FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of risk management strategy related to hedge accounting [line items]

Schedule of level of hedge

The following tables show the level of hedge for different periods:

Positions as of  December 31, 2018 (*)	Maturities
	Q119			Q219			Q319			Q419			Total
Percentage of coverage over the expected volume of consumption		66	%		58	%		40	%		15	%		45	%

(*) The volume shown in the table considers all the hedging instruments (swaps and options).

Positions as of  December 31, 2017 (*)	Maturities
	Q118			Q218			Q318			Total
Percentage of coverage over the expected volume of consumption		19	%		12	%		5	%		12	%

(*) The volume shown in the table considers all the hedging instruments (swaps and options).

Schedule of class of liability for the analysis of liquidity risk ordered by date of maturity

Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018

Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile.

						More than		More than		More than
				Up to		90 days		one to		three to		More than
		Creditor		90		to one		three		five		five				Nominal			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		Total		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%
Loans to exporters
97.032.000-8	BBVA	Chile	US$		38,625		76,275		-		-		-		114,900		113,000	At Expiration		3.36		3.36
97.032.000-8	BBVA	Chile	UF		-		52,490		-		-		-		52,490		50,785	At Expiration		3.31		3.31
97.036.000-K	SANTANDER	Chile	US$		23,070		-		-		-		-		23,070		23,000	At Expiration		3.90		3.90
97.003.000-K	BANCO DO BRASIL	Chile	US$		201,884		-		-		-		-		201,884		200,000	At Expiration		3.64		3.64
97.951.000-4	HSBC	Chile	US$		12,094		-		-		-		-		12,094		12,000	At Expiration		3.14		3.14
Bank loans
97.023.000-9	CORPBANCA	Chile	UF		5,778		17,086		16,662		-		-		39,526		38,231	Quarterly		3.35		3.35
0-E	BLADEX	U.S.A.	US$		-		15,766		-		-		-		15,766		15,000	Semiannual		6.74		6.74
97.036.000-K	SANTANDER	Chile	US$		1,347		587		102,521		-		-		104,455		102,521	Quarterly		5.60		5.60
76.362.099-9	BTG	Chile	UF		510		1,531		69,435		-		-		71,476		65,862	At Expiration		3.10		3.10
Obligations with the public
0-E	BANK OF NEW YORK	U.S.A.	US$		-		84,375		614,375		96,250		724,063		1,519,063		1,200,000	At Expiration		7.44		7.03
97.030.000-7	ESTADO	Chile	UF		-		18,985		37,970		196,970		213,114		467,039		345,182	At Expiration		5.50		5.50
Guaranteed obligations
0-E	CREDIT AGRICOLE	France	US$		743		2,201		5,718		2,086		-		10,748		10,080	Quarterly		3.23		3.23
0-E	BNP PARIBAS	U.S.A.	US$		14,741		61,973		152,826		145,252		250,387		625,179		511,698	Quarterly		4.55		4.55
0-E	WILMINGTON TRUST COMPANY	U.S.A.	US$		31,336		96,304		248,720		289,251		509,168		1,174,779		952,758	Quarterly		4.47		4.47
0-E	CITIBANK	U.S.A.	US$		12,757		38,398		102,062		77,710		65,232		296,159		269,365	Quarterly		3.82		2.94
0-E	US BANK	U.S.A.	US$		18,406		55,112		146,045		144,670		86,076		450,309		411,684	Quarterly		4.00		2.82
0-E	NATIXIS	France	US$		14,027		42,132		111,528		92,228		124,910		384,825		324,524	Quarterly		4.69		4.69
0-E	PK AirFinance	U.S.A.	US$		2,490		7,663		25,610		3,153		-		38,916		37,615	Monthly		4.15		4.15
0-E	INVESTEC	England	US$		2,004		11,579		26,874		24,367		-		64,824		54,014	Semiannual		7.17		7.17
Otras obligaciones garantizadas
0-E	CREDIT AGRICOLE	France	US$		2,576		8,380		273,122		-		-		284,078		253,692	At Expiration		4.11		4.11
0-E	DVB BANK SE	Germany	US$		28,087		83,260		213,177		122,674		20,274		467,472		422,065	Quarterly		4.42		4.42
Other guaranteed obligations
0-E	ING	U.S.A.	US$		4,025		12,075		12,134		-		-		28,234		26,831	Quarterly		5.70		5.01
0-E	CREDIT AGRICOLE	France	US$		7,618		21,994		27,811		1,684		-		59,107		56,403	Quarterly		3.66		3.31
0-E	CITIBANK	U.S.A.	US$		14,870		44,570		83,389		42,178		-		185,007		172,158	Quarterly		4.40		3.80
0-E	PEFCO	U.S.A.	US$		5,771		13,541		3,899		-		-		23,211		22,407	Quarterly		5.64		5.02
0-E	BNP PARIBAS	U.S.A.	US$		8,467		25,214		26,933		1,641		-		62,255		59,567	Quarterly		3.90		3.58
0-E	WELLS FARGO	U.S.A.	US$		35,458		106,397		282,923		239,168		99,232		763,178		719,338	Quarterly		2.77		2.09
97.036.000-K	SANTANDER	Chile	US$		6,340		19,025		49,945		26,779		-		102,089		95,022	Quarterly		3.68		3.14
0-E	RRPF ENGINE	England	US$		1,167		3,480		9,103		8,826		4,870		27,446		23,012	Monthly		4.01		4.01
0-E	APPLE BANK	U.S.A.	US$		1,711		5,175		13,640		13,394		760		34,680		31,544	Quarterly		3.93		3.33
0-E	BTMU	U.S.A.	US$		3,489		10,485		27,605		27,062		775		69,416		63,189	Quarterly		4.06		3.46
0-E	NATIXIS	France	US$		4,242		9,870		9,815		563		-		24,490		23,161	Quarterly		4.28		4.12
0-E	KFW IPEX-BANK	Germany	US$		1,764		5,328		5,378		-		-		12,470		12,215	Quarterly		4.20		4.19
0-E	AIRBUS FINANCIAL	U.S.A.	US$		2,074		6,197		7,840		-		-		16,111		15,417	Monthly		4.19		4.19
Other loans
0-E	CITIBANK (*)	U.S.A.	US$		25,705		77,703		103,341		-		-		206,749		196,211	Quarterly		6.00		6.00
0-E	Boeing	U.S.A.	US$		559		1,425		55,728		-		-		57,712		55,727	At Expiration		4.01		4.01
Hedge derivative
-	OTHERS	-	US$		1,224		2,484		681		-		-		4,389		4,021	-		0.00		0.00
	Total				534,959		1,039,060		2,866,810		1,555,906		2,098,861		8,095,596		6,989,299

(*) Bonus securitized with the future flows of credit card sales in the United States and Canada.

Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018

Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil.

						More than		More than		More than
				Up to		90 days		one to		three to		More than
		Creditor		90		to one		three		five		five				Nominal			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		Total		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%
Bank loans
0-E	NEDERLANDSCHE
	NCM	Holland	US$		175		499		1,332		55		-		2,061		1,851	Monthly		6.01		6.01
Financial leases
0-E	NATIXIS	France	US$		4,195		7,935		46,780		41,872		-		100,782		95,789	Quarterly / Semiannual		6.87		6.87
0-E	WACAPOU LEASING S.A.	Luxembourg	US$		839		2,433		6,542		-		-		9,814		9,226	Quarterly		4.81		4.81
0-E	SOCIÉTÉ GÉNÉRALE  MILAN BRANCH	Italy	US$		11,536		32,312		161,778		-		-		205,626		208,224	Quarterly		5.88		5.82
0-E	GA Telesis LLC	U.S.A.	US$		680		1,753		4,675		4,675		11,318		23,101		13,202	Monthly		15.62		15.62
	Total				17,425		44,932		221,107		46,602		11,318		341,384		328,292

Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2018

Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile.

						More than		More than		More than
				Up to		90 days		one to		three to		More than
		Creditor		90		to one		three		five		five				Nominal			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		Total		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%
Trade and other accounts payables
-	OTHERS	OTHERS	US$		356,342		11,773		-		-		-		368,115		368,115	-		0.00		0.00
			CLP		137,296		359		-		-		-		137,655		137,655	-		0.00		0.00
			BRL		250,915		925		-		-		-		251,840		251,840	-		0.00		0.00
			Other currencies		518,448		3,918		-		-		-		522,366		522,366	-		0.00		0.00
Accounts payable to related parties currents
Foreing	Inversora Aeronáutica Argentina S.A.	Argentina	ARS		15		-		-		-		-		15		15	-		0.00		0.00
78.591.370-1	Bethia S.A. y Filiales	Chile	CLP		365		-		-		-		-		365		365	-		0.00		0.00
Extranjera	TAM Aviação Executiva e Taxi Aéreo S.A.	Brazil	BRL		2		-		-		-		-		2		2	-		0.00		0.00
	Total				1,263,383		16,975		-		-		-		1,280,358		1,280,358
	Total  consolidated				1,815,767		1,100,967		3,087,917		1,602,508		2,110,179		9,717,338		8,597,949

Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2017

Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2 Chile.

						More than		More than		More than
				Up to		90 days		one to		three to		More than
		Creditor		90		to one		three		five		five				Nominal			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		Total		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%
Loans to exporters
97.032.000-8	BBVA	Chile	US$		75,863		-		-		-		-		75,863		75,000	At Expiration		2.30		2.30
97.032.000-8	BBVA	Chile	UF		-		57,363		-		-		-		57,363		55,801	At Expiration		3.57		2.77
97.036.000-K	SANTANDER	Chile	US$		30,131		-		-		-		-		30,131		30,000	At Expiration		2.49		2.49
97.030.000-7	ESTADO	Chile	US$		40,257		-		-		-		-		40,257		40,000	At Expiration		2.57		2.57
97.003.000-K	BANCO DO BRASIL	Chile	US$		100,935		-		-		-		-		100,935		100,000	At Expiration		2.40		2.40
97.951.000-4	HSBC	Chile	US$		12,061		-		-		-		-		12,061		12,000	At Expiration		2.03		2.03
Bank loans
97.023.000-9	CORPBANCA	Chile	UF		22,082		22,782		43,430		-		-		88,294		84,664	Quarterly		3.68		3.68
0-E	BLADEX	U.S.A.	US$		-		16,465		15,628		-		-		32,093		30,000	Semiannual		5.51		5.51
97.036.000-K	SANTANDER	Chile	US$		2,040		3,368		202,284		-		-		207,692		202,284	Quarterly		4.41		4.41
Obligations with the public
0-E	BANK OF NEW YORK	U.S.A.	US$		-		84,375		650,625		96,250		772,188		1,603,438		1,200,000	At Expiration		7.44		7.03
97.030.000-7	ESTADO	Chile	UF		-		20,860		41,720		226,379		245,067		534,026		379,274	At Expiration		5.50		5.50
Guaranteed obligations
0-E	CREDIT AGRICOLE	France	US$		8,368		25,415		56,305		12,751		-		102,839		98,091	Quarterly		2.66		2.22
0-E	BNP PARIBAS	U.S.A.	US$		14,498		59,863		148,469		145,315		313,452		681,597		575,221	Quarterly		3.41		3.40
0-E	WELLS FARGO	U.S.A.	US$		30,764		92,309		246,285		246,479		245,564		861,401		808,987	Quarterly		2.46		1.75
0-E	WILMINGTON TRUST COMPANY	U.S.A.	US$		32,026		95,042		253,469		244,836		676,474		1,301,847		1,034,853	Quarterly		4.48		4.48
0-E	CITIBANK	U.S.A.	US$		14,166		42,815		114,612		112,435		102,045		386,073		351,217	Quarterly		3.31		2.47
0-E	BTMU	U.S.A.	US$		3,292		9,997		26,677		26,704		14,133		80,803		74,734	Quarterly		2.87		2.27
0-E	APPLE BANK	U.S.A.	US$		1,611		4,928		13,163		13,196		7,369		40,267		37,223	Quarterly		2.78		2.18
0-E	US BANK	U.S.A.	US$		18,485		55,354		146,709		145,364		158,236		524,148		472,833	Quarterly		4.00		2.82
0-E	DEUTSCHE BANK	U.S.A.	US$		4,043		12,340		32,775		32,613		32,440		114,211		96,906	Quarterly		4.39		4.39
0-E	NATIXIS	France	US$		18,192		54,952		129,026		105,990		166,011		474,171		413,011	Quarterly		3.42		3.40
0-E	PK AirFinance	U.S.A.	US$		2,375		7,308		20,812		18,104		-		48,599		46,500	Monthly		3.18		3.18
0-E	KFW IPEX-BANK	Germany	US$		2,570		7,111		16,709		1,669		-		28,059		26,888	Quarterly		3.31		3.31
0-E	AIRBUS FINANCIAL	U.S.A.	US$		2,033		6,107		15,931		-		-		24,071		22,925	Monthly		3.19		3.19
0-E	INVESTEC	England	US$		1,930		11,092		26,103		26,045		11,055		76,225		63,378	Semiannual		6.04		6.04
Other guaranteed obligations
0-E	CREDIT AGRICOLE	France	US$		1,757		5,843		246,926		-		-		254,526		241,287	At Expiration		3.38		3.38
Financial leases
0-E	ING	U.S.A.	US$		5,890		12,076		28,234		-		-		46,200		42,957	Quarterly		5.67		5.00
0-E	CITIBANK	U.S.A.	US$		12,699		38,248		91,821		51,222		2,880		196,870		184,274	Quarterly		3.78		3.17
0-E	PEFCO	U.S.A.	US$		13,354		34,430		23,211		-		-		70,995		67,783	Quarterly		5.46		4.85
0-E	BNP PARIBAS	U.S.A.	US$		13,955		35,567		50,433		2,312		-		102,267		98,105	Quarterly		3.66		3.25
0-E	WELLS FARGO	U.S.A.	US$		12,117		38,076		98,424		66,849		21,253		236,719		221,113	Quarterly		3.17		2.67
97.036.000-K	SANTANDER	Chile	US$		6,049		18,344		48,829		47,785		3,156		124,163		117,023	Quarterly		2.51		1.96
0-E	RRPF ENGINE	England	US$		370		3,325		8,798		8,692		9,499		30,684		25,983	Monthly		4.01		4.01
Other loans
0-E	CITIBANK (*)	U.S.A.	US$		25,783		77,810		206,749		-		-		310,342		285,891	Quarterly		6.00		6.00
Hedge derivative
-	Others	-	US$		5,656		6,719		6,228		-		-		18,603		17,407	-		0.00		0.00
	Total				535,352		960,284		3,010,385		1,630,990		2,780,822		8,917,833		7,633,613

(*) Bonus securitized with the future flows of credit card sales in the United States and Canada.

Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2017

Debtor: TAM S.A. and Subsidiaries, Tax No. 02.012.862/0001-60, Brazil.

						More than		More than		More than
				Up to		90 days		one to		three to		More than
		Creditor		90		to one		three		five		five				Nominal			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		Total		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%
Bank loans
0-E	NEDERLANDSCHE
	CREDIETVERZEKERING MAATSCHAPPIJ	Holland	US$		176		497		1,332		722		-		2,727		2,382	Monthly		6.01		6.01
Financial leases
0-E	NATIXIS	France	US$		4,248		7,903		23,141		71,323		-		106,615		99,036	Quarterly / Semiannual		5.59		5.59
0-E	WACAPOU LEASING S.A.	Luxembourg	US$		837		2,411		6,509		3,277		-		13,034		12,047	Quarterly		3.69		3.69
0-E	SOCIÉTÉ GÉNÉRALE  MILAN BRANCH	Italy	US$		11,735		32,230		204,836		-		-		248,801		244,513	Quarterly		4.87		4.81
0-E	BANCO IBM S.A	Brazil	BRL		34		-		-		-		-		34		21	Monthly		6.89		6.89
0-E	SOCIÉTÉ GÉNÉRALE	France	BRL		161		12		-		-		-		173		109	Monthly		6.89		6.89
	Total				17,191		43,053		235,818		75,322		-		371,384		358,108

Class of liability for the analysis of liquidity risk ordered by date of maturity as of December 31, 2017

Debtor: LATAM Airlines Group S.A. and Subsidiaries, Tax No. 89.862.200-2, Chile.

						More than		More than		More than
				Up to		90 days		one to		three to		More than
		Creditor		90		to one		three		five		five				Nominal			Effective		Nominal
Tax No.	Creditor	country	Currency	days		year		years		years		years		Total		value		Amortization	rate		rate
				ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			%		%
Trade and other accounts payables
-	OTHERS	OTHERS	ThUS$		566,838		-		-		-		-		566,838		566,838	-		0.00		0.00
			CLP		165,299		-		-		-		-		165,299		165,299	-		0.00		0.00
			BRL		315,605		-		-		-		-		315,605		315,605	-		0.00		0.00
			Other currencies		290,244		11,215		-		-		-		301,459		301,459	-		0.00		0.00
Accounts payable to related parties currents
78.997.060-2	Viajes Falabella Ltda.	Chile	CLP		534		-		-		-		-		534		534	-		0.00		0.00
0-E	Inversora Aeronáutica Argentina	Argentina	ThUS$		4		-		-		-		-		4		4	-		0.00		0.00
0-E	Consultoría Administrativa Profesional S.A. de C.V.	Mexico	MXN		210		-		-		-		-		210		210	-		0.00		0.00
78.591.370-1	Bethia S.A. y Filiales	Chile	CLP		12		-		-		-		-		12		12	-		0.00		0.00
	Total				1,338,746		11,215		-		-		-		1,349,961		1,349,961
	Total  consolidated				1,891,289		1,014,552		3,246,203		1,706,312		2,780,822		10,639,178		9,341,682

Schedule of classification of financial instruments at fair value

The following table shows the classification of financial instruments at fair value, depending on the level of information used in the assessment:

	As of December 31, 2018								As of December 31, 2017
			Fair value measurements using values								Fair value measurements using values
			considered as								considered as
	Fair value		Level I		Level II		Level III		Fair value		Level I		Level II		Level III
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Assets
Cash and cash equivalents		43,653		43,653		-		-		29,658		29,658		-		-
Short-term mutual funds		43,653		43,653		-		-		29,658		29,658		-		-
Other financial assets, current		366,573		343,218		23,355		-		536,001		473,653		62,348		-
Fair value interest rate derivatives		19,460		-		19,460		-		3,113		-		3,113		-
Fair value of fuel derivatives		-		-		-		-		10,711		-		10,711		-
Fair value of foreign currency derivative		3,895		-		3,895		-		48,322		-		48,322		-
Accrued interest since the last payment date Swap of currencies		-		-		-		-		202		-		202		-
Derivative not recognized as a hedge		19,396		19,396		-		-		-		-		-		-
Private investment funds		322,428		322,428		-		-		472,232		472,232		-		-
Domestic and foreign bonds		1,394		1,394		-		-		1,421		1,421		-		-
Other financial assets, not current		-		-		-		-		519		-		519		-
Fair value derived from foreign currency		-		-		-		-		519		-		519		-
Liabilities
Other financial liabilities, current		33,633		7,712		25,921		-		12,200		-		12,200		-
Fair value of interest rate derivatives		335		-		335		-		8,919		-		8,919		-
Fair value of fuel derivatives		15,678		-		15,678		-		-		-		-		-
Fair value of foreign currency derivatives		7,587		-		7,587		-		2,092		-		2,092		-
Interest accrued since the last payment date of Currency Swap		2,321		-		2,321		-		1,189		-		1,189		-
Derivative not recognized as a hedge		7,712		7,712		-		-		-		-		-		-
Other financial liabilities, non current		340		-		340		-		2,617		-		2,617		-
Fair value of interest rate derivatives		-		-		-		-		2,617		-		2,617		-
Interest accrued since the last date of Swap interest rates		340		-		340		-		-		-		-		-

Schedule of financial instruments which are not recorded at fair value

In order to meet the disclosure requirements of fair values, the Company has valued these instruments as shown in the table below:

	As of December 31, 2018				As of December 31, 2017
	Book		Fair		Book		Fair
	value		value		value		value
	ThUS$		ThUS$		ThUS$		ThUS$
Cash and cash equivalents		1,037,989		1,037,989		1,112,346		1,112,346
Cash on hand		8,974		8,974		8,562		8,562
Bank balance		331,218		331,218		330,430		330,430
Overnight		282,164		282,164		239,292		239,292
Time deposits		415,633		415,633		534,062		534,062
Other financial assets, current		17,411		17,411		23,918		23,918
Other financial assets		17,411		17,411		23,918		23,918
Trade debtors, other accounts receivable and Current accounts receivable		1,162,582		1,162,582		1,214,050		1,214,050
Accounts receivable from entities related, current		2,931		2,931		2,582		2,582
Other financial assets, not current		58,700		58,700		87,571		87,571
Accounts receivable, non-current		5,381		5,381		6,891		6,891
Other current financial liabilities		1,397,156		1,578,835		1,288,749		1,499,495
Accounts payable for trade and other accounts payable, current		1,674,303		1,674,303		1,695,202		1,695,202
Accounts payable to entities related, current		382		382		760		760
Other financial liabilities, not current		5,864,570		5,893,387		6,602,891		6,738,872
Accounts payable, not current		483,656		483,656		498,832		498,832

Fuel-Price Risk [Member]

Disclosure of risk management strategy related to hedge accounting [line items]

Schedule of sensitivity analysis

The calculations were made considering a parallel movement of US$ 5 per barrel in the curve of the BRENT and JET crude futures benchmark price at the end of December 2018 and the end of December, 2017.

	Positions as of December 31, 2018	Positions as of December 31, 2017
Benchmark price	effect on equity	effect on equity
(US$ per barrel)	(millions of US$)	(millions of US$)
+5	+7.4	+1.8
-5	- 5.5	-3.3

Foreign Exchange Rate Risk [Member]

Disclosure of risk management strategy related to hedge accounting [line items]

Schedule of sensitivity analysis

The following table shows the variation of financial performance to appreciate or depreciate 10% exchange rate R$/US$:

Appreciation (depreciation)	Effect at December 31, 2018	Effect at December 31, 2017
of R$/US$(*)	Millions of US$	Millions of US$
-10%	+39.8	+80.5
+10%	-39.8	-80.5

(*) Appreciation (depreciation) of US$ regard to the covered currencies.

The following table shows the change in Other comprehensive income recognized in Total equity in the case of appreciate or depreciate 10% the exchange rate R$/US$:

Appreciation (depreciation)	Effect at December 31, 2018	Effect at December 31, 2017
of R$/US$	Millions of US$	Millions of US$
-10%	+384.73	+386.62
+10%	-314.78	-316.33

Interest Rate Risk [Member]

Disclosure of risk management strategy related to hedge accounting [line items]

Schedule of sensitivity analysis

The following table shows the sensitivity of changes in financial obligations that are not hedged against interest-rate variations. These changes are considered reasonably possible, based on current market conditions each date.

Increase (decrease)	Positions as of December 31, 2018	Positions as of December 31, 2017
futures curve	effect on profit or loss before tax	effect on profit or loss before tax
in libor 3 months	(millions of US$)	(millions of US$)
+100 basis points	-29.62	-29.26
-100 basis points	+29.62	+29.26

The calculations were made increasing (decreasing) vertically 100 basis points of the three-month Libor futures curve, being both reasonably possible scenarios according to historical market conditions.

Increase (decrease)	Positions as of December 31, 2018	Positions as of December 31, 2017
futures curve	effect on equity	effect on equity
in libor 3 months	(millions of US$)	(millions of US$)
+100  basis points	+0.70	+1.9
-100   basis points	-0.71	-1.9