Form
20-F x
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Form 40-F ¨
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Yes
¨
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No
x
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THIS
REPORT IS AN ENGLISH TRANSLATION OF, AND A CHILEAN GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES PRESENTATION OF, THE NINE-MONTH PERIOD ENDED
SEPTEMBER 30, 2009 REPORT FILED WITH THE SUPERINTENDENCIA DE VALORES Y
SEGUROS (SVS) IN CHILE, AND UNLESS OTHERWISE INDICATED, FIGURES ARE IN US
DOLLARS.
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Consolidated
Financial Statements
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Consolidated
Balance Sheets
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2
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Consolidated
Statements of Income
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4
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Consolidated
Statements of Cash Flows
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5
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Notes
to the Consolidated Financial Statements
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6
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Ch$
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-
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Chilean
pesos
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ThCh
$
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-
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Thousands
of Chilean pesos
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US$
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-
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United
States dollars
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ThUS$
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-
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Thousands
of United States dollars
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ThEuro
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-
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Thousands
of Euros
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UF
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-
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The
UF is an inflation-indexed, Chilean peso-denominated monetary
unit. The UF rate is set daily in advance, based on the change
in the Consumer Price Index of the previous
month.
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As of September 30,
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|||||||||||
Note
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2009
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2008
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|||||||||
ThUS$
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ThUS$
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||||||||||
ASSETS
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|||||||||||
Current
assets
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|||||||||||
Cash
|
22,071 | 22,360 | |||||||||
Time
deposits
|
33 | 270,742 | 77,763 | ||||||||
Marketable
securities
|
4 | 192,315 | 56,717 | ||||||||
Accounts
receivable, net
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5 | 279,808 | 338,798 | ||||||||
Other
accounts receivable, net
|
5 | 68,102 | 73,307 | ||||||||
Accounts
receivable from related companies
|
6 | 77,698 | 58,989 | ||||||||
Inventories,
net
|
7 | 646,671 | 562,517 | ||||||||
Recoverable
taxes
|
64,168 | 43,802 | |||||||||
Prepaid
expenses
|
5,184 | 5,531 | |||||||||
Deferred
income taxes
|
15 | 33,969 | 16,265 | ||||||||
Other
current assets
|
51,530 | 34,357 | |||||||||
Total
current assets
|
1,712,258 | 1,290,406 | |||||||||
Property, plant and equipment,
net
|
8 | 1,264,408 | 1,045,724 | ||||||||
Other
Assets
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|||||||||||
Investments
in related companies
|
9 | 34,282 | 36,824 | ||||||||
Goodwill,
net
|
10 | 30,269 | 32,548 | ||||||||
Negative
goodwill, net
|
10 | (1,074 | ) | (1,279 | ) | ||||||
Long-term
accounts receivable, net
|
5 | 1,417 | 1,044 | ||||||||
Long-term
accounts receivable from related companies
|
6 | - | 2,000 | ||||||||
Intangible
assets, net
|
2,622 | 3,285 | |||||||||
Other
long-term assets
|
11 | 43,104 | 34,563 | ||||||||
Total Other
Assets
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110,620 | 108,985 | |||||||||
Total
assets
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3,087,286 | 2,445,115 |
As of September 30,
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|||||||||||
Note
|
2009
|
2008
|
|||||||||
ThUS$
|
ThUS$
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||||||||||
LIABILITIES AND SHAREHOLDERS'
EQUITY
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|||||||||||
Current
liabilities
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|||||||||||
Short-term
bank debt
|
12 | 99,784 | 22,388 | ||||||||
Current
portion of long-term debt
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12 | 100,917 | 1,114 | ||||||||
Obligations
with the public (commercial papers)
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13 | 53,881 | - | ||||||||
Current
portion of bonds payable
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13 | 14,957 | 12,717 | ||||||||
Dividends
payable
|
795 | 546 | |||||||||
Accounts
payable
|
156,597 | 138,820 | |||||||||
Other
accounts payable
|
364 | 364 | |||||||||
Notes
and accounts payable to related companies
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6 | 765 | 553 | ||||||||
Accrued
liabilities
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14 | 52,077 | 60,706 | ||||||||
Withholdings
|
7,985 | 11,399 | |||||||||
Income
taxes
|
12,439 | 68,162 | |||||||||
Deferred
income
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32 | 30,780 | 55,873 | ||||||||
Deferred
income taxes
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15 | - | - | ||||||||
Other
current liabilities
|
2,646 | 7,797 | |||||||||
Total current
liabilities
|
533,987 | 380,439 | |||||||||
Long-term
liabilities
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|||||||||||
Long-term bank
debt
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12 | 275,000 | 180,000 | ||||||||
Long-term Obligations with the
Public (Bonds)
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13 | 634,544 | 299,941 | ||||||||
Other
accounts payable
|
242 | 515 | |||||||||
Deferred
income taxes
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15 | 60,559 | 55,005 | ||||||||
Long-term
accrued liabilities
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16 | 49,500 | 31,706 | ||||||||
Total
long-term liabilities
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1,019,845 | 567,167 | |||||||||
Minority
interest
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17 | 43,721 | 51,363 | ||||||||
Shareholders'
equity
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|||||||||||
Paid-in
capital
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18 | 477,386 | 477,386 | ||||||||
Other
reserves
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18 | 160,563 | 163,095 | ||||||||
Retained
earnings
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18 | 851,784 | 805,665 | ||||||||
Total shareholders'
equity
|
1,489,733 | 1,446,146 | |||||||||
Total
liabilities and shareholders' equity
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3,087,286 | 2,445,115 |
For the nine months ended
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|||||||||||
September 30,
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|||||||||||
Note
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2009
|
2008
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|||||||||
ThUS$
|
ThUS$
|
||||||||||
Operating
results
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|||||||||||
Sales
|
1,049,182 | 1,376,225 | |||||||||
Cost
of sales
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(648,453 | ) | (830,804 | ) | |||||||
Gross
margin
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400,729 | 545,421 | |||||||||
Selling
and administrative expenses
|
(58,763 | ) | (64,037 | ) | |||||||
Operating
income
|
341,966 | 481,384 | |||||||||
Non-operating
results
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|||||||||||
Non-operating
income
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20
|
19,044 | 32,245 | ||||||||
Non-operating
expenses
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20
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(49,637 | ) | (44,085 | ) | ||||||
Non-operating
loss
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(30,593 | ) | (11,840 | ) | |||||||
Income
before income taxes
|
311,373 | 469,544 | |||||||||
Income
tax expense
|
15
|
(60,434 | ) | (80,988 | ) | ||||||
Income
before minority interest
|
250,939 | 388,556 | |||||||||
Minority
interest
|
17
|
758 | (7,485 | ) | |||||||
Net
income before negative goodwill
|
251,697 | 381,071 | |||||||||
Net income
|
251,697 | 381,071 |
For the nine months ended
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|||||||||||
Note
|
2009
|
2008
|
|||||||||
ThUS$
|
ThUS$
|
||||||||||
Cash
flows from operating activities
|
|||||||||||
Net
income
|
251,697 | 381,071 | |||||||||
Charges
(credits) to income not representing cash flows
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|||||||||||
Depreciation
expense
|
8
|
112,428 | 83,535 | ||||||||
Amortization
of intangible assets
|
493 | 528 | |||||||||
Write-offs
and accruals
|
38,033 | 19,090 | |||||||||
Gain
on equity investments in related companies
|
(2,562 | ) | (13,497 | ) | |||||||
Loss
on equity investments in related companies
|
850 | 33 | |||||||||
Amortization
of goodwill
|
10
|
1,632 | 1,669 | ||||||||
(Profit)
loss on sales of assets
|
(196 | ) | (2,939 | ) | |||||||
Los
from sale of investments
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- | (1,387 | ) | ||||||||
Other
credits to income not representing cash flows
|
(3,538 | ) | (3,556 | ) | |||||||
Other
charges to income not representing cash flows
|
114,184 | 172,690 | |||||||||
Foreign
exchange difference, net
|
8,528 | 7,585 | |||||||||
Net
changes in operating assets and liabilities (Increase)
decrease:
|
|||||||||||
Trade
accounts receivable
|
9,111 | (185,802 | ) | ||||||||
Inventories
|
(117,527 | ) | (199,902 | ) | |||||||
Other
assets
|
(63,382 | ) | (11,994 | ) | |||||||
Accounts
payable
|
(16,352 | ) | 58,619 | ||||||||
Interest
payable
|
34,236 | 990 | |||||||||
Net
income taxes payable
|
(159,469 | ) | (40,705 | ) | |||||||
Other
accounts payable
|
(24,367 | ) | - | ||||||||
VAT
and taxes payable
|
3,126 | (13,802 | ) | ||||||||
Minority
interest
|
17
|
(758 | ) | 7,486 | |||||||
Net
cash provided from operating activities
|
186,167 | 259,712 | |||||||||
Cash
flows from financing activities
|
|||||||||||
Proceeds
from short term bank financing
|
270,809 | 70,239 | |||||||||
Bonds
payable
|
372,347 | - | |||||||||
Payment
of dividends
|
(243,976 | ) | (115,990 | ) | |||||||
Repayment
of bank financing
|
(160,000 | ) | (50,000 | ) | |||||||
Payment
of obligations with the public
|
(2,788 | ) | (3,138 | ) | |||||||
Payment
of expenses for the issuance and placement of bonds
payable
|
(4,447 | ) | - | ||||||||
Net
cash used in financing activities
|
231,945 | (98,889 | ) | ||||||||
Cash
flows from investing activities
|
|||||||||||
Sales
of property, plant and equipment
|
1,729 | 25,382 | |||||||||
Sales
of permanent investments
|
- | 1,688 | |||||||||
Other
investing income
|
2,121 | - | |||||||||
Additions
to property, plant and equipment
|
(257,074 | ) | (183,671 | ) | |||||||
Capitalized
interest
|
(13,089 | ) | (7,405 | ) | |||||||
Other
disbursements
|
(1,662 | ) | (565 | ) | |||||||
Net
cash used in investing activities
|
(267,975 | ) | (164,571 | ) | |||||||
Effect
of inflation on cash and cash equivalents
|
14,615 | 547 | |||||||||
Net
change in cash and cash equivalents
|
164,752 | (3,201 | ) | ||||||||
Beginning
balance of cash and cash equivalents
|
323,920 | 164,213 | |||||||||
Ending
balance of cash and cash equivalents
|
488,672 | 161,012 | |||||||||
Direct or indirect ownership
|
||||||||
2009
|
2008
|
|||||||
%
|
%
|
|||||||
Foreign
subsidiaries:
|
||||||||
Nitrate
Corp. of Chile Limited (United Kingdom)
|
100.00 | 100.00 | ||||||
Soquimich
SRL – Argentina
|
100.00 | 100.00 | ||||||
Nitratos
Naturais do Chile Ltda. (Brazil)
|
100.00 | 100.00 | ||||||
SQM
Europe NV (Belgium)
|
100.00 | 100.00 | ||||||
SQM
North America Corp. (USA)
|
100.00 | 100.00 | ||||||
North
American Trading Company (USA)
|
100.00 | 100.00 | ||||||
SQM
Peru S.A.
|
100.00 | 100.00 | ||||||
SQM
Corporation N.V. (Dutch Antilles)
|
100.00 | 100.00 | ||||||
S.Q.I.
Corporation N.V. (Dutch Antilles)
|
100.00 | 100.00 | ||||||
Soquimich
European Holding B.V. (Holland)
|
100.00 | 100.00 | ||||||
SQMC
Holding Corporation L.L.P. (USA)
|
100.00 | 100.00 | ||||||
SQM
Ecuador S.A.
|
100.00 | 100.00 | ||||||
SQM
Investment Corporation N.V. (Dutch Antilles)
|
100.00 | 100.00 | ||||||
SQM
Brasil Ltda.
|
100.00 | 100.00 | ||||||
Royal
Seed Trading Corporation A.V.V. (Aruba)
|
100.00 | 100.00 | ||||||
SQM
Japon Co. Ltd.
|
100.00 | 100.00 | ||||||
SQM
Oceanía PTY Limited (Australia)
|
100.00 | 100.00 | ||||||
SQM
France S.A.
|
100.00 | 100.00 | ||||||
RS
Agro-Chemical Trading A.V.V. (Aruba)
|
100.00 | 100.00 | ||||||
SQM
Comercial de México S.A. de C.V.
|
100.00 | 100.00 | ||||||
SQM
Indonesia
|
80.00 | 80.00 | ||||||
SQM
Virginia L.L.C. (USA)
|
100.00 | 100.00 | ||||||
SQM
Venezuela S.A.
|
100.00 | 100.00 | ||||||
SQM
Italia SRL (Italy)
|
100.00 | 100.00 | ||||||
Comercial
Caiman Internacional S.A. (Cayman Islands)
|
100.00 | 100.00 | ||||||
SQM
Africa PTY (South Africa)
|
100.00 | 100.00 | ||||||
Administración
y Servicios Santiago S.A. de C.V. (Mexico)
|
100.00 | 100.00 | ||||||
SQM
Lithium Specialties L.L.P. (USA)
|
100.00 | 100.00 | ||||||
SQM
Nitratos México S.A. de C.V. (México)
|
51.00 | 51.00 | ||||||
Fertilizantes
Naturales S.A.
|
66.67 | 66.67 | ||||||
Iodine
Minera B.V.
|
100.00 | 100.00 | ||||||
SQM
Dubai – FZCO.
|
100.00 | 100.00 |
Direct or indirect ownership
|
||||||||
2009
|
2008
|
|||||||
%
|
%
|
|||||||
Domestic
subsidiaries:
|
||||||||
Servicios
Integrales de Tránsitos y Transferencias S.A.
|
100.00 | 100.00 | ||||||
Soquimich
Comercial S.A.
|
60.64 | 60.64 | ||||||
Isapre
Norte Grande Ltda.
|
100.00 | 100.00 | ||||||
Almacenes
y Depósitos Ltda.
|
100.00 | 100.00 | ||||||
Ajay
SQM Chile S.A.
|
51.00 | 51.00 | ||||||
SQM
Nitratos S.A.
|
100.00 | 100.00 | ||||||
Proinsa
Ltda.
|
60.58 | 60.58 | ||||||
SQM
Potasio S.A.
|
100.00 | 100.00 | ||||||
SQMC
International Limitada.
|
60.64 | 60.64 | ||||||
SQM
Salar S.A.
|
100.00 | 100.00 | ||||||
SQM
Industrial S.A.
|
100.00 | 100.00 | ||||||
Minera
Nueva Victoria S.A.
|
100.00 | 100.00 | ||||||
Exploraciones
Mineras S.A.
|
100.00 | 100.00 | ||||||
Sociedad
Prestadora de Servicios de Salud Cruz del Norte S.A.
|
100.00 | 100.00 | ||||||
Comercial
Hydro S.A.
|
60.64 | 60.64 | ||||||
Agrorama
Callegari Ltda.
|
42.45 | - |
|
Monetary
assets and liabilities denominated in Chilean pesos and other currencies
have been translated to U.S. dollars at the observed exchange
rates determined by the Central Bank of Chile in effect at each year-end
of Ch$ 550.36 per US$1 at September 30, 2009 and Ch$ 551.31 per
US$1 at September 30, 2008.
|
|
-
|
Balance
sheet accounts are translated to U.S. dollars at the year-end exchange
rate without eliminating the effects of price-level
restatement.
|
|
-
|
Income
statement accounts are translated to U.S. dollars at the average exchange
rate each month. The monetary correction account on the income
statement, which is generated by the inclusion of price-level restatement
on the non-monetary assets and liabilities and shareholders’ equity, is
translated to U.S. dollars at the average exchange rate for each
month.
|
|
-
|
Translation
gains and losses, as well as the price-level restatement to the balance
sheet mentioned above, are included as an adjustment in shareholders’
equity, in conformity with Circular No. 1,697 of the
SVS.
|
|
-
|
Monetary
assets and liabilities are translated at year-end exchange rates between
the US dollar and the local
currency.
|
|
-
|
All
non-monetary assets and liabilities and shareholders’ equity are
translated at historical exchange rates between the US dollar and the
local currency.
|
|
-
|
Income
and expense accounts are translated at average exchange rates between the
US dollar and the local currency.
|
-
|
Any
exchange differences are included in the results of operations for the
period.
|
2009
|
2008
|
|||||||
US$
|
US$
|
|||||||
Brazilian
Real
|
1.78 | 1.96 | ||||||
New
Peruvian Sol
|
3.19 | 3.19 | ||||||
Argentine
Peso
|
3.85 | 3.15 | ||||||
Japanese
Yen
|
98.25 | 118.50 | ||||||
Euro
|
0.68 | 0.68 | ||||||
Mexican
Peso
|
13.55 | 10.94 | ||||||
Australian
Dollar
|
1.14 | 1.27 | ||||||
Pound
Sterling
|
0.61 | 0.56 | ||||||
Ecuadorian
Sucre
|
1.00 | 1.00 | ||||||
South
African Rand
|
7.44 | 8.17 |
|
Included
in cash and cash equivalents are cash and bank balances included in cash,
time deposits, financial instruments classified as marketable securities
and other short-term investments maturing within 90 days, in compliance
with Technical Bulletin No. 50 issued by the Chilean Association of
Accountants.
|
|
The
Company defines cash flows from operating activities as all inflows and
outflows of cash that are directly related to its operations and, in
general, all cash flows not defined as being from investing or financing
activities.
|
|
Time
deposits are recorded at cost plus accrued
interest.
|
|
Marketable
securities are recorded at the lower of cost plus accrued interest or
market value.
|
|
The
Company records an allowance for doubtful accounts based on estimated
probable losses.
|
|
Inventories
of finished products and products in process are stated at average
production cost, which is presented net of provisions. Provisions have
been made based on a technical study which covers the different variances
which affect our products (density, moist, among
others).
|
|
Materials
and supplies received are stated at average acquisition and inventories in
transit are stated at cost incurred at the end of the
period.
|
|
The
cost of inventories does not exceed its net realizable
value.
|
|
In
conformity with current Chilean tax regulations, the Company recognizes
the provision for corporate income tax expense and the income tax for the
mining activity on an accrual
basis.
|
|
Prior
to 2000, income taxes were charged to results in the same period in which
the income and expenses were recorded and were calculated in accordance
with the enacted tax laws in Chile and the other jurisdictions in which
the Company operated.
|
|
Under
Chilean law, the Parent Company and its subsidiaries are required to file
separate tax declarations.
|
|
Beginning
January 1, 2000, the Company records deferred income taxes in accordance
with Technical Bulletin Nos. 60, 69, 71 and 73 of the Chilean Association
of Accountants, and with Circular No. 1466 issued on January 27, 2000 by
the SVS, recognizing the deferred tax effects of temporary differences
between the financial and tax values of assets and liabilities, using the
liability method. The effect of the temporary differences at March 31,
1999 were recorded in complementary asset and liability accounts, which
are recognized in the statement of operations over the estimated period in
which they reverse.
|
|
Property,
plant, equipment and property rights are recorded at acquisition cost,
considering in general an average residual value of 5%, except for certain
assets that were restated in accordance with a technical appraisal in
1989. Depreciation for the period is calculated according to
the straight-line method based on the remaining technical useful lives of
assets, estimated by management.
|
|
Property,
plant and equipment acquired through financial lease agreements are
accounted for at the present value of the minimum lease payments plus the
purchase option based on the interest rate included in each
contract. The Company does not legally own these assets and
therefore cannot freely dispose of
them.
|
|
In
conformity with Technical Bulletin No. 31 and 33 of the Chilean
Association of Accountants, the Company capitalizes interest cost
associated with the financing of new assets during the construction period
of such assets.
|
|
Maintenance
costs of plant and equipment are charged to expenses as
incurred.
|
|
The
Company obtains property rights and mining concessions from the Chilean
state. Other than minor filing fees, the property rights are
usually obtained without initial cost, and once obtained, are retained by
the Company as long as the annual fees are paid. Such fees,
which are paid annually in September, are recorded as prepaid assets to be
amortized over the following twelve months. Values attributable
to these original mining concessions are recorded in property, plant and
equipment.
|
|
Investments
in related companies over which the Company has significant influence, are
included in other assets and are recorded using the equity method of
accounting, in accordance with SVS Circulars Nos. 368 and 1,697 and
Technical Bulletins Nos. 64 and 72 issued by the Chilean Association of
Accountants. Accordingly, the Company’s proportional share in the net
income or loss of each investee is recognized in the non-operating income
and expense classification in the consolidated statements of income on an
accrual basis, after eliminating any unrealized profits from transactions
with the related companies.
|
|
The
translation adjustment to U.S. dollars of investments in domestic
subsidiaries that maintain their accounting records and are controlled in
Chilean pesos is recognized in other reserves within shareholders’
equity. Direct and indirect investments in foreign subsidiaries
or affiliates are controlled in U.S.
dollars.
|
|
Investments
in which the Company has less than 20% participation and the capacity to
exert significant influence or control over the investment, because SQM
forms part of its Board of Directors, have been valued using the equity
method.
|
|
Goodwill
is calculated as the excess of the purchase price of companies acquired
over their net book value, whereas negative goodwill occurs when the net
book value exceeds the purchase price of companies
acquired. Goodwill and negative goodwill resulting from equity
method investments are maintained in the same currency in which the
investment was made and are amortized based on the estimated period of
investment return, generally 20 years for goodwill and negative
goodwill.
|
|
Beginning
on January 1, 2004, goodwill and negative goodwill represents the
difference between the acquisition cost of the investment in a related
company and the fair value of this investment at the acquisition date,
which is amortized with a charge or credit to income in the expected
period of return of the investment, which does not exceed 20
years.
|
|
Intangible
assets are stated at cost plus acquisition expenses and are amortized over
a period of up to a maximum of 40 years, in accordance with Technical
Bulletin No. 55 of the Chilean Association of
Accountants.
|
|
Mining
development costs are recorded in other long-term assets and are amortized
utilizing the unit of production
basis.
|
|
The
Company calculates the liability for staff severance indemnities based on
the present value of the accrued benefits for the actual years of service
worked assuming average employee tenure of 24 years and a real annual
discount rate of 8%.
|
|
The
cost of employee vacations is recognized in the financial statements on an
accrual basis.
|
|
These
operations are registered in Other Current Assets at the amount of the
purchase. Starting at the purchase date, the respective interest is
recorded in accordance with SVS Circular
768.
|
|
The
Company maintains derivative contracts to hedge against movements in
foreign currencies, which are recorded in conformity with Technical
Bulletin No. 57 of the Chilean Association of Accountants. Such
contracts are recorded at fair value with net losses recognized on the
accrual basis and gains recognized when
realized.
|
|
For
comparison purposes, certain reclassifications have been made to the 2008
financial statements.
|
|
Income from the
operation of the line of business of the Company and its Subsidiaries, is
recorded as of the date of physical delivery of the products in accordance
with the sales conditions
stated in Technical Bulletin No. 70 issued by the Chilean Association of
Accountants.
|
|
Computational
systems developed internally using the Company’s personnel and materials
are charged to income during the year in which the expenses are incurred.
In accordance with Circular No. 1.819 dated November 14, 2007 of the SVS,
computer systems acquired by the Company are recorded at
cost
|
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Mutual
funds
|
192,315 | 56,717 | ||||||
Total
|
192,315 | 56,717 |
Between 90 days
|
Total
|
|||||||||||||||||||||||
Up to 90 days
|
and 1 year
|
Short-term (net)
|
||||||||||||||||||||||
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||
Short-term
|
||||||||||||||||||||||||
Trade
accounts receivable
|
234,194 | 266,249 | 60,428 | 82,264 | 294,622 | 348,513 | ||||||||||||||||||
Allowance
for doubtful accounts
|
(14,814 | ) | (9,715 | ) | ||||||||||||||||||||
Notes
receivable
|
40,386 | 26,131 | 22,025 | 37,308 | 62,411 | 63,439 | ||||||||||||||||||
Allowance
for doubtful accounts
|
(6,241 | ) | (6,684 | ) | ||||||||||||||||||||
Accounts
receivable, net
|
335,978 | 395,553 | ||||||||||||||||||||||
Other
accounts receivable
|
12,580 | 13,665 | 824 | 4,001 | 13,404 | 17,666 | ||||||||||||||||||
Allowance
for doubtful accounts
|
(1,472 | ) | (1,114 | ) | ||||||||||||||||||||
Other
accounts receivable, net
|
11,932 | 16,552 | ||||||||||||||||||||||
Long-term
receivables
|
1,417 | 1,044 |
Asia and
|
USA, Mexico
|
Latin America
|
||||||||||||||||||||||||||||||||||||||||||||||
Chile
|
Europe
|
Oceania
|
and Canada
|
and the Caribbean
|
Total
|
|||||||||||||||||||||||||||||||||||||||||||
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||||||||||||||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||||||||||||||||||||
Net
short-term trade accounts receivable
|
||||||||||||||||||||||||||||||||||||||||||||||||
Balance
|
74,815 | 182,686 | 120,815 | 106,137 | 25,522 | 8,914 | 32,103 | 38,429 | 26,553 | 2,632 | 279,808 | 338,798 | ||||||||||||||||||||||||||||||||||||
% of
total
|
26.74 | % | 53.92 | % | 43.18 | % | 31.33 | % | 9.12 | % | 2.63 | % | 11.47 | % | 11.34 | % | 9.49 | % | 0.78 | % | 100,00 | % | 100.00 | % | ||||||||||||||||||||||||
Net
short-term notes receivable
|
||||||||||||||||||||||||||||||||||||||||||||||||
Balance
|
36,848 | 54,493 | 15,980 | - | - | - | - | - | 3,342 | 2,262 | 56,170 | 56,755 | ||||||||||||||||||||||||||||||||||||
% of
total
|
65.60 | % | 96.01 | % | 28.45 | % | - | - | - | - | - | 5.95 | % | 3.99 | % | 100,00 | % | 100.00 | % | |||||||||||||||||||||||||||||
Net
short-term other accounts receivable
|
||||||||||||||||||||||||||||||||||||||||||||||||
Balance
|
10,601 | 15,434 | 850 | 343 | 12 | 161 | 383 | 526 | 86 | 88 | 11,932 | 16,552 | ||||||||||||||||||||||||||||||||||||
% of
total
|
88.85 | % | 93.25 | % | 7.12 | % | 2.07 | % | 0.10 | % | 0.97 | % | 3.21 | % | 3.18 | % | 0.72 | % | 0.53 | % | 100,00 | % | 100.00 | % | ||||||||||||||||||||||||
Subtotal
short-term accounts receivable, net
|
||||||||||||||||||||||||||||||||||||||||||||||||
Balance
|
122,264 | 252,613 | 137,645 | 106,480 | 25,534 | 9,075 | 32,486 | 38,955 | 29,981 | 4,982 | 347,910 | 412,105 | ||||||||||||||||||||||||||||||||||||
% of
total
|
35.14 | % | 61.30 | % | 39.56 | % | 25.84 | % | 7.34 | % | 2.20 | % | 9.34 | % | 9.45 | % | 8.62 | % | 1.21 | % | 100,00 | % | 100.00 | % | ||||||||||||||||||||||||
Long-term
accounts receivable, net
|
||||||||||||||||||||||||||||||||||||||||||||||||
Balance
|
1,417 | 1,044 | - | - | - | - | - | - | - | - | 1,417 | 1,044 | ||||||||||||||||||||||||||||||||||||
% of
total
|
100.00 | % | 100.00 | % | - | - | - | - | - | - | - | - | 100,00 | % | 100.00 | % | ||||||||||||||||||||||||||||||||
Total
short and long-term accounts receivable, net
|
||||||||||||||||||||||||||||||||||||||||||||||||
Balance
|
123,681 | 253,657 | 137,645 | 106,480 | 25,534 | 9,075 | 32,486 | 38,955 | 29,981 | 4,982 | 349,327 | 413,149 | ||||||||||||||||||||||||||||||||||||
% of
total
|
35.41 | % | 61.39 | % | 39.40 | % | 25.77 | % | 7.31 | % | 2.20 | % | 9.30 | % | 9.43 | % | 8.58 | % | 1.21 | % | 100,00 | % | 100.00 | % |
a)
|
Amounts
included in balances with related parties as of September 30, 2009 and
2008 are as follows:
|
Short-term
|
Long-term
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Accounts receivable
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||
Doktor
Tarsa Tarim Sanayi AS
|
5,810 | 13,908 | - | - | ||||||||||||
Nutrisi
Holding N.V.
|
1,771 | 1,790 | - | - | ||||||||||||
Ajay
Europe S.A.R.L.
|
2,480 | 2,769 | - | - | ||||||||||||
Ajay
North America LLC
|
2,208 | 4,505 | - | - | ||||||||||||
Abu
Dhabi Fertilizer Industries WWL
|
3,110 | 6,904 | - | 2.000 | ||||||||||||
NU3
B.V.
|
1,009 | 2,677 | - | - | ||||||||||||
Sales
de Magnesio Ltda.
|
301 | 100 | - | - | ||||||||||||
SQM
Agro India
|
218 | 629 | - | - | ||||||||||||
Misr
Specialty Fertilizers (MSF)
|
122 | 891 | - | - | ||||||||||||
Soc.Inv.Pampa
Calichera S.A.
|
8 | 8 | - | - | ||||||||||||
Kowa
Company Ltd.
|
14,182 | 23,609 | - | - | ||||||||||||
SQM
East Med Turkey
|
767 | 1,199 | - | - | ||||||||||||
SQM
Thailand CO. LTD.
|
482 | - | - | - | ||||||||||||
Minera
Saskatchewan (PCS)
|
44,945 | - | - | - | ||||||||||||
Callegari
Agricola S.A.
|
285 | - | ||||||||||||||
Total
|
77,698 | 58,989 | - | 2,000 |
b)
|
Amounts
included in balances with related parties as of September 30,
2009 and 2008, continued:
|
Short-term
|
||||||||
2009
|
2008
|
|||||||
Accounts
payable
|
ThUS$
|
ThUS$
|
||||||
SQM Thailand Co. Ltd. | - | 90 | ||||||
NU3
N.V
|
765 | 463 | ||||||
Total
|
765 | 553 |
Type of |
Amount
of
|
Impact
on income
|
||||||||||||||||
Company
|
Relationship
|
transaction
|
Transaction
|
(charge)
credit
|
||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||
NU3
N.V. (Belgium)
|
Indirect
|
Sales
of products
|
7,847 | 16,442 | 2,693 | 11,542 | ||||||||||||
Doktor
Tarsa Tarim Sanayi AS
|
Indirect
|
Sales
of products
|
5,895 | 15,894 | 1,796 | 11,615 | ||||||||||||
Abu
Dhabi Fertilizer Ind. WWL
|
Indirect
|
Sales
of products
|
4,783 | 7,498 | 1,387 | 2,350 | ||||||||||||
Indirect
|
Income
financial
|
54 | 129 | 54 | 129 | |||||||||||||
Ajay
Europe S.A.R.L.
|
Indirect
|
Sales
of products
|
6,065 | 15,871 | 2,772 | 4,211 | ||||||||||||
Indirect
|
Income
financial
|
7 | 7 | 7 | 7 | |||||||||||||
Indirect
|
Dividends
|
- | 118 | - | - | |||||||||||||
NU3
B.V.
|
Indirect
|
Sales
of products
|
7,629 | 11,750 | 1,144 | 7,721 | ||||||||||||
Indirect
|
Services
|
79 | 83 | - | 83 | |||||||||||||
Ajay
North America LLC
|
Indirect
|
Sales
of products
|
8,021 | 24,523 | 3,747 | 7,083 | ||||||||||||
Indirect
|
Dividends
|
453 | 1,054 | - | - | |||||||||||||
Indirect
|
Sales
of property, plant and equipment
|
20 | - | 20 | - | |||||||||||||
Kowa
Company Ltd.
|
Shareholder
|
Sales
of products
|
42,772 | 82,423 | 17,455 | 37,612 | ||||||||||||
Shareholder
|
Services
|
92 | - | - | - | |||||||||||||
SQM
Agro India PYT Ltda.
|
Indirect
|
Sales
of products
|
77 | 598 | 12 | 275 | ||||||||||||
Misr
Specialty
|
Indirect
|
Sales
of products
|
- | 733 | - | 539 | ||||||||||||
Indirect
|
Income
financial
|
- | 7 | - | 7 | |||||||||||||
Nutrisi
|
Indirect
|
Income
financial
|
- | 78 | - | 78 | ||||||||||||
SQM
Eastmed Turkey
|
Indirect
|
Sales
of products
|
- | 397 | - | 264 | ||||||||||||
SQM
Thailand Co.Ltda.
|
Indirect
|
Sales
of products
|
1,175 | - | 341 | - | ||||||||||||
Sales
de Magnesio Ltda.
|
Indirect
|
Sales
of products
|
734 | 615 | 223 | 280 | ||||||||||||
Indirect
|
Dividends
|
385 | 491 | - | - | |||||||||||||
Indirect
|
Services
|
270 | - | - | - | |||||||||||||
Minera
Saskatchewan (PCS)
|
Shareholder
|
Sales
of products
|
44,791 | - | 15,837 | - | ||||||||||||
Shareholder
|
Service
|
154 | - | - | - |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Finished
products
|
339,948 | 361,558 | ||||||
Work
in process
|
280,153 | 162,695 | ||||||
Supplies
|
26,570 | 38,264 | ||||||
Total
|
646,671 | 562,517 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Land
|
||||||||
Land
|
81,707 | 80,625 | ||||||
Mining
Concessions
|
30,086 | 30,086 | ||||||
Total
|
111,793 | 110,711 | ||||||
Buildings
and infrastructure
|
||||||||
Buildings
|
176,419 | 151,437 | ||||||
Installations
|
388,447 | 315,135 | ||||||
Construction-in-progress
|
361,207 | 291,820 | ||||||
Other
|
233,849 | 210,665 | ||||||
Total
|
1,159,922 | 969,057 | ||||||
Machinery
and Equipment
|
||||||||
Machinery
|
603,712 | 545,250 | ||||||
Equipment
|
155,335 | 138,278 | ||||||
Project-in-progress
|
88,752 | 41,279 | ||||||
Other
|
40,859 | 20,350 | ||||||
Total
|
888,658 | 745,157 | ||||||
Other
fixed assets
|
||||||||
Tools
|
11,214 | 9,564 | ||||||
Furniture
and office equipment
|
16,169 | 15,739 | ||||||
Project-in-progress
|
26,068 | 13,220 | ||||||
Other
|
13,133 | 9,831 | ||||||
Total
|
66,584 | 48,354 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Amounts
relating to technical revaluation of fixed assets
|
||||||||
Land
|
7,839 | 7,839 | ||||||
Buildings
and infrastructure
|
41,439 | 41,439 | ||||||
Machinery
and equipment
|
12,048 | 12,048 | ||||||
Other
assets
|
53 | 53 | ||||||
61,379 | 61,379 | |||||||
Total
property, plant and equipment
|
2,288,336 | 1,934,658 | ||||||
Less:
Accumulated depreciation
|
||||||||
Buildings
and infrastructure
|
(454,182 | ) | (381,430 | ) | ||||
Machinery
and equipment
|
(498,266 | ) | (434,074 | ) | ||||
Other
fixed assets
|
(31,526 | ) | (34,461 | ) | ||||
Technical
appraisal
|
(39,954 | ) | (38,969 | ) | ||||
Total
accumulated depreciation
|
(1,023,928 | ) | (888,934 | ) | ||||
Net
property, plant and equipment
|
1,264,408 | 1,045,724 | ||||||
2009
|
2008
|
|||||||
Depreciation
for the nine months ended September 30:
|
ThUS$
|
ThUS$
|
||||||
Buildings
and infrastructure
|
(58,481 | ) | (43,028 | ) | ||||
Machinery
and equipment
|
(49,703 | ) | (37,427 | ) | ||||
Other
fixed assets
|
(3,550 | ) | (2,226 | ) | ||||
Technical
revaluation
|
(694 | ) | (854 | ) | ||||
Total
depreciation
|
(112,428 | ) | (83,535 | ) |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Administrative
office buildings
|
1,988 | 1,988 | ||||||
Accumulated
depreciation
|
(576 | ) | (544 | ) | ||||
Total
assets in leasing
|
1,412 | 1,444 |
Tax
|
Country
|
Controlling
|
Number
|
Ownership
|
Equity of
|
Book value of
|
Net income
|
Equity
|
||||||||||||||||||||||||||||||||||||||||||
Number
|
Company
|
origin
|
Currency
|
shares
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||||||||||||||||||||
%
|
%
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||||||||||||||||||||||||
0-E
|
Doktor
Tarsa Tarim Sanayi AS
|
Turkey
|
Euros
|
- | 50.00 | 50.00 | 18,562 | 20,059 | 9,281 | 10,030 | 1,671 | 10,282 | 835 | 5,141 | ||||||||||||||||||||||||||||||||||||
0-E
|
Nutrisi
Holding N.V.
|
Belgium
|
Euros
|
- | 50.00 | 50.00 | 12,831 | 17,529 | 6,474 | 8,137 | -2,402 | 7,157 | -719 | 3,074 | ||||||||||||||||||||||||||||||||||||
0-E
|
Abu
Dhabi Fertilizer
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Industries
WWL
|
UAE
|
US$
|
1,961 | 50.00 | 50.00 | 11,196 | 10,198 | 5,598 | 5,099 | 600 | 5,485 | 300 | 2,743 | |||||||||||||||||||||||||||||||||||||
0-E
|
Ajay
North America
|
USA
|
US$
|
- | 49.00 | 49.00 | 13,405 | 11,787 | 5,245 | 4,909 | 1,833 | 1,971 | 898 | 966 | ||||||||||||||||||||||||||||||||||||
0-E
|
Ajay
Europe S.A.R.L.
|
France
|
Euros
|
36,700 | 50.00 | 50.00 | 10,308 | 9,671 | 3,574 | 4,302 | 627 | 826 | 313 | 413 | ||||||||||||||||||||||||||||||||||||
0-E
|
Misr
Specialty
|
Egypt
|
US$
|
- | 47.00 | 47.00 | 4,550 | 4,982 | 2,160 | 2,366 | -212 | 823 | -101 | 391 | ||||||||||||||||||||||||||||||||||||
0-E
|
SQM
Thailand Co. Ltd.
|
Thailand
|
US$
|
- | 40.00 | 40.00 | 3,333 | 3,596 | 1,333 | 1,438 | 131 | 1,077 | 52 | 431 | ||||||||||||||||||||||||||||||||||||
77557430-5
|
Sales
de Magnesio Ltda.
|
Chile
|
Pesos
|
- | 50.00 | 50.00 | 605 | 729 | 302 | 364 | 326 | 510 | 163 | 255 | ||||||||||||||||||||||||||||||||||||
0-E
|
SQM
Eastmed Turkey
|
Turkey
|
Euros
|
- | 50.00 | 50.00 | 460 | 111 | 230 | 56 | - | -66 | - | -33 | ||||||||||||||||||||||||||||||||||||
0-E
|
Agro
India Limitada
|
India
|
US$
|
- | 49.00 | 49.00 | 130 | 208 | 64 | 102 | -62 | 170 | -30 | 83 | ||||||||||||||||||||||||||||||||||||
81767200-0
|
Asoc.
Garantizadora
|
Chile
|
Pesos
|
- | 3.00 | 3.00 | 620 | 618 | 21 | 21 | - | -5 | - | - | ||||||||||||||||||||||||||||||||||||
Total
|
34,282 | 36,824 |
September
30, 2009
|
September
30, 2008
|
||||||||||||||||
Tax
Registration
|
Amount
amortized
|
Goodwill
|
Amount
amortized
|
Goodwill
|
|||||||||||||
Number
|
Company
|
during
the period
|
Balance
|
during
the period
|
balance
|
||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||
96864750-4
|
SQM
Potassium S.A.
|
108 | 1,048 | 108 | 1,193 | ||||||||||||
96801610-5
|
Comercial
Hydro S.A.
|
127 | 608 | 164 | 881 | ||||||||||||
79947100-0
|
SQM
Industrial S.A.
|
835 | 16,969 | 835 | 18,082 | ||||||||||||
0-E
|
SQMC
México S.A. de C.V.
|
42 | 683 | 42 | 738 | ||||||||||||
0-E
|
Comercial
Caiman Internacional S.A.
|
17 | 68 | 17 | 91 | ||||||||||||
0-E
|
SQM
Dubai- Fzco
|
76 | 1,605 | 76 | 1,706 | ||||||||||||
0-E
|
Iodine Minera
B.V.
|
427 | 9,288 | 427 | 9,857 | ||||||||||||
Total
|
1,632 | 30,269 | 1,669 | 32,548 | |||||||||||||
b) Negative
Goodwill
|
September
30, 2009
|
September
30, 2008
|
|||||||||||||||
Negative
|
Negative
|
||||||||||||||||
Tax
Registration
|
Amount
amortized
|
goodwill
|
Amount
amortized
|
Goodwill
|
|||||||||||||
Number
|
Company
|
during
the period
|
Balance
|
during
the period
|
Balance
|
||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||
78602530-3
|
Minera
Nueva Victoria S.A.
|
- | 1,074 | - | 1,279 | ||||||||||||
Total
|
- | 1,074 | - | 1,279 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Engine
and equipment spare-parts,
net
(1)
|
802 | 3,045 | ||||||
Union
negotiation bonus
|
1,569 | 681 | ||||||
Mine
development costs
|
27,233 | 23,871 | ||||||
Income
taxes recoverable
|
262 | 324 | ||||||
Healthcare
institution guarantee in the National Healthcare Service
Fonasa
|
322 | 313 | ||||||
Construction
of Salar -Baquedano road
|
960 | 1,080 | ||||||
Deferred
loan issuance
costs
(2)
|
1,330 | 208 | ||||||
Cost
of issuance and placement of
bonds (3)
|
10,115 | 4,423 | ||||||
Other
|
511 | 618 | ||||||
Total
|
43,104 | 34,563 |
2009
|
2008
|
|||||||
Bank
or financial institution
|
ThUS$
|
ThUS$
|
||||||
Banco
de Crédito e Inversiones
|
30,000 | - | ||||||
BBVA
Chile
|
30,794 | - | ||||||
Banco
Estado
|
20,575 | - | ||||||
Banco
Santander Santiago
|
- | 20,211 | ||||||
HSBC
Bank Chile
|
14,914 | - | ||||||
Other
|
3,501 | 2,177 | ||||||
Total
|
99,784 | 22,388 | ||||||
Annual
average interest rate
|
3.69 | % | 3.84 | % |
2009
|
2008
|
|||||||
Bank
or financial institution
|
ThUS$
|
ThUS$
|
||||||
BBVA
Banco Bilbao Vizcaya Argentaria (1)
|
175,056 | 100,239 | ||||||
ING
Capital LLC (2)
|
80,431 | 80,875 | ||||||
Banco
Estado (3)
|
30,028 | - | ||||||
Export
Development Can (4)
|
50,362 | - | ||||||
Caja
de Ahorros y Monte de Piedad Madrid (5)
|
40,040 | |||||||
Total
|
375,917 | 181,114 | ||||||
Less:
Current portion
|
(100,917 | ) | (1,114 | ) | ||||
Long-term
portion
|
275,000 | 180,000 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Years
to maturity
|
||||||||
Current
portion
|
100,917 | 1,114 | ||||||
1
to 2 years
|
80,000 | 100,000 | ||||||
2
to 3 years
|
195,000 | 80,000 | ||||||
Total
|
375,917 | 181,114 |
2009
|
2008
|
|||||||||||||||
UF
|
ThUS$
|
UF
|
ThUS$
|
|||||||||||||
Capital
payments
|
75,000.00 | 2,787 | 75,000.00 | 3,261 | ||||||||||||
Interest
payments
|
53,470.80 | 1,987 | 56,441.40 | 2,454 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Interest
payments
|
6,125 | 6,125 |
No. of
Registration of
the Instrument
|
Series
|
Nominal
Amount
|
Adjustment
Unit
|
Interest
Rate
|
Final Period
|
Payment of
Interest
|
Payment of
Amortization
|
09/30/09
ThUS$
|
09/30/08
ThUS$
|
Placement
in Chile or
abroad
|
||||||||||
Current
portion of long-term bonds payable
|
||||||||||||||||||||
446
|
C
|
150,000
|
UF
|
4.00%
|
12/01/2009
|
Semi-
annual
|
Semi-annual
|
6,980
|
7,094
|
In
Chile
|
||||||||||
184
|
A
|
-
|
US$
|
6.125%
|
10/15/2009
|
Semi-
annual
|
At
maturity
|
5,623
|
5,623
|
Abroad
|
||||||||||
564
|
H
|
-
|
UF
|
4.9%
|
02/05/2010
|
Semi-
annual
|
At
maturity
|
1,733
|
-
|
In
Chile
|
||||||||||
563
|
G
|
-
|
$
|
7.00%
|
02/05/2010
|
Semi-
annual
|
At
maturity
|
621
|
-
|
In
Chile
|
||||||||||
563
|
I
|
-
|
UF
|
3.00%
|
04/01/2010
|
Semi-
annual
|
At
maturity
|
-
|
-
|
In
Chile
|
||||||||||
563
|
J
|
-
|
$
|
5.50%
|
04/01/2010
|
Semi-
annual
|
At
maturity
|
-
|
-
|
In
Chile
|
||||||||||
Total
Current Portion
|
14,957
|
12,717
|
||||||||||||||||||
Long-term
bonds payable
|
||||||||||||||||||||
446
|
C
|
2,475,000
|
UF
|
4.00%
|
12/01/2026
|
Semi-
annual
|
Semi-annual
|
93,694
|
99,941
|
In
Chile
|
||||||||||
184
|
A
|
200,000,000
|
US$
|
6.125%
|
04/15/2016
|
Semi-
annual
|
At
maturity
|
200,000
|
200,000
|
Abroad
|
||||||||||
563
|
G
|
21,000,000,000
|
$
|
7.00%
|
01/05/2014
|
Semi-
annual
|
At
maturity
|
38,157
|
-
|
In
Chile
|
||||||||||
564
|
H
|
4,000,000
|
UF
|
4.9%
|
01/05/2030
|
Semi-
annual
|
Semi-annual
installments
as
of
2019
|
151,425
|
-
|
In
Chile
|
||||||||||
563
|
I
|
1,500,000
|
UF
|
3.0%
|
04/01/2014
|
Semi-
annual
|
At
maturity
|
56,784
|
-
|
In
Chile
|
||||||||||
563
|
J
|
52,000,000,000
|
$
|
5.5%
|
04/01/2014
|
Semi-
annual
|
At
maturity
|
94,484
|
-
|
In
Chile
|
||||||||||
Total
Long-term
|
634,544
|
299,941
|
Book Value
|
||||||||||||||||||||||||||||||||
Registration No.
or Instrument
I.D.
|
Series
|
Indexation
Unit
|
Nominal
Value
ThCh$
|
Promissory
note or line of
credit
maturity
|
Interest
Rate
|
09/30/09
|
09/30/08
|
Placement
in Chile or
Abroad
|
||||||||||||||||||||||||
46
|
2-A | - | 15,000,000 | 12-15-2009 | 3.32 | % | 27,068 | - | - | |||||||||||||||||||||||
47
|
1-B | - | 15,000,000 | 03-17-2010 | 3.60 | % | 26,813 | - | - | |||||||||||||||||||||||
Total
|
53,881 | - |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Provision
for royalties Corfo
|
4,546 | 5,155 | ||||||
Provision
for employee compensation and legal costs
|
590 | 640 | ||||||
Taxes
and monthly income tax installment payments
|
10,756 | 7,303 | ||||||
Expenses
incurred for Long-term loans (additional tax)
|
234 | 234 | ||||||
Vacation
accrual
|
12,497 | 10,675 | ||||||
Marketing
expenses
|
4,166 | 13,000 | ||||||
External
auditor fees
|
765 | 338 | ||||||
Benefits
for employees
|
14,236 | 20,062 | ||||||
Other
accruals
|
4,287 | 3,299 | ||||||
Total
current liabilities
|
52,077 | 60,706 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Accumulated
tax basis retained earnings with tax credit
|
760,717 | 695,380 | ||||||
Accumulates tax basis retained earnings without tax credit
|
125,149 | 3,954 | ||||||
Tax
loss carry-forwards (1)
|
(25,386 | ) | 13,570 | |||||
Credit
for shareholders
|
155,700 | 142,258 |
2009
|
Deferred
tax asset
|
Deferred
tax liability
|
||||||||||||||
Short-term
|
Long-term
|
Short-term
|
Long-term
|
|||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||
Temporary
differences
|
||||||||||||||||
Allowance
for doubtful accounts
|
3,674 | 1,716 | - | - | ||||||||||||
Vacation
accrual
|
2,046 | - | - | - | ||||||||||||
Unrealized
gain on sale of products
|
71,265 | - | - | - | ||||||||||||
Provision
for obsolescence
|
- | 3,153 | - | - | ||||||||||||
Production
expenses
|
- | - | 37,095 | - | ||||||||||||
Accelerated
depreciation
|
- | - | - | 74,428 | ||||||||||||
Exploration
expenses
|
- | - | - | 5,372 | ||||||||||||
Capitalized
interest
|
- | - | - | 10,656 | ||||||||||||
Staff
severance indemnities
|
- | - | - | 2,467 | ||||||||||||
Fair
value recognition
|
- | 2,879 | - | - | ||||||||||||
Leased
assets
|
- | 26 | - | - | ||||||||||||
Capitalized
expenses
|
- | - | - | 2,087 | ||||||||||||
Tax
loss carry-forwards
|
2,506 | 7,806 | - | - | ||||||||||||
Deferred
revenue
|
- | - | - | - | ||||||||||||
Accrued
interest
|
241 | - | - | - | ||||||||||||
Benefits
for employees
|
- | 4,689 | - | - | ||||||||||||
Deferred
Tax Royalty
|
1,120 | 615 | 3,532 | 4,159 | ||||||||||||
Accrued
Gain from Exchange Insurance
|
- | - | 4,738 | - | ||||||||||||
Other
|
3,651 | 11,425 | 8 | 809 | ||||||||||||
Total
gross deferred taxes
|
84,503 | 32,309 | 45,373 | 99,978 | ||||||||||||
Total
complementary accounts
|
- | - | - | (12,203 | ) | |||||||||||
Valuation allowance
|
(5,161 | ) | (5,093 | ) | - | - | ||||||||||
Total deferred taxes
|
79,342 | 27,216 | 45,373 | 87,775 |
2008
|
Deferred
tax asset
|
Deferred
tax liability
|
||||||||||||||
Short-term
|
Long-term
|
Short-term
|
Long-term
|
|||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||
Temporary
differences
|
||||||||||||||||
Allowance
for doubtful accounts
|
1,513 | 1,002 | - | - | ||||||||||||
Vacation
accrual
|
1,730 | - | - | - | ||||||||||||
Unrealized
gain on sale of products
|
62,045 | - | - | - | ||||||||||||
Provision
for obsolescence
|
- | 3,549 | - | - | ||||||||||||
Production
expenses
|
- | - | 26,303 | - | ||||||||||||
Accelerated
depreciation
|
- | - | - | 66,562 | ||||||||||||
Exploration
expenses
|
- | - | - | 5,224 | ||||||||||||
Capitalized
interest
|
- | - | - | 9,069 | ||||||||||||
Staff
severance indemnities
|
- | - | - | 2,085 | ||||||||||||
Fair
value recognition
|
- | 2,189 | - | - | ||||||||||||
Leased
assets
|
- | - | - | - | ||||||||||||
Capitalized
expenses
|
- | - | - | 852 | ||||||||||||
Tax
loss carry-forwards
|
- | 4,161 | - | - | ||||||||||||
Accrued
gain from exchange insurance
|
- | - | 2,393 | - | ||||||||||||
Deferred
revenue
|
- | - | - | - | ||||||||||||
Accrued
interest
|
922 | - | - | - | ||||||||||||
Benefits
for employees
|
16 | 884 | - | - | ||||||||||||
Other
|
4,629 | 6,940 | 1,785 | 402 | ||||||||||||
Total
gross deferred taxes
|
70,855 | 18,725 | 30,481 | 84,194 | ||||||||||||
Total
complementary accounts
|
- | - | - | (14,097 | ) | |||||||||||
Valuation allowance
|
(24,109 | ) | (3,633 | ) | - | - | ||||||||||
Total deferred taxes
|
46,746 | 15,092 | 30,481 | 70,097 |
c)
|
Income
tax expense is summarized as
follows:
|
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Current
tax expense (income tax accrual)
|
(63,647 | ) | (104,544 | ) | ||||
Tax
expense adjustment (prior year)
|
(4,413 | ) | 576 | |||||
Effect
of deferred tax assets and liabilities
|
(21,274 | ) | 35,777 | |||||
Tax
benefit for tax losses
|
14,967 | (21,424 | ) | |||||
Effect
of amortization of complementary accounts
|
(1,312 | ) | (1,529 | ) | ||||
Effect
on deferred tax assets and liabilities due to changes in valuation
allowance
|
15,245 | 10,181 | ||||||
Other
tax charges and credits
|
- | (25 | ) | |||||
Total
income tax expense
|
(60,434 | ) | (80,988 | ) |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Staff
severance indemnities (2)
|
28,163 | 20,714 | ||||||
Benefits
for employees (1)
|
17,900 | 9,000 | ||||||
Site
closing provision
|
3,437 | 1,992 | ||||||
Balance
as of September 30
|
49,500 | 31,706 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Opening
balance
|
22,129 | 20,679 | ||||||
Increases
in obligation
|
3,770 | 4,340 | ||||||
Payments
|
(1,234 | ) | (1,870 | ) | ||||
Exchange
difference
|
3,302 | (2,435 | ) | |||||
Other
difference
|
196 | - | ||||||
Balance
As of September 30
|
28,163 | 20,714 |
Equity
|
Net
Income/(Loss)
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||
Soquimich
Comercial S.A.
|
39,075 | 46,641 | 621 | (6,510 | ) | |||||||||||
Ajay
SQM Chile S.A.
|
4,248 | 4,108 | (309 | ) | (482 | ) | ||||||||||
SQM
Nitratos México S.A. de C.V.
|
2 | 9 | 8 | 5 | ||||||||||||
Fertilizantes
Naturales S.A.
|
(59 | ) | 627 | 482 | (504 | ) | ||||||||||
SQM
Indonesia S.A.
|
1 | (30 | ) | (35 | ) | 9 | ||||||||||
Agrorama
Callegari Ltda.
|
442 | - | (6 | ) | - | |||||||||||
SQM
Potasio S.A.
|
12 | 8 | (3 | ) | (3 | ) | ||||||||||
Total
|
43,721 | 51,363 | 758 | (7,485 | ) |
Accumulated
deficit
|
||||||||||||||||||||||||||||||||
of subsidiaries
in
|
||||||||||||||||||||||||||||||||
Paid-in
|
Other
|
development
|
Interim
|
Retained
|
Net
|
|||||||||||||||||||||||||||
Number
|
capital
|
Reserves
|
stage
|
Dividends
|
earnings
|
income
|
Total
|
|||||||||||||||||||||||||
of
shares
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||||||||
Balance
as of January 1, 2008
|
263,196,524 | 477,386 | 163,442 | - | - | 361,587 | 180,021 | 1,182,436 | ||||||||||||||||||||||||
Transfer
2007 net income to retained earnings
|
- | - | - | - | - | 180,021 | (180,021 | ) | - | |||||||||||||||||||||||
Declared
dividends 2008
|
- | - | - | - | - | (117,014 | ) | - | (117,014 | ) | ||||||||||||||||||||||
Accumulated
deficit from subsidiaries in development stage
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Other
comprehensive income
|
- | - | (347 | ) | - | - | - | - | (347 | ) | ||||||||||||||||||||||
Net
income for the year
|
- | - | - | - | - | - | 381,071 | 381,071 | ||||||||||||||||||||||||
Balance
As of September 30, 2008
|
263,196,524 | 477,386 | 163,095 | - | - | 424,594 | 381,071 | 1,446,146 | ||||||||||||||||||||||||
Balance
January 1,2009
|
263,196,524 | 477,386 | 159,721 | - | (100,000 | ) | 424,594 | 501,407 | 1,463,108 | |||||||||||||||||||||||
Transfer
2007 net income to retained earnings
|
- | - | - | - | - | 501,407 | (501,407 | ) | - | |||||||||||||||||||||||
Declared
dividends 2009
|
- | - | - | - | 100,000 | (325,914 | ) | - | (225,915 | ) | ||||||||||||||||||||||
Interim
dividends
|
- | - | - | - | - | - | ||||||||||||||||||||||||||
Other
comprehensive income
|
- | - | 842 | - | - | - | - | 842 | ||||||||||||||||||||||||
Net
income for the year
|
- | - | - | - | - | - | 251,697 | 251,697 | ||||||||||||||||||||||||
Balance
as of September 30, 2009
|
263,196,524 | 477,386 | 160,563 | - | - | 600,087 | 251,697 | 1,489,732 |
For the nine months
ended
September 30,
2009
|
As of
September 30,
2009
|
||||||||
Detail
|
ThUS$
|
ThUS$
|
|||||||
Technical
appraisal
|
- | 151,345 | |||||||
Changes
to other comprehensive income from equity method
investments:
|
|||||||||
Soquimich
Comercial S.A.
|
(1)
|
693 | 13,980 | ||||||
Comercial
Hydro S.A.
|
(1)
|
- | (725 | ) | |||||
SQMC
Internacional Ltda.
|
(1)
|
- | (35 | ) | |||||
Proinsa
Ltda.
|
(1)
|
- | (26 | ) | |||||
Isapre
Norte Grande Ltda.
|
(1)
|
37 | 7 | ||||||
Inversiones
Augusta S.A.
|
(1)
|
- | (761 | ) | |||||
SQM
Ecuador S.A.
|
(2)
|
- | (270 | ) | |||||
Almacenes
y Depósitos Ltda.
|
(1)
|
43 | 130 | ||||||
Asociación
Garantizadora de Pensiones
|
(1)
|
3 | (20 | ) | |||||
Sales
de Magnesio Ltda.
|
(1)
|
51 | 61 | ||||||
Sociedad
de Servicios de Salud S.A.
|
(1)
|
15 | 29 | ||||||
SQM
North America Corp.
|
(3)
|
- | (4,186 | ) | |||||
SQM
Dubai Fzco.
|
(1)
|
- | (12 | ) | |||||
Ajay
Europe SARL
|
(1)
|
- | 343 | ||||||
Other
Companies
|
(1)
|
- | 717 | ||||||
Total
other comprehensive income
|
842 | 160,563 |
Series
A :
|
If
the election of the president of the Company results in a tied vote, the
Company's directors may vote once again, without the vote of the director
elected by the Series B
shareholders.
|
Series
B:
|
1)A
general or extraordinary shareholders' meeting may be called at the
request of shareholders representing 5% of the Company's Series B
shares.
|
2009
|
Notional or
|
Description of the
|
Income
|
Income
|
|||||||||||||||||
Type of
Derivative
|
covered
amount
|
Expiration
|
contract
type
|
Position
purchase/sale
|
(Liability)Asset
amount
|
(realized)
recorded
|
(not realized)
recorded
|
||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||||||
Swap
|
89.802 |
4th
Quarter of 2026
|
Exchange
rate
|
P
|
13,430 | 9,109 | 4,321 | ||||||||||||||
Swap
|
33,673 |
1 st
Quarter of 2014
|
Exchange
rate
|
P
|
4,833 | 4,676 | 158 | ||||||||||||||
Swap
|
42,822 |
1 st
Quarter of 2013
|
Exchange
rate
|
P
|
5,633 | 4,430 | 1,203 | ||||||||||||||
Swap
|
43,116 |
1 st
Quarter of 2013
|
Exchange
rate
|
P
|
5,448 | 4,143 | 1,305 | ||||||||||||||
Swap
|
46,220 |
1 st
Quarter of 2014
|
Exchange
rate
|
P
|
905 | 1,022 | (1,927 | ) | |||||||||||||
Swap
|
46,220 |
1 st
Quarter of 2014
|
Exchange
rate
|
P
|
896 | 1,022 | (1,918 | ) | |||||||||||||
Swap
|
56,041 |
1 st
Quarter of 2014
|
Exchange
rate
|
P
|
967 | 744 | 223 | ||||||||||||||
US
dollar Forward
|
3,000 |
4th
Quarter of 2009
|
Exchange
rate
|
S
|
39 | 39 | - | ||||||||||||||
US
dollar Forward
|
6,000 |
4th
Quarter of 2009
|
Exchange
rate
|
S
|
3 | 3 | - | ||||||||||||||
US
dollar Forward
|
7,000 |
4th
Quarter of 2009
|
Exchange
rate
|
S
|
43 | (43 | ) | - | |||||||||||||
US
dollar Forward
|
4,000 |
4th
Quarter of 2009
|
Exchange
rate
|
S
|
45 | 45 | - | ||||||||||||||
US
dollar Forward
|
25,349 |
4th
Quarter of 2009
|
Exchange
rate
|
S
|
1,906 | 1,906 | - | ||||||||||||||
US
dollar Forward
|
6,944 |
1 st
Quarter of 2010
|
Exchange
rate
|
S
|
142 | 142 | - | ||||||||||||||
US
dollar Forward
|
2,870 |
1 st
Quarter of 2010
|
Exchange
rate
|
S
|
37 | 37 | - | ||||||||||||||
US
dollar Forward
|
16,918 |
1 st
Quarter of 2010
|
Exchange
rate
|
S
|
343 | 343 | - | ||||||||||||||
European
Option
|
7,270 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
61 | (61 | ) | - | |||||||||||||
European
Option
|
7,400 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
- | - | - |
2009
|
Notional or
|
Description of
|
Income
|
Income
|
|||||||||||||||||
Type of
Derivative
|
covered
amount
|
Expiration
|
the contract
type
|
Position
purchase/sale
|
(Liability)Asset
amount
|
(realized)
recorded
|
(not realized)
recorded
|
||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||||||
European
Option
|
4,415 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
- | - | - | ||||||||||||||
European
Option
|
6,671 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
- | - | - | ||||||||||||||
European
Option
|
7,309 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
12 | (12 | ) | - | |||||||||||||
European
Option
|
6,629 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
- | - | - | ||||||||||||||
European
Option
|
6,536 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
11 | (11 | ) | - | |||||||||||||
European
Option
|
3,384 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
273 | (273 | ) | - | |||||||||||||
European
Option
|
3,769 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
48 | (48 | ) | - | |||||||||||||
European
Option
|
2,877 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
11 | (11 | ) | - | |||||||||||||
US
dollar Forward
|
6,879 |
2nd
Quarter of 2010
|
Exchange
rate
|
P
|
312 | (312 | ) | - | |||||||||||||
European
Option
|
57,477 |
1st
Quarter of 2010
|
Exchange
rate
|
P
|
- | - | - | ||||||||||||||
European
Option
|
59,352 |
1st
Quarter of 2010
|
Exchange
rate
|
P
|
1,107 | (1,107 | ) | - | |||||||||||||
European
Option
|
61,446 |
1st
Quarter of 2010
|
Exchange
rate
|
P
|
- | - | - | ||||||||||||||
US
dollar Forward
|
10,011 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
93 | 93 | - | ||||||||||||||
US
dollar Forward
|
10,091 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
98 | 98 | - | ||||||||||||||
US
dollar Forward
|
10,024 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
107 | 107 | - | ||||||||||||||
US
dollar Forward
|
10,035 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
17 | 17 | - | ||||||||||||||
US
dollar Forward
|
5,025 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
71 | 71 | - | ||||||||||||||
US
dollar Forward
|
5,018 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
9 | 9 | - | ||||||||||||||
US
dollar Forward
|
10,032 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
113 | 113 | - | ||||||||||||||
US
dollar Forward
|
10,112 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
123 | 123 | - | ||||||||||||||
US
dollar Forward
|
5,019 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
- | - | - | ||||||||||||||
US
dollar Forward
|
5,019 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
- | - | - | ||||||||||||||
US
dollar Forward
|
10,039 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
1 | 1 | - | ||||||||||||||
US
dollar Forward
|
10,111 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
15 | (15 | ) | - | |||||||||||||
US
dollar Forward
|
10,058 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
76 | (76 | ) | - | |||||||||||||
US
dollar Forward
|
15,137 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
22 | 22 | - | ||||||||||||||
US
dollar Forward
|
8,550 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
7 | 7 | - | ||||||||||||||
US
dollar Forward
|
10,056 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
33 | 33 | - | ||||||||||||||
US
dollar Forward
|
10,064 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
131 | 131 | - | ||||||||||||||
US
dollar Forward
|
10,054 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
19 | 19 | - | ||||||||||||||
US
dollar Forward
|
5,040 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
77 | 77 | - | ||||||||||||||
US
dollar Forward
|
10,085 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
159 | 159 | - | ||||||||||||||
US
dollar Forward
|
10,044 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
39 | 39 | - | ||||||||||||||
US
dollar Forward
|
20,087 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
78 | 78 | - | ||||||||||||||
US
dollar Forward
|
5,100 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
41 | - | (41 | ) | |||||||||||||
US
dollar Forward
|
17,400 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
104 | 104 | - | ||||||||||||||
US
dollar Forward
|
11,300 |
4th
Quarter of 2009
|
Exchange
rate
|
P
|
17 | (17 | ) | - | |||||||||||||
US
dollar Forward
|
10,400 |
2nd
Quarter of 2010
|
Exchange
rate
|
P
|
30 | 30 | - | ||||||||||||||
US
dollar Forward
|
500 |
3rd
Quarter of 2009
|
Exchange
rate
|
P
|
-1 | -1 | - |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Recovery
of doubtful accounts
|
45 | 475 | ||||||
Insurance
recoveries
|
208 | 474 | ||||||
Reversal
of obligations with third parties
|
620 | 2,068 | ||||||
Gain
from sale of assets SQM Lithium
|
- | 2,342 | ||||||
Gain
on sale of investments in related companies
|
- | 1,387 | ||||||
Sale
of mining concessions
|
2,121 | 721 | ||||||
Provision
of services
|
78 | 121 | ||||||
Rental
of property, plant and equipment
|
769 | 851 | ||||||
Fines
collected from third parties
|
73 | 46 | ||||||
Discounts
obtained
|
798 | 484 | ||||||
Compensation
received
|
60 | 213 | ||||||
Sale
of property, plant and equipment
|
486 | 1,146 | ||||||
Other
income
|
955 | 1,749 | ||||||
Total
|
6,213 | 12,077 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Investment
plan expenses and adjustment of property, plant and equipment realization
value
|
7,982 | 14,678 | ||||||
Interest
expense
|
- | - | ||||||
Equity
participation in net losses of unconsolidated subsidiaries
|
- | - | ||||||
Amortization
of goodwill
|
- | - | ||||||
Net
foreign exchange losses
|
- | - | ||||||
Work
disruption expenses
|
283 | 776 | ||||||
Non-recoverable
taxes
|
- | - | ||||||
Indemnity
to suppliers
|
1,745 | 177 | ||||||
Accrual
for loss in auction
|
- | - | ||||||
Provision
for legal expenses and third party compensation
|
451 | 435 | ||||||
Training
and donation expenses
|
841 | 1,845 | ||||||
Amortization
of information
|
- | - | ||||||
Insurance
claim
|
- | - | ||||||
Consulting
services
|
- | - | ||||||
Other
expenses
|
4,008 | 2,508 | ||||||
Total
|
15,310 | 20,419 |
(Charge) credit to income from
operations
|
||||||||
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Property,
plant and equipment
|
(8 | ) | 28 | |||||
Other
assets and liabilities
|
(12 | ) | 13 | |||||
Shareholders’
equity
|
196 | (490 | ) | |||||
Net
price-level restatement
|
176 | (449 | ) |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Assets
|
||||||||
Chilean
pesos
|
385,858 | 151,372 | ||||||
US
dollars
|
2,512,631 | 2,111,783 | ||||||
Euros
|
66,877 | 86,568 | ||||||
Japanese
Yen
|
1,225 | 1,232 | ||||||
Brazilian
Real
|
333 | 371 | ||||||
Mexican
pesos
|
3,235 | 1,088 | ||||||
UF
|
63,484 | 31,460 | ||||||
South
African Rand
|
23,901 | 23,303 | ||||||
Dirhams
|
14,786 | 21,492 | ||||||
Other
currencies
|
14,956 | 16,446 | ||||||
Current
liabilities
|
||||||||
Chilean
pesos
|
152,269 | 161,693 | ||||||
US
dollars
|
310,878 | 180,762 | ||||||
Euros
|
55,309 | 13,818 | ||||||
Japanese
Yen
|
26 | 23 | ||||||
Brazilian
Real
|
1,819 | 1,682 | ||||||
Mexican
pesos
|
582 | 3,347 | ||||||
UF
|
9,507 | 13,372 | ||||||
South
African Rand
|
2,344 | 3,243 | ||||||
Dirhams
|
1,190 | 1,120 | ||||||
Other
currencies
|
63 | 1,379 | ||||||
Long-term
liabilities
|
||||||||
Chilean
pesos
|
159,246 | 20,016 | ||||||
US
dollars
|
557,763 | 445,987 | ||||||
Japanese
Yen
|
278 | 206 | ||||||
UF
|
302,145 | 100,456 | ||||||
Mexican
pesos
|
403 | 491 | ||||||
Other
currencies
|
10 | 11 |
Other
Assets
|
Amortization
|
|||||||||||||||
Short term
2009
|
Long term
2009
|
2009
|
2008
|
|||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||
Single-series
Placement Expenses
|
293 | 1,610 | 220 | 220 | ||||||||||||
Series
C Placement Expenses
|
281 | 2,240 | 221 | 234 | ||||||||||||
Series
G Placement Expenses
|
136 | 443 | 102 | |||||||||||||
Series
H Placement Expenses
|
133 | 2,671 | 104 | |||||||||||||
Series
J Placement Expenses
|
552 | 1,933 | 276 | |||||||||||||
Series
I Placement Expenses
|
348 | 1,218 | 174 | |||||||||||||
Total
|
1,743 | 10,115 | 1,097 | 454 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Sale
of mining concessions
|
2,121 | - | ||||||
Total
|
2,121 | - |
(a)
|
Material
lawsuits or other legal actions of which the Company is party
to:
|
1.
|
Plaintiff
|
:
Compañía Salitre y Yodo Soledad S.A.
|
Defendant
|
:
Sociedad Química y Minera de Chile S.A.
|
|
Date
of lawsuit
|
:
December 1994
|
|
Court
|
:
Civil Court of Pozo Almonte
|
|
Cause
|
:
Partial annulment of mining property, Cesard 1 to 29
|
|
Instance
|
:
Evidence provided
|
|
Nominal
amount
|
:
ThUS$ 211
|
|
2.
|
Plaintiff
|
:
Compañía Productora de Yodo y Sales S.A.
|
Defendant
|
:
SQM S.A.
|
|
Date
of lawsuit
|
:
November 1999
|
|
Court
|
:
Civil Court of Pozo Almonte
|
|
Cause
|
:
Partial annulment of mining property, Paz II 1 to 25
|
|
Instance
|
:
Evidence provided
|
|
Nominal
amount
|
:
ThUS$ 162
|
|
3.
|
Plaintiff
|
:
Compañía Productora de Yodo y Sales S.A.
|
Defendant
|
:
SQM S.A.
|
|
Date
of lawsuit
|
:
November 1999
|
|
Court
|
:
Civil Court of Pozo Almonte
|
|
Cause
|
:
Partial annulment of mining property, Paz III 1 to 25
|
|
Instance
|
:
Evidence provided
|
|
Nominal
amount
|
:
ThUS$ 204
|
|
4.
|
Plaintiff
|
:
Angélica Allende and her sons Iván Molina and Cristóbal
Molina
|
Defendant
|
:
Ingeniería, Construcción y Servicios SMR Limitada and, subsidiarily, SQM
Nitratos S.A. and its insurance companies
|
|
Date
of lawsuit
|
:
May 2008
|
|
Court
|
:
Labor Court of Antofagasta
|
|
Cause
|
:
Work accident
|
|
Instance
|
:
Suit being answered
|
|
Nominal
amount
|
:
ThUS$ 670
|
|
5.
|
Plaintiff
|
:
Nancy Erika Urra Muñoz
|
Defendant
|
:
Fresia Flores Zamorano, Duratec-Vinilit S.A. and SQM S.A.
and its insurance companies.
|
|
Date
of lawsuit
|
:
December 2008
|
|
Court
|
:
1st
Civil Court of Santiago
|
|
Cause
|
:
Work accident
|
|
Instance
|
:
Response.
|
|
Nominal
amount
|
:
ThUS$ 550
|
6.
|
Plaintiff
|
:
Agraria Santa Aldina Limitada
|
Defendant
|
:
SQM Perú S.A.
|
|
Date
of lawsuit
|
:
June 2009
|
|
Court
|
:
Civil Court of Pisco - Peru
|
|
Cause
|
:
Damage indemnity lawsuit for alleged non-compliance with the terms of the
product distribution agreement
|
|
Instance
|
:
Response
|
|
Nominal
amount
|
:
ThUS$6,000
|
Debtor
|
Balances
outstanding
|
||||||||||
Beneficiary
|
Name
|
Relationship
|
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
||||||||||
BBVA
Banco Bilbao Vizcaya Argentaria
|
Royal
Seed Trading Corp. A.V.V.
|
Subsidiary
|
175,056 | 100,239 | |||||||
ING
Capital LLC
|
Royal
Seed Trading Corp. A.V.V.
|
Subsidiary
|
80,431 | 80,875 | |||||||
Export
Development Canada.
|
SQM
Investment Corpotation N.V.
|
Subsidiary
|
50,362 | - |
Company
Name
|
ThUS$
|
|||
Llanos
y Wammes Soc. Com. Ltda.
|
1,943 | |||
Fertglobal
Chile Ltda. y Bramelli
|
3,197 | |||
Tattersall
S.A.
|
1,082 |
Future
|
||||||||
2009
|
Disbursements
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Projects
|
||||||||
Enablement
of money exchange and bathrooms
|
993 | 780 | ||||||
Environmental
evaluation
|
441 | 288 | ||||||
Handling
of household and industrial waste
|
963 | 189 | ||||||
Hazardous
substance management
|
443 | 553 | ||||||
Salar
(Salt deposit) environmental follow-up plan
|
361 | 143 | ||||||
Environmental
studies
|
1,710 | 260 | ||||||
Improvements
in M. Elena – Streets camp
|
373 | 333 | ||||||
Sanitary
regulations PV Traffic Facilities
|
- | 98 | ||||||
Environmental
remediation
|
777 | 422 | ||||||
Environmental
Management
|
* 769 | **509 | ||||||
Total
|
6,830 | 3,575 |
2009
|
2008
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Unearned
income
|
30,780 | 55,873 |
Bank of the Investment
|
Kind of
Deposit
|
Currency of
Origin
|
Interest
Rate
|
Investment
Date
|
Expiration
Date
|
Capital in
ThUS$
|
Accrued
Interest in
ThUS$
|
Balance
Present Year
in ThUS$
|
Balance
Previous Year
in ThUS$
|
|||||||||
Banco
Crédito e Inversiones
|
Fixed Term
|
Chilean Pesos
|
0.06%
|
08-12-2009
|
11-10-2009
|
9,915
|
10
|
9,925
|
-
|
|||||||||
Banco
Crédito e Inversiones
|
Fixed
Term
|
Chilean
Pesos
|
0.06%
|
09-01-2009
|
11-02-2009
|
10,114
|
6
|
10,120
|
-
|
|||||||||
Banco
Crédito e Inversiones
|
Fixed
Term
|
Chilean
Pesos
|
0.06%
|
09-03-2009
|
11-04-2009
|
10,121
|
5
|
10,126
|
-
|
|||||||||
Banco
Crédito e Inversiones
|
Fixed
Term
|
Chilean
Pesos
|
0.06%
|
09-04-2009
|
11-05-2009
|
15,094
|
7
|
15,101
|
-
|
|||||||||
Banco
Crédito e Inversiones
|
Fixed
Term
|
Chilean
Pesos
|
0.06%
|
09-04-2009
|
11-06-2009
|
8,533
|
5
|
8,538
|
-
|
|||||||||
Banco
Crédito e Inversiones
|
Fixed
Term
|
Chilean
Pesos
|
0.06%
|
09-17-2009
|
10-13-2009
|
9,912
|
2
|
9,914
|
-
|
|||||||||
Banco
Crédito e Inversiones
|
Fixed
Term
|
Chilean
Pesos
|
0.06%
|
09-17-2009
|
10-22-2009
|
9,912
|
2
|
9,914
|
-
|
|||||||||
Banco
Crédito e Inversiones
|
Fixed
Term
|
Chilean
Pesos
|
0.09%
|
09-30-2009
|
12-29-2009
|
20,009
|
-
|
20,009
|
-
|
|||||||||
Banco
Crédito e Inversiones
|
Fixed
Term
|
Chilean
Pesos
|
0.09%
|
09-30-2009
|
12-29-2009
|
10,004
|
-
|
10,004
|
28,267
|
|||||||||
Banco
de Chile
|
Fixed
Term
|
Chilean
Pesos
|
0.06%
|
08-10-2009
|
10-09-2009
|
9,981
|
10
|
9,991
|
19,246
|
|||||||||
Banco
de Chile
|
Fixed
Term
|
Chilean
Pesos
|
0.06%
|
09-08-2009
|
11-09-2009
|
10,011
|
4
|
10,015
|
10,010
|
|||||||||
Banco
de Chile
|
Fixed
Term
|
Chilean
Pesos
|
0.06%
|
09-10-2009
|
11-11-2009
|
10,023
|
4
|
10,027
|
-
|
|||||||||
Banco
de Chile
|
Fixed
Term
|
Chilean
Pesos
|
0.07%
|
09-15-2009
|
10-30-2009
|
20,055
|
7
|
20,062
|
-
|
|||||||||
Banco
Santander – Santiago
|
Fixed
Term
|
Chilean
Pesos
|
0.05%
|
08-25-2009
|
10-26-2009
|
9,979
|
6
|
9,985
|
-
|
|||||||||
Banco
Santander – Santiago
|
Fixed
Term
|
Chilean
Pesos
|
0.05%
|
09-08-2009
|
10-19-2009
|
10,011
|
4
|
10,015
|
-
|
|||||||||
Banco
Santander – Santiago
|
Fixed
Term
|
Chilean
Pesos
|
0.05%
|
09-08-2009
|
10-20-2009
|
5,005
|
2
|
5,007
|
-
|
|||||||||
Banco
Santander – Santiago
|
Fixed
Term
|
UF
|
2.85%
|
08-24-2009
|
11-23-2009
|
29,914
|
88
|
30,002
|
-
|
|||||||||
BBVA
Banco Bilbao Vizcaya Argentaria
|
Fixed
Term
|
Chilean
Pesos
|
0.04%
|
09-17-2009
|
10-02-2009
|
9,916
|
2
|
9,918
|
-
|
|||||||||
Corpbanca
|
Fixed
Term
|
Chilean
Pesos
|
0.07%
|
08-21-2009
|
10-20-2009
|
4,947
|
5
|
4,952
|
-
|
Bank of the Investment
|
Kind of
Deposit
|
Currency of
Origin
|
Interest
Rate
|
Investment
Date
|
Expiration
Date
|
Capital in
ThUS$
|
Accrued
Interest in
ThUS$
|
Balance
Present Year
in ThUS$
|
Balance
Previous Year
in ThUS$
|
|||||||||
Corpbanca
|
Fixed Term
|
Chilean Pesos
|
0.08%
|
08-21-2009
|
11-19-2009
|
4,952
|
5
|
4,957
|
-
|
|||||||||
Corpbanca
|
Fixed Term
|
Chilean Pesos
|
0.08%
|
08-24-2009
|
11-23-2009
|
30,060
|
30
|
30,090
|
-
|
|||||||||
Corpbanca
|
Fixed Term
|
Chilean Pesos
|
0.08%
|
08-25-2009
|
11-24-2009
|
9,902
|
10
|
9,912
|
-
|
|||||||||
Citibank N.A.
|
Overnight
|
US dollar
|
0.08%
|
09-30-2009
|
10-01-2009
|
2,158
|
-
|
2,158
|
1,012
|
|||||||||
Banco
Itau
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
8,206
|
|||||||||
Deutsche
Bank Chile S.A.
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,006
|
|||||||||
HSBC
Bank Chile
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
5,006
|
|||||||||
Fortis
Bank
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
630
|
|||||||||
Bancomer
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
294
|
|||||||||
BBVA
Banco Bilbao Vizcaya Argentaria
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
86
|
|||||||||
270,528
|
214
|
270,742
|
77,763
|
Conf:
|
/s/ Ricardo Ramos R.
|
Ricardo
Ramos R.
|
|
Chief
Financial
Officer
|