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LATAM Reports Full Year 2021 Net Loss of $4.65 Billion on 18 Percent Revenue Increase to $5.1 B

LATAM has reported a fourth quarter 2021 net loss of $2.76 billion on a 122 percent increase in revenue to $2.0 billion, and a full year 2021 net loss of $4.65 billion on a year-over-year increase in revenue of 17.9 percent to $5.1 billion.

LATAM Airbus A320neo - Courtesy Airbus

On Wednesday (March 9, 2022), LATAM Airlines Group S.A. reported their financial results for the fourth quarter and full year 2021 for the period ending December 31, 2021. The Group reported a fourth quarter net loss of $2.76 billion on an increase in revenue of 122.4 percent to $2.0 billion. For the full year 2021, LATAM reported a net loss of $4.65 billion on a year-over-year increase in revenue of 17.9 percent to $5.1 billion. At December 31, 2021, the Group had $1.05 billion in cash and cash equivalents, and LATAM also had access to $1.25 billion in committed debtor-in-possession (DIP) financing.

For the fourth quarter, LATAM’s cargo affiliates reported a year-over-two increase in revenue of 66 percent to $464.8 million. The Group’s Q4 operating expenses declined 23.7 percent versus the same quarter in 2019 to $1.9 billion, while cost per available seat kilometer excluding fuel (CASK-ex) improved 25 percent compared to the third quarter of 2021 from $0.074 to $0.056. The Group expects to achieve CASK-ex (excluding inflation) of $0.039 by 2024, a 0.6 cent improvement compared with 2019.

LATAM Airlines Group's Fourth Quarter and Full Year 2021 Financial Results - Courtesy LATAM

On May 26, 2020, LATAM Airlines Group S.A. and their affiliates in Chile, Peru, Colombia, Ecuador and the U.S. filed for voluntary organization under the U.S Chapter 11 statute. LATAM Airlines Brazil also sought relief under the same reorganization on July 9, 2020. Subsequently, a total of $3.2 billion in DIP financing has been approved in three tranches, of which $1.25 billion remains undrawn. At this time, the company is actively working on their Chapter 11 exit financing, with the goal of emerging from bankruptcy during the second half of 2022.

At December 31, 2021, LATAM’s fleet numbered 304 aircraft. Since entering Chapter 11, the company rejected 42 aircraft, added 18 aircraft and placed 11 Boeing 767s for sale, of which five have already been sold and delivered to Jetran. As part of the company’s legal reorganization, fleet commitments have been reached with Boeing for two 787 Dreamliners, and with Airbus for 70 A320neo Family aircraft, with delivery dates expected through 2028.

LATAM Airlines Group is the leading airline group in Latin America, offering service to five domestic markets (Brazil, Chile, Colombia, Ecuador and Peru) as well as international service to Europe, the United States and the Caribbean. The Group operates a fleet of Boeing 767, 777 and 787s, as well as Airbus A319, A320, A320neo, A321 aircraft. The carrier also has a fleet of 11 freighters, which will be expanded to 21 freighters by 2023. LATAM Airlines Group’s shares are traded on the Santiago de Chile stock exchange and its ADRs are traded on the over-the-counter markets in the U.S.

Source: LATAM Airlines Group


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