CHEMICAL & MINING CO OF CHILE INC | CIK:0000909037 | 3

  • Filed: 4/19/2018
  • Entity registrant name: CHEMICAL & MINING CO OF CHILE INC (CIK: 0000909037)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/909037/000114420418021258/0001144204-18-021258-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/909037/000114420418021258/sqm-20171231.xml
  • XBRL Cloud Viewer: Click to open XBRL Cloud Viewer
  • EDGAR Dashboard: https://edgardashboard.xbrlcloud.com/edgar-dashboard/?cik=0000909037
  • Open this page in separate window: Click

    • ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory

    Note 2     Basis of presentation for the consolidated financial statements
     
    2.1
    Accounting period
     
    These consolidated financial statements cover the following periods:
     
    -
    Consolidated Statements of Financial Position as of December 31, 2017 and, 2016.
     
    -
    Consolidated Statements of Changes in Equity for the three years ended December 31, 2017.
     
    -
    Consolidated Statements of Comprehensive Income for the three years ended December 31, 2017.
     
    -
    Consolidated Statements of Direct-Method Cash Flows for the three years ended December 31, 2017.
     
    2.2
    Consolidated financial statements
     
    The consolidated financial statements of Sociedad Química y Minera de Chile S.A. and its Subsidiaries were prepared in accordance with International Financial Reporting Standards (hereinafter “IFRS”) and represent the full, explicit and unreserved adoption of International Financial Reporting Standards as issued by the International Accounting Standards Board (hereinafter the “IASB”).
     
    These consolidated financial statements fairly reflect the Company’s financial position, the comprehensive results of operations, changes in equity and cash flows occurring during the years then ended.
     
    IFRS establish certain alternatives for their application. Those applied by the Company are detailed in this Note.
     
    The accounting policies used in the preparation of these consolidated annual accounts comply with each IFRS in force at their date of presentation.
     
    For the closing date of these consolidated financial statements certain reclassifications have been made for the captions current tax assets, other non-current financial assets, equity accounted investees, current tax assets, non-current as of December 31, 2016, to correct the prior year presentation. These revisions were not considered material to the previously issued financial statements.
     
    A reconciliation of such differences is presented as follows
     
     
    Balances
    originally reported
    as of  December
    31, 2016
     
    Reclassified
    balances as of
    December 31,
    2016
     
    Reclassification
     
     
     
    ThUS$
     
    ThUS$
     
    ThUS$
     
    Assets
     
     
     
     
     
     
     
    Current tax Assets
     
    54,787
     
    51,632
     
    (3,155)
     
    Tax assets, non-current
     
    29,024
     
    32,179
     
    3,155
     
    Deferred tax assets
     
    664
     
    -
     
    (664)
     
    Total
     
    84,475
     
    83,811
     
    (664)
     
     
     
     
    Balances
    originally reported
    as of  December
    31, 2016
     
    Reclassified
    balances as of
    December 31,
    2016
     
    Reclassification
     
     
     
    ThUS$
     
    ThUS$
     
    ThUS$
     
    Liabilities
     
     
     
     
     
     
     
    Deferred tax liabilities
     
    206,119
     
    205,455
     
    664
     
    Total
     
    206,119
     
    205,455
     
    664
     
     
     
     
    Balances
    originally reported
    as of  December
    31, 2016
     
    Reclassified
    balances as of
    December 31,
    2016
     
    Reclassification
     
     
     
    ThUS$
     
    ThUS$
     
    ThUS$
     
    Income
     
     
     
     
     
     
     
    Other income
     
    14,781
     
    15,202
     
    421
     
    Finance income
     
    10,550
     
    10,129
     
    (421)
     
    Total
     
    25,331
     
    25,331
     
    -
     
     
     
     
    Balances
    originally reported
    as of  December
    31, 2016
     
    Reclassified
    balances as of
    December 31,
    2016
     
    Reclassification
     
     
     
    ThUS$
     
    ThUS$
     
    ThUS$
     
    Cash Flows
     
     
     
     
     
     
     
    Cash payments to suppliers for the provision of goods and services
     
    (796,961)
     
    (851,972)
     
    (55,011)
     
    Cash payments to and on behalf of employees
     
    (253,163)
     
    (204,609)
     
    48,554
     
    Income taxes paid
     
    (87,050)
     
    (113,991)
     
    (26,941)
     
    Other inflows (outflows) of cash
     
    (29,473)
     
    (2,532)
     
    26,941
     
    Payments made to acquire interest in joint ventures
     
    (51,457)
     
    (45,000)
     
    6,457
     
    Total
     
    1,218,104
     
    1,218,104
     
    -
     
     
    There was no change to the previously reported amounts of net cash generated from (used in) operating, investing or financing activities.
     
    2.3
    Basis of measurement
     
    The consolidated financial statements have been prepared on the historical cost basis except for the following:
     
    -
    Inventories are recorded at the lower of cost and net realizable value.
     
    -
    Financial derivatives at fair value; and
     
    -
    Staff severance indemnities and pension commitments at actuarial value
     
    -
    Certain financial investments classified as available for sale measured at fair value with an offsetting entry in other comprehensive income.
     
    -
    Other current and non-current assets and financial liabilities at amortized cost
     
    2.4
    Accounting pronouncements
     
    New accounting pronouncements
     
    a) The following standards, interpretations and amendments are mandatory for the first time for annual periods beginning on January 1, 2017:
     
    Amendments and improvements
     
    Mandatory for annual
    periods beginning on
    Amendment to IAS 7 “Statement of Cash Flows”. Published in February 2016. The amendment introduces an additional disclosure initiative that enables users of financial statements to evaluate changes in liabilities arising from financing activities.
     
    		 01/01/2017
     
     
     
    Amendment to IAS 12 “Income Taxes”. Published in February 2016. The amendment clarifies how to account for a deferred tax asset that is related to a debt instrument measured at fair value.
     
    		 01/01/2017
     
     
     
    Amendment to IFRS 12 “Disclosure of Interests in Other Entities”. Published in December 2016. The amendment clarifies the scope of this standard. These amendments must be applied retroactively to annual periods as of January 1, 2017.
     
    		 01/01/2017
     
    The adoption of the standards, amendments and interpretations indicated above had no significant impact on the Company’s consolidated financial statements.
     
    b) Standards, interpretations and amendments issued that had not become effective for financial statements beginning on January 1, 2017 and which the Company has not adopted early are as follows:
     
    Standards and interpretations
    Mandatory for annual periods
    beginning on
    The International Financial Reporting Standard No. 9 (IFRS 9) Financial Instruments - Published in July 2014. The IASB has published a complete new version of IFRS 9, which replaces the guidance in IAS 39. This final version includes requirements regarding the classification and measurement of financial assets and liabilities and a new model for the recognition of expected credit losses that replaces the incurred loss impairment model used today.  The part relating to hedge accounting that forms part of this final version of IFRS 9 was published in November 2013. Adoption effects are disclosed as follows:
     
    01/01/2018
     
    i.
    The classification of financial assets depend on the entity´s business model for managing its financial assets and the characteristics of the contractual cash flow of financial assets. No significant change was derived from the new established classification of IFRS 9.
     
     
     
     
    ii.
     The Company’s trade receivables are maintained to obtain contractual cash flows (charge and collect) and do not contain a significant financing component, being recognized at the transaction price defined in IFRS 15. Meanwhile, the Company is using the  simplified approach for recognizing expected credit losses if there is no significant increase in the credit risk since initial recognition and the terms of sale are less than 12 months. Similarly, the Company is using an impairment model for trade receivables based on expected credit losses that considers the credit risk separately from its hedges, generating non significant difference compared to that established in the previous accounting standard IAS 39.
     
     
     
     
    iii.
    The Company will continue applying the hedge accounting requirements established in IAS 39, as permitted by IFRS 9.
     
     
     
     
    The Company has established the procedures and controls for beginning to apply IFRS 9 as of January 1, 2018.
     
     
    Standards and interpretations
    Mandatory for annual periods
    beginning on
    The International Financial Reporting Standard No. 15 (IFRS 15) Revenue from Contracts with Customers - Published in May 2014 by the IASB. This established the principles that an entity must apply for presenting useful information to users of financial statements with regard to the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer, as of January 1, 2018. The basic principle is that an entity will recognize revenue representing the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for such goods or services.   The new standard establishes a framework of five steps to determine when to recognize revenue and at what amount. The standard is focused on recognizing the revenue as the different obligations of performance, transfer of control, risks and benefits are fulfilled.  This standard replaces the following standards and interpretations: IAS 18 Revenue; IAS 11 Construction contracts; IFRIC 13 Customer Loyalty Programmes; IFRIC 15 Agreements for the Construction of Real Estate; IFRIC 18 Transfers of Assets from Customers; and SIC-31 Revenue - Barter Transactions Involving Advertising Services.
    01/01/2018
     
     
    In April 2016, the IASB published an amendment to introduce clarifications  with regard to identifying performance obligations in contracts with customers, to account for licensing involving intellectual property and for assessing principal versus agent considerations (i.e. Recording revenue on a gross basis versus the net amount it retains), among other aspects. These amendments are also effective as of January 1, 2018.
    The Company's revenue is mainly derived from its principal performance obligation to transfer its products under agreements in which the transfer of the control, risks and benefits of the property and the fulfillment of the Company’s performance obligations happen at the same time. The Company has carried out a detailed evaluation and executed a plan for the implementation of IFRS 15. As part of this process, the Company has analyzed the performance obligations underlying revenue recognition, such as the performance obligation to transport products to customers, in line with the terms and conditions previously established in contracts and there is no significant impact - the performance obligation has been satisfied. With regard to products invoiced with a deferred shipment date, the transfer of control has been assessed over and above the transfer of risks and benefits established in the previous standard and a prepayment is estimated in revenue recognition, without a significant impact. Other considerations were also assessed, such as rebates, discounts, guarantees, financing components and product personalization. Based on this analysis, the Company has concluded that these last items will not generate an impact nor are significant changes expected in the recording of revenue as a result of applying this new standard, except for the impact on disclosures. The Company has established the procedures and controls for beginning to apply IFRS 15 as of January 1, 2018. It intends to recognize the cumulative effect of applying IFRS 15 as an adjustment to the opening balance of equity as of that date, without making adjustments to the comparative information for prior periods.
    01/01/2018
     
    Standards and interpretations
    Mandatory for annual periods
    beginning on
    IFRS 16 “Leases” – Published in January 2016 establishes the principle for recognizing, measuring, presenting and disclosing leases. IFRS 16 replaces IAS 17 and introduces a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases with a lease term of more than 12 months unless the underlying asset has a low value. IFRS 16 applies to annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted for entities that apply IFRS 15 before the initial application date of IFRS 16.
    01/01/2019
     
     
    IFRS 17 “Insurance Contracts”. Published in May 2017, this replaces IFRS 4. IFRS 17 will mainly change the accounting for those entities that issue insurance contacts and investment contracts with discretionary participation features. IFRS 17 is effective for annual reporting periods beginning on or after January  1, 2021. Earlier application is permitted if both IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have also been applied.
    01/01/2021
     
     
    IFRIC 22 “Foreign Currency  Transactions and Advance Consideration”.  Published in December 2016. This Interpretation applies to a foreign currency transaction (or part of one) if an entity recognizes a non-financial asset or non-financial liability arising from the payment or receipt of an advance consideration prior to the entity recognizing the related asset, expense or income (or the applicable portion thereof). The interpretation provides a guideline for the transaction date to be used for both single payments/receipts and situations when there are multiple payments/receipts. Its objective is to reduce diversity in practice.
    01/01/2018
     
    Amendments and improvements
    Mandatory for annual periods
    beginning on
     
     
    IFRIC 23   “Uncertainty over Income Tax Treatments”. Published in June 2016. This interpretation clarifies how to apply the recognition and measurement requirements in IAS 12, when there is uncertainty over income tax treatments.
    01/01/2019
     
     
    Amendment to IFRS 15 “Revenue from Contracts with Customers”. Published in April 2016. The amendment provides clarifications  with regard to identifying performance obligations in contracts with customers, , accounting for licensing involving intellectual property and assessing principal versus agent considerations (i.e. recording revenue on a gross basis versus the net amount it retains). It includes new and modified illustrative examples as a guide, along with practical examples related to the transition to the new standard on revenue.
    01/01/2018
     
     
    Amendment to IAS 28 “Investments in Associates and Joint Ventures” in regard to measuring an associate or joint venture at fair value. Published in December 2016.
    01/01/2018
     
     
    Amendment to IFRS 9 “Financial Instruments”.  Published in October 2017. The amendment permits more assets to be measured at amortized cost than under the previous version of IFRS 9, in particular some prepayable financial assets with negative compensation. The assets affected, which include some loans and debt securities, would otherwise have been measured at fair value through profit and loss (FVTPL). For them to qualify for amortized cost measurement, the negative compensation must be "reasonable compensation for early termination of the contract”.
    01/01/2019
     
     
    Amendment to IAS 28 “Investments in Associates and Joint Ventures” Published in October 2017. This amendment clarifies that companies should apply IFRS 9 to account for long-term interests in an associate or joint venture to which the equity method is not applied. The Board has published an example that illustrates how companies should apply the requirements of IFRS 9 and IAS 28 to long-term interests in an associate or joint venture.
    01/01/2019
     
     
    Amendment to IFRS 3 “Business Combinations” Published in December 2017. The amendment clarifies that gaining control of a company that is a joint venture is a business combination that is achieved in stages. The acquirer must remeasure previously held interests in that business at fair value at the date of acquisition.
    01/01/2019
     
     
    Amendment to IFRS 11 “Joint Arrangements” Published in December 2017. The amendment clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business.
    01/01/2019
     
    Amendments and improvements
    Mandatory for annual periods
    beginning on or after
    Amendment to IAS 12 “Income Taxes”. Published in December 2017. This amendment clarifies that the income tax consequences of dividends on financial instruments classified as equity should be recognized when the past transactions or events that generated distributable profits were originally recognized.
    01/01/2019
     
     
    Amendment to IAS 23 “Borrowing Costs”. Published in December 2017. This amendment clarifies that the borrowing costs of specific borrowings that remain outstanding after the related qualifying asset is ready for intended use or for sale will be considered as part of the general borrowing costs of the entity.
    01/01/2019
     
    The following amendment was issued by the IASB and was originally scheduled to take effect in 2016. However, the organization has changed its position and the mandatory effective date is now to be determined.
     
    Amendment to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures”. Published in September 2014. These amendments address an inconsistency between the requirements in IFRS 10 and those in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary.
    Undetermined
     
    Management believes the adoption of the standards, interpretations and amendments applicable as of January 1, 2018, will have no significant impact on the Company’s financial statements. For those standards to be applied as of 2019, the corresponding calculations and analysis will be performed during 2018. 
     
    2.5
    Basis of consolidation
     
    (a)       Subsidiaries
     
    These are all those entities where Sociedad Química y Minera de Chile S.A. has control over directing their financial and operational policies. This is generally accompanied by a share of more than half of the voting rights. Subsidiaries apply the same accounting policies of their Parent.
     
    To account for the acquisition, the Company uses the acquisition method. Under this method the acquisition cost is the fair value of assets delivered, equity securities issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired, and liabilities and contingencies assumed in a business combination are measured initially at fair value at the acquisition date. For each business combination, the Company will measure non-controlling interest of the acquiree either at fair value or as proportional share of net identifiable assets of the acquiree. For more information, please see Note 6.4
     
    Companies included in consolidation:
     
     
     
     
     
     
     
     
     
     
     
    Ownership interest
     
     
     
    TAX ID
     
     
     
    Country of
     
     
     
     
     
     
     
    12/31/2017
     
    12/31/2016
     
    No.
     
    Foreign subsidiaries
     
    origin
     
    Functional currency
     
    Direct
     
    Indirect
     
    Total
     
    Total
     
    Foreign
     
    Nitratos Naturais Do Chile Ltda.
     
    Brazil
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    Nitrate Corporation Of Chile Ltd.
     
    United Kingdom
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM North America Corp.
     
    USA
     
    US$
     
    40.0000
     
    60.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Europe N.V.
     
    Belgium
     
    US$
     
    0.5800
     
    99.4200
     
    100.0000
     
    100.0000
     
    Foreign
     
    Soquimich S.R.L. Argentina
     
    Argentina
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    Soquimich European Holding B.V.
     
    Netherlands
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Corporation N.V.
     
    Netherlands
     
    US$
     
    0.0002
     
    99.9998
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQI Corporation N.V.
     
    Netherlands
     
    US$
     
    0.0159
     
    99.9841
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Comercial De México S.A. de C.V.
     
    Mexico
     
    US$
     
    0.0100
     
    99.9900
     
    100.0000
     
    100.0000
     
    Foreign
     
    North American Trading Company
     
    USA
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    Administración y Servicios Santiago S.A. de C.V.
     
    Mexico
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Peru S.A.
     
    Peru
     
    US$
     
    0.9800
     
    99.0200
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Ecuador S.A.
     
    Ecuador
     
    US$
     
    0.0040
     
    99.9960
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Nitratos Mexico S.A. de C.V.
     
    Mexico
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQMC Holding Corporation L.L.P.
     
    USA.
     
    US$
     
    0.1000
     
    99.9000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Investment Corporation N.V.
     
    Netherlands
     
    US$
     
    1.0000
     
    99.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Brasil Limitada
     
    Brazil
     
    US$
     
    1.0900
     
    98.9100
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM France S.A.
     
    France
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Japan Co. Ltd.
     
    Japan
     
    US$
     
    0.1597
     
    99.8403
     
    100.0000
     
    100.0000
     
    Foreign
     
    Royal Seed Trading Corporation A.V.V.
     
    Aruba
     
    US$
     
    1.6700
     
    98.3300
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Oceania Pty Limited
     
    Australia
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    Rs Agro-Chemical Trading Corporation A.V.V.
     
    Aruba
     
    US$
     
    98.3333
     
    1.6667
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Colombia SAS
     
    Colombia
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    0.0000
     
    Foreign
     
    SQM Australia PTY
     
    Australia
     
    Dolar Australiano
     
    0.0000
     
    100.0000
     
    100.0000
     
    0.0000
     
    Foreign
     
    SACAL S.A.
     
    Argentina
     
    Peso Argentino
     
    0.0000
     
    100.0000
     
    100.0000
     
    0.0000
     

       
     
     
     
     
     
     
     
     
    Ownership interest
     
     
     
     
     
    Country of
     
     
     
     
     
     
     
    12/31/2017
     
    12/31/2016
     
    TAX ID No.
     
    Foreign subsidiaries
     
    origin
     
    Functional currency
     
    Direct
     
    Indirect
     
    Total
     
    Total
     
    Foreign
     
    SQM Indonesia S.A.
     
    Indonesia
     
    US$
     
    0.0000
     
    80.0000
     
    80.0000
     
    80.0000
     
    Foreign
     
    SQM Virginia L.L.C.
     
    USA
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Italia SRL
     
    Italy
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    Comercial Caimán Internacional S.A.
     
    Panama
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Africa Pty.
     
    South Africa
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Lithium Specialties LLC
     
    USA
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Iberian S.A.
     
    Spain
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Agro India Pvt. Ltd.
     
    India
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Beijing Commercial Co. Ltd.
     
    China
     
    US$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    Foreign
     
    SQM Thailand Limited
     
    Thailand
     
    US$
     
    0.0000
     
    99.996
     
    99.996
     
    99.996
     
     
     
     
     
     
     
     
     
     
    Ownership interest
     
     
     
     
     
    Country of
     
    Functional
     
     
     
     
     
    12/31/2017
     
    12/31/2016
     
    TAX ID No.
     
    Domestic subsidiaries
     
    Origin
     
    currency
     
    Direct
     
    Indirect
     
    Total
     
    Total
     
    96,801,610-5
     
    Comercial Hydro S.A.
     
    Chile
     
    US$
     
    0.0000
     
    60.6383
     
    60.6383
     
    60.6383
     
    96,651,060-9
     
    SQM Potasio S.A.
     
    Chile
     
    US$
     
    99.9999
     
    0.0000
     
    99.9999
     
    99.9999
     
    96,592,190-7
     
    SQM Nitratos S.A.
     
    Chile
     
    US$
     
    99.9999
     
    0.0001
     
    100.0000
     
    100.0000
     
    96,592,180-K
     
    Ajay SQM Chile S.A.
     
    Chile
     
    US$
     
    51.0000
     
    0.0000
     
    51.0000
     
    51.0000
     
    86,630,200-6
     
    SQMC Internacional Ltda.
     
    Chile
     
    Ch$
     
    0.0000
     
    60.6381
     
    60.6381
     
    60.6381
     
    79,947,100-0
     
    SQM Industrial S.A.
     
    Chile
     
    US$
     
    99.0470
     
    0.9530
     
    100.0000
     
    100.0000
     
    79,906,120-1
     
    Isapre Norte Grande Ltda.
     
    Chile
     
    Ch$
     
    1.0000
     
    99.0000
     
    100.0000
     
    100.0000
     
    79,876,080-7
     
    Almacenes y Depósitos Ltda.
     
    Chile
     
    Ch$
     
    1.0000
     
    99.0000
     
    100.0000
     
    100.0000
     
    79,770,780-5
     
    Servicios Integrales de Tránsitos y Transferencias S.A.
     
    Chile
     
    US$
     
    0.0003
     
    99.9997
     
    100.0000
     
    100.0000
     
    79,768,170-9
     
    Soquimich Comercial S.A.
     
    Chile
     
    US$
     
    0.0000
     
    60.6383
     
    60.6383
     
    60.6383
     
    79,626,800-K
     
    SQM Salar S.A.
     
    Chile
     
    US$
     
    18.1800
     
    81.8200
     
    100.0000
     
    100.0000
     
    78,053,910-0
     
    Proinsa Ltda.
     
    Chile
     
    Ch$
     
    0.0000
     
    60.5800
     
    60.5800
     
    60.5800
     
    76,534,490-5
     
    Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.
     
    Chile
     
    Ch$
     
    0.0000
     
    100.0000
     
    100.0000
     
    100.0000
     
    76,425,380-9
     
    Exploraciones Mineras S.A.
     
    Chile
     
    US$
     
    0.2691
     
    99.7309
     
    100.0000
     
    100.0000
     
    76,064,419-6
     
    Comercial Agrorama Ltda. (a)
     
    Chile
     
    Ch$
     
    0.0000
     
    42.4468
     
    42.4468
     
    42.4468
     
    76,145,229-0
     
    Agrorama S.A.
     
    Chile
     
    Ch$
     
    0.0000
     
    60.6377
     
    60.6377
     
    60.6377
     
    76,359,919-1
     
    Orcoma Estudios SPA
     
    Chile
     
    US$
     
    51.0000
     
    0.0000
     
    51.0000
     
    51.0000
     
    76,360,575-2
     
    Orcoma SPA
     
    Chile
     
    US$
     
    100.0000
     
    0.0000
     
    100.0000
     
    100.0000
     
    76,686,311-9
     
    SQM MaG SpA.
     
    Chile
     
    US$
     
    100.0000
     
    0.0000
     
    100.0000
     
    100,0000
     
     
    (a)
    The Company consolidated Comercial Agrorama Ltda. as it has the control of this company’s relevant activities.
     
    Subsidiaries are consolidated using the line-by-line method, adding the items that represent assets, liabilities, revenues, and expenses of similar content, and eliminating those related to intragroup transactions.
     
    Profit or loss of subsidiaries acquired or divested during the year are included in profit or loss accounts consolidated from the date control is transferred to the Group, or up to the date control is lost, as applicable.
     
    Non-controlling interest represents the equity of a subsidiary not directly or indirectly attributable to the Parent.