Fourth Quarter and Full Year 2009 Results Presentation January 27, 2010
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1 Fourth Quarter and Full Year 2009 Results Presentation January 27, 2010
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 LAN 1
3 Contents I. 4Q09 & Full Year 2009 Financial Results II. Strategic Initiatives & Future Outlook 2
4 Full Year 2009 Highlights Net Income for 2009 reached US$231 million despite global crisis. Total Revenue decline of 14.7% in 2009, driven mainly by a 32.1% decline in cargo revenues margins affected by US$129 million fuel hedge loss. US$ millions % Chg Total Revenues 4,283 3,656 (14.7%) Pax Revenues 2,821 2,624 (7.0%) Cargo Revenues 1, (32.1%) Total Operating Expenses (3,663) (3,220) (12.1%) Operating Income (29.7%) Operating Margin 14.5% 11.9% (2.6 pp) Net Income (31.3%) Net Income (Excl. extraord. items) (46.0%) EBITDAR* (13.1%) EBITDAR Margin 22.1% 22.5% 0.4 pp NOTE = Figures for 2008 and 2009 under IFRS. * EBITDAR = Operating income + depreciation & amortization + aircraft rentals 3
5 4Q09 Highlights Strong recovery in 4Q09: Net Income reached US$110 million. Total Revenue decline of 4.0% in 4Q09, offset in part by lower fuel costs. EBITDAR margin increased 0,2 points reaching 27,3% in 4Q09. US$ millions 4Q08 4Q09 % Chg Total Revenues 1,115 1,071 ( 4.0%) Pax Revenues (1.6%) Cargo Revenues (10.7%) Total Operating Expenses (901) (880) ( 2.3%) Operating Income (10.9%) Operating Margin 19.2% 17.8% (1.4 pp) Net Income % Net Income (Excl. extraord. items) (23.2%) EBITDAR* ( 3.1%) EBITDAR Margin 27.1% 27.3% 0.2 pp NOTE = Figures for 4Q08 and 4Q09 under IFRS. * EBITDAR = Operating income + depreciation & amortization + aircraft rentals 4
6 4Q09 EBITDAR Margin Improvement EBITDAR Mg. (%) % ,9 pp 5,7 pp +0,2 pp ,7 pp 5,1 pp 15 27,1% 2,2 pp 27,3% Q08 Capacity Yield Load Factor Fuel Price Others 4Q % 2.40 Fuel Price* [cus$] EBITDAR** [MMUS$] % *Fuel price excludes fuel hedge **EBITDAR Margin = (Operating income + depreciation & amortization + aircraft rentals) / Revenues 5
7 Passenger Business Revenue Decreases 1.6% in 4Q09 Traffic growth of 13.2% offset by 13.0% decrease in yields. 4Q08 4Q09-13,0% 10,9 9,5 8,9% Pax Yield (US$ cents) 3,0 pp ,8% 78,8% Pax Capacity (mill ASK) -9,6% Pax Load Factor 8,2 7,4 Pax RASK (US$ cents) 6
8 Important Growth in all Passenger Operations Despite weak global environment 2008 ASKs 2009 ASKs Peru dom; 8% Arg dom; 6% Peru dom; 9% Arg dom; 8% Ecuador Dom; 0,30% Chile dom; 14% Int. (LH); 48% Chile dom; 14% Int (LH); 46% Regional ; 24% Regional; 23% Growth in ASK (2009 vs. 2008): +10% International (Long Haul) + 6% Regional + 6% Chile domestic +13% Peru domestic +16% Argentina domestic +44% 7
9 Cargo Business Revenue Decreases 10.7% in 4Q09 Strong recovery in 4Q09 with traffic increase of 8.5% 4Q08 4Q09-17,7% 43,3 35,7 3,6% Cargo Yield (US$ cents) +3,2 pp ,6% 72,8% Cargo Capacity (mill ATK) -13,8% Cargo Load Factor 30,1 26,0 Cargo RATK (US$ cents) 8
10 4Q09 - Cost Analysis Unit costs decline 9.4%; unit costs ex-fuel decreased 4.6% in the quarter CATK (US$ cent) 46,0 45,0 44,0 43,0 45,8 2,9 0,9 0,5 0,9-9,4% 42,0 1,0 0,0 4Q08 Fuel W&B Commercial Fleet Other Op. Costs 41,4 4Q09 Unit costs decreased 9.4% in 4Q09 driven by: Fuel costs decreased 13.0% driven by a 10.9% decline in fuel prices which was offset by a US$3.8 million fuel hedge loss. Wages & Benefits increased 21.0%, driven by the appreciation of domestic currencies in Latin America and increased headcount. Commercial costs decreased in line with a 4.2% decrease in traffic revenues (passenger and cargo). Fleet Costs decreased mainly driven by lower ACMI leases in the cargo business and lower average interest rates related to fleet financing. Other Operating Costs decreased driven by lower sales costs and general expenses. 9
11 % Total Consumption Hedged Fuel Hedging Total realized fuel hedging loss of US$129 million in % 50% 40% 30% 20% 10% 0% 9% 20% 28% 28% 34% 29% 10% 1Q10 2Q10 3Q10 4Q10 ZCC Collar Swap Q1 10 Q2 10 Q3 10 Q4 10 Swaps 78.8 US$/bbl 9% 20% - - Swaps 78.9 US$/bbl % - Swaps 81.3 US$/bbl % Collar 50 10% Collar 55 18% 28% - - ZCC 92 10% % 48% 34% 29% Note: Hedging position as of January
12 Contents I. 4Q09 & Full Year 2009 Financial Results II. Strategic Initiatives & Future Outlook 11
13 Solid Financial Position December Cash Balance: US$792 million, representing 22% of LTM revenues Financing Initiatives: 1. Raised US$250 million in bilateral loans in the Chilean market during first half of Completed EX-IM supported financing for 3 Boeing B767s and accessed capital markets with the new EX-IM Bond product. 3. Arranged bank financing for PDP's related to 15 A320 Family aircraft. 4. Completed EX-IM supported spare engine medium-term refinancing. US$MM % Dec 08 Liquidity 18% 11% Mar 09 Jun 09 17% 638 Sep 09 22% 792 Dec 09 Cash/Revs 25 20% 15% 10% 5% 0 LAN remains one of the few investment grade airlines in the world 12
14 Orders for 30 New Airbus A320 Family Aircraft For Regional and Domestic Operations To be delivered between 2011 and 2016 in addition to existing orders for 15 A320 family aircraft. For the renewal and growth of the Company s short haul fleet In addition, LAN s strategic fleet renewal plan involves the sale of five Airbus A318 aircraft in A320 Family Delivery Schedule
15 Fleet Plan Average Fleet Age (Dic 09): 5.6 years Cargo Passenger Long Haul Passenger Short Haul Boeing F Cargo Boeing F Cargo Airbus Boeing 787 Boeing ER Airbus A320/A319/A CAPEX (US$ million) Aircraft Spare Engines & Others US$5.5 Billion
16 2010 Estimated Capacity Expansion Passenger ASK Growth Cargo ATK Growth 25% 20% 15% 10% 5% 0% 19.5% 11.5% 11.5% 10.2% ~10% E 20% 15% 10% 5% 0% -5% -10% ~16%/ ~18% 12.3% 7.0% 6.9% -6.0% E 15
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