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GENERAL INFORMATION | 12 Months Ended
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Dec. 31, 2021
Disclosure of general information about financial statements [text block] [Abstract] |
GENERAL INFORMATION | NOTE 1 - GENERAL INFORMATION LATAM Airlines Group S.A. (the “Company”) is an open stock company registered with the Commission for the Financial Market under No. 306, whose shares are listed in Chile on the Electronic Stock Exchange of Chile - Stock Exchange and the Santiago Stock Exchange. After Chapter 11 filing, the ADR program is no longer trading on NYSE. Since then Latam’s ADR are trading in the United States of America on the OTC (Over-The-Counter) markets. LATAM Airlines Group S.A. and certain of its direct and indirect affiliates are currently subject to a reorganization process in the United States of America under Chapter 11 of Title 11 of the United States Code at the United States Bankruptcy Court for the Southern District of New York (the “Chapter 11 Proceedings” or “Chapter 11”). Its main business is the air transport of passengers and cargo, both in the domestic markets of Chile, Peru, Colombia, Ecuador and Brazil, as well as in a series of regional and international routes in America, Europe and Oceania. These businesses are developed directly or by its subsidiaries in Ecuador, Peru, Brazil, Colombia, Argentine and Paraguay. In addition, the Company has subsidiaries that operate in the cargo business in Chile, Brazil and Colombia. The Company is located in Chile, in the city of Santiago, on Avenida Américo Vespucio Sur No. 901, Renca commune. As of December 31, 2021, the Company’s statutory capital is represented by 606,407,693 ordinary shares without nominal value. All shares are subscribed and paid considering the capital reduction that occurred in full, after the legal period of three years to subscribe the balance of 466,382 outstanding shares, of the last capital increase approved in August of the year 2016. The major shareholders of the Company are Delta Air Lines who owns 20% of the shares and the Cueto Group, which through the companies Costa Verde Aeronáutica S.A., Costa Verde Aeronáutica SpA, and Inv. Costa Verde Ltda y Cia at CPA., owns 16.39% of the shares issued by the Company. As of December 31, 2021, the Company had a total of 4,828 shareholders in its registry. At that date, approximately 13.07% of the Company’s property was in the form of ADRs. For the year ended December 31, 2021, the Company had an average of 28,600 employees, ending this year with a total number of 29,114 people, distributed in 4,372 Administration employees, 14,784 in Operations, 6,708 Cabin Crew and 3,250 Command crew. The main subsidiaries included in these consolidated financial statements are as follows:
| a) | Percentage ownership
|  |  |  | Country |  | Functional |  | As December 31, 2021 |  |  | As December 31, 2020 |  |  | As December 31, 2019 |
Tax No. |  | Company |  | of origin |  | Currency |  | Direct |  |  | Indirect |  |  | Total |  |  | Direct |  |  | Indirect |  |  | Total |  |  | Direct |  |  | Indirect |  |  | Total |
|  |  |  |  |  |  |  |  | % |  |  |  | % |  |  |  | % |  |  |  | % |  |  |  | % |  |  |  | % |  |  |  | % |  |  |  | % |  |  |  | % |
96.969.680-0 |  | Lan Pax Group S.A. and Subsidiaries |  | Chile |  | US$ |  |  | 99.8361 |  |  |  | 0.1639 |  |  |  | 100.0000 |  |  |  | 99.8361 |  |  |  | 0.1639 |  |  |  | 100.0000 |  |  |  | 99.8361 |  |  |  | 0.1639 |  |  |  | 100.0000 |
Foreign |  | Latam Airlines Perú S.A. |  | Peru |  | US$ |  |  | 23.6200 |  |  |  | 76.1900 |  |  |  | 99.8100 |  |  |  | 23.6200 |  |  |  | 76.1900 |  |  |  | 99.8100 |  |  |  | 49.0000 |  |  |  | 21.0000 |  |  |  | 70.0000 |
93.383.000-4 |  | Lan Cargo S.A. |  | Chile |  | US$ |  |  | 99.8940 |  |  |  | 0.0041 |  |  |  | 99.8981 |  |  |  | 99.8940 |  |  |  | 0.0041 |  |  |  | 99.8981 |  |  |  | 99.8940 |  |  |  | 0.0041 |  |  |  | 99.8981 |
Foreign |  | Connecta Corporation |  | U.S.A. |  | US$ |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |
Foreign |  | Prime Airport Services Inc. and Subsidiary |  | U.S.A. |  | US$ |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 99.9714 |  |  |  | 0.0286 |  |  |  | 100.0000 |  |  |  | 99.9714 |  |  |  | 0.0286 |  |  |  | 100.0000 |
96.951.280-7 |  | Transporte Aéreo S.A. |  | Chile |  | US$ |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 99.9999 |  |  |  | 0.0001 |  |  |  | 100.0000 |
96.631.520-2 |  | Fast Air Almacenes de Carga S.A. |  | Chile |  | CLP |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 99.8900 |  |  |  | 0.1100 |  |  |  | 100.0000 |  |  |  | 99.8900 |  |  |  | 0.1100 |  |  |  | 100.0000 |
Foreign |  | Laser Cargo S.R.L. |  | Argentina |  | ARS |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 96.2208 |  |  |  | 3.7792 |  |  |  | 100.0000 |  |  |  | 96.2208 |  |  |  | 3.7792 |  |  |  | 100.0000 |
Foreign |  | Lan Cargo Overseas Limited and Subsidiaries |  | Bahamas |  | US$ |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 99.9800 |  |  |  | 0.0200 |  |  |  | 100.0000 |  |  |  | 99.9800 |  |  |  | 0.0200 |  |  |  | 100.0000 |
96.969.690-8 |  | Lan Cargo Inversiones S.A. and Subsidiary |  | Chile |  | US$ |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 99.0000 |  |  |  | 1.0000 |  |  |  | 100.0000 |  |  |  | 99.0000 |  |  |  | 1.0000 |  |  |  | 100.0000 |
96.575.810-0 |  | Inversiones Lan S.A. and Subsidiaries |  | Chile |  | US$ |  |  | 99.9000 |  |  |  | 0.1000 |  |  |  | 100.0000 |  |  |  | 99.7100 |  |  |  | 0.2900 |  |  |  | 100.0000 |  |  |  | 99.7100 |  |  |  | 0.2900 |  |  |  | 100.0000 |
96.847.880-K |  | Technical Trainning LATAM S.A. |  | Chile |  | CLP |  |  | 99.8300 |  |  |  | 0.1700 |  |  |  | 100.0000 |  |  |  | 99.8300 |  |  |  | 0.1700 |  |  |  | 100.0000 |  |  |  | 99.8300 |  |  |  | 0.1700 |  |  |  | 100.0000 |
Foreign |  | Latam Finance Limited |  | Cayman Island |  | US$ |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |
Foreign |  | Peuco Finance Limited |  | Cayman Island |  | US$ |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |
Foreign |  | Profesional Airline Services INC. |  | U.S.A. |  | US$ |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |
Foreign |  | Jarletul S.A. |  | Uruguay |  | US$ |  |  | 99.0000 |  |  |  | 1.0000 |  |  |  | 100.0000 |  |  |  | 99.0000 |  |  |  | 1.0000 |  |  |  | 100.0000 |  |  |  | 99.0000 |  |  |  | 1.0000 |  |  |  | 100.0000 |
Foreign |  | LatamTravel S.R.L. |  | Bolivia |  | US$ |  |  | 99.0000 |  |  |  | 1.0000 |  |  |  | 100.0000 |  |  |  | 99.0000 |  |  |  | 1.0000 |  |  |  | 100.0000 |  |  |  | 99.0000 |  |  |  | 1.0000 |  |  |  | 100.0000 |
76.262.894-5 |  | Latam Travel Chile II S.A. |  | Chile |  | US$ |  |  | 99.9900 |  |  |  | 0.0100 |  |  |  | 100.0000 |  |  |  | 99.9900 |  |  |  | 0.0100 |  |  |  | 100.0000 |  |  |  | 99.9900 |  |  |  | 0.0100 |  |  |  | 100.0000 |
Foreign |  | TAM S.A. and Subsidiaries (*) |  | Brazil |  | BRL |  |  | 63.0901 |  |  |  | 36.9099 |  |  |  | 100.0000 |  |  |  | 63.0901 |  |  |  | 36.9099 |  |  |  | 100.0000 |  |  |  | 63.0901 |  |  |  | 36.9099 |  |  |  | 100.0000 |
(*) | As of December 31, 2021, the indirect participation percentage on TAM S.A. and Subsidiaries is from Holdco I S.A., a company over which LATAM Airlines Group S.A. it has a 99.9983% share on economic rights and 51.04% of political rights. Its percentage arise as a result of the provisional measure No. 863 of the Brazilian government implemented in December 2018 that allows foreign capital to have up to 100% of the property.
| b) | Financial Information
|  |  |  | Statement of financial position |  |  | Net Income |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | For the year ended |
|  |  |  | As of December 31, |  |  | As of December 31, |  |  | As of December 31, |  |  | December 31, |
|  |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Tax No. |  | Company |  | Assets |  |  | Liabilities |  |  | Equity |  |  | Assets |  |  | Liabilities |  |  | Equity |  |  | Assets |  |  | Liabilities |  |  | Equity |  |  | Gain /(loss) |
|  |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |  |  | ThUS$ |
96.969.680-0 |  | Lan Pax Group S.A. and Subsidiaries (*) |  |  | 432,271 |  |  |  | 1,648,715 |  |  |  | (1,236,243 | ) |  |  | 404,944 |  |  |  | 1,624,944 |  |  |  | (1,219,539 | ) |  |  | 632,673 |  |  |  | 1,487,248 |  |  |  | (853,624 | ) |  |  | (7,289 | ) |  |  | (290,980 | ) |  |  | (26,551 | )
Foreign |  | Latam Airlines Perú S.A. |  |  | 484,388 |  |  |  | 417,067 |  |  |  | 67,321 |  |  |  | 661,721 |  |  |  | 486,098 |  |  |  | 175,623 |  |  |  | 519,363 |  |  |  | 510,672 |  |  |  | 8,691 |  |  |  | (109,392 | ) |  |  | (175,485 | ) |  |  | (3,550 | )
93.383.000-4 |  | Lan Cargo S.A. |  |  | 721,484 |  |  |  | 537,180 |  |  |  | 184,304 |  |  |  | 749,789 |  |  |  | 567,128 |  |  |  | 182,661 |  |  |  | 634,852 |  |  |  | 462,666 |  |  |  | 172,186 |  |  |  | 1,590 |  |  |  | 10,936 |  |  |  | (4,157 | )
Foreign |  | Connecta Corporation |  |  | 61,068 |  |  |  | 19,312 |  |  |  | 41,756 |  |  |  | 57,922 |  |  |  | 17,335 |  |  |  | 40,587 |  |  |  | 64,110 |  |  |  | 24,023 |  |  |  | 40,087 |  |  |  | 1,169 |  |  |  | 500 |  |  |  | 1,677 |
Foreign |  | Prime Airport Services Inc. and Subsidiary (*) |  |  | 24,654 |  |  |  | 25,680 |  |  |  | (1,026 | ) |  |  | 25,050 |  |  |  | 26,265 |  |  |  | (1,215 | ) |  |  | 22,068 |  |  |  | 23,102 |  |  |  | (1,034 | ) |  |  | 190 |  |  |  | (181 | ) |  |  | 802 |
96.951.280-7 |  | Transporte Aéreo S.A. |  |  | 471,094 |  |  |  | 327,955 |  |  |  | 143,139 |  |  |  | 546,216 |  |  |  | 347,714 |  |  |  | 198,502 |  |  |  | 359,335 |  |  |  | 142,423 |  |  |  | 216,912 |  |  |  | (56,135 | ) |  |  | (39,032 | ) |  |  | 14,610 |
96.631.520-2 |  | Fast Air Almacenes de Carga S.A. |  |  | 18,303 |  |  |  | 10,948 |  |  |  | 7,355 |  |  |  | 20,132 |  |  |  | 11,576 |  |  |  | 8,556 |  |  |  | 20,182 |  |  |  | 12,601 |  |  |  | 7,581 |  |  |  | 48 |  |  |  | 500 |  |  |  | 796 |
Foreign |  | Laser Cargo S.R.L. |  |  | (5 | ) |  |  | - |  |  |  | (5 | ) |  |  | (6 | ) |  |  | - |  |  |  | (6 | ) |  |  | (10 | ) |  |  | - |  |  |  | (10 | ) |  |  | - |  |  |  | - |  |  |  | - |
Foreign |  | Lan Cargo Overseas Limited and Subsidiaries (*) |  |  | 36,617 |  |  |  | 14,669 |  |  |  | 21,940 |  |  |  | 218,435 |  |  |  | 14,355 |  |  |  | 203,829 |  |  |  | 48,929 |  |  |  | 15,228 |  |  |  | 33,450 |  |  |  | (806 | ) |  |  | (92,623 | ) |  |  | (6,579 | )
96.969.690-8 |  | Lan Cargo Inversiones S.A. and Subsidiary (*) |  |  | 202,402 |  |  |  | 113,930 |  |  |  | 23,563 |  |  |  | 250,027 |  |  |  | 86,691 |  |  |  | 130,823 |  |  |  | 65,422 |  |  |  | 78,890 |  |  |  | (12,111 | ) |  |  | (54,961 | ) |  |  | 1,452 |  |  |  | (2,497 | )
96.575.810-0 |  | Inversiones Lan S.A. and Subsidiaries (*) |  |  | 1,284 |  |  |  | 45 |  |  |  | 1,239 |  |  |  | 1,394 |  |  |  | 65 |  |  |  | 1,329 |  |  |  | 1,329 |  |  |  | 50 |  |  |  | 1,279 |  |  |  | (90 | ) |  |  | 50 |  |  |  | (54 | )
96.847.880-K |  | Technical Trainning LATAM S.A. |  |  | 2,004 |  |  |  | 467 |  |  |  | 1,537 |  |  |  | 2,181 |  |  |  | 625 |  |  |  | 1,556 |  |  |  | 2,378 |  |  |  | 1,075 |  |  |  | 1,303 |  |  |  | 181 |  |  |  | 60 |  |  |  | (282 | )
Foreign |  | Latam Finance Limited |  |  | 1,310,733 |  |  |  | 1,688,821 |  |  |  | (378,088 | ) |  |  | 1,310,735 |  |  |  | 1,584,311 |  |  |  | (273,576 | ) |  |  | 1,362,762 |  |  |  | 1,531,238 |  |  |  | (168,476 | ) |  |  | (104,512 | ) |  |  | (105,100 | ) |  |  | (90,736 | )
Foreign |  | Peuco Finance Limited |  |  | 1,307,721 |  |  |  | 1,307,721 |  |  |  | - |  |  |  | 1,307,721 |  |  |  | 1,307,721 |  |  |  | - |  |  |  | 664,458 |  |  |  | 664,458 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Foreign |  | Profesional Airline Services INC. |  |  | 61,659 |  |  |  | 58,808 |  |  |  | 2,851 |  |  |  | 17,345 |  |  |  | 14,772 |  |  |  | 2,573 |  |  |  | 3,509 |  |  |  | 1,950 |  |  |  | 1,559 |  |  |  | 278 |  |  |  | 1,014 |  |  |  | 1,096 |
Foreign |  | Jarletul S.A. |  |  | 24 |  |  |  | 1,116 |  |  |  | (1,092 | ) |  |  | 34 |  |  |  | 1,076 |  |  |  | (1,042 | ) |  |  | 150 |  |  |  | 860 |  |  |  | (710 | ) |  |  | (50 | ) |  |  | (332 | ) |  |  | (603 | )
Foreign |  | LatamTravel S.R.L. |  |  | 64 |  |  |  | 132 |  |  |  | (68 | ) |  |  | 1,061 |  |  |  | 1,106 |  |  |  | (45 | ) |  |  | 161 |  |  |  | 138 |  |  |  | 23 |  |  |  | (23 | ) |  |  | (33 | ) |  |  | (8 | )
76.262.894-5 |  | Latam Travel Chile II S.A. |  |  | 588 |  |  |  | 1,457 |  |  |  | (869 | ) |  |  | 943 |  |  |  | 1,841 |  |  |  | (898 | ) |  |  | 672 |  |  |  | 1,354 |  |  |  | (682 | ) |  |  | 29 |  |  |  | 392 |  |  |  | - |
Foreign |  | TAM S.A. and Subsidiaries (*) |  |  | 2,608,859 |  |  |  | 3,257,148 |  |  |  | (648,289 | ) |  |  | 3,110,055 |  |  |  | 3,004,935 |  |  |  | 105,120 |  |  |  | 5,090,180 |  |  |  | 3,550,875 |  |  |  | 1,539,305 |  |  |  | (756,633 | ) |  |  | (1,025,814 | ) |  |  | 186,140 |
| (*) | The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling interest.
In addition, special purpose entities have been consolidated: 1. Chercán Leasing Limited, intended to finance advance payments of aircraft; 2. Guanay Finance Limited, intended for the issue of a securitized bond with future credit card payments; 3. Private investment funds; 4. Vari Leasing Limited, Yamasa Sangyo Aircraft LA1 Kumiai, Yamasa Sangyo Aircraft LA2 Kumiai, LS-Aviation No.17 Co. Limited, LS-Aviation No.18 Co. Limited, LS-Aviation No.19 C.O. Limited, LS-Aviation No.20 C.O. Limited, LS-Aviation No.21 C.O. Limited, LS-Aviation No.22 C.O. Limited, LS-Aviation No.23 Co. Limited, and LS-Aviation No.24 Co. Limited, requirements for financing aircraft. These companies have been consolidated as required by IFRS 10. All entities over which Latam has control have been included in the consolidation. The Company has analyzed the control criteria in accordance with the requirements of IFRS 10. For those subsidiaries that filed for bankruptcy under Chapter 11 (See note 2 to the consolidated financial statements), although in this reorganization process in certain cases decisions are subject to authorization by the Court, considering that the Company and various subsidiaries filed for bankruptcy before the same Court, and before the same judge, the Court generally views the consolidated entity as a single group and management considers that the Company continues to maintain control over its subsidiaries and therefore have considered appropriate to continue to consolidate these subsidiaries. Changes occurred in the consolidation perimeter between January 1, 2020 and December 31, 2021, are detailed below: (1) Incorporation or acquisition of companies
| - | On January 21, 2021, Transporte Aéreos del Mercosur S.A. puchased 2,392,166 preferred shares of Inversora Cordillera S.A. consequently, the shareholding composition of Inversora Cordillera S.A. is as follows: Lan Pax Group S.A. with 90.5% and Transporte Aéreos del Mercosur S.A. with 9.5%.
| - | On January 21, 2021, Transporte Aéreos del Mercosur S.A. purchased 53,376 preferred shares of Lan Argentina S.A. consequently, the shareholding composition of Lan Argentina S.A. is as follows: Inversora Cordillera S.A. with 95%, Lan Pax Group S.A. with 4% and Transporte Aéreos del Mercosur S.A. with 1%.
| - | On December 22, 2020, Línea Aérea Carguera de Colombia S.A. carries out a capital increase for 1,861,785 shares, consequently, its shareholding composition is as follows: LATAM Airlines Group S.A. with 4.57%, Fast Air S.A. with 1.53%, Inversiones Lan S.A. with 1.53%, Lan Pax Group S.A. with 1.53% and Lan Cargo Inversiones S.A. 81.31%.
| - | On December 22, 2020, Inversiones Aéreas S.A. carries out a capital increase for 9,504,335 shares, consequently its shareholding composition as follows: LATAM Airlines Group S.A. with 33.41%, Línea Aérea Carguera de Colombia S.A. with 66.43% and Mas Investment Limited with 0.16%.
| - | On December 22, 2020, Latam Airlines Perú S.A. carries out a capital increase for 12,312,020 shares, consequently its shareholding composition as follows: LATAM Airlines Group S.A. with 23.62% and Inversiones Aéreas S.A. with 76.19%.
| - | On December 16, 2020, Lan Pax Group S.A. carries out capital increase for 23,678 shares. However, the shareholding composition has not changed.
| - | On December 18, 2020, Latam Ecuador S.A. carries out a capital increase for 30,000,000 shares. However, the shareholding composition is not modified.
| - | On March 23, 2020, Transporte Aéreo S.A. carries out a capital increase for 109,662 shares which were acquired by Mas Investment Limited, consequently, the shareholding of Transporte Aéreo S.A. is as follows: Lan Cargo S.A. with 87.12567%, Inversiones Lan S.A. with 0.00012% and Mas Investment Limited with 12.87421%.

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