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GENERAL INFORMATION | 12 Months Ended
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Dec. 31, 2022
Disclosure Of General Information About Financial Statements Text Block Abstract |
GENERAL INFORMATION | NOTE 1 - GENERAL INFORMATION LATAM Airlines Group S.A. (“LATAM” or the “Company”) is an open stock company which holds the values inscribed in the Registro de Valores of 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. Latam’s ADR are currently 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 announced their emergence on November 3, 2022, from their reorganization proceedings 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”) 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 Presidente Riesco No. 5711, Las Condes commune. As of December 31, 2022, the Company’s statutory capital is represented by 606,407,693,000 ordinary shares without nominal value. Of such amount, as of said date, 605,231,854,725 shares were subscribed and paid. The foregoing, considering the capital increase approved by the shareholders of the company at an extraordinary meeting held on July 5, 2022, in the context of the implementation of its reorganization plan approved and confirmed in the Chapter 11 Proceedings. The major shareholders of the Company considering the total amount of subscribed and paid shares are Banco de Chile on behalf of State Street which owns 46,96%, Banco de Chile on behalf of Non-Resident Third Parties with 12.68%, Delta Air Lines with 10.03% and Qatar Airways with 10,02% ownership (9.999999992% considering the total amount of authorized shares). As of December 31, 2022, the Company had a total of 2,092 shareholders in its registry. At that date, approximately 0.01% of the Company’s capital stock was in the form of ADRs. During 2022, the LATAM Group had an average of 30,877 employees, ending this year with a total number of 32,507 people, distributed in 4,627 Administration employees, 16,803 in Operations, 7,423 Cabin Crew and 3,654 Command crew. The main subsidiaries included in these consolidated financial statements are as follows:
| a) | Percentage ownership
|  |  |  |  |  |  |  | As December 31, 2022 |  |  | As December 31, 2021 |  |  | As December 31, 2020 |
|  |  |  | Country |  | Functional |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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$ |  |  | 99.9959 |  |  |  | 0.0041 |  |  |  | 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 |  |  |  | 23.6200 |  |  |  | 76.1900 |  |  |  | 99.8100 |
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 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 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 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 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 |  |  |  | 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 |  |  |  | 99.8900 |  |  |  | 0.1100 |  |  |  | 100.0000 |
Foreign |  | Laser Cargo S.R.L. |  | Argentina |  | ARS |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 96.2208 |  |  |  | 3.7792 |  |  |  | 100.0000 |
Foreign |  | Lan Cargo Overseas Limited and Subsidiaries |  | Bahamas |  | US$ |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 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 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 99.0000 |  |  |  | 1.0000 |  |  |  | 100.0000 |
96.575.810-0 |  | Inversiones Lan S.A. |  | Chile |  | US$ |  |  | 99.9000 |  |  |  | 0.1000 |  |  |  | 100.0000 |  |  |  | 99.9000 |  |  |  | 0.1000 |  |  |  | 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$ |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 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 |  | Latam Travel S.A. |  | Argentina |  | ARS |  |  | 94.0100 |  |  |  | 5.9900 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |  |  |  | 0.0000 |  |  |  | 100.0000 |  |  |  | 100.0000 |
Foreign |  | TAM S.A. and Subsidiaries (*) |  | Brazil |  | BRL |  |  | 63.0901 |  |  |  | 36.9099 |  |  |  | 100.0000 |  |  |  | 63.0901 |  |  |  | 36.9099 |  |  |  | 100.0000 |  |  |  | 63.0901 |  |  |  | 36.9099 |  |  |  | 100.0000 |
(*) | As of December 31, 2022, 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 arises 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 period ended |
|  |  |  |  |  |  |  |  |  |  |  |  | December 31, |
|  |  |  | As of December 31, 2022 |  |  | As of December 31, 2021 |  |  | As of December 31, 2020 |  |  | 2022 |  |  | 2021 |  |  | 2020 |
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 (*) |  |  | 392,232 |  |  |  | 1,727,968 |  |  |  | (1,342,687 | ) |  |  | 432,271 |  |  |  | 1,648,715 |  |  |  | (1,236,243 | ) |  |  | 404,944 |  |  |  | 1,487,248 |  |  |  | (853,624 | ) |  |  | (120,717 | ) |  |  | (7,289 | ) |  |  | (290,980 | )
Foreign |  | Latam Airlines Perú S.A. |  |  | 335,773 |  |  |  | 281,178 |  |  |  | 54,595 |  |  |  | 484,388 |  |  |  | 417,067 |  |  |  | 67,321 |  |  |  | 661,721 |  |  |  | 510,672 |  |  |  | 8,691 |  |  |  | (12,726 | ) |  |  | (109,392 | ) |  |  | (175,485 | )
93.383.000-4 |  | Lan Cargo S.A. |  |  | 394,378 |  |  |  | 212,094 |  |  |  | 182,284 |  |  |  | 721,484 |  |  |  | 537,180 |  |  |  | 184,304 |  |  |  | 749,789 |  |  |  | 462,666 |  |  |  | 172,186 |  |  |  | (1,230 | ) |  |  | 1,590 |  |  |  | 10,936 |
Foreign |  | Connecta Corporation |  |  | 78,905 |  |  |  | 22,334 |  |  |  | 56,571 |  |  |  | 61,068 |  |  |  | 19,312 |  |  |  | 41,756 |  |  |  | 57,922 |  |  |  | 24,023 |  |  |  | 40,087 |  |  |  | 14,814 |  |  |  | 1,169 |  |  |  | 500 |
Foreign |  | Prime Airport Services Inc. and Subsidiary (*) |  |  | 25,118 |  |  |  | 24,325 |  |  |  | 813 |  |  |  | 24,654 |  |  |  | 25,680 |  |  |  | (1,026 | ) |  |  | 25,050 |  |  |  | 23,102 |  |  |  | (1,034 | ) |  |  | 1,838 |  |  |  | 190 |  |  |  | (181 | )
96.951.280-7 |  | Transporte Aéreo S.A. |  |  | 283,166 |  |  |  | 177,109 |  |  |  | 106,057 |  |  |  | 471,094 |  |  |  | 327,955 |  |  |  | 143,139 |  |  |  | 546,216 |  |  |  | 142,423 |  |  |  | 216,912 |  |  |  | (36,190 | ) |  |  | (56,135 | ) |  |  | (39,032 | )
96.631.520-2 |  | Fast Air Almacenes de Carga S.A. |  |  | 16,150 |  |  |  | 12,623 |  |  |  | 3,527 |  |  |  | 18,303 |  |  |  | 10,948 |  |  |  | 7,355 |  |  |  | 20,132 |  |  |  | 12,601 |  |  |  | 7,581 |  |  |  | 1,154 |  |  |  | 48 |  |  |  | 500 |
Foreign |  | Laser Cargo S.R.L. |  |  | (3 | ) |  |  | - |  |  |  | (3 | ) |  |  | (5 | ) |  |  | - |  |  |  | (5 | ) |  |  | (6 | ) |  |  | - |  |  |  | (10 | ) |  |  | - |  |  |  | - |  |  |  | - |
Foreign |  | Lan Cargo Overseas Limited and Subsidiaries (*) |  |  | 35,991 |  |  |  | 15,334 |  |  |  | 20,656 |  |  |  | 36,617 |  |  |  | 14,669 |  |  |  | 21,940 |  |  |  | 218,435 |  |  |  | 14,355 |  |  |  | 203,829 |  |  |  | (1,287 | ) |  |  | (806 | ) |  |  | (92,623 | )
96.969.690-8 |  | Lan Cargo Inversiones S.A. and Subsidiary (*) |  |  | 220,144 |  |  |  | 148,489 |  |  |  | 11,661 |  |  |  | 202,402 |  |  |  | 113,930 |  |  |  | 23,563 |  |  |  | 250,027 |  |  |  | 86,691 |  |  |  | 130,823 |  |  |  | (11,901 | ) |  |  | (54,961 | ) |  |  | 1,452 |
96.575.810-0 |  | Inversiones Lan S.A. (*) |  |  | 1,281 |  |  |  | 56 |  |  |  | 1,225 |  |  |  | 1,284 |  |  |  | 45 |  |  |  | 1,239 |  |  |  | 1,394 |  |  |  | 65 |  |  |  | 1,329 |  |  |  | (14 | ) |  |  | (90 | ) |  |  | 50 |
96.847.880-K |  | Technical Trainning LATAM S.A. |  |  | 1,417 |  |  |  | 1,110 |  |  |  | 307 |  |  |  | 2,004 |  |  |  | 467 |  |  |  | 1,537 |  |  |  | 2,181 |  |  |  | 625 |  |  |  | 1,556 |  |  |  | 77 |  |  |  | 181 |  |  |  | 60 |
Foreign |  | Latam Finance Limited |  |  | 3,011 |  |  |  | 211,517 |  |  |  | (208,506 | ) |  |  | 1,310,733 |  |  |  | 1,688,821 |  |  |  | (378,088 | ) |  |  | 1,310,735 |  |  |  | 1,584,311 |  |  |  | (273,576 | ) |  |  | 169,582 |  |  |  | (104,512 | ) |  |  | (105,100 | )
Foreign |  | Peuco Finance Limited |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,307,721 |  |  |  | 1,307,721 |  |  |  | - |  |  |  | 1,307,721 |  |  |  | 1,307,721 |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |
Foreign |  | Profesional Airline Services INC. |  |  | 56,895 |  |  |  | 53,786 |  |  |  | 3,109 |  |  |  | 61,659 |  |  |  | 58,808 |  |  |  | 2,851 |  |  |  | 17,345 |  |  |  | 14,772 |  |  |  | 2,573 |  |  |  | 258 |  |  |  | 278 |  |  |  | 1,014 |
Foreign |  | Jarletul S.A. |  |  | 16 |  |  |  | 1,109 |  |  |  | (1,093 | ) |  |  | 24 |  |  |  | 1,116 |  |  |  | (1,092 | ) |  |  | 34 |  |  |  | 1,076 |  |  |  | (1,042 | ) |  |  | (2 | ) |  |  | (50 | ) |  |  | (332 | )
Foreign |  | LatamTravel S.R.L. |  |  | 92 |  |  |  | 5 |  |  |  | 87 |  |  |  | 64 |  |  |  | 132 |  |  |  | (68 | ) |  |  | 1,061 |  |  |  | 1,106 |  |  |  | (45 | ) |  |  | 154 |  |  |  | (23 | ) |  |  | (33 | )
76.262.894-5 |  | Latam Travel Chile II S.A. |  |  | 368 |  |  |  | 1,234 |  |  |  | (866 | ) |  |  | 588 |  |  |  | 1,457 |  |  |  | (869 | ) |  |  | 943 |  |  |  | 1,841 |  |  |  | (898 | ) |  |  | 2 |  |  |  | 29 |  |  |  | 392 |
Foreign |  | Latam Travel S.A. |  |  | 7,303 |  |  |  | 2,715 |  |  |  | 4,588 |  |  |  | 3,778 |  |  |  | 6,135 |  |  |  | 2,357 |  |  |  | 3,977 |  |  |  | 6,018 |  |  |  | (2,041 | ) |  |  | (6,187 | ) |  |  | (2,804 | ) |  |  | (5,610 | )
Foreign |  | TAM S.A. and Subsidiaries (*) |  |  | 3,497,848 |  |  |  | 4,231,547 |  |  |  | (733,699 | ) |  |  | 2,608,859 |  |  |  | 3,257,148 |  |  |  | (648,289 | ) |  |  | 3,110,055 |  |  |  | 3,004,935 |  |  |  | 105,120 |  |  |  | (69,932 | ) |  |  | (756,633 | ) |  |  | (1,025,814 | )
(*) | The Equity reported corresponds to Equity attributable to owners of the parent, it does not include Non-controlling participation.
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, earmarked for aircraft financing. 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. Changes occurred in the consolidation perimeter between January 1, 2021 and December 31, 2022, are detailed below:
(1) | Incorporation or acquisition of companies
| - | On December 22, 2022, LATAM Airlines Group S.A. made the purchase of 1,390,468,967 preferred shares of Latam Travel S.A. Consequently, the shareholding composition of Latam Travel S.A. is as follows: Lan Pax Group S.A. with 5.69%, Inversora Cordillera S.A. with 0.30% and LATAM Airlines Group S.A. with 94.01%. These transactions were between LATAM Airlines Group entities and therefore did not generate any effects within the consolidated financial statements.
| - | On January 21, 2021, Transporte Aéreos del Mercosur S.A. puchased 2,392,166 preferred shares of Inversora Cordillera S.A. from a non-controlling shareholder. 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. from a non-controlling shareholder. 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%.

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