Amortization | Monthly | Monthly |
Effective rate % | 6.01% | 6.01% |
Nominal rate % | 6.01% | 6.01% |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Bank Loans [Member] | Merril Lynch Credit Products LLC [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 | MERRIL LYNCH CREDIT PRODUCTS LLC | |
Creditor country | U.S.A. | |
Currency | BRL | |
Up to 90 days | $ 185,833 | |
Total | 185,833 | |
Nominal Value | $ 185,833 | |
Amortization | Monthly | |
Effective rate % | 3.95% | |
Nominal rate % | 3.95% | |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Bank Loans [Member] | BANCO BRADESCO [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 | BANCO BRADESCO | BANCO BRADESCO |
Creditor country | Brazil | Brazil |
Currency | BRL | BRL |
Up to 90 days | $ 74,661 | $ 91,672 |
Total | 74,661 | 91,672 |
Nominal Value | $ 74,661 | $ 80,175 |
Amortization | Monthly | Monthly |
Effective rate % | 4.33% | 4.34% |
Nominal rate % | 4.33% | 4.33% |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Bank Loans [Member] | BANCO DO BRASIL [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% | |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Others loans [Member] | Deustche Bank [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | Deustche Bank (**) | |
Creditor country | Brazil | |
Currency | US$ | |
Up to 90 days | $ 20,689 | |
Total | 20,689 | |
Nominal Value | $ 20,689 | |
Amortization | At Expiration | |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Financial Leases [Member] | NATIXIS [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | 0-E |
Creditor | NATIXIS | NATIXIS |
Creditor country | France | France |
Currency | US$ | US$ |
Up to 90 days | $ 486 | $ 31,482 |
More than 90 days to one year | 2,235 | 9,276 |
More than one to three years | 4,080 | 42,383 |
More than three to five years | 11,076 | |
Total | 17,877 | 83,141 |
Nominal Value | $ 17,326 | $ 81,260 |
Amortization | Quarterly | Quarterly / Semiannual |
Effective rate % | 2.74% | 4.09% |
Nominal rate % | 2.74% | 4.09% |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Financial Leases [Member] | GA Telessis LLC [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | GA TELESIS LLC | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 762 | |
More than 90 days to one year | 2,706 | |
More than one to three years | 4,675 | |
More than three to five years | 4,646 | |
More than five years | 5,077 | |
Total | 17,866 | |
Nominal Value | $ 10,999 | |
Amortization | Monthly | |
Effective rate % | 14.72% | |
Nominal rate % | 14.72% | |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Financial Leases [Member] | Wacapou Leasing S.A. [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 | WACAPOU 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% | |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Financial Leases [Member] | SOCIÉTÉ GÉNÉRALE MILAN BRANCH [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 | SOCIÉTÉ GÉNÉRALE MILAN BRANCH | |
Creditor country | Italy | |
Currency | US$ | |
Up to 90 days | $ 134,919 | |
Total | 134,919 | |
Nominal Value | $ 144,120 | |
Amortization | Quarterly | |
Effective rate % | 3.07% | |
Nominal rate % | 3.01% | |
TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil [Member] | Financial Leases [Member] | GA Telesis LLC [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Tax No. | 0-E | |
Creditor | GA TELESIS LLC | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 758 | |
More than 90 days to one year | 1,753 | |
More than one to three years | 4,675 | |
More than three to five years | 4,675 | |
More than five years | 7,969 | |
Total | 19,830 | |
Nominal Value | $ 12,261 | |
Amortization | Monthly | |
Effective rate % | 14.72% | |
Nominal rate % | 14.72% | |
TAM S.A. and Subsidiaries [Member] | Liquidity risk [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | TOTAL | |
Up to 90 days | $ 283,421 | |
More than 90 days to one year | 4,941 | |
More than one to three years | 8,755 | |
More than three to five years | 15,722 | |
More than five years | 5,077 | |
Total | 317,916 | |
Nominal Value | $ 310,451 | |
LATAM Airlines Group S.A. and Subsidiaries One [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | Total consolidated | Total consolidated |
Up to 90 days | $ 4,271,005 | $ 3,204,384 |
More than 90 days to one year | 3,773,632 | 1,878,017 |
More than one to three years | 2,318,762 | 4,453,109 |
More than three to five years | 2,195,767 | 2,239,119 |
More than five years | 1,857,319 | 2,632,373 |
Total | 14,416,485 | 14,407,002 |
Nominal Value | $ 12,701,008 | $ 12,876,233 |
LATAM Airlines Group S.A. and Subsidiaries One [Member] | Liquidity risk [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 | $ 2,494,049 | $ 1,753,175 |
More than 90 days to one year | 1,323,072 | 938,335 |
More than one to three years | 790,732 | 1,296,304 |
More than three to five years | 835,284 | 833,065 |
More than five years | 787,495 | 897,906 |
Total | 6,230,632 | 5,718,785 |
Nominal Value | $ 5,588,872 | $ 5,276,040 |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Financial lease [Member] | BTMU [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 | BTMU | |
Creditor country | U.S.A. | |
Currency | US$ | |
Up to 90 days | $ 11,620 | |
More than 90 days to one year | 9,647 | |
More than one to three years | 26,261 | |
More than three to five years | 770 | |
Total | 48,298 | |
Nominal Value | $ 47,609 | |
Amortization | Quarterly | |
Effective rate % | 1.63% | |
Nominal rate % | 1.03% | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Asset [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Creditor | OTHER ASSETS | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 3,403 | |
More than 90 days to one year | 9,953 | |
More than one to three years | 6,706 | |
More than three to five years | 18,271 | |
More than five years | 6,349 | |
Total | 44,682 | |
Nominal Value | $ 46,520 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Assets UF [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 | |
Up to 90 days | $ 2,103 | |
More than 90 days to one year | 5,836 | |
More than one to three years | 1,072 | |
More than three to five years | 1,973 | |
More than five years | 2,485 | |
Total | 13,469 | |
Nominal Value | $ 11,401 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Assets COP [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 | |
Up to 90 days | $ 22 | |
More than 90 days to one year | 7 | |
More than one to three years | 14 | |
Total | 43 | |
Nominal Value | $ 48 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Assets EUR [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 | |
Up to 90 days | $ 156 | |
More than 90 days to one year | 443 | |
More than one to three years | 188 | |
Total | 787 | |
Nominal Value | $ 772 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Assets PEN [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity [Line Items] | ||
Currency | PEN | |
Up to 90 days | $ 29 | |
More than 90 days to one year | 15 | |
More than one to three years | 49 | |
Total | 93 | |
Nominal Value | $ 137 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | Other Assets BRL [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 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Lease Liability [Member] | AIRCRAFTS [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 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Trade and other accounts payables [Member] | OTHERS [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 | |
Creditor country | OTHERS | |
Currency | US$ | |
Up to 90 days | $ 330,172 | |
More than 90 days to one year | 47,781 | |
Total | 377,953 | |
Nominal Value | $ 377,953 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Trade and other accounts payables [Member] | Other Assets CLP [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 | $ 230,997 | |
More than 90 days to one year | 119,337 | |
Total | 350,334 | |
Nominal Value | $ 350,334 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Trade and other accounts payables [Member] | Other Assets BRL [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 | $ 359,350 | |
More than 90 days to one year | 5,859 | |
Total | 365,209 | |
Nominal Value | $ 365,209 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Trade and other accounts payables [Member] | Other currency [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 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | Delta Air Lines [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 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | Patagonia Seafarms INC [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 | Patagonia Seafarms INC | |
Creditor country | U.S.A. | |
Currency | CLP | |
Up to 90 days | $ 7 | |
Total | 7 | |
Nominal Value | $ 7 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | QA Investments Ltd [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 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | QA Investments 2 Ltd [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 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | Lozuy S.A. [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 | |
LATAM Airlines Group S.A. and Subsidiaries [Member] | Accounts payable to related parties currents [Member] | Inversiones Costa Verde Ltda. y CPA.[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 |
FINANCIAL RISK MANAGEMENT (De_8
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | $ 2,635,130 | $ 3,143,538 |
Other financial assets, not current | 10,677,304 | 12,506,552 |
Other financial liabilities , current | 12,336,329 | 7,491,888 |
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] | Cash And Cash Equivalents [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, current | 26,025 | 32,782 |
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 | 26,025 | 32,782 |
Level 1 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 1,637 | 366 |
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 | 5,671 |
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 [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 24,830 | 3,731 |
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] | 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 [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Fair Value Of Fuel Price Derivatives [Member] | Level 1 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Fair Value Of Fuel Price Derivatives [Member] | Level 2 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 17,641 | 1,296 |
Fair Value Of Fuel Price Derivatives [Member] | Level 3 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Private investment funds [Member] | Level 1 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 347 | 348 |
Private investment funds [Member] | Level 2 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Private investment funds [Member] | Level 3 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Certificates of Deposits [Member] | Level 1 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Certificates of Deposits [Member] | Level 2 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 7,189 | 2,435 |
Certificates of Deposits [Member] | Level 3 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Domestic And Foreign Bonds [Member] | Level 1 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 1,290 | 18 |
Domestic And Foreign Bonds [Member] | Level 2 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Domestic And Foreign Bonds [Member] | Level 3 of fair value hierarchy [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | ||
Fair value of foreign currency derivatives [Member] | 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 | ||
Fair value of foreign currency derivatives [Member] | 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 | 2,734 | 2,734 |
Fair value of foreign currency derivatives [Member] | 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 | ||
Currency derivative not registered as hedge accounting [Member] | 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 | ||
Currency derivative not registered as hedge accounting [Member] | 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 | 2,937 | 2,937 |
Currency derivative not registered as hedge accounting [Member] | 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 | ||
At fair value [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 | 5,671 |
At fair value [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 | 26,025 | 32,782 |
At fair value [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 | 26,025 | 32,782 |
At fair value [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 26,467 | 4,097 |
At fair value [Member] | Fair Value Of Fuel Price Derivatives [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 17,641 | 1,296 |
At fair value [Member] | Private investment funds [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 347 | 348 |
At fair value [Member] | Certificates of Deposits [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 7,189 | 2,435 |
At fair value [Member] | Domestic And Foreign Bonds [Member] | Other financial assets, current [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of classification of financial instruments at fair value [Line Items] | ||
Other financial assets, not current | 1,290 | 18 |
At fair value [Member] | Fair value of foreign currency derivatives [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 | 2,734 | 2,734 |
At fair value [Member] | Currency derivative not registered as hedge accounting [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 | $ 2,937 | $ 2,937 |
FINANCIAL RISK MANAGEMENT (De_9
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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 | $ 1,020,810 | |
Cash on hand | 2,120 | |
Bank balance | 558,078 | |
Overnight | 386,034 | |
Time deposits | 74,578 | |
Other financial assets, current | 74,671 | |
Other financial assets | 74,671 | |
Trade debtors, other accounts receivable and Current accounts receivable | 902,672 | |
Accounts receivable from entities related, current | 724 | |
Other financial assets, not current | 15,622 | |
Accounts receivable, non-current | 12,201 | |
Other current financial liabilities | 4,447,780 | |
Accounts payable for trade and other accounts payable, current | 4,860,153 | |
Accounts payable to entities related, non-current | 661,602 | |
Other financial liabilities, not current | 5,948,702 | |
Accounts payable, not current | 472,426 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [Member] | Restated [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | $ 1,663,059 | |
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 | 599,381 | |
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 | 2,322,125 | |
Accounts payable to entities related, non-current | 812 | |
Other financial liabilities, not current | 7,803,801 | |
Accounts payable, not 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 | 1,020,810 | |
Cash on hand | 2,120 | |
Bank balance | 558,078 | |
Overnight | 386,034 | |
Time deposits | 74,578 | |
Other financial assets, current | 74,671 | |
Other financial assets | 74,671 | |
Trade debtors, other accounts receivable and Current accounts receivable | 902,672 | |
Accounts receivable from entities related, current | 724 | |
Other financial assets, not current | 15,622 | |
Accounts receivable, non-current | 12,201 | |
Other current financial liabilities | 4,339,370 | |
Accounts payable for trade and other accounts payable, current | 4,860,153 | |
Accounts payable to entities related, non-current | 662,345 | |
Other financial liabilities, not current | 5,467,594 | |
Accounts payable, not current | $ 472,426 | |
At fair value [Member] | Restated [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of financial instruments which are not recorded at fair value [Line Items] | ||
Cash and cash equivalents | 1,663,059 | |
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 | 599,381 | |
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 | 2,322,125 | |
Accounts payable to entities related, non-current | 812 | |
Other financial liabilities, not current | 6,509,081 | |
Accounts payable, not current | $ 410,706 |
ACCOUNTING ESTIMATES AND JUDG_2
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | ||
Deferred income | $ 1,126,371 | $ 904,558 |
Description of lease liability | A decrease of one percentage point in our estimate of the rates used as in the calculation of the new and amendment contract as of December 31, 2021 would increase the lease liability by approximately US $ 76 million. | |
LATAM Pass Loyalty Program [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | ||
Deferred income | $ 1,285,732 | 1,365,534 |
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 $ 27,151 in the results as of 2021 (ThUS $ 24,425 in the results as of 2020). | |
Probable change in deferred revenue | $ 27,151 | 24,425 |
LATAM Pass Brasil Loyalty Program [Member] | ||
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) [Line Items] | ||
Deferred income | $ 192,381 | 187,493 |
Description of change in ticket usage | A hypothetical change of two percentage points in exchange probability would translate into an impact of ThUS $ 5,100 in the results as of 2021 (ThUS $ 4,948 in the results as of 2020). | |
Probable change in deferred revenue | $ 5,100 | $ 4,948 |
SEGMENTAL INFORMATION (Details)
SEGMENTAL INFORMATION (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | $ 4,884,015 | $ 3,923,667 | $ 10,070,063 |
Other operating income | 227,331 | 411,002 | 360,864 |
Peru | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 503,616 | 297,549 | 801,965 |
Argentina | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 75,513 | 172,229 | 584,959 |
U.S.A | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 577,970 | 505,145 | 1,004,238 |
Europe | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 376,857 | 338,565 | 726,165 |
Colombia | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 368,474 | 177,007 | 380,449 |
Brazil | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 1,664,523 | 1,304,006 | 3,949,797 |
Ecuador | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 162,959 | 112,581 | 203,334 |
Chile | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | 794,122 | 638,225 | 1,546,960 |
Asia Pacific and rest of Latin America | |||
SEGMENTAL INFORMATION (Details) - Schedule of revenues by geographic area [Line Items] | |||
Income from ordinary activities | $ 359,981 | $ 378,360 | $ 872,196 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of cash and cash equivalents [Abstract] | ||
Cash on hand | $ 2,120 | $ 4,277 |
Bank balances | 558,078 | 732,578 |
Overnight | 386,034 | 802,220 |
Total Cash | 946,232 | 1,539,075 |
Cash equivalents | ||
Time deposits | 74,578 | 123,984 |
Mutual funds | 26,025 | 32,782 |
Total cash equivalents | 100,603 | 156,766 |
Total cash and cash equivalents | $ 1,046,835 | $ 1,695,841 |
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, 2021 | Dec. 31, 2020 |
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | $ 1,046,835 | $ 1,695,841 |
Argentine peso | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 7,148 | 20,107 |
Brazilian real | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 89,083 | 136,938 |
Chilean peso | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 9,800 | 32,649 |
Colombian peso | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 13,535 | 17,185 |
Euro | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 7,099 | 10,361 |
US Dollar | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | 886,627 | 1,438,846 |
Other currencies | ||
CASH AND CASH EQUIVALENTS (Details) - Schedule of cash and cash equivalents denominated by currencies [Line Items] | ||
Total | $ 33,543 | $ 39,755 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||||
Cash and cash equivalents | $ 1,046,835 | $ 1,695,841 | $ 1,072,579 | $ 1,081,642 | ||
Other financial assets, current | 101,138 | [1] | 50,250 | [2] | ||
Trade and others accounts receivable, current | 902,672 | 599,381 | ||||
Accounts receivable from related entities, current | 724 | 158 | ||||
Other financial assets, non current | 15,622 | 33,140 | ||||
Accounts receivable, non current | 12,201 | 4,986 | ||||
Total | 2,079,192 | 2,383,756 | ||||
Other financial liabilities, current | 4,453,451 | 3,055,730 | ||||
Trade and others accounts payable, current | 4,860,153 | 2,322,125 | ||||
Accounts payable to related entities, current | 661,602 | 812 | ||||
Other financial liabilities, non-current | 5,948,702 | 7,803,801 | ||||
Accounts payable, non-current | 472,426 | 651,600 | ||||
Accounts payable to related entities, non-current | 396,423 | |||||
Total | 16,396,334 | 14,230,491 | ||||
Measured at amortized cost [Member] | ||||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||||
Cash and cash equivalents | 1,020,810 | 1,663,059 | ||||
Other financial assets, current | 83,150 | [1] | 48,605 | [2] | ||
Trade and others accounts receivable, current | 902,672 | 599,381 | ||||
Accounts receivable from related entities, current | 724 | 158 | ||||
Other financial assets, non current | 15,622 | 33,140 | ||||
Accounts receivable, non current | 12,201 | 4,986 | ||||
Total | 2,035,179 | 2,349,329 | ||||
Other financial liabilities, current | 4,447,780 | 3,050,059 | ||||
Trade and others accounts payable, current | 4,860,153 | 2,322,125 | ||||
Accounts payable to related entities, current | 661,602 | 812 | ||||
Other financial liabilities, non-current | 5,948,702 | 7,803,801 | ||||
Accounts payable, non-current | 472,426 | 651,600 | ||||
Accounts payable to related entities, non-current | 396,423 | |||||
Total | 16,390,663 | 14,224,820 | ||||
At fair value with changes in results [Member] | ||||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||||
Cash and cash equivalents | 26,025 | 32,782 | ||||
Other financial assets, current | 347 | [1] | 348 | [2] | ||
Trade and others accounts receivable, current | ||||||
Accounts receivable from related entities, current | ||||||
Other financial assets, non current | ||||||
Accounts receivable, non current | ||||||
Total | 26,372 | 33,130 | ||||
Other financial liabilities, current | 2,937 | 2,937 | ||||
Trade and others accounts payable, current | ||||||
Accounts payable to related entities, current | ||||||
Other financial liabilities, non-current | ||||||
Accounts payable, non-current | ||||||
Total | 2,937 | 2,937 | ||||
Hedge derivatives [Member] | ||||||
FINANCIAL INSTRUMENTS (Details) - Schedule of financial instruments by category [Line Items] | ||||||
Cash and cash equivalents | ||||||
Other financial assets, current | 17,641 | [1] | 1,297 | [2] | ||
Trade and others accounts receivable, current | ||||||
Accounts receivable from related entities, current | ||||||
Other financial assets, non current | ||||||
Accounts receivable, non current | ||||||
Total | 17,641 | 1,297 | ||||
Other financial liabilities, current | 2,734 | 2,734 | ||||
Trade and others accounts payable, current | ||||||
Accounts payable to related entities, current | ||||||
Other financial liabilities, non-current | ||||||
Accounts payable, non-current | ||||||
Total | $ 2,734 | $ 2,734 | ||||
[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, 2021 | Dec. 31, 2020 |
Schedule of trade and other accounts receivable [Abstract] | ||
Trade accounts receivable | $ 785,952 | $ 532,106 |
Other accounts receivable | 209,925 | 194,454 |
Total trade and other accounts receivable | 995,877 | 726,560 |
Less: Expected credit loss | (81,004) | (122,193) |
Total net trade and accounts receivable | 914,873 | 604,367 |
Less: non-current portion – accounts receivable | (12,201) | (4,986) |
Trade and other accounts receivable, current | $ 902,672 | $ 599,381 |
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, 2021 | Dec. 31, 2020 | |
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Gross book value | [1] | $ 785,952 | $ 532,106 |
Impairment loss Provision | $ (81,004) | $ (122,193) | |
Up to date [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 1.00% | 4.00% |
Gross book value | [1] | $ 591,210 | $ 302,079 |
Impairment loss Provision | $ (8,806) | $ (11,112) | |
From 1 to 90 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 10.00% | 4.00% |
Gross book value | [1] | $ 116,613 | $ 103,615 |
Impairment loss Provision | $ (11,840) | $ (4,049) | |
From 91 to 180 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 31.00% | 66.00% |
Gross book value | [1] | $ 11,376 | $ 15,989 |
Impairment loss Provision | $ (3,567) | $ (10,501) | |
From 181 to 360 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 72.00% | 80.00% |
Gross book value | [1] | $ 3,863 | $ 40,621 |
Impairment loss Provision | $ (2,766) | $ (32,627) | |
more of 360 days [Member] | |||
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of expected credit losses [Line Items] | |||
Expected loss rate | [2] | 86.00% | 92.00% |
Gross book value | [1] | $ 62,890 | $ 69,802 |
Impairment loss Provision | $ (54,025) | $ (63,904) | |
[1] | The gross book value represents the maximum credit risk value of trade accounts receivables. | ||
[2] | Corresponds to the consolidated expected rate of accounts receivable. |
TRADE AND OTHER ACCOUNTS RECE_5
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of trade and other accounts receivable and non-current accounts receivable - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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 | $ 914,873 | $ 604,367 |
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 | 7,282 | 6,517 |
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 | 361,745 | 221,952 |
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 | 53,488 | 44,737 |
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 | 5,657 | 1,292 |
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 | 24,143 | 24,370 |
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 | 441,079 | 292,125 |
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 | 844 | 79 |
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 | 2,428 | 4,624 |
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 | 62 | 49 |
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 | 12,728 | 5,647 |
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 | 860 | 792 |
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 | 360 | 754 |
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 | 106 | 77 |
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 | 488 | 129 |
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 | $ 3,603 | $ 1,223 |
TRADE AND OTHER ACCOUNTS RECE_6
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON- CURRENT ACCOUNTS RECEIVABLE (Details) - Schedule of provision for impairment losses of trade debtors and other accounts receivable - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of provision for impairment losses of trade debtors and other accounts receivable [Abstract] | |||
Opening balance | $ (122,193) | $ (100,402) | $ (97,991) |
Write-offs | 26,435 | 30,754 | 12,569 |
(Increase) Decrease | 14,754 | (52,545) | (14,980) |
Closing balance | $ (81,004) | $ (122,193) | $ (100,402) |
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, 2021 | Dec. 31, 2020 |
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 | $ 785,952 | $ 532,106 |
Other accounts receivable | 209,925 | 194,454 |
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 | (81,004) | (122,193) |
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 | 704,948 | 409,913 |
Other accounts receivable | $ 209,925 | $ 194,454 |
ACCOUNTS RECEIVABLE FROM_PAYA_3
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES [Abstract] | |
Transaction terms and nature of settlement, description | The transaction terms for the Liabilities of the period 2021 correspond from 30 days to 1 year of maturity, and the nature of the settlement of transactions are monetary. |
ACCOUNTS RECEIVABLE FROM_PAYA_4
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Related party | Total current assets | |
Current assets | $ 724 | $ 158 |
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 | $ 703 | 148 |
TAM Aviação Executiva e Taxi Aéreo S.A. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | Foreign | |
Related party | TAM Aviação Executiva e Taxi Aéreo S.A. | |
Relationship | Common shareholder | |
Country of origin | Brazil | |
Currency | BRL | |
Current assets | $ 2 | 1 |
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 | 6 |
Parque de Chile S.A. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | 76.335.600-0 | |
Related party | Parque de Chile S.A. | |
Relationship | Related director | |
Country of origin | 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 | $ 4 | $ 1 |
Inversiones Costa Verde Ltda. y CPA. [Member] | ||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of accounts receivable [Line Items] | ||
Tax No. | 96.810.370-9 | |
Related party | Inversiones Costa Verde Ltda. y CPA. | |
Relationship | Related director | |
Country of origin | Chile | |
Currency | CLP | |
Current assets | $ 7 |
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, 2021 | Dec. 31, 2020 | ||
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 | $ 661,602 | $ 812 | |
Non current liabilities | 396,423 | ||
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 | $ 2,268 | 805 | |
Non current liabilities | |||
Inversora Aeronáutica Argentina 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 | Inversora Aeronáutica Argentina S.A. | ||
Relationship | Related director | ||
Country of origin | Argentina | ||
Currency | US$ | ||
Current liabilities | $ 5 | ||
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 | 7 | |
Costa Verde Aeronautica S.A. [Member] | |||
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - Schedule of current and non current accounts payable [Line Items] | |||
Tax No. | 81.062.300-4 | ||
Related party | [1] | Costa Verde Aeronautica S.A. (*) | |
Relationship | Shareholder | ||
Country of origin | Chile | ||
Currency | US$ | ||
Current liabilities | $ 175,819 | ||
Non current liabilities | 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 | [1] | QA Investments Ltd (*) | |
Relationship | Common shareholder | ||
Country of origin | Jersey Channel Islands | ||
Currency | US$ | ||
Current liabilities | $ 219,774 | ||
Non current liabilities | 132,141 | ||
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 | [1] | QA Investments 2 Ltd (*) | |
Relationship | Common shareholder | ||
Country of origin | Jersey Channel Islands | ||
Currency | US$ | ||
Current liabilities | $ 219,774 | ||
Non current liabilities | 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 | [1] | Lozuy S.A. (*) | |
Relationship | Common shareholder | ||
Country of origin | Uruguay | ||
Currency | US$ | ||
Current liabilities | $ 43,955 | ||
Non current liabilities | $ 26,428 | ||
[1] | Corresponds to drawdowns of Tranche C of the DIP loan (See Note 3.1c) |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INVENTORIES [Abstract] | ||
Cost of sales | $ 47,362 | $ 55,507 |
INVENTORIES (Details) - Schedul
INVENTORIES (Details) - Schedule of composition of inventories - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of composition of inventories [Abstract] | ||
Technical stock | $ 250,327 | $ 284,409 |
Non-technical stock | 37,010 | 39,165 |
Total | $ 287,337 | $ 323,574 |
INVENTORIES (Details) - Sched_2
INVENTORIES (Details) - Schedule of inventory average cost, net of provision for obsolescence - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of inventory average cost, net of provision for obsolescence [Abstract] | ||
Provision for obsolescence Technical stock | $ 64,455 | $ 42,979 |
Provision for obsolescence Non-technical stock | 5,785 | 4,651 |
Total | $ 70,240 | $ 47,630 |
OTHER FINANCIAL ASSETS (Details
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | $ 101,138 | $ 50,250 |
Non-current assets | 15,622 | 33,140 |
Total Assets | 116,760 | 83,390 |
Fair value of fuel price derivatives [Member] | Hedging Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 17,641 | 1,296 |
Non-current assets | ||
Total Assets | 17,641 | 1,296 |
Subtotal of derivate assets [Member] | Hedging Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 17,641 | 1,296 |
Non-current assets | ||
Total Assets | 17,641 | 1,296 |
Private investment funds [Member] | Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 347 | 348 |
Non-current assets | ||
Total Assets | 347 | 348 |
Deposits in guarantee (aircraft) [Member] | Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 7,189 | 2,435 |
Non-current assets | 2,758 | 21,498 |
Total Assets | 9,947 | 23,933 |
Guarantees for margins of derivatives [Member] | Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 5,451 | 3,047 |
Non-current assets | ||
Total Assets | 5,451 | 3,047 |
Other Investment [Member] | Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | ||
Non-current assets | 493 | 493 |
Total Assets | 493 | 493 |
Domestic And Foreign Bonds [Member] | Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 1,290 | 18 |
Non-current assets | ||
Total Assets | 1,290 | 18 |
Other guarantees given [Member] | Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 69,220 | 43,106 |
Non-current assets | 12,371 | 11,149 |
Total Assets | 81,591 | 54,255 |
Subtotal of other financial assets [Member] | Other Financial Assets Categories [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of other financial assets [Line Items] | ||
Current Assets | 83,497 | 48,954 |
Non-current assets | 15,622 | 33,140 |
Total Assets | $ 99,119 | $ 82,094 |
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, 2021 | Dec. 31, 2020 | |
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | $ 116,760 | $ 83,390 |
Argentine peso [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 16 | 460 |
Brazilian real [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 9,775 | 8,475 |
Chilean peso [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 4,502 | 4,056 |
Colombian peso [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 1,727 | 500 |
Euro [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 4,104 | 3,236 |
U.S.A dollar [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | 93,247 | 63,922 |
Other currencies [Member] | ||
OTHER FINANCIAL ASSETS (Details) - Schedule of composition by currencies of other financial assets [Line Items] | ||
Total | $ 3,389 | $ 2,741 |
OTHER NON-FINANCIAL ASSETS (Det
OTHER NON-FINANCIAL ASSETS (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Aircraft [member] | |
OTHER NON-FINANCIAL ASSETS (Details) [Line Items] | |
Reserve maintainance | $ 8,613 |
OTHER NON-FINANCIAL ASSETS (D_2
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Advance payments categories [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | $ 23,735 | $ 25,512 | |
Non-current assets | 2,002 | 2,998 | |
Total Assets | 25,737 | 28,510 | |
Contract assets [member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [1] | 25,080 | 15,476 |
Non-current assets | [1] | ||
Total Assets | [1] | 25,080 | 15,476 |
Other assets [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 59,553 | 114,904 |
Non-current assets | [2] | 123,430 | 123,784 |
Total Assets | [2] | 182,983 | 238,688 |
Total Other Non - Financial Assets [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 108,368 | 155,892 |
Non-current assets | [2] | 125,432 | 126,782 |
Total Assets | [2] | 233,800 | 282,674 |
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 | 12,331 | 10,137 | |
Total Assets | 12,331 | 10,137 | |
Others [Member] | Advance payments categories [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | 11,404 | 15,375 | |
Non-current assets | 2,002 | 2,998 | |
Total Assets | 13,406 | 18,373 | |
GDS costs [Member] | Contract assets [member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [1] | 6,439 | 4,491 |
Non-current assets | [1] | ||
Total Assets | [1] | 6,439 | 4,491 |
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] | 10,550 | 6,021 |
Non-current assets | [1] | ||
Total Assets | [1] | 10,550 | 6,021 |
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] | 8,091 | 4,964 |
Non-current assets | [1] | ||
Total Assets | [1] | 8,091 | 4,964 |
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 | |
Non-current assets | [2] | ||
Total Assets | [2] | 8,613 | |
Sales tax [Member] | Other assets [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 57,634 | 102,010 |
Non-current assets | [2] | 33,212 | 46,210 |
Total Assets | [2] | 90,846 | 148,220 |
Other assets [Member] | Other taxes [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | [2] | 1,661 | 4,023 |
Non-current assets | [2] | ||
Total Assets | [2] | 1,661 | 4,023 |
Other assets [Member] | Contributions to the International Aeronautical Telecommunications Society (“SITA”) [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | 258 | 258 | |
Non-current assets | 739 | 739 | |
Total Assets | 997 | 997 | |
Other assets [Member] | Contributions to Universal Air Travel Plan “UATP” [Member] | |||
OTHER NON-FINANCIAL ASSETS (Details) - Schedule of composition of other non-financial assets [Line Items] | |||
Current Assets | |||
Non-current assets | 20 | ||
Total Assets | 20 | ||
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] | 89,459 | 76,835 |
Total Assets | [2] | $ 89,459 | $ 76,835 |
[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 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of movement of contracts assets [Abstract] | ||
Opening Balance | $ 15,476 | $ 56,576 |
Activation | 67,647 | 146,778 |
Cummulative translation adjustment | (6,680) | (14,672) |
Amortization | (51,363) | (173,206) |
Closing Balance | $ 25,080 | $ 15,476 |
NON-CURRENT ASSETS AND DISPOS_3
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) [Line Items] | ||
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 | $ 85,000 | 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, 2021 | Dec. 31, 2020 |
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 | $ 99,694 | $ 275,000 |
Engines and rotables | 46,724 | 740 |
Other assets | 374 | 382 |
Total | $ 146,792 | $ 276,122 |
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, 2021 | Dec. 31, 2020 | |
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 | 6 | 11 |
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 | 6 | 11 |
INVESTMENTS IN SUBSIDIARIES (De
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Latam Airlines Perú S.A.[Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | |||
Country of incorporation | Peru | ||
Functional currency | US$ | ||
Percentage of ownership | 99.81% | 99.81% | |
Lan Cargo S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | |||
Country of incorporation | Chile | ||
Functional currency | US$ | ||
Percentage of ownership | 99.89395% | 99.89395% | |
Lan Argentina S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of significant subsidiaries [Line Items] | |||
Country of incorporation | [1] | Argentina | |
Functional currency | [1] | ARS | |
Percentage of ownership | [1] | 100.00% | 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 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 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 ownership | 99.2012% | 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 ownership | 100.00% | 99.99938% | |
[1] | See Note 1 |
INVESTMENTS IN SUBSIDIARIES (_2
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Latam Airlines Perú S.A.[Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | $ 484,388 | $ 661,721 | |
Current Assets | 454,266 | 629,910 | |
Non-current Assets | 30,122 | 31,811 | |
Total Liabilities | 417,067 | 486,098 | |
Current Liabilities | 414,997 | 484,450 | |
Non-current Liabilities | 2,070 | 1,648 | |
Revenue | 584,929 | 372,255 | |
Net Income/(loss) | (83,346) | (96,066) | |
Lan Cargo S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 721,484 | 749,789 | |
Current Assets | 452,981 | 472,869 | |
Non-current Assets | 268,503 | 276,920 | |
Total Liabilities | 537,180 | 567,128 | |
Current Liabilities | 488,535 | 516,985 | |
Non-current Liabilities | 48,645 | 50,143 | |
Revenue | 215,811 | 207,854 | |
Net Income/(loss) | 1,590 | 10,936 | |
Lan Argentina S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 162,995 | 176,790 | |
Current Assets | 158,008 | 171,613 | |
Non-current Assets | 4,987 | 5,177 | |
Total Liabilities | 119,700 | 148,824 | |
Current Liabilities | 98,316 | 146,555 | |
Non-current Liabilities | 21,384 | 2,269 | |
Revenue | 242 | 49,101 | |
Net Income/(loss) | (190,299) | (220,667) | |
Transporte Aereo S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 471,094 | 546,216 | |
Current Assets | 184,235 | 264,690 | |
Non-current Assets | 286,859 | 281,526 | |
Total Liabilities | 327,955 | 347,714 | |
Current Liabilities | 275,246 | 278,319 | |
Non-current Liabilities | 52,709 | 69,395 | |
Revenue | 203,411 | 142,096 | |
Net Income/(loss) | (56,135) | (39,032) | |
Latam Airlines Ecuador S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 112,437 | 108,086 | |
Current Assets | 108,851 | 104,534 | |
Non-current Assets | 3,586 | 3,552 | |
Total Liabilities | 97,111 | 99,538 | |
Current Liabilities | 80,861 | 87,437 | |
Non-current Liabilities | 16,250 | 12,101 | |
Revenue | 68,762 | 51,205 | |
Net Income/(loss) | (3,078) | (22,655) | |
Aerovias de Integracion Regional, AIRES S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | 70,490 | 76,770 | |
Current Assets | 67,809 | 73,446 | |
Non-current Assets | 2,681 | 3,324 | |
Total Liabilities | 87,749 | 77,471 | |
Current Liabilities | 75,621 | 68,433 | |
Non-current Liabilities | 12,128 | 9,038 | |
Revenue | 239,988 | 90,668 | |
Net Income/(loss) | (19,615) | (89,707) | |
TAM S.A. [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of financial information of significant subsidiaries [Line Items] | |||
Total Assets | [1] | 2,608,859 | 3,110,055 |
Current Assets | [1] | 1,262,825 | 1,492,792 |
Non-current Assets | [1] | 1,346,034 | 1,617,263 |
Total Liabilities | [1] | 3,257,148 | 3,004,935 |
Current Liabilities | [1] | 2,410,426 | 2,206,089 |
Non-current Liabilities | [1] | 846,722 | 798,846 |
Revenue | [1] | 2,003,922 | 1,808,314 |
Net Income/(loss) | [1] | $ (756,694) | $ (1,025,618) |
[1] | Corresponds to consolidated information of TAM S.A. and subsidiaries |
INVESTMENTS IN SUBSIDIARIES (_3
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest - Non-controlling interests [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Total | $ (10,356) | $ (6,672) | |
Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Total | $ (5,651) | $ (9,648) | $ 5,183 |
Latam Airlines Perú S.A.[Member] | Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Peru | ||
Percentage of income attributable to subsidiaries | 0.19% | 0.19% | |
Total | $ (13,035) | $ (7,238) | |
Latam Airlines Perú S.A.[Member] | Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Peru | ||
Percentage of income attributable to subsidiaries | 0.19% | 0.19% | 30.00% |
Total | $ (5,553) | $ (8,102) | $ (1,065) |
Lan Cargo S.A. And Subsidiaries [Member] | Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 93.383.000 - 4 | ||
Country of origin | Chile | ||
Percentage of income attributable to subsidiaries | 0.10196% | 0.10196% | |
Total | $ 2,481 | $ 666 | |
Lan Cargo S.A. And Subsidiaries [Member] | Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 93.383.000 - 4 | ||
Country of origin | Chile | ||
Percentage of income attributable to subsidiaries | 0.10196% | 0.10196% | 0.10196% |
Total | $ (82) | $ (121) | $ 19 |
Inversora Cordillera S.A. and Subsidiaries [Member] | Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Argentina | ||
Percentage of income attributable to subsidiaries | 0.00% | 0.0163% | |
Total | $ (276) | ||
Inversora Cordillera S.A. and Subsidiaries [Member] | Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Argentina | ||
Percentage of income attributable to subsidiaries | 0.00% | 0.0163% | 4.22% |
Total | $ (19) | $ 360 | $ 359 |
Lan Argentina S.A. [Member] | Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Argentina | ||
Percentage of income attributable to subsidiaries | 0.00% | 0.00344% | |
Total | $ 1 | ||
Lan Argentina S.A. [Member] | Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Argentina | ||
Percentage of income attributable to subsidiaries | 0.00% | 0.00344% | 0.00344% |
Total | $ (5) | $ 70 | $ 48 |
Americonsult de Guatemala S.A. [Member] | Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Guatemala | ||
Percentage of income attributable to subsidiaries | 0.87% | 0.87% | |
Total | $ 1 | ||
Americonsult S.A. and Subsidiaries [Member] | Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Mexico | ||
Percentage of income attributable to subsidiaries | 0.20% | 0.20% | |
Total | $ (6) | $ (6) | |
Americonsult S.A. and Subsidiaries [Member] | Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Mexico | ||
Percentage of income attributable to subsidiaries | 0.20% | 0.20% | 0.20% |
Total | $ (1) | $ 1 | $ (7) |
Americonsult Costa Rica S.A. [Member] | Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [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 [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Colombia | ||
Percentage of income attributable to subsidiaries | 9.54% | 9.54% | |
Total | $ (422) | $ (522) | |
Linea Aerea Carguera de Colombiana S.A. [Mmeber] | Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Colombia | ||
Percentage of income attributable to subsidiaries | 9.54% | 9.54% | 10.00% |
Total | $ 100 | $ (943) | $ (293) |
Aerolineas Regionales de Integracion Aires S.A. [Member] | Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Colombia | ||
Percentage of income attributable to subsidiaries | 0.7988% | 0.7988% | |
Total | $ (145) | $ (13) | |
Aerolineas Regionales de Integracion Aires S.A. [Member] | Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Colombia | ||
Percentage of income attributable to subsidiaries | 0.7988% | 0.7988% | 0.7988% |
Total | $ (158) | $ (724) | $ (24) |
Transportes Aereos del Mercosur S.A. [Member] | Equity [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Paraguay | ||
Percentage of income attributable to subsidiaries | 5.02% | 5.02% | |
Total | $ 769 | $ 713 | |
Transportes Aereos del Mercosur S.A. [Member] | Income [Member] | |||
INVESTMENTS IN SUBSIDIARIES (Details) - Schedule of non-controlling interest [Line Items] | |||
Tax No. | 0 - E | ||
Country of origin | Paraguay | ||
Percentage of income attributable to subsidiaries | 5.02% | 5.02% | 5.02% |
Total | $ 67 | $ (189) | $ 420 |
INTANGIBLE ASSETS OTHER THAN _3
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) [Line Items] | |||
Useful lives, description | The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. | ||
Cumulative amortization | $ 51,162 | $ 169,800 | $ 80,511 |
Projections of cash flows after tax period | 5 years | ||
Computer Programs [Member] | Accumulated depreciation and amortisation [member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) [Line Items] | |||
Cumulative amortization | $ 366,053 | $ 424,932 |
INTANGIBLE ASSETS OTHER THAN _4
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | $ 1,018,892 | $ 1,046,559 | |
Classes of intangible assets, gross | 1,384,945 | 1,470,951 | |
Airport slots [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 587,214 | 627,742 | |
Classes of intangible assets, gross | 587,214 | 627,742 | |
Loyalty program [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 190,542 | 204,615 | |
Classes of intangible assets, gross | 190,542 | 204,615 | |
Computer software [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 136,135 | 139,113 | |
Classes of intangible assets, gross | 463,478 | 528,097 | |
Developing software [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 104,874 | 68,521 | |
Classes of intangible assets, gross | 105,673 | 69,379 | |
Trademarks [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | [1] | 6,340 | |
Classes of intangible assets, gross | [1] | 36,723 | 39,803 |
Other assets [Member] | |||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of intangible assets [Line Items] | |||
Classes of intangible assets, net | 127 | 228 | |
Classes of intangible assets, 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | $ 1,046,559 | $ 1,448,241 | $ 1,441,072 | |
Closing balance | 1,018,892 | 1,046,559 | 1,448,241 | |
Additions | 82,798 | 76,376 | 139,236 | |
Withdrawals | (704) | (37,683) | (1,393) | |
Transfer software | 135 | 1,125 | (3,167) | |
Foreign exchange | (58,734) | (271,700) | (46,996) | |
Amortization | (51,162) | (169,800) | (80,511) | |
Computer software Net [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | 139,341 | 221,324 | 156,469 | |
Closing balance | 136,262 | 139,341 | 221,324 | |
Additions | 45 | 278 | ||
Withdrawals | (275) | (333) | (270) | |
Transfer software | 46,144 | 101,015 | 136,935 | |
Foreign exchange | (3,571) | (20,242) | (1,981) | |
Amortization | (45,377) | (162,468) | (70,107) | |
Developing software [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | 68,521 | 99,193 | 151,853 | |
Closing balance | 104,874 | 68,521 | 99,193 | |
Additions | 82,798 | 76,331 | 91,371 | |
Withdrawals | (429) | (454) | (1,123) | |
Transfer software | (45,657) | (99,890) | (140,102) | |
Foreign exchange | (359) | (6,659) | (2,806) | |
Amortization | ||||
Adjustment application IAS 29 by hyperinflation Argentina | ||||
Airport slots [Member] | ||||
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of movement in intangible assets other than goodwill [Line Items] | ||||
Opening balance | [1] | 627,742 | 845,959 | 828,969 |
Closing balance | [1] | 587,214 | 627,742 | 845,959 |
Additions | [1] | 47,587 | ||
Withdrawals | [1] | (36,896) | ||
Transfer software | [1] | |||
Foreign exchange | [1] | (40,528) | (181,321) | (30,597) |
Amortization | [1] | |||
Adjustment application 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] | 210,955 | 281,765 | 303,781 |
Closing balance | [1],[2] | 190,542 | 210,955 | 281,765 |
Additions | [1],[2] | |||
Withdrawals | [1],[2] | |||
Transfer software | [1],[2] | (352) | ||
Foreign exchange | [1],[2] | (14,276) | (63,478) | (11,612) |
Amortization | [1],[2] | $ (5,785) | $ (7,332) | (10,404) |
Adjustment application 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. The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. At December 31, 2021 TAM’s trademark is fully amortized |
INTANGIBLE ASSETS OTHER THAN _6
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of recoverable values $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of recoverable values [Line Items] | |
Annual growth arte (Terminal) | 1.10% |
Exchange rate | 5.40% |
Discount rate base don the weighted average Cost of Capital (WACC) | 8.60% |
Fuel Price from future prices curves Commodities markets (in Dollars) | $ 71 |
Top of range [member] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of recoverable values [Line Items] | |
Annual growth arte (Terminal) | 2.50% |
Exchange rate | 5.70% |
Discount rate base don the weighted average Cost of Capital (WACC) | 10.60% |
Fuel Price from future prices curves Commodities markets (in Dollars) | $ 73 |
INTANGIBLE ASSETS OTHER THAN _7
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of annual growth rates, discounts, exchange rates and fuel price - Air Transportation CGU [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of annual growth rates, discounts, exchange rates and fuel price [Line Items] | |
Increase WACC Maximum | 10.60% |
Decrease rate Terminal growth Minimal | 1.10% |
Bottom of range [member] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of annual growth rates, discounts, exchange rates and fuel price [Line Items] | |
Increase Fuel Price Maximum | $ 100 |
Top of range [member] | |
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - Schedule of annual growth rates, discounts, exchange rates and fuel price [Line Items] | |
Increase Fuel Price Maximum | $ 114 |
GOODWILL (Details) - Schedule o
GOODWILL (Details) - Schedule of movement of goodwill - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
GOODWILL (Details) - Schedule of movement of goodwill [Line Items] | |||
Opening balance | $ 2,209,576 | $ 2,294,072 | |
Increase (decrease) due to exchange rate differences | (480,601) | (84,496) | |
Impairment loss | (1,728,975) | ||
Transfer from Multiplus S.A. (see nota 1) | |||
Closing balance | 2,209,576 | ||
Air Transport [Member] | |||
GOODWILL (Details) - Schedule of movement of goodwill [Line Items] | |||
Opening balance | 2,209,576 | 1,845,136 | |
Increase (decrease) due to exchange rate differences | (480,601) | (67,133) | |
Impairment loss | (1,728,975) | ||
Transfer from Multiplus S.A. (see nota 1) | 431,573 | ||
Closing balance | 2,209,576 | ||
Coalition and loyalty program Multiplus [Member] | |||
GOODWILL (Details) - Schedule of movement of goodwill [Line Items] | |||
Opening balance | 448,936 | ||
Increase (decrease) due to exchange rate differences | (17,363) | ||
Impairment loss | |||
Transfer from Multiplus S.A. (see nota 1) | (431,573) | ||
Closing balance |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Pre-delivery payments to aircraft manufacturers | $ 377,590 | $ 360,387 |
Description of property and plant equipment | Include the reclassification of 4 A350 aircraft that were incorporated on property plant and equipment from available for sale for ThUS$ 464.812 and the reclassification of 11 B767 aircraft that were moved to available for sales for ThUS$(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 | $ 1,200,382 | 1,642,779 |
Indirect book value | 2,884,563 | $ 3,496,397 |
Two B787 Aircraft [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Lease contract amendment | (397,569) | |
Six A320N Aircraft [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Lease contract amendment | (284,952) | |
Airbus SAS [Member] | Aircraft Purchase Agreement [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Manufacturers price property, plant and equipment | 10,200,000 | |
The Boeing Company [Member] | Aircraft Purchase Contracts [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Manufacturers price property, plant and equipment | $ 600,000 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | $ 17,736,005 | $ 19,723,058 | |
Accumulated depreciation | (8,246,138) | (8,992,789) | |
Net Book Value | 9,489,867 | 10,730,269 | |
Property, plant and equipment [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 12,281,838 | 14,108,692 | |
Accumulated depreciation | (4,946,720) | (5,784,742) | |
Net Book Value | 7,335,118 | 8,323,950 | |
Right of use [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 5,454,167 | 5,614,366 | |
Accumulated depreciation | (3,299,418) | (3,208,047) | |
Net Book Value | 2,154,749 | 2,406,319 | |
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 | 473,797 | 377,961 | |
Accumulated depreciation | |||
Net Book Value | 473,797 | 377,961 | |
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 | 43,276 | 42,979 | |
Accumulated depreciation | |||
Net Book Value | 43,276 | 42,979 | |
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 | 121,972 | 123,836 | |
Accumulated depreciation | (61,521) | (58,629) | |
Net Book Value | 60,451 | 65,207 | |
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 | 11,024,722 | 12,983,173 | |
Accumulated depreciation | (4,462,706) | (5,292,429) | |
Net Book Value | 6,562,016 | 7,690,744 | |
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 | [1],[2] | 10,377,850 | 12,375,500 |
Accumulated depreciation | [1],[2] | (4,237,585) | (5,088,297) |
Net Book Value | [1],[2] | 6,140,265 | 7,287,203 |
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 | 646,872 | 607,673 | |
Accumulated depreciation | (225,121) | (204,132) | |
Net Book Value | 421,751 | 403,541 | |
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 | 25,764 | 27,402 | |
Accumulated depreciation | (23,501) | (23,986) | |
Net Book Value | 2,263 | 3,416 | |
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 | 146,986 | 147,754 | |
Accumulated depreciation | (130,150) | (132,923) | |
Net Book Value | 16,836 | 14,831 | |
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 | 147,402 | 154,414 | |
Accumulated depreciation | (108,661) | (105,215) | |
Net Book Value | 38,741 | 49,199 | |
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 | 49,186 | 49,345 | |
Accumulated depreciation | (44,423) | (44,140) | |
Net Book Value | 4,763 | 5,205 | |
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 | 248,733 | 201,828 | |
Accumulated depreciation | (115,758) | (127,420) | |
Net Book Value | 132,975 | 74,408 | |
Aircraft [Member] | Right of use [Member] | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of property, plant and equipment [Line Items] | |||
Gross Book Value | 5,211,153 | 5,369,519 | |
Accumulated depreciation | (3,109,411) | (3,031,477) | |
Net Book Value | 2,101,742 | 2,338,042 | |
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 | 243,014 | 244,847 | |
Accumulated depreciation | (190,007) | (176,570) | |
Net Book Value | $ 53,007 | $ 68,277 | |
[1] | As of December 31, 2020, due to 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 right of use assets, (1 A319, 7 A320 and 2 B767). As of December 31, 2021, due to Chapter 11, 13 aircraft lease contract were rejected, 4 were presented as to Property, plant and equipment, (4 A350) and 9 were presented as right of use assets, (2 A320 and 7 A350). | ||
[2] | As of December 31, 2020, eleven B767 aircraft were classified as non-current assets or groups of assets for disposal as held for sale. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | $ 8,323,950 | $ 10,049,920 | $ 9,953,365 | ||
Additions | 662,078 | 493,639 | 1,766,141 | ||
Disposals | (521) | (1,586) | (24,119) | ||
Rejection fleet | [1] | (516,694) | (1,081,578) | ||
Retirements | (47,086) | (111,256) | (65,382) | ||
Depreciation expenses | (648,782) | (718,767) | (821,607) | ||
Foreign exchange | (38,245) | (170,405) | (30,770) | ||
Other increases (decreases) | (399,581) | (136,017) | [2] | (727,708) | |
Changes, total | (988,831) | (1,725,970) | 96,555 | ||
Closing balance | 7,335,119 | 8,323,950 | 10,049,920 | ||
Construction in progress [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 377,961 | 372,589 | 630,320 | ||
Additions | 84,392 | 6,535 | 21,884 | ||
Disposals | |||||
Rejection fleet | [1] | ||||
Retirements | (279) | (39) | (20) | ||
Depreciation expenses | |||||
Foreign exchange | (1,720) | (2,601) | (1,340) | ||
Other increases (decreases) | 13,443 | 1,477 | [2] | (278,255) | |
Changes, total | 95,836 | 5,372 | (257,731) | ||
Closing balance | 473,797 | 377,961 | 372,589 | ||
Land [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 42,979 | 48,406 | 45,424 | ||
Additions | 1,550 | 7,950 | |||
Disposals | (28) | ||||
Rejection fleet | [1] | ||||
Retirements | |||||
Depreciation expenses | |||||
Foreign exchange | (1,252) | (5,428) | (1,103) | ||
Other increases (decreases) | 1 | [2] | (3,837) | ||
Changes, total | 298 | (5,427) | 2,982 | ||
Closing balance | 43,277 | 42,979 | 48,406 | ||
Buildings net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 65,207 | 74,862 | 112,565 | ||
Additions | 92 | ||||
Disposals | (47) | ||||
Rejection fleet | [1] | ||||
Retirements | |||||
Depreciation expenses | (4,074) | (4,819) | (5,768) | ||
Foreign exchange | (833) | (4,836) | (914) | ||
Other increases (decreases) | 59 | [2] | (30,974) | ||
Changes, total | (4,756) | (9,655) | (37,703) | ||
Closing balance | 60,451 | 65,207 | 74,862 | ||
Plant and Equipment Net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 7,698,969 | 9,374,516 | 8,987,582 | ||
Additions | 563,023 | 485,800 | 1,694,640 | ||
Disposals | (169) | (1,439) | (23,945) | ||
Rejection fleet | [1] | (469,878) | (1,081,496) | ||
Retirements | (44,684) | (107,912) | (64,838) | ||
Depreciation expenses | (620,349) | (682,102) | (776,225) | ||
Foreign exchange | (19,199) | (146,219) | (24,615) | ||
Other increases (decreases) | (538,996) | (142,179) | [2] | (418,083) | |
Changes, total | (1,130,252) | (1,675,547) | 386,934 | ||
Closing balance | 6,568,717 | 7,698,969 | 9,374,516 | ||
Information technology equipment net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 14,831 | 20,776 | 22,564 | ||
Additions | 6,455 | 1,295 | 6,580 | ||
Disposals | (26) | (112) | (13) | ||
Rejection fleet | [1] | ||||
Retirements | (212) | (55) | (85) | ||
Depreciation expenses | (4,345) | (6,186) | (8,574) | ||
Foreign exchange | (404) | (1,543) | (234) | ||
Other increases (decreases) | 537 | 656 | [2] | 538 | |
Changes, total | 2,005 | (5,945) | (1,788) | ||
Closing balance | 16,836 | 14,831 | 20,776 | ||
Fixed installations & accessories net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 49,199 | 59,834 | 71,009 | ||
Additions | 6 | 9 | 26 | ||
Disposals | (309) | (31) | (75) | ||
Rejection fleet | [1] | ||||
Retirements | (1,885) | (3,250) | (77) | ||
Depreciation expenses | (8,304) | (9,037) | (11,945) | ||
Foreign exchange | (1,752) | (7,195) | (2,007) | ||
Other increases (decreases) | 1,786 | 8,869 | [2] | 2,903 | |
Changes, total | (10,458) | (10,635) | (11,175) | ||
Closing balance | 38,741 | 49,199 | 59,834 | ||
Motor vehicles net [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 396 | 477 | 634 | ||
Additions | 17 | 73 | |||
Disposals | (17) | (4) | (11) | ||
Rejection fleet | [1] | ||||
Retirements | |||||
Depreciation expenses | (61) | (81) | (94) | ||
Foreign exchange | (11) | 4 | (125) | ||
Other increases (decreases) | 1 | [2] | |||
Changes, total | (71) | (81) | (157) | ||
Closing balance | 325 | 396 | 477 | ||
Leasehold improvements [Member] | |||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of movement of property, plant and equipment [Line Items] | |||||
Opening balance | 74,408 | 98,460 | 83,267 | ||
Additions | 6,543 | 34,988 | |||
Disposals | |||||
Rejection fleet | [1] | (46,816) | (82) | ||
Retirements | (26) | (362) | |||
Depreciation expenses | (11,649) | (16,542) | (19,001) | ||
Foreign exchange | (13,074) | (2,587) | (432) | ||
Other increases (decreases) | 123,589 | (4,841) | [2] | ||
Changes, total | 58,567 | (24,052) | 15,193 | ||
Closing balance | $ 132,975 | $ 74,408 | $ 98,460 | ||
[1] | Include aircraft lease rejection due to Chapter 11. | ||||
[2] | As of December 31, 2021, it includes the lease contract amendment of two B787 aircraft ThUS$ (397,569) and six A320N aircraft ThUS$ (284,952). Include the reclassification of 4 A350 aircraft that were incorporated on property plant and equipment from available for sale for ThUS$ 464.812 and the reclassification of 11 B767 aircraft that were moved to available for sales for ThUS$(606,522) (see note 13). |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Aircraft [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets [Line Items] | ||||
Opening balances | $ 2,338,042 | $ 2,768,540 | $ 2,456,333 | |
Total changes | (236,300) | (430,498) | 312,207 | |
Final balances | 2,101,742 | 2,338,042 | 2,768,540 | |
Additions | 537,995 | 732,489 | ||
Fleet rejection | (573,047) | [1] | (9,090) | |
Depreciation expense | (317,616) | (395,936) | (377,911) | |
Cumulative translate adjustment | (574) | (6,578) | (2,046) | |
Other increases (decreases) | 116,942 | [2] | (18,894) | (40,325) |
Others [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets [Line Items] | ||||
Opening balances | 68,277 | 101,158 | 92,111 | |
Total changes | (15,270) | (32,881) | 9,047 | |
Final balances | 53,007 | 68,277 | 101,158 | |
Additions | 1,406 | 399 | 20,675 | |
Fleet rejection | (4,577) | [1] | ||
Depreciation expense | (16,597) | (22,492) | (22,473) | |
Cumulative translate adjustment | (1,933) | (11,173) | (2,515) | |
Other increases (decreases) | 6,431 | [2] | 385 | 13,360 |
Right-of-use assets [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of right of use assets [Line Items] | ||||
Opening balances | 2,406,319 | 2,869,698 | 2,548,444 | |
Total changes | (251,570) | (463,379) | 321,254 | |
Final balances | 2,154,749 | 2,406,319 | 2,869,698 | |
Additions | 539,401 | 399 | 753,164 | |
Fleet rejection | (577,624) | [1] | (9,090) | |
Depreciation expense | (334,213) | (418,428) | (400,384) | |
Cumulative translate adjustment | (2,507) | (17,751) | (4,561) | |
Other increases (decreases) | $ 123,373 | [2] | $ (18,509) | $ (26,965) |
[1] | Include aircraft lease rejection due to Chapter 11. | |||
[2] | Include the amendment of 109 aircraft lease contract (1 A319, 37 A320, 12 A320N, 19 A321, 1 B767, 6 B777 and 16 B787). |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 304 | 300 | ||
Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 117 | 98 | ||
Boeing 767 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | 300 | |||
Model | ER | |||
Total fleet | 16 | 17 | ||
Boeing 767 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | ||||
Boeing 767 One [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | 300 | |||
Model | F | |||
Total fleet | [1] | 13 | 12 | |
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 | ||
Boeing 777 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | 300 | |||
Model | ER | |||
Total fleet | 10 | 10 | ||
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 | 800 | |||
Total fleet | 10 | 10 | ||
Boeing 787 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 6 | 4 | ||
Boeing 787 One [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | 900 | |||
Total fleet | 17 | 12 | ||
Boeing 787 One [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 15 | 10 | ||
Airbus A319 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | 100 | |||
Total fleet | 44 | 44 | ||
Airbus A319 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 7 | 7 | ||
Airbus A320 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | 200 | |||
Total fleet | [2] | 133 | 134 | |
Airbus A320 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 39 | 38 | ||
Airbus A320 One [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | NEO | |||
Total fleet | 12 | 12 | ||
Airbus A320 One [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 12 | 6 | ||
Airbus A321 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | 200 | |||
Total fleet | 49 | 38 | ||
Airbus A321 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 31 | 19 | ||
Airbus A350 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Aircraft | 900 | |||
Total fleet | 11 | |||
Airbus A350 [Member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 7 | |||
Property, plant and equipment [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 187 | 202 | ||
Property, plant and equipment [Member] | Boeing 767 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 16 | 17 | ||
Property, plant and equipment [Member] | Boeing 767 One [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | [1] | 12 | 11 | |
Property, plant and equipment [Member] | Boeing 777 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 4 | 4 | ||
Property, plant and equipment [Member] | Boeing 787 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 4 | 6 | ||
Property, plant and equipment [Member] | Boeing 787 One [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 2 | 2 | ||
Property, plant and equipment [Member] | Airbus A319 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 37 | 37 | ||
Property, plant and equipment [Member] | Airbus A320 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 94 | 96 | [2] | |
Property, plant and equipment [Member] | Airbus A320 One [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 6 | |||
Property, plant and equipment [Member] | Airbus A321 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 18 | 19 | ||
Property, plant and equipment [Member] | Airbus A350 [Member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of composition of the fleet [Line Items] | ||||
Total fleet | 4 | |||
[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, 2021 | ||
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, 2020 | Dec. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | $ 2,350,405 | $ 1,429,681 |
Book Value | 3,371,878 | 2,171,236 |
Boeing 767 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 43,628 | 46,779 |
Book Value | 180,591 | 168,315 |
Boeing 777 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 144,358 | |
Book Value | 141,620 | |
Wilmington [Member] | Airbus A319 [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 | $ 69,375 | 58,611 |
Book Value | 268,746 | 259,036 |
Trust Company [Member] | Boeing 767 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 63,581 | 51,543 |
Book Value | 257,613 | 227,604 |
Trust Company [Member] | Boeing 787 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 114,936 | |
Book Value | 119,229 | |
Credit Agricole [Member] | Boeing 767 [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 | 32,802 | 30,958 |
Credit Agricole [Member] | Boeing 787 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 91,797 | 91,797 |
Book Value | $ 43,020 | 38,551 |
Credit Agricole [Member] | Airbus A319 [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 | 1,073 |
Book Value | 6,936 | 6,419 |
Credit Agricole [Member] | Airbus A320 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 139,192 | 139,192 |
Book Value | 122,251 | 117,130 |
Credit Agricole [Member] | Airbus A320/A350 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 30,733 | 30,733 |
Book Value | $ 28,127 | 27,427 |
Bank of Utah [Member] | Airbus A320/A350 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Creditor company | BNP Paribas | |
Committed Assets | Aircraft and engines | |
Existing Debt | $ 262,420 | 198,475 |
Book Value | 289,946 | 233,501 |
Bank of Utah [Member] | Boeing 787 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 211,849 | |
Book Value | $ 246,349 | |
Bank of Utah [Member] | Airbus A320 / A350 Two [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Creditor company | Investec | |
Committed Assets | Aircraft and engines | |
Existing Debt | $ 37,870 | |
Book Value | ||
Bank of Utah [Member] | Airbus A350 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Creditor company | SMBC | |
Committed Assets | Aircraft and engines | |
Existing Debt | $ 130,000 | |
Book Value | $ 134,780 | |
NATIXIS [Member] | Airbus A321 [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 | $ 271,129 | |
Book Value | $ 375,645 | |
Citibank N.A. [Member] | Airbus A319 [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 | 27,936 |
Book Value | 38,836 | 45,849 |
Citibank N.A. [Member] | Airbus A320 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 128,030 | 128,030 |
Book Value | 214,597 | 181,224 |
Citibank N.A. [Member] | Airbus A350 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 15,960 | 15,960 |
Book Value | 26,823 | 26,507 |
Citibank N.A. [Member] | Airbus A321 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 41,599 | 41,599 |
Book Value | 81,706 | 75,092 |
Citibank N.A. [Member] | Airbus B767 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 90,846 | 90,846 |
Book Value | 197,797 | 181,246 |
Citibank N.A. [Member] | Airbus B787 [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 23,156 | 23,156 |
Book Value | 19,047 | 17,036 |
Citibank N.A. [Member] | Rotables [Member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of property, plant and equipment pledged as guarantee [Line Items] | ||
Existing Debt | 162,477 | 162,477 |
Book Value | $ 145,708 | 134,846 |
UMB [Member] | Airbus A320 [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 | $ 167,371 | 166,712 |
Book Value | $ 246,293 | 258,875 |
MUFG [Member] | Airbus A320 [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 | $ 215,043 | |
Book Value | $ 295,036 |
PROPERTY, PLANT AND EQUIPMENT_9
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | |
Type | |
Value | $ 41,885 |
Release date | |
Orix Aviation Systems Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Three letters of credit |
Value | $ 12,198 |
Release date | Jan. 20, 2022 |
Merlin Aviation Leasing (Ireland) 18 Limited [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | Two letters of credit |
Value | $ 3,852 |
Release date | Mar. 15, 2022 |
RB Comercial Properties 49 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of letters of credit related assets [Line Items] | |
Debtor | |
Type | |
Value | $ 25,835 |
Release date |
PROPERTY, PLANT AND EQUIPMEN_10
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of fully depreciated assets and commitments for future purchases - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of fully depreciated assets and commitments for future purchases [Abstract] | |||
Gross book value of fully depreciated property, plant and equipment still in use | $ 223,608 | $ 206,497 | |
Commitments for the acquisition of aircraft | [1] | $ 10,800,000 | $ 7,500,000 |
[1] | According to the manufacturer’s price list. |
PROPERTY, PLANT AND EQUIPMEN_11
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment - Manufacturer [Member] - Later than one year and not later than six years [Member] | 12 Months Ended |
Dec. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 72 |
Airbus S.A.S [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 70 |
A350 Family [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 70 |
The Boeing Company [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 2 |
Boeing 787-9 [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of purchase commitment [Line Items] | |
Number of aircraft purchase | 2 |
PROPERTY, PLANT AND EQUIPMEN_12
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of capitalized interest costs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of capitalized interest costs [Abstract] | |||
Average rate of capitalization of capitalized interest costs | 5.06% | 3.52% | 4.72% |
Costs of capitalized interest | $ 7,345 | $ 11,627 | $ 1,444 |
CURRENT AND DEFERRED TAXES (Det
CURRENT AND DEFERRED TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CURRENT AND DEFERRED TAXES (Details) [Line Items] | |||
Income tax, applicable tax rate | 27.00% | 27.00% | 27.00% |
Unrecoverable deferred tax assets | $ 2,638,473 | ||
Total deferred tax assets not recognized | 9,030,059 | $ 749,100 | |
Deferred tax expense income related costs | $ 1,433,474 | ||
Deferred tax assets | $ 1,251,912 | ||
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, 2021 | Dec. 31, 2020 | |
Current assets [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax assets [Line Items] | ||
Provisional monthly payments (advances), Current assets | $ 32,086 | |
Provisional monthly payments (advances), Current assets | $ 36,788 | |
Other recoverable credits, Current assets | 9,171 | 5,532 |
Total assets by current tax, Current assets | 41,257 | 42,320 |
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 | 32,086 | 36,788 |
Other recoverable credits, Total assets | 9,171 | 5,532 |
Total assets by current tax, Total assets | $ 41,257 | $ 42,320 |
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, 2021 | Dec. 31, 2020 | |
Current liabilities [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of current tax liabilities [Line Items] | ||
Income tax provision, Current liabilities | $ 675 | |
Income tax provision, Current liabilities | $ 656 | |
Income tax provision, Non-current liabilities | 656 | |
Total liabilities by current tax, Current liabilities | 675 | |
Total liabilities by current tax, Current liabilities | 656 | |
Total liabilities by current tax, Non-current liabilities | 656 | |
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 | 675 | 656 |
Total liabilities by current tax, Total liabilities | $ 675 | $ 656 |
CURRENT AND DEFERRED TAXES (D_4
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | $ 15,290 | $ 564,816 |
Liabilities | 341,011 | 384,280 |
Property, plant and equipment [member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | (1,128,225) | (1,314,456) |
Liabilities | 80,468 | 81,881 |
Assets by right of use [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 715,440 | 229,119 |
Liabilities | (68) | (136) |
Amortization [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | (44,605) | (65,139) |
Liabilities | 10 | 9 |
Provisions [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 111,468 | 212,492 |
Liabilities | 74,047 | 68,462 |
Revaluation of financial instruments [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | (16,575) | (18,133) |
Liabilities | ||
Tax losses [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 358,284 | 1,496,952 |
Liabilities | (87,378) | (60,785) |
Intangibles [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | ||
Liabilities | 254,155 | 270,681 |
Other [Member] | ||
CURRENT AND DEFERRED TAXES (Details) - Schedule of balances of deferred tax [Line Items] | ||
Assets | 19,503 | 23,981 |
Liabilities | $ 19,777 | $ 24,168 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||||
Opening balance Assets/(liabilities) | $ 180,536 | $ (381,220) | $ (513,042) | ||
Recognized in consolidated income | (521,336) | 546,387 | 126,344 | ||
Recognized in comprehensive income | (2,841) | 1,883 | 3,287 | ||
Exchange rate variation | 17,920 | 13,486 | 2,191 | ||
Ending balance Asset (liability) | (325,721) | 180,536 | (381,220) | ||
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) | (1,396,337) | (1,513,904) | (1,582,496) | ||
Recognized in consolidated income | 187,644 | 110,010 | 67,237 | ||
Recognized in comprehensive income | |||||
Exchange rate variation | 7,557 | 1,355 | |||
Ending balance Asset (liability) | (1,208,693) | (1,396,337) | (1,513,904) | ||
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) | 229,255 | 133,481 | 85,752 | ||
Recognized in consolidated income | 486,253 | 95,774 | 47,729 | ||
Recognized in comprehensive income | |||||
Exchange rate variation | |||||
Ending balance Asset (liability) | 715,508 | 229,255 | 133,481 | ||
Amortization [Member] | |||||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||||
Opening balance Assets/(liabilities) | (65,148) | (53,136) | (56,863) | ||
Recognized in consolidated income | 20,533 | (14,142) | 3,345 | ||
Recognized in comprehensive income | |||||
Exchange rate variation | 2,130 | 382 | |||
Ending balance Asset (liability) | (44,615) | (65,148) | (53,136) | ||
Provisions [Member] | |||||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||||
Opening balance Assets/(liabilities) | 144,030 | 43,567 | 37,328 | ||
Recognized in consolidated income | (103,826) | 158,178 | 13,881 | ||
Recognized in comprehensive income | (2,783) | 924 | 2,873 | ||
Exchange rate variation | (58,639) | (10,515) | |||
Ending balance Asset (liability) | 37,421 | 144,030 | 43,567 | ||
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) | (18,133) | 10,279 | (13) | ||
Recognized in consolidated income | 1,616 | (27,901) | 10,142 | ||
Recognized in comprehensive income | (58) | 959 | 414 | ||
Exchange rate variation | (1,470) | (264) | |||
Ending balance Asset (liability) | (16,575) | (18,133) | 10,279 | ||
Tax losses [Member] | |||||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||||
Opening balance Assets/(liabilities) | 1,557,737 | [1] | 1,356,268 | 1,369,150 | |
Recognized in consolidated income | (1,112,075) | [1] | 216,897 | (10,116) | |
Recognized in comprehensive income | [1] | ||||
Exchange rate variation | [1] | (15,428) | (2,766) | ||
Ending balance Asset (liability) | 445,662 | [1] | 1,557,737 | [1] | 1,356,268 |
Intangibles [Member] | |||||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||||
Opening balance Assets/(liabilities) | (270,681) | (349,082) | (351,238) | ||
Recognized in consolidated income | (1,394) | 1,030 | (11,718) | ||
Recognized in comprehensive income | |||||
Exchange rate variation | 17,920 | 77,371 | 13,874 | ||
Ending balance Asset (liability) | (254,155) | (270,681) | (349,082) | ||
Others [Member] | |||||
CURRENT AND DEFERRED TAXES (Details) - Schedule of movements of deferred tax assets and liabilities [Line Items] | |||||
Opening balance Assets/(liabilities) | (187) | (8,693) | (14,662) | ||
Recognized in consolidated income | (87) | 6,541 | 5,844 | ||
Recognized in comprehensive income | |||||
Exchange rate variation | 1,965 | 125 | |||
Ending balance Asset (liability) | $ (274) | $ (187) | $ (8,693) | ||
[1] | As stated in note 2c), on November 26th, 2021 the Company filed a Reorganization Plan and Disclosure Statement in which, among other items, financial forecasts are included together with the proposed issuance of new shares and convertible bonds. With the referred information, the Company management updated its analysis on the recoverability of deferred tax assets and determined that during the time covered by the financial forecast it will not be probable that part of such deferred tax assets may offset future taxable profits. Therefore, the Company during the fourth quarter of 2021 derecognized deferred tax assets not considered recoverable in the amount of THUS$1,251,912. |
CURRENT AND DEFERRED TAXES (D_6
CURRENT AND DEFERRED TAXES (Details) - Schedule of deferred tax expense and current income taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax expense | |||
Current tax expense | $ (47,139) | $ 3,602 | $ (72,999) |
Adjustment to previous period’s current tax | (460) | 199 | 352 |
Total current tax expense, net | (47,599) | 3,801 | (72,647) |
Deferred tax expense | |||
Deferred expense for taxes related to the creation and reversal of temporary differences | (521,336) | 546,387 | 126,344 |
Total deferred tax expense, net | (521,336) | 546,387 | 126,344 |
Income/(loss) tax expense | $ (568,935) | $ 550,188 | $ 53,697 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of income/(loss) tax expense [Line Items] | |||
Total current tax expense, net | $ (47,599) | $ 3,801 | $ (72,647) |
Deferred tax expense, net, total | (521,336) | 546,387 | 126,344 |
Income/(loss) tax expense | (568,935) | 550,188 | 53,697 |
Foreign countries [member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of income/(loss) tax expense [Line Items] | |||
Total current tax expense, net | (9,943) | (4,232) | (76,806) |
Deferred tax expense, net, total | 4,309 | (235,963) | (37,294) |
Country of domicile [member] | |||
CURRENT AND DEFERRED TAXES (Details) - Schedule of composition of income/(loss) tax expense [Line Items] | |||
Total current tax expense, net | (37,656) | 8,033 | 4,159 |
Deferred tax expense, net, total | $ (525,645) | $ 782,350 | $ 163,638 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of income before tax from the chilean legal tax rate [Abstract] | |||
Tax expense using the legal rate | $ 1,102,736 | $ 1,378,547 | $ (38,318) |
Tax expense using the legal rate, percentage | (27.00%) | (27.00%) | (27.00%) |
Tax effect of rates in other jurisdictions | $ 54,775 | $ 58,268 | $ (20,082) |
Tax effect of rates in other jurisdictions, percentage | (1.34%) | (1.14%) | (14.15%) |
Tax effect of non-taxable operating revenues | $ 9,444 | $ 19,529 | $ 13,125 |
Tax effect of non-taxable operating revenues, percentage | (0.23%) | (0.38%) | 9.25% |
Tax effect of disallowable expenses | $ (30,928) | $ (40,528) | $ (66,257) |
Tax effect of disallowable expenses, percentage | 0.76% | 0.79% | (46.69%) |
Other increases (decreases): | |||
Derecognition of deferred tax liabilities for early termination of aircraft financing | $ 205,458 | $ 294,969 | $ 145,930 |
Derecognition of deferred tax liabilities for early termination of aircraft financing, percentage | (5.03%) | (5.78%) | 102.83% |
Tax effect for goodwill impairment losses | $ (453,681) | ||
Tax effect for goodwill impairment losses, percentage | 8.89% | ||
Derecognition of deferred tax assets not recoverable | $ (1,251,912) | $ (237,637) | |
Derecognition of deferred tax assets not recoverable, percentage | 30.65% | 4.65% | |
Deferred tax asset not recognized | $ (667,702) | $ (414,741) | |
Deferred tax asset not recognized, percentage | 16.35% | 8.12% | |
Other increases (decreases) | $ 9,194 | $ (54,538) | $ 19,299 |
Other increases (decreases), percentage | (0.23%) | 1.07% | 13.60% |
Total adjustments to tax expense using the legal rate | $ (1,671,671) | $ (828,359) | $ 92,015 |
Total adjustments to tax expense using the legal rate, percentage | 40.93% | 16.22% | 64.84% |
Tax expense using the effective rate | $ (568,935) | $ 550,188 | $ 53,697 |
Tax expense using the effective rate, percentage | 13.93% | (10.78%) | 37.84% |
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, 2021 | Dec. 31, 2020 | |
Schedule of deferred taxes related to items charged to equity [Abstract] | ||
Aggregate deferred taxation of components of other comprehensive income | $ (2,841) | $ 1,883 |
OTHER FINANCIAL LIABILITIES (De
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) - USD ($) | Nov. 10, 2021 | Oct. 08, 2020 | Oct. 18, 2020 | Sep. 29, 2020 | Jun. 24, 2020 | Apr. 30, 2020 | Dec. 31, 2021 | Nov. 01, 2021 | Jun. 30, 2021 | Jun. 17, 2021 | Oct. 20, 2020 |
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | |||||||||||
Description of withdrawal amount | LATAM Airlines Group S.A. it drew down the entire (US$ 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. | ||||||||||
EETC structure amount | $ 844,100,000 | ||||||||||
Amount of financial lease | $ 4,500,000 | $ 19.5 | $ 307.4 | $ 130.7 | $ 34,300,000 | ||||||
Debtor-in-Possession financing description | LATAM Airlines Group S.A. entered into a MUS$ 2,450 Debtor-in-Possession financing (the “DIP Financing”), consisting of a MUS$ 1,300 Tranche A Facility and a MUS$ 1,150 Tranche C Facility, of which MUS$ 750 are committed by related parties. The obligations under the DIP Financing are secured by collateral consisting of certain assets of LATAM and certain of its subsidiaries, including, but not limited to, equity, certain engines and spare parts. | ||||||||||
Description of lease obligation | the Company transferred its ownership in 5 special purpose vehicles and ceased to control 6 Special Purpose entities. As a result of the foregoing, the classification of the financial liabilities associated with 18 aircraft was changed from guaranteed obligations; 10 to financial leases and 8 to lease liabilities | ||||||||||
LATAM Airlines Group S.A. [Member] | |||||||||||
OTHER FINANCIAL LIABILITIES (Details) - (Details Narrative) [Line Items] | |||||||||||
Description of withdrawal amount | On October 8, 2020, LATAM made a partial withdrawal for MUS$ 1,150 from Tranche A and Tranche C, and then, on or around June 22, 2021, LATAM made an additional withdrawal for MUS$ 500 from Tranche A and Tranche C. | ||||||||||
DIP financing amount | $ 750,000,000 | ||||||||||
Description of transfer amount | the company made a partial transfer for MUS$ 200 from Tranche B and later on December 28, 2021, LATAM made a new transfer for MUS$ 100. After these transfers, LATAM still It has MUS$1,250 of line available for future transfers. |
OTHER FINANCIAL LIABILITIES (_2
OTHER FINANCIAL LIABILITIES (Details) - Schedule of composition of other financial liabilities - Other Financial Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current | ||
(a) Interest bearing loans | $ 3,869,040 | $ 2,243,776 |
(b) Lease Liability | 578,740 | 806,283 |
(c) Hedge derivatives | 2,734 | 2,734 |
(d) Derivative non classified as hedge accounting | 2,937 | 2,937 |
Total current | 4,453,451 | 3,055,730 |
Non-current | ||
(a) Interest bearing loans | 3,566,804 | 5,489,078 |
(b) Lease Liability | 2,381,898 | 2,314,723 |
Total non-current | $ 5,948,702 | $ 7,803,801 |
OTHER FINANCIAL LIABILITIES (_3
OTHER FINANCIAL LIABILITIES (Details) - Schedule of composition of interest bearing loans - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Total current | $ 3,869,040 | $ 2,243,776 | |
Non-current | |||
Total non-current | 3,566,804 | 5,489,078 | |
Total obligations with financial institutions | 7,435,844 | 7,732,854 | |
Loans to exporters [Member] | |||
Current | |||
Total current | 159,161 | 151,701 | |
Bank loans [Member] | |||
Current | |||
Total current | 415,087 | 385,490 | |
Non-current | |||
Total non-current | 106,751 | 139,783 | |
Guaranteed obligations [Member] | |||
Current | |||
Total current | [1],[2],[3],[4],[5] | 75,593 | 388,492 |
Non-current | |||
Total non-current | [1],[2],[3],[4],[5] | 434,942 | 930,364 |
Other guaranteed obligations [Member] | |||
Current | |||
Total current | [6],[7] | 2,546,461 | 435,413 |
Non-current | |||
Total non-current | [6],[7] | 178,961 | 1,503,703 |
Subtotal bank loans [Member] | |||
Current | |||
Total current | 3,196,302 | 1,361,096 | |
Non-current | |||
Total non-current | 720,654 | 2,573,850 | |
Obligation with the public [Member] | |||
Current | |||
Total current | 396,345 | 108,301 | |
Non-current | |||
Total non-current | 1,856,853 | 2,075,106 | |
Financial leases [Member] | |||
Current | |||
Total current | [2],[3],[4],[5],[8],[9] | 199,885 | 774,379 |
Non-current | |||
Total non-current | [2],[3],[4],[5],[8],[9] | 989,297 | $ 840,122 |
Other Loans [Member] | |||
Current | |||
Total current | $ 76,508 | ||
[1] | In the year ended December 31, 2021, the Company transferred its ownership in 5 special purpose vehicles and ceased to control 6 Special Purpose entities. As a result of the foregoing, the classification of the financial liabilities associated with 18 aircraft was changed from guaranteed obligations; 10 to financial leases and 8 to lease liabilities. | ||
[2] | On June 17, 2021, the United States Court for the Southern District of New York approved the motion presented by the Company to reject the lease of an aircraft financed under a financial lease in the amount of MUS $ 130.7. | ||
[3] | 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. | ||
[4] | On June 30, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 3 aircraft financed under a financial lease in the amount of MUS $307.4. | ||
[5] | On October 20, 2020, the United States Court for the Southern District of New York approved the motion presented by the Company to reject an aircraft lease contract financed as financial lease in the amount of MUS$ 34.3. | ||
[6] | 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. | ||
[7] | On September 29, 2020, LATAM Airlines Group S.A. entered into a MUS$ 2,450 Debtor-in-Possession financing (the “DIP Financing”), consisting of a MUS$ 1,300 Tranche A Facility and a MUS$ 1,150 Tranche C Facility, of which MUS$ 750 are committed by related parties. The obligations under the DIP Financing are secured by collateral consisting of certain assets of LATAM and certain of its subsidiaries, including, but not limited to, equity, certain engines and spare parts. | ||
[8] | On March 31, 2021, the United States Court for the Southern District of New York approved and, subsequently, on April 13, 2021, issued an order approving the motion presented by the Company to extend certain leases of 3 aircraft. | ||
[9] | On November 1, 2021, the United States Court for the Southern District of New York approved the motion filed by the Company to reject the lease contract for 1 engine financed under a financial lease in the amount of ThUS$19.5. |
OTHER FINANCIAL LIABILITIES (_4
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | ||
Total obligations with financial institutions | $ 7,435,844 | $ 7,732,854 |
Brazilian real [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | ||
Total obligations with financial institutions | 338,953 | 300,659 |
Chilean peso (U.F.) [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | ||
Total obligations with financial institutions | 639,710 | 679,983 |
US Dollar [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of currency balances of interest bearing loans [Line Items] | ||
Total obligations with financial institutions | $ 6,457,181 | $ 6,752,212 |
OTHER FINANCIAL LIABILITIES (_5
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
CITIBANK [Member] | 2021 [Member] | Loans To Exporters [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 114,000 |
Total nominal value | 114,000 |
Accounting values Up to 90 days | 123,366 |
Total accounting value | $ 123,366 |
Amortization | At Expiration |
Annual Effective rate | 2.96% |
Annual Nominal rate | 2.96% |
CITIBANK [Member] | 2021 [Member] | Other Guaranteed Obligations [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values More than 90 days to one year | $ 600,000 |
Total nominal value | 600,000 |
Accounting values Up to 90 days | 95 |
Accounting values More than 90 days to one year | 600,000 |
Total accounting value | $ 600,095 |
Amortization | At Expiration |
Annual Effective rate | 2.00% |
Annual Nominal rate | 2.00% |
CITIBANK [Member] | 2021 [Member] | Financial Leases [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 19,101 |
Nominal values More than 90 days to one year | 52,371 |
Nominal values More than one to three years | 12,513 |
Total nominal value | 83,985 |
Accounting values Up to 90 days | 19,198 |
Accounting values More than 90 days to one year | 52,371 |
Accounting values More than one to three years | 12,359 |
Total accounting value | $ 83,928 |
Amortization | Quarterly |
Annual Effective rate | 1.37% |
Annual Nominal rate | 0.79% |
ITAU [Member] | 2021 [Member] | Loans To Exporters [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [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 | 22,742 |
Total accounting value | $ 22,742 |
Amortization | At Expiration |
Annual Effective rate | 4.20% |
Annual Nominal rate | 4.20% |
HSBC [Member] | 2021 [Member] | Loans To Exporters [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | HSBC |
Creditor country | England |
Currency | US$ |
Nominal values Up to 90 days | $ 12,000 |
Total nominal value | 12,000 |
Accounting values Up to 90 days | 13,053 |
Total accounting value | $ 13,053 |
Amortization | At Expiration |
Annual Effective rate | 4.15% |
Annual Nominal rate | 4.15% |
CORP BANCA [Member] | 2021 [Member] | Bank Loans [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 97.023.000-9 |
Creditor | CORPBANCA |
Creditor country | Chile |
Currency | UF |
Nominal values Up to 90 days | $ 10,106 |
Total nominal value | 10,106 |
Accounting values Up to 90 days | 11,040 |
Total accounting value | $ 11,040 |
Amortization | Quarterly |
Annual Effective rate | 3.35% |
Annual Nominal rate | 3.35% |
SANTANDER [Member] | 2021 [Member] | Bank Loans [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | SANTANDER |
Creditor country | Spain |
Currency | US$ |
Nominal values More than one to three years | $ 106,427 |
Total nominal value | 106,427 |
Accounting values Up to 90 days | 135 |
Accounting values More than one to three years | 106,427 |
Total accounting value | $ 106,562 |
Amortization | Quarterly |
Annual Effective rate | 2.80% |
Annual Nominal rate | 2.80% |
CITIBANK [Member] | 2021 [Member] | Bank Loans [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK |
Creditor country | U.S.A. |
Currency | UF |
Nominal values Up to 90 days | $ 60,935 |
Total nominal value | 60,935 |
Accounting values Up to 90 days | 64,293 |
Total accounting value | $ 64,293 |
Amortization | At Expiration |
Annual Effective rate | 3.10% |
Annual Nominal rate | 3.10% |
BANCO ESTADO [Member] | 2021 [Member] | Obligations with the public [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 97.030.000-7 |
Creditor | BANCOESTADO |
Creditor country | Chile |
Currency | UF |
Nominal values More than 90 days to one year | $ 159,679 |
Nominal values More than five years | 343,218 |
Total nominal value | 502,897 |
Accounting values Up to 90 days | 49,584 |
Accounting values More than 90 days to one year | 159,679 |
Accounting values More than five years | 355,114 |
Total accounting value | $ 564,377 |
Amortization | At Expiration |
Annual Effective rate | 4.81% |
Annual Nominal rate | 4.81% |
BANK OF NEWYORK [Member] | 2021 [Member] | Obligations with the public [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | BANK OF NEW YORK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values More than one to three years | $ 700,000 |
Nominal values More than three to five years | 800,000 |
Total nominal value | 1,500,000 |
Accounting values Up to 90 days | 187,082 |
Accounting values More than one to three years | 698,450 |
Accounting values More than three to five years | 803,289 |
Total accounting value | $ 1,688,821 |
Amortization | At Expiration |
Annual Effective rate | 7.16% |
Annual Nominal rate | 6.94% |
BNP PARIBAS [Member] | 2021 [Member] | Guaranteed Obligations [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | BNP PARIBAS |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 16,079 |
Nominal values More than 90 days to one year | 12,412 |
Nominal values More than one to three years | 34,958 |
Nominal values More than three to five years | 37,891 |
Nominal values More than five years | 97,135 |
Total nominal value | 198,475 |
Accounting values Up to 90 days | 17,926 |
Accounting values More than 90 days to one year | 12,412 |
Accounting values More than one to three years | 34,044 |
Accounting values More than three to five years | 37,466 |
Accounting values More than five years | 96,379 |
Total accounting value | $ 198,227 |
Amortization | Quarterly |
Annual Effective rate | 1.48% |
Annual Nominal rate | 1.48% |
BNP PARIBAS [Member] | 2021 [Member] | Financial Leases [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | BNP PARIBAS |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 7,216 |
Nominal values More than 90 days to one year | 19,537 |
Nominal values More than one to three years | 28,165 |
Total nominal value | 54,918 |
Accounting values Up to 90 days | 7,313 |
Accounting values More than 90 days to one year | 19,537 |
Accounting values More than one to three years | 27,905 |
Total accounting value | $ 54,755 |
Amortization | Quarterly |
Annual Effective rate | 1.56% |
Annual Nominal rate | 0.96% |
MUFG [Member] | 2021 [Member] | Guaranteed Obligations [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | MUFG |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 29,054 |
Nominal values More than 90 days to one year | 11,661 |
Nominal values More than one to three years | 32,639 |
Nominal values More than three to five years | 34,970 |
Nominal values More than five years | 58,388 |
Total nominal value | 166,712 |
Accounting values Up to 90 days | 31,375 |
Accounting values More than 90 days to one year | 11,661 |
Accounting values More than one to three years | 32,188 |
Accounting values More than three to five years | 34,733 |
Accounting values More than five years | 57,983 |
Total accounting value | $ 167,940 |
Amortization | Quarterly |
Annual Effective rate | 1.64% |
Annual Nominal rate | 1.64% |
MUFG [Member] | 2021 [Member] | Other Guaranteed Obligations [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | MUFG |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 7,551 |
Nominal values More than 90 days to one year | 33,131 |
Nominal values More than one to three years | 91,435 |
Nominal values More than three to five years | 24,816 |
Total nominal value | 156,933 |
Accounting values Up to 90 days | 8,259 |
Accounting values More than 90 days to one year | 33,131 |
Accounting values More than one to three years | 91,255 |
Accounting values More than three to five years | 24,816 |
Total accounting value | $ 157,461 |
Amortization | Quarterly |
Annual Effective rate | 1.72% |
Annual Nominal rate | 1.72% |
WILMINGTON TRUST COMPANY [Member] | 2021 [Member] | Guaranteed Obligations [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | WILMINGTON TRUST COMPANY |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values More than 90 days to one year | $ 2,209 |
Nominal values More than one to three years | 24,703 |
Nominal values More than three to five years | 32,327 |
Nominal values More than five years | 85,119 |
Total nominal value | 144,358 |
Accounting values More than 90 days to one year | 2,209 |
Accounting values More than one to three years | 24,703 |
Accounting values More than three to five years | 32,327 |
Accounting values More than five years | 85,119 |
Total accounting value | $ 144,358 |
Amortization | Quarterly/Monthly |
Annual Effective rate | 3.17% |
Annual Nominal rate | 1.60% |
SWAP Received Aircraft [Member] | 2021 [Member] | Guaranteed Obligations [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [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] | 2021 [Member] | Other Guaranteed Obligations [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | CREDIT AGRICOLE |
Creditor country | France |
Currency | US$ |
Nominal values Up to 90 days | $ 273,199 |
Total nominal value | 273,199 |
Accounting values Up to 90 days | 274,403 |
Total accounting value | $ 274,403 |
Amortization | At Expiration |
Annual Effective rate | 1.82% |
Annual Nominal rate | 1.82% |
CREDIT AGRICOLE [Member] | 2021 [Member] | Financial Leases [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | CREDIT AGRICOLE |
Creditor country | France |
Currency | US$ |
Nominal values Up to 90 days | $ 682 |
Nominal values More than 90 days to one year | 1,370 |
Total nominal value | 2,052 |
Accounting values Up to 90 days | 694 |
Accounting values More than 90 days to one year | 1,370 |
Total accounting value | $ 2,064 |
Amortization | Quarterly |
Annual Effective rate | 3.68% |
Annual Nominal rate | 3.23% |
Bank of Utah [Member] | 2021 [Member] | Other Guaranteed Obligations [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | BANK OF UTAH |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values More than 90 days to one year | $ 1,644,876 |
Total nominal value | 1,644,876 |
Accounting values More than 90 days to one year | 1,630,390 |
Total accounting value | $ 1,630,390 |
Amortization | At Expiration |
Annual Effective rate | 22.71% |
Annual Nominal rate | 12.97% |
EXIM BANK [Member] | 2021 [Member] | Other Guaranteed Obligations [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | EXIM BANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values More than three to five years | $ 25,876 |
Nominal values More than five years | 37,014 |
Total nominal value | 62,890 |
Accounting values Up to 90 days | 183 |
Accounting values More than three to five years | 25,876 |
Accounting values More than five years | 37,014 |
Total accounting value | $ 63,073 |
Amortization | Quarterly |
Annual Effective rate | 1.84% |
Annual Nominal rate | 1.84% |
EXIM BANK [Member] | 2021 [Member] | Financial Leases [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | EXIM BANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values More than three to five years | $ 248,354 |
Nominal values More than five years | 284,773 |
Total nominal value | 533,127 |
Accounting values Up to 90 days | 1,771 |
Accounting values More than three to five years | 244,490 |
Accounting values More than five years | 280,341 |
Total accounting value | $ 526,602 |
Amortization | Quarterly |
Annual Effective rate | 2.88% |
Annual Nominal rate | 2.03% |
NATIXIS [Member] | 2021 [Member] | Financial Leases [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | NATIXIS |
Creditor country | France |
Currency | US$ |
Nominal values Up to 90 days | $ 1,335 |
Nominal values More than 90 days to one year | 15,612 |
Nominal values More than one to three years | 52,010 |
Nominal values More than three to five years | 54,443 |
Nominal values More than five years | 138,058 |
Total nominal value | 261,458 |
Accounting values Up to 90 days | 4,472 |
Accounting values More than 90 days to one year | 15,612 |
Accounting values More than one to three years | 51,647 |
Accounting values More than three to five years | 54,064 |
Accounting values More than five years | 137,430 |
Total accounting value | $ 263,225 |
Amortization | Quarterly |
Annual Effective rate | 2.09% |
Annual Nominal rate | 2.09% |
US BANK [Member] | 2021 [Member] | Financial Leases [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | US BANK |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 16,601 |
Nominal values More than 90 days to one year | 50,373 |
Nominal values More than one to three years | 135,201 |
Nominal values More than three to five years | 17,492 |
Total nominal value | 219,667 |
Accounting values Up to 90 days | 17,755 |
Accounting values More than 90 days to one year | 50,373 |
Accounting values More than one to three years | 127,721 |
Accounting values More than three to five years | 17,188 |
Total accounting value | $ 213,037 |
Amortization | Quarterly |
Annual Effective rate | 4.03% |
Annual Nominal rate | 2.84% |
PK AIRFINANCE [Member] | 2021 [Member] | Financial Leases [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | PK AIRFINANCE |
Creditor country | U.S.A. |
Currency | US$ |
Nominal values Up to 90 days | $ 800 |
Nominal values More than 90 days to one year | 3,842 |
Nominal values More than one to three years | 11,562 |
Nominal values More than three to five years | 647 |
Total nominal value | 16,851 |
Accounting values Up to 90 days | 903 |
Accounting values More than 90 days to one year | 3,842 |
Accounting values More than one to three years | 11,562 |
Accounting values More than three to five years | 647 |
Total accounting value | $ 16,954 |
Amortization | Quarterly |
Annual Effective rate | 1.88% |
Annual Nominal rate | 1.88% |
Various [Member] | 2021 [Member] | Other Loans [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Tax No. | 0-E |
Creditor | Various (**) |
Currency | US$ |
Nominal values Up to 90 days | $ 55,819 |
Total nominal value | 55,819 |
Accounting values Up to 90 days | 55,819 |
Total accounting value | $ 55,819 |
Amortization | At Expiration |
Total [Member] | Other Loans [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2021) [Line Items] | |
Creditor | Total |
Nominal values Up to 90 days | $ 644,488 |
Nominal values More than 90 days to one year | 2,607,073 |
Nominal values More than one to three years | 1,229,613 |
Nominal values More than three to five years | 1,276,816 |
Nominal values More than five years | 1,043,705 |
Total nominal value | 6,801,695 |
Accounting values Up to 90 days | 911,471 |
Accounting values More than 90 days to one year | 2,592,587 |
Accounting values More than one to three years | 1,218,261 |
Accounting values More than three to five years | 1,274,896 |
Accounting values More than five years | 1,049,380 |
Total accounting value | $ 7,046,595 |
OTHER FINANCIAL LIABILITIES (_6
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) [Line Items] | ||
Creditor | Total consolidated | |
Nominal values Up to 90 days | $ 927,043 | |
Nominal values More than 90 days to one year | 2,610,702 | |
Nominal values More than one to three years | 1,235,504 | |
Nominal values More than three to five years | 1,291,205 | |
Nominal values More than five years | 1,047,692 | |
Total nominal value | 7,112,146 | |
Accounting values Up to 90 days | 1,272,825 | |
Accounting values More than 90 days to one year | 2,596,215 | |
Accounting values More than one to three years | 1,224,152 | |
Accounting values More than three to five years | 1,289,285 | |
Accounting values More than five years | 1,053,367 | |
Total accounting value | $ 7,435,844 | |
Others Loans [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) [Line Items] | ||
Creditor | Total consolidated | |
Accounting values More than one to three years | $ 2,637,151 | |
Accounting values More than three to five years | $ 1,197,861 | |
Others Loans [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) [Line Items] | ||
Creditor | Total | |
Nominal values Up to 90 days | $ 282,555 | |
Nominal values More than 90 days to one year | 3,629 | |
Nominal values More than one to three years | 5,891 | |
Nominal values More than three to five years | 14,389 | |
Nominal values More than five years | 3,987 | |
Total nominal value | 310,451 | |
Accounting values Up to 90 days | 361,354 | |
Accounting values More than 90 days to one year | 3,628 | |
Accounting values More than one to three years | 5,891 | |
Accounting values More than three to five years | 14,389 | |
Accounting values More than five years | 3,987 | |
Total accounting value | $ 389,249 | |
NCM [Member] | Bank Loans [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) [Line Items] | ||
Tax No. | 0-E | |
Creditor | NCM | |
Creditor country | Netherlands | |
Currency | US$ | |
Nominal values Up to 90 days | $ 619 | |
Nominal values More than 90 days to one year | ||
Nominal values More than one to three years | 324 | |
Nominal values More than three to five years | ||
Nominal values More than five years | ||
Total nominal value | 943 | |
Accounting values Up to 90 days | 666 | |
Accounting values More than 90 days to one year | ||
Accounting values More than one to three years | 324 | |
Accounting values More than three to five years | ||
Accounting values More than five years | ||
Total accounting value | $ 990 | |
Amortization | Monthly | |
Effective rate % | 6.01% | |
Nominal rate % | 6.01% | |
BANCO BRADESCO [Member] | Bank Loans [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) [Line Items] | ||
Tax No. | 0-E | |
Creditor | BANCO BRADESCO | |
Creditor country | Brazil | |
Currency | BRL | |
Nominal values Up to 90 days | $ 74,661 | |
Nominal values More than 90 days to one year | ||
Nominal values More than one to three years | ||
Nominal values More than three to five years | ||
Nominal values More than five years | ||
Total nominal value | 74,661 | |
Accounting values Up to 90 days | 98,864 | |
Accounting values More than 90 days to one year | ||
Accounting values More than one to three years | ||
Accounting values More than three to five years | ||
Accounting values More than five years | ||
Total accounting value | $ 98,864 | |
Amortization | Monthly | |
Effective rate % | 4.33% | |
Nominal rate % | 4.33% | |
Merril Lynch Credit Products LLC [Member] | Bank Loans [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) [Line Items] | ||
Tax No. | 0-E | |
Creditor | Merril Lynch Credit Products LLC | |
Creditor country | U.S.A. | |
Currency | BRL | |
Nominal values Up to 90 days | $ 185,833 | |
Nominal values More than 90 days to one year | ||
Nominal values More than one to three years | ||
Nominal values More than three to five years | ||
Nominal values More than five years | ||
Total nominal value | 185,833 | |
Accounting values Up to 90 days | 240,089 | |
Accounting values More than 90 days to one year | ||
Accounting values More than one to three years | ||
Accounting values More than five years | ||
Total accounting value | $ 240,089 | |
Amortization | Monthly | |
Effective rate % | 3.95% | |
Nominal rate % | 3.95% | |
NATIXIS [Member] | Others Loans [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) [Line Items] | ||
Tax No. | 0-E | |
Creditor | NATIXIS | |
Creditor country | France | |
Currency | US$ | |
Nominal values Up to 90 days | $ 433 | |
Nominal values More than 90 days to one year | 2,482 | |
Nominal values More than one to three years | 2,872 | |
Nominal values More than three to five years | 11,539 | |
Nominal values More than five years | ||
Total nominal value | 17,326 | |
Accounting values Up to 90 days | 637 | |
Accounting values More than 90 days to one year | 2,481 | |
Accounting values More than one to three years | 2,872 | |
Accounting values More than three to five years | 11,539 | |
Accounting values More than five years | ||
Total accounting value | $ 17,529 | |
Amortization | Quarterly | |
Effective rate % | 2.74% | |
Nominal rate % | 2.74% | |
GA Telessis LLC [Member] | Others Loans [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) [Line Items] | ||
Tax No. | 0-E | |
Creditor | GA Telessis LLC | |
Creditor country | U.S.A. | |
Currency | US$ | |
Nominal values Up to 90 days | $ 320 | |
Nominal values More than 90 days to one year | 1,147 | |
Nominal values More than one to three years | 2,695 | |
Nominal values More than three to five years | 2,850 | |
Nominal values More than five years | 3,987 | |
Total nominal value | 10,999 | |
Accounting values Up to 90 days | 409 | |
Accounting values More than 90 days to one year | 1,147 | |
Accounting values More than one to three years | 2,695 | |
Accounting values More than three to five years | 2,850 | |
Accounting values More than five years | 3,987 | |
Total accounting value | $ 11,088 | |
Amortization | Monthly | |
Effective rate % | 14.72% | |
Nominal rate % | 14.72% | |
DEUTCHEBANK [Member] | Others Loans [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Brazil (2021) [Line Items] | ||
Tax No. | 0-E | |
Creditor | DEUTCHEBANK (*) | [1] |
Creditor country | Brazil | |
Currency | US$ | |
Nominal values Up to 90 days | $ 20,689 | |
Nominal values More than 90 days to one year | ||
Nominal values More than one to three years | ||
Nominal values More than three to five years | ||
Nominal values More than five years | ||
Total nominal value | 20,689 | |
Accounting values Up to 90 days | 20,689 | |
Accounting values More than 90 days to one year | ||
Accounting values More than one to three years | ||
Accounting values More than three to five years | ||
Accounting values More than five years | ||
Total accounting value | $ 20,689 | |
Amortization | At Expiration | |
Effective rate % | ||
Nominal rate % | ||
[1] | Obligation to creditors for executed letters of credit |
OTHER FINANCIAL LIABILITIES (_7
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | Total consolidated |
More than one to three years | $ 1,224,152 |
More than three to five years | $ 1,289,285 |
Financial lease [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | Total consolidated |
Up to 90 days | $ 1,272,463 |
More than 90 days to one year | 785,745 |
More than one to three years | 2,695,278 |
More than three to five years | 1,206,789 |
More than five years | 1,639,928 |
Total nominal value | 7,600,203 |
Up to 90 days | 1,454,155 |
More than 90 days to one year | 789,621 |
More than one to three years | 2,637,151 |
More than three to five years | 1,197,861 |
More than five years | 1,654,066 |
Total accounting value | $ 7,732,854 |
Chile [Member] | BBVA [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 97.032.000-8 |
Creditor | BBVA |
Creditor country | Chile |
Currency | US$ |
Up to 90 days | $ 74,000 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 74,000 |
Up to 90 days | 76,929 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 76,929 |
Amortization | At Expiration |
Effective rate % | 3.08 |
Nominal rate % | 3.08 |
Chile [Member] | ESTADO [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 97.030.000-7 |
Creditor | ESTADO |
Creditor country | Chile |
Currency | US$ |
Up to 90 days | $ 40,000 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 40,000 |
Up to 90 days | 41,542 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 41,542 |
Amortization | At Expiration |
Effective rate % | 3.49 |
Nominal rate % | 3.49 |
Chile [Member] | ITAU [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 76.645.030-K |
Creditor | ITAU |
Creditor country | Chile |
Currency | US$ |
Up to 90 days | $ 20,000 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 20,000 |
Up to 90 days | 20,685 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 20,685 |
Amortization | At Expiration |
Effective rate % | 4.20 |
Nominal rate % | 4.20 |
Chile [Member] | HSBC [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 97.951.000-4 |
Creditor | HSBC |
Creditor country | Chile |
Currency | US$ |
Up to 90 days | $ 12,000 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 12,000 |
Up to 90 days | 12,545 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 12,545 |
Amortization | At Expiration |
Effective rate % | 4.15 |
Nominal rate % | 4.15 |
Chile [Member] | CORPBANCA [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 97.023.000-9 |
Creditor | CORPBANCA |
Creditor country | Chile |
Currency | UF |
Up to 90 days | $ 11,255 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 11,255 |
Up to 90 days | 11,665 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 11,665 |
Amortization | Quarterly |
Effective rate % | 3.35 |
Nominal rate % | 3.35 |
Chile [Member] | BTG PACTUAL CHILE [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 76.362.099-9 |
Creditor | BTG PACTUAL CHILE |
Creditor country | Chile |
Currency | UF |
Up to 90 days | |
More than 90 days to one year | 67,868 |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 67,868 |
Up to 90 days | 1,985 |
More than 90 days to one year | 67,237 |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 69,222 |
Amortization | At Expiration |
Effective rate % | 3.10 |
Nominal rate % | 3.10 |
Chile [Member] | ESTADO One [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 97.030.000-7 |
Creditor | ESTADO |
Creditor country | Chile |
Currency | UF |
Up to 90 days | |
More than 90 days to one year | |
More than one to three years | 177,846 |
More than three to five years | |
More than five years | 382,267 |
Total nominal value | 560,113 |
Up to 90 days | 25,729 |
More than 90 days to one year | |
More than one to three years | 177,715 |
More than three to five years | |
More than five years | 395,652 |
Total accounting value | $ 599,096 |
Amortization | At Expiration |
Effective rate % | 4.81 |
Nominal rate % | 4.81 |
Chile [Member] | SWAP Received Aircraft [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | |
Creditor | SWAP Received aircraft |
Creditor country | |
Currency | US$ |
Up to 90 days | $ 10 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 10 |
Up to 90 days | 10 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 10 |
Amortization | Quarterly |
Effective rate % | |
Nominal rate % | |
Chile [Member] | SANTANDER One [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 97.036.000-K |
Creditor | SANTANDER |
Creditor country | Chile |
Currency | US$ |
Up to 90 days | $ 21,456 |
More than 90 days to one year | 17,626 |
More than one to three years | 26,165 |
More than three to five years | |
More than five years | |
Total nominal value | 65,247 |
Up to 90 days | 21,550 |
More than 90 days to one year | 17,626 |
More than one to three years | 25,840 |
More than three to five years | |
More than five years | |
Total accounting value | $ 65,016 |
Amortization | Quarterly |
Effective rate % | 1.30 |
Nominal rate % | 0.76 |
Chile [Member] | Total [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | Total |
Up to 90 days | $ 815,121 |
More than 90 days to one year | 783,680 |
More than one to three years | 2,639,812 |
More than three to five years | 1,204,017 |
More than five years | 1,634,498 |
Total nominal value | 7,077,128 |
Up to 90 days | 977,836 |
More than 90 days to one year | 787,522 |
More than one to three years | 2,581,577 |
More than three to five years | 1,195,089 |
More than five years | 1,648,424 |
Total accounting value | $ 7,190,448 |
Chile [Member] | Total One [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | Total |
Up to 90 days | $ 457,342 |
More than 90 days to one year | 2,065 |
More than one to three years | 55,466 |
More than three to five years | 2,772 |
More than five years | 5,430 |
Total nominal value | 523,075 |
Up to 90 days | 476,319 |
More than 90 days to one year | 2,099 |
More than one to three years | 55,574 |
More than three to five years | 2,772 |
More than five years | 5,642 |
Total accounting value | $ 542,406 |
Spain [Member] | SANTANDER [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | SANTANDER |
Creditor country | Spain |
Currency | US$ |
Up to 90 days | |
More than 90 days to one year | |
More than one to three years | 139,459 |
More than three to five years | |
More than five years | |
Total nominal value | 139,459 |
Up to 90 days | 3,300 |
More than 90 days to one year | |
More than one to three years | 139,459 |
More than three to five years | |
More than five years | |
Total accounting value | $ 142,759 |
Amortization | Quarterly |
Effective rate % | 2.80 |
Nominal rate % | 2.80 |
United States [Member] | BANK OF NEW YORK [Member | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | BANK OF NEW YORK |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | 700,000 |
More than five years | 800,000 |
Total nominal value | 1,500,000 |
Up to 90 days | 82,572 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | 698,450 |
More than five years | 803,289 |
Total accounting value | $ 1,584,311 |
Amortization | At Expiration |
Effective rate % | 7.16 |
Nominal rate % | 6.94 |
United States [Member] | BNP PARIBAS [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | BNP PARIBAS |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 31,039 |
More than 90 days to one year | 43,655 |
More than one to three years | 91,002 |
More than three to five years | 97,621 |
More than five years | 210,956 |
Total nominal value | 474,273 |
Up to 90 days | 40,931 |
More than 90 days to one year | 47,668 |
More than one to three years | 87,767 |
More than three to five years | 96,513 |
More than five years | 209,612 |
Total accounting value | $ 482,491 |
Amortization | Quarterly / Semiannual |
Effective rate % | 2.95 |
Nominal rate % | 2.95 |
United States [Member] | MUFG [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | MUFG |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 30,590 |
More than 90 days to one year | 24,080 |
More than one to three years | 67,730 |
More than three to five years | 72,881 |
More than five years | 187,132 |
Total nominal value | 382,413 |
Up to 90 days | 39,516 |
More than 90 days to one year | 24,080 |
More than one to three years | 67,014 |
More than three to five years | 72,494 |
More than five years | 186,283 |
Total accounting value | $ 389,387 |
Amortization | Quarterly |
Effective rate % | 2.88 |
Nominal rate % | 2.88 |
United States [Member] | SMBC [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | SMBC |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 130,000 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 130,000 |
Up to 90 days | 131,662 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 131,662 |
Amortization | At Expiration |
Effective rate % | 1.73 |
Nominal rate % | 1.73 |
United States [Member] | MUFG One [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | MUFG |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 82,498 |
More than 90 days to one year | 72,206 |
More than one to three years | 117,084 |
More than three to five years | 19,731 |
Total nominal value | 291,519 |
Up to 90 days | 88,880 |
More than 90 days to one year | 72,206 |
More than one to three years | 114,589 |
More than three to five years | 19,499 |
Total accounting value | $ 295,174 |
Amortization | Quarterly |
Effective rate % | 2.67 |
Nominal rate % | 2.67 |
United States [Member] | CITIBANK [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | |
More than 90 days to one year | |
More than one to three years | 600,000 |
More than three to five years | |
More than five years | |
Total nominal value | 600,000 |
Up to 90 days | 138 |
More than 90 days to one year | |
More than one to three years | 600,000 |
More than three to five years | |
More than five years | |
Total accounting value | $ 600,138 |
Amortization | At Expiration |
Effective rate % | 2.27 |
Nominal rate % | 2.27 |
United States [Member] | BANK OF UTAH [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | BANK OF UTAH |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | |
More than 90 days to one year | |
More than one to three years | 793,003 |
More than three to five years | |
More than five years | |
Total nominal value | 793,003 |
Up to 90 days | |
More than 90 days to one year | |
More than one to three years | 769,615 |
More than three to five years | |
More than five years | |
Total accounting value | $ 769,615 |
Amortization | At Expiration |
Effective rate % | 18.95 |
Nominal rate % | 12.26 |
United States [Member] | ING [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | ING |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 5,965 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 5,965 |
Up to 90 days | 6,017 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 6,017 |
Amortization | Quarterly |
Effective rate % | 5.71 |
Nominal rate % | 5.01 |
United States [Member] | CITIBANK One [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | CITIBANK |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 77,994 |
More than 90 days to one year | 58,993 |
More than one to three years | 113,186 |
More than three to five years | 43,778 |
More than five years | 18,841 |
Total nominal value | 312,792 |
Up to 90 days | 78,860 |
More than 90 days to one year | 58,993 |
More than one to three years | 109,086 |
More than three to five years | 42,558 |
More than five years | 18,619 |
Total accounting value | $ 308,116 |
Amortization | Quarterly |
Effective rate % | 2.58 |
Nominal rate % | 1.77 |
United States [Member] | PEFCO [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | PEFCO |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 1,926 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 1,926 |
Up to 90 days | 1,938 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 1,938 |
Amortization | Quarterly |
Effective rate % | 5.65 |
Nominal rate % | 5.03 |
United States [Member] | BNP PARIBAS One [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | BNP PARIBAS |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 14,834 |
More than 90 days to one year | 2,326 |
More than one to three years | 791 |
More than three to five years | |
More than five years | |
Total nominal value | 17,951 |
Up to 90 days | 14,909 |
More than 90 days to one year | 2,326 |
More than one to three years | 788 |
More than three to five years | |
More than five years | |
Total accounting value | $ 18,023 |
Amortization | Quarterly |
Effective rate % | 1.81 |
Nominal rate % | 1.41 |
United States [Member] | WELLS FARGO [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | WELLS FARGO |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 112,987 |
More than 90 days to one year | 99,975 |
More than one to three years | 230,416 |
More than three to five years | 98,028 |
More than five years | |
Total nominal value | 541,406 |
Up to 90 days | 114,994 |
More than 90 days to one year | 99,975 |
More than one to three years | 219,624 |
More than three to five years | 96,556 |
More than five years | |
Total accounting value | $ 531,149 |
Amortization | Quarterly |
Effective rate % | 2.43 |
Nominal rate % | 1.74 |
United States [Member] | APPLE BANK [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | APPLE BANK |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 4,538 |
More than 90 days to one year | 4,631 |
More than one to three years | 12,808 |
More than three to five years | 753 |
More than five years | |
Total nominal value | 22,730 |
Up to 90 days | 4,599 |
More than 90 days to one year | 4,632 |
More than one to three years | 12,608 |
More than three to five years | 752 |
More than five years | |
Total accounting value | $ 22,591 |
Amortization | Quarterly |
Effective rate % | 1.61 |
Nominal rate % | 1.01 |
United States [Member] | BTMU [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | BTMU |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 11,519 |
More than 90 days to one year | 9,385 |
More than one to three years | 25,937 |
More than three to five years | 768 |
More than five years | |
Total nominal value | 47,609 |
Up to 90 days | 11,595 |
More than 90 days to one year | 9,386 |
More than one to three years | 25,563 |
More than three to five years | 767 |
More than five years | |
Total accounting value | $ 47,311 |
Amortization | Quarterly |
Effective rate % | 1.63 |
Nominal rate % | 1.03 |
United States [Member] | US BANK [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | US BANK |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 58,512 |
More than 90 days to one year | 49,240 |
More than one to three years | 135,489 |
More than three to five years | 84,178 |
Total nominal value | 327,419 |
Up to 90 days | 60,094 |
More than 90 days to one year | 49,240 |
More than one to three years | 125,274 |
More than three to five years | 82,149 |
More than five years | |
Total accounting value | $ 316,757 |
Amortization | Quarterly |
Effective rate % | 4.00 |
Nominal rate % | 2.82 |
United States [Member] | PK AirFinance [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | PK AIRFINANCE |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 8,996 |
More than 90 days to one year | 9,062 |
More than one to three years | 1,464 |
More than three to five years | |
More than five years | |
Total nominal value | 19,522 |
Up to 90 days | 9,319 |
More than 90 days to one year | 9,009 |
More than one to three years | 1,435 |
More than three to five years | |
More than five years | |
Total accounting value | $ 19,763 |
Amortization | Monthly |
Effective rate % | 1.98 |
Nominal rate % | 1.98 |
United States [Member] | GA Telessis LLC [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | GA Telessis LLC |
Creditor country | U.S.A. |
Currency | US$ |
Up to 90 days | $ 486 |
More than 90 days to one year | 950 |
More than one to three years | 2,623 |
More than three to five years | 2,772 |
More than five years | 5,430 |
Total nominal value | 12,261 |
Up to 90 days | 486 |
More than 90 days to one year | 991 |
More than one to three years | 2,623 |
More than three to five years | 2,772 |
More than five years | 5,642 |
Total accounting value | $ 12,514 |
Amortization | Monthly |
Effective rate % | 14.72 |
Nominal rate % | 14.72 |
France [Member] | NATIXIS [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | NATIXIS |
Creditor country | France |
Currency | US$ |
Up to 90 days | $ 42,740 |
More than 90 days to one year | 34,150 |
More than one to three years | 77,693 |
More than three to five years | 81,244 |
More than five years | 35,302 |
Total nominal value | 271,129 |
Up to 90 days | 50,001 |
More than 90 days to one year | 34,150 |
More than one to three years | 75,808 |
More than three to five years | 80,316 |
More than five years | 34,969 |
Total accounting value | $ 275,244 |
Amortization | Quarterly |
Effective rate % | 3.11 |
Nominal rate % | 3.11 |
France [Member] | CREDIT AGRICOLE [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | CREDIT AGRICOLE |
Creditor country | France |
Currency | US$ |
Up to 90 days | |
More than 90 days to one year | 273,199 |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 273,199 |
Up to 90 days | 1,395 |
More than 90 days to one year | 272,794 |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 274,189 |
Amortization | At Expiration |
Effective rate % | 1.92 |
Nominal rate % | 1.92 |
France [Member] | CREDIT AGRICOLE One [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | CREDIT AGRICOLE |
Creditor country | France |
Currency | US$ |
Up to 90 days | $ 13,875 |
More than 90 days to one year | 2,034 |
More than one to three years | 2,052 |
More than three to five years | |
More than five years | |
Total nominal value | 17,961 |
Up to 90 days | 13,922 |
More than 90 days to one year | 2,034 |
More than one to three years | 2,052 |
More than three to five years | |
More than five years | |
Total accounting value | $ 18,008 |
Amortization | Quarterly |
Effective rate % | 1.99 |
Nominal rate % | 1.54 |
France [Member] | NATIXIS One [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | NATIXIS |
Creditor country | France |
Currency | US$ |
Up to 90 days | $ 30,253 |
More than 90 days to one year | |
More than one to three years | 51,007 |
More than three to five years | |
More than five years | |
Total nominal value | 81,260 |
Up to 90 days | 31,308 |
More than 90 days to one year | |
More than one to three years | 51,007 |
More than three to five years | |
More than five years | |
Total accounting value | $ 82,315 |
Amortization | Quarterly / Semiannual |
Effective rate % | 4.09 |
Nominal rate % | 4.09 |
England [Member] | INVESTEC [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | INVESTEC |
Creditor country | England |
Currency | US$ |
Up to 90 days | $ 6,329 |
More than 90 days to one year | 11,606 |
More than one to three years | 19,935 |
More than three to five years | |
More than five years | |
Total nominal value | 37,870 |
Up to 90 days | 7,952 |
More than 90 days to one year | 12,522 |
More than one to three years | 19,588 |
More than three to five years | |
More than five years | |
Total accounting value | $ 40,062 |
Amortization | Semiannual |
Effective rate % | 6.21 |
Nominal rate % | 6.21 |
England [Member] | RRP F ENGINE [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Tax No. | 0-E |
Creditor | RRPF ENGINE |
Creditor country | England |
Currency | US$ |
Up to 90 days | $ 2,058 |
More than 90 days to one year | 3,644 |
More than one to three years | 7,752 |
More than three to five years | 5,035 |
More than five years | |
Total nominal value | 18,489 |
Up to 90 days | 2,602 |
More than 90 days to one year | 3,644 |
More than one to three years | 7,752 |
More than three to five years | 5,035 |
More than five years | |
Total accounting value | $ 19,033 |
Amortization | Monthly |
Effective rate % | 4.01 |
Nominal rate % | 4.01 |
Netherlands [Member] | CREDIETVERZEKERING MAATSCHAPPIJ [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | CREDIETVERZEKERING MAATSCHAPPIJ |
Creditor country | Netherlands |
Currency | US$ |
Up to 90 days | $ 409 |
More than 90 days to one year | 318 |
More than one to three years | 216 |
More than three to five years | |
More than five years | |
Total nominal value | 943 |
Up to 90 days | 333 |
More than 90 days to one year | 311 |
More than one to three years | 324 |
More than three to five years | |
More than five years | |
Total accounting value | $ 968 |
Amortization | Monthly |
Effective rate % | 6.01 |
Nominal rate % | 6.01 |
Brazil [Member] | BANCO BRADESCO [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | BANCO BRADESCO |
Creditor country | Brazil |
Currency | BRL |
Up to 90 days | $ 80,175 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 80,175 |
Up to 90 days | 91,672 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 91,672 |
Amortization | Monthly |
Effective rate % | 4.34 |
Nominal rate % | 4.34 |
Brazil [Member] | BANCO DO BRASIL [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | BANCO DO BRASIL |
Creditor country | Brazil |
Currency | BRL |
Up to 90 days | $ 199,557 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 199,557 |
Up to 90 days | 208,987 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 208,987 |
Amortization | Monthly |
Effective rate % | 3.95 |
Nominal rate % | 3.95 |
Luxembourg [Member] | Wacapou Leasing S.A. [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | WACAPOU LEASING S.A. |
Creditor country | Luxembourg |
Currency | US$ |
Up to 90 days | $ 2,342 |
More than 90 days to one year | 797 |
More than one to three years | 1,620 |
More than three to five years | |
More than five years | |
Total nominal value | 4,759 |
Up to 90 days | 2,439 |
More than 90 days to one year | 797 |
More than one to three years | 1,620 |
More than three to five years | |
More than five years | |
Total accounting value | $ 4,856 |
Amortization | Quarterly |
Effective rate % | 2.00 |
Nominal rate % | 2.00 |
Italy [Member] | SOCIÉTÉ GÉNÉRALE MILAN BRANCH [Member] | 2020 [Member] | |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of interest-bearing loans due in installments Chile (2020) [Line Items] | |
Creditor | SOCIÉTÉ GÉNÉRALE MILAN BRANCH |
Creditor country | Italy |
Currency | US$ |
Up to 90 days | $ 144,120 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total nominal value | 144,120 |
Up to 90 days | 141,094 |
More than 90 days to one year | |
More than one to three years | |
More than three to five years | |
More than five years | |
Total accounting value | $ 141,094 |
Amortization | Quarterly |
Effective rate % | 3.07 |
Nominal rate % | 3.01 |
OTHER FINANCIAL LIABILITIES (_8
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Aircraft [member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | |||
Opening balance | $ 3,026,573 | $ 3,042,231 | $ 2,737,809 |
Changes | (142,912) | (15,658) | 304,422 |
Closing balance | 2,883,661 | 3,026,573 | 3,042,231 |
New contracts | 518,478 | 719,525 | |
Lease termination | (724,193) | (7,435) | |
Renegotiations | 101,486 | (35,049) | (41,535) |
Payments | (95,831) | (131,427) | (539,549) |
Accrued interest | 88,245 | 158,253 | 165,981 |
Exchange differences | |||
Cumulative translation adjustment | |||
Other increases (decreases) | (31,097) | ||
Others [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | |||
Opening balance | 94,433 | 129,926 | 120,240 |
Changes | (17,456) | (35,493) | 9,686 |
Closing balance | 76,977 | 94,433 | 129,926 |
New contracts | 875 | 543 | 23,878 |
Lease termination | (5,300) | (285) | |
Renegotiations | 5,717 | 4,919 | 12,208 |
Payments | (24,192) | (36,689) | (37,391) |
Accrued interest | 8,334 | 9,348 | 11,968 |
Exchange differences | 3,356 | (7,967) | 1,614 |
Cumulative translation adjustment | (2,332) | (38) | (467) |
Other increases (decreases) | (3,914) | (5,324) | (2,124) |
Lease Liability total [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of movement of lease liabilities [Line Items] | |||
Opening balance | 3,121,006 | 3,172,157 | 2,858,049 |
Changes | (160,368) | (51,151) | 314,108 |
Closing balance | 2,960,638 | 3,121,006 | 3,172,157 |
New contracts | 519,353 | 543 | 743,403 |
Lease termination | (729,493) | (7,720) | |
Renegotiations | 107,203 | (30,130) | (29,327) |
Payments | (120,023) | (168,116) | (576,940) |
Accrued interest | 96,579 | 167,601 | 177,949 |
Exchange differences | 3,356 | (7,967) | 1,614 |
Cumulative translation adjustment | (2,332) | (38) | (467) |
Other increases (decreases) | $ (35,011) | $ (5,324) | $ (2,124) |
OTHER FINANCIAL LIABILITIES (_9
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | $ 2,734 | $ 2,734 |
Non- current liabilities | ||
Total hedge derivatives | 2,734 | 2,734 |
Foreign Forward Instrument [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedge derivatives [Line Items] | ||
Current liabilities | 2,734 | 2,734 |
Non- current liabilities | ||
Total hedge derivatives | $ 2,734 | $ 2,734 |
OTHER FINANCIAL LIABILITIES _10
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Foreign Currency Not Registered Coverage [Member] | ||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of derivatives of non coverage [Line Items] | ||
Current liabilities | $ 2,937 | $ 2,937 |
Non-current liabilities | ||
Total derivatives of no coverage | 2,937 | 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 | 2,937 |
Non-current liabilities | ||
Total derivatives of no coverage | $ 2,937 | $ 2,937 |
OTHER FINANCIAL LIABILITIES _11
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest rate swaps [Member] | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments [Line Items] | |||
Fair values of net assets/ (liabilities) | [1] | $ (2,734) | $ (2,734) |
Currency options CLP/US$ | |||
OTHER FINANCIAL LIABILITIES (Details) - Schedule of hedging instruments [Line Items] | |||
Fair values of net assets/ (liabilities) | $ 17,641 | $ 1,296 | |
[1] | Hedge significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. |
OTHER FINANCIAL LIABILITIES _12
OTHER FINANCIAL LIABILITIES (Details) - Schedule of comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of comprehensive income [Abstract] | |||
Debit (credit) recognized in comprehensive income during the period | $ 38,870 | $ (105,776) | $ 95,954 |
Debit (credit) transferred from net equity to income during the period | $ 16,641 | $ (13,016) | $ (30,074) |
TRADE AND OTHER ACCOUNTS PAYA_3
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of composition of trade and other accounts payables - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current | ||
Trade and other accounts payables | $ 1,966,633 | $ 1,757,799 |
Accrued liabilities | 2,893,520 | 564,326 |
Total trade and other accounts payables | $ 4,860,153 | $ 2,322,125 |
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, 2021 | Dec. 31, 2020 |
Schedule of current trade and other accounts payables [Abstract] | ||
Trade creditors | $ 1,460,832 | $ 1,281,432 |
Other accounts payable | 505,801 | 476,367 |
Total | $ 1,966,633 | $ 1,757,799 |
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, 2021 | Dec. 31, 2020 |
Schedule of composition of current trade and other accounts payable [Abstract] | ||
Maintenance | $ 375,144 | $ 116,103 |
Suppliers technical purchases | 328,811 | 281,452 |
Handling and ground handling | 176,142 | 137,626 |
Boarding Fees | 171,128 | 181,049 |
Leases, maintenance and IT services | 143,586 | 110,472 |
Professional services and advisory | 129,682 | 146,753 |
Airport charges and overflight | 104,241 | 142,709 |
Other personnel expenses | 90,410 | 105,696 |
Aircraft Fuel | 77,171 | 143,119 |
Services on board | 56,072 | 58,099 |
Marketing | 49,865 | 53,419 |
Air companies | 32,152 | 27,668 |
Crew | 12,007 | 16,541 |
Achievement of goals | 11,144 | 6,622 |
Jol Fleet | 9,891 | 7,840 |
Land services | 6,553 | 10,466 |
Others | 192,634 | 212,165 |
Total trade and other accounts payables | $ 1,966,633 | $ 1,757,799 |
TRADE AND OTHER ACCOUNTS PAYA_6
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - Schedule of composition of accrued liabilities - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of composition of accrued liabilities [Abstract] | |||
Aircraft and engine maintenance | [1] | $ 1,166,181 | $ 460,082 |
Accrued personnel expenses | 59,327 | 72,696 | |
Accounts payable to personnel | [2] | 58,153 | 2,186 |
Other settled claims | [3] | 1,575,005 | |
Others accrued liabilities | [4] | 34,854 | 29,362 |
Total accrued liabilities | $ 2,893,520 | $ 564,326 | |
[1] | In addition to the account payable for maintenance in the normal course of operations, this amount includes some claims agreed with aircraft lessors, related to maintenance. | ||
[2] | Profits and bonus participation (Note 23 letter b). | ||
[3] | This amount includes some agreed fleet claims, associated with the negotiations resulting from the Chapter 11 Proceedings. | ||
[4] | See Note 22. |
OTHER PROVISIONS (Details)
OTHER PROVISIONS (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)shares | |
OTHER PROVISIONS (Details) [Line Items] | |
Tax credit suspend amount (in Dollars) | $ | $ 65 |
Legal claim, percentage | 2.50% |
Infringement of European Union Regulations [Member] | |
OTHER PROVISIONS (Details) [Line Items] | |
Total euros (in Shares) | shares | 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] | |
Probability of loss, percentage | 50.00% |
OTHER PROVISIONS (Details) - Sc
OTHER PROVISIONS (Details) - Schedule of other provisions - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Provision for contingencies (1) | |||||||
Current liabilities | [1] | $ 27,872 | $ 23,774 | ||||
Non-current liabilities | [1] | 712,581 | 588,359 | ||||
Total Liabilities | 740,453 | [1] | 612,133 | [1] | $ 291,609 | $ 308,289 | |
Tax contingencies [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [2] | 24,330 | 21,188 | ||||
Non-current liabilities | [2] | 490,217 | 364,342 | ||||
Total Liabilities | [2] | 514,547 | 385,530 | ||||
Civil contingencies [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [2] | 3,154 | 2,266 | ||||
Non-current liabilities | [2] | 92,955 | 103,984 | ||||
Total Liabilities | [2] | 96,109 | 106,250 | ||||
Labor contingencies [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [2] | 388 | 320 | ||||
Non-current liabilities | [2] | 98,254 | 48,115 | ||||
Total Liabilities | [2] | 98,642 | 48,435 | ||||
Others [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [2] | ||||||
Non-current liabilities | [2] | 21,855 | 17,821 | ||||
Total Liabilities | [2] | 21,855 | 17,821 | ||||
Commission investigation [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [3] | ||||||
Non-current liabilities | [3] | 9,300 | 10,097 | ||||
Total Liabilities | [4] | 9,300 | [3] | 10,097 | [3] | $ 9,217 | $ 9,403 |
Provisions for onerous contracts [Member] | |||||||
Provision for contingencies (1) | |||||||
Current liabilities | [5] | ||||||
Non-current liabilities | [5] | 44,000 | |||||
Total Liabilities | [5] | $ 44,000 | |||||
[1] | Total other provision as of December 31, 2021, and December 31, 2020, 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | $ 612,133 | [1] | $ 291,609 | $ 308,289 | ||
Increase in provisions | 403,229 | 452,078 | 134,847 | |||
Provision used | (84,497) | (47,238) | (82,212) | |||
Difference by subsidiaries conversion | (25,531) | (58,654) | (10,764) | |||
Reversal of provision | (163,029) | (25,563) | (58,063) | |||
Exchange difference | (1,852) | (99) | (488) | |||
Closing balance | 740,453 | [1] | 612,133 | [1] | 291,609 | |
Legal claims [Member] | ||||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | [2] | 558,036 | 282,392 | 298,886 | ||
Increase in provisions | [2] | 403,229 | 408,078 | 134,847 | ||
Provision used | [2] | (84,497) | (47,238) | (82,212) | ||
Difference by subsidiaries conversion | [2] | (25,531) | (58,654) | (10,764) | ||
Reversal of provision | [2] | (119,029) | (25,563) | (58,063) | ||
Exchange difference | [2] | (1,055) | (979) | (302) | ||
Closing balance | [2] | 731,153 | 558,036 | 282,392 | ||
European Commission Investigation [Member] | ||||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | [3] | 10,097 | [4] | 9,217 | 9,403 | |
Increase in provisions | [3] | |||||
Provision used | [3] | |||||
Difference by subsidiaries conversion | [3] | |||||
Reversal of provision | [3] | |||||
Exchange difference | [3] | (797) | 880 | (186) | ||
Closing balance | [3] | 9,300 | [4] | 10,097 | [4] | 9,217 |
Onerous Contracts [Member] | ||||||
OTHER PROVISIONS (Details) - Schedule of movement of provisions [Line Items] | ||||||
Opening balance | 44,000 | |||||
Increase in provisions | 44,000 | |||||
Provision used | ||||||
Difference by subsidiaries conversion | ||||||
Reversal of provision | (44,000) | |||||
Exchange difference | ||||||
Closing balance | $ 44,000 | |||||
[1] | Total other provision as of December 31, 2021, and December 31, 2020, 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 MUS$ 65, 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, 2021 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) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure Of Non Financial Other Liabilities Explanatory [Abstract] | |
Accrued committed compensation | $ 58,509 |
Compensation deferred income | 118,188 |
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, 2021 | Dec. 31, 2020 | |
Deferred revenues [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | [1],[2] | $ 2,273,137 | $ 2,036,880 |
Non-current liabilities | [1],[2] | 512,056 | 702,008 |
Total Liabilities | [1],[2] | 2,785,193 | 2,738,888 |
Sales tax [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 3,870 | 7,609 | |
Non-current liabilities | |||
Total Liabilities | 3,870 | 7,609 | |
Retentions [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 31,509 | 27,853 | |
Non-current liabilities | |||
Total Liabilities | 31,509 | 27,853 | |
Others taxes [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 4,916 | 3,931 | |
Non-current liabilities | |||
Total Liabilities | 4,916 | 3,931 | |
Dividends payable [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | |||
Non-current liabilities | |||
Total Liabilities | |||
Other sundry liabilities [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 19,144 | 12,518 | |
Non-current liabilities | |||
Total Liabilities | 19,144 | 12,518 | |
Total other non-financial liabilities [Member] | |||
OTHER NON-FINANCIAL LIABILITIES (Details) - Schedule of composition of non financial liabilities [Line Items] | |||
Current liabilities | 2,332,576 | 2,088,791 | |
Non-current liabilities | 512,056 | 702,008 | |
Total Liabilities | $ 2,844,632 | $ 2,790,799 | |
[1] | As of December 31, 2021, Deferred Income includes ThUS $ 58,509 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 $ 118,188 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, 2021 and December 31, 2020; 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. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule of movement of other-non financial liabilities [Abstract] | ||||
Initial balance | $ 2,738,888 | $ 3,540,466 | $ 2,974,760 | |
Recognition | [1] | 4,221,168 | 1,970,203 | 8,264,970 |
Use | (4,053,345) | (2,554,476) | (7,703,011) | |
Loyalty program (Award and redeem) | (12,091) | (137,176) | 124,548 | |
Expiration of tickets | (114,227) | (72,670) | (156,435) | |
Adjustment application IAS 29, Argentina hyperinflation | (3,485) | 2,232 | ||
Others provisions | 4,800 | (3,974) | 33,402 | |
Final balance | $ 2,785,193 | $ 2,738,888 | $ 3,540,466 | |
[1] | The balance includes mainly, deferred income for services not provided as of December 31, 2021 and December 31, 2020; 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. |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | Dec. 31, 2020 |
Schedule of defined benefit plans [Abstract] | ||
Retirements payments | $ 35,075 | $ 51,007 |
Resignation payments | 5,817 | 8,230 |
Other obligations | 15,341 | 14,879 |
Total liability for employee benefits | $ 56,233 | $ 74,116 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of movement in retirements and resignation payments and other obligations [Abstract] | |||
Opening balance | $ 74,116 | $ 93,570 | $ 82,365 |
Increase (decrease) current service provision | (11,391) | (18,759) | 11,242 |
Benefits paid | (5,136) | (8,634) | (4,390) |
Actuarial (gains) losses | 10,018 | 3,968 | 10,636 |
Currency translation | (11,374) | 3,971 | (6,283) |
Closing balance | $ 56,233 | $ 74,116 | $ 93,570 |
EMPLOYEE BENEFITS (Details) -_3
EMPLOYEE BENEFITS (Details) - Schedule of principal assumptions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of principal assumptions [Abstract] | ||
Discount rate | 5.81% | 2.67% |
Expected rate of salary increase | 3.00% | 2.80% |
Rate of turnover | 5.14% | 5.56% |
Mortality rate | RV-2014 | RV-2014 |
Inflation rate | 3.40% | 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, 2021 | Dec. 31, 2020 |
Discount rate | ||
Change in the accrued liability an closing for increase in 100 p.b. | $ (2,642) | $ (4,576) |
Change in the accrued liability an closing for decrease of 100 p.b. | 2,959 | 5,244 |
Rate of wage growth | ||
Change in the accrued liability an closing for increase in 100 p.b. | 2,849 | 4,946 |
Change in the accrued liability an closing for decrease of 100 p.b. | $ (2,613) | $ (4,678) |
EMPLOYEE BENEFITS (Details) -_5
EMPLOYEE BENEFITS (Details) - Schedule of liability for short-term - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule of liability for short-term [Abstract] | |||
Profit-sharing and bonuses | [1] | $ 58,153 | $ 2,186 |
[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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of employment expenses [Abstract] | |||
Salaries and wages | $ 825,792 | $ 850,557 | $ 1,478,804 |
Short-term employee benefits | 122,650 | 41,259 | 147,576 |
Other personnel expenses | 93,457 | 70,244 | 168,382 |
Total | $ 1,041,899 | $ 962,060 | $ 1,794,762 |
ACCOUNTS PAYABLE, NON-CURRENT_2
ACCOUNTS PAYABLE, NON-CURRENT (Details) - Schedule of accounts payable, non-current - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of accounts payable, non-current [Abstract] | ||
Aircraft and engine maintenance | $ 276,816 | $ 392,347 |
Fleet (JOL) | 124,387 | 208,037 |
Airport and Overflight Taxes | 26,321 | |
Provision for vacations and bonuses | 14,545 | 15,036 |
Other sundry liabilities | 30,357 | 36,180 |
Total accounts payable, non-current | $ 472,426 | $ 651,600 |
EQUITY (Details)
EQUITY (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
EQUITY (Details) [Line Items] | ||
Value of shares subscribed and paid capital | $ (178) | |
Transactions with non-controlling interest | (10,356) | $ (6,672) |
Loss due to acquisition on minority interest | (184,135) | |
Acquisition of minority interest amount | (3,225) | |
Mercosur amount | (3,383) | |
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) | |
Inversiones Lan S.A. and Subsidiaries [Member] | Aerovias de Integracion Regional Aires [Member] | ||
EQUITY (Details) [Line Items] | ||
Transactions with non-controlling interest | (20) | |
Aerovias de Integracion Regional Aires [Member] | ||
EQUITY (Details) [Line Items] | ||
Transactions with non-controlling interest | (2) | |
Aerovias de Integracion Regional Aires [Member] | Lan S.A. [Member] | ||
EQUITY (Details) [Line Items] | ||
Transactions with non-controlling interest | (885) | |
Holdco Ecuador [Member] | Lan Pax Group S.A. and Subsidiaries [Member] | ||
EQUITY (Details) [Line Items] | ||
Transactions with non-controlling interest | (21,526) | |
Common Stock [Member] | ||
EQUITY (Details) [Line Items] | ||
Value of shares subscribed and paid capital | $ 3,146,265 | $ 3,146,265 |
Number of shares subscribed and paid capital (in Shares) | 606,407,693 | 606,407,693 |
EQUITY (Details) - Schedule of
EQUITY (Details) - Schedule of movement of fully paid shares - shares | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
N° 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] | [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] | [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_2
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EQUITY (Details) - Schedule of movement of reserves of share-based payments [Line Items] | |||
Balance | $ 37,235 | $ 36,289 | $ 37,874 |
Stock option plan | 946 | (1,585) | |
Balance | $ 37,235 | $ 37,235 | $ 36,289 |
EQUITY (Details) - Schedule o_3
EQUITY (Details) - Schedule of balance of other sundry reserves - Other Sundry Reserves [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EQUITY (Details) - Schedule of balance of other sundry reserves [Line Items] | |||
Opening balance | $ 2,452,019 | $ 2,452,469 | $ 2,638,916 |
Transactions with non-controlling interest | (3,383) | (3,125) | (184,135) |
Legal reserves | (538) | 2,675 | (2,312) |
Closing balance | $ 2,448,098 | $ 2,452,019 | $ 2,452,469 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
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] | (216,656) | (213,273) | (210,048) |
Others | (3,558) | (3,020) | (5,795) | |
Total | $ 2,448,098 | $ 2,452,019 | $ 2,452,469 | |
[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) and acquisition of the minority stake in LAN Argentina S.A. and Inversora Cordillera through Transportes Aéreos del Mercosur S.A. for an amount of ThUS $ (3,383). |
EQUITY (Details) - Schedule o_5
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | $ (3,877,439) | $ (2,856,335) | $ (2,681,155) |
Change in fair value of hedging instrument recognized in OCI | 15,910 | (105,776) | 95,954 |
Reclassified from OCI to profit or loss | (10,132) | (13,016) | (30,074) |
Deferred tax | (58) | 959 | 345 |
Actuarial reserves by employee benefit plans | 10,017 | (3,968) | (10,635) |
Deferred tax actuarial IAS by employee benefit plans | (2,782) | 923 | 2,873 |
Translation difference subsidiaries | 17,622 | (900,226) | (233,643) |
Closing balance | (3,846,862) | (3,877,439) | (2,856,335) |
Increase (decrease) due to application of new accounting standards | |||
Currency Translation Reserve [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (3,790,513) | (2,890,287) | (2,656,644) |
Change in fair value of hedging instrument recognized 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 | 18,354 | (900,226) | (233,643) |
Closing balance | (3,772,159) | (3,790,513) | (2,890,287) |
Increase (decrease) due to application of new accounting standards | |||
Cash Flow Hedging Reserve [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (60,561) | 56,892 | (9,333) |
Change in fair value of hedging instrument recognized in OCI | 39,602 | (105,776) | 95,954 |
Reclassified from OCI to profit or loss | (16,641) | (13,016) | (30,074) |
Deferred tax | (58) | 959 | 345 |
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Translation difference subsidiaries | (732) | ||
Closing balance | (38,390) | (60,941) | 56,892 |
Increase (decrease) due to application of new accounting standards | 380 | ||
Gains (Losses) on Change on Value of Time Value of Options [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (380) | ||
Change in fair value of hedging instrument recognized in OCI | (23,692) | ||
Reclassified from OCI to profit or loss | 6,509 | ||
Deferred tax | |||
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Translation difference subsidiaries | |||
Closing balance | (17,563) | ||
Increase (decrease) due to application of new accounting standards | (380) | ||
Actuarial Gain or Loss on Defined Benefit Plans Reserve [Member] | |||
EQUITY (Details) - Schedule of movement of reserves with effect in other comprehensive income [Line Items] | |||
Beginning balance | (25,985) | (22,940) | (15,178) |
Change in fair value of hedging instrument recognized in OCI | |||
Reclassified from OCI to profit or loss | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | 10,017 | (3,968) | (10,635) |
Deferred tax actuarial IAS by employee benefit plans | (2,782) | 923 | 2,873 |
Translation difference subsidiaries | |||
Closing balance | (18,750) | $ (25,985) | $ (22,940) |
Increase (decrease) due to application of new accounting standards |
EQUITY (Details) - Schedule o_6
EQUITY (Details) - Schedule of movement of retained earnings - Retained earnings [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EQUITY (Details) - Schedule of movement of retained earnings [Line Items] | |||
Opening balance | $ (4,193,615) | $ 352,272 | $ 218,971 |
Result for the year | (4,647,491) | (4,545,887) | 190,430 |
Dividends | (57,129) | ||
Closing balance | $ (8,841,106) | $ (4,193,615) | $ 352,272 |
REVENUE (Details) - Schedule of
REVENUE (Details) - Schedule of detail of revenues - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | $ 4,884,015 | $ 3,923,667 | $ 10,070,063 |
Passengers [Member] | |||
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | 3,342,381 | 2,713,774 | 9,005,629 |
Cargo [Member] | |||
REVENUE (Details) - Schedule of detail of revenues [Line Items] | |||
Revenue | $ 1,541,634 | $ 1,209,893 | $ 1,064,434 |
COSTS AND EXPENSES BY NATURE (D
COSTS AND EXPENSES BY NATURE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COSTS AND EXPENSES BY NATURE (Details) | |||
Maintenance cost amount | $ 351,701 | $ 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule of operating costs and administrative expenses [Abstract] | ||||
Aircraft fuel | $ 1,487,776 | $ 1,045,343 | $ 2,929,008 | |
Other rentals and landing fees | [1] | 755,188 | 720,005 | 1,275,859 |
Aircraft rentals | [2] | 120,630 | ||
Aircraft maintenance | 533,738 | 472,382 | 444,611 | |
Commissions | 89,208 | 91,910 | 221,884 | |
Passenger services | 77,363 | 97,688 | 261,330 | |
Other operating expenses | 959,427 | 1,221,183 | 1,291,895 | |
Total | $ 4,023,330 | $ 3,648,511 | $ 6,424,587 | |
[1] | Lease expenses are included within this amount (See Note 2.21) | |||
[2] | During 2021, the Company amended its Aircraft Lease Contracts which included lease payment based on Power by the Hour (PBH) at the beginning of the contract and then switches to fixed-rent payments. A right of use asset and a lease liability was recognized as result of those amendments at the date of modification of the contract, even if they initially have a variable payment period. As a result of the application of the lease accounting policy, the right of use assets continues to be amortized on a straight-line basis over the term of the lease from the contract modification date. The expenses for the year include both: the lease expense for variable payments (Aircraft Rentals) as well as the expenses resulting from the amortization of the right of use assets from the beginning of the contract (included in the Depreciation line b) below) and interest from the lease liability (included in Lease Liabilities c) below). |
COSTS AND EXPENSES BY NATURE _3
COSTS AND EXPENSES BY NATURE (Details) - Schedule of payments for leases of low-value assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of payments for leases of low-value assets [Abstract] | |||
Payments for leases of low-value assets | $ 19,793 | $ 21,178 | $ 31,982 |
Rent concessions recognized directly in profit or loss | (110) | ||
Total | $ 19,793 | $ 21,068 | $ 31,982 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule of depreciation and amortisation expense [Abstract] | ||||
Depreciation | [1] | $ 1,114,232 | $ 1,219,586 | $ 1,389,465 |
Amortization | 51,162 | 169,800 | 80,511 | |
Total | $ 1,165,394 | $ 1,389,386 | $ 1,469,976 | |
[1] | Included within this amount is the depreciation of the Properties, plants and equipment (See Note 17 (a)) and the maintenance of the aircraft recognized as assets by right of use. The maintenance cost amount included in the depreciation line for the year ended December 31, 2021 is ThUS $ 351,701, ThUS $ 276,908 for year 2020 and ThUS $ 445,680 for the same year 2019. |
COSTS AND EXPENSES BY NATURE _5
COSTS AND EXPENSES BY NATURE (Details) - Schedule of finance costs - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of finance costs [Abstract] | |||
Bank loan interest | $ 580,193 | $ 314,468 | $ 325,650 |
Financial leases | 46,679 | 45,245 | 61,980 |
Lease liabilities | 121,147 | 170,918 | 181,814 |
Other financial instruments | 57,525 | 56,348 | 20,490 |
Total | $ 805,544 | $ 586,979 | $ 589,934 |
COSTS AND EXPENSES BY NATURE _6
COSTS AND EXPENSES BY NATURE (Details) - Schedule of restructuring activities expenses - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of restructuring activities expenses [Abstract] | ||||
Fair value adjustment of fleet available for sale | $ 73,595 | $ 331,522 | ||
Rejection of aircraft lease contract | 1,564,973 | 269,467 | ||
Rejection of IT contracts | 26,368 | |||
Employee restructuring plan | [1] | 46,938 | 290,831 | |
Legal advice | 91,870 | 76,541 | ||
Renegotiation of fleet contracts | 516,559 | |||
Others | 16,879 | 21,648 | ||
Total | $ 2,337,182 | $ 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of other (gains) losses [Abstract] | |||
Fuel hedging | $ 82,487 | ||
Slot Write Off | 36,896 | ||
Provision for onerous contract related to purchase commitment | (44,000) | 44,000 | |
Goodwill Impairment | 1,728,975 | ||
Other | 13,326 | (17,569) | (11,525) |
Total | $ (30,674) | $ 1,874,789 | $ (11,525) |
OTHER INCOME, BY FUNCTION (Deta
OTHER INCOME, BY FUNCTION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other operating income [text block] [Abstract] | ||
Delta airlines compensation | $ 118,188 | $ 132,467 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule of other income by function [Abstract] | ||||
Coalition and loyalty program Multiplus | $ 36,172 | |||
Tours | 11,209 | 22,499 | 96,997 | |
Aircraft leasing | 6,852 | 46,045 | 102,704 | |
Customs and warehousing | 27,089 | 25,138 | 29,353 | |
Duty free | 543 | |||
Maintenance | 15,602 | 18,579 | 10,471 | |
Income from non-airlines products Latam Pass | 40,481 | 42,913 | 42,791 | |
Other miscellaneous income | [1] | 126,098 | 255,828 | 41,833 |
Total | $ 227,331 | $ 411,002 | $ 360,864 | |
[1] | Included within this amount is ThUS$118,188 of 2021 and ThUS$132,467 of 2020 corresponding to the compensation of Delta Air Lines Inc for the JBA signed in 2019. |
FOREIGN CURRENCY AND EXCHANGE_3
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Argentine peso | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | $ 102.75 | $ 84.14 | $ 59.83 | $ 37.74 |
Brazilian real | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 5.57 | 5.18 | 4.01 | 3.87 |
Chilean peso | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 844.69 | 710.95 | 748.74 | 694.77 |
Colombian peso | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 4,002.52 | 3,421 | 3,271.55 | 3,239.45 |
Euro | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 0.88 | 0.81 | 0.89 | 0.87 |
Australian dollar | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 1.38 | 1.3 | 1.43 | 1.42 |
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) | 20.53 | 19.93 | 18.89 | 19.68 |
New Zealand dollar | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 1.46 | 1.39 | 1.49 | 1.49 |
Peruvian Sol | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | 3.98 | 3.62 | 3.31 | 3.37 |
Uruguayan peso | ||||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of exchange differences [Line Items] | ||||
Exchange rate (in dollars per share) | $ 44.43 | $ 42.14 | $ 37.24 | $ 32.38 |
FOREIGN CURRENCY AND EXCHANGE_4
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | $ 262,886 | $ 483,303 |
Other financial assets, current | 12,728 | 12,981 |
Other non - financial assets, current | 34,613 | 42,973 |
Trade and other accounts receivable, current | 156,824 | 177,491 |
Accounts receivable from related entities, current | 502 | 430 |
Tax current assets | 8,674 | 11,050 |
Total current assets | 476,227 | 728,228 |
Other financial assets, non-current | 10,700 | 9,486 |
Other non - financial assets, non-current | 12,197 | 36,251 |
Accounts receivable, non-current | 3,985 | 4,984 |
Deferred tax assets | 6,720 | 2,228 |
Total non-current assets | 33,602 | 52,949 |
Argentine peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 6,440 | 16,885 |
Other financial assets, current | 4 | 311 |
Other non - financial assets, current | 5,715 | 11,058 |
Trade and other accounts receivable, current | 6,850 | 1,881 |
Tax current assets | 322 | 389 |
Total current assets | 19,331 | 30,524 |
Other non - financial assets, non-current | 32 | 39 |
Total non-current assets | 32 | 39 |
Brazilian real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 9,073 | 13,157 |
Other financial assets, current | 4 | 4 |
Other non - financial assets, current | 1,488 | 2,985 |
Trade and other accounts receivable, current | 53 | 841 |
Tax current assets | 47 | 887 |
Total current assets | 10,665 | 17,874 |
Other financial assets, non-current | 3,326 | 3,574 |
Other non - financial assets, non-current | 6,924 | 12,974 |
Total non-current assets | 10,250 | 16,548 |
Chilean peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 9,759 | 32,368 |
Other financial assets, current | 4,440 | 3,987 |
Other non - financial assets, current | 20,074 | 15,913 |
Trade and other accounts receivable, current | 47,392 | 38,340 |
Accounts receivable from related entities, current | 19 | 9 |
Tax current assets | 681 | 1,003 |
Total current assets | 82,365 | 91,620 |
Other financial assets, non-current | 62 | 69 |
Accounts receivable, non-current | 3,985 | 4,984 |
Total non-current assets | 4,047 | 5,053 |
Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 4,745 | 2,168 |
Other financial assets, current | 111 | 132 |
Other non - financial assets, current | 121 | 175 |
Trade and other accounts receivable, current | 455 | 209 |
Tax current assets | 1,618 | 675 |
Total current assets | 7,050 | 3,359 |
Other financial assets, non-current | 231 | 284 |
Deferred tax assets | 4,717 | 221 |
Total non-current assets | 4,948 | 505 |
Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 7,099 | 10,361 |
Other financial assets, current | 1,720 | 1,867 |
Other non - financial assets, current | 1,936 | 2,667 |
Trade and other accounts receivable, current | 24,143 | 24,370 |
Tax current assets | 70 | 235 |
Total current assets | 34,968 | 39,500 |
Other financial assets, non-current | 2,384 | 1,369 |
Total non-current assets | 2,384 | 1,369 |
U.S. dollar | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 195,264 | 369,455 |
Other financial assets, current | 5,242 | 5,639 |
Other non - financial assets, current | 1,106 | 2,351 |
Trade and other accounts receivable, current | 56,676 | 98,385 |
Accounts receivable from related entities, current | 483 | 421 |
Tax current assets | 406 | 354 |
Total current assets | 259,177 | 476,605 |
Other financial assets, non-current | 2,524 | 2,490 |
Other non - financial assets, non-current | 5,241 | 3,732 |
Deferred tax assets | 10 | 13 |
Total non-current assets | 7,775 | 6,235 |
Other currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Cash and cash equivalents | 30,506 | 38,909 |
Other financial assets, current | 1,207 | 1,041 |
Other non - financial assets, current | 4,173 | 7,824 |
Trade and other accounts receivable, current | 21,255 | 13,465 |
Tax current assets | 1,080 | 2,287 |
Total current assets | 62,671 | 68,746 |
Other financial assets, non-current | 2,173 | 1,700 |
Other non - financial assets, non-current | 19,506 | |
Deferred tax assets | 1,993 | 1,994 |
Total non-current assets | 4,166 | 23,200 |
Peruvian sun | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of foreign currency [Line Items] | ||
Tax current assets | $ 4,450 | $ 5,220 |
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, 2021 | Dec. 31, 2020 |
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 | $ 179,777 | $ 239,712 |
Trade and other accounts payables, current | 1,317,418 | 1,285,233 |
Accounts payable to related entities, current | 57 | (229) |
Other provisions, current | 14 | |
Other non-financial liabilities, current | 29,057 | 42,467 |
Total current liabilities | 1,526,331 | 1,567,596 |
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 | 1 | 2 |
Trade and other accounts payables, current | 234,358 | 228,069 |
Other non-financial liabilities, current | 1,604 | 961 |
Total current liabilities | 235,963 | 229,032 |
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 | 31 | 59 |
Trade and other accounts payables, current | 70,523 | 71,446 |
Other non-financial liabilities, current | 859 | 976 |
Total current liabilities | 71,413 | 72,481 |
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 | 135,431 | 40,552 |
Trade and other accounts payables, current | 280,405 | 312,921 |
Accounts payable to related entities, current | 6 | |
Other provisions, current | ||
Other non-financial liabilities, current | 1,332 | 5,836 |
Total current liabilities | 417,174 | 359,309 |
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 | 259 | 87 |
Trade and other accounts payables, current | 134,146 | 143,780 |
Other non-financial liabilities, current | 1,375 | 3,206 |
Total current liabilities | 135,780 | 147,073 |
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 | 43,919 | 198,996 |
Trade and other accounts payables, current | 472,800 | 392,914 |
Accounts payable to related entities, current | 51 | (229) |
Other non-financial liabilities, current | 21,174 | 19,707 |
Total current liabilities | 537,944 | 611,787 |
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 | 136 | 16 |
Trade and other accounts payables, current | 57,858 | 59,788 |
Other provisions, current | 14 | |
Other non-financial liabilities, current | 1,772 | 11,159 |
Total current liabilities | 119,443 | 134,992 |
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 | 7,673 | 12,300 |
Other non-financial liabilities, current | 941 | 622 |
Total current liabilities | 8,614 | 12,922 |
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 | 2,487 | 11,759 |
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 | 11,297 | 16,546 |
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 | 45,096 | 35,269 |
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 | 775 | 441 |
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 | 177,471 | 86,573 |
Trade and other accounts payables, current | 50,312 | 20,908 |
Accounts payable to related entities, current | ||
Other provisions, current | 4,980 | 1,628 |
Other non-financial liabilities, current | 50 | |
Total current liabilities | 232,763 | 109,159 |
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 | ||
Trade and other accounts payables, current | 2,335 | 7,315 |
Other non-financial liabilities, current | ||
Total current liabilities | 2,335 | 7,315 |
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 | 210 | 163 |
Trade and other accounts payables, current | 653 | 37 |
Other non-financial liabilities, current | 3 | |
Total current liabilities | 863 | 203 |
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 | 159,541 | 70,639 |
Trade and other accounts payables, current | 44,438 | 10,991 |
Accounts payable to related entities, current | ||
Other provisions, current | 25 | 29 |
Other non-financial liabilities, current | 1 | |
Total current liabilities | 204,004 | 81,660 |
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 | 184 | 258 |
Trade and other accounts payables, current | 887 | 41 |
Other non-financial liabilities, current | ||
Total current liabilities | 1,071 | 299 |
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 | 17,460 | 15,504 |
Trade and other accounts payables, current | 73 | 912 |
Accounts payable to related entities, current | ||
Other non-financial liabilities, current | ||
Total current liabilities | 17,533 | 16,416 |
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 | 76 | 9 |
Trade and other accounts payables, current | 309 | 120 |
Other provisions, current | 4,955 | 1,599 |
Other non-financial liabilities, current | 8 | |
Total current liabilities | 5,823 | 2,063 |
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 | 1,134 | 1,165 |
Other non-financial liabilities, current | 38 | |
Total current liabilities | 1,134 | 1,203 |
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 | 310 | 222 |
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 | 29 | 60 |
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 | 86 | 45 |
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 | 58 | |
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 | 33,205 | 268,320 |
Accounts payable, non-current | 114,097 | 70,145 |
Other provisions, non-current | 49,420 | 45,834 |
Provisions for employees benefits, non-current | 44,816 | 64,152 |
Total non-current liabilities | 241,538 | 448,451 |
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 | 1,074 | 696 |
Total non-current liabilities | 1,074 | 696 |
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 | 86 | 351 |
Other provisions, non-current | 27,532 | 26,872 |
Total non-current liabilities | 27,618 | 27,223 |
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 | 1,512 | 180,150 |
Accounts payable, non-current | 41,456 | 47,752 |
Provisions for employees benefits, non-current | 44,816 | 64,152 |
Total non-current liabilities | 87,784 | 292,054 |
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 | 135 | 427 |
Other provisions, non-current | 10,820 | 11,736 |
Total non-current liabilities | 10,955 | 12,163 |
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 | 31,413 | 87,280 |
Accounts payable, non-current | 71,339 | 21,051 |
Provisions for employees benefits, non-current | 9,739 | 6,252 |
Total non-current liabilities | 112,491 | 114,583 |
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 | 59 | 112 |
Accounts payable, non-current | 1,302 | 1,342 |
Total non-current liabilities | 1,361 | 1,454 |
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 | 255 | 278 |
Total non-current liabilities | 255 | 278 |
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 | 15,375 | 4,250 |
Accounts payable, non-current | 1,451 | 1,390 |
Other provisions, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 16,826 | 5,640 |
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 | ||
Other provisions, non-current | ||
Total non-current liabilities | ||
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 | 896 | 1,320 |
Accounts payable, non-current | 1,451 | 1,390 |
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 2,347 | 2,710 |
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 | 90 | |
Other provisions, non-current | ||
Total non-current liabilities | 90 | |
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 | 14,389 | 2,930 |
Accounts payable, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 14,389 | 2,930 |
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 | ||
Accounts payable, non-current | ||
Total non-current liabilities | ||
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 | 359,623 | 403,841 |
Accounts payable, non-current | 342 | 241 |
Other provisions, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 359,965 | 404,082 |
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 | 355,636 | 398,199 |
Accounts payable, non-current | 342 | 241 |
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 355,978 | 398,440 |
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 | 3,987 | 5,642 |
Accounts payable, non-current | ||
Provisions for employees benefits, non-current | ||
Total non-current liabilities | 3,987 | 5,642 |
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, 2021 | Dec. 31, 2020 |
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | $ 509,829 | $ 781,177 |
Total liabilities | 2,377,423 | 2,534,928 |
Argentine peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 19,363 | 30,563 |
Total liabilities | 239,372 | 237,043 |
Net position | ||
Net position | (220,009) | (206,480) |
Brazilian real | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 20,915 | 34,422 |
Total liabilities | 99,894 | 99,907 |
Net position | ||
Net position | (78,979) | (65,485) |
Chilean peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 86,412 | 96,673 |
Total liabilities | 1,067,287 | 1,134,173 |
Net position | ||
Net position | (980,875) | (1,037,500) |
Colombian peso | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 11,998 | 3,864 |
Total liabilities | 10,003 | 14,403 |
Net position | ||
Net position | 1,995 | (10,539) |
Euro | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 37,352 | 40,869 |
Total liabilities | 147,896 | 159,535 |
Net position | ||
Net position | (110,544) | (118,666) |
U.S. dollar | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 266,952 | 482,840 |
Total liabilities | 686,344 | 751,358 |
Net position | ||
Net position | (419,392) | (268,518) |
Other currency | ||
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - Schedule of general summary of foreign currency [Line Items] | ||
Total assets | 66,837 | 91,946 |
Total liabilities | 126,627 | 138,509 |
Net position | ||
Net position | $ (59,790) | $ (46,563) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EARNINGS / (LOSS) PER SHARE (Details) - Schedule of earning per share [Line Items] | |||
Earnings / (loss) attributable to owners of the parent (ThUS$) (in Dollars) | $ (4,647,491) | $ (4,545,887) | $ 190,430 |
Basic earnings / (loss) per share (US$) (in Dollars per share) | $ (7.66397) | $ (7.49642) | $ 0.31403 |
Diluted earnings / (loss) per share (US$) (in Dollars per share) | $ (7.66397) | $ (7.49642) | $ 0.31403 |
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) | $ (4,647,491) | $ (4,545,887) | $ 190,430 |
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) | $ (7.66397) | $ (7.49642) | $ 0.31403 |
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) | $ (4,647,491) | $ (4,545,887) | $ 190,430 |
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) | $ (7.66397) | $ (7.49642) | $ 0.31403 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Thousands | 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 Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | ||
Fidelidade Viagens e Turismo [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Fazenda Pública do Município de São 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 court issued a ruling in favor of Tam Viagens S/A on June 24, 2021. An appeal by the Municipality is pending. | |
Amounts Committed | $ 99,198 | [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 subsidiaries (the “Initial Debtors”) individually filed a voluntary petition for reorganization 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” and together with the Initial 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 resolution before the Honorable James L. Garrity Jr. in United States Bankruptcy Court for the Southern District Court of New York (the “Bankruptcy Court”) and are being jointly administered under case number 20-11254. On September 18, 2020, the Debtors received approval of the modified funding proposal for Debtor in Possession (“DIP”) funding filed on September 17, 2020 from the Bankruptcy Court. On October 18, 2021 the Bankruptcy Court approved the Debtors’ request for certain additional DIP funding, namely a “Tranche B” facility. On November 26, 2021, the Debtors filed a joint plan of reorganization together with a disclosure statement. A hearing will be conducted on January 27, 2022 to rule on the adequacy of the disclosure statement. The Bankruptcy Court has extended the Debtors’ exclusive period to solicit acceptances for the plan to January 26, 2022. The Subsequent Debtors have sought an additional extension of their exclusive periods to file and solicit acceptances for the plan, until January 7, 2022 and March 7, 2022 respectively. A hearing on that request will be conducted on January 27, 2022. LATAM has continued its process of reconciling claims and presenting objections. Likewise, LATAM continues to evaluate its contracts and has rejected some of them. It continues with the review of its existing fleet obligations, and pursuing solicitation and confirmation of its plan. | |
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 | |
Case Number | ||
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. The Companies Commission adopted the Cross-Border Communications Protocol on November 4, 2020. On December 14, 2020, that Commission recognized the order issued by the Bankruptcy Court on November 20, 2020 authorizing the stock issue, capital contributions and changes to the pledge agreements. On October 27, 2021, the Commission recognized the order issued by the Bankruptcy Court on October 18, 2021 approving the second proposed DIP loan submitted by LATAM Airlines Group S.A. and authorizing a change in the collateral provided in the first DIP loan and the signature of a petition accessory to the DIP loan agreement. The Commission was informed on December 22, 2021 that on November 26, 2021, LATAM Airlines Group S.A. had filed a Reorganization Agreement pursuant to Chapter 11 and that the hearing for the Bankruptcy Court to rule on that Agreement would be held January 27, 2022. That was the last action in the process. | |
Amounts Committed | $ 0 | [1] |
LATAM Finance Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | Request for a provisional bankruptcy process. | |
Stage of trial | On May 26, 2020, LATAM Finance Limited submitted a request for a provisional liquidation, 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 | |
Case Number | ||
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 | |
Case Number | ||
Origin | Request for a provisional bankruptcy process. | |
Stage of trial | On July 07, 2020, Piquero Leasing Limited submitted a request for a provisional liquidation, 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 | |
Case Number | ||
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 | |
Case Number | ||
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] |
Piquero Leasing Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | A petition for a provisional liquidation. | |
Stage of trial | Piquero Leasing Limited entered a motion to suspend the liquidation on September 28, 2020. The Grand Court of the Cayman Islands granted the motion and extended the provisional liquidation status for 6 months. The procedure continues. | |
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 | |
Case Number | ||
Origin | A petition for a provisional liquidation. | |
Stage of trial | On May 13, 2021, Peuco Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. | |
Amounts Committed | $ 0 | [1] |
LATAM Finance Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | A petition for a provisional liquidation. | |
Stage of trial | On May 13, 2021, LATAM Finance Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. | |
Amounts Committed | $ 0 | [1] |
Piquero Leasing Limited | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | A petition for a provisional liquidation. | |
Stage of trial | On May 13, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation. On May 18, 2021, the Grand Court of Cayman Islands accepted the petition and extended the status of temporary liquidation until October 9, 2021. The lawsuit continues to be active. | |
Amounts Committed | $ 0 | [1] |
Peuco Finance Limited | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | A petition for a provisional liquidation. | |
Stage of trial | On December 1, 2021, Peuco Finance Limited filed a petition to suspend the liquidation on December 1, 2021. The process continues. | |
Amounts Committed | $ 0 | [1] |
LATAM Finance Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | A petition for a provisional liquidation. | |
Stage of trial | On December 1, 2021, LATAM Finance Limited filed a petition to suspend the liquidation on December 1, 2021. The process continues. | |
Amounts Committed | $ 0 | [1] |
Piquero Leasing Limited [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits filed by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Grand Court of the Cayman Islands | |
Case Number | ||
Origin | A petition for a provisional liquidation. | |
Stage of trial | On December 1, 2021, Piquero Leasing Limited filed a petition to suspend the liquidation on December 1, 2021. The process continues. | |
Amounts Committed | $ 0 | [1] |
[1] | The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. |
CONTINGENCIES (Details) - Sch_2
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries | 12 Months Ended | |
Dec. 31, 2021USD ($) | ||
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$9,299 (8.220.000 Euros) | |
Amounts Committed | $ 9,299,000 | [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 División (England) Ovre Romerike District Court (Norway) y Directie Juridische Zaken Afdeling Ceveil Recht (Netherlands), Cologne Regional Court (Landgerich Köln 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 | 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 2018, 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. For the case in Germany, LATAM petitioned the German Court for a suspension on the basis of the financial reorganization petitioned by LATAM Airlines Group S.A. and Lan Cargo S.A. in the United States (Chapter 11) in May 2020. DB Barnsdale AG also filed a claim with the U.S. Court by the deadline that creditors have under Chapter 11 claims. An agreement was reached with Barnsdale AG before the Courts could rule and that ended all claims in Germany. British Airways; KLM; Martinair; Air France; Lufthansa; Lufthansa Cargo and Swiss Air filed claims with the U.S. Court. LATAM opposed these claims and the U.S. Court dismissed and voided them after a review on May 27, 2021. The two proceedings still pending in Norway and the Netherlands are in the evidentiary stages. There has been no activity in Norway since January 2014 and in the Netherlands, since February 2021. The amounts are indeterminate. | |
Amounts Committed | $ 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 petitioning for early protection in order to obtain 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 | $ 8,643,000 | [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$3.100– R$ 17.302.858,00). We must await a decision on the Treasury appeal. | |
Amounts Committed | $ 6,973,000 | [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 (linked to the procces 19515.721154/2014-71, 19515.002963/2009-12) | |
Origin | Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. | |
Stage of trial | Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for R$ 260.223.373,10-original amount in 2012/2013, which currently equals THUS$65.464. 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 | $ 65,464,000 | [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 (manifestação de inconformidade) filed by the company was rejected, which is why the voluntary appeal was filed. The case was assigned to the 1st Ordinary Group of Brazil’s Administrative Council of Tax Appeals (CARF) on June 8, 2015. TAM’s appeal was included in the CARF session held August 25, 2016. An agreement that converted the proceedings into a formal case was published on October 7, 2016. The amount has been reduced after some set-offs were approved by the Department of Federal Revenue of Brazil. We must wait until the due diligence is complete. | |
Amounts Committed | $ 29,484,000 | [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 Aerovías de Integración Recional, Aires S.A. (LATAM AIRLINES COLOMBIA) initiated a legal process in Colombia against Regional One INC and Volvo Aero Services LLC, to declare that these companies are civilly liable for moral and material damages caused to LATAM AIRLINES COLOMBIA arising from breach of contractual obligations of the aircraft HK-4107. The June 20th, 2013 AIRES SA And / Or LATAM AIRLINES COLOMBIA was notified of the lawsuit filed in U.S. for Regional One INC and Dash 224 LLC for damages caused by the aircraft HK-4107 arguing failure of LATAM AIRLINES GROUP S.A. customs duty to obtain import declaration when the aircraft in April 2010 entered Colombia for maintenance required by Regional One. | |
Stage of trial | Colombia. This case is being heard by the 45th Civil Court of the Bogota Circuit in Colombia. Statements were taken from witnesses presented by REGIONAL ONE and VAS on February 12, 2018. The court received the expert opinions requested by REGIONAL ONE and VAS and given their petition, it asked the experts to expand upon their opinions. It also changed the experts requested by LATAM AIRLINES COLOMBIA. The case was brought before the Court on September 10, 2018 and these rulings are pending processing so that a new hearing can be scheduled. On October 31, 2018, the judge postponed the deadline for the parties to answer the objection because of a serious error brought to light by VAS regarding the translation submitted by the expert. The process has been in the judge’s chambers since March 11, 2019 to decide on replacing the damage estimation expert as requested by LATAM AIRLINES COLOMBIA. The one previously appointed did not take office. A petition has also been made by VAS objecting to the translation of the documents in English into Spanish due to serious mistakes, which was served to the parties in October 2018. The 45th Civil Circuit Court issued an order on August 13, 2019 that did not decide on the pending matters but rather voided all actions since September 14, 2018 and ordered the case to be referred to the 46th Civil Circuit Court according to article 121 of the General Code of Procedure. Said article says that court decisions must be rendered in no more than one (1) year as from the service of the court order admitting the claim. If that period expires without any ruling being issued, the Judge will automatically forfeit competence over the proceedings and must give the Administrative Room of the Superior Council of the Judiciary notice of that fact the next day, in addition to referring the case file to the next sitting judge in line, who will have competence and will issue a ruling in no more than 6 months. The case was sent to the 46th Civil Circuit Court on September 4, 2019, which claims that there was a competence conflict and then sent the case to the Superior Court of Bogotá to decide which court, the 45th or 46th, had to continue with the case. The Court decided that 45th Civil Circuit Court should continue with the case, so this Court on 01/15/2020 has reactivated the procedural process ordering the transfer to the parties of the objection presented by VAS for serious error of the translation to Spanish of documents provided in English. On 02/24/2020 it declares that the parties did not rule on the objection presented by VAS and requires the plaintiff to submit an expert opinion of damages corresponding to the claims of the lawsuit through its channel. Since 03/16/20 a suspension of terms is filed in Courts due to the pandemic. Judicial terms were reactivated on July 1, 2020. On September 18, 2020, an expert opinion on damages was submitted that had been requested by the Court. The Court ordered service of the ruling to the parties on December 14, 2020. The defendants, REGIONAL ONE and VAS, filed a motion for reconsideration of this decision, petitioning that the evidence of the expert opinion be eliminated because it was presented late. The motion was denied by the Court. On April 30, 2021, they petitioned for a clarification and supplement to the opinion, to which the Court agreed in a decision on May 19, 2021, giving the expert 10 business days to respond. The brief of clarification was filed June 2, 2021 and the docket was presented to the Judge on June 3, 2021. The parties were given notice of the objection on July 21, 2021 based on a serious mistake in the opinion presented by Regional One. The case entered the judgment phase on August 5, 2021. On October 7, 2021, the Court set a date for the instruction and judgment hearing, which will be February 3, 2022. Regional One, the defendant, filed a petition for reconsideration on October 13, 2021 that had not been decided on the date of this report. The claim was withdrawn on January 11, 2022 because the matter had been settled before the Bankruptcy Court hearing the Chapter 11 claim. The Court decreed the end of the proceedings because the claims were withdrawn in a ruling issued January 19, 2022. 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 unsecured claims with the U.S. Bankruptcy Court by the deadline that creditors have according to Chapter 11. On October 18, 2021, the parties participated in a third mediation where they agreed on the terms of a global settlement. On December 16, 2021, the Bankruptcy Court for the Southern District of New York approved the global agreement and release. Therefore, Dash and Regional withdrew their claims against Aires in Florida on December 21, 2021, which put an end to the proceedings. | |
Amounts Committed | $ 9,500,000 | [1] |
TAM Linhas Aéreas S.A Two [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 | $ 7,661,000 | [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 (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 10,713,000 | [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 (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 12,559,000 | [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 is pending a decision by the D Room. On July 30, 2020, the D Room ordered the General Prosecutor to appear. | |
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. The Court ruled in favor of the defendants on March 26, 2021, denying the precautionary measure petitioned by the plaintiff. | |
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 (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 9,612,000 | [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 (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 12,068,000 | [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 (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 11,830,000 | [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 (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 12,046,000 | [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 (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 10,530,000 | [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 (Manifestação de Inconformidade). A decision is pending. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 25,366,000 | [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. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 14,377,000 | [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. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 8,713,000 | [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. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 9,281,000 | [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 | |
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 | |
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 | |
European Commission [Member] | 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] | ||
Stage of trial | 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, which is expected to be known at the end of March 2022, 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 (ThUS$9.299 (€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. | |
Civil Court of Santiago [Member] | 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. On August 11, 2021 Inversiones Ranco Tres S.A. requested the suspension of the hearing of the Appeal, after the recognition by the 2nd Civil Court of Santiago of the foreign reorganization procedure in accordance with Law No. 20,720, for the entire period that said procedure lasts, a request that was accepted by the Supreme Court. | |
Amounts Committed | $ 15,694,000 | [1] |
Jurisdiction of Federal Tax Enforcement of Sao Paulo [Member] | 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 | $ 27,129,000 | [1] |
Department of Federal Revenue of Brazil [Member] | 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 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. | |
Amounts Committed | $ 8,064,000 | [1] |
Delegacía de Receita Federal [Member] | TAM Linhas Aéreas S.A [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Delegacía 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 | $ 15,646,000 | [1] |
Delegacía de Receita Federal One [Member] | TAM Linhas Aéreas S.A [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Delegacía 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 | $ 11,193,000 | [1] |
Delegacía de Receita Federal Two [Member] | TAM Linhas Aéreas S.A [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Delegacía 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. The process has become a judicial proceeding. | |
Amounts Committed | $ 22,136,000 | [1] |
União Federal [Member] | SNEA (Sindicato Nacional das empresas aeroviarias) [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | União Federal | |
Case Number | 0012177-54.2016.4.01.3400 | |
Origin | A claim against the 72% increase in airport control fees (TAT-ADR) and approach control fees (TAT-APP) charged by the Airspace Control Department (“DECEA”). | |
Stage of trial | A decision is now pending on the appeal presented by SNEA. | |
Amounts Committed | $ 63,585,000 | [1] |
União Federal [Member] | TAM Linhas Aéreas S/A [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | União 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] |
Delegacia da Receita Federal [Member] | 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 | $ 12,509,000 | [1] |
Department of Federal Revenue of Brazil Four [Member] | 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 | $ 92,152,000 | [1] |
Department of Federal Revenue of Brazil Five [Member] | 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 | $ 17,153,000 | [1] |
Department of Federal Revenue of Brazil Six [Member] | 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 | $ 9,436,000 | [1] |
Department of Federal Revenue of Brazil Seven [Member] | 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 | $ 16,750,000 | [1] |
Department of Federal Revenue of Brazil Eight [Member] | 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 | $ 11,316,000 | [1] |
Department of Federal Revenue of Brazil Nine [Member] | 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. The case is now before the Superior Court of Labor. | |
Amounts Committed | $ 12,256 | [1] |
Department of Federal Revenue of Brazil One [Member] | 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 COFINS 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 | $ 12,406,000 | [1] |
Department of Federal Revenue of Brazil Two [Member] | 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 COFINS 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 (CARF) that is pending a decision. | |
Amounts Committed | $ 11,292,000 | |
Department of Federal Revenue of Brazil Three [Member] | 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 COFINS 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 (CARF) that is pending a decision. | |
Amounts Committed | $ 11,221,000 | |
Receita Federal de Brasil [Member] | 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 (CARF) that is pending a decision. | |
Amounts Committed | $ 31,996,000 | [1] |
Tribunal Distrital de lo Fiscal [Member] | 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 attorneys believed that the probability of recovering this sum had fallen to 30%-40% because of the pressure being put by the Executive Branch on the National Court of Justice and the Judiciary in general for rulings not to affect government revenues and because the case involves differences that are based on insufficient documentation supporting the expense. Given the percentage loss (above 50%), the accounting write-off of this recovery has been carried out. | |
Amounts Committed | $ 12,505,000 | [1] |
Southern District of Florida. United States District Court [Member] | 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] |
Receita Federal de Brasil Ten [Member] | 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 (Manifestação de Inconformidade). The Court dismissed the Company’s defense in December 2020. The Company filed a voluntary appeal (CARF) that is pending a decision. | |
Amounts Committed | $ 9,592,000 | [1] |
Justicia Cível do Rio de Janeiro/RJ [Member] | Tam Linhas Aéreas S/A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Justicia Cível do Rio de Janeiro/RJ | |
Delegacía da Receita Federal [Member] | TAM Linhas Aéreas S.A. [Member] | ||
CONTINGENCIES (Details) - Schedule of Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries [Line Items] | ||
Court | Delegacía da Receita Federal | |
C-8903-2020 [Member] | Juzgado Civil de Santiago [Member] | 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 | |
[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, 2021 | Sep. 29, 2020 |
COMMITMENTS (Details) [Line Items] | ||
Liquidity restrictions | $ 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 $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Value | $ 486,457 |
Superintendencia Nacional de Aduanas y de Administración Tributaria [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Perú S.A. |
Type | Forty-five letters of credit |
Value | $ 228,184 |
Release Date | Jan. 14, 2022 |
Superintendencia Nacional de Aduanas y de Administración Tributaria [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Perú S.A. |
Type | Four letters of credit |
Value | $ 15,176 |
Release Date | Nov. 23, 2022 |
Lima Airport Partners S.R.L. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Perú S.A. |
Type | Two letters of credit |
Value | $ 1,150 |
Release Date | Nov. 30, 2022 |
Servicio Nacional de Aduana del Ecuador [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Ecuador S.A. |
Type | Four letters of credit |
Value | $ 2,130 |
Release Date | Aug. 5, 2022 |
Empresa Pública de Hidro carburos del Ecuador EP Petro ecuador [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Ecuador S.A. |
Type | Four letters of credit |
Value | $ 1,500 |
Release Date | Jun. 20, 2022 |
Aena Aeropuertos S.A. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Three letters of credit |
Value | $ 1,237 |
Release Date | Nov. 15, 2022 |
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 | Twelve letters of credit |
Value | $ 4,585 |
Release Date | Mar. 22, 2022 |
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 | $ 9,333 |
Release Date | Mar. 29, 2022 |
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 | $ 4,315 |
Release Date | Jan. 16, 2022 |
JFK International Air Terminal LLC. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 2,300 |
Release Date | Jan. 27, 2022 |
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 | Eight letters of credit |
Value | $ 2,303 |
Release Date | Jul. 30, 2022 |
Isoceles [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | One letter of credit |
Value | $ 12,750 |
Release Date | Aug. 6, 2022 |
Procon [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | Two insurance policy guarantee |
Value | $ 2,233 |
Release Date | Nov. 17, 2025 |
União Federal [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | Two insurance policy guarantee |
Value | $ 8,250 |
Release Date | Feb. 4, 2025 |
Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. One [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 8,531 |
Release Date | Apr. 15, 2025 |
Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. Two [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,417 |
Release Date | Apr. 4, 2025 |
Vara das Execuções Fiscais Estaduais Da Comarca De São Paulo. Three [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,323 |
Release Date | Jul. 5, 2023 |
Procon Two [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | Seven insurance policy guarantee |
Value | $ 9,542 |
Release Date | Apr. 6, 2022 |
17a Vara Cível da Comarca da Capital de João Pessoa/PB. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 2,247 |
Release Date | Jun. 25, 2023 |
14ª Vara Federal da Seção Judiciária de Distrito Federal [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,342 |
Release Date | May 29, 2025 |
Tribunal de Justição de Rio de Janeiro. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 11,198 |
Release Date | Aug. 30, 2026 |
Vara Civel Campinas SP. [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,577 |
Release Date | Jun. 14, 2024 |
JFK International Air Terminal LLC. Two [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,300 |
Release Date | Jan. 25, 2022 |
7ª Turma do Tribunal Regional Federal da 1ª Região [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 41,029 |
Release Date | Apr. 20, 2023 |
Procon Three [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 1,931 |
Release Date | Feb. 10, 2026 |
Bond Safeguard Insurance Company [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 2,700 |
Release Date | Jul. 20, 2022 |
Fundacao de Protecao e Defesa do Consumidor Procon [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | Two insurance policy guarantee |
Value | $ 4,079 |
Release Date | Sep. 20, 2023 |
Uniao Federal Fazenda Nacional [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 2,251 |
Release Date | Nov. 16, 2025 |
Uniao Federal PGFN [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | Three póliza de seguro de garantía |
Value | $ 17,621 |
Release Date | Jan. 4, 2024 |
Uniao Federal Fazenda Nacional Two [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Tam Linhas Aéreas S.A. |
Type | One insurance policy guarantee |
Value | $ 27,446 |
Release Date | Jul. 30, 2022 |
Uniao Federal Fazenda Nacional Three [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Absa Linhas Aereas Brasileira S.A. |
Type | Three póliza de seguro de garantía |
Value | $ 25,839 |
Release Date | Apr. 14, 2023 |
Uniao Federal PGFN One [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Absa Linhas Aereas Brasileira S.A. |
Type | Two póliza de seguro de garantía |
Value | $ 19,732 |
Release Date | Oct. 20, 2022 |
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 | One insurance policy guarantee |
Value | $ 4,709 |
Release Date | Mar. 31, 2022 |
7ª Turma do Tribunal Regional Federal da 1ª Região [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Absa Linhas Aereas Brasileira S.A. |
Type | One insurance policy guarantee |
Value | $ 1,600 |
Release Date | May 7, 2023 |
Metropolitan Dade County [Member] | |
COMMITMENTS (Details) - Schedule of letters of credit, certificates of deposits and warranty insurance policies [Line Items] | |
Debtor | Latam Airlines Group S.A. |
Type | Seven letters of credit |
Value | $ 3,597 |
Release Date | Mar. 13, 2022 |
TRANSACTIONS WITH RELATED PAR_3
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Inversiones Costa Verde Ltda. y CPA. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Tax No. | 96.810.370-9 | |||
Related party | Inversiones Costa Verde Ltda. y CPA. | |||
Nature of relationship with related parties | Related director | |||
Country of origin | Chile | |||
Nature of related parties transactions | Tickets sales | |||
Currency | CLP | |||
Transaction amount with related parties | $ 23 | $ 28 | $ 16 | |
Inversiones Costa Verde Ltda. y CPA. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Loans received (*) | |||
Currency | CLP | |||
Transaction amount with related parties | $ (35,412) | (100,013) | ||
Inversiones Costa Verde Ltda. y CPA.[Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Interest accrued (*) | |||
Currency | CLP | |||
Transaction amount with related parties | $ (34,694) | (5,700) | ||
Bethia S.A and subsidiaries [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [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 | |||
Currency | CLP | |||
Transaction amount with related parties | 556 | |||
Bethia S.A and subsidiaries [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services received from National and International Courier | |||
Currency | CLP | |||
Transaction amount with related parties | (3) | |||
Bethia S.A and subsidiaries [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Sales commissions | |||
Currency | CLP | |||
Transaction amount with related parties | (218) | |||
Bethia S.A and subsidiaries [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services received advertising | |||
Currency | CLP | |||
Transaction amount with related parties | (726) | |||
Granja Marina Tornagaleones S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [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 | |||
Currency | CLP | |||
Transaction amount with related parties | $ 26 | 13 | 61 | |
Parque de Chile S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Tax No. | 76.335.600-0 | |||
Related party | Parque de Chile S.A. | |||
Nature of relationship with related parties | Related director | |||
Country of origin | Chile | |||
Nature of related parties transactions | Tickets sales | |||
Currency | CLP | |||
Transaction amount with related parties | 9 | |||
Rio Dulce S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Tax No. | 96.989.370-3 | |||
Related party | Rio Dulce S.A. | |||
Nature of relationship with related parties | Related director | |||
Country of origin | Chile | |||
Nature of related parties transactions | Tickets sales | |||
Currency | CLP | |||
Transaction amount with related parties | $ 9 | 5 | ||
Patagonia Seafarms INC [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [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 | $ 15 | 40 | ||
TAM Aviação Executiva e Taxi Aéreo S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Tax No. | Foreign | |||
Related party | TAM Aviação Executiva e Taxi Aéreo S.A. | |||
Nature of relationship with related parties | Common shareholder | |||
Country of origin | Brazil | |||
Nature of related parties transactions | Services provided | |||
Currency | BRL | |||
Transaction amount with related parties | $ 12 | |||
TAM Aviação Executiva e Taxi Aéreo S/A [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services provided of cargo transport | |||
Currency | BRL | |||
Transaction amount with related parties | 13 | 58 | ||
TAM Aviação Executiva e Taxi Aéreo S/A [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services received | |||
Currency | BRL | |||
Transaction amount with related parties | 2 | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Tax No. | Foreign | |||
Related party | Qatar Airways | |||
Nature of relationship with related parties | Indirect shareholder | |||
Country of origin | Qatar | |||
Nature of related parties transactions | Services provided by aircraft lease | |||
Currency | US$ | |||
Transaction amount with related parties | 22,215 | 39,528 | ||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Interlineal received service | |||
Currency | US$ | |||
Transaction amount with related parties | $ (6,387) | (4,736) | (2,050) | |
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Interlineal provided service | |||
Currency | US$ | |||
Transaction amount with related parties | $ 6,283 | 3,141 | 3,739 | |
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services provided of handling | |||
Currency | US$ | |||
Transaction amount with related parties | $ 1,493 | 1,246 | 1,106 | |
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Compensation for early return of aircraft | |||
Currency | US$ | |||
Transaction amount with related parties | 9,240 | |||
Qatar Airways [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Services provided / received others | |||
Currency | US$ | |||
Transaction amount with related parties | $ (963) | 1,160 | 996 | |
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [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 | |||
Currency | US$ | |||
Transaction amount with related parties | $ (11,768) | (4,160) | ||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Country of origin | U.S.A. | |||
Nature of related parties transactions | Interlineal provided service | |||
Currency | US$ | |||
Transaction amount with related parties | $ 7,695 | 4,357 | ||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Compensation for cancellation of aircraft purchase | |||
Currency | US$ | |||
Transaction amount with related parties | 62,000 | |||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Compensation for cancellation of aircraft purchase | |||
Currency | US$ | |||
Transaction amount with related parties | $ (59) | 3,310 | ||
Delta Air Lines, Inc. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | Compensation for cancellation of aircraft purchase | |||
Currency | US$ | |||
Transaction amount with related parties | $ (318) | 30 | ||
QA Investments Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [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 | ||
Currency | US$ | |||
Transaction amount with related parties | $ (8,853) | (125,016) | ||
QA Investments Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | [1] | (*)Interest accrued | ||
Currency | US$ | |||
Transaction amount with related parties | $ (8,673) | (7,125) | ||
QA Investments 2 Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [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 | ||
Currency | US$ | |||
Transaction amount with related parties | $ (44,266) | (125,016) | ||
QA Investments 2 Ltd [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | [1] | (*)Interest accrued | ||
Currency | US$ | |||
Transaction amount with related parties | $ (43,367) | (7,125) | ||
Lozuy S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [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 | ||
Currency | US$ | |||
Transaction amount with related parties | $ (44,266) | (25,003) | ||
Lozuy S.A. [Member] | ||||
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of transactions with related parties [Line Items] | ||||
Nature of related parties transactions | [1] | (*)Interest accrued | ||
Currency | US$ | |||
Transaction amount with related parties | $ (43,367) | $ (1,425) | ||
[1] | Corresponding to DIP tranche C. |
TRANSACTIONS WITH RELATED PAR_4
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of key management personnel compensation - Key management personnel of entity or parent [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
TRANSACTIONS WITH RELATED PARTIES (Details) - Schedule of key management personnel compensation [Line Items] | |||
Remuneration | $ 9,981 | $ 8,395 | $ 13,701 |
Management fees | 1,016 | 257 | 411 |
Non-monetary benefits | 501 | 1,719 | 1,815 |
Short-term benefits | 16,639 | 13,624 | 31,124 |
Long-term benefits | 8,577 | ||
Share-based payments | 3,296 | ||
Termination benefits | 513 | 4,539 | 1,428 |
Total | $ 28,650 | $ 28,534 | $ 60,352 |
STATEMENT OF CASH FLOWS (Detail
STATEMENT OF CASH FLOWS (Details) | 12 Months Ended |
Dec. 31, 2021 | |
STATEMENT OF CASH FLOWS [Abstract] | |
Accrued interest and others, description | (*)Accrued interest and others, includes ThUS$ 458,642 (ThUS$ (891,407) as of December 31, 2020), associated with the rejection of fleet contracts. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of other inflows (outflows) of cash [Abstract] | |||
Fuel hedge | $ 14,269 | $ (46,579) | $ (9,966) |
Hedging margin guarantees | (4,900) | 14,962 | (21,200) |
Tax paid on bank transaction | (2,530) | (1,261) | (11,369) |
Fuel derivatives premiums | (17,077) | (3,949) | (17,102) |
Bank commissions, taxes paid and other | (21,287) | (5,828) | (20,627) |
Guarantees | (39,728) | (44,280) | (5,474) |
Court deposits | (16,323) | 38,528 | (22,976) |
Delta Air Lines Inc. Compensation | 62,000 | 350,000 | |
Total Other inflows (outflows) Operation flow | (87,576) | 13,593 | 241,286 |
Tax paid on bank transaction | (425) | (2,192) | (2,249) |
Guarantee deposit received from the sale of aircraft | 18,900 | ||
Total Other inflows (outflows) Investment flow | 18,475 | (2,192) | (2,249) |
Settlement of derivative contracts | (107,788) | (2,976) | |
Aircraft Financing advances | (55,728) | ||
Fees paid to financial institutions | (11,034) | ||
Total Other inflows (outflows) Financing flow | $ (11,034) | $ (107,788) | $ (58,704) |
STATEMENT OF CASH FLOWS (Deta_3
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends [Line Items] | ||||
Total dividends paid | $ (571) | $ (55,116) | ||
Latam Airlines Group S.A. [Member] | ||||
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends [Line Items] | ||||
Total dividends paid | (54,580) | |||
Latam Airlines Perú S.A. [Member] | ||||
STATEMENT OF CASH FLOWS (Details) - Schedule of dividends [Line Items] | ||||
Total dividends paid | [1] | $ (571) | $ (536) | |
[1] | Dividends paid to non-controlling 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, 2021 | Dec. 31, 2020 | ||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||
Beginning balance | $ 10,853,860 | $ 10,365,684 | |
Obtainment Capital | 661,609 | 1,985,480 | |
Payment Capital | (566,414) | (915,774) | |
Payment Interest | (104,621) | (210,418) | |
Interest accrued and others | (447,952) | [1] | (371,112) |
Reclassifications | |||
Ending balance | 10,396,482 | 10,853,860 | |
Loans to exporters [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 151,701 | 341,475 | |
Obtainment Capital | 165,000 | ||
Payment Capital | (359,000) | ||
Payment Interest | (4,140) | ||
Interest accrued and others | 7,460 | [1] | 8,366 |
Reclassifications | |||
Ending balance | 159,161 | 151,701 | |
Bank Loans [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 525,273 | 217,255 | |
Obtainment Capital | 265,627 | ||
Payment Capital | (4,870) | ||
Payment Interest | (546) | (2,397) | |
Interest accrued and others | (2,889) | [1] | 49,658 |
Reclassifications | |||
Ending balance | 521,838 | 525,273 | |
Guaranteed Obligations [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 1,318,856 | 2,157,327 | |
Obtainment Capital | 192,972 | ||
Payment Capital | (14,605) | (48,576) | |
Payment Interest | (17,405) | (21,163) | |
Interest accrued and others | (513,276) | [1] | (823,984) |
Reclassifications | (263,035) | (137,720) | |
Ending balance | 510,535 | 1,318,856 | |
Other Guaranteed Obligations [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 1,939,116 | 580,432 | |
Obtainment Capital | 661,609 | 1,361,881 | |
Payment Capital | (26,991) | (42,721) | |
Payment Interest | (28,510) | (27,744) | |
Interest accrued and others | 135,405 | [1] | 67,268 |
Reclassifications | 44,793 | ||
Ending balance | 2,725,422 | 1,939,116 | |
Obligation with the public [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 2,183,407 | 2,064,934 | |
Obtainment Capital | |||
Payment Capital | (774) | ||
Payment Interest | (55,613) | ||
Interest accrued and others | 69,791 | [1] | 174,860 |
Reclassifications | |||
Ending balance | 2,253,198 | 2,183,407 | |
Financial leases [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 1,614,501 | 1,730,843 | |
Obtainment Capital | |||
Payment Capital | (421,452) | (236,744) | |
Payment Interest | (40,392) | (52,155) | |
Interest accrued and others | (181,717) | [1] | 34,837 |
Reclassifications | 218,242 | 137,720 | |
Ending balance | 1,189,182 | 1,614,501 | |
Other loans [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 101,261 | ||
Obtainment Capital | |||
Payment Capital | (101,026) | ||
Payment Interest | (1,151) | ||
Interest accrued and others | 76,508 | [1] | 916 |
Reclassifications | |||
Ending balance | 76,508 | ||
Lease liability [Member] | |||
STATEMENT OF CASH FLOWS (Details) - Schedule of liabilities arising from financing activities [Line Items] | |||
Beginning balance | 3,121,006 | 3,172,157 | |
Obtainment Capital | |||
Payment Capital | (103,366) | (122,063) | |
Payment Interest | (17,768) | (46,055) | |
Interest accrued and others | (39,234) | [1] | 116,967 |
Reclassifications | |||
Ending balance | $ 2,960,638 | $ 3,121,006 | |
[1] | Accrued interest and others, includes ThUS$ 458,642 (ThUS$ (891,407) as of December 31, 2020), associated with the rejection of fleet contracts. |
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, 2021 | Dec. 31, 2020 | |
Schedule of statement of consolidated cash flow [Abstract] | ||
Increases (payments) | $ (31,803) | |
Recoveries | 8,157 | |
Total cash flows | $ (23,646) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net cash flows from | |||
Purchases of property, plant and equipment | $ 587,245 | $ 324,264 | $ 1,276,621 |
Additions associated with maintenance | 302,858 | 173,740 | 453,827 |
Other additions | 284,387 | 150,524 | 822,794 |
Purchases of intangible assets | 88,518 | 75,433 | 140,173 |
Other additions | $ 88,518 | $ 75,433 | $ 140,173 |
STATEMENT OF CASH FLOWS (Deta_7
STATEMENT OF CASH FLOWS (Details) - Schedule of consolidated statement of cash flow - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of consolidated statement of cash flow [Abstract] | ||
Net cash flows from (used in) operating activities | $ (65,901) | $ 18,347 |
Net cash flows from (used in) investment activities | 17,223 | (13,872) |
Net cash flows from (used in) financing activities | ||
Effects of variation in the exchange rate on cash and cash equivalents | 48,678 | (4,475) |
Net increase (decrease) in cash and cash equivalents |
EVENTS SUBSEQUENT TO THE DATE_2
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (Details) - USD ($) $ in Millions | Mar. 15, 2022 | Mar. 14, 2022 | Feb. 10, 2022 | Feb. 28, 2022 |
Restructuring Support Agreement [Member] | ||||
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (Details) [Line Items] | ||||
Restructuring support agreement, description | On February 10, 2022, an amendment to the restructuring support agreement, or "Restructuring Support Agreement (RSA)", dated November 26, 2021, was executed, through which, the Ad Hoc Group of LATAM Bondholders, represented by White & Case LLP (W&C), was incorporated as part of the RSA, agreeing among other things, to support the Reorganization Plan and LATAM agreeing mainly to pay certain of this group’s professional fees up to a certain limit. | |||
Backstop Agreements [Member] | ||||
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (Details) [Line Items] | ||||
Reorganization funds | $ 5,400 | |||
Partial withdrawal | $ 300 | |||
Tranche [Member] | ||||
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (Details) [Line Items] | ||||
Description of tranche transfers | After these transfers, LATAM still has US$ 950 million undrawn and available for future transfers from the DIP. | |||
American Depositary Receipt [Member] | ||||
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (Details) [Line Items] | ||||
Issuance of capital, description | the Company filed an application to register an additional 200 million ADRs (American Depositary Receipt) with the Securities Exchange Commission (“SEC”) with the sole purpose of having them available for issuance in the market, since most of the existing registered ADRs have already been issued. The Company informed that this does not mean that the Company is issuing new shares or increasing capital, but rather allowing investors in the United States to access the ADRs, which have as an underlying security LATAM’s previously issued common stock. |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed balance sheets - Separate [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 549,766 | $ 1,295,042 |
Other financial assets | 78,706 | 32,407 |
Other non-financial assets | 38,557 | 82,318 |
Trade and other accounts receivable | 400,540 | 282,896 |
Accounts receivable from related entities | 933,853 | 412,370 |
Inventories | 121,949 | 168,686 |
Current tax assets | 4,846 | 2,545 |
Total current assets other than non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 2,128,217 | 2,276,264 |
Non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 161,347 | 300,367 |
Total current assets | 2,289,564 | 2,576,631 |
Non-current assets | ||
Other financial assets | 8,804 | 27,658 |
Investments accounted for using the equity method | 8,065,391 | 9,006,797 |
Other non-financial assets | 12,344 | 13,356 |
Accounts receivable | 10,551 | 2,975 |
Accounts receivable from related entities | 48,008 | 38,300 |
Intangible assets other than goodwill | 213,822 | 167,893 |
Property, plant and equipment | 7,980,150 | 8,683,419 |
Deferred tax assets | 553,122 | |
Total non-current assets | 16,339,070 | 18,493,520 |
Total assets | 18,628,634 | 21,070,151 |
Current liabilities | ||
Other financial liabilities | 3,777,465 | 2,347,033 |
Trade and other accounts payables | 3,670,381 | 1,013,399 |
Accounts payable to related entities | 1,650,246 | 1,481,281 |
Other provisions | 99 | 32 |
Other non-financial liabilities | 1,487,629 | 1,411,582 |
Total current liabilities | 10,585,820 | 6,253,327 |
Non-current liabilities | ||
Other financial liabilities | 4,041,347 | 5,631,916 |
Accounts payable | 303,309 | 416,034 |
Accounts payable to related entities | 177,779 | 574,202 |
Other provisions | 10,045,195 | 9,892,007 |
Employee benefits | 33,145 | 47,915 |
Other non-financial liabilities | 508,943 | 697,135 |
Total non-current liabilities | 15,109,718 | 17,259,209 |
Total liabilities | 25,695,538 | 23,512,536 |
EQUITY | ||
Share capital | 3,146,265 | 3,146,265 |
Retained earnings/(losses) | (8,841,106) | (4,193,615) |
Treasury Shares | (178) | (178) |
Other reserves | (1,361,529) | (1,388,185) |
Parent’s ownership interest | (7,056,548) | (2,435,713) |
Non-controlling interest | (10,356) | (6,672) |
Total equity | (7,066,904) | (2,442,385) |
Total liabilities and equity | $ 18,628,634 | $ 21,070,151 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
PARENT COMPANY FINANCIAL INFORMATION (Details) - Schedule of condensed income statement [Line Items] | |||
Revenue | $ 1,485,841 | $ 1,272,077 | $ 2,958,270 |
Cost of sales | (1,964,137) | (2,099,716) | (2,860,173) |
Gross margin | (478,296) | (827,639) | 98,097 |
Other income | 712,997 | 948,160 | 1,124,033 |
Distribution costs | (134,366) | (125,563) | (222,585) |
Administrative expenses | (199,409) | (225,557) | (326,640) |
Other expenses | (197,737) | (154,582) | (211,830) |
Restructuring activities expenses | (2,177,754) | (837,673) | |
Other gains/(losses) | 39,471 | (98,790) | 15,367 |
Income from operation activities | (2,435,094) | (1,321,644) | 476,442 |
Financial income | 8,905 | 11,812 | 23,262 |
Financial costs | (579,304) | (410,153) | (479,596) |
Share of profit of investments accounted for using the equity method | (1,168,898) | (3,537,259) | 88,429 |
Foreign exchange gains/(losses) | 72,888 | (66,004) | (76,122) |
Result of indexation units | (799) | 67 | |
Income (loss) before taxes | (4,102,302) | (5,323,248) | 32,482 |
Income tax expense / benefit | (550,840) | 767,713 | 163,131 |
NET INCOME (LOSS) FOR THE YEAR | $ (4,653,142) | $ (4,555,535) | $ 195,613 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Proceeds from sales of goods and services | $ 2,046,751 | $ 2,240,961 | $ 6,621,168 |
Other cash receipts from operating activities | 38,268 | 52,192 | 122,637 |
Payments to suppliers for goods and services | (2,085,094) | (1,713,223) | (4,491,682) |
Payments to and on behalf of employees | (295,030) | (298,370) | (466,212) |
Other payments for operating activities | (29,363) | (27,757) | (67,056) |
Interest received | 5,127 | ||
Income taxes (paid) | (898) | (2,764) | |
Other cash inflows (outflows) | (37,992) | 61,532 | 302,246 |
Net cash flows from operating activities | (363,358) | 312,571 | 2,026,228 |
Cash flows from investing activities | |||
Cash flows from losses of control of subsidiaries or other businesses | 752 | ||
Cash flows used to obtain control of subsidiaries or other businesses | (12,375) | (349,125) | |
Other cash receipts from sales of equity or debt instruments of other entities | 30,439 | 172,122 | |
Other payments to acquire equity or debt instruments of other entities | (27,199) | (172,295) | |
Amounts raised from sale of property, plant and equipment | 105,000 | 75,566 | 42,600 |
Purchases of property, plant and equipment | (574,431) | (163,022) | (578,498) |
Purchases of intangible assets | (85,449) | (70,363) | (66,018) |
Interest received | 1,644 | 3,235 | 12,757 |
Other cash inflows (outflows) | 18,900 | ||
Net cash flow (used in) investing activities | (545,959) | (500,469) | (589,332) |
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 | 1,665 | 1,361,807 | 370,139 |
Amounts raised from short-term loans | 661,609 | 296,267 | 93,000 |
Loans from Related Entities | 130,102 | 373,125 | |
Loans repayments | (135,837) | (749,258) | (1,632,577) |
Payments of lease liabilities | (391,879) | (90,335) | |
Dividends paid | (54,580) | ||
Interest paid | (90,585) | (135,859) | (283,612) |
Other cash inflows (outflows) | (11,034) | (107,782) | (58,704) |
Net cash flows (used in) financing activities | 164,041 | 944,740 | (1,566,334) |
Net increase in cash and cash equivalents before effect of exchanges rate change | (745,276) | 756,842 | (129,438) |
Effects of variation in the exchange rate on cash and cash equivalents | 5,183 | ||
Net increase (decrease) in cash and cash equivalents | (745,276) | 756,842 | (124,255) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR | 1,295,042 | 538,200 | 662,455 |
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | $ 549,766 | $ 1,295,042 | $ 538,200 |