Bank of America Merrill Lynch Emerging Markets Corporate Conference. Miami, June 2016
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1 Bank of America Merrill Lynch Emerging Markets Corporate Conference Miami, June 2016
2 This presentation may include forward-looking comments regarding the Company s business outlook and anticipated financial and operating results. These expectations are highly dependent on the economy, the airline industry, commodity prices, international markets and external events. Therefore, they are subject to change and we undertake no obligation to publicly update or revise any forward looking statements to reflect events or circumstances that may arise after the date of this presentation. More information on the risk factors that could affect our results are contained on our Form 20-F for the year ended December 31, Information, tables and logos contained in this presentation may not be used without consent from LATAM Airlines Group S.A.
3 LATAM Business Model
4 LATAM is the largest airline group in Latin America Unique regional platform provides LATAM with a competitive advantage Dom. Colombia 22% market share #2 Dom. Ecuador 33% market share #2 Dom. Peru 62% market share #1 Dom. Brazil 37% market share #1 6 Home markets (~90% of regional traffic) ~50% Market share intra-regional flights 3x its next competitor in terms of revenues Dom. Chile 75% market share #1 Dom. Argentina 25% market share #2 Data as of December 31,
5 LATAM Airlines Compares to Largest International Carriers Revenues 2015 (US$ billion) EBITDAR 2015 Margin % 40% 30% 20% 10% 0% 19% Source: Bloomberg and Company filings. 1 Air Berlin as of September 30,
6 LATAM has diversified sources of revenue LTM Revenue by Business Unit LTM Revenue by Point of Sale Cargo 13% Others 4% Colombia 4% Peru 7% Ecuador 2% Domestic SSC 18% International 43% APAC & Other Latin America 7% Europe 8% Brazil 33% U.S.A 11% Domestic Brazil 22% Argentina 11% Chile 17% Total = US$9,662mm Total = US$9,662mm Data as of March 31,
7 Latin America continues to offer significant growth potential Passenger traffic growth estimates (RPKs ) Trips per capita 2015 Growth 10.0% 8.6% 6.7% 2.9% 5.1% - 4.3% Ecuador 0.50 Argentina 0.50 Peru % 6.1% 6.0% 5.7% World Average 4.9% Mexico Brazil % 3.7% 3.1% Colombia Chile USA 2.68 UK 3.73 Middle East Asia Pacific Latin America Africa Europe CIS North America Includes domestic and international trips by all carriers (2014). (Boeing, IATA and LATAM estimates); 2015 Growth represents actual figures published by IATA 7
8 LATAM defined its strategy and aspiration Be the leading airline group in South America and one of the top airline groups in the world Network leadership Customer experience Cost competitiveness We are the best and most convenient option for customers because we offer more destinations with a better schedule at competitive prices Customers want to choose us because of our customer experience and of what our brand stands for Competitors can t afford pricing us out of existing markets or keep us away from new markets Strengthening the use of regional hubs Strengthening partnerships and alliances Managing our fleet models best suited for each market Focus on increasing NPS Focus on generating one brand Reaffirm cost competitiveness Consolidate cost improvement culture 8
9 Network: Strengthening the use of hubs Key trends Map of LATAM s hubs 2016 New flights Sao Paulo Johannesburg Lima Washington D.C Montevideo Antofagasta Salta Rosario Mendoza (2017) Lima Santiago Bogota North East Brasilia Sao Paulo LATAM hubs Connecting flows 9
10 Network: Two new joint business agreements American Airlines IAG 10
11 Cost Initiatives: Our strategy is delivering results CASK-equivalent 1 (US cents) -20.1% -17.4% 6,2 6,1 4,8 5,1 4,2 US$325 million in savings in Q Q CASK-equivalent 1 ex fuel (US cents) -11.5% -8.0% 4,1 4,0 3,6 3,6 3, Q Q Further operational labor productivity Efficiencies in overhead and support functions, procurement and administrative and selling expenses New business model for our domestic operations ¹ASK-equivalent is the sum of passenger ASKs and the quotient of cargo ATK and (including LAN and TAM cargo operations) 11
12 Customer experience: continuous improvement Airport Digital Check-in unification implemented at our 10 main airports Self bag tag is being tested in two airports (GRU,BSB) VIP Lounge: GRU, BOG, EZE, SCL Contingency and Contact Center Wireless entertainment system for personal devices in our narrow body fleet. New app that allows passengers to be in charge of their own journey. New Brand implementation Live Chat now available in flights from SCL, LIM and BOG Flight Status available in LATAM.com and APP Visibility starting in May 2016 Process of implementation over a 3 year period 12
13 Financial Overview
14 LATAM consolidated financial results Operating Revenues (US$Bn) EBITDAR (US$mm) Net income (US$mm) EBITDAR Margin FX Loss (US$) +4.2 pp +3.5 pp % % 19.5% 16.0% 13,3 12,5 10, ,8 2, Mar'15 Mar' Mar'15 Mar' Mar'15 Mar'16 Source: LATAM Financial Statements 14
15 LATAM Operating Statistics Q System Capacity Capacity Traffic Load Factor Unit Revenue (US Cents) International (Long Haul & Regional) 54% +9.4% +10.5% 84.8% (+0.8 p.p.) 5.7 (-21.1%) Domestic Brazil 29% -8.4% -8.9% 82.5% (-0.5 p.p.) 5.0 (-24.6%) +2.9% in BRL SSC Domestic 17% +7.4% +9.1% 83.7% (+1.3 p.p.) 7.3 (-16.3%) Passenger +3.3% +4.0% 83.9% (+0.6 p.p.) 5.6 (-19.1%) Cargo -3.4% -9.8% 51.2% (-3.6 p.p.) 16.2 (-18.4%) 15
16 Outlook for 2016 Guidance 2016 ASK Growth International (Long Haul & Regional) 3% - 5% Brazil Domestic (10%) (12%) SSC domestic 6% - 8% TOTAL (1%) - 1% ATK Growth (2%) - (4%) Operating Margin 4.5% / 6.5% 16
17 Revised Fleet Plan This Fleet Plan does not include an expected further reduction of US$2.0- $3.0 billion in fleet assets by 2018 (announced 1Q 2016) aircraft -22 aircraft +20 aircraft -13 aircraft +20 aircraft -11 aircraft Fleet Commitments (US$mm) Narrow Body Wide Body Freighters 1,689 1,952 1,409 1,486 17
18 LATAM financial ratios 19,3% Cash and Equivalents as % of LTM revenues ,3% 13,4% 13,9% Q Adjusted Net Debt / Adjusted EBITDAR 4,9x 5,4x 5,8x 5,9x Q
19 Credit Ratings B+ Negative Outlook BB- Negative Outlook B1 Stable Outlook Secured Maturity Amount (US$ MM) LAN Secured (Guanay) BB- BB - EETC Tranche-B BB+ Ba1 EECT Tranche-A BBB+ Baa1 Unsecured Maturity Amount (US$ MM) TAM Capital B+ B+ - LATAM B+ B+ B2 TAM Capital B+ B+ - 19
20 LATAM Debt Profile Debt by type as of March 31, 2016 Debt by currency as of March 31, % Secured Loans 79% Unsecured Loans 100% USD Total Debt: US$9,3mm Debt maturity profile (US$MM) 1 Secured debt Unsecured debt > The debt maturity profile does not include PDP. 20
21 LATAM Debt Profile Debt by type as of March 31, 2016 Public Obligations as of March 31, ,120 9, Q , , Q EETC LATAM GUANAY20 LATAM20 TAM 21 TAM 20 TAM 17 Bank Loans Public Obligations EETC Aircraft Loans (Ex. EETC) 21
22 Risk Management
23 Fuel exposure and hedging strategy LATAM has hedged 48% of its estimated fuel consumption for 2016 Portfolio 2015 Portfolio % 27% 27% 37% 30% 12% 1Q16 2Q16 3Q16 4Q16 The Group s fuel hedging strategy, consisting of a combination of Jet Fuel options, has allowed us to limit our potential fuel hedge losses to a maximum amount of US$36 million for the balance of
24 Reducing our FX exposure LATAM FX rate composition (%) BRL hedging portfolio (US$ million) 100% 100% 13% 12% Others BRL 29% Others BRL 23% USD 58% USD 65% Revenue Cost Q2 16 Q3 16 Q4 16 Q1 17 The Company has a financial hedge of US$446 mm at an average rate of BRL 3.88 per USD. 24
25 Adequate floating/fixed interest rate mix In addition, US$1,3 billion in cash provides natural hedge for the floating rate debt portion Floating / fixed rate debt ratio can be easily adjusted on an annual basis through new debt issuance Total Interest Rate Exposure Weighted Average Cost of Debt (US$ million, March 2016) (%, March 2016) 650 Fixed w/ Hedge Fixed Floating Fixed 71% Bonds 7,29% Fleet 3,47% Floating 29% Banks 2,74% WACD 4.1% 25
26 Thank You Miami, June, (56-2)
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