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STATEMENT OF CASH FLOWS | 12 Months Ended
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Dec. 31, 2023
Supplemental Cash Flow Statement Information [Abstract] |
STATEMENT OF CASH FLOWS | STATEMENT OF CASH FLOWS (a)The Company has carried out the following transactions with non-monetary impact: a.1.) Proceeds from the issuance of shares as of December 31, 2022:
Detail |  | ThUS$
Issuance of shares |  | 800,000 |
Issuance costs |  | (80,000) |
DIP Junior offset |  | (170,962) |
Total cash flow |  | 549,038 |
From the total capital increase for ThUS$800,000, ThUS$549,038 were cash Inflows presented in Financing Activities. ThUS$170,962 were offset against a portion of the Junior DIP maintained with the shareholder Inversiones Costa Verde Ltda. y CPA Additionally, there were ThUS$80,000 deducted related to equity issuance cost, that are presented within Other sundry reserves of equity. a.2.) Amount from the issuance of other equity instruments as of December 31, 2022:
Detail |  | Convertible Notes H |  | Convertible Notes I |  | Total
|  | ThUS$ |  | ThUS$ |  | ThUS$
Fair Value (see note 24) |  | 1,372,837 |  |  | 4,097,788 |  |  | 5,470,625 |
Use for settlement of claim |  | — |  |  | (828,581) |  |  | (828,581) |
Issuance costs |  | (24,812) |  |  | (705,467) |  |  | (730,279) |
DIP Junior offset |  | (327,957) |  |  | (381,018) |  |  | (708,975) |
Cash inflow |  | 1,020,068 |  |  | 2,182,722 |  |  | 3,202,790 |
The payment of DIP Junior offset is related to payment of the Junior Dip through the issues of the Convertible Notes subscribed for the shareholders Delta Air Lines, Inc and QA Investment Ltd. for ThUS$327,957 and of the other creditor for Th$381,018. a.3.) As a result of the exit from Chapter 11, in relation to trade accounts payable and other accounts payable, the conversion into shares for Notes G and I was carried out, for a total of ThUS$3,610,470 and a decrease in said item with effect in result which is included in Earning (Loss) from restructuring activities for ThUS$2,550,306 (see note 26d) and with effect in results in financial income for ThUS$$420,436 (see note 26e). a.4.) As a result of the exit from Chapter 11, the Other financial liabilities item decreased its balance by ThUS$2,673,256, which is detailed in letter, d). The break down of this decrease corresponds mainly to ThUS$491,326 (see note 26e), Th$US$354,249 (decrease with effect in Property, plant and equipment, mainly related to the effect of rate change), ThUS$381,018 related to the compensation of the debt with the effect of increasing Capital, ThUS$1,443,066 associated with the conversion of debt into shares and other minor effects of Th$US$3,596. a.5.) The Company has also carried out non-monetary transactions related to Right of use assets, Lease liabilities and Financial leases. (b)Other inflows (outflows) of cash:
| For the year ended At December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Restricted Advances | 20,572 |  |  | (26,918) |  |  | — |
Bank commissions, taxes paid and other | (2,173) |  |  | (5,441) |  |  | (21,287) |
Taxes on financial transactions | (6,803) |  |  | (2,134) |  |  | (2,530) |
Guarantees | 4,406 |  |  | (47,384) |  |  | (39,728) |
Payment for hedging instruments | 30,413 |  |  | 35,857 |  |  | 14,269 |
Court deposits | (16,349) |  |  | (20,661) |  |  | (16,323) |
Derivative margin guarantees | (2,559) |  |  | (40,207) |  |  | (4,900) |
Payment for derivatives premiums | (47,853) |  |  | (23,372) |  |  | (17,077) |
Total Other inflows (outflows) Operation activities | (20,346) |  |  | (130,260) |  |  | (87,576) |
Tax paid on bank transactions | — |  |  | — |  |  | (425) |
Guarantee deposit received from the sale of aircraft | 48,258 |  |  | 6,300 |  |  | 18,900 |
Insurance recovery | 11,000 |  |  | — |  |  | — |
Total Other inflows (outflows) Investment activities | 59,258 |  |  | 6,300 |  |  | 18,475 |
Interest rate derivatives | 15,934 |  |  | — |  |  | — |
Funds delivered as restricted advances | — |  |  | (313,090) |  |  | — |
Payments of claims associated with the debt | — |  |  | (21,924) |  |  | — |
Debt Issuance Cost - Stamp Tax | — |  |  | (33,259) |  |  | — |
Taxes on financial transactions | (4,529) |  |  | — |  |  | — |
Debt-related legal advice | — |  |  | (87,993) |  |  | (11,034) |
RCF guarantee placement | — |  |  | (7,500) |  |  | — |
Total Other inflows (outflows) Financing activities | 11,405 |  |  | (463,766) |  |  | (11,034) |
(c)Dividends: As of December 31, 2023 and 2022, there were no disbursements associated with this concept. (d)Reconciliation of liabilities arising from financing activities:
|  |  | Cash flows |  |  |  | Non cash-Flow Movements |  |
| As of December 31, 2022 |  | Obtainment |  | Payment |  |  |  | Interest accrued and others |  | Reclassifications (***) |  | As of December 31, 2023
|  | Capital (*) |  | Capital (**) |  | Interests |  |  |  |  |  |
| ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  |  |  |  |  | ThUS$ |  | ThUS$ |  | ThUS$
Obligations with financial institutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank loans | 1,385,995 |  |  | — |  |  | (81,952) |  |  | (153,791) |  |  |  |  |  |  | 189,272 |  |  | (310,090) |  |  | 1,029,434 |
Guaranteed obligations | 325,061 |  |  | — |  |  | (19,726) |  |  | (20,309) |  |  |  |  |  |  | 20,686 |  |  | (1,790) |  |  | 303,922 |
Other guaranteed obligations | 474,304 |  |  | — |  |  | (56,519) |  |  | (42,283) |  |  |  |  |  |  | 43,037 |  |  | 11,811 |  |  | 430,350 |
Obligation with the public | 1,289,799 |  |  | — |  |  | — |  |  | (155,655) |  |  |  |  |  |  | 168,694 |  |  | — |  |  | 1,302,838 |
Financial leases | 1,088,239 |  |  | — |  |  | (183,374) |  |  | (48,272) |  |  |  |  |  |  | 58,076 |  |  | (13,123) |  |  | 901,546 |
Other loans | 2,028 |  |  | — |  |  | (434) |  |  | — |  |  |  |  |  |  | (70) |  |  | (1,420) |  |  | 104 |
Lease liability | 2,216,454 |  |  | — |  |  | (225,358) |  |  | (173,924) |  |  |  |  |  |  | 1,150,822 |  |  | — |  |  | 2,967,994 |
Total Obligations with financial institutions | 6,781,880 |  |  | — |  |  | (567,363) |  |  | (594,234) |  |  |  |  |  |  | 1,630,517 |  |  | (314,612) |  |  | 6,936,188 |
|  |  | Cash flows |  | Non cash-Flow Movements |  |
| As of December 31, 2021 |  | Obtainment |  | Payment |  | Extinguishment of debt under Chapter 11 |  | Interest accrued and others |  | Reclassifications |  | As of December 31, 2022
|  | Capital (*) |  | Capital (**) |  | Interests |  | Legal advices related to debt |  |  |
| ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Obligations with financial institutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans to exporters | 159,161 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (161,975) |  |  | 2,814 |  |  | — |  |  | — |
Bank loans | 521,838 |  |  | 982,425 |  |  | (36,466) |  |  | (10,420) |  |  | — |  |  | (196,619) |  |  | 128,077 |  |  | (2,840) |  |  | 1,385,995 |
Guaranteed obligations | 510,535 |  |  | — |  |  | (18,136) |  |  | (13,253) |  |  | (25) |  |  | — |  |  | 13,882 |  |  | (167,942) |  |  | 325,061 |
Other guaranteed obligations | 2,725,422 |  |  | 3,658,690 |  |  | (5,408,540) |  |  | (391,639) |  |  | (91,247) |  |  | (381,018) |  |  | 339,475 |  |  | 23,161 |  |  | 474,304 |
Obligation with the public | 2,253,198 |  |  | 1,109,750 |  |  | (1,501,739) |  |  | (17,499) |  |  | — |  |  | (843,950) |  |  | 148,703 |  |  | 141,336 |  |  | 1,289,799 |
Financial leases | 1,189,182 |  |  | — |  |  | (270,734) |  |  | (34,201) |  |  | — |  |  | (37,630) |  |  | 37,211 |  |  | 204,411 |  |  | 1,088,239 |
Other loans | 76,508 |  |  | 1,467,035 |  |  | (1,523,798) |  |  | (5,628) |  |  | 3,281 |  |  | (56,176) |  |  | 40,806 |  |  | — |  |  | 2,028 |
Lease liability | 2,960,638 |  |  | — |  |  | (131,917) |  |  | (49,076) |  |  | (2) |  |  | (995,888) |  |  | 492,592 |  |  | (59,893) |  |  | 2,216,454 |
Total Obligations with financial institutions | 10,396,482 |  |  | 7,217,900 |  |  | (8,891,330) |  |  | (521,716) |  |  | (87,993) |  |  | (2,673,256) |  |  | 1,203,560 |  |  | 138,233 |  |  | 6,781,880 |
|  |  | Cash flows |  | Non cash-Flow Movements |  |
| As of December 31, 2020 |  | Obtainment |  | Payment |  | Interest accrued and others (****) |  | Reclassifications |  | As of December 31, 2021
|  | Capital |  | Capital (**) |  | Interests |  | Transaction cost |  |  |
| ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Obligations with financial institutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans to exporters | 151,701 |  |  | — |  |  | — |  |  |  |  | — |  |  | 7,460 |  |  | — |  |  | 159,161 |
Bank loans | 525,273 |  |  | — |  |  | — |  |  | (546) |  |  | — |  |  | (2,889) |  |  | — |  |  | 521,838 |
Guaranteed obligations | 1,318,856 |  |  | — |  |  | (14,605) |  |  | (17,405) |  |  | — |  |  | (513,276) |  |  | (263,035) |  |  | 510,535 |
Other guaranteed obligations | 1,939,116 |  |  | 661,609 |  |  | (26,991) |  |  | (28,510) |  |  | — |  |  | 135,405 |  |  | 44,793 |  |  | 2,725,422 |
Obligation with the public | 2,183,407 |  |  | — |  |  | — |  |  |  |  | — |  |  | 69,791 |  |  | — |  |  | 2,253,198 |
Financial leases | 1,614,501 |  |  | — |  |  | (421,452) |  |  | (40,392) |  |  | — |  |  | (181,717) |  |  | 218,242 |  |  | 1,189,182 |
Other loans | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 76,508 |  |  | — |  |  | 76,508 |
Lease liability | 3,121,006 |  |  | — |  |  | (103,366) |  |  | (17,768) |  |  | — |  |  | (39,234) |  |  | — |  |  | 2,960,638 |
Total Obligations with financial institutions | 10,853,860 |  |  | 661,609 |  |  | (566,414) |  |  | (104,621) |  |  | — |  |  | (447,952) |  |  | — |  |  | 10,396,482 |
(*) During the year 2023, the Company did not obtain financing. During the year 2022, The Company obtained ThUS$2,361,875 amounts from long-term loans and ThUS$4,856,025 (ThUS$$661,609 in 2021) amounts from short-term loans, totaling ThUS$7,217,900. (**) As of December 31, 2023, loan repayments ThUS$342,005 and repayments of lease liabilities ThUS$225,358, disclosed in flows from financing activities, as of December 31, 2022, loan repayments ThUS$8,759,413 and liability payments for leases ThUS$131,917 disclosed in flows from financing activities and as of December 31, 2021, loan repayments ThUS$463,048 and liability payments for leases ThUS$103,366 disclosed in flows from financing activities. (***) As a result of the exit from Chapter 11, Bank Loans decreased mainly by ThUS$297,161, related to the cancellation of the claim of TAM Linhas Aéreas S.A., which was pending resolution upon exit from the Chapter 11 process and which was compensated during 2023 with a fund delivered to an agent as restricted advances made in November 2022. (****) As of December 31, 2021, Accrued interest and others, includes ThUS$458,642, associated with the rejection of fleet contracts. Below are the details obtained (payments) of flows related to financing:
|  | For the years ended December 31
|  | 2023 |  | 2022
|  | Capital raising |  | Payments |  | Capital raising |  | Payments
Flow of |  |  | Capital |  | Interest |  |  | Capital |  | Interest
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Aircraft financing |  | — |  |  | (251,388) |  |  | (76,497) |  |  | — |  |  | (331,292) |  |  | (52,088) |
Lease liability |  | — |  |  | (225,358) |  |  | (173,924) |  |  | — |  |  | (131,917) |  |  | (49,076) |
Non-aircraft financing |  | — |  |  | (90,617) |  |  | (343,813) |  |  | 7,217,900 |  |  | (8,428,121) |  |  | (420,553) |
Total obligations with Financial institutions |  | — |  |  | (567,363) |  |  | (594,234) |  |  | 7,217,900 |  |  | (8,891,330) |  |  | (521,717) |
(e)Advances of aircraft Corresponds to the cash flows associated with aircraft purchases, which are included in the statement of consolidated cash flows, within Purchases of property, plant and equipment.
| For the year ended At December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Increases (payments) | (142,782) |  |  | (23,118) |  |  | (9,858) |
Recoveries | 215,362 |  |  | 3,037 |  |  | — |
Total cash flows | 72,580 |  |  | (20,081) |  |  | (9,858) |
(f)Additions of property, plant and equipment and Intangibles
| For the year ended At December 31,
| 2023 |  | 2022 |  | 2021
| ThUS$ |  | ThUS$ |  | ThUS$
Net cash flows from |  |  |  |  |
Purchases of property, plant and equipment | 795,787 |  |  | 780,538 |  |  | 597,103 |
Additions associated with maintenance | 337,126 |  |  | 486,231 |  |  | 302,858 |
Other additions | 458,661 |  |  | 294,307 |  |  | 294,245 |
Purchases of intangible assets | 68,052 |  |  | 50,116 |  |  | 88,518 |
Other additions | 68,052 |  |  | 50,116 |  |  | 88,518 |
(g)The net effect of the application of hyperinflation in the consolidated cash flow statement corresponds to:
| For the year ended At December 31,
| 2023 |  | 2022
| ThUS$ |  | ThUS$
Net cash flows from (used in) operating activities | (47,569) |  |  | (36,701) |
Net cash flows from (used in) investment activities | 3,661 |  |  | (146) |
Net cash flows from (used in) financing activities | — |  |  | 7,703 |
Effects of variation in the exchange rate on cash and cash equivalents | 43,908 |  |  | 29,144 |
Net increase (decrease) in cash and cash equivalents | — |  |  | — |
(h)Payments of leased maintenance Payments to suppliers for the supply of goods and services include the value paid associated with leased maintenance capitalizations for ThUS$294,549 (ThUS$149,142 as of December 31, 2022 and ThUS$163,717 as of December 31, 2021). (i) Payments of loans to related entities as December 31, 2022:
| ThUS$
Delta Air Lines, Inc. | (78,947) |
Qatar Airways | (78,947) |
Costa Verde Aeronautica S.A. | (257,533) |
Lozuy S.A. | (107,122) |
QA Investments Ltd | (242,967) |
QA Investments 2 Ltd | (242,967) |
Payments of loans to related entities | (1,008,483) |

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