LATAM Airlines Group SA ADR 2025年年度报告和过渡报告

FORM20-F oREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF1934 OR Commission File Number:1-14728 LATAM Airlines Group S.A.(Exact name of registrant as specified in its charter) Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the periodcovered by the annual report:604,437,877,587. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesxNoo If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant toSection 13 or 15(d) of the Securities Exchange Act of 1934. YesoNox Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days.YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. Seedefinition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large Accelerated filerx Emerging Growth Companyo If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if theregistrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a) of the Exchange Act.o †The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting StandardsBoard to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) bythe registered public accounting firm that prepared or issued its audit report.x If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).o Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in thisfiling: U.S. GAAPoInternational Financial Reporting Standardsas issued by the InternationalAccounting Standards BoardxOthero If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item theregistrant has elected to follow: Item 17oItem 18o If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of theExchange Act). YesoNox Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) ofthe Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. YesxNoo TABLE OF CONTENTS PRESENTATION OF INFORMATIONvFORWARD LOOKING STATEMENTSviiGLOSSARY OF TERMSixPART I1ITEM 1IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1ITEM 2OFFER STATISTICS AND EXPECTED TIMETABLE1ITEM 3KEY INFORMATION1A.Reserved1B.Capitalization and Indebtedness1C.Reasons for the Offer and Use of Proceeds1D.Risk Factors1ITEM 4INFORMATION ON THE COMPANY24A.History and Development of the Company24B.Business Overview25C.Organizational Structure57D.Property, Plant and Equipment58ITEM 4A.UNRESOLVED STAFF COMMENTS59ITEM 5OPERATING AND FINANCIAL REVIEW AND PROSPECTS59A.Operating Results59B.Liquidity and Capital Resources73C.Research and Development, Patents and Licenses, etc.79D.Trend Information81E.Critical Accounting Estimates82ITEM 6DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES82A.Directors and Senior Management82B.Compensation86 C.Board Practices87D.Employees89E.Share Ownership91F.Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation91ITEM 7MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS91A.Major Shareholders92B.Related Party Transactions94C.Interests of Experts and Couns