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OTHER FINANCIAL LIABILITIES

12 Months Ended

Dec. 31, 2019

Disclosure of other liabilities [text block] [Abstract]

Disclosure of other liabilities [text block]

NOTE 19 - OTHER FINANCIAL LIABILITIES

The composition of other financial liabilities is as follows:

	As of		As of
	December 31,		December 31,
	2019		2018
	ThUS$		ThUS$
			Restated
Current
(a) Interest bearing loans		1,421,261		1,397,156
(b) Lease Liability		414,027		363,497
(c) Hedge derivatives		50,372		25,921
(d) Derivative non classified as hedge accounting		-		7,712
Total current		1,885,660		1,794,286

Non-current
(a) Interest bearing loans		5,772,266		5,864,570
(b) Lease Liability		2,758,130		2,494,552
(b) Hedge derivatives		22		340
Total non-current		8,530,418		8,359,462

(a)

Interest bearing loans

Obligations with credit institutions and debt instruments:

	As of		As of
	December 31,		December 31,
	2019		2018
	ThUS$		ThUS$

Current
Loans to exporters		341,475		400,721
Bank loans		16,534		37,743
Guaranteed obligations (4)		237,951		324,976
Other guaranteed obligations		97,730		97,143
Subtotal bank loans		693,690		860,583
Obligation with the public		32,061		14,643
Financial leases (4)		594,249		425,100
Other loans		101,261		96,830
Total current		1,421,261		1,397,156

Non-current
Bank loans		200,721		184,998
Guaranteed obligations (4)		1,919,376		2,209,045
Other guaranteed obligations		482,702		576,309
Subtotal bank loans		2,602,799		2,970,352
Obligation with the public (1)(2)(3)		2,032,873		1,538,436
Financial leases (4)		1,136,594		1,199,754
Other loans		-		156,028
Total non-current		5,772,266		5,864,570
Total obligations with financial institutions		7,193,527		7,261,726

(1) On February 11, 2019, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusively owned by LATAM Airlines Group SA, has issued on the international market, pursuant to Rule 144-A and Regulation S of the securities laws of the United States of America, unsecured long-term bonds for a nominal amount of US $ 600,000,000 at an annual interest rate of 7.00%. The bonds were placed at an issue price of 99.309% with respect to its even value. The bonds have semiannual interest payments and amortization of all capital at maturity and maturity date on March 1, 2026, unless they will be redeemed early according to their terms. As reported to the market, the issuance and placement was intended to finance general corporate purposes.

(2) On June 6, 2019, LATAM Airlines Group S.A. has issued in the local market (Santiago Stock Exchange) long-term unsecured bonds called Series E (BLATM-E), which correspond to the first series of bonds charged to the line registered in the Registro de Comisión para el Mercado Financiero (“CMF”) under the number Nº 921 dated November 26, 2018 for a total of UF 9,000,000.

The total amount issued was UF 5,000,000 with an expiration date on April 15, 2029 and a 3.60% annual coupon rate with semiannual interest payments. The placement rate was 2.73%, equivalent to an amount of ThUS$ 215,093.

The funds from the issuance were allocated 50% to the refinancing of liabilities, 30% for the financing of investments and 20% for general corporate purposes.

(3) On July 11, 2019, LATAM Finance Limited, a company incorporated in the Cayman Islands with limited liability and exclusive property of LATAM Airlines Group SA, issued a re-opening of the LATAM 2026 bond, issued on February 11 of 2019, for US $ 200,000,000. This re-opening had a placement rate of 5.979%.

Simultaneously, dated July 11, 2019, LATAM Airlines Group S.A. announced an offer for the repurchase of up to US $ 300 million of the unsecured LATAM 2020 bond, which was issued on June 9, 2015 for an amount of US $ 500 million at a coupon rate of 7.25% and due in June 2020. Offer repurchase price was 103.8 cents per dollar of nominal amount for the bonds offered until July 24, 2019, after this date and until August 7, 2019, the offered repurchase price was reduced to 100.8 cents for dollar at the expiration of the offer, a total of US $ 238,412,000 of the bonds were redeemed, of which US $ 238,162,000 arrived on or before July 24, 2019 and US $ 250,000 after that date.

The net proceeds obtained from the re-opening of the LATAM 2026 bond was used to pay a portion of the public offer of the LATAM 2020 bond. The remainder of the public offer was paid in cash.

On December 17, 2019, LATAM Airlines Group S.A. The repurchase of the remainder (US $ 262 million) of the unsecured bond LATAM2020 ended, which, added to the repurchase of July 11, 2019, ends the entire balance of the bond. The repurchase was carried out through the buy-back mechanism called “Make-Whole,” which is a right of the bond issuer to repurchase the entire outstanding balance of debt based on a price that is calculated using government treasury bonds. of the United States with maturity close to that of the bond and adding a spread. The repurchase price was 102,45 cents per dollar of nominal bond amount.

(4) In the year ended December 31, 2019, the Company sold its participation in 8 permanent establishments. As a result of the above, the classification of financial liabilities associated with 41 aircraft of guaranteed obligations became financial leases.

Currency balances that make the interest bearing loans:

	As of		As of
	December 31,		December 31,
	2019		2018
Currency	ThUS$		ThUS$
Chilean peso (U.F.)		611,542		500,398
US Dollar		6,581,985		6,761,328
Total		7,193,527		7,261,726

Interest-bearing loans due in installments to December 31, 2019

Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile.

				Nominal values												Accounting values
						More than		More than		More than								More than		More than		More than
				Up to		90 days		one to		three to		More than		Total		Up to		90 days		one to		three to		More than		Total
		Creditor		90		to one		three		five		five		nominal		90		to one		three		five		five		accounting			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		value		days		year		years		years		years		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%

Loans to exporters

97.032.000-8	BBVA	Chile	US$		24,000		75,000		-		-		-		99,000		24,910		75,000		-		-		-		99,910	At Expiration		3.29		3.29
97.003.000-K	BANCO DO BRASIL	Chile	UF		150,000		50,000		-		-		-		200,000		150,257		50,283		-		-		-		200,540	At Expiration		2.93		2.93
97.951.000-4	HSBC	Chile	US$		12,000		-		-		-		-		12,000		12,016		-		-		-		-		12,016	At Expiration		3.25		3.25
76.100.458-1	BLADEX	Chile	US$		-		29,000		-		-		-		29,000		-		29,009		-		-		-		29,009	At Expiration		2.82		2.82

Bank loans

97.023.000-9	CORPBANCA	Chile	UF		5,205		10,410		-		-		-		15,615		5,192		10,369		-		-		-		15,561	Quarterly		3.35		3.35
0-E	SANTANDER	Spain	US$		-		-		137,860		-		-		137,860		255		-		137,860		-		-		138,115	Quarterly		3.62		4.61
76.362.099-9	BTG PACTUAL CHILE	Chile	UF		-		-		62,769		-		-		62,769		113		-		62,172		-		-		62,285	At Expiration		3.10		3.10

Obligations with the public
0-E	ESTADO	Chile	UF		-		-		164,485		-		353,547		518,032		-		2,642		164,398		-		366,656		533,696	At Expiration		4.81		4.81
97.030.000-7	BANK OF NEW YORK	U.S.A.	US$		-		-		-		700,000		800,000		1,500,000		18,640		10,779		-		698,256		803,563		1,531,238	At Expiration		7.16		6.94

Guaranteed obligations

0-E	BNP PARIBAS	U.S.A.	US$		8,115		36,282		93,788		100,622		275,134		513,941		10,058		36,855		91,224		99,297		273,038		510,472	Quarterly		3.81		3.81
0-E	WILMINGTON TRUST	U.S.A.	US$		22,090		66,710		183,332		196,452		397,639		866,223		27,229		66,710		178,784		194,741		395,983		863,447	Quarterly		4.45		4.45
0-E	CITIBANK	U.S.A.	US$		4,805		14,608		40,414		42,626		41,022		143,475		5,461		14,608		36,178		40,932		40,310		137,489	Quarterly		3.76		2.68
0-E	NATIXIS	France	US$		10,675		32,708		84,674		78,123		76,726		282,906		11,410		32,708		83,072		77,195		75,928		280,313	Quarterly		3.82		3.82
0-E	INVESTEC	England	US$		1,538		8,976		22,977		10,596		-		44,087		1,867		9,112		22,597		10,565		-		44,141	Semiannual		6.35		6.35
0-E	MUFG	U.S.A.	US$		2,973		18,593		53,816		57,993		189,285		322,660		3,182		18,593		53,367		57,694		188,471		321,307	Quarterly		3.43		3.43
-	SWAP Received Aircraft	-	US$		80		78		-		-		-		158		80		78		-		-		-		158	Quarterly		-		-

Other guaranteed obligations

0-E	CREDIT AGRICOLE	France	US$		-		-		253,692		-		-		253,692		2,370		-		252,747		-		-		255,117	At Expiration		3.74		3.74
0-E	MUFG	U.S.A.	US$		23,669		71,432		188,440		44,482		-		328,023		23,929		71,431		185,938		44,017		-		325,315	Quarterly		3.54		3.54

Financial leases

0-E	ING	U.S.A.	US$		3,875		7,931		-		-		-		11,806		3,952		7,931		-		-		-		11,883	Quarterly		5.71		5.01
0-E	CREDIT AGRICOLE	France	US$		4,831		14,723		6,537		-		-		26,091		4,943		14,723		6,537		-		-		26,203	Quarterly		3.15		2.52
0-E	CITIBANK	U.S.A.	US$		17,972		52,790		113,746		16,399		-		200,907		18,633		52,790		112,712		16,368		-		200,503	Quarterly		3.39		2.80
0-E	PEFCO	U.S.A.	US$		1,901		1,926		-		-		-		3,827		1,918		1,926		-		-		-		3,844	Quarterly		5.65		5.03
0-E	BNP PARIBAS	U.S.A.	US$		8,523		23,197		25,182		20,717		10,110		87,729		9,042		23,197		24,675		20,424		9,975		87,313	Quarterly		3.85		3.72
0-E	WELLS FARGO	U.S.A.	US$		32,321		97,956		248,086		199,037		14,284		591,684		34,868		97,956		233,822		195,209		14,138		575,993	Quarterly		2.67		1.98
97.036.000-K	SANTANDER	Chile	US$		5,690		17,255		46,472		3,134		-		72,551		5,959		17,255		45,805		3,128		-		72,147	Quarterly		3.00		2.46
0-E	RRPF ENGINE	England	US$		864		2,348		7,441		8,075		915		19,643		908		2,348		7,441		8,075		915		19,687	Monthly		4.01		4.01
0-E	APPLE BANK	U.S.A.	US$		1,483		4,509		12,474		7,242		-		25,708		1,632		4,509		12,162		7,212		-		25,515	Quarterly		3.33		2.73
0-E	BTMU	U.S.A.	US$		3,010		9,148		25,278		13,904		-		51,340		3,191		9,148		24,661		13,849		-		50,849	Quarterly		3.33		2.73
0-E	NATIXIS	France	US$		702		2,173		2,279		-		-		5,154		723		2,173		2,279		-		-		5,175	Quarterly		4.41		4.41
0-E	KFW IPEX-BANK	Germany	US$		1,760		3,568		-		-		-		5,328		1,769		3,568		-		-		-		5,337	Quarterly		3.55		3.55
0-E	AIRBUS FINANCIAL	U.S.A.	US$		1,977		5,687		-		-		-		7,664		1,992		5,687		-		-		-		7,679	Monthly		3.31		3.31
0-E	US BANK	U.S.A.	US$		15,862		48,132		132,441		135,200		17,492		349,127		17,610		48,132		119,881		130,865		17,188		333,676	Quarterly		4.01		2.82
0-E	PK AIRFINANCE	U.S.A.	US$		2,487		7,729		17,871		-		-		28,087		2,530		7,729		17,871		-		-		28,130	Monthly		3.45		3.45

Other loans

0-E	CITIBANK (*)	U.S.A.	US$		24,595		76,431		-		-		-		101,026		24,830		76,431		-		-		-		101,261	Quarterly		6.00		6.00

	Total				393,003		789,300		1,924,054		1,634,602		2,176,154		6,917,113		431,469		803,680		1,876,183		1,617,827		2,186,165		6,915,324

(*) Securitized bond with the future flows from the sales with credit card in United States and Canada, through the company Guanay Finance Limited.

Interest-bearing loans due in installments to December 31, 2019

Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil.

				Nominal values												Accounting values
						More than		More than		More than								More than		More than		More than
				Up to		90 days		one to		three to		More than		Total		Up to		90 days		one to		three to		More than		Total
		Creditor		90		to one		three		five		five		nominal		90		to one		three		five		five		accounting			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		value		days		year		years		years		years		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%
Bank loans

0-E	NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ	Holland	US$		148		452		689		-		-		1,289		153		452		689		-		-		1,294	Monthly		6.01		6.01

Financial leases

0-E	NATIXIS	France	US$		3,243		6,906		76,107		-		-		86,256		3,723		6,906		76,107		-		-		86,736	Quarterly/Semiannual		6.29		6.29
0-E	WACAPOU LEASING S.A.	Luxemburg	US$		757		2,317		3,206		-		-		6,280		777		2,317		3,206		-		-		6,300	Quarterly		4.32		4.32
0-E	SOCIÉTÉ GÉNÉRALE MILAN BRANCH	Italy	US$		9,855		160,076		-		-		-		169,931		10,409		159,876		-		-		-		170,285	Quarterly		5.39		5.39
0-E	GA Telessis LLC	U.S.A	US$		306		1,100		2,385		2,694		7,010		13,495		399		1,100		2,385		2,694		7,010		13,588	Monthly		14.72		14.72

	Total				14,309		170,851		82,387		2,694		7,010		277,251		15,461		170,651		82,387		2,694		7,010		278,203

	Total consolidated				407,312		960,151		2,006,441		1,637,296		2,183,164		7,194,364		446,930		974,331		1,958,570		1,620,521		2,193,175		7,193,527

Interest-bearing loans due in installments to December 31, 2018

Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile.

				Nominal values												Accounting values
						More than		More than		More than								More than		More than		More than
				Up to		90 days		one to		three to		More than		Total		Up to		90 days		one to		three to		More than		Total
		Creditor		90		to one		three		five		five		nominal		90		to one		three		five		five		accounting			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		value		days		year		years		years		years		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%

Loans to exporters

97.032.000-8	BBVA	Chile	US$		38,000		75,000		-		-		-		113,000		38,432		75,623		-		-		-		114,055	At Expiration		3.36		3.36
97.032.000-8	BBVA	Chile	UF		-		50,785		-		-		-		50,785		-		50,930		-		-		-		50,930	At Expiration		3.31		3.31
97.036.000-K	SANTANDER	Chile	US$		23,000		-		-		-		-		23,000		23,025		-		-		-		-		23,025	At Expiration		3.90		3.90
97.003.000-K	BANCO DO BRASIL	Chile	US$		200,000		-		-		-		-		200,000		200,698		-		-		-		-		200,698	At Expiration		3.64		3.64
97.951.000-4	HSBC	Chile	US$		12,000		-		-		-		-		12,000		12,013		-		-		-		-		12,013	At Expiration		3.14		3.14

Bank loans

97.023.000-9	CORPBANCA	Chile	UF		5,461		16,385		16,385		-		-		38,231		5,480		16,385		16,232		-		-		38,097	Quarterly		3.35		3.35
0-E	BLADEX	U.S.A.	US$		-		15,000		-		-		-		15,000		-		14,964		-		-		-		14,964	Semiannual		6.74		6.74
97.036.000-K	SANTANDER	Chile	US$		-		-		102,521		-		-		102,521		223		-		102,521		-		-		102,744	Quarterly		5.60		5.60
76.362.099-9	BTG PACTUAL CHILE	Chile	UF		-		-		-		65,862		-		65,862		118		-		-		64,957		-		65,075	At Expiration		3.10		3.10

Obligations with the public
0-E	BANK OF NEW YORK	U.S.A.	US$		-		-		500,000		-		700,000		1,200,000		13,057		-		495,617		-		697,869		1,206,543	At Expiration		7.44		7.03
97.030.000-7	ESTADO	Chile	UF		-		-		-		172,591		172,591		345,182		1,586		-		-		172,420		172,530		346,536	At Expiration		5.50		5.50

Guaranteed obligations

0-E	CREDIT AGRICOLE	France	US$		658		1,986		5,384		2,052		-		10,080		715		1,986		5,384		2,052		-		10,137	Quarterly		3.23		3.23
0-E	BNP PARIBAS	U.S.A.	US$		10,553		43,430		114,247		117,556		225,912		511,698		13,334		44,191		110,977		115,747		224,093		508,342	Quarterly		4.55		4.55
0-E	WILMINGTON TRUST	U.S.A.	US$		20,689		65,846		178,818		237,334		450,071		952,758		26,365		65,846		173,617		235,058		447,686		948,572	Quarterly		4.47		4.47
0-E	CITIBANK	U.S.A.	US$		10,776		32,790		90,991		72,189		62,619		269,365		11,923		32,790		86,130		70,048		61,203		262,094	Quarterly		3.82		2.93
0-E	US BANK	U.S.A.	US$		15,506		47,050		129,462		135,489		84,177		411,684		17,433		47,050		114,729		129,547		82,137		390,896	Quarterly		4.00		2.82
0-E	NATIXIS	France	US$		10,247		31,350		88,688		77,693		116,546		324,524		11,250		31,350		86,883		76,760		115,285		321,528	Quarterly		4.69		4.69
0-E	PK AIRFINANCE	U.S.A.	US$		2,319		7,208		24,944		3,144		-		37,615		2,387		7,208		24,944		3,144		-		37,683	Monthly		4.15		4.14
0-E	INVESTEC	England	US$		1,454		8,472		21,667		22,421		-		54,014		1,879		8,661		21,154		22,309		-		54,003	Semiannual		7.17		7.17
-	SWAP Received Aircraft	-	US$		194		414		158		-		-		766		194		414		158		-		-		766	Quarterly		-		-
																					-
Other guaranteed obligations

0-E	CREDIT AGRICOLE	France	US$		-		-		253,692		-		-		253,692		2,646		-		252,207		-		-		254,853	At Expiration		4.11		4.11
0-E	DVB BANK SE	Germany	US$		23,417		70,626		191,207		117,084		19,731		422,065		23,871		70,626		188,231		116,185		19,686		418,599	Quarterly		4.42		4.42

Financial leases

0-E	ING	U.S.A.	US$		3,687		11,338		11,806		-		-		26,831		3,923		11,338		11,657		-		-		26,918	Quarterly		5.70		5.01
0-E	CREDIT AGRICOLE	France	US$		13,171		24,577		18,655		-		-		56,403		13,187		24,331		18,655		-		-		56,173	Quarterly		3.66		3.31
0-E	CITIBANK	U.S.A.	US$		13,209		40,365		77,587		40,997		-		172,158		13,998		40,365		75,830		40,801		-		170,994	Quarterly		4.40		3.80
0-E	PEFCO	U.S.A.	US$		5,486		13,094		3,827		-		-		22,407		5,641		13,094		3,743		-		-		22,478	Quarterly		5.64		5.02
0-E	BNP PARIBAS	U.S.A.	US$		7,926		29,494		22,147		-		-		59,567		8,320		29,493		21,891		-		-		59,704	Quarterly		3.90		3.58
0-E	WELLS FARGO	U.S.A.	US$		31,673		95,981		263,239		230,417		98,028		719,338		34,816		95,981		245,615		224,395		96,589		697,396	Quarterly		2.77		2.09
97.036.000-K	SANTANDER	Chile	US$		5,576		16,895		46,386		26,165		-		95,022		6,000		16,895		45,346		26,063		-		94,304	Quarterly		3.68		3.14
0-E	RRPF ENGINE	England	US$		552		2,531		7,142		7,752		5,035		23,012		552		2,531		7,142		7,752		5,035		23,012	Monthly		4.01		4.01
0-E	APPLE BANK	U.S.A.	US$		1,444		4,393		12,146		12,808		753		31,544		1,658		4,393		11,726		12,713		752		31,242	Quarterly		3.93		3.33
0-E	BTMU	U.S.A.	US$		2,933		8,916		24,635		25,937		768		63,189		3,199		8,916		23,798		25,751		767		62,431	Quarterly		4.06		3.46
0-E	NATIXIS	France	US$		10,056		7,951		5,154		-		-		23,161		10,135		7,952		5,154		-		-		23,241	Quarterly		4.28		4.12
0-E	KFW IPEX-BANK	Germany	US$		1,699		5,188		5,328		-		-		12,215		1,723		5,188		5,328		-		-		12,239	Quarterly		4.20		4.19
0-E	AIRBUS FINANCIAL	U.S.A.	US$		1,915		5,838		7,664		-		-		15,417		1,954		5,838		7,664		-		-		15,456	Monthly		4.19		4.19

Other loans

0-E	BOEING	U.S.A.	US$		-		-		55,727		-		-		55,727		-		1,229		55,727		-		-		56,956	At Expiration		4.01		4.01
0-E	CITIBANK (*)	U.S.A.	US$		23,167		72,018		101,026		-		-		196,211		23,583		72,018		100,301		-		-		195,902	Quarterly		6.00		6.00

	Total				496,768		804,921		2,380,633		1,367,491		1,936,231		6,986,044		535,318		807,586		2,318,361		1,345,702		1,923,632		6,930,599

(*) Securitized bond with the future flows from the sales with credit card in United States and Canada, through the company Guanay Finance Limited.

Interest-bearing loans due in installments to December 31, 2018

Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil.

				Nominal values												Accounting values
						More than		More than		More than								More than		More than		More than
				Up to		90 days		one to		three to		More than		Total		Up to		90 days		one to		three to		More than		Total
		Creditor		90		to one		three		five		five		nominal		90		to one		three		five		five		accounting			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		value		days		year		years		years		years		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%
Bank loans

0-E	NEDERLANDSCHE CREDIETVERZEKERING MAATSCHAPPIJ	Holland	US$		138		426		1,233		54		-		1,851		147		426		1,233		54		-		1,860	Monthly		6.01		6.01

Financial leases

0-E	NATIXIS	France	US$		3,043		6,490		44,525		41,731		-		95,789		3,656		6,490		44,525		41,731		-		96,402	Quarterly/Semiannual		6.87		6.87
0-E	WACAPOU LEASING S.A.	Luxemburg	US$		728		2,219		6,280		-		-		9,227		756		2,219		6,280		-		-		9,255	Quarterly		4.81		4.81
0-E	SOCIÉTÉ GÉNÉRALE MILAN BRANCH	Italy	US$		9,422		28,872		169,930		-		-		208,224		10,212		28,871		169,730		-		-		208,813	Quarterly		5.88		5.82
0-E	GA Telessis LLC	U.S.A	US$		299		908		2,496		2,623		6,876		13,202		568		908		3,823		2,623		6,876		14,798	Quarterly		15.62		15.62

	Total				13,630		38,915		224,464		44,408		6,876		328,293		15,339		38,914		225,591		44,408		6,876		331,128

	Total consolidated				510,398		843,836		2,605,097		1,411,899		1,943,107		7,314,337		550,657		846,500		2,543,952		1,390,110		1,930,508		7,261,727

(b)

Lease Liability:

The movement of the lease liabilities corresponding to the period reported is as follows:

							Lease
							Liability
	Aircraft			Others			total
	ThUS$			ThUS$			ThUS$

Opening balance as January 1, 2018 Restated		3,037,585			109,387			3,146,972

New contracts		283,620			36,191			319,811
Renegotiations		(240,047	)		1,397			(238,650	)
Payments		(526,071	)		(30,316	)		(556,387	)
Accrued interest		174,327			8,623			182,950
Exchange differences		-			(5,667	)		(5,667	)
Other variations		8,395			625			9,020

Changes		(299,776	)		10,853			(288,923	)

Closing balance as of december 31, 2018 Restated		2,737,809			120,240			2,858,049


Opening balance as January 1, 2019 Restated		2,737,809			120,240			2,858,049

New contracts		719,525			23,878			743,403
Renegotiations		(41,535	)		12,208			(29,327	)
Payments		(539,549	)		(37,391	)		(576,940	)
Accrued interest		165,981			11,968			177,949
Exchange differences		-			1,614			1,614
Cumulative translation adjustment		-			(467	)		(467	)
Other variations		-			(2,124	)		(2,124	)

Changes		304,422			9,686			314,108

Closing balance as of December 31, 2019 Restated		3,042,231			129,926			3,172,157

The company recognizes the interest payments related to the lease liabilities in the consolidated result under Financial expenses (See Note 27 (d)).

(c)

Hedge derivatives

	Current liabilities				Non-current liabilities				Total hedge 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,
	2019		2018		2019		2018		2019		2018
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Accrued interest from the last date of interest rate swap		1,723		2,321		-		340		1,723		2,661
Fair value of interest rate derivatives		302		335		22		-		324		335
Fair value of fuel derivatives		-		15,678		-		-		-		15,678
Fair value of foreign currency derivatives		48,347		7,587		-		-		48,347		7,587
Total hedge derivatives		50,372		25,921		22		340		50,394		26,261

(d)

Derivatives do not qualify for hedge accounting

	Current liabilities				Non-current liabilities				Total derivatives of no coverage
	As of		As of		As of		As of		As of		As of
	31 December of		31 December of		31 December of		31 December of		31 December of		31 December of
	2019		2018		2019		2018		2019		2018
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$

Derivative of foreign currency not registered as hedge		-		7,712		-		-		-		7,712
Total derived not qualify as hedge accounting		-		7,712		-		-		-		7,712

The foreign currency derivatives correspond to options, forwards and swaps.

Hedging operation

The fair values of net assets/ (liabilities), by type of derivative, of the contracts held as hedging instruments are presented below:

	As of			As of
	December 31,			December 31,
	2019			2018
	ThUS$			ThUS$

Cross currency swaps (CCS) (1)		(22,662	)		15,099
Interest rate swaps (2)		2,618			(2,194	)
Fuel options (3)		48,542			(15,811	)
Currency options R$/US$ (4)		(41	)		-

(1)

Covers the significant variations in cash flows associated with market risk implicit in the changes in the 3-month LIBOR interest rate and the exchange rate US$/UF of bank loans. These contracts are recorded as cash flow hedges and fair value.

(2)

Covers the significant variations in cash flows associated with market risk implicit in the increases in the 3 months LIBOR interest rates for long-term loans incurred in the acquisition of aircraft and bank loans. These contracts are recorded as cash flow hedges.

(3)

Covers significant variations in cash flows associated with market risk implicit in the changes in the price of future fuel purchases. These contracts are recorded as cash flow hedges.

(4)

They cover the exposure to foreign exchange risk of operating cash flows, mainly caused by the fluctuation of the CLP/US$, R$/US$, US$/EUR and US$/GBP exchange rate. These contracts are registered as cash flow hedge contracts.

During the periods presented, the Company only has cash flow and fair value hedges (in the case of CCS). In the case of fuel hedges, the cash flows subject to such hedges will occur and will impact results in the next 12 months from the date of the consolidated statement of financial position, while in the case of hedges of interest rates, these they will occur and will impact results throughout the life of the associated loans, up to their maturity. In the case of currency hedges through a CCS, there is a group of hedging relationships, in which two types of hedge accounting are generated, one of cash flow for the US $ / UF component; and another of fair value, for the floating rate component US $. The other group of hedging relationships only generates cash flow hedge accounting for the US $ / UF component.

All hedging operations have been performed for highly probable transactions.

Since none of the coverage resulted in the recognition of a non-financial asset, no portion of the result of the derivatives recognized in equity was transferred to the initial value of such assets.

The amounts recognized in comprehensive income during the period and transferred from net equity to income are as follows:

	For the year ended December 31,
	2019			2018			2017
	ThUS$			ThUS$			ThUS$

Debit (credit) recognized in comprehensive income during the period		66,856			(27,797	)		18,344
Debit (credit) transferred from net equity to income during the period		(30,074	)		39,915			(15,000	)