SQM Files Translated 2023 Financials

TL;DR

SQM dropped its translated 2023 financials, filed April 2nd.

AI Summary

Chemical & Mining Co of Chile Inc. (SQM) filed its Form 6-K on April 2, 2024, reporting its translated financial statements for the year ended December 31, 2023. The Spanish version was previously filed with the Chilean Financial Market Commission (CMF) on February 28, 2024.

Why It Matters

This filing provides investors with the official English translation of SQM's 2023 financial performance, crucial for understanding the company's fiscal health and operational results.

Risk Assessment

Risk Level: low — This is a routine filing of translated financial statements, not indicating new material events or risks.

Key Players & Entities

• CHEMICAL & MINING CO OF CHILE INC (company) — Registrant
• SQM (company) — Commonly known name for the registrant
• December 31, 2023 (date) — Fiscal year end for financial statements
• February 28, 2024 (date) — Date Spanish financial statements were filed with CMF
• April 2, 2024 (date) — Filing date of the Form 6-K
• Comisión para el Mercado Financiero (company) — Chilean Financial Market Commission
• CMF (company) — Abbreviation for Chilean Financial Market Commission

FAQ

Filing Documents

• tm2410385d1_6k.htm (6-K) — 6692KB
• tm2410385d1_6kimg01.jpg (GRAPHIC) — 6KB
• tm2410385d1_6kimg002.jpg (GRAPHIC) — 5KB
• 0001104659-24-042354.txt ( ) — 6708KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS As of December 31, 2023 Sociedad Química y Minera de Chile S.A. and subsidiaries In thousands of United States dollars This document includes: - Consolidated Statements of Financial Position - Consolidated Statements of Income - Consolidated Statements of Comprehensive Income - Consolidated Statements of Cash Flows - Consolidated Statements of Changes in Equity - Notes to the Consolidated Financial Statements Notes to the Consolidated Interim Financial Statements December 31, 2022 Consolidated Classified 1 Consolidated Classified Statements of Financial Position 2 Consolidated Statements of Income 3 Consolidated Statements of Comprehensive Income 4 Consolidated Statements of Cash Flows 5 Consolidated Statements of Changes in Equity 7 Note 1 Identification and Activities of the Company and Subsidiaries 10 1.1 Historical background 10 1.2 Main domicile where the Company performs its production activities 10 1.3 Codes of main activities 10 1.4 Description of the nature of operations and main activities 10 1.5 Other background 12 Note 2 Basis of presentation for the consolidated financial statements 14 2.1 Accounting period 14 2.2 Consolidated

financial statements

financial statements 14 2.3 Basis of measurement 15 2.4 Accounting pronouncements 15 2.5 Basis of consolidation 17 2.6 Investments in associates and joint ventures 20 Note 3 Significant accounting policies 21 3.1 Classification of balances as current and non-current 21 3.2 Functional and presentation currency 21 3.3 Accounting policy for foreign currency translation 21 3.4 Consolidated 23 3.5 Financial assets accounting policy 23 3.6 Financial assets impairment 24 3.7 Financial liabilities 24 3.8 Estimated fair value of financial instruments 25 3.9 Reclassification of financial instruments 25 3.10 Financial instruments derecognition 26 3.11 Derivative and hedging financial instruments 26 3.12 Derivative financial instruments not considered as hedges 27 3.13 Deferred acquisition costs from insurance contracts 27 3.14 Leases 27 3.15 Inventory measurement 28 3.16 Non-controlling interests 29 3.17 Related party transactions 29 3.18 Property, plant and equipment 29 3.19 Depreciation of property, plant and equipment 30 3.20 Goodwill 31 3.21 Intangible assets other than goodwill 31 3.22 Research and development expenses 32 3.23 Exploration and evaluation expenses 32 3.24 Impairment of non-financial assets 33 3.25 Minimum dividend 33 3.26 Earnings per share 34 3.27 Other provisions 34 3.28 Obligations related to employee termination benefits and pension commitments 34 3.29 Compensation plans 35 3.30 Revenue recognition 35 3.31 Finance income and finance costs 35 3.32 Current income tax and deferred 36 3.33 Operating segment reporting 37 3.34 Primary accounting criteria, estimates and assumptions 37 3.35 Government grants 38 Notes to the Consolidated Interim Financial Statements December 31, 2022 Note 4 Financial risk management 39 4.1 Financial risk management policy 39 4.2 Risk

Financial Statements

Financial Statements December 31, 2023 Consolidated Classified Statements of Financial Position Assets Note As of December 31, 2023 As of December 31, 2022 ThUS$ ThUS$ Current Assets Cash and cash equivalents 10.1 1,041,369 2,655,236 Other current financial assets 13.1 1,325,843 961,355 Other current non-financial assets 17 136,750 196,335 Current trade and other receivables 13.2 907,181 1,087,420 Current trade receivables due from related parties 12.5 43,253 81,622 Current inventories 11 1,774,594 1,784,281 Current tax assets 26.1 637,033 224,914 Total current assets other than those classified as held for sale or disposal 5,866,023 6,991,163 Non-current assets or groups of assets classified as held for sale 118 346 Total non-current assets held for sale 118 346 Total current assets 5,866,141 6,991,509 Non-current assets Other non-current financial assets 13.1 248,281 32,126 Other non-current non-financial assets 17 373,700 52,396 Non-current trade receivables 13.2 2,559 2,091 Investments accounted for under the equity method 8.1-9.1 86,417 54,386 Intangible assets other than goodwill 15.1 155,874 166,336 Goodwill 15.1 958 967 Property, plant and equipment net 16.1 3,609,937 2,726,838 Right-of-use assets 14.1 73,193 60,867 Non-current tax assets 26.1 986,274 127,114 Deferred tax assets 26.3 302,236 604,471 Total non-current assets 5,839,429 3,827,592 Total assets 11,705,570 10,819,101 The accompanying notes form an integral part of these consolidated

financial statements

financial statements. 1 Consolidated

Financial Statements

Financial Statements December 31, 2023 Consolidated Classified Statements of Financial Position Liabilities and Equity Note As of December 31, 2023 As of December 31, 2022 ThUS$ ThUS$ Current liabilities Other current financial liabilities 13.4 1,256,499 522,999 Current lease liabilities 14.2 18,192 12,149 Current trade and other payables 13.5 449,633 374,789 Current trade payables due to related parties 12.6 2,346 - Other current provisions 19.1 392,322 1,303,146 Current tax liabilities 26.2 20,890 356,611 Current provisions for employee benefits 18.1 23,946 35,376 Other current non-financial liabilities 19.4 187,305 446,477 Total current liabilities 2,351,133 3,051,547 Non-current liabilities Other non-current financial liabilities 13.4 3,213,422 2,394,218 Non-current lease liabilities 14.2 56,966 49,585 Other non-current provisions 19.1 60,450 58,053 Deferred tax liabilities 26.3 394,688 289,825 Non-current provisions for employee benefits 18.1 62,006 43,872 Total non-current liabilities 3,787,532 2,835,553 Total liabilities 6,138,665 5,887,100 Equity Equity attributable to owners of the Parent 20 Share capital 1,577,643 1,577,643 Retained earnings 3,838,162 3,350,114 Other reserves 114,870 (31,125 ) Equity attributable to owners of the Parent 5,530,675 4,896,632 Non-controlling interests 36,230 35,369 Total equity 5,566,905 4,932,001 Total liabilities and equity 11,705,570 10,819,101 The accompanying notes form an integral part of these consolidated

financial statements

financial statements. 2 Consolidated

Financial Statements

Financial Statements December 31, 2023 Consolidated Statements of Income For the period from January to December of the year Consolidated Statements of Income Note 2023 2022 ThUS$ ThUS$ Revenue 22.1 7,467,490 10,710,578 Cost of sales 22.2 (4,392,436 ) (4,973,953 ) Gross profit 3,075,054 5,736,625 Other income 22.3 40,557 9,854 Administrative expenses 22.4 (175,765 ) (142,644 ) Other expenses 22.5 (93,400 ) (75,971 ) Reversal (impairment) of value of financial assets 22.7 202 3,369 Other (losses) gains 22.6 (2,254 ) 117 Income from operating activities 2,844,394 5,531,350 Finance income 22.10 122,726 47,038 Finance costs 16-22.9 (138,402 ) (86,651 ) Share of profit from associates and joint ventures accounted for using the equity method 8.1-9.3 593 20,159 Foreign currency translation differences 24 (22,293 ) (25,400 ) Income before taxes 2,807,018 5,486,496 Income tax expense 26.3 (787,275 ) (1,572,212 ) Net income 2,019,743 3,914,284 Net income attributable to: Net income attributable to owners of the parent 2,012,667 3,906,311 Net Income attributable to Non-controlling interests 7,076 7,973 2,019,743 3,914,284 For the period from January to December of the year Earnings per share Note 2023 2022 ThUS$ ThUS$ Common shares Basic earnings per share (US$ per share) 7.0462 13.6757 Diluted common shares Diluted earnings per share (US$ per share) 7.0462 13.6757 The accompanying notes form an integral part of these consolidated

financial statements

financial statements. 3 Consolidated

Financial Statements

Financial Statements December 31, 2023 Consolidated Statements of Comprehensive Income For the period from January to December of the year Consolidated 2023 2022 ThUS$ ThUS$ Net income 2,019,743 3,914,284 Items of other comprehensive income that will not be reclassified to income for the year, before taxes (Losses) gain from measurements of defined benefit plans (5,843 ) (6,350 ) Gains (losses) from financial assets measured at fair value through other comprehensive income 190,509 190 Total other comprehensive losses that will not be reclassified to income for the year, before taxes 184,666 (6,160 ) Items of other comprehensive income that will be reclassified to income for the year, before taxes Foreign currency exchange gains (losses) 3,177 (255 ) Cash flow hedges- effective portion of changes in far value 126 36,079 Cash flow hedges-reclassified to income for the year 18,566 (9,457 ) Total other comprehensive income (loss) that will be reclassified to income for the year 21,869 26,367 Other items of other comprehensive income, before taxes 206,535 20,207 Income taxes related to items of other comprehensive income that will not be reclassified to profit for the year Income interest related to revaluation of defined benefit pension plans through other comprehensive income 1,582 1,273 Income tax (expense) benefit relating to gains (losses) on financial assets measured irrevocably at fair value through other comprehensive income (57,242 ) (17 ) Total income tax relating to components of other comprehensive income that will be not reclassified to profit for the year (55,660 ) 1,256 Income taxes relating to components of other comprehensive income that will be reclassified to profit for the year Income tax related to income from cash flow hedges (5,047 ) (7,172 ) Total income tax (expense) benefit relating to components of other comprehensive income that will b

financial statements

financial statements. 4 Consolidated

Financial Statements

Financial Statements December 31, 2023 Consolidated Statements of Cash Flows For the period from January to December of the year Consolidated Statements of Cash Flows Note 2023 2022 ThUS$ ThUS$ Cash flows generated from (used in) operating activities Classes of cash receipts generated from operating activities Cash receipts from sales of goods and rendering of services 8,162,698 10,954,251 Cash receipts from premiums and benefits, annuities and other benefits from policies entered - 1,345 Cash receipts derived from sub-leases 89 129 Classes of Payments Cash payments to suppliers for the provision of goods and services (5,637,224 ) (5,255,694 ) Cash payments relating to variable leases (4,700 ) (3,631 ) Other payments related to operating activities (86,291 ) (24,148 ) Net cash generated from operating activities 2,434,572 5,672,252 Dividends received 9,328 6,354 Interest paid (121,222 ) (109,697 ) Interest paid on lease liabilities (2,038 ) (1,226 ) Interest received 103,352 48,120 Income taxes paid (2,309,640 ) (1,648,668 ) Other cash (outflows) inflows (1) (292,645 ) 113,026 Net Cash (used in) generated from operating activities (178,293 ) 4,080,161 Cash flows generated from (used in) investing activities Sale of equity instruments 4,745 4,745 Proceeds related to the acquisition of subsidiaries - (31,885 ) Purchase of ownership interest in associates and joint ventures (34,547 ) - Acquisition of non-current financial assets (30,701 ) - Proceeds from the sale of property, plant and equipment 44 112 Adquisition of property, plant and equipment (1,103,598 ) (905,247 ) Proceeds from sales of intangible assets 5,205 3,624 Proceeds related to futures, forward options and swap contracts 18,034 39,878 Loans to related parties 3,387 873 Purchase of other long-term assets (12,002 ) (11,341 ) Other cash outflows (2) (3) (332,060 )

financial statements

financial statements. 5 Consolidated

Financial Statements

Financial Statements December 31, 2023 Consolidated Statements of Cash Flows For the period from January to December of the year Consolidated Statements of Cash Flows Note 2023 2022 ThUS$ ThUS$ Cash flows generated from (used in) financing activities Repayment of lease liabilities (15,914 ) (10,478 ) Proceeds from long-tern loans 850,000 200,000 Cost of bond issuance (18,346 ) (2,566 ) Proceeds from short-term loans 1,215,000 60,000 Loan repayments and associated hedges (530,717 ) (13,117 ) Proceeds from hedges associated to loans 18,927 (993 ) Dividends paid (1,471,035 ) (2,238,381 ) Net cash flows generated from (used in) financing activities 47,915 (2,005,535 ) Net increase in cash and cash equivalents before the effect of changes in the exchange rate (1,611,871 ) 1,165,225 Effects of exchange rate fluctuations on cash and cash equivalents (1,996 ) (25,040 ) increase in cash and cash equivalents (1,613,867 ) 1,140,185 Cash and cash equivalents at beginning 2,655,236 1,515,051 Cash and cash equivalents at end 10 1,041,369 2,655,236 The accompanying notes form an integral part of these consolidated

financial statements

financial statements. 6 Consolidated

Financial Statements

Financial Statements December 31, 2023 Consolidated Statements of Changes in Equity Consolidated in Equity Share capital Foreign currency translation reserves Hedge reserves Gains and losses from financial assets reserve Actuarial gains and losses from defined benefit plans reserve Accumulated other comprehensive income Other miscellaneous reserves Total reserves Retained earnings Equity attributable to owners of the Parent Non- controlling interests Total Equity ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Equity at January 1, 2023 1,577,643 (8,042 ) (14,575 ) (10,973 ) (9,198 ) (42,788 ) 11,663 (31,125 ) 3,350,114 4,896,632 35,369 4,932,001 Net profit - - - - - - - - 2,012,667 2,012,667 7,076 2,019,743 Other comprehensive income - 3,121 13,645 133,267 (4,256 ) 145,777 - 145,777 - 145,777 51 145,828 Comprehensive income - 3,121 13,645 133,267 (4,256 ) 145,777 - 145,777 2,012,667 2,158,444 7,127 2,165,571 Dividends (1) - - - - - - - - (1,524,619 ) (1,524,619 ) (6,266 ) (1,530,885 ) Other increases in equity - - - - - - 218 218 - 218 - 218 Total changes in equity - 3,121 13,645 133,267 (4,256 ) 145,777 218 145,995 488,048 634,043 861 634,904 Equity as of December 31, 2023 1,577,643 (4,921 ) (930 ) 122,294 (13,454 ) 102,989 11,881 114,870 3,838,162 5,530,675 36,230 5,566,905 Consolidated in Equity Share capital Foreign currency translation reserves Hedge reserves Gains and losses from financial assets reserve Actuarial gains and losses from defined benefit plans reserve Accumulated other comprehensive income Other miscellaneous reserves Total reserves Retained earnings Equity attributable to owners of the Parent Non- controlling interests Total Equity ThUS$ ThUS$ ThUS$ ThUS$ ThUS$

financial statements

financial statements. 7 Notes to the Consolidated Financial Statements December 31, 2023 Glossary The Following capitalized terms in these financial “ ADS ’’ American Depositary Shares; “ CAM ’’ Arbitration and Mediation Center of the Santiago Chamber of Commerce; “ CCHEN ’’ Chilean Nuclear Energy Commission; “ CCS ’’ cross currency swap; “ CINIIF ’’ International Financial Reporting Interpretations Committee; “ CMF ’’ Financial Market Commission; “ Directors’ Committee ” The Company’s Directors’ Committee; “ Corporate Governance Committee ’’ The Company’s Corporate Governance Committee; “ Health, Safety and Environment Committee ’’ The Company’s Health, Safety and Environment Committee; “ Lease Agreement ’’ the mining concessions lease agreement signed by SQM Salar and Corfo in 1993, as subsequently amended; “ Project Contract ” project contract for Salar de Atacama undersigned by Corfo and SQM Salar in 1993, as subsequently amended”; “ Corfo ” Chilean Economic Development Agency; “ DCV ’’ Central Securities Depository; “ DGA ’’ General Directorate of Water Resources; “ Board ” The Company’s Board of Directors; “ Dollar ’’ o “ US$ ’’ Dollars of the United States of America; “ DPA ’’ Deferred Prosecution Agreement ; “ PFIC ’’ Passive foreign investment company; “ United States ” United States of America; “ FNE ’’ Chilean National Economic Prosecutor's Office; “ Management ’’ the Company’s management; " SQM Group ’’ The corporate group composed of

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View this 6-K filing on SEC EDGAR