Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | LATAM AIRLINES GROUP S.A. |
Entity Central Index Key | 0001047716 |
Document Type | 20-F |
Trading Symbol | LTM |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity a Well-known Seasoned Issuer | Yes |
Entity a Voluntary Filer | No |
Entity's Reporting Status Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 606,407,693 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2018 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Current assets | |||
Cash and cash equivalents | $ 1,081,642 | $ 1,142,004 | |
Other financial assets | 383,984 | 559,919 | |
Other non-financial assets | 320,977 | 221,188 | |
Trade and other accounts receivable | 1,162,582 | 1,214,050 | |
Accounts receivable from related entities | 2,931 | 2,582 | |
Inventories | 279,344 | 236,666 | |
Current tax assets | 69,134 | 77,987 | |
Total current assets other than non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 3,300,594 | 3,454,396 | |
Non-current assets (or disposal groups) classified as held for sale or as held for distribution to owners | 5,768 | 291,103 | |
Total current assets | 3,306,362 | 3,745,499 | |
Non-current assets | |||
Other financial assets | 58,700 | 88,090 | |
Other non-financial assets | 233,741 | 220,807 | |
Accounts receivable | 5,381 | 6,891 | |
Intangible assets other than goodwill | 1,441,072 | 1,617,247 | |
Goodwill | 2,294,072 | 2,672,550 | |
Property, plant and equipment | 9,953,365 | 10,065,335 | |
Current tax assets | 757 | 17,532 | |
Deferred tax assets | 273,327 | 364,021 | |
Total non-current assets | 14,260,415 | 15,052,473 | |
Total assets | 17,566,777 | 18,797,972 | |
Current liabilities | |||
Other financial liabilities | 1,430,789 | 1,300,949 | |
Trade and other accounts payables | 1,674,303 | 1,695,202 | |
Accounts payable to related entities | 382 | 760 | |
Other provisions | [1] | 4,794 | 2,783 |
Current tax liabilities | 3,738 | 3,511 | |
Other non-financial liabilities | 2,454,746 | 2,823,963 | |
Total current liabilities other than non-current liabilities (or disposal groups) classified as held for sale | 5,568,752 | 5,827,168 | |
Liabilities included in disposal groups classified as held for sale | 15,546 | ||
Total current liabilities | 5,568,752 | 5,842,714 | |
Non-current liabilities | |||
Other financial liabilities | 5,864,910 | 6,605,508 | |
Accounts payable | 483,656 | 498,832 | |
Other provisions | [1] | 303,495 | 374,593 |
Deferred tax liabilities | 872,121 | 949,697 | |
Employee benefits | 82,365 | 101,087 | |
Other non-financial liabilities | 644,702 | 158,305 | |
Total non-current liabilities | 8,251,249 | 8,688,022 | |
Total liabilities | 13,820,001 | 14,530,736 | |
EQUITY | |||
Share capital | 3,146,265 | 3,146,265 | |
Retained earnings | 597,675 | 475,117 | |
Treasury Shares | (178) | (178) | |
Other reserves | (76,926) | 554,885 | |
Parent's ownership interest | 3,666,836 | 4,176,089 | |
Non-controlling interest | 79,940 | 91,147 | |
Total equity | 3,746,776 | 4,267,236 | |
Total liabilities and equity | $ 17,566,777 | $ 18,797,972 | |
[1] | Total other provision at December 31, 2018, and 2017, 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. |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME BY FUNCTION - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit or loss [abstract] | |||
Revenue | $ 9,895,456 | $ 9,613,907 | $ 8,988,340 |
Cost of sales | (7,962,843) | (7,441,849) | (6,967,037) |
Gross margin | 1,932,613 | 2,172,058 | 2,021,303 |
Other income | 472,758 | 549,889 | 538,748 |
Distribution costs | (619,200) | (699,600) | (747,426) |
Administrative expenses | (721,270) | (938,931) | (872,954) |
Other expenses | (359,781) | (368,883) | (373,738) |
Other gains/(losses) | 53,499 | (7,754) | (72,634) |
Income from operation activities | 758,619 | 706,779 | 493,299 |
Financial income | 53,253 | 78,695 | 74,949 |
Financial costs | (356,269) | (393,286) | (416,336) |
Foreign exchange gains/(losses) | (157,709) | (18,718) | 121,651 |
Result of indexation units | (865) | 748 | 311 |
Income (loss) before taxes | 297,029 | 374,218 | 273,874 |
Income tax expense / benefit | (83,782) | (173,504) | (163,204) |
NET INCOME (LOSS) FOR THE PERIOD | 213,247 | 200,714 | 110,670 |
Income (loss) attributable to owners of the parent | 181,935 | 155,304 | 69,220 |
Income (loss) attributable to non-controlling interest | 31,312 | 45,410 | 41,450 |
NET INCOME (LOSS) FOR THE PERIOD | $ 213,247 | $ 200,714 | $ 110,670 |
EARNINGS PER SHARE | |||
Basic earnings (losses) per share (in dollars per share) | $ 0.30002 | $ 0.2561 | $ 0.12665 |
Diluted earnings (losses) per share (in dollars per share) | $ 0.30002 | $ 0.2561 | $ 0.12665 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of comprehensive income [abstract] | |||
NET INCOME (LOSS) | $ 213,247 | $ 200,714 | $ 110,670 |
Components of other comprehensive income that will not be reclassified to income before taxes | |||
Other comprehensive income, before taxes, gains (losses) by new measurements on defined benefit plans | (5,820) | 2,763 | (3,105) |
Total other comprehensive income that will not be reclassified to income before taxes | (5,820) | 2,763 | (3,105) |
Currency translation differences | |||
Gains (losses) on currency translation, before tax | (610,201) | (47,494) | 494,362 |
Other comprehensive income, before taxes, currency translation differences | (610,201) | (47,494) | 494,362 |
Cash flow hedges | |||
Gains (losses) on cash flow hedges before taxes | (27,797) | 18,344 | 127,390 |
Other comprehensive income (losses), before taxes, cash flow hedges | (27,797) | 18,344 | 127,390 |
Total other comprehensive income that will be reclassified to income before taxes | (637,998) | (29,150) | 621,752 |
Other components of other comprehensive income (loss), before taxes | (643,818) | (26,387) | 618,647 |
Income tax relating to other comprehensive income that will not be reclassified to income | |||
Income tax relating to new measurements on defined benefit plans | 1,567 | (785) | 921 |
Accumulate income tax relating to other comprehensive income that will not be reclassified to income | 1,567 | (785) | 921 |
Income tax relating to other comprehensive income that will be reclassified to income | |||
Income tax related to cash flow hedges in other comprehensive income | (269) | (1,770) | (34,695) |
Income taxes related to components of other comprehensive income that will be reclassified to income | (269) | (1,770) | (34,695) |
Total Other comprehensive income | (642,520) | (28,942) | 584,873 |
Total comprehensive income (loss) | (429,273) | 171,772 | 695,543 |
Comprehensive income (loss) attributable to owners of the parent | (447,405) | 128,877 | 648,539 |
Comprehensive income (loss) attributable to non-controlling interests | 18,132 | 42,895 | 47,004 |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (429,273) | $ 171,772 | $ 695,543 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Share Capital [Member] | Treasury Shares [Member] | Currency Translation Reserve [Member] | Cash Flow Hedging Reserve [Member] | Actuarial Gains Or Losses On Defined Benefit Plans Reserve [Member] | Shares Based Payments Reserve [Member] | Other Sundry Reserves [Member] | Total Other Reserve [Member] | Retained Earnings [Member] | Parent's Ownership Interest [Member] | Non-Controlling Interest [Member] | Total |
Beginning balance at Dec. 31, 2015 | $ 2,545,705 | $ (178) | $ (2,576,041) | $ (90,510) | $ (10,717) | $ 35,647 | $ 2,634,679 | $ (6,942) | $ 317,950 | $ 2,856,535 | $ 81,013 | $ 2,937,548 |
Changes in Equity [Roll Forward] | ||||||||||||
Total increase (decrease ) in equity Comprehensive income Gain (losses ) | 69,220 | 69,220 | 41,450 | 110,670 | ||||||||
Other comprehensive income | 489,486 | 92,016 | (2,183) | 579,319 | 579,319 | 5,554 | 584,873 | |||||
Total comprehensive income | 489,486 | 92,016 | (2,183) | 579,319 | 69,220 | 648,539 | 47,004 | 695,543 | ||||
Transactions with shareholders | ||||||||||||
Equity issue | 608,496 | 608,496 | 608,496 | |||||||||
Dividends | (20,766) | (20,766) | (20,766) | |||||||||
Increase (decrease ) through transfers and other changes , equity | (4,637) | 2,891 | 5,602 | 8,493 | 3,856 | (39,373) | (35,517) | |||||
Total transactions with shareholders | 603,859 | 2,891 | 5,602 | 8,493 | (20,766) | 591,586 | (39,373) | 552,213 | ||||
Ending balance at Dec. 31, 2016 | 3,149,564 | (178) | (2,086,555) | 1,506 | (12,900) | 38,538 | 2,640,281 | 580,870 | 366,404 | 4,096,660 | 88,644 | 4,185,304 |
Changes in Equity [Roll Forward] | ||||||||||||
Total increase (decrease ) in equity Comprehensive income Gain (losses ) | 155,304 | 155,304 | 45,410 | 200,714 | ||||||||
Other comprehensive income | (45,035) | 16,634 | 1,974 | (26,427) | (26,427) | (2,515) | (28,942) | |||||
Total comprehensive income | (45,035) | 16,634 | 1,974 | (26,427) | 155,304 | 128,877 | 42,895 | 171,772 | ||||
Transactions with shareholders | ||||||||||||
Dividends | (46,591) | (46,591) | (46,591) | |||||||||
Increase (decrease ) through transfers and other changes , equity | (3,299) | 943 | (501) | 442 | (2,857) | (40,392) | (43,249) | |||||
Total transactions with shareholders | (3,299) | 943 | (501) | 442 | (46,591) | (49,448) | (40,392) | (89,840) | ||||
Ending balance at Dec. 31, 2017 | 3,146,265 | (178) | (2,131,590) | 18,140 | (10,926) | 39,481 | 2,639,780 | 554,885 | 475,117 | 4,176,089 | 91,147 | 4,267,236 |
Changes in Equity [Roll Forward] | ||||||||||||
Increase (decrease) by application of new accounting standards | (4,797) | (4,797) | (4,797) | |||||||||
Initial balance modified | 3,146,265 | (178) | (2,131,590) | 18,140 | (10,926) | 39,481 | 2,639,780 | 554,885 | 470,320 | 4,171,292 | 91,147 | 4,262,439 |
Total increase (decrease ) in equity Comprehensive income Gain (losses ) | 181,935 | 181,935 | 31,312 | 213,247 | ||||||||
Other comprehensive income | (597,615) | (27,473) | (4,252) | (629,340) | (629,340) | (13,180) | (642,520) | |||||
Total comprehensive income | (597,615) | (27,473) | (4,252) | (629,340) | 181,935 | (447,405) | 18,132 | (429,273) | ||||
Transactions with shareholders | ||||||||||||
Dividends | (54,580) | (54,580) | (54,580) | |||||||||
Increase (decrease ) through transfers and other changes , equity | (1,607) | (864) | (2,471) | (2,471) | (29,339) | (31,810) | ||||||
Total transactions with shareholders | (1,607) | (864) | (2,471) | (54,580) | (57,051) | (29,339) | (86,390) | |||||
Ending balance at Dec. 31, 2018 | $ 3,146,265 | $ (178) | $ (2,729,205) | $ (9,333) | $ (15,178) | $ 37,874 | $ 2,638,916 | $ (76,926) | $ 597,675 | $ 3,666,836 | $ 79,940 | $ 3,746,776 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS DIRECT - METHOD - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash collection from operating activities | |||
Proceeds from sales of goods and services | $ 10,787,805 | $ 10,595,718 | $ 9,918,589 |
Other cash receipts from operating activities | 95,099 | 73,668 | 70,359 |
Payments for operating activities | |||
Payments to suppliers for goods and services | (7,331,390) | (6,722,713) | (6,756,121) |
Payments to and on behalf of employees | (1,789,022) | (1,955,310) | (1,820,279) |
Other payments for operating activities | (255,988) | (223,706) | (162,839) |
Income taxes refunded (paid) | (29,186) | (91,986) | (59,556) |
Other cash inflows (outflows) | 39,612 | (8,931) | (209,269) |
Net cash flows from operating activities | 1,516,930 | 1,666,740 | 980,884 |
Cash flows used in investing activities | |||
Cash flows from losses of control of subsidiaries or other businesses | 69,724 | 6,503 | |
Cash flows used in the purchase of non-controlling interest | (2) | ||
Other cash receipts from sales of equity or debt instruments of other entities | 3,645,608 | 3,248,693 | 2,969,731 |
Other payments to acquire equity or debt instruments of other entities | (3,548,239) | (3,106,411) | (2,706,733) |
Amounts raised from sale of property, plant and equipment | 223,753 | 51,316 | 76,084 |
Purchases of property, plant and equipment | (660,707) | (403,666) | (694,370) |
Amounts raised from sale of intangible assets | 1 | ||
Purchases of intangible assets | (96,206) | (87,318) | (88,587) |
Interest received | 10,175 | 12,684 | 11,242 |
Other cash inflows (outflows) | (2,476) | (9,223) | 843 |
Net cash flow from (used in) investing activities | (358,370) | (287,422) | (431,789) |
Cash flows from (used in) financing activities | |||
Amounts raised from issuance of shares | 608,496 | ||
Amounts raised from long-term loans | 779,062 | 1,305,384 | 1,820,016 |
Amounts raised from short-term loans | 293,000 | 132,280 | 279,593 |
Loans repayments | (1,045,662) | (1,829,191) | (2,121,130) |
Payments of finance lease liabilities | (692,687) | (344,901) | (314,580) |
Dividends paid | (72,620) | (66,642) | (41,223) |
Interest paid | (357,355) | (389,724) | (398,288) |
Other cash inflows (outflows) | 44,053 | 13,706 | (229,163) |
Net cash flows from (used in) financing activities | (1,052,209) | (1,179,088) | (396,279) |
Net increase (decrease) in cash and cash equivalents before effect of exchanges rate change | 106,351 | 200,230 | 152,816 |
Effects of variation in the exchange rate on cash and cash equivalents | (166,713) | (7,553) | 43,014 |
Net increase (decrease) in cash and cash equivalents | (60,362) | 192,677 | 195,830 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD | 1,142,004 | 949,327 | 753,497 |
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD | $ 1,081,642 | $ 1,142,004 | $ 949,327 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
General Information | |
GENERAL INFORMATION | NOTE 1 - GENERAL INFORMATION LATAM Airlines Group S.A. (the "Company") is a public limited company registered with the Commission for the Financial Market under No. 306, whose shares are listed in Chile on the Electronic Stock Exchange of Chile - Stock Exchange and the Santiago Stock Exchange - Stock Exchange, besides being listed in the United States of America on the New York Stock Exchange ("NYSE"), in the form of American Depositary Receipts ("ADRs"). Its main business is the air transport of passengers and cargo, both in the domestic markets of Chile, Peru, Argentina, Colombia, Ecuador and Brazil, as well as in a series of regional and international routes in America, Europe and Oceania. These businesses are developed directly or by its subsidiaries in Ecuador, Peru, Brazil, Colombia, Argentina and Paraguay different countries. 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 Americo Vespucio Sur No. 901, Renca commune. As of December 31, 2018 the statutory capital of the Company is represented by 606,874,525 shares, all ordinary, without par value, which is divided into: (a) 606,407,693 subscribed and paid shares; and (b) 466,832 shares pending subscription and payment, which correspond to the balance of shares pending placement of the last capital increase approved at the extraordinary shareholders meeting of August 18, 2016. The controller of the Company is the Cueto Group, which through the companies Costa Verde Aeronáutica S.A., Costa Verde Aeronáutica SpA, Costa Verde Aeronáutica Tres SpA, Inversiones Nueva Costa Verde Aeronáutica Ltda., Inversiones Priesca Dos y Cía. Ltda., Inversiones Caravia Dos y Cía. Ltda., Inversiones El Fano Dos y Cía. Ltda., Inversiones La Espasa Dos S.A. and Inversiones La Espasa Dos y Cía. Ltda., Owns 27.91% of the shares issued by the Company, so it is the controller of the Company in accordance with the provisions of letter b) of Article 97 and Article 99 of the Market Law of Values, taken care of that it influences decisively in the administration of this one. As of December 31, 2018, the Company had a total of 1,451 shareholders in its registry. At that date, approximately 2.45% of the Company's property was in the form of ADRs. For the period ended December 31, 2018, the company had an average of 41,097 employees, ending this period with a total number of 41,170 people, distributed in 6,380 Administration employees, 4,928 in Maintenance, 13,391 in Operations, 9,196 Cabin Crew , 4,169 Cockpit Crew and 3,106 in Sales. The main subsidiaries included in these consolidated financial statements are as follows: a) Participation rate As December 31, 2018 As December 31, 2017 As December 31, 2016 Country Functional Tax No. Company of origin Currency Direct Indirect Total Direct Indirect Total Direct Indirect Total % % % % % % % % % 96.518.860-6 Latam Travel Chile S.A. and Subsidary Chile US$ 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 96.763.900-1 Inmobiliaria Aeronáutica S.A. Chile US$ 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 99.0100 0.9900 100.0000 96.969.680-0 Lan Pax Group S.A. and Subsidiaries Chile US$ 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 Foreign Lan Perú S.A. Peru US$ 49.0000 21.0000 70.0000 49.0000 21.0000 70.0000 49.0000 21.0000 70.0000 93.383.000-4 Lan Cargo S.A. Chile US$ 99.8939 0.0041 99.8980 99.8939 0.0041 99.8980 99.8939 0.0041 99.8980 Foreign Connecta Corporation U.S.A. US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Prime Airport Services Inc. and Subsidary U.S.A. US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.631.520-2 Fast Air Almacenes de Carga S.A. Chile CLP 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidary Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.575.810-0 Inversiones Lan S.A. and Subsidiaries Chile US$ 99.7100 0.2900 100.0000 99.7100 0.2900 100.0000 99.7100 0.2900 100.0000 96.847.880-K Technical Trainning LATAM S.A. Chile CLP 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 Foreign Latam Finance Limited Cayman Insland US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 0.0000 0.0000 0.0000 Foreign Peuco Finance Limited Cayman Insland US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 0.0000 0.0000 0.0000 Foreign Profesional Airline Services INC. U.S.A. US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 0.0000 0.0000 0.0000 Foreign Jarletul S.A. Uruguay US$ 99.0000 1.0000 100.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 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, 2018, the indirect participation percentage over TAM S.A. and Subsidiaries comes from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 49% of political rights its percentage arise as a result of the provisional measure No. 714 of the Brazilian government implemented during 2016 that allows foreign capital to have up to 49% ownership. In this way, since April 2016, LATAM Airlines Group S.A. owns 901 shares with the right to vote of Holdco I S.A., which is equivalent to 49% of the total shares with voting rights of said company and TEP Chile S.A. owns 938 shares with the right to vote of Holdco I S.A., which is equivalent to 51% of the total shares with voting rights. b) Financial Information Statement of financial position Net Income For the year ended December 31, As of December 31, 2018 As of December 31, 2017 As of December 31, 2016 2018 2017 2016 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain/(loss ) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 96.518.860-6 Latam Travel Chile S.A. and Subsidary 10,165 3,210 6,955 6,771 2,197 4,574 5,468 2,727 2,741 2,385 1,833 2,650 96.763.900-1 Inmobiliaria Aeronáutica S.A. - - - - - - 36,756 8,843 27,913 - - 3,443 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 522,855 1,278,349 (762,139 ) 499,345 1,101,548 (596,406 ) 475,763 1,045,761 (561,472 ) (128,345 ) (35,943 ) (36,331 ) Foreign Lan Perú S.A. 417,767 407,570 10,197 315,607 303,204 12,403 306,111 294,912 11,199 3,372 1,205 (2,164 ) Foreign Lan Chile Investments Limited and Subsidiary (*) - - - - - - - - - - - 23 93.383.000-4 Lan Cargo S.A. 511,275 334,498 176,777 584,169 371,934 212,235 480,908 239,728 241,180 (34,401 ) (30,220 ) (24,813 ) Foreign Connecta Corporation 66,593 28,183 38,410 38,735 17,248 21,487 31,981 23,525 8,456 16,923 13,030 9,684 Foreign Prime Airport Services Inc. and Subsidary (*) 15,817 17,654 (1,837 ) 12,671 15,722 (3,051 ) 7,385 11,294 (3,909 ) 1,225 857 588 96.951.280-7 Transporte Aéreo S.A. 330,777 128,428 202,349 324,498 104,357 220,141 340,940 124,805 216,135 (17,847 ) 2,172 8,206 Foreign Aircraft International Leasing Limited - - - - - - - - - - - 9 96.631.520-2 Fast Air Almacenes de Carga S.A. 15,499 7,962 7,537 12,931 4,863 8,068 10,023 3,645 6,378 386 939 1,717 Foreign Laser Cargo S.R.L. 26 13 13 18 27 (9 ) 21 32 (11 ) (3 ) 2 (1 ) Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 53,326 13,040 38,812 66,039 42,271 18,808 54,092 35,178 15,737 19,876 3,438 176 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidary (*) 181,522 192,059 (9,614 ) 144,884 156,005 (10,112 ) 80,644 95,747 (13,506 ) 497 3,389 (910 ) 96.575.810-0 Inversiones Lan S.A. and Subsidiaries (*) 1,383 50 1,333 11,681 5,201 6,377 10,971 6,452 4,452 (4,774 ) 1,561 2,549 96.847.880-K Technical Trainning LATAM S.A. 2,879 1,031 1,848 1,967 367 1,600 1,745 284 1,461 884 109 73 Foreign Latam Finance Limited 679,034 756,774 (77,740 ) 678,289 708,306 (30,017 ) - - - (47,723 ) (30,017 ) - Foreign Peuco Finance Limited 608,191 608,191 - 608,191 608,191 - - - - - - - Foreign Profesional Airline Services INC. 2,430 1,967 463 3,703 3,438 265 - - - 197 294 - Foreign Jarletul S.A. 18 125 (107 ) - - - - - - (107 ) - - Foreign TAM S.A. and Subsidiaries (*) 4,304,126 3,013,831 1,221,459 4,490,714 3,555,423 856,829 5,287,286 4,710,308 495,562 (12,538 ) 160,582 2,107 (*) The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. Additionally, we have proceeded to consolidate the following special purpose entities: 1. Chercán Leasing Limited created to finance the pre-delivery payments on aircraft; 2. Guanay Finance Limited created to issue a bond collateralized with future credit card receivables; 3. Private investment funds. These companies have been consolidated as required by IFRS 10. All controlled entities have been included in the consolidation. The changes that occurred in the consolidation perimeter between January 1, 2017 and December 31, 2018, are detailed below: (1) Incorporation or acquisition of companies - Prismah Fidelidade Ltda. was constituted on June 29, 2012, whose ownership corresponds 99.99% to Multiplus S.A. direct subsidiary of TAM S.A. The operation of this company began in December 2017. - On November 2015, the company Peuco Finance Limited was created, whose ownership corresponds 100% to LATAM Airlines Group S.A. The operation of this company began in December 2017. - During the month of December 2017, a capital increase in TAM S.A was reported to the Finance Committee for up to US $ 900 million. The contributions were made on December 11, 2017 for US $ 210 million, January 24, 2018 for US $ 449 million and February 5, 2018 for US $ 200 million, without issuance of new shares. These capital increases were made and integrated 100% by the shareholder LATAM Airlines Group S.A. The foregoing, in accordance with the TAM's shareholder Holdco I S.A., who renounces to any right arisinged from this increase. - On January 22, 2018, Lan Pax Group S.A., purchased 17,717 shares of Laser Cargo SRL. to Andes Airport Service S.A., consequently Lan Pax Group S.A. ownsership is 3.77922% and Lan Cargo S.A. with a 96.22078% share of Laser Cargo SRL. - On March 13, 2018, the company Jarletul S.A., was create. The company ownership is 99% of LATAM Airlines Group S.A. and a 1% is from Inversiones Lan S. A.. The company main activity is a Travel Agency. - As of December 31, 2018, Inversiones LAN S.A., subsidiary of LATAM Airlines Group S.A., acquired 5,319 shares of Aerovías de Integración Regional Aires S.A. a non-controlling shareholder, consequently, the indirect participation of LATAM Airlines Group S.A. correspond to 99.2012% (2) Dissolution of companies - On November 20, 2017 LATAM Airlines Group S.A. acquires 100% of the shares of Inmobiliaria Aeronáutica S.A. consequently, a merger and subsequent dissolution of said company was carried out. (3) Disappropriation of companies. - On May 5, 2017 Lan Pax Group S.A. and Inversiones Lan S.A., both subsidiaries of LATAM Airlines Group S.A., sold to Talma Servicios Aeroportuarios S.A. and Inversiones Talma S.A.C., 100% of the capital stock of Rampas Andes Airport Services S.A. The sale value of Rampas Andes Airport Services S.A. it was of ThUS$ 8,624. - On May 7, 2018 LATAM Airlines Group S.A. and its subsidiaries Inversiones LAN S.A. and LAN Pax Group S.A., sold, assigned and transferred to the Spanish companies Acciona Airport Services, S.A. and Acciona Aeropuertos, S.L., 100% of its shares in the subsidiary Andes Airport Services S.A. The sale value of Andes Airport Services S.A. it was ThUS$ 39,108 - On November 30, 2018, Mas Investment Limited, a subsidiary of LATAM Airlines Group S.A., sold to Puente Aéreo Corporación S.A. de C.V. his participation in the companies Air Transportes Mas de Carga S.A. de C.V. and Promotora Aérea Latino Americana S.A. de C.V. The sale value of this transaction was ThUS$ 29,466. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies | |
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 The consolidated financial statements of LATAM Airlines Group S.A. for the period ended December 31, 2018, have been prepared in accordance with International Financial Reporting Standards (IFRS) as issue by the International Accounting Standards Board (“IASB”) incorporated therein and with the interpretations issued by the International Financial Reporting Standards Interpretations Committee (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. In order to facilitate comparison, some minor reclassifications have been made to the consolidated financial statements for the previous year. (a) Accounting pronouncements with implementation effective from January 1, 2018: Date of issue Mandatory (i) Rules and amendments IFRS 9: Financial instruments. December 2009 01/01/2018 Amendment to IFRS 9: Financial instruments. November 2013 01/01/2018 IFRS 15: Revenue from ordinary activities from contracts with customers. May 2014 01/01/2018 Amendment to IFRS 15: Revenue from ordinary activities from contracts with customers. April 2016 01/01/2018 Amendment to IFRS 2: Share-based payments June 2016 01/01/2018 Amendment to IFRS 4: Insurance contract September 2016 01/01/2018 Amendment to IAS 40: Investment property December 2016 01/01/2018 (ii) Improvements Improvements to the International Financial Reporting Standards (cycle 2014-2016) IFRS 1: Adoption for the first time of international financial reporting standards and IAS 28 Investments in associates and joint ventures. December 2016 01/01/2018 (iii) Interpretations IFRIC 22: Transactions in foreign currency and anticipated consideration December 2016 01/01/2018 The Company has recognized the changes identified as a result of the adoption of IFRS 9 and IFRS 15, recognizing the cumulative effect of the initial application of these standards as an adjustment to the opening balance of retained earnings as of January 1, 2018, therefore, the Financial statements as of December 31, 2017 have not been modified. The impacts of the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from ordinary contracts with customers are as follows: Consolidated statement of financial position (extract) As of Adoption As of December 31, effect January 1 Note 2017 IFRS 9 IFRS 15 2018 ThUS$ ThUS$ ThUS$ ThUS$ Current assets Other non-financial assets, current 7 - 12 221,188 - 54,361 (4) 275,549 Trade debtors and other accounts receivable, current 7 - 8 1,214,050 (11,105 )(1) - 1,202,945 Non-current assets Deferred tax assets 364,021 89 (2) 6,005 (7) 370,115 Current liabilities Accounts payable commercial and other Debts to pay 7 - 20 1,695,202 - (22,192 )(5) 1,673,010 Other non-financial liabilities, current 22 2,823,963 - 77,640 (6) 2,901,603 Non-current liabilities Deferred tax liability 18 949,697 (1,021 )(2) 4,472 (5) 953,148 Equity Accumulated earnings 25 475,118 (9,995 )(3) 446 (8) 465,569 - Effects of adopting IFRS 9 (1) Expected credit losses: The Company modified the calculation of the impairment provision to comply with the expected credit loss model, established in IFRS 9 Financial Instruments, which replaces the current loss impairment model incurred. To the calculate porcentage of credit losses, a risk matrix was used, grouping the portfolio, according to similar characteristics of risk and maturity. This change resulted in the recognition of an increase in the provision for impairment losses of US $ (11.1) million. This standard also includes requirements related to the classification and measurement of financial assets and liabilities and an expected credit loss model that replaces the current loss impairment model incurred. As of January 1, 2018, the calculation of the impairment losses provision are as follows: Portfolio maturity Up to Up to More than Up to 91 to 181 to 360 Up to date 90 days 180 days 360 days days Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Expected loss rate 1 % 21 % 46 % 67 % 94 % 8 % Gross book value 1,046,909 36,241 12,001 14,623 66,022 1,175,796 Impairment provision (13,570 ) (7,774 ) (5,499 ) (9,803 ) (61,787 ) (98,433 ) (2) Deferred tax adjustments originated by the application of IFRS 9. (3) Net effect on accumulated results of the adjustments indicated above. In addition to the impacts on the consolidated statement of financial position, the application of IFRS 9: Financial Instruments requires the classification of financial instruments according to the business model, to determine the form of measurement of financial instruments, after their initial recognition. The Company analyzed the business models and classified its financial assets and liabilities according to the following: Classification IAS 39 Classification IFRS 9 Loans Hedge Held Initial At fair value and and for through profit Cost with changes Assets receivables derivatives traiding and loss amortized in results Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 2,446,864 62,867 1,915 501,890 - - 3,013,536 Cash and cash equivalents (1,112,346 ) - - (29,658 ) 1,112,346 29,658 - Other financial assets, current (23,918 ) - (1,421 ) (472,232 ) 23,918 473,653 - Trade debtors and other accounts receivable, current (1,214,050 ) - - - 1,214,050 - - Accounts receivable from entities related, current (2,582 ) - - - 2,582 - - Other financial assets, non-current (87,077 ) - (494 ) - 87,077 494 - Accounts receivable, non-current (6,891 ) - - - 6,891 - - Balance as of January 1, 2018 - 62,867 - - 2,446,864 503,805 3,013,536 Classification IAS 39 Classification IFRS 9 Others Held financial hedge Cost Liabilities liabilities derivatives amortized Total ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 10,086,434 14,817 - 10,101,251 Other current financial liabilities (1,288,749 ) - 1,288,749 - Trade accounts payable and other accounts payable, current (1,695,202 ) - 1,695,202 - Accounts payable to related entities, current (760 ) - 760 - Other financial liabilities, not current (6,602,891 ) - 6,602,891 - Accounts payable, not current (498,832 ) - 498,832 - Balance as of January 1, 2018 - 14,817 10,086,434 10,101,251 - Effects of adopting IFRS 15 (4) Contract costs: The Company has capitalized the costs related to the revenues from air transport of passengers, corresponding to: the commissions charged by the credit card administrators for US$ 22.0 million and the air ticket booking services through the system general distribution (GDS) for US$ 15.6 million. Additionally, there is a reclassification of commissions from travel agencies for US$ 16.8 million, which previously were presented, according IAS 18, net of the liability to fly in other non-financial liabilities. (5) Contract liabilities: The Company has adjusted certain concepts that were recorded as obligations with suppliers and customers, which must now be treated as contract liabilities; therefore they must be deferred until the benefit of the service have been rendered. These concepts are mainly related to the ground transportation service for US $ 15.6 million and traveler's checks for US $ 6.6 million. (6) Performance Obligations: The Company analyzed the moment in which the performance obligations identified in the contracts with customers must be recognized in the consolidated result. During this analysis, some concepts were identified which must be deferred until the moment of service provision, mainly related to land transportation services, charges for modifications to the initial contract in the sale of tickets and redeem of some products associated with loyalty programs for US$ 60.8 million. Additionally, there is the reclassification detailed in numeral (4) for US$ 16.8 million. (7) Deferred tax adjustments originated by the application of IFRS 15. (8) Net effect on accumulated results of the adjustments indicated above. Additionally, the Company concluded that, in the rendering of certain services, it acted as agent in the provision of these services, therefore some reclassifications were made in the consolidated income statement to reflect the corresponding commission. The effects of the changes recognized in the application of IFRS 15 in the year 2018 in the consolidated income statement are presented below: For the year ended December 31, 2018 Reconciliation Revenue Adjustments for reconciliation Results Deferred Results under Contract revenues under Note IFRS 15 costs (4) recognition [(5), (6)] Reclassifications IAS 18 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Revenue 26 9,895,456 - 48,561 31,501 9,975,518 Cost of sales (7,962,843 ) - (34,986 ) - (7,997,829 ) Gross margin 1,932,613 - 13,575 31,501 1,977,689 Other income 28 472,758 - - 42,563 515,321 Distribution costs (619,200 ) (43 ) - (20,003 ) (639,246 ) Administrative expenses (721,270 ) (806 ) - (54,061 ) (776,137 ) Other expenses (359,781 ) - - - (359,781 ) Other gains/(losses) 53,499 - - - 53,499 Income from operation activities 758,619 (849 ) 13,575 - 771,345 Financial income 53,253 - - - 53,253 Financial costs 27 (356,269 ) - - - (356,269 ) Foreign exchange gains/(losses) 29 (157,708 ) - - - (157,708 ) Result of indexation units (865 ) - - - (865 ) Income (loss) before taxes 297,030 (849 ) 13,575 - 309,756 Income (loss) tax expense / benefit 18 (88,456 ) (23 ) (1,030 ) - (89,509 ) NET INCOME (LOSS) FOR THE PERIOD 208,574 (872 ) 12,545 - 220,247 Income (loss) attributable to owners of the parent 176,822 (872 ) 12,545 - 188,495 Income (loss) attributable to non-controlling interest 14 31,752 - - - 31,752 Net income (loss) for the year 208,574 (872 ) 12,545 - 220,247 (b) Accounting pronouncements not yet in force for financial years beginning on January 1, 2018 and which has not been effected early adoption (i) Rules and amendments Date of issue Mandatory application: IFRS 16: Leases January 2016 January 1, 2019 Amendment to IFRS 9: Financial Instruments October 2017 January 1, 2019 Amendment to IAS 28: Investments in associates and joint ventures October 2017 January 1, 2019 IFRS 17: Insurance contracts May 2017 January 1, 2021 Amendment to IFRS 10: Consolidated financial statements and IAS 28 Investments in associates and joint ventures. September 2014 To be determined Amendment to IAS 19: Benefits to employees February 2018 January 1, 2019 Date of issue Mandatory application: Amendment to IFRS 3: Business combination October 2018 January 1, 2020 Amendment to IAS 1: Presentation of financial statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors October 2018 January 1, 2020 (ii) Improvements Improvements to International Financial Reporting Standards (cycle 2015-2017) IFRS 3: Business combination; IAS 12: Income tax; IFRS 11: Joint agreements and IAS 23 Costs for loans. December 2017 January 1, 2019 (iii) Interpretations IFRIC 23: Uncertain tax positions June 2017 January 1, 2019 The Company's management believes that the adoption of the standards, amendments and interpretations described above will not have a significant impact on the consolidated financial statements of the Company in the exercise of its first application, except for IFRS 16. IFRS 16 Leases incorporates significant changes in the accounting of tenants by requiring a similar treatment to financial leases for all those leases that are currently classified as operational lease with a term greater than 12 months. This standard will be applied since January 1, 2019 and means, in general terms, that an asset representative of the right to use the assets subject to operational leasing contracts and a liability equivalent to the present value of the payments associated with the contract must be recognized. The effects on the income statement will be; the monthly lease payments will be replaced by the depreciation of the right of use and the recognition of a financial expense. Likewise, in the Statement of Cash Flows, the operating flow will decrease by the amount of the lease payment, increasing the flow of financing, separated in interest and principal, from the lease liability. During the year 2018 the Company began the analysis of the effects of first adoption of IFRS 16, applying this new standard to the contracts identified as leases using IAS 17 "Leases" and IFRIC 4 "Determining whether an Arrangement Contains a Lease”. The Company will apply this new standard with a retrospective application, restating the comparative financial statements, in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”. The Company will continue to recognize the expenses associated with short-term lease contracts, as well as with the underlying low-value assets, in a straight-line manner as an expense in profit or loss, as indicated by the exception established in IFRS 16. When establishing the terms of the lease, the Company has evaluated the relevant facts or circumstances that may determine the possible exercise of the options to extend or terminate the lease agreements. These options will be evaluated on each closing date. For the valuation of the right of use and the lease liability, the Company has determined the present value of the payments for non-cancelable leases, using the implicit interest rate for leases related to aircraft, and incremental borrowing rate for the rest of the contracts. For incremental borrowing rate, the company considered for its calculation historical information on financing of the Company, market variables, asset types, country risk and currency among other factors. The main impact due to the application of this new standard will came from the aircraft and engines, whose quantity and balance of non-cancelable lease commitments is disclosed in note 32 "Commitments". As at the reporting date, the group has non-cancellable operating lease commitments for aircraft and engines of US$ 3,581 millions, additionally for other assets, it amounts of US$ 161 millions. Of these commitments, approximately US$ 59 millions relate to short-term leases and to low value leases which will both be recognized on a straight-line basis as expense in profit or loss. For the remaining lease commitments the group expects to recognize right-of-use assets of approximately US$ 2,512 millions on 1 January 2019, and lease liabilities for US$ 2,820 millions. It is estimated that there will be no significant effects on net income for the year 2019. Operating cash flows will increase and financing cash flows decrease by approximately US$ 521 millions as repayment of the principal portion of the lease liabilities will be classified as cash flows from financing activities. 2.2. Basis of Consolidation (a) Subsidiaries Subsidiaries are all the entities (including special-purpose entities) over which the Company has the power to control the financial and operating policies, which are generally accompanied by a holding of more than half of the voting rights. In evaluating whether the Company controls another entity, the existence and effect of potential voting rights that are currently exercisable or convertible at the date of the consolidated financial statements are considered. The subsidiaries are consolidated from the date on which control is passed to the Company and they are excluded from the consolidation on the date they cease to be so controlled. The results and flows are incorporated from the date of acquisition. Balances, transactions and unrealized gains on transactions between the Company’s entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment loss of the asset transferred. When necessary in order to ensure uniformity with the policies adopted by the Company, the accounting policies of the subsidiaries are modified. To account for and identify the financial information revealed when carrying out a business combination, such as the acquisition of an entity by the Company, is apply the acquisition method provided for in IFRS 3: Business combination. (b) Transactions with non-controlling interests The Group applies the policy of considering transactions with non-controlling interests, when not related to loss of control, as equity transactions without an effect on income. (c) Sales of subsidiaries When a subsidiary is sold and a percentage of participation is not retained, the Company derecognizes assets and liabilities of the subsidiary, the non-controlling and other components of equity related to the subsidiary. Any gain or loss resulting from the loss of control is recognized in the consolidated income statement in Other gains (losses). If LATAM Airlines Group S.A. and Subsidiaries retain an ownership of participation in the sold subsidiary, and does not represent control, this is recognized at fair value on the date that control is lost, the amounts previously recognized in Other comprehensive income are accounted as if the Company had disposed directly from the assets and related liabilities, which can cause these amounts are reclassified to profit or loss. The percentage retained valued at fair value is subsequently accounted using the equity method. (d) Investees or associates Investees or associates are all entities over which LATAM Airlines Group S.A. and Subsidiaries have significant influence but have no control. This usually arises from holding between 20% and 50% of the voting rights. Investments in associates are booked using the equity method and are initially recognized at their cost. 2.3. Foreign currency transactions (a) Presentation and functional currencies The items included in the financial statements of each of the entities of LATAM Airlines Group S.A. and Subsidiaries are valued using the currency of the main economic environment in which the entity operates (the functional currency). The functional currency of LATAM Airlines Group S.A. is the United States dollar which is also the presentation currency of the consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries. (b) Transactions and balances Foreign currency transactions are translated to the functional currency using the exchange rates on the transaction dates. Foreign currency gains and losses resulting from the liquidation of these transactions and from the translation at the closing exchange rates of the monetary assets and liabilities denominated in foreign currency are shown in the consolidated statement of income by function except when deferred in Other comprehensive income as qualifying cash flow hedges. (c) Adjustment due to hyperinflation After July 1, 2018, the Argentine economy was considered, for purposes of IFRS, hyperinflationary. The financial statements of the subsidiaries whose functional currency is the Argentine Peso have been restated. The non-monetary items of the statement of financial position as well as the income statement, comprehensive incomes and cash flows of the group's entities, whose functional currency corresponds to a hyperinflationary economy, are adjusted for inflation and re-expressed in accordance with the variation of the consumer price index ("CPI"), at each presentation date of its financial statements. The re-expression of non-monetary items is made from the date of initial recognition in the statements of financial position and considering that the financial statements are prepared under the historical cost criterion. (See Note 4(g)) Net losses or gains arising from the re-expression of non-monetary items and income and costs are recognized in the consolidated income statement under "Result of indexation units". Net gains and losses on the re-expression of opening balances due to the initial application of IAS 29 are recognized in the consolidated retained earnings. Re-expression due to hyperinflation will be recorded until the period in which the economy of the entity ceases to be considered as a hyperinflationary economy, at that time, the adjustments made by hyperinflation will be part of the cost of non-monetary assets and liabilities. The comparative amounts in the Consolidated financial statements of the Company are presented in a stable currency and are not adjusted for subsequent changes in the price level or exchange rates. (d) Group entities The results and the financial situation of the Group's entities, whose functional currency is different from the presentation currency of the consolidated financial statements, of LATAM Airlines Group S.A., which does not correspond to the currency of a hyperinflationary economy, are converted into the currency of presentation as follows: (i) Assets and liabilities of each consolidated statement of financial position presented are translated at the closing exchange rate on the consolidated statement of financial position date; (ii) The revenues and expenses of each income statement account are translated at the exchange rates prevailing on the transaction dates, and (iii) All the resultant exchange differences by conversion are shown as a separate component in other comprehensive income. For those subsidiaries of the group whose functional currency is different from the presentation currency and, moreover, corresponds to the currency of a hyperinflationary economy; its restated results, cash flow and financial situation are converted to the presentation currency at the closing exchange rate on the date of the consolidated financial statements. The exchange rates used correspond to those fixed in the country where the subsidiary is located, whose functional currency is different to the U.S. dollar. Adjustments to the Goodwill and fair value arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing exchange rate or period informed, restated when the currency came from the functional entity of the foreign entity corresponds to that of a hyperinflationary economy, the adjustments for the restatement of goodwill are recognized in the consolidated equity. 2.4. 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. The residual value and the useful life of the assets are reviewed and adjusted, if necessary, once a year. When the value of an asset exceeds its estimated recoverable amount, its value is immediately reduced to its recoverable amount (Note 2.8). Losses and gains from the sale of property, plant and equipment are calculated by comparing the consideration with the book value and are included in the consolidated statement of income. 2.5. Intangible assets other than goodwill (a) Airport slots and Loyalty program Airport slots and the Coalition and Loyalty program are intangible assets of indefinite useful life and are subject to impairment tests annually as an integral part of each CGU, in accordance with the premises that are applicable, included as follows: Airport slots – Air transport CGU Loyalty program – Coalition and loyalty program Multiplus CGU (See Note 16) The airport slots correspond to an administrative authorization to carry out operations of arrival and departure of aircraft at a specific airport, within a specified period. The Loyalty program corresponds to the system of accumulation and redemption of points that has developed Multiplus S.A., subsidiary of TAM S.A. The Brands, airport Slots and Loyalty program were recognized in fair values determined in accordance with IFRS 3, as a consequence of the business combination with TAM and Subsidiaries. (b) Computer software Licenses for computer software acquired are capitalized on the basis of the costs incurred in acquiring them and preparing them for using the specific software. These costs are amortized over their estimated useful lives, for which the Company has been defined useful lives between 3 and 10 years. Expenses related to the development or maintenance of computer software which do not qualify for capitalization, are shown as an expense when incurred. The personnel costs and others costs directly related to the production of unique and identifiable computer software controlled by the Company, are shown as intangible Assets others than Goodwill when they have met all the criteria for capitalization. (c) Brands The Brands were acquired in the business combination with TAM S.A. And Subsidiaries and recognized at fair value under IFRS. During the year 2016, the estimated useful life of the brands change from an indefinite useful life to a five-year period, the period in which the value of the brands will be amortized (See Note 15). 2.6. Goodwill Goodwill represents the excess of acquisition cost over the fair value of the Company’s participation in the net identifiable assets of the subsidiary or associate on the acquisition date. Goodwill related to acquisition of subsidiaries is not amortized but tested for impairment annually or each time that there is evidence of impairment. Gains and losses on the sale of an entity include the book amount of the goodwill related to the entity sold. 2.7. 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. 2.8. Losses for impairment of non-financial assets Intangible assets that have an indefinite useful life, and developing IT projects, are not subject to amortization and are subject to annual testing for impairment. Assets subject to amortization are subjected to impairment tests whenever any event or change in circumstances indicates that the book value of the assets may not be recoverable. An impairment loss is recorded when the book value is greater than the recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In evaluating the impairment, the assets are grouped at the lowest level for which cash flows are separately identifiable (CGUs). Non-financial assets other than goodwill that have suffered an impairment loss are reviewed if there are indicators of reverse losses at each reporting date. 2.9. Financial assets As of January 1, 2018, the Company classifies its financial assets in the following categories: at fair value (either through other comprehensive income, or through gains or losses), and at amortized cost. The classification depends on the business model of the entity to manage the financial assets and the contractual terms of the cash flows. The group reclassifies debt investments when, and only when, it changes its business model to manage those assets. In the initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset classified at amortized cost, the transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets accounted for at fair value through profit or loss are recorded as expenses in the income statement. (a) Debt instruments The subsequent measurement of debt instruments depends on the group's business model to manage the asset and cash flow characteristics of the asset. The Company has two measurement categories in which the group classifies its debt instruments: Amortized cost: the assets held for the collection of contractual cash flows where those cash flows represent only payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in income when the asset is derecognized or impaired. Interest income from these financial assets is included in financial income using the effective interest rate method. Fair value through profit or loss: assets that do not meet the criteria of amortized cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and is presented net in the income statement within other gains / (losses) in the period in which it arises. (b) Equity instruments Changes in the fair value of financial assets at fair value through profit or loss are recognized in other gains / (losses) in the statement of income as appropriate. The Company evaluates in advance the expected credit losses associated with its debt instruments recorded at amortized cost. The applied impairment methodology depends on whether there has been a significant increase in credit risk. 2.10. Derivative financial instruments and hedging activities Derivatives are recognized, in accordance with IAS 39, initially at fair value on the date on which the derivative contract was made and are subsequently valued at their fair value. The method to recognize the resulting loss or gain depends on whether the derivative has been designated as a hedging instrument and, if so, the nature of the item being hedged. The Company designates certain derivatives as: (a) Hedge of the fair value of recognized assets (fair value hedge); (b) Hedge of an identified risk associated with a recognized liability or an expected highly- Probable transaction (cash-flow hedge), or (c) Derivatives that do not qualify for hedge accounting. The Company documents, at the inception of each transaction, the relationship between the hedging instrument and the hedged item, as well as its objectives for managing risk and the strategy for carrying out various hedging transactions. The Company also documents its assessment, both at the beginning and on an ongoing basis, as to whether the derivatives used in the hedging transactions are highly effective in offsetting the changes in the fair value or cash flows of the items being hedged. The total fair value of the hedging derivatives is booked as Other non-current financial asset or liability if the remaining maturity of the item hedged is over 12 months, and as an other current financial asset or liability if the remaining term of the item hedged is less than 12 months. (a) Fair value hedges Changes in the fair value of designated derivatives that qualify as fair value hedges are shown in the consolidated statement of income, together with any change in the fair value of the asset or liability hedged that is attributable to the risk being hedged. (b) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is shown in the statement of other comprehensive income. The loss or gain relating to the ineffective portion is recognized immediately in the consolidated statement of income under other gains (losses). Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. In case of variable interes |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2018 | |
Financial Risk Management | |
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, and (iii) interest -rate risk. The Company has developed policies and procedures for managing market risk, which aim to identify, quantify, monitor and mitigate the adverse effects of changes in market factors mentioned above. For this, the Administration monitors the evolution of price levels, exchange rates and interest rates, and quantifies their risk exposures (Value at Risk), and develops and implements hedging strategies. (i) Fuel-price risk: Exposition: For the execution of its operations the Company purchases a fuel called Jet Fuel grade 54 USGC, which is subject to the fluctuations of international fuel prices. Mitigation: To cover the risk exposure fuel, the Company operates with derivative instruments (swaps and options) whose underlying assets may be different from Jet Fuel, being possible use West Texas Intermediate (“WTI”) crude, Brent (“BRENT”) crude and distillate Heating Oil (“HO”), which have a high correlation with Jet Fuel and greater liquidity. Fuel Hedging Results: During the year ended December 31, 2018, As of December 31, 2018, The following tables show the level of hedge for different periods: Positions as of December 31, 2018 (*) Maturities Q119 Q219 Q319 Q419 Total Percentage of coverage over the expected volume of consumption 66 % 58 % 40 % 15 % 45 % (*) The volume shown in the table considers all the hedging instruments (swaps and options). Positions as of December 31, 2017 (*) Maturities Q118 Q218 Q318 Total Percentage of coverage over the expected volume of consumption 19 % 12 % 5 % 12 % (*) The volume shown in the table considers all the hedging instruments (swaps and options). Sensitivity analysis A drop in fuel price positively affects the Company through a reduction in costs. However, also negatively affects contracted positions as these are acquired to protect the Company against the risk of a rise in price. The policy therefore is to maintain a hedge-free percentage in order to be competitive in the event of a drop in price. The current hedge positions they are booked as cash flow hedge contracts, so a variation in the fuel price has an impact on the Company’s net equity. The following table shows the sensitivity analysis of the financial instruments according to reasonable changes in the fuel price and their effect on equity. The term of the projection was defined until the end of the last current fuel hedge contract, being the last business day of the fourth quarter of 2019. The calculations were made considering a parallel movement of US$ 5 per barrel in the curve of the BRENT and JET crude futures benchmark price at the end of December 2018 and the end of December, 2017. Positions as of December 31, 2018 Positions as of December 31, 2017 Benchmark price effect on equity effect on equity (US$ per barrel) (millions of US$) (millions of US$) +5 +7.4 +1.8 -5 - 5.5 -3.3 Given the structure of fuel coverage during 2018, considers a hedge-free portion, a vertical drop of 5 dollars in the JET reference price (considered as the monthly average), would have meant an approximate impact US $ 135.2 million of lower fuel costs. For the same period, a vertical rise of $ 5 in the JET reference price (considered as the monthly average) would have meant an impact of approximately US $ 146.5 million of higher fuel costs. (ii) Foreign exchange rate risk: Exposition: The functional and presentation currency of the Financial Statements of the Parent Company is the US dollar, so that the risk of the Transactional and Conversion exchange rate arises mainly from the Company's business, strategic and accounting operating activities that are expressed in a monetary unit other than the functional currency. The subsidiaries of LATAM are also exposed to foreign exchange risk whose impact affects the Company's Consolidated Income. The largest operational exposure to LATAM's exchange risk comes from the concentration of businesses in Brazil, which are mostly denominated in Brazilian Real (BRL), and are actively managed by the company. At a lower concentration, the Company is also exposed to the fluctuation of other currencies, such as: Euro, Pound sterling, Australian dollar, Colombian peso, Chilean peso, Argentine peso, Paraguayan guarani, Mexican peso, Peruvian nuevo 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. FX Hedging Results With the objective of reducing exposure to the exchange rate risk in the operational cash flows of 2018, and securing the operating margin, LATAM makes hedges using FX derivatives. As of December 31, 2018, During the period ended December 31, 2018, As of December 31, 2018, As of December 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, 2018, the Company does not have FX derivatives in its portfolio. During 2017, the Company contracted derivative currency swaps to hedge debt issued the same year for a notional UF 8.7 million. As of December 31, 2018, In the case of TAM S.A, whose functional currency is the Brazilian real, a large part of its liabilities are expressed in US dollars. Therefore, when converting financial assets and liabilities, from dollars to reais, they have an impact on the result of TAM S.A., which is consolidated in the Company's Income Statement. With the objective of reducing the impact on the Company's results caused by appreciations or depreciations of R$/US $, the Company has executed internal operations to reduce the net exposure in US$ for TAM S.A. The following table shows the variation of financial performance to appreciate or depreciate 10% exchange rate R$/US$: Appreciation (depreciation) Effect at December 31, 2018 Effect at December 31, 2017 of R$/US$(*) Millions of US$ Millions of US$ -10% +39.8 +80.5 +10% -39.8 -80.5 (*) Appreciation (depreciation) of US$ regard to the covered currencies. Effects of exchange rate derivatives in the Financial Statements The profit or losses caused by changes in the fair value of hedging instruments are segregated between intrinsic value and temporary value. The intrinsic value is the actual percentage of cash flow covered, initially shown in equity and later transferred to income, while the hedge transaction is recorded in income. The temporary value corresponds to the ineffective portion of cash flow hedge which is recognized in the financial results of the Company (Note 19). Due to the functional currency of TAM S.A. and Subsidiaries is the Brazilian real, the Company presents the effects of the exchange rate fluctuations in Other comprehensive income by converting the Statement of financial position and Income statement of TAM S.A. and Subsidiaries from their functional currency to the U.S. dollar, which is the presentation currency of the consolidated financial statement of LATAM Airlines Group S.A. and Subsidiaries. The Goodwill generated in the Business combination is recognized as an asset of TAM S.A. and Subsidiaries in Brazilian real whose conversion to U.S. dollar also produces effects in other comprehensive income. The following table shows the change in Other comprehensive income recognized in Total equity in the case of appreciate or depreciate 10% the exchange rate R$/US$: Appreciation (depreciation) Effect at December 31, 2018 Effect at December 31, 2017 of R$/US$ Millions of US$ Millions of US$ -10% +384.73 +386.62 +10% -314.78 -316.33 (iii) Interest -rate risk: Exposition: The Company is exposed to fluctuations in interest rates affecting the markets future cash flows of the assets, and current and future financial liabilities. The Company is exposed in one portion to the variations of London Inter-Bank Offer Rate (“LIBOR”) and other interest rates of less relevance are Brazilian Interbank Deposit Certificate ("ILC"). Mitigation In order to reduce the risk of an eventual rise in interest rates, the Company has signed interest-rate swap and call option contracts. Currently a 60% (63% at December 31, 2017) of the debt is fixed to fluctuations in interest rate. Rate Hedging Results As of December 31, 2018, 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, 2018 Positions as of December 31, 2017 futures curve effect on profit or loss before tax effect on profit or loss before tax in libor 3 months (millions of US$) (millions of US$) +100 basis points -29.62 -29.26 -100 basis points +29.62 +29.26 Much of the current rate derivatives are registered for as hedges of cash flow, therefore, a variation in the exchange rate has an impact on the market value of derivatives, whose changes impact on the Company’s net equity. The calculations were made increasing (decreasing) vertically 100 basis points of the three-month Libor futures curve, being both reasonably possible scenarios according to historical market conditions. Increase (decrease) Positions as of December 31, 2018 Positions as of December 31, 2017 futures curve effect on equity effect on equity in libor 3 months (millions of US$) (millions of US$) +100 basis points +0.70 +1.9 -100 basis points -0.71 -1.9 The assumptions of sensitivity calculation must assume that forward curves of interest rates do not necessarily reflect the real value of the compensation flows. Moreover, the structure of interest rates is dynamic over time. During the periods presented, the Company has no registered amounts by ineffectiveness in consolidated statement of income for this kind of hedging. (b) Credit risk Credit risk occurs when the counterparty to a financial agreement or instrument fails to discharge an obligation due or financial instrument, leading to a loss in market value of a financial instrument (only financial assets, not liabilities). The Company is exposed to credit risk due to its operative and financial activities, including deposits with banks and financial institutions, investments in other kinds of instruments, exchange-rate transactions and the contracting of derivative instruments or options. To reduce the credit risk associated with operational activities, the Company has established credit limits to abridge the exposure of their debtors which are monitored permanently (mainly in case of operational activities in Brazil with travel agents). As a way to mitigate credit risk related to financial activities, the Company requires that the counterparty to the financial activities remain at least investment grade by major Risk Assessment Agencies. Additionally the Company has established maximum limits for investments which are monitored regularly. (i) Financial activities Cash surpluses that remain after the financing of assets necessary for the operation are invested according to credit limits approved by the Company’s Board, mainly in time deposits with different financial institutions, private investment funds, short-term mutual funds, and easily-liquidated corporate and sovereign bonds with short remaining maturities. These investments are booked as Cash and cash equivalents and other current financial assets. In order to reduce counterparty risk and to ensure that the risk assumed is known and managed by the Company, investments are diversified among different banking institutions (both local and international). The Company evaluates the credit standing of each counterparty and the levels of investment, based on (i) their credit rating, (ii) the equity size of the counterparty, and (iii) investment limits according to the Company’s level of liquidity. According to these three parameters, the Company chooses the most restrictive parameter of the previous three and based on this, establishes limits for operations with each counterparty. The Company has no guarantees to mitigate this exposure. (ii) Operational activities The Company has four large sales “clusters”: travel agencies, cargo agents, airlines and credit-card administrators. The first three are governed by International Air Transport Association, international (“IATA”) organization comprising most of the airlines that represent over 90% of scheduled commercial traffic and one of its main objectives is to regulate the financial transactions between airlines and travel agents and cargo. When an agency or airline does not pay their debt, they are excluded from operating with IATA’s member airlines. In the case of credit-card administrators, they are fully guaranteed by 100% by the issuing institutions. The exposure consists of the term granted, which fluctuates between 1 and 45 days. One of the tools the Company uses for reducing credit risk is to participate in global entities related to the industry, such as IATA, Business Sales Processing (“BSP”), Cargo Account Settlement Systems (“CASS”), IATA Clearing House (“ICH”) and banks (credit cards). These institutions fulfill the role of collectors and distributors between airlines and travel and cargo agencies. In the case of the Clearing House, it acts as an offsetting entity between airlines for the services provided between them. A reduction in term and implementation of guarantees has been achieved through these entities. Currently the sales invoicing of TAM Linhas Aéreas S.A. related with travel agents and cargo agents for domestic transportation in Brazil is done directly by TAM Linhas Aéreas S.A. Credit quality of financial assets The external credit evaluation system used by the Company is provided by IATA. Internal systems are also used for particular evaluations or specific markets based on trade reports available on the local market. The internal classification system is complementary to the external one, i.e. for agencies or airlines not members of IATA, the internal demands are greater. To reduce the credit risk associated with operational activities, the Company has established credit limits to abridge the exposure of their debtors which are monitored permanently (mainly in case of operational activities of TAM Linhas Aéreas S.A. with travel agents).The bad-debt rate in the principal countries where the Company has a presence is insignificant. (c) Liquidity risk Liquidity risk represents the risk that the Company has no sufficient funds to meet its obligations. Because of the cyclical nature of the business, the operation, and its investment and financing needs related to the acquisition of new aircraft and renewal of its fleet, plus the financing needs, the Company requires liquid funds, defined as cash and cash equivalents plus other short term financial assets, to meet its payment obligations. The liquid funds, the future cash generation and the capacity to obtain additional funding, through bond issuance and banking loans, will allow the Company to obtain sufficient alternatives to face its investment and financing future commitments. At December 31, 2018 In addition to the balance of liquid funds, the Company has access to short-term credit lines. As of December 31, 2018, Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018 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 Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 38,625 76,275 - - - 114,900 113,000 At Expiration 3.36 3.36 97.032.000-8 BBVA Chile UF - 52,490 - - - 52,490 50,785 At Expiration 3.31 3.31 97.036.000-K SANTANDER Chile US$ 23,070 - - - - 23,070 23,000 At Expiration 3.90 3.90 97.003.000-K BANCO DO BRASIL Chile US$ 201,884 - - - - 201,884 200,000 At Expiration 3.64 3.64 97.951.000-4 HSBC Chile US$ 12,094 - - - - 12,094 12,000 At Expiration 3.14 3.14 Bank loans 97.023.000-9 CORPBANCA Chile UF 5,778 17,086 16,662 - - 39,526 38,231 Quarterly 3.35 3.35 0-E BLADEX U.S.A. US$ - 15,766 - - - 15,766 15,000 Semiannual 6.74 6.74 97.036.000-K SANTANDER Chile US$ 1,347 587 102,521 - - 104,455 102,521 Quarterly 5.60 5.60 76.362.099-9 BTG Chile UF 510 1,531 69,435 - - 71,476 65,862 At Expiration 3.10 3.10 Obligations with the public 0-E BANK OF NEW YORK U.S.A. US$ - 84,375 614,375 96,250 724,063 1,519,063 1,200,000 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - 18,985 37,970 196,970 213,114 467,039 345,182 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France US$ 743 2,201 5,718 2,086 - 10,748 10,080 Quarterly 3.23 3.23 0-E BNP PARIBAS U.S.A. US$ 14,741 61,973 152,826 145,252 250,387 625,179 511,698 Quarterly 4.55 4.55 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 31,336 96,304 248,720 289,251 509,168 1,174,779 952,758 Quarterly 4.47 4.47 0-E CITIBANK U.S.A. US$ 12,757 38,398 102,062 77,710 65,232 296,159 269,365 Quarterly 3.82 2.94 0-E US BANK U.S.A. US$ 18,406 55,112 146,045 144,670 86,076 450,309 411,684 Quarterly 4.00 2.82 0-E NATIXIS France US$ 14,027 42,132 111,528 92,228 124,910 384,825 324,524 Quarterly 4.69 4.69 0-E PK AirFinance U.S.A. US$ 2,490 7,663 25,610 3,153 - 38,916 37,615 Monthly 4.15 4.15 0-E INVESTEC England US$ 2,004 11,579 26,874 24,367 - 64,824 54,014 Semiannual 7.17 7.17 Otras obligaciones garantizadas 0-E CREDIT AGRICOLE France US$ 2,576 8,380 273,122 - - 284,078 253,692 At Expiration 4.11 4.11 0-E DVB BANK SE Germany US$ 28,087 83,260 213,177 122,674 20,274 467,472 422,065 Quarterly 4.42 4.42 Other guaranteed obligations 0-E ING U.S.A. US$ 4,025 12,075 12,134 - - 28,234 26,831 Quarterly 5.70 5.01 0-E CREDIT AGRICOLE France US$ 7,618 21,994 27,811 1,684 - 59,107 56,403 Quarterly 3.66 3.31 0-E CITIBANK U.S.A. US$ 14,870 44,570 83,389 42,178 - 185,007 172,158 Quarterly 4.40 3.80 0-E PEFCO U.S.A. US$ 5,771 13,541 3,899 - - 23,211 22,407 Quarterly 5.64 5.02 0-E BNP PARIBAS U.S.A. US$ 8,467 25,214 26,933 1,641 - 62,255 59,567 Quarterly 3.90 3.58 0-E WELLS FARGO U.S.A. US$ 35,458 106,397 282,923 239,168 99,232 763,178 719,338 Quarterly 2.77 2.09 97.036.000-K SANTANDER Chile US$ 6,340 19,025 49,945 26,779 - 102,089 95,022 Quarterly 3.68 3.14 0-E RRPF ENGINE England US$ 1,167 3,480 9,103 8,826 4,870 27,446 23,012 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,711 5,175 13,640 13,394 760 34,680 31,544 Quarterly 3.93 3.33 0-E BTMU U.S.A. US$ 3,489 10,485 27,605 27,062 775 69,416 63,189 Quarterly 4.06 3.46 0-E NATIXIS France US$ 4,242 9,870 9,815 563 - 24,490 23,161 Quarterly 4.28 4.12 0-E KFW IPEX-BANK Germany US$ 1,764 5,328 5,378 - - 12,470 12,215 Quarterly 4.20 4.19 0-E AIRBUS FINANCIAL U.S.A. US$ 2,074 6,197 7,840 - - 16,111 15,417 Monthly 4.19 4.19 Other loans 0-E CITIBANK (*) U.S.A. US$ 25,705 77,703 103,341 - - 206,749 196,211 Quarterly 6.00 6.00 0-E Boeing U.S.A. US$ 559 1,425 55,728 - - 57,712 55,727 At Expiration 4.01 4.01 Hedge derivative - OTHERS - US$ 1,224 2,484 681 - - 4,389 4,021 - 0.00 0.00 Total 534,959 1,039,060 2,866,810 1,555,906 2,098,861 8,095,596 6,989,299 (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018 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 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 NEDERLANDSCHE NCM Holland US$ 175 499 1,332 55 - 2,061 1,851 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 4,195 7,935 46,780 41,872 - 100,782 95,789 Quarterly / Semiannual 6.87 6.87 0-E WACAPOU LEASING S.A. Luxembourg US$ 839 2,433 6,542 - - 9,814 9,226 Quarterly 4.81 4.81 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 11,536 32,312 161,778 - - 205,626 208,224 Quarterly 5.88 5.82 0-E GA Telesis LLC U.S.A. US$ 680 1,753 4,675 4,675 11,318 23,101 13,202 Monthly 15.62 15.62 Total 17,425 44,932 221,107 46,602 11,318 341,384 328,292 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018 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 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$ % % Trade and other accounts payables - OTHERS OTHERS US$ 356,342 11,773 - - - 368,115 368,115 - 0.00 0.00 CLP 137,296 359 - - - 137,655 137,655 - 0.00 0.00 BRL 250,915 925 - - - 251,840 251,840 - 0.00 0.00 Other currencies 518,448 3,918 - - - 522,366 522,366 - 0.00 0.00 Accounts payable to related parties currents Foreing Inversora Aeronáutica Argentina S.A. Argentina ARS 15 - - - - 15 15 - 0.00 0.00 78.591.370-1 Bethia S.A. y Filiales Chile CLP 365 - - - - 365 365 - 0.00 0.00 Extranjera TAM Aviação Executiva e Taxi Aéreo S.A. Brazil BRL 2 - - - - 2 2 - 0.00 0.00 Total 1,263,383 16,975 - - - 1,280,358 1,280,358 Total consolidated 1,815,767 1,100,967 3,087,917 1,602,508 2,110,179 9,717,338 8,597,949 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2017 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 Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 75,863 - - - - 75,863 75,000 At Expiration 2.30 2.30 97.032.000-8 BBVA Chile UF - 57,363 - - - 57,363 55,801 At Expiration 3.57 2.77 97.036.000-K SANTANDER Chile US$ 30,131 - - - - 30,131 30,000 At Expiration 2.49 2.49 97.030.000-7 ESTADO Chile US$ 40,257 - - - - 40,257 40,000 At Expiration 2.57 2.57 97.003.000-K BANCO DO BRASIL Chile US$ 100,935 - - - - 100,935 100,000 At Expiration 2.40 2.40 97.951.000-4 HSBC Chile US$ 12,061 - - - - 12,061 12,000 At Expiration 2.03 2.03 Bank loans 97.023.000-9 CORPBANCA Chile UF 22,082 22,782 43,430 - - 88,294 84,664 Quarterly 3.68 3.68 0-E BLADEX U.S.A. US$ - 16,465 15,628 - - 32,093 30,000 Semiannual 5.51 5.51 97.036.000-K SANTANDER Chile US$ 2,040 3,368 202,284 - - 207,692 202,284 Quarterly 4.41 4.41 Obligations with the public 0-E BANK OF NEW YORK U.S.A. US$ - 84,375 650,625 96,250 772,188 1,603,438 1,200,000 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - 20,860 41,720 226,379 245,067 534,026 379,274 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France US$ 8,368 25,415 56,305 12,751 - 102,839 98,091 Quarterly 2.66 2.22 0-E BNP PARIBAS U.S.A. US$ 14,498 59,863 148,469 145,315 313,452 681,597 575,221 Quarterly 3.41 3.40 0-E WELLS FARGO U.S.A. US$ 30,764 92,309 246,285 246,479 245,564 861,401 808,987 Quarterly 2.46 1.75 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 32,026 95,042 253,469 244,836 676,474 1,301,847 1,034,853 Quarterly 4.48 4.48 0-E CITIBANK U.S.A. US$ 14,166 42,815 114,612 112,435 102,045 386,073 351,217 Quarterly 3.31 2.47 0-E BTMU U.S.A. US$ 3,292 9,997 26,677 26,704 14,133 80,803 74,734 Quarterly 2.87 2.27 0-E APPLE BANK U.S.A. US$ 1,611 4,928 13,163 13,196 7,369 40,267 37,223 Quarterly 2.78 2.18 0-E US BANK U.S.A. US$ 18,485 55,354 146,709 145,364 158,236 524,148 472,833 Quarterly 4.00 2.82 0-E DEUTSCHE BANK U.S.A. US$ 4,043 12,340 32,775 32,613 32,440 114,211 96,906 Quarterly 4.39 4.39 0-E NATIXIS France US$ 18,192 54,952 129,026 105,990 166,011 474,171 413,011 Quarterly 3.42 3.40 0-E PK AirFinance U.S.A. US$ 2,375 7,308 20,812 18,104 - 48,599 46,500 Monthly 3.18 3.18 0-E KFW IPEX-BANK Germany US$ 2,570 7,111 16,709 1,669 - 28,059 26,888 Quarterly 3.31 3.31 0-E AIRBUS FINANCIAL U.S.A. US$ 2,033 6,107 15,931 - - 24,071 22,925 Monthly 3.19 3.19 0-E INVESTEC England US$ 1,930 11,092 26,103 26,045 11,055 76,225 63,378 Semiannual 6.04 6.04 Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ 1,757 5,843 246,926 - - 254,526 241,287 At Expiration 3.38 3.38 Financial leases 0-E ING U.S.A. US$ 5,890 12,076 28,234 - - 46,200 42,957 Quarterly 5.67 5.00 0-E CITIBANK U.S.A. US$ 12,699 38,248 91,821 51,222 2,880 196,870 184,274 Quarterly 3.78 3.17 0-E PEFCO U.S.A. US$ 13,354 34,430 23,211 - - 70,995 67,783 Quarterly 5.46 4.85 0-E BNP PARIBAS U.S.A. US$ 13,955 35,567 50,433 2,312 - 102,267 98,105 Quarterly 3.66 3.25 0-E WELLS FARGO U.S.A. US$ 12,117 38,076 98,424 66,849 21,253 236,719 221,113 Quarterly 3.17 2.67 97.036.000-K SANTANDER Chile US$ 6,049 18,344 48,829 47,785 3,156 124,163 117,023 Quarterly 2.51 1.96 0-E RRPF ENGINE England US$ 370 3,325 8,798 8,692 9,499 30,684 25,983 Monthly 4.01 4.01 Other loans 0-E CITIBANK (*) U.S.A. US$ 25,783 77,810 206,749 - - 310,342 285,891 Quarterly 6.00 6.00 Hedge derivative - Others - US$ 5,656 6,719 6,228 - - 18,603 17,407 - 0.00 0.00 Total 535,352 960,284 3,010,385 1,630,990 2,780,822 8,917,833 7,633,613 (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2017 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 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 NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland US$ 176 497 1,332 722 - 2,727 2,382 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 4,248 7,903 23,141 71,323 - 106,615 99,036 Quarterly / Semiannual 5.59 5.59 0-E WACAPOU LEASING S.A. Luxembourg US$ 837 2,411 6,509 3,277 - 13,034 12,047 Quarterly 3.69 3.69 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 11,735 32,230 204,836 - - 248,801 244,513 Quarterly 4.87 4.81 0-E BANCO IBM S.A Brazil BRL 34 - - - - 34 21 Monthly 6.89 6.89 0-E SOCIÉTÉ GÉNÉRALE France BRL 161 12 - - - 173 109 Monthly 6.89 6.89 Total 17,191 43,053 235,818 75,322 - 371,384 358,108 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2017 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 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$ % % Trade and other accounts payables - OTHERS OTHERS ThUS$ 566,838 - - - - 566,838 566,838 - 0.00 0.00 CLP 165,299 - - - - 165,299 165,299 - 0.00 0.00 BRL 315,605 - - - - 315,605 315,605 - 0.00 0.00 Other currencies 290,244 11,215 - - - 301,459 301,459 - 0.00 0.00 Accounts payable to related parties currents 78.997.060-2 Viajes Falabella Ltda. Chile CLP 534 - - - - 534 534 - 0.00 0.00 0-E Inversora Aeronáutica Argentina Argentina ThUS$ 4 - - - - 4 4 - 0.00 0.00 0-E Consultoría Administrativa Profesional S.A. de C.V. Mexico MXN 210 - - - - 210 210 - 0.00 0.00 78.591.370-1 Bethia S.A. y Filiales Chile CLP 12 - - - - 12 12 - 0.00 0.00 Total 1,338,746 11,215 - - - 1,349,961 1,349,961 Total consolidated 1,891,289 1,014,552 3,246,203 1,706,312 2,780,822 10,639,178 9,341,682 The Company has fuel, interest rate and exchange rate hedging strategies involving derivatives contracts with different financial institutions. The Company has margin facilities with each financial institution in order to regulate the mutual exposure produced by changes in the market valuation of the derivatives. At the end of 2017, the Company had delivered US$ 16.4 million in guarantees for derivative margins, corresponding to cash and standby letters of credit. As of December 31, 2018, US$ 5.0 million were delivered in guarantees corresponding to cash and standby letters of credit. The decrease was due to: i) the expiration of hedge contracts, ii) acquisition of new fuel contracts, and iii) changes in fuel prices, changes in exchange rates and interest rates. 3.2. Capital risk management The Company’s objectives, with respect to the management of capital, are (i) to comply with the restrictions of minimum equity and (ii) to maintain an optimal capital structure. The Company monitors its contractual obligations and the regulatory limitations in the different countries where the entities of the group are domiciled to assure they meet the limit of minimum net equity, where the most restrictive limitation is to maintain a positive net equity. Additionally, the Company periodically monitors the short and long term cash flow projections to assure the Company has adequate sources of funding to generate the cash requirement to face its investment and funding future commitments. The Company international credit rating is the consequence of the Company capacity to face its long terms financing commitments. As of December 31, 2018 the Company has an international long term credit rating of BB- with stable outlook by Standard & Poor’s, a B+ rating with positive outlook by Fitch Ratings and a Ba3 rating with stable outlook by Moody’s. 3.3. Estimates of fair value. At December 31, 2018, the Company maintained financial instruments that should be recorded at fair value. These are grouped into two categories: 1. Hedge Instruments: This category includes the following instruments: - Interest rate derivative contracts, - Fuel derivative contracts, - Currency derivative contracts. 2. Financial Investments: This category includes the following instruments: - Investments in short-term Mutual Funds (cash equivalent) - Private investment funds. The Company has classified the fair value measurement using a hierarchy that reflects the level of information used in the assessment. This hierarchy consists of 3 levels (I) fair value based on quoted prices in active markets for identical assets or liabilities, (II) fair value calculated through valuation methods based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) and (III) fair value based on inputs for the asset or liability that are not based on observable market data. The fair value of financial instruments traded in active markets, such as investments acquired for trading, is based on quoted market prices at the close of the period using the current price of the buyer. The fair value of financial assets not traded in active markets (derivative contracts) is determined using valuation techniques that maximize use of available market information. Valuation techniques generally used by the Company are quoted market prices of similar instruments and / or estimating the present value of future cash flows using forward price curves of the market at period end. The following table shows the classification of financial instruments at fair value, depending on the level of information used in the assessment: As of December 31, 2018 As of December 31, 2017 Fair value measurements using values Fair value measurements using values considered as considered as Fair value Level I Level II Level III Fair value Level I Level II Level III ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Assets Cash and cash equivalents 43,653 43,653 - - 29,658 29,658 - - Short-term mutual funds 43,653 43,653 - - 29,658 29,658 - - Other financial assets, current 366,573 343,218 23,3 |
ACCOUNTING ESTIMATES AND JUDGME
ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Estimates And Judgments | |
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 As of December 31, 2018, goodwill amount to ThUS$ 2,294,072 (ThUS$ 2,672,550 as of December 31, 2017), while the intangible assets comprise the Airport Slots for ThUS$ 828,969 (ThUS$ 964,513 as of December 31, 2017) and Loyalty Program for ThUS$ 274,420 (ThUS$ 321,440 as of December 31, 2017). The Company checks at least once a year whether goodwill and intangible assets with an indefinite useful life have suffered an impairment loss. For this evaluation, the Company has identified two cash generating units (CGU), "Air transport" and "Multiplus coalition and loyalty program". The book value of the surplus value assigned to each CGU as of December 31, 2018 amounts to ThUS$ 1,845,136 and ThUS$ 448,936 (ThUS$ $ 2,146,692 and ThUS$ 525,858 as of December 31, 2017), which include the following intangible assets with an indefinite useful life: Air Transport Coalition and loyalty As of As of As of As of December 31 December 31, December 31 December 31, 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Airport Slots 828,969 964,513 - - Loyalty program - - 274,420 321,440 The recoverable value of these cash-generating units (CGUs) has been determined based on calculations of their value in use. The principal assumptions used by the management include: growth rate, exchange rate, discount rate, fuel prices, and other economic assumptions. The estimation of these assumptions requires significant judgment by the management, as these variables feature inherent uncertainty; however, the assumptions used are consistent with Company’s internal planning. Therefore, management evaluates and updates the estimates on an annual basis, in light of conditions that affect these variables. The mainly assumptions used as well as, the corresponding sensitivity analyses are showed in Note 16. (b) Useful life, residual value, and impairment of property, plant, and equipment The depreciation of assets is calculated based on the linear model, except for certain technical components depreciated on cycles and hours flown. These useful lives are reviewed on an annual basis according with the Company’s future economic benefits associated with them. Changes in circumstances such as: technological advances, business model, planned use of assets or capital strategy may render the useful life different to the lifespan estimated. When it is determined that the useful life of property, plant, and equipment must be reduced, as may occur in line with changes in planned usage of assets, the difference between the net book value and estimated recoverable value is depreciated, in accordance with the revised remaining useful life. Residual values are estimated in accordance with the market value that these assets will have at the end of their useful life. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, once a year. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (note 2.8). (c) Recoverability of deferred tax assets Deferred taxes are calculated according to the liability method, on the temporary differences that arise between the tax bases of assets and liabilities and their carrying amounts. Deferred tax assets on tax losses are recognized to the extent that it is probable that future tax benefits will be available with which to offset the temporary differences. The Company makes financial and fiscal projections to evaluate the realization in time of this deferred tax asset. Additionally, it ensures that these projections are consistent with those used to measure other long-lived assets. As of December 31, 2018, the Company has recognized deferred tax assets of ThUS$ 273,327 (ThUS$ 364,021 as of December 31, 2017) and has ceased to recognize deferred tax assets on tax losses of ThUS$ 137,761 (ThUS$ 81,155 December 31, 2017) (Note 18). (d) Air tickets sold that will not be finally used. The Company records the advance sale of air tickets as deferred revenue. Revenue from the sale of tickets is recognized in the income statement when the passenger transport service is provided or expired due to non-use. The Company evaluates in a monthly basis the probability of expiration of air tickets, with refund clauses, based on the history of use of air tickets. A change in this probability could have an impact on ordinary income in the year in which the change occurs and in future periods. As of December 31, 2018, deferred revenues associated with air tickets sold amounted to ThUS$ 1,299,304 (ThUS$ 1,550,447 as of December 31, 2017). A hypothetical change of one percentage point in passenger behavior with respect to use would result in an impact of up to ThUS $ 6,000 per month. (e) Valuation of miles and points awarded to holders of loyalty programs, pending use. As of December 31, 2018, the deferred revenue associated with the LATAM Pass loyalty program amounts to ThUS$ 1,324,635 (ThUS$ 853,505 as of December 31, 2017). A hypothetical change of one percentage point in the exchange probability would result in an impact of ThUS$ 26,726 on the results of 2018 (ThUS $ 25,000 in 2017). The deferred revenues associated with the LATAM Fidelidade and Multiplus loyalty programs amount to ThUS$ 293,831 as of December 31, 2018 (ThUS$ 364,866 as of December 31, 2017). A hypothetical change of two percentage points in the number of points pending to be exchanged would result in an impact of ThUS$ 13,140 on the results of 2018 (ThUS$ 11,187 in 2017). (f) Provisions needs, and their valuation when required Known contingencies are recognized when: the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. The Company applies professional judgment, experience, and knowledge to use available information to determine these values, in light of the specific characteristics of known risks. This process facilitates the early assessment and valuation of potential risks in individual cases or in the development of contingent eventualities. (g) Consumer Price Index For the calculation of the hyperinflation adjustment of companies with functional Argentine Peso, the company uses the index calculated by the Argentine Federation of Professional Councils of Economic Sciences resulting from combining the National Consumer Price Index ("CPI") published by the National Institute of Statistics and Censuses of the Argentine Republic ("INDEC") (base month: December 2016) with the IPIM published by the FACPCE. For hyperinflation application on balances as of December 31, 2017, depending on the age of the non-monetary assets and liabilities, the index used were the following: Year 2004 2005 2014 2015 2016 2017 Index 240.23 266.3 841.66 986.04 1,327.09 1,656.15 For the hyperinflation adjustment of the 2018 items, the following index were used: Month Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Index 1,685.25 1,726.02 1,766.42 1,814.81 1,852.47 1,921.69 1,981.30 2,058.36 2,192.86 2,311.09 2,383.96 The consolidated effects of IAS 29 adjustment on the balances as of January 1, 2018 were as follows: ThUS$ Assets 5,129 Liabilities 377 Retained earings 4,752 The effect of inflation on the Company’s net monetary position in the consolidated income statements for the year ended December 31, 2018 were as follows: ThUS$ Assets 1,379 Liabilities (2,005 ) Loss (626 ) (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 insuring 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, 2018 | |
Segmental Information | |
SEGMENTAL INFORMATION | NOTE 5 - SEGMENTAL INFORMATION The Company considers that it has two operating segments: air transport and the Multiplus loyalty and coalition program. The air transport 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 reallocating resources (aircraft, crew, personnel, etc.) within the network, which implies a functional interrelation between them, making them inseparable. This segment definition is one of the most common at the level of the airline industry worldwide. The Multiplus Coalition and Loyalty Program segment, unlike the LATAM Pass and LATAM Fidelidade programs, which are frequent flyer programs that operate as a unilateral loyalty system, offers a flexible, interrelated coalition system among its members, which has 22.2 million members, together with being an entity with a separate administration and a business not directly related to air transport. For the year ended Coalition and Air loyalty program transportation Multiplus Eliminations Consolidated At December 31, At December 31, At December 31, At December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income from ordinary activities from external customers (*) 9,887,090 9,159,031 8,587,772 60,020 454,876 400,568 (51,654 ) - - 9,895,456 9,613,907 8,988,340 Passenger 8,700,622 8,039,601 7,477,147 60,020 454,876 400,568 (51,654 ) - - 8,708,988 8,494,477 7,877,715 Freight 1,186,468 1,119,430 1,110,625 - - - - - - 1,186,468 1,119,430 1,110,625 Income from ordinary activities from transactions with other operating segments - 454,876 400,568 - 67,554 65,969 - (522,430 ) (466,537 ) - - Other operating income 346,315 308,937 364,551 126,443 240,952 174,197 - - - 472,758 549,889 538,748 Interest income 27,181 28,184 27,287 26,072 50,511 58,380 - (10,718 ) 53,253 78,695 74,949 Interest expense (356,269 ) (393,286 ) (427,054 ) - - - - 10,718 (356,269 ) (393,286 ) (416,336 ) Total net interest expense (329,088 ) (365,102 ) (399,767 ) 26,072 50,511 58,380 - - - (303,016 ) (314,591 ) (341,387 ) Depreciation and amortization (974,827 ) (994,416 ) (952,285 ) (6,819 ) (7,209 ) (8,043 ) - - - (981,646 ) (1,001,625 ) (960,328 ) Material non-cash items other than depreciation and amortization (223,677 ) (75,479 ) 10,069 (85 ) (145 ) (991 ) - - - (223,762 ) (75,624 ) 9,078 Disposal of fixed assets and inventory losses (46,351 ) (39,238 ) (82,734 ) - - - - - - (46,351 ) (39,238 ) (82,734 ) Doubtful accounts (18,741 ) (18,272 ) (29,674 ) (96 ) (144 ) (476 ) - - - (18,837 ) (18,416 ) (30,150 ) Exchange differences (157,720 ) (18,717 ) 122,129 11 (1 ) (478 ) - - - (157,709 ) (18,718 ) 121,651 Result of indexation units (865 ) 748 348 - - (37 ) - - - (865 ) 748 311 Income (loss) atributable to owners of the parents (**) 72,333 (3,482 ) (83,653 ) 109,602 158,783 152,873 - - - 181,935 155,301 69,220 Participation of the entity in the income of associates - - - - - - - - - - - - Expenses for income tax (36,506 ) (104,376 ) (92,476 ) (47,276 ) (69,128 ) (70,728 ) - - - (83,782 ) (173,504 ) (163,204 ) Segment profit / (loss) 103,645 41,931 (42,203 ) 109,602 158,783 152,873 - - - 213,247 200,714 110,670 Assets of segment 16,431,182 17,430,937 17,805,749 1,145,942 1,373,049 1,400,432 (10,347 ) (6,014 ) (7,987 ) 17,566,777 18,797,972 19,198,194 Segment liabilities 13,394,785 14,007,916 14,469,505 449,347 563,849 572,065 (24,131 ) (41,029 ) (28,680 ) 13,820,001 14,530,736 15,012,890 Amount of non-current asset additions 763,878 412,846 1,481,090 - - - - - - 763,878 412,846 1,481,090 Property, plant and equipment 668,786 325,513 1,390,730 - - - - - - 668,786 325,513 1,390,730 Intangibles other than goodwill 95,092 87,333 90,360 - - - - - - 95,092 87,333 90,360 Purchase of non-monetary assets of segment 756,913 490,983 782,957 - - - - - - 756,913 490,983 782,957 (*) The Company does not have any interest revenue that should be recognized as income from ordinary activities by interest. (**) The result of the Company includes a net result of ThUS$ (10,489) resulting from the application of IAS 21 and IAS 29, for the subsidiaries that are in hyperinflationary economies. For the year ended Coalition and Air loyalty program transportation Multiplus Eliminations Consolidated At December 31, At December 31, At December 31, At December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Net cash flows from Purchases of property, plant and equipment 660,631 403,282 693,581 76 384 789 - - - 660,707 403,666 694,370 Additions associated with maintenance 375,634 218,537 197,866 - - - - - - 375,634 218,537 197,866 Other additions 284,997 184,745 495,715 76 384 789 - - - 285,073 185,129 496,504 Purchases of intangible assets (***) 85,628 79,102 84,377 10,578 8,216 4,210 - - - 96,206 87,318 88,587 Net cash flows from (used in) operating activities 1,394,146 1,489,797 827,108 111,161 186,367 154,411 11,623 (9,424 ) (635 ) 1,516,930 1,666,740 980,884 Net cash flow from (used in) investing activities (348,348 ) (278,790 ) (426,989 ) (10,022 ) (8,632 ) (4,800 ) - - - (358,370 ) (287,422 ) (431,789 ) Net cash flows from (used in) financing activities (956,510 ) (1,010,705 ) (246,907 ) (95,699 ) (168,383 ) (149,372 ) - - - (1,052,209 ) (1,179,088 ) (396,279 ) (***)The Company does not have cash flows from purchases of intangible assets associated with maintenance. The Company’s revenues by geographic area are as follows: For the year ended At December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Peru 705,133 626,316 627,215 Argentina 989,883 1,113,467 1,030,973 U.S.A. 985,919 900,413 933,130 Europe 782,197 676,282 714,436 Colombia 372,794 359,276 343,001 Brazil 3,433,877 3,436,402 2,974,234 Ecuador 203,842 190,268 198,171 Chile 1,591,313 1,527,158 1,512,570 Asia Pacific and rest of Latin America 830,498 784,325 654,610 Income from ordinary activities 9,895,456 9,613,907 8,988,340 Other operating income 472,758 549,889 538,748 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, 2018 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 6 - CASH AND CASH EQUIVALENTS As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Cash on hand 8,974 8,562 Bank balances 331,218 330,430 Overnight 282,164 239,292 Total Cash 622,356 578,284 Cash equivalents Time deposits 415,633 534,062 Mutual funds 43,653 29,658 Total cash equivalents 459,286 563,720 Total cash and cash equivalents 1,081,642 1,142,004 Cash and cash equivalents are denominated in the following currencies: As of As of Currency December 31, December 31, 2018 2017 ThUS$ ThUS$ Argentine peso 17,786 12,135 Brazilian real 131,760 106,499 Chilean peso 415,713 81,845 Colombian peso 10,843 7,264 Euro 20,339 11,746 US Dollar 394,215 882,114 Other currencies 90,986 40,401 Total 1,081,642 1,142,004 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments | |
FINANCIAL INSTRUMENTS | NOTE 7 - FINANCIAL INSTRUMENTS 7.1. Financial instruments by category As of December 31, 2018 Assets Measured at At fair value amortized with changes Hedge cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,037,989 43,653 - 1,081,642 Other financial assets, current (*) 16,203 344,426 23,355 383,984 Trade and others accounts receivable, current 1,162,582 - - 1,162,582 Accounts receivable from related entities, current 2,931 - - 2,931 Other financial assets, non current (*) 58,700 - - 58,700 Accounts receivable, non current 5,381 - - 5,381 Total 2,283,786 388,079 23,355 2,695,220 Liabilities Measured at amortized Hedge cost derivatives Total ThUS$ ThUS$ ThUS$ Other liabilities, current 1,404,868 25,921 1,430,789 Trade and others accounts payable, current 1,674,303 - 1,674,303 Accounts payable to related entities, current 382 - 382 Other financial liabilities, non-current 5,864,570 340 5,864,910 Accounts payable, non-current 483,656 - 483,656 Total 9,427,779 26,261 9,454,040 (*) The value presented in designated at the initial moment at fair value with changes in results, corresponds mainly to private investment funds, and in loans and accounts receivable, corresponds to guarantees delivered. As of December 31, 2017 Initial designation Assets Loans Held as fair value and Hedge for through receivables derivatives trading profit and loss Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,112,346 - - 29,658 1,142,004 Other financial assets, current (*) 23,918 62,348 1,421 472,232 559,919 Trade and others accounts receivable, current 1,214,050 - - - 1,214,050 Accounts receivable from related entities, current 2,582 - - - 2,582 Other financial assets, non current (*) 87,077 519 494 - 88,090 Accounts receivable, non current 6,891 - - - 6,891 Total 2,446,864 62,867 1,915 501,890 3,013,536 Liabilities Other Held financial Hedge liabilities derivatives Total ThUS$ ThUS$ ThUS$ Other liabilities, current 1,288,749 12,200 1,300,949 Trade and others accounts payable, current 1,695,202 - 1,695,202 Accounts payable to related entities, current 760 - 760 Other financial liabilities, non-current 6,602,891 2,617 6,605,508 Accounts payable, non-current 498,832 - 498,832 Total 10,086,434 14,817 10,101,251 (*) The value presented as initial designation as fair value through profit and loss, corresponds mainly to private investment funds; and loans and receivables corresponds to guarantees given. 7.2. Financial instruments by currency a) Assets As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Cash and cash equivalents 1,081,642 1,142,004 Argentine peso 17,786 12,135 Brazilian real 131,760 106,499 Chilean peso 415,713 81,845 Colombian peso 10,843 7,264 Euro 20,339 11,746 US Dollar 394,215 882,114 Other currencies 90,986 40,401 Other financial assets (current and non-current) 442,684 648,009 Argentine peso 152 297 Brazilian real 327,110 475,810 Chilean peso 25,972 26,679 Colombian peso 1,748 1,928 Euro 7,438 7,853 US Dollar 78,121 133,431 Other currencies 2,143 2,011 Trade and other accounts receivable, current 1,162,582 1,214,050 Argentine peso 82,893 49,958 Brazilian real 511,171 635,890 Chilean peso 113,168 83,415 Colombian peso 7,259 3,249 Euro 49,044 48,286 US Dollar 110,312 257,324 Other currencies (*) 288,735 135,928 Accounts receivable, non-current 5,381 6,891 Brazilian real 3 4 Chilean peso 5,378 6,887 Accounts receivable from related entities, current 2,931 2,582 Brazilian real 293 2 Chilean peso 200 735 US Dollar 2,438 1,845 Total assets 2,695,220 3,013,536 Argentine peso 100,831 62,390 Brazilian real 970,337 1,218,205 Chilean peso 560,431 199,561 Colombian peso 19,850 12,441 Euro 76,821 67,885 US Dollar 585,086 1,274,714 Other currencies 381,864 178,340 (*) See the composition of the others currencies in Note 8 Trade, other accounts receivable and non-current accounts receivable. b) Liabilities Liabilities information is detailed in the table within Note 3 Financial risk management. |
TRADE AND OTHER ACCOUNTS RECEIV
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [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, 2018 2017 ThUS$ ThUS$ Trade accounts receivable 1,077,561 1,175,796 Other accounts receivable 188,393 133,054 Total trade and other accounts receivable 1,265,954 1,308,850 Less: Allowance for impairment loss (97,991 ) (87,909 ) Total net trade and accounts receivable 1,167,963 1,220,941 Less: non-current portion – accounts receivable (5,381 ) (6,891 ) Trade and other accounts receivable, current 1,162,582 1,214,050 The fair value of trade and other accounts receivable does not differ significantly from the book value. The maturity of the portfolio as of December 31, 2017 is as follows: Up to date 1,040,671 Matured accounts receivable, but not impaired Expired from 1 to 90 days 34,153 Expired from 91 to 180 days 10,141 More than 180 days overdue (*) 2,922 Total matured accounts receivable, but not impaired 47,216 Matured accounts receivable and impaired Judicial, pre-judicial collection and protested documents 43,175 Debtor under pre-judicial collection process and portfolio sensitization 44,734 Total matured accounts receivable and impaired 87,909 Total 1,175,796 (*) Value of this segment corresponds primarily to accounts receivable that were evaluated in their ability to recover, therefore not requiring a provision. As of December 31, 2018, in order 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. Portfolio maturity from 1 to from 91 to from 181 to more of Up to date 90 days 180 days 360 days 360 days Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Expected loss rate (1) 3 % 5 % 45 % 65 % 76 % 9 % Gross book value (2) 888,930 91,387 11,085 15,078 71,081 1,077,561 Impairment loss provision (23,933 ) (5,014 ) (4,983 ) (9,864 ) (54,197 ) (97,991 ) (1) Corresponds to the expected average rate. (2) the gross book value represents the maximum growth risk value of trade accounts receivable. Currency balances that make up the Trade and other accounts receivable and non-current accounts receivable are the following: As of As of December 31, December 31, Currency 2018 2017 ThUS$ ThUS$ Argentine Peso 82,893 49,958 Brazilian Real 511,174 635,894 Chilean Peso 118,546 90,302 Colombian peso 7,259 3,249 Euro 49,044 48,286 US Dollar 110,312 257,324 Other currency (*) 288,735 135,928 Total 1,167,963 1,220,941 (*) Other currencies Australian Dollar 100,733 40,303 Chinese Yuan 5,106 37 Danish Krone 475 197 Pound Sterling 18,129 5,068 Indian Rupee 7,163 3,277 Japanese Yen 56,589 18,756 Norwegian Kroner 283 133 Swiss Franc 5,046 2,430 Korean Won 31,381 18,225 New Taiwanese Dollar 6,180 2,983 Other currencies 57,650 44,519 Total 288,735 135,928 The movements of the provision for impairment losses of the Trade Debtors and other accounts receivable are as follows: Adoption Opening adjustment (Increase) Closing balance IFRS 9 (*) Write-offs Decrease balance Periods ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 (60,072 ) - 20,910 (37,892 ) (77,054 ) From January 1 to December 31, 2017 (77,054 ) - 8,249 (19,104 ) (87,909 ) From January 1 to December 31, 2018 (87,909 ) (10,524 ) 8,620 (8,178 ) (97,991 ) (*) Adjustment to the balance as of December 31, 2017 registered in retained earnings as of 01.01.2018 for the adoption of IFRS 9. Once pre-judicial and judicial collection efforts are exhausted, the assets are written off against the allowance. The Company only uses the allowance method rather than direct write-off, to ensure control. The historical and current renegotiations are not very relevant and the policy is to analyze case by case to classify them according to the existence of risk, determining if their reclassification corresponds to pre-judicial collection accounts. The maximum credit-risk exposure at the date of presentation of the information is the fair value of each one of the categories of accounts receivable indicated above. As of December 31, 2018 As of December 31, 2017 Gross exposure Gross Exposure net Gross exposure Gross Exposure net according to impaired of risk according to Impaired of risk balance exposure concentrations balance exposure concentrations ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Trade accounts receivable 1,077,561 (97,991 ) 979,570 1,175,796 (87,909 ) 1,087,887 Other accounts receivable 188,393 - 188,393 133,054 - 133,054 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, 2018 | |
Trade and other receivables [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 2018 2017 ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 1,907 1,845 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP 988 728 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL - 2 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP 31 5 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP 5 2 Total current assets 2,931 2,582 (b) Accounts payable As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2018 2017 ThUS$ ThUS$ 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP 365 546 Foreign Inversora Aeronáutica Argentina S.A. Related director Argentina US$ 15 4 Foreign Consultoría Administrativa Profesional S.A. de C.V. Related company México MXN - 210 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL 2 - Total current liabilities 382 760 Transactions between related parties have been carried out on free-trade conditions between interested and duly-informed parties. The transaction times are between 30 and 45 days, and the nature of settlement of the transactions is monetary. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2018 | |
Inventories Abstract | |
INVENTORIES | NOTE 10 -INVENTORIES The composition of Inventories is as follows: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Technical stock 233,276 195,530 Non-technical stock 46,068 41,136 Total 279,344 236,666 The items included in this heading are spare parts and materials that will be used mainly in consumption in in-flight and maintenance services provided to the Company and third parties, which are valued at average cost, net of provision for obsolescence, as per the following detail: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Provision for obsolescence Technical stock 20,500 21,839 Provision for obsolescence Non-technical stock 4,621 6,488 Total 25,121 28,327 The resulting amounts do not exceed the respective net realization values. As of December 31, 2018, the Company recorded ThUS$ 120,214 (ThUS$ 155,421 as of December 31, 2017) 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, 2018 | |
Miscellaneous assets [abstract] | |
OTHER FINANCIAL ASSETS | NOTE 11 - OTHER FINANCIAL ASSETS 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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 322,428 472,232 - - 322,428 472,232 Deposits in guarantee (aircraft) 9,610 15,690 37,636 41,058 47,246 56,748 Guarantees for margins of derivatives 661 2,197 - - 661 2,197 Other investments - - 494 494 494 494 Domestic and foreign bonds 1,394 1,421 - - 1,394 1,421 Other guarantees given 7,140 6,031 20,570 46,019 27,710 52,050 Subtotal of other financial assets 341,233 497,571 58,700 87,571 399,933 585,142 (b) Hedging assets Interest accrued since the last payment date of Cross currency swap - 202 - - - 202 Fair value of interest rate derivatives 19,460 3,113 - - 19,460 3,113 Fair value of foreign currency derivatives 3,895 48,322 - 519 3,895 48,841 Fair value of fuel price derivatives - 10,711 - - - 10,711 Subtotal of hedging assets 23,355 62,348 - 519 23,355 62,867 (c) Derivatives not recognized as a hedge Foreign currency derivatives not recognized as a hedge 19,396 - - - 19,396 - Subtotal of derivatives not recognized as a hedge 19,396 - - - 19,396 - Total Other Financial Assets 383,984 559,919 58,700 88,090 442,684 648,009 The different derivative hedging contracts maintained by the Company at the end of each period are described in Note 19. |
OTHER NON-FINANCIAL ASSETS
OTHER NON-FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous 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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Advance payments Aircraft leases 31,284 31,322 9,687 4,718 40,971 36,040 Aircraft insurance and other 16,483 17,681 - - 16,483 17,681 Others 19,322 10,012 973 1,186 20,295 11,198 Subtotal advance payments 67,089 59,015 10,660 5,904 77,749 64,919 (b) Contract assets (1) GDS costs 14,708 - - - 14,708 - Credit card commissions 21,614 - - - 21,614 - Travel agencies commissions 12,635 - - - 12,635 - Subtotal advance payments 48,957 - - - 48,957 - (c) Other assets Aircraft maintenance reserve (2) 831 21,505 51,836 51,836 52,667 73,341 Sales tax 187,410 137,866 38,186 37,959 225,596 175,825 Other taxes 15,255 2,475 - - 15,255 2,475 Contributions to Société Internationale de Télécommunications Aéronautiques ("SITA") 258 327 739 670 997 997 Judicial deposits - - 132,267 124,438 132,267 124,438 Others 1,177 - 53 - 1,230 - Subtotal other assets 204,931 162,173 223,081 214,903 428,012 377,076 Total Other Non - Financial Assets 320,977 221,188 233,741 220,807 554,718 441,995 (1) Movement of Contracts assets: Contracts assets ThUS$ Initial balance as of January 1, 2018 - Activation 180,171 Adjustments by the application of IFRS 15 54,361 Difference by conversion (5,020 ) Amortization (180,555 ) Final balance as of December 31, 2018 48,957 (2) Aircraft maintenance reserves reflect prepayment deposits made by the group to lessors of certain aircraft under operating lease agreements in order to ensure that funds are available to support the scheduled heavy maintenance of the aircraft. These amounts are calculated based on performance measures, such as flight hours or cycles, are paid periodically (usually monthly) and are contractually required to be repaid to the lessee upon the completion of the required maintenance of the leased aircraft. At the end of the lease term, any unused maintenance reserves are either returned to the Company in cash or used to offset amounts that we may owe the lessor as a maintenance adjustment. In some cases (five lease agreements), if the maintenance cost incurred by LATAM is less than the corresponding maintenance reserves, the lessor is entitled to retain those excess amounts at the time the heavy maintenance is performed. The Company periodically reviews its maintenance reserves for each of its leased aircraft to ensure that they will be recovered, and recognizes an expense if any such amounts are less than probable of being returned. The cost of aircraft maintenance in the last years has been higher than the related maintenance reserves for all aircraft. As of December 31, 2018, maintenance reserves amount to ThUS$ 52,667 (ThUS$ 73,341 as of December 31, 2017), corresponding to 9 aircraft that maintain remaining balances, which will be settled in the next maintenance or return. Aircraft maintenance reserves are classified as current or non-current depending on the dates when the related maintenance is expected to be performed (Note 2.23). |
NON-CURRENT ASSETS AND DISPOSAL
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous 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 groups in expropriation held for sale at December 31, 2018 and December 31, 2017, are detailed below: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Current assets Aircraft 265 236,022 Engines and rotables 5,299 9,197 Other assets 204 45,884 Total 5,768 291,103 Current liabilities Other liabilities - 15,546 Total - 15,546 The balances are presented at the lower of book value and fair value less cost to sell. The fair value of these assets was determined based on quoted prices in active markets for similar assets or liabilities. This is a level II measurement as per the fair value hierarchy set out in note 3.3 (2). There were no transfers between levels for recurring fair value measurements during the year. (a) Assets reclassified from Property, plant and equipment to Non-current assets or groups of assets for disposal classified as held for sale During fiscal year 2017, adjustments were recognized for US$ 17.4 million to register these assets at their net realizable value. Additionally, during the same period 2017, the sale of seven Airbus A330 spare engines occurred. During the 2018 period, an engine spare Boeing 767 was transferred from the property, plant and equipment and adjustments for US$ 2.3 million were recognized to record these assets at their net realizable value. In addition, during the 2018 period, two Boeing 777 aircraft were sold, an Airbus A330 aircraft, an a Airbus A330 spare engine were sold and an Airbus A320 aircraft was transferred from the property, plant and equipment. The detail of fleet classified as non-current assets or groups of assets for disposal classified as held for sale is the following: As of As of December 31, December 31, Aircraft 2018 2017 Boeing 777 Freighter - 2 (*) Airbus A330-200 - 1 Airbus A320-200 - 1 ATR42-300 1 1 Total 1 5 (*) One aircraft leased to DHL. (b) Assets reclassified from Inventories to Non-current assets or groups of assets for disposal classified as held for sale During in the first quarter of 2017, technical stocks of the fleet Airbus A330, were reclassified from Inventories to Non-current assets or groups of assets for disposal classified as held for sale. During fiscal year 2017, an adjustment of US $ 1.3 million was recognized to record these assets at their net realizable value. |
INVESTMENTS IN SUBSIDIARIES
INVESTMENTS IN SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of subsidiaries [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 and summarized financial information: Ownership As of As of Country of Functional December 31, December 31, Name of significant subsidiary incorporation currency 2018 2017 % % Lan Perú S.A. Peru US$ 70.00000 70.00000 Lan Cargo S.A. Chile US$ 99.89803 99.89803 Lan Argentina S.A. Argentina ARS 99.86560 99.86560 Transporte Aéreo S.A. Chile US$ 100.00000 100.00000 Aerolane Líneas Aéreas Nacionales del Ecuador S.A. Ecuador US$ 100.00000 100.00000 Aerovías de Integración Regional, AIRES S.A. Colombia COP 99.19061 99.19061 TAM S.A. Brazil BRL 99.99938 99.99938 The consolidated subsidiaries do not have significant restrictions for transferring funds to controller. Summary financial information of significant subsidiaries Results for the year Statement of financial position as of December 31, 2018 ended December 31, 2018 Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Lan Perú S.A. 417,767 379,490 38,277 407,570 406,157 1,413 1,161,205 1,652 Lan Cargo S.A. 511,275 243,499 267,776 334,498 292,153 42,345 269,783 (34,401 ) Lan Argentina S.A. 243,173 235,919 7,254 239,127 236,702 2,425 254,069 (148,032 ) Transporte Aéreo S.A. 330,777 72,597 258,180 128,428 27,440 100,988 304,084 (17,847 ) Aerolane Líneas Aéreas Nacionales del Ecuador S.A. 106,487 96,564 9,923 95,860 89,819 6,041 234,169 (1,135 ) Aerovías de Integración Regional, AIRES S.A. 116,118 55,865 60,253 77,746 69,149 8,597 291,827 (5,068 ) TAM S.A. (*) 4,304,126 2,007,830 2,296,296 3,013,831 1,727,151 1,286,680 4,650,526 (12,538 ) Results for the year Statement of financial position as of December 31, 2017 ended December 31, 2017 Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Lan Perú S.A. 315,607 294,308 21,299 303,204 301,476 1,728 1,046,423 1,205 Lan Cargo S.A. 584,169 266,836 317,333 371,934 292,529 79,405 264,544 (30,220 ) Lan Argentina S.A. 198,951 166,445 32,506 143,731 139,914 3,817 387,557 (41,636 ) Transporte Aéreo S.A. 324,498 30,909 293,589 104,357 36,901 67,456 317,436 2,172 Aerolane Líneas Aéreas Nacionales del Ecuador S.A. 96,407 66,166 30,241 84,123 78,817 5,306 219,039 3,722 Aerovías de Integración Regional, AIRES S.A. 138,138 64,160 73,978 91,431 80,081 11,350 279,414 526 TAM S.A. (*) 4,490,714 1,843,822 2,646,892 3,555,423 2,052,633 1,502,790 4,621,338 160,582 Results for the year Statement of financial position as of December 31, 2016 ended December 31, 2016 Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Lan Perú S.A. 306,111 283,691 22,420 294,912 293,602 1,310 967,787 (2,164 ) Lan Cargo S.A. 480,908 144,309 336,599 239,728 211,395 28,333 266,296 (24,813 ) Lan Argentina S.A. 216,331 194,306 22,025 200,172 197,330 2,842 371,896 (29,572 ) Transporte Aéreo S.A. 340,940 36,986 303,954 124,805 59,668 65,137 297,247 8,206 Aerolane Líneas Aéreas Nacionales del Ecuador S.A. 89,667 56,064 33,603 81,101 75,985 5,116 219,676 (1,281 ) Aerovías de Integración Regional, AIRES S.A. 129,734 55,132 74,602 85,288 74,160 11,128 277,503 (13,675 ) TAM S.A. (*) 5,287,286 1,794,189 3,493,097 4,710,308 2,837,620 1,872,688 4,145,951 2,107 (*) Corresponds to consolidated information of TAM S.A. and Subsidiaries (b) Non-controlling As of As of As of As of Equity Country December 31, December 31, December 31, December 31, Tax No. of origin 2018 2017 2018 2017 % % ThUS$ ThUS$ Lan Perú S.A 0-E Peru 30.00000 30.00000 3,063 3,722 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 (100 ) 849 Promotora Aérea Latinoamericana S.A. and Subsidiaries 0-E Mexico 0.00000 51.00000 - 4,578 Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.13940 0.13940 8,684 3,502 Lan Argentina S.A. 0-E Argentina 0.02890 0.02842 (472 ) 79 Americonsult de Guatemala S.A. 0-E Guatemala 1.00000 1.00000 1 1 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 1 - Americonsult Costa Rica S.A. 0-E Costa Rica 1.00000 1.00000 11 12 Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 10.00000 10.00000 (462 ) (520 ) Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.80944 378 461 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 1,740 1,324 Multiplus S.A. 0-E Brazil 27.26000 27.26000 67,096 77,139 Total 79,940 91,147 For the year ended For the year ended Incomes Country December 31, December 31, December 31, December 31, Tax No. of origin 2018 2017 2016 2018 2017 2016 % % % ThUS$ ThUS$ ThUS$ Lan Perú S.A 0-E Peru 30.00000 30.00000 30.00000 1,012 360 (649 ) Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 0.10196 (395 ) (4 ) (7 ) Promotora Aerea Latinoamericana S.A. and Subsidiaries 0-E Mexico 0.00000 51.00000 51.00000 - 1,416 96 Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.13940 0.13940 0.70422 183 117 364 Lan Argentina S.A. 0-E Argentina 0.02890 0.02842 0.13440 39 24 77 Americonsult de Guatemala S.A. 0-E Guatemala 1.00000 1.00000 1.00000 - - (4 ) Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 0.00000 2 - - Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 10.00000 10.00000 10.00000 58 398 (106 ) Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.80944 0.80944 (41 ) 4 (140 ) Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 5.02000 717 299 146 Multiplus S.A. 0-E Brazil 27.26000 27.26000 27.26000 29,737 42,796 41,673 Total 31,312 45,410 41,450 (*) On September 4, 2018, LATAM Airlines Brazil send a communication to Multiplus informing it that it intends to: (i) not renew or extend the contract of the operation when it expires; and (ii) make a public offer to acquire the shares of Multiplus that are not owned by it, in order to cancel the registration of Multiplus as a public limited company in the Comissão de Valores de Mobiliários of the Federative Republic of Brazil (CVM) and delist it from the Novo Mercado de B3. This process is subject to the approval of the Brazilian securities regulator and the public offer for the acquisition of shares is successful. |
INTANGIBLE ASSETS OTHER THAN GO
INTANGIBLE ASSETS OTHER THAN GOODWILL | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [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, 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 828,969 964,513 828,969 964,513 Loyalty program 274,420 321,440 274,420 321,440 Computer software 156,038 160,970 529,009 509,377 Developing software 151,853 123,415 151,853 123,415 Trademarks (1) 29,361 46,909 53,391 62,539 Other assets 431 - 1,325 - Total 1,441,072 1,617,247 1,838,967 1,981,284 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, 2016 104,258 74,887 816,987 325,293 1,321,425 Additions 6,688 83,672 - - 90,360 Withdrawals (736 ) (191 ) - - (927 ) Transfer software 85,029 (74,376 ) - - 10,653 Foreing exchange 5,689 7,061 161,862 64,447 239,059 Amortization (43,912 ) - - (6,345 ) (50,257 ) Closing balance as of December 31, 2016 157,016 91,053 978,849 383,395 1,610,313 Opening balance as of January 1, 2017 157,016 91,053 978,849 383,395 1,610,313 Additions 8,453 78,880 - - 87,333 Withdrawals (244 ) (684 ) - - (928 ) Transfer software 45,783 (45,580 ) - - 203 Foreing exchange (1,215 ) (254 ) (14,336 ) (5,459 ) (21,264 ) Amortization (48,823 ) - - (9,587 ) (58,410 ) Closing balance as of December 31, 2017 160,970 123,415 964,513 368,349 1,617,247 Opening balance as of January 1, 2018 160,970 123,415 964,513 368,349 1,617,247 Additions 792 94,300 - - 95,092 Withdrawals (403 ) (124 ) - - (527 ) Transfer software 59,675 (61,087 ) - - (1,412 ) Foreing exchange (10,136 ) (4,651 ) (135,544 ) (53,521 ) (203,852 ) Amortization (54,549 ) - - (11,047 ) (65,596 ) Hyperinflation Argentina 62 - - - 62 Adjustment aplication IAS 29 by hyperinflation Argentina 58 - - - 58 Closing balance as of December 31, 2018 156,469 151,853 828,969 303,781 1,441,072 1) In 2016, the Company resolved to adopt a unique name and identity, and announced that the group's brand will be LATAM, which united all the companies under a single image. The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. 2) See Note 2.5 The amortization of each period is recognized in the consolidated income statement in the administrative expenses. The cumulative amortization of computer programs and brands as of December 31, 2018, amounts to ThUS $ 439,059 (ThUS $ 373,463 as of December 31, 2017). |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
GOODWILL | NOTE 16 – GOODWILL Goodwill as of December 31, 2018, amounts to ThUS $ 2,294,072 (ThUS $ 2,672,550 as of December 31, 2017 and ThUS $ 2,710,382 as of December 31, 2016). The goodwill movement, separated by CGU, includes the following: Movement of Goodwill, separated by CGU: Coalition and loyalty Air program Transport Multiplus Total ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2016 1,835,088 445,487 2,280,575 Increase (decrease) due to exchange rate differences 341,813 88,261 430,074 Others (267 ) - (267 ) Closing balance as of December 31, 2016 2,176,634 533,748 2,710,382 Opening balance as of January 1, 2017 2,176,634 533,748 2,710,382 Increase (decrease) due to exchange rate differences (29,942 ) (7,890 ) (37,832 ) Closing balance as of December 31, 2017 2,146,692 525,858 2,672,550 Opening balance as of January 1, 2018 2,146,692 525,858 2,672,550 Increase (decrease) due to exchange rate differences (300,203 ) (76,922 ) (377,125 ) Adjustment IAS 29, hyperinflation Argentina 335 - 335 Others (1,688 ) - (1,688 ) Closing balance as of December 31, 2018 1,845,136 448,936 2,294,072 The Company has two cash- generating units (CGUs), “Air transportation” and, “Coalition and loyalty program Multiplus”. The CGU "Air transport" considers the transport of passengers and cargo, both in the domestic markets of Chile, Peru, Argentina, Colombia, Ecuador and Brazil, and in a developed series of regional and international routes in America, Europe and Oceania, while the CGU "Coalition and loyalty program Multiplus” works with an integrated network associated companies in Brazil. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of expected cash flows, 5 years after tax, which are based on the budget approved by the Board. Cash flows beyond the budget period are extrapolated using the estimated growth rates, which do not exceed the average rates of long-term growth. Management establish rates for annual growth, discount, inflation and exchange for each cash generating, as well as fuel prices, based on their key assumptions. The annual growth rate is based on past performance and management's expectations over market developments in each country where it operates. The discount rates used are in American Dollars for the CGU "Air transportation" and Brazilian Reals for CGU "Program coalition loyalty Multiplus", both after taxes and reflect specific risks related to each country where the Company operates. Inflation and exchange rates are based on available data for each country and the information provided by the Central Bank of each country, and the fuel price is determined based on estimated production levels, competitive environment market in which they operate and its business strategy. As of December 31, 2018 the recoverable values were determined using the following assumptions presented below: Air transportation Coalition and loyalty Annual growth rate (Terminal) % 1.0 - 2.0 4.0 - 5.0 Exchange rate (1) R$/US$ 3.7 - 4.6 3.5 - 4.3 Discount rate based on the weighted average cost of capital (WACC) % 8.07 - 10.07 Discount rate based on cost of equity (CoE) % - 12.0 - 13.0 Fuel Price from futures price curves commodities markets US$/barrel 75-80 (1) In line with the expectations of the Central Bank of Brazil (2) The flows, like the growth and discount rates, are denominated in reais. The result of the impairment test, which includes a sensitivity analysis of the main variables, showed that the estimated recoverable amount is higher than carrying value of the book value of net assets allocated to the cash generating unit, and therefore impairment was not detected. CGU´s are sensitive to rates for annual growth, discount and exchanges rates. The sensitivity analysis included the individual impact of changes in estimates critical in determining the recoverable amounts, namely: Decrease Increase Increase Minimum Maximum Maximum terminal WACC CoE growth rate % % % Air transportation CGU 10.07 - 1.0 Coalition and loyalty program Multiplus CGU - 13.00 4.0 In none of the previous cases impairment in the cash- generating unit was presented. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 17 - PROPERTY, PLANT AND EQUIPMENT The composition by category of Property, plant and equipment is as follows: Gross Book Value Acumulated depreciation Net Book Value As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Construction in progress (1) 630,320 556,822 - - 630,320 556,822 Land 45,424 49,780 - - 45,424 49,780 Buildings 179,907 190,552 (67,342 ) (66,004 ) 112,565 124,548 Plant and equipment 8,371,990 9,222,540 (2,727,539 ) (2,390,142 ) 5,644,451 6,832,398 Own aircraft (2) 7,732,238 8,544,185 (2,492,940 ) (2,138,612 ) 5,239,298 6,405,573 Other (3) 639,752 678,355 (234,599 ) (251,530 ) 405,153 426,825 Machinery 34,253 39,084 (27,659 ) (29,296 ) 6,594 9,788 Information technology equipment 160,936 166,713 (138,372 ) (136,557 ) 22,564 30,156 Fixed installations and accessories 182,629 186,989 (111,620 ) (106,212 ) 71,009 80,777 Motor vehicles 69,653 70,290 (60,531 ) (58,812 ) 9,122 11,478 Leasehold improvements 211,322 186,679 (128,055 ) (102,454 ) 83,267 84,225 Other property, plants and equipment 4,961,847 3,640,838 (1,633,798 ) (1,355,475 ) 3,328,049 2,285,363 Financial leasing aircraft (2) 4,862,985 3,551,041 (1,604,035 ) (1,328,421 ) 3,258,950 2,222,620 Other 98,862 89,797 (29,763 ) (27,054 ) 69,099 62,743 Total 14,848,281 14,310,287 (4,894,916 ) (4,244,952 ) 9,953,365 10,065,335 (1) As of December 31, 2018, includes advances paid to aircraft manufacturers for ThUS$ 612,236 (ThUS$ 543,720 as of December 31, 2017) (2) In the period ended December 31, 2018, the Company sold its participation in twenty special-purpose entities. As a result of this, 50 aircraft were reclassified from the category Plants and equipment to the category Other properties, plants and equipment. (3) Consider mainly rotables and tools. a) Movement in the different categories of Property, plant and equipment: Other Information Fixed property, Property, Plant and technology installations Motor Leasehold plant and Plant and Construction Buildings equipment equipment & accessories vehicles improvements equipment equipment in progress Land net net net net net net net net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2016 1,142,812 45,313 91,491 7,341,075 43,889 88,958 1,525 54,088 2,129,506 10,938,657 Additions 14,481 - 272 1,301,093 7,392 292 6 54,181 13,013 1,390,730 Disposals - - - (16,918 ) (59 ) - (32 ) - (2,972 ) (19,981 ) Retirements (284 ) - (68 ) (39,816 ) (55 ) (1,258 ) - - (2,604 ) (44,085 ) Depreciation expenses - - (6,234 ) (562,131 ) (14,909 ) (13,664 ) (293 ) (23,283 ) (124,038 ) (744,552 ) Foreing exchange 5,081 4,835 2,538 51,770 2,924 9,384 223 2,849 93,383 172,987 Other increases (decreases) (692,025 ) - 42,220 (285,198 ) 532 200 (384 ) 16,706 (277,658 ) (1,195,607 ) Changes, total (672,747 ) 4,835 38,728 448,800 (4,175 ) (5,046 ) (480 ) 50,453 (300,876 ) (440,508 ) Closing balance as of December 31, 2016 470,065 50,148 130,219 7,789,875 39,714 83,912 1,045 104,541 1,828,630 10,498,149 Opening balance as of January 1, 2017 470,065 50,148 130,219 7,789,875 39,714 83,912 1,045 104,541 1,828,630 10,498,149 Additions 11,145 - - 258,615 5,708 329 77 8,156 41,483 325,513 Disposals - - - (16,004 ) (6 ) (10 ) (43 ) - (27 ) (16,090 ) Retirements (127 ) - (6 ) (24,341 ) (473 ) (497 ) - - (1,610 ) (27,054 ) Depreciation expenses - - (7,946 ) (496,857 ) (14,587 ) (14,124 ) (187 ) (27,266 ) (204,237 ) (765,204 ) 107 (368 ) (275 ) (4,603 ) (183 ) (820 ) (8 ) (243 ) (5,113 ) (11,506 ) Other increases (decreases) 75,632 - 2,556 (653,457 ) (17 ) 11,987 (448 ) (963 ) 626,237 61,527 Changes, total 86,757 (368 ) (5,671 ) (936,647 ) (9,558 ) (3,135 ) (609 ) (20,316 ) 456,733 (432,814 ) Closing balance as of December 31, 2017 556,822 49,780 124,548 6,853,228 30,156 80,777 436 84,225 2,285,363 10,065,335 Opening balance as of January 1, 2018 556,822 49,780 124,548 6,853,228 30,156 80,777 436 84,225 2,285,363 10,065,335 Additions 7,927 - - 593,210 4,995 64 24 20,410 42,156 668,786 Disposals - (8 ) (1,413 ) (4,747 ) (30 ) (73 ) (14 ) - - (6,285 ) Retirements (80 ) - (19 ) (63,711 ) (94 ) (27 ) - (4 ) (62 ) (63,997 ) Depreciation expenses - - (6,219 ) (406,714 ) (11,677 ) (12,538 ) (146 ) (27,766 ) (298,863 ) (763,923 ) Foreing exchange (713 ) (4,348 ) (4,244 ) (42,077 ) (1,818 ) (8,499 ) (28 ) (2,351 ) (52,410 ) (116,488 ) Other increases (decreases) 65,991 - (88 ) (1,273,218 ) 733 10,194 273 8,753 1,351,559 164,197 Adjustment application IAS 29 265 - - 3,053 264 1,018 65 - 275 4,940 Hyperinflation Argentina 108 - - 509 35 93 24 - 31 800 Changes, total 73,498 (4,356 ) (11,983 ) (1,193,695 ) (7,592 ) (9,768 ) 198 (958 ) 1,042,686 (111,970 ) Closing balance as of December 31, 2018 630,320 45,424 112,565 5,659,533 22,564 71,009 634 83,267 3,328,049 9,953,365 (b) Composition of the fleet: Aircraft included in Property, Operating Total plant and equipment leases 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 2018 2017 2018 2017 2018 2017 Boeing 767 300ER 33 34 2 2 35 36 Boeing 767 300F 9 (4) 8 (1) 1 2 10 (4) 10 (1) Boeing 777 300ER 4 4 6 6 10 10 Boeing 777 200ER - - 2 - 2 - Boeing 787 800 6 6 4 4 10 10 Boeing 787 900 4 4 10 10 14 14 Airbus A319 100 37 37 9 9 46 46 Airbus A320 200 97 (2) 93 (2) 34 38 131 (2) 131 (2) Airbus A320 NEO 1 1 3 3 4 4 Airbus A321 200 30 30 19 17 49 47 Airbus A350 900 5 (3) 5 (3) 4 (3) 2 (3) 9 (3) 7 (3) Total 226 222 94 93 320 315 (1) One aircraft leased to FEDEX as of December 2017; three aircraft as of December 2016. (2) Three aircraft leased to Salam Air and two to Sundair (3) Two aircraft leased to Qatar Air. One in operating lease and one in Properties, plant and equipment. (4) One aircraft leased to Aerotransportes Mas de Carga S.A. de C.V. as of December 2018 (c) Method used for the depreciation of Property, plant and equipment: Useful life (years) Method minimum maximum Buildings Straight line without residual value 20 50 Plant and equipment Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) 5 23 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 5 Other property, plant and equipment Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) 10 23 (*) Except in the case of the Boeing 767 300ER and Boeing 767 300F fleets that consider a lower residual value due to the extension of their useful life to 22 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. The aircraft with remarketing clause (**) under modality of financial leasing, which are depreciated according to the duration of their contracts, between 12 and 18 years. Its residual values are estimated according to market value at the end of such contracts. (**) Aircraft with remarketing clause are those that are required to sell at the end of the contract. As of December 31, 2018, the charge to income for the depreciation of the period, which is included in the consolidated statement of income, amounts to ThUS$ 763,923 (ThUS$ 765,204 as of December 31, 2017). This charge is recognized in the cost of sales and administrative expenses of the consolidated statement of income. (d) Additional information regarding Property, plant and equipment: (i) Property, plant and equipment pledged as guarantee: Description of Property, plant and equipment pledged as guarantee: As of As of December 31, December 31, 2018 2017 Guarantee Assets Existing Book Existing Book agent (1) committed Fleet Debt Value Debt Value ThUS$ ThUS$ ThUS$ ThUS$ Wilmington Aircraft and engines Airbus A319 96,057 234,329 - - Airbus A320 98,903 220,390 - - Airbus A321 / A350 587,382 682,639 637,934 721,602 Trust Company Boeing 767 82,793 206,868 593,655 888,948 Boeing 787 672,065 736,858 720,267 842,127 Banco Santander S.A. Aircraft and engines Airbus A320 172,474 275,511 199,165 291,649 Airbus A321 25,661 41,957 29,296 40,584 BNP Paribas Aircraft and engines Airbus A319 26,702 45,520 84,767 136,407 Airbus A320 - - 110,267 175,650 Credit Agricole Aircraft and engines Airbus A319 11,154 31,865 20,874 38,826 Airbus A320 134,328 132,301 46,895 98,098 Airbus A321 - - 30,322 85,463 Airbus A350 22,439 24,939 - - Boeing 767 21,830 43,568 - - Boeing 787 74,023 42,228 - - Wells Fargo Aircraft and engines Airbus A320 196,540 285,877 224,786 306,660 Bank of Utah Aircraft and engines Airbus A320 / A350 556,019 630,065 614,632 666,665 Natixis Aircraft and engines Airbus A320 - - 34,592 72,388 Airbus A321 324,524 410,771 378,418 481,397 Citibank N. A. Aircraft and engines Airbus A320 78,049 132,296 94,882 141,817 Airbus A321 28,938 70,333 36,026 72,741 KfW IPEX-Bank Aircraft and engines Airbus A319 - - 5,592 5,505 Airbus A320 - - 21,296 30,513 Airbus Financial Services Aircraft and engines Airbus A319 - - 22,927 26,973 - - - - PK AirFinance US, Inc. Aircraft and engines Airbus A320 37,615 52,435 46,500 56,539 JP Morgan Aircraft and engines Boeing 777 (2) - - 169,674 216,000 Banco BBVA Land and buildings (3) 50,785 64,500 55,801 66,876 Total direct guarantee 3,298,281 4,365,250 4,178,568 5,463,428 (1) For syndicated loans, is the Guarantee Agent that, represent different creditors. (2) At December 31, 2017 these assets were classified on Non-current assets and groups in expropriation held for sale. (3) Corresponds to a debt classified in item loans to exporters (see Note 19). The amounts of the current debt are presented at their nominal value. The book value corresponds to the goods granted as collateral. Additionally, there are indirect guarantees associated with assets registered in properties, plants and equipment whose total debt as of December 31, 2018, amounts to ThUS$ 1,633,504 (ThUS$ 1,087,052 as of December 31, 2017). The book value of the assets with indirect guarantees as of December 31, 2018, amounts to ThUS$ 3,258,950 (ThUS$ 2,222,620 as of December 31, 2017). (ii) Commitments and others Fully depreciated assets and commitments for future purchases are as follows: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 192,606 136,811 Commitments for the acquisition of aircraft (*) 14,400,000 15,400,000 (*) Acording to the manufacturer’s price list. Purchase commitment of aircraft Year of delivery Manufacturer 2019 2020 2021 2022 2023-2026 Total Airbus S.A.S. 13 9 13 11 21 67 A320-NEO 9 5 6 5 7 32 A321-NEO - 4 5 4 6 19 A350-1000 - - - - 8 8 A350-900 4 - 2 2 - 8 The Boeing Company 2 2 2 - 4 10 Boeing 777-F - - - - 2 2 Boeing 787-9 2 2 2 - 2 8 Total 15 11 15 11 25 77 As of December 31, 2018, as a result of the different aircraft purchase contracts and agreements signed with Airbus SAS, there are remaining to receive 51 Airbus aircraft of the A320 family, with deliveries between 2018 and 2024, and 17 Airbus aircraft of the A350 family with dates delivery between 2018 and 2026. The approximate amount, according to manufacturer's list prices, is ThUS$ 11,500,000. As of December 31, 2018, as a result of the different aircraft purchase contracts signed with The Boeing Company, there are remaining 8 Boeing 787 Dreamliner aircraft, with delivery dates between 2019 and 2023, and 2 Boeing 777-300 Freighter aircraft, with delivery scheduled for the year 2024. The approximate amount, according to manufacturer's list prices, is ThUS$ 2,900,000. (iii) Capitalized interest costs with respect to Property, plant and equipment. For the year ended December 31, 2018 2017 2016 Average rate of capitalization of capitalized interest costs % 4.62 4,12 3.54 Costs of capitalized interest ThUS$ 15,398 8,210 (696 ) (iv) Financial leases The detail of the main financial leases is as follows: As of As of Aircraft December 31, December 31, Lessor engines and rotables Model 2018 2017 777 Components Leasing. LLC Boeing 777 Rotables 1 - Amendoeira Leasing Limited Airbus A319 100 1 - Angelim Leasing Limited Airbus A319 100 1 - Angelim Leasing Limited Airbus A320 200 2 - Angelim Leasing Limited Airbus A321 200 2 - Araucaria Leasing Limited Airbus A320 200 1 - Azalea Leasing Limited Airbus A320 200 1 - Bandurria Leasing Limited Airbus A319 100 3 3 Bandurria Leasing Limited Airbus A320 200 4 4 Becacina Leasing LLC Boeing 767 300ER 1 1 Chucao Leasing Limited Airbus A319 100 2 - Caiquen Leasing LLC Boeing 767 300F - 1 Cisne Leasing LLC Boeing 767 300ER 2 2 Conure Leasing Limited Airbus A320 200 2 2 Figueira Leasing Limited Airbus A320 200 1 - Flamenco Leasing LLC Boeing 767 300ER 1 1 FLYAFI 1 S.R.L. Boeing 777 300ER 1 1 FLYAFI 2 S.R.L. Boeing 777 300ER 1 1 FLYAFI 3 S.R.L. Boeing 777 300ER 1 1 Fragata Leasing LLC Boeing 787 800 1 - Garza Leasing LLC Boeing 767 300ER 1 1 Golondrina Leasing LLC Boeing 767 300ER 4 - Imbuia Leasing Limited Airbus A320 200 1 - Jacarandá Leasing Limited Airbus A320 200 1 - Jatobá Leasing Limited Airbus A319 100 1 - Jilguero Leasing LLC Boeing 767 300ER 3 3 Loica Leasing Limited Airbus A319 100 2 2 Loica Leasing Limited Airbus A320 200 2 2 Massaranduba Leasing Limited Airbus A320 200 2 - Massaranduba Leasing Limited Airbus A321 200 3 - Mirlo Leasing LLC Boeing 767 300ER 1 1 Mogno Leasing Limited Airbus A319 100 1 - NBB Rio de Janeiro Lease CO and Brasilia Lease LLC (BBAM) Airbus A320 200 1 1 NBB São Paulo Lease CO. Limited (BBAM) Airbus A321 200 1 1 Osprey Leasing Limited Airbus A319 100 - 8 Patagon Leasing Limited Airbus A319 100 3 3 Petrel Leasing LLC Boeing 767 300ER - 1 Pau Brasil Leasing Limited Airbus A319 100 1 - Pochard Leasing LLC Boeing 767 300ER 2 2 Quetro Leasing LLC Boeing 767 300ER - 3 Rolls Royce Leasing Limited Motor TRENTXWB 1 - SG Infraestructure Italia S.R.L. Boeing 777 300ER 1 1 Sibipiruna Leasing Limited Airbus A320 200 2 - SL Alcyone LTD (Showa) Airbus A320 200 1 1 Tagua Leasing LLC Boeing 767 300ER 9 - Tiuque Leasing Limited Airbus A319 100 1 - Tiuque Leasing Limited Airbus A320 200 5 - Torcaza Leasing Limited Airbus A320 200 8 8 Tricahue Leasing LLC Boeing 767 300ER 3 3 Wacapou Leasing S.A Airbus A320 200 1 1 Wells Fargo Trust Company, N.A. Airbus A319 100 - 1 Ype Leasing Limited Airbus A319 100 1 - Total 92 60 Financial leasing contracts where the Company acts as the lessee of aircrafts establish duration between 12 and 18 year terms and semi-annual, quarterly and monthly payments of obligations. Additionally, the lessee will have the obligation to contract and maintain active the insurance coverage for the aircrafts, perform maintenance on the aircrafts and update the airworthiness certificates at their own cost. The assets acquired under the financial leasing modality are classified under Other property, plant and equipment. As of December 31, 2018, the Company registers under this modality ninety aircraft, one spare engine and rotables (sixty aircraft as of December 31, 2017). The minimum payments under financial leases are as follows: As of December 31, 2018 As of December 31, 2017 As of December 31, 2016 Gross Present Gross Present Gross Present Value Interest Value Value Interest Value Value Interest Value ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ No later than one year 442,030 (43,871 ) 398,159 303,863 (32,447 ) 271,416 285,168 (32,365 ) 252,803 Between one and five years 1,188,032 (50,610 ) 1,137,422 835,696 (30,050 ) 805,646 704,822 (43,146 ) 661,676 Over five years 116,955 (5,830 ) 111,125 36,788 (816 ) 35,972 43,713 (120 ) 43,593 Total 1,747,017 (100,311 ) 1,646,706 1,176,347 (63,313 ) 1,113,034 1,033,703 (75,631 ) 958,072 |
CURRENT AND DEFERRED TAXES
CURRENT AND DEFERRED TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |
CURRENT AND DEFERRED TAXES | NOTE 18 - CURRENT AND DEFERRED TAXES In the year ended December 31, 2018, the income tax provision was calculated for such period, applying the partially integrated taxation system and a rate of 27%, in accordance with the Law No. 20,780 published in the Official Journal of the Republic of Chile on September 29, 2014. The effect in the income statement 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. There are the permanent differences that give rise to an accounting value of the 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 not affect the expense 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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 48,480 65,257 - - 48,480 65,257 Other recoverable credits 20,654 12,730 757 17,532 21,411 30,262 Total assets by current tax 69,134 77,987 757 17,532 69,891 95,519 (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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 3,738 3,511 - - 3,738 3,511 Total liabilities by current tax 3,738 3,511 - - 3,738 3,511 (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, 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Depreciation 225,967 210,855 1,225,199 1,401,277 Leased assets (75,136 ) (103,201 ) 508,128 275,142 Amortization (983 ) (484 ) 55,880 54,335 Provisions (38,303 ) (9,771 ) (75,631 ) 690 Revaluation of financial instruments 445 (734 ) 458 (4,484 ) Tax losses 170,980 290,973 (1,198,170 ) (1,188,586 ) Intangibles - - 351,238 406,536 Others (9,643 ) (23,617 ) 5,019 4,787 Total 273,327 364,021 872,121 949,697 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, 2016 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Others Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Depreciation (1,130,991 ) (241,435 ) - (3,599 ) - (1,376,025 ) Leased assets (251,302 ) 14,833 - (3,289 ) - (239,758 ) Amortization (71,164 ) (4,375 ) - (1,941 ) - (77,480 ) Provisions 378,537 (149,969 ) 921 53,448 (1,568 ) 281,369 Revaluation of financial instruments 8,284 28,294 (34,695 ) 1,340 - 3,223 Tax losses (*) 1,009,782 304,892 - 14,062 - 1,328,736 Intangibles (364,314 ) 4,131 - (70,522 ) - (430,705 ) Others (13,802 ) (30,185 ) - 22,234 1,214 (20,539 ) Total (434,970 ) (73,814 ) (33,774 ) 11,733 (354 ) (531,179 ) (b) From January 1 to December 31, 2017 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Depreciation (1,376,025 ) 185,282 - 322 (1,190,421 ) Leased assets (239,758 ) (138,879 ) - 294 (378,343 ) Amortization (77,480 ) 22,486 - 174 (54,820 ) Provisions 281,369 (286,267 ) (785 ) (4,778 ) (10,461 ) Revaluation of financial instruments 3,223 2,417 (1,770 ) (120 ) 3,750 Tax losses (*) 1,328,736 152,081 - (1,257 ) 1,479,560 Intangibles (430,705 ) 24,436 - (267 ) (406,536 ) Others (20,539 ) (7,547 ) - (319 ) (28,405 ) Total (531,179 ) (45,991 ) (2,555 ) (5,951 ) (585,676 ) (c) From January 1 to December 31, 2018 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Depreciation (1,190,421 ) 188,052 - 3,137 (999,232 ) Leased assets (378,343 ) (207,787 ) - 2,866 (583,264 ) Amortization (54,820 ) (3,735 ) - 1,692 (56,863 ) Provisions (10,461 ) 92,804 1,567 (46,582 ) 37,328 Revaluation of financial instruments 3,750 (2,326 ) (269 ) (1,168 ) (13 ) Tax losses (*) 1,479,560 (98,154 ) - (12,256 ) 1,369,150 Intangibles (406,536 ) 20,000 - 35,298 (351,238 ) Others (28,405 ) 16,853 - (3,110 ) (14,662 ) Total (585,676 ) 5,707 1,298 (20,123 ) (598,794 ) Deferred tax assets not recognized: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Tax losses 137,761 81,155 Total Deferred tax assets not recognized 137,761 81,155 Deferred tax assets due to negative tax results are recognized to the extent that the corresponding tax benefit is probable in the future. As a result, as of December 31, 2018, the Company no longer recognizes deferred tax assets for ThUS $ 137,761 (ThUS $ 81,155 as of December 31, 2017) with respect to losses of ThUS $ 447,150 (ThUS $ 247,920 at December 31, 2017), additionally, and after the re-evaluation of the financial and fiscal projections, it has written off during the year ThUS $ 46,492 that were no longer considered recoverable. Deferred tax expense and current income taxes: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Current tax expense Current tax expense 77,713 127,024 87,307 Adjustment to previous period’s current tax 362 489 2,083 Total current tax expense, net 78,075 127,513 89,390 Deferred tax expense Deferred expense for taxes related to the creation and reversal of temporary differences 5,707 45,991 73,814 Total deferred tax expense, net 5,707 45,991 73,814 Income tax expense 83,782 173,504 163,204 Composition of income tax expense (income): For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Current tax expense, net, foreign 65,850 100,657 80,600 Current tax expense, net, Chile 12,225 26,856 8,790 Total current tax expense, net 78,075 127,513 89,390 Deferred tax expense, net, foreign 58,271 21,846 119,175 Deferred tax expense, net, Chile (52,564 ) 24,145 (45,361 ) Deferred tax expense, net, total 5,707 45,991 73,814 Income tax expense 83,782 173,504 163,204 Profit before tax by the legal tax rate in Chile (27% and 25.5% at December 31, 2018 and 2017, respectively) For the year ended For the year ended December 31, December 31, 2018 2017 2016 2018 2017 2016 ThUS$ ThUS$ ThUS$ % % % Tax expense using the legal rate 80,198 95,425 65,449 27.00 25.50 24.00 Tax effect by change in tax rate 5,587 897 - 1.88 0.24 - Tax effect of rates in other jurisdictions 3,287 42,326 16,333 1.11 11.31 5.99 Tax effect of non-taxable operating revenues (3,076 ) (44,593 ) (62,419 ) (1.04 ) (11.92 ) (22.89 ) Tax effect of disallowable expenses 61,295 35,481 132,469 20.64 9.48 48.58 Tax effect of due to the non-use of tax losses 46,492 211 - 15.65 0.06 - Other increases (decreases) in legal tax charge (110,001 ) 43,757 11,372 (37.03 ) 11.69 4.17 Total adjustments to tax expense using the legal rate 3,584 78,079 97,755 1.21 20.86 35.85 Tax expense using the effective rate 83,782 173,504 163,204 28.21 46.36 59.85 Thus, at December 31, 2018 the Company presents the reconciliation of income tax expense and legal tax rate considering the rate increase. Other increases (decreases) in legal tax charges (US$ 110 millions) mainly includes the effect of the decrease in deferred tax liabilities (US$ 172.9 millions) that occurs at the anticipated end of the financing of aircraft that were in leasing with related companies outside of Chile; and other adjustments for permanent differences in the other group companies (US$ 62.9 millions). Deferred taxes related to items charged to net equity: For the year ended December 31, 2018 2017 ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income 1,298 (2,555 ) |
OTHER FINANCIAL LIABILITIES
OTHER FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of 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, 2018 2017 ThUS$ ThUS$ Current (a) Interest bearing loans 1,397,156 1,288,749 (b) Hedge derivatives 25,921 12,200 (c) Derivative non classified as hedge acounting 7,712 - Total current 1,430,789 1,300,949 Non-current (a) Interest bearing loans 5,864,570 6,602,891 (b) Hedge derivatives 340 2,617 Total non-current 5,864,910 6,605,508 (a) Interest bearing loans Obligations with credit institutions and debt instruments: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Current Loans to exporters 400,721 314,618 Bank loans (1) 37,743 59,017 Guaranteed obligations 324,976 531,173 Other guaranteed obligations 97,143 2,170 Subtotal bank loans 860,583 906,978 Obligation with the public (2) 14,643 14,785 Financial leases 425,100 276,541 Other loans 96,830 90,445 Total current 1,397,156 1,288,749 Non-current Bank loans 184,998 260,433 Guaranteed obligations (3) (7) 2,209,045 3,505,669 Other guaranteed obligations 576,309 240,007 Subtotal bank loans 2,970,352 4,006,109 Obligation with the public (4) (5) (6) 1,538,436 1,569,281 Financial leases (7) 1,199,754 832,964 Other loans 156,028 194,537 Total non-current 5,864,570 6,602,891 Total obligations with financial institutions 7,261,726 7,891,640 (1) On September 29, 2016 TAM Linhas Aéreas S.A. obtained financing for US$ 200 million, guaranteed with 18% of the shares of Multiplus S.A., percentage adjustable depending on the shares price. Additionally, TAM obtained a hedging economic (Cross Currency Swap) for the same amount and period, in order to convert the commitment currency from US$ to BRL. On March 30, 2017, TAM Linhas Aéreas S.A. restructured the financing mentioned in the previous paragraph, modifying the nominal amount of the transaction to US $ 137 million. On September 27, 2017, TAM Linhas Aéreas S.A. made the payment of capital plus interest corresponding to the last installment of the financing described above. Simultaneously, all the garments were lifted on the shares of Multiplus S.A. delivered as collateral. (2) On April 25, 2017, the payment of the principal plus interest on the long-term bonds issued by the company TAM Capital Inc. for an amount of US$ 300,000,000 at an interest rate of 7.375% annual. The payment consisted of 100% of the capital, US$ 300,000,000, and interest accrued as of the date of payment for ThUS $ 11,063. (3) On April 10, 2017, the issuance and private placement of debt securities in the amount of US$ 140,000,000 was made under the current structure of the Enhanced Equipment Trust Certificates ("EETC") issued and placed the year 2015 to finance the acquisition of eleven Airbus A321-200, two Airbus A350-900 and four Boeing 787-9 with arrivals between July 2015 and April 2016. The offer is made up of Class C Certificates, which are subordinate to the Current Class A Certificates and Class B Certificates held by the Company. The term of the Class C Certificates is six years and expires in 2023. (4) On April 11, 2017, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusively owned by LATAM Airlines Group SA, has issued and placed on the international market, pursuant to Rule 144 -A and Regulation S of the securities laws of the United States of America, long-term unsecured bonds in the amount of US$ 700,000,000, maturing in 2024 at an annual interest rate of 6.875%. As reported in the essential fact of April 6, 2017, the Issue and placement of the 144-A Bonds was intended to finance general corporate purposes of LATAM. (5) On August 17, 2017, LATAM made the placement in the local market (Santiago Stock Exchange) of the Series A Bonds (BLATM-A), Series B (BLATM-B), Series C (BLATM-) C) and Series D (BLATM-D), which correspond to the first issue of bonds charged to the line inscribed in the Securities Registry of the Commission for the Financial Market (“CMF”), under number 862 for a total of UF 9,000,000. The total amount placed of the Series A Bond was UF 2,500,000; The total amount placed of the Series B Bond was UF 2,500,000. The total amount placed of the Series C Bond was UF 1,850,000. The total amount placed of the Series D Bond was UF 1,850,000, thus totaling UF 8,700,000. The Series A Bonds have an expiration date on June 1, 2022 and an annual interest rate of 5.25%. The Series B Bonds have an expiration date on January 1, 2028 and an annual interest rate of 5.75%. The Series C Bonds have an expiration date on June 1, 2022 and an annual interest rate of 5.25%. The Series D Bonds have an expiration date on January 1, 2028 and an annual interest rate of 5.75%. The proceeds of the placement of the Series A, Series B, Series C and Series D Bonds were allocated in full to the partial financing of the early redemption of the total bonds of TAM Capital 3 inc. (6) On September 1, 2017, TAM Capital 3 Inc., a company controlled indirectly by TAM S.A. through its subsidiary TAM Linhas Aéreas SA, which consolidates its financial statements with LATAM, made the full advance redemption of the bonds it placed abroad on June 3, 2011, for an amount of US $ 500 million at a 8.375% rate and with an expiration date on June 3, 2021. The total redemption was partially financed with the placement of bonds in the local market described in number (5) above, and the balance, with other funds available from the Company. (7) In the period ended December 31, 2018, the Company sold its participation in twenty one special-purpose entities. As a result of this, the classification of the financial liabilities associated with 50 aircraft from bonds guaranteed to finance leases was modified. All interest-bearing liabilities are recorded according to the effective rate method. Under IFRS, in the case of fixed rate loans, the effective rate determined does not vary over the duration of the loan, whereas in variable rate loans, the effective rate changes to the date of each payment of interest. Currency balances that make the interest bearing loans: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Currency Brazilian real - 130 Chilean peso (U.F.) 500,398 521,122 US Dollar 6,767,812 7,370,388 Total 7,268,210 7,891,640 Interest-bearing loans due in installments to December 31, 2018 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile ThUS$ 38,000 75,000 - - - 113,000 38,432 75,623 - - - 114,055 At Expiration 3.36 3.36 97.032.000-8 BBVA Chile UF - 50,785 - - - 50,785 - 50,930 - - - 50,930 At Expiration 3.31 3.31 97.036.000-K SANTANDER Chile ThUS$ 23,000 - - - - 23,000 23,025 - - - - 23,025 At Expiration 3.90 3.90 97.030.000-7 ESTADO Chile ThUS$ - - - - - - - - - - - - At Expiration - - 97.003.000-K BANCO DO BRASIL Chile ThUS$ 200,000 - - - - 200,000 200,698 - - - - 200,698 At Expiration 3.64 3.64 97.951.000-4 HSBC Chile ThUS$ 12,000 - - - - 12,000 12,013 - - - - 12,013 At Expiration 3.14 3.14 Bank loans 97.023.000-9 CORPBANCA Chile UF 5,461 16,385 16,385 - - 38,231 5,480 16,385 16,232 - - 38,097 Quarterly 3.35 3.35 0-E BLADEX U.S.A. ThUS$ - 15,000 - - - 15,000 - 14,964 - - - 14,964 Semiannual 6.74 6.74 97.036.000-K SANTANDER Chile ThUS$ - - 102,521 - - 102,521 223 - 102,521 - - 102,744 Quarterly 5.60 5.60 76.362.099-9 BTG PACTUAL CHILE Chile UF - - - 65,862 - 65,862 118 - - 64,957 - 65,075 At Expiration 3.10 3.10 Obligations with the public 0-E BANK OF NEW YORK U.S.A. ThUS$ - - 500,000 - 700,000 1,200,000 13,057 - 495,617 - 697,869 1,206,543 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - - - 172,591 172,591 345,182 1,586 - - 172,420 172,530 346,536 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France ThUS$ 658 1,986 5,384 2,052 - 10,080 715 1,986 5,384 2,052 - 10,137 Quarterly 3.23 3.23 0-E BNP PARIBAS U.S.A. ThUS$ 10,553 43,430 114,247 117,556 225,912 511,698 13,334 44,191 110,977 115,747 224,093 508,342 Quarterly 4.55 4.55 0-E WILMINGTON TRUST U.S.A. ThUS$ 20,689 65,846 178,818 237,334 450,071 952,758 26,365 65,846 173,617 235,058 447,686 948,572 Quarterly 4.47 4.47 0-E CITIBANK U.S.A. ThUS$ 10,776 32,790 90,991 72,189 62,619 269,365 11,923 32,790 86,130 70,048 61,203 262,094 Quarterly 3.82 2.93 0-E US BANK U.S.A. ThUS$ 15,506 47,050 129,462 135,489 84,177 411,684 17,433 47,050 114,729 129,547 82,137 390,896 Quarterly 4.00 2.82 0-E NATIXIS France ThUS$ 10,247 31,350 88,688 77,693 116,546 324,524 11,250 31,350 86,883 76,760 115,285 321,528 Quarterly 4.69 4.69 0-E PK AIRFINANCE U.S.A. ThUS$ 2,319 7,208 24,944 3,144 - 37,615 2,387 7,208 24,944 3,144 - 37,683 Monthly 4.15 4.14 0-E INVESTEC England ThUS$ 1,454 8,472 21,667 22,421 - 54,014 1,879 8,661 21,154 22,309 - 54,003 Semiannual 7.17 7.17 - SWAP Aviones llegados - ThUS$ 194 414 158 - - 766 194 414 158 - - 766 Quarterly - - - Other guaranteed obligations 0-E CREDIT AGRICOLE France ThUS$ - - 253,692 - - 253,692 2,646 - 252,207 - - 254,853 At Expiration 4.11 4.11 0-E DVB BANK SE Germany ThUS$ 23,417 70,626 191,207 117,084 19,731 422,065 23,871 70,626 188,231 116,185 19,686 418,599 Quarterly 4.42 4.42 Financial leases 0-E ING U.S.A. ThUS$ 3,687 11,338 11,806 - - 26,831 3,923 11,338 11,657 - - 26,918 Quarterly 5.70 5.01 0-E CREDIT AGRICOLE France ThUS$ 13,171 24,577 18,655 - - 56,403 13,187 24,331 18,655 - - 56,173 Quarterly 3.66 3.31 0-E CITIBANK U.S.A. ThUS$ 13,209 40,365 77,587 40,997 - 172,158 13,998 40,365 75,830 40,801 - 170,994 Quarterly 4.40 3.80 0-E PEFCO U.S.A. ThUS$ 5,486 13,094 3,827 - - 22,407 5,641 13,094 3,743 - - 22,478 Quarterly 5.65 5.02 0-E BNP PARIBAS U.S.A. ThUS$ 7,926 29,494 22,147 - - 59,567 8,320 29,493 21,891 - - 59,704 Quarterly 3.90 3.58 0-E WELLS FARGO U.S.A. ThUS$ 31,673 95,981 263,239 230,417 98,028 719,338 34,816 95,981 245,615 224,395 96,589 697,396 Quarterly 2.77 2.09 97.036.000-K SANTANDER Chile ThUS$ 5,576 16,895 46,386 26,165 - 95,022 6,000 16,895 45,346 26,063 - 94,304 Quarterly 3.68 3.14 0-E RRPF ENGINE England ThUS$ 552 2,531 7,142 7,752 5,035 23,012 552 2,531 7,142 7,752 5,035 23,012 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. ThUS$ 1,444 4,393 12,146 12,808 753 31,544 1,658 4,393 11,726 12,713 752 31,242 Quarterly 3.93 3.31 0-E BTMU U.S.A. ThUS$ 2,933 8,916 24,635 25,937 768 63,189 3,199 8,916 23,798 25,751 767 62,431 Quarterly 4.06 3.46 0-E NATIXIS France ThUS$ 10,056 7,951 5,154 - - 23,161 10,135 7,952 5,154 - - 23,241 Quarterly 4.28 4.12 0-E KFW IPEX-BANK Germany ThUS$ 1,699 5,188 5,328 - - 12,215 1,723 5,188 5,328 - - 12,239 Quarterly 4.20 4.19 0-E AIRBUS FINANCIAL U.S.A. ThUS$ 1,915 5,838 7,664 - - 15,417 1,954 5,838 7,664 - - 15,456 Monthly 4.19 4.19 Other loans 0-E BOEING U.S.A. ThUS$ - - 55,727 - - 55,727 - 1,229 55,727 - - 56,956 At Expiration 4.01 4.01 0-E CITIBANK (*) U.S.A. ThUS$ 23,167 72,018 101,026 - - 196,211 23,583 72,018 100,301 - - 195,902 Quarterly 6.00 6.00 Total 496,768 804,921 2,380,633 1,367,491 1,936,231 6,986,044 535,318 807,586 2,318,361 1,345,702 1,923,632 6,930,599 (*) Securitized bond with the future flows from the sales with credit card in United States and Canada. Interest-bearing loans due in installments to December 31, 2018 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland ThUS$ 138 426 1,233 54 - 1,851 147 426 1,233 54 - 1,860 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France ThUS$ 3,043 6,490 44,525 41,731 - 95,789 3,656 6,490 44,525 41,731 - 96,402 Quarterly/Semiannual 6.87 6.87 0-E WACAPOU LEASING S.A. Luxemburg ThUS$ 728 2,219 6,280 - - 9,227 756 2,219 6,280 - - 9,255 Quarterly 4.81 4.81 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy ThUS$ 9,422 28,872 169,930 - - 208,224 10,212 28,871 169,730 - - 208,813 Quarterly 5.88 5.82 0-E GA Telessis LLC U.S.A ThUS$ 299 908 2,496 2,623 6,876 13,202 568 908 3,823 2,623 6,876 14,798 Quarterly 15.62 15.62 Total 13,630 38,915 224,464 44,408 6,876 328,293 15,339 38,914 225,591 44,408 6,876 331,128 Total consolidated 510,398 843,836 2,605,097 1,411,899 1,943,107 7,314,337 550,657 846,500 2,543,952 1,390,110 1,930,508 7,261,727 Interest-bearing loans due in installments to December 31, 2017 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile ThUS$ 75,000 - - - - 75,000 75,781 - - - - 75,781 At Expiration 2.30 2.30 97.032.000-8 BBVA Chile UF - 55,801 - - - 55,801 - 55,934 - - - 55,934 At Expiration 3.57 2.77 97.036.000-K SANTANDER Chile ThUS$ 30,000 - - - - 30,000 30,129 - - - - 30,129 At Expiration 2.49 2.49 97.030.000-7 ESTADO Chile ThUS$ 40,000 - - - - 40,000 40,071 - - - - 40,071 At Expiration 2.57 2.57 97.003.000-K BANCO DO BRASIL Chile ThUS$ 100,000 - - - - 100,000 100,696 - - - - 100,696 At Expiration 2.40 2.40 97.951.000-4 HSBC Chile ThUS$ 12,000 - - - - 12,000 12,007 - - - - 12,007 At Expiration 2.03 2.03 Bank loans 97.023.000-9 CORPBANCA Chile UF 21,298 21,360 42,006 - - 84,664 21,542 21,360 41,548 - - 84,450 Quarterly 3.68 3.68 0-E BLADEX U.S.A. ThUS$ - 15,000 15,000 - - 30,000 - 15,133 14,750 - - 29,883 Semiannual 5.51 5.51 97.036.000-K SANTANDER Chile ThUS$ - - 202,284 - - 202,284 439 - 202,284 - - 202,723 Quarterly 4.41 4.41 Obligations with the public 0-E BANK OF NEW YORK U.S.A. ThUS$ - - 500,000 - 700,000 1,200,000 - 13,047 492,745 - 697,536 1,203,328 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - - - 189,637 189,637 379,274 - 1,738 189,500 189,500 380,738 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France ThUS$ 7,767 23,840 54,074 12,410 - 98,091 8,101 23,840 52,924 12,026 - 96,891 Quarterly 2.66 2.22 0-E BNP PARIBAS U.S.A. ThUS$ 10,929 44,145 114,800 119,948 285,399 575,221 13,328 44,781 111,319 117,987 282,714 570,129 Quarterly 3.41 3.40 0-E WELLS FARGO U.S.A. ThUS$ 27,223 82,402 225,221 233,425 240,716 808,987 30,143 82,402 203,371 224,295 236,179 776,390 Quarterly 2.46 1.75 0-E WILMINGTON TRUST U.S.A. ThUS$ 20,427 61,669 175,334 183,332 594,091 1,034,853 26,614 61,669 169,506 180,520 590,723 1,029,032 Quarterly 4.48 4.48 0-E CITIBANK U.S.A. ThUS$ 11,994 36,501 101,230 104,308 97,184 351,217 13,231 36,501 95,208 101,558 94,807 341,305 Quarterly 3.31 2.47 0-E BTMU U.S.A. ThUS$ 2,856 8,689 24,007 25,278 13,904 74,734 3,082 8,689 22,955 24,941 13,849 73,516 Quarterly 2.87 2.27 0-E APPLE BANK U.S.A. ThUS$ 1,401 4,278 11,828 12,474 7,242 37,223 1,583 4,278 11,303 12,303 7,212 36,679 Quarterly 2.78 2.18 0-E US BANK U.S.A. ThUS$ 15,157 45,992 126,550 132,441 152,693 472,833 17,364 45,992 109,705 125,006 148,318 446,385 Quarterly 4.00 2.82 0-E DEUTSCHE BANK U.S.A. ThUS$ 2,965 9,127 25,826 28,202 30,786 96,906 3,534 9,127 25,130 27,739 30,323 95,853 Quarterly 4.39 4.39 0-E NATIXIS France ThUS$ 14,645 44,627 107,068 91,823 154,848 413,011 15,642 44,627 105,056 90,823 153,124 409,272 Quarterly 3.42 3.40 0-E PK AIRFINANCE U.S.A. ThUS$ 2,163 6,722 19,744 17,871 - 46,500 2,225 6,722 19,744 17,871 - 46,562 Monthly 3.18 3.18 0-E KFW IPEX-BANK Germany ThUS$ 2,397 6,678 16,173 1,640 - 26,888 2,428 6,677 16,174 1,640 - 26,919 Quarterly 3.31 3.31 0-E AIRBUS FINANCIAL U.S.A. ThUS$ 1,855 5,654 15,416 - - 22,925 1,900 5,654 15,416 - - 22,970 Monthly 3.19 3.19 0-E INVESTEC England ThUS$ 1,374 7,990 20,440 22,977 10,597 63,378 1,808 8,181 19,801 22,769 10,565 63,124 Semiannual 6.04 6.04 - SWAP Aviones llegados - ThUS$ 301 749 765 - - 1,815 301 749 765 - - 1,815 Quarterly - Other guaranteed obligations 0-E CREDIT AGRICOLE France ThUS$ - - 241,287 - - 241,287 2,170 - 240,007 - - 242,177 At Expiration 3.38 3.38 Financial leases 0-E ING U.S.A. ThUS$ 5,347 10,779 26,831 - - 42,957 5,717 10,779 26,500 - - 42,996 Quarterly 5.67 5.00 0-E CITIBANK U.S.A. ThUS$ 11,206 34,267 86,085 49,853 2,863 184,274 12,013 34,267 84,104 49,516 2,859 182,759 Quarterly 3.78 3.17 0-E PEFCO U.S.A. ThUS$ 12,526 32,850 22,407 - - 67,783 12,956 32,850 22,088 - - 67,894 Quarterly 5.46 4.85 0-E BNP PARIBAS U.S.A. ThUS$ 13,146 33,840 48,823 2,296 - 98,105 13,548 33,840 48,253 2,293 - 97,934 Quarterly 3.66 3.25 0-E WELLS FARGO U.S.A. ThUS$ 10,630 33,866 91,162 64,471 20,984 221,113 11,460 33,866 88,674 63,860 20,903 218,763 Quarterly 3.17 2.67 97.036.000-K SANTANDER Chile ThUS$ 5,459 16,542 45,416 46,472 3,134 117,023 5,813 16,542 44,010 46,153 3,128 115,646 Quarterly 2.51 1.96 0-E RRPF ENGINE England ThUS$ 265 2,430 6,856 7,441 8,991 25,983 265 2,430 6,856 7,441 8,991 25,983 Monthly 4.01 4.01 Other loans 0-E CITIBANK (*) U.S.A. ThUS$ 21,822 67,859 196,210 - - 285,891 22,586 67,859 194,537 - - 284,982 Quarterly 6.00 6.00 Total 482,153 713,657 2,562,843 1,346,299 2,513,069 7,618,021 508,477 729,534 2,484,733 1,318,241 2,490,731 7,531,716 (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. Interest-bearing loans due in installments to December 31, 2017 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland ThUS$ 130 401 1,161 690 - 2,382 142 401 1,161 690 - 2,394 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France ThUS$ 2,853 6,099 19,682 70,402 - 99,036 3,592 6,099 19,682 70,402 - 99,775 Quarterly/Semiannual 5.59 5.59 0-E WACAPOU LEASING S.A. Luxemburg ThUS$ 696 2,125 6,020 3,206 - 12,047 732 2,125 6,020 3,207 - 12,084 Quarterly 3.69 3.69 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy ThUS$ 8,964 27,525 208,024 - - 244,513 9,992 27,525 208,024 - - 245,541 Quarterly 4.87 4.81 0-E BANCO IBM S.A Brazil BRL 21 - - - - 21 21 - - - - 21 Monthly 6.89 6.89 0-E SOCIETE GENERALE France BRL 101 8 - - - 109 101 8 - - - 109 Monthly 6.89 6.89 Total 12,765 36,158 234,887 74,298 - 358,108 14,580 36,158 234,887 74,299 - 359,924 Total consolidated 494,918 749,815 2,797,730 1,420,597 2,513,069 7,976,129 523,057 765,692 2,719,620 1,392,540 2,490,731 7,891,640 (b) Hedge derivatives Total hedge Current liabilities Non-current liabilities derivatives As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Accrued interest from the last date of interest rate swap 2,321 1,189 340 - 2,661 1,189 Fair value of interest rate derivatives 335 8,919 - 2,617 335 11,536 Fair value of fuel derivatives 15,678 - - - 15,678 - Fair value of foreign currency derivatives 7,587 2,092 - - 7,587 2,092 Total hedge derivatives 25,921 12,200 340 2,617 26,261 14,817 (c) Derivatives of non-coverage Total derivatives of Current liabilities Non-current liabilities no coverage As of 31 As of 31 As of 31 As of 31 As of 31 As of 31 december of december of december of december of december of december of 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as coverage 7,712 - - - 7,712 - Total derived from non-coverage 7,712 - - - 7,712 - The foreign currency derivatives correspond to options, forwards and swaps. Hedging operation The fair values of net assets/ (liabilities), by type of derivative, of the contracts held as hedging instruments are presented below: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Cross currency swaps (CCS) (1) 15,099 38,875 Interest rate swaps (2) (2,194 ) (6,542 ) Fuel options (3) (15,811 ) 10,711 Currency options R$/US$ (4) - 4,370 Currency options CLP/US$ (4) - 636 (1) Covers the significant variations in cash flows associated with market risk implicit in the changes in the 3-month LIBOR interest rate and the exchange rate US$/UF of bank loans. These contracts are recorded as cash flow hedges and fair value. (2) Covers the significant variations in cash flows associated with market risk implicit in the increases in the 3 months LIBOR interest rates for long-term loans incurred in the acquisition of aircraft and bank loans. These contracts are recorded as cash flow hedges. (3) Covers significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. (4) Covers the foreign exchange risk exposure of operating cash flows caused mainly by fluctuations in the exchange rate CLP/US$, R$/US$, US$/EUR and US$/GBP. These contracts are recorded as cash flow hedges. During the periods presented, the Company only has cash flow and fair value hedges (in the case of CCS). In the case of fuel hedges, the cash flows subject to such hedges will occur and will impact results in the next 9 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. During the periods presented, no hedging operations of future highly probable transaction that have not been realized have occurred. Since none of the coverage resulted in the recognition of a non-financial asset, no portion of the result of the derivatives recognized in equity was transferred to the initial value of such assets. The amounts recognized in comprehensive income during the period and transferred from net equity to income are as follows: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Debit (credit) recognized in comprehensive income during the period (27,797 ) 18,344 127,390 Debit (credit) transferred from net equity to income during the period 30,018 (15,000 ) (113,403 ) |
TRADE AND OTHER ACCOUNTS PAYABL
TRADE AND OTHER ACCOUNTS PAYABLES | 12 Months Ended |
Dec. 31, 2018 | |
Trade And Other Accounts Payables | |
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 As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,279,976 1,349,201 (b) Accrued liabilities at the reporting date 394,327 346,001 Total trade and other accounts payables 1,674,303 1,695,202 (a) Trade and other accounts payable: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Trade creditors 1,048,033 1,096,540 Leasing obligation 6,981 4,448 Other accounts payable 224,962 248,213 Total 1,279,976 1,349,201 The details of Trade and other accounts payables are as follows: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Aircraft Fuel 304,426 219,601 Boarding Fee 210,621 249,898 Other personnel expenses 92,047 89,621 Handling and ground handling 84,213 103,784 Professional services and advisory 83,182 81,679 Airport charges and overflight 82,181 106,534 Suppliers technical purchases 75,402 114,690 Marketing 60,303 75,220 Air companies 59,524 31,381 Leases, maintenance and IT services 55,427 69,873 Services on board 44,434 68,605 Land services 26,014 31,151 Crew 21,943 24,163 Achievement of goals 21,265 5,732 Aviation insurance 11,943 5,108 Maintenance 8,244 26,244 Aircraft and engines leasing 6,981 4,285 Communications 92 5,273 Others 31,734 36,359 Total trade and other accounts payables 1,279,976 1,349,201 (b) Liabilities accrued: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Accrued personnel expenses 116,242 125,246 Aircraft and engine maintenance 170,731 92,711 Accounts payable to personnel (*) 81,222 99,862 Others accrued liabilities 26,132 28,182 Total accrued liabilities 394,327 346,001 (*) Profits and bonus participation (Note 23 letter b) |
OTHER PROVISIONS
OTHER PROVISIONS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other provisions [abstract] | |
OTHER PROVISIONS | NOTE 21 - OTHER PROVISIONS Other provisions: Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 2,982 1,913 197,038 258,305 200,020 260,218 Civil contingencies 1,207 497 59,834 62,858 61,041 63,355 Labor contingencies 605 373 23,244 28,360 23,849 28,733 Other - - 13,976 15,187 13,976 15,187 Provision for European Commision investigation (2) - - 9,403 9,883 9,403 9,883 Total other provisions (3) 4,794 2,783 303,495 374,593 308,289 377,376 (1) Provisions for contingencies: The tax contingencies correspond to litigation and tax criteria related to the tax treatment applicable to direct and indirect taxes, which are found in both administrative and judicial stage. The civil contingencies correspond to different demands of civil order filed against the Company. The labor contingencies correspond to different demands of labor order filed against the Company. The Provisions are recognized in the consolidated income statement in administrative expenses or tax expenses, as appropriate. (2) Provision made for proceedings brought by the European Commission for possible breaches of free competition in the freight market. (3) Total other provision at December 31, 2018, and 2017, include the fair value correspond to those contingencies from the business combination with TAM S.A and subsidiaries, with a probability of loss under 50%, which are not provided for the normal application of IFRS enforcement and that only must be recognized in the context of a business combination in accordance with IFRS 3. Movement of provisions: European Legal Commission claims (1) Investigation (2) Total ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2016 418,453 8,966 427,419 Increase in provisions 141,797 - 141,797 Provision used (21,997 ) - (21,997 ) Difference by subsidiaries conversion 79,396 - 79,396 Reversal of provision (201,425 ) - (201,425 ) Exchange difference 249 (302 ) (53 ) Closing balance as of December 31, 2016 416,473 8,664 425,137 Opening balance as of January 1, 2017 416,473 8,664 425,137 Increase in provisions 106,943 - 106,943 Provision used (14,860 ) - (14,860 ) Difference by subsidiaries conversion (5,830 ) - (5,830 ) Reversal of provision (135,109 ) - (135,109 ) Exchange difference (124 ) 1,219 1,095 Closing balance as of December 31, 2017 367,493 9,883 377,376 Opening balance as of January 1, 2018 367,493 9,883 377,376 Increase in provisions 106,870 - 106,870 Provision used (59,032 ) - (59,032 ) Difference by subsidiaries conversion (48,330 ) - (48,330 ) Reversal of provision (66,965 ) - (66,965 ) Exchange difference (1,150 ) (480 ) (1,630 ) Closing balance as of December 31, 2018 298,886 9,403 308,289 (1) Cumulative balances include judicial deposit delivered as security, with respect to the "Aerovía Fundo" (FA), for US $ 85 million, made in order to suspend the application of the tax credit. The Company is discussing in the Court the constitutionality of the requirement made by FA in a lawsuit. Initially it was covered by the effects of a precautionary measure, this means that the Company would not be obliged to collect the tax, as long as there is no judicial decision in this regard. However, the decision taken by the judge in the first instance was published unfavorably, revoking the injunction. As the lawsuit is still underway (TAM appealed this first decision), the Company needed to make the judicial deposit, for the suspension of the enforceability of the tax credit; deposit that was classified in this item, discounting the existing provision for this purpose. Finally, if the final decision is favorable to the Company, the deposit made will return to TAM. On the other hand, if the court confirms the first decision, said deposit will become a final payment in favor of the Government of Brazil. The procedural stage as of December 31, 2018 is described in Note 31 in the Role of the case 2001.51.01.012530-0. 2) European Commission Provision: Provision constituted on the occasion of the process initiated in December 2007 by the General Competition Directorate of the European Commission against more than 25 cargo airlines, among which is Lan Cargo SA, which forms part of the global investigation initiated in 2006 for possible infractions of free competition in the air cargo market, which was carried out jointly by the European and United States authorities. With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11 ) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A .. For its part, LATAM Airlines Group S.A. and Lan Cargo S.A., jointly and severally, have been fined for the amount of € 8,220,000 (eight million two hundred and twenty thousand Euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission's Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine of 8.2 million Euros. The procedural stage as of December 31, 2018 is described in Note 31 in section (ii) judgments received by LATAM Airlines Group S.A. and Subsidiaries. |
OTHER NON-FINANCIAL LIABILITIES
OTHER NON-FINANCIAL LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous liabilities [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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (*) 2,330,058 2,690,961 644,702 158,305 2,974,760 2,849,266 Sales tax 12,726 22,902 - - 12,726 22,902 Retentions 34,434 38,197 - - 34,434 38,197 Others taxes 7,700 8,695 - - 7,700 8,695 Dividends payable 54,580 46,591 - - 54,580 46,591 Other sundry liabilities 15,248 16,617 - - 15,248 16,617 Total other non-financial liabilities 2,454,746 2,823,963 644,702 158,305 3,099,448 2,982,268 (*) Note 2.20. The balance comprises, mainly, deferred income by services not yet rendered at December 31, 2018 and 2017; and programs such as: LATAM Pass, LATAM Fidelidade y Multiplus: LATAM Pass is the frequent passenger program created by LAN to reward the preference and loyalty of its customers with multiple benefits and privileges, through the accumulation of miles that can be exchanged for free flight tickets or for a varied range of products and services. Customers accumulate LATAM Pass miles every time they fly on LAN, TAM, oneworld® member companies and other airlines associated with the program, as well as buying at stores or using the services of a vast network of companies that have an agreement with the program around the world. For its part, TAM, thinking of people who travel constantly, created the LATAM Fidelidade program, in order to improve the service and give recognition to those who choose the company. Through the program, customers accumulate points in a wide variety of loyalty programs in a single account and can redeem them in all TAM destinations and associated airline companies, and even more, participate in the Multiplus Fidelidade Network. Multiplus is a coalition of loyalty programs, with the objective of operating accumulation and exchange of points. This program has a network integrated by associated companies, including hotels, financial institutions, retail companies, supermarkets, vehicle leases and magazines, among many other partners from different segments. The Company signed a renewal of the agreement with Banco Santander-Chile, which extends its alliance in Chile to continue developing travel benefits to its respective clients during the next 7 years. Movement of Other non-financial liabilities: Deferred income Air transport and other ThUS$ Opening balance as of january 1, 2018 2,849,266 Recognition of deferred income 7,690,972 Use deferred income (8,230,750 ) Expiration of tickets (284,730 ) Deferred revenue loyalty (accreditation and exchange) 944,246 Others provisions 6,894 Adjustment application IAS 29, Argentina hyperinflation 927 Closing balance as of December 31 ,2018 2,976,825 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of defined benefit plans [abstract] | |
EMPLOYEE BENEFITS | NOTE 23 - EMPLOYEE BENEFITS As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Retirements payments 56,126 55,119 Resignation payments 8,802 10,124 Other obligations 17,437 35,844 Total liability for employee benefits 82,365 101,087 The movement in retirements and resignation payments and other obligations: Increase (decrease) Actuarial Opening current service Benefits (gains) Currency Closing balance provision paid losses translation balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 65,271 17,487 (4,536 ) 3,105 995 82,322 From January 1 to December 31, 2017 82,322 21,635 (5,399 ) (2,763 ) 5,292 101,087 From January 1 to December 31, 2018 101,087 (7,384 ) (6,018 ) 5,820 (11,140 ) 82,365 The principal assumptions used in the calculation to the provision in Chile are presented below: As of December 31, Assumptions 2018 2017 Discount rate 4.27% 4.55% Expected rate of salary increase 4.50% 4.50% Rate of turnover 6.60% 6.98% Mortality rate RV-2014 RV-2014 Inflation rate 2.70% 2.72% Retirement age of women 60 60 Retirement age of men 65 65 The discount rate corresponds to the 20-year term rate of the BCP Central Bank of Chile Bonds. The RV-2014 mortality tables correspond to those established by the Commission for the Financial Market of Chile and for the determination of the inflation rates; the market performance curves of Central Bank of Chile papers of the BCUs have been used. BCP long term at the date of scope. The calculation of the present value of the defined benefit obligation is sensitive to the variation of some actuarial assumptions such as discount rate, salary increase, rotation and inflation. The sensitivity analysis for these variables is presented below: Effect on the liability As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (6,538 ) (5,795 ) Change in the accrued liability an closing for decrease of 100 p.b. 4,918 6,617 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 4,750 6,412 Change in the accrued liability an closing for decrease of 100 p.b. (6,547 ) (5,750 ) (b) The liability for short-term: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Profit-sharing and bonuses (*) 81,222 99,862 (*) Accounts payables to employees (Note 20 letter b) The participation in profits and bonuses correspond to an annual incentives plan for achievement of objectives. (c) Employment expenses are detailed below: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Salaries and wages 1,481,357 1,604,552 1,549,402 Short-term employee benefits 132,394 145,245 132,436 Termination benefits 54,007 85,070 79,062 Other personnel expenses 152,211 188,767 190,233 Total 1,819,969 2,023,634 1,951,133 |
ACCOUNTS PAYABLE, NON-CURRENT
ACCOUNTS PAYABLE, NON-CURRENT | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other payables [abstract] | |
ACCOUNTS PAYABLE, NON-CURRENT | NOTE 24 - ACCOUNTS PAYABLE, NON-CURRENT As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Aircraft and engine maintenance 467,923 483,795 Provision for vacations and bonuses 15,357 14,725 Other sundry liabilities 376 312 Total accounts payable, non-current 483,656 498,832 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [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, 2018 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, 2017), a single series nominative, ordinary character with no par value. There are no special series of shares and no privileges. The form of its stock certificates and their issuance, exchange, disablement, loss, replacement and other similar circumstances, as well as the transfer of the shares, is governed by the provisions of Corporations Law and its regulations. (*) Includes deduction of issuance costs for ThUS $ 3,299 and adjustment for placement of 10,282 shares for ThUS $ 156, approved at the Extraordinary Shareholders Meeting of the Company on April 27, 2017. (b) Subscribed and paid shares On August 18, 2016, the Company held an extraordinary shareholders' meeting at which it was approved to increase the capital by issuing 61,316,424 payment shares, all ordinary, without par value. As of December 31, 2016, 60,849,592 shares had been placed against said increase, according to the following breakdown: (a) 30,499,685 shares subscribed and paid at the end of the pre-emptive option period, which expired on December 23, 2016; December 2016, collecting the equivalent of US $ 304,996,850; and (b) 30,349,907 additional shares subscribed on December 28, 2016, collecting the equivalent of US $ 303,499,070. Due to this last described placement, as of December 31, 2018, the number of subscribed and paid shares of the Company reached 606,407,693. Consequently, as of December 31, 2018, the statutory capital of the Company is represented by 606,874,525 shares, all of the same and unique series, registered, ordinary, without par value, which is divided into: (a) 606,407,693 subscribed and paid shares mentioned above; and (b) 466,832 shares pending subscription and payment, which correspond to the balance of shares pending placement of the last capital increase, described in the previous paragraph. The following table shows the movement of the authorized and fully paid shares described above: Movement of authorized shares Expired shares Opening intended for Closing Nro. Of shares balance compensation plans balance From January 1 to December 31, 2017 608,374,525 - 608,374,525 From January 1 to December 31, 2018 608,374,525 (1,500,000 )(*) 606,874,525 (*) On June 11, 2018, the term of subscription and payment of 1,500,000 shares to create and implement compensation plans for Company employees expired. Movement fully paid shares Movement value Cost of issuance of shares and placement Paid- in N° of (1) of shares (2) Capital shares ThUS$ ThUS$ ThUS$ Paid shares as of January 1, 2017 606,407,693 3,160,718 (11,154 ) 3,149,564 Capital reserve - - (3,299 ) (3,299 ) Paid shares as of December 31, 2017 606,407,693 3,160,718 (14,453 ) 3,146,265 Paid shares as of January 1, 2018 606,407,693 3,160,718 (14,453 ) 3,146,265 Paid shares as of December 31, 2018 606,407,693 (3) 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. (3) At December 31, 2018, the difference between authorized shares and fully paid shares are 466,832 shares, of which correspond to the shares issued and unsubscribed from the capital increase approved at the Extraordinary Shareholders Meeting held on August 18, 2016. (c) Treasury stock At December 31, 2018, 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 Deferred Net movement Closing Periods balance plan tax of the period balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 35,647 3,698 (807 ) 2,891 38,538 From January 1 to December 31, 2017 38,538 943 - 943 39,481 From January 1 to December 31, 2018 39,481 (1,607 ) - (1,607 ) 37,874 These reserves are related to the “Share-based payments” explained in Note 34. (e) Other sundry reserves Movement of Other sundry reserves: Opening Legal Closing Periods balance reserves balance ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 2,634,679 5,602 2,640,281 From January 1 to December 31, 2017 2,640,281 (501 ) 2,639,780 From January 1 to December 31, 2018 2,639,780 (864 ) 2,638,916 Balance of Other sundry reserves comprises the following: As of As of As of December 31, December 31, December 31, 2018 2017 2016 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) (25,913 ) (25,911 ) (25,911 ) Cost of issuance and placement of shares - - (9 ) Others (3,483 ) (2,621 ) (2,111 ) Total 2,638,916 2,639,780 2,640,281 (1) Corresponds to the difference between the value of the shares of TAM S.A., acquired by Sister Holdco S.A. (under the Subscriptions) and by Holdco II S.A. (by virtue of the Exchange Offer), which is recorded in the declaration of completion of the merger by absorption, and the fair value of the shares exchanged by LATAM Airlines Group S.A. as of June 22, 2012. (2) Corresponds to the technical revaluation of the fixed assets authorized by the Commission for the Financial Market in the year 1979, in Circular No. 1529. The revaluation was optional and could be made only once; the originated reserve is not distributable and can only be capitalized. (3) The balance as of December 31, 2018 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. (f) Reserves with effect in other comprehensive income. Movement of Reserves with effect in other comprehensive income: Currency Cash flow Actuarial gain translation hedging benefit plans reserve reserve reserve Total ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2016 (2,576,041 ) (90,510 ) (10,717 ) (2,677,268 ) Derivatives valuation gains (losses) - 126,360 - 126,360 Deferred tax - (34,344 ) - (34,344 ) Actuarial reserves by employee benefit plans - - (3,104 ) (3,104 ) Deferred tax actuarial IAS by employee benefit plans - - 921 921 Difference by subsidiaries conversion 489,486 - - 489,486 Closing balance as of December 31, 2016 (2,086,555 ) 1,506 (12,900 ) (2,097,949 ) Opening balance as of January 1, 2017 (2,086,555 ) 1,506 (12,900 ) (2,097,949 ) Derivatives valuation gains (losses) - 18,436 - 18,436 Deferred tax - (1,802 ) - (1,802 ) Actuarial reserves by employee benefit plans - - 2,758 2,758 Deferred tax actuarial IAS by employee benefit plans - - (784 ) (784 ) Difference by subsidiaries conversion (45,035 ) - - (45,035 ) Closing balance as of December 31, 2017 (2,131,590 ) 18,140 (10,926 ) (2,124,376 ) Opening balance as of January 1, 2018 (2,131,590 ) 18,140 (10,926 ) (2,124,376 ) Derivatives valuation gains (losses) - (26,899 ) - (26,899 ) Deferred tax - (574 ) - (574 ) Actuarial reserves by employee benefit plans - - (5,819 ) (5,819 ) Deferred tax actuarial IAS by employee benefit plans - - 1,567 1,567 Difference by subsidiaries conversion (597,615 ) - - (597,615 ) Closing balance as of December 31, 2018 (2,729,205 ) (9,333 ) (15,178 ) (2,753,716 ) (f.1) Currency translation reserve These originate from exchange differences arising from the translation of any investment in foreign entities (or Chilean investment with a functional currency different to that of the parent), and from loans and other instruments in foreign currency designated as hedges for such investments. When the investment (all or part) is sold or disposed and loss of control occurs, these reserves are shown in the consolidated statement of income as part of the loss or gain on the sale or disposal. If the sale does not involve loss of control, these reserves are transferred to non-controlling interests. (f.2) Cash flow hedging reserve These originate from the fair value valuation at the end of each period of the outstanding derivative contracts that have been defined as cash flow hedges. When these contracts expire, these reserves should be adjusted and the corresponding results recognized. (f.3) Reserves of actuarial gains or losses on defined benefit plans Correspond to the increase or decrease in the obligation present value for defined benefit plan due to changes in actuarial assumptions, and experience adjustments, which is the effects of differences between the previous actuarial assumptions and what has actually occurred. (g) Retained earnings Movement of Retained earnings: Other Result increase Opening for the (decreases) Closing Periods balance period Dividends (1) (2) balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 317,950 69,220 (20,766 ) - 366,404 From January 1 to December 31, 2017 366,404 155,304 (46,591 ) - 475,117 From January 1 to December 31, 2018 475,117 181,935 (54,580 ) (4,797 ) 597,675 (1) Adjustments adoption IFRS 9 and IFRS 15 ThUS (9,549) (See Note 2) (2) Variation effect in Accumulated results, by application IAS 29, Argentina hyperinflation: Items ThUS$ Property, plant and equipment 4,573 Intangible assets other than goodwill 69 Goodwill 335 Deferred incomes (377 ) Other non-financial assets 152 Total Adjust accumulated results 4,752 (h) Dividends per share Minimum mandatory Final dividend dividend dividend Description of dividend 2018 2017 Date of dividend 12/31/2018 12/31/2017 Amount of the dividend (ThUS$) 54,580 46,591 (*) Number of shares among which the dividend is distributed 606,407,693 606,407,693 Dividend per share (US$) 0.0900 0.0768 (*) By virtue of the Essential Fact issued on April 26, 2018, the shareholders of LATAM approved the distribution of the final dividend proposed by the Board of Directors in Ordinary Session of April 26, 2018, which amounts to ThUS $ 46,591, which corresponds to 30% of the profits for the year corresponding to 2017. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [abstract] | |
REVENUE | NOTE 26 - REVENUE The detail of revenues is as follows: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Passengers 8,708,988 8,494,477 7,877,715 Cargo 1,186,468 1,119,430 1,110,625 Total 9,895,456 9,613,907 8,988,340 |
COSTS AND EXPENSES BY NATURE
COSTS AND EXPENSES BY NATURE | 12 Months Ended |
Dec. 31, 2018 | |
Material income and expense [abstract] | |
COSTS AND EXPENSES BY NATURE | NOTE 27 - COSTS AND EXPENSES BY NATURE (a) Costs and operating expenses The main operating costs and administrative expenses are detailed below: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Aircraft fuel 2,983,028 2,318,816 2,056,643 Other rentals and landing fees 1,217,647 1,172,129 1,077,407 Aircraft rentals 538,347 579,551 568,979 Aircraft maintenance 382,242 430,825 366,153 Comissions 222,506 252,474 269,296 Passenger services 280,279 288,662 286,621 Other operating expenses 1,237,430 1,381,546 1,424,595 Total 6,861,479 6,424,003 6,049,694 (b) Depreciation and amortization Depreciation and amortization are detailed below: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Depreciation (*) 916,050 943,215 910,071 Amortization 65,596 58,410 50,257 Total 981,646 1,001,625 960,328 (*) Include the depreciation of Property, plant and equipment and the maintenance cost of aircraft held under operating leases. The amount of maintenance cost included within the depreciation line item at December 31, 2018 is ThUS$ 366,393, ThUS$ 359,940 and ThUS$ 345,651 for the same period of 2017 and 2016 respectavely. (c) Personnel expenses The costs for personnel expenses are disclosed in Note 23 liability for employee benefits. (d) Financial costs The detail of financial costs is as follows: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Bank loan interest 283,786 347,551 352,405 Financial leases 62,202 37,522 32,573 Other financial instruments 10,281 8,213 31,358 Total 356,269 393,286 416,336 Costs and expenses by nature presented in this note plus the Employee expenses disclosed in Note 23, are equivalent to the sum of cost of sales, distribution costs, administrative expenses, other expenses and financing costs presented in the consolidated statement of income by function. |
OTHER INCOME, BY FUNCTION
OTHER INCOME, BY FUNCTION | 12 Months Ended |
Dec. 31, 2018 | |
Material income and expense [abstract] | |
OTHER INCOME, BY FUNCTION | NOTE 28 - OTHER INCOME, BY FUNCTION Other income by function is as follows: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Coalition and loyalty program Multiplus 126,443 240,952 174,197 Tours 108,448 109,463 133,575 Aircraft leasing 78,056 103,741 65,011 Customs and warehousing 26,667 26,793 24,548 Maintenance 16,569 8,038 11,141 Duty free 3,555 6,585 17,090 Other miscellaneous income 113,020 54,317 113,186 Total 472,758 549,889 538,748 |
FOREIGN CURRENCY AND EXCHANGE R
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES | 12 Months Ended |
Dec. 31, 2018 | |
Foreign Currency And Exchange Rate Differences | |
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. (a) Foreign currency The foreign currency detail of balances of monetary items in current and non-current assets is as follows: As of As of December 31, December 31, Current assets 2018 2017 ThUS$ ThUS$ Cash and cash equivalents 606,673 260,092 Argentine peso 4,236 7,309 Brazilian real 34,360 14,242 Chilean peso 415,399 81,693 Colombian peso 2,732 1,105 Euro 20,339 11,746 U.S. dollar 51,382 108,327 Other currency 78,225 35,670 Other financial assets, current 57,132 36,484 Argentine peso 11 21 Brazilian real 25,829 17 Chilean peso 25,904 26,605 Colombian peso 139 150 U.S. dollar 4,923 9,343 Other currency 326 348 As of As of December 31, December 31, Current assets 2018 2017 ThUS$ ThUS$ Other non - financial assets, current 106,952 107,170 Argentine peso 13,077 16,507 Brazilian real 37,794 19,686 Chilean peso 30,916 34,258 Colombian peso 434 340 Euro 3,935 2,722 U.S. dollar 8,949 21,907 Other currency 11,847 11,750 Trade and other accounts receivable, current 518,006 373,447 Argentine peso 54,053 49,680 Brazilian real 6,037 22,006 Chilean peso 112,133 82,369 Colombian peso 5,065 1,169 Euro 49,044 48,286 U.S. dollar 2,938 34,268 Other currency 288,736 135,669 Accounts receivable from related entities, current 593 958 Chilean peso 200 735 U.S. dollar 393 223 Tax current assets 20,774 33,575 Argentine peso 812 1,679 Brazilian real 1,106 3,934 Chilean peso 4,860 3,317 Colombian peso 5 660 Euro - 179 U.S. dollar 429 327 Peruvian sol 13,306 21,948 Other currency 256 1,531 Total current assets 1,310,130 811,726 Argentine peso 72,189 75,196 Brazilian real 105,126 59,885 Chilean peso 589,412 228,977 Colombian peso 8,375 3,424 Euro 73,318 62,933 U.S. Dollar 69,014 174,395 Other currency 392,696 206,916 As of As of December 31, December 31, Non-current assets 2018 2017 ThUS$ ThUS$ Other financial assets, non-current 21,850 20,975 Brazilian real 4,941 3,831 Chilean peso 68 74 Colombian peso 145 281 Euro 7,438 7,853 U.S. dollar 7,441 7,273 Other currency 1,817 1,663 Other non - financial assets, non-current 31,126 9,108 Argentine peso 86 172 Brazilian real 7,465 6,368 U.S. dollar 3 38 Other currency 23,572 2,530 Accounts receivable, non-current 5,378 6,887 Chilean peso 5,378 6,887 Deferred tax assets 2,073 2,081 Colombian peso 78 86 Other currency 1,995 1,995 Total non-current assets 60,427 39,051 Argentine peso 86 172 Brazilian real 12,406 10,199 Chilean peso 5,446 6,961 Colombian peso 223 367 Euro 7,438 7,853 U.S. dollar 7,444 7,311 Other currency 27,384 6,188 The foreign currency detail of balances of monetary items in current liabilities and non-current is as follows: Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, Current liabilities 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 56,842 36,000 107,815 115,182 Chilean peso 41,503 21,542 68,901 79,032 U.S. dollar 15,339 14,458 38,914 36,150 Trade and other accounts payables, current 970,872 919,373 37,809 33,707 Argentine peso 229,907 122,452 6,142 8,636 Brazilian real 30,974 28,810 1,152 669 Chilean peso 198,766 233,202 26,113 11,311 Colombian peso 7,915 2,964 752 855 Euro 84,903 58,081 1,375 9,165 U.S. dollar 325,385 409,380 55 1,154 Peruvian sol 37,285 39,064 1,124 825 Mexican peso 5,975 2,732 167 115 Pound sterling 13,395 5,839 305 199 Uruguayan peso 847 1,890 - - Other currency 35,520 14,959 624 778 Accounts payable to related entities, current 365 760 - - Chilean peso 253 546 - - U.S. dollar 112 4 - - Other currency - 210 - - Other provisions, current 1,434 959 - - Chilean peso 28 30 - - Other currency 1,406 929 - - Tax liabilities, current 13 - - 174 Argentine peso 4 - - 174 Chilean peso 9 - - - Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, Current liabilities 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Other non-financial liabilities, current 38,120 25,190 - - Argentine peso 1,089 393 - - Brazilian real 1,455 542 - - Chilean peso 14,130 11,283 - - Colombian peso 1,009 837 - - Euro 4,411 5,954 - - U.S. dollar 10,468 3,160 - - Other currency 5,558 3,021 - - Total current liabilities 1,067,646 982,282 145,624 149,063 Argentine peso 231,000 122,845 6,142 8,810 Brazilian real 32,429 29,352 1,152 669 Chilean peso 254,689 266,603 95,014 90,343 Colombian peso 8,924 3,801 752 855 Euro 89,314 64,035 1,375 9,165 U.S. dollar 351,304 427,002 38,969 37,304 Other currency 99,986 68,644 2,220 1,917 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 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, non-current 241,823 276,436 281,785 263,798 179,406 189,500 Chilean peso 16,232 41,548 237,377 189,500 172,530 189,500 U.S. dollar 225,591 234,888 44,408 74,298 6,876 - Accounts payable, non-current 308,715 362,964 - - - - Chilean peso 14,027 13,251 - - - - U.S. dollar 293,448 348,329 - - - - Other currency 1,240 1,384 - - - - Other provisions, non-current 36,120 41,514 - - - - Argentine peso 542 940 - - - - Brazillian real 19,815 24,074 - - - - Colombian peso 295 551 - - - - Euro 9,403 9,883 - - - - U.S. dollar 6,065 6,066 - - - - Provisions for employees benefits, non-current 72,674 77,579 - - - - Chilean peso 72,187 73,399 - - - - U.S. dollar 487 4,180 - - - - Other non-financial liabilities, non-current - 3 - - - - Colombian peso - 3 - - - - Total non-current liabilities 659,332 758,496 281,785 263,798 179,406 189,500 Argentine peso 542 940 - - - - Brazilian real 19,815 24,074 - - - - Chilean peso 102,446 128,198 237,377 189,500 172,530 189,500 Colombian peso 295 554 - - - - Euro 9,403 9,883 - - - - U.S. dollar 525,591 593,463 44,408 74,298 6,876 - Other currency 1,240 1,384 - - - - As of As of December 31, December 31, General summary of foreign currency: 2018 2017 ThUS$ ThUS$ Total assets 1,370,557 850,777 Argentine peso 72,275 75,368 Brazilian real 117,532 70,084 Chilean peso 594,858 235,938 Colombian peso 8,598 3,791 Euro 80,756 70,786 U.S. dollar 76,458 181,706 Other currency 420,080 213,104 Total liabilities 2,333,793 2,343,136 Argentine peso 237,684 132,595 Brazilian real 53,396 54,095 Chilean peso 862,056 864,144 Colombian peso 9,971 5,207 Euro 100,092 83,083 U.S. dollar 967,148 1,132,067 Other currency 103,446 71,945 Net position Argentine peso (165,409 ) (57,227 ) Brazilian real 64,136 15,989 Chilean peso (267,198 ) (628,206 ) Colombian peso (1,373 ) (1,416 ) Euro (19,336 ) (12,297 ) U.S. dollar (890,690 ) (950,361 ) Other currency 316,634 141,159 (b) Exchange differences The exchange differences recognized in profit or loss, except for financial instruments measured at fair value through profit or loss, for the period ended December 31, 2018, 2017 and 2016, amounted a charge of ThUS$ 157,708 and ThUS$ 18,718 and a credit of ThUS$ 121,651, respectively. The exchange differences recognized in statement of comprehensive income as reserves for translation exchange differences for the period ended December 31, 2018, 2017 and 2016 meant a charge of ThUS $ 610,201 and ThUS$ 47,495 and a credit of ThUS$ 494,362, respectively. The following shows the current exchange rates for the U.S. dollar, on the dates indicated: As of December 31, 2018 2017 2016 2015 Argentine peso 37.74 18.57 15.84 12.97 Brazilian real 3.87 3.31 3.25 3.98 Chilean peso 694.77 614.75 669.47 710.16 Colombian peso 3,239.45 2,984.77 3,000.25 3,183.00 Euro 0.87 0.83 0.95 0.92 Strong bolivar 0.00 3,345.00 673.76 198.70 Sovereign bolivar (*) 3,299.12 - - - Australian dollar 1.42 1.28 1.38 1.37 Boliviano 6.86 6.86 6.86 6.85 Mexican peso 19.68 19.66 20.63 17.34 New Zealand dollar 1.49 1.41 1.44 1.46 Peruvian Sol 3.37 3.24 3.35 3.41 Uruguayan peso 32.38 28.74 29.28 29.88 (*) On August 20, 2018, in Venezuela there was a change of currency, five zeros were eliminated to simplify and the surname was changed to sovereign. |
EARNINGS _ (LOSS) PER SHARE
EARNINGS / (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Loss Per Share | |
EARNINGS / (LOSS) PER SHARE | NOTE 30 - EARNINGS / (LOSS) PER SHARE For the year ended December 31, Basic earnings / (loss) per share 2018 2017 2016 Earnings / (loss) attributable to owners of the parent (ThUS$) 181,935 155,304 69,220 Weighted average number of shares, basic 606,407,693 606,407,693 546,559,599 Basic earnings / (loss) per share (US$) 0.30002 0.25610 0.12665 For the year ended December 31, Diluted earnings / (loss) per share 2018 2017 2016 Earnings / (loss) attributable to owners of the parent (ThUS$) 181,935 155,304 69,220 Weighted average number of shares, basic 606,407,693 606,407,693 546,559,599 Weighted average number of shares, diluted 606,407,693 606,407,693 546,559,599 Diluted earnings / (loss) per share (US$) 0.30002 0.25610 0.12665 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of contingent liabilities [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 Committed (*) ThUS$ Tam Viagens S.A. Fazenda Pública do Município de São Paulo. 1004194-37.2018.8.26.0053 This is a voidance action appealing the charges for violations and fines (67.168.795 / 67.168.833 / 67.168.884 / 67.168.906 / 67.168.914 / 67.168.965). We are arguing that numbers are missing from the ISS calculation base since the company supposedly made improper deductions. The lawsuit was assigned on January 31, 2018. That same day, a decision was rendered suspending the charges without any bond. We are waiting for the deadline for the municipality to appeal to expire. The municipality filed an appeal against this decision on April 30, 2018, that is pending a decision. The voidance action is now in the evidentiary period. 85,883 2) Lawsuits received by LATAM Airlines Group S.A. and Subsidiaries Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ LATAM Airlines Group S.A. y Lan Cargo S.A. European Commission. - Investigation of alleged infringements to free competition of cargo airlines, especially fuel surcharge. On December 26 th On April 14 th On May 11, 2015, we attended a hearing at which we petitioned for the vacation of the Decision based on discrepancies in the Decision between the operating section, which mentions four infringements (depending on the routes involved) but refers to Lan in only one of those four routes; and the ruling section (which mentions one single conjoint infraction). On November 9 th 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. LATAM AIRLINES GROUP S.A. expects that the Court of the European Union will reduce this fine. 9,402 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Lan Cargo S.A. y LATAM Airlines Group S.A. In the High Court of Justice Chancery División (England) Ovre Romerike District Court (Norway) y Directie Juridische Zaken Afdeling Ceveil Recht (Netherlands) , Cologne Regional Court (Landgerich Köln Germany). - Lawsuits filed against European airlines by users of freight services in private lawsuits as a result of the investigation into alleged breaches of competition of cargo airlines, especially fuel surcharge. Lan Cargo S.A. and LATAM Airlines Group S.A., have been sued in court proceedings directly and/or in third party, based in England, Norway, the Netherlands and Germany. Cases are in the uncovering evidence stage. In the case in England, mediation was held with nearly all the airlines involved in the aim of attempting to reach an agreement. It began in September, and LATAM Airlines Group S.A. reached an agreement for approximately GBP 636,000. A settlement was signed in December 2018 and payment was made in January 2019. This concluded the claim for all class-action plaintiffs except one, with whom negotiations continue. The amount is undetermined, but small. -0- Aerolinhas Brasileiras S.A. Federal Justice. 0008285-53.2015.403.6105 An action seeking to quash a decision and petioning for early protection in order to obgain a revocation of the penalty imposed by the Brazilian Competition Authority (CADE) in the investigation of cargo airlines alleged fair trade violations, in particular the fuel surcharge. This action was filed by presenting a guaranty – policy – in order to suspend the effects of the CADE’s decision regarding the payment of the following fines: (i) ABSA:ThUS$10,479; (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. In December 2018, the Federal Court Judge ruled against ABSA, indicating that it will not apply an additional reduction to the fine imposed. We are now awaiting publication of the Judge’s ruling to file our appeal against it. 10,541 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ 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 petition on evidence and replications were filed on June 20, 2016. A new insurance policy was submitted on March 3, 2016 with the change to the guarantee requested by PGFN, which was declared on June 3, 2016. A decision is pending. 14,083 Tam Linhas Aéreas S.A. Department of Federal Revenue of Brazil 19515.720476/2015-83 Alleged irregularities in the SAT payments for the periods 01/2011 to 12/2012 The lawsuit was converted into a measure in January 2018. A statement will be made after the prosecutor’s measure has concluded. The Brazilian Administrative Council of Tax Appeals (CARF) issued a decision in favor of the Company on September 22, 2018. We are currently expecting that the Ministry of Finance of Brazil will appea. 59,317 Tam Linhas Aéreas S.A. Court of the Second Region. 2001.51.01.012530-0 Ordinary judicial action brought for the purpose of declaring the nonexistence of legal relationship obligating the company to collect the Air Fund. Unfavorable court decision in first instance. Currently expecting the ruling on the appeal filed by the company. In order to suspend chargeability of Tax Credit a Guaranty Deposit to the Court was delivered for ThUS$106. The court decision requesting that the Expert make all clarifications requested by the parties in a period of 30 days was published on March 29, 2016. The plaintiffs’ submitted a petition on June 21, 2016 requesting acceptance of the opinion of their consultant and an urgent ruling on the dispute. No amount additional to the deposit that has already been made is required if this case is lost. 88,421 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ 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 57,287 Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 2013-20319 CA 01 The July 30 th The June 20 th 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. On March 26, 2014, the Federal Court in the State of Florida, USA, approved the petition by LATAM Airlines Colombia to suspend the case in the United States until the lawsuit under way in 12,443 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ Aerovías de Integración Regional, AIRES S.A. United States Court of Appeals for the Eleventh Circuit, Florida, U.S.A. 2013-20319 CA 01 (Continuation) Colombia was decided. The U.S. judge also closed the case administratively. Based on the petition by Regional One, the Federal Court in the State of Florida, USA, lifted the suspension of the case on July 11, 2018 and returned the case to the State Court. At the same time, VAS filed suit against LATAM AIRLINES COLOMBIA at the end of May 2018 seeking an indemnity because of the lawsuit by Regional One against VAS due to contract default. According to the requirements for civil suits in Florida, VAS has only claimed damages from LATAM AIRLINES COLOMBIA totaling more than US$15,000. The VAS lawsuit and Regional One lawsuit have been consolidated before the same State Court, which has set the trial by jury for September 19, 2019. A reconciliation hearing was held on December 10, 2018 that was attended by all parties, but no agreement was reached. The claim is continuing forward. It is possible that later on, the amount petitioned in the case may vary. Any change will be reported in due course. In the meantime, the State Court has yet to render a decision on the motions by LATAM Airlines Colombia to dismiss both the Regional One and VAS claims because they have no legal basis. Tam Linhas Aéreas S.A. Internal Revenue Service of Brazil 10880.722.355/2014-52 On August 19th, 2014 the Federal Tax Service issued a notice of violation stating that compensation credits Program (PIS) and the Contribution for the Financing of Social Security COFINS by TAM are not directly related to the activity of air transport. An administrative objection was filed on September 17th, 2014. A first-instance ruling was rendered on June 1, 2016 that was partially favorable. The separate fine was revoked. A voluntary appeal was filed on June 30, 2016, which is pending a decision by CARF. On January 9, 2016, the case was referred to the Second Division, Fourth Chamber, of the Third Section of the Administrative Council of Tax Appeals (CARF). 65,914 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A. Sao Paulo Labor Court, Sao Paulo 1001531-73.2016.5.02.0710 The Ministry of Labor filed an action seeking that the company adapt the ergonomics and comfort of seats. In August 2016, the Ministry of Labor filed a new lawsuit before the competent Labor Court in Sao Paulo, in the same terms as case 0000009-45.2016.5.02.090, as previously reported, the hearing date is set for October 22, 2018. 16,575 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. We are currently waiting for the case to be heard by the Court of Appeals. 19,080 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. 39,222 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A. Federal Revenue Bureau 10880.900360/2017-55 A claim regarding the negative Company Income Tax (IRPJ) balance. Appraisals of compensation that were not accepted. The case was referred to the National Claims Management Center of the Federal Revenue Bureau for Sao Paulo on May 11, 2017. The administrative case was closed in favor of the company and its right to a credit was recognized on June 15, 2018. -0- TAM Linhas Aéreas S.A. Internal Revenue Service of Brazil 16643.000085/2009-47 Notice of claim to recover income taxes and social contributions paid on the basis of net profits (SCL) according to the royalty expenses and use of the TAM trademark. Before the Internal Revenue Service of Brazil. A service of process is expected in the lawsuit on admissibility of the special appeal, filed by the General Counsel of the National Treasury, as well as notification of the decision rendered by the Administrative Council of Tax Appeals (CARF). The decision was made to file a lawsuit on December 5, 2017. 15,590 TAM Linhas Aéreas S.A. Internal Revenue Service of Brazil 10831.012344/2005-55 Notice of an infringement filed by the Company to request the import tax (II), the Social Integration Program (PIS) of the Social Security Funding Contribution (COFINS) as a result of an unidentified international cargo loss. Before the Internal Revenue Service of Brazil. The administrative decision was against the company. The matter is pending a decision by the CARF. 15,649 TAM Linhas Aéreas S.A. DERAT SPO (Delegacía de Receita Federal) 13808.005459/2001-45 Collection of the Social Security Funding Contribution (COFINS) based on gross revenue of the company in the period 1999-2000. The decision on collection was pending through June 2, 2010. 23,720 TAM Linhas Aéreas S.A. Federal Revenue Bureau 10880.938.664/2016-12 An administrative lawsuit about compensation not being proportional to the negative corporate income tax balance. A decision is pending by CARF on the appeal. The Company’s right to its credit was recognized on November 21, 2018, which closed the administrative process in its favor. -0- TAM Linhas Aéreas S.A. Delegacía de Receita Federal 10611.720630/2017-16 This is an administrative claim about a fine for the incorrectness of an import declaration (new lawsuit). The administrative defensive arguments were presented September 28, 2017. A ruling on the defense is currently pending in this lawsuit. 20,155 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A Delegacía de Receita Federal 10611.720852/2016-58 An improper charge of the Contribution for the Financing of Social Security (COFINS) on an import (new lawsuit). We are currently awaiting a decision. There is no predictable decision date because it depends on the court of the government agency. 14,501 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. We are awaiting the presentation of an administrative defense. An administrative defense was presented on May 29, 2018. 30,954 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. 42,423 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 by the trial judge to pay certain fees -0- TAM Linhas Aéreas S/A Delegacia da Receita Federa 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. 16,959 TAM linhas Aérea S/A International Centre for dispute resolution (“ICDR”) 01-18-0000-6332 Arbitration filed by Airbus S.A.S., Airbus North America Customer Services, Inc. and Allianz Corporate & Specialty SE (France) against AIG Europe Limited (“AIG”), TAM S.A. (“TSA”) and TAM Linhas Aéreas S.A. (“TLA”). In 2008, the parties exchanged draft agreements on sharing the costs of any indemnity for certain claims related to the Flight JJ3054 accident, but they did not reach an agreement, so the draft was never finalized or executed. Despite this, Airbus and its insured filed a formal arbitration On January 31, 2018, Airbus S.A.S., Airbus North America Customer Services, Inc. and Allianz Corporate & Specialty SE (France) filed an arbitration claim with the International Centre for Dispute Resolution against AIG Europe Limited (“AIG”), TAM S.A. (“TSA”) and TAM Linhas Aéreas S.A. (“TLA”) seeking a decision on the validity of a shared-defense agreement that had been discussed but never finalized or executed by the parties. The plaintiffs allege that the parties exchanged enough 12,200 Company Court Case Number Origin Stage of trial Amounts Committed (*) ThUS$ TAM Linhas Aéreas S.A International Centre for dispute resolution (“ICDR”) 01-18-0000-6332 (Continuation) claim and served AIG, TSA and TLA as defendants, seeking a decision on the validity of the agreement as well as a damage indemnity to Airbus because it could not share its defense with TAM. TAM has retained legal counsel in Switzerland, Brazil and the United States to handle this claim. correspondence and drafts to reflect the terms of a contract. Based on this alleged contract, they are demanding that TAM reimburse Airbus a sum of approximately ThUS$9.2 for settlement costs and ThUS$3 for legal fees, in addition to interest and any other amount decided by the Arbitrator On October 8, 2018, the plaintiffs filed a formal complaint that contained declarations by their supporting experts. On November 7, 2018, the Arbitrator issued a procedural ruling dividing the jurisdiction phase from the grounds-for-arbitration phase, thus expressing his agreement with the arguments by TSA and TLA as well as AIG. After a petition agreed by all parties, the Arbitrator postponed the deadline of December 14, 2018 while the parties held reconciliation negotiations. Finally, in December 2018, the parties agreed to hold a meeting to discuss a potential settlement that resulted in an agreement whereby Allianz Corporate & Speciality SE will pay AIG US$95 million toward the loss already settled by AIG for the accident. In exchange, all lawsuits and arbitration claims will be withdrawn at no additional cost to LATAM. The insurance companies are now in the process of obtaining the approvals required from the signatories of the agreement and the case is expected to be closed in the first half of 2019. The arbitration is temporarily on hold until the agreement is concluded. TAM Linhas Aéreas S/A Delegacía de Receita Federal 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. We are now awaiting the administrative ruling. 118,558 - In order to deal with any financial obligations arising from legal proceedings in effect at December 31, 2018, whether civil, tax, or labor, LATAM Airlines Group S.A. and Subsidiaries, has made provisions, which are included in Other non-current provisions that are disclosed in Note 21. - The Company has not disclosed the individual probability of success for each contingency in order to not negatively affect its outcome. (*) The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. II. Governmental Investigations. 1) On July 25, 2016, LATAM reached agreements with the U.S. Department of Justice U.S. Securities and Exchange Commission The purpose of the investigation was to determine whether these payments violated the U.S. Foreign Corrupt Practices Act (“FCPA”) that: (i) forbids bribery of foreign government authorities in order to obtain a commercial advantage; and (ii) requires the companies that must abide by the FCPA to keep appropriate accounting records and implant an adequate internal control system. The FCPA is applicable to LATAM because of its ADR program in effect on the U.S. securities market. After an exhaustive investigation, the DOJ and SEC concluded that there was no violation of the bribery provisions of the FCPA, which is consistent with the results of LATAM’s internal investigation. However, the DOJ and SEC consider that LAN accounted for these payments incorrectly and, consequently, infringed the part of the FCPA requiring companies to keep accurate accounting records. These authorities also consider that LAN’s internal controls in 2006-2007 were weak, so LAN would have also violated the provisions in the FCPA requiring it to maintain an adequate internal control system. The agreements signed, included the following: (a) The agreement with the DOJ involves: (i) entering into a Deferred Prosecution Agreement (“DPA”), which is a public contract under which the DOJ files public charges alleging an infringement of the FCPA accounting regulations. LATAM is not obligated to answer these charges, the DOJ will not pursue them for a period of 3 years, and the DOJ will dismiss the charges after expiration of that 3-year period provided LATAM complies with all terms of the DPA. In exchange, LATAM must admit to the negotiated events described in the DPA and agree to pay the negotiated fine explained below and abide by other terms stipulated in the agreement; (ii) clauses in which LATAM admits that the payments to the consultant in Argentina were incorrectly accounted for and that at the time those payments were made (2006-2007), it did not have adequate internal controls in place; (iii) LATAM’s agreement to have an outside consultant monitor, evaluate and report to the DOJ on the effectiveness of LATAM’s compliance program for a period of 27 months; and LATAM’s agreement to continue evaluating and reporting directly to the DOJ on the effectiveness of its compliance program for a period of 9 months after the consultant’s work concludes; and (iv) LATAM paid a fine of ThUS$12,750. (b) The agreement with the SEC involves: (i) accepting a Cease and Desist Order, which is an administrative resolution of the SEC closing the investigation, in which LATAM will accept certain obligations and statements of fact that are described in the document; (ii) accepting the same obligations regarding the consultant mentioned above; and (iii) LATAM paid a fine of ThUS$6,744 and interest of ThUS$2,694. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Commitments | |
COMMITMENTS | NOTE 32 – COMMITMENTS (a) Loan covenants With respect to various loans signed by the Company for the financing of Boeing 767, 767F, 777F and 787 aircraft, which carry the guarantee of the United States Export–Import Bank, limits have been set on some of the Company’s financial indicators on a consolidated basis, for which, in any case non-compliance does not generate acceleration of the loans. Moreover, and related to these same contracts, restrictions are also in place on the Company’s management in terms of its ownership, in relation to the ownership structure and the controlling group, and disposal of the assets which mainly refers to important transfers of assets. The Company and its subsidiaries do not maintain financial credit contracts with banks in Chile that indicate some limits on financial indicators of the Company or its subsidiaries. The revolving credit facility ("Revolving Credit Facility") with aircraft, engines, parts and supplies guaranteed for a total available amount of US$ 600 million, contemplates minimum liquidity restrictions, measured at the level of the Consolidated Company and measured at the for companies LATAM Airlines Group SA and TAM Linhas Aéreas S.A., which remain standby while the credit line is not used. As of December 31, 2018 and 2017 this line of credit established with a consortium of eleven banks led by Citibank, is not used. As of December 31, 2018 and 2017, the Company is in compliance with all the indicators detailed above. (b) Commitments under operating leases as lessee Details of the main operating leases are as follows: As of As of December 31, December 31, Lessor Aircraft 2018 2017 ACS Aero 1 Alpha Limited Airbus A320 - 1 Aircraft 76B-26329 Inc. Boeing 767 1 1 Aircraft 76B-28206 Inc. Boeing 767 1 1 Aviacion Centaurus, A.I.E Airbus A319 3 3 Aviación Centaurus, A.I.E. Airbus A321 1 1 Aviación Real A.I.E Airbus A319 1 1 Aviación Real A.I.E Airbus A320 1 1 Aviación Tritón A.I.E. Airbus A319 3 3 Avolon Aerospace AOE 62 Limited Boeing 777 1 1 Avolon Aerospace AOE 99 Limited Airbus A320 1 - Avolon Aerospace AOE 100 Limited Airbus A320 1 2 Avolon Aerospace AOE 134 Limited Airbus A321 2 - AWAS 5234 Trust Airbus A320 1 1 Baker & Spice Aviation Limited Airbus A320 - 1 Bank of America Airbus A321 2 2 Bank of Utah Airbus A320 1 - Bank of Utah Airbus A350 1 - Bank of Utah Boeing 787 2 2 Boeing Aircraft Holding Company Boeing 777 2 - Castlelake Airbus A319 1 1 Chishima Real State Co., Ltd. Airbus A321 1 - ECAF I 2838 DAC Airbus A320 1 1 ECAF I 40589 DAC Boeing 777 1 1 Eden Irish Aircr Leasing MSN 1459 Airbus A320 - 1 IC Airlease One Limited Airbus A321 1 1 JSA Aircraft 38484, LLC Boeing 787 1 1 JSA Aircraft 7126, LLC Airbus A320 1 1 JSA Aircraft 7128, LLC Airbus A321 1 1 JSA Aircraft 7239, LLC Airbus A321 1 1 JSA Aircraft 7298, LLC Airbus A321 1 1 Macquarie Aerospace Finance 5125-2 Trust Airbus A320 1 1 Macquarie Aerospace Finance 5178 Limited Airbus A320 1 1 Merlin Aviation Leasing (Ireland) 18 Limited Airbus A320 1 1 Merlin Aviation Leasing (Ireland) 7 Limited Airbus A320 - 1 NBB Crow Co.,Ltd Boeing 787 1 - NBB Cuckoo Co., Ltd Airbus A321 1 1 NBB Grosbeak Co., Ltd Airbus A321 1 1 NBB Redstart Co. Ltd Airbus A321 1 1 NBB-6658 Lease Partnership Airbus A321 1 1 NBB-6670 Lease Partnership Airbus A321 1 1 Orix Aviation Systems Limited Airbus A320 4 4 PAAL Aquila Company Limited Airbus A321 2 2 Sapphire Leasing I (AOE 7) Limited Airbus A320 1 1 Shenton Aircraft Leasing Limited Airbus A320 1 1 Sky High XXIV Leasing Company Limited Airbus A320 5 5 Sky High XXV Leasing Company Limited Airbus A320 2 2 SMBC Aviation Capital Limited Airbus A320 4 4 SMBC Aviation Capital Limited Airbus A321 2 2 Wells Fargo Trust Company, N.A. Airbus A319 1 2 Wells Fargo Trust Company, N.A. Airbus A320 10 11 Wells Fargo Trust Company, N.A. Airbus A350 2 2 Wells Fargo Trust Company, N.A. Boeing 767 1 2 Wells Fargo Trust Company, N.A. Boeing 777 4 4 Wells Fargo Trust Company, N.A. Boeing 787 10 11 Wilgmington Trust SP Services (Dublin) Limited Airbus A350 1 - Total 94 93 The rentals are shown in results for the period for which they are incurred. The minimum future lease payments not yet payable are the following: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ No later than one year 513,214 462,205 Between one and five years 1,719,490 1,620,253 Over five years 1,348,470 1,498,064 Total 3,581,174 3,580,522 The operating lease payments charged to income are the following: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Operating lease payments 538,347 579,551 568,979 Total 538,347 579,551 568,979 During 2018, through operating lease two Airbus A321-200 aircraft were added for a period of 10 years each, two aircrafts Boeing 777-200ER for a period of 1 year and two aircraft A350-900 for a period of 12 years. On the other hand, one Airbus A320-200 aircraft, one Boeing 767-300 Freighter aircraft were returned and two Boeing 777-300 Freighter aircraft were sold. The operating lease agreements entered into by the Parent Company and its subsidiaries establish that aircraft maintenance must be carried out in accordance with the technical provisions of the manufacturer and a cost by the lessee. Additionally, for each aircraft, the lessee must purchase policies that cover the associated risk. As for the rent payments, they are unrestricted, and cannot be netted from other accounts receivable or payable by the lessor and the lessee. The ACMI lease agreements entered into by the Parent Company and its subsidiaries establish that the costs of the aircraft, crew, maintenance and insurance are the responsibility of the lessor. As for the rent payments, they are unrestricted, and cannot be netted from other accounts receivable or payable by the lessor and the lessee. At December 31, 2018 the Company has existing letters of credit related to operating leasing as follows: Value Release Creditor Guarantee Debtor Type ThUS$ date GE Capital Aviation Services Limited Lan Cargo S.A. One letter of credit 1,100 Nov 30, 2019 Avolon Aerospace AOE 62 Limited LATAM Airlines Group S.A. Three letter of credit 2,167 Aug 30, 2019 Bank of America LATAM Airlines Group S.A. Three letter of credit 1,044 Jul 2, 2019 Bank of Utah LATAM Airlines Group S.A. One letter of credit 2,000 Mar 24, 2019 DVB Bank LATAM Airlines Group S.A. One letter of credit 886 Aug 30, 2019 GE Capital Aviation Services Ltd. LATAM Airlines Group S.A. Four letter of credit 14,327 Nov 30, 2019 ORIX Aviation Systems Limited LATAM Airlines Group S.A. Two letter of credit 7,366 Dec 11, 2019 Sky High XXIV Leasing Company LATAM Airlines Group S.A. Eight letter of credit 6,831 Mar 24, 2019 Wells Fargo Bank LATAM Airlines Group S.A. Nine letter of credit 15,160 Mar 13, 2019 Merlin Aviation Leasing (Ireland) 18 Limite Tam Linhas Aéreas S.A. One letter of credit 3,000 Mar 1, 2019 Shapphire Leasing (AOE) Limited Tam Linhas Aéreas S.A. One letter of credit 7,000 Oct 25, 2019 ACG Acquisition Tam Linhas Aéreas S.A. One letter of credit 852 Aug 30, 2019 61,733 (c) Other commitments At December 31, 2018 the Company has existing letters of credit, certificates of deposits and warranty insurance policies as follows: Value Release Creditor Guarantee Debtor Type ThUS$ date Servicio Nacional de Aduana del Ecuador Líneas Aéreas Nacionales del Ecuador S.A. Three letter of credit 1,705 Aug 5, 2019 Corporación Peruana de Aeropuertos y Aviación Comercial Lan Perú S.A. Twenty four letter of credit 3,475 Feb 18, 2019 Lima Airport Partners S.R.L. Lan Perú S.A. Twenty three letter of credit 2,263 Sep 17, 2019 Superintendencia Nacional de Aduanas y de Administración Tributaria Lan Perú S.A. Seventeen letter of credit 136,000 Feb 10, 2019 Aena Aeropuertos S.A. LATAM Airlines Group S.A. Four letter of credit 2,770 Nov 15, 2018 American Alternative Insurance Corporation LATAM Airlines Group S.A. Six letter of credit 3,690 Apr 5, 2019 Citibank N.A. LATAM Airlines Group S.A. One letter of credit 27,226 Dec 20, 2019 Comisión Europea LATAM Airlines Group S.A. One letter of credit 9,734 Dec 31, 2019 Deutsche Bank A.G. LATAM Airlines Group S.A. One letter of credit 5,000 Mar 31, 2019 Dirección General de Aeronáutica Civil LATAM Airlines Group S.A. Fifty three letter of credit 19,918 Jan 30, 2019 Empresa Pública de Hidrocarburos del Ecuador EP Petroecuador LATAM Airlines Group S.A. One letter of credit 5,500 Jun 18, 2019 Metropolitan Dade County LATAM Airlines Group S.A. Eight letter of credit 2,273 Mar 13, 2019 Conselho Administrativo de Conselhos Federais Tam Linhas Aéreas S.A. Two letter of credit 1,626 Nov 24, 2020 Procon Tam Linhas Aéreas S.A. One letter of credit 1,309 Apr 1, 2021 União Federal Tam Linhas Aéreas S.A. Two letter of credit 3,217 Sep 28, 2021 Vara da Fazenda Pública da Comarca do Rio de Janeiro - RJ Tam Linhas Aéreas S.A. One letter of credit 1,047 Sep 27, 2023 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. Four letter of credit 8,541 May 23, 2021 Procon ABSA linhas Aereas Brasileira S/A One letter of credit 10,495 May 19, 2020 Vara Federal da Subseção de Campinas SP ABSA linhas Aereas Brasileira S/A One letter of credit 5,457 Oct 20, 2021 Conselho Administrativo de Conselhos Federais ABSA linhas Aereas Brasileira S/A One letter of credit 15,919 Feb 22, 2021 267,165 |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 33 - TRANSACTIONS WITH RELATED PARTIES (a) Details of transactions with related parties as follows: Transaction amount Nature of Nature of with related parties relationship with Country related parties As of December 31, Tax No. Related party related parties of origin transactions Currency 2018 2017 2016 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales CLP 16 18 6 65.216.000-K Comunidad Mujer Related director Chile Tickets sales CLP - 14 9 Services provided for advertising CLP - - (12 ) 78.591.370-1 Bethia S.A and subsidiaries Related director Chile Services received of cargo transport CLP 1,778 1,643 (394 ) Services received from National and International Courier CLP (85 ) (382 ) (285 ) Services provided of cargo transport CLP - (17 ) 192 Sales commissions CLP (821 ) (761 ) (727 ) Services received of transfer of passengers CLP 112 - - Services received advertising CLP (1,025 ) - - 79.773.440-3 Transportes San Felipe S.A Related director Chile Services received of transfer of passengers CLP - - (84 ) Tickets sales CLP - 1 3 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Tickets sales CLP 51 72 76 Foreign Consultoría Administrativa Profesional S.A. de C.V. Associate Mexico Professional counseling services received MXN - (2,357 ) (2,563 ) Foreign Inversora Aeronáutica Argentina Related director Argentina Property leases received ARS$ (231 ) (251 ) (264 ) Foreign TAM Aviação Executiva e Taxi Aéreo S/A Common shareholder Brazil Services provided BRL 62 45 (120 ) Services received of cargo transport BRL 8 - - Services received at airports BRL (2 ) (39 ) 7 Foreign Qatar Airways Indirect shareholder Qatar Services provided by aircraft lease US$ 21,321 31,707 - Interlineal received service US$ (6,345 ) (2,139 ) - Interlineal provided service US$ 8,635 5,279 - Services provided of handling US$ 1,392 1,002 - Services provided / received others US$ 1,805 - - The balances of Accounts receivable and accounts payable to related parties are disclosed in Note 9. Transactions between related parties have been carried out under market conditions between interested and duly informed parties. (b) Compensation of key management The Company has defined for these purposes that key management personnel are the executives who define the Company’s policies and major guidelines and who directly affect the results of the business, considering the levels of Vice-Presidents, Chief Executives and Directors (Senior). For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Remuneration 14,841 17,826 16,514 Management fees 307 468 556 Non-monetary benefits 748 740 778 Short-term benefits 45,653 36,970 23,459 Long-term benefits 2,412 - - Share-based payments (7,210 ) 13,173 8,085 Termination benefits 1,404 - - Total 58,155 69,177 49,392 |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE-BASED PAYMENTS | NOTE 34 - SHARE-BASED PAYMENTS (a) Compensation plan for increase of capital Compensation plans implemented by providing options for the subscription and payment of shares that have been granted by LATAM Airlines Group S.A. to employees of the Company and its subsidiaries, are recognized in the financial statements in accordance with the provisions of IFRS 2 "Share-based Payment”, showing the effect of the fair value of the options granted under compensation in linear between the date of grant of such options and the date on which these irrevocable. (a.1) Compensation plan 2013 not current as of this date At the Extraordinary Shareholders' Meeting held on June 11, 2013, the shareholders of the Company approved, among other matters, the increase in the share capital, of which 1,500,000 shares were allocated to compensation plans for the employees of the Company. Company and its subsidiaries, in accordance with the provisions of Article 24 of the Law on Public Limited Companies. On June 11, 2018, expired the term to subscribe said actions, which were neither subscribed nor paid, reducing the capital of full rights. (b) Compensation plan 2016-2018 The company implemented a retention plan long-term for executives, which lasts until December 2018, with a vesting period between October 2018 and March 2019, which consists of an extraordinary bonus whose calculation formula is based on the variation the value to experience the action of LATAM Airlines Group S.A. for a period of time. This benefit is recorded in accordance with the provisions of IFRS 2 "Payments based on shares" and has been considered as a cash settled award and, therefore, recorded at fair value as a liability, which is updated at the closing date. of each financial statement with effect on the result of the period. Base Units Opening Closing Periods balance Granted Annulled Exercised Balance From January 1 to December 31, 2017 4,719,720 37,359 (1,193,286 ) (630,897 ) 2,932,896 From January 1 to December 31, 2018 2,932,896 - (171,419 ) (1,168,700 ) 1,592,777 The fair value has been determined on the basis of the best estimate of the future value of the Company share multiplied by the number of units granted bases. As of December 31, 2018 and 2017, the amount recorded is ThUS $ (7,210) and 13,173, respectively, classified under the line "Administrative expenses" of the Consolidated Income Statement by function. (c) Subsidiaries compensation plans (c.1) Stock Options Multiplus S.A., subsidiaries of TAM S.A., have outstanding stock options at December 31, 2018, which amounted to 247,500 shares (at December 31, 2017, the distribution of outstanding stock options amounted to 316,025 for Multiplus S.A.). Multiplus S.A. 4nd Extraordinary 3rd Grant 4th Grant Grant Description 03/21/2012 04/03/2013 11/20/2013 Total Outstanding option number as December 31, 2017 84,249 163,251 68,525 316,025 Outstanding option number as December 31, 2018 84,249 163,251 - 247,500 For Multiplus S.A., the plan's terms provide that the options granted to the usual prizes are divided into three equal parts and employees may exercise one-third of their two, three and four, options respectively, as long as they keep being employees of the company. The agreed term of the options is seven years after the grant of the option. The first extraordinary granting was divided into two equal parts, and only half of the options may be exercised after three years and half after four years. The second extraordinary granting was also divided into two equal parts, which may be exercised after one and two years respectively. The acquisition of the share's rights, in both companies is as follows: Number of shares Number of shares Accrued options Non accrued options As of As of As of As of December 31, December 31, December 31, December 31, Company 2018 2017 2018 2017 Multiplus S.A. - 247,500 - 316,025 In accordance with IFRS 2 - Payments based on shares, the fair value of the option must be recalculated and recorded in the liability of the Company, once cash payment is made (cash-settled). The fair value of these options was calculated using the "Black-Scholes-Merton" method, where the assumptions were updated with information from LATAM Airlines Group S.A. As of December 31, 2018 and 2017 there is no value recorded in liabilities and results. (c.2) Payments based on restricted stock In May of 2014 the Management Council of Multiplus S.A. approved a plan to grant restricted stock, a total of 91,103 ordinary, registered book entry securities with no face value, issued by the Company to beneficiaries. The quantity of restricted stock units was calculated based on employees’ expected remunerations divided by the average price of shares in Multiplus S.A. traded on the BM&F Bovespa exchange in the month prior to issue, April of 2014. This benefits plan will only grant beneficiaries the right to the restricted stock when the following conditions have been met: a. Compliance with the performance goal defined by this Council as return on Capital Invested. b. The Beneficiary must remain as an administrator or employee of the Company for the period running from the date of issue to the following dates described, in order to obtain rights over the following fractions: (i) 1/3 (one third) after the 2nd year from the issue date; (ii) 1/3 (one third) after the 3rd year from the issue date; (iii) 1/3 (one third) after the 4th year from the issue date. Number shares in circulation Not acquired due Opening to breach of employment Closing balance Granted Exercised retention conditions balance From January 1 to December 31, 2016 175,910 138,282 (15,811 ) (60,525 ) 237,856 From January 1 to December 31, 2017 237,856 129,218 (41,801 ) (15,563 ) 309,710 From January 1 to December 31, 2018 309,710 - (83,958 ) (8,916 ) 216,836 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2018 | |
Statement Of Cash Flows | |
STATEMENT OF CASH FLOWS | NOTE 35 - STATEMENT OF CASH FLOWS (a) The Company has done significant non-cash transactions mainly with financial leases, which are detailed in Note 17 letter (d), additional information in numeral (iv) Financial leases. (b) Other inflows (outflows) of cash: For theyear ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Fuel hedge 77,234 19,862 (50,029 ) Hedging margin guarantees 14,755 (4,201 ) 1,184 Guarantees 1,573 59,988 (51,559 ) Tax paid on bank transaction 318 (6,635 ) (10,668 ) Change reservation systems - (16,120 ) - SEC agreement - - (4,719 ) DOJ fine - - (12,750 ) Currency hedge (1,282 ) (17,798 ) (39,534 ) Bank commissions, taxes paid and other (8,179 ) (7,738 ) (769 ) Fuel derivatives premiums (13,947 ) (2,832 ) (6,840 ) Court deposits (30,860 ) (33,457 ) (33,635 ) Others - - 50 Total Other inflows (outflows) Operation flow 39,612 (8,931 ) (209,269 ) Others deposits in guarantees - 3,754 - Recovery loans convertible into shares - - 8,896 Tax paid on bank transaction (2,476 ) (2,594 ) (3,716 ) Others - (10,383 ) (4,337 ) Total Other inflows (outflows) Investment flow (2,476 ) (9,223 ) 843 Loan guarantee - 80,615 (74,186 ) Aircraft Financing advances 55,728 (26,214 ) (125,149 ) Settlement of derivative contracts (11,675 ) (40,695 ) (29,828 ) Total Other inflows (outflows) Financing flow 44,053 13,706 (229,163 ) Dividends: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Latam Airlines Group S.A. (46,591 ) (20,766 ) - Multiplus S.A. (*) (26,029 ) (45,876 ) (40,823 ) Lan Perú S.A. (*) - - (400 ) Total dividends paid (72,620 ) (66,642 ) (41,223 ) (*) Dividends paid to minority shareholders d) Reconciliation of liabilities arising from financing activities: As of Cash flows Non-Flow Movements As of Obligations with December 31, Obtainment Payment Interest accrued December 31, financial institutions 2017 Capital Capital Interest and others Reclassifications 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Loans to exporters 314,619 293,001 (202,000 ) (10,467 ) 5,568 - 400,721 Bank loans 321,633 74,663 (167,548 ) (13,961 ) 7,954 - 222,741 Guaranteed obligations 4,036,843 - (315,698 ) (122,639 ) 99,320 (1,163,805 ) 2,534,021 Other guaranteed obligations 242,175 704,398 (274,339 ) (16,873 ) 18,091 - 673,452 Obligation with the public 1,584,066 - 1,561 (107,629 ) 75,081 - 1,553,079 Financial leases 1,109,504 - (691,390 ) (69,808 ) 112,743 1,163,805 1,624,854 Other loans 282,800 55,728 (88,935 ) (15,978 ) 19,243 - 252,858 Total Obligations with financial institutions 7,891,640 1,127,790 (1,738,349 ) (357,355 ) 338,000 - 7,261,726 (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, 2018 2017 ThUS$ ThUS$ Increases (payments) (212,163 ) (205,143 ) Recoveries 157,508 103,065 Total cash flows (54,655 ) (102,078 ) f) The net effect by the hyperinflation application in the consolidated statement of cash flow for the exercise ended December 31, 2018 corresponds to: ThUS$ Net cash flows from (used in) operating activities 6,088 Net cash flows from (used in) investment activities (17,611 ) Net cash flows from (used in) financing activities 3,914 Effects of variation in the exchange rate on cash and cash equivalents 7,609 Net increase (decrease) in cash and cash equivalents - |
THE ENVIRONMENT
THE ENVIRONMENT | 12 Months Ended |
Dec. 31, 2018 | |
Environment | |
THE ENVIRONMENT | NOTE 36 - THE ENVIRONMENT LATAM Airlines Group S.A has a commitment to sustainable development seeking to generate value taking into account the governance, environmental and social aspects. The company manages environmental issues at a corporate level, centralized in the Sustainability Management. For the company to monitor and minimize its impact on the environment is a commitment of the highest level; where the continuous improvement and contribute to the solution of the global climate change problem, generating added value to the company and the region, are the pillars of its management. One of the functions of the Sustainability Management in environmental issues, together with the various areas of the Company, is to ensure environmental compliance, implement a management system and environmental programs that comply with the requirements every day more demanding worldwide; in addition to continuous improvement programs in their internal processes, which generate environmental, social and economic benefits and which are added to those currently carried out. Within the sustainability strategy, the Environment dimension of LATAM Airlines Group S.A., is called Climate Change and is based on the goal of achieving world leadership in this area, and for which we work on the following aspects: i. Carbon footprint ii. Eco Efficiency iii. Sustainable Alternative Energy iv. Standards and Certifications This is how, during 2018, the following initiatives have been carried out: - Implementation of an Environmental Management System for the main operations of the company. It is highlighted that the company during 2016 has recertified its environmental management system in Miami facilities following the guidelines of the international standard ISO 14.001. During 2018, the system will be recertified with the new version of the standard. - Maintenance of the Stage 2 Certification of IATA Environmental Assestment (IEnvA) whose scope is the international flights operated from Chile, the most advanced level of this certification; being the first in the continent and one of the four airlines in the world that have this certification. - During 2018, the Colombian operation achieved its certification in Stage 1 of IEnvA - Preparation of the environmental chapter for the sustainability report of the company, which allows to measure progress in environmental issues. - Answer to the questionnaire of the DJSI. - Measurement and external verification of the Corporate Carbon Footprint. - Neutralization of land operations in the operations of Colombia and Peru with emblematic reforestation projects in the respective countries. - In the second semester of 2018 the facilities of the maintenance base and the corporate building of the operations in Chile have 100% electric power from renewable sources It is highlighted that in 2018, LATAM Airlines Group maintained its inclusion for the fifty consecutive year in the world category of the Dow Jones Sustainability Index, with only 3 airlines in the world belonging to this select group. |
EVENTS SUBSEQUENT TO THE DATE O
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS | NOTE 37 - EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS On February 11, 2019, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusively owned by LATAM Airlines Group S.A., has issued in the international market, pursuant to Rule 144-A and Regulation S of the securities laws of the United States of America, long-term unsecured bonds in the nominal amount of US$ 600,000,000 at an annual interest rate of 7.00%. The bonds were placed at an offer price of 99.309%. The bonds will mature on March 1, 2026, unless they have been redeemed in advance in accordance with their terms. As reported to the market, the issue and placement of the bonds was intended to finance general corporate purposes. By of the Provisional Measure 863/2018 of December 13, 2018, issued by the President of Brazil, through which the participation of up to 100% of foreign capital in airlines of that country is authorized, in February 2019 they were completed the procedures for the exchange of shares in Holdco I S.A., through which LATAM Airlines Group SA increased its indirect participation in TAM S.A., from 48.99% to 51.04%. On February 28, 2019, the company TAM, a subsidiary of LATAM Ailines Group SA, received an official letter from the Comissão de Valores Mobiliários (CMV), in which it communicates the acceptance to the request for registration of the public offer for the acquisition of shares of TAM subsidiary, Multiplus SA, corresponding to the non controlling interes of the company, which will give rise to the cancellation of the registration and exit of the special trading segment called "Novo Mercado", in case the transaction is successful. On April 1, 2019, TAM S.A., an affiliate of LATAM Airlines Group S.A., announces that the tender offer process for the common shares of Multiplus S.A. ("Multiplus") that LATAM's affiliates do not currently own, expired. TAM S.A. acquired 23.49% of Multiplus' common shares, reaching 96.23% of its capital stock, and, as a result, TAM S.A. will de-list Multiplus from the B3 Novo Mercado and cancel its registration, as announced on September 5, 2018, Shareholders who did not trade their shares during the tender offer wishing to sell its free float common shares to TAM S.A. may still do it during the period of three months following the tender offer, which is, from April 02, 2019 to July 02, 2019. Between April 1, 2019 and April 4, 2019, TAM acquired additional shares of Multiplus and reached 97.2% of its capital stock. For the 24.5% acquired the company paid ThUS$ 272,540 and it is expected to pay ThUS$ 31,163 for the remaining 2.8%. On April 3, 2019, LATAM Airlines Brazil, announced that it has been approached by Elliott Associates L.P., Elliott International L.P., and Manchester Securities Corporation (jointly "Elliott"), the largest debt holders of Oceanair Linhas Aéreas S.A. and AVB Holding S.A. (jointly "Avianca Brasil"), and has agreed to bid for at least one independent productive unit (“IPU”) of its respective assets (including but not limited to certain contracts, operating certificates, permits, and slots), of Elliot’s restructuring proposal in upcoming auctions for a minimum amount of US$70 million. As part of the proposed restructuring, subject to compliance with certain conditions, LATAM Airlines Brazil has committed to extend to Avianca Brasil, directly and indirectly, up to US$13 million of debtor–in–possession loans to finance, in part, working capital in support of the ongoing operations, amount that will be reimbursed to LATAM Airlines Brazil if the restructuring proposal is successful. At this date it is not possible to determine the financial effects that this announcement may have on the assets, liabilities or results of the Company or the date on which the adjudication of the aforementioned productive unit could materialize, which, in any case, is subject to any and all required governmental and antitrust approvals being granted in a timely manner. On December 31, 2018 and until the date of issuance of these financial statements, there is no knowledge of other financial or other events that significantly affect the balances or their interpretation. The consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries as of December 31, 2018, have been approved in an Ordinary Board Meeting on April 9, 2019. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies | |
Basis of Preparation | 2.1. Basis of Preparation The consolidated financial statements of LATAM Airlines Group S.A. for the period ended December 31, 2018, have been prepared in accordance with International Financial Reporting Standards (IFRS) as issue by the International Accounting Standards Board (“IASB”) incorporated therein and with the interpretations issued by the International Financial Reporting Standards Interpretations Committee (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. In order to facilitate comparison, some minor reclassifications have been made to the consolidated financial statements for the previous year. (a) Accounting pronouncements with implementation effective from January 1, 2018: Date of issue Mandatory application: exercises started at from (i) Rules and amendments IFRS 9: Financial instruments. December 2009 01/01/2018 Amendment to IFRS 9: Financial instruments. November 2013 01/01/2018 IFRS 15: Revenue from ordinary activities from contracts with customers. May 2014 01/01/2018 Amendment to IFRS 15: Revenue from ordinary activities from contracts with customers. April 2016 01/01/2018 Amendment to IFRS 2: Share-based payments June 2016 01/01/2018 Amendment to IFRS 4: Insurance contract September 2016 01/01/2018 Amendment to IAS 40: Investment property December 2016 01/01/2018 (ii) Improvements Improvements to the International Financial Reporting Standards (cycle 2014-2016) IFRS 1: Adoption for the first time of international financial reporting standards and IAS 28 Investments in associates and joint ventures. December 2016 01/01/2018 (iii) Interpretations IFRIC 22: Transactions in foreign currency and anticipated consideration December 2016 01/01/2018 The Company has recognized the changes identified as a result of the adoption of IFRS 9 and IFRS 15, recognizing the cumulative effect of the initial application of these standards as an adjustment to the opening balance of retained earnings as of January 1, 2018, therefore, the Financial statements as of December 31, 2017 have not been modified. The impacts of the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from ordinary contracts with customers are as follows: Consolidated statement of financial position (extract) As of Adoption As of December 31, effect January 1 Note 2017 IFRS 9 IFRS 15 2018 ThUS$ ThUS$ ThUS$ ThUS$ Current assets Other non-financial assets, current 7 - 12 221,188 - 54,361 (4) 275,549 Trade debtors and other accounts receivable, current 7 - 8 1,214,050 (11,105 )(1) - 1,202,945 Non-current assets Deferred tax assets 364,021 89 (2) 6,005 (7) 370,115 Current liabilities Accounts payable commercial and other Debts to pay 7 - 20 1,695,202 - (22,192 )(5) 1,673,010 Other non-financial liabilities, current 22 2,823,963 - 77,640 (6) 2,901,603 Non-current liabilities Deferred tax liability 18 949,697 (1,021 )(2) 4,472 (5) 953,148 Equity Accumulated earnings 25 475,118 (9,995 )(3) 446 (8) 465,569 - Effects of adopting IFRS 9 (1) Expected credit losses: The Company modified the calculation of the impairment provision to comply with the expected credit loss model, established in IFRS 9 Financial Instruments, which replaces the current loss impairment model incurred. To the calculate porcentage of credit losses, a risk matrix was used, grouping the portfolio, according to similar characteristics of risk and maturity. This change resulted in the recognition of an increase in the provision for impairment losses of US $ (11.1) million. This standard also includes requirements related to the classification and measurement of financial assets and liabilities and an expected credit loss model that replaces the current loss impairment model incurred. As of January 1, 2018, the calculation of the impairment losses provision are as follows: Portfolio maturity Up to Up to More than Up to 91 to 181 to 360 Up to date 90 days 180 days 360 days days Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Expected loss rate 1 % 21 % 46 % 67 % 94 % 8 % Gross book value 1,046,909 36,241 12,001 14,623 66,022 1,175,796 Impairment provision (13,570 ) (7,774 ) (5,499 ) (9,803 ) (61,787 ) (98,433 ) (2) Deferred tax adjustments originated by the application of IFRS 9. (3) Net effect on accumulated results of the adjustments indicated above. In addition to the impacts on the consolidated statement of financial position, the application of IFRS 9: Financial Instruments requires the classification of financial instruments according to the business model, to determine the form of measurement of financial instruments, after their initial recognition. The Company analyzed the business models and classified its financial assets and liabilities according to the following: Classification IAS 39 Classification IFRS 9 Loans Hedge Held Initial as fair value At fair value and and for through profit Cost with changes Assets receivables derivatives traiding and loss amortized in results Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 2,446,864 62,867 1,915 501,890 - - 3,013,536 Cash and cash equivalents (1,112,346 ) - - (29,658 ) 1,112,346 29,658 - Other financial assets, current (23,918 ) - (1,421 ) (472,232 ) 23,918 473,653 - Trade debtors and other accounts receivable, current (1,214,050 ) - - - 1,214,050 - - Accounts receivable from entities related, current (2,582 ) - - - 2,582 - - Other financial assets, non-current (87,077 ) - (494 ) - 87,077 494 - Accounts receivable, non-current (6,891 ) - - - 6,891 - - Balance as of January 1, 2018 - 62,867 - - 2,446,864 503,805 3,013,536 Classification IAS 39 Classification IFRS 9 Others Held financial hedge Cost Liabilities liabilities derivatives amortized Total ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 10,086,434 14,817 - 10,101,251 Other current financial liabilities (1,288,749 ) - 1,288,749 - Trade accounts payable and other accounts payable, current (1,695,202 ) - 1,695,202 - Accounts payable to related entities, current (760 ) - 760 - Other financial liabilities, not current (6,602,891 ) - 6,602,891 - Accounts payable, not current (498,832 ) - 498,832 - Balance as of January 1, 2018 - 14,817 10,086,434 10,101,251 - Effects of adopting IFRS 15 (4) Contract costs: The Company has capitalized the costs related to the revenues from air transport of passengers, corresponding to: the commissions charged by the credit card administrators for US$ 22.0 million and the air ticket booking services through the system general distribution (GDS) for US$ 15.6 million. Additionally, there is a reclassification of commissions from travel agencies for US$ 16.8 million, which previously were presented, according IAS 18, net of the liability to fly in other non-financial liabilities. (5) Contract liabilities: The Company has adjusted certain concepts that were recorded as obligations with suppliers and customers, which must now be treated as contract liabilities; therefore they must be deferred until the benefit of the service have been rendered. These concepts are mainly related to the ground transportation service for US $ 15.6 million and traveler's checks for US $ 6.6 million. (6) Performance Obligations: The Company analyzed the moment in which the performance obligations identified in the contracts with customers must be recognized in the consolidated result. During this analysis, some concepts were identified which must be deferred until the moment of service provision, mainly related to land transportation services, charges for modifications to the initial contract in the sale of tickets and redeem of some products associated with loyalty programs for US$ 60.8 million. Additionally, there is the reclassification detailed in numeral (4) for US$ 16.8 million. (7) Deferred tax adjustments originated by the application of IFRS 15. (8) Net effect on accumulated results of the adjustments indicated above. Additionally, the Company concluded that, in the rendering of certain services, it acted as agent in the provision of these services, therefore some reclassifications were made in the consolidated income statement to reflect the corresponding commission. The effects of the changes recognized in the application of IFRS 15 in the year 2018 in the consolidated income statement are presented below: For the year ended December 31, 2018 Reconciliation Revenue Adjustments for reconciliation Results Deferred Results under Contract revenues under Note IFRS 15 costs (4) recognition [(5), (6)] Reclassifications IAS 18 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Revenue 26 9,895,456 - 48,561 31,501 9,975,518 Cost of sales (7,962,843 ) - (34,986 ) - (7,997,829 ) Gross margin 1,932,613 - 13,575 31,501 1,977,689 Other income 28 472,758 - - 42,563 515,321 Distribution costs (619,200 ) (43 ) - (20,003 ) (639,246 ) Administrative expenses (721,270 ) (806 ) - (54,061 ) (776,137 ) Other expenses (359,781 ) - - - (359,781 ) Other gains/(losses) 53,499 - - - 53,499 Income from operation activities 758,619 (849 ) 13,575 - 771,345 Financial income 53,253 - - - 53,253 Financial costs 27 (356,269 ) - - - (356,269 ) Foreign exchange gains/(losses) 29 (157,708 ) - - - (157,708 ) Result of indexation units (865 ) - - - (865 ) Income (loss) before taxes 297,030 (849 ) 13,575 - 309,756 Income (loss) tax expense / benefit 18 (88,456 ) (23 ) (1,030 ) - (89,509 ) NET INCOME (LOSS) FOR THE PERIOD 208,574 (872 ) 12,545 - 220,247 Income (loss) attributable to owners of the parent 176,822 (872 ) 12,545 - 188,495 Income (loss) attributable to non-controlling interest 14 31,752 - - - 31,752 Net income (loss) for the year 208,574 (872 ) 12,545 - 220,247 (b) Accounting pronouncements not yet in force for financial years beginning on January 1, 2018 and which has not been effected early adoption (i) Rules and amendments Date of issue Mandatory application: exercises started at from IFRS 16: Leases January 2016 January 1, 2019 Amendment to IFRS 9: Financial Instruments October 2017 January 1, 2019 Amendment to IAS 28: Investments in associates and joint ventures October 2017 January 1, 2019 IFRS 17: Insurance contracts May 2017 January 1, 2021 Amendment to IFRS 10: Consolidated financial statements and IAS 28 Investments in associates and joint ventures. September 2014 To be determined Amendment to IAS 19: Benefits to employees February 2018 January 1, 2019 Date of issue Mandatory application: exercises started at from Amendment to IFRS 3: Business combination October 2018 January 1, 2020 Amendment to IAS 1: Presentation of financial statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors October 2018 January 1, 2020 (ii) Improvements Improvements to International Financial Reporting Standards (cycle 2015-2017) IFRS 3: Business combination; IAS 12: Income tax; IFRS 11: Joint agreements and IAS 23 Costs for loans. December 2017 January 1, 2019 (iii) Interpretations IFRIC 23: Uncertain tax positions June 2017 January 1, 2019 The Company's management believes that the adoption of the standards, amendments and interpretations described above will not have a significant impact on the consolidated financial statements of the Company in the exercise of its first application, except for IFRS 16. IFRS 16 Leases incorporates significant changes in the accounting of tenants by requiring a similar treatment to financial leases for all those leases that are currently classified as operational lease with a term greater than 12 months. This standard will be applied since January 1, 2019 and means, in general terms, that an asset representative of the right to use the assets subject to operational leasing contracts and a liability equivalent to the present value of the payments associated with the contract must be recognized. The effects on the income statement will be; the monthly lease payments will be replaced by the depreciation of the right of use and the recognition of a financial expense. Likewise, in the Statement of Cash Flows, the operating flow will decrease by the amount of the lease payment, increasing the flow of financing, separated in interest and principal, from the lease liability. During the year 2018 the Company began the analysis of the effects of first adoption of IFRS 16, applying this new standard to the contracts identified as leases using IAS 17 "Leases" and IFRIC 4 "Determining whether an Arrangement Contains a Lease”. The Company will apply this new standard with a retrospective application, restating the comparative financial statements, in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”. The Company will continue to recognize the expenses associated with short-term lease contracts, as well as with the underlying low-value assets, in a straight-line manner as an expense in profit or loss, as indicated by the exception established in IFRS 16. When establishing the terms of the lease, the Company has evaluated the relevant facts or circumstances that may determine the possible exercise of the options to extend or terminate the lease agreements. These options will be evaluated on each closing date. For the valuation of the right of use and the lease liability, the Company has determined the present value of the payments for non-cancelable leases, using the implicit interest rate for leases related to aircraft, and incremental borrowing rate for the rest of the contracts. For incremental borrowing rate, the company considered for its calculation historical information on financing of the Company, market variables, asset types, country risk and currency among other factors. The main impact due to the application of this new standard will came from the aircraft and engines, whose quantity and balance of non-cancelable lease commitments is disclosed in note 32 "Commitments". As at the reporting date, the group has non-cancellable operating lease commitments for aircraft and engines of US$ 3,581 millions, additionally for other assets, it amounts of US$ 161 millions. Of these commitments, approximately US$ 59 millions relate to short-term leases and to low value leases which will both be recognized on a straight-line basis as expense in profit or loss. For the remaining lease commitments the group expects to recognize right-of-use assets of approximately US$ 2,512 millions on 1 January 2019, and lease liabilities for US$ 2,820 millions. It is estimated that there will be no significant effects on net income for the year 2019. Operating cash flows will increase and financing cash flows decrease by approximately US$ 521 millions as repayment of the principal portion of the lease liabilities will be classified as cash flows from financing activities. |
Basis of Consolidation | 2.2. Basis of Consolidation (a) Subsidiaries Subsidiaries are all the entities (including special-purpose entities) over which the Company has the power to control the financial and operating policies, which are generally accompanied by a holding of more than half of the voting rights. In evaluating whether the Company controls another entity, the existence and effect of potential voting rights that are currently exercisable or convertible at the date of the consolidated financial statements are considered. The subsidiaries are consolidated from the date on which control is passed to the Company and they are excluded from the consolidation on the date they cease to be so controlled. The results and flows are incorporated from the date of acquisition. Balances, transactions and unrealized gains on transactions between the Company’s entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment loss of the asset transferred. When necessary in order to ensure uniformity with the policies adopted by the Company, the accounting policies of the subsidiaries are modified. To account for and identify the financial information revealed when carrying out a business combination, such as the acquisition of an entity by the Company, is apply the acquisition method provided for in IFRS 3: Business combination. (b) Transactions with non-controlling interests The Group applies the policy of considering transactions with non-controlling interests, when not related to loss of control, as equity transactions without an effect on income. (c) Sales of subsidiaries When a subsidiary is sold and a percentage of participation is not retained, the Company derecognizes assets and liabilities of the subsidiary, the non-controlling and other components of equity related to the subsidiary. Any gain or loss resulting from the loss of control is recognized in the consolidated income statement in Other gains (losses). If LATAM Airlines Group S.A. and Subsidiaries retain an ownership of participation in the sold subsidiary, and does not represent control, this is recognized at fair value on the date that control is lost, the amounts previously recognized in Other comprehensive income are accounted as if the Company had disposed directly from the assets and related liabilities, which can cause these amounts are reclassified to profit or loss. The percentage retained valued at fair value is subsequently accounted using the equity method. (d) Investees or associates Investees or associates are all entities over which LATAM Airlines Group S.A. and Subsidiaries have significant influence but have no control. This usually arises from holding between 20% and 50% of the voting rights. Investments in associates are booked using the equity method and are initially recognized at their cost. |
Foreign currency transactions | 2.3. Foreign currency transactions (a) Presentation and functional currencies The items included in the financial statements of each of the entities of LATAM Airlines Group S.A. and Subsidiaries are valued using the currency of the main economic environment in which the entity operates (the functional currency). The functional currency of LATAM Airlines Group S.A. is the United States dollar which is also the presentation currency of the consolidated financial statements of LATAM Airlines Group S.A. and Subsidiaries. (b) Transactions and balances Foreign currency transactions are translated to the functional currency using the exchange rates on the transaction dates. Foreign currency gains and losses resulting from the liquidation of these transactions and from the translation at the closing exchange rates of the monetary assets and liabilities denominated in foreign currency are shown in the consolidated statement of income by function except when deferred in Other comprehensive income as qualifying cash flow hedges. (c) Adjustment due to hyperinflation After July 1, 2018, the Argentine economy was considered, for purposes of IFRS, hyperinflationary. The financial statements of the subsidiaries whose functional currency is the Argentine Peso have been restated. The non-monetary items of the statement of financial position as well as the income statement, comprehensive incomes and cash flows of the group's entities, whose functional currency corresponds to a hyperinflationary economy, are adjusted for inflation and re-expressed in accordance with the variation of the consumer price index ("CPI"), at each presentation date of its financial statements. The re-expression of non-monetary items is made from the date of initial recognition in the statements of financial position and considering that the financial statements are prepared under the historical cost criterion. (See Note 4(g)) Net losses or gains arising from the re-expression of non-monetary items and income and costs are recognized in the consolidated income statement under "Result of indexation units". Net gains and losses on the re-expression of opening balances due to the initial application of IAS 29 are recognized in the consolidated retained earnings. Re-expression due to hyperinflation will be recorded until the period in which the economy of the entity ceases to be considered as a hyperinflationary economy, at that time, the adjustments made by hyperinflation will be part of the cost of non-monetary assets and liabilities. The comparative amounts in the Consolidated financial statements of the Company are presented in a stable currency and are not adjusted for subsequent changes in the price level or exchange rates. (d) Group entities The results and the financial situation of the Group's entities, whose functional currency is different from the presentation currency of the consolidated financial statements, of LATAM Airlines Group S.A., which does not correspond to the currency of a hyperinflationary economy, are converted into the currency of presentation as follows: (i) Assets and liabilities of each consolidated statement of financial position presented are translated at the closing exchange rate on the consolidated statement of financial position date; (ii) The revenues and expenses of each income statement account are translated at the exchange rates prevailing on the transaction dates, and (iii) All the resultant exchange differences by conversion are shown as a separate component in other comprehensive income. For those subsidiaries of the group whose functional currency is different from the presentation currency and, moreover, corresponds to the currency of a hyperinflationary economy; its restated results, cash flow and financial situation are converted to the presentation currency at the closing exchange rate on the date of the consolidated financial statements. The exchange rates used correspond to those fixed in the country where the subsidiary is located, whose functional currency is different to the U.S. dollar. Adjustments to the Goodwill and fair value arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and are translated at the closing exchange rate or period informed, restated when the currency came from the functional entity of the foreign entity corresponds to that of a hyperinflationary economy, the adjustments for the restatement of goodwill are recognized in the consolidated equity. |
Property, plant and equipment | 2.4. 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. The residual value and the useful life of the assets are reviewed and adjusted, if necessary, once a year. When the value of an asset exceeds its estimated recoverable amount, its value is immediately reduced to its recoverable amount (Note 2.8). Losses and gains from the sale of property, plant and equipment are calculated by comparing the consideration with the book value and are included in the consolidated statement of income. |
Intangible assets other than goodwill | 2.5. Intangible assets other than goodwill (a) Airport slots and Loyalty program Airport slots and the Coalition and Loyalty program are intangible assets of indefinite useful life and are subject to impairment tests annually as an integral part of each CGU, in accordance with the premises that are applicable, included as follows: Airport slots – Air transport CGU Loyalty program – Coalition and loyalty program Multiplus CGU (See Note 16) The airport slots correspond to an administrative authorization to carry out operations of arrival and departure of aircraft at a specific airport, within a specified period. The Loyalty program corresponds to the system of accumulation and redemption of points that has developed Multiplus S.A., subsidiary of TAM S.A. The Brands, airport Slots and Loyalty program were recognized in fair values determined in accordance with IFRS 3, as a consequence of the business combination with TAM and Subsidiaries. (b) Computer software Licenses for computer software acquired are capitalized on the basis of the costs incurred in acquiring them and preparing them for using the specific software. These costs are amortized over their estimated useful lives, for which the Company has been defined useful lives between 3 and 10 years. Expenses related to the development or maintenance of computer software which do not qualify for capitalization, are shown as an expense when incurred. The personnel costs and others costs directly related to the production of unique and identifiable computer software controlled by the Company, are shown as intangible Assets others than Goodwill when they have met all the criteria for capitalization. (c) Brands The Brands were acquired in the business combination with TAM S.A. And Subsidiaries and recognized at fair value under IFRS. During the year 2016, the estimated useful life of the brands change from an indefinite useful life to a five-year period, the period in which the value of the brands will be amortized (See Note 15). |
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. |
Losses for impairment of non-financial assets | 2.8. Losses for impairment of non-financial assets Intangible assets that have an indefinite useful life, and developing IT projects, are not subject to amortization and are subject to annual testing for impairment. Assets subject to amortization are subjected to impairment tests whenever any event or change in circumstances indicates that the book value of the assets may not be recoverable. An impairment loss is recorded when the book value is greater than the recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In evaluating the impairment, the assets are grouped at the lowest level for which cash flows are separately identifiable (CGUs). Non-financial assets other than goodwill that have suffered an impairment loss are reviewed if there are indicators of reverse losses at each reporting date. |
Financial assets | 2.9. Financial assets As of January 1, 2018, the Company classifies its financial assets in the following categories: at fair value (either through other comprehensive income, or through gains or losses), and at amortized cost. The classification depends on the business model of the entity to manage the financial assets and the contractual terms of the cash flows. The group reclassifies debt investments when, and only when, it changes its business model to manage those assets. In the initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset classified at amortized cost, the transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets accounted for at fair value through profit or loss are recorded as expenses in the income statement. (a) Debt instruments The subsequent measurement of debt instruments depends on the group's business model to manage the asset and cash flow characteristics of the asset. The Company has two measurement categories in which the group classifies its debt instruments: Amortized cost: the assets held for the collection of contractual cash flows where those cash flows represent only payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in income when the asset is derecognized or impaired. Interest income from these financial assets is included in financial income using the effective interest rate method. Fair value through profit or loss: assets that do not meet the criteria of amortized cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss and is presented net in the income statement within other gains / (losses) in the period in which it arises. (b) Equity instruments Changes in the fair value of financial assets at fair value through profit or loss are recognized in other gains / (losses) in the statement of income as appropriate. The Company evaluates in advance the expected credit losses associated with its debt instruments recorded at amortized cost. The applied impairment methodology depends on whether there has been a significant increase in credit risk. |
Derivative financial instruments and hedging activities | 2.10. Derivative financial instruments and hedging activities Derivatives are recognized, in accordance with IAS 39, initially at fair value on the date on which the derivative contract was made and are subsequently valued at their fair value. The method to recognize the resulting loss or gain depends on whether the derivative has been designated as a hedging instrument and, if so, the nature of the item being hedged. The Company designates certain derivatives as: (a) Hedge of the fair value of recognized assets (fair value hedge); (b) Hedge of an identified risk associated with a recognized liability or an expected highly- Probable transaction (cash-flow hedge), or (c) Derivatives that do not qualify for hedge accounting. The Company documents, at the inception of each transaction, the relationship between the hedging instrument and the hedged item, as well as its objectives for managing risk and the strategy for carrying out various hedging transactions. The Company also documents its assessment, both at the beginning and on an ongoing basis, as to whether the derivatives used in the hedging transactions are highly effective in offsetting the changes in the fair value or cash flows of the items being hedged. The total fair value of the hedging derivatives is booked as Other non-current financial asset or liability if the remaining maturity of the item hedged is over 12 months, and as an other current financial asset or liability if the remaining term of the item hedged is less than 12 months. (a) Fair value hedges Changes in the fair value of designated derivatives that qualify as fair value hedges are shown in the consolidated statement of income, together with any change in the fair value of the asset or liability hedged that is attributable to the risk being hedged. (b) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is shown in the statement of other comprehensive income. The loss or gain relating to the ineffective portion is recognized immediately in the consolidated statement of income under other gains (losses). Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. In case of variable interest-rate hedges, the amounts recognized in the statement of other comprehensive income are reclassified to results within financial costs at the same time the associated debts accrue interest. For fuel price hedges, the amounts shown in the statement of other comprehensive income are reclassified to results under the line item Cost of sales to the extent that the fuel subject to the hedge is used. For foreign currency hedges, the amounts recognized in the statement of other comprehensive income are reclassified to income as deferred revenue resulting from the use of points, are recognized as Income. When hedging instrument mature, is sold or fails to meet the requirements to be accounted for as hedges, any gain or loss accumulated in the statement of Other comprehensive income until that moment, remains in the statement of other comprehensive income and is reclassified to the consolidated statement of income when the hedged transaction is finally recognized. When it is expected that the hedged transaction is no longer going to occur, the gain or loss accumulated in the statement of other comprehensive income is taken immediately to the consolidated statement of income as “Other gains (losses)”. (c) Derivatives not booked as a hedge The changes in fair value of any derivative instrument that is not booked as a hedge are shown immediately in the consolidated statement of income in “Other gains (losses)”. |
Inventories | 2.11. Inventories Inventories, detailed in Note 10, are shown at the lower of cost and their net realizable value. The cost is determined on the basis of the weighted average cost method (WAC). The net realizable value is the estimated selling price in the normal course of business, less estimated costs necessary to make the sale. |
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. The existence of significant financial difficulties on the part of the debtor, the probability that the debtor goes bankrupt or financial reorganization are considered indicators of a significant increase in credit risk. The carrying amount of the asset is reduced as the provision account is used and the loss is recognized in the consolidated income statement under "Cost of sales". When an account receivable is written off, it is regularized against the provision account for the account receivable. |
Cash and cash equivalents | 2.13. Cash and cash equivalents Cash and cash equivalents include cash and bank balances, time deposits in financial institutions, and other short-term and highly liquid investments. |
Capital | 2.14. Capital The common shares are classified as net equity. Incremental costs directly attributable to the issuance of new shares or options are shown in net equity as a deduction from the proceeds received from the placement of shares. |
Trade and other accounts payables | 2.15. Trade and other accounts payables Trade payables and other accounts payable are initially recognized at fair value and subsequently at amortized cost. |
Interest-bearing loans | 2.16. Interest-bearing loans Financial liabilities are shown initially at their fair value, net of the costs incurred in the transaction. Later, these financial liabilities are valued at their amortized cost; any difference between the proceeds obtained (net of the necessary arrangement| costs) and the repayment value, is shown in the consolidated statement of income during the term of the debt, according to the effective interest rate method. Financial liabilities are classified in current and non-current liabilities according to the contractual payment dates of the nominal principal. |
Current and deferred taxes | 2.17. Current and deferred taxes The expense by tax is comprised of income and deferred taxes. The charge for current tax is calculated based on tax laws in force on the date of statement of financial position, in the countries in which the subsidiaries and associates operate and generate taxable income. Deferred taxes are calculated using the liability method, on the temporary differences arising between the tax bases of assets and liabilities and their book values. However, if the temporary differences arise from the initial recognition of a liability or an asset in a transaction different from a business combination that at the time of the transaction does not affect the accounting result or the tax gain or loss, they are not booked. The deferred tax is determined using the tax rates (and laws) that have been enacted or substantially enacted at the consolidated financial statements close, and are expected to apply when the related deferred tax asset is realized or the deferred tax liability discharged. Deferred tax assets are recognized when it is probable that there will be sufficient future tax earnings with which to compensate the temporary differences. The tax (current and deferred) is recognized in income by function, unless it relates to an item recognized in other comprehensive income, directly in equity or from business combination. In that case the tax is also recognized in other comprehensive income, directly in income by function or goodwill, 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, 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 taking into account estimates of future permanence, mortality rates and future wage increases determined on the basis of actuarial calculations. The discount rates are determined by reference to market interest-rate curves. Actuarial gains or losses are shown in other comprehensive income. (d) Incentives The Company has an annual incentives plan for its personnel for compliance with objectives and individual contribution to the results. The incentives eventually granted consist of a given number or portion of monthly remuneration and the provision is made on the basis of the amount estimated for distribution. |
Provisions | 2.19. Provisions Provisions are recognized when: (i) The Company has a present legal or implicit obligation as a result of past events; (ii) It is probable that payment is going to be necessary to settle an obligation; and (iii) The amount has been reliably estimated. |
Revenue from contracts with customers | 2.20. 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 corresponding service is provided. These assets are included under Other non-financial assets in the Consolidated Classified Statement of Financial Position. (d) Frequent passenger program The Company maintains the following loyalty programs: LATAM Pass, LATAM Fidelidade and Multiplus, whose objective is loyalty through the delivery of miles or points. Members of these programs accumulate miles when flying with LATAM Airlines Group or any other member airline of the oneworld® program, as well as using the services of the associated entities. When the miles and points are exchanged for products and services other than the services provided by the Company, the income is immediately recognized. When the exchange is made through air tickets of an airline of LATAM Airlines Group S.A. and subsidiaries, the income is deferred until the transportation service are rendered or expiration for non-use. In addition, the Company has contracts with certain non-airline companies for the sale of miles or points. These contracts include some performance obligations in addition to the sale of the mile or point, such as marketing, advertising and other benefits. The income associated with these concepts is recognized in the income statement to the extent that the miles are accredited. The calculation of the deferred income by loyalty programs at the end of the period corresponds to the valuation of the miles and points awarded to the holders of the loyalty programs, pending use, weighted by the probability of their exchange. The miles and points that the Company estimates will not be exchanged, the proportionally associated value is recognized during the period in which it is expected that the remaining miles and points will be exchanged. The Company uses statistical models to estimate the exchange probability, 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 (a) When the Company is the lessee – financial lease The Company leases certain Property, plant and equipment in which it has substantially all the risk and benefits deriving from the ownership; they are therefore classified as financial leases. Financial leases are initially recorded at the lower of the fair value of the asset leased and the present value of the minimum lease payments. Every lease payment is separated between the liability component and the financial expenses so as to obtain a constant interest rate over the outstanding amount of the debt. The corresponding leasing obligations, net of financial charges, are included in other financial liabilities. The element of interest in the financial cost is charged to the consolidated statement of income over the lease period so that it produces a constant periodic rate of interest on the remaining balance of the liability for each year. The asset acquired under a financial lease is depreciated over its useful life and is included in Property, plant and equipment. (b) When the Company is the lessee – operating lease Leases, in which the lessor retains an important part of the risks and benefits deriving from ownership, are classified as operating leases. Payments with respect to operating leases (net of any incentive received from the lessor) are charged in the consolidated statement of income on a straight-line basis over the term 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 own aircraft or under financial leases, these maintenance cost are capitalized as Property, plant and equipment, while in the case of aircraft under operating leases, 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 leases establish the obligation of the lessee to make deposits to the lessor as a guarantee of compliance with the maintenance and return conditions. These deposits, often called maintenance reserves, accumulate until a major maintenance is performed, once made, the recovery is requested to the lessor. At the end of the contract period, there is comparison between the reserves that have been paid and required return conditions, and compensation between the parties are made if applicable. The unscheduled maintenance of aircraft and engines, as well as minor maintenance, are charged to results as incurred. |
Environmental costs | 2.24. Environmental costs Disbursements related to environmental protection are charged to results when incurred. |
GENERAL INFORMATION (Tables)
GENERAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
General Information | |
Schedule of subsidiaries | The main subsidiaries included in these consolidated financial statements are as follows: a) Participation rate As December 31, 2018 As December 31, 2017 As December 31, 2016 Country Functional Tax No. Company of origin Currency Direct Indirect Total Direct Indirect Total Direct Indirect Total % % % % % % % % % 96.518.860-6 Latam Travel Chile S.A. and Subsidary Chile US$ 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 99.9900 0.0100 100.0000 96.763.900-1 Inmobiliaria Aeronáutica S.A. Chile US$ 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 99.0100 0.9900 100.0000 96.969.680-0 Lan Pax Group S.A. and Subsidiaries Chile US$ 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 99.8361 0.1639 100.0000 Foreign Lan Perú S.A. Peru US$ 49.0000 21.0000 70.0000 49.0000 21.0000 70.0000 49.0000 21.0000 70.0000 93.383.000-4 Lan Cargo S.A. Chile US$ 99.8939 0.0041 99.8980 99.8939 0.0041 99.8980 99.8939 0.0041 99.8980 Foreign Connecta Corporation U.S.A. US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Prime Airport Services Inc. and Subsidary U.S.A. US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.951.280-7 Transporte Aéreo S.A. Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.631.520-2 Fast Air Almacenes de Carga S.A. Chile CLP 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Laser Cargo S.R.L. Argentina ARS 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 Foreign Lan Cargo Overseas Limited and Subsidiaries Bahamas US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidary Chile US$ 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 100.0000 96.575.810-0 Inversiones Lan S.A. and Subsidiaries Chile US$ 99.7100 0.2900 100.0000 99.7100 0.2900 100.0000 99.7100 0.2900 100.0000 96.847.880-K Technical Trainning LATAM S.A. Chile CLP 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 99.8300 0.1700 100.0000 Foreign Latam Finance Limited Cayman Insland US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 0.0000 0.0000 0.0000 Foreign Peuco Finance Limited Cayman Insland US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 0.0000 0.0000 0.0000 Foreign Profesional Airline Services INC. U.S.A. US$ 100.0000 0.0000 100.0000 100.0000 0.0000 100.0000 0.0000 0.0000 0.0000 Foreign Jarletul S.A. Uruguay US$ 99.0000 1.0000 100.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 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, 2018, the indirect participation percentage over TAM S.A. and Subsidiaries comes from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 49% of political rights its percentage arise as a result of the provisional measure No. 714 of the Brazilian government implemented during 2016 that allows foreign capital to have up to 49% ownership. In this way, since April 2016, LATAM Airlines Group S.A. owns 901 shares with the right to vote of Holdco I S.A., which is equivalent to 49% of the total shares with voting rights of said company and TEP Chile S.A. owns 938 shares with the right to vote of Holdco I S.A., which is equivalent to 51% of the total shares with voting rights. b) Financial Information Statement of financial position Net Income For the year ended December 31, As of December 31, 2018 As of December 31, 2017 As of December 31, 2016 2018 2017 2016 Tax No. Company Assets Liabilities Equity Assets Liabilities Equity Assets Liabilities Equity Gain/(loss ) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ 96.518.860-6 Latam Travel Chile S.A. and Subsidary 10,165 3,210 6,955 6,771 2,197 4,574 5,468 2,727 2,741 2,385 1,833 2,650 96.763.900-1 Inmobiliaria Aeronáutica S.A. - - - - - - 36,756 8,843 27,913 - - 3,443 96.969.680-0 Lan Pax Group S.A. and Subsidiaries (*) 522,855 1,278,349 (762,139 ) 499,345 1,101,548 (596,406 ) 475,763 1,045,761 (561,472 ) (128,345 ) (35,943 ) (36,331 ) Foreign Lan Perú S.A. 417,767 407,570 10,197 315,607 303,204 12,403 306,111 294,912 11,199 3,372 1,205 (2,164 ) Foreign Lan Chile Investments Limited and Subsidiary (*) - - - - - - - - - - - 23 93.383.000-4 Lan Cargo S.A. 511,275 334,498 176,777 584,169 371,934 212,235 480,908 239,728 241,180 (34,401 ) (30,220 ) (24,813 ) Foreign Connecta Corporation 66,593 28,183 38,410 38,735 17,248 21,487 31,981 23,525 8,456 16,923 13,030 9,684 Foreign Prime Airport Services Inc. and Subsidary (*) 15,817 17,654 (1,837 ) 12,671 15,722 (3,051 ) 7,385 11,294 (3,909 ) 1,225 857 588 96.951.280-7 Transporte Aéreo S.A. 330,777 128,428 202,349 324,498 104,357 220,141 340,940 124,805 216,135 (17,847 ) 2,172 8,206 Foreign Aircraft International Leasing Limited - - - - - - - - - - - 9 96.631.520-2 Fast Air Almacenes de Carga S.A. 15,499 7,962 7,537 12,931 4,863 8,068 10,023 3,645 6,378 386 939 1,717 Foreign Laser Cargo S.R.L. 26 13 13 18 27 (9 ) 21 32 (11 ) (3 ) 2 (1 ) Foreign Lan Cargo Overseas Limited and Subsidiaries (*) 53,326 13,040 38,812 66,039 42,271 18,808 54,092 35,178 15,737 19,876 3,438 176 96.969.690-8 Lan Cargo Inversiones S.A. and Subsidary (*) 181,522 192,059 (9,614 ) 144,884 156,005 (10,112 ) 80,644 95,747 (13,506 ) 497 3,389 (910 ) 96.575.810-0 Inversiones Lan S.A. and Subsidiaries (*) 1,383 50 1,333 11,681 5,201 6,377 10,971 6,452 4,452 (4,774 ) 1,561 2,549 96.847.880-K Technical Trainning LATAM S.A. 2,879 1,031 1,848 1,967 367 1,600 1,745 284 1,461 884 109 73 Foreign Latam Finance Limited 679,034 756,774 (77,740 ) 678,289 708,306 (30,017 ) - - - (47,723 ) (30,017 ) - Foreign Peuco Finance Limited 608,191 608,191 - 608,191 608,191 - - - - - - - Foreign Profesional Airline Services INC. 2,430 1,967 463 3,703 3,438 265 - - - 197 294 - Foreign Jarletul S.A. 18 125 (107 ) - - - - - - (107 ) - - Foreign TAM S.A. and Subsidiaries (*) 4,304,126 3,013,831 1,221,459 4,490,714 3,555,423 856,829 5,287,286 4,710,308 495,562 (12,538 ) 160,582 2,107 (*) The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. Additionally, we have proceeded to consolidate the following special purpose entities: 1. Chercán Leasing Limited created to finance the pre-delivery payments on aircraft; 2. Guanay Finance Limited created to issue a bond collateralized with future credit card receivables; 3. Private investment funds. These companies have been consolidated as required by IFRS 10. All controlled entities have been included in the consolidation. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies | |
Schedule of reconciliation of differences in Income tax system | In order to facilitate comparison, some minor reclassifications have been made to the consolidated financial statements for the previous year. (a) Accounting pronouncements with implementation effective from January 1, 2018: Date of issue Mandatory (i) Rules and amendments IFRS 9: Financial instruments. December 2009 01/01/2018 Amendment to IFRS 9: Financial instruments. November 2013 01/01/2018 IFRS 15: Revenue from ordinary activities from contracts with customers. May 2014 01/01/2018 Amendment to IFRS 15: Revenue from ordinary activities from contracts with customers. April 2016 01/01/2018 Amendment to IFRS 2: Share-based payments June 2016 01/01/2018 Amendment to IFRS 4: Insurance contract September 2016 01/01/2018 Amendment to IAS 40: Investment property December 2016 01/01/2018 (ii) Improvements Improvements to the International Financial Reporting Standards (cycle 2014-2016) IFRS 1: Adoption for the first time of international financial reporting standards and IAS 28 Investments in associates and joint ventures. December 2016 01/01/2018 (iii) Interpretations IFRIC 22: Transactions in foreign currency and anticipated consideration December 2016 01/01/2018 (b) Accounting pronouncements not yet in force for financial years beginning on January 1, 2018 and which has not been effected early adoption (i) Rules and amendments Date of issue Mandatory application: IFRS 16: Leases January 2016 January 1, 2019 Amendment to IFRS 9: Financial Instruments October 2017 January 1, 2019 Amendment to IAS 28: Investments in associates and joint ventures October 2017 January 1, 2019 IFRS 17: Insurance contracts May 2017 January 1, 2021 Amendment to IFRS 10: Consolidated financial statements and IAS 28 Investments in associates and joint ventures. September 2014 To be determined Amendment to IAS 19: Benefits to employees February 2018 January 1, 2019 Date of issue Mandatory application: Amendment to IFRS 3: Business combination October 2018 January 1, 2020 Amendment to IAS 1: Presentation of financial statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors October 2018 January 1, 2020 (ii) Improvements Improvements to International Financial Reporting Standards (cycle 2015-2017) IFRS 3: Business combination; IAS 12: Income tax; IFRS 11: Joint agreements and IAS 23 Costs for loans. December 2017 January 1, 2019 (iii) Interpretations IFRIC 23: Uncertain tax positions June 2017 January 1, 2019 |
Schedule of impacts of the adoption of IFRS | The impacts of the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from ordinary contracts with customers are as follows: Consolidated statement of financial position (extract) As of Adoption As of December 31, effect January 1 Note 2017 IFRS 9 IFRS 15 2018 ThUS$ ThUS$ ThUS$ ThUS$ Current assets Other non-financial assets, current 7 - 12 221,188 - 54,361 (4) 275,549 Trade debtors and other accounts receivable, current 7 - 8 1,214,050 (11,105 )(1) - 1,202,945 Non-current assets Deferred tax assets 364,021 89 (2) 6,005 (7) 370,115 Current liabilities Accounts payable commercial and other Debts to pay 7 - 20 1,695,202 - (22,192 )(5) 1,673,010 Other non-financial liabilities, current 22 2,823,963 - 77,640 (6) 2,901,603 Non-current liabilities Deferred tax liability 18 949,697 (1,021 )(2) 4,472 (5) 953,148 Equity Accumulated earnings 25 475,118 (9,995 )(3) 446 (8) 465,569 - Effects of adopting IFRS 9 (1) Expected credit losses: The Company modified the calculation of the impairment provision to comply with the expected credit loss model, established in IFRS 9 Financial Instruments, which replaces the current loss impairment model incurred. To the calculate porcentage of credit losses, a risk matrix was used, grouping the portfolio, according to similar characteristics of risk and maturity. This change resulted in the recognition of an increase in the provision for impairment losses of US $ (11.1) million. (2) Deferred tax adjustments originated by the application of IFRS 9. (3) Net effect on accumulated results of the adjustments indicated above. (4) Contract costs: The Company has capitalized the costs related to the revenues from air transport of passengers, corresponding to: the commissions charged by the credit card administrators for US$ 22.0 million and the air ticket booking services through the system general distribution (GDS) for US$ 15.6 million. Additionally, there is a reclassification of commissions from travel agencies for US$ 16.8 million, which previously were presented, according IAS 18, net of the liability to fly in other non-financial liabilities. (5) Contract liabilities: The Company has adjusted certain concepts that were recorded as obligations with suppliers and customers, which must now be treated as contract liabilities; therefore they must be deferred until the benefit of the service have been rendered. These concepts are mainly related to the ground transportation service for US $ 15.6 million and traveler's checks for US $ 6.6 million. (6) Performance Obligations: The Company analyzed the moment in which the performance obligations identified in the contracts with customers must be recognized in the consolidated result. During this analysis, some concepts were identified which must be deferred until the moment of service provision, mainly related to land transportation services, charges for modifications to the initial contract in the sale of tickets and redeem of some products associated with loyalty programs for US$ 60.8 million. Additionally, there is the reclassification detailed in numeral (4) for US$ 16.8 million. (7) Deferred tax adjustments originated by the application of IFRS 15. (8) Net effect on accumulated results of the adjustments indicated above. |
Schedule of impairment losses provision | As of January 1, 2018, the calculation of the impairment losses provision are as follows: Portfolio maturity Up to Up to More than Up to 91 to 181 to 360 Up to date 90 days 180 days 360 days days Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Expected loss rate 1 % 21 % 46 % 67 % 94 % 8 % Gross book value 1,046,909 36,241 12,001 14,623 66,022 1,175,796 Impairment provision (13,570 ) (7,774 ) (5,499 ) (9,803 ) (61,787 ) (98,433 ) |
Schedule of analyzed business models and classified financial assets and liabilities | The Company analyzed the business models and classified its financial assets and liabilities according to the following: Classification IAS 39 Classification IFRS 9 Loans Hedge Held Initial At fair value and and for through profit Cost with changes Assets receivables derivatives traiding and loss amortized in results Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 2,446,864 62,867 1,915 501,890 - - 3,013,536 Cash and cash equivalents (1,112,346 ) - - (29,658 ) 1,112,346 29,658 - Other financial assets, current (23,918 ) - (1,421 ) (472,232 ) 23,918 473,653 - Trade debtors and other accounts receivable, current (1,214,050 ) - - - 1,214,050 - - Accounts receivable from entities related, current (2,582 ) - - - 2,582 - - Other financial assets, non-current (87,077 ) - (494 ) - 87,077 494 - Accounts receivable, non-current (6,891 ) - - - 6,891 - - Balance as of January 1, 2018 - 62,867 - - 2,446,864 503,805 3,013,536 Classification IAS 39 Classification IFRS 9 Others Held financial hedge Cost Liabilities liabilities derivatives amortized Total ThUS$ ThUS$ ThUS$ ThUS$ Balance as of December 31, 2017 10,086,434 14,817 - 10,101,251 Other current financial liabilities (1,288,749 ) - 1,288,749 - Trade accounts payable and other accounts payable, current (1,695,202 ) - 1,695,202 - Accounts payable to related entities, current (760 ) - 760 - Other financial liabilities, not current (6,602,891 ) - 6,602,891 - Accounts payable, not current (498,832 ) - 498,832 - Balance as of January 1, 2018 - 14,817 10,086,434 10,101,251 |
Schedule of effects of changes recognized in the application of IFRS | The effects of the changes recognized in the application of IFRS 15 in the year 2018 in the consolidated income statement are presented below: For the year ended December 31, 2018 Reconciliation Revenue Adjustments for reconciliation Results Deferred Results under Contract revenues under Note IFRS 15 costs (4) recognition [(5), (6)] Reclassifications IAS 18 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Revenue 26 9,895,456 - 48,561 31,501 9,975,518 Cost of sales (7,962,843 ) - (34,986 ) - (7,997,829 ) Gross margin 1,932,613 - 13,575 31,501 1,977,689 Other income 28 472,758 - - 42,563 515,321 Distribution costs (619,200 ) (43 ) - (20,003 ) (639,246 ) Administrative expenses (721,270 ) (806 ) - (54,061 ) (776,137 ) Other expenses (359,781 ) - - - (359,781 ) Other gains/(losses) 53,499 - - - 53,499 Income from operation activities 758,619 (849 ) 13,575 - 771,345 Financial income 53,253 - - - 53,253 Financial costs 27 (356,269 ) - - - (356,269 ) Foreign exchange gains/(losses) 29 (157,708 ) - - - (157,708 ) Result of indexation units (865 ) - - - (865 ) Income (loss) before taxes 297,030 (849 ) 13,575 - 309,756 Income (loss) tax expense / benefit 18 (88,456 ) (23 ) (1,030 ) - (89,509 ) NET INCOME (LOSS) FOR THE PERIOD 208,574 (872 ) 12,545 - 220,247 Income (loss) attributable to owners of the parent 176,822 (872 ) 12,545 - 188,495 Income (loss) attributable to non-controlling interest 14 31,752 - - - 31,752 Net income (loss) for the year 208,574 (872 ) 12,545 - 220,247 (4) Contract costs: The Company has capitalized the costs related to the revenues from air transport of passengers, corresponding to: the commissions charged by the credit card administrators for US$ 22.0 million and the air ticket booking services through the system general distribution (GDS) for US$ 15.6 million. Additionally, there is a reclassification of commissions from travel agencies for US$ 16.8 million, which previously were presented, according IAS 18, net of the liability to fly in other non-financial liabilities. (5) Contract liabilities: The Company has adjusted certain concepts that were recorded as obligations with suppliers and customers, which must now be treated as contract liabilities; therefore they must be deferred until the benefit of the service have been rendered. These concepts are mainly related to the ground transportation service for US $ 15.6 million and traveler's checks for US $ 6.6 million. (6) Performance Obligations: The Company analyzed the moment in which the performance obligations identified in the contracts with customers must be recognized in the consolidated result. During this analysis, some concepts were identified which must be deferred until the moment of service provision, mainly related to land transportation services, charges for modifications to the initial contract in the sale of tickets and redeem of some products associated with loyalty programs for US$ 60.8 million. Additionally, there is the reclassification detailed in numeral (4) for US$ 16.8 million. |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Schedule of level of hedge | The following tables show the level of hedge for different periods: Positions as of December 31, 2018 (*) Maturities Q119 Q219 Q319 Q419 Total Percentage of coverage over the expected volume of consumption 66 % 58 % 40 % 15 % 45 % (*) The volume shown in the table considers all the hedging instruments (swaps and options). Positions as of December 31, 2017 (*) Maturities Q118 Q218 Q318 Total Percentage of coverage over the expected volume of consumption 19 % 12 % 5 % 12 % (*) The volume shown in the table considers all the hedging instruments (swaps and options). |
Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity | Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018 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 Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 38,625 76,275 - - - 114,900 113,000 At Expiration 3.36 3.36 97.032.000-8 BBVA Chile UF - 52,490 - - - 52,490 50,785 At Expiration 3.31 3.31 97.036.000-K SANTANDER Chile US$ 23,070 - - - - 23,070 23,000 At Expiration 3.90 3.90 97.003.000-K BANCO DO BRASIL Chile US$ 201,884 - - - - 201,884 200,000 At Expiration 3.64 3.64 97.951.000-4 HSBC Chile US$ 12,094 - - - - 12,094 12,000 At Expiration 3.14 3.14 Bank loans 97.023.000-9 CORPBANCA Chile UF 5,778 17,086 16,662 - - 39,526 38,231 Quarterly 3.35 3.35 0-E BLADEX U.S.A. US$ - 15,766 - - - 15,766 15,000 Semiannual 6.74 6.74 97.036.000-K SANTANDER Chile US$ 1,347 587 102,521 - - 104,455 102,521 Quarterly 5.60 5.60 76.362.099-9 BTG Chile UF 510 1,531 69,435 - - 71,476 65,862 At Expiration 3.10 3.10 Obligations with the public 0-E BANK OF NEW YORK U.S.A. US$ - 84,375 614,375 96,250 724,063 1,519,063 1,200,000 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - 18,985 37,970 196,970 213,114 467,039 345,182 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France US$ 743 2,201 5,718 2,086 - 10,748 10,080 Quarterly 3.23 3.23 0-E BNP PARIBAS U.S.A. US$ 14,741 61,973 152,826 145,252 250,387 625,179 511,698 Quarterly 4.55 4.55 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 31,336 96,304 248,720 289,251 509,168 1,174,779 952,758 Quarterly 4.47 4.47 0-E CITIBANK U.S.A. US$ 12,757 38,398 102,062 77,710 65,232 296,159 269,365 Quarterly 3.82 2.94 0-E US BANK U.S.A. US$ 18,406 55,112 146,045 144,670 86,076 450,309 411,684 Quarterly 4.00 2.82 0-E NATIXIS France US$ 14,027 42,132 111,528 92,228 124,910 384,825 324,524 Quarterly 4.69 4.69 0-E PK AirFinance U.S.A. US$ 2,490 7,663 25,610 3,153 - 38,916 37,615 Monthly 4.15 4.15 0-E INVESTEC England US$ 2,004 11,579 26,874 24,367 - 64,824 54,014 Semiannual 7.17 7.17 Otras obligaciones garantizadas 0-E CREDIT AGRICOLE France US$ 2,576 8,380 273,122 - - 284,078 253,692 At Expiration 4.11 4.11 0-E DVB BANK SE Germany US$ 28,087 83,260 213,177 122,674 20,274 467,472 422,065 Quarterly 4.42 4.42 Other guaranteed obligations 0-E ING U.S.A. US$ 4,025 12,075 12,134 - - 28,234 26,831 Quarterly 5.70 5.01 0-E CREDIT AGRICOLE France US$ 7,618 21,994 27,811 1,684 - 59,107 56,403 Quarterly 3.66 3.31 0-E CITIBANK U.S.A. US$ 14,870 44,570 83,389 42,178 - 185,007 172,158 Quarterly 4.40 3.80 0-E PEFCO U.S.A. US$ 5,771 13,541 3,899 - - 23,211 22,407 Quarterly 5.64 5.02 0-E BNP PARIBAS U.S.A. US$ 8,467 25,214 26,933 1,641 - 62,255 59,567 Quarterly 3.90 3.58 0-E WELLS FARGO U.S.A. US$ 35,458 106,397 282,923 239,168 99,232 763,178 719,338 Quarterly 2.77 2.09 97.036.000-K SANTANDER Chile US$ 6,340 19,025 49,945 26,779 - 102,089 95,022 Quarterly 3.68 3.14 0-E RRPF ENGINE England US$ 1,167 3,480 9,103 8,826 4,870 27,446 23,012 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. US$ 1,711 5,175 13,640 13,394 760 34,680 31,544 Quarterly 3.93 3.33 0-E BTMU U.S.A. US$ 3,489 10,485 27,605 27,062 775 69,416 63,189 Quarterly 4.06 3.46 0-E NATIXIS France US$ 4,242 9,870 9,815 563 - 24,490 23,161 Quarterly 4.28 4.12 0-E KFW IPEX-BANK Germany US$ 1,764 5,328 5,378 - - 12,470 12,215 Quarterly 4.20 4.19 0-E AIRBUS FINANCIAL U.S.A. US$ 2,074 6,197 7,840 - - 16,111 15,417 Monthly 4.19 4.19 Other loans 0-E CITIBANK (*) U.S.A. US$ 25,705 77,703 103,341 - - 206,749 196,211 Quarterly 6.00 6.00 0-E Boeing U.S.A. US$ 559 1,425 55,728 - - 57,712 55,727 At Expiration 4.01 4.01 Hedge derivative - OTHERS - US$ 1,224 2,484 681 - - 4,389 4,021 - 0.00 0.00 Total 534,959 1,039,060 2,866,810 1,555,906 2,098,861 8,095,596 6,989,299 (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018 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 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 NEDERLANDSCHE NCM Holland US$ 175 499 1,332 55 - 2,061 1,851 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 4,195 7,935 46,780 41,872 - 100,782 95,789 Quarterly / Semiannual 6.87 6.87 0-E WACAPOU LEASING S.A. Luxembourg US$ 839 2,433 6,542 - - 9,814 9,226 Quarterly 4.81 4.81 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 11,536 32,312 161,778 - - 205,626 208,224 Quarterly 5.88 5.82 0-E GA Telesis LLC U.S.A. US$ 680 1,753 4,675 4,675 11,318 23,101 13,202 Monthly 15.62 15.62 Total 17,425 44,932 221,107 46,602 11,318 341,384 328,292 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018 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 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$ % % Trade and other accounts payables - OTHERS OTHERS US$ 356,342 11,773 - - - 368,115 368,115 - 0.00 0.00 CLP 137,296 359 - - - 137,655 137,655 - 0.00 0.00 BRL 250,915 925 - - - 251,840 251,840 - 0.00 0.00 Other currencies 518,448 3,918 - - - 522,366 522,366 - 0.00 0.00 Accounts payable to related parties currents Foreing Inversora Aeronáutica Argentina S.A. Argentina ARS 15 - - - - 15 15 - 0.00 0.00 78.591.370-1 Bethia S.A. y Filiales Chile CLP 365 - - - - 365 365 - 0.00 0.00 Extranjera TAM Aviação Executiva e Taxi Aéreo S.A. Brazil BRL 2 - - - - 2 2 - 0.00 0.00 Total 1,263,383 16,975 - - - 1,280,358 1,280,358 Total consolidated 1,815,767 1,100,967 3,087,917 1,602,508 2,110,179 9,717,338 8,597,949 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2017 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 Creditor 90 to one three five five Nominal Effective Nominal Tax No. Creditor country Currency days year years years years Total value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile US$ 75,863 - - - - 75,863 75,000 At Expiration 2.30 2.30 97.032.000-8 BBVA Chile UF - 57,363 - - - 57,363 55,801 At Expiration 3.57 2.77 97.036.000-K SANTANDER Chile US$ 30,131 - - - - 30,131 30,000 At Expiration 2.49 2.49 97.030.000-7 ESTADO Chile US$ 40,257 - - - - 40,257 40,000 At Expiration 2.57 2.57 97.003.000-K BANCO DO BRASIL Chile US$ 100,935 - - - - 100,935 100,000 At Expiration 2.40 2.40 97.951.000-4 HSBC Chile US$ 12,061 - - - - 12,061 12,000 At Expiration 2.03 2.03 Bank loans 97.023.000-9 CORPBANCA Chile UF 22,082 22,782 43,430 - - 88,294 84,664 Quarterly 3.68 3.68 0-E BLADEX U.S.A. US$ - 16,465 15,628 - - 32,093 30,000 Semiannual 5.51 5.51 97.036.000-K SANTANDER Chile US$ 2,040 3,368 202,284 - - 207,692 202,284 Quarterly 4.41 4.41 Obligations with the public 0-E BANK OF NEW YORK U.S.A. US$ - 84,375 650,625 96,250 772,188 1,603,438 1,200,000 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - 20,860 41,720 226,379 245,067 534,026 379,274 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France US$ 8,368 25,415 56,305 12,751 - 102,839 98,091 Quarterly 2.66 2.22 0-E BNP PARIBAS U.S.A. US$ 14,498 59,863 148,469 145,315 313,452 681,597 575,221 Quarterly 3.41 3.40 0-E WELLS FARGO U.S.A. US$ 30,764 92,309 246,285 246,479 245,564 861,401 808,987 Quarterly 2.46 1.75 0-E WILMINGTON TRUST COMPANY U.S.A. US$ 32,026 95,042 253,469 244,836 676,474 1,301,847 1,034,853 Quarterly 4.48 4.48 0-E CITIBANK U.S.A. US$ 14,166 42,815 114,612 112,435 102,045 386,073 351,217 Quarterly 3.31 2.47 0-E BTMU U.S.A. US$ 3,292 9,997 26,677 26,704 14,133 80,803 74,734 Quarterly 2.87 2.27 0-E APPLE BANK U.S.A. US$ 1,611 4,928 13,163 13,196 7,369 40,267 37,223 Quarterly 2.78 2.18 0-E US BANK U.S.A. US$ 18,485 55,354 146,709 145,364 158,236 524,148 472,833 Quarterly 4.00 2.82 0-E DEUTSCHE BANK U.S.A. US$ 4,043 12,340 32,775 32,613 32,440 114,211 96,906 Quarterly 4.39 4.39 0-E NATIXIS France US$ 18,192 54,952 129,026 105,990 166,011 474,171 413,011 Quarterly 3.42 3.40 0-E PK AirFinance U.S.A. US$ 2,375 7,308 20,812 18,104 - 48,599 46,500 Monthly 3.18 3.18 0-E KFW IPEX-BANK Germany US$ 2,570 7,111 16,709 1,669 - 28,059 26,888 Quarterly 3.31 3.31 0-E AIRBUS FINANCIAL U.S.A. US$ 2,033 6,107 15,931 - - 24,071 22,925 Monthly 3.19 3.19 0-E INVESTEC England US$ 1,930 11,092 26,103 26,045 11,055 76,225 63,378 Semiannual 6.04 6.04 Other guaranteed obligations 0-E CREDIT AGRICOLE France US$ 1,757 5,843 246,926 - - 254,526 241,287 At Expiration 3.38 3.38 Financial leases 0-E ING U.S.A. US$ 5,890 12,076 28,234 - - 46,200 42,957 Quarterly 5.67 5.00 0-E CITIBANK U.S.A. US$ 12,699 38,248 91,821 51,222 2,880 196,870 184,274 Quarterly 3.78 3.17 0-E PEFCO U.S.A. US$ 13,354 34,430 23,211 - - 70,995 67,783 Quarterly 5.46 4.85 0-E BNP PARIBAS U.S.A. US$ 13,955 35,567 50,433 2,312 - 102,267 98,105 Quarterly 3.66 3.25 0-E WELLS FARGO U.S.A. US$ 12,117 38,076 98,424 66,849 21,253 236,719 221,113 Quarterly 3.17 2.67 97.036.000-K SANTANDER Chile US$ 6,049 18,344 48,829 47,785 3,156 124,163 117,023 Quarterly 2.51 1.96 0-E RRPF ENGINE England US$ 370 3,325 8,798 8,692 9,499 30,684 25,983 Monthly 4.01 4.01 Other loans 0-E CITIBANK (*) U.S.A. US$ 25,783 77,810 206,749 - - 310,342 285,891 Quarterly 6.00 6.00 Hedge derivative - Others - US$ 5,656 6,719 6,228 - - 18,603 17,407 - 0.00 0.00 Total 535,352 960,284 3,010,385 1,630,990 2,780,822 8,917,833 7,633,613 (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2017 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 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 NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland US$ 176 497 1,332 722 - 2,727 2,382 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France US$ 4,248 7,903 23,141 71,323 - 106,615 99,036 Quarterly / Semiannual 5.59 5.59 0-E WACAPOU LEASING S.A. Luxembourg US$ 837 2,411 6,509 3,277 - 13,034 12,047 Quarterly 3.69 3.69 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy US$ 11,735 32,230 204,836 - - 248,801 244,513 Quarterly 4.87 4.81 0-E BANCO IBM S.A Brazil BRL 34 - - - - 34 21 Monthly 6.89 6.89 0-E SOCIÉTÉ GÉNÉRALE France BRL 161 12 - - - 173 109 Monthly 6.89 6.89 Total 17,191 43,053 235,818 75,322 - 371,384 358,108 Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2017 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 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$ % % Trade and other accounts payables - OTHERS OTHERS ThUS$ 566,838 - - - - 566,838 566,838 - 0.00 0.00 CLP 165,299 - - - - 165,299 165,299 - 0.00 0.00 BRL 315,605 - - - - 315,605 315,605 - 0.00 0.00 Other currencies 290,244 11,215 - - - 301,459 301,459 - 0.00 0.00 Accounts payable to related parties currents 78.997.060-2 Viajes Falabella Ltda. Chile CLP 534 - - - - 534 534 - 0.00 0.00 0-E Inversora Aeronáutica Argentina Argentina ThUS$ 4 - - - - 4 4 - 0.00 0.00 0-E Consultoría Administrativa Profesional S.A. de C.V. Mexico MXN 210 - - - - 210 210 - 0.00 0.00 78.591.370-1 Bethia S.A. y Filiales Chile CLP 12 - - - - 12 12 - 0.00 0.00 Total 1,338,746 11,215 - - - 1,349,961 1,349,961 Total consolidated 1,891,289 1,014,552 3,246,203 1,706,312 2,780,822 10,639,178 9,341,682 |
Schedule of classification of financial instruments at fair value | The following table shows the classification of financial instruments at fair value, depending on the level of information used in the assessment: As of December 31, 2018 As of December 31, 2017 Fair value measurements using values Fair value measurements using values considered as considered as Fair value Level I Level II Level III Fair value Level I Level II Level III ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Assets Cash and cash equivalents 43,653 43,653 - - 29,658 29,658 - - Short-term mutual funds 43,653 43,653 - - 29,658 29,658 - - Other financial assets, current 366,573 343,218 23,355 - 536,001 473,653 62,348 - Fair value interest rate derivatives 19,460 - 19,460 - 3,113 - 3,113 - Fair value of fuel derivatives - - - - 10,711 - 10,711 - Fair value of foreign currency derivative 3,895 - 3,895 - 48,322 - 48,322 - Accrued interest since the last payment date Swap of currencies - - - - 202 - 202 - Derivative not recognized as a hedge 19,396 19,396 - - - - - - Private investment funds 322,428 322,428 - - 472,232 472,232 - - Domestic and foreign bonds 1,394 1,394 - - 1,421 1,421 - - Other financial assets, not current - - - - 519 - 519 - Fair value derived from foreign currency - - - - 519 - 519 - Liabilities Other financial liabilities, current 33,633 7,712 25,921 - 12,200 - 12,200 - Fair value of interest rate derivatives 335 - 335 - 8,919 - 8,919 - Fair value of fuel derivatives 15,678 - 15,678 - - - - - Fair value of foreign currency derivatives 7,587 - 7,587 - 2,092 - 2,092 - Interest accrued since the last payment date of Currency Swap 2,321 - 2,321 - 1,189 - 1,189 - Derivative not recognized as a hedge 7,712 7,712 - - - - - - Other financial liabilities, non current 340 - 340 - 2,617 - 2,617 - Fair value of interest rate derivatives - - - - 2,617 - 2,617 - Interest accrued since the last date of Swap interest rates 340 - 340 - - - - - |
Schedule of financial instruments which are not recorded at fair value | In order to meet the disclosure requirements of fair values, the Company has valued these instruments as shown in the table below: As of December 31, 2018 As of December 31, 2017 Book Fair Book Fair value value value value ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,037,989 1,037,989 1,112,346 1,112,346 Cash on hand 8,974 8,974 8,562 8,562 Bank balance 331,218 331,218 330,430 330,430 Overnight 282,164 282,164 239,292 239,292 Time deposits 415,633 415,633 534,062 534,062 Other financial assets, current 17,411 17,411 23,918 23,918 Other financial assets 17,411 17,411 23,918 23,918 Trade debtors, other accounts receivable and Current accounts receivable 1,162,582 1,162,582 1,214,050 1,214,050 Accounts receivable from entities related, current 2,931 2,931 2,582 2,582 Other financial assets, not current 58,700 58,700 87,571 87,571 Accounts receivable, non-current 5,381 5,381 6,891 6,891 Other current financial liabilities 1,397,156 1,578,835 1,288,749 1,499,495 Accounts payable for trade and other accounts payable, current 1,674,303 1,674,303 1,695,202 1,695,202 Accounts payable to entities related, current 382 382 760 760 Other financial liabilities, not current 5,864,570 5,893,387 6,602,891 6,738,872 Accounts payable, not current 483,656 483,656 498,832 498,832 |
Fuel-Price Risk [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Schedule of sensitivity analysis | The calculations were made considering a parallel movement of US$ 5 per barrel in the curve of the BRENT and JET crude futures benchmark price at the end of December 2018 and the end of December, 2017. Positions as of December 31, 2018 Positions as of December 31, 2017 Benchmark price effect on equity effect on equity (US$ per barrel) (millions of US$) (millions of US$) +5 +7.4 +1.8 -5 - 5.5 -3.3 |
Foreign Exchange Rate Risk [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Schedule of sensitivity analysis | The following table shows the variation of financial performance to appreciate or depreciate 10% exchange rate R$/US$: Appreciation (depreciation) Effect at December 31, 2018 Effect at December 31, 2017 of R$/US$(*) Millions of US$ Millions of US$ -10% +39.8 +80.5 +10% -39.8 -80.5 (*) Appreciation (depreciation) of US$ regard to the covered currencies. 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, 2018 Effect at December 31, 2017 of R$/US$ Millions of US$ Millions of US$ -10% +384.73 +386.62 +10% -314.78 -316.33 |
Interest Rate Risk [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
Schedule of sensitivity analysis | Increase (decrease) Positions as of December 31, 2018 Positions as of December 31, 2017 futures curve effect on profit or loss before tax effect on profit or loss before tax in libor 3 months (millions of US$) (millions of US$) +100 basis points -29.62 -29.26 -100 basis points +29.62 +29.26 The calculations were made increasing (decreasing) vertically 100 basis points of the three-month Libor futures curve, being both reasonably possible scenarios according to historical market conditions. Increase (decrease) Positions as of December 31, 2018 Positions as of December 31, 2017 futures curve effect on equity effect on equity in libor 3 months (millions of US$) (millions of US$) +100 basis points +0.70 +1.9 -100 basis points -0.71 -1.9 |
ACCOUNTING ESTIMATES AND JUDG_2
ACCOUNTING ESTIMATES AND JUDGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Estimates And Judgments | |
Schedule for intangible assets with an indefinite useful life assigned to CGU | The book value of the surplus value assigned to each CGU as of December 31, 2018 amounts to ThUS$ 1,845,136 and ThUS$ 448,936 (ThUS$ $ 2,146,692 and ThUS$ 525,858 as of December 31, 2017), which include the following intangible assets with an indefinite useful life: Air Transport Coalition and loyalty As of As of As of As of December 31 December 31, December 31 December 31, 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Airport Slots 828,969 964,513 - - Loyalty program - - 274,420 321,440 |
Schedule of consumer price index | For hyperinflation application on balances as of December 31, 2017, depending on the age of the non-monetary assets and liabilities, the index used were the following: Year 2004 2005 2014 2015 2016 2017 Index 240.23 266.3 841.66 986.04 1,327.09 1,656.15 For the hyperinflation adjustment of the 2018 items, the following index were used: Month Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Index 1,685.25 1,726.02 1,766.42 1,814.81 1,852.47 1,921.69 1,981.30 2,058.36 2,192.86 2,311.09 2,383.96 |
Schedule of consolidated effects of IAS 29 adjustment | The consolidated effects of IAS 29 adjustment on the balances as of January 1, 2018 were as follows: ThUS$ Assets 5,129 Liabilities 377 Retained earings 4,752 The effect of inflation on the Company’s net monetary position in the consolidated income statements for the year ended December 31, 2018 were as follows: ThUS$ Assets 1,379 Liabilities (2,005 ) Loss (626 ) |
SEGMENTAL INFORMATION (Tables)
SEGMENTAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segmental Information | |
Schedule of financial statements of operating segment | The Multiplus Coalition and Loyalty Program segment, unlike the LATAM Pass and LATAM Fidelidade programs, which are frequent flyer programs that operate as a unilateral loyalty system, offers a flexible, interrelated coalition system among its members, which has 22.2 million members, together with being an entity with a separate administration and a business not directly related to air transport. For the year ended Coalition and Air loyalty program transportation Multiplus Eliminations Consolidated At December 31, At December 31, At December 31, At December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income from ordinary activities from external customers (*) 9,887,090 9,159,031 8,587,772 60,020 454,876 400,568 (51,654 ) - - 9,895,456 9,613,907 8,988,340 Passenger 8,700,622 8,039,601 7,477,147 60,020 454,876 400,568 (51,654 ) - - 8,708,988 8,494,477 7,877,715 Freight 1,186,468 1,119,430 1,110,625 - - - - - - 1,186,468 1,119,430 1,110,625 Income from ordinary activities from transactions with other operating segments - 454,876 400,568 - 67,554 65,969 - (522,430 ) (466,537 ) - - Other operating income 346,315 308,937 364,551 126,443 240,952 174,197 - - - 472,758 549,889 538,748 Interest income 27,181 28,184 27,287 26,072 50,511 58,380 - (10,718 ) 53,253 78,695 74,949 Interest expense (356,269 ) (393,286 ) (427,054 ) - - - - 10,718 (356,269 ) (393,286 ) (416,336 ) Total net interest expense (329,088 ) (365,102 ) (399,767 ) 26,072 50,511 58,380 - - - (303,016 ) (314,591 ) (341,387 ) Depreciation and amortization (974,827 ) (994,416 ) (952,285 ) (6,819 ) (7,209 ) (8,043 ) - - - (981,646 ) (1,001,625 ) (960,328 ) Material non-cash items other than depreciation and amortization (223,677 ) (75,479 ) 10,069 (85 ) (145 ) (991 ) - - - (223,762 ) (75,624 ) 9,078 Disposal of fixed assets and inventory losses (46,351 ) (39,238 ) (82,734 ) - - - - - - (46,351 ) (39,238 ) (82,734 ) Doubtful accounts (18,741 ) (18,272 ) (29,674 ) (96 ) (144 ) (476 ) - - - (18,837 ) (18,416 ) (30,150 ) Exchange differences (157,720 ) (18,717 ) 122,129 11 (1 ) (478 ) - - - (157,709 ) (18,718 ) 121,651 Result of indexation units (865 ) 748 348 - - (37 ) - - - (865 ) 748 311 Income (loss) atributable to owners of the parents (**) 72,333 (3,482 ) (83,653 ) 109,602 158,783 152,873 - - - 181,935 155,301 69,220 Participation of the entity in the income of associates - - - - - - - - - - - - Expenses for income tax (36,506 ) (104,376 ) (92,476 ) (47,276 ) (69,128 ) (70,728 ) - - - (83,782 ) (173,504 ) (163,204 ) Segment profit / (loss) 103,645 41,931 (42,203 ) 109,602 158,783 152,873 - - - 213,247 200,714 110,670 Assets of segment 16,431,182 17,430,937 17,805,749 1,145,942 1,373,049 1,400,432 (10,347 ) (6,014 ) (7,987 ) 17,566,777 18,797,972 19,198,194 Segment liabilities 13,394,785 14,007,916 14,469,505 449,347 563,849 572,065 (24,131 ) (41,029 ) (28,680 ) 13,820,001 14,530,736 15,012,890 Amount of non-current asset additions 763,878 412,846 1,481,090 - - - - - - 763,878 412,846 1,481,090 Property, plant and equipment 668,786 325,513 1,390,730 - - - - - - 668,786 325,513 1,390,730 Intangibles other than goodwill 95,092 87,333 90,360 - - - - - - 95,092 87,333 90,360 Purchase of non-monetary assets of segment 756,913 490,983 782,957 - - - - - - 756,913 490,983 782,957 (*) The Company does not have any interest revenue that should be recognized as income from ordinary activities by interest. (**) The result of the Company includes a net result of ThUS$ (10,489) resulting from the application of IAS 21 and IAS 29, for the subsidiaries that are in hyperinflationary economies. For the year ended Coalition and Air loyalty program transportation Multiplus Eliminations Consolidated At December 31, At December 31, At December 31, At December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Net cash flows from Purchases of property, plant and equipment 660,631 403,282 693,581 76 384 789 - - - 660,707 403,666 694,370 Additions associated with maintenance 375,634 218,537 197,866 - - - - - - 375,634 218,537 197,866 Other additions 284,997 184,745 495,715 76 384 789 - - - 285,073 185,129 496,504 Purchases of intangible assets (***) 85,628 79,102 84,377 10,578 8,216 4,210 - - - 96,206 87,318 88,587 Net cash flows from (used in) operating activities 1,394,146 1,489,797 827,108 111,161 186,367 154,411 11,623 (9,424 ) (635 ) 1,516,930 1,666,740 980,884 Net cash flow from (used in) investing activities (348,348 ) (278,790 ) (426,989 ) (10,022 ) (8,632 ) (4,800 ) - - - (358,370 ) (287,422 ) (431,789 ) Net cash flows from (used in) financing activities (956,510 ) (1,010,705 ) (246,907 ) (95,699 ) (168,383 ) (149,372 ) - - - (1,052,209 ) (1,179,088 ) (396,279 ) (***)The Company does not have cash flows from purchases of intangible assets associated with maintenance. |
Schedule of revenues by geographic area | The Company’s revenues by geographic area are as follows: For the year ended At December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Peru 705,133 626,316 627,215 Argentina 989,883 1,113,467 1,030,973 U.S.A. 985,919 900,413 933,130 Europe 782,197 676,282 714,436 Colombia 372,794 359,276 343,001 Brazil 3,433,877 3,436,402 2,974,234 Ecuador 203,842 190,268 198,171 Chile 1,591,313 1,527,158 1,512,570 Asia Pacific and rest of Latin America 830,498 784,325 654,610 Income from ordinary activities 9,895,456 9,613,907 8,988,340 Other operating income 472,758 549,889 538,748 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Cash on hand 8,974 8,562 Bank balances 331,218 330,430 Overnight 282,164 239,292 Total Cash 622,356 578,284 Cash equivalents Time deposits 415,633 534,062 Mutual funds 43,653 29,658 Total cash equivalents 459,286 563,720 Total cash and cash equivalents 1,081,642 1,142,004 |
Schedule of cash and cash equivalents denominated by currencies | Cash and cash equivalents are denominated in the following currencies: As of As of Currency December 31, December 31, 2018 2017 ThUS$ ThUS$ Argentine peso 17,786 12,135 Brazilian real 131,760 106,499 Chilean peso 415,713 81,845 Colombian peso 10,843 7,264 Euro 20,339 11,746 US Dollar 394,215 882,114 Other currencies 90,986 40,401 Total 1,081,642 1,142,004 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments | |
Schedule of financial instruments by category | As of December 31, 2018 Assets Measured at At fair value amortized with changes Hedge cost in results derivatives Total ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,037,989 43,653 - 1,081,642 Other financial assets, current (*) 16,203 344,426 23,355 383,984 Trade and others accounts receivable, current 1,162,582 - - 1,162,582 Accounts receivable from related entities, current 2,931 - - 2,931 Other financial assets, non current (*) 58,700 - - 58,700 Accounts receivable, non current 5,381 - - 5,381 Total 2,283,786 388,079 23,355 2,695,220 Liabilities Measured at amortized Hedge cost derivatives Total ThUS$ ThUS$ ThUS$ Other liabilities, current 1,404,868 25,921 1,430,789 Trade and others accounts payable, current 1,674,303 - 1,674,303 Accounts payable to related entities, current 382 - 382 Other financial liabilities, non-current 5,864,570 340 5,864,910 Accounts payable, non-current 483,656 - 483,656 Total 9,427,779 26,261 9,454,040 (*) The value presented in designated at the initial moment at fair value with changes in results, corresponds mainly to private investment funds, and in loans and accounts receivable, corresponds to guarantees delivered. As of December 31, 2017 Initial designation Assets Loans Held as fair value and Hedge for through receivables derivatives trading profit and loss Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Cash and cash equivalents 1,112,346 - - 29,658 1,142,004 Other financial assets, current (*) 23,918 62,348 1,421 472,232 559,919 Trade and others accounts receivable, current 1,214,050 - - - 1,214,050 Accounts receivable from related entities, current 2,582 - - - 2,582 Other financial assets, non current (*) 87,077 519 494 - 88,090 Accounts receivable, non current 6,891 - - - 6,891 Total 2,446,864 62,867 1,915 501,890 3,013,536 Liabilities Other Held financial Hedge liabilities derivatives Total ThUS$ ThUS$ ThUS$ Other liabilities, current 1,288,749 12,200 1,300,949 Trade and others accounts payable, current 1,695,202 - 1,695,202 Accounts payable to related entities, current 760 - 760 Other financial liabilities, non-current 6,602,891 2,617 6,605,508 Accounts payable, non-current 498,832 - 498,832 Total 10,086,434 14,817 10,101,251 (*) The value presented as initial designation as fair value through profit and loss, corresponds mainly to private investment funds; and loans and receivables corresponds to guarantees given. |
Schedule of financial instruments by currency | As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Cash and cash equivalents 1,081,642 1,142,004 Argentine peso 17,786 12,135 Brazilian real 131,760 106,499 Chilean peso 415,713 81,845 Colombian peso 10,843 7,264 Euro 20,339 11,746 US Dollar 394,215 882,114 Other currencies 90,986 40,401 Other financial assets (current and non-current) 442,684 648,009 Argentine peso 152 297 Brazilian real 327,110 475,810 Chilean peso 25,972 26,679 Colombian peso 1,748 1,928 Euro 7,438 7,853 US Dollar 78,121 133,431 Other currencies 2,143 2,011 Trade and other accounts receivable, current 1,162,582 1,214,050 Argentine peso 82,893 49,958 Brazilian real 511,171 635,890 Chilean peso 113,168 83,415 Colombian peso 7,259 3,249 Euro 49,044 48,286 US Dollar 110,312 257,324 Other currencies (*) 288,735 135,928 Accounts receivable, non-current 5,381 6,891 Brazilian real 3 4 Chilean peso 5,378 6,887 Accounts receivable from related entities, current 2,931 2,582 Brazilian real 293 2 Chilean peso 200 735 US Dollar 2,438 1,845 Total assets 2,695,220 3,013,536 Argentine peso 100,831 62,390 Brazilian real 970,337 1,218,205 Chilean peso 560,431 199,561 Colombian peso 19,850 12,441 Euro 76,821 67,885 US Dollar 585,086 1,274,714 Other currencies 381,864 178,340 (*) See the composition of the others currencies in Note 8 Trade, other accounts receivable and non-current accounts receivable. |
TRADE AND OTHER ACCOUNTS RECE_2
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
Schedule of trade and other accounts receivable | As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Trade accounts receivable 1,077,561 1,175,796 Other accounts receivable 188,393 133,054 Total trade and other accounts receivable 1,265,954 1,308,850 Less: Allowance for impairment loss (97,991 ) (87,909 ) Total net trade and accounts receivable 1,167,963 1,220,941 Less: non-current portion – accounts receivable (5,381 ) (6,891 ) Trade and other accounts receivable, current 1,162,582 1,214,050 |
Schedule of matured accounts receivable and impaired | The maturity of the portfolio as of December 31, 2017 is as follows: Up to date 1,040,671 Matured accounts receivable, but not impaired Expired from 1 to 90 days 34,153 Expired from 91 to 180 days 10,141 More than 180 days overdue (*) 2,922 Total matured accounts receivable, but not impaired 47,216 Matured accounts receivable and impaired Judicial, pre-judicial collection and protested documents 43,175 Debtor under pre-judicial collection process and portfolio sensitization 44,734 Total matured accounts receivable and impaired 87,909 Total 1,175,796 (*) Value of this segment corresponds primarily to accounts receivable that were evaluated in their ability to recover, therefore not requiring a provision. |
Schedule of expected credit losses | As of December 31, 2018, in order 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. Portfolio maturity from 1 to from 91 to from 181 to more of Up to date 90 days 180 days 360 days 360 days Total ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Expected loss rate (1) 3 % 5 % 45 % 65 % 76 % 9 % Gross book value (2) 888,930 91,387 11,085 15,078 71,081 1,077,561 Impairment loss provision (23,933 ) (5,014 ) (4,983 ) (9,864 ) (54,197 ) (97,991 ) (1) Corresponds to the expected average rate. (2) the gross book value represents the maximum growth risk value of trade accounts receivable. |
Schedule of trade and other accounts receivable and non-current accounts receivable | Currency balances that make up the Trade and other accounts receivable and non-current accounts receivable are the following: As of As of December 31, December 31, Currency 2018 2017 ThUS$ ThUS$ Argentine Peso 82,893 49,958 Brazilian Real 511,174 635,894 Chilean Peso 118,546 90,302 Colombian peso 7,259 3,249 Euro 49,044 48,286 US Dollar 110,312 257,324 Other currency (*) 288,735 135,928 Total 1,167,963 1,220,941 (*) Other currencies Australian Dollar 100,733 40,303 Chinese Yuan 5,106 37 Danish Krone 475 197 Pound Sterling 18,129 5,068 Indian Rupee 7,163 3,277 Japanese Yen 56,589 18,756 Norwegian Kroner 283 133 Swiss Franc 5,046 2,430 Korean Won 31,381 18,225 New Taiwanese Dollar 6,180 2,983 Other currencies 57,650 44,519 Total 288,735 135,928 |
Schedule of allowance for impairment loss of trade and other accounts receivables | The movements of the provision for impairment losses of the Trade Debtors and other accounts receivable are as follows: Adoption Opening adjustment (Increase) Closing balance IFRS 9 (*) Write-offs Decrease balance Periods ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 (60,072 ) - 20,910 (37,892 ) (77,054 ) From January 1 to December 31, 2017 (77,054 ) - 8,249 (19,104 ) (87,909 ) From January 1 to December 31, 2018 (87,909 ) (10,524 ) 8,620 (8,178 ) (97,991 ) (*) Adjustment to the balance as of December 31, 2017 registered in retained earnings as of 01.01.2018 for the adoption of IFRS 9. |
Schedule of accounts receivable categories | 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, 2018 As of December 31, 2017 Gross exposure Gross Exposure net Gross exposure Gross Exposure net according to impaired of risk according to Impaired of risk balance exposure concentrations balance exposure concentrations ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Trade accounts receivable 1,077,561 (97,991 ) 979,570 1,175,796 (87,909 ) 1,087,887 Other accounts receivable 188,393 - 188,393 133,054 - 133,054 |
ACCOUNTS RECEIVABLE FROM_PAYA_2
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
Schedule of accounts receivable to related party | (a) Accounts Receivable As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2018 2017 ThUS$ ThUS$ Foreign Qatar Airways Indirect shareholder Qatar US$ 1,907 1,845 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP 988 728 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL - 2 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile CLP 31 5 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile CLP 5 2 Total current assets 2,931 2,582 |
Schedule of accounts payable to related party | (b) Accounts payable As of As of Country December 31, December 31, Tax No. Related party Relationship of origin Currency 2018 2017 ThUS$ ThUS$ 78.591.370-1 Bethia S.A. and Subsidiaries Related director Chile CLP 365 546 Foreign Inversora Aeronáutica Argentina S.A. Related director Argentina US$ 15 4 Foreign Consultoría Administrativa Profesional S.A. de C.V. Related company México MXN - 210 Foreign TAM Aviação Executiva e Taxi Aéreo S.A. Common shareholder Brazil BRL 2 - Total current liabilities 382 760 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories Abstract | |
Schedule of composition of inventories | The composition of Inventories is as follows: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Technical stock 233,276 195,530 Non-technical stock 46,068 41,136 Total 279,344 236,666 |
Schedule of inventory average cost, net of provision for obsolescence | The items included in this heading are spare parts and materials that will be used mainly in consumption in in-flight and maintenance services provided to the Company and third parties, which are valued at average cost, net of provision for obsolescence, as per the following detail: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Provision for obsolescence Technical stock 20,500 21,839 Provision for obsolescence Non-technical stock 4,621 6,488 Total 25,121 28,327 |
OTHER FINANCIAL ASSETS (Tables)
OTHER FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous assets [abstract] | |
Schedule of composition of other financial assets | 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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Other financial assets Private investment funds 322,428 472,232 - - 322,428 472,232 Deposits in guarantee (aircraft) 9,610 15,690 37,636 41,058 47,246 56,748 Guarantees for margins of derivatives 661 2,197 - - 661 2,197 Other investments - - 494 494 494 494 Domestic and foreign bonds 1,394 1,421 - - 1,394 1,421 Other guarantees given 7,140 6,031 20,570 46,019 27,710 52,050 Subtotal of other financial assets 341,233 497,571 58,700 87,571 399,933 585,142 (b) Hedging assets Interest accrued since the last payment date of Cross currency swap - 202 - - - 202 Fair value of interest rate derivatives 19,460 3,113 - - 19,460 3,113 Fair value of foreign currency derivatives 3,895 48,322 - 519 3,895 48,841 Fair value of fuel price derivatives - 10,711 - - - 10,711 Subtotal of hedging assets 23,355 62,348 - 519 23,355 62,867 (c) Derivatives not recognized as a hedge Foreign currency derivatives not recognized as a hedge 19,396 - - - 19,396 - Subtotal of derivatives not recognized as a hedge 19,396 - - - 19,396 - Total Other Financial Assets 383,984 559,919 58,700 88,090 442,684 648,009 |
OTHER NON-FINANCIAL ASSETS (Tab
OTHER NON-FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous assets [abstract] | |
Schedule of composition of 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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ (a) Advance payments Aircraft leases 31,284 31,322 9,687 4,718 40,971 36,040 Aircraft insurance and other 16,483 17,681 - - 16,483 17,681 Others 19,322 10,012 973 1,186 20,295 11,198 Subtotal advance payments 67,089 59,015 10,660 5,904 77,749 64,919 (b) Contract assets (1) GDS costs 14,708 - - - 14,708 - Credit card commissions 21,614 - - - 21,614 - Travel agencies commissions 12,635 - - - 12,635 - Subtotal advance payments 48,957 - - - 48,957 - (c) Other assets Aircraft maintenance reserve (2) 831 21,505 51,836 51,836 52,667 73,341 Sales tax 187,410 137,866 38,186 37,959 225,596 175,825 Other taxes 15,255 2,475 - - 15,255 2,475 Contributions to Société Internationale de Télécommunications Aéronautiques ("SITA") 258 327 739 670 997 997 Judicial deposits - - 132,267 124,438 132,267 124,438 Others 1,177 - 53 - 1,230 - Subtotal other assets 204,931 162,173 223,081 214,903 428,012 377,076 Total Other Non - Financial Assets 320,977 221,188 233,741 220,807 554,718 441,995 |
Schedule of movement of Contracts assets | Movement of Contracts assets: Contracts assets ThUS$ Initial balance as of January 1, 2018 - Activation 180,171 Adjustments by the application of IFRS 15 54,361 Difference by conversion (5,020 ) Amortization (180,555 ) Final balance as of December 31, 2018 48,957 |
NON-CURRENT ASSETS AND DISPOS_2
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous assets [abstract] | |
Schedule of non-current assets and in disposal groups held for sale | Non-current assets and groups in expropriation held for sale at December 31, 2018 and December 31, 2017, are detailed below: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Current assets Aircraft 265 236,022 Engines and rotables 5,299 9,197 Other assets 204 45,884 Total 5,768 291,103 Current liabilities Other liabilities - 15,546 Total - 15,546 |
Schedule of fleet classified as non-current assets or groups of assets for disposal classified as held | The detail of fleet classified as non-current assets or groups of assets for disposal classified as held for sale is the following: As of As of December 31, December 31, Aircraft 2018 2017 Boeing 777 Freighter - 2 (*) Airbus A330-200 - 1 Airbus A320-200 - 1 ATR42-300 1 1 Total 1 5 (*) One aircraft leased to DHL. |
INVESTMENTS IN SUBSIDIARIES (Ta
INVESTMENTS IN SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of subsidiaries [abstract] | |
Schedule of significant subsidiaries | Detail of significant subsidiaries and summarized financial information: Ownership As of As of Country of Functional December 31, December 31, Name of significant subsidiary incorporation currency 2018 2017 % % Lan Perú S.A. Peru US$ 70.00000 70.00000 Lan Cargo S.A. Chile US$ 99.89803 99.89803 Lan Argentina S.A. Argentina ARS 99.86560 99.86560 Transporte Aéreo S.A. Chile US$ 100.00000 100.00000 Aerolane Líneas Aéreas Nacionales del Ecuador S.A. Ecuador US$ 100.00000 100.00000 Aerovías de Integración Regional, AIRES S.A. Colombia COP 99.19061 99.19061 TAM S.A. Brazil BRL 99.99938 99.99938 |
Schedule of financial statements of subsidiaries | Summary financial information of significant subsidiaries Results for the year Statement of financial position as of December 31, 2018 ended December 31, 2018 Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Lan Perú S.A. 417,767 379,490 38,277 407,570 406,157 1,413 1,161,205 1,652 Lan Cargo S.A. 511,275 243,499 267,776 334,498 292,153 42,345 269,783 (34,401 ) Lan Argentina S.A. 243,173 235,919 7,254 239,127 236,702 2,425 254,069 (148,032 ) Transporte Aéreo S.A. 330,777 72,597 258,180 128,428 27,440 100,988 304,084 (17,847 ) Aerolane Líneas Aéreas Nacionales del Ecuador S.A. 106,487 96,564 9,923 95,860 89,819 6,041 234,169 (1,135 ) Aerovías de Integración Regional, AIRES S.A. 116,118 55,865 60,253 77,746 69,149 8,597 291,827 (5,068 ) TAM S.A. (*) 4,304,126 2,007,830 2,296,296 3,013,831 1,727,151 1,286,680 4,650,526 (12,538 ) Results for the year Statement of financial position as of December 31, 2017 ended December 31, 2017 Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Lan Perú S.A. 315,607 294,308 21,299 303,204 301,476 1,728 1,046,423 1,205 Lan Cargo S.A. 584,169 266,836 317,333 371,934 292,529 79,405 264,544 (30,220 ) Lan Argentina S.A. 198,951 166,445 32,506 143,731 139,914 3,817 387,557 (41,636 ) Transporte Aéreo S.A. 324,498 30,909 293,589 104,357 36,901 67,456 317,436 2,172 Aerolane Líneas Aéreas Nacionales del Ecuador S.A. 96,407 66,166 30,241 84,123 78,817 5,306 219,039 3,722 Aerovías de Integración Regional, AIRES S.A. 138,138 64,160 73,978 91,431 80,081 11,350 279,414 526 TAM S.A. (*) 4,490,714 1,843,822 2,646,892 3,555,423 2,052,633 1,502,790 4,621,338 160,582 Results for the year Statement of financial position as of December 31, 2016 ended December 31, 2016 Total Current Non-current Total Current Non-current Net Name of significant subsidiary Assets Assets Assets Liabilities Liabilities Liabilities Revenue Income ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Lan Perú S.A. 306,111 283,691 22,420 294,912 293,602 1,310 967,787 (2,164 ) Lan Cargo S.A. 480,908 144,309 336,599 239,728 211,395 28,333 266,296 (24,813 ) Lan Argentina S.A. 216,331 194,306 22,025 200,172 197,330 2,842 371,896 (29,572 ) Transporte Aéreo S.A. 340,940 36,986 303,954 124,805 59,668 65,137 297,247 8,206 Aerolane Líneas Aéreas Nacionales del Ecuador S.A. 89,667 56,064 33,603 81,101 75,985 5,116 219,676 (1,281 ) Aerovías de Integración Regional, AIRES S.A. 129,734 55,132 74,602 85,288 74,160 11,128 277,503 (13,675 ) TAM S.A. (*) 5,287,286 1,794,189 3,493,097 4,710,308 2,837,620 1,872,688 4,145,951 2,107 (*) Corresponds to consolidated information of TAM S.A. and Subsidiaries |
Schedule of non-controlling interest of subsidiary | As of As of As of As of Equity Country December 31, December 31, December 31, December 31, Tax No. of origin 2018 2017 2018 2017 % % ThUS$ ThUS$ Lan Perú S.A 0-E Peru 30.00000 30.00000 3,063 3,722 Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 (100 ) 849 Promotora Aérea Latinoamericana S.A. and Subsidiaries 0-E Mexico 0.00000 51.00000 - 4,578 Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.13940 0.13940 8,684 3,502 Lan Argentina S.A. 0-E Argentina 0.02890 0.02842 (472 ) 79 Americonsult de Guatemala S.A. 0-E Guatemala 1.00000 1.00000 1 1 Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 1 - Americonsult Costa Rica S.A. 0-E Costa Rica 1.00000 1.00000 11 12 Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 10.00000 10.00000 (462 ) (520 ) Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.80944 378 461 Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 1,740 1,324 Multiplus S.A. 0-E Brazil 27.26000 27.26000 67,096 77,139 Total 79,940 91,147 For the year ended For the year ended Incomes Country December 31, December 31, December 31, December 31, Tax No. of origin 2018 2017 2016 2018 2017 2016 % % % ThUS$ ThUS$ ThUS$ Lan Perú S.A 0-E Peru 30.00000 30.00000 30.00000 1,012 360 (649 ) Lan Cargo S.A. and Subsidiaries 93.383.000-4 Chile 0.10196 0.10196 0.10196 (395 ) (4 ) (7 ) Promotora Aerea Latinoamericana S.A. and Subsidiaries 0-E Mexico 0.00000 51.00000 51.00000 - 1,416 96 Inversora Cordillera S.A. and Subsidiaries 0-E Argentina 0.13940 0.13940 0.70422 183 117 364 Lan Argentina S.A. 0-E Argentina 0.02890 0.02842 0.13440 39 24 77 Americonsult de Guatemala S.A. 0-E Guatemala 1.00000 1.00000 1.00000 - - (4 ) Americonsult S.A. and Subsidiaries 0-E Mexico 0.20000 0.20000 0.00000 2 - - Linea Aérea Carguera de Colombiana S.A. 0-E Colombia 10.00000 10.00000 10.00000 58 398 (106 ) Aerolíneas Regionales de Integración Aires S.A. 0-E Colombia 0.79880 0.80944 0.80944 (41 ) 4 (140 ) Transportes Aereos del Mercosur S.A. 0-E Paraguay 5.02000 5.02000 5.02000 717 299 146 Multiplus S.A. 0-E Brazil 27.26000 27.26000 27.26000 29,737 42,796 41,673 Total 31,312 45,410 41,450 (*) On September 4, 2018, LATAM Airlines Brazil send a communication to Multiplus informing it that it intends to: (i) not renew or extend the contract of the operation when it expires; and (ii) make a public offer to acquire the shares of Multiplus that are not owned by it, in order to cancel the registration of Multiplus as a public limited company in the Comissão de Valores de Mobiliários of the Federative Republic of Brazil (CVM) and delist it from the Novo Mercado de B3. This process is subject to the approval of the Brazilian securities regulator and the public offer for the acquisition of shares is successful. |
INTANGIBLE ASSETS OTHER THAN _2
INTANGIBLE ASSETS OTHER THAN GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of intangible assets | 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, 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Airport slots 828,969 964,513 828,969 964,513 Loyalty program 274,420 321,440 274,420 321,440 Computer software 156,038 160,970 529,009 509,377 Developing software 151,853 123,415 151,853 123,415 Trademarks (1) 29,361 46,909 53,391 62,539 Other assets 431 - 1,325 - Total 1,441,072 1,617,247 1,838,967 1,981,284 |
Schedule of movement in Intangible assets | 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, 2016 104,258 74,887 816,987 325,293 1,321,425 Additions 6,688 83,672 - - 90,360 Withdrawals (736 ) (191 ) - - (927 ) Transfer software 85,029 (74,376 ) - - 10,653 Foreing exchange 5,689 7,061 161,862 64,447 239,059 Amortization (43,912 ) - - (6,345 ) (50,257 ) Closing balance as of December 31, 2016 157,016 91,053 978,849 383,395 1,610,313 Opening balance as of January 1, 2017 157,016 91,053 978,849 383,395 1,610,313 Additions 8,453 78,880 - - 87,333 Withdrawals (244 ) (684 ) - - (928 ) Transfer software 45,783 (45,580 ) - - 203 Foreing exchange (1,215 ) (254 ) (14,336 ) (5,459 ) (21,264 ) Amortization (48,823 ) - - (9,587 ) (58,410 ) Closing balance as of December 31, 2017 160,970 123,415 964,513 368,349 1,617,247 Opening balance as of January 1, 2018 160,970 123,415 964,513 368,349 1,617,247 Additions 792 94,300 - - 95,092 Withdrawals (403 ) (124 ) - - (527 ) Transfer software 59,675 (61,087 ) - - (1,412 ) Foreing exchange (10,136 ) (4,651 ) (135,544 ) (53,521 ) (203,852 ) Amortization (54,549 ) - - (11,047 ) (65,596 ) Hyperinflation Argentina 62 - - - 62 Adjustment aplication IAS 29 by hyperinflation Argentina 58 - - - 58 Closing balance as of December 31, 2018 156,469 151,853 828,969 303,781 1,441,072 1) In 2016, the Company resolved to adopt a unique name and identity, and announced that the group's brand will be LATAM, which united all the companies under a single image. The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. 2) See Note 2.5 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of movement of goodwill | Movement of Goodwill, separated by CGU: Coalition and loyalty Air program Transport Multiplus Total ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2016 1,835,088 445,487 2,280,575 Increase (decrease) due to exchange rate differences 341,813 88,261 430,074 Others (267 ) - (267 ) Closing balance as of December 31, 2016 2,176,634 533,748 2,710,382 Opening balance as of January 1, 2017 2,176,634 533,748 2,710,382 Increase (decrease) due to exchange rate differences (29,942 ) (7,890 ) (37,832 ) Closing balance as of December 31, 2017 2,146,692 525,858 2,672,550 Opening balance as of January 1, 2018 2,146,692 525,858 2,672,550 Increase (decrease) due to exchange rate differences (300,203 ) (76,922 ) (377,125 ) Adjustment IAS 29, hyperinflation Argentina 335 - 335 Others (1,688 ) - (1,688 ) Closing balance as of December 31, 2018 1,845,136 448,936 2,294,072 |
Schedule of recoverable values categories by CGU | As of December 31, 2018 the recoverable values were determined using the following assumptions presented below: Air transportation Coalition and loyalty Annual growth rate (Terminal) % 1.0 - 2.0 4.0 - 5.0 Exchange rate (1) R$/US$ 3.7 - 4.6 3.5 - 4.3 Discount rate based on the weighted average cost of capital (WACC) % 8.07 - 10.07 Discount rate based on cost of equity (CoE) % - 12.0 - 13.0 Fuel Price from futures price curves commodities markets US$/barrel 75-80 (1) In line with the expectations of the Central Bank of Brazil (2) The flows, like the growth and discount rates, are denominated in reais. |
Schedule of sensitivity analysis of goodwill by CGU | CGU´s are sensitive to rates for annual growth, discount and exchanges rates. The sensitivity analysis included the individual impact of changes in estimates critical in determining the recoverable amounts, namely: Decrease Increase Increase Minimum Maximum Maximum terminal WACC CoE growth rate % % % Air transportation CGU 10.07 - 1.0 Coalition and loyalty program Multiplus CGU - 13.00 4.0 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Schedule of composition of property, plant and equipment | The composition by category of Property, plant and equipment is as follows: Gross Book Value Acumulated depreciation Net Book Value As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Construction in progress (1) 630,320 556,822 - - 630,320 556,822 Land 45,424 49,780 - - 45,424 49,780 Buildings 179,907 190,552 (67,342 ) (66,004 ) 112,565 124,548 Plant and equipment 8,371,990 9,222,540 (2,727,539 ) (2,390,142 ) 5,644,451 6,832,398 Own aircraft (2) 7,732,238 8,544,185 (2,492,940 ) (2,138,612 ) 5,239,298 6,405,573 Other (3) 639,752 678,355 (234,599 ) (251,530 ) 405,153 426,825 Machinery 34,253 39,084 (27,659 ) (29,296 ) 6,594 9,788 Information technology equipment 160,936 166,713 (138,372 ) (136,557 ) 22,564 30,156 Fixed installations and accessories 182,629 186,989 (111,620 ) (106,212 ) 71,009 80,777 Motor vehicles 69,653 70,290 (60,531 ) (58,812 ) 9,122 11,478 Leasehold improvements 211,322 186,679 (128,055 ) (102,454 ) 83,267 84,225 Other property, plants and equipment 4,961,847 3,640,838 (1,633,798 ) (1,355,475 ) 3,328,049 2,285,363 Financial leasing aircraft (2) 4,862,985 3,551,041 (1,604,035 ) (1,328,421 ) 3,258,950 2,222,620 Other 98,862 89,797 (29,763 ) (27,054 ) 69,099 62,743 Total 14,848,281 14,310,287 (4,894,916 ) (4,244,952 ) 9,953,365 10,065,335 (1) As of December 31, 2018, includes advances paid to aircraft manufacturers for ThUS$ 612,236 (ThUS$ 543,720 as of December 31, 2017) (2) In the period ended December 31, 2018, the Company sold its participation in twenty special-purpose entities. As a result of this, 50 aircraft were reclassified from the category Plants and equipment to the category Other properties, plants and equipment. (3) Consider mainly rotables and tools. |
Schedule of movement of property, plant and equipment | Movement in the different categories of Property, plant and equipment: Other Information Fixed property, Property, Plant and technology installations Motor Leasehold plant and Plant and Construction Buildings equipment equipment & accessories vehicles improvements equipment equipment in progress Land net net net net net net net net ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2016 1,142,812 45,313 91,491 7,341,075 43,889 88,958 1,525 54,088 2,129,506 10,938,657 Additions 14,481 - 272 1,301,093 7,392 292 6 54,181 13,013 1,390,730 Disposals - - - (16,918 ) (59 ) - (32 ) - (2,972 ) (19,981 ) Retirements (284 ) - (68 ) (39,816 ) (55 ) (1,258 ) - - (2,604 ) (44,085 ) Depreciation expenses - - (6,234 ) (562,131 ) (14,909 ) (13,664 ) (293 ) (23,283 ) (124,038 ) (744,552 ) Foreing exchange 5,081 4,835 2,538 51,770 2,924 9,384 223 2,849 93,383 172,987 Other increases (decreases) (692,025 ) - 42,220 (285,198 ) 532 200 (384 ) 16,706 (277,658 ) (1,195,607 ) Changes, total (672,747 ) 4,835 38,728 448,800 (4,175 ) (5,046 ) (480 ) 50,453 (300,876 ) (440,508 ) Closing balance as of December 31, 2016 470,065 50,148 130,219 7,789,875 39,714 83,912 1,045 104,541 1,828,630 10,498,149 Opening balance as of January 1, 2017 470,065 50,148 130,219 7,789,875 39,714 83,912 1,045 104,541 1,828,630 10,498,149 Additions 11,145 - - 258,615 5,708 329 77 8,156 41,483 325,513 Disposals - - - (16,004 ) (6 ) (10 ) (43 ) - (27 ) (16,090 ) Retirements (127 ) - (6 ) (24,341 ) (473 ) (497 ) - - (1,610 ) (27,054 ) Depreciation expenses - - (7,946 ) (496,857 ) (14,587 ) (14,124 ) (187 ) (27,266 ) (204,237 ) (765,204 ) 107 (368 ) (275 ) (4,603 ) (183 ) (820 ) (8 ) (243 ) (5,113 ) (11,506 ) Other increases (decreases) 75,632 - 2,556 (653,457 ) (17 ) 11,987 (448 ) (963 ) 626,237 61,527 Changes, total 86,757 (368 ) (5,671 ) (936,647 ) (9,558 ) (3,135 ) (609 ) (20,316 ) 456,733 (432,814 ) Closing balance as of December 31, 2017 556,822 49,780 124,548 6,853,228 30,156 80,777 436 84,225 2,285,363 10,065,335 Opening balance as of January 1, 2018 556,822 49,780 124,548 6,853,228 30,156 80,777 436 84,225 2,285,363 10,065,335 Additions 7,927 - - 593,210 4,995 64 24 20,410 42,156 668,786 Disposals - (8 ) (1,413 ) (4,747 ) (30 ) (73 ) (14 ) - - (6,285 ) Retirements (80 ) - (19 ) (63,711 ) (94 ) (27 ) - (4 ) (62 ) (63,997 ) Depreciation expenses - - (6,219 ) (406,714 ) (11,677 ) (12,538 ) (146 ) (27,766 ) (298,863 ) (763,923 ) Foreing exchange (713 ) (4,348 ) (4,244 ) (42,077 ) (1,818 ) (8,499 ) (28 ) (2,351 ) (52,410 ) (116,488 ) Other increases (decreases) 65,991 - (88 ) (1,273,218 ) 733 10,194 273 8,753 1,351,559 164,197 Adjustment application IAS 29 265 - - 3,053 264 1,018 65 - 275 4,940 Hyperinflation Argentina 108 - - 509 35 93 24 - 31 800 Changes, total 73,498 (4,356 ) (11,983 ) (1,193,695 ) (7,592 ) (9,768 ) 198 (958 ) 1,042,686 (111,970 ) Closing balance as of December 31, 2018 630,320 45,424 112,565 5,659,533 22,564 71,009 634 83,267 3,328,049 9,953,365 |
Schedule of composition of the fleet | Composition of the fleet: Aircraft included in Property, Operating Total plant and equipment leases 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 2018 2017 2018 2017 2018 2017 Boeing 767 300ER 33 34 2 2 35 36 Boeing 767 300F 9 (4) 8 (1) 1 2 10 (4) 10 (1) Boeing 777 300ER 4 4 6 6 10 10 Boeing 777 200ER - - 2 - 2 - Boeing 787 800 6 6 4 4 10 10 Boeing 787 900 4 4 10 10 14 14 Airbus A319 100 37 37 9 9 46 46 Airbus A320 200 97 (2) 93 (2) 34 38 131 (2) 131 (2) Airbus A320 NEO 1 1 3 3 4 4 Airbus A321 200 30 30 19 17 49 47 Airbus A350 900 5 (3) 5 (3) 4 (3) 2 (3) 9 (3) 7 (3) Total 226 222 94 93 320 315 (1) One aircraft leased to FEDEX as of December 2017; three aircraft as of December 2016. (2) Three aircraft leased to Salam Air and two to Sundair (3) Two aircraft leased to Qatar Air. One in operating lease and one in Properties, plant and equipment. (4) One aircraft leased to Aerotransportes Mas de Carga S.A. de C.V. as of December 2018 |
Schedule of method used for the depreciation of property, plant and equipment | 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 23 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 5 Other property, plant and equipment Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. (*) 10 23 (*) Except in the case of the Boeing 767 300ER and Boeing 767 300F fleets that consider a lower residual value due to the extension of their useful life to 22 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. The aircraft with remarketing clause (**) under modality of financial leasing, which are depreciated according to the duration of their contracts, between 12 and 18 years. Its residual values are estimated according to market value at the end of such contracts. (**) Aircraft with remarketing clause are those that are required to sell at the end of the contract. |
Schedule of property, plant and equipment pledged as guarantee | Description of Property, plant and equipment pledged as guarantee: As of As of December 31, December 31, 2018 2017 Guarantee Assets Existing Book Existing Book agent (1) committed Fleet Debt Value Debt Value ThUS$ ThUS$ ThUS$ ThUS$ Wilmington Aircraft and engines Airbus A319 96,057 234,329 - - Airbus A320 98,903 220,390 - - Airbus A321 / A350 587,382 682,639 637,934 721,602 Trust Company Boeing 767 82,793 206,868 593,655 888,948 Boeing 787 672,065 736,858 720,267 842,127 Banco Santander S.A. Aircraft and engines Airbus A320 172,474 275,511 199,165 291,649 Airbus A321 25,661 41,957 29,296 40,584 BNP Paribas Aircraft and engines Airbus A319 26,702 45,520 84,767 136,407 Airbus A320 - - 110,267 175,650 Credit Agricole Aircraft and engines Airbus A319 11,154 31,865 20,874 38,826 Airbus A320 134,328 132,301 46,895 98,098 Airbus A321 - - 30,322 85,463 Airbus A350 22,439 24,939 - - Boeing 767 21,830 43,568 - - Boeing 787 74,023 42,228 - - Wells Fargo Aircraft and engines Airbus A320 196,540 285,877 224,786 306,660 Bank of Utah Aircraft and engines Airbus A320 / A350 556,019 630,065 614,632 666,665 Natixis Aircraft and engines Airbus A320 - - 34,592 72,388 Airbus A321 324,524 410,771 378,418 481,397 Citibank N. A. Aircraft and engines Airbus A320 78,049 132,296 94,882 141,817 Airbus A321 28,938 70,333 36,026 72,741 KfW IPEX-Bank Aircraft and engines Airbus A319 - - 5,592 5,505 Airbus A320 - - 21,296 30,513 Airbus Financial Services Aircraft and engines Airbus A319 - - 22,927 26,973 - - - - PK AirFinance US, Inc. Aircraft and engines Airbus A320 37,615 52,435 46,500 56,539 JP Morgan Aircraft and engines Boeing 777 (2) - - 169,674 216,000 Banco BBVA Land and buildings (3) 50,785 64,500 55,801 66,876 Total direct guarantee 3,298,281 4,365,250 4,178,568 5,463,428 (1) For syndicated loans, is the Guarantee Agent that, represent different creditors. (2) At December 31, 2017 these assets were classified on Non-current assets and groups in expropriation held for sale. (3) Corresponds to a debt classified in item loans to exporters (see Note 19). |
Schedule of fully depreciated assets and commitments for future purchases | Fully depreciated assets and commitments for future purchases are as follows: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Gross book value of fully depreciated property, plant and equipment still in use 192,606 136,811 Commitments for the acquisition of aircraft (*) 14,400,000 15,400,000 (*) Acording to the manufacturer’s price list. |
Schedule of purchase commitment | Purchase commitment of aircraft Year of delivery Manufacturer 2019 2020 2021 2022 2023-2026 Total Airbus S.A.S. 13 9 13 11 21 67 A320-NEO 9 5 6 5 7 32 A321-NEO - 4 5 4 6 19 A350-1000 - - - - 8 8 A350-900 4 - 2 2 - 8 The Boeing Company 2 2 2 - 4 10 Boeing 777-F - - - - 2 2 Boeing 787-9 2 2 2 - 2 8 Total 15 11 15 11 25 77 |
Schedule of capitalized interest costs | Capitalized interest costs with respect to Property, plant and equipment. For the year ended December 31, 2018 2017 2016 Average rate of capitalization of capitalized interest costs % 4.62 4,12 3.54 Costs of capitalized interest ThUS$ 15,398 8,210 (696 ) |
Schedule of financial leases | The detail of the main financial leases is as follows: As of As of Aircraft December 31, December 31, Lessor engines and rotables Model 2018 2017 777 Components Leasing. LLC Boeing 777 Rotables 1 - Amendoeira Leasing Limited Airbus A319 100 1 - Angelim Leasing Limited Airbus A319 100 1 - Angelim Leasing Limited Airbus A320 200 2 - Angelim Leasing Limited Airbus A321 200 2 - Araucaria Leasing Limited Airbus A320 200 1 - Azalea Leasing Limited Airbus A320 200 1 - Bandurria Leasing Limited Airbus A319 100 3 3 Bandurria Leasing Limited Airbus A320 200 4 4 Becacina Leasing LLC Boeing 767 300ER 1 1 Chucao Leasing Limited Airbus A319 100 2 - Caiquen Leasing LLC Boeing 767 300F - 1 Cisne Leasing LLC Boeing 767 300ER 2 2 Conure Leasing Limited Airbus A320 200 2 2 Figueira Leasing Limited Airbus A320 200 1 - Flamenco Leasing LLC Boeing 767 300ER 1 1 FLYAFI 1 S.R.L. Boeing 777 300ER 1 1 FLYAFI 2 S.R.L. Boeing 777 300ER 1 1 FLYAFI 3 S.R.L. Boeing 777 300ER 1 1 Fragata Leasing LLC Boeing 787 800 1 - Garza Leasing LLC Boeing 767 300ER 1 1 Golondrina Leasing LLC Boeing 767 300ER 4 - Imbuia Leasing Limited Airbus A320 200 1 - Jacarandá Leasing Limited Airbus A320 200 1 - Jatobá Leasing Limited Airbus A319 100 1 - Jilguero Leasing LLC Boeing 767 300ER 3 3 Loica Leasing Limited Airbus A319 100 2 2 Loica Leasing Limited Airbus A320 200 2 2 Massaranduba Leasing Limited Airbus A320 200 2 - Massaranduba Leasing Limited Airbus A321 200 3 - Mirlo Leasing LLC Boeing 767 300ER 1 1 Mogno Leasing Limited Airbus A319 100 1 - NBB Rio de Janeiro Lease CO and Brasilia Lease LLC (BBAM) Airbus A320 200 1 1 NBB São Paulo Lease CO. Limited (BBAM) Airbus A321 200 1 1 Osprey Leasing Limited Airbus A319 100 - 8 Patagon Leasing Limited Airbus A319 100 3 3 Petrel Leasing LLC Boeing 767 300ER - 1 Pau Brasil Leasing Limited Airbus A319 100 1 - Pochard Leasing LLC Boeing 767 300ER 2 2 Quetro Leasing LLC Boeing 767 300ER - 3 Rolls Royce Leasing Limited Motor TRENTXWB 1 - SG Infraestructure Italia S.R.L. Boeing 777 300ER 1 1 Sibipiruna Leasing Limited Airbus A320 200 2 - SL Alcyone LTD (Showa) Airbus A320 200 1 1 Tagua Leasing LLC Boeing 767 300ER 9 - Tiuque Leasing Limited Airbus A319 100 1 - Tiuque Leasing Limited Airbus A320 200 5 - Torcaza Leasing Limited Airbus A320 200 8 8 Tricahue Leasing LLC Boeing 767 300ER 3 3 Wacapou Leasing S.A Airbus A320 200 1 1 Wells Fargo Trust Company, N.A. Airbus A319 100 - 1 Ype Leasing Limited Airbus A319 100 1 - Total 92 60 |
Schedule of minimum payments under financial leases | The minimum payments under financial leases are as follows: As of December 31, 2018 As of December 31, 2017 As of December 31, 2016 Gross Present Gross Present Gross Present Value Interest Value Value Interest Value Value Interest Value ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ No later than one year 442,030 (43,871 ) 398,159 303,863 (32,447 ) 271,416 285,168 (32,365 ) 252,803 Between one and five years 1,188,032 (50,610 ) 1,137,422 835,696 (30,050 ) 805,646 704,822 (43,146 ) 661,676 Over five years 116,955 (5,830 ) 111,125 36,788 (816 ) 35,972 43,713 (120 ) 43,593 Total 1,747,017 (100,311 ) 1,646,706 1,176,347 (63,313 ) 1,113,034 1,033,703 (75,631 ) 958,072 |
CURRENT AND DEFERRED TAXES (Tab
CURRENT AND DEFERRED TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |
Schedule of Composition of current tax assets | 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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provisional monthly payments (advances) 48,480 65,257 - - 48,480 65,257 Other recoverable credits 20,654 12,730 757 17,532 21,411 30,262 Total assets by current tax 69,134 77,987 757 17,532 69,891 95,519 |
Schedule of composition of current tax liabilities | 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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Income tax provision 3,738 3,511 - - 3,738 3,511 Total liabilities by current tax 3,738 3,511 - - 3,738 3,511 |
Schedule of balances of deferred tax are | 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, 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Depreciation 225,967 210,855 1,225,199 1,401,277 Leased assets (75,136 ) (103,201 ) 508,128 275,142 Amortization (983 ) (484 ) 55,880 54,335 Provisions (38,303 ) (9,771 ) (75,631 ) 690 Revaluation of financial instruments 445 (734 ) 458 (4,484 ) Tax losses 170,980 290,973 (1,198,170 ) (1,188,586 ) Intangibles - - 351,238 406,536 Others (9,643 ) (23,617 ) 5,019 4,787 Total 273,327 364,021 872,121 949,697 |
Schedule of movements of deferred tax assets and liabilities | Movements of Deferred tax assets and liabilities (a) From January 1 to December 31, 2016 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Others Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Depreciation (1,130,991 ) (241,435 ) - (3,599 ) - (1,376,025 ) Leased assets (251,302 ) 14,833 - (3,289 ) - (239,758 ) Amortization (71,164 ) (4,375 ) - (1,941 ) - (77,480 ) Provisions 378,537 (149,969 ) 921 53,448 (1,568 ) 281,369 Revaluation of financial instruments 8,284 28,294 (34,695 ) 1,340 - 3,223 Tax losses (*) 1,009,782 304,892 - 14,062 - 1,328,736 Intangibles (364,314 ) 4,131 - (70,522 ) - (430,705 ) Others (13,802 ) (30,185 ) - 22,234 1,214 (20,539 ) Total (434,970 ) (73,814 ) (33,774 ) 11,733 (354 ) (531,179 ) (b) From January 1 to December 31, 2017 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Depreciation (1,376,025 ) 185,282 - 322 (1,190,421 ) Leased assets (239,758 ) (138,879 ) - 294 (378,343 ) Amortization (77,480 ) 22,486 - 174 (54,820 ) Provisions 281,369 (286,267 ) (785 ) (4,778 ) (10,461 ) Revaluation of financial instruments 3,223 2,417 (1,770 ) (120 ) 3,750 Tax losses (*) 1,328,736 152,081 - (1,257 ) 1,479,560 Intangibles (430,705 ) 24,436 - (267 ) (406,536 ) Others (20,539 ) (7,547 ) - (319 ) (28,405 ) Total (531,179 ) (45,991 ) (2,555 ) (5,951 ) (585,676 ) (c) From January 1 to December 31, 2018 Opening Recognized in Recognized in Exchange Ending balance consolidated comprehensive rate balance Assets/(liabilities) income income variation Asset (liability) ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Depreciation (1,190,421 ) 188,052 - 3,137 (999,232 ) Leased assets (378,343 ) (207,787 ) - 2,866 (583,264 ) Amortization (54,820 ) (3,735 ) - 1,692 (56,863 ) Provisions (10,461 ) 92,804 1,567 (46,582 ) 37,328 Revaluation of financial instruments 3,750 (2,326 ) (269 ) (1,168 ) (13 ) Tax losses (*) 1,479,560 (98,154 ) - (12,256 ) 1,369,150 Intangibles (406,536 ) 20,000 - 35,298 (351,238 ) Others (28,405 ) 16,853 - (3,110 ) (14,662 ) Total (585,676 ) 5,707 1,298 (20,123 ) (598,794 ) |
Schedule of deferred tax assets not recognized | Deferred tax assets not recognized: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Tax losses 137,761 81,155 Total Deferred tax assets not recognized 137,761 81,155 |
Schedule of deferred tax expense and current income taxes | Deferred tax expense and current income taxes: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Current tax expense Current tax expense 77,713 127,024 87,307 Adjustment to previous period’s current tax 362 489 2,083 Total current tax expense, net 78,075 127,513 89,390 Deferred tax expense Deferred expense for taxes related to the creation and reversal of temporary differences 5,707 45,991 73,814 Total deferred tax expense, net 5,707 45,991 73,814 Income tax expense 83,782 173,504 163,204 |
Schedule of composition of income tax expense (income) | Composition of income tax expense (income): For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Current tax expense, net, foreign 65,850 100,657 80,600 Current tax expense, net, Chile 12,225 26,856 8,790 Total current tax expense, net 78,075 127,513 89,390 Deferred tax expense, net, foreign 58,271 21,846 119,175 Deferred tax expense, net, Chile (52,564 ) 24,145 (45,361 ) Deferred tax expense, net, total 5,707 45,991 73,814 Income tax expense 83,782 173,504 163,204 |
Schedule of profit before tax by the legal tax rate | Profit before tax by the legal tax rate in Chile (27% and 25.5% at December 31, 2018 and 2017, respectively) For the year ended For the year ended December 31, December 31, 2018 2017 2016 2018 2017 2016 ThUS$ ThUS$ ThUS$ % % % Tax expense using the legal rate 80,198 95,425 65,449 27.00 25.50 24.00 Tax effect by change in tax rate 5,587 897 - 1.88 0.24 - Tax effect of rates in other jurisdictions 3,287 42,326 16,333 1.11 11.31 5.99 Tax effect of non-taxable operating revenues (3,076 ) (44,593 ) (62,419 ) (1.04 ) (11.92 ) (22.89 ) Tax effect of disallowable expenses 61,295 35,481 132,469 20.64 9.48 48.58 Tax effect of due to the non-use of tax losses 46,492 211 - 15.65 0.06 - Other increases (decreases) in legal tax charge (110,001 ) 43,757 11,372 (37.03 ) 11.69 4.17 Total adjustments to tax expense using the legal rate 3,584 78,079 97,755 1.21 20.86 35.85 Tax expense using the effective rate 83,782 173,504 163,204 28.21 46.36 59.85 |
Schedule of deferred taxes related to items charged to net equity | Deferred taxes related to items charged to net equity: For the year ended December 31, 2018 2017 ThUS$ ThUS$ Aggregate deferred taxation of components of other comprehensive income 1,298 (2,555 ) |
OTHER FINANCIAL LIABILITIES (Ta
OTHER FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of financial liabilities [abstract] | |
Schedule of composition of other financial liabilities | The composition of other financial liabilities is as follows: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Current (a) Interest bearing loans 1,397,156 1,288,749 (b) Hedge derivatives 25,921 12,200 (c) Derivative non classified as hedge acounting 7,712 - Total current 1,430,789 1,300,949 Non-current (a) Interest bearing loans 5,864,570 6,602,891 (b) Hedge derivatives 340 2,617 Total non-current 5,864,910 6,605,508 |
Schedule of composition of interest bearing loans | Obligations with credit institutions and debt instruments: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Current Loans to exporters 400,721 314,618 Bank loans (1) 37,743 59,017 Guaranteed obligations 324,976 531,173 Other guaranteed obligations 97,143 2,170 Subtotal bank loans 860,583 906,978 Obligation with the public (2) 14,643 14,785 Financial leases 425,100 276,541 Other loans 96,830 90,445 Total current 1,397,156 1,288,749 Non-current Bank loans 184,998 260,433 Guaranteed obligations (3) (7) 2,209,045 3,505,669 Other guaranteed obligations 576,309 240,007 Subtotal bank loans 2,970,352 4,006,109 Obligation with the public (4) (5) (6) 1,538,436 1,569,281 Financial leases (7) 1,199,754 832,964 Other loans 156,028 194,537 Total non-current 5,864,570 6,602,891 Total obligations with financial institutions 7,261,726 7,891,640 (1) On September 29, 2016 TAM Linhas Aéreas S.A. obtained financing for US$ 200 million, guaranteed with 18% of the shares of Multiplus S.A., percentage adjustable depending on the shares price. Additionally, TAM obtained a hedging economic (Cross Currency Swap) for the same amount and period, in order to convert the commitment currency from US$ to BRL. On March 30, 2017, TAM Linhas Aéreas S.A. restructured the financing mentioned in the previous paragraph, modifying the nominal amount of the transaction to US $ 137 million. On September 27, 2017, TAM Linhas Aéreas S.A. made the payment of capital plus interest corresponding to the last installment of the financing described above. Simultaneously, all the garments were lifted on the shares of Multiplus S.A. delivered as collateral. (2) On April 25, 2017, the payment of the principal plus interest on the long-term bonds issued by the company TAM Capital Inc. for an amount of US$ 300,000,000 at an interest rate of 7.375% annual. The payment consisted of 100% of the capital, US$ 300,000,000, and interest accrued as of the date of payment for ThUS $ 11,063. (3) On April 10, 2017, the issuance and private placement of debt securities in the amount of US$ 140,000,000 was made under the current structure of the Enhanced Equipment Trust Certificates ("EETC") issued and placed the year 2015 to finance the acquisition of eleven Airbus A321-200, two Airbus A350-900 and four Boeing 787-9 with arrivals between July 2015 and April 2016. The offer is made up of Class C Certificates, which are subordinate to the Current Class A Certificates and Class B Certificates held by the Company. The term of the Class C Certificates is six years and expires in 2023. (4) On April 11, 2017, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusively owned by LATAM Airlines Group SA, has issued and placed on the international market, pursuant to Rule 144 -A and Regulation S of the securities laws of the United States of America, long-term unsecured bonds in the amount of US$ 700,000,000, maturing in 2024 at an annual interest rate of 6.875%. As reported in the essential fact of April 6, 2017, the Issue and placement of the 144-A Bonds was intended to finance general corporate purposes of LATAM. (5) On August 17, 2017, LATAM made the placement in the local market (Santiago Stock Exchange) of the Series A Bonds (BLATM-A), Series B (BLATM-B), Series C (BLATM-) C) and Series D (BLATM-D), which correspond to the first issue of bonds charged to the line inscribed in the Securities Registry of the Commission for the Financial Market (“CMF”), under number 862 for a total of UF 9,000,000. The total amount placed of the Series A Bond was UF 2,500,000; The total amount placed of the Series B Bond was UF 2,500,000. The total amount placed of the Series C Bond was UF 1,850,000. The total amount placed of the Series D Bond was UF 1,850,000, thus totaling UF 8,700,000. The Series A Bonds have an expiration date on June 1, 2022 and an annual interest rate of 5.25%. The Series B Bonds have an expiration date on January 1, 2028 and an annual interest rate of 5.75%. The Series C Bonds have an expiration date on June 1, 2022 and an annual interest rate of 5.25%. The Series D Bonds have an expiration date on January 1, 2028 and an annual interest rate of 5.75%. The proceeds of the placement of the Series A, Series B, Series C and Series D Bonds were allocated in full to the partial financing of the early redemption of the total bonds of TAM Capital 3 inc. (6) On September 1, 2017, TAM Capital 3 Inc., a company controlled indirectly by TAM S.A. through its subsidiary TAM Linhas Aéreas SA, which consolidates its financial statements with LATAM, made the full advance redemption of the bonds it placed abroad on June 3, 2011, for an amount of US $ 500 million at a 8.375% rate and with an expiration date on June 3, 2021. The total redemption was partially financed with the placement of bonds in the local market described in number (5) above, and the balance, with other funds available from the Company. (7) In the period ended December 31, 2018, the Company sold its participation in twenty one special-purpose entities. As a result of this, the classification of the financial liabilities associated with 50 aircraft from bonds guaranteed to finance leases was modified. |
Schedule of currency balances of interest bearing loans | Currency balances that make the interest bearing loans: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Currency Brazilian real - 130 Chilean peso (U.F.) 500,398 521,122 US Dollar 6,767,812 7,370,388 Total 7,268,210 7,891,640 |
Schedule of interest-bearing loans catrgories by installments | Interest-bearing loans due in installments to December 31, 2018 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile ThUS$ 38,000 75,000 - - - 113,000 38,432 75,623 - - - 114,055 At Expiration 3.36 3.36 97.032.000-8 BBVA Chile UF - 50,785 - - - 50,785 - 50,930 - - - 50,930 At Expiration 3.31 3.31 97.036.000-K SANTANDER Chile ThUS$ 23,000 - - - - 23,000 23,025 - - - - 23,025 At Expiration 3.90 3.90 97.030.000-7 ESTADO Chile ThUS$ - - - - - - - - - - - - At Expiration - - 97.003.000-K BANCO DO BRASIL Chile ThUS$ 200,000 - - - - 200,000 200,698 - - - - 200,698 At Expiration 3.64 3.64 97.951.000-4 HSBC Chile ThUS$ 12,000 - - - - 12,000 12,013 - - - - 12,013 At Expiration 3.14 3.14 Bank loans 97.023.000-9 CORPBANCA Chile UF 5,461 16,385 16,385 - - 38,231 5,480 16,385 16,232 - - 38,097 Quarterly 3.35 3.35 0-E BLADEX U.S.A. ThUS$ - 15,000 - - - 15,000 - 14,964 - - - 14,964 Semiannual 6.74 6.74 97.036.000-K SANTANDER Chile ThUS$ - - 102,521 - - 102,521 223 - 102,521 - - 102,744 Quarterly 5.60 5.60 76.362.099-9 BTG PACTUAL CHILE Chile UF - - - 65,862 - 65,862 118 - - 64,957 - 65,075 At Expiration 3.10 3.10 Obligations with the public 0-E BANK OF NEW YORK U.S.A. ThUS$ - - 500,000 - 700,000 1,200,000 13,057 - 495,617 - 697,869 1,206,543 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - - - 172,591 172,591 345,182 1,586 - - 172,420 172,530 346,536 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France ThUS$ 658 1,986 5,384 2,052 - 10,080 715 1,986 5,384 2,052 - 10,137 Quarterly 3.23 3.23 0-E BNP PARIBAS U.S.A. ThUS$ 10,553 43,430 114,247 117,556 225,912 511,698 13,334 44,191 110,977 115,747 224,093 508,342 Quarterly 4.55 4.55 0-E WILMINGTON TRUST U.S.A. ThUS$ 20,689 65,846 178,818 237,334 450,071 952,758 26,365 65,846 173,617 235,058 447,686 948,572 Quarterly 4.47 4.47 0-E CITIBANK U.S.A. ThUS$ 10,776 32,790 90,991 72,189 62,619 269,365 11,923 32,790 86,130 70,048 61,203 262,094 Quarterly 3.82 2.93 0-E US BANK U.S.A. ThUS$ 15,506 47,050 129,462 135,489 84,177 411,684 17,433 47,050 114,729 129,547 82,137 390,896 Quarterly 4.00 2.82 0-E NATIXIS France ThUS$ 10,247 31,350 88,688 77,693 116,546 324,524 11,250 31,350 86,883 76,760 115,285 321,528 Quarterly 4.69 4.69 0-E PK AIRFINANCE U.S.A. ThUS$ 2,319 7,208 24,944 3,144 - 37,615 2,387 7,208 24,944 3,144 - 37,683 Monthly 4.15 4.14 0-E INVESTEC England ThUS$ 1,454 8,472 21,667 22,421 - 54,014 1,879 8,661 21,154 22,309 - 54,003 Semiannual 7.17 7.17 - SWAP Aviones llegados - ThUS$ 194 414 158 - - 766 194 414 158 - - 766 Quarterly - - - Other guaranteed obligations 0-E CREDIT AGRICOLE France ThUS$ - - 253,692 - - 253,692 2,646 - 252,207 - - 254,853 At Expiration 4.11 4.11 0-E DVB BANK SE Germany ThUS$ 23,417 70,626 191,207 117,084 19,731 422,065 23,871 70,626 188,231 116,185 19,686 418,599 Quarterly 4.42 4.42 Financial leases 0-E ING U.S.A. ThUS$ 3,687 11,338 11,806 - - 26,831 3,923 11,338 11,657 - - 26,918 Quarterly 5.70 5.01 0-E CREDIT AGRICOLE France ThUS$ 13,171 24,577 18,655 - - 56,403 13,187 24,331 18,655 - - 56,173 Quarterly 3.66 3.31 0-E CITIBANK U.S.A. ThUS$ 13,209 40,365 77,587 40,997 - 172,158 13,998 40,365 75,830 40,801 - 170,994 Quarterly 4.40 3.80 0-E PEFCO U.S.A. ThUS$ 5,486 13,094 3,827 - - 22,407 5,641 13,094 3,743 - - 22,478 Quarterly 5.65 5.02 0-E BNP PARIBAS U.S.A. ThUS$ 7,926 29,494 22,147 - - 59,567 8,320 29,493 21,891 - - 59,704 Quarterly 3.90 3.58 0-E WELLS FARGO U.S.A. ThUS$ 31,673 95,981 263,239 230,417 98,028 719,338 34,816 95,981 245,615 224,395 96,589 697,396 Quarterly 2.77 2.09 97.036.000-K SANTANDER Chile ThUS$ 5,576 16,895 46,386 26,165 - 95,022 6,000 16,895 45,346 26,063 - 94,304 Quarterly 3.68 3.14 0-E RRPF ENGINE England ThUS$ 552 2,531 7,142 7,752 5,035 23,012 552 2,531 7,142 7,752 5,035 23,012 Monthly 4.01 4.01 0-E APPLE BANK U.S.A. ThUS$ 1,444 4,393 12,146 12,808 753 31,544 1,658 4,393 11,726 12,713 752 31,242 Quarterly 3.93 3.31 0-E BTMU U.S.A. ThUS$ 2,933 8,916 24,635 25,937 768 63,189 3,199 8,916 23,798 25,751 767 62,431 Quarterly 4.06 3.46 0-E NATIXIS France ThUS$ 10,056 7,951 5,154 - - 23,161 10,135 7,952 5,154 - - 23,241 Quarterly 4.28 4.12 0-E KFW IPEX-BANK Germany ThUS$ 1,699 5,188 5,328 - - 12,215 1,723 5,188 5,328 - - 12,239 Quarterly 4.20 4.19 0-E AIRBUS FINANCIAL U.S.A. ThUS$ 1,915 5,838 7,664 - - 15,417 1,954 5,838 7,664 - - 15,456 Monthly 4.19 4.19 Other loans 0-E BOEING U.S.A. ThUS$ - - 55,727 - - 55,727 - 1,229 55,727 - - 56,956 At Expiration 4.01 4.01 0-E CITIBANK (*) U.S.A. ThUS$ 23,167 72,018 101,026 - - 196,211 23,583 72,018 100,301 - - 195,902 Quarterly 6.00 6.00 Total 496,768 804,921 2,380,633 1,367,491 1,936,231 6,986,044 535,318 807,586 2,318,361 1,345,702 1,923,632 6,930,599 (*) Securitized bond with the future flows from the sales with credit card in United States and Canada. Interest-bearing loans due in installments to December 31, 2018 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland ThUS$ 138 426 1,233 54 - 1,851 147 426 1,233 54 - 1,860 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France ThUS$ 3,043 6,490 44,525 41,731 - 95,789 3,656 6,490 44,525 41,731 - 96,402 Quarterly/Semiannual 6.87 6.87 0-E WACAPOU LEASING S.A. Luxemburg ThUS$ 728 2,219 6,280 - - 9,227 756 2,219 6,280 - - 9,255 Quarterly 4.81 4.81 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy ThUS$ 9,422 28,872 169,930 - - 208,224 10,212 28,871 169,730 - - 208,813 Quarterly 5.88 5.82 0-E GA Telessis LLC U.S.A ThUS$ 299 908 2,496 2,623 6,876 13,202 568 908 3,823 2,623 6,876 14,798 Quarterly 15.62 15.62 Total 13,630 38,915 224,464 44,408 6,876 328,293 15,339 38,914 225,591 44,408 6,876 331,128 Total consolidated 510,398 843,836 2,605,097 1,411,899 1,943,107 7,314,337 550,657 846,500 2,543,952 1,390,110 1,930,508 7,261,727 Interest-bearing loans due in installments to December 31, 2017 Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Loans to exporters 97.032.000-8 BBVA Chile ThUS$ 75,000 - - - - 75,000 75,781 - - - - 75,781 At Expiration 2.30 2.30 97.032.000-8 BBVA Chile UF - 55,801 - - - 55,801 - 55,934 - - - 55,934 At Expiration 3.57 2.77 97.036.000-K SANTANDER Chile ThUS$ 30,000 - - - - 30,000 30,129 - - - - 30,129 At Expiration 2.49 2.49 97.030.000-7 ESTADO Chile ThUS$ 40,000 - - - - 40,000 40,071 - - - - 40,071 At Expiration 2.57 2.57 97.003.000-K BANCO DO BRASIL Chile ThUS$ 100,000 - - - - 100,000 100,696 - - - - 100,696 At Expiration 2.40 2.40 97.951.000-4 HSBC Chile ThUS$ 12,000 - - - - 12,000 12,007 - - - - 12,007 At Expiration 2.03 2.03 Bank loans 97.023.000-9 CORPBANCA Chile UF 21,298 21,360 42,006 - - 84,664 21,542 21,360 41,548 - - 84,450 Quarterly 3.68 3.68 0-E BLADEX U.S.A. ThUS$ - 15,000 15,000 - - 30,000 - 15,133 14,750 - - 29,883 Semiannual 5.51 5.51 97.036.000-K SANTANDER Chile ThUS$ - - 202,284 - - 202,284 439 - 202,284 - - 202,723 Quarterly 4.41 4.41 Obligations with the public 0-E BANK OF NEW YORK U.S.A. ThUS$ - - 500,000 - 700,000 1,200,000 - 13,047 492,745 - 697,536 1,203,328 At Expiration 7.44 7.03 97.030.000-7 ESTADO Chile UF - - - 189,637 189,637 379,274 - 1,738 189,500 189,500 380,738 At Expiration 5.50 5.50 Guaranteed obligations 0-E CREDIT AGRICOLE France ThUS$ 7,767 23,840 54,074 12,410 - 98,091 8,101 23,840 52,924 12,026 - 96,891 Quarterly 2.66 2.22 0-E BNP PARIBAS U.S.A. ThUS$ 10,929 44,145 114,800 119,948 285,399 575,221 13,328 44,781 111,319 117,987 282,714 570,129 Quarterly 3.41 3.40 0-E WELLS FARGO U.S.A. ThUS$ 27,223 82,402 225,221 233,425 240,716 808,987 30,143 82,402 203,371 224,295 236,179 776,390 Quarterly 2.46 1.75 0-E WILMINGTON TRUST U.S.A. ThUS$ 20,427 61,669 175,334 183,332 594,091 1,034,853 26,614 61,669 169,506 180,520 590,723 1,029,032 Quarterly 4.48 4.48 0-E CITIBANK U.S.A. ThUS$ 11,994 36,501 101,230 104,308 97,184 351,217 13,231 36,501 95,208 101,558 94,807 341,305 Quarterly 3.31 2.47 0-E BTMU U.S.A. ThUS$ 2,856 8,689 24,007 25,278 13,904 74,734 3,082 8,689 22,955 24,941 13,849 73,516 Quarterly 2.87 2.27 0-E APPLE BANK U.S.A. ThUS$ 1,401 4,278 11,828 12,474 7,242 37,223 1,583 4,278 11,303 12,303 7,212 36,679 Quarterly 2.78 2.18 0-E US BANK U.S.A. ThUS$ 15,157 45,992 126,550 132,441 152,693 472,833 17,364 45,992 109,705 125,006 148,318 446,385 Quarterly 4.00 2.82 0-E DEUTSCHE BANK U.S.A. ThUS$ 2,965 9,127 25,826 28,202 30,786 96,906 3,534 9,127 25,130 27,739 30,323 95,853 Quarterly 4.39 4.39 0-E NATIXIS France ThUS$ 14,645 44,627 107,068 91,823 154,848 413,011 15,642 44,627 105,056 90,823 153,124 409,272 Quarterly 3.42 3.40 0-E PK AIRFINANCE U.S.A. ThUS$ 2,163 6,722 19,744 17,871 - 46,500 2,225 6,722 19,744 17,871 - 46,562 Monthly 3.18 3.18 0-E KFW IPEX-BANK Germany ThUS$ 2,397 6,678 16,173 1,640 - 26,888 2,428 6,677 16,174 1,640 - 26,919 Quarterly 3.31 3.31 0-E AIRBUS FINANCIAL U.S.A. ThUS$ 1,855 5,654 15,416 - - 22,925 1,900 5,654 15,416 - - 22,970 Monthly 3.19 3.19 0-E INVESTEC England ThUS$ 1,374 7,990 20,440 22,977 10,597 63,378 1,808 8,181 19,801 22,769 10,565 63,124 Semiannual 6.04 6.04 - SWAP Aviones llegados - ThUS$ 301 749 765 - - 1,815 301 749 765 - - 1,815 Quarterly - Other guaranteed obligations 0-E CREDIT AGRICOLE France ThUS$ - - 241,287 - - 241,287 2,170 - 240,007 - - 242,177 At Expiration 3.38 3.38 Financial leases 0-E ING U.S.A. ThUS$ 5,347 10,779 26,831 - - 42,957 5,717 10,779 26,500 - - 42,996 Quarterly 5.67 5.00 0-E CITIBANK U.S.A. ThUS$ 11,206 34,267 86,085 49,853 2,863 184,274 12,013 34,267 84,104 49,516 2,859 182,759 Quarterly 3.78 3.17 0-E PEFCO U.S.A. ThUS$ 12,526 32,850 22,407 - - 67,783 12,956 32,850 22,088 - - 67,894 Quarterly 5.46 4.85 0-E BNP PARIBAS U.S.A. ThUS$ 13,146 33,840 48,823 2,296 - 98,105 13,548 33,840 48,253 2,293 - 97,934 Quarterly 3.66 3.25 0-E WELLS FARGO U.S.A. ThUS$ 10,630 33,866 91,162 64,471 20,984 221,113 11,460 33,866 88,674 63,860 20,903 218,763 Quarterly 3.17 2.67 97.036.000-K SANTANDER Chile ThUS$ 5,459 16,542 45,416 46,472 3,134 117,023 5,813 16,542 44,010 46,153 3,128 115,646 Quarterly 2.51 1.96 0-E RRPF ENGINE England ThUS$ 265 2,430 6,856 7,441 8,991 25,983 265 2,430 6,856 7,441 8,991 25,983 Monthly 4.01 4.01 Other loans 0-E CITIBANK (*) U.S.A. ThUS$ 21,822 67,859 196,210 - - 285,891 22,586 67,859 194,537 - - 284,982 Quarterly 6.00 6.00 Total 482,153 713,657 2,562,843 1,346,299 2,513,069 7,618,021 508,477 729,534 2,484,733 1,318,241 2,490,731 7,531,716 (*) Bonus securitized with the future flows of credit card sales in the United States and Canada. Interest-bearing loans due in installments to December 31, 2017 Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil. Nominal values Accounting values More than More than More than More than More than More than Up to 90 days one to three to More than Total Up to 90 days one to three to More than Total Creditor 90 to one three five five nominal 90 to one three five five accounting Effective Nominal Tax No. Creditor country Currency days year years years years value days year years years years value Amortization rate rate ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ % % Bank loans 0-E NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ Holland ThUS$ 130 401 1,161 690 - 2,382 142 401 1,161 690 - 2,394 Monthly 6.01 6.01 Financial leases 0-E NATIXIS France ThUS$ 2,853 6,099 19,682 70,402 - 99,036 3,592 6,099 19,682 70,402 - 99,775 Quarterly/Semiannual 5.59 5.59 0-E WACAPOU LEASING S.A. Luxemburg ThUS$ 696 2,125 6,020 3,206 - 12,047 732 2,125 6,020 3,207 - 12,084 Quarterly 3.69 3.69 0-E SOCIÉTÉ GÉNÉRALE MILAN BRANCH Italy ThUS$ 8,964 27,525 208,024 - - 244,513 9,992 27,525 208,024 - - 245,541 Quarterly 4.87 4.81 0-E BANCO IBM S.A Brazil BRL 21 - - - - 21 21 - - - - 21 Monthly 6.89 6.89 0-E SOCIETE GENERALE France BRL 101 8 - - - 109 101 8 - - - 109 Monthly 6.89 6.89 Total 12,765 36,158 234,887 74,298 - 358,108 14,580 36,158 234,887 74,299 - 359,924 Total consolidated 494,918 749,815 2,797,730 1,420,597 2,513,069 7,976,129 523,057 765,692 2,719,620 1,392,540 2,490,731 7,891,640 |
Schedule of hedge derivatives | Hedge derivatives Total hedge Current liabilities Non-current liabilities derivatives As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Accrued interest from the last date of interest rate swap 2,321 1,189 340 - 2,661 1,189 Fair value of interest rate derivatives 335 8,919 - 2,617 335 11,536 Fair value of fuel derivatives 15,678 - - - 15,678 - Fair value of foreign currency derivatives 7,587 2,092 - - 7,587 2,092 Total hedge derivatives 25,921 12,200 340 2,617 26,261 14,817 |
Schedule of derivatives of non coverage | Derivatives of non-coverage Total derivatives of Current liabilities Non-current liabilities no coverage As of 31 As of 31 As of 31 As of 31 As of 31 As of 31 december of december of december of december of december of december of 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Derivative of foreign currency not registered as coverage 7,712 - - - 7,712 - Total derived from non-coverage 7,712 - - - 7,712 - |
Schedule of hedging operation | Hedging operation The fair values of net assets/ (liabilities), by type of derivative, of the contracts held as hedging instruments are presented below: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Cross currency swaps (CCS) (1) 15,099 38,875 Interest rate swaps (2) (2,194 ) (6,542 ) Fuel options (3) (15,811 ) 10,711 Currency options R$/US$ (4) - 4,370 Currency options CLP/US$ (4) - 636 (1) Covers the significant variations in cash flows associated with market risk implicit in the changes in the 3-month LIBOR interest rate and the exchange rate US$/UF of bank loans. These contracts are recorded as cash flow hedges and fair value. (2) Covers the significant variations in cash flows associated with market risk implicit in the increases in the 3 months LIBOR interest rates for long-term loans incurred in the acquisition of aircraft and bank loans. These contracts are recorded as cash flow hedges. (3) Covers significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. (4) Covers the foreign exchange risk exposure of operating cash flows caused mainly by fluctuations in the exchange rate CLP/US$, R$/US$, US$/EUR and US$/GBP. These contracts are recorded as cash flow hedges. |
Schedule of comprehensive income | 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, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Debit (credit) recognized in comprehensive income during the period (27,797 ) 18,344 127,390 Debit (credit) transferred from net equity to income during the period 30,018 (15,000 ) (113,403 ) |
TRADE AND OTHER ACCOUNTS PAYA_2
TRADE AND OTHER ACCOUNTS PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade And Other Accounts Payables | |
Schedule of composition of trade and other accounts payables & accrued liabilities | The composition of Trade and other accounts payables is as follows: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Current (a) Trade and other accounts payables 1,279,976 1,349,201 (b) Accrued liabilities at the reporting date 394,327 346,001 Total trade and other accounts payables 1,674,303 1,695,202 |
Schedule of current trade and other accounts payables | Trade and other accounts payable: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Trade creditors 1,048,033 1,096,540 Leasing obligation 6,981 4,448 Other accounts payable 224,962 248,213 Total 1,279,976 1,349,201 |
Schedule of composition of current trade and other accounts payable | The details of Trade and other accounts payables are as follows: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Aircraft Fuel 304,426 219,601 Boarding Fee 210,621 249,898 Other personnel expenses 92,047 89,621 Handling and ground handling 84,213 103,784 Professional services and advisory 83,182 81,679 Airport charges and overflight 82,181 106,534 Suppliers technical purchases 75,402 114,690 Marketing 60,303 75,220 Air companies 59,524 31,381 Leases, maintenance and IT services 55,427 69,873 Services on board 44,434 68,605 Land services 26,014 31,151 Crew 21,943 24,163 Achievement of goals 21,265 5,732 Aviation insurance 11,943 5,108 Maintenance 8,244 26,244 Aircraft and engines leasing 6,981 4,285 Communications 92 5,273 Others 31,734 36,359 Total trade and other accounts payables 1,279,976 1,349,201 |
Schedule of composition of accrued liabilities | Liabilities accrued: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Accrued personnel expenses 116,242 125,246 Aircraft and engine maintenance 170,731 92,711 Accounts payable to personnel (*) 81,222 99,862 Others accrued liabilities 26,132 28,182 Total accrued liabilities 394,327 346,001 (*) Profits and bonus participation (Note 23 letter b) |
OTHER PROVISIONS (Tables)
OTHER PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other provisions [abstract] | |
Schedule of composition of other provisions | Other provisions: Current liabilities Non-current liabilities Total Liabilities As of As of As of As of As of As of December 31, December 31, December 31, December 31, December 31, December 31, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Provision for contingencies (1) Tax contingencies 2,982 1,913 197,038 258,305 200,020 260,218 Civil contingencies 1,207 497 59,834 62,858 61,041 63,355 Labor contingencies 605 373 23,244 28,360 23,849 28,733 Other - - 13,976 15,187 13,976 15,187 Provision for European Commision investigation (2) - - 9,403 9,883 9,403 9,883 Total other provisions (3) 4,794 2,783 303,495 374,593 308,289 377,376 (1) Provisions for contingencies: The tax contingencies correspond to litigation and tax criteria related to the tax treatment applicable to direct and indirect taxes, which are found in both administrative and judicial stage. The civil contingencies correspond to different demands of civil order filed against the Company. The labor contingencies correspond to different demands of labor order filed against the Company. The Provisions are recognized in the consolidated income statement in administrative expenses or tax expenses, as appropriate. (2) Provision made for proceedings brought by the European Commission for possible breaches of free competition in the freight market. (3) Total other provision at December 31, 2018, and 2017, include the fair value correspond to those contingencies from the business combination with TAM S.A and subsidiaries, with a probability of loss under 50%, which are not provided for the normal application of IFRS enforcement and that only must be recognized in the context of a business combination in accordance with IFRS 3. |
Schedule of movement of other provisions | Movement of provisions: European Legal Commission claims (1) Investigation (2) Total ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2016 418,453 8,966 427,419 Increase in provisions 141,797 - 141,797 Provision used (21,997 ) - (21,997 ) Difference by subsidiaries conversion 79,396 - 79,396 Reversal of provision (201,425 ) - (201,425 ) Exchange difference 249 (302 ) (53 ) Closing balance as of December 31, 2016 416,473 8,664 425,137 Opening balance as of January 1, 2017 416,473 8,664 425,137 Increase in provisions 106,943 - 106,943 Provision used (14,860 ) - (14,860 ) Difference by subsidiaries conversion (5,830 ) - (5,830 ) Reversal of provision (135,109 ) - (135,109 ) Exchange difference (124 ) 1,219 1,095 Closing balance as of December 31, 2017 367,493 9,883 377,376 Opening balance as of January 1, 2018 367,493 9,883 377,376 Increase in provisions 106,870 - 106,870 Provision used (59,032 ) - (59,032 ) Difference by subsidiaries conversion (48,330 ) - (48,330 ) Reversal of provision (66,965 ) - (66,965 ) Exchange difference (1,150 ) (480 ) (1,630 ) Closing balance as of December 31, 2018 298,886 9,403 308,289 (1) Cumulative balances include judicial deposit delivered as security, with respect to the "Aerovía Fundo" (FA), for US $ 85 million, made in order to suspend the application of the tax credit. The Company is discussing in the Court the constitutionality of the requirement made by FA in a lawsuit. Initially it was covered by the effects of a precautionary measure, this means that the Company would not be obliged to collect the tax, as long as there is no judicial decision in this regard. However, the decision taken by the judge in the first instance was published unfavorably, revoking the injunction. As the lawsuit is still underway (TAM appealed this first decision), the Company needed to make the judicial deposit, for the suspension of the enforceability of the tax credit; deposit that was classified in this item, discounting the existing provision for this purpose. Finally, if the final decision is favorable to the Company, the deposit made will return to TAM. On the other hand, if the court confirms the first decision, said deposit will become a final payment in favor of the Government of Brazil. The procedural stage as of December 31, 2018 is described in Note 31 in the Role of the case 2001.51.01.012530-0. 2) European Commission Provision: Provision constituted on the occasion of the process initiated in December 2007 by the General Competition Directorate of the European Commission against more than 25 cargo airlines, among which is Lan Cargo SA, which forms part of the global investigation initiated in 2006 for possible infractions of free competition in the air cargo market, which was carried out jointly by the European and United States authorities. With respect to Europe, the General Directorate of Competition imposed fines totaling € 799,445,000 (seven hundred and ninety-nine million four hundred and forty-five thousand Euros) for infractions of European Union regulations on free competition against eleven (11 ) airlines, among which are LATAM Airlines Group SA and its subsidiary Lan Cargo S.A .. For its part, LATAM Airlines Group S.A. and Lan Cargo S.A., jointly and severally, have been fined for the amount of € 8,220,000 (eight million two hundred and twenty thousand Euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission's Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine of 8.2 million Euros. The procedural stage as of December 31, 2018 is described in Note 31 in section (ii) judgments received by LATAM Airlines Group S.A. and Subsidiaries. |
OTHER NON-FINANCIAL LIABILITI_2
OTHER NON-FINANCIAL LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Miscellaneous liabilities [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, 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Deferred revenues (*) 2,330,058 2,690,961 644,702 158,305 2,974,760 2,849,266 Sales tax 12,726 22,902 - - 12,726 22,902 Retentions 34,434 38,197 - - 34,434 38,197 Others taxes 7,700 8,695 - - 7,700 8,695 Dividends payable 54,580 46,591 - - 54,580 46,591 Other sundry liabilities 15,248 16,617 - - 15,248 16,617 Total other non-financial liabilities 2,454,746 2,823,963 644,702 158,305 3,099,448 2,982,268 (*) Note 2.20. |
Schedule of movement of other-non financial liabilities | Movement of Other non-financial liabilities: Deferred income Air transport and other ThUS$ Opening balance as of january 1, 2018 2,849,266 Recognition of deferred income 7,690,972 Use deferred income (8,230,750 ) Expiration of tickets (284,730 ) Deferred revenue loyalty (accreditation and exchange) 944,246 Others provisions 6,894 Adjustment application IAS 29, Argentina hyperinflation 927 Closing balance as of December 31 ,2018 2,976,825 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of defined benefit plans [abstract] | |
Schedule of composition of employee benefits | As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Retirements payments 56,126 55,119 Resignation payments 8,802 10,124 Other obligations 17,437 35,844 Total liability for employee benefits 82,365 101,087 |
Schedule of movement of employee benefits | The movement in retirements and resignation payments and other obligations: Increase (decrease) Actuarial Opening current service Benefits (gains) Currency Closing balance provision paid losses translation balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 65,271 17,487 (4,536 ) 3,105 995 82,322 From January 1 to December 31, 2017 82,322 21,635 (5,399 ) (2,763 ) 5,292 101,087 From January 1 to December 31, 2018 101,087 (7,384 ) (6,018 ) 5,820 (11,140 ) 82,365 |
Schedule of principal assumptions | The principal assumptions used in the calculation to the provision in Chile are presented below: As of December 31, Assumptions 2018 2017 Discount rate 4.27% 4.55% Expected rate of salary increase 4.50% 4.50% Rate of turnover 6.60% 6.98% Mortality rate RV-2014 RV-2014 Inflation rate 2.70% 2.72% Retirement age of women 60 60 Retirement age of men 65 65 |
Schedule of sensitivity analysis actuarial assumptions | The sensitivity analysis for these variables is presented below: Effect on the liability As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Discount rate Change in the accrued liability an closing for increase in 100 p.b. (6,538 ) (5,795 ) Change in the accrued liability an closing for decrease of 100 p.b. 4,918 6,617 Rate of wage growth Change in the accrued liability an closing for increase in 100 p.b. 4,750 6,412 Change in the accrued liability an closing for decrease of 100 p.b. (6,547 ) (5,750 ) |
Schedule of liability for short-term | The liability for short-term: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Profit-sharing and bonuses (*) 81,222 99,862 (*) Accounts payables to employees (Note 20 letter b) |
Schedule of employment expenses | Employment expenses are detailed below: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Salaries and wages 1,481,357 1,604,552 1,549,402 Short-term employee benefits 132,394 145,245 132,436 Termination benefits 54,007 85,070 79,062 Other personnel expenses 152,211 188,767 190,233 Total 1,819,969 2,023,634 1,951,133 |
ACCOUNTS PAYABLE, NON-CURRENT (
ACCOUNTS PAYABLE, NON-CURRENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other payables [abstract] | |
Schedule of accounts payable, non-current | As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ Aircraft and engine maintenance 467,923 483,795 Provision for vacations and bonuses 15,357 14,725 Other sundry liabilities 376 312 Total accounts payable, non-current 483,656 498,832 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of reserves within equity [line items] | |
Schedule of movement of authorized shares | The following table shows the movement of the authorized and fully paid shares described above: Movement of authorized shares Expired shares Opening intended for Closing Nro. Of shares balance compensation plans balance From January 1 to December 31, 2017 608,374,525 - 608,374,525 From January 1 to December 31, 2018 608,374,525 (1,500,000 )(*) 606,874,525 (*) On June 11, 2018, the term of subscription and payment of 1,500,000 shares to create and implement compensation plans for Company employees expired. |
Schedule of movement of fully paid shares | Movement fully paid shares Movement value Cost of issuance of shares and placement Paid- in N° of (1) of shares (2) Capital shares ThUS$ ThUS$ ThUS$ Paid shares as of January 1, 2017 606,407,693 3,160,718 (11,154 ) 3,149,564 Capital reserve - - (3,299 ) (3,299 ) Paid shares as of December 31, 2017 606,407,693 3,160,718 (14,453 ) 3,146,265 Paid shares as of January 1, 2018 606,407,693 3,160,718 (14,453 ) 3,146,265 Paid shares as of December 31, 2018 606,407,693 (3) 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. (3) At December 31, 2018, the difference between authorized shares and fully paid shares are 466,832 shares, of which correspond to the shares issued and unsubscribed from the capital increase approved at the Extraordinary Shareholders Meeting held on August 18, 2016. |
Schedule of movement of reserves of share-based payments | Reserve of share- based payments Movement of Reserves of share- based payments: Stock Opening option Deferred Net movement Closing Periods balance plan tax of the period balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 35,647 3,698 (807 ) 2,891 38,538 From January 1 to December 31, 2017 38,538 943 - 943 39,481 From January 1 to December 31, 2018 39,481 (1,607 ) - (1,607 ) 37,874 |
Schedule of balance of other sundry reserves | Balance of Other sundry reserves comprises the following: As of As of As of December 31, December 31, December 31, 2018 2017 2016 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) (25,913 ) (25,911 ) (25,911 ) Cost of issuance and placement of shares - - (9 ) Others (3,483 ) (2,621 ) (2,111 ) Total 2,638,916 2,639,780 2,640,281 (1) Corresponds to the difference between the value of the shares of TAM S.A., acquired by Sister Holdco S.A. (under the Subscriptions) and by Holdco II S.A. (by virtue of the Exchange Offer), which is recorded in the declaration of completion of the merger by absorption, and the fair value of the shares exchanged by LATAM Airlines Group S.A. as of June 22, 2012. (2) Corresponds to the technical revaluation of the fixed assets authorized by the Commission for the Financial Market in the year 1979, in Circular No. 1529. The revaluation was optional and could be made only once; the originated reserve is not distributable and can only be capitalized. (3) The balance as of December 31, 2018 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. |
Schedule of movement of reserves with effect in other comprehensive income | Movement of Reserves with effect in other comprehensive income: Currency Cash flow Actuarial gain translation hedging benefit plans reserve reserve reserve Total ThUS$ ThUS$ ThUS$ ThUS$ Opening balance as of January 1, 2016 (2,576,041 ) (90,510 ) (10,717 ) (2,677,268 ) Derivatives valuation gains (losses) - 126,360 - 126,360 Deferred tax - (34,344 ) - (34,344 ) Actuarial reserves by employee benefit plans - - (3,104 ) (3,104 ) Deferred tax actuarial IAS by employee benefit plans - - 921 921 Difference by subsidiaries conversion 489,486 - - 489,486 Closing balance as of December 31, 2016 (2,086,555 ) 1,506 (12,900 ) (2,097,949 ) Opening balance as of January 1, 2017 (2,086,555 ) 1,506 (12,900 ) (2,097,949 ) Derivatives valuation gains (losses) - 18,436 - 18,436 Deferred tax - (1,802 ) - (1,802 ) Actuarial reserves by employee benefit plans - - 2,758 2,758 Deferred tax actuarial IAS by employee benefit plans - - (784 ) (784 ) Difference by subsidiaries conversion (45,035 ) - - (45,035 ) Closing balance as of December 31, 2017 (2,131,590 ) 18,140 (10,926 ) (2,124,376 ) Opening balance as of January 1, 2018 (2,131,590 ) 18,140 (10,926 ) (2,124,376 ) Derivatives valuation gains (losses) - (26,899 ) - (26,899 ) Deferred tax - (574 ) - (574 ) Actuarial reserves by employee benefit plans - - (5,819 ) (5,819 ) Deferred tax actuarial IAS by employee benefit plans - - 1,567 1,567 Difference by subsidiaries conversion (597,615 ) - - (597,615 ) Closing balance as of December 31, 2018 (2,729,205 ) (9,333 ) (15,178 ) (2,753,716 ) |
Schedule of movement of retained earnings | Retained earnings Movement of Retained earnings: Other Result increase Opening for the (decreases) Closing Periods balance period Dividends (1) (2) balance ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 317,950 69,220 (20,766 ) - 366,404 From January 1 to December 31, 2017 366,404 155,304 (46,591 ) - 475,117 From January 1 to December 31, 2018 475,117 181,935 (54,580 ) (4,797 ) 597,675 (1) Adjustments adoption IFRS 9 and IFRS 15 ThUS (9,549) (See Note 2) (2) Variation effect in Accumulated results, by application IAS 29, Argentina hyperinflation: Items ThUS$ Property, plant and equipment 4,573 Intangible assets other than goodwill 69 Goodwill 335 Deferred incomes (377 ) Other non-financial assets 152 Total Adjust accumulated results 4,752 |
Schedule of dividends | Dividends per share Minimum mandatory Final dividend dividend dividend Description of dividend 2018 2017 Date of dividend 12/31/2018 12/31/2017 Amount of the dividend (ThUS$) 54,580 46,591 (*) Number of shares among which the dividend is distributed 606,407,693 606,407,693 Dividend per share (US$) 0.0900 0.0768 (*) By virtue of the Essential Fact issued on April 26, 2018, the shareholders of LATAM approved the distribution of the final dividend proposed by the Board of Directors in Ordinary Session of April 26, 2018, which amounts to ThUS $ 46,591, which corresponds to 30% of the profits for the year corresponding to 2017. |
Other Sundry Reserves [Member] | |
Disclosure of reserves within equity [line items] | |
Schedule of balance of other sundry reserves | Movement of Other sundry reserves: Opening Legal Closing Periods balance reserves balance ThUS$ ThUS$ ThUS$ From January 1 to December 31, 2016 2,634,679 5,602 2,640,281 From January 1 to December 31, 2017 2,640,281 (501 ) 2,639,780 From January 1 to December 31, 2018 2,639,780 (864 ) 2,638,916 |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [abstract] | |
Schedule of detail of revenues | The detail of revenues is as follows: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Passengers 8,708,988 8,494,477 7,877,715 Cargo 1,186,468 1,119,430 1,110,625 Total 9,895,456 9,613,907 8,988,340 |
COSTS AND EXPENSES BY NATURE (T
COSTS AND EXPENSES BY NATURE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Material income and expense [abstract] | |
Schedule of operating costs and administrative expenses | The main operating costs and administrative expenses are detailed below: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Aircraft fuel 2,983,028 2,318,816 2,056,643 Other rentals and landing fees 1,217,647 1,172,129 1,077,407 Aircraft rentals 538,347 579,551 568,979 Aircraft maintenance 382,242 430,825 366,153 Comissions 222,506 252,474 269,296 Passenger services 280,279 288,662 286,621 Other operating expenses 1,237,430 1,381,546 1,424,595 Total 6,861,479 6,424,003 6,049,694 |
Schedule of depreciation and amortisation expense | Depreciation and amortization Depreciation and amortization are detailed below: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Depreciation (*) 916,050 943,215 910,071 Amortization 65,596 58,410 50,257 Total 981,646 1,001,625 960,328 (*) Include the depreciation of Property, plant and equipment and the maintenance cost of aircraft held under operating leases. The amount of maintenance cost included within the depreciation line item at December 31, 2018 is ThUS$ 366,393, ThUS$ 359,940 and ThUS$ 345,651 for the same period of 2017 and 2016 respectavely. |
Schedule of finance costs | Financial costs The detail of financial costs is as follows: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Bank loan interest 283,786 347,551 352,405 Financial leases 62,202 37,522 32,573 Other financial instruments 10,281 8,213 31,358 Total 356,269 393,286 416,336 |
OTHER INCOME, BY FUNCTION (Tabl
OTHER INCOME, BY FUNCTION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Material income and expense [abstract] | |
Schedule of other income by function | Other income by function is as follows: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Coalition and loyalty program Multiplus 126,443 240,952 174,197 Tours 108,448 109,463 133,575 Aircraft leasing 78,056 103,741 65,011 Customs and warehousing 26,667 26,793 24,548 Maintenance 16,569 8,038 11,141 Duty free 3,555 6,585 17,090 Other miscellaneous income 113,020 54,317 113,186 Total 472,758 549,889 538,748 |
FOREIGN CURRENCY AND EXCHANGE_2
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Foreign exchange rates [abstract] | |
Schedule of foreign currency | 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 2018 2017 ThUS$ ThUS$ Cash and cash equivalents 606,673 260,092 Argentine peso 4,236 7,309 Brazilian real 34,360 14,242 Chilean peso 415,399 81,693 Colombian peso 2,732 1,105 Euro 20,339 11,746 U.S. dollar 51,382 108,327 Other currency 78,225 35,670 Other financial assets, current 57,132 36,484 Argentine peso 11 21 Brazilian real 25,829 17 Chilean peso 25,904 26,605 Colombian peso 139 150 U.S. dollar 4,923 9,343 Other currency 326 348 As of As of December 31, December 31, Current assets 2018 2017 ThUS$ ThUS$ Other non - financial assets, current 106,952 107,170 Argentine peso 13,077 16,507 Brazilian real 37,794 19,686 Chilean peso 30,916 34,258 Colombian peso 434 340 Euro 3,935 2,722 U.S. dollar 8,949 21,907 Other currency 11,847 11,750 Trade and other accounts receivable, current 518,006 373,447 Argentine peso 54,053 49,680 Brazilian real 6,037 22,006 Chilean peso 112,133 82,369 Colombian peso 5,065 1,169 Euro 49,044 48,286 U.S. dollar 2,938 34,268 Other currency 288,736 135,669 Accounts receivable from related entities, current 593 958 Chilean peso 200 735 U.S. dollar 393 223 Tax current assets 20,774 33,575 Argentine peso 812 1,679 Brazilian real 1,106 3,934 Chilean peso 4,860 3,317 Colombian peso 5 660 Euro - 179 U.S. dollar 429 327 Peruvian sol 13,306 21,948 Other currency 256 1,531 Total current assets 1,310,130 811,726 Argentine peso 72,189 75,196 Brazilian real 105,126 59,885 Chilean peso 589,412 228,977 Colombian peso 8,375 3,424 Euro 73,318 62,933 U.S. Dollar 69,014 174,395 Other currency 392,696 206,916 As of As of December 31, December 31, Non-current assets 2018 2017 ThUS$ ThUS$ Other financial assets, non-current 21,850 20,975 Brazilian real 4,941 3,831 Chilean peso 68 74 Colombian peso 145 281 Euro 7,438 7,853 U.S. dollar 7,441 7,273 Other currency 1,817 1,663 Other non - financial assets, non-current 31,126 9,108 Argentine peso 86 172 Brazilian real 7,465 6,368 U.S. dollar 3 38 Other currency 23,572 2,530 Accounts receivable, non-current 5,378 6,887 Chilean peso 5,378 6,887 Deferred tax assets 2,073 2,081 Colombian peso 78 86 Other currency 1,995 1,995 Total non-current assets 60,427 39,051 Argentine peso 86 172 Brazilian real 12,406 10,199 Chilean peso 5,446 6,961 Colombian peso 223 367 Euro 7,438 7,853 U.S. dollar 7,444 7,311 Other currency 27,384 6,188 The foreign currency detail of balances of monetary items in current liabilities and non-current is as follows: Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, Current liabilities 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, current 56,842 36,000 107,815 115,182 Chilean peso 41,503 21,542 68,901 79,032 U.S. dollar 15,339 14,458 38,914 36,150 Trade and other accounts payables, current 970,872 919,373 37,809 33,707 Argentine peso 229,907 122,452 6,142 8,636 Brazilian real 30,974 28,810 1,152 669 Chilean peso 198,766 233,202 26,113 11,311 Colombian peso 7,915 2,964 752 855 Euro 84,903 58,081 1,375 9,165 U.S. dollar 325,385 409,380 55 1,154 Peruvian sol 37,285 39,064 1,124 825 Mexican peso 5,975 2,732 167 115 Pound sterling 13,395 5,839 305 199 Uruguayan peso 847 1,890 - - Other currency 35,520 14,959 624 778 Accounts payable to related entities, current 365 760 - - Chilean peso 253 546 - - U.S. dollar 112 4 - - Other currency - 210 - - Other provisions, current 1,434 959 - - Chilean peso 28 30 - - Other currency 1,406 929 - - Tax liabilities, current 13 - - 174 Argentine peso 4 - - 174 Chilean peso 9 - - - Up to 90 days 91 days to 1 year As of As of As of As of December 31, December 31, December 31, December 31, Current liabilities 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ Other non-financial liabilities, current 38,120 25,190 - - Argentine peso 1,089 393 - - Brazilian real 1,455 542 - - Chilean peso 14,130 11,283 - - Colombian peso 1,009 837 - - Euro 4,411 5,954 - - U.S. dollar 10,468 3,160 - - Other currency 5,558 3,021 - - Total current liabilities 1,067,646 982,282 145,624 149,063 Argentine peso 231,000 122,845 6,142 8,810 Brazilian real 32,429 29,352 1,152 669 Chilean peso 254,689 266,603 95,014 90,343 Colombian peso 8,924 3,801 752 855 Euro 89,314 64,035 1,375 9,165 U.S. dollar 351,304 427,002 38,969 37,304 Other currency 99,986 68,644 2,220 1,917 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 2018 2017 2018 2017 2018 2017 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Other financial liabilities, non-current 241,823 276,436 281,785 263,798 179,406 189,500 Chilean peso 16,232 41,548 237,377 189,500 172,530 189,500 U.S. dollar 225,591 234,888 44,408 74,298 6,876 - Accounts payable, non-current 308,715 362,964 - - - - Chilean peso 14,027 13,251 - - - - U.S. dollar 293,448 348,329 - - - - Other currency 1,240 1,384 - - - - Other provisions, non-current 36,120 41,514 - - - - Argentine peso 542 940 - - - - Brazillian real 19,815 24,074 - - - - Colombian peso 295 551 - - - - Euro 9,403 9,883 - - - - U.S. dollar 6,065 6,066 - - - - Provisions for employees benefits, non-current 72,674 77,579 - - - - Chilean peso 72,187 73,399 - - - - U.S. dollar 487 4,180 - - - - Other non-financial liabilities, non-current - 3 - - - - Colombian peso - 3 - - - - Total non-current liabilities 659,332 758,496 281,785 263,798 179,406 189,500 Argentine peso 542 940 - - - - Brazilian real 19,815 24,074 - - - - Chilean peso 102,446 128,198 237,377 189,500 172,530 189,500 Colombian peso 295 554 - - - - Euro 9,403 9,883 - - - - U.S. dollar 525,591 593,463 44,408 74,298 6,876 - Other currency 1,240 1,384 - - - - As of As of December 31, December 31, General summary of foreign currency: 2018 2017 ThUS$ ThUS$ Total assets 1,370,557 850,777 Argentine peso 72,275 75,368 Brazilian real 117,532 70,084 Chilean peso 594,858 235,938 Colombian peso 8,598 3,791 Euro 80,756 70,786 U.S. dollar 76,458 181,706 Other currency 420,080 213,104 Total liabilities 2,333,793 2,343,136 Argentine peso 237,684 132,595 Brazilian real 53,396 54,095 Chilean peso 862,056 864,144 Colombian peso 9,971 5,207 Euro 100,092 83,083 U.S. dollar 967,148 1,132,067 Other currency 103,446 71,945 Net position Argentine peso (165,409 ) (57,227 ) Brazilian real 64,136 15,989 Chilean peso (267,198 ) (628,206 ) Colombian peso (1,373 ) (1,416 ) Euro (19,336 ) (12,297 ) U.S. dollar (890,690 ) (950,361 ) Other currency 316,634 141,159 |
Schedule of exchange differences | The following shows the current exchange rates for the U.S. dollar, on the dates indicated: As of December 31, 2018 2017 2016 2015 Argentine peso 37.74 18.57 15.84 12.97 Brazilian real 3.87 3.31 3.25 3.98 Chilean peso 694.77 614.75 669.47 710.16 Colombian peso 3,239.45 2,984.77 3,000.25 3,183.00 Euro 0.87 0.83 0.95 0.92 Strong bolivar 0.00 3,345.00 673.76 198.70 Sovereign bolivar (*) 3,299.12 - - - Australian dollar 1.42 1.28 1.38 1.37 Boliviano 6.86 6.86 6.86 6.85 Mexican peso 19.68 19.66 20.63 17.34 New Zealand dollar 1.49 1.41 1.44 1.46 Peruvian Sol 3.37 3.24 3.35 3.41 Uruguayan peso 32.38 28.74 29.28 29.88 (*) On August 20, 2018, in Venezuela there was a change of currency, five zeros were eliminated to simplify and the surname was changed to sovereign. |
EARNINGS _ (LOSS) PER SHARE (Ta
EARNINGS / (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Loss Per Share | |
Schedule of earning per share | For the year ended December 31, Basic earnings / (loss) per share 2018 2017 2016 Earnings / (loss) attributable to owners of the parent (ThUS$) 181,935 155,304 69,220 Weighted average number of shares, basic 606,407,693 606,407,693 546,559,599 Basic earnings / (loss) per share (US$) 0.30002 0.25610 0.12665 For the year ended December 31, Diluted earnings / (loss) per share 2018 2017 2016 Earnings / (loss) attributable to owners of the parent (ThUS$) 181,935 155,304 69,220 Weighted average number of shares, basic 606,407,693 606,407,693 546,559,599 Weighted average number of shares, diluted 606,407,693 606,407,693 546,559,599 Diluted earnings / (loss) per share (US$) 0.30002 0.25610 0.12665 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | |
Schedule of operating leases | Details of the main operating leases are as follows: As of As of December 31, December 31, Lessor Aircraft 2018 2017 ACS Aero 1 Alpha Limited Airbus A320 - 1 Aircraft 76B-26329 Inc. Boeing 767 1 1 Aircraft 76B-28206 Inc. Boeing 767 1 1 Aviacion Centaurus, A.I.E Airbus A319 3 3 Aviación Centaurus, A.I.E. Airbus A321 1 1 Aviación Real A.I.E Airbus A319 1 1 Aviación Real A.I.E Airbus A320 1 1 Aviación Tritón A.I.E. Airbus A319 3 3 Avolon Aerospace AOE 62 Limited Boeing 777 1 1 Avolon Aerospace AOE 99 Limited Airbus A320 1 - Avolon Aerospace AOE 100 Limited Airbus A320 1 2 Avolon Aerospace AOE 134 Limited Airbus A321 2 - AWAS 5234 Trust Airbus A320 1 1 Baker & Spice Aviation Limited Airbus A320 - 1 Bank of America Airbus A321 2 2 Bank of Utah Airbus A320 1 - Bank of Utah Airbus A350 1 - Bank of Utah Boeing 787 2 2 Boeing Aircraft Holding Company Boeing 777 2 - Castlelake Airbus A319 1 1 Chishima Real State Co., Ltd. Airbus A321 1 - ECAF I 2838 DAC Airbus A320 1 1 ECAF I 40589 DAC Boeing 777 1 1 Eden Irish Aircr Leasing MSN 1459 Airbus A320 - 1 IC Airlease One Limited Airbus A321 1 1 JSA Aircraft 38484, LLC Boeing 787 1 1 JSA Aircraft 7126, LLC Airbus A320 1 1 JSA Aircraft 7128, LLC Airbus A321 1 1 JSA Aircraft 7239, LLC Airbus A321 1 1 JSA Aircraft 7298, LLC Airbus A321 1 1 Macquarie Aerospace Finance 5125-2 Trust Airbus A320 1 1 Macquarie Aerospace Finance 5178 Limited Airbus A320 1 1 Merlin Aviation Leasing (Ireland) 18 Limited Airbus A320 1 1 Merlin Aviation Leasing (Ireland) 7 Limited Airbus A320 - 1 NBB Crow Co.,Ltd Boeing 787 1 - NBB Cuckoo Co., Ltd Airbus A321 1 1 NBB Grosbeak Co., Ltd Airbus A321 1 1 NBB Redstart Co. Ltd Airbus A321 1 1 NBB-6658 Lease Partnership Airbus A321 1 1 NBB-6670 Lease Partnership Airbus A321 1 1 Orix Aviation Systems Limited Airbus A320 4 4 PAAL Aquila Company Limited Airbus A321 2 2 Sapphire Leasing I (AOE 7) Limited Airbus A320 1 1 Shenton Aircraft Leasing Limited Airbus A320 1 1 Sky High XXIV Leasing Company Limited Airbus A320 5 5 Sky High XXV Leasing Company Limited Airbus A320 2 2 SMBC Aviation Capital Limited Airbus A320 4 4 SMBC Aviation Capital Limited Airbus A321 2 2 Wells Fargo Trust Company, N.A. Airbus A319 1 2 Wells Fargo Trust Company, N.A. Airbus A320 10 11 Wells Fargo Trust Company, N.A. Airbus A350 2 2 Wells Fargo Trust Company, N.A. Boeing 767 1 2 Wells Fargo Trust Company, N.A. Boeing 777 4 4 Wells Fargo Trust Company, N.A. Boeing 787 10 11 Wilgmington Trust SP Services (Dublin) Limited Airbus A350 1 - Total 94 93 |
Schedule of minimum future lease payments not yet payable | The minimum future lease payments not yet payable are the following: As of As of December 31, December 31, 2018 2017 ThUS$ ThUS$ No later than one year 513,214 462,205 Between one and five years 1,719,490 1,620,253 Over five years 1,348,470 1,498,064 Total 3,581,174 3,580,522 |
Schedule of minimum lease payments charged to income | The operating lease payments charged to income are the following: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Operating lease payments 538,347 579,551 568,979 Total 538,347 579,551 568,979 |
Schedule of existing letters of credit related to operating leasing | At December 31, 2018 the Company has existing letters of credit related to operating leasing as follows: Value Release Creditor Guarantee Debtor Type ThUS$ date GE Capital Aviation Services Limited Lan Cargo S.A. One letter of credit 1,100 Nov 30, 2019 Avolon Aerospace AOE 62 Limited LATAM Airlines Group S.A. Three letter of credit 2,167 Aug 30, 2019 Bank of America LATAM Airlines Group S.A. Three letter of credit 1,044 Jul 2, 2019 Bank of Utah LATAM Airlines Group S.A. One letter of credit 2,000 Mar 24, 2019 DVB Bank LATAM Airlines Group S.A. One letter of credit 886 Aug 30, 2019 GE Capital Aviation Services Ltd. LATAM Airlines Group S.A. Four letter of credit 14,327 Nov 30, 2019 ORIX Aviation Systems Limited LATAM Airlines Group S.A. Two letter of credit 7,366 Dec 11, 2019 Sky High XXIV Leasing Company LATAM Airlines Group S.A. Eight letter of credit 6,831 Mar 24, 2019 Wells Fargo Bank LATAM Airlines Group S.A. Nine letter of credit 15,160 Mar 13, 2019 Merlin Aviation Leasing (Ireland) 18 Limite Tam Linhas Aéreas S.A. One letter of credit 3,000 Mar 1, 2019 Shapphire Leasing (AOE) Limited Tam Linhas Aéreas S.A. One letter of credit 7,000 Oct 25, 2019 ACG Acquisition Tam Linhas Aéreas S.A. One letter of credit 852 Aug 30, 2019 61,733 |
Schedule of letters of credit, certificates of deposits and warranty insurance policies | At December 31, 2018 the Company has existing letters of credit, certificates of deposits and warranty insurance policies as follows: Value Release Creditor Guarantee Debtor Type ThUS$ date Servicio Nacional de Aduana del Ecuador Líneas Aéreas Nacionales del Ecuador S.A. Three letter of credit 1,705 Aug 5, 2019 Corporación Peruana de Aeropuertos y Aviación Comercial Lan Perú S.A. Twenty four letter of credit 3,475 Feb 18, 2019 Lima Airport Partners S.R.L. Lan Perú S.A. Twenty three letter of credit 2,263 Sep 17, 2019 Superintendencia Nacional de Aduanas y de Administración Tributaria Lan Perú S.A. Seventeen letter of credit 136,000 Feb 10, 2019 Aena Aeropuertos S.A. LATAM Airlines Group S.A. Four letter of credit 2,770 Nov 15, 2018 American Alternative Insurance Corporation LATAM Airlines Group S.A. Six letter of credit 3,690 Apr 5, 2019 Citibank N.A. LATAM Airlines Group S.A. One letter of credit 27,226 Dec 20, 2019 Comisión Europea LATAM Airlines Group S.A. One letter of credit 9,734 Dec 31, 2019 Deutsche Bank A.G. LATAM Airlines Group S.A. One letter of credit 5,000 Mar 31, 2019 Dirección General de Aeronáutica Civil LATAM Airlines Group S.A. Fifty three letter of credit 19,918 Jan 30, 2019 Empresa Pública de Hidrocarburos del Ecuador EP Petroecuador LATAM Airlines Group S.A. One letter of credit 5,500 Jun 18, 2019 Metropolitan Dade County LATAM Airlines Group S.A. Eight letter of credit 2,273 Mar 13, 2019 Conselho Administrativo de Conselhos Federais Tam Linhas Aéreas S.A. Two letter of credit 1,626 Nov 24, 2020 Procon Tam Linhas Aéreas S.A. One letter of credit 1,309 Apr 1, 2021 União Federal Tam Linhas Aéreas S.A. Two letter of credit 3,217 Sep 28, 2021 Vara da Fazenda Pública da Comarca do Rio de Janeiro - RJ Tam Linhas Aéreas S.A. One letter of credit 1,047 Sep 27, 2023 Vara das Execuções Fiscais Estaduais Tam Linhas Aéreas S.A. Four letter of credit 8,541 May 23, 2021 Procon ABSA linhas Aereas Brasileira S/A One letter of credit 10,495 May 19, 2020 Vara Federal da Subseção de Campinas SP ABSA linhas Aereas Brasileira S/A One letter of credit 5,457 Oct 20, 2021 Conselho Administrativo de Conselhos Federais ABSA linhas Aereas Brasileira S/A One letter of credit 15,919 Feb 22, 2021 267,165 |
TRANSACTIONS WITH RELATED PAR_2
TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments | |
Schedule of related party transactions | Details of transactions with related parties as follows: Transaction amount Nature of Nature of with related parties relationship with Country related parties As of December 31, Tax No. Related party related parties of origin transactions Currency 2018 2017 2016 ThUS$ ThUS$ ThUS$ 96.810.370-9 Inversiones Costa Verde Ltda. y CPA. Related director Chile Tickets sales CLP 16 18 6 65.216.000-K Comunidad Mujer Related director Chile Tickets sales CLP - 14 9 Services provided for advertising CLP - - (12 ) 78.591.370-1 Bethia S.A and subsidiaries Related director Chile Services received of cargo transport CLP 1,778 1,643 (394 ) Services received from National and International Courier CLP (85 ) (382 ) (285 ) Services provided of cargo transport CLP - (17 ) 192 Sales commissions CLP (821 ) (761 ) (727 ) Services received of transfer of passengers CLP 112 - - Services received advertising CLP (1,025 ) - - 79.773.440-3 Transportes San Felipe S.A Related director Chile Services received of transfer of passengers CLP - - (84 ) Tickets sales CLP - 1 3 87.752.000-5 Granja Marina Tornagaleones S.A. Common shareholder Chile Tickets sales CLP 51 72 76 Foreign Consultoría Administrativa Profesional S.A. de C.V. Associate Mexico Professional counseling services received MXN - (2,357 ) (2,563 ) Foreign Inversora Aeronáutica Argentina Related director Argentina Property leases received ARS$ (231 ) (251 ) (264 ) Foreign TAM Aviação Executiva e Taxi Aéreo S/A Common shareholder Brazil Services provided BRL 62 45 (120 ) Services received of cargo transport BRL 8 - - Services received at airports BRL (2 ) (39 ) 7 Foreign Qatar Airways Indirect shareholder Qatar Services provided by aircraft lease US$ 21,321 31,707 - Interlineal received service US$ (6,345 ) (2,139 ) - Interlineal provided service US$ 8,635 5,279 - Services provided of handling US$ 1,392 1,002 - Services provided / received others US$ 1,805 - - |
Schedule of key management personnel compensation | 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 major guidelines and who directly affect the results of the business, considering the levels of Vice-Presidents, Chief Executives and Directors (Senior). For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Remuneration 14,841 17,826 16,514 Management fees 307 468 556 Non-monetary benefits 748 740 778 Short-term benefits 45,653 36,970 23,459 Long-term benefits 2,412 - - Share-based payments (7,210 ) 13,173 8,085 Termination benefits 1,404 - - Total 58,155 69,177 49,392 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of acquisition of the share's rights | The acquisition of the share's rights, in both companies is as follows: Number of shares Number of shares Accrued options Non accrued options As of As of As of As of December 31, December 31, December 31, December 31, Company 2018 2017 2018 2017 Multiplus S.A. - 247,500 - 316,025 |
Schedule of number shares in circulation | Number shares in circulation Not acquired due Opening to breach of employment Closing balance Granted Exercised retention conditions balance From January 1 to December 31, 2016 175,910 138,282 (15,811 ) (60,525 ) 237,856 From January 1 to December 31, 2017 237,856 129,218 (41,801 ) (15,563 ) 309,710 From January 1 to December 31, 2018 309,710 - (83,958 ) (8,916 ) 216,836 |
Compensation Plan 2011 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of share-based payments balance | This benefit is recorded in accordance with the provisions of IFRS 2 "Payments based on shares" and has been considered as a cash settled award and, therefore, recorded at fair value as a liability, which is updated at the closing date. of each financial statement with effect on the result of the period. Base Units Opening Closing Periods balance Granted Annulled Exercised Balance From January 1 to December 31, 2017 4,719,720 37,359 (1,193,286 ) (630,897 ) 2,932,896 From January 1 to December 31, 2018 2,932,896 - (171,419 ) (1,168,700 ) 1,592,777 |
Subsidiaries Compensation Plans [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of share-based payments balance | Multiplus S.A., subsidiaries of TAM S.A., have outstanding stock options at December 31, 2018, which amounted to 247,500 shares (at December 31, 2017, the distribution of outstanding stock options amounted to 316,025 for Multiplus S.A.). Multiplus S.A. 4nd Extraordinary 3rd Grant 4th Grant Grant Description 03/21/2012 04/03/2013 11/20/2013 Total Outstanding option number as December 31, 2017 84,249 163,251 68,525 316,025 Outstanding option number as December 31, 2018 84,249 163,251 - 247,500 |
STATEMENT OF CASH FLOWS (Tables
STATEMENT OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement Of Cash Flows | |
Schedule of other inflows (outflows) of cash | Other inflows (outflows) of cash: For theyear ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Fuel hedge 77,234 19,862 (50,029 ) Hedging margin guarantees 14,755 (4,201 ) 1,184 Guarantees 1,573 59,988 (51,559 ) Tax paid on bank transaction 318 (6,635 ) (10,668 ) Change reservation systems - (16,120 ) - SEC agreement - - (4,719 ) DOJ fine - - (12,750 ) Currency hedge (1,282 ) (17,798 ) (39,534 ) Bank commissions, taxes paid and other (8,179 ) (7,738 ) (769 ) Fuel derivatives premiums (13,947 ) (2,832 ) (6,840 ) Court deposits (30,860 ) (33,457 ) (33,635 ) Others - - 50 Total Other inflows (outflows) Operation flow 39,612 (8,931 ) (209,269 ) Others deposits in guarantees - 3,754 - Recovery loans convertible into shares - - 8,896 Tax paid on bank transaction (2,476 ) (2,594 ) (3,716 ) Others - (10,383 ) (4,337 ) Total Other inflows (outflows) Investment flow (2,476 ) (9,223 ) 843 Loan guarantee - 80,615 (74,186 ) Aircraft Financing advances 55,728 (26,214 ) (125,149 ) Settlement of derivative contracts (11,675 ) (40,695 ) (29,828 ) Total Other inflows (outflows) Financing flow 44,053 13,706 (229,163 ) |
Schedule of dividends paid to minority shareholders | Dividends: For the year ended December 31, 2018 2017 2016 ThUS$ ThUS$ ThUS$ Latam Airlines Group S.A. (46,591 ) (20,766 ) - Multiplus S.A. (*) (26,029 ) (45,876 ) (40,823 ) Lan Perú S.A. (*) - - (400 ) Total dividends paid (72,620 ) (66,642 ) (41,223 ) (*) Dividends paid to minority shareholders |
Schedule of liabilities arising from financing activities | Reconciliation of liabilities arising from financing activities: As of Cash flows Non-Flow Movements As of Obligations with December 31, Obtainment Payment Interest accrued December 31, financial institutions 2017 Capital Capital Interest and others Reclassifications 2018 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Loans to exporters 314,619 293,001 (202,000 ) (10,467 ) 5,568 - 400,721 Bank loans 321,633 74,663 (167,548 ) (13,961 ) 7,954 - 222,741 Guaranteed obligations 4,036,843 - (315,698 ) (122,639 ) 99,320 (1,163,805 ) 2,534,021 Other guaranteed obligations 242,175 704,398 (274,339 ) (16,873 ) 18,091 - 673,452 Obligation with the public 1,584,066 - 1,561 (107,629 ) 75,081 - 1,553,079 Financial leases 1,109,504 - (691,390 ) (69,808 ) 112,743 1,163,805 1,624,854 Other loans 282,800 55,728 (88,935 ) (15,978 ) 19,243 - 252,858 Total Obligations with financial institutions 7,891,640 1,127,790 (1,738,349 ) (357,355 ) 338,000 - 7,261,726 |
Schedule of statement of consolidated cash flow | 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, 2018 2017 ThUS$ ThUS$ Increases (payments) (212,163 ) (205,143 ) Recoveries 157,508 103,065 Total cash flows (54,655 ) (102,078 ) |
Schedule of consolidated statement of cash flow for the exercise | The net effect by the hyperinflation application in the consolidated statement of cash flow for the exercise ended December 31, 2018 corresponds to: ThUS$ Net cash flows from (used in) operating activities 6,088 Net cash flows from (used in) investment activities (17,611 ) Net cash flows from (used in) financing activities 3,914 Effects of variation in the exchange rate on cash and cash equivalents 7,609 Net increase (decrease) in cash and cash equivalents - |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Latam Travel Chile S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 96.518.860-6 | |||
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% | |
Inmobiliaria Aeronautica S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 96.763.900-1 | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 0.00% | 0.00% | 99.01% | |
Indirect | 0.00% | 0.00% | 0.99% | |
Total | 0.00% | 0.00% | 100.00% | |
Lan Pax Group S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 96.969.680-0 | |||
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% | |
Lan Peru S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | Foreign | |||
Country of origin | Peru | |||
Functional Currency | US$ | |||
Direct | 49.00% | 49.00% | 49.00% | |
Indirect | 21.00% | 21.00% | 21.00% | |
Total | 70.00% | 70.00% | 70.00% | |
Lan Cargo S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 93.383.000-4 | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 99.8939% | 99.8939% | 99.8939% | |
Indirect | 0.0041% | 0.0041% | 0.0041% | |
Total | 99.898% | 99.898% | 99.898% | |
Connecta Corporation [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | Foreign | |||
Country of origin | U.S.A. | |||
Functional Currency | US$ | |||
Direct | 0.00% | 0.00% | 0.00% | |
Indirect | 100.00% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Prime Airport Services Inc. and Subsidary [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | Foreign | |||
Country of origin | U.S.A. | |||
Functional Currency | US$ | |||
Direct | 0.00% | 0.00% | 0.00% | |
Indirect | 100.00% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Transporte Aereo S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 96.951.280-7 | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 0.00% | 0.00% | 0.00% | |
Indirect | 100.00% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Fast Air Almacenes de Carga S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 96.631.520-2 | |||
Country of origin | Chile | |||
Functional Currency | CLP | |||
Direct | 0.00% | 0.00% | 0.00% | |
Indirect | 100.00% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Laser Cargo S.R.L. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | Foreign | |||
Country of origin | Argentina | |||
Functional Currency | ARS | |||
Direct | 0.00% | 0.00% | 0.00% | |
Indirect | 100.00% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Lan Cargo Overseas Limited and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | Foreign | |||
Country of origin | Bahamas | |||
Functional Currency | US$ | |||
Direct | 0.00% | 0.00% | 0.00% | |
Indirect | 100.00% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Lan Cargo Inversiones S.A. and Subsidary [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 96.969.690-8 | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 0.00% | 0.00% | 0.00% | |
Indirect | 100.00% | 100.00% | 100.00% | |
Total | 100.00% | 100.00% | 100.00% | |
Inversiones Lan S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 96.575.810-0 | |||
Country of origin | Chile | |||
Functional Currency | US$ | |||
Direct | 99.71% | 99.71% | 99.71% | |
Indirect | 0.29% | 0.29% | 0.29% | |
Total | 100.00% | 100.00% | 100.00% | |
Technical Trainning LATAM S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 96.847.880-K | |||
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] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | Foreign | |||
Country of origin | Cayman Insland | |||
Functional Currency | US$ | |||
Direct | 100.00% | 100.00% | 0.00% | |
Indirect | 0.00% | 0.00% | 0.00% | |
Total | 100.00% | 100.00% | 0.00% | |
Peuco Finance Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | Foreign | |||
Country of origin | Cayman Insland | |||
Functional Currency | US$ | |||
Direct | 100.00% | 100.00% | 0.00% | |
Indirect | 0.00% | 0.00% | 0.00% | |
Total | 100.00% | 100.00% | 0.00% | |
Profesional Airline Services INC. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | Foreign | |||
Country of origin | U.S.A. | |||
Functional Currency | US$ | |||
Direct | 100.00% | 100.00% | 0.00% | |
Indirect | 0.00% | 0.00% | 0.00% | |
Total | 100.00% | 100.00% | 0.00% | |
Jarletul S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | Foreign | |||
Country of origin | Uruguay | |||
Functional Currency | US$ | |||
Direct | 99.00% | 0.00% | 0.00% | |
Indirect | 1.00% | 0.00% | 0.00% | |
Total | 100.00% | 0.00% | 0.00% | |
TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | [1] | Foreign | ||
Country of origin | [1] | Brazil | ||
Functional Currency | [1] | BRL | ||
Direct | [1] | 63.0901% | 63.0901% | 63.0901% |
Indirect | [1] | 36.9099% | 36.9099% | 36.9099% |
Total | [1] | 99.9993% | 99.9993% | 100.00% |
[1] | As of December 31, 2018, the indirect participation percentage over TAM S.A. and Subsidiaries comes from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 49% of political rights its percentage arise as a result of the provisional measure No. 714 of the Brazilian government implemented during 2016 that allows foreign capital to have up to 49% ownership. In this way, since April 2016, LATAM Airlines Group S.A. owns 901 shares with the right to vote of Holdco I S.A., which is equivalent to 49% of the total shares with voting rights of said company and TEP Chile S.A. owns 938 shares with the right to vote of Holdco I S.A., which is equivalent to 51% of the total shares with voting rights. |
GENERAL INFORMATION (Details 1)
GENERAL INFORMATION (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 04, 2018 | Dec. 31, 2015 | ||
Disclosure of subsidiaries [line items] | ||||||
Assets | $ 17,566,777 | $ 18,797,972 | $ 5,129 | |||
Liabilities | 13,820,001 | 14,530,736 | $ 377 | |||
Equity | 3,746,776 | 4,267,236 | $ 4,185,304 | $ 2,937,548 | ||
NET INCOME (LOSS) | $ 213,247 | 200,714 | 110,670 | |||
Latam Travel Chile S.A. and Subsidiaries [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | 96.518.860-6 | |||||
Assets | $ 10,165 | 6,771 | 5,468 | |||
Liabilities | 3,210 | 2,197 | 2,727 | |||
Equity | 6,955 | 4,574 | 2,741 | |||
NET INCOME (LOSS) | $ 2,385 | 1,833 | 2,650 | |||
Inmobiliaria Aeronautica S.A. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | 96.763.900-1 | |||||
Assets | 36,756 | |||||
Liabilities | 8,843 | |||||
Equity | 27,913 | |||||
NET INCOME (LOSS) | 3,443 | |||||
Lan Pax Group S.A. and Subsidiaries [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | 96.969.680-0 | |||||
Assets | [1] | $ 522,855 | 499,345 | 475,763 | ||
Liabilities | [1] | 1,278,349 | 1,101,548 | 1,045,761 | ||
Equity | [1] | (762,139) | (596,406) | (561,472) | ||
NET INCOME (LOSS) | [1] | $ (128,345) | (35,943) | (36,331) | ||
Lan Peru S.A. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | $ 417,767 | 315,607 | 306,111 | |||
Liabilities | 407,570 | 303,204 | 294,912 | |||
Equity | 10,197 | 12,403 | 11,199 | |||
NET INCOME (LOSS) | 3,372 | 1,205 | (2,164) | |||
Lan Chile Investments Limited and Subsidiary [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Assets | [1] | |||||
Liabilities | [1] | |||||
Equity | [1] | |||||
NET INCOME (LOSS) | [1] | 23 | ||||
Lan Cargo S.A. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | 93.383.000-4 | |||||
Assets | $ 511,275 | 584,169 | 480,908 | |||
Liabilities | 334,498 | 371,934 | 239,728 | |||
Equity | 176,777 | 212,235 | 241,180 | |||
NET INCOME (LOSS) | $ (34,401) | (30,220) | (24,813) | |||
Connecta Corporation [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | $ 66,593 | 38,735 | 31,981 | |||
Liabilities | 28,183 | 17,248 | 23,525 | |||
Equity | 38,410 | 21,487 | 8,456 | |||
NET INCOME (LOSS) | $ 16,923 | 13,030 | 9,684 | |||
Prime Airport Services Inc. and Subsidary [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | [1] | $ 15,817 | 12,671 | 7,385 | ||
Liabilities | [1] | 17,654 | 15,722 | 11,294 | ||
Equity | [1] | (1,837) | (3,051) | (3,909) | ||
NET INCOME (LOSS) | [1] | $ 1,225 | 857 | 588 | ||
Transporte Aereo S.A. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | 96.951.280-7 | |||||
Assets | $ 330,777 | 324,498 | 340,940 | |||
Liabilities | 128,428 | 104,357 | 124,805 | |||
Equity | 202,349 | 220,141 | 216,135 | |||
NET INCOME (LOSS) | $ (17,847) | 2,172 | 8,206 | |||
Aircraft International Leasing Limited [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | ||||||
Liabilities | ||||||
Equity | ||||||
NET INCOME (LOSS) | 9 | |||||
Fast Air Almacenes de Carga S.A. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | 96.631.520-2 | |||||
Assets | $ 15,499 | 12,931 | 10,023 | |||
Liabilities | 7,962 | 4,863 | 3,645 | |||
Equity | 7,537 | 8,068 | 6,378 | |||
NET INCOME (LOSS) | $ 386 | 939 | 1,717 | |||
Laser Cargo S.R.L. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | $ 26 | 18 | 21 | |||
Liabilities | 13 | 27 | 32 | |||
Equity | 13 | (9) | (11) | |||
NET INCOME (LOSS) | $ (3) | 2 | (1) | |||
Lan Cargo Overseas Limited and Subsidiaries [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | [1] | $ 53,326 | 66,039 | 54,092 | ||
Liabilities | [1] | 13,040 | 42,271 | 35,178 | ||
Equity | [1] | 38,812 | 18,808 | 15,737 | ||
NET INCOME (LOSS) | [1] | $ 19,876 | 3,438 | 176 | ||
Lan Cargo Inversiones S.A. and Subsidary [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | 96.969.690-8 | |||||
Assets | [1] | $ 181,522 | 144,884 | 80,644 | ||
Liabilities | [1] | 192,059 | 156,005 | 95,747 | ||
Equity | [1] | (9,614) | (10,112) | (13,506) | ||
NET INCOME (LOSS) | [1] | $ 497 | 3,389 | (910) | ||
Inversiones Lan S.A. and Subsidiaries [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | 96.575.810-0 | |||||
Assets | [1] | $ 1,383 | 11,681 | 10,971 | ||
Liabilities | [1] | 50 | 5,201 | 6,452 | ||
Equity | [1] | 1,333 | 6,377 | 4,452 | ||
NET INCOME (LOSS) | [1] | $ (4,774) | 1,561 | 2,549 | ||
Technical Trainning LATAM S.A. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | 96.847.880-K | |||||
Assets | $ 2,879 | 1,967 | 1,745 | |||
Liabilities | 1,031 | 367 | 284 | |||
Equity | 1,848 | 1,600 | 1,461 | |||
NET INCOME (LOSS) | $ 884 | 109 | 73 | |||
Latam Finance Limited [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | $ 679,034 | 678,289 | ||||
Liabilities | 756,774 | 708,306 | ||||
Equity | (77,740) | (30,017) | ||||
NET INCOME (LOSS) | $ (47,723) | (30,017) | ||||
Peuco Finance Limited [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | $ 608,191 | 608,191 | ||||
Liabilities | 608,191 | 608,191 | ||||
Equity | ||||||
NET INCOME (LOSS) | ||||||
Profesional Airline Services INC. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | $ 2,430 | 3,703 | ||||
Liabilities | 1,967 | 3,438 | ||||
Equity | 463 | 265 | ||||
NET INCOME (LOSS) | $ 197 | 294 | ||||
Jarletul S.A. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | Foreign | |||||
Assets | $ 18 | |||||
Liabilities | 125 | |||||
Equity | (107) | |||||
NET INCOME (LOSS) | $ (107) | |||||
TAM S.A. and Subsidiaries [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Tax No. | [2] | Foreign | ||||
Assets | [1],[3] | $ 4,304,126 | 4,490,714 | 5,287,286 | ||
Liabilities | [1],[3] | 3,013,831 | 3,555,423 | 4,710,308 | ||
Equity | [1] | 1,221,459 | 856,829 | 495,562 | ||
NET INCOME (LOSS) | [1],[3] | $ (12,538) | $ 160,582 | $ 2,107 | ||
[1] | The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. | |||||
[2] | As of December 31, 2018, the indirect participation percentage over TAM S.A. and Subsidiaries comes from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 49% of political rights its percentage arise as a result of the provisional measure No. 714 of the Brazilian government implemented during 2016 that allows foreign capital to have up to 49% ownership. In this way, since April 2016, LATAM Airlines Group S.A. owns 901 shares with the right to vote of Holdco I S.A., which is equivalent to 49% of the total shares with voting rights of said company and TEP Chile S.A. owns 938 shares with the right to vote of Holdco I S.A., which is equivalent to 51% of the total shares with voting rights. | |||||
[3] | Corresponds to consolidated information of TAM S.A. and Subsidiaries |
GENERAL INFORMATION (Details Na
GENERAL INFORMATION (Details Narrative) $ in Thousands | May 05, 2018 | Mar. 13, 2018 | Jan. 22, 2018shares | Nov. 20, 2017 | Apr. 02, 2016 | Dec. 31, 2018USD ($)Employeeshares | Dec. 31, 2017shares | Dec. 23, 2018shares | Feb. 05, 2018shares | Jan. 24, 2018shares | Dec. 11, 2017shares | Dec. 31, 2016shares | Aug. 18, 2016shares |
Disclosure of subsidiaries [line items] | |||||||||||||
Number of revised authorized shares capital stock | 606,874,525 | 608,374,525 | 608,374,525 | ||||||||||
Number of average employees | Employee | 41,097 | ||||||||||||
Number of employees | Employee | 41,170 | ||||||||||||
Sale value | $ | $ 29,466 | ||||||||||||
Administrative Staff [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Number of employees | Employee | 6,380 | ||||||||||||
Maintenance Staff [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Number of employees | Employee | 4,928 | ||||||||||||
Operations Staff [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Number of employees | Employee | 13,391 | ||||||||||||
Cockpit Crew [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Number of employees | Employee | 4,169 | ||||||||||||
Cabin Crew [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Number of employees | Employee | 9,196 | ||||||||||||
Sales Staff [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Number of employees | Employee | 3,106 | ||||||||||||
Cueto Group [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Percentage of ownership interest holding by controlling shareholder | 27.91% | ||||||||||||
1451 Registered Shareholders [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Percentage of share capital in form of ADRs | 2.45% | ||||||||||||
Common/Ordinary Shares [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Number of shares subscribed and paid capital | 606,407,693 | 606,407,693 | |||||||||||
Number of shares issued | 61,316,424 | ||||||||||||
Number of shares placed | 60,849,592 | 60,849,592 | |||||||||||
Number of revised authorized shares capital stock | 606,874,525 | ||||||||||||
Number of shares pending of subscription and payment | 466,832 | ||||||||||||
Number of shares for subscription and payment expired | 30,499,685 | 30,499,685 | |||||||||||
Andes Airport Services S.A. [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Sale value | $ | $ 39,108 | ||||||||||||
Rampas Andes Airport Services S.A. [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Sale value | $ | $ 8,624 | ||||||||||||
TEP Chile S.A [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Maximum percentage of voting rights | 51.00% | ||||||||||||
Number of voting shares hold | 938 | ||||||||||||
LATAM Airlines Group S.A. [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Percentage of ownership chages for capital increase | 100.00% | ||||||||||||
TAM S.A. and Subsidiaries [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Number of balances shares for placement of the last capital increase | 200,000,000 | 449,000,000 | 210,000,000 | ||||||||||
TAM S.A. and Subsidiaries [Member] | Holdco I S.A [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Percentage of economic rights | 99.9983% | ||||||||||||
Percentage of rights politicians product | 49.00% | ||||||||||||
Maximum percentage of voting rights | 49.00% | ||||||||||||
Number of voting shares hold | 901 | ||||||||||||
TAM S.A. and Subsidiaries [Member] | Multiplus Corretora de Seguros Ltda [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Percentage of equity ownership | 99.99% | ||||||||||||
TAM S.A. and Subsidiaries [Member] | Multiplus Corretora de Seguros Ltda [Member] | Prismah Fidelidade Ltda [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Percentage of equity ownership | 99.99% | ||||||||||||
Lan Pax Group S.A. and Subsidiaries [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Number of shares placed | 17,717 | ||||||||||||
Percentage of equity ownership | 100.00% | 96.2207% | |||||||||||
Percentage of ownership chages for capital increase | 3.7792% | ||||||||||||
Inversiones Lan S.A. and Subsidiaries [Member] | Aerovias de Integracion Regional, AIRES S.A. [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Percentage of equity ownership | 99.2012% | ||||||||||||
Number of shares acquired | 5,319 | ||||||||||||
Peuco Finance Limited [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Percentage of equity ownership | 100.00% | ||||||||||||
Inmobiliaria Aeronautica S.A. [Member] | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Percentage of equity ownership | 100.00% | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Jan. 02, 2018 | Dec. 31, 2017 | |
Current assets | |||||
Other financial assets | $ 383,984 | $ 275,549 | $ 559,919 | ||
Trade and other accounts receivable | 1,162,582 | 1,202,945 | 1,214,050 | ||
Non-current assets | |||||
Deferred tax assets | 273,327 | $ 273,327 | 370,115 | 364,021 | |
Current liabilities | |||||
Trade and other accounts payables | 1,674,303 | 1,673,010 | 1,695,202 | ||
Other non-financial liabilities | 2,454,746 | 2,901,603 | 2,823,963 | ||
Non-current liabilities | |||||
Deferred tax liabilities | 872,121 | 953,148 | 949,697 | ||
EQUITY | |||||
Retained earnings | $ 597,675 | $ 465,569 | 475,117 | ||
IFRS 9 [Member] | |||||
Current assets | |||||
Other financial assets | |||||
Trade and other accounts receivable | [1] | (11,105) | |||
Non-current assets | |||||
Deferred tax assets | [2] | 89 | |||
Current liabilities | |||||
Trade and other accounts payables | |||||
Other non-financial liabilities | |||||
Non-current liabilities | |||||
Deferred tax liabilities | [2] | (1,021) | |||
EQUITY | |||||
Retained earnings | [3] | (9,995) | |||
IFRS 15 [Member] | |||||
Current assets | |||||
Other financial assets | [4] | 54,361 | |||
Trade and other accounts receivable | |||||
Non-current assets | |||||
Deferred tax assets | [5] | 6,005 | |||
Current liabilities | |||||
Trade and other accounts payables | [6] | (22,192) | |||
Other non-financial liabilities | [7] | 77,640 | |||
Non-current liabilities | |||||
Deferred tax liabilities | [6] | 4,472 | |||
EQUITY | |||||
Retained earnings | [3] | $ 446 | |||
[1] | Expected credit losses: The Company modified the calculation of the impairment provision to comply with the expected credit loss model, established in IFRS 9 Financial Instruments, which replaces the current loss impairment model incurred. To the calculate porcentage of credit losses, a risk matrix was used, grouping the portfolio, according to similar characteristics of risk and maturity. This change resulted in the recognition of an increase in the provision for impairment losses of US $ (11.1) million. | ||||
[2] | Deferred tax adjustments originated by the application of IFRS 9. | ||||
[3] | Net effect on accumulated results of the adjustments indicated above. | ||||
[4] | Contract costs: The Company has capitalized the costs related to the revenues from air transport of passengers, corresponding to: the commissions charged by the credit card administrators for US$ 22.0 million and the air ticket booking services through the system general distribution (GDS) for US$ 15.6 million. Additionally, there is a reclassification of commissions from travel agencies for US$ 16.8 million, which previously were presented, according IAS 18, net of the liability to fly in other non-financial liabilities. | ||||
[5] | Deferred tax adjustments originated by the application of IFRS 15. | ||||
[6] | Contract liabilities: The Company has adjusted certain concepts that were recorded as obligations with suppliers and customers, which must now be treated as contract liabilities; therefore they must be deferred until the benefit of the service have been rendered. These concepts are mainly related to the ground transportation service for US $ 15.6 million and traveler's checks for US $ 6.6 million. | ||||
[7] | Performance Obligations: The Company analyzed the moment in which the performance obligations identified in the contracts with customers must be recognized in the consolidated result. During this analysis, some concepts were identified which must be deferred until the moment of service provision, mainly related to land transportation services, charges for modifications to the initial contract in the sale of tickets and redeem of some products associated with loyalty programs for US$ 60.8 million. Additionally, there is the reclassification detailed in numeral (4) for US$ 16.8 million. |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 02, 2018 | |
Up to 90 days [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 5.00% | [1] | 21.00% |
Gross book value | $ 91,387 | [2] | $ 36,241 |
Impairment loss provision | $ (5,014) | $ (7,774) | |
91 To 180 Days [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 45.00% | [1] | 46.00% |
Gross book value | $ 11,085 | [2] | $ 12,001 |
Impairment loss provision | $ (4,983) | $ (5,499) | |
Between 6 and 12 months [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 65.00% | [1] | 67.00% |
Gross book value | $ 15,078 | [2] | $ 14,623 |
Impairment loss provision | $ (9,864) | $ (9,803) | |
More Of 360 Days [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 76.00% | [1] | 94.00% |
Gross book value | $ 71,081 | [2] | $ 66,022 |
Impairment loss provision | $ (54,197) | $ (61,787) | |
Total [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 9.00% | [1] | 8.00% |
Gross book value | $ 1,077,561 | [2] | $ 1,175,796 |
Impairment loss provision | $ (97,991) | $ (98,433) | |
Up to date [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 3.00% | [1] | 1.00% |
Gross book value | $ 888,930 | [2] | $ 1,046,909 |
Impairment loss provision | $ (23,933) | $ (13,570) | |
[1] | Corresponds to the expected average rate. | ||
[2] | the gross book value represents the maximum growth risk value of trade accounts receivable. |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Jan. 02, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Assets | |||||||||
Cash and cash equivalents | $ 1,081,642 | $ 1,142,004 | $ 949,327 | $ 753,497 | |||||
Other financial assets, current | 383,984 | $ 275,549 | 559,919 | ||||||
Trade and others accounts receivable, current | 1,162,582 | 1,202,945 | 1,214,050 | ||||||
Accounts receivable from related entities, current | 2,931 | 2,582 | |||||||
Other non-financial assets | 320,977 | 221,188 | |||||||
Accounts receivable, non current | 5,381 | 6,891 | |||||||
Total assets | 17,566,777 | $ 5,129 | 18,797,972 | ||||||
Liabilities | |||||||||
Trade and other accounts payables, current | 1,674,303 | 1,673,010 | 1,695,202 | ||||||
Other financial liabilities, non-current | 2,454,746 | 2,901,603 | 2,823,963 | ||||||
Total liabilities | 13,820,001 | $ 377 | 14,530,736 | ||||||
Other Financial Liabilities [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 1,288,749 | ||||||||
Trade and other accounts payables, current | 1,695,202 | ||||||||
Accounts payable to related entities, current | 760 | ||||||||
Other financial liabilities, non-current | 6,602,891 | ||||||||
Accounts payable, non-current | 498,832 | ||||||||
Total liabilities | 10,086,434 | ||||||||
Held Hedge Derivatives [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 12,200 | ||||||||
Trade and other accounts payables, current | |||||||||
Accounts payable to related entities, current | |||||||||
Other financial liabilities, non-current | 2,617 | ||||||||
Accounts payable, non-current | |||||||||
Total liabilities | 14,817 | ||||||||
Measured At Amortized Cost [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 1,404,868 | ||||||||
Trade and other accounts payables, current | 1,674,303 | ||||||||
Accounts payable to related entities, current | 382 | ||||||||
Other financial liabilities, non-current | 5,864,570 | ||||||||
Accounts payable, non-current | 483,656 | ||||||||
Total liabilities | 9,427,779 | ||||||||
Financial liabilities [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 1,430,789 | 1,300,949 | |||||||
Trade and other accounts payables, current | 1,674,303 | 1,695,202 | |||||||
Accounts payable to related entities, current | 382 | 760 | |||||||
Other financial liabilities, non-current | 5,864,910 | 6,605,508 | |||||||
Accounts payable, non-current | 483,656 | 498,832 | |||||||
Total liabilities | 9,454,040 | 10,101,251 | |||||||
Loans And Receivables [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 1,112,346 | ||||||||
Other financial assets, current | [1] | 23,918 | |||||||
Trade and others accounts receivable, current | 1,214,050 | ||||||||
Accounts receivable from related entities, current | 2,582 | ||||||||
Other non-financial assets | [1] | 87,077 | |||||||
Accounts receivable, non current | 6,891 | ||||||||
Total assets | 2,446,864 | ||||||||
Hedge Derivatives [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | |||||||||
Other financial assets, current | 23,355 | [2] | 62,348 | [1] | |||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | [2] | 519 | [1] | ||||||
Accounts receivable, non current | |||||||||
Total assets | 23,355 | 62,867 | |||||||
Held For Trading [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | |||||||||
Other financial assets, current | [1] | 1,421 | |||||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | [1] | 494 | |||||||
Accounts receivable, non current | |||||||||
Total assets | 1,915 | ||||||||
Initial Designation As Fair Value Through Profit And Loss [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 29,658 | ||||||||
Other financial assets, current | [1] | 472,232 | |||||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | [1] | ||||||||
Accounts receivable, non current | |||||||||
Total assets | 501,890 | ||||||||
Measured At Amortized Cost [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 1,037,989 | ||||||||
Other financial assets, current | [2] | 16,203 | |||||||
Trade and others accounts receivable, current | 1,162,582 | ||||||||
Accounts receivable from related entities, current | 2,931 | ||||||||
Other non-financial assets | [2] | 58,700 | |||||||
Accounts receivable, non current | 5,381 | ||||||||
Total assets | 2,283,786 | ||||||||
At Fair Value With Changes In Results [Member] | |||||||||
Assets | |||||||||
Total assets | 388,079 | ||||||||
Financial Assets [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 1,081,642 | 1,142,004 | |||||||
Other financial assets, current | 383,984 | [2] | 559,919 | [1] | |||||
Trade and others accounts receivable, current | 1,162,582 | 1,214,050 | |||||||
Accounts receivable from related entities, current | 2,931 | 2,582 | |||||||
Other non-financial assets | 58,700 | [2] | 88,090 | [1] | |||||
Accounts receivable, non current | 5,381 | 6,891 | |||||||
Total assets | $ 2,695,220 | 3,013,536 | |||||||
Classification IAS 39 [Member] | Other Financial Liabilities [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | (1,288,749) | ||||||||
Trade and other accounts payables, current | (1,695,202) | ||||||||
Accounts payable to related entities, current | (760) | ||||||||
Other financial liabilities, non-current | (6,602,891) | ||||||||
Accounts payable, non-current | (498,832) | ||||||||
Total liabilities | 10,086,434 | ||||||||
Classification IAS 39 [Member] | Held Hedge Derivatives [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | |||||||||
Trade and other accounts payables, current | |||||||||
Accounts payable to related entities, current | |||||||||
Other financial liabilities, non-current | |||||||||
Accounts payable, non-current | |||||||||
Total liabilities | 14,817 | 14,817 | |||||||
Classification IAS 39 [Member] | Loans And Receivables [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | (1,112,346) | ||||||||
Other financial assets, current | (23,918) | ||||||||
Trade and others accounts receivable, current | (1,214,050) | ||||||||
Accounts receivable from related entities, current | (2,582) | ||||||||
Other non-financial assets | (87,077) | ||||||||
Accounts receivable, non current | (6,891) | ||||||||
Total assets | 2,446,864 | ||||||||
Classification IAS 39 [Member] | Hedge Derivatives [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | |||||||||
Other financial assets, current | |||||||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | |||||||||
Accounts receivable, non current | |||||||||
Total assets | 62,867 | 62,867 | |||||||
Classification IAS 39 [Member] | Held For Trading [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | |||||||||
Other financial assets, current | (1,421) | ||||||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | (494) | ||||||||
Accounts receivable, non current | |||||||||
Total assets | 1,915 | ||||||||
Classification IAS 39 [Member] | Initial Designation As Fair Value Through Profit And Loss [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | (29,658) | ||||||||
Other financial assets, current | (472,232) | ||||||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | |||||||||
Accounts receivable, non current | |||||||||
Total assets | 501,890 | ||||||||
Classification IFRS 9 [Member] | Measured At Amortized Cost [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 1,288,749 | ||||||||
Trade and other accounts payables, current | 1,695,202 | ||||||||
Accounts payable to related entities, current | 760 | ||||||||
Other financial liabilities, non-current | 6,602,891 | ||||||||
Accounts payable, non-current | 498,832 | ||||||||
Total liabilities | 10,086,434 | ||||||||
Classification IFRS 9 [Member] | Financial liabilities [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | |||||||||
Trade and other accounts payables, current | |||||||||
Accounts payable to related entities, current | |||||||||
Other financial liabilities, non-current | |||||||||
Accounts payable, non-current | |||||||||
Total liabilities | 10,101,251 | 10,101,251 | |||||||
Classification IFRS 9 [Member] | Measured At Amortized Cost [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 1,112,346 | ||||||||
Other financial assets, current | 23,918 | ||||||||
Trade and others accounts receivable, current | 1,214,050 | ||||||||
Accounts receivable from related entities, current | 2,582 | ||||||||
Other non-financial assets | 87,077 | ||||||||
Accounts receivable, non current | 6,891 | ||||||||
Total assets | 2,446,864 | ||||||||
Classification IFRS 9 [Member] | At Fair Value With Changes In Results [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 29,658 | 43,653 | |||||||
Other financial assets, current | 473,653 | 344,426 | |||||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | 494 | ||||||||
Accounts receivable, non current | |||||||||
Total assets | 503,805 | ||||||||
Classification IFRS 9 [Member] | Financial Assets [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | |||||||||
Other financial assets, current | |||||||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | |||||||||
Accounts receivable, non current | |||||||||
Total assets | $ 3,013,536 | $ 3,013,536 | |||||||
[1] | The value presented as initial designation as fair value through profit and loss, corresponds mainly to private investment funds; and loans and receivables corresponds to guarantees given. | ||||||||
[2] | The value presented in designated at the initial moment at fair value with changes in results, corresponds mainly to private investment funds, and in loans and accounts receivable, corresponds to guarantees delivered. |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenue | $ 9,895,456 | $ 9,613,907 | $ 8,988,340 | |
Cost of sales | (7,962,843) | (7,441,849) | (6,967,037) | |
Gross margin | 1,932,613 | 2,172,058 | 2,021,303 | |
Other income | 472,758 | 549,889 | 538,748 | |
Distribution costs | (619,200) | (699,600) | (747,426) | |
Administrative expenses | (721,270) | (938,931) | (872,954) | |
Other expenses | (359,781) | (368,883) | (373,738) | |
Other gains/(losses) | 53,499 | (7,754) | (72,634) | |
Income from operation activities | 758,619 | 706,779 | 493,299 | |
Financial income | 53,253 | 78,695 | 74,949 | |
Financial costs | (356,269) | (393,286) | (416,336) | |
Foreign exchange gains/(losses) | (157,709) | (18,718) | 121,651 | |
Result of indexation units | (865) | 748 | 311 | |
Income (loss) before taxes | 297,029 | 374,218 | 273,874 | |
Income (loss) tax expense / benefit | (83,782) | (173,504) | (163,204) | |
NET INCOME (LOSS) FOR THE PERIOD | 213,247 | 200,714 | 110,670 | |
Income (loss) attributable to owners of the parent | 181,935 | 155,304 | 69,220 | |
Income (loss) attributable to non-controlling interest | 31,312 | $ 45,410 | $ 41,450 | |
IFRS 15 [Member] | ||||
Revenue | 9,895,456 | |||
Cost of sales | (7,962,843) | |||
Gross margin | 1,932,613 | |||
Other income | 472,758 | |||
Distribution costs | (619,200) | |||
Administrative expenses | (721,270) | |||
Other expenses | (359,781) | |||
Other gains/(losses) | 53,499 | |||
Income from operation activities | 758,619 | |||
Financial income | 53,253 | |||
Financial costs | (356,269) | |||
Foreign exchange gains/(losses) | (157,708) | |||
Result of indexation units | (865) | |||
Income (loss) before taxes | 297,030 | |||
Income (loss) tax expense / benefit | (88,456) | |||
NET INCOME (LOSS) FOR THE PERIOD | 208,574 | |||
Income (loss) attributable to owners of the parent | 176,822 | |||
Income (loss) attributable to non-controlling interest | 31,752 | |||
IFRS 15 [Member] | Contract Costs [Member] | ||||
Revenue | [1] | |||
Cost of sales | [1] | |||
Gross margin | [1] | |||
Other income | [1] | |||
Distribution costs | [1] | (43) | ||
Administrative expenses | [1] | (806) | ||
Other expenses | [1] | |||
Other gains/(losses) | [1] | |||
Income from operation activities | [1] | (849) | ||
Financial income | [1] | |||
Financial costs | [1] | |||
Foreign exchange gains/(losses) | [1] | |||
Result of indexation units | [1] | |||
Income (loss) before taxes | [1] | (849) | ||
Income (loss) tax expense / benefit | [1] | (23) | ||
NET INCOME (LOSS) FOR THE PERIOD | [1] | (872) | ||
Income (loss) attributable to owners of the parent | [1] | (872) | ||
Income (loss) attributable to non-controlling interest | [1] | |||
IFRS 15 [Member] | Deferred Revenue Recognition [Member] | ||||
Revenue | [2],[3] | 48,561 | ||
Cost of sales | [2],[3] | (34,986) | ||
Gross margin | [2],[3] | 13,575 | ||
Other income | [2],[3] | |||
Distribution costs | [2],[3] | |||
Administrative expenses | [2],[3] | |||
Other expenses | [2],[3] | |||
Other gains/(losses) | [2],[3] | |||
Income from operation activities | [2],[3] | 13,575 | ||
Financial income | [2],[3] | |||
Financial costs | [2],[3] | |||
Foreign exchange gains/(losses) | [2],[3] | |||
Result of indexation units | [2],[3] | |||
Income (loss) before taxes | [2],[3] | 13,575 | ||
Income (loss) tax expense / benefit | [2],[3] | (1,030) | ||
NET INCOME (LOSS) FOR THE PERIOD | [2],[3] | 12,545 | ||
Income (loss) attributable to owners of the parent | [2],[3] | 12,545 | ||
Income (loss) attributable to non-controlling interest | [2],[3] | |||
IFRS 15 [Member] | Reclassifications [Member] | ||||
Revenue | 31,501 | |||
Cost of sales | ||||
Gross margin | 31,501 | |||
Other income | 42,563 | |||
Distribution costs | (20,003) | |||
Administrative expenses | (54,061) | |||
Other expenses | ||||
Other gains/(losses) | ||||
Income from operation activities | ||||
Financial income | ||||
Financial costs | ||||
Foreign exchange gains/(losses) | ||||
Result of indexation units | ||||
Income (loss) before taxes | ||||
Income (loss) tax expense / benefit | ||||
NET INCOME (LOSS) FOR THE PERIOD | ||||
Income (loss) attributable to owners of the parent | ||||
Income (loss) attributable to non-controlling interest | ||||
IAS 18 [Member] | ||||
Revenue | 9,975,518 | |||
Cost of sales | (7,997,829) | |||
Gross margin | 1,977,689 | |||
Other income | 515,321 | |||
Distribution costs | (639,246) | |||
Administrative expenses | (776,137) | |||
Other expenses | (359,781) | |||
Other gains/(losses) | 53,499 | |||
Income from operation activities | 771,345 | |||
Financial income | 53,253 | |||
Financial costs | (356,269) | |||
Foreign exchange gains/(losses) | (157,708) | |||
Result of indexation units | (865) | |||
Income (loss) before taxes | 309,756 | |||
Income (loss) tax expense / benefit | (89,509) | |||
NET INCOME (LOSS) FOR THE PERIOD | 220,247 | |||
Income (loss) attributable to owners of the parent | 188,495 | |||
Income (loss) attributable to non-controlling interest | $ 31,752 | |||
[1] | The Company has capitalized the costs related to the revenues from air transport of passengers, corresponding to: the commissions charged by the credit card administrators for US$ 22.0 million and the air ticket booking services through the system general distribution (GDS) for US$ 15.6 million. Additionally, there is a reclassification of commissions from travel agencies for US$ 16.8 million, which previously were presented, according IAS 18, net of the liability to fly in other non-financial liabilities. | |||
[2] | The Company analyzed the moment in which the performance obligations identified in the contracts with customers must be recognized in the consolidated result. During this analysis, some concepts were identified which must be deferred until the moment of service provision, mainly related to land transportation services, charges for modifications to the initial contract in the sale of tickets and redeem of some products associated with loyalty programs for US$ 60.8 million. Additionally, there is the reclassification detailed in numeral (4) for US$ 16.8 million. | |||
[3] | The Company has adjusted certain concepts that were recorded as obligations with suppliers and customers, which must now be treated as contract liabilities; therefore they must be deferred until the benefit of the service have been rendered. These concepts are mainly related to the ground transportation service for US $ 15.6 million and traveler's checks for US $ 6.6 million. |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Short-term leases | $ 59,000 |
Decrease in financing cash flows | $ 521,000 |
Useful life of intangible asset | The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. |
Other Non-Current Financial Asset Or Liability [Member] | |
Hedging derivatives maturity terms | 12 Months |
Other Current Financial Asset Or Liability [Member] | |
Hedging derivatives maturity terms | 12 Months |
Trade Marks [Member] | |
Useful life of intangible asset | 5 Years |
Top of range [Member] | |
Proportion of voting rights held in associate | 50.00% |
Top of range [Member] | Computer Software [Member] | |
Useful life of intangible asset | 10 Years |
Bottom of range [Member] | |
Proportion of voting rights held in associate | 20.00% |
Bottom of range [Member] | Computer Software [Member] | |
Useful life of intangible asset | 3 Years |
Subsequent Event [Member] | |
Right-of-use assets | $ 2,512,000 |
Lease liabilities | 2,820,000 |
Plant and Equipment [Member] | |
Non-cancellable operating lease | 3,581,000 |
Other Property, Plants and Equipment [Member] | |
Non-cancellable operating lease | 161,000 |
IFRS 15 [Member] | |
Performance obligations | 60,800 |
Reclassification of performance obligations | 16,800 |
IFRS 15 [Member] | Contract Costs [Member] | |
Commissions expenses | 22,000 |
Traveling expenses | 15,600 |
Reclassification of commissions expenses | 16,800 |
IFRS 15 [Member] | Contract Liabilities [Member] | |
Ground transportation service | 15,600 |
Traveler's checks | 6,600 |
IFRS 9 [Member] | |
Increase in provision for impairment losses | $ 11,100 |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Fuel-Price Risk [Member] | Fuel options [Member] | ||||||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||||||
Percentage of coverage over the expected volume of consumption | [1] | 15.00% | 40.00% | 58.00% | 66.00% | 5.00% | 12.00% | 19.00% | 45.00% | 12.00% |
[1] | The volume shown in the table considers all the hedging instruments (swaps and options). |
FINANCIAL RISK MANAGEMENT (De_2
FINANCIAL RISK MANAGEMENT (Details 1) - Fuel-Price Risk [Member] - Fuel options [Member] - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Top of range [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Benchmark price (per barrel) | $ 5 | $ 5 |
Positions effect on equity | $ 7,400 | $ 1,800 |
Bottom of range [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Benchmark price (per barrel) | $ (5) | $ (5) |
Positions effect on equity | $ (5,500) | $ (3,300) |
FINANCIAL RISK MANAGEMENT (De_3
FINANCIAL RISK MANAGEMENT (Details 2) - Foreign Exchange Rate Risk [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Bottom of range [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Appreciation (depreciation) of R$ /GBP | [1] | (10.00%) | (10.00%) |
Positions effect on equity | $ 39,800 | $ 80,500 | |
Effect on Other comprehensive income recognized in Total equity | $ 384,730 | $ (386,620) | |
Top of range [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Appreciation (depreciation) of R$ /GBP | [1] | 10.00% | 10.00% |
Positions effect on equity | $ (39,800) | $ (80,500) | |
Effect on Other comprehensive income recognized in Total equity | $ (314,780) | $ (316,330) | |
[1] | Appreciation (depreciation) of US$ regard to the covered currencies. |
FINANCIAL RISK MANAGEMENT (De_4
FINANCIAL RISK MANAGEMENT (Details 3) - Interest Rate Risk [Member] - Interest Rate Derivative Contracts [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Bottom of range [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Increase (decrease) futures curve in libor 3 months | -100 basis points | |
Positions on effect on profit or loss before tax | $ (710) | $ (1,900) |
Positions effect on equity | $ (29,260) | (29,260) |
Top of range [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Increase (decrease) futures curve in libor 3 months | +100 basis points | |
Positions on effect on profit or loss before tax | $ 700 | 1,900 |
Positions effect on equity | $ 29,260 | $ 29,260 |
FINANCIAL RISK MANAGEMENT (De_5
FINANCIAL RISK MANAGEMENT (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 04, 2018 | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Hedging derivatives | $ 14,817 | $ 26,261 | |||
NATIXIS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | France | ||||
Currency | US$ | ||||
CITIBANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
SANTANDER [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
BNP PARIBAS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
PEFCO [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
CITIBANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
ING [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
INVESTEC [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | England | U.S.A | |||
Currency | US$ | US$ | |||
PK AirFinance [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
NATIXIS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | France | France | |||
Currency | US$ | US$ | |||
US BANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
WILMINGTON TRUST [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
BNP PARIBAS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Credit Agricole [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | France | France | |||
Currency | US$ | US$ | |||
ESTADO [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.030.000-7 | 97.030.000-7 | |||
Creditor country | Chile | Chile | |||
Currency | UF | UF | |||
BANK OF NEWYORK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
SANTANDER [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.036.000-K | 97.036.000-K | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
BLADEX [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
CORP BANCA [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.023.000-9 | 97.023.000-9 | |||
Creditor country | Chile | Chile | |||
Currency | UF | UF | |||
HSBC [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.951.000-4 | 97.951.000-4 | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
BANCO DO BRASIL [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.003.000-K | 97,003,000-K | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
SANTANDER [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.036.000-K | 97.036.000-K | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
BBVA [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.032.000-8 | 97.032.000-8 | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
BBVA [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.032.000-8 | 97.032.000-8 | |||
Creditor country | Chile | Chile | |||
Currency | UF | UF | |||
CREDIT AGRICOLE [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | France | ||||
Currency | US$ | ||||
CITIBANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
CREDIT AGRICOLE [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | France | France | |||
Currency | US$ | US$ | |||
DVB BANK SE [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | Germany | ||||
Currency | US$ | ||||
APPLE BANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
BTMU [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
KFW IPEX-BANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | Germany | Germany | |||
Currency | US$ | US$ | |||
DEUTSCHE BANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
WELLS FARGO [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
ESTADO [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.030.000-7 | 97.030.000-7 | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
AIRBUS FINANCIAL [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
TAM S.A. and Subsidiaries [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | [1] | Foreign | |||
TAM S.A. and Subsidiaries [Member] | SOCIETEGENERALE MILAN BRANCH [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | Italy | Italy | |||
Currency | US$ | US$ | |||
TAM S.A. and Subsidiaries [Member] | Wacapou Leasing S.A [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | Luxemburg | Luxemburg | |||
Currency | US$ | US$ | |||
TAM S.A. and Subsidiaries [Member] | NATIXIS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | France | France | |||
Currency | US$ | US$ | |||
TAM S.A. and Subsidiaries [Member] | NEDERLANDSCHE NCM [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | Holland | Holland | |||
Currency | US$ | US$ | |||
TAM S.A. and Subsidiaries [Member] | SOCIETE GENERALE [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | France | ||||
Currency | BRL | ||||
TAM S.A. and Subsidiaries [Member] | BANCO IBMS .A [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | Brazil | ||||
Currency | BRL | ||||
Liquidity Risk [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Nominal value | $ 6,989,299 | $ 7,633,613 | |||
Total trade and other payables | 1,280,358 | 1,349,961 | |||
Total consolidated | 8,597,949 | 9,341,682 | |||
Liquidity Risk [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Nominal value | 534,959 | 535,352 | |||
Total trade and other payables | 1,263,383 | 1,338,746 | |||
Total consolidated | 1,815,767 | 1,891,289 | |||
Liquidity Risk [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Nominal value | 1,039,060 | 960,284 | |||
Total trade and other payables | 16,975 | 11,215 | |||
Total consolidated | 1,100,967 | 1,014,552 | |||
Liquidity Risk [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Nominal value | 2,866,810 | 3,010,385 | |||
Total trade and other payables | |||||
Total consolidated | 3,087,917 | 3,246,203 | |||
Liquidity Risk [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Nominal value | 1,555,906 | 1,630,990 | |||
Total trade and other payables | |||||
Total consolidated | 1,602,508 | 1,706,312 | |||
Liquidity Risk [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Nominal value | 2,098,861 | 2,780,822 | |||
Total trade and other payables | |||||
Total consolidated | 2,110,179 | 2,780,822 | |||
Liquidity Risk [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Nominal value | 8,095,596 | 8,917,833 | |||
Total trade and other payables | 1,280,358 | 1,349,961 | |||
Total consolidated | 9,717,338 | $ 10,639,178 | |||
Liquidity Risk [Member] | TAM Aviacao Executivae Taxi Aereo S.A. [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Nominal value | $ 2 | ||||
Effective rate % | 0.00% | ||||
Nominal rate % | 0.00% | ||||
Liquidity Risk [Member] | TAM Aviacao Executivae Taxi Aereo S.A. [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 2 | ||||
Liquidity Risk [Member] | TAM Aviacao Executivae Taxi Aereo S.A. [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | TAM Aviacao Executivae Taxi Aereo S.A. [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | TAM Aviacao Executivae Taxi Aereo S.A. [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | TAM Aviacao Executivae Taxi Aereo S.A. [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | TAM Aviacao Executivae Taxi Aereo S.A. [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 2 | ||||
Liquidity Risk [Member] | Bethia S.A. y Filiales [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 78.591.370-1 | 78.591.370-1 | |||
Creditor country | Chile | Chile | |||
Currency | CLP | CLP | |||
Nominal value | $ 365 | $ 12 | |||
Effective rate % | 0.00% | ||||
Nominal rate % | 0.00% | ||||
Liquidity Risk [Member] | Bethia S.A. y Filiales [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 365 | $ 12 | |||
Liquidity Risk [Member] | Bethia S.A. y Filiales [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Bethia S.A. y Filiales [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Bethia S.A. y Filiales [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Bethia S.A. y Filiales [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Bethia S.A. y Filiales [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 365 | $ 12 | |||
Liquidity Risk [Member] | Inversora Aeronautica Argentina S.A. [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | Argentina | Argentina | |||
Currency | ARS | ThUS$ | |||
Nominal value | $ 15 | $ 4 | |||
Effective rate % | 0.00% | ||||
Nominal rate % | 0.00% | ||||
Liquidity Risk [Member] | Inversora Aeronautica Argentina S.A. [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 15 | $ 4 | |||
Liquidity Risk [Member] | Inversora Aeronautica Argentina S.A. [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Inversora Aeronautica Argentina S.A. [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Inversora Aeronautica Argentina S.A. [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Inversora Aeronautica Argentina S.A. [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Inversora Aeronautica Argentina S.A. [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 15 | $ 4 | |||
Liquidity Risk [Member] | OTHERS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Creditor country | OTHERS | OTHERS | |||
Currency | Other currencies | Others currencies | |||
Nominal value | $ 522,366 | $ 301,459 | |||
Effective rate % | 0.00% | ||||
Nominal rate % | 0.00% | ||||
Liquidity Risk [Member] | OTHERS [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | $ 518,448 | $ 290,244 | |||
Liquidity Risk [Member] | OTHERS [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | 3,918 | 11,215 | |||
Liquidity Risk [Member] | OTHERS [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | OTHERS [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | OTHERS [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | OTHERS [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | $ 522,366 | $ 301,459 | |||
Liquidity Risk [Member] | OTHERS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Creditor country | OTHERS | OTHERS | |||
Currency | BRL | BRL | |||
Nominal value | $ 251,840 | $ 315,605 | |||
Effective rate % | 0.00% | ||||
Nominal rate % | 0.00% | ||||
Liquidity Risk [Member] | OTHERS [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | $ 250,915 | $ 315,605 | |||
Liquidity Risk [Member] | OTHERS [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | 925 | ||||
Liquidity Risk [Member] | OTHERS [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | OTHERS [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | OTHERS [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | OTHERS [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | $ 251,840 | $ 315,605 | |||
Liquidity Risk [Member] | OTHERS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Creditor country | OTHERS | OTHERS | |||
Currency | CLP | CLP | |||
Nominal value | $ 137,655 | $ 165,299 | |||
Effective rate % | 0.00% | ||||
Nominal rate % | 0.00% | ||||
Liquidity Risk [Member] | OTHERS [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | $ 137,296 | $ 165,299 | |||
Liquidity Risk [Member] | OTHERS [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | 359 | ||||
Liquidity Risk [Member] | OTHERS [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | OTHERS [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | OTHERS [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | OTHERS [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | $ 137,655 | $ 165,299 | |||
Liquidity Risk [Member] | Others [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Creditor country | OTHERS | OTHERS | |||
Currency | US$ | ThUS$ | |||
Nominal value | $ 368,115 | $ 566,838 | |||
Effective rate % | 0.00% | ||||
Nominal rate % | 0.00% | ||||
Liquidity Risk [Member] | Others [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | $ 356,342 | $ 566,838 | |||
Liquidity Risk [Member] | Others [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | 11,773 | ||||
Liquidity Risk [Member] | Others [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | Others [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | Others [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | |||||
Liquidity Risk [Member] | Others [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Trade and other accounts payables | $ 368,115 | $ 566,838 | |||
Liquidity Risk [Member] | NATIXIS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0 -E | ||||
Creditor country | France | ||||
Currency | US$ | ||||
Amortization | Quarterly | ||||
Nominal value | $ 23,161 | ||||
Effective rate % | 4.28% | ||||
Nominal rate % | 4.12% | ||||
Liquidity Risk [Member] | NATIXIS [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | $ 4,242 | ||||
Liquidity Risk [Member] | NATIXIS [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | 9,870 | ||||
Liquidity Risk [Member] | NATIXIS [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | 9,815 | ||||
Liquidity Risk [Member] | NATIXIS [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | NATIXIS [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | 563 | ||||
Liquidity Risk [Member] | NATIXIS [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | $ 24,490 | ||||
Liquidity Risk [Member] | Others [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Currency | US$ | US$ | |||
Nominal value | $ 4,021 | $ 17,407 | |||
Effective rate % | 0.00% | 0.00% | |||
Nominal rate % | 0.00% | 0.00% | |||
Liquidity Risk [Member] | Others [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Hedging derivatives | $ 1,224 | $ 5,656 | |||
Liquidity Risk [Member] | Others [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Hedging derivatives | 2,484 | 6,719 | |||
Liquidity Risk [Member] | Others [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Hedging derivatives | 681 | 6,228 | |||
Liquidity Risk [Member] | Others [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Hedging derivatives | |||||
Liquidity Risk [Member] | Others [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Hedging derivatives | |||||
Liquidity Risk [Member] | Others [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Hedging derivatives | $ 4,389 | $ 18,603 | |||
Liquidity Risk [Member] | CITIBANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | [2] | Quarterly | ||
Nominal value | $ 196,211 | $ 285,891 | |||
Effective rate % | 6.00% | 6.00% | |||
Nominal rate % | 6.00% | 6.00% | |||
Liquidity Risk [Member] | CITIBANK [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | [2] | $ 25,705 | $ 25,783 | ||
Liquidity Risk [Member] | CITIBANK [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | 77,703 | 77,810 | |||
Liquidity Risk [Member] | CITIBANK [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | 103,341 | 206,749 | |||
Liquidity Risk [Member] | CITIBANK [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | |||||
Liquidity Risk [Member] | CITIBANK [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | |||||
Liquidity Risk [Member] | CITIBANK [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | $ 206,749 | $ 310,342 | |||
Liquidity Risk [Member] | RRP F ENGINE [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | England | England | |||
Currency | US$ | US$ | |||
Amortization | Monthly | Monthly | |||
Nominal value | $ 23,012 | $ 25,983 | |||
Effective rate % | 4.01% | 4.01% | |||
Nominal rate % | 4.01% | 4.01% | |||
Liquidity Risk [Member] | RRP F ENGINE [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 370 | ||||
Other guaranteed obligations | $ 1,167 | ||||
Liquidity Risk [Member] | RRP F ENGINE [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 3,325 | ||||
Other guaranteed obligations | 3,480 | ||||
Liquidity Risk [Member] | RRP F ENGINE [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 8,798 | ||||
Other guaranteed obligations | 9,103 | ||||
Liquidity Risk [Member] | RRP F ENGINE [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 8,692 | ||||
Other guaranteed obligations | 8,826 | ||||
Liquidity Risk [Member] | RRP F ENGINE [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 9,499 | ||||
Other guaranteed obligations | 4,870 | ||||
Liquidity Risk [Member] | RRP F ENGINE [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 30,684 | ||||
Other guaranteed obligations | $ 27,446 | ||||
Liquidity Risk [Member] | SANTANDER [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.036.000-K | 97.036.000-K | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 95,022 | $ 117,023 | |||
Effective rate % | 3.68% | 2.51% | |||
Nominal rate % | 3.14% | 1.96% | |||
Liquidity Risk [Member] | SANTANDER [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 6,049 | ||||
Other guaranteed obligations | $ 6,340 | ||||
Liquidity Risk [Member] | SANTANDER [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 18,344 | ||||
Other guaranteed obligations | 19,025 | ||||
Liquidity Risk [Member] | SANTANDER [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 48,829 | ||||
Other guaranteed obligations | 49,945 | ||||
Liquidity Risk [Member] | SANTANDER [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 47,785 | ||||
Other guaranteed obligations | 26,779 | ||||
Liquidity Risk [Member] | SANTANDER [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 3,156 | ||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | SANTANDER [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 124,163 | ||||
Other guaranteed obligations | $ 102,089 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E569">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 719,338 | $ 221,113 | |||
Effective rate % | 2.77% | 3.17% | |||
Nominal rate % | 2.09% | 2.67% | |||
Liquidity Risk [Member] | WELLS FARGO [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 12,117 | ||||
Other guaranteed obligations | $ 35,458 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 38,076 | ||||
Other guaranteed obligations | 106,397 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 98,424 | ||||
Other guaranteed obligations | 282,923 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 66,849 | ||||
Other guaranteed obligations | 239,168 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 21,253 | ||||
Other guaranteed obligations | 99,232 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 236,719 | ||||
Other guaranteed obligations | $ 763,178 | ||||
Liquidity Risk [Member] | BNP PARIBAS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 511,698 | $ 575,221 | |||
Effective rate % | 4.55% | 3.41% | |||
Nominal rate % | 4.55% | 3.40% | |||
Liquidity Risk [Member] | BNP PARIBAS [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 14,741 | $ 14,498 | |||
Liquidity Risk [Member] | BNP PARIBAS [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 61,973 | 59,863 | |||
Liquidity Risk [Member] | BNP PARIBAS [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 152,826 | 148,469 | |||
Liquidity Risk [Member] | BNP PARIBAS [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 145,252 | 145,315 | |||
Liquidity Risk [Member] | BNP PARIBAS [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 250,387 | 313,452 | |||
Liquidity Risk [Member] | BNP PARIBAS [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 625,179 | $ 681,597 | |||
Liquidity Risk [Member] | PEFCO [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E629">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 22,407 | $ 67,783 | |||
Effective rate % | 5.64% | 5.46% | |||
Nominal rate % | 5.02% | 4.85% | |||
Liquidity Risk [Member] | PEFCO [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 13,354 | ||||
Other guaranteed obligations | $ 5,771 | ||||
Liquidity Risk [Member] | PEFCO [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 34,430 | ||||
Other guaranteed obligations | 13,541 | ||||
Liquidity Risk [Member] | PEFCO [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 23,211 | ||||
Other guaranteed obligations | 3,899 | ||||
Liquidity Risk [Member] | PEFCO [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | PEFCO [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | PEFCO [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 70,995 | ||||
Other guaranteed obligations | $ 23,211 | ||||
Liquidity Risk [Member] | CITIBANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | [3] | <font style="font: 0 -E" id="sjs-E662">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | ||
Creditor country | U.S.A. | [3] | U.S.A. | ||
Currency | US$ | [3] | US$ | ||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 172,158 | $ 184,274 | |||
Effective rate % | 4.40% | 3.78% | |||
Nominal rate % | 3.80% | 3.17% | |||
Liquidity Risk [Member] | CITIBANK [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 12,699 | ||||
Other guaranteed obligations | $ 14,870 | ||||
Liquidity Risk [Member] | CITIBANK [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 38,248 | ||||
Other guaranteed obligations | 44,570 | ||||
Liquidity Risk [Member] | CITIBANK [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 91,821 | ||||
Other guaranteed obligations | 83,389 | ||||
Liquidity Risk [Member] | CITIBANK [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 51,222 | ||||
Other guaranteed obligations | 42,178 | ||||
Liquidity Risk [Member] | CITIBANK [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 2,880 | ||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | CITIBANK [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 196,870 | ||||
Other guaranteed obligations | $ 185,007 | ||||
Liquidity Risk [Member] | ING [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E695">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 26,831 | $ 42,957 | |||
Effective rate % | 5.70% | 5.67% | |||
Nominal rate % | 5.01% | 5.00% | |||
Liquidity Risk [Member] | ING [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 5,890 | ||||
Other guaranteed obligations | $ 4,025 | ||||
Liquidity Risk [Member] | ING [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 12,076 | ||||
Other guaranteed obligations | 12,075 | ||||
Liquidity Risk [Member] | ING [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 28,234 | ||||
Other guaranteed obligations | 12,134 | ||||
Liquidity Risk [Member] | ING [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | ING [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | ING [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 46,200 | ||||
Other guaranteed obligations | $ 28,234 | ||||
Liquidity Risk [Member] | INVESTEC [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | England | England | |||
Currency | US$ | US$ | |||
Amortization | Semiannual | Semiannual | |||
Nominal value | $ 54,014 | $ 63,378 | |||
Effective rate % | 7.17% | 6.04% | |||
Nominal rate % | 7.17% | 6.04% | |||
Liquidity Risk [Member] | INVESTEC [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 2,004 | $ 1,930 | |||
Liquidity Risk [Member] | INVESTEC [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 11,579 | 11,092 | |||
Liquidity Risk [Member] | INVESTEC [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 26,874 | 26,103 | |||
Liquidity Risk [Member] | INVESTEC [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 24,367 | 26,045 | |||
Liquidity Risk [Member] | INVESTEC [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 11,055 | ||||
Liquidity Risk [Member] | INVESTEC [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 64,824 | $ 76,225 | |||
Liquidity Risk [Member] | PK AirFinance [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E755">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Monthly | Monthly | |||
Nominal value | $ 37,615 | $ 46,500 | |||
Effective rate % | 4.15% | 3.18% | |||
Nominal rate % | 4.15% | 3.18% | |||
Liquidity Risk [Member] | PK AirFinance [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 2,490 | $ 2,375 | |||
Liquidity Risk [Member] | PK AirFinance [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 7,663 | 7,308 | |||
Liquidity Risk [Member] | PK AirFinance [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 25,610 | 20,812 | |||
Liquidity Risk [Member] | PK AirFinance [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 3,153 | 18,104 | |||
Liquidity Risk [Member] | PK AirFinance [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | |||||
Liquidity Risk [Member] | PK AirFinance [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 38,916 | $ 48,599 | |||
Liquidity Risk [Member] | NATIXIS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E782">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | France | France | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 324,524 | $ 413,011 | |||
Effective rate % | 4.69% | 3.42% | |||
Nominal rate % | 4.69% | 3.40% | |||
Liquidity Risk [Member] | NATIXIS [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 14,027 | $ 18,192 | |||
Liquidity Risk [Member] | NATIXIS [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 42,132 | 54,952 | |||
Liquidity Risk [Member] | NATIXIS [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 111,528 | 129,026 | |||
Liquidity Risk [Member] | NATIXIS [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 92,228 | 105,990 | |||
Liquidity Risk [Member] | NATIXIS [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 124,910 | 166,011 | |||
Liquidity Risk [Member] | NATIXIS [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 384,825 | $ 474,171 | |||
Liquidity Risk [Member] | US BANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E809">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 411,684 | $ 472,833 | |||
Effective rate % | 4.00% | 4.00% | |||
Nominal rate % | 2.82% | 2.82% | |||
Liquidity Risk [Member] | US BANK [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 18,406 | $ 18,485 | |||
Liquidity Risk [Member] | US BANK [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 55,112 | 55,354 | |||
Liquidity Risk [Member] | US BANK [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 146,045 | 146,709 | |||
Liquidity Risk [Member] | US BANK [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 144,670 | 145,364 | |||
Liquidity Risk [Member] | US BANK [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 86,076 | 158,236 | |||
Liquidity Risk [Member] | US BANK [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 450,309 | $ 524,148 | |||
Liquidity Risk [Member] | WILMINGTON TRUST [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E836">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 952,758 | $ 1,034,853 | |||
Effective rate % | 4.47% | 4.48% | |||
Nominal rate % | 4.47% | 4.48% | |||
Liquidity Risk [Member] | WILMINGTON TRUST [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 31,336 | $ 32,026 | |||
Liquidity Risk [Member] | WILMINGTON TRUST [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 96,304 | 95,042 | |||
Liquidity Risk [Member] | WILMINGTON TRUST [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 248,720 | 253,469 | |||
Liquidity Risk [Member] | WILMINGTON TRUST [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 289,251 | 244,836 | |||
Liquidity Risk [Member] | WILMINGTON TRUST [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 509,168 | 676,474 | |||
Liquidity Risk [Member] | WILMINGTON TRUST [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 1,174,779 | $ 1,301,847 | |||
Liquidity Risk [Member] | BNP PARIBAS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E863">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 59,567 | $ 98,105 | |||
Effective rate % | 3.90% | 3.66% | |||
Nominal rate % | 3.58% | 3.25% | |||
Liquidity Risk [Member] | BNP PARIBAS [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 13,955 | ||||
Other guaranteed obligations | $ 8,467 | ||||
Liquidity Risk [Member] | BNP PARIBAS [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 35,567 | ||||
Other guaranteed obligations | 25,214 | ||||
Liquidity Risk [Member] | BNP PARIBAS [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 50,433 | ||||
Other guaranteed obligations | 26,933 | ||||
Liquidity Risk [Member] | BNP PARIBAS [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 2,312 | ||||
Other guaranteed obligations | 1,641 | ||||
Liquidity Risk [Member] | BNP PARIBAS [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | BNP PARIBAS [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 102,267 | ||||
Other guaranteed obligations | $ 62,255 | ||||
Liquidity Risk [Member] | Credit Agricole [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E896">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | France | France | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 10,080 | $ 98,091 | |||
Effective rate % | 3.23% | 2.66% | |||
Nominal rate % | 3.23% | 2.22% | |||
Liquidity Risk [Member] | Credit Agricole [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 743 | $ 8,368 | |||
Liquidity Risk [Member] | Credit Agricole [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 2,201 | 25,415 | |||
Liquidity Risk [Member] | Credit Agricole [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 5,718 | 56,305 | |||
Liquidity Risk [Member] | Credit Agricole [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 2,086 | 12,751 | |||
Liquidity Risk [Member] | Credit Agricole [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | |||||
Liquidity Risk [Member] | Credit Agricole [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 10,748 | $ 102,839 | |||
Liquidity Risk [Member] | ESTADO [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.030.000-7 | 97.030.000-7 | |||
Creditor country | Chile | Chile | |||
Currency | UF | UF | |||
Amortization | At Expiration | At Expiration | |||
Nominal value | $ 345,182 | $ 379,274 | |||
Effective rate % | 5.50% | 5.50% | |||
Nominal rate % | 5.50% | 5.50% | |||
Liquidity Risk [Member] | ESTADO [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | |||||
Liquidity Risk [Member] | ESTADO [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | 18,985 | 20,860 | |||
Liquidity Risk [Member] | ESTADO [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | 37,970 | 41,720 | |||
Liquidity Risk [Member] | ESTADO [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | 196,970 | 226,379 | |||
Liquidity Risk [Member] | ESTADO [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | 213,114 | 245,067 | |||
Liquidity Risk [Member] | ESTADO [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | $ 467,039 | $ 534,026 | |||
Liquidity Risk [Member] | BANK OF NEWYORK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E950">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | At Expiration | At Expiration | |||
Nominal value | $ 1,200,000 | $ 1,200,000 | |||
Effective rate % | 7.44% | 7.44% | |||
Nominal rate % | 7.03% | 7.03% | |||
Liquidity Risk [Member] | BANK OF NEWYORK [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | |||||
Liquidity Risk [Member] | BANK OF NEWYORK [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | 84,375 | 84,375 | |||
Liquidity Risk [Member] | BANK OF NEWYORK [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | 614,375 | 650,625 | |||
Liquidity Risk [Member] | BANK OF NEWYORK [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | 96,250 | 96,250 | |||
Liquidity Risk [Member] | BANK OF NEWYORK [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | 724,063 | 772,188 | |||
Liquidity Risk [Member] | BANK OF NEWYORK [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Obligations with the public | $ 1,519,063 | $ 1,603,438 | |||
Liquidity Risk [Member] | BTG [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 76.362.099-9 | ||||
Creditor country | Chile | ||||
Currency | UF | ||||
Amortization | At Expiration | ||||
Nominal value | $ 65,862 | ||||
Effective rate % | 3.10% | ||||
Nominal rate % | 3.10% | ||||
Liquidity Risk [Member] | BTG [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | $ 510 | ||||
Liquidity Risk [Member] | BTG [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 1,531 | ||||
Liquidity Risk [Member] | BTG [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 69,435 | ||||
Liquidity Risk [Member] | BTG [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | BTG [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | BTG [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | $ 71,476 | ||||
Liquidity Risk [Member] | SANTANDER [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.036.000-K | 97.036.000-K | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 102,521 | $ 202,284 | |||
Effective rate % | 5.60% | 4.41% | |||
Nominal rate % | 5.60% | 4.41% | |||
Liquidity Risk [Member] | SANTANDER [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | $ 1,347 | $ 2,040 | |||
Liquidity Risk [Member] | SANTANDER [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 587 | 3,368 | |||
Liquidity Risk [Member] | SANTANDER [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 102,521 | 202,284 | |||
Liquidity Risk [Member] | SANTANDER [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | SANTANDER [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | SANTANDER [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | $ 104,455 | $ 207,692 | |||
Liquidity Risk [Member] | BLADEX [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E1031">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Semiannual | Semiannual | |||
Nominal value | $ 15,000 | $ 30,000 | |||
Effective rate % | 6.74% | 5.51% | |||
Nominal rate % | 6.74% | 5.51% | |||
Liquidity Risk [Member] | BLADEX [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | BLADEX [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 15,766 | 16,465 | |||
Liquidity Risk [Member] | BLADEX [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 15,628 | ||||
Liquidity Risk [Member] | BLADEX [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | BLADEX [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | BLADEX [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | $ 15,766 | $ 32,093 | |||
Liquidity Risk [Member] | CORP BANCA [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.023.000-9 | 97.023.000-9 | |||
Creditor country | Chile | Chile | |||
Currency | UF | UF | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 38,231 | $ 84,664 | |||
Effective rate % | 3.35% | 3.68% | |||
Nominal rate % | 3.35% | 3.68% | |||
Liquidity Risk [Member] | CORP BANCA [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | $ 5,778 | $ 22,082 | |||
Liquidity Risk [Member] | CORP BANCA [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 17,086 | 22,782 | |||
Liquidity Risk [Member] | CORP BANCA [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 16,662 | 43,430 | |||
Liquidity Risk [Member] | CORP BANCA [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | CORP BANCA [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | CORP BANCA [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | $ 39,526 | $ 88,294 | |||
Liquidity Risk [Member] | HSBC [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.951.000-4 | 97.951.000-4 | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
Amortization | At Expiration | At Expiration | |||
Nominal value | $ 12,000 | $ 12,000 | |||
Effective rate % | 3.14% | 2.03% | |||
Nominal rate % | 3.14% | 2.03% | |||
Liquidity Risk [Member] | HSBC [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 12,094 | $ 12,061 | |||
Liquidity Risk [Member] | HSBC [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | HSBC [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | HSBC [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | HSBC [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | HSBC [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 12,094 | $ 12,061 | |||
Liquidity Risk [Member] | BANCO DO BRASIL [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.003.000-K | 97.003.000-K | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
Amortization | At Expiration | At Expiration | |||
Nominal value | $ 200,000 | $ 100,000 | |||
Effective rate % | 36.40% | 2.40% | |||
Nominal rate % | 36.40% | 2.40% | |||
Liquidity Risk [Member] | BANCO DO BRASIL [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 201,884 | $ 100,935 | |||
Liquidity Risk [Member] | BANCO DO BRASIL [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BANCO DO BRASIL [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BANCO DO BRASIL [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BANCO DO BRASIL [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BANCO DO BRASIL [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 201,884 | $ 100,935 | |||
Liquidity Risk [Member] | SANTANDER [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.036.000-K | 97.036.000-K | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
Amortization | At Expiration | At Expiration | |||
Nominal value | $ 23,000 | $ 30,000 | |||
Effective rate % | 3.90% | 2.49% | |||
Nominal rate % | 3.90% | 2.49% | |||
Liquidity Risk [Member] | SANTANDER [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 23,070 | $ 30,131 | |||
Liquidity Risk [Member] | SANTANDER [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | SANTANDER [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | SANTANDER [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | SANTANDER [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | SANTANDER [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 23,070 | $ 30,131 | |||
Liquidity Risk [Member] | BBVA [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.032.000-8 | 97.032.000-8 | |||
Creditor country | Chile | Chile | |||
Currency | UF | UF | |||
Amortization | At Expiration | At Expiration | |||
Nominal value | $ 50,785 | $ 55,801 | |||
Effective rate % | 3.31% | 3.57% | |||
Nominal rate % | 3.31% | 2.77% | |||
Liquidity Risk [Member] | BBVA [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BBVA [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | 52,490 | 57,363 | |||
Liquidity Risk [Member] | BBVA [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BBVA [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BBVA [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BBVA [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 52,490 | $ 57,363 | |||
Liquidity Risk [Member] | BBVA [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.032.000-8 | 97.032.000-8 | |||
Creditor country | Chile | Chile | |||
Currency | US$ | US$ | |||
Amortization | At Expiration | At Expiration | |||
Nominal value | $ 113,000 | $ 75,000 | |||
Effective rate % | 3.36% | 2.30% | |||
Nominal rate % | 3.36% | 2.30% | |||
Liquidity Risk [Member] | BBVA [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 38,625 | $ 75,863 | |||
Liquidity Risk [Member] | BBVA [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | 76,275 | ||||
Liquidity Risk [Member] | BBVA [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BBVA [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BBVA [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | BBVA [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 114,900 | $ 75,863 | |||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | France | France | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | At Expiration | |||
Nominal value | $ 56,403 | $ 241,287 | |||
Effective rate % | 3.66% | 3.38% | |||
Nominal rate % | 3.66% | 3.38% | |||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | $ 7,618 | $ 1,757 | |||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | 21,994 | 5,843 | |||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | 27,811 | 246,926 | |||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | 1,684 | ||||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | $ 59,107 | $ 254,526 | |||
Liquidity Risk [Member] | CITIBANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0 -E | <font style="font: 0 -E" id="sjs-E1247">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 269,365 | $ 351,217 | |||
Effective rate % | 3.82% | 3.31% | |||
Nominal rate % | 3.82% | 2.47% | |||
Liquidity Risk [Member] | CITIBANK [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 14,166 | $ 14,166 | |||
Liquidity Risk [Member] | CITIBANK [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 38,398 | 42,815 | |||
Liquidity Risk [Member] | CITIBANK [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 102,062 | 114,612 | |||
Liquidity Risk [Member] | CITIBANK [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 77,710 | 112,435 | |||
Liquidity Risk [Member] | CITIBANK [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 65,232 | 102,045 | |||
Liquidity Risk [Member] | CITIBANK [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 296,159 | $ 386,073 | |||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0 -E | ||||
Creditor country | France | ||||
Currency | US$ | ||||
Amortization | At Expiration | ||||
Nominal value | $ 253,692 | ||||
Effective rate % | 4.11% | ||||
Nominal rate % | 4.11% | ||||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | $ 2,576 | ||||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | 8,380 | ||||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | 273,122 | ||||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | |||||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | |||||
Liquidity Risk [Member] | CREDIT AGRICOLE [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | $ 284,078 | ||||
Liquidity Risk [Member] | DVB BANK SE [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0 -E | ||||
Creditor country | Germany | ||||
Currency | US$ | ||||
Amortization | Quarterly | ||||
Nominal value | $ 422,065 | ||||
Effective rate % | 442.00% | ||||
Nominal rate % | 442.00% | ||||
Liquidity Risk [Member] | DVB BANK SE [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | $ 28,087 | ||||
Liquidity Risk [Member] | DVB BANK SE [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | 83,260 | ||||
Liquidity Risk [Member] | DVB BANK SE [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | 213,177 | ||||
Liquidity Risk [Member] | DVB BANK SE [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | 20,274 | ||||
Liquidity Risk [Member] | DVB BANK SE [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | 122,674 | ||||
Liquidity Risk [Member] | DVB BANK SE [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Otras obligaciones garantizadas | $ 467,472 | ||||
Liquidity Risk [Member] | APPLE BANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0 -E | <font style="font: 0 -E" id="sjs-E1328">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 31,544 | $ 37,223 | |||
Effective rate % | 3.93% | 2.78% | |||
Nominal rate % | 3.33% | 2.18% | |||
Liquidity Risk [Member] | APPLE BANK [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 1,611 | ||||
Other guaranteed obligations | $ 1,711 | ||||
Liquidity Risk [Member] | APPLE BANK [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 4,928 | ||||
Other guaranteed obligations | 5,175 | ||||
Liquidity Risk [Member] | APPLE BANK [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 13,163 | ||||
Other guaranteed obligations | 13,640 | ||||
Liquidity Risk [Member] | APPLE BANK [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 13,196 | ||||
Other guaranteed obligations | 760 | ||||
Liquidity Risk [Member] | APPLE BANK [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 7,369 | ||||
Other guaranteed obligations | 13,394 | ||||
Liquidity Risk [Member] | APPLE BANK [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 40,267 | ||||
Other guaranteed obligations | $ 34,680 | ||||
Liquidity Risk [Member] | BTMU [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E1361">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | U.S.A. | U.S.A. | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 63,189 | $ 74,734 | |||
Effective rate % | 4.06% | 2.87% | |||
Nominal rate % | 3.46% | 2.27% | |||
Liquidity Risk [Member] | BTMU [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 3,292 | ||||
Other guaranteed obligations | $ 3,489 | ||||
Liquidity Risk [Member] | BTMU [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 9,997 | ||||
Other guaranteed obligations | 10,485 | ||||
Liquidity Risk [Member] | BTMU [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 26,677 | ||||
Other guaranteed obligations | 27,605 | ||||
Liquidity Risk [Member] | BTMU [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 26,704 | ||||
Other guaranteed obligations | 775 | ||||
Liquidity Risk [Member] | BTMU [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 14,133 | ||||
Other guaranteed obligations | 27,062 | ||||
Liquidity Risk [Member] | BTMU [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 80,803 | ||||
Other guaranteed obligations | $ 69,416 | ||||
Liquidity Risk [Member] | KFW IPEX-BANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | <font style="font: 0 -E" id="sjs-E1394">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | |||
Creditor country | Germany | Germany | |||
Currency | US$ | US$ | |||
Amortization | Monthly | Quarterly | |||
Nominal value | $ 12,215 | $ 26,888 | |||
Effective rate % | 4.20% | 3.31% | |||
Nominal rate % | 4.19% | 3.31% | |||
Liquidity Risk [Member] | KFW IPEX-BANK [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 2,570 | ||||
Other guaranteed obligations | $ 1,764 | ||||
Liquidity Risk [Member] | KFW IPEX-BANK [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 7,111 | ||||
Other guaranteed obligations | 5,328 | ||||
Liquidity Risk [Member] | KFW IPEX-BANK [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 16,709 | ||||
Other guaranteed obligations | 5,378 | ||||
Liquidity Risk [Member] | KFW IPEX-BANK [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 1,669 | ||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | KFW IPEX-BANK [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | KFW IPEX-BANK [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 28,059 | ||||
Other guaranteed obligations | $ 12,470 | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
Amortization | Quarterly | ||||
Nominal value | $ 15,417 | ||||
Effective rate % | 4.19% | ||||
Nominal rate % | 4.19% | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | $ 2,074 | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | 6,197 | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | 7,840 | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | |||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other guaranteed obligations | $ 16,111 | ||||
Liquidity Risk [Member] | Boeing [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
Amortization | At Expiration | ||||
Nominal value | $ 55,727 | ||||
Effective rate % | 4.01% | ||||
Nominal rate % | 4.01% | ||||
Liquidity Risk [Member] | Boeing [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | $ 559 | ||||
Liquidity Risk [Member] | Boeing [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | 1,425 | ||||
Liquidity Risk [Member] | Boeing [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | 55,728 | ||||
Liquidity Risk [Member] | Boeing [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | |||||
Liquidity Risk [Member] | Boeing [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | |||||
Liquidity Risk [Member] | Boeing [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Other loans | 57,712 | ||||
Liquidity Risk [Member] | Viajes Falabella Ltda [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 78.997.060-2 | ||||
Creditor country | Chile | ||||
Currency | CLP | ||||
Nominal value | $ 534 | ||||
Effective rate % | |||||
Nominal rate % | |||||
Liquidity Risk [Member] | Viajes Falabella Ltda [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 534 | ||||
Liquidity Risk [Member] | Viajes Falabella Ltda [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Viajes Falabella Ltda [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Viajes Falabella Ltda [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Viajes Falabella Ltda [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Viajes Falabella Ltda [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 534 | ||||
Liquidity Risk [Member] | Consultoria Administrativa Profesional S.A. de C.V. [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | Mexico | ||||
Currency | MXN | ||||
Nominal value | $ 210 | ||||
Effective rate % | |||||
Nominal rate % | |||||
Liquidity Risk [Member] | Consultoria Administrativa Profesional S.A. de C.V. [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 210 | ||||
Liquidity Risk [Member] | Consultoria Administrativa Profesional S.A. de C.V. [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Consultoria Administrativa Profesional S.A. de C.V. [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Consultoria Administrativa Profesional S.A. de C.V. [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Consultoria Administrativa Profesional S.A. de C.V. [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | |||||
Liquidity Risk [Member] | Consultoria Administrativa Profesional S.A. de C.V. [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Accounts payable to related parties currents | $ 210 | ||||
Liquidity Risk [Member] | DEUTSCHE BANK [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | <font style="font: 0 -E" id="sjs-E1533">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
Amortization | Quarterly | ||||
Nominal value | $ 96,906 | ||||
Effective rate % | 4.39% | ||||
Nominal rate % | 4.39% | ||||
Liquidity Risk [Member] | DEUTSCHE BANK [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 4,043 | ||||
Liquidity Risk [Member] | DEUTSCHE BANK [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 12,340 | ||||
Liquidity Risk [Member] | DEUTSCHE BANK [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 32,775 | ||||
Liquidity Risk [Member] | DEUTSCHE BANK [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 32,613 | ||||
Liquidity Risk [Member] | DEUTSCHE BANK [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 32,440 | ||||
Liquidity Risk [Member] | DEUTSCHE BANK [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 114,211 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | <font style="font: 0 -E" id="sjs-E1560">margin-top: 0; margin-bottom: 0; margin-left: 1em"><font style="font: 0 -E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
Amortization | Quarterly | ||||
Nominal value | $ 808,987 | ||||
Effective rate % | 2.46% | ||||
Nominal rate % | 1.75% | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 30,764 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 92,309 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 246,285 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 246,479 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 245,564 | ||||
Liquidity Risk [Member] | WELLS FARGO [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 861,401 | ||||
Liquidity Risk [Member] | ESTADO [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 97.030.000-7 | ||||
Creditor country | Chile | ||||
Currency | US$ | ||||
Amortization | At Expiration | ||||
Nominal value | $ 40,000 | ||||
Effective rate % | 2.57% | ||||
Nominal rate % | 2.57% | ||||
Liquidity Risk [Member] | ESTADO [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 40,257 | ||||
Liquidity Risk [Member] | ESTADO [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | ESTADO [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | ESTADO [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | ESTADO [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | |||||
Liquidity Risk [Member] | ESTADO [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Loans to exporters | $ 40,257 | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
Amortization | Monthly | ||||
Nominal value | $ 22,925 | ||||
Effective rate % | 3.19% | ||||
Nominal rate % | 3.19% | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | $ 2,033 | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 6,107 | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 15,931 | ||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | |||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | |||||
Liquidity Risk [Member] | AIRBUS FINANCIAL [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Guaranteed obligations | 24,071 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Total consolidated | 328,292 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Total consolidated | 17,425 | 17,191 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Total consolidated | 44,932 | 43,053 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Total consolidated | 221,107 | 235,818 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Total consolidated | 46,602 | 75,322 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Total consolidated | 11,318 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Total consolidated | $ 341,384 | $ 371,384 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | TAM Aviacao Executivae Taxi Aereo S.A. [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | France | ||||
Currency | BRL | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | GA Telesis LLC [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | U.S.A. | ||||
Currency | US$ | ||||
Amortization | Monthly | ||||
Nominal value | $ 13,202 | ||||
Effective rate % | 15.62% | ||||
Nominal rate % | 15.62% | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | GA Telesis LLC [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 680 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | GA Telesis LLC [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 1,753 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | GA Telesis LLC [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 4,675 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | GA Telesis LLC [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 4,675 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | GA Telesis LLC [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 11,318 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | GA Telesis LLC [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 23,101 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETEGENERALE MILAN BRANCH [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | Italy | Italy | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 208,224 | $ 244,513 | |||
Effective rate % | 5.88% | 4.87% | |||
Nominal rate % | 5.82% | 4.81% | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETEGENERALE MILAN BRANCH [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 11,536 | $ 11,735 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETEGENERALE MILAN BRANCH [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 32,312 | 32,230 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETEGENERALE MILAN BRANCH [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 161,778 | 204,836 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETEGENERALE MILAN BRANCH [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETEGENERALE MILAN BRANCH [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETEGENERALE MILAN BRANCH [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 205,626 | $ 248,801 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Wacapou Leasing S.A [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | Luxemburg | Luxemburg | |||
Currency | US$ | US$ | |||
Amortization | Quarterly | Quarterly | |||
Nominal value | $ 9,226 | $ 12,047 | |||
Effective rate % | 4.81% | 3.69% | |||
Nominal rate % | 4.81% | 3.69% | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Wacapou Leasing S.A [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 839 | $ 837 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Wacapou Leasing S.A [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 2,433 | 2,411 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Wacapou Leasing S.A [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 6,542 | 6,509 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Wacapou Leasing S.A [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 3,277 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Wacapou Leasing S.A [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | Wacapou Leasing S.A [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 9,814 | $ 13,034 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NATIXIS [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | France | France | |||
Currency | US$ | US$ | |||
Amortization | Quarterly/Semiannual | Quarterly/Semiannual | |||
Nominal value | $ 95,789 | $ 99,036 | |||
Effective rate % | 6.87% | 5.59% | |||
Nominal rate % | 6.87% | 5.59% | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NATIXIS [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 4,195 | $ 4,248 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NATIXIS [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 7,935 | 7,903 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NATIXIS [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 46,780 | 23,141 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NATIXIS [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 41,872 | 71,323 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NATIXIS [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NATIXIS [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 100,782 | $ 106,615 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NEDERLANDSCHE NCM [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | 0-E | |||
Creditor country | Holland | Holland | |||
Currency | US$ | US$ | |||
Amortization | Monthly | Monthly | |||
Nominal value | $ 1,851 | $ 2,382 | |||
Effective rate % | 6.01% | 6.01% | |||
Nominal rate % | 6.01% | 6.01% | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NEDERLANDSCHE NCM [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | $ 175 | $ 176 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NEDERLANDSCHE NCM [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 499 | 497 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NEDERLANDSCHE NCM [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 1,332 | 1,332 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NEDERLANDSCHE NCM [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | 55 | 722 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NEDERLANDSCHE NCM [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | NEDERLANDSCHE NCM [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Bank loans | $ 2,061 | $ 2,727 | |||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETE GENERALE [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | France | ||||
Currency | BRL | ||||
Amortization | Monthly | ||||
Nominal value | $ 109 | ||||
Effective rate % | 6.89% | ||||
Nominal rate % | 6.89% | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETE GENERALE [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 161 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETE GENERALE [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | 12 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETE GENERALE [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETE GENERALE [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETE GENERALE [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | SOCIETE GENERALE [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 173 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | BANCO IBMS .A [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Tax No. | 0-E | ||||
Creditor country | Brazil | ||||
Currency | BRL | ||||
Amortization | Monthly | ||||
Nominal value | $ 21 | ||||
Effective rate % | 6.89% | ||||
Nominal rate % | 6.89% | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | BANCO IBMS .A [Member] | Up to 90 days [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 34 | ||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | BANCO IBMS .A [Member] | More than 90 days to one year [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | BANCO IBMS .A [Member] | More than one to three years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | BANCO IBMS .A [Member] | More than three to five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | BANCO IBMS .A [Member] | Over five years [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | |||||
Liquidity Risk [Member] | TAM S.A. and Subsidiaries [Member] | BANCO IBMS .A [Member] | Total [Member] | |||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||
Financial leases | $ 34 | ||||
[1] | As of December 31, 2018, the indirect participation percentage over TAM S.A. and Subsidiaries comes from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 49% of political rights its percentage arise as a result of the provisional measure No. 714 of the Brazilian government implemented during 2016 that allows foreign capital to have up to 49% ownership. In this way, since April 2016, LATAM Airlines Group S.A. owns 901 shares with the right to vote of Holdco I S.A., which is equivalent to 49% of the total shares with voting rights of said company and TEP Chile S.A. owns 938 shares with the right to vote of Holdco I S.A., which is equivalent to 51% of the total shares with voting rights. | ||||
[2] | Securitized bond with the future flows from the sales with credit card in United States and Canada. | ||||
[3] | Bonus securitized with the future flows of credit card sales in the United States and Canada. |
FINANCIAL RISK MANAGEMENT (De_6
FINANCIAL RISK MANAGEMENT (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Other financial assets, current | $ 3,306,362 | $ 3,745,499 |
Other financial assets, not current | 14,260,415 | 15,052,473 |
Liabilities | ||
Other financial liabilities , current | 8,251,249 | 8,688,022 |
Other financial liabilities, non current | 5,568,752 | 5,842,714 |
Level 1 [Member] | ||
Assets | ||
Other financial assets, current | 343,218 | 473,653 |
Other financial assets, not current | ||
Liabilities | ||
Other financial liabilities , current | 7,712 | |
Other financial liabilities, non current | ||
Level 2 [Member] | ||
Assets | ||
Other financial assets, current | 23,355 | 62,348 |
Other financial assets, not current | 519 | |
Liabilities | ||
Other financial liabilities , current | 25,921 | 12,200 |
Other financial liabilities, non current | 340 | 2,617 |
Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Other financial assets, not current | ||
Liabilities | ||
Other financial liabilities , current | ||
Other financial liabilities, non current | ||
Fair Value Derived Interest Rate [Member] | Level 1 [Member] | ||
Assets | ||
Other financial assets, current | ||
Liabilities | ||
Other financial liabilities , current | ||
Other financial liabilities, non current | ||
Fair Value Derived Interest Rate [Member] | Level 2 [Member] | ||
Assets | ||
Other financial assets, current | 19,460 | 3,113 |
Liabilities | ||
Other financial liabilities , current | 335 | 8,919 |
Other financial liabilities, non current | 2,617 | |
Fair Value Derived Interest Rate [Member] | Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Liabilities | ||
Other financial liabilities , current | ||
Other financial liabilities, non current | ||
Fuel options [Member] | Level 1 [Member] | ||
Assets | ||
Other financial assets, current | ||
Liabilities | ||
Other financial liabilities , current | ||
Fuel options [Member] | Level 2 [Member] | ||
Assets | ||
Other financial assets, current | 10,711 | |
Liabilities | ||
Other financial liabilities , current | 15,678 | |
Fuel options [Member] | Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Liabilities | ||
Other financial liabilities , current | ||
Fair Value Of Foreign Currency Derivatives [Member] | Level 1 [Member] | ||
Assets | ||
Other financial assets, current | ||
Other financial assets, not current | ||
Liabilities | ||
Other financial liabilities , current | ||
Fair Value Of Foreign Currency Derivatives [Member] | Level 2 [Member] | ||
Assets | ||
Other financial assets, current | 3,895 | 48,322 |
Other financial assets, not current | 519 | |
Liabilities | ||
Other financial liabilities , current | 7,587 | 2,092 |
Fair Value Of Foreign Currency Derivatives [Member] | Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Other financial assets, not current | ||
Liabilities | ||
Other financial liabilities , current | ||
Cash And Cash Equivalents [Member] | Level 1 [Member] | ||
Assets | ||
Other financial assets, current | 43,653 | 29,658 |
Cash And Cash Equivalents [Member] | Level 2 [Member] | ||
Assets | ||
Other financial assets, current | ||
Cash And Cash Equivalents [Member] | Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Short-Term Mutual Funds [Member] | Level 1 [Member] | ||
Assets | ||
Other financial assets, current | 43,653 | 29,658 |
Short-Term Mutual Funds [Member] | Level 2 [Member] | ||
Assets | ||
Other financial assets, current | ||
Short-Term Mutual Funds [Member] | Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Interest Accrued Since The Last Payment Date Of Cross Currency Swap [Member] | Level 1 [Member] | ||
Assets | ||
Other financial assets, current | ||
Liabilities | ||
Other financial liabilities , current | ||
Other financial liabilities, non current | ||
Interest Accrued Since The Last Payment Date Of Cross Currency Swap [Member] | Level 2 [Member] | ||
Assets | ||
Other financial assets, current | 202 | |
Liabilities | ||
Other financial liabilities , current | 2,321 | 1,189 |
Other financial liabilities, non current | 340 | |
Interest Accrued Since The Last Payment Date Of Cross Currency Swap [Member] | Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Liabilities | ||
Other financial liabilities , current | ||
Other financial liabilities, non current | ||
Derivative Not Recognized As A Hedge [Member] | Level 1 [Member] | ||
Assets | ||
Other financial assets, current | 19,396 | |
Liabilities | ||
Other financial liabilities , current | 7,712 | |
Derivative Not Recognized As A Hedge [Member] | Level 2 [Member] | ||
Assets | ||
Other financial assets, current | ||
Liabilities | ||
Other financial liabilities , current | ||
Derivative Not Recognized As A Hedge [Member] | Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Liabilities | ||
Other financial liabilities , current | ||
Other financial liabilities, non current | ||
Private Investment Funds [Member] | Level 1 [Member] | ||
Assets | ||
Other financial assets, current | 322,428 | 472,232 |
Private Investment Funds [Member] | Level 2 [Member] | ||
Assets | ||
Other financial assets, current | ||
Private Investment Funds [Member] | Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Domestic And Foreign Bonds [Member] | Level 1 [Member] | ||
Assets | ||
Other financial assets, current | 1,394 | 1,421 |
Domestic And Foreign Bonds [Member] | Level 2 [Member] | ||
Assets | ||
Other financial assets, current | ||
Domestic And Foreign Bonds [Member] | Level 3 [Member] | ||
Assets | ||
Other financial assets, current | ||
Fair Value [Member] | ||
Assets | ||
Other financial assets, current | 536,001 | |
Other financial assets, not current | 519 | |
Liabilities | ||
Other financial liabilities , current | 33,633 | 12,200 |
Other financial liabilities, non current | 340 | 2,617 |
Fair Value [Member] | Fair Value Derived Interest Rate [Member] | ||
Assets | ||
Other financial assets, current | 19,460 | 3,113 |
Liabilities | ||
Other financial liabilities , current | 335 | 8,919 |
Other financial liabilities, non current | 2,617 | |
Fair Value [Member] | Fuel options [Member] | ||
Assets | ||
Other financial assets, current | 10,711 | |
Liabilities | ||
Other financial liabilities , current | 15,678 | |
Fair Value [Member] | Fair Value Of Foreign Currency Derivatives [Member] | ||
Assets | ||
Other financial assets, current | 3,895 | 48,322 |
Other financial assets, not current | 519 | |
Liabilities | ||
Other financial liabilities , current | 7,587 | 2,092 |
Fair Value [Member] | Cash And Cash Equivalents [Member] | ||
Assets | ||
Other financial assets, current | 43,653 | 29,658 |
Fair Value [Member] | Short-Term Mutual Funds [Member] | ||
Assets | ||
Other financial assets, current | 43,653 | 29,658 |
Fair Value [Member] | Interest Accrued Since The Last Payment Date Of Cross Currency Swap [Member] | ||
Assets | ||
Other financial assets, current | 202 | |
Liabilities | ||
Other financial liabilities , current | 2,321 | 1,189 |
Other financial liabilities, non current | ||
Fair Value [Member] | Derivative Not Recognized As A Hedge [Member] | ||
Assets | ||
Other financial assets, current | 19,396 | |
Liabilities | ||
Other financial liabilities , current | 7,712 | |
Other financial liabilities, non current | 340 | |
Fair Value [Member] | Private Investment Funds [Member] | ||
Assets | ||
Other financial assets, current | 322,428 | 472,232 |
Fair Value [Member] | Domestic And Foreign Bonds [Member] | ||
Assets | ||
Other financial assets, current | $ 1,394 | $ 1,421 |
FINANCIAL RISK MANAGEMENT (De_7
FINANCIAL RISK MANAGEMENT (Details 6) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 02, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of fair value measurement of assets [line items] | |||||
Cash and cash equivalents | $ 1,081,642 | $ 1,142,004 | $ 949,327 | $ 753,497 | |
Cash on hand | 8,974 | 8,562 | |||
Bank balance | 331,218 | 330,430 | |||
Overnight | 282,164 | 239,292 | |||
Other financial assets, current | 383,984 | $ 275,549 | 559,919 | ||
Other financial assets | 320,977 | 221,188 | |||
Trade debtors, other accounts receivable and Current accounts receivable | 1,162,582 | 1,202,945 | 1,214,050 | ||
Accounts receivable from entities related, current | 1,077,561 | 1,175,796 | |||
Other financial assets | 58,700 | 88,090 | |||
Other current financial liabilities | 1,430,789 | 1,300,949 | |||
Trade and other accounts payables, current | 1,674,303 | $ 1,673,010 | 1,695,202 | ||
Accounts payable to entities related, current | 382 | 760 | |||
Other financial liabilities, not current | 5,864,910 | 6,605,508 | |||
Accounts payable, not current | 483,656 | 498,832 | |||
Fair Value [Member] | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Cash and cash equivalents | 1,037,989 | 1,112,346 | |||
Cash on hand | 8,974 | 8,562 | |||
Bank balance | 331,218 | 330,430 | |||
Overnight | 282,164 | 239,292 | |||
Time deposits | 415,633 | 534,062 | |||
Other financial assets, current | 17,411 | 23,918 | |||
Other financial assets | 17,411 | 23,918 | |||
Trade debtors, other accounts receivable and Current accounts receivable | 1,162,582 | 1,214,050 | |||
Accounts receivable from entities related, current | 2,931 | 2,582 | |||
Other financial assets | 58,700 | 87,571 | |||
Accounts receivable, non-current | 5,381 | 6,891 | |||
Other current financial liabilities | 1,397,156 | 1,288,749 | |||
Trade and other accounts payables, current | 1,674,303 | 1,695,202 | |||
Accounts payable to entities related, current | 382 | 760 | |||
Other financial liabilities, not current | 5,864,570 | 6,602,891 | |||
Accounts payable, not current | 483,656 | 498,832 | |||
Book Value [Member] | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Cash and cash equivalents | 1,037,989 | 1,112,346 | |||
Cash on hand | 8,974 | 8,562 | |||
Bank balance | 331,218 | 330,430 | |||
Overnight | 282,164 | 239,292 | |||
Time deposits | 415,633 | 534,062 | |||
Other financial assets, current | 17,411 | 23,918 | |||
Other financial assets | 17,411 | 23,918 | |||
Trade debtors, other accounts receivable and Current accounts receivable | 1,162,582 | 1,214,050 | |||
Accounts receivable from entities related, current | 2,931 | 2,582 | |||
Other financial assets | 58,700 | 87,571 | |||
Accounts receivable, non-current | 5,381 | 6,891 | |||
Other current financial liabilities | 1,578,835 | 1,499,495 | |||
Trade and other accounts payables, current | 1,674,303 | 1,695,202 | |||
Accounts payable to entities related, current | 382 | 760 | |||
Other financial liabilities, not current | 5,893,387 | 6,738,872 | |||
Accounts payable, not current | $ 483,656 | $ 498,832 |
FINANCIAL RISK MANAGEMENT (De_8
FINANCIAL RISK MANAGEMENT (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Vertical fall in cost of total fuel consumption | $ 135,200 | |
Vertical rise in cost of total fuel consumption | 146,500 | |
Currency swap contract [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Market value | 15,100 | |
Currency swap contract [Member] | CLF | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8,700 | |
Fuel-Price Risk [Member] | Fuel options [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Recognized gains (losses) | 29,700 | 15,100 |
Market value | 15,800 | 10,700 |
Foreign Exchange Rate Risk [Member] | Foreign Forward Instrument [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Recognized gains (losses) | $ 18,300 | 9,700 |
Derivatives to BRL | $ 180,000 | |
Interest Rate Risk [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Percentage of fixed to fluctuations in interest rate | 60.00% | 63.00% |
Interest Rate Risk [Member] | Interest Rate Derivative Contracts [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Market value | $ 2,200 | $ 6,600 |
Liquidity Risk [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Liquid funds balance | 1,404,000 | 1,614,000 |
Undrawn committed credit line | 600,000 | 450,000 |
Derivative margin guarantees for cash and stand-by letters of credit | $ 5,000 | $ 16,400 |
ACCOUNTING ESTIMATES AND JUDG_3
ACCOUNTING ESTIMATES AND JUDGMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Airport Slots [Member] | Air Transport CGU [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets with indefinite useful life | $ 828,969 | $ 964,513 |
Airport Slots [Member] | Coalition and Loyalty Program Multiplus CGU [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets with indefinite useful life | ||
Loyalty Program [Member] | Air Transport CGU [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets with indefinite useful life | ||
Loyalty Program [Member] | Coalition and Loyalty Program Multiplus CGU [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets with indefinite useful life | $ 274,420 | $ 321,440 |
ACCOUNTING ESTIMATES AND JUDG_4
ACCOUNTING ESTIMATES AND JUDGMENTS (Details 1) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Year 2004 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 240.23 | |
Year 2005 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 266.3 | |
Year 2014 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 841.66 | |
Year 2015 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 986.04 | |
Year 2016 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 1,327.09 | |
Year 2017 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 1,656.15 | |
Month January 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 1,685.25 | |
Month February 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 1,726.02 | |
Month March 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 1,766.42 | |
Month April 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 1,814.81 | |
Month May 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 1,852.47 | |
Month June 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 1,921.69 | |
Month July 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 1,981.30 | |
Month August 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 2,058.36 | |
Month September 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 2,192.86 | |
Month October 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 2,311.09 | |
Month November 2018 [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Description of price index | 2,383.96 |
ACCOUNTING ESTIMATES AND JUDG_5
ACCOUNTING ESTIMATES AND JUDGMENTS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 04, 2018 | Dec. 31, 2017 | |
Accounting Estimates And Judgments | |||
Assets | $ 17,566,777 | $ 5,129 | $ 18,797,972 |
Liabilities | 13,820,001 | 377 | $ 14,530,736 |
Retained earings | $ 4,752 | ||
Income (Loss) | $ (626) |
ACCOUNTING ESTIMATES AND JUDG_6
ACCOUNTING ESTIMATES AND JUDGMENTS (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 04, 2018 | Jan. 02, 2018 | Dec. 31, 2015 | |
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | $ 2,294,072 | $ 2,672,550 | $ 2,710,382 | $ 2,294,072 | $ 2,280,575 | |
Deferred tax assets | 273,327 | 364,021 | $ 273,327 | $ 370,115 | ||
Recognize deferred tax assets for tax losses | 5,707 | (45,991) | (73,814) | |||
Deferred revenue | $ 1,299,304 | 1,550,447 | ||||
Description of change in ticket usage | A hypothetical change of one percentage point in passenger behavior with respect to use would result in an impact of up to ThUS $ 6,000 per month. | |||||
Impact of fair value of unused kilometers | $ 13,140 | 11,187 | ||||
Air Transport CGU [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 1,845,136 | 2,146,692 | 2,176,634 | 1,835,088 | ||
Coalition and Loyalty Program Multiplus CGU [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 448,936 | 525,858 | $ 533,748 | $ 445,487 | ||
Airport Slots [Member] | Air Transport CGU [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 1,845,136 | 2,146,692 | ||||
Intangible assets with indefinite useful life | 828,969 | 964,513 | ||||
Airport Slots [Member] | Coalition and Loyalty Program Multiplus CGU [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Intangible assets with indefinite useful life | ||||||
LATAM Fidelidade and Multiplus Loyalty Program [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Deferred revenue | 293,831 | 364,866 | ||||
Probable change in deferred revenue | 13,140 | 11,187 | ||||
Loyalty Program [Member] | Air Transport CGU [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Intangible assets with indefinite useful life | ||||||
Loyalty Program [Member] | Coalition and Loyalty Program Multiplus CGU [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Goodwill | 448,936 | 525,858 | ||||
Intangible assets with indefinite useful life | 274,420 | 321,440 | ||||
LATAM Pass Loyalty Program [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Deferred revenue | 1,324,635 | 853,505 | ||||
Probable change in deferred revenue | $ 26,726 | $ 25,000 | ||||
Trade Marks [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Estimated useful life of brands from indefinite useful life | 5 years |
SEGMENTAL INFORMATION (Details)
SEGMENTAL INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 04, 2018 | Dec. 31, 2015 | ||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | $ 9,895,456 | $ 9,613,907 | $ 8,988,340 | |||
Other operating income | 472,758 | 549,889 | 538,748 | |||
Depreciation and amortization | (981,646) | (1,001,625) | (960,328) | |||
Result of indexation units | 865 | (748) | (311) | |||
Income (loss) atributable to owners of the parents | 181,935 | 155,304 | 69,220 | |||
Expenses for income tax | 83,782 | 173,504 | 163,204 | |||
NET INCOME (LOSS) | 213,247 | 200,714 | 110,670 | |||
Assets of segment | 17,566,777 | 18,797,972 | $ 5,129 | |||
Segment liabilities | 13,820,001 | 14,530,736 | $ 377 | |||
Property, plant and equipment | 9,953,365 | 10,065,335 | 10,498,149 | $ 10,938,657 | ||
Intangibles other than goodwill | 1,441,072 | 1,617,247 | 1,610,313 | $ 1,321,425 | ||
Freight [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | 1,186,468 | 1,119,430 | 1,110,625 | |||
Air Transportation [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | 9,887,090 | 9,159,031 | 8,587,772 | ||
Income from ordinary activities from transactions with other operating segments | 454,876 | 400,568 | ||||
Other operating income | 346,315 | 308,937 | 364,551 | |||
Interest income | 27,181 | 28,184 | 27,287 | |||
Interest expense | (356,269) | (393,286) | (427,054) | |||
Total net interest expense | (329,088) | (365,102) | (399,767) | |||
Depreciation and amortization | (974,827) | (994,416) | (952,285) | |||
Material non-cash items other than depreciation and amortization | (223,677) | (75,479) | 10,069 | |||
Disposal of fixed assets and inventory losses | (46,351) | (39,238) | (82,734) | |||
Doubtful accounts | (18,741) | (18,272) | (29,674) | |||
Exchange differences | (157,720) | (18,717) | 122,129 | |||
Result of indexation units | (865) | 748 | 348 | |||
Income (loss) atributable to owners of the parents | [2] | 72,333 | (3,482) | (83,653) | ||
Participation of the entity in the income of associates | ||||||
Expenses for income tax | (36,506) | (104,376) | (92,476) | |||
NET INCOME (LOSS) | 103,645 | 41,931 | (42,203) | |||
Assets of segment | 16,431,182 | 17,430,937 | 17,805,749 | |||
Segment liabilities | 13,394,785 | 14,007,916 | 14,469,505 | |||
Amount of non-current asset additions | 763,878 | 412,846 | 1,481,090 | |||
Property, plant and equipment | 668,786 | 325,513 | 1,390,730 | |||
Intangibles other than goodwill | 95,092 | 87,333 | 90,360 | |||
Purchase of non-monetary assets of segment | 756,913 | 490,983 | 782,957 | |||
Air Transportation [Member] | Passenger [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | 8,700,622 | 8,039,601 | 7,477,147 | ||
Air Transportation [Member] | Freight [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | 1,186,468 | 1,119,430 | 1,110,625 | ||
Coalition And Loyalty Program Multiplus [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | 60,020 | 454,876 | 400,568 | ||
Income from ordinary activities from transactions with other operating segments | 67,554 | 65,969 | ||||
Other operating income | 126,443 | 240,952 | 174,197 | |||
Interest income | 26,072 | 50,511 | 58,380 | |||
Interest expense | ||||||
Total net interest expense | 26,072 | 50,511 | 58,380 | |||
Depreciation and amortization | (6,819) | (7,209) | (8,043) | |||
Material non-cash items other than depreciation and amortization | (85) | (145) | (991) | |||
Disposal of fixed assets and inventory losses | ||||||
Doubtful accounts | (96) | (144) | (476) | |||
Exchange differences | 11 | (1) | (478) | |||
Result of indexation units | (37) | |||||
Income (loss) atributable to owners of the parents | [2] | 109,602 | 158,783 | 152,873 | ||
Participation of the entity in the income of associates | ||||||
Expenses for income tax | (47,276) | (69,128) | (70,728) | |||
NET INCOME (LOSS) | 109,602 | 158,783 | 152,873 | |||
Assets of segment | 1,145,942 | 1,373,049 | 1,400,432 | |||
Segment liabilities | 449,347 | 563,849 | 572,065 | |||
Amount of non-current asset additions | ||||||
Property, plant and equipment | ||||||
Intangibles other than goodwill | ||||||
Purchase of non-monetary assets of segment | ||||||
Coalition And Loyalty Program Multiplus [Member] | Passenger [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | 60,020 | 454,876 | 400,568 | ||
Coalition And Loyalty Program Multiplus [Member] | Freight [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | |||||
Eliminations [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | (51,654) | ||||
Income from ordinary activities from transactions with other operating segments | (522,430) | (466,537) | ||||
Other operating income | ||||||
Interest income | (10,718) | |||||
Interest expense | 10,718 | |||||
Total net interest expense | ||||||
Depreciation and amortization | ||||||
Material non-cash items other than depreciation and amortization | ||||||
Disposal of fixed assets and inventory losses | ||||||
Doubtful accounts | ||||||
Exchange differences | ||||||
Result of indexation units | ||||||
Income (loss) atributable to owners of the parents | [2] | |||||
Participation of the entity in the income of associates | ||||||
Expenses for income tax | ||||||
NET INCOME (LOSS) | ||||||
Assets of segment | (10,347) | (6,014) | (7,987) | |||
Segment liabilities | (24,131) | (41,029) | (28,680) | |||
Amount of non-current asset additions | ||||||
Property, plant and equipment | ||||||
Intangibles other than goodwill | ||||||
Purchase of non-monetary assets of segment | ||||||
Eliminations [Member] | Passenger [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | (51,654) | ||||
Eliminations [Member] | Freight [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | |||||
Operating Segments [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | 9,895,456 | 9,613,907 | 8,988,340 | ||
Income from ordinary activities from transactions with other operating segments | ||||||
Other operating income | 472,758 | 549,889 | 538,748 | |||
Interest income | 53,253 | 78,695 | 74,949 | |||
Interest expense | (356,269) | (393,286) | (416,336) | |||
Total net interest expense | (303,016) | (314,591) | (341,387) | |||
Depreciation and amortization | (981,646) | (1,001,625) | (960,328) | |||
Material non-cash items other than depreciation and amortization | (223,762) | (75,624) | 9,078 | |||
Disposal of fixed assets and inventory losses | (46,351) | (39,238) | (82,734) | |||
Doubtful accounts | (18,837) | (18,416) | (30,150) | |||
Exchange differences | (157,709) | (18,718) | 121,651 | |||
Result of indexation units | (865) | 748 | 311 | |||
Income (loss) atributable to owners of the parents | [2] | 181,935 | 155,301 | 69,220 | ||
Participation of the entity in the income of associates | ||||||
Expenses for income tax | (83,782) | (173,504) | (163,204) | |||
NET INCOME (LOSS) | 213,247 | 200,714 | 110,670 | |||
Assets of segment | 17,566,777 | 18,797,972 | 19,198,194 | |||
Segment liabilities | 13,820,001 | 14,530,736 | 15,012,890 | |||
Amount of non-current asset additions | 763,878 | 412,846 | 1,481,090 | |||
Property, plant and equipment | 668,786 | 325,513 | 1,390,730 | |||
Intangibles other than goodwill | 95,092 | 87,333 | 90,360 | |||
Purchase of non-monetary assets of segment | 756,913 | 490,983 | 782,957 | |||
Operating Segments [Member] | Passenger [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | 8,708,988 | 8,494,477 | 7,877,715 | ||
Operating Segments [Member] | Freight [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Income from ordinary activities from external customers | [1] | $ 1,186,468 | $ 1,119,430 | $ 1,110,625 | ||
[1] | The Company does not have any interest revenue that should be recognized as income from ordinary activities by interest. | |||||
[2] | The result of the Company includes a net result of ThUS$ (10,489) resulting from the application of IAS 21 and IAS 29, for the subsidiaries that are in hyperinflationary economies. |
SEGMENTAL INFORMATION (Details
SEGMENTAL INFORMATION (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Net cash flows from | ||||
Purchases of property, plant and equipment | $ (660,707) | $ (403,666) | $ (694,370) | |
Purchases of intangible assets | (96,206) | (87,318) | (88,587) | |
Net cash flows from (used in) operating activities | 1,516,930 | 1,666,740 | 980,884 | |
Net cash flow from (used in) investing activities | (358,370) | (287,422) | (431,789) | |
Net cash flows from (used in) financing activities | (1,052,209) | (1,179,088) | (396,279) | |
Air Transportation [Member] | ||||
Net cash flows from | ||||
Purchases of property, plant and equipment | 660,631 | 403,282 | 693,581 | |
Additions associated with maintenance | 375,634 | 218,537 | 197,866 | |
Other additions | 284,997 | 184,745 | 495,715 | |
Purchases of intangible assets | [1] | 85,628 | 79,102 | 84,377 |
Net cash flows from (used in) operating activities | 1,394,146 | 1,489,797 | 827,108 | |
Net cash flow from (used in) investing activities | (348,348) | (278,790) | (426,989) | |
Net cash flows from (used in) financing activities | (956,510) | (1,010,705) | (246,907) | |
Coalition And Loyalty Program Multiplus [Member] | ||||
Net cash flows from | ||||
Purchases of property, plant and equipment | 76 | 384 | 789 | |
Additions associated with maintenance | ||||
Other additions | 76 | 384 | 789 | |
Purchases of intangible assets | [1] | 10,578 | 8,216 | 4,210 |
Net cash flows from (used in) operating activities | 111,161 | 186,367 | 154,411 | |
Net cash flow from (used in) investing activities | (10,022) | (8,632) | (4,800) | |
Net cash flows from (used in) financing activities | (95,699) | (168,383) | (149,372) | |
Eliminations [Member] | ||||
Net cash flows from | ||||
Purchases of property, plant and equipment | ||||
Additions associated with maintenance | ||||
Other additions | ||||
Purchases of intangible assets | [1] | |||
Net cash flows from (used in) operating activities | 11,623 | (9,424) | (635) | |
Net cash flow from (used in) investing activities | ||||
Net cash flows from (used in) financing activities | ||||
Operating Segments [Member] | ||||
Net cash flows from | ||||
Purchases of property, plant and equipment | 660,707 | 403,666 | 694,370 | |
Additions associated with maintenance | 375,634 | 218,537 | 197,866 | |
Other additions | 285,073 | 185,129 | 496,504 | |
Purchases of intangible assets | [1] | 96,206 | 87,318 | 88,587 |
Net cash flows from (used in) operating activities | 1,516,930 | 1,666,740 | 980,884 | |
Net cash flow from (used in) investing activities | (358,370) | (287,422) | (431,789) | |
Net cash flows from (used in) financing activities | $ (1,052,209) | $ (1,179,088) | $ (396,279) | |
[1] | The Company does not have cash flows from purchases of intangible assets associated with maintenance. |
SEGMENTAL INFORMATION (Detail_2
SEGMENTAL INFORMATION (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | $ 9,895,456 | $ 9,613,907 | $ 8,988,340 |
Other operating income | 472,758 | 549,889 | 538,748 |
Peru | |||
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | 705,133 | 626,316 | 627,215 |
Argentina | |||
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | 989,883 | 1,113,467 | 1,030,973 |
U.S.A. | |||
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | 985,919 | 900,413 | 933,130 |
Europe | |||
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | 782,197 | 676,282 | 714,436 |
Colombia | |||
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | 372,794 | 359,276 | 343,001 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | 3,433,877 | 3,436,402 | 2,974,234 |
Ecuador | |||
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | 203,842 | 190,268 | 198,171 |
Chile | |||
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | 1,591,313 | 1,527,158 | 1,512,570 |
Asia Pacific and rest of Latin America | |||
Disclosure of geographical areas [line items] | |||
Income from ordinary activities | $ 830,498 | $ 784,325 | $ 654,610 |
SEGMENTAL INFORMATION (Detail_3
SEGMENTAL INFORMATION (Details Narrative) | 12 Months Ended |
Dec. 31, 2018MemberSegment | |
Disclosure of operating segments [line items] | |
Number of operating segment | Segment | 2 |
Customer Concentration Risk [Member] | |
Disclosure of operating segments [line items] | |
Concentration risk, percentage | 10.00% |
Coalition And Loyalty Program Multiplus [Member] | |
Disclosure of operating segments [line items] | |
Number of member for loyalty coalition | Member | 22,200,000 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents [abstract] | ||||
Cash on hand | $ 8,974 | $ 8,562 | ||
Bank balances | 331,218 | 330,430 | ||
Overnight | 282,164 | 239,292 | ||
Total Cash | 622,356 | 578,284 | ||
Cash equivalents | ||||
Time deposits | 415,633 | 534,062 | ||
Mutual funds | 43,653 | 29,658 | ||
Total cash equivalents | 459,286 | 563,720 | ||
Total cash and cash equivalents | $ 1,081,642 | $ 1,142,004 | $ 949,327 | $ 753,497 |
CASH AND CASH EQUIVALENTS (De_2
CASH AND CASH EQUIVALENTS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of financial assets [line items] | ||||
Total | $ 1,081,642 | $ 1,142,004 | $ 949,327 | $ 753,497 |
Argentina, Pesos | ||||
Disclosure of financial assets [line items] | ||||
Total | 17,786 | 12,135 | ||
Brazil, Brazil Real | ||||
Disclosure of financial assets [line items] | ||||
Total | 131,760 | 106,499 | ||
Chile, Pesos | ||||
Disclosure of financial assets [line items] | ||||
Total | 415,713 | 81,845 | ||
Colombia, Pesos | ||||
Disclosure of financial assets [line items] | ||||
Total | 10,843 | 7,264 | ||
Euro Member Countries, Euro | ||||
Disclosure of financial assets [line items] | ||||
Total | 20,339 | 11,746 | ||
United States of America, Dollars | ||||
Disclosure of financial assets [line items] | ||||
Total | 394,215 | 882,114 | ||
Other currency | ||||
Disclosure of financial assets [line items] | ||||
Total | $ 90,986 | $ 40,401 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Jan. 02, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Assets | |||||||||
Cash and cash equivalents | $ 1,081,642 | $ 1,142,004 | $ 949,327 | $ 753,497 | |||||
Other financial assets, current | 383,984 | $ 275,549 | 559,919 | ||||||
Trade and others accounts receivable, current | 1,162,582 | 1,202,945 | 1,214,050 | ||||||
Accounts receivable from related entities, current | 2,931 | 2,582 | |||||||
Other non-financial assets | 320,977 | 221,188 | |||||||
Accounts receivable, non current | 5,381 | 6,891 | |||||||
Total assets | 17,566,777 | $ 5,129 | 18,797,972 | ||||||
Liabilities | |||||||||
Trade and other accounts payables, current | 1,674,303 | 1,673,010 | 1,695,202 | ||||||
Other financial liabilities, non-current | 2,454,746 | $ 2,901,603 | 2,823,963 | ||||||
Total liabilities | 13,820,001 | $ 377 | 14,530,736 | ||||||
Measured At Amortized Cost [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 1,404,868 | ||||||||
Trade and other accounts payables, current | 1,674,303 | ||||||||
Accounts payable to related entities, current | 382 | ||||||||
Other financial liabilities, non-current | 5,864,570 | ||||||||
Accounts payable, non-current | 483,656 | ||||||||
Total liabilities | 9,427,779 | ||||||||
Hedge Derivatives [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 25,921 | ||||||||
Trade and other accounts payables, current | |||||||||
Accounts payable to related entities, current | |||||||||
Other financial liabilities, non-current | 340 | ||||||||
Accounts payable, non-current | |||||||||
Total liabilities | 26,261 | ||||||||
Financial liabilities [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 1,430,789 | 1,300,949 | |||||||
Trade and other accounts payables, current | 1,674,303 | 1,695,202 | |||||||
Accounts payable to related entities, current | 382 | 760 | |||||||
Other financial liabilities, non-current | 5,864,910 | 6,605,508 | |||||||
Accounts payable, non-current | 483,656 | 498,832 | |||||||
Total liabilities | 9,454,040 | 10,101,251 | |||||||
Other Financial Liabilities [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 1,288,749 | ||||||||
Trade and other accounts payables, current | 1,695,202 | ||||||||
Accounts payable to related entities, current | 760 | ||||||||
Other financial liabilities, non-current | 6,602,891 | ||||||||
Accounts payable, non-current | 498,832 | ||||||||
Total liabilities | 10,086,434 | ||||||||
Held Hedge Derivatives [Member] | |||||||||
Liabilities | |||||||||
Other liabilities, current | 12,200 | ||||||||
Trade and other accounts payables, current | |||||||||
Accounts payable to related entities, current | |||||||||
Other financial liabilities, non-current | 2,617 | ||||||||
Accounts payable, non-current | |||||||||
Total liabilities | 14,817 | ||||||||
Measured At Amortized Cost [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 1,037,989 | ||||||||
Other financial assets, current | [1] | 16,203 | |||||||
Trade and others accounts receivable, current | 1,162,582 | ||||||||
Accounts receivable from related entities, current | 2,931 | ||||||||
Other non-financial assets | [1] | 58,700 | |||||||
Accounts receivable, non current | 5,381 | ||||||||
Total assets | 2,283,786 | ||||||||
At Fair Value With Changes In Results [Member] | |||||||||
Assets | |||||||||
Total assets | 388,079 | ||||||||
Hedge Derivatives [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | |||||||||
Other financial assets, current | 23,355 | [1] | 62,348 | [2] | |||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | [1] | 519 | [2] | ||||||
Accounts receivable, non current | |||||||||
Total assets | 23,355 | 62,867 | |||||||
Financial Assets [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 1,081,642 | 1,142,004 | |||||||
Other financial assets, current | 383,984 | [1] | 559,919 | [2] | |||||
Trade and others accounts receivable, current | 1,162,582 | 1,214,050 | |||||||
Accounts receivable from related entities, current | 2,931 | 2,582 | |||||||
Other non-financial assets | 58,700 | [1] | 88,090 | [2] | |||||
Accounts receivable, non current | 5,381 | 6,891 | |||||||
Total assets | $ 2,695,220 | 3,013,536 | |||||||
Loans And Receivables [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 1,112,346 | ||||||||
Other financial assets, current | [2] | 23,918 | |||||||
Trade and others accounts receivable, current | 1,214,050 | ||||||||
Accounts receivable from related entities, current | 2,582 | ||||||||
Other non-financial assets | [2] | 87,077 | |||||||
Accounts receivable, non current | 6,891 | ||||||||
Total assets | 2,446,864 | ||||||||
Held For Trading [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | |||||||||
Other financial assets, current | [2] | 1,421 | |||||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | [2] | 494 | |||||||
Accounts receivable, non current | |||||||||
Total assets | 1,915 | ||||||||
Initial Designation As Fair Value Through Profit And Loss [Member] | |||||||||
Assets | |||||||||
Cash and cash equivalents | 29,658 | ||||||||
Other financial assets, current | [2] | 472,232 | |||||||
Trade and others accounts receivable, current | |||||||||
Accounts receivable from related entities, current | |||||||||
Other non-financial assets | [2] | ||||||||
Accounts receivable, non current | |||||||||
Total assets | $ 501,890 | ||||||||
[1] | The value presented in designated at the initial moment at fair value with changes in results, corresponds mainly to private investment funds, and in loans and accounts receivable, corresponds to guarantees delivered. | ||||||||
[2] | The value presented as initial designation as fair value through profit and loss, corresponds mainly to private investment funds; and loans and receivables corresponds to guarantees given. |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Jan. 02, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | |||||||
Cash and cash equivalents | $ 1,081,642 | $ 1,142,004 | $ 949,327 | $ 753,497 | |||
Other financial assets (current and non-current) | 442,684 | 648,009 | |||||
Trade and other accounts receivable | 1,162,582 | $ 1,202,945 | 1,214,050 | ||||
Accounts receivable, non-current | 5,381 | 6,891 | |||||
Accounts receivable from related entities, current | 2,931 | 2,582 | |||||
Total assets | 17,566,777 | $ 5,129 | 18,797,972 | ||||
Argentina, Pesos | |||||||
Assets | |||||||
Cash and cash equivalents | 17,786 | 12,135 | |||||
Other financial assets (current and non-current) | 152 | 297 | |||||
Trade and other accounts receivable | 82,893 | 49,958 | |||||
Total assets | 100,831 | 62,390 | |||||
Brazil, Brazil Real | |||||||
Assets | |||||||
Cash and cash equivalents | 131,760 | 106,499 | |||||
Other financial assets (current and non-current) | 327,110 | 475,810 | |||||
Trade and other accounts receivable | 511,171 | 635,890 | |||||
Accounts receivable, non-current | 3 | 4 | |||||
Accounts receivable from related entities, current | 293 | 2 | |||||
Total assets | 970,337 | 1,218,205 | |||||
Chile, Pesos | |||||||
Assets | |||||||
Cash and cash equivalents | 415,713 | 81,845 | |||||
Other financial assets (current and non-current) | 25,972 | 26,679 | |||||
Trade and other accounts receivable | 113,168 | 83,415 | |||||
Accounts receivable, non-current | 5,378 | 6,887 | |||||
Accounts receivable from related entities, current | 200 | 735 | |||||
Total assets | 560,431 | 199,561 | |||||
Colombia, Pesos | |||||||
Assets | |||||||
Cash and cash equivalents | 10,843 | 7,264 | |||||
Other financial assets (current and non-current) | 1,748 | 1,928 | |||||
Trade and other accounts receivable | 7,259 | 3,249 | |||||
Total assets | 19,850 | 12,441 | |||||
Euro Member Countries, Euro | |||||||
Assets | |||||||
Cash and cash equivalents | 20,339 | 11,746 | |||||
Other financial assets (current and non-current) | 7,438 | 7,853 | |||||
Trade and other accounts receivable | 49,044 | 48,286 | |||||
Total assets | 76,821 | 67,885 | |||||
United States of America, Dollars | |||||||
Assets | |||||||
Cash and cash equivalents | 394,215 | 882,114 | |||||
Other financial assets (current and non-current) | 78,121 | 133,431 | |||||
Trade and other accounts receivable | 110,312 | 257,324 | |||||
Accounts receivable from related entities, current | 2,438 | 1,845 | |||||
Total assets | 585,086 | 1,274,714 | |||||
Other currency | |||||||
Assets | |||||||
Cash and cash equivalents | 90,986 | 40,401 | |||||
Other financial assets (current and non-current) | 2,143 | 2,011 | |||||
Trade and other accounts receivable | [1] | 288,735 | 135,928 | ||||
Total assets | $ 381,864 | $ 178,340 | |||||
[1] | See the composition of the others currencies in Note 8 Trade, other accounts receivable and non-current accounts receivable. |
TRADE AND OTHER ACCOUNTS RECE_3
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 02, 2018 | Dec. 31, 2017 |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Trade accounts receivable | $ 1,077,561 | $ 1,175,796 | |
Other accounts receivable | 188,393 | 133,054 | |
Total net trade and accounts receivable | 1,167,963 | 1,220,941 | |
Less: non-current portion - accounts receivable | (5,381) | (6,891) | |
Trade and other accounts receivable, current | 1,162,582 | $ 1,202,945 | 1,214,050 |
Gross Book Value [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Trade accounts receivable | 1,077,561 | 1,175,796 | |
Other accounts receivable | 188,393 | 133,054 | |
Total net trade and accounts receivable | 1,265,954 | 1,308,850 | |
Accumulated Impairment [Member] | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Other accounts receivable | |||
Total net trade and accounts receivable | $ (97,991) | $ (87,909) |
TRADE AND OTHER ACCOUNTS RECE_4
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | $ 1,077,561 | $ 1,175,796 | |
Gross Book Value [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | $ 1,077,561 | 1,175,796 | |
Gross Book Value [Member] | Up to date [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 1,040,671 | ||
Gross Book Value [Member] | Not impaired Assets [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 47,216 | ||
Gross Book Value [Member] | Not impaired Assets [Member] | Up to 90 days [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 34,153 | ||
Gross Book Value [Member] | Not impaired Assets [Member] | Expired from 91 to 180 days [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 10,141 | ||
Gross Book Value [Member] | Not impaired Assets [Member] | Between 6 and 12 months [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | [1] | 2,922 | |
Gross Book Value [Member] | Impaired Assets [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 87,909 | ||
Gross Book Value [Member] | Impaired Assets [Member] | Judicial, pre-judicial collection and protested documents [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | 43,175 | ||
Gross Book Value [Member] | Impaired Assets [Member] | Debtor under pre-judicial collection process and portfolio sensitization [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Total | $ 44,734 | ||
[1] | Value of this segment corresponds primarily to accounts receivable that were evaluated in their ability to recover, therefore not requiring a provision. |
TRADE AND OTHER ACCOUNTS RECE_5
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 02, 2018 | |
Up to 90 days [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 5.00% | [1] | 21.00% |
Gross book value | $ 91,387 | [2] | $ 36,241 |
Impairment loss provision | $ (5,014) | $ (7,774) | |
91 To 180 Days [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 45.00% | [1] | 46.00% |
Gross book value | $ 11,085 | [2] | $ 12,001 |
Impairment loss provision | $ (4,983) | $ (5,499) | |
Between 6 and 12 months [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 65.00% | [1] | 67.00% |
Gross book value | $ 15,078 | [2] | $ 14,623 |
Impairment loss provision | $ (9,864) | $ (9,803) | |
More Of 360 Days [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 76.00% | [1] | 94.00% |
Gross book value | $ 71,081 | [2] | $ 66,022 |
Impairment loss provision | $ (54,197) | $ (61,787) | |
Total [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 9.00% | [1] | 8.00% |
Gross book value | $ 1,077,561 | [2] | $ 1,175,796 |
Impairment loss provision | $ (97,991) | $ (98,433) | |
Up to date [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Expected loss rate | 3.00% | [1] | 1.00% |
Gross book value | $ 888,930 | [2] | $ 1,046,909 |
Impairment loss provision | $ (23,933) | $ (13,570) | |
[1] | Corresponds to the expected average rate. | ||
[2] | the gross book value represents the maximum growth risk value of trade accounts receivable. |
TRADE AND OTHER ACCOUNTS RECE_6
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 1,167,963 | $ 1,220,941 |
Argentina, Pesos | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 82,893 | 49,958 |
Brazil, Brazil Real | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 511,174 | 635,894 |
Chile, Pesos | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 118,546 | 90,302 |
Colombia, Pesos | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 7,259 | 3,249 |
Euro Member Countries, Euro | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 49,044 | 48,286 |
United States of America, Dollars | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 110,312 | 257,324 |
Australia, Dollars | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 100,733 | 40,303 |
China, Yuan Renminbi | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 5,106 | 37 |
Danish Krone | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 475 | 197 |
Pound Sterling | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 18,129 | 5,068 |
Indian Rupee | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 7,163 | 3,277 |
Japanese Yen | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 56,589 | 18,756 |
Norwegian Kroner | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 283 | 133 |
Swiss Franc | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 5,046 | 2,430 |
Korean Won | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 31,381 | 18,225 |
New Taiwanese Dollar | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 6,180 | 2,983 |
Other Currencies | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 57,650 | 44,519 |
Other Currency | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 288,735 | $ 135,928 |
TRADE AND OTHER ACCOUNTS RECE_7
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details 4) - Accumulated Impairment [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||||
Opening balance | $ (87,909) | $ (77,054) | $ (60,072) | |
Adoption adjustment IFRS 9 | [1] | (10,524) | ||
Write-offs | 8,620 | 8,249 | 20,910 | |
(Increase) Decrease | (8,178) | (19,104) | (37,892) | |
Closing balance | $ (97,991) | $ (87,909) | $ (77,054) | |
[1] | Adjustment to the balance as of December 31, 2017 registered in retained earnings as of 01.01.2018 for the adoption of IFRS 9. |
TRADE AND OTHER ACCOUNTS RECE_8
TRADE AND OTHER ACCOUNTS RECEIVABLE CURRENT, AND NON-CURRENT ACCOUNTS RECEIVABLE (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Trade accounts receivable | $ 979,570 | $ 1,087,887 |
Other accounts receivable | 188,393 | 133,054 |
Gross Book Value [Member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Trade accounts receivable | 1,077,561 | 1,175,796 |
Other accounts receivable | 188,393 | 133,054 |
Accumulated Impairment [Member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Trade accounts receivable | (97,991) | (87,909) |
Other accounts receivable |
ACCOUNTS RECEIVABLE FROM_PAYA_3
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Accounts Receivable | $ 2,931 | $ 2,582 |
Qatar Airways [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Tax No | Foreign | |
Nature of relationship with related parties | Indirect shareholder | |
Country of origin | Qatar | |
Currency | US$ | |
Accounts Receivable | $ 1,907 | 1,845 |
Bethia S.A and Subsidiaries [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Tax No | 78.591.370-1 | |
Nature of relationship with related parties | Related director | |
Country of origin | Chile | |
Currency | CLP | |
Accounts Receivable | $ 988 | 728 |
TAM Aviacao Executiva e Taxi Aereo S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Tax No | Foreign | |
Nature of relationship with related parties | Common shareholder | |
Country of origin | Brazil | |
Currency | BRL | |
Accounts Receivable | 2 | |
Granja Marina Tornagaleones S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Tax No | 87.752.000-5 | |
Nature of relationship with related parties | Common shareholder | |
Country of origin | Chile | |
Currency | CLP | |
Accounts Receivable | $ 31 | 5 |
Inversiones Costa Verde Ltda. y CPA. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Tax No | 96.810.370-9 | |
Nature of relationship with related parties | Related director | |
Country of origin | Chile | |
Currency | CLP | |
Accounts Receivable | $ 5 | $ 2 |
ACCOUNTS RECEIVABLE FROM_PAYA_4
ACCOUNTS RECEIVABLE FROM/PAYABLE TO RELATED ENTITIES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Accounts payable | $ 382 | $ 760 |
Bethia S.A and Subsidiaries [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Tax No | 78.591.370-1 | |
Nature of relationship with related parties | Related director | |
Country of origin | Chile | |
Currency | CLP | |
Accounts payable | $ 365 | 546 |
Inversora Aeronautica Argentina S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Tax No | Foreign | |
Nature of relationship with related parties | Related director | |
Country of origin | Argentina | |
Currency | ARS$ | |
Accounts payable | $ 15 | 4 |
Consultoria Administrativa Profesional S.A. de C.V. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Tax No | Foreign | |
Nature of relationship with related parties | Associate | |
Country of origin | Mexico | |
Currency | MXN | |
Accounts payable | 210 | |
TAM Aviacao Executiva e Taxi Aereo S/A [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Tax No | Foreign | |
Nature of relationship with related parties | Common shareholder | |
Country of origin | Brazil | |
Currency | BRL | |
Accounts payable | $ 2 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories Abstract | ||
Technical stock | $ 233,276 | $ 195,530 |
Non-technical stock | 46,068 | 41,136 |
Total | $ 279,344 | $ 236,666 |
INVENTORIES (Details 1)
INVENTORIES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories Abstract | ||
Provision for obsolescence Technical stock | $ 20,500 | $ 21,839 |
Provision for obsolescence Non-technical stock | 4,621 | 6,488 |
Total | $ 25,121 | $ 28,327 |
INVENTORIES (Details Narrative)
INVENTORIES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventories Abstract | |||
Cost of sales | $ 7,962,843 | $ 7,441,849 | $ 6,967,037 |
OTHER FINANCIAL ASSETS (Details
OTHER FINANCIAL ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 02, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | |||
Current Assets | $ 383,984 | $ 275,549 | $ 559,919 |
Non-current assets | 58,700 | 88,090 | |
Total Assets | 442,684 | 648,009 | |
Other Financial Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 341,233 | 497,571 | |
Non-current assets | 58,700 | 87,571 | |
Total Assets | 399,933 | 585,142 | |
Hedging Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 23,355 | 62,348 | |
Non-current assets | 519 | ||
Total Assets | 23,355 | 62,867 | |
Hedging Assets Categories [Member] | Interest Accrued Since The Last Payment Date Of Cross Currency Swap [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 202 | ||
Non-current assets | |||
Total Assets | 202 | ||
Hedging Assets Categories [Member] | Fair Value Of Interest Rate Derivatives [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 19,460 | 3,113 | |
Non-current assets | |||
Total Assets | 19,460 | 3,113 | |
Hedging Assets Categories [Member] | Fair Value Of Foreign Currency Derivatives [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 3,895 | 48,322 | |
Non-current assets | 519 | ||
Total Assets | 3,895 | 48,841 | |
Hedging Assets Categories [Member] | Fair Value Of Fuel Price Derivatives [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 10,711 | ||
Non-current assets | |||
Total Assets | 10,711 | ||
Derivatives Not Recognized As A Hedge Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 19,396 | ||
Non-current assets | |||
Total Assets | 19,396 | ||
Derivatives Not Recognized As A Hedge Categories [Member] | Foreign Currency Derivatives Not Recognized As A Hedge [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 19,396 | ||
Non-current assets | |||
Total Assets | 19,396 | ||
Private Investment Funds [Member] | Other Financial Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 322,428 | 472,232 | |
Non-current assets | |||
Total Assets | 322,428 | 472,232 | |
Deposits In Guarantee (Aircraft) [Member] | Other Financial Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 9,610 | 15,690 | |
Non-current assets | 37,636 | 41,058 | |
Total Assets | 47,246 | 56,748 | |
Guarantees For Margins Of Derivatives [Member] | Other Financial Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 661 | 2,197 | |
Non-current assets | |||
Total Assets | 661 | 2,197 | |
Other Investments [Member] | Other Financial Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | |||
Non-current assets | 494 | 494 | |
Total Assets | 494 | 494 | |
Domestic And Foreign Bonds [Member] | Other Financial Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 1,394 | 1,421 | |
Non-current assets | |||
Total Assets | 1,394 | 1,421 | |
Other Guarantees Given [Member] | Other Financial Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 7,140 | 6,031 | |
Non-current assets | 20,570 | 46,019 | |
Total Assets | $ 27,710 | $ 52,050 |
OTHER NON-FINANCIAL ASSETS (Det
OTHER NON-FINANCIAL ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [line items] | |||
Current Assets | $ 320,977 | $ 221,188 | |
Non-current assets | 233,741 | 220,807 | |
Total Assets | 554,718 | 441,995 | |
Advance Payments Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 67,089 | 59,015 | |
Non-current assets | 10,660 | 5,904 | |
Total Assets | 77,749 | 64,919 | |
Contract assets [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | [1] | 48,957 | |
Non-current assets | [1] | ||
Total Assets | [1] | 48,957 | |
Other Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 204,931 | 162,173 | |
Non-current assets | 223,081 | 214,903 | |
Total Assets | 428,012 | 377,076 | |
Aircraft Leases [Member] | Advance Payments Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 31,284 | 31,322 | |
Non-current assets | 9,687 | 4,718 | |
Total Assets | 40,971 | 36,040 | |
Aircraft Insurance And Other [Member] | Advance Payments Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 16,483 | 17,681 | |
Non-current assets | |||
Total Assets | 16,483 | 17,681 | |
Others [Member] | Advance Payments Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 19,322 | 10,012 | |
Non-current assets | 973 | 1,186 | |
Total Assets | 20,295 | 11,198 | |
Others [Member] | Other Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 1,177 | ||
Non-current assets | 53 | ||
Total Assets | 1,230 | ||
GDS Costs [Member] | Contract assets [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | [1] | 14,708 | |
Non-current assets | [1] | ||
Total Assets | [1] | 14,708 | |
Credit Card Commissions [Member] | Contract assets [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | [1] | 21,614 | |
Non-current assets | [1] | ||
Total Assets | [1] | 21,614 | |
Travel Agencies Commissions [Member] | Contract assets [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | [1] | 12,635 | |
Non-current assets | [1] | ||
Total Assets | [1] | 12,635 | |
Aircraft Maintenance Reserve [Member] | Other Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | [2] | 831 | 21,505 |
Non-current assets | [2] | 51,836 | 51,836 |
Total Assets | [2] | 52,667 | 73,341 |
Sales Tax [Member] | Other Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 187,410 | 137,866 | |
Non-current assets | 38,186 | 37,959 | |
Total Assets | 225,596 | 175,825 | |
Other Taxes [Member] | Other Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 15,255 | 2,475 | |
Non-current assets | |||
Total Assets | 15,255 | 2,475 | |
Contributions to Societe Internationale de Telecommunications Aeronautiques ("SITA") [Member] | Other Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | 258 | 327 | |
Non-current assets | 739 | 670 | |
Total Assets | 997 | 997 | |
Judicial Deposits [Member] | Other Assets Categories [Member] | |||
Disclosure of financial assets [line items] | |||
Current Assets | |||
Non-current assets | 132,267 | 124,438 | |
Total Assets | $ 132,267 | $ 124,438 | |
[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_2
OTHER NON-FINANCIAL ASSETS (Details 1) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Disclosure of financial assets [line items] | ||
Opening Balance | $ 441,995 | |
Closing Balance | 554,718 | |
Contract assets [Member] | ||
Disclosure of financial assets [line items] | ||
Opening Balance | [1] | |
Activation | 180,171 | |
Adjustments by the application of IFRS 15 | 54,361 | |
Difference by conversion | (5,020) | |
Amortization | (180,555) | |
Closing Balance | $ 48,957 | [1] |
[1] | Movement of Contracts assets. |
OTHER NON-FINANCIAL ASSETS (D_3
OTHER NON-FINANCIAL ASSETS (Details Narrative) $ in Thousands | Dec. 31, 2018USD ($)Aircraft | Dec. 31, 2017USD ($) |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Reserve maintain | $ (76,926) | $ 554,885 |
Number of aircraft under operating leases | Aircraft | 9 | |
Aircraft [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Reserve maintain | $ 52,667 | $ 73,341 |
NON-CURRENT ASSETS AND DISPOS_3
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Total current assets | $ 5,768 | $ 291,103 |
Current liabilities | ||
Total current liabilities | 15,546 | |
Non-current Assets And In Disposal Groups Held For Sale [Member] | ||
Current assets | ||
Aircraft | 265 | 236,022 |
Engines and rotables | 5,299 | 9,197 |
Other assets | 204 | 45,884 |
Total current assets | 5,768 | 291,103 |
Current liabilities | ||
Other liabilities | 15,546 | |
Total current liabilities | $ 15,546 |
NON-CURRENT ASSETS AND DISPOS_4
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details 1) - Aircraft | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total | 1 | 5 | |
Boeing 777 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total | 2 | [1] | |
Airbus A330-200 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total | 1 | ||
Airbus A320-200 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total | 1 | ||
ATR42-300 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total | 1 | 1 | |
[1] | One aircraft leased to DHL. |
NON-CURRENT ASSETS AND DISPOS_5
NON-CURRENT ASSETS AND DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)Aircraft | Dec. 31, 2018USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Assets reclassified from property, plant and equipment net realizable value | $ 17,400 | $ 2,300 |
Assets reclassified from inventories net realizable value | $ 1,300 | |
Airbus A330 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of assets sold | Aircraft | 7 |
INVESTMENTS IN SUBSIDIARIES (De
INVESTMENTS IN SUBSIDIARIES (Details) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Lan Peru S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Country of incorporation | Peru | |||
Functional currency | US$ | |||
Percentage of equity ownership | 70.00% | 70.00% | 70.00% | |
Lan Cargo S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Country of incorporation | Chile | |||
Functional currency | US$ | |||
Percentage of equity ownership | 99.898% | 99.898% | 99.898% | |
Lan Argentina S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Country of incorporation | Argentina | |||
Functional currency | ARS | |||
Percentage of equity ownership | 99.8656% | 99.8656% | ||
Transporte Aereo S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Country of incorporation | Chile | |||
Functional currency | US$ | |||
Percentage of equity ownership | 100.00% | 100.00% | 100.00% | |
Aerolane Lineas Aereas Nacionales del Ecuador S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Country of incorporation | Ecuador | |||
Functional currency | US$ | |||
Percentage of equity ownership | 100.00% | 100.00% | ||
Aerovias de Integracion Regional, AIRES S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Country of incorporation | Colombia | |||
Functional currency | COP | |||
Percentage of equity ownership | 99.1906% | 99.1906% | ||
TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Country of incorporation | [1] | Brazil | ||
Functional currency | [1] | BRL | ||
Percentage of equity ownership | [1] | 99.9993% | 99.9993% | 100.00% |
[1] | As of December 31, 2018, the indirect participation percentage over TAM S.A. and Subsidiaries comes from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 49% of political rights its percentage arise as a result of the provisional measure No. 714 of the Brazilian government implemented during 2016 that allows foreign capital to have up to 49% ownership. In this way, since April 2016, LATAM Airlines Group S.A. owns 901 shares with the right to vote of Holdco I S.A., which is equivalent to 49% of the total shares with voting rights of said company and TEP Chile S.A. owns 938 shares with the right to vote of Holdco I S.A., which is equivalent to 51% of the total shares with voting rights. |
INVESTMENTS IN SUBSIDIARIES (_2
INVESTMENTS IN SUBSIDIARIES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 04, 2018 | ||
Disclosure of subsidiaries [line items] | |||||
Assets | $ 17,566,777 | $ 18,797,972 | $ 5,129 | ||
Current Assets | 3,306,362 | 3,745,499 | |||
Non-current Assets | 14,260,415 | 15,052,473 | |||
Total liabilities | 13,820,001 | 14,530,736 | $ 377 | ||
Current Liabilities | 5,568,752 | 5,842,714 | |||
Non-current Liabilities | 8,251,249 | 8,688,022 | |||
Revenue | 9,895,456 | 9,613,907 | $ 8,988,340 | ||
NET INCOME (LOSS) FOR THE PERIOD | 213,247 | 200,714 | 110,670 | ||
Lan Peru S.A. [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Assets | 417,767 | 315,607 | 306,111 | ||
Current Assets | 379,490 | 294,308 | 283,691 | ||
Non-current Assets | 38,277 | 21,299 | 22,420 | ||
Total liabilities | 407,570 | 303,204 | 294,912 | ||
Current Liabilities | 406,157 | 301,476 | 293,602 | ||
Non-current Liabilities | 1,413 | 1,728 | 1,310 | ||
Revenue | 1,161,205 | 1,046,423 | 967,787 | ||
NET INCOME (LOSS) FOR THE PERIOD | 3,372 | 1,205 | (2,164) | ||
Lan Cargo S.A. [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Assets | 511,275 | 584,169 | 480,908 | ||
Current Assets | 243,499 | 266,836 | 144,309 | ||
Non-current Assets | 267,776 | 317,333 | 336,599 | ||
Total liabilities | 334,498 | 371,934 | 239,728 | ||
Current Liabilities | 292,153 | 292,529 | 211,395 | ||
Non-current Liabilities | 42,345 | 79,405 | 28,333 | ||
Revenue | 269,783 | 264,544 | 266,296 | ||
NET INCOME (LOSS) FOR THE PERIOD | (34,401) | (30,220) | (24,813) | ||
Lan Argentina S.A. [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Assets | 243,173 | 198,951 | 216,331 | ||
Current Assets | 235,919 | 166,445 | 194,306 | ||
Non-current Assets | 7,254 | 32,506 | 22,025 | ||
Total liabilities | 239,127 | 143,731 | 200,172 | ||
Current Liabilities | 236,702 | 139,914 | 197,330 | ||
Non-current Liabilities | 2,425 | 3,817 | 2,842 | ||
Revenue | 254,069 | 387,557 | 371,896 | ||
NET INCOME (LOSS) FOR THE PERIOD | (148,032) | (41,636) | (29,572) | ||
Transporte Aereo S.A. [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Assets | 330,777 | 324,498 | 340,940 | ||
Current Assets | 72,597 | 30,909 | 36,986 | ||
Non-current Assets | 258,180 | 293,589 | 303,954 | ||
Total liabilities | 128,428 | 104,357 | 124,805 | ||
Current Liabilities | 27,440 | 36,901 | 59,668 | ||
Non-current Liabilities | 100,988 | 67,456 | 65,137 | ||
Revenue | 304,084 | 317,436 | 297,247 | ||
NET INCOME (LOSS) FOR THE PERIOD | (17,847) | 2,172 | 8,206 | ||
Aerolane Lineas Aereas Nacionales del Ecuador S.A. [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Assets | 106,487 | 96,407 | 89,667 | ||
Current Assets | 96,564 | 66,166 | 56,064 | ||
Non-current Assets | 9,923 | 30,241 | 33,603 | ||
Total liabilities | 95,860 | 84,123 | 81,101 | ||
Current Liabilities | 89,819 | 78,817 | 75,985 | ||
Non-current Liabilities | 6,041 | 5,306 | 5,116 | ||
Revenue | 234,169 | 219,039 | 219,676 | ||
NET INCOME (LOSS) FOR THE PERIOD | (1,135) | 3,722 | (1,281) | ||
Aerovias de Integracion Regional, AIRES S.A. [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Assets | 116,118 | 138,138 | 129,734 | ||
Current Assets | 55,865 | 64,160 | 55,132 | ||
Non-current Assets | 60,253 | 73,978 | 74,602 | ||
Total liabilities | 77,746 | 91,431 | 85,288 | ||
Current Liabilities | 69,149 | 80,081 | 74,160 | ||
Non-current Liabilities | 8,597 | 11,350 | 11,128 | ||
Revenue | 291,827 | 279,414 | 277,503 | ||
NET INCOME (LOSS) FOR THE PERIOD | (5,068) | 526 | (13,675) | ||
TAM S.A. and Subsidiaries [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Assets | [1],[2] | 4,304,126 | 4,490,714 | 5,287,286 | |
Current Assets | [1] | 2,007,830 | 1,843,822 | 1,794,189 | |
Non-current Assets | [1] | 2,296,296 | 2,646,892 | 3,493,097 | |
Total liabilities | [1],[2] | 3,013,831 | 3,555,423 | 4,710,308 | |
Current Liabilities | [1] | 1,727,151 | 2,052,633 | 2,837,620 | |
Non-current Liabilities | [1] | 1,286,680 | 1,502,790 | 1,872,688 | |
Revenue | [1] | 4,650,526 | 4,621,338 | 4,145,951 | |
NET INCOME (LOSS) FOR THE PERIOD | [1],[2] | $ (12,538) | $ 160,582 | $ 2,107 | |
[1] | Corresponds to consolidated information of TAM S.A. and Subsidiaries | ||||
[2] | The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest. |
INVESTMENTS IN SUBSIDIARIES (_3
INVESTMENTS IN SUBSIDIARIES (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of subsidiaries [line items] | |||
Total | $ 79,940 | $ 91,147 | |
Lan Peru S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | Foreign | ||
Country of origin | Peru | ||
Percentage of equity ownwrship | 70.00% | 70.00% | 70.00% |
Lan Argentina S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Country of origin | Argentina | ||
Percentage of equity ownwrship | 99.8656% | 99.8656% | |
Non-Controlling Interest [Member] | |||
Disclosure of subsidiaries [line items] | |||
Total | $ 79,940 | $ 91,147 | |
Non-Controlling Interest [Member] | Lan Peru S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Peru | ||
Percentage of equity ownwrship | 30.00% | 30.00% | |
Total | $ 3,360 | $ 3,722 | |
Non-Controlling Interest [Member] | Lan Cargo S.A. And Subsidiaries [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 93.383.000-4 | ||
Country of origin | Chile | ||
Percentage of equity ownwrship | 0.10196% | 0.10196% | |
Total | $ (100) | $ 849 | |
Non-Controlling Interest [Member] | Promotora Aerea Latinoamericana S.A. and Subsidiaries [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Mexico | ||
Percentage of equity ownwrship | 0.00% | 51.00% | |
Total | $ 4,578 | ||
Non-Controlling Interest [Member] | Inversora Cordillera S.A. and Subsidiaries [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Argentina | ||
Percentage of equity ownwrship | 0.1394% | 0.1394% | |
Total | $ 8,684 | $ 3,502 | |
Non-Controlling Interest [Member] | Lan Argentina S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Argentina | ||
Percentage of equity ownwrship | 0.0289% | 0.02842% | |
Total | $ (472) | $ 79 | |
Non-Controlling Interest [Member] | Americonsult de Guatemala S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Guatemala | ||
Percentage of equity ownwrship | 1.00% | 1.00% | |
Total | $ 1 | $ 1 | |
Non-Controlling Interest [Member] | Americonsult S.A. and Subsidiaries [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Mexico | ||
Percentage of equity ownwrship | 0.20% | 0.20% | |
Total | $ 1 | ||
Non-Controlling Interest [Member] | Americonsult Costa Rica S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0-E | ||
Country of origin | Costa Rica | ||
Percentage of equity ownwrship | 1.00% | 1.00% | |
Total | $ 11 | $ 12 | |
Non-Controlling Interest [Member] | Linea Aerea Carguera de Colombiana S.A. [Mmeber] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Colombia | ||
Percentage of equity ownwrship | 10.00% | 10.00% | |
Total | $ (462) | $ (520) | |
Non-Controlling Interest [Member] | Aerolineas Regionales de Integracion Aires S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Colombia | ||
Percentage of equity ownwrship | 0.7988% | 0.8094% | |
Total | $ 378 | $ 461 | |
Non-Controlling Interest [Member] | Transportes Aereos del Mercosur S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Paraguay | ||
Percentage of equity ownwrship | 5.02% | 5.02% | |
Total | $ 1,740 | $ 1,324 | |
Non-Controlling Interest [Member] | Multiplus S.A. [Member] | |||
Disclosure of subsidiaries [line items] | |||
Tax No . | 0 - E | ||
Country of origin | Brazil | ||
Percentage of equity ownwrship | 27.26% | 27.26% | |
Total | $ 67,096 | $ 77,139 |
INVESTMENTS IN SUBSIDIARIES (_4
INVESTMENTS IN SUBSIDIARIES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of subsidiaries [line items] | ||||
Total | $ 31,312 | $ 45,410 | $ 41,450 | |
Lan Peru S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | Foreign | |||
Country of origin | Peru | |||
Lan Argentina S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Country of origin | Argentina | |||
Non-Controlling Interest [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | $ 45,410 | $ 31,312 | $ 41,450 | |
Non-Controlling Interest [Member] | Lan Peru S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Peru | |||
Percentage of income attributable to subsidiaries | 30.00% | 30.00% | 30.00% | |
Total | $ 1,012 | $ 360 | $ (649) | |
Non-Controlling Interest [Member] | Lan Cargo S.A. And Subsidiaries [Member] | ||||
Disclosure of subsidiaries [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 | $ (395) | $ (4) | $ (7) | |
Non-Controlling Interest [Member] | Promotora Aerea Latinoamericana S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Mexico | |||
Percentage of income attributable to subsidiaries | 0.00% | 51.00% | 51.00% | |
Total | $ 1,416 | $ 96 | ||
Non-Controlling Interest [Member] | Inversora Cordillera S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Argentina | |||
Percentage of income attributable to subsidiaries | 0.1394% | 0.1394% | 0.7042% | |
Total | $ 183 | $ 117 | $ 364 | |
Non-Controlling Interest [Member] | Lan Argentina S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Argentina | |||
Percentage of income attributable to subsidiaries | 0.0289% | 0.0284% | 0.1344% | |
Total | $ 39 | $ 24 | $ 77 | |
Non-Controlling Interest [Member] | Americonsult de Guatemala S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Guatemala | |||
Percentage of income attributable to subsidiaries | 1.00% | 1.00% | 1.00% | |
Total | $ (4) | |||
Non-Controlling Interest [Member] | Americonsult S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Mexico | |||
Percentage of income attributable to subsidiaries | 0.20% | 0.20% | 0.00% | |
Total | $ 2 | |||
Non-Controlling Interest [Member] | Linea Aerea Carguera de Colombiana S.A. [Mmeber] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Colombia | |||
Percentage of income attributable to subsidiaries | 10.00% | 10.00% | 10.00% | |
Total | $ 58 | $ 398 | $ (106) | |
Non-Controlling Interest [Member] | Aerolineas Regionales de Integracion Aires S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Colombia | |||
Percentage of income attributable to subsidiaries | 0.7988% | 0.8094% | 0.8094% | |
Total | $ (41) | $ 4 | $ (140) | |
Non-Controlling Interest [Member] | Transportes Aereos del Mercosur S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Paraguay | |||
Percentage of income attributable to subsidiaries | 5.02% | 5.02% | 5.02% | |
Total | $ 717 | $ 299 | $ 146 | |
Non-Controlling Interest [Member] | Multiplus S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No . | 0 - E | |||
Country of origin | Brazil | |||
Percentage of income attributable to subsidiaries | 27.26% | 27.26% | 27.26% | |
Total | $ 29,737 | $ 42,796 | $ 41,673 |
INTANGIBLE ASSETS OTHER THAN _3
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | $ 1,441,072 | $ 1,617,247 | $ 1,610,313 | $ 1,321,425 | |
Gross Book Value [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 1,838,967 | 1,981,284 | |||
Airport Slots [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | [1] | 828,969 | 964,513 | 978,849 | 816,987 |
Airport Slots [Member] | Gross Book Value [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 828,969 | 964,513 | |||
Loyalty Program [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 274,420 | 321,440 | |||
Loyalty Program [Member] | Gross Book Value [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 274,420 | 321,440 | |||
Computer Software [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 156,469 | 160,970 | 157,016 | 104,258 | |
Computer Software [Member] | Gross Book Value [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 529,009 | 509,377 | |||
Developing Software [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 151,853 | 123,415 | $ 91,053 | $ 74,887 | |
Developing Software [Member] | Gross Book Value [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 151,853 | 123,415 | |||
Trade Marks [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | [2] | 29,361 | 46,909 | ||
Trade Marks [Member] | Gross Book Value [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | [2] | 53,391 | 62,539 | ||
Other Assets [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | 431 | ||||
Other Assets [Member] | Gross Book Value [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Intangible assets other than goodwill | $ 1,325 | ||||
[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. |
INTANGIBLE ASSETS OTHER THAN _4
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Reconciliation of changes in intangible assets other than goodwill [Roll Forward] | ||||
Opening balance | $ 1,617,247 | $ 1,610,313 | $ 1,321,425 | |
Additions | 95,092 | 87,333 | 90,360 | |
Withdrawals | (527) | (928) | (927) | |
Transfer software | (1,412) | 203 | 10,653 | |
Foreing exchange | (203,852) | (21,264) | 239,059 | |
Amortization | (65,596) | (58,410) | (50,257) | |
Hyperinflation Argentina | 62 | |||
Adjustment aplication IAS 29 by hyperinflation Argentina | 58 | |||
Closing balance | 1,441,072 | 1,617,247 | 1,610,313 | |
Computer Software [Member] | ||||
Reconciliation of changes in intangible assets other than goodwill [Roll Forward] | ||||
Opening balance | 160,970 | 157,016 | 104,258 | |
Additions | 792 | 8,453 | 6,688 | |
Withdrawals | (403) | (244) | (736) | |
Transfer software | 59,675 | 45,783 | 85,029 | |
Foreing exchange | (10,136) | (1,215) | 5,689 | |
Amortization | (54,549) | (48,823) | (43,912) | |
Hyperinflation Argentina | 62 | |||
Adjustment aplication IAS 29 by hyperinflation Argentina | 58 | |||
Closing balance | 156,469 | 160,970 | 157,016 | |
Developing Software [Member] | ||||
Reconciliation of changes in intangible assets other than goodwill [Roll Forward] | ||||
Opening balance | 123,415 | 91,053 | 74,887 | |
Additions | 94,300 | 78,880 | 83,672 | |
Withdrawals | (124) | (684) | (191) | |
Transfer software | (61,087) | (45,580) | (74,376) | |
Foreing exchange | (4,651) | (254) | 7,061 | |
Amortization | ||||
Hyperinflation Argentina | ||||
Adjustment aplication IAS 29 by hyperinflation Argentina | ||||
Closing balance | 151,853 | 123,415 | 91,053 | |
Airport Slots [Member] | ||||
Reconciliation of changes in intangible assets other than goodwill [Roll Forward] | ||||
Opening balance | [1] | 964,513 | 978,849 | 816,987 |
Additions | [1] | |||
Withdrawals | [1] | |||
Transfer software | [1] | |||
Foreing exchange | [1] | (135,544) | (14,336) | 161,862 |
Amortization | [1] | |||
Hyperinflation Argentina | [1] | |||
Adjustment aplication IAS 29 by hyperinflation Argentina | [1] | |||
Closing balance | [1] | 828,969 | 964,513 | 978,849 |
Trademarks and Loyalty Program [Member] | ||||
Reconciliation of changes in intangible assets other than goodwill [Roll Forward] | ||||
Opening balance | [1],[2] | 368,349 | 383,395 | 325,293 |
Additions | [1],[2] | |||
Withdrawals | [1],[2] | |||
Transfer software | [1],[2] | |||
Foreing exchange | [1],[2] | (53,521) | (5,459) | 64,447 |
Amortization | [1],[2] | (11,047) | (9,587) | (6,345) |
Hyperinflation Argentina | [1],[2] | |||
Adjustment aplication IAS 29 by hyperinflation Argentina | [1],[2] | |||
Closing balance | [1],[2] | $ 303,781 | $ 368,349 | $ 383,395 |
[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. |
INTANGIBLE ASSETS OTHER THAN _5
INTANGIBLE ASSETS OTHER THAN GOODWILL (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about intangible assets [line items] | |||
Useful lives | The estimate of the new useful life is 5 years, equivalent to the period necessary to complete the change of image. | ||
Accumulated amortization | $ 65,596 | $ 58,410 | $ 50,257 |
Computer Programs [Member] | Accumulated Depreciation [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Accumulated amortization | $ 439,059 | $ 373,463 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in goodwill [Roll Forward] | |||
Opening balance | $ 2,672,550 | $ 2,710,382 | $ 2,280,575 |
Increase (decrease) due to exchange rate differences | (377,125) | (37,832) | 430,074 |
Adjustment IAS 29, hyperinflation Argentina | 335 | ||
Others | (1,688) | (267) | |
Closing balance | 2,294,072 | 2,672,550 | 2,710,382 |
Air Transport CGU [Member] | |||
Reconciliation of changes in goodwill [Roll Forward] | |||
Opening balance | 2,146,692 | 2,176,634 | 1,835,088 |
Increase (decrease) due to exchange rate differences | (300,203) | (29,942) | 341,813 |
Adjustment IAS 29, hyperinflation Argentina | 335 | ||
Others | (1,688) | (267) | |
Closing balance | 1,845,136 | 2,146,692 | 2,176,634 |
Coalition and Loyalty Program Multiplus CGU [Member] | |||
Reconciliation of changes in goodwill [Roll Forward] | |||
Opening balance | 525,858 | 533,748 | 445,487 |
Increase (decrease) due to exchange rate differences | (76,922) | (7,890) | 88,261 |
Adjustment IAS 29, hyperinflation Argentina | |||
Others | |||
Closing balance | $ 448,936 | $ 525,858 | $ 533,748 |
GOODWILL (Details 1)
GOODWILL (Details 1) - Goodwill [Member] $ in Thousands | Dec. 31, 2018USD ($)$ / shares | |
Air Transport CGU [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Annual growth rate (Terminal) | 1.00% | |
Exchange rate (in dollars per share) | 3.7 | [1] |
Discount rate based on the weighted average cost of capital (WACC) | 8.07% | |
Fuel Price from futures price curves commodities markets (in dollars per Barril) | $ | $ 75 | |
Air Transport CGU [Member] | Top of range [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Annual growth rate (Terminal) | 2.00% | |
Exchange rate (in dollars per share) | 4.6 | [1] |
Discount rate based on the weighted average cost of capital (WACC) | 10.07% | |
Fuel Price from futures price curves commodities markets (in dollars per Barril) | $ | $ 80 | |
Coalition and Loyalty Program Multiplus CGU [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Annual growth rate (Terminal) | 4.00% | [1],[2] |
Exchange rate (in dollars per share) | 3.5 | [1],[2] |
Discount rate based on cost of equity (CoE) | 12.00% | [1],[2] |
Coalition and Loyalty Program Multiplus CGU [Member] | Top of range [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Annual growth rate (Terminal) | 5.00% | [1],[2] |
Exchange rate (in dollars per share) | 4.3 | [1],[2] |
Discount rate based on cost of equity (CoE) | 13.00% | [1],[2] |
[1] | In line with the expectations of the Central Bank of Brazil. | |
[2] | The flows, like the growth and discount rates, are denominated in reais. |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about intangible assets [abstract] | |||||
Goodwill | $ 2,294,072 | $ 2,294,072 | $ 2,672,550 | $ 2,710,382 | $ 2,280,575 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | $ 9,953,365 | $ 10,065,335 | $ 10,498,149 | $ 10,938,657 | ||
Construction in Progress [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 630,320 | [1] | 556,822 | 470,065 | 1,142,812 | |
Land [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 45,424 | 49,780 | 50,148 | 45,313 | ||
Buildings [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 112,565 | 124,548 | 130,219 | 91,491 | ||
Plant and Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 5,644,451 | 6,832,398 | ||||
Own Aircraft [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [2] | 5,239,298 | 6,405,573 | |||
Other [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [3] | 405,153 | 426,825 | |||
Machinery [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 6,594 | 9,788 | ||||
Information Technology Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 22,564 | 30,156 | 39,714 | 43,889 | ||
Fixed Installations and Accessories [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 71,009 | 80,777 | 83,912 | 88,958 | ||
Motor Vehicles [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 9,122 | 11,478 | ||||
Leasehold Improvements [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 83,267 | 84,225 | 104,541 | 54,088 | ||
Other Property, Plants and Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 3,328,049 | 2,285,363 | $ 1,828,630 | $ 2,129,506 | ||
Financial Leasing Aircraft [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [2] | 3,258,950 | 2,222,620 | |||
Other [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 69,099 | 62,743 | ||||
Gross Book Value [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 14,848,281 | 14,310,287 | ||||
Gross Book Value [Member] | Construction in Progress [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [1] | 630,320 | 556,822 | |||
Gross Book Value [Member] | Land [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 45,424 | 49,780 | ||||
Gross Book Value [Member] | Buildings [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 179,907 | 190,552 | ||||
Gross Book Value [Member] | Plant and Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 8,371,990 | 9,222,540 | ||||
Gross Book Value [Member] | Own Aircraft [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [2] | 7,732,238 | 8,544,185 | |||
Gross Book Value [Member] | Other [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [3] | 639,752 | 678,355 | |||
Gross Book Value [Member] | Machinery [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 34,253 | 39,084 | ||||
Gross Book Value [Member] | Information Technology Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 160,936 | 166,713 | ||||
Gross Book Value [Member] | Fixed Installations and Accessories [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 182,629 | 186,989 | ||||
Gross Book Value [Member] | Motor Vehicles [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 69,653 | 70,290 | ||||
Gross Book Value [Member] | Leasehold Improvements [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 211,322 | 186,679 | ||||
Gross Book Value [Member] | Other Property, Plants and Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 4,961,847 | 3,640,838 | ||||
Gross Book Value [Member] | Financial Leasing Aircraft [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [2] | 4,862,985 | 3,551,041 | |||
Gross Book Value [Member] | Other [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | 98,862 | 89,797 | ||||
Accumulated Depreciation [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | (4,894,916) | (4,244,952) | ||||
Accumulated Depreciation [Member] | Construction in Progress [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [1] | |||||
Accumulated Depreciation [Member] | Land [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | ||||||
Accumulated Depreciation [Member] | Buildings [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | (67,342) | (66,004) | ||||
Accumulated Depreciation [Member] | Plant and Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | (2,727,539) | (2,390,142) | ||||
Accumulated Depreciation [Member] | Own Aircraft [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [2] | (2,492,940) | (2,138,612) | |||
Accumulated Depreciation [Member] | Other [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [3] | (234,599) | (251,530) | |||
Accumulated Depreciation [Member] | Machinery [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | (27,659) | (29,296) | ||||
Accumulated Depreciation [Member] | Information Technology Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | (138,372) | (136,557) | ||||
Accumulated Depreciation [Member] | Fixed Installations and Accessories [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | (111,620) | (106,212) | ||||
Accumulated Depreciation [Member] | Motor Vehicles [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | (60,531) | (58,812) | ||||
Accumulated Depreciation [Member] | Leasehold Improvements [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | (128,055) | (102,454) | ||||
Accumulated Depreciation [Member] | Other Property, Plants and Equipment [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | (1,633,798) | (1,355,475) | ||||
Accumulated Depreciation [Member] | Financial Leasing Aircraft [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | [2] | (1,604,035) | (1,328,421) | |||
Accumulated Depreciation [Member] | Other [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Book Value | $ (29,763) | $ (27,054) | ||||
[1] | As of December 31, 2018, includes advances paid to aircraft manufacturers for ThUS$ 612,236 (ThUS$ 543,720 as of December 31, 2017) | |||||
[2] | In the period ended December 31, 2018, the Company sold its participation in twenty special-purpose entities. As a result of this, 50 aircraft were reclassified from the category Plants and equipment to the category Other properties, plants and equipment. | |||||
[3] | Consider mainly rotables and tools. |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | $ 10,065,335 | $ 10,498,149 | $ 10,938,657 | |
Additions | 668,786 | 325,513 | 1,390,730 | |
Disposals | (6,285) | (16,090) | (19,981) | |
Retirements | (63,997) | (27,054) | (44,085) | |
Depreciation expenses | (763,923) | (765,204) | (744,552) | |
Foreing exchange | (116,488) | (11,506) | 172,987 | |
Other increases (decreases) | 164,197 | 61,527 | (1,195,607) | |
Adjustment application IAS 29 | 4,940 | |||
Hyperinflation Argentina | 800 | |||
Changes, total | (111,970) | (432,814) | (440,508) | |
Closing balance | 9,953,365 | 10,065,335 | 10,498,149 | |
Construction in Progress [Member] | ||||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | 556,822 | 470,065 | 1,142,812 | |
Additions | 7,927 | 11,145 | 14,481 | |
Disposals | ||||
Retirements | (80) | (127) | (284) | |
Depreciation expenses | ||||
Foreing exchange | (713) | 107 | 5,081 | |
Other increases (decreases) | 65,991 | 75,632 | (692,025) | |
Adjustment application IAS 29 | 265 | |||
Hyperinflation Argentina | 108 | |||
Changes, total | 73,498 | 86,757 | (672,747) | |
Closing balance | 630,320 | [1] | 556,822 | 470,065 |
Land [Member] | ||||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | 49,780 | 50,148 | 45,313 | |
Additions | ||||
Disposals | (8) | |||
Retirements | ||||
Depreciation expenses | ||||
Foreing exchange | (4,348) | (368) | 4,835 | |
Other increases (decreases) | ||||
Adjustment application IAS 29 | ||||
Hyperinflation Argentina | ||||
Changes, total | (4,356) | (368) | 4,835 | |
Closing balance | 45,424 | 49,780 | 50,148 | |
Buildings [Member] | ||||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | 124,548 | 130,219 | 91,491 | |
Additions | 272 | |||
Disposals | (1,413) | |||
Retirements | (19) | (6) | (68) | |
Depreciation expenses | (6,219) | (7,946) | (6,234) | |
Foreing exchange | (4,244) | (275) | 2,538 | |
Other increases (decreases) | (88) | 2,556 | 42,220 | |
Adjustment application IAS 29 | ||||
Hyperinflation Argentina | ||||
Changes, total | (11,983) | (5,671) | 38,728 | |
Closing balance | 112,565 | 124,548 | 130,219 | |
Information Technology Equipment [Member] | ||||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | 30,156 | 39,714 | 43,889 | |
Additions | 4,995 | 5,708 | 7,392 | |
Disposals | (30) | (6) | (59) | |
Retirements | (94) | (473) | (55) | |
Depreciation expenses | (11,677) | (14,587) | (14,909) | |
Foreing exchange | (1,818) | (183) | 2,924 | |
Other increases (decreases) | 733 | (17) | 532 | |
Adjustment application IAS 29 | 264 | |||
Hyperinflation Argentina | 35 | |||
Changes, total | (7,592) | (9,558) | (4,175) | |
Closing balance | 22,564 | 30,156 | 39,714 | |
Fixed Installations and Accessories [Member] | ||||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | 80,777 | 83,912 | 88,958 | |
Additions | 64 | 329 | 292 | |
Disposals | (73) | (10) | ||
Retirements | (27) | (497) | (1,258) | |
Depreciation expenses | (12,538) | (14,124) | (13,664) | |
Foreing exchange | (8,499) | (820) | 9,384 | |
Other increases (decreases) | 10,194 | 11,987 | 200 | |
Adjustment application IAS 29 | 1,018 | |||
Hyperinflation Argentina | 93 | |||
Changes, total | (9,768) | (3,135) | (5,046) | |
Closing balance | 71,009 | 80,777 | 83,912 | |
Motor Vehicles [Member] | ||||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | 436 | 1,045 | 1,525 | |
Additions | 24 | 77 | 6 | |
Disposals | (14) | (43) | (32) | |
Retirements | ||||
Depreciation expenses | (146) | (187) | (293) | |
Foreing exchange | (28) | (8) | 223 | |
Other increases (decreases) | 273 | (448) | (384) | |
Adjustment application IAS 29 | 65 | |||
Hyperinflation Argentina | 24 | |||
Changes, total | 198 | (609) | (480) | |
Closing balance | 634 | 436 | 1,045 | |
Leasehold Improvements [Member] | ||||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | 84,225 | 104,541 | 54,088 | |
Additions | 20,410 | 8,156 | 54,181 | |
Disposals | ||||
Retirements | (4) | |||
Depreciation expenses | (27,766) | (27,266) | (23,283) | |
Foreing exchange | (2,351) | (243) | 2,849 | |
Other increases (decreases) | 8,753 | (963) | 16,706 | |
Adjustment application IAS 29 | ||||
Hyperinflation Argentina | ||||
Changes, total | (958) | (20,316) | 50,453 | |
Closing balance | 83,267 | 84,225 | 104,541 | |
Other Property, Plants and Equipment [Member] | ||||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | 2,285,363 | 1,828,630 | 2,129,506 | |
Additions | 42,156 | 41,483 | 13,013 | |
Disposals | (27) | (2,972) | ||
Retirements | (62) | (1,610) | (2,604) | |
Depreciation expenses | (298,863) | (204,237) | (124,038) | |
Foreing exchange | (52,410) | (5,113) | 93,383 | |
Other increases (decreases) | 1,351,559 | 626,237 | (277,658) | |
Adjustment application IAS 29 | 275 | |||
Hyperinflation Argentina | 31 | |||
Changes, total | 1,042,686 | 456,733 | (300,876) | |
Closing balance | 3,328,049 | 2,285,363 | 1,828,630 | |
Plant and Equipment Net [Member] | ||||
Reconciliation of changes in property, plant and equipment [Roll Forward] | ||||
Opening balance | 6,853,228 | 7,789,875 | 7,341,075 | |
Additions | 593,210 | 258,615 | 1,301,093 | |
Disposals | (4,747) | (16,004) | (16,918) | |
Retirements | (63,711) | (24,341) | (39,816) | |
Depreciation expenses | (406,714) | (496,857) | (562,131) | |
Foreing exchange | (42,077) | (4,603) | 51,770 | |
Other increases (decreases) | (1,273,218) | (653,457) | (285,198) | |
Adjustment application IAS 29 | 3,053 | |||
Hyperinflation Argentina | 509 | |||
Changes, total | (1,193,695) | (936,647) | 448,800 | |
Closing balance | $ 5,659,533 | $ 6,853,228 | $ 7,789,875 | |
[1] | As of December 31, 2018, includes advances paid to aircraft manufacturers for ThUS$ 612,236 (ThUS$ 543,720 as of December 31, 2017) |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Details 2) - Aircraft | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | ||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 320 | 315 | |||
Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 226 | 222 | |||
Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 94 | 93 | |||
Boeing 767 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 300ER | ||||
Number of aircraft | 35 | 36 | |||
Boeing 767 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 33 | 34 | |||
Boeing 767 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 2 | 2 | |||
Boeing 767 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 300F | ||||
Number of aircraft | 10 | [1] | 10 | [2] | |
Boeing 767 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 9 | [1] | 8 | [2] | |
Boeing 767 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 1 | 2 | |||
Boeing 777 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 300ER | ||||
Number of aircraft | 10 | 10 | |||
Boeing 777 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 4 | 4 | |||
Boeing 777 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 6 | 6 | |||
Boeing 777 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 200ER | ||||
Number of aircraft | 2 | ||||
Boeing 777 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 2 | ||||
Boeing 787 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 800 | ||||
Number of aircraft | 10 | 10 | |||
Boeing 787 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 6 | 6 | |||
Boeing 787 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 4 | 4 | |||
Boeing 787 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 900 | ||||
Number of aircraft | 14 | 14 | |||
Boeing 787 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 4 | 4 | |||
Boeing 787 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 10 | 10 | |||
Airbus A319 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 100 | ||||
Number of aircraft | 46 | 46 | |||
Airbus A319 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 37 | 37 | |||
Airbus A319 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 9 | 9 | |||
Airbus A320 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 200 | ||||
Number of aircraft | [3] | 131 | 131 | ||
Airbus A320 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | [3] | 97 | 93 | ||
Airbus A320 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 34 | 38 | |||
Airbus A320 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | NEO | ||||
Number of aircraft | 4 | 4 | |||
Airbus A320 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 1 | 1 | |||
Airbus A320 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 3 | 3 | |||
Airbus A321 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 200 | ||||
Number of aircraft | 49 | 47 | |||
Airbus A321 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 30 | 30 | |||
Airbus A321 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | 19 | 17 | |||
Airbus A350 [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Model | 900 | ||||
Number of aircraft | [4] | 9 | 7 | ||
Airbus A350 [Member] | Aircraft Included in Property, Plant and Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | [4] | 5 | 5 | ||
Airbus A350 [Member] | Operating Leases [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft | [4] | 4 | 2 | ||
[1] | One aircraft leased to Aerotransportes Mas de Carga S.A. de C.V. as of December 2018 | ||||
[2] | One aircraft leased to FEDEX as of December 2017; three aircraft as of December 2016. | ||||
[3] | Three aircraft leased to Salam Air and two to Sundair | ||||
[4] | Two aircraft leased to Qatar Air. One in operating lease and one in Properties, plant and equipment. |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Details 3) | 12 Months Ended | |
Dec. 31, 2018 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | Except in the case of the Boeing 767 300ER and Boeing 767 300F fleets that consider a lower residual value due to the extension of their useful life to 22 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. The aircraft with remarketing clause (**) under modality of financial leasing, which are depreciated according to the duration of their contracts, between 12 and 18 years. Its residual values are estimated according to market value at the end of such contracts. | |
Buildings [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Method | Straight line without residual value | |
Buildings [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 20 | |
Buildings [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 50 | |
Plant and Equipment Net [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Method | Straight line with residual value of 20% in the short-haul fleet and 36% in the long-haul fleet. | |
Plant and Equipment Net [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 5 | [1] |
Plant and Equipment Net [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 23 | [1] |
Information Technology Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Method | Straight line without residual value | |
Information Technology Equipment [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 5 | |
Information Technology Equipment [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 10 | |
Fixed Installations and Accessories [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Method | Straight line without residual value | |
Fixed Installations and Accessories [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 10 | |
Fixed Installations and Accessories [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 10 | |
Motor Vehicles [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Method | Straight line without residual value | |
Motor Vehicles [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 10 | |
Motor Vehicles [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 10 | |
Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Method | Straight line without residual value | |
Leasehold Improvements [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 5 | |
Leasehold Improvements [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 5 | |
Other Property, Plants and Equipment [Member] | ||
Disclosure of detailed information about 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. | |
Other Property, Plants and Equipment [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 10 | [1] |
Other Property, Plants and Equipment [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life | 23 | [1] |
[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_6
PROPERTY, PLANT AND EQUIPMENT (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Existing Debt | $ 3,298,281 | $ 4,178,568 | |
Book Value | $ 4,365,250 | 5,463,428 | |
Wilmington [Member] | Airbus A319 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 96,057 | ||
Book Value | $ 234,329 | ||
Wilmington [Member] | Airbus A320 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 98,903 | ||
Book Value | $ 220,390 | ||
Wilmington [Member] | Airbus A321 / A350 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 587,382 | 637,934 | |
Book Value | 682,639 | 721,602 | |
Trust Company [Member] | Boeing 767 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Existing Debt | 82,793 | 593,655 | |
Book Value | 206,868 | 888,948 | |
Trust Company [Member] | Boeing 787 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Existing Debt | 672,065 | 720,267 | |
Book Value | $ 736,858 | 842,127 | |
Banco Santander S.A. [Member] | Airbus A320 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 172,474 | 199,165 | |
Book Value | $ 275,511 | 291,649 | |
Banco Santander S.A. [Member] | Airbus A321 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 25,661 | 29,296 | |
Book Value | $ 41,957 | 40,584 | |
JP Morgan [Member] | Boeing 777 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | 169,674 | ||
Book Value | 216,000 | ||
Bank of Utah [Member] | Airbus A320/A350 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 556,019 | 614,632 | |
Book Value | $ 630,065 | 666,665 | |
Citibank N.A. [Member] | Airbus A320 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 78,049 | 94,882 | |
Book Value | $ 132,296 | 141,817 | |
Citibank N.A. [Member] | Airbus A321 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 28,938 | 36,026 | |
Book Value | $ 70,333 | 72,741 | |
Airbus Financial Services [Member] | Airbus A319 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | 22,927 | ||
Book Value | 26,973 | ||
PK AirFinance US, Inc. [Member] | Airbus A320 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 37,615 | 46,500 | |
Book Value | $ 52,435 | 56,539 | |
Banco BBVA [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | [1] | Land and buildings | |
Existing Debt | $ 50,785 | 55,801 | |
Book Value | $ 64,500 | 66,876 | |
BNP PARIBAS [Member] | Airbus A319 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 26,702 | 84,767 | |
Book Value | $ 45,520 | 136,407 | |
BNP PARIBAS [Member] | Airbus A320 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | 110,267 | ||
Book Value | 175,650 | ||
Credit Agricole [Member] | Airbus A319 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 11,154 | 20,874 | |
Book Value | $ 31,865 | 38,826 | |
Credit Agricole [Member] | Airbus A320 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 134,328 | 46,895 | |
Book Value | $ 132,301 | 98,098 | |
Credit Agricole [Member] | Boeing 767 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 21,830 | ||
Book Value | $ 43,568 | ||
Credit Agricole [Member] | Boeing 787 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 74,023 | ||
Book Value | $ 42,228 | ||
Credit Agricole [Member] | Airbus A321 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | 30,322 | ||
Book Value | 85,463 | ||
Credit Agricole [Member] | Airbus A350 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Existing Debt | 22,439 | ||
Book Value | $ 22,439 | ||
WELLS FARGO [Member] | Airbus A320 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 196,540 | 224,786 | |
Book Value | $ 285,877 | 306,660 | |
NATIXIS [Member] | Airbus A320 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | 34,592 | ||
Book Value | 72,388 | ||
NATIXIS [Member] | Airbus A321 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | $ 324,524 | 378,418 | |
Book Value | $ 410,771 | 481,397 | |
KfWIP EX-Bank [Member] | Airbus A319 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | 5,592 | ||
Book Value | 5,505 | ||
KfWIP EX-Bank [Member] | Airbus A320 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Assets committed | Aircraft and engines | ||
Existing Debt | 21,296 | ||
Book Value | $ 30,513 | ||
[1] | Corresponds to a debt classified in item loans to exporters (see Note 19). |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |||
Gross book value of fully depreciated property, plant and equipment still in use | $ 192,606 | $ 136,811 | |
Commitments for the acquisition of aircraft | [1] | $ 14,400,000 | $ 15,400,000 |
[1] | Acording to the manufacturer's price list. |
PROPERTY, PLANT AND EQUIPMENT_8
PROPERTY, PLANT AND EQUIPMENT (Details 6) | 12 Months Ended |
Dec. 31, 2018Aircraft | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 77 |
Manufacturer [Member] | Not Later Than One Year [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 15 |
Manufacturer [Member] | 2020 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 11 |
Manufacturer [Member] | 2021 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 15 |
Manufacturer [Member] | 2022 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 11 |
Manufacturer [Member] | 2023-2026 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 25 |
Manufacturer [Member] | Airbus SAS [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 67 |
Manufacturer [Member] | Airbus SAS [Member] | Not Later Than One Year [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 13 |
Manufacturer [Member] | Airbus SAS [Member] | 2020 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 9 |
Manufacturer [Member] | Airbus SAS [Member] | 2021 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 13 |
Manufacturer [Member] | Airbus SAS [Member] | 2022 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 11 |
Manufacturer [Member] | Airbus SAS [Member] | 2023-2026 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 21 |
Manufacturer [Member] | Airbus A320-NEO | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 32 |
Manufacturer [Member] | Airbus A320-NEO | Not Later Than One Year [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 9 |
Manufacturer [Member] | Airbus A320-NEO | 2020 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 5 |
Manufacturer [Member] | Airbus A320-NEO | 2021 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 6 |
Manufacturer [Member] | Airbus A320-NEO | 2022 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 5 |
Manufacturer [Member] | Airbus A320-NEO | 2023-2026 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 7 |
Manufacturer [Member] | Airbus A321-NEO [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 19 |
Manufacturer [Member] | Airbus A321-NEO [Member] | 2020 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 4 |
Manufacturer [Member] | Airbus A321-NEO [Member] | 2021 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 5 |
Manufacturer [Member] | Airbus A321-NEO [Member] | 2022 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 4 |
Manufacturer [Member] | Airbus A321-NEO [Member] | 2023-2026 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 6 |
Manufacturer [Member] | Airbus A350-1000 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 8 |
Manufacturer [Member] | Airbus A350-1000 [Member] | 2023-2026 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 8 |
Manufacturer [Member] | Airbus A350-900 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 8 |
Manufacturer [Member] | Airbus A350-900 [Member] | Not Later Than One Year [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 4 |
Manufacturer [Member] | Airbus A350-900 [Member] | 2021 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | Airbus A350-900 [Member] | 2022 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | The Boeing Company [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 10 |
Manufacturer [Member] | The Boeing Company [Member] | Not Later Than One Year [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | The Boeing Company [Member] | 2020 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | The Boeing Company [Member] | 2021 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | The Boeing Company [Member] | 2023-2026 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 4 |
Manufacturer [Member] | Boeing 777 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | Boeing 777 [Member] | 2023-2026 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | Boeing 787-9 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 8 |
Manufacturer [Member] | Boeing 787-9 [Member] | Not Later Than One Year [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | Boeing 787-9 [Member] | 2020 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | Boeing 787-9 [Member] | 2021 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
Manufacturer [Member] | Boeing 787-9 [Member] | 2023-2026 [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Number of aircraft purchase | 2 |
PROPERTY, PLANT AND EQUIPMENT_9
PROPERTY, PLANT AND EQUIPMENT (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, plant and equipment [abstract] | |||
Average rate of capitalization of capitalized interest costs | 4.62% | 4.12% | 3.54% |
Costs of capitalized interest | $ 15,398 | $ 8,210 | $ (696) |
PROPERTY, PLANT AND EQUIPMEN_10
PROPERTY, PLANT AND EQUIPMENT (Details 8) - Aircraft | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under financial leases | 92 | 60 |
Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | NEO | |
Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200ER | |
Boeing 787 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 800 | |
Becacina Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 1 | 1 |
Caiquen Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300F | |
Number of aircraft under financial leases | 1 | |
Cisne Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 2 | 2 |
Conure Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 2 | 2 |
Flamenco Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 1 | 1 |
FLYAFI 1 S.R.L. [Member] | Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 1 | 1 |
FLYAFI 2 S.R.L. [Member] | Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 1 | 1 |
FLYAFI 3 S.R.L. [Member] | Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 1 | 1 |
Garza Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 1 | 1 |
Jilguero Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 3 | 3 |
Loica Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 2 | 2 |
Loica Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 2 | 2 |
Mirlo Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 1 | 1 |
NBB Rio de Janeiro Lease CO and Brasilia Lease LLC (BBAM) [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 1 | 1 |
NBB Sao Paulo Lease CO. Limited (BBAM) [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 1 | 1 |
Osprey Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 8 | |
Patagon Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 3 | 3 |
Petrel Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 1 | |
Pochard Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 2 | 2 |
Quetro Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 3 | |
SG Infraestructure Italia S.R.L. [Member] | Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 1 | 1 |
SL Alcyone LT D (Showa) [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 1 | 1 |
Torcaza Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 8 | 8 |
Tricahue Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 3 | 3 |
Wacapou Leasing S.A [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 1 | 1 |
777 Components Leasing. LLC [Member] | Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | Rotables | |
Number of aircraft under financial leases | 1 | |
Amendoeira Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 1 | |
Angelim Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 2 | |
Angelim Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 1 | |
Airbus A321-NEO [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 2 | |
Araucaria Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 1 | |
Azalea Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 1 | |
Bandurria Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 4 | 4 |
Bandurria Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 3 | 3 |
Chucao Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 2 | |
Figueira Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 1 | |
Fragata Leasing LLC [Member] | Boeing 787 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 800 | |
Number of aircraft under financial leases | 1 | |
Golondrina Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 4 | |
Imbuia Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 1 | |
Jacaranda Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 1 | |
Jatoba Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 1 | |
Massaranduba Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 2 | |
Massaranduba Leasing Limited [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 3 | |
Mogno Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 1 | |
Pau Brasil Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 1 | |
Rolls Royce Leasing Limited [Member] | Motor [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | TRENTXWB | |
Number of aircraft under financial leases | 1 | |
Sibipiruna Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 2 | |
Tagua Leasing LLC [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 300ER | |
Number of aircraft under financial leases | 9 | |
TiuqueLeasingLimited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 200 | |
Number of aircraft under financial leases | 5 | |
TiuqueLeasingLimited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 1 | |
Wells Fargo Trust Company, N.A. [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 1 | |
Ype Leasing Limited [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Model | 100 | |
Number of aircraft under financial leases | 1 |
PROPERTY, PLANT AND EQUIPMEN_11
PROPERTY, PLANT AND EQUIPMENT (Details 9) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Gross Value | $ 1,747,017 | $ 1,176,347 | $ 1,033,703 |
Interest | (100,311) | (63,313) | (75,631) |
Present Value | 1,646,706 | 1,113,034 | 958,072 |
Not Later Than One Year [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Gross Value | 442,030 | 303,863 | 285,168 |
Interest | (43,871) | (32,447) | (32,365) |
Present Value | 398,159 | 271,416 | 252,803 |
Between One And Five Years [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Gross Value | 1,188,032 | 835,696 | 704,822 |
Interest | (50,610) | (30,050) | (43,146) |
Present Value | 1,137,422 | 805,646 | 661,676 |
Over five years [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Gross Value | 116,955 | 36,788 | 43,713 |
Interest | (5,830) | (816) | (120) |
Present Value | $ 111,125 | $ 35,972 | $ 43,593 |
PROPERTY, PLANT AND EQUIPMEN_12
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)Aircraft | Dec. 31, 2017USD ($)Aircraft | Dec. 31, 2016USD ($)Aircraft | Dec. 31, 2015USD ($) | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Useful life | Except in the case of the Boeing 767 300ER and Boeing 767 300F fleets that consider a lower residual value due to the extension of their useful life to 22 and 30 years respectively. Additionally, certain technical components are depreciated based on cycles and hours flown. The aircraft with remarketing clause (**) under modality of financial leasing, which are depreciated according to the duration of their contracts, between 12 and 18 years. Its residual values are estimated according to market value at the end of such contracts. | ||||
Depreciation expenses | $ 763,923 | $ 765,204 | $ 744,552 | ||
Indirect existing debt | 1,633,504 | 1,087,052 | |||
Indirect book value | $ 3,258,950 | 2,222,620 | |||
Frequency of payment | Semi-annual, quarterly and monthly payments of obligations. | ||||
Net book value | $ 9,953,365 | 10,065,335 | 10,498,149 | $ 10,938,657 | |
Bottom of range [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Financial leasing contracts term | 12 years | ||||
Top of range [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Financial leasing contracts term | 18 years | ||||
Construction in Progress [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Depreciation expenses | |||||
Net book value | 630,320 | [1] | 556,822 | $ 470,065 | $ 1,142,812 |
Pre-delivery payments to aircraft manufacturers | $ 612,236 | $ 543,720 | |||
Boeing 767 [Member] | FEDEX [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft leased | Aircraft | 1 | 3 | |||
Boeing 767 [Member] | Aerotransportes Mas De Carga S.A. De C.V [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft leased | Aircraft | 1 | ||||
Airbus SAS [Member] | Aircraft Purchase Agreement [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Description of aircraft purchase | The different aircraft purchase contracts and agreements signed with Airbus SAS, there are remaining to receive 51 Airbus aircraft of the A320 family, with deliveries between 2018 and 2024, and 17 Airbus aircraft of the A350 family with dates delivery between 2018 and 2026. | ||||
Manufacturers price property, plant and equipment | $ 11,500,000 | ||||
The Boeing Company [Member] | Aircraft Purchase Contracts [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Description of aircraft purchase | The different aircraft purchase contracts signed with The Boeing Company, there are remaining 8 Boeing 787 Dreamliner aircraft, with delivery dates between 2019 and 2023, and 2 Boeing 777-300 Freighter aircraft, with delivery scheduled for the year 2024. | ||||
Manufacturers price property, plant and equipment | $ 2,900,000 | ||||
Airbus A320 [Member] | Salam Air [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft leased | Aircraft | 3 | ||||
Airbus A320 [Member] | Sundair [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft leased | Aircraft | 2 | ||||
Airbus A350 [Member] | Qatar Air [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Number of aircraft sold | Aircraft | 2 | ||||
Number of aircraft leased | Aircraft | 1 | ||||
[1] | As of December 31, 2018, includes advances paid to aircraft manufacturers for ThUS$ 612,236 (ThUS$ 543,720 as of December 31, 2017) |
CURRENT AND DEFERRED TAXES (Det
CURRENT AND DEFERRED TAXES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Major components of tax expense (income) [abstract] | ||
Provisional monthly payments (advances), current assets | $ 48,480 | $ 65,257 |
Provisional monthly payments (advances), non-current assets | ||
Provisional monthly payments (advances) | 48,480 | 65,257 |
Other recoverable credits, current assets | 20,654 | 12,730 |
Other recoverable credits, non-current assets | 757 | 17,532 |
Other recoverable credits | 21,411 | 30,262 |
Total assets by current tax, current assets | 69,134 | 77,987 |
Total assets by current tax, non-current assets | 757 | 17,532 |
Total assets by current tax | $ 69,891 | $ 95,519 |
CURRENT AND DEFERRED TAXES (D_2
CURRENT AND DEFERRED TAXES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Major components of tax expense (income) [abstract] | ||
Income tax provision, current liabilities | $ 3,738 | $ 3,511 |
Income tax provision, non-current liabilities | ||
Income tax provision | 3,738 | 3,511 |
Total liabilities by current tax, current liabilities | 3,738 | 3,511 |
Total liabilities by current tax, non-current liabilities | ||
Total liabilities by current tax | $ 3,738 | $ 3,511 |
CURRENT AND DEFERRED TAXES (D_3
CURRENT AND DEFERRED TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Jan. 02, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Assets | $ 273,327 | $ 273,327 | $ 370,115 | $ 364,021 |
Liabilities | 872,121 | $ 953,148 | 949,697 | |
Depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Assets | 225,967 | 210,855 | ||
Liabilities | 1,225,199 | 1,401,277 | ||
Leased Assets [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Assets | (75,136) | (103,201) | ||
Liabilities | 508,128 | 275,142 | ||
Amortization [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Assets | (983) | (484) | ||
Liabilities | 55,880 | 54,335 | ||
Provisions [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Assets | (38,303) | (9,771) | ||
Liabilities | (75,631) | 690 | ||
Revaluation of Financial Assets [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Assets | 445 | (734) | ||
Liabilities | 458 | (4,484) | ||
Tax Losses [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Assets | 170,980 | 290,973 | ||
Liabilities | (1,198,170) | (1,188,586) | ||
Intangibles [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Assets | ||||
Liabilities | 351,238 | 406,536 | ||
Others [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Assets | (9,643) | (23,617) | ||
Liabilities | $ 5,019 | $ 4,787 |
CURRENT AND DEFERRED TAXES (D_4
CURRENT AND DEFERRED TAXES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening balance Assets/(liabilities) | $ (585,676) | $ (531,179) | $ (434,970) |
Recognized in consolidated income | 5,707 | (45,991) | (73,814) |
Recognized in comprehensive income | 1,298 | (2,555) | (33,774) |
Exchange rate variation | (20,123) | (5,951) | 11,733 |
Others | (354) | ||
Ending balance Asset (liability) | (598,794) | (585,676) | (531,179) |
Depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening balance Assets/(liabilities) | (1,190,421) | (1,376,025) | (1,130,991) |
Recognized in consolidated income | 188,052 | 185,282 | (241,435) |
Recognized in comprehensive income | |||
Exchange rate variation | 3,137 | 322 | (3,599) |
Others | |||
Ending balance Asset (liability) | (999,232) | (1,190,421) | (1,376,025) |
Leased Assets [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening balance Assets/(liabilities) | (378,343) | (239,758) | (251,302) |
Recognized in consolidated income | (207,787) | (138,879) | 14,833 |
Recognized in comprehensive income | |||
Exchange rate variation | 2,866 | 294 | (3,289) |
Others | |||
Ending balance Asset (liability) | (583,264) | (378,343) | (239,758) |
Amortization [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening balance Assets/(liabilities) | (54,820) | (77,480) | (71,164) |
Recognized in consolidated income | (3,735) | 22,486 | (4,375) |
Recognized in comprehensive income | |||
Exchange rate variation | 1,692 | 174 | (1,941) |
Others | |||
Ending balance Asset (liability) | (56,863) | (54,820) | (77,480) |
Provisions [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening balance Assets/(liabilities) | (10,461) | 281,369 | 378,537 |
Recognized in consolidated income | 92,804 | (286,267) | (149,969) |
Recognized in comprehensive income | 1,567 | (785) | 921 |
Exchange rate variation | (46,582) | (4,778) | 53,448 |
Others | (1,568) | ||
Ending balance Asset (liability) | 37,328 | (10,461) | 281,369 |
Revaluation of Financial Assets [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening balance Assets/(liabilities) | 3,750 | 3,223 | 8,284 |
Recognized in consolidated income | (2,326) | 2,417 | 28,294 |
Recognized in comprehensive income | (269) | (1,770) | (34,695) |
Exchange rate variation | (1,168) | (120) | 1,340 |
Others | |||
Ending balance Asset (liability) | (13) | 3,750 | 3,223 |
Tax Losses [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening balance Assets/(liabilities) | 1,479,560 | 1,328,736 | 1,009,782 |
Recognized in consolidated income | (98,154) | 152,081 | 304,892 |
Recognized in comprehensive income | |||
Exchange rate variation | (12,256) | (1,257) | 14,062 |
Others | |||
Ending balance Asset (liability) | 1,369,150 | 1,479,560 | 1,328,736 |
Intangibles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening balance Assets/(liabilities) | (406,536) | (430,705) | (364,314) |
Recognized in consolidated income | 20,000 | 24,436 | 4,131 |
Recognized in comprehensive income | |||
Exchange rate variation | 35,298 | (267) | (70,522) |
Others | |||
Ending balance Asset (liability) | (351,238) | (406,536) | (430,705) |
Others [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Opening balance Assets/(liabilities) | (28,405) | (20,539) | (13,802) |
Recognized in consolidated income | 16,853 | (7,547) | (30,185) |
Recognized in comprehensive income | |||
Exchange rate variation | (3,110) | (319) | 22,234 |
Others | 1,214 | ||
Ending balance Asset (liability) | $ (14,662) | $ (28,405) | $ (20,539) |
CURRENT AND DEFERRED TAXES (D_5
CURRENT AND DEFERRED TAXES (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | ||
Tax losses | $ 137,761 | $ 81,155 |
Total Deferred tax assets not recognized | $ 137,761 | $ 81,155 |
CURRENT AND DEFERRED TAXES (D_6
CURRENT AND DEFERRED TAXES (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current tax expense | |||
Current tax expense | $ 77,713 | $ 127,024 | $ 87,307 |
Adjustment to previous period's current tax | 362 | 489 | 2,083 |
Total current tax expense, net | 78,075 | 127,513 | 89,390 |
Deferred tax expense | |||
Deferred expense for taxes related to the creation and reversal of temporary differences | 5,707 | 45,991 | 73,814 |
Total deferred tax expense, net | 5,707 | 45,991 | 73,814 |
Income tax expense | $ 83,782 | $ 173,504 | $ 163,204 |
CURRENT AND DEFERRED TAXES (D_7
CURRENT AND DEFERRED TAXES (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total current tax expense, net | $ 78,075 | $ 127,513 | $ 89,390 |
Deferred tax expense, net, total | 5,707 | 45,991 | 73,814 |
Income tax expense | 83,782 | 173,504 | 163,204 |
Foreign [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total current tax expense, net | 65,850 | 100,657 | 80,600 |
Deferred tax expense, net, total | 58,271 | 21,846 | 119,175 |
Chile [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total current tax expense, net | 12,225 | 26,856 | 8,790 |
Deferred tax expense, net, total | $ (52,564) | $ 24,145 | $ (45,361) |
CURRENT AND DEFERRED TAXES (D_8
CURRENT AND DEFERRED TAXES (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Tax expense using the legal rate | $ 80,198 | $ 95,425 | $ 65,449 |
Tax effect by change in tax rate | 5,587 | 897 | |
Tax effect of rates in other jurisdictions | 3,287 | 42,326 | 16,333 |
Tax effect of non-taxable operating revenues | (3,076) | (44,593) | (62,419) |
Tax effect of disallowable expenses | 61,295 | 35,481 | 132,469 |
Tax effect of due to the non-use of tax losses | 46,492 | 211 | |
Other increases (decreases) in legal tax charge | (110,001) | 43,757 | 11,372 |
Total adjustments to tax expense using the legal rate | 3,584 | 78,079 | 97,755 |
Tax expense using the effective rate | $ 83,782 | $ 173,504 | $ 163,204 |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Tax expense using the legal rate, percent | 27.00% | 25.50% | 24.00% |
Tax effect by change in tax rate, percent | 1.88% | 0.24% | |
Tax effect of rates in other jurisdictions, percent | 1.11% | 11.31% | 5.99% |
Tax effect of non-taxable operating revenues, percent | (1.04%) | (11.92%) | (22.89%) |
Tax effect of disallowable expenses, percent | 20.64% | 9.48% | 48.58% |
Tax effect of due to the non-use of tax losses | 15.65% | 0.06% | |
Other increases (decreases) in legal tax charge, percent | (37.03%) | 11.69% | 4.17% |
Total adjustments to tax expense using the legal rate, percent | 1.21% | 20.86% | 35.85% |
Tax expense using the effective rate, percent | 28.21% | 46.36% | 59.85% |
CURRENT AND DEFERRED TAXES (D_9
CURRENT AND DEFERRED TAXES (Details 8) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Aggregate deferred taxation of components of other comprehensive income | $ 1,298 | $ (2,555) | $ (33,774) |
CURRENT AND DEFERRED TAXES (_10
CURRENT AND DEFERRED TAXES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of non-adjusting events after reporting period [line items] | |||
Income tax, applicable tax rate (in percent) | 27.00% | 25.50% | 24.00% |
Decrease in deferred tax liabilities | $ 172,900 | ||
Other increases (decreases) in legal tax charges | 110,000 | ||
Other adjustments for permanent differences | 62,900 | ||
Total Deferred tax assets not recognized | 137,761 | $ 81,155 | |
Tax loss under deferred tax assets not recognized | 447,150 | $ 247,920 | |
Re evaluation of projections written off | $ 46,492 | ||
Changes In Tax Rates Or Tax Laws Enacted Or Announced [Member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Income tax, applicable tax rate (in percent) | 27.00% |
OTHER FINANCIAL LIABILITIES (De
OTHER FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Dec. 31, 2017 |
Current | |||
(a) Interest bearing loans | $ 1,397,156 | $ 1,288,749 | |
(b) Hedge derivatives | $ 25,921 | 12,200 | |
Non-current | |||
(a) Interest bearing loans | 5,864,570 | 6,602,891 | |
(b) Hedge derivatives | $ 340 | 2,617 | |
Total non-current | 5,864,910 | 6,605,508 | |
Other Financial Liabilities [Member] | |||
Current | |||
(a) Interest bearing loans | 1,397,156 | 1,288,749 | |
(b) Hedge derivatives | 25,921 | 12,200 | |
(c) Derivative non classified as hedge acounting | 7,712 | ||
Total current | 1,430,789 | 1,300,949 | |
Non-current | |||
(a) Interest bearing loans | 5,864,570 | 6,602,891 | |
(b) Hedge derivatives | 340 | 2,617 | |
Total non-current | $ 5,864,910 | $ 6,605,508 |
OTHER FINANCIAL LIABILITIES (_2
OTHER FINANCIAL LIABILITIES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Dec. 31, 2017 | Apr. 10, 2017 | |
Disclosure of financial liabilities [line items] | |||||
Total current | $ 1,397,156 | $ 1,288,749 | |||
Total non-current | 5,864,570 | 6,602,891 | |||
Total obligations with financial institutions | 7,261,726 | $ 7,268,210 | 7,891,640 | ||
Loans To Exporters [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Total current | 400,721 | 314,618 | |||
Total obligations with financial institutions | 400,721 | 314,619 | |||
Bank Loans [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Total current | [1] | 37,743 | 59,017 | ||
Total non-current | 184,998 | 260,433 | |||
Total obligations with financial institutions | 222,741 | 321,633 | |||
Guaranteed Obligations [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Total current | 324,976 | 531,173 | |||
Total non-current | [2],[3] | 2,209,045 | 3,505,669 | ||
Total obligations with financial institutions | 2,534,021 | 4,036,843 | $ 140,000 | ||
Other Guaranteed Obligations [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Total current | 97,143 | 2,170 | |||
Total non-current | 576,309 | 240,007 | |||
Total obligations with financial institutions | 673,452 | 242,175 | |||
Total Bank Loans [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Total current | [4] | 860,583 | 906,978 | ||
Total non-current | 2,970,352 | 4,006,109 | |||
Obligation With The Public [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Total current | 14,643 | 14,785 | |||
Total non-current | [5],[6],[7] | 1,538,436 | 1,569,281 | ||
Total obligations with financial institutions | 1,553,079 | 1,584,066 | |||
Financial Leases [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Total current | 425,100 | 276,541 | |||
Total non-current | [2] | 1,199,754 | 832,964 | ||
Total obligations with financial institutions | 1,624,854 | 1,109,504 | |||
Other Loans [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Total current | 96,830 | 90,445 | |||
Total non-current | 156,028 | 194,537 | |||
Total obligations with financial institutions | $ 252,858 | $ 282,800 | |||
[1] | On September 29, 2016 TAM Linhas Aereas S.A. obtained financing for US $ 200 million, guaranteed with 18% of the shares of Multiplus S.A., percentage adjustable depending on the shares price. Additionally, TAM obtained a Cross Currency Swap for the same amount and period, in order to convert the commitment currency from US$ to BRL. On March 30, 2017, TAM Linhas Aereas S.A. restructured the financing mentioned in the previous paragraph, modifying the nominal amount of the transaction to US $ 137 million. On September 27, 2017, TAM Linhas Aereas S.A. made the payment of capital plus interest corresponding to the last installment of the financing described above. Simultaneously, all the garments were lifted on the shares of Multiplus S.A. delivered as collateral. | ||||
[2] | In the period ended December 31, 2018, the Company sold its participation in twenty one special-purpose entities. As a result of this, the classification of the financial liabilities associated with 50 aircraft from bonds guaranteed to finance leases was modified. All interest-bearing liabilities are recorded according to the effective rate method. Under IFRS, in the case of fixed rate loans, the effective rate determined does not vary over the duration of the loan, whereas in variable rate loans, the effective rate changes to the date of each payment of interest. | ||||
[3] | On April 10, 2017, the issuance and private placement of debt securities in the amount of US$ 140,000,000 was made under the current structure of the Enhanced Equipment Trust Certificates ("EETC") issued and placed the year 2015 to finance the acquisition of eleven Airbus A321-200, two Airbus A350-900 and four Boeing 787-9 with arrivals between July 2015 and April 2016. The offer is made up of Class C Certificates, which are subordinate to the Current Class A Certificates and Class B Certificates held by the Company. The term of the Class C Certificates is six years and expires in 2023. | ||||
[4] | On April 25, 2017, the payment of the principal plus interest on the long-term bonds issued by the company TAM Capital Inc. for an amount of US$ 300,000,000 at an interest rate of 7.375% annual. The payment consisted of 100% of the capital, US$ 300,000,000, and interest accrued as of the date of payment for ThUS $ 11,063. | ||||
[5] | On April 11, 2017, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusively owned by LATAM Airlines Group SA, has issued and placed on the international market, pursuant to Rule 144 -A and Regulation S of the securities laws of the United States of America, long-term unsecured bonds in the amount of US$ 700,000,000, maturing in 2024 at an annual interest rate of 6.875%. | ||||
[6] | On August 17, 2017, LATAM made the placement in the local market (Santiago Stock Exchange) of the Series A Bonds (BLATM-A), Series B (BLATM-B), Series C (BLATM-) C) and Series D (BLATM-D), which correspond to the first issue of bonds charged to the line inscribed in the Securities Registry of the Commission for the Financial Market ("CMF"), under number 862 for a total of UF 9,000,000. | ||||
[7] | On September 1, 2017, TAM Capital 3 Inc., a company controlled indirectly by TAM S.A. through its subsidiary TAM Linhas Aereas SA, which consolidates its financial statements with LATAM, made the full advance redemption of the bonds it placed abroad on June 3, 2011, for an amount of US $ 500 million at a 8.375% rate and with an expiration date on June 3, 2021. The total redemption was partially financed with the placement of bonds in the local market described in number (5) above, and the balance, with other funds available from the Company. |
OTHER FINANCIAL LIABILITIES (_3
OTHER FINANCIAL LIABILITIES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total obligations with financial institutions | $ 7,261,726 | $ 7,268,210 | $ 7,891,640 |
Brazil, Brazil Real | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total obligations with financial institutions | 130 | ||
Chile, Pesos | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total obligations with financial institutions | 500,398 | 521,122 | |
United States of America, Dollars | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total obligations with financial institutions | $ 6,767,812 | $ 7,370,388 |
OTHER FINANCIAL LIABILITIES (_4
OTHER FINANCIAL LIABILITIES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 04, 2018 | ||
Disclosure of subsidiaries [line items] | ||||
Total consolidated | $ 7,261,726 | $ 7,891,640 | $ 7,268,210 | |
TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | [1] | Foreign | ||
Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | $ 496,768 | 482,153 | ||
Total consolidated | 510,398 | 494,918 | ||
Nominal Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 13,630 | 12,765 | ||
Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 804,921 | 713,657 | ||
Total consolidated | 843,836 | 749,815 | ||
Nominal Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 38,915 | 36,158 | ||
Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 2,380,633 | 2,562,843 | ||
Total consolidated | 2,605,097 | 2,797,730 | ||
Nominal Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 224,464 | 234,887 | ||
Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 1,367,491 | 1,346,299 | ||
Total consolidated | 1,411,899 | 1,420,597 | ||
Nominal Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 44,408 | 74,298 | ||
Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 1,936,231 | 2,513,069 | ||
Total consolidated | 1,943,107 | 2,513,069 | ||
Nominal Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 6,876 | |||
Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 6,986,044 | 7,618,021 | ||
Total consolidated | 7,314,337 | 7,976,129 | ||
Nominal Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 328,293 | 358,108 | ||
Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 535,318 | 508,477 | ||
Total consolidated | 550,657 | 523,057 | ||
Accounting Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 15,339 | 14,580 | ||
Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 807,586 | 729,534 | ||
Total consolidated | 846,500 | 765,692 | ||
Accounting Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 38,914 | 36,158 | ||
Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 2,318,361 | 2,484,733 | ||
Total consolidated | 2,543,952 | 2,719,620 | ||
Accounting Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 225,591 | 234,887 | ||
Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 1,345,702 | 1,318,241 | ||
Total consolidated | 1,390,110 | 1,392,540 | ||
Accounting Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 44,408 | 74,299 | ||
Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 1,923,632 | 2,490,731 | ||
Total consolidated | 1,930,508 | 2,490,731 | ||
Accounting Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 6,876 | |||
Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | 6,930,599 | 7,531,716 | ||
Total consolidated | 7,261,727 | 7,891,640 | ||
Accounting Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total | $ 331,128 | $ 359,924 | ||
BBVA [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.032.000-8 | 97.032.000-8 | ||
Creditor country | Chile | Chile | ||
Currency | US$ | US$ | ||
Amortization | At Expiration | At Expiration | ||
Effective rate % | 3.36% | 2.30% | ||
Nominal rate % | 3.36% | 2.30% | ||
BBVA [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 38,000 | $ 75,000 | ||
BBVA [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 75,000 | |||
BBVA [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 113,000 | 75,000 | ||
BBVA [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 38,432 | 75,781 | ||
BBVA [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 75,623 | |||
BBVA [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 114,055 | $ 75,781 | ||
BBVA [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.032.000-8 | 97.032.000-8 | ||
Creditor country | Chile | Chile | ||
Currency | UF | UF | ||
Amortization | At Expiration | At Expiration | ||
Effective rate % | 3.31% | 3.57% | ||
Nominal rate % | 3.31% | 2.77% | ||
BBVA [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 50,785 | |||
BBVA [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 50,785 | |||
BBVA [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 50,930 | |||
BBVA [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BBVA [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 50,930 | |||
SANTANDER [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.036.000-K | 97.036.000-K | ||
Creditor country | Chile | Chile | ||
Currency | US$ | US$ | ||
Amortization | At Expiration | At Expiration | ||
Effective rate % | 3.90% | 2.49% | ||
Nominal rate % | 3.90% | 2.49% | ||
SANTANDER [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 23,000 | $ 30,000 | ||
SANTANDER [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 55,801 | |||
SANTANDER [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
SANTANDER [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
SANTANDER [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
SANTANDER [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 23,000 | 30,000 | ||
SANTANDER [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 23,025 | 30,129 | ||
SANTANDER [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 55,934 | |||
SANTANDER [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
SANTANDER [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
SANTANDER [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
SANTANDER [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 23,025 | $ 30,129 | ||
ESTADO [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.030.000-7 | 97.030.000-7 | ||
Creditor country | Chile | Chile | ||
Currency | US$ | US$ | ||
Amortization | At Expiration | At Expiration | ||
Effective rate % | 2.57% | |||
Nominal rate % | 2.57% | |||
ESTADO [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 40,000 | |||
ESTADO [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
ESTADO [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
ESTADO [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
ESTADO [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
ESTADO [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 40,000 | |||
ESTADO [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 40,071 | |||
ESTADO [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
ESTADO [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
ESTADO [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
ESTADO [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
ESTADO [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 40,071 | |||
BANCO DO BRASIL [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.003.000-K | 97,003,000-K | ||
Creditor country | Chile | Chile | ||
Currency | US$ | US$ | ||
Amortization | At Expiration | At Expiration | ||
Effective rate % | 3.64% | 2.40% | ||
Nominal rate % | 3.64% | 2.40% | ||
BANCO DO BRASIL [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 200,000 | $ 100,000 | ||
BANCO DO BRASIL [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BANCO DO BRASIL [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BANCO DO BRASIL [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BANCO DO BRASIL [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BANCO DO BRASIL [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 200,000 | 100,000 | ||
BANCO DO BRASIL [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 200,698 | 100,696 | ||
BANCO DO BRASIL [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BANCO DO BRASIL [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BANCO DO BRASIL [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BANCO DO BRASIL [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
BANCO DO BRASIL [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 200,698 | $ 100,696 | ||
HSBC [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.951.000-4 | 97.951.000-4 | ||
Creditor country | Chile | Chile | ||
Currency | US$ | US$ | ||
Amortization | At Expiration | At Expiration | ||
Effective rate % | 3.14% | 2.03% | ||
Nominal rate % | 3.14% | 2.03% | ||
HSBC [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 12,000 | $ 12,000 | ||
HSBC [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
HSBC [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
HSBC [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
HSBC [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
HSBC [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 12,000 | 12,000 | ||
HSBC [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 12,013 | 12,007 | ||
HSBC [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
HSBC [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
HSBC [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
HSBC [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
HSBC [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 12,013 | 12,007 | ||
CHILE [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
CHILE [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
CHILE [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
CHILE [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
CHILE [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
CHILE [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
CHILE [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
CHILE [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | ||||
CORP BANCA [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.023.000-9 | 97.023.000-9 | ||
Creditor country | Chile | Chile | ||
Currency | UF | UF | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 3.35% | 3.68% | ||
Nominal rate % | 3.35% | 3.68% | ||
CORP BANCA [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | $ 5,461 | $ 21,298 | ||
CORP BANCA [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 16,385 | 21,360 | ||
CORP BANCA [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 16,385 | 42,006 | ||
CORP BANCA [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
CORP BANCA [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
CORP BANCA [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 38,231 | 84,664 | ||
CORP BANCA [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 5,480 | 21,542 | ||
CORP BANCA [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 16,385 | 21,360 | ||
CORP BANCA [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 16,232 | 41,548 | ||
CORP BANCA [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
CORP BANCA [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
CORP BANCA [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | $ 38,097 | $ 84,450 | ||
BLADEX [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Semiannual | Semiannual | ||
Effective rate % | 6.74% | 5.51% | ||
Nominal rate % | 6.74% | 5.51% | ||
BLADEX [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BLADEX [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 15,000 | 15,000 | ||
BLADEX [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 15,000 | |||
BLADEX [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BLADEX [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BLADEX [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 15,000 | 30,000 | ||
BLADEX [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BLADEX [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 14,964 | 15,133 | ||
BLADEX [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 14,750 | |||
BLADEX [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BLADEX [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BLADEX [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | $ 14,964 | $ 29,883 | ||
DVB BANK SE [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | Germany | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 4.42% | |||
Nominal rate % | 4.42% | |||
DVB BANK SE [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | $ 23,417 | |||
DVB BANK SE [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 70,626 | |||
DVB BANK SE [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 191,207 | |||
DVB BANK SE [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 117,084 | |||
DVB BANK SE [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 19,731 | |||
DVB BANK SE [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 422,065 | |||
DVB BANK SE [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 23,871 | |||
DVB BANK SE [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 70,626 | |||
DVB BANK SE [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 188,231 | |||
DVB BANK SE [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 116,185 | |||
DVB BANK SE [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 19,686 | |||
DVB BANK SE [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | $ 418,599 | |||
BTG PACTUAL CHILE [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 76.362.099-9 | |||
Creditor country | Chile | |||
Currency | UF | |||
Amortization | At Expiration | |||
Effective rate % | 3.10% | |||
Nominal rate % | 3.10% | |||
BTG PACTUAL CHILE [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BTG PACTUAL CHILE [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BTG PACTUAL CHILE [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BTG PACTUAL CHILE [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 65,862 | |||
BTG PACTUAL CHILE [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BTG PACTUAL CHILE [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 65,862 | |||
BTG PACTUAL CHILE [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 118 | |||
BTG PACTUAL CHILE [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BTG PACTUAL CHILE [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BTG PACTUAL CHILE [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 64,957 | |||
BTG PACTUAL CHILE [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
BTG PACTUAL CHILE [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | $ 65,075 | |||
SANTANDER [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.036.000-K | 97.036.000-K | ||
Creditor country | Chile | Chile | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 5.60% | 4.41% | ||
Nominal rate % | 5.60% | 4.41% | ||
SANTANDER [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
SANTANDER [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
SANTANDER [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 102,521 | 202,284 | ||
SANTANDER [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
SANTANDER [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
SANTANDER [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 102,521 | 202,284 | ||
SANTANDER [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 223 | 439 | ||
SANTANDER [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
SANTANDER [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 102,521 | 202,284 | ||
SANTANDER [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
SANTANDER [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
SANTANDER [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | $ 102,744 | $ 202,723 | ||
BANK OF NEWYORK [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | At Expiration | At Expiration | ||
Effective rate % | 7.44% | 7.44% | ||
Nominal rate % | 7.03% | 7.03% | ||
BANK OF NEWYORK [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | ||||
BANK OF NEWYORK [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | ||||
BANK OF NEWYORK [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 500,000 | 500,000 | ||
BANK OF NEWYORK [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | ||||
BANK OF NEWYORK [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 700,000 | 700,000 | ||
BANK OF NEWYORK [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 1,200,000 | 1,200,000 | ||
BANK OF NEWYORK [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | ||||
BANK OF NEWYORK [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 13,057 | 13,047 | ||
BANK OF NEWYORK [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 495,617 | 492,745 | ||
BANK OF NEWYORK [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | ||||
BANK OF NEWYORK [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 697,869 | 697,536 | ||
BANK OF NEWYORK [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | $ 1,206,543 | $ 1,203,328 | ||
Credit Agricole [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | France | France | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 3.23% | 2.66% | ||
Nominal rate % | 3.23% | 2.22% | ||
Credit Agricole [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 658 | $ 7,767 | ||
Credit Agricole [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 1,986 | 23,840 | ||
Credit Agricole [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 5,384 | 54,074 | ||
Credit Agricole [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 2,052 | 12,410 | ||
Credit Agricole [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
Credit Agricole [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 10,080 | 98,091 | ||
Credit Agricole [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 715 | 8,101 | ||
Credit Agricole [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 1,986 | 23,840 | ||
Credit Agricole [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 5,384 | 52,924 | ||
Credit Agricole [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 2,052 | 12,026 | ||
Credit Agricole [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
Credit Agricole [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 10,137 | $ 96,891 | ||
BNP PARIBAS [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 4.55% | 3.41% | ||
Nominal rate % | 4.55% | 3.40% | ||
BNP PARIBAS [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 10,553 | $ 10,929 | ||
BNP PARIBAS [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 43,430 | 44,145 | ||
BNP PARIBAS [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 114,247 | 114,800 | ||
BNP PARIBAS [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 117,556 | 119,948 | ||
BNP PARIBAS [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 225,912 | 285,399 | ||
BNP PARIBAS [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 511,698 | 575,221 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 13,334 | 13,328 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 44,191 | 44,781 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 110,977 | 111,319 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 115,747 | 117,987 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 224,093 | 282,714 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 508,342 | $ 570,129 | ||
WILMINGTON TRUST [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 4.47% | 4.48% | ||
Nominal rate % | 4.47% | 4.48% | ||
WILMINGTON TRUST [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 20,689 | $ 20,427 | ||
WILMINGTON TRUST [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 65,846 | 61,669 | ||
WILMINGTON TRUST [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 178,818 | 175,334 | ||
WILMINGTON TRUST [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 237,334 | 183,332 | ||
WILMINGTON TRUST [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 450,071 | 594,091 | ||
WILMINGTON TRUST [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 952,758 | 1,034,853 | ||
WILMINGTON TRUST [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 26,365 | 26,614 | ||
WILMINGTON TRUST [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 65,846 | 61,669 | ||
WILMINGTON TRUST [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 173,617 | 169,506 | ||
WILMINGTON TRUST [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 235,058 | 180,520 | ||
WILMINGTON TRUST [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 447,686 | 590,723 | ||
WILMINGTON TRUST [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 948,572 | $ 1,029,032 | ||
CITIBANK [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 3.82% | 3.31% | ||
Nominal rate % | 2.93% | 2.47% | ||
CITIBANK [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 10,776 | $ 11,994 | ||
CITIBANK [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 32,790 | 36,501 | ||
CITIBANK [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 90,991 | 101,230 | ||
CITIBANK [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 72,189 | 104,308 | ||
CITIBANK [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 62,619 | 97,184 | ||
CITIBANK [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 269,365 | 351,217 | ||
CITIBANK [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 11,923 | 13,231 | ||
CITIBANK [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 32,790 | 36,501 | ||
CITIBANK [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 86,130 | 95,208 | ||
CITIBANK [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 70,048 | 101,558 | ||
CITIBANK [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 61,203 | 94,807 | ||
CITIBANK [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 262,094 | $ 341,305 | ||
AIRBUS FINANCIAL [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | U.S.A. | |||
Currency | US$ | |||
Amortization | Monthly | |||
Effective rate % | 4.19% | |||
Nominal rate % | 4.19% | |||
BTMU [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 4.06% | 2.87% | ||
Nominal rate % | 3.46% | 2.27% | ||
BTMU [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 2,856 | |||
Financial leases | $ 2,933 | |||
BTMU [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 8,689 | |||
Financial leases | 8,916 | |||
BTMU [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 24,007 | |||
Financial leases | 24,635 | |||
BTMU [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 25,278 | |||
Financial leases | 25,937 | |||
BTMU [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 13,904 | |||
Financial leases | 768 | |||
BTMU [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 74,734 | |||
Financial leases | 63,189 | |||
BTMU [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 3,082 | |||
Financial leases | 3,199 | |||
BTMU [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 8,689 | |||
Financial leases | 8,916 | |||
BTMU [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 22,955 | |||
Financial leases | 23,798 | |||
BTMU [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 24,941 | |||
Financial leases | 25,751 | |||
BTMU [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 13,849 | |||
Financial leases | 767 | |||
BTMU [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 73,516 | |||
Financial leases | $ 62,431 | |||
APPLE BANK [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 3.93% | 2.78% | ||
Nominal rate % | 3.31% | 2.18% | ||
APPLE BANK [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 1,401 | |||
Financial leases | $ 1,444 | |||
APPLE BANK [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 4,278 | |||
Financial leases | 4,393 | |||
APPLE BANK [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 11,828 | |||
Financial leases | 12,146 | |||
APPLE BANK [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 12,474 | |||
Financial leases | 12,808 | |||
APPLE BANK [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 7,242 | |||
Financial leases | 753 | |||
APPLE BANK [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 37,223 | |||
Financial leases | 31,544 | |||
APPLE BANK [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 1,583 | |||
Financial leases | 1,658 | |||
APPLE BANK [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 4,278 | |||
Financial leases | 4,393 | |||
APPLE BANK [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 11,303 | |||
Financial leases | 11,726 | |||
APPLE BANK [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 12,303 | |||
Financial leases | 12,713 | |||
APPLE BANK [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 7,212 | |||
Financial leases | 752 | |||
APPLE BANK [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 36,679 | |||
Financial leases | $ 31,242 | |||
US BANK [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 4.00% | 4.00% | ||
Nominal rate % | 2.82% | 2.82% | ||
US BANK [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 15,506 | $ 15,157 | ||
US BANK [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 47,050 | 45,992 | ||
US BANK [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 129,462 | 126,550 | ||
US BANK [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 135,489 | 132,441 | ||
US BANK [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 84,177 | 152,693 | ||
US BANK [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 411,684 | 472,833 | ||
US BANK [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 17,433 | 17,364 | ||
US BANK [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 47,050 | 45,992 | ||
US BANK [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 114,729 | 109,705 | ||
US BANK [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 129,547 | 125,006 | ||
US BANK [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 82,137 | 148,318 | ||
US BANK [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 390,896 | $ 446,385 | ||
NATIXIS [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | France | France | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 4.69% | 3.42% | ||
Nominal rate % | 4.69% | 3.40% | ||
NATIXIS [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 10,247 | $ 14,645 | ||
NATIXIS [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 31,350 | 44,627 | ||
NATIXIS [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 88,688 | 107,068 | ||
NATIXIS [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 77,693 | 91,823 | ||
NATIXIS [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 116,546 | 154,848 | ||
NATIXIS [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 324,524 | 413,011 | ||
NATIXIS [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 11,250 | 15,642 | ||
NATIXIS [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 31,350 | 44,627 | ||
NATIXIS [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 86,883 | 105,056 | ||
NATIXIS [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 76,760 | 90,823 | ||
NATIXIS [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 115,285 | 153,124 | ||
NATIXIS [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 321,528 | $ 409,272 | ||
PK AIRFINANCE [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Monthly | Monthly | ||
Effective rate % | 4.15% | 3.18% | ||
Nominal rate % | 4.14% | 3.18% | ||
PK AIRFINANCE [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 2,319 | $ 2,163 | ||
PK AIRFINANCE [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 7,208 | 6,722 | ||
PK AIRFINANCE [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 24,944 | 19,744 | ||
PK AIRFINANCE [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 3,144 | 17,871 | ||
PK AIRFINANCE [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
PK AIRFINANCE [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 37,615 | 46,500 | ||
PK AIRFINANCE [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 2,387 | 2,225 | ||
PK AIRFINANCE [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 7,208 | 6,722 | ||
PK AIRFINANCE [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 24,944 | 19,744 | ||
PK AIRFINANCE [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 3,144 | 17,871 | ||
PK AIRFINANCE [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
PK AIRFINANCE [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 37,683 | $ 46,562 | ||
KfWIP EX-Bank [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | Germany | Germany | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 4.20% | 3.31% | ||
Nominal rate % | 4.19% | 3.31% | ||
KfWIP EX-Bank [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 2,397 | |||
Financial leases | $ 1,699 | |||
KfWIP EX-Bank [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 6,678 | |||
Financial leases | 5,188 | |||
KfWIP EX-Bank [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 16,173 | |||
Financial leases | 5,328 | |||
KfWIP EX-Bank [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 1,640 | |||
Financial leases | ||||
KfWIP EX-Bank [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
Financial leases | ||||
KfWIP EX-Bank [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 26,888 | |||
Financial leases | 12,215 | |||
KfWIP EX-Bank [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 2,428 | |||
Financial leases | 1,723 | |||
KfWIP EX-Bank [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 6,677 | |||
Financial leases | 5,188 | |||
KfWIP EX-Bank [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 16,174 | |||
Financial leases | 5,328 | |||
KfWIP EX-Bank [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 1,640 | |||
Financial leases | ||||
KfWIP EX-Bank [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
Financial leases | ||||
KfWIP EX-Bank [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 26,919 | |||
Financial leases | $ 12,239 | |||
INVESTEC [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | England | U.S.A | ||
Currency | US$ | US$ | ||
Amortization | Semiannual | Semiannual | ||
Effective rate % | 7.17% | 6.04% | ||
Nominal rate % | 7.17% | 6.04% | ||
INVESTEC [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 1,454 | $ 1,930 | ||
INVESTEC [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 8,472 | 11,092 | ||
INVESTEC [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 21,667 | 26,103 | ||
INVESTEC [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 22,421 | |||
INVESTEC [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
INVESTEC [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 54,014 | 76,225 | ||
INVESTEC [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 1,879 | |||
INVESTEC [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 8,661 | 26,045 | ||
INVESTEC [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 21,154 | |||
INVESTEC [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 22,309 | |||
INVESTEC [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 11,055 | |||
INVESTEC [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 54,003 | $ 63,378 | ||
SWAP Aviones llegados [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | ||||
Creditor country | ||||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
SWAP Aviones llegados [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 194 | $ 301 | ||
SWAP Aviones llegados [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 414 | 749 | ||
SWAP Aviones llegados [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 158 | 765 | ||
SWAP Aviones llegados [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
SWAP Aviones llegados [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
SWAP Aviones llegados [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 766 | 1,815 | ||
SWAP Aviones llegados [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 194 | 301 | ||
SWAP Aviones llegados [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 414 | 749 | ||
SWAP Aviones llegados [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 158 | 765 | ||
SWAP Aviones llegados [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
SWAP Aviones llegados [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
SWAP Aviones llegados [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 766 | $ 1,815 | ||
WELLS FARGO [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | U.S.A. | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 2.46% | |||
Nominal rate % | 1.75% | |||
WELLS FARGO [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 27,223 | |||
WELLS FARGO [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 82,402 | |||
WELLS FARGO [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 225,221 | |||
WELLS FARGO [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 233,425 | |||
WELLS FARGO [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 240,716 | |||
WELLS FARGO [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 808,987 | |||
WELLS FARGO [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 30,143 | |||
WELLS FARGO [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 82,402 | |||
WELLS FARGO [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 203,371 | |||
WELLS FARGO [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 224,295 | |||
WELLS FARGO [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 236,179 | |||
WELLS FARGO [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 776,390 | |||
DEUTSCHE BANK [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | U.S.A. | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 4.39% | |||
Nominal rate % | 4.39% | |||
DEUTSCHE BANK [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 2,965 | |||
DEUTSCHE BANK [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 9,127 | |||
DEUTSCHE BANK [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 25,826 | |||
DEUTSCHE BANK [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 28,202 | |||
DEUTSCHE BANK [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 30,786 | |||
DEUTSCHE BANK [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 96,906 | |||
DEUTSCHE BANK [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 3,534 | |||
DEUTSCHE BANK [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 9,127 | |||
DEUTSCHE BANK [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 25,130 | |||
DEUTSCHE BANK [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 27,739 | |||
DEUTSCHE BANK [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 30,323 | |||
DEUTSCHE BANK [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 95,853 | |||
AIRBUS FINANCIAL [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | U.S.A. | |||
Currency | US$ | |||
Amortization | Monthly | |||
Effective rate % | 3.19% | |||
Nominal rate % | 3.19% | |||
AIRBUS FINANCIAL [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | $ 1,855 | |||
Financial leases | 1,915 | |||
AIRBUS FINANCIAL [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 5,654 | |||
Financial leases | 5,838 | |||
AIRBUS FINANCIAL [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 15,416 | |||
Financial leases | 7,664 | |||
AIRBUS FINANCIAL [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
AIRBUS FINANCIAL [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
AIRBUS FINANCIAL [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 22,925 | |||
Financial leases | 15,417 | |||
AIRBUS FINANCIAL [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 1,900 | |||
Financial leases | 1,954 | |||
AIRBUS FINANCIAL [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 5,654 | |||
Financial leases | 5,838 | |||
AIRBUS FINANCIAL [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 15,416 | |||
Financial leases | 7,664 | |||
AIRBUS FINANCIAL [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
Financial leases | ||||
AIRBUS FINANCIAL [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
Financial leases | ||||
AIRBUS FINANCIAL [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | 22,970 | |||
Financial leases | $ 15,456 | |||
AIRBUS FINANCIAL 1 [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
AIRBUS FINANCIAL 1 [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Guaranteed Obligations | ||||
CREDIT AGRICOLE [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | France | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 4.11% | |||
Nominal rate % | 4.11% | |||
CREDIT AGRICOLE [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
CREDIT AGRICOLE [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
CREDIT AGRICOLE [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 253,692 | |||
CREDIT AGRICOLE [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
CREDIT AGRICOLE [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
CREDIT AGRICOLE [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 253,692 | |||
CREDIT AGRICOLE [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 2,646 | |||
CREDIT AGRICOLE [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
CREDIT AGRICOLE [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 252,207 | |||
CREDIT AGRICOLE [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
CREDIT AGRICOLE [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
CREDIT AGRICOLE [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | $ 254,853 | |||
DVB BANK SE [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | U.S.A. | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 3.38% | |||
Nominal rate % | 3.38% | |||
DVB BANK SE [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
DVB BANK SE [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
DVB BANK SE [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 241,287 | |||
DVB BANK SE [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
DVB BANK SE [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
DVB BANK SE [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 241,287 | |||
DVB BANK SE [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 2,170 | |||
DVB BANK SE [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
DVB BANK SE [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | 240,007 | |||
DVB BANK SE [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
DVB BANK SE [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | ||||
DVB BANK SE [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other guaranteed obligations | $ 242,177 | |||
ING [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 5.70% | 5.67% | ||
Nominal rate % | 5.01% | 4.57% | ||
ING [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 3,687 | $ 5,347 | ||
ING [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 11,338 | 10,779 | ||
ING [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 11,806 | 26,831 | ||
ING [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
ING [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
ING [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 26,831 | 42,957 | ||
ING [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,923 | 5,717 | ||
ING [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 11,338 | 10,779 | ||
ING [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 11,657 | 26,500 | ||
ING [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
ING [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
ING [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 26,918 | $ 42,996 | ||
CREDITAGRICOLE [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | France | France | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 3.66% | 1.28% | ||
Nominal rate % | 5.00% | 1.28% | ||
CREDITAGRICOLE [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 13,171 | |||
CREDITAGRICOLE [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 24,577 | |||
CREDITAGRICOLE [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 18,655 | |||
CREDITAGRICOLE [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
CREDITAGRICOLE [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
CREDITAGRICOLE [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 56,403 | |||
CREDITAGRICOLE [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 13,187 | |||
CREDITAGRICOLE [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 24,331 | |||
CREDITAGRICOLE [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 18,655 | |||
CREDITAGRICOLE [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
CREDITAGRICOLE [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
CREDITAGRICOLE [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 56,173 | |||
CITIBANK [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 4.40% | 3.78% | ||
Nominal rate % | 3.80% | 3.17% | ||
CITIBANK [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 13,209 | $ 11,206 | ||
CITIBANK [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 40,365 | 34,267 | ||
CITIBANK [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 77,587 | 86,085 | ||
CITIBANK [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 40,997 | 49,853 | ||
CITIBANK [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 2,863 | |||
CITIBANK [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 172,158 | 184,274 | ||
CITIBANK [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 13,998 | 12,013 | ||
CITIBANK [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 40,365 | 34,267 | ||
CITIBANK [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 75,830 | 84,104 | ||
CITIBANK [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 40,801 | 49,516 | ||
CITIBANK [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 2,859 | |||
CITIBANK [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 170,994 | $ 182,759 | ||
PEFCO [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 5.65% | 5.46% | ||
Nominal rate % | 5.02% | 4.85% | ||
PEFCO [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 5,486 | $ 12,526 | ||
PEFCO [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 13,094 | 32,850 | ||
PEFCO [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,827 | 22,407 | ||
PEFCO [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
PEFCO [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
PEFCO [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 22,407 | 67,783 | ||
PEFCO [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 5,641 | 12,956 | ||
PEFCO [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 13,094 | 32,850 | ||
PEFCO [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,743 | 22,088 | ||
PEFCO [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
PEFCO [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
PEFCO [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 22,478 | $ 67,894 | ||
BNP PARIBAS [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 3.90% | 3.41% | ||
Nominal rate % | 3.58% | 3.40% | ||
BNP PARIBAS [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 7,926 | $ 13,146 | ||
BNP PARIBAS [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 29,494 | 33,840 | ||
BNP PARIBAS [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 22,147 | 48,823 | ||
BNP PARIBAS [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 2,296 | |||
BNP PARIBAS [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BNP PARIBAS [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 59,567 | 98,105 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 8,320 | 13,548 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 29,493 | 33,840 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 21,891 | 48,253 | ||
BNP PARIBAS [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 2,293 | |||
BNP PARIBAS [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BNP PARIBAS [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 59,704 | $ 97,934 | ||
WELLS FARGO [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | U.S.A. | U.S.A. | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 2.77% | 2.46% | ||
Nominal rate % | 2.09% | 1.75% | ||
WELLS FARGO [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 31,673 | $ 10,630 | ||
WELLS FARGO [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 95,981 | 33,866 | ||
WELLS FARGO [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 263,239 | 91,162 | ||
WELLS FARGO [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 230,417 | 64,471 | ||
WELLS FARGO [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 98,028 | 20,984 | ||
WELLS FARGO [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 719,338 | 221,113 | ||
WELLS FARGO [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 34,816 | 11,460 | ||
WELLS FARGO [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 95,981 | 33,866 | ||
WELLS FARGO [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 245,615 | 88,674 | ||
WELLS FARGO [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 224,395 | 63,860 | ||
WELLS FARGO [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 96,589 | 20,903 | ||
WELLS FARGO [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 697,396 | $ 218,763 | ||
DVB BANK SE [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | U.S.A. | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 2.06% | |||
Nominal rate % | 2.06% | |||
RRP ENGINE [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | England | England | ||
Currency | US$ | US$ | ||
Amortization | Monthly | Monthly | ||
Effective rate % | 4.01% | 4.01% | ||
Nominal rate % | 4.01% | 4.01% | ||
RRP ENGINE [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | $ 265 | |||
Financial leases | $ 552 | |||
RRP ENGINE [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 2,430 | |||
Financial leases | 2,531 | |||
RRP ENGINE [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 6,856 | |||
Financial leases | 7,142 | |||
RRP ENGINE [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 7,441 | |||
Financial leases | 7,752 | |||
RRP ENGINE [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 8,991 | |||
Financial leases | 5,035 | |||
RRP ENGINE [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 25,983 | |||
Financial leases | 23,012 | |||
RRP ENGINE [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 265 | |||
Financial leases | 552 | |||
RRP ENGINE [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 2,430 | |||
Financial leases | 2,531 | |||
RRP ENGINE [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 6,856 | |||
Financial leases | 7,142 | |||
RRP ENGINE [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 7,441 | |||
Financial leases | 7,752 | |||
RRP ENGINE [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 8,991 | |||
Financial leases | 5,035 | |||
RRP ENGINE [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 25,983 | |||
Financial leases | $ 23,012 | |||
SANTANDER [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.036.000-K | |||
Creditor country | Chile | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 3.68% | |||
Nominal rate % | 3.14% | |||
SANTANDER [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 5,576 | 5,459 | ||
SANTANDER [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 16,895 | 16,542 | ||
SANTANDER [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 46,386 | 45,416 | ||
SANTANDER [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 26,165 | 46,472 | ||
SANTANDER [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,134 | |||
SANTANDER [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 95,022 | 117,023 | ||
SANTANDER [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 6,000 | 5,813 | ||
SANTANDER [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 16,895 | 16,542 | ||
SANTANDER [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 45,346 | 44,010 | ||
SANTANDER [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 26,063 | 46,153 | ||
SANTANDER [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,128 | |||
SANTANDER [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 94,304 | $ 115,646 | ||
BOEING [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | U.S.A. | |||
Currency | US$ | |||
Amortization | At Expiration | |||
Effective rate % | 4.01% | |||
Nominal rate % | 4.01% | |||
BOEING [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | ||||
BOEING [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | ||||
BOEING [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | 55,727 | |||
BOEING [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | ||||
BOEING [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | ||||
BOEING [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | 55,727 | |||
BOEING [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | ||||
BOEING [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | 1,229 | |||
BOEING [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | 55,727 | |||
BOEING [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | ||||
BOEING [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | ||||
BOEING [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | $ 56,956 | |||
CITIBANK [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | U.S.A. | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 6.00% | |||
Nominal rate % | 6.00% | |||
CITIBANK [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | $ 23,167 | ||
CITIBANK [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 72,018 | ||
CITIBANK [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 101,026 | ||
CITIBANK [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | |||
CITIBANK [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | |||
CITIBANK [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 196,211 | ||
CITIBANK [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 23,583 | ||
CITIBANK [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 72,018 | ||
CITIBANK [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 100,301 | ||
CITIBANK [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | |||
CITIBANK [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | |||
CITIBANK [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | $ 195,902 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | Holland | Holland | ||
Currency | US$ | US$ | ||
Amortization | Monthly | Monthly | ||
Effective rate % | 6.01% | 6.01% | ||
Nominal rate % | 6.01% | 6.01% | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Nominal Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | $ 138 | $ 130 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 426 | 401 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Nominal Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 1,233 | 1,161 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Nominal Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 54 | 690 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Nominal Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Nominal Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 1,851 | 2,382 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Accounting Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 147 | 142 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 426 | 401 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Accounting Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 1,233 | 1,161 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Accounting Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | 54 | 690 | ||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Accounting Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | ||||
NEDERLANDSCHE CREDIETVER ZEKER ING MAATS CHAPPIJ [Member] | Accounting Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Bank loans | $ 1,860 | $ 2,394 | ||
NATIXIS [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | France | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 4.28% | |||
Nominal rate % | 4.12% | |||
NATIXIS [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | France | France | ||
Currency | US$ | US$ | ||
Amortization | Quarterly/Semiannual | Quarterly/Semiannual | ||
Effective rate % | 6.87% | 5.59% | ||
Nominal rate % | 6.87% | 5.59% | ||
NATIXIS [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 10,056 | |||
NATIXIS [Member] | Nominal Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,043 | $ 2,853 | ||
NATIXIS [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 7,951 | |||
NATIXIS [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 6,490 | 6,099 | ||
NATIXIS [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 5,154 | |||
NATIXIS [Member] | Nominal Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 44,525 | 19,682 | ||
NATIXIS [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
NATIXIS [Member] | Nominal Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 41,731 | 70,402 | ||
NATIXIS [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
NATIXIS [Member] | Nominal Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
NATIXIS [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 23,161 | |||
NATIXIS [Member] | Nominal Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 95,789 | 99,036 | ||
NATIXIS [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 10,135 | |||
NATIXIS [Member] | Accounting Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,656 | 3,592 | ||
NATIXIS [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 7,952 | |||
NATIXIS [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 6,490 | 6,099 | ||
NATIXIS [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 5,154 | |||
NATIXIS [Member] | Accounting Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 44,525 | 19,682 | ||
NATIXIS [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
NATIXIS [Member] | Accounting Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 41,731 | 70,402 | ||
NATIXIS [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
NATIXIS [Member] | Accounting Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
NATIXIS [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 23,241 | |||
NATIXIS [Member] | Accounting Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 96,402 | $ 99,775 | ||
Wacapou Leasing S.A [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | Luxemburg | Luxemburg | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 4.81% | 3.69% | ||
Nominal rate % | 4.81% | 3.69% | ||
Wacapou Leasing S.A [Member] | Nominal Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 728 | $ 696 | ||
Wacapou Leasing S.A [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 2,219 | 2,125 | ||
Wacapou Leasing S.A [Member] | Nominal Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 6,280 | 6,020 | ||
Wacapou Leasing S.A [Member] | Nominal Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,206 | |||
Wacapou Leasing S.A [Member] | Nominal Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
Wacapou Leasing S.A [Member] | Nominal Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 9,227 | 12,047 | ||
Wacapou Leasing S.A [Member] | Accounting Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 756 | 732 | ||
Wacapou Leasing S.A [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 2,219 | 2,125 | ||
Wacapou Leasing S.A [Member] | Accounting Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 6,280 | 6,020 | ||
Wacapou Leasing S.A [Member] | Accounting Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,207 | |||
Wacapou Leasing S.A [Member] | Accounting Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
Wacapou Leasing S.A [Member] | Accounting Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 9,255 | $ 12,084 | ||
SOCIETE GENERALE MILAN BRANCH [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | 0-E | ||
Creditor country | Italy | Italy | ||
Currency | US$ | US$ | ||
Amortization | Quarterly | Quarterly | ||
Effective rate % | 5.88% | 4.87% | ||
Nominal rate % | 5.82% | 4.81% | ||
SOCIETE GENERALE MILAN BRANCH [Member] | Nominal Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 9,422 | $ 8,964 | ||
SOCIETE GENERALE MILAN BRANCH [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 28,872 | 27,525 | ||
SOCIETE GENERALE MILAN BRANCH [Member] | Nominal Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 169,930 | 208,024 | ||
SOCIETE GENERALE MILAN BRANCH [Member] | Nominal Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE MILAN BRANCH [Member] | Nominal Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE MILAN BRANCH [Member] | Nominal Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 208,224 | 244,513 | ||
SOCIETE GENERALE MILAN BRANCH [Member] | Accounting Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 10,212 | 9,992 | ||
SOCIETE GENERALE MILAN BRANCH [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 28,871 | 27,525 | ||
SOCIETE GENERALE MILAN BRANCH [Member] | Accounting Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 169,730 | 208,024 | ||
SOCIETE GENERALE MILAN BRANCH [Member] | Accounting Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE MILAN BRANCH [Member] | Accounting Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE MILAN BRANCH [Member] | Accounting Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 208,813 | $ 245,541 | ||
BANCO IBM S.A [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | Brazil | |||
Currency | BRL | |||
Amortization | Monthly | |||
Effective rate % | 6.89% | |||
Nominal rate % | 6.89% | |||
BANCO IBM S.A [Member] | Nominal Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 21 | |||
BANCO IBM S.A [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BANCO IBM S.A [Member] | Nominal Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BANCO IBM S.A [Member] | Nominal Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BANCO IBM S.A [Member] | Nominal Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BANCO IBM S.A [Member] | Nominal Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 21 | |||
BANCO IBM S.A [Member] | Accounting Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 21 | |||
BANCO IBM S.A [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BANCO IBM S.A [Member] | Accounting Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BANCO IBM S.A [Member] | Accounting Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BANCO IBM S.A [Member] | Accounting Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
BANCO IBM S.A [Member] | Accounting Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 21 | |||
SOCIETE GENERALE [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | France | |||
Currency | BRL | |||
Amortization | Monthly | |||
Effective rate % | 6.89% | |||
Nominal rate % | 6.89% | |||
SOCIETE GENERALE [Member] | Nominal Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 101 | |||
SOCIETE GENERALE [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 8 | |||
SOCIETE GENERALE [Member] | Nominal Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE [Member] | Nominal Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE [Member] | Nominal Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE [Member] | Nominal Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 109 | |||
SOCIETE GENERALE [Member] | Accounting Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 101 | |||
SOCIETE GENERALE [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 8 | |||
SOCIETE GENERALE [Member] | Accounting Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE [Member] | Accounting Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE [Member] | Accounting Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | ||||
SOCIETE GENERALE [Member] | Accounting Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 109 | |||
ESTADO 1 [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.030.000-7 | 97.030.000-7 | ||
Creditor country | Chile | Chile | ||
Currency | UF | UF | ||
Amortization | At Expiration | At Expiration | ||
Effective rate % | 5.50% | 5.50% | ||
Nominal rate % | 5.50% | 5.50% | ||
ESTADO 1 [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | ||||
ESTADO 1 [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | ||||
ESTADO 1 [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | ||||
ESTADO 1 [Member] | Nominal Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 172,591 | 189,637 | ||
ESTADO 1 [Member] | Nominal Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 172,591 | |||
ESTADO 1 [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 345,182 | 189,637 | ||
ESTADO 1 [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 1,586 | |||
ESTADO 1 [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 1,738 | |||
ESTADO 1 [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | ||||
ESTADO 1 [Member] | Accounting Value [Member] | More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 172,420 | 189,500 | ||
ESTADO 1 [Member] | Accounting Value [Member] | Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | 172,530 | 189,500 | ||
ESTADO 1 [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Obligations with the public | $ 346,536 | 380,738 | ||
GA Telessis LLC [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 0-E | |||
Creditor country | U.S.A | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 15.62% | |||
Nominal rate % | 15.62% | |||
GA Telessis LLC [Member] | Nominal Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 299 | |||
GA Telessis LLC [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 908 | |||
GA Telessis LLC [Member] | Nominal Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 2,496 | |||
GA Telessis LLC [Member] | Nominal Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 2,623 | |||
GA Telessis LLC [Member] | Nominal Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 6,876 | |||
GA Telessis LLC [Member] | Nominal Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 13,202 | |||
GA Telessis LLC [Member] | Accounting Value [Member] | Up to 90 days [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 568 | |||
GA Telessis LLC [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 908 | |||
GA Telessis LLC [Member] | Accounting Value [Member] | More than one to three years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 3,823 | |||
GA Telessis LLC [Member] | Accounting Value [Member] | More than three to five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 2,623 | |||
GA Telessis LLC [Member] | Accounting Value [Member] | Over five years [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | 6,876 | |||
GA Telessis LLC [Member] | Accounting Value [Member] | Total [Member] | TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Financial leases | $ 14,798 | |||
BBVA [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 55,801 | |||
BBVA [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 55,801 | |||
BBVA [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | 55,934 | |||
BBVA [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Loans to exporters | $ 55,934 | |||
SANTANDER [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | 97.036.000-K | |||
Creditor country | Chile | |||
Currency | US$ | |||
Amortization | Quarterly | |||
Effective rate % | 2.51% | |||
Nominal rate % | 1.96% | |||
CITIBANK [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Tax No. | [2] | 0-E | ||
Creditor country | [2] | U.S.A. | ||
Currency | [2] | US$ | ||
Amortization | [2] | Quarterly | ||
Effective rate % | [2] | 6.00% | ||
Nominal rate % | [2] | 6.00% | ||
CITIBANK [Member] | Nominal Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | $ 21,822 | ||
CITIBANK [Member] | Nominal Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 67,859 | ||
CITIBANK [Member] | Nominal Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 196,210 | ||
CITIBANK [Member] | Nominal Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 285,891 | ||
CITIBANK [Member] | Accounting Value [Member] | Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 22,586 | ||
CITIBANK [Member] | Accounting Value [Member] | More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 67,859 | ||
CITIBANK [Member] | Accounting Value [Member] | More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | 194,537 | ||
CITIBANK [Member] | Accounting Value [Member] | Total [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other loans | [2] | $ 284,982 | ||
[1] | As of December 31, 2018, the indirect participation percentage over TAM S.A. and Subsidiaries comes from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 49% of political rights its percentage arise as a result of the provisional measure No. 714 of the Brazilian government implemented during 2016 that allows foreign capital to have up to 49% ownership. In this way, since April 2016, LATAM Airlines Group S.A. owns 901 shares with the right to vote of Holdco I S.A., which is equivalent to 49% of the total shares with voting rights of said company and TEP Chile S.A. owns 938 shares with the right to vote of Holdco I S.A., which is equivalent to 51% of the total shares with voting rights. | |||
[2] | Securitized bond with the future flows from the sales with credit card in United States and Canada. |
OTHER FINANCIAL LIABILITIES (_5
OTHER FINANCIAL LIABILITIES (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Dec. 31, 2017 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Current liabilities | $ 25,921 | $ 12,200 | |
Non-current liabilities | 340 | 2,617 | |
Total hedge derivatives | 26,261 | 14,817 | |
Total derived from non-coverage | $ 7,712 | ||
Interest Rate Swap [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Current liabilities | $ 2,321 | 1,189 | |
Non-current liabilities | 340 | ||
Total hedge derivatives | 2,661 | 1,189 | |
Interest Rate Derivative Contracts [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Current liabilities | 335 | 8,919 | |
Non-current liabilities | 2,617 | ||
Total hedge derivatives | 335 | 11,536 | |
Fair Value Fuel Derivatives [Membe] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Current liabilities | 15,678 | ||
Non-current liabilities | |||
Total hedge derivatives | 15,678 | ||
Foreign Forward Instrument [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Current liabilities | 7,587 | 2,092 | |
Non-current liabilities | |||
Total hedge derivatives | 7,587 | $ 2,092 | |
Derivative Foreign Currency Not Registered Coverage [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Current liabilities | 7,712 | ||
Non-current liabilities | |||
Total hedge derivatives | 7,712 | ||
Total derived from non-coverage | $ 7,712 |
OTHER FINANCIAL LIABILITIES (_6
OTHER FINANCIAL LIABILITIES (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Cross currency swaps (CCS) [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Fair values of net assets/ (liabilities) | [1] | $ 15,099 | $ 38,875 |
Interest rate swaps [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Fair values of net assets/ (liabilities) | [2] | (2,194) | (6,542) |
Fuel options [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Fair values of net assets/ (liabilities) | [3] | (15,811) | 10,711 |
Currency options R$/US$ [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Fair values of net assets/ (liabilities) | [4] | 4,370 | |
Currency options CLP/US$ | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Fair values of net assets/ (liabilities) | [4] | $ 636 | |
[1] | Covers the significant variations in cash flows associated with market risk implicit in the changes in the 3-month LIBOR interest rate and the exchange rate US$/UF of bank loans. These contracts are recorded as cash flow hedges and fair value. | ||
[2] | Covers the significant variations in cash flows associated with market risk implicit in the increases in the 3 months LIBOR interest rates for long-term loans incurred in the acquisition of aircraft and bank loans. These contracts are recorded as cash flow hedges. | ||
[3] | Covers significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges. | ||
[4] | Covers the foreign exchange risk exposure of operating cash flows caused mainly by fluctuations in the exchange rate CLP/US$, R$/US$, US$/EUR and US$/GBP. These contracts are recorded as cash flow hedges. |
OTHER FINANCIAL LIABILITIES (_7
OTHER FINANCIAL LIABILITIES (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial liabilities [abstract] | |||
Debit (credit) recognized in comprehensive income during the period | $ (27,797) | $ 18,344 | $ 127,390 |
Debit (credit) transferred from net equity to income during the period | $ 30,018 | $ (15,000) | $ (113,403) |
OTHER FINANCIAL LIABILITIES (_8
OTHER FINANCIAL LIABILITIES (Details Narrative) $ in Thousands, in Thousands | Sep. 27, 2017 | Sep. 01, 2017USD ($) | Aug. 17, 2017CLF ( ) | Apr. 25, 2017USD ($) | Apr. 11, 2017USD ($) | Apr. 10, 2017USD ($) | Sep. 29, 2016USD ($) | Dec. 31, 2018USD ($) | Jan. 04, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 30, 2017USD ($) |
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | $ 7,261,726 | $ 7,268,210 | $ 7,891,640 | ||||||||
Bank Loans [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | 222,741 | 321,633 | |||||||||
Obligation With The Public [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | 1,553,079 | 1,584,066 | |||||||||
Guaranteed Obligations [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | $ 140,000 | $ 2,534,021 | $ 4,036,843 | ||||||||
Description of debt maturity | Expires in 2023 | ||||||||||
Tam Linhas Aereas S.A. [Member] | Bank Loans [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | $ 200,000 | $ 137,000 | |||||||||
Description of collateral | Simultaneously, all the garments were lifted on the shares of Multiplus S.A. delivered as collateral. | Guaranteed with 18% of the shares of Multiplus S.A., percentage adjustable depending on the shares price. | |||||||||
TAM Capital Inc [Member] | Obligation With The Public [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | $ 300,000 | $ 300,000 | |||||||||
Description of collateral | Interest accrued as of the date of payment for ThUS $ 11,063. | ||||||||||
Interest rate | 7.375% | 7.375% | |||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | $ 700,000 | ||||||||||
Interest rate | 6.875% | ||||||||||
Description of debt maturity | Maturing in 2024 | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | Series A Bond [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Description of debt maturity | Expiration date on June 1, 2022 | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | Series B Bond [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Description of debt maturity | Expiration date on January 1, 2028 | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | Series C Bond [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Description of debt maturity | Expiration date on June 1, 2022 | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | Series D Bond [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Description of debt maturity | Expiration date on January 1, 2028 | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | CLF | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | | 9,000 | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | CLF | Series A Bond [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | | 2,500 | ||||||||||
Interest rate | 5.25% | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | CLF | Series B Bond [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | | 2,500 | ||||||||||
Interest rate | 5.75% | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | CLF | Series C Bond [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | | 1,850 | ||||||||||
Interest rate | 5.25% | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | CLF | Series D Bond [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | | 1,850 | ||||||||||
Interest rate | 5.75% | ||||||||||
Latam Finance Limited [Member] | Obligation With The Public [Member] | CLF | Total Series Bond [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | | 8,700 | ||||||||||
TAM Capital 3 Inc [Member] | Obligation With The Public [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Total obligations with financial institutions | $ 500,000 | ||||||||||
Interest rate | 8.375% | ||||||||||
Description of debt maturity | Expiration date on June 3, 2021 |
TRADE AND OTHER ACCOUNTS PAYA_3
TRADE AND OTHER ACCOUNTS PAYABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 02, 2018 | Dec. 31, 2017 |
Current | |||
Trade and other accounts payables | $ 1,279,976 | $ 1,349,201 | |
Accrued liabilities at the reporting date | 394,327 | 346,001 | |
Total trade and other accounts payables | $ 1,674,303 | $ 1,673,010 | $ 1,695,202 |
TRADE AND OTHER ACCOUNTS PAYA_4
TRADE AND OTHER ACCOUNTS PAYABLES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade And Other Accounts Payables | ||
Trade creditors | $ 1,048,033 | $ 1,096,540 |
Leasing obligation | 6,981 | 4,448 |
Other accounts payable | 224,962 | 248,213 |
Trade and other accounts payables | $ 1,279,976 | $ 1,349,201 |
TRADE AND OTHER ACCOUNTS PAYA_5
TRADE AND OTHER ACCOUNTS PAYABLES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade And Other Accounts Payables | ||
Aircraft Fuel | $ 304,426 | $ 219,601 |
Boarding Fee | 210,621 | 249,898 |
Other personnel expenses | 92,047 | 89,621 |
Handling and ground handling | 84,213 | 103,784 |
Professional services and advisory | 83,182 | 81,679 |
Airport charges and overflight | 82,181 | 106,534 |
Suppliers technical purchases | 75,402 | 114,690 |
Marketing | 60,303 | 75,220 |
Air companies | 59,524 | 31,381 |
Leases, maintenance and IT services | 55,427 | 69,873 |
Services on board | 44,434 | 68,605 |
Land services | 26,014 | 31,151 |
Crew | 21,943 | 24,163 |
Achievement of goals | 21,265 | 5,732 |
Aviation insurance | 11,943 | 5,108 |
Maintenance | 8,244 | 26,244 |
Aircraft and engines leasing | 6,981 | 4,285 |
Communications | 92 | 5,273 |
Others | 31,734 | 36,359 |
Trade and other accounts payables | $ 1,279,976 | $ 1,349,201 |
TRADE AND OTHER ACCOUNTS PAYA_6
TRADE AND OTHER ACCOUNTS PAYABLES (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Liabilities accrued: | |||
Accrued personnel expenses | $ 116,242 | $ 125,246 | |
Aircraft and engine maintenance | 170,731 | 92,711 | |
Accounts payable to personnel | [1] | 81,222 | 99,862 |
Others accrued liabilities | 26,132 | 28,182 | |
Total accrued liabilities | $ 394,327 | $ 346,001 | |
[1] | Profits and bonds participation (Note 23 letter b). |
OTHER PROVISIONS (Details)
OTHER PROVISIONS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Disclosure of other provisions [line items] | |||||||||
Current liabilities | [1] | $ 4,794 | $ 2,783 | ||||||
Non-current liabilities | [1] | 303,495 | 374,593 | ||||||
Total Liabilities | 308,289 | [1] | 377,376 | [1] | $ 425,137 | $ 427,419 | |||
Tax contingencies [Member] | |||||||||
Disclosure of other provisions [line items] | |||||||||
Current liabilities | [2] | 2,982 | 1,913 | ||||||
Non-current liabilities | [2] | 197,038 | 258,305 | ||||||
Total Liabilities | [2] | 200,020 | 260,218 | ||||||
Civil contingencies [Member] | |||||||||
Disclosure of other provisions [line items] | |||||||||
Current liabilities | [2] | 1,207 | 497 | ||||||
Non-current liabilities | [2] | 59,834 | 62,858 | ||||||
Total Liabilities | [2] | 61,041 | 63,355 | ||||||
Labor contingencies [Member] | |||||||||
Disclosure of other provisions [line items] | |||||||||
Current liabilities | [2] | 605 | 373 | ||||||
Non-current liabilities | [2] | 23,244 | 28,360 | ||||||
Total Liabilities | [2] | 23,849 | 28,733 | ||||||
Other [Member] | |||||||||
Disclosure of other provisions [line items] | |||||||||
Current liabilities | [2] | ||||||||
Non-current liabilities | [2] | 13,976 | 15,187 | ||||||
Total Liabilities | [2] | 13,976 | 15,187 | ||||||
Provision for European Commission Investigation [Member] | |||||||||
Disclosure of other provisions [line items] | |||||||||
Current liabilities | [3] | ||||||||
Non-current liabilities | [3] | 9,403 | 9,883 | ||||||
Total Liabilities | $ 9,403 | [3] | $ 9,883 | [3] | $ 8,664 | [4] | $ 8,966 | [4] | |
[1] | Total other provision at December 31, 2018, and 2017, 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 and twenty thousand Euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission's Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine of 8.2 million Euros. The procedural stage as of December 31, 2017 is described in Note 31 in section (ii) judgments received by LATAM Airlines Group S.A. and Subsidiaries. |
OTHER PROVISIONS (Details 1)
OTHER PROVISIONS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Reconciliation of changes in other provisions [Roll Forward] | |||||||
Opening balance | $ 377,376 | [1] | $ 425,137 | $ 427,419 | |||
Increase in provisions | 106,870 | 106,943 | 141,797 | ||||
Provision used | (59,032) | (14,860) | (21,997) | ||||
Difference by subsidiaries conversion | (48,330) | (5,830) | 79,396 | ||||
Reversal of provision | (66,965) | (135,109) | (201,425) | ||||
Exchange difference | (1,630) | 1,095 | (53) | ||||
Closing balance | 308,289 | [1] | 377,376 | [1] | 425,137 | ||
Legal claims [Member] | |||||||
Reconciliation of changes in other provisions [Roll Forward] | |||||||
Opening balance | [2] | 367,493 | 416,473 | 418,453 | |||
Increase in provisions | [2] | 106,870 | 106,943 | 141,797 | |||
Provision used | [2] | (59,032) | (14,860) | (21,997) | |||
Difference by subsidiaries conversion | [2] | (48,330) | (5,830) | 79,396 | |||
Reversal of provision | [2] | (66,965) | (135,109) | (201,425) | |||
Exchange difference | [2] | (1,150) | (124) | 249 | |||
Closing balance | [2] | 298,886 | 367,493 | 416,473 | |||
Provision for European Commission Investigation [Member] | |||||||
Reconciliation of changes in other provisions [Roll Forward] | |||||||
Opening balance | 9,883 | [3] | 8,664 | [4] | 8,966 | [4] | |
Increase in provisions | [4] | ||||||
Provision used | [4] | ||||||
Difference by subsidiaries conversion | [4] | ||||||
Reversal of provision | [4] | ||||||
Exchange difference | [4] | (480) | 1,219 | (302) | |||
Closing balance | $ 9,403 | [3] | $ 9,883 | [3] | $ 8,664 | [4] | |
[1] | Total other provision at December 31, 2018, and 2017, 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] | Cumulative balances include judicial deposit delivered as security, with respect to the "Aerovia Fundo (FA), for US 85 milion, made in order to suspend the application of the tax credit. The Company is discussing in the Court the constitutionality of the requirement made by FA in a lawsuit. Initially it was covered by the effects of a precautionary measure, this means that the Company would not be obliged to collect the tax, as long as there is no judicial decision in this regard. However, the decision taken by the judge in the first instance was published unfavorably, revoking the injunction. As the lawsuit is still underway (TAM appealed this first decision), the Company needed to make the judicial deposit, for the suspension of the enforceability of the tax credit; deposit that was classified in this item, discounting the existing provision for this purpose. Finally, if the final decision is favorable to the Company, the deposit made will return to TAM. On the other hand, if the court confirms the first decision, said deposit will become a final payment in favor of the Government of Brazil. The procedural stage as of December 31, 2018 is described in Note 31 in the Role of the case 2001.51.01.012530-0. | ||||||
[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 and twenty thousand Euros), for these infractions, an amount that was provisioned in the financial statements of LATAM. On January 24, 2011, LATAM Airlines Group S.A. and Lan Cargo S.A. They appealed the decision before the Court of Justice of the European Union. On December 16, 2015, the European Court resolved the appeal and annulled the Commission's Decision. The European Commission did not appeal the judgment, but on March 17, 2017, the European Commission again adopted its original decision to impose on the eleven lines original areas, the same fine previously imposed, amounting to a total of 776,465,000 Euros In the case of LAN Cargo and its parent, LATAM Airlines Group S.A. imposed the same fine of 8.2 million Euros. The procedural stage as of December 31, 2017 is described in Note 31 in section (ii) judgments received by LATAM Airlines Group S.A. and Subsidiaries. |
OTHER PROVISIONS (Details Narra
OTHER PROVISIONS (Details Narrative) € in Thousands, $ in Thousands | Dec. 31, 2018USD ($)Cargo | Dec. 31, 2018EUR (€)Cargo |
Disclosure of other provisions [line items] | ||
Financial effect of fine imposed | $ | $ 12,750 | |
Provision for European Commission Investigation [Member] | ||
Disclosure of other provisions [line items] | ||
Tax credit suspend amount | $ | $ 85,000 | |
Provision for European Commission Investigation [Member] | Infringement of European Union Regulations [Member] | ||
Disclosure of other provisions [line items] | ||
Number of cargo airlines investigation held | Cargo | 25 | 25 |
Number of cargo airlines fine imposed | Cargo | 11 | 11 |
Provision for European Commission Investigation [Member] | Infringement of European Union Regulations [Member] | Euro Member Countries, Euro | ||
Disclosure of other provisions [line items] | ||
Financial effect of fine imposed | € | € 799,445 | |
Provision for European Commission Investigation [Member] | Infringement of European Union Regulations [Member] | Euro Member Countries, Euro | Lan Cargo S.A. [Member] | ||
Disclosure of other provisions [line items] | ||
Financial effect of fine imposed | € | € 8,220 |
OTHER NON-FINANCIAL LIABILITI_3
OTHER NON-FINANCIAL LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 02, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [line items] | ||||
Current liabilities | $ 2,454,746 | $ 2,901,603 | $ 2,823,963 | |
Non-current liabilities | 644,702 | 158,305 | ||
Total Liabilities | 3,099,448 | 2,982,268 | ||
Deferred Revenues [Member] | ||||
Disclosure of financial assets [line items] | ||||
Current liabilities | [1] | 2,330,058 | 2,690,961 | |
Non-current liabilities | [1] | 644,702 | 158,305 | |
Total Liabilities | 2,974,760 | 2,849,266 | ||
Sales Tax [Member] | ||||
Disclosure of financial assets [line items] | ||||
Current liabilities | 12,726 | 22,902 | ||
Non-current liabilities | ||||
Total Liabilities | 12,726 | 22,902 | ||
Retentions [Member] | ||||
Disclosure of financial assets [line items] | ||||
Current liabilities | 34,434 | 38,197 | ||
Non-current liabilities | ||||
Total Liabilities | 34,434 | 38,197 | ||
Others Taxes [Member] | ||||
Disclosure of financial assets [line items] | ||||
Current liabilities | 7,700 | 8,695 | ||
Non-current liabilities | ||||
Total Liabilities | 7,700 | 8,695 | ||
Dividends Payable [Member] | ||||
Disclosure of financial assets [line items] | ||||
Current liabilities | 54,580 | 46,591 | ||
Non-current liabilities | ||||
Total Liabilities | 54,580 | 46,591 | ||
Other Sundry Liabilities [Member] | ||||
Disclosure of financial assets [line items] | ||||
Current liabilities | 15,248 | 16,617 | ||
Non-current liabilities | ||||
Total Liabilities | $ 15,248 | $ 16,617 | ||
[1] | Note 2.20. |
OTHER NON-FINANCIAL LIABILITI_4
OTHER NON-FINANCIAL LIABILITIES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of financial assets [line items] | ||||||
Opening balance | $ 3,099,448 | $ 2,982,268 | ||||
Recognition of deferred income | 1,299,304 | 1,550,447 | ||||
Others provisions | 308,289 | [1] | 377,376 | [1] | $ 425,137 | $ 427,419 |
Closing balance | 3,099,448 | 2,982,268 | ||||
Deferred Revenues [Member] | ||||||
Disclosure of financial assets [line items] | ||||||
Opening balance | 2,974,760 | 2,849,266 | ||||
Closing balance | 2,974,760 | $ 2,849,266 | ||||
Deferred Revenues [Member] | Air Transport And Other [Member] | ||||||
Disclosure of financial assets [line items] | ||||||
Opening balance | 2,976,825 | |||||
Recognition of deferred income | 7,690,972 | |||||
Use deferred income | (8,230,750) | |||||
Expiration of tickets | (284,730) | |||||
Deferred revenue loyalty (accreditation and exchange) | 944,246 | |||||
Others provisions | 6,894 | |||||
Adjustment application IAS 29, Argentina hyperinflation | 927 | |||||
Closing balance | $ 2,976,825 | |||||
[1] | Total other provision at December 31, 2018, and 2017, 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. |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [abstract] | ||
Retirements payments | $ 56,126 | $ 55,119 |
Resignation payments | 8,802 | 10,124 |
Other obligations | 17,437 | 35,844 |
Total liability for employee benefits | $ 82,365 | $ 101,087 |
EMPLOYEE BENEFITS (Details 1)
EMPLOYEE BENEFITS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [abstract] | |||
Opening balance | $ 101,087 | $ 82,322 | $ 65,271 |
Increase (decrease) current service provision | (7,384) | 21,635 | 17,487 |
Benefits paid | (6,018) | (5,399) | (4,536) |
Actuarial (gains) losses | 5,820 | (2,763) | 3,105 |
Currency translation | (11,140) | 5,292 | 995 |
Closing balance | $ 82,365 | $ 101,087 | $ 82,322 |
EMPLOYEE BENEFITS (Details 2)
EMPLOYEE BENEFITS (Details 2) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [abstract] | ||
Discount rate (in percent) | 4.27% | 4.55% |
Expected rate of salary increase (in percent) | 4.50% | 4.50% |
Rate of turnover (in percent) | 6.60% | 6.98% |
Mortality rate | RV-2014 | RV-2014 |
Inflation rate (in percent) | 2.70% | 2.72% |
Retirement age of women | P60Y | P60Y |
Retirement age of men | P65Y | P65Y |
EMPLOYEE BENEFITS (Details 3)
EMPLOYEE BENEFITS (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Discount rate | ||
Change in the accrued liability an closing for increase in 100 p.b. | $ (6,538) | $ (5,795) |
Change in the accrued liability an closing for decrease of 100 p.b. | 4,918 | 6,617 |
Rate of wage growth | ||
Change in the accrued liability an closing for increase in 100 p.b. | 4,750 | 6,412 |
Change in the accrued liability an closing for decrease of 100 p.b. | $ (6,547) | $ (5,750) |
EMPLOYEE BENEFITS (Details 4)
EMPLOYEE BENEFITS (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of defined benefit plans [abstract] | |||
Profit-sharing and bonuses | [1] | $ 81,222 | $ 99,862 |
[1] | Accounts payables to employees (Note 20 letter b) |
EMPLOYEE BENEFITS (Details 5)
EMPLOYEE BENEFITS (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [abstract] | |||
Salaries and wages | $ 1,481,357 | $ 1,604,552 | $ 1,549,402 |
Short-term employee benefits | 132,394 | 145,245 | 132,436 |
Termination benefits | 54,007 | 85,070 | 79,062 |
Other personnel expenses | 152,211 | 188,767 | 190,233 |
Total | $ 1,819,969 | $ 2,023,634 | $ 1,951,133 |
ACCOUNTS PAYABLE, NON-CURRENT_2
ACCOUNTS PAYABLE, NON-CURRENT (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other payables [abstract] | ||
Aircraft and engine maintenance | $ 467,923 | $ 483,795 |
Provision for vacations and bonuses | 15,357 | 14,725 |
Other sundry liabilities | 376 | 312 |
Total accounts payable, non-current | $ 483,656 | $ 498,832 |
EQUITY (Details)
EQUITY (Details) - USD ($) $ in Thousands | Jun. 11, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Classes of share capital [Roll Forward] | ||||
Opening balance | 608,374,525 | 608,374,525 | ||
Expired shares intended for compensation plans | $ 1,500,000 | $ (1,500,000) | [1] | |
Closing balance | 606,874,525 | 608,374,525 | ||
[1] | On June 11, 2018, the term of subscription and payment of 1,500,000 shares to create and implement compensation plans for Company employees expired. |
EQUITY (Details 1)
EQUITY (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Equity [Roll Forward] | ||||
Paid shares as of beginning of period | $ 3,146,265 | |||
Paid shares as of end of period | $ 3,146,265 | $ 3,146,265 | ||
Number Of Shares [Member] | ||||
Equity [Roll Forward] | ||||
Paid shares as of beginning of period (in shares) | 606,407,693 | 606,407,693 | ||
Capital reserve (in shares) | ||||
Paid shares as of end of period (in shares) | 606,407,693 | [1] | 606,407,693 | |
Movement Value Of Shares [Member] | ||||
Equity [Roll Forward] | ||||
Paid shares as of beginning of period | [2] | $ 3,160,718 | $ 3,160,718 | |
Capital reserve | [2] | |||
Paid shares as of end of period | [2] | 3,160,718 | 3,160,718 | |
Cost Of Issuance And Placement Of Shares [Member] | ||||
Equity [Roll Forward] | ||||
Paid shares as of beginning of period | [3] | (14,453) | (11,154) | |
Capital reserve | [3] | (3,299) | ||
Paid shares as of end of period | [3] | (14,453) | (14,453) | |
Share Capital [Member] | ||||
Equity [Roll Forward] | ||||
Paid shares as of beginning of period | 3,146,265 | 3,149,564 | ||
Capital reserve | (3,299) | |||
Paid shares as of end of period | $ 3,146,265 | $ 3,146,265 | ||
[1] | At December 31, 2018, the difference between authorized shares and fully paid shares are 466,832 shares, of which correspond to the shares issued and unsubscribed from the capital increase approved at the Extraordinary Shareholders Meeting held on August 18, 2016. | |||
[2] | Amounts reported represent only those arising from the payment of the shares subscribed. | |||
[3] | 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 2)
EQUITY (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Roll Forward] | |||
Beginning balance | $ 4,267,236 | $ 4,185,304 | $ 2,937,548 |
Net movement of the period | (86,390) | (89,840) | 552,213 |
Ending balance | 3,746,776 | 4,267,236 | 4,185,304 |
Reserve of Share-Based Payments [Member] | |||
Equity [Roll Forward] | |||
Beginning balance | 39,481 | 38,538 | 35,647 |
Stock option plan | (1,607) | 943 | 3,698 |
Deferred tax | (807) | ||
Net movement of the period | (1,607) | 943 | 2,891 |
Ending balance | $ 37,874 | $ 39,481 | $ 38,538 |
EQUITY (Details 3)
EQUITY (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Roll Forward] | |||
Beginning balance | $ 4,267,236 | $ 4,185,304 | $ 2,937,548 |
Legal reserves | (86,390) | (89,840) | 552,213 |
Ending balance | 3,746,776 | 4,267,236 | 4,185,304 |
Other Sundry Reserves [Member] | |||
Equity [Roll Forward] | |||
Beginning balance | 2,639,780 | 2,640,281 | 2,634,679 |
Legal reserves | (864) | (501) | 5,602 |
Ending balance | $ 2,638,916 | $ 2,639,780 | $ 2,640,281 |
EQUITY (Details 4)
EQUITY (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of reserves within equity [line items] | |||||
Transactions with non-controlling interest | $ 79,940 | $ 91,147 | |||
Total equity | 3,746,776 | 4,267,236 | $ 4,185,304 | $ 2,937,548 | |
Other Sundry Reserves [Member] | |||||
Disclosure of reserves within equity [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] | (25,913) | (25,911) | (25,911) | |
Cost of issuance and placement of shares | (9) | ||||
Others | (3,483) | (2,621) | (2,111) | ||
Total equity | $ 2,638,916 | $ 2,639,780 | $ 2,640,281 | $ 2,634,679 | |
[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, 2018 corresponds to the loss generated by: Lan Pax Group S.A. e Inversiones Lan S.A. in the acquisition of shares of Aerovias de Integracion 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. |
EQUITY (Details 5)
EQUITY (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other comprehensive income [RollForward] | |||
Beginning balance | $ 4,267,236 | $ 4,185,304 | $ 2,937,548 |
Tax effect on deferred tax by change legal tax rate (Tax reform)(*) | 269 | 1,770 | 34,695 |
Ending balance | 3,746,776 | 4,267,236 | 4,185,304 |
Currency Translation Reserve [Member] | |||
Other comprehensive income [RollForward] | |||
Beginning balance | (2,131,590) | (2,086,555) | (2,576,041) |
Derivatives valuation gains (losses) | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Difference by subsidiaries conversion | (597,615) | (45,035) | 489,486 |
Ending balance | (2,729,205) | (2,131,590) | (2,086,555) |
Cash Flow Hedging Reserve [Member] | |||
Other comprehensive income [RollForward] | |||
Beginning balance | 18,140 | 1,506 | (90,510) |
Derivatives valuation gains (losses) | (26,899) | 18,436 | 126,360 |
Deferred tax | (574) | (1,802) | (34,344) |
Actuarial reserves by employee benefit plans | |||
Deferred tax actuarial IAS by employee benefit plans | |||
Difference by subsidiaries conversion | |||
Ending balance | (9,333) | 18,140 | 1,506 |
Actuarial Gains Or Losses On Defined Benefit Plans Reserve [Member] | |||
Other comprehensive income [RollForward] | |||
Beginning balance | (10,926) | (12,900) | (10,717) |
Derivatives valuation gains (losses) | |||
Deferred tax | |||
Actuarial reserves by employee benefit plans | (5,819) | 2,758 | (3,104) |
Deferred tax actuarial IAS by employee benefit plans | 1,567 | (784) | 921 |
Difference by subsidiaries conversion | |||
Ending balance | (15,178) | (10,926) | (12,900) |
Other Comprehensive Income [Member] | |||
Other comprehensive income [RollForward] | |||
Beginning balance | (2,124,376) | (2,097,949) | (2,677,268) |
Derivatives valuation gains (losses) | (26,899) | 18,436 | 126,360 |
Deferred tax | (574) | (1,802) | (34,344) |
Actuarial reserves by employee benefit plans | (5,819) | 2,758 | (3,104) |
Deferred tax actuarial IAS by employee benefit plans | 1,567 | (784) | 921 |
Difference by subsidiaries conversion | (597,615) | (45,035) | 489,486 |
Ending balance | $ (2,753,716) | $ (2,124,376) | $ (2,097,949) |
EQUITY (Details 6)
EQUITY (Details 6) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Equity [Roll Forward] | ||||
Beginning balance | $ 4,267,236 | $ 4,185,304 | $ 2,937,548 | |
Dividends | (54,580) | (46,591) | (20,766) | |
Ending balance | 3,746,776 | 4,267,236 | 4,185,304 | |
Retained Earnings [Member] | ||||
Equity [Roll Forward] | ||||
Beginning balance | 475,117 | 366,404 | 317,950 | |
Result for the period | 181,935 | 155,304 | 69,220 | |
Dividends | (54,580) | (46,591) | (20,766) | |
Other increase (decreases) | [1],[2] | (4,797) | ||
Ending balance | $ 597,675 | $ 475,117 | $ 366,404 | |
[1] | Adjustments adoption IFRS 9 and IFRS 15 ThUS (9,549) (See Note 2) | |||
[2] | Variation effect in Accumulated results, by application IAS 29, Argentina hyperinflation: |
EQUITY (Details 7)
EQUITY (Details 7) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 04, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, plant and equipment | $ 9,953,365 | $ 10,065,335 | $ 10,498,149 | $ 10,938,657 | |
Intangible assets other than goodwill | 1,441,072 | 1,617,247 | 1,610,313 | 1,321,425 | |
Goodwill | 2,294,072 | $ 2,294,072 | 2,672,550 | $ 2,710,382 | $ 2,280,575 |
Deferred incomes | (1,299,304) | (1,550,447) | |||
Other non-financial assets | 554,718 | $ 441,995 | |||
Argentina Hyperinflation [Member] | |||||
Property, plant and equipment | 4,573 | ||||
Intangible assets other than goodwill | 69 | ||||
Goodwill | 335 | ||||
Deferred incomes | (377) | ||||
Other non-financial assets | 152 | ||||
Total Adjust accumulated results | $ 4,752 |
EQUITY (Details 8)
EQUITY (Details 8) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of classes of share capital [abstract] | |||
Date of dividend | Dec. 31, 2018 | Dec. 31, 2017 | |
Amount of the dividend | $ 54,580 | $ 46,591 | [1] |
Number of shares among which the dividend is distributed | $ 606,407,693 | $ 606,407,693 | |
Dividend per share (in dollars per share) | $ 0.0900 | $ 0.0768 | |
[1] | By virtue of the Essential Fact issued on April 26, 2018, the shareholders of LATAM approved the distribution of the final dividend proposed by the Board of Directors in Ordinary Session of April 26, 2018, which amounts to ThUS $ 46,591, which corresponds to 30% of the profits for the year corresponding to 2017. |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) $ in Thousands | Jun. 11, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 28, 2018 | Dec. 23, 2018 | Jan. 22, 2018 | Dec. 31, 2016 | Aug. 18, 2016 | |||
Number of revised authorized shares capital stock (in shares) | 606,874,525 | 608,374,525 | 608,374,525 | ||||||||
Transactions with non-controlling interest | $ 79,940 | $ 91,147 | |||||||||
Expired shares intended for compensation plans | $ 1,500,000 | (1,500,000) | [1] | ||||||||
Amount of the dividend | $ 54,580 | $ 46,591 | [2] | ||||||||
Number Of Shares [Member] | |||||||||||
Number of shares subscribed and paid capital (in shares) | 606,407,693 | [3] | 606,407,693 | 606,407,693 | |||||||
Increase (decrease) by transfers and other changes (in shares) | 10,282 | ||||||||||
Issuance Cost | $ 3,299 | ||||||||||
Movement Value Of Shares [Member] | |||||||||||
Capital reserve | [4] | ||||||||||
Increase (decrease) by transfers and other changes | $ 156 | ||||||||||
Common/Ordinary Shares [Member] | |||||||||||
Number of shares subscribed and paid capital (in shares) | 606,407,693 | 606,407,693 | |||||||||
Value of shares subscribed and paid capital | $ 3,146,265 | $ 3,146,265 | [5] | ||||||||
Number of shares issued (in shares) | 61,316,424 | ||||||||||
Number of shares placed (in shares) | 60,849,592 | 60,849,592 | |||||||||
Number of revised authorized shares capital stock (in shares) | 606,874,525 | ||||||||||
Number of shares pending of subscription and payment (in shares) | 466,832 | ||||||||||
Number of shares for subscription and payment expired (in shares) | 30,499,685 | 30,499,685 | |||||||||
Number of shares for subscription and payment expired | $ 304,996,850 | ||||||||||
Number of additional shares subscription (in shares) | 30,349,907 | ||||||||||
Number of additional shares subscription | $ 303,499,070 | ||||||||||
Lan Pax Group S.A. and Subsidiaries [Member] | |||||||||||
Number of shares placed (in shares) | 17,717 | ||||||||||
Lan Pax Group S.A. and Subsidiaries [Member] | Holdco I S.A [Member] | |||||||||||
Transactions with non-controlling interest | $ (21,526) | ||||||||||
Lan Pax Group S.A. and Subsidiaries [Member] | Aerovias de Integracion Regional Aires [Member] | |||||||||||
Transactions with non-controlling interest | (3,480) | ||||||||||
Inversiones Lan S.A. and Subsidiaries [Member] | Aerovias de Integracion Regional Aires [Member] | |||||||||||
Transactions with non-controlling interest | (20) | ||||||||||
Aerovias de Integracion Regional Aires [Member] | |||||||||||
Transactions with non-controlling interest | (2) | ||||||||||
Aerovias de Integracion Regional Aires [Member] | Lan S.A. [Member] | |||||||||||
Transactions with non-controlling interest | $ (885) | ||||||||||
[1] | On June 11, 2018, the term of subscription and payment of 1,500,000 shares to create and implement compensation plans for Company employees expired. | ||||||||||
[2] | By virtue of the Essential Fact issued on April 26, 2018, the shareholders of LATAM approved the distribution of the final dividend proposed by the Board of Directors in Ordinary Session of April 26, 2018, which amounts to ThUS $ 46,591, which corresponds to 30% of the profits for the year corresponding to 2017. | ||||||||||
[3] | At December 31, 2018, the difference between authorized shares and fully paid shares are 466,832 shares, of which correspond to the shares issued and unsubscribed from the capital increase approved at the Extraordinary Shareholders Meeting held on August 18, 2016. | ||||||||||
[4] | Amounts reported represent only those arising from the payment of the shares subscribed. | ||||||||||
[5] | Includes deduction of issuance costs for ThUS $ 3,299 and adjustment for placement of 10,282 shares for ThUS $ 156, approved at the Extraordinary Shareholders Meeting of the Company on April 27, 2017. |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of major customers [line items] | |||
Revenue | $ 9,895,456 | $ 9,613,907 | $ 8,988,340 |
Passenger [Member] | |||
Disclosure of major customers [line items] | |||
Revenue | 8,708,988 | 8,494,477 | 7,877,715 |
Freight [Member] | |||
Disclosure of major customers [line items] | |||
Revenue | $ 1,186,468 | $ 1,119,430 | $ 1,110,625 |
COSTS AND EXPENSES BY NATURE (D
COSTS AND EXPENSES BY NATURE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Material income and expense [abstract] | |||
Aircraft fuel | $ 2,983,028 | $ 2,318,816 | $ 2,056,643 |
Other rentals and landing fees | 1,217,647 | 1,172,129 | 1,077,407 |
Aircraft rentals | 538,347 | 579,551 | 568,979 |
Aircraft maintenance | 382,242 | 430,825 | 366,153 |
Comissions | 222,506 | 252,474 | 269,296 |
Passenger services | 280,279 | 288,662 | 286,621 |
Other operating expenses | 1,237,430 | 1,381,546 | 1,424,595 |
Total | $ 6,861,479 | $ 6,424,003 | $ 6,049,694 |
COSTS AND EXPENSES BY NATURE _2
COSTS AND EXPENSES BY NATURE (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Material income and expense [abstract] | ||||
Depreciation | [1] | $ 916,050 | $ 943,215 | $ 910,071 |
Amortization | 65,596 | 58,410 | 50,257 | |
Total | $ 981,646 | $ 1,001,625 | $ 960,328 | |
[1] | Include the depreciation of Property, plant and equipment and the maintenance cost of aircraft held under operating leases. The amount of maintenance cost included within the depreciation line item at December 31, 2018 is ThUS$ 366,393, ThUS$ 359,940 and ThUS$ 345,651 for the same period of 2017 and 2016 respectavely. |
COSTS AND EXPENSES BY NATURE _3
COSTS AND EXPENSES BY NATURE (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Material income and expense [abstract] | |||
Bank loan interest | $ 283,786 | $ 347,551 | $ 352,405 |
Financial leases | 62,202 | 37,522 | 32,573 |
Other financial instruments | 10,281 | 8,213 | 31,358 |
Total | $ 356,269 | $ 393,286 | $ 416,336 |
COSTS AND EXPENSES BY NATURE _4
COSTS AND EXPENSES BY NATURE (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Material income and expense [abstract] | |||
Maintenance cost of aircraft held | $ 366,393 | $ 359,940 | $ 345,651 |
OTHER INCOME, BY FUNCTION (Deta
OTHER INCOME, BY FUNCTION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Material income and expense [abstract] | |||
Coalition and loyalty program Multiplus | $ 126,443 | $ 240,952 | $ 174,197 |
Tours | 108,448 | 109,463 | 133,575 |
Aircraft leasing | 78,056 | 103,741 | 65,011 |
Customs and warehousing | 26,667 | 26,793 | 24,548 |
Maintenance | 16,569 | 8,038 | 11,141 |
Duty free | 3,555 | 6,585 | 17,090 |
Other miscellaneous income | 113,020 | 54,317 | 113,186 |
Total | $ 472,758 | $ 549,889 | $ 538,748 |
FOREIGN CURRENCY AND EXCHANGE_3
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of subsidiaries [line items] | ||
Cash and cash equivalents | $ 606,673 | $ 260,092 |
Other financial assets, current | 57,132 | 36,484 |
Other non-financial assets, current | 106,952 | 107,170 |
Trade and other accounts receivable, current | 518,006 | 373,447 |
Accounts receivable from related entities, current | 593 | 958 |
Tax current assets | 20,774 | 33,575 |
Total current assets | 1,310,130 | 811,726 |
Other financial assets, non-current | 21,850 | 20,975 |
Other non-financial assets, non-current | 31,126 | 9,108 |
Accounts receivable, non-current | 5,378 | 6,887 |
Deferred tax assets | 2,073 | 2,081 |
Total non-current assets | 60,427 | 39,051 |
Argentina, Pesos | ||
Disclosure of subsidiaries [line items] | ||
Cash and cash equivalents | 4,236 | 7,309 |
Other financial assets, current | 11 | 21 |
Other non-financial assets, current | 13,077 | 16,507 |
Trade and other accounts receivable, current | 54,053 | 49,680 |
Tax current assets | 812 | 1,679 |
Total current assets | 72,189 | 75,196 |
Other non-financial assets, non-current | 86 | 172 |
Total non-current assets | 86 | 172 |
Brazil, Brazil Real | ||
Disclosure of subsidiaries [line items] | ||
Cash and cash equivalents | 34,360 | 14,242 |
Other financial assets, current | 25,829 | 17 |
Other non-financial assets, current | 37,794 | 19,686 |
Trade and other accounts receivable, current | 6,037 | 22,006 |
Tax current assets | 1,106 | 3,934 |
Total current assets | 105,126 | 59,885 |
Other financial assets, non-current | 4,941 | 3,831 |
Other non-financial assets, non-current | 7,465 | 6,368 |
Total non-current assets | 12,406 | 10,199 |
Chile, Pesos | ||
Disclosure of subsidiaries [line items] | ||
Cash and cash equivalents | 415,399 | 81,693 |
Other financial assets, current | 25,904 | 26,605 |
Other non-financial assets, current | 30,916 | 34,258 |
Trade and other accounts receivable, current | 112,133 | 82,369 |
Accounts receivable from related entities, current | 200 | 735 |
Tax current assets | 4,860 | 3,317 |
Total current assets | 589,412 | 228,977 |
Other financial assets, non-current | 68 | 74 |
Accounts receivable, non-current | 5,378 | 6,887 |
Total non-current assets | 5,446 | 6,961 |
Colombia, Pesos | ||
Disclosure of subsidiaries [line items] | ||
Cash and cash equivalents | 2,732 | 1,105 |
Other financial assets, current | 139 | 150 |
Other non-financial assets, current | 434 | 340 |
Trade and other accounts receivable, current | 5,065 | 1,169 |
Tax current assets | 5 | 660 |
Total current assets | 8,375 | 3,424 |
Other financial assets, non-current | 145 | 281 |
Deferred tax assets | 78 | 86 |
Total non-current assets | 223 | 367 |
Euro Member Countries, Euro | ||
Disclosure of subsidiaries [line items] | ||
Cash and cash equivalents | 20,339 | 11,746 |
Other non-financial assets, current | 3,935 | 2,722 |
Trade and other accounts receivable, current | 49,044 | 48,286 |
Tax current assets | 179 | |
Total current assets | 73,318 | 62,933 |
Other financial assets, non-current | 7,438 | 7,853 |
Total non-current assets | 7,438 | 7,853 |
United States of America, Dollars | ||
Disclosure of subsidiaries [line items] | ||
Cash and cash equivalents | 51,382 | 108,327 |
Other financial assets, current | 4,923 | 9,343 |
Other non-financial assets, current | 8,949 | 21,907 |
Trade and other accounts receivable, current | 2,938 | 34,268 |
Accounts receivable from related entities, current | 393 | 223 |
Tax current assets | 429 | 327 |
Total current assets | 69,014 | 174,395 |
Other financial assets, non-current | 7,441 | 7,273 |
Other non-financial assets, non-current | 3 | 38 |
Total non-current assets | 7,444 | 7,311 |
Peru, Nuevos Soles | ||
Disclosure of subsidiaries [line items] | ||
Tax current assets | 13,306 | 21,948 |
Other currency | ||
Disclosure of subsidiaries [line items] | ||
Cash and cash equivalents | 78,225 | 35,670 |
Other financial assets, current | 326 | 348 |
Other non-financial assets, current | 11,847 | 11,750 |
Trade and other accounts receivable, current | 288,736 | 135,669 |
Tax current assets | 256 | 1,531 |
Total current assets | 392,696 | 206,916 |
Other financial assets, non-current | 1,817 | 1,663 |
Other non-financial assets, non-current | 23,572 | 2,530 |
Deferred tax assets | 1,995 | 1,995 |
Total non-current assets | $ 27,384 | $ 6,188 |
FOREIGN CURRENCY AND EXCHANGE_4
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 02, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, current | $ 1,430,789 | $ 1,300,949 | ||
Trade and other accounts payables, current | 1,674,303 | $ 1,673,010 | 1,695,202 | |
Other provisions, current | [1] | 4,794 | 2,783 | |
Tax liabilities, current | 3,738 | 3,511 | ||
Other financial liabilities, non-current | 2,454,746 | $ 2,901,603 | 2,823,963 | |
Total current liabilities | 5,568,752 | 5,842,714 | ||
Other financial liabilities, non-current | 5,864,910 | 6,605,508 | ||
Other provisions, non-current | [1] | 303,495 | 374,593 | |
Other non-financial liabilities, non-current | 644,702 | 158,305 | ||
Total non-current liabilities | 8,251,249 | 8,688,022 | ||
Up to 90 days [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, current | 56,842 | 36,000 | ||
Trade and other accounts payables, current | 970,872 | 919,373 | ||
Accounts payable to related entities, current | 365 | 760 | ||
Other provisions, current | 1,434 | 959 | ||
Tax liabilities, current | 13 | |||
Other financial liabilities, non-current | 38,120 | 25,190 | ||
Total current liabilities | 1,067,646 | 982,282 | ||
Up to 90 days [Member] | Chile, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, current | 41,503 | 21,542 | ||
Trade and other accounts payables, current | 198,766 | 233,202 | ||
Accounts payable to related entities, current | 253 | 546 | ||
Other provisions, current | 28 | 30 | ||
Tax liabilities, current | 9 | |||
Other financial liabilities, non-current | 14,130 | 11,283 | ||
Total current liabilities | 254,689 | 266,603 | ||
Up to 90 days [Member] | United States of America, Dollars | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, current | 15,339 | 14,458 | ||
Trade and other accounts payables, current | 325,385 | 409,380 | ||
Accounts payable to related entities, current | 112 | 4 | ||
Other financial liabilities, non-current | 10,468 | 3,160 | ||
Total current liabilities | 351,304 | 427,002 | ||
Up to 90 days [Member] | Argentina, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 229,907 | 122,452 | ||
Tax liabilities, current | 4 | |||
Other financial liabilities, non-current | 1,089 | 393 | ||
Total current liabilities | 231,000 | 122,845 | ||
Up to 90 days [Member] | Brazil, Brazil Real | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 30,974 | 28,810 | ||
Other financial liabilities, non-current | 1,455 | 542 | ||
Total current liabilities | 32,429 | 29,352 | ||
Up to 90 days [Member] | Colombia, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 7,915 | 2,964 | ||
Other financial liabilities, non-current | 1,009 | 837 | ||
Total current liabilities | 8,924 | 3,801 | ||
Up to 90 days [Member] | Euro Member Countries, Euro | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 84,903 | 58,081 | ||
Other financial liabilities, non-current | 4,411 | 5,954 | ||
Total current liabilities | 89,314 | 64,035 | ||
Up to 90 days [Member] | Peru, Nuevos Soles | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 37,285 | 39,064 | ||
Up to 90 days [Member] | Mexico, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 5,975 | 2,732 | ||
Up to 90 days [Member] | South Sudan pound | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 13,395 | 5,839 | ||
Up to 90 days [Member] | Uruguay, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 847 | 1,890 | ||
Up to 90 days [Member] | Other currency | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 35,520 | 14,959 | ||
Accounts payable to related entities, current | 210 | |||
Other provisions, current | 1,406 | 929 | ||
Other financial liabilities, non-current | 5,558 | 3,021 | ||
Total current liabilities | 99,986 | 68,644 | ||
More than 90 days to one year [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, current | 107,815 | 115,182 | ||
Trade and other accounts payables, current | 37,809 | 33,707 | ||
Accounts payable to related entities, current | ||||
Other provisions, current | ||||
Tax liabilities, current | 174 | |||
Other financial liabilities, non-current | ||||
Total current liabilities | 145,624 | 149,063 | ||
More than 90 days to one year [Member] | Chile, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, current | 68,901 | 79,032 | ||
Trade and other accounts payables, current | 26,113 | 11,311 | ||
Accounts payable to related entities, current | ||||
Other provisions, current | ||||
Tax liabilities, current | ||||
Other financial liabilities, non-current | ||||
Total current liabilities | 95,014 | 90,343 | ||
More than 90 days to one year [Member] | United States of America, Dollars | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, current | 38,914 | 36,150 | ||
Trade and other accounts payables, current | 55 | 1,154 | ||
Accounts payable to related entities, current | ||||
Other financial liabilities, non-current | ||||
Total current liabilities | 38,969 | 37,304 | ||
More than 90 days to one year [Member] | Argentina, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 6,142 | 8,636 | ||
Tax liabilities, current | 174 | |||
Other financial liabilities, non-current | ||||
Total current liabilities | 6,142 | 8,810 | ||
More than 90 days to one year [Member] | Brazil, Brazil Real | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 1,152 | 669 | ||
Tax liabilities, current | ||||
Other financial liabilities, non-current | ||||
Total current liabilities | 1,152 | 669 | ||
More than 90 days to one year [Member] | Colombia, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 752 | 855 | ||
Other financial liabilities, non-current | ||||
Total current liabilities | 752 | 855 | ||
More than 90 days to one year [Member] | Euro Member Countries, Euro | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 1,375 | 9,165 | ||
Other financial liabilities, non-current | ||||
Total current liabilities | 1,375 | 9,165 | ||
More than 90 days to one year [Member] | Peru, Nuevos Soles | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 1,124 | 825 | ||
More than 90 days to one year [Member] | Mexico, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 167 | 115 | ||
More than 90 days to one year [Member] | South Sudan pound | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 305 | 199 | ||
More than 90 days to one year [Member] | Uruguay, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | ||||
More than 90 days to one year [Member] | Other currency | ||||
Disclosure of subsidiaries [line items] | ||||
Trade and other accounts payables, current | 624 | 778 | ||
Accounts payable to related entities, current | ||||
Other provisions, current | ||||
Tax liabilities, current | ||||
Other financial liabilities, non-current | ||||
Total current liabilities | 2,220 | 1,917 | ||
More than one to three years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, non-current | 241,823 | 276,436 | ||
Accounts payable, non-current | 308,715 | 362,964 | ||
Other provisions, non-current | 36,120 | 41,514 | ||
Provisions for employees benefits, non-current | 72,674 | 77,579 | ||
Other non-financial liabilities, non-current | 3 | |||
Total non-current liabilities | 659,332 | 758,493 | ||
More than one to three years [Member] | Chile, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, non-current | 16,232 | 41,548 | ||
Accounts payable, non-current | 14,027 | 13,251 | ||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | 72,187 | 73,399 | ||
Total non-current liabilities | 102,446 | 128,198 | ||
More than one to three years [Member] | United States of America, Dollars | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, non-current | 225,591 | 234,888 | ||
Accounts payable, non-current | 293,448 | 348,329 | ||
Other provisions, non-current | 6,065 | 6,066 | ||
Provisions for employees benefits, non-current | 487 | 4,180 | ||
Total non-current liabilities | 525,591 | 593,463 | ||
More than one to three years [Member] | Argentina, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | 542 | 940 | ||
Total non-current liabilities | 542 | 940 | ||
More than one to three years [Member] | Brazil, Brazil Real | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | 19,815 | 24,074 | ||
Provisions for employees benefits, non-current | ||||
Total non-current liabilities | 19,815 | 24,074 | ||
More than one to three years [Member] | Colombia, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | 295 | 551 | ||
Other non-financial liabilities, non-current | 3 | |||
Total non-current liabilities | 295 | 554 | ||
More than one to three years [Member] | Euro Member Countries, Euro | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | 9,403 | 9,883 | ||
Total non-current liabilities | 9,403 | 9,883 | ||
More than one to three years [Member] | Other currency | ||||
Disclosure of subsidiaries [line items] | ||||
Accounts payable, non-current | 1,240 | 1,384 | ||
Total non-current liabilities | 1,240 | 1,384 | ||
More than three to five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, non-current | 281,785 | 263,798 | ||
Accounts payable, non-current | ||||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | ||||
Other non-financial liabilities, non-current | ||||
Total non-current liabilities | 281,785 | 263,798 | ||
More than three to five years [Member] | Chile, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, non-current | 237,377 | 189,500 | ||
Accounts payable, non-current | ||||
Other provisions, non-current | ||||
Total non-current liabilities | 237,377 | 189,500 | ||
More than three to five years [Member] | United States of America, Dollars | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, non-current | 44,408 | 74,298 | ||
Accounts payable, non-current | ||||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | ||||
Total non-current liabilities | 44,408 | 74,298 | ||
More than three to five years [Member] | Argentina, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | ||||
Total non-current liabilities | ||||
More than three to five years [Member] | Brazil, Brazil Real | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | ||||
Total non-current liabilities | ||||
More than three to five years [Member] | Colombia, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | ||||
Other non-financial liabilities, non-current | ||||
Total non-current liabilities | ||||
More than three to five years [Member] | Euro Member Countries, Euro | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | ||||
Total non-current liabilities | ||||
More than three to five years [Member] | Other currency | ||||
Disclosure of subsidiaries [line items] | ||||
Accounts payable, non-current | ||||
Total non-current liabilities | ||||
Over five years [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, non-current | 179,406 | 189,500 | ||
Accounts payable, non-current | ||||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | ||||
Other non-financial liabilities, non-current | ||||
Total non-current liabilities | 179,406 | 189,500 | ||
Over five years [Member] | Chile, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, non-current | 172,530 | 189,500 | ||
Accounts payable, non-current | ||||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | ||||
Total non-current liabilities | 172,530 | 189,500 | ||
Over five years [Member] | United States of America, Dollars | ||||
Disclosure of subsidiaries [line items] | ||||
Other financial liabilities, non-current | 6,876 | |||
Accounts payable, non-current | ||||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | ||||
Total non-current liabilities | 6,876 | |||
Over five years [Member] | Argentina, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | ||||
Total non-current liabilities | ||||
Over five years [Member] | Brazil, Brazil Real | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | ||||
Total non-current liabilities | ||||
Over five years [Member] | Colombia, Pesos | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | ||||
Provisions for employees benefits, non-current | ||||
Other non-financial liabilities, non-current | ||||
Total non-current liabilities | ||||
Over five years [Member] | Euro Member Countries, Euro | ||||
Disclosure of subsidiaries [line items] | ||||
Other provisions, non-current | ||||
Total non-current liabilities | ||||
Over five years [Member] | Other currency | ||||
Disclosure of subsidiaries [line items] | ||||
Accounts payable, non-current | ||||
Total non-current liabilities | ||||
[1] | Total other provision at December 31, 2018, and 2017, 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. |
FOREIGN CURRENCY AND EXCHANGE_5
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of subsidiaries [line items] | ||
Total assets | $ 1,370,557 | $ 850,777 |
Total liabilities | 2,333,793 | 2,343,136 |
Argentina, Pesos | ||
Disclosure of subsidiaries [line items] | ||
Total assets | 72,275 | 75,368 |
Total liabilities | 237,684 | 132,595 |
Net position | (165,409) | (57,227) |
Brazil, Brazil Real | ||
Disclosure of subsidiaries [line items] | ||
Total assets | 117,532 | 70,084 |
Total liabilities | 53,396 | 54,095 |
Net position | 64,136 | 15,989 |
Chile, Pesos | ||
Disclosure of subsidiaries [line items] | ||
Total assets | 594,858 | 235,938 |
Total liabilities | 862,056 | 864,144 |
Net position | (267,198) | (628,206) |
Colombia, Pesos | ||
Disclosure of subsidiaries [line items] | ||
Total assets | 8,598 | 3,791 |
Total liabilities | 9,971 | 5,207 |
Net position | (1,373) | (1,416) |
Euro Member Countries, Euro | ||
Disclosure of subsidiaries [line items] | ||
Total assets | 80,756 | 70,786 |
Total liabilities | 100,092 | 83,083 |
Net position | (19,336) | (12,297) |
United States of America, Dollars | ||
Disclosure of subsidiaries [line items] | ||
Total assets | 76,458 | 181,706 |
Total liabilities | 967,148 | 1,132,067 |
Net position | (890,690) | (950,361) |
Other currency | ||
Disclosure of subsidiaries [line items] | ||
Total assets | 420,080 | 213,104 |
Total liabilities | 103,446 | 71,945 |
Net position | $ 316,634 | $ 141,159 |
FOREIGN CURRENCY AND EXCHANGE_6
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details 3) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Argentina, Pesos | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 37.74 | 18.57 | 15.84 | 12.97 | |
Brazil, Brazil Real | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 3.87 | 3.31 | 3.25 | 3.98 | |
Chile, Pesos | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 694.77 | 614.75 | 669.47 | 710.16 | |
Colombia, Pesos | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 3,239.45 | 2,984.77 | 3,000.25 | 3,183 | |
Euro Member Countries, Euro | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 0.87 | 0.83 | 0.95 | 0.92 | |
Venezuelan bolivar fuerte | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 0 | 3,345 | 673.76 | 198.7 | |
Sovereign bolivar | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | [1] | 3,299.12 | |||
Australia, Dollars | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 1.42 | 1.28 | 1.38 | 1.37 | |
Bolivia, Bolivianos | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 6.86 | 6.86 | 6.86 | 6.85 | |
Mexico, Pesos | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 19.68 | 19.66 | 20.63 | 17.34 | |
New Zealand, Dollars | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 1.49 | 1.41 | 1.44 | 1.46 | |
Peru, Nuevos Soles | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 3.37 | 3.24 | 3.35 | 3.41 | |
Uruguay, Pesos | |||||
Disclosure of subsidiaries [line items] | |||||
Exchange rate (in dollars per share) | 32.38 | 28.74 | 29.28 | 29.88 | |
[1] | On August 20, 2018, in Venezuela there was a change of currency, five zeros were eliminated to simplify and the surname was changed to sovereign. |
FOREIGN CURRENCY AND EXCHANGE_7
FOREIGN CURRENCY AND EXCHANGE RATE DIFFERENCES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign exchange rates [abstract] | |||
Exchange differences recognized in the profit or loss statement | $ (157,709) | $ (18,718) | $ 121,651 |
Exchange differences recognized in equity statement of comprehensive income as reserves | $ 610,201 | $ 47,495 | $ 494,362 |
EARNINGS _ (LOSS) PER SHARE (De
EARNINGS / (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Basic earnings / (loss) per share | |||
Earnings / (loss) attributable to owners of the parent | $ 181,935 | $ 155,304 | $ 69,220 |
Weighted average number of shares, basic (in shares) | 606,407,693 | 606,407,693 | 546,559,599 |
Basic earnings / (loss) per share (US$) (in dollars per share) | $ 0.30002 | $ 0.2561 | $ 0.12665 |
Diluted earnings / (loss) per share | |||
Earnings / (loss) attributable to owners of the parent | $ 181,935 | $ 155,304 | $ 69,220 |
Weighted average number of shares, basic (in shares) | 606,407,693 | 606,407,693 | 546,559,599 |
Weighted average number of shares, diluted (in shares) | 606,407,693 | 606,407,693 | 546,559,599 |
Diluted earnings / (loss) per share (US$) (in dollars per share) | $ 0.30002 | $ 0.2561 | $ 0.12665 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Jul. 25, 2016 | Dec. 31, 2007 | ||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | $ 12,750 | |||
Agreement term | 3 years | |||
Explanation of possibility of reimbursement, contingent liabilities | Paid a fine of ThUS$ 12,750. | |||
LATAM Airlines Group S.A. y Lan Cargo S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | $ 9,402 | ||
Investigation of payments | $ 6,744 | |||
Lan Airlines S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Investigation of payments | $ 1,150,000 | |||
Tam Viagens S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 85,883 | ||
Lan Cargo S.A. y LATAM Airlines Group S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 0 | ||
Aerolinhas Brasileiras S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 10,541 | ||
Aerolinhas Brasileiras S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 14,083 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 59,317 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 88,421 | ||
Aerovias de Integracion Regional, AIRES S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 57,287 | ||
Aerovias de Integracion Regional, AIRES S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 12,443 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 65,914 | ||
TAM S.A. and Subsidiaries [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | |||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 16,575 | ||
LATAM Airlines Group S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 19,080 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 39,222 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 0 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 15,590 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 15,649 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 23,720 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 0 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 20,155 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 14,501 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 30,954 | ||
SNEA (Sindicato Nacional das empresas aeroviarias) [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 42,423 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 0 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 16,959 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 12,200 | ||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | |||
Tam Linhas Aereas S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | 118,558 | ||
Aerovias de Integracion Regional, AIRES S.A. [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Amounts committed | [1] | |||
[1] | The Company has reported the amounts involved only for the lawsuits for which a reliable estimation can be made of the financial impacts and of the possibility of any recovery, pursuant to Paragraph 86 of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. |
COMMITMENTS (Details)
COMMITMENTS (Details) - Aircraft | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 94 | 93 |
ACS Aero 1 Alpha Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | |
Aircraft 76B-26329 Inc. [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Aircraft 76B-28206 Inc.[Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Aviacion Centaurus, A.I.E. [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 3 | 3 |
Aviacion Centaurus, A.I.E. 1 [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Aviacion Real A.I.E. [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Aviacion Real A.I.E. 1 [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Aviacion Triton A.I.E. [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 3 | 3 |
Avolon Aerospace AOE 62 Limited [Member] | Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Avolon Aerospace AOE 99 Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | |
Avolon Aerospace AOE 100 Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 2 |
Avolon Aerospace AOE 134 Limited [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 2 | |
AWAS 5234 Trust [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Baker & Spice Aviation Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | |
Bank of America [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 2 | 2 |
Bank of Utah [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | |
Bank of Utah [Member] | Airbus A350 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | |
Bank of Utah [Member] | Boeing 787 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 2 | 2 |
Boeing Aircraft Holding Company [Member] | Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 2 | |
Castlelake [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Chishima Real State Co Ltd [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | |
ECAF I 2838 DAC [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
ECAF I 40589 DAC [Member] | Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Eden Irish Aircr Leasing MSN 1459 [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | |
IC Airlease One Limited [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
JSA Aircraft 38484, LLC [Member] | Boeing 787 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
JSA Aircraft 7126, LLC [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
JSA Aircraft 7128, LLC [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
JSA Aircraft 7239, LLC [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
JSA Aircraft 7298, LLC [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Macquarie Aerospace Finance 5125-2 Trust [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Macquarie Aerospace Finance 5178 Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Merlin Aviation Leasing (Ireland) 18 Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Merlin Aviation Leasing (Ireland) 7 Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | |
NBB Crow Co.,Ltd [Member] | Boeing 787 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | |
NBB Cuckoo Co., Ltd [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
NBB Grosbeak Co., Ltd [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
NBB Redstart Co. Ltd [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
NBB-6658 Lease Partnership [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
NBB-6670 Lease Partnership [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Orix Aviation Systems Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 4 | 4 |
PAAL Aquila Company Limited [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 2 | 2 |
Sapphire Leasing I AOE 7 Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Shenton Aircraft Leasing Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 1 |
Sky High XXIV Leasing Company Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 5 | 5 |
Sky High XXV Leasing Company Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 2 | 2 |
SMBC Aviation Capital Limited [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 4 | 4 |
SMBC Aviation Capital Limited [Member] | Airbus A321 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 2 | 2 |
Wells Fargo Trust Company, N.A. [Member] | Airbus A320 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 10 | 11 |
Wells Fargo Trust Company, N.A. [Member] | Boeing 767 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 2 |
Wells Fargo Trust Company, N.A. [Member] | Boeing 777 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 4 | 4 |
Wells Fargo Trust Company, N.A. [Member] | Airbus A350 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 2 | 2 |
Wells Fargo Trust Company, N.A. [Member] | Boeing 787 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 10 | 11 |
Wells Fargo Trust Company, N.A. [Member] | Airbus A319 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 | 2 |
Wilgmington Trust SP Services (Dublin) Limited [Member] | Airbus A350 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of aircraft under operating leases | 1 |
COMMITMENTS (Details 1)
COMMITMENTS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Minimum future lease payments not yet payable | $ 3,581,174 | $ 3,580,522 |
Not Later Than One Year [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Minimum future lease payments not yet payable | 513,214 | 462,205 |
Between One And Five Years [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Minimum future lease payments not yet payable | 1,719,490 | 1,620,253 |
Over five years [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Minimum future lease payments not yet payable | $ 1,348,470 | $ 1,498,064 |
COMMITMENTS (Details 2)
COMMITMENTS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments | |||
Minimum operating lease payments | $ 538,347 | $ 579,551 | $ 568,979 |
Total | $ 538,347 | $ 579,551 | $ 568,979 |
COMMITMENTS (Details 3)
COMMITMENTS (Details 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of transactions between related parties [line items] | |
Value | $ 61,733 |
Ge Capital Aviation Services Limited [Member] | Lan Cargo S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 1,100 |
Release date | Nov. 30, 2019 |
Avolon Aerospace AOE 62 Limited [Member] | LATAM Airlines Group S.A. [Member] | Three Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 2,167 |
Release date | Aug. 30, 2019 |
Bank of America [Member] | LATAM Airlines Group S.A. [Member] | Three Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 1,044 |
Release date | Jul. 2, 2019 |
Bank of Utah [Member] | LATAM Airlines Group S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 2,000 |
Release date | Mar. 24, 2019 |
DVB Bank [Member] | LATAM Airlines Group S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 886 |
Release date | Aug. 30, 2019 |
Ge Capital Aviation Services Ltd. [Member] | LATAM Airlines Group S.A. [Member] | Four Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 14,327 |
Release date | Nov. 30, 2019 |
Orix Aviation Systems Limited [Member] | LATAM Airlines Group S.A. [Member] | Two Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 7,366 |
Release date | Dec. 11, 2019 |
Sky High XXIV Leasing Company [Member] | LATAM Airlines Group S.A. [Member] | Eight Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 6,831 |
Release date | Mar. 24, 2019 |
Wells Fargo Bank [Member] | LATAM Airlines Group S.A. [Member] | Nine Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 15,160 |
Release date | Mar. 13, 2019 |
Merlin Aviation Leasing (Ireland) 18 Limite [Member] | Tam Linhas Aereas S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 3,000 |
Release date | Mar. 1, 2019 |
Shapphire Leasing (AOE) Limited [Member] | Tam Linhas Aereas S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 7,000 |
Release date | Oct. 25, 2019 |
ACG Acquisition [Member] | Tam Linhas Aereas S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 852 |
Release date | Aug. 30, 2019 |
COMMITMENTS (Details 4)
COMMITMENTS (Details 4) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of transactions between related parties [line items] | |
Value | $ 267,165 |
Servicio Nacional De Aduana Del Ecuador [Member] | Lineas Aereas Nacionales Delecuador S.A. [Member] | Three Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 1,705 |
Release date | Aug. 5, 2019 |
Corporacion Peruana De Aeropuertos Y Aviacion Comercial [Member] | Lan Peru S.A. [Member] | Twenty Four Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 3,475 |
Release date | Feb. 18, 2019 |
Lima Airport Partners S.R.L. [Member] | Lan Peru S.A. [Member] | Twenty Three Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 2,263 |
Release date | Sep. 17, 2019 |
Superintendencia Nacional De Aduanas Y De Administracion Tributaria [Member] | Lan Peru S.A. [Member] | Seventeen Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 136,000 |
Release date | Feb. 10, 2019 |
Aena Aeropuertos S.A. [Member] | LATAM Airlines Group S.A. [Member] | Four Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 2,770 |
Release date | Nov. 15, 2018 |
American Alternative Insurance Corporation [Member] | LATAM Airlines Group S.A. [Member] | Six Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 3,690 |
Release date | Apr. 5, 2019 |
Citibank N.A [Member] | LATAM Airlines Group S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 27,226 |
Release date | Dec. 20, 2019 |
Comision Europea [Member] | LATAM Airlines Group S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 9,734 |
Release date | Dec. 31, 2019 |
Deutsche Bank A.G. [Member] | LATAM Airlines Group S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 5,000 |
Release date | Mar. 31, 2019 |
Direccion General De Aeronautic A Civil [Member] | LATAM Airlines Group S.A. [Member] | Fifty Three Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 19,918 |
Release date | Jan. 30, 2019 |
Empresa Publica De Hidrocarburos Del Ecuador EP Petroecuador [Member] | LATAM Airlines Group S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 5,500 |
Release date | Jun. 18, 2019 |
Metropolitan Dade County [Member] | LATAM Airlines Group S.A. [Member] | Eight Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 2,273 |
Release date | Mar. 13, 2019 |
Conselho Administrativo De Conselhos Federais [Member] | Tam Linhas Aereas S.A. [Member] | Two Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 1,626 |
Release date | Nov. 24, 2020 |
Conselho Administrativo De Conselhos Federais [Member] | ABSA linhas Aereas Brasileira S/A [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 15,919 |
Release date | Feb. 22, 2021 |
Procon [Member] | Tam Linhas Aereas S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 1,309 |
Release date | Apr. 1, 2021 |
Procon [Member] | ABSA linhas Aereas Brasileira S/A [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 10,495 |
Release date | May 19, 2020 |
Uniao Federal [Member] | Tam Linhas Aereas S.A. [Member] | Two Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 3,217 |
Release date | Sep. 28, 2021 |
Vara da Fazenda Publica da Comarca do Rio de Janeiro RJ [Member] | Tam Linhas Aereas S.A. [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 1,047 |
Release date | Sep. 27, 2023 |
Vara das Execucoes Fiscais Estaduais [Member] | Tam Linhas Aereas S.A. [Member] | Four Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 8,541 |
Release date | May 23, 2021 |
Vara Federal da Subsecao de Campinas SP [Member] | ABSA linhas Aereas Brasileira S/A [Member] | One Letter Of Credit [Member] | |
Disclosure of transactions between related parties [line items] | |
Value | $ 5,457 |
Release date | Oct. 21, 2021 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)Aircraft | Dec. 31, 2017Aircraft | |
Disclosure of transactions between related parties [line items] | ||
Number of Aircraft added | 1 | 5 |
Airbus A321 200 [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of Aircraft added | 2 | |
Operating lease term | 10 years | |
Boeing 777-200ER [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of Aircraft added | 2 | |
Operating lease term | 1 year | |
A350 900 [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of Aircraft added | 2 | |
Operating lease term | 12 years | |
Airbus A320-200 [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of Aircraft added | 1 | |
Number of aircraft returned | 1 | |
Boeing 767 300 [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of aircraft returned | 1 | |
Boeing 777 300 [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of aircraft sold | 2 | |
LATAM Airlines Group S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Revolving credit facility | $ | $ 6,000,000 | |
Tam Linhas Aereas S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Revolving credit facility | $ | $ 600,000 |
TRANSACTIONS WITH RELATED PAR_3
TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inversiones Costa Verde Ltda. y CPA. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Tax No | 96.810.370-9 | ||
Nature of relationship with related parties | Related director | ||
Currency | CLP | ||
Country of origin | Chile | ||
Tickets sales | $ 16 | $ 18 | $ 6 |
Comunidad Mujer [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Tax No | 65.216.000-K | ||
Nature of relationship with related parties | Related director | ||
Currency | CLP | ||
Country of origin | Chile | ||
Tickets sales | 14 | 9 | |
Bethia S.A and Subsidiaries [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Tax No | 78.591.370-1 | ||
Nature of relationship with related parties | Related director | ||
Currency | CLP | ||
Country of origin | Chile | ||
Services received of cargo transport | $ 1,778 | 1,643 | (394) |
Courier | (85) | (382) | (285) |
Services provided of cargo transport | (17) | 192 | |
Sales commissions | (821) | (761) | (727) |
Services received of transfer of passengers | 112 | ||
Services received advertising | $ (1,025) | ||
Transportes San Felipe S.A [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Tax No | 79.773.440-3 | ||
Nature of relationship with related parties | Related director | ||
Currency | CLP | ||
Country of origin | Chile | ||
Tickets sales | 1 | 3 | |
Services received of transfer of passengers | (84) | ||
Granja Marina Tornagaleones S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Tax No | 87.752.000-5 | ||
Nature of relationship with related parties | Common shareholder | ||
Currency | CLP | ||
Country of origin | Chile | ||
Tickets sales | $ 51 | 72 | 76 |
Consultoria Administrativa Profesional S.A. de C.V. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Tax No | Foreign | ||
Nature of relationship with related parties | Associate | ||
Currency | MXN | ||
Country of origin | Mexico | ||
Professional counseling services received | (2,357) | (2,563) | |
Inversora Aeronautica Argentina S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Tax No | Foreign | ||
Nature of relationship with related parties | Related director | ||
Currency | ARS$ | ||
Country of origin | Argentina | ||
Property leases received | $ (231) | (251) | (264) |
TAM Aviacao Executiva e Taxi Aereo S/A [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Tax No | Foreign | ||
Nature of relationship with related parties | Common shareholder | ||
Currency | BRL | ||
Country of origin | Brazil | ||
Services received of cargo transport | $ 8 | ||
Services provided of cargo transport | 62 | 45 | (120) |
Services received at airports | $ (2) | (39) | 7 |
Qatar Airways [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Tax No | Foreign | ||
Nature of relationship with related parties | Indirect shareholder | ||
Currency | US$ | ||
Country of origin | Qatar | ||
Services provided by aircraft lease | $ 21,321 | 31,707 | |
Interlineal received service | (6,345) | (2,139) | |
Interlineal provided service | 8,635 | 5,279 | |
Services provided of handling | 1,392 | 1,002 | |
Services provided / received others | $ 1,805 |
TRANSACTIONS WITH RELATED PAR_4
TRANSACTIONS WITH RELATED PARTIES (Details 1) - Key Management Personnel Of Entity Or Parent [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Remuneration | $ 14,841 | $ 17,826 | $ 16,514 |
Management fees | 307 | 468 | 556 |
Non-monetary benefits | 748 | 740 | 778 |
Short-term benefits | 45,653 | 36,970 | 23,459 |
Long-term benefits | 2,412 | ||
Share-based payments | (7,210) | 13,173 | 8,085 |
Termination benefits | 1,404 | ||
Total | $ 58,155 | $ 69,177 | $ 49,392 |
SHARE-BASED PAYMENTS (Details)
SHARE-BASED PAYMENTS (Details) - Compensation Plan 2016-2018 [Member] - Stock Option [Member] - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Number of share options outstanding [Roll Forward] | ||
Beginning balance | 2,932,896 | 4,719,720 |
Units bases, Granted | 37,359 | |
Units bases, Annulled | (171,419) | (1,193,286) |
Units bases, Exercised | (1,168,700) | (630,897) |
Ending balance | 1,592,777 | 2,932,896 |
SHARE-BASED PAYMENTS (Details 1
SHARE-BASED PAYMENTS (Details 1) - Multiplus S.A. [Member] - Subsidiaries Compensation Plans [Member] - Stock Option [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares non accrued options | $ 247,500 | $ 316,025 |
3rd Grant - 03/21/2012 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares non accrued options | 84,249 | 84,249 |
4th Grant - 04/03/2013 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares non accrued options | 163,251 | 163,251 |
4th Extraordinary Grant - 11/20/2013 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares non accrued options | $ 68,525 |
SHARE-BASED PAYMENTS (Details 2
SHARE-BASED PAYMENTS (Details 2) - Multiplus S.A. [Member] - Subsidiaries Compensation Plans [Member] - Stock Option [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares accrued options | ||
Number of shares non accrued options | $ 247,500 | $ 316,025 |
SHARE-BASED PAYMENTS (Details 3
SHARE-BASED PAYMENTS (Details 3) - Subsidiaries Compensation Plans [Member] - Restricted Stock [Member] - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number of other equity instruments outstanding [Roll Forward] | |||
Beginning balance | 309,710 | 237,856 | 175,910 |
Granted | 129,218 | 138,282 | |
Exercised | (83,958) | (41,801) | (15,811) |
Not acquired due to breach of employment retention conditions | (8,916) | (15,563) | (60,525) |
Ending balance | 216,836 | 309,710 | 237,856 |
SHARE-BASED PAYMENTS (Details N
SHARE-BASED PAYMENTS (Details Narrative) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | May 31, 2014shares | Jun. 11, 2013shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares authorised | 606,874,525 | 608,374,525 | 608,374,525 | ||
Administrative expenses | $ | $ (721,270) | $ (938,931) | $ (872,954) | ||
Restricted Stock [Member] | Multiplus S.A. [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Description of vesting requirements | (i) 1/3 (one third) after the 2nd year from the issue date; (ii) 1/3 (one third) after the 3rd year from the issue date; (iii) 1/3 (one third) after the 4th year from the issue date. | ||||
Number of ordinary restricted stock | 91,103 | ||||
Compensation Plan 2013 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares authorised | 1,500,000 | ||||
Compensation Plan 2016-2018 [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Description of vesting requirements | A vesting period between October 2018 and March 2019. | ||||
Compensation Plan 2016-2018 [Member] | Stock Option [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of ordinary restricted stock | 1,592,777 | 2,932,896 | 4,719,720 | ||
Subsidiaries Compensation Plans [Member] | Stock Option [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Description of maximum term of options granted | The options granted to the usual prizes are divided into three equal parts and employees may exercise one-third of their two, three and four, options respectively, as long as they keep being employees of the company. The agreed term of the options is seven years after the grant of the option. The first extraordinary granting was divided into two equal parts, and only half of the options may be exercised after three years and half after four years. The second extraordinary granting was also divided into two equal parts, which may be exercised after one and two years respectively. | ||||
Subsidiaries Compensation Plans [Member] | Stock Option [Member] | Multiplus S.A. [Member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares non accrued options | $ | $ 247,500 | $ 316,025 |
STATEMENT OF CASH FLOWS (Detail
STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Cash Flows | |||
Fuel hedge | $ 77,234 | $ 19,862 | $ (50,029) |
Hedging margin guarantees | 14,755 | (4,201) | 1,184 |
Guarantees | 1,573 | 59,988 | (51,559) |
Tax paid on bank transaction | 318 | (6,635) | (10,668) |
Change reservation systems | (16,120) | ||
SEC agreement | (4,719) | ||
DOJ fine | (12,750) | ||
Currency hedge | (1,282) | (17,798) | (39,534) |
Bank commissions, taxes paid and other | (8,179) | (7,738) | (769) |
Fuel derivatives premiums | (13,947) | (2,832) | (6,840) |
Court deposits | (30,860) | (33,457) | (33,635) |
Others | 50 | ||
Total Other inflows (outflows) Operation flow | 39,612 | (8,931) | (209,269) |
Others deposits in guarantees | 3,754 | ||
Recovery loans convertible into shares | 8,896 | ||
Certificate of bank deposits | |||
Tax paid on bank transaction | (2,476) | (2,594) | (3,716) |
Others | (10,383) | (4,337) | |
Total Other inflows (outflows) Investment flow | (2,476) | (9,223) | 843 |
Loan guarantee | 80,615 | (74,186) | |
Aircraft Financing advances | 55,728 | (26,214) | (125,149) |
Settlement of derivative contracts | (11,675) | (40,695) | (29,828) |
Total Other inflows (outflows) Financing flow | $ 44,053 | $ 13,706 | $ (229,163) |
STATEMENT OF CASH FLOWS (Deta_2
STATEMENT OF CASH FLOWS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of subsidiaries [line items] | ||||
Total dividends paid | $ 72,620 | $ 66,642 | $ 41,223 | |
Latam Airlines Group S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total dividends paid | (46,591) | (20,766) | ||
Multiplus S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total dividends paid | [1] | (26,029) | (45,876) | (40,823) |
Lan Peru S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total dividends paid | [1] | $ (400) | ||
[1] | Dividends paid to minority shareholders. |
STATEMENT OF CASH FLOWS (Deta_3
STATEMENT OF CASH FLOWS (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Reconciliation of liabilities arising from financing activities [Roll Forward] | |
Beginning balance | $ 7,891,640 |
Cash flows | |
Obtainment Capital | 1,127,790 |
Payment Capital | (1,738,349) |
Payment Interest | (357,355) |
Non-Flow Movements | |
Interest accrued and others | 338,000 |
Reclassifications | |
Ending balance | 7,261,726 |
Loans To Exporters [Member] | |
Reconciliation of liabilities arising from financing activities [Roll Forward] | |
Beginning balance | 314,619 |
Cash flows | |
Obtainment Capital | 293,001 |
Payment Capital | (202,000) |
Payment Interest | (10,467) |
Non-Flow Movements | |
Interest accrued and others | 5,568 |
Reclassifications | |
Ending balance | 400,721 |
Bank Loans [Member] | |
Reconciliation of liabilities arising from financing activities [Roll Forward] | |
Beginning balance | 321,633 |
Cash flows | |
Obtainment Capital | 74,663 |
Payment Capital | (167,548) |
Payment Interest | (13,961) |
Non-Flow Movements | |
Interest accrued and others | 7,954 |
Reclassifications | |
Ending balance | 222,741 |
Guaranteed Obligations [Member] | |
Reconciliation of liabilities arising from financing activities [Roll Forward] | |
Beginning balance | 4,036,843 |
Cash flows | |
Obtainment Capital | |
Payment Capital | (315,698) |
Payment Interest | (122,639) |
Non-Flow Movements | |
Interest accrued and others | 99,320 |
Reclassifications | (1,163,805) |
Ending balance | 2,534,021 |
Other Guaranteed Obligations [Member] | |
Reconciliation of liabilities arising from financing activities [Roll Forward] | |
Beginning balance | 242,175 |
Cash flows | |
Obtainment Capital | 704,398 |
Payment Capital | (274,339) |
Payment Interest | (16,873) |
Non-Flow Movements | |
Interest accrued and others | 18,091 |
Reclassifications | |
Ending balance | 673,452 |
Obligation With The Public [Member] | |
Reconciliation of liabilities arising from financing activities [Roll Forward] | |
Beginning balance | 1,584,066 |
Cash flows | |
Obtainment Capital | |
Payment Capital | 1,561 |
Payment Interest | (107,629) |
Non-Flow Movements | |
Interest accrued and others | 75,081 |
Reclassifications | |
Ending balance | 1,553,079 |
Financial Leases [Member] | |
Reconciliation of liabilities arising from financing activities [Roll Forward] | |
Beginning balance | 1,109,504 |
Cash flows | |
Obtainment Capital | |
Payment Capital | (691,390) |
Payment Interest | (69,808) |
Non-Flow Movements | |
Interest accrued and others | 112,743 |
Reclassifications | 1,163,805 |
Ending balance | 1,624,854 |
Other Loans [Member] | |
Reconciliation of liabilities arising from financing activities [Roll Forward] | |
Beginning balance | 282,800 |
Cash flows | |
Obtainment Capital | 55,728 |
Payment Capital | (88,935) |
Payment Interest | (15,978) |
Non-Flow Movements | |
Interest accrued and others | 19,243 |
Reclassifications | |
Ending balance | $ 252,858 |
STATEMENT OF CASH FLOWS (Deta_4
STATEMENT OF CASH FLOWS (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Cash Flows | ||
Increases (payments) | $ (212,163) | $ (205,143) |
Recoveries | 157,508 | 103,065 |
Total cash flows | $ (54,655) | $ (102,078) |
STATEMENT OF CASH FLOWS (Deta_5
STATEMENT OF CASH FLOWS (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net cash flows from (used in) operating activities | $ 1,516,930 | $ 1,666,740 | $ 980,884 |
Net cash flows from (used in) investment activities | (358,370) | (287,422) | (431,789) |
Net cash flows from (used in) financing activities | (1,052,209) | (1,179,088) | (396,279) |
Effects of variation in the exchange rate on cash and cash equivalents | (166,713) | (7,553) | 43,014 |
Net increase (decrease) in cash and cash equivalents | (60,362) | $ 192,677 | $ 195,830 |
Hyperinflation Application [Member] | |||
Net cash flows from (used in) operating activities | 6,088 | ||
Net cash flows from (used in) investment activities | (17,611) | ||
Net cash flows from (used in) financing activities | 3,914 | ||
Effects of variation in the exchange rate on cash and cash equivalents | 7,609 | ||
Net increase (decrease) in cash and cash equivalents |
EVENTS SUBSEQUENT TO THE DATE_2
EVENTS SUBSEQUENT TO THE DATE OF THE FINANCIAL STATEMENTS (Details Narrative) - Non-adjusting events after reporting period [Member] $ in Thousands | Apr. 04, 2019USD ($) | Apr. 03, 2019USD ($) | Apr. 01, 2019 | Feb. 11, 2019USD ($) | Feb. 28, 2019 |
Multiplus S.A. [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of equity ownership | 23.49% | ||||
Cumulative percentage ownership | 97.20% | 96.23% | |||
Investment in shares | $ 272,540 | ||||
Multiplus S.A. [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of equity ownership | 2.80% | ||||
Investment in shares | $ 31,163 | ||||
Multiplus S.A. [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of equity ownership | 24.50% | ||||
Avianca Brasil [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Debtor in possession loans | $ 13,000 | ||||
Bottom of range [Member] | Elliot's [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Restructuring costs | $ 70,000 | ||||
Holdco I S.A [Member] | Bottom of range [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of indirect participation | 0.4899 | ||||
Holdco I S.A [Member] | Top of range [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Percentage of indirect participation | 0.5104 | ||||
Long Term Unsecured Bonds [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Face amount | $ 600,000 | ||||
Annual interest rate | 7.00% | ||||
Offer price, bonds | 99.309% | ||||
Description of borrowing maturity | The bonds will mature on March 1, 2026 |