THIS REPORT IS AN ENGLISH TRANSLATION OF, AND AN INTERNATIONAL FINANCIAL REPORTING STANDARDS PRESENTATION OF, THE THREE-MONTH PERIOD ENDED MARCH 31, 2011 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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-
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Consolidated Classified Statement of Financial Position
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-
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Interim Consolidated Statement of Comprehensive Income by function.
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-
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Interim Consolidated Statement of Comprehensive Income
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-
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Interim Consolidated Statement of Cash Flows
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-
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Interim Statements of Changes in Net Shareholders’ Equity
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-
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Explanatory Notes to the Interim Consolidated Financial Statements
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Sociedad Química y Minera de Chile S.A. and Subsidiaries
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Note No.
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Page
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Interim Consolidated Classified Statements of Financial Position
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6
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Interim Consolidated Statement of Comprehensive Income by function
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8
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Interim Consolidated Statement of Comprehensive Income
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10
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Interim Consolidated Statements of Cash Flows
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11
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Interim Statements of Changes in Net Equity
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13
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Notes to the Interim Consolidated Financial Statements
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1
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Company’s Identification and Activity
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16
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2
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Bases of presentation of the Interim Consolidated Financial Statements and accounting criteria applied
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2.1 Accounting period
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19
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2.2 Basis of preparation
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20
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2.3 Transactions in foreign currency
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22
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2.4 Basis of consolidation
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24
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2.5 Responsibility for the information and estimates made
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27
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2.6 Financial information by operating segment
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28
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2.7 Property, plant and equipment
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28
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2.8 Investment properties
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30
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2.9 Inventories
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31
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2.10 Trade and other receivables
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32
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2.11 Revenue recognition
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33
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2.12 Investments recognized using the equity method
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34
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2.13 Income and deferred taxes
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35
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2.14 Earnings per share
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36
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2.15 Impairment of non-financial assets
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37
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2.16 Financial assets
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38
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2.17 Financial liabilities
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39
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2.18 The environment
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41
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2.19 Minimum dividend
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41
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2.20 Statement of cash flows
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41
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2.21 Obligations for severance indemnities and pension commitments
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42
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2.22 Financial derivatives and hedging operations
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43
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2.23 Lease
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45
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2.24 Exploration and assessment expenses
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46
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2.25 Other provisions
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46
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2.26 Compensation plans
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47
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SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
Note No.
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Page
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2.27 Good and service insurance expenses
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48
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2.28 Intangibles assets
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48
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2.29 Research and development
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49
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2.30 Classification of balances under current and non-current
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50
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3
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Financial risk management
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3.1 Risk management policy
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51
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3.2 Risk factors
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52
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3.3 Risk measurement
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55
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4
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Changes in estimates and accounting policies (uniformity)
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56
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5
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Cash and cash equivalents
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5.1 Classes of cash and cash equivalent
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57
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5.2 Other cash and cash equivalents
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57
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5.3 Information on cash and cash equivalents by currency
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58
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5.4 Amount of significant cash balances not available
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58
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5.5 Detail of time deposits
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59
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6
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Inventories
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61
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7
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Related parties: disclosures
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7.1 Disclosures on related parties
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62
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7.2 Relationships between the parent company and the entity
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62
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7.3 Intermediate parent company and companies controlled by SQM S.A. which publicly issue financial statements
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63
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7.4 Detailed identification of the link between the parent company and the subsidiary
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63
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7.5 Detail of related parties and transactions with related parties
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65
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7.6 Trade and other receivables due from related parties, current
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66
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7.7 Trade and other payables due from related parties, current
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67
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7.8 Board of Directors and senior management
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68
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8
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Financial instruments
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8.1 Classes of other financial assets
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72
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8.2 Trade and other receivables
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72
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8.3 Hedging assets
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75
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8.4 Financial liabilities
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77
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8.5 Trade and other payables
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86
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8.6 Financial liabilities at fair value through profit or loss
|
87
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8.7 Financial asset and liability categories
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88
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8.8 Financial assets pledged as guarantee
|
89
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SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
Index of Interim Consolidated Financial Statements (continued)
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||
Note No.
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Page
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8.9 Estimated fair value of financial instruments and derivative financial instruments
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89
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8.10 Nature and scope of risks arising from financial instruments
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91
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9
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Investments and disclosures on companies included in consolidation
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91
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10
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Investments in associated companies recorded under the equity method
|
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10.1 Investments in associates recognized using the equity method of accounting
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98
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10.2 Assets, liabilities, revenues and ordinary expenses of associates
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99
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10.3 Detail of investments in associates
|
100
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11
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Joint ventures
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11.1 Policy for the accounting for joint ventures in a Parent Company’s separate financial statements
|
101
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11.2 Disclosures on interest in joint ventures
|
101
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11.3 Detail of assets. liabilities and profit or loss of significant investments in joint ventures by company
|
102
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11.4 Detail of the amount of gain (loss) net of investments in significant joint ventures by company
|
103
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12
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Intangible assets and goodwill
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12.1 Balances
|
104
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12.2 Disclosures on intangible assets and goodwill
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104
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13
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Property, plant and equipment
|
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13.1 Classes of property, plant and equipment
|
108
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13.2 Reconciliation of changes in property. plant and equipment by class
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110
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13.3 Detail of property. plant and equipment pledged as guarantees
|
111
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13.4 Additional information
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111
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14
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Leases
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14.1 Disclosures on finance leases, lessee
|
113
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14.2 Investment property in finance leases
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113
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14.3 Reconciliation of finance lease minimum payments, lessee
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113
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15
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Employee Benefits
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15.1 Provisions for employee benefits
|
114
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15.2 Policies on defined benefit plans
|
115
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15.3 Other long-term benefits
|
116
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15.4 Employee post-retirement liabilities
|
118
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15.5 Severance indemnities
|
119
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16
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Executive compensation plan
|
121
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SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
Index of Interim Consolidated Financial Statements (continued)
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Note No.
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Page
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17
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Disclosures on net equity
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17.1 Disclosures on capital management
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123
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17.2 Disclosures on preferred share capital
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124
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17.3 Dividend policy
|
126
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17.4 Provisional dividends
|
127
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18
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Provisions and other non-financial liabilities
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18.1 Classes of provisions
|
128
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18.2 Description of other provisions
|
128
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18.3 Other non-financial liabilities, current
|
129
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18.4 Movements in provisions
|
130
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18.5 Detail of main classes of provisions
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132
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19
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Contingencies and restrictions
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19.1 Lawsuits or other relevant events
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133
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19.2 Restrictions
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137
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19.3 Commitments
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138
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19.4 Restricted or pledged cash
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138
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19.5 Sureties obtained from third parties
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138
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19.6 Indirect guarantees
|
139
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20
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Revenue
|
140
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21
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Earnings per share
|
140
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22
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Borrowing costs
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141
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23
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Effect of variations in foreign currency exchange rates
|
142
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24
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The Environment
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24.1 Disclosures on disbursements related to the environment
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143
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24.2 Detail of information on disbursements related to the environment
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144
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24.3 Description of each project indicating whether these are in process or have been finished
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151
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25
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Other current and non-current non-financial assets
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156
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26
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Operating segments
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26.1 Operating segments
|
158
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26.2 Statements of comprehensive income classified by operating segment based on product groups
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159
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SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
Index of Interim Consolidated Financial Statements (continued)
|
||
Note No.
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Page
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26.3 Assets and liabilities by operating segment based on product groups
|
161
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26.4 Disbursements of the segment’s non-cash assets
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164
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26.5 Information on products and services for external customers
|
165
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26.6 Information on geographical areas
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166
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26.7 Revenue from external customers, classified by geographical area
|
167
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26.8 Non-current assets classified by geographical area
|
168
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26.9 Information on the main customers
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168
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26.10 Property, plant and equipment classified by geographical areas
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169
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27
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Other revenue, other expenses by function and other gains or losses
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171
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28
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Income and deferred taxes
|
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28.1 Current tax receivables
|
172
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28.2 Current tax payables
|
172
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28.3 Tax earnings
|
172
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28.4 Income and deferred taxes
|
173
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|
28.5 Amendments to the Income Tax Law and Specific Tax on Mining (Royalty) in Chile
|
183
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|
29
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Disclosures on the effects of variations in foreign currency exchange rates
|
184
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30
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Impairment of assets
|
188
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31
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Events occurred subsequent to the reporting date
|
189
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
ASSETS
|
Note
No.
|
As of March
31, 2011
ThUS$
|
As of
December 31,
2010
ThUS$
|
||||||||
Current assets
|
|||||||||||
Cash and cash equivalents
|
5.1 | 563,815 | 524,652 | ||||||||
Other current financial assets
|
8.1 | 54,394 | 76,178 | ||||||||
Other current non-financial assets
|
25 | 40,427 | 44,442 | ||||||||
Trade and other receivables, current
|
8.2 | 397,911 | 375,945 | ||||||||
Receivables due from related parties, current
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7.6 | 48,281 | 36,172 | ||||||||
Inventories
|
6.0 | 625,339 | 605,101 | ||||||||
Current tax assets
|
28.1 | 25,448 | 32,773 | ||||||||
Total current assets
|
1,755,615 | 1,695,263 | |||||||||
Non-Current Assets
|
|||||||||||
Other non-current financial assets
|
8.1 | 79,746 | 92,674 | ||||||||
Other non-financial assets, non-current
|
25 | 21,236 | 24,157 | ||||||||
Non-current rights receivable
|
8.2 | 973 | 1,102 | ||||||||
Receivables due from related parties, non-current
|
7.7 | - | - | ||||||||
Investments accounted for using the equity method
|
10.0 | 67,044 | 62,271 | ||||||||
Intangible assets other than goodwill
|
12.1 | 4,260 | 3,270 | ||||||||
Goodwill
|
12.1 | 38,388 | 38,388 | ||||||||
Property, plant and equipment
|
13.1 | 1,515,350 | 1,453,973 | ||||||||
Investment property
|
13.4 | 1,365 | 1,373 | ||||||||
Deferred tax assets
|
28 | 280 | 365 | ||||||||
Total Non-Current Assets
|
1,728,642 | 1,677,573 | |||||||||
Total Assets
|
3,484,257 | 3,372,836 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
Liabilities and Equity
|
Note
No.
|
As of
March 31,
2011
ThUS$
|
As of
December 31,
2010
ThUS$
|
||||||||
Liabilities
|
|||||||||||
Current Liabilities
|
|||||||||||
Other current financial liabilities
|
8.4 | 178,424 | 187,555 | ||||||||
Trade and other payables, current
|
8.5 | 149,412 | 152,147 | ||||||||
Payables due to related parties, current
|
7.8 | 4,369 | 3,538 | ||||||||
Other current provisions
|
18.1 | 17,670 | 15,014 | ||||||||
Current tax liabilities
|
28.2 | 23,341 | 7,113 | ||||||||
Current provision for employee benefits
|
15.1 | 42,666 | 44,011 | ||||||||
Other non-financial liabilities, current
|
18.3 | 71,473 | 67,459 | ||||||||
Total current liabilities
|
487,355 | 476,837 | |||||||||
Non-current liabilities
|
|||||||||||
Other non-current financial liabilities
|
8.4 | 1,080,499 | 1,090,188 | ||||||||
Other non-current accounts payable
|
8.5 | 135 | - | ||||||||
Other non-current provisions
|
18.2 | 5,500 | 5,500 | ||||||||
Deferred tax liability
|
28.4 | 100,060 | 100,781 | ||||||||
Non-current provisions for employee benefits
|
15.1 | 30,177 | 28,710 | ||||||||
Total non-current liabilities
|
1,216,371 | 1,225,179 | |||||||||
Total Liabilities
|
1,703,726 | 1,702,016 | |||||||||
Equity
|
17 | ||||||||||
Issued capital
|
477,386 | 477,386 | |||||||||
Retained earnings
|
1,266,526 | 1,155,131 | |||||||||
Other reserves
|
(12,110 | ) | (9,713 | ) | |||||||
Equity attributable to the owners of the controlling entity
|
1,731,802 | 1,622,804 | |||||||||
Non-controlling interest
|
48,729 | 48,016 | |||||||||
Total Equity
|
1,780,531 | 1,670,820 | |||||||||
Total liabilities and equity
|
3,484,257 | 3,372,836 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
From January to March
|
|||||||||||
Note
|
2011
|
2010
|
|||||||||
No.
|
ThUS$
|
ThUS$
|
|||||||||
Revenue
|
20 | 480,035 | 388,523 | ||||||||
Cost of sales
|
(292,430 | ) | (257,025 | ) | |||||||
Gross profit
|
187,605 | 131,498 | |||||||||
Other income by function
|
27 | 3,336 | 1,625 | ||||||||
Administrative expenses
|
(20,568 | ) | (17,774 | ) | |||||||
Other expenses by function
|
27 | (14,965 | ) | (5,044 | ) | ||||||
Other gains (losses)
|
27 | (109 | ) | (7,146 | ) | ||||||
Finance income
|
5,657 | 2,294 | |||||||||
Finance costs
|
22 | (10,627 | ) | (7,812 | ) | ||||||
Equity in gains (losses) of associates and joint ventures accounted for using the equity method
|
3,657 | 3,059 | |||||||||
Foreign currency translation differences
|
23 | (2,899 | ) | (3,133 | ) | ||||||
Profit (loss) before income tax
|
151,087 | 97,567 | |||||||||
Income tax expense
|
28.4 | (38,956 | ) | (20,696 | ) | ||||||
Profit (loss) from continuing operations
|
112,131 | 76,871 | |||||||||
Profit (loss)
|
112,131 | 76,871 | |||||||||
Gain (loss) attributable to
|
|||||||||||
Gain (loss) attributable to the owners of the parent
|
111,395 | 76,493 | |||||||||
Gain (loss) attributable to non-controlling interest
|
736 | 378 | |||||||||
Profit (loss) for the period
|
112,131 | 76,871 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
From January to March
|
|||||||||||
Note
|
2011
|
2010
|
|||||||||
N°
|
ThUS$
|
ThUS$
|
|||||||||
Earnings per share
|
|||||||||||
Common shares
|
|||||||||||
Basic earnings per share (US$ per share)
|
21 | 0.4232 | 0.2906 | ||||||||
Basic earnings per share (US$ per share) from continuing operations
|
0.4232 | 0.2906 | |||||||||
Diluted common shares
|
|||||||||||
Diluted earnings per share (US$ per share)
|
21 | 0.4232 | 0.2906 | ||||||||
Diluted earnings per share (US$ per share) from continuing operations
|
0.4232 | 0.2906 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
From January to March
|
||||||||
2011
|
2010
|
|||||||
Statement of comprehensive income
|
ThUS$
|
ThUS$
|
||||||
Profit (loss) for the period
|
112,131 | 76,871 | ||||||
Other comprehensive income components before foreign currency translation difference
|
||||||||
Gains (losses) from foreign currency translation differences, before tax
|
(100 | ) | (230 | ) | ||||
Other comprehensive income before taxes and foreign currency translation differences
|
(100 | ) | (230 | ) | ||||
Cash flow hedges
|
||||||||
Gains (losses) from cash flow hedges before tax
|
(2,900 | ) | 10,799 | |||||
Other comprehensive income before tax and cash flow hedges
|
(2,900 | ) | 10,799 | |||||
Other comprehensive income before taxes, actuarial gains (losses) by defined benefit plans
|
- | - | ||||||
Other comprehensive income components. before tax
|
(3,000 | ) | 10,569 | |||||
Income tax related to components of other comprehensive income
|
||||||||
Income tax related to other comprehensive income cash flow hedges
|
580 | (1,836 | ) | |||||
Addition of income tax related to other comprehensive income components
|
580 | (1,836 | ) | |||||
Other comprehensive income
|
(2,420 | ) | 8,733 | |||||
Total comprehensive income
|
109,711 | 85,604 | ||||||
Comprehensive income attributable to
|
||||||||
Comprehensive income attributable to the parent’s owners
|
108,998 | 85,277 | ||||||
Comprehensive income attributable to non-controlling interest
|
713 | 327 | ||||||
Total comprehensive income
|
109,711 | 85,604 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
Statement of cash flows
|
Note
No.
|
03/31/2011
ThUS$
|
03/31//2010
ThUS$
|
||||||||
Cash flows provided by (used in) operating activities
|
|||||||||||
Profit (loss)
|
112,131 | 76,871 | |||||||||
Adjustment due to reconciliation of profit (loss)
|
|||||||||||
Adjustment for decreases (increases) in inventories
|
(14,114 | ) | (2,339 | ) | |||||||
Adjustment for decreases (increases) in trade receivables
|
(17,986 | ) | (9,625 | ) | |||||||
Adjustment for decreases (increases) in other receivables from operating activities
|
(9,988 | ) | 33,808 | ||||||||
Adjustment for decreases (increases) in trade payables
|
(29,276 | ) | (48,869 | ) | |||||||
Adjustment for decreases (increases) in other payables related to operating activities
|
(4,452 | ) | (55,387 | ) | |||||||
Adjustment for depreciation and amortization
|
42,138 | 32,374 | |||||||||
Adjustment for provisions
|
(599 | ) | 5,572 | ||||||||
Adjustments for unrealized gains (losses) in foreign translation
|
2,899 | 3,133 | |||||||||
Adjustment for undistributed gains from equity-accounted associates
|
(3,657 | ) | (3,059 | ) | |||||||
Other adjustments for entries other than cash
|
76,827 | 44,671 | |||||||||
Other adjustments for which the effects on cash are cash flows from investing or financial activities
|
(99 | ) | - | ||||||||
Total gains (losses) reconciling adjustments
|
41,693 | 279 | |||||||||
Dividends received
|
454 | - | |||||||||
Interest paid
|
(4,472 | ) | (1,988 | ) | |||||||
Net cash flows provided by (used in) operating activities
|
149,806 | 75,162 | |||||||||
Cash flows provided by (used in) investing activities
|
|||||||||||
Other payments to acquire interest in joint ventures
|
(2,500 | ) | (1,000 | ) | |||||||
Proceeds from the sale of property, plant and equipment
|
794 | - | |||||||||
Additions to property, plant and equipment
|
(112,431 | ) | (73,126 | ) | |||||||
Cash advances and loans granted to third parties
|
278 | 198 | |||||||||
Other cash inflows (outflows)
|
28,362 | (22,700 | ) | ||||||||
Net cash flows provided by (used in) investing activities
|
(85,497 | ) | (96,628 | ) |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
Cash flows provided by(used in) financing activities
|
Note
No.
|
03/31/2011
ThUS$
|
03/31//2010
ThUS$
|
||||||||
Amounts received from long-term loans
|
100,000 | 39,500 | |||||||||
Amounts received from short-term loans
|
- | ||||||||||
Total amounts received from loans
|
100,000 | 39,500 | |||||||||
Payments of loans
|
(110,000 | ) | (193,540 | ) | |||||||
Dividends paid
|
- | - | |||||||||
Other cash inflows (outflows)
|
(9 | ) | - | ||||||||
Net cash flows provided by (used in) financing activities
|
(10,009 | ) | (154,040 | ) | |||||||
Net increase (decrease) in cash and cash equivalents before the effect of changes in exchange rates
|
54,300 | (175,506 | ) | ||||||||
Effects of variation in exchange rate on cash and cash equivalents
|
(15,137 | ) | 4,368 | ||||||||
Net increase (decrease) in cash and cash equivalents
|
39,163 | (171,138 | ) | ||||||||
Cash and cash equivalents at beginning of the period
|
524,652 | 530,394 | |||||||||
Cash and cash equivalents at the end of the period
|
5 | 563,815 | 359,256 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
Issued
capital
ThUS$
|
Foreign
currency
translation
difference
reserves
ThUS$
|
Cash flow
hedge
reserves
ThUS$
|
Reserves
for defined
benefit
plan gains
(losses)
ThUS$
|
Other
reserves
ThUS$
|
Retained
earnings
ThUS$
|
Equity attributable
to the Parent’s
owners
ThUS$
|
Non-controlling
interest
ThUS$
|
Total
equity
ThUS$
|
||||||||||||||||||||||||||||
Beginning balance, current period: January 1, 2011
|
477,386 | 1,530 | (9,207 | ) | (2,036 | ) | (9,713 | ) | 1,155,131 | 1,622,804 | 48,016 | 1,670,820 | ||||||||||||||||||||||||
Restated beginning balance
|
477,386 | 1,530 | (9,207 | ) | (2,036 | ) | (9,713 | ) | 1,155,131 | 1,622,804 | 48,016 | 1,670,820 | ||||||||||||||||||||||||
Profit (loss) for the period
|
- | - | - | - | - | 111,395 | 111,395 | 736 | 112,131 | |||||||||||||||||||||||||||
Other comprehensive income
|
- | (77 | ) | (2,320 | ) | - | (2,397 | ) | - | (2,397 | ) | (23 | ) | (2,420 | ) | |||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||||||
Comprehensive income
|
- | (77 | ) | (2,320 | ) | - | (2,397 | ) | 111,395 | 108,998 | 713 | 109,711 | ||||||||||||||||||||||||
Changes in equity
|
- | (77 | ) | (2,320 | ) | - | (2,397 | ) | 111,395 | 108,998 | 713 | 109,711 | ||||||||||||||||||||||||
Ending balance, current period: March 31, 2011
|
477,386 | 1,453 | (11,527 | ) | (2,036 | ) | (12,110 | ) | 1,266,526 | 1,731,802 | 48,729 | 1,780,531 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
Issued
capital
ThUS$
|
Foreign
currency
translation
difference
reserves
ThUS$
|
Cash flow
hedge
reserves
ThUS$
|
Reserves
for defined
benefit
plan gains
(losses)
ThUS$
|
Other
reserves
ThUS$
|
Retained
earnings
ThUS$
|
Equity attributable
to the Parent’s
owners
ThUS$
|
Non-controlling
interest
ThUS$
|
Total
equity
ThUS$
|
||||||||||||||||||||||||||||
Beginning balance, current period: January 1, 2010
|
477,386 | 1,234 | (7,984 | ) | (3,056 | ) | (9,806 | ) | 951,173 | 1,418,753 | 45,697 | 1,464,450 | ||||||||||||||||||||||||
Restated beginning balance
|
477,386 | 1,234 | (7,984 | ) | (3,056 | ) | (9,806 | ) | 951,173 | 1,418,753 | 45,697 | 1,464,450 | ||||||||||||||||||||||||
Profit (loss) for the period
|
- | - | - | - | - | 76,493 | 76,493 | 378 | 76,871 | |||||||||||||||||||||||||||
Other comprehensive income
|
- | (179 | ) | 8,963 | - | 8,784 | - | 8,784 | (51 | ) | 8,733 | |||||||||||||||||||||||||
Comprehensive income
|
- | (179 | ) | 8,963 | - | 8,784 | 76,493 | 85,277 | 327 | 85,604 | ||||||||||||||||||||||||||
Dividends
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Increase (decrease) for transfers and other changes
|
- | - | - | - | - | - | - | (1,105 | ) | (1,105 | ) | |||||||||||||||||||||||||
Changes in equity
|
- | (179 | ) | 8,963 | - | 8,784 | 76,493 | 85,277 | (778 | ) | 84,499 | |||||||||||||||||||||||||
Ending balance, current period: March 31, 2010
|
477,386 | 1,055 | 979 | (3,056 | ) | (1,022 | ) | 1,027,666 | 1,504,030 | 44,919 | 1,548,949 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Sociedad Química y Minera de Chile S.A. and Subsidiaries
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
03/31/2011
|
12/31/2010
|
|||||||
Permanent employees
|
4,415 | 4,327 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Note 1 -
|
Identification and business of Sociedad Química y Minera de Chile S.A. and Subsidiaries (continued)
|
Shareholder as of 03/31/2011
|
No. of Series A
with ownership
|
% of Series A
shares
|
No. of Series B
with ownership
|
% of Series
B shares
|
Total % of
shares
|
|||||||||||||||
Sociedad de Inversiones Pampa Calichera S.A.(*)
|
57,937,977 | 40.57 | % | 10,768,928 | 8.95 | % | 26.10 | % | ||||||||||||
Inversiones El Boldo Limitada
|
44,751,196 | 31.33 | % | 17,571,676 | 14.60 | % | 23.68 | % | ||||||||||||
The Bank of New York
|
- | 0.00 | % | 43,920,706 | 36.49 | % | 16.69 | % | ||||||||||||
Inversiones RAC Chile Limitada
|
19,200,242 | 13.44 | % | 2,699,773 | 2.24 | % | 8.32 | % | ||||||||||||
Banchile Corredores de Bolsa S.A.
|
5,137,864 | 3.60 | % | 4,232,174 | 3.52 | % | 3.56 | % | ||||||||||||
Inversiones Global Mining (Chile) Limitada (*)
|
8,798,539 | 6.16 | % | - | - | 3.34 | % | |||||||||||||
Inversiones La Esperanza Limitada
|
3,693,977 | 2.59 | % | - | - | 1.40 | % | |||||||||||||
AFP Provida S.A.
|
- | - | 3,148,543 | 2.62 | % | 1.20 | % | |||||||||||||
Banco Itau por Cuenta de Inversionistas
|
- | - | 2,672,406 | 2.22 | % | 1.02 | % | |||||||||||||
Larrain Vial S.A. Corredora de Bolsa
|
49,830 | 0.03 | 2,172,293 | 1.80 | % | 0.83 | % |
Shareholder as of 12/31/2010
|
No. of Series A
with ownership
|
% of Series A
shares
|
No. of Series B
with ownership
|
% of Series
B shares
|
Total % of
shares
|
|||||||||||||||
Sociedad de Inversiones Pampa Calichera S.A.(*)
|
55,437,977 | 38.82 | % | 8,903,774 | 7.40 | % | 24.45 | % | ||||||||||||
Inversiones El Boldo Limitada
|
44,746,513 | 31.33 | % | 17,576,359 | 14.60 | % | 23.68 | % | ||||||||||||
The Bank of New York
|
- | 0.00 | % | 45,345,530 | 37.67 | % | 17.23 | % | ||||||||||||
Inversiones RAC Chile Limitada
|
19,200,242 | 13.44 | % | 2,699,773 | 2.24 | % | 8.32 | % | ||||||||||||
Inversiones Global Mining (Chile) Limitada (*)
|
13,798,539 | 9.66 | % | - | 0.00 | % | 5.24 | % | ||||||||||||
Banchile Corredores de Bolsa S.A.
|
131,914 | 0.09 | % | 5,178,641 | 4.30 | % | 2.02 | % | ||||||||||||
Larrain Vial S.A. Corredora de Bolsa
|
2,549,382 | 1.79 | % | 2,369,576 | 1.97 | % | 1.87 | % | ||||||||||||
Inversiones La Esperanza Limitada
|
3,693,977 | 2.59 | % | - | 0.00 | % | 1.40 | % | ||||||||||||
AFP Provida S.A.
|
- | 0.00 | % | 3,109,256 | 2.58 | % | 1.18 | % | ||||||||||||
Banco Itau por Cuenta de Inversionistas
|
- | 0.00 | % | 2,874,819 | 2.39 | % | 1.09 | % |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.1
|
Accounting period
|
|
-
|
Statements of financial position for the period ended as of March 31, 2011 and the year ended as of December 31, 2010.
|
|
-
|
Interim statements of changes in net equity for the period ended as of March 31, 2010 and 2009.
|
|
-
|
Interim statements of comprehensive income for the periods between January 1 and March 31, 2011 and 2010, respectively
|
|
-
|
Interim statements of cash flows, indirect method for the periods ended as of March 31, 2011 and 2010, respectively.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
a)
|
Accounting pronouncements
|
New standard
|
Mandatory
application by:
|
|
IFRS 9
|
Financial instruments
|
January 1, 2013
|
Improvements and Amendments
|
Compulsory
application by:
|
|
IFRS 7
|
Financial Instruments: Disclosures
|
July 1, 2011
|
IAS 12
|
Income Taxes
|
January 1, 2012
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
(a)
|
Functional and presentation currency
|
|
-
|
Assets and liabilities using the exchange rate in force at the closing date of the interim consolidated financial statements.
|
|
-
|
Profit or loss account items using the average exchange rate for the period.
|
|
-
|
Net equity is maintained at the historical exchange rate at the acquisition date.
|
(b)
|
Basis of translation
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
03/31/2011
|
12/31/2010
|
|||||||
US$
|
US$
|
|||||||
Brazilian real
|
1.63 | 1.66 | ||||||
New Peruvian sol
|
2.80 | 2.81 | ||||||
Argentine peso
|
4.07 | 3.98 | ||||||
Japanese yen
|
83.15 | 81.49 | ||||||
Euro
|
0.70 | 0.75 | ||||||
Mexican peso
|
11.92 | 12.38 | ||||||
Australian dollar
|
1.03 | 1.01 | ||||||
Pound sterling
|
0.62 | 0.64 | ||||||
South African rand
|
6.79 | 6.63 | ||||||
Dollar (Ecuador)
|
1.00 | 1.00 | ||||||
Chilean peso
|
479.46 | 468.01 | ||||||
UF
|
45.01 | 45.84 |
(c)
|
Transactions and balances
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
(d)
|
Group entities
|
|
-
|
Assets and liabilities are converted at the closing date exchange rate on the date of the statement of financial position.
|
|
-
|
Revenue and expenses in each profit or loss account are converted at average exchange rates.
|
|
-
|
All resulting foreign currency exchange differences are recognized as a component separate in foreign currency translation difference reserves.
|
|
(a)
|
Subsidiaries
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Ownership interest
|
||||||||||||||||||||||
Taxpayer
ID
|
Foreign subsidiaries
|
Country of
origin
|
Functional
currency
|
Direct
|
03/31/2011
Indirect
|
Total
|
12/31/2010
Total
|
|||||||||||||||
Foreign
|
Nitratos Naturais Do Chile Ltda.
|
Brazil
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
Nitrate Corporation Of Chile Ltd.
|
United Kingdom
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM North America Corp.
|
USA
|
USD
|
40.0000 | 60.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Europe N.V.
|
Belgium
|
USD
|
0.8600 | 99.1400 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
Soquimich S.R.L. Argentina
|
Argentina
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
Soquimich European Holding B.V.
|
The Netherlands
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Corporation N.V.
|
Dutch Antilles
|
USD
|
0.0002 | 99.9998 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQI Corporation N.V.
|
Dutch Antilles
|
USD
|
0.0159 | 99.9841 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Comercial De Mexico S.A. De C.V.
|
Mexico
|
USD
|
1.0000 | 99.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
North American Trading Company
|
USA
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
Administración Y Servicios Santiago S.A. De C.V.
|
Mexico
|
USD
|
0.0200 | 99.9800 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Peru S.A.
|
Peru
|
USD
|
0.9800 | 99.0200 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Ecuador S.A.
|
Ecuador
|
USD
|
0.0040 | 99.9960 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Nitratos Mexico S.A. De C.V.
|
Mexico
|
USD
|
0.0000 | 51.0000 | 51.0000 | 51.0000 | |||||||||||||||
Foreign
|
SQMC Holding Corporation L.L.P.
|
USA.
|
USD
|
0.1000 | 99.9000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Investment Corporation N.V.
|
Dutch Antilles
|
USD
|
1.0000 | 99.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Brasil Limitada
|
Brazil
|
USD
|
3.0100 | 96.9900 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM France S.A.
|
France
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Japan Co. Ltd.
|
Japan
|
USD
|
1.0000 | 99.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
Royal Seed Trading Corporation A.V.V.
|
Aruba
|
USD
|
1.6700 | 98.3300 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Oceania Pty Limited
|
Australia
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
Rs Agro-Chemical Trading A.V.V.
|
Aruba
|
USD
|
98.3300 | 1.6700 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Indonesia
|
Indonesia
|
USD
|
0.0000 | 80.0000 | 80.0000 | 80.0000 | |||||||||||||||
Foreign
|
SQM Virginia L.L.C.
|
USA
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Venezuela S.A.
|
Venezuela
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Italia SRL
|
Italy
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
Comercial Caiman Internacional S.A.
|
Cayman Islands
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Africa Pty.
|
South Africa
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Lithium Specialties LLC
|
USA
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
Fertilizantes Naturales S.A.
|
Spain
|
USD
|
0.0000 | 66.6700 | 66.6700 | 66.6700 | |||||||||||||||
Foreign
|
Iodine Minera B.V.
|
The Netherlands
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Agro India Pvt. Ltd.
|
India
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 | |||||||||||||||
Foreign
|
SQM Beijin Comercial Ltd.
|
China
|
USD
|
0.0000 | 100.0000 | 100.0000 | 100.0000 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Ownership interest
|
||||||||||||||||||||||
Taxpayer ID
|
Domestic subsidiaries
|
Country of
origin
|
Functional
currency
|
Direct
|
03/31/2010
Indirect
|
Total
|
12/31/2010
Total
|
|||||||||||||||
96.801.610-5 |
Comercial Hydro S.A.
|
Chile
|
Ch$
|
0.0000 | 60.6382 | 60.6382 | 60.6382 | |||||||||||||||
96.651.060-9 |
SQM Potasio S.A.
|
Chile
|
USD
|
99.9974 | 0.0000 | 99.9974 | 99.9974 | |||||||||||||||
96.592.190-7 |
SQM Nitratos S.A.
|
Chile
|
USD
|
99.9999 | 0.0001 | 100.0000 | 100.0000 | |||||||||||||||
96.592180-K |
Ajay SQM Chile S.A.
|
Chile
|
USD
|
51.0000 | 0.0000 | 51.0000 | 51.0000 | |||||||||||||||
86.630.200-6 |
SQMC Internacional Ltda.
|
Chile
|
Ch$
|
0.0000 | 60.6382 | 60.6382 | 60.6382 | |||||||||||||||
79.947.100-0 |
SQM Industrial S.A.
|
Chile
|
USD
|
99.9954 | 0.0046 | 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
|
USD
|
0.0003 | 99.9997 | 100.0000 | 100.0000 | |||||||||||||||
79.768.170-9 |
Soquimich Comercial S.A.
|
Chile
|
USD
|
0.0000 | 60.6383 | 60.6383 | 60.6383 | |||||||||||||||
79.626.800-K |
SQM Salar S.A.
|
Chile
|
USD
|
18.1800 | 81.8200 | 100.0000 | 100.0000 | |||||||||||||||
78.602.530-3 |
Minera Nueva Victoria S.A.
|
Chile
|
USD
|
99.0000 | 1.0000 | 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
|
USD
|
0.0100 | 99.9900 | 100.0000 | 100.0000 | |||||||||||||||
76.064.419-6 |
Agrorama Callegari Ltda. (*)
|
Chile
|
Ch$
|
0.0000 | 42.4468 | 42.4468 | 42.4468 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.5
|
Responsibility for the information and estimates made
|
|
-
|
The useful lives of material and intangible assets and their residual values.
|
|
-
|
Impairment losses of certain assets, including trade receivables.
|
|
-
|
Hypotheses used for the actuarial calculation of commitments related to pensions and staff severance indemnities.
|
|
-
|
Provisions for commitments acquired with third parties and contingent liabilities.
|
|
-
|
Accrued expenses based on technical studies which cover the different variables which affect products in stock (density. humidity. among others) and allowances on slow-moving spare parts in inventories.
|
|
-
|
Future costs for the closure of mining facilities.
|
|
-
|
The determination of fair value of certain financial and non-financial assets and derivative instruments.
|
-
|
The determination and allocation of fair values in business combinations. |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
2.6
|
Financial information by operating segment
|
|
-
|
Specialty plant nutrients
|
|
-
|
Industrial chemicals
|
|
-
|
Iodine and derivatives
|
|
-
|
Lithium and derivatives
|
|
-
|
Potassium
|
|
-
|
Other products and services
|
|
2.7
|
Property, plant and equipment
|
|
1.
|
Accrued financial expenses during the construction period which are directly attributable to the acquisition, construction or production of qualifying assets, which are those that require a substantial period prior to being ready for use. The interest rate used is that related to the project’s specific financing or, should this not exist, the average financing rate of the investor company. The amount capitalized for this concept was ThUS$5,233 as of March 31, 2011 and ThUS$25,947 as of December 31, 2010.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2
|
The present value of future costs to which the Company will have to experience related to the closure of its facilities, are included in the asset's value at restated cost.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Classes of property, plant and equipment
|
Life or
Minimum
rate
|
Life or
Maximum
rate
|
||||||
Life or rate for buildings
|
3 | 60 | ||||||
Life or rate for plant and equipment
|
3 | 35 | ||||||
Life or rate for information technology equipment
|
3 | 10 | ||||||
Life or rate for fixtures and accessories
|
3 | 35 | ||||||
Life or rate for motor vehicles
|
5 | 10 | ||||||
Life or rate for other property, plant and equipment
|
2 | 30 |
|
2.8
|
Investment properties
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.9
|
Inventories
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.10
|
Trade and other receivables
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.11
|
Revenue recognition
|
|
(a)
|
Sale of goods
|
|
(b)
|
Sales of services
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
(c)
|
Interest income
|
|
(d)
|
Income from royalties
|
|
(e)
|
Income from dividends
|
2.12
|
Investments recognized using the equity method
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.13
|
Income tax and deferred taxes
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.14
|
Earnings per share
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.15
|
Non-financial asset value impairment
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
(a)
|
Financial assets at fair value through profit or loss
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
(b)
|
Loans and receivables
|
|
(c)
|
Financial assets held-to-maturity
|
|
(d)
|
Financial assets available for sale
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
(a)
|
Financial liabilities at fair value through profit or loss
|
|
(b)
|
Trade payables
|
|
(c)
|
Interest-bearing loans
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
-
|
Cash flows: cash and financial asset equivalent inflows and outflows understanding as such those short-term highly-liquid investments with low risk of change in their value.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
-
|
Operating activities: common activities related to the operation of the Group’s business as well as other activities which cannot be classified as investing or financing activities.
|
|
-
|
Investing activities: investing activities relate to the acquisition, disposition or disposal related to other long-term assets and other investments not included in cash and cash equivalents.
|
|
-
|
Financing activities: activities which generate changes in the size and composition of net equity and of liabilities which are not part of operating activities.
|
|
2.21
|
Obligations related to staff severance indemnities and pension commitments
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
(a)
|
Fair value hedge of assets and liabilities recognized (fair value hedges);
|
|
(b)
|
Hedging of a single risk associated with an asset or liability recognized or a highly possible foreseen transaction (cash flow hedge);
|
|
(a)
|
Fair value hedge
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
(b)
|
Cash flow hedge
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
(a)
|
Leases - Finance lease
|
|
(b)
|
Lessee – Operating lease
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.24
|
Exploration and assessment expenses
|
|
*
|
The Company has a present obligation as a result of a past event.
|
|
*
|
It is possible that certain resources are used, including benefits, to settle the obligation.
|
*
|
A reliable estimate can be made of the obligation amount.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
-
|
Employee vacation: The Company determines and recognizes the cost related to employee vacation on an accrual basis.
|
|
-
|
Employee benefits agreed with employees other than staff severance indemnities and option plan, which the Company and its subsidiaries will have to pay to its employees by virtue of the agreements entered have been recognized on an accrual basis.
|
|
-
|
Legal expenses related to the estimate of future payments for lawsuits maintained with third parties.
|
|
2.26
|
Compensation Plans
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2.27
|
Good and service insurance expenses
|
2.28
|
Intangible Assets
|
|
(a)
|
Goodwill acquired
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
(b)
|
Water rights
|
|
(c)
|
Right of way for electric lines
|
|
(d)
|
Computer software
|
|
2.29
|
Research and development expenses
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
2.30
|
Classification of balances as current and non-current
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
a)
|
Country Risk: The economic condition of countries where the Company operates may affect its financial position. For instance, sales by the Company to emerging markets expose it to risks related to economic conditions and trends in those countries. In addition, inventory levels may also be affected by the economic condition in these countries and/or the global economy, among other possible economic impacts.
|
|
b)
|
Price volatility risk: The Company’s product prices are affected by variations in international prices of fertilizers and chemicals and changes in production capacities or in the demand for these might affect our business, financial condition and results from operations.
|
|
c)
|
Commodity price risk: The Company is exposed to changes in prices of raw materials and energy which may have an impact on its production costs and generate unstable results.
|
|
Currently, the Company incurs annual direct expenses of approximately US$ 70 million for fuels, gas and equivalents and approximately US$50 million for direct use of electric energy. Variations of 10% in the prices of energy required for the Company’s activities may give rise to variations of US$12 million in costs.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
3.2.3
|
Exchange rate risk
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Cash and cash equivalents
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Cash on hand
|
74 | 83 | ||||||
Bank balances
|
20,756 | 24,267 | ||||||
Short-term time deposits
|
386,850 | 375,057 | ||||||
Other cash and cash equivalents
|
156,135 | 125,245 | ||||||
Cash and cash equivalents
|
563,815 | 524,652 |
Institution
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Legg Mason - Western Asset Institutional Liquid Reserves
|
60,618 | 52,576 | ||||||
BlackRock - Institutional cash series PLC
|
53,002 | 36,712 | ||||||
JP Morgan US dollar Liquidity Fund Institutional
|
42,515 | 35,957 | ||||||
Total
|
156,135 | 125,245 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
03/31/2011
|
12/31/2010
|
|||||||
Original currency
|
ThUS$
|
ThUS$
|
||||||
Chilean peso (*)
|
310,385 | 331,011 | ||||||
U.S. dollar
|
243,019 | 176,703 | ||||||
Euro
|
5,463 | 6,784 | ||||||
Mexican peso
|
186 | 102 | ||||||
South African rand
|
3,472 | 8,776 | ||||||
Japanese yen
|
1,131 | 1,192 | ||||||
Peruvian sol
|
51 | 13 | ||||||
Argentine peso
|
1 | - | ||||||
Brazilian real
|
2 | 21 | ||||||
Chinese yuan
|
96 | 40 | ||||||
Indonesian rupiah
|
5 | 5 | ||||||
Pound sterling
|
4 | 5 | ||||||
Total
|
563,815 | 524,652 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Receiver of the deposit
|
Type of de
Deposit
|
Original Currency
|
Interest rate
|
Placement date
|
Expiration date
|
Principal
ThUS$
|
Interest
accrued to-date
ThUS$
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||||||||||||||||||
Banco Crédito e Inversiones
|
Fixed term
|
Ch$
|
0.36 |
02/02/2011
|
05/03/2011
|
10,070 | 68 | 10,138 | 26,401 | |||||||||||||||||||||||
Banco Crédito e Inversiones
|
Fixed term
|
Ch$
|
0.40 |
03/03/2011
|
06/01/2011
|
15,074 | 56 | 15,130 | 4,168 | |||||||||||||||||||||||
Banco Crédito e Inversiones
|
Fixed term
|
Ch$
|
0.40 |
03/04/2011
|
06/02/2011
|
15,100 | 53 | 15,153 | 6,738 | |||||||||||||||||||||||
Banco Crédito e Inversiones
|
Fixed term
|
Ch$
|
0.41 |
03/09/2011
|
06/07/2011
|
19,796 | 60 | 19,856 | 10,574 | |||||||||||||||||||||||
Banco Crédito e Inversiones
|
Fixed term
|
Ch$
|
0.43 |
03/16/2011
|
06/14/2011
|
14,380 | 30 | 14,410 | 10,150 | |||||||||||||||||||||||
Banco Crédito e Inversiones
|
Fixed term
|
Ch$
|
0.44 |
03/17/2011
|
06/15/2011
|
8,802 | 18 | 8,820 | 10,355 | |||||||||||||||||||||||
Banco Crédito e Inversiones
|
Fixed term
|
Ch$
|
0.44 |
03/21/2011
|
06/16/2011
|
14,913 | 21 | 14,934 | - | |||||||||||||||||||||||
Banco Crédito e Inversiones
|
Fixed term
|
Ch$
|
0.44 |
03/31/2011
|
06/29/2011
|
35,585 | - | 35,585 | - | |||||||||||||||||||||||
Banco de Chile
|
Fixed term
|
Ch$
|
0.36 |
01/18/2011
|
04/18/2011
|
15,725 | 133 | 15,858 | 20,781 | |||||||||||||||||||||||
Banco de Chile
|
Fixed term
|
Ch$
|
0.35 |
01/19/2011
|
04/19/2011
|
7,187 | 60 | 7,247 | 16,056 | |||||||||||||||||||||||
Banco de Chile
|
Fixed term
|
Ch$
|
0.34 |
01/25/2011
|
04/25/2011
|
20,812 | 153 | 20,965 | 15,832 | |||||||||||||||||||||||
Banco de Chile
|
Fixed term
|
Ch$
|
0.34 |
01/26/2011
|
04/26/2011
|
15,577 | 113 | 15,690 | 20,962 | |||||||||||||||||||||||
Banco de Chile
|
Fixed term
|
Ch$
|
0.35 |
01/26/2011
|
04/26/2011
|
20,715 | 155 | 20,870 | 7,271 | |||||||||||||||||||||||
Banco de Chile
|
Fixed term
|
Ch$
|
0.36 |
02/17/2011
|
05/18/2011
|
9,945 | 50 | 9,995 | 20,306 | |||||||||||||||||||||||
Banco de Chile
|
- | - | - | - | - | - | - | - | 1,667 | |||||||||||||||||||||||
Banco Estado
|
- | - | - | - | - | - | - | - | 17,001 | |||||||||||||||||||||||
Banco Santander-Santiago
|
Fixed term
|
Ch$
|
0.44 |
03/30/2011
|
06/28/2011
|
10,054 | 1 | 10,055 | 10,499 | |||||||||||||||||||||||
Banco Santander-Santiago
|
Fixed term
|
USD
|
0.30 |
03/30/2011
|
04/08/2011
|
10,203 | - | 10,203 | 15,528 | |||||||||||||||||||||||
Banco Santander-Santiago
|
Fixed term
|
USD
|
1.20 |
03/28/2011
|
06/22/2011
|
20,100 | 2 | 20,102 | 20,897 | |||||||||||||||||||||||
Banco Santander-Santiago
|
- | - | - | - | - | - | - | - | 31,752 | |||||||||||||||||||||||
Banco Santander-Santiago
|
- | - | - | - | - | - | - | - | 6,251 | |||||||||||||||||||||||
Banco Santander-Santiago
|
- | - | - | - | - | - | - | - | 3,200 | |||||||||||||||||||||||
Banco Santander-Santiago
|
- | - | - | - | - | - | - | - | 20,009 | |||||||||||||||||||||||
Banco Security
|
Fixed term
|
USD
|
1.40 |
01/27/2011
|
04/27/2011
|
15,061 | 37 | 15,098 | 16,014 | |||||||||||||||||||||||
Banco Security
|
- | - | - | - | - | - | - | - | 7,017 | |||||||||||||||||||||||
Citibank New - York
|
Overnight
|
USD
|
0.03 |
03/31/2011
|
04/01/2011
|
310 | - | 310 | 557 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Receiver of the deposit
|
Type of de
Deposit
|
Original Currency
|
Interest rate
|
Placement
date
|
Expiration date
|
Principal
ThUS$
|
Interest
accrued to-date
ThUS$
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||||||||||||||||||
Citibank New - York
|
Overnight
|
USD
|
0.03 |
03/31/2011
|
04/01/2011
|
563 | - | 563 | - | |||||||||||||||||||||||
Corpbanca
|
Fixed term
|
Ch$
|
0.36 |
02/08/2011
|
05/09/2011
|
3,019 | 18 | 3,037 | 15,556 | |||||||||||||||||||||||
Corpbanca
|
Fixed term
|
Ch$
|
0.43 |
03/25/2011
|
06/23/2011
|
10,048 | 9 | 10,057 | 5,786 | |||||||||||||||||||||||
Corpbanca
|
- | - | - | - | - | - | - | - | 4,060 | |||||||||||||||||||||||
Corpbanca
|
- | - | - | - | - | - | - | - | 8,786 | |||||||||||||||||||||||
IDBI Bank
|
Fixed term
|
Indian rupee
|
- |
03/31/2011
|
04/30/2011
|
3 | - | 3 | 3 | |||||||||||||||||||||||
Scotiabank Sud Americano
|
Fixed term
|
Ch$
|
0.34 |
01/24/2011
|
04/21/2011
|
31,327 | 234 | 31,561 | 20,880 | |||||||||||||||||||||||
Scotiabank Sud Americano
|
Fixed term
|
Ch$
|
0.36 |
02/01/2011
|
04/28/2011
|
25,488 | 177 | 25,665 | - | |||||||||||||||||||||||
Scotiabank Sud Americano
|
Fixed term
|
Ch$
|
0.40 |
03/31/2011
|
05/26/2011
|
5,022 | - | 5,022 | - | |||||||||||||||||||||||
Banco BBVA Chile
|
Fixed term
|
USD
|
1.20 |
03/29/2011
|
06/24/2011
|
20,417 | 1 | 20,418 | - | |||||||||||||||||||||||
Banco Itau Chile
|
Fixed term
|
USD
|
1.68 |
01/20/2011
|
04/20/2011
|
10,072 | 33 | 10,105 | - | |||||||||||||||||||||||
Total
|
386,850 | 375,057 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Class of inventories
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Raw materials
|
7,027 | 7,120 | ||||||
Supplies for production
|
23,886 | 21,398 | ||||||
Products-in-progress
|
303,425 | 291,536 | ||||||
Finished products
|
291,001 | 285,047 | ||||||
Total
|
625,339 | 605,101 |
Class of inventories
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Raw materials
|
1,093 | 1,093 | ||||||
Supplies for production
|
- | - | ||||||
Products-in-progress
|
37,519 | 43,115 | ||||||
Finished products
|
22,287 | 19,389 | ||||||
Total
|
60,899 | 63,597 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Taxpayer ID
|
Company name
|
Ownership
interest %
|
||||
96.511.530-7 |
Sociedad de Inversiones Pampa Calichera S.A.
|
26.10 | ||||
96.863.960-9 |
Global Mining Investments (Chile) S.A.
|
3.34 | ||||
Total Pampa Group
|
29.44 | |||||
79.798.650-k |
Inversiones la Esperanza (Chile) Ltda.
|
1.40 | ||||
59.046.730-8 |
Kowa Co Ltd.
|
0.30 | ||||
96.518.570-4 |
Kochi S.A.
|
0.29 | ||||
59.023.690-k |
La Esperanza Delaware Corporation
|
0.09 | ||||
Total Kowa Group
|
2.08 |
7.3
|
Intermediate parent company and companies controlled by SQM S.A. which publicly issue financial statements
|
Participation percentage in subsidiary
as of March 31, 2011 and December 31, 2010
|
||||||||||||
Subsidiary
|
Direct
%
|
Indirect
%
|
Total
%
|
|||||||||
Comercial Hydro S.A.
|
0.0000 | 60.3820 | 60.3820 | |||||||||
SQM Potasio S.A.
|
99.9974 | 0.0000 | 99.9974 | |||||||||
SQM Nitratos S.A.
|
99.9999 | 0.0001 | 100.0000 | |||||||||
Ajay SQM Chile S.A.
|
51.0000 | 0.0000 | 51.0000 | |||||||||
SQMC Internacional Ltda.
|
0.0000 | 60.6382 | 60.6382 | |||||||||
SQM Industrial S.A.
|
99.9954 | 0.0046 | 100.0000 | |||||||||
Isapre Norte Grande Ltda.
|
1.0000 | 99.0000 | 100.0000 | |||||||||
Almacenes y Depósitos Ltda.
|
1.0000 | 99.0000 | 100.0000 | |||||||||
Serv. Integrales de Tránsitos y Transferencias S.A.
|
0.0003 | 99.9997 | 100.0000 | |||||||||
Soquimich Comercial S.A.
|
0.0000 | 60.6383 | 60.6383 | |||||||||
SQM Salar S.A.
|
18.1800 | 81.8200 | 100.0000 | |||||||||
Minera Nueva Victoria S.A.
|
99.0000 | 1.0000 | 100.0000 | |||||||||
Proinsa Ltda.
|
0.0000 | 60.5800 | 60.5800 | |||||||||
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
Exploraciones Mineras S.A.
|
0.2691 | 99.7309 | 100.0000 | |||||||||
Nitratos Naturais Do Chile Ltda.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
Nitrate Corporation of Chile Ltd.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
SQM North America Corporation.
|
40.0000 | 60.0000 | 100.0000 | |||||||||
SQM Europe N.V.
|
0.8600 | 99.1400 | 100.0000 | |||||||||
Soquimich SRL Argentina
|
0.0000 | 100.0000 | 100.0000 | |||||||||
Soquimich European Holding B.V.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
SQM Corporation N.V.
|
0.0001 | 99.9999 | 100.0000 | |||||||||
Agrorama Callegari Ltda.
|
0.0000 | 42.4468 | 42.4468 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Participation percentage in subsidiary
as of March 31, 2011 and December 31, 2010
|
||||||||||||
Subsidiary
|
Direct
%
|
Indirect
%
|
Total
%
|
|||||||||
SQI Corporation N.V.
|
0.0159 | 99.9841 | 100.0000 | |||||||||
SQM Comercial de Mexico S.A. de C.V.
|
1.0000 | 99.0000 | 100.0000 | |||||||||
North American Trading Co.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
Administración y Servicios Santiago S.A. de C.V.
|
0.0200 | 99.9800 | 100.0000 | |||||||||
SQM Peru S.A.
|
0.9800 | 99.0200 | 100.0000 | |||||||||
SQM Ecuador S.A.
|
0.0040 | 99.9960 | 100.0000 | |||||||||
SQM Nitratos Mexico S.A.
|
0.0000 | 51.0000 | 51.0000 | |||||||||
SQMC Holding Corporation L.L.P.
|
0.1000 | 99.9000 | 100.0000 | |||||||||
SQM Investment Corporation N.V.
|
1.0000 | 99.0000 | 100.0000 | |||||||||
SQM Brasil Limitada.
|
2.7900 | 97.2100 | 100.0000 | |||||||||
SQM France S.A.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
SQM Japan Co Ltd.
|
1.0000 | 99.0000 | 100.0000 | |||||||||
Royal Seed Trading A.V.V.
|
1.6700 | 98.3300 | 100.0000 | |||||||||
SQM Oceania Pty Limited.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
Rs Agro Chemical Trading A.V.V.
|
98.3300 | 1.6700 | 100.0000 | |||||||||
SQM Indonesia S.A.
|
0.0000 | 80.0000 | 80 .0000 | |||||||||
SQM Virginia L.L.C.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
SQM Venezuela S.A.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
SQM Italia SRL
|
0.0000 | 100.0000 | 100.0000 | |||||||||
Comercial Caiman Internacional S.A.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
SQM Africa Pty. Ltd.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
SQM Lithium Specialties LLP.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
Fertilizantes Naturales S.A.
|
0.0000 | 66.6700 | 66.6700 | |||||||||
Iodine Minera B.V.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
SQM Agro India Pvt. Ltd.
|
0.0000 | 100.0000 | 100.0000 | |||||||||
SQM Beijin Comercial Co. Ltd.
|
0.0000 | 100.0000 | 100.0000 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Taxpayer ID
|
Company
|
Relationship
|
Country of
origin
|
Transaction
description
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||||||
Foreign
|
Doktor Tarsa Tarim Sanayi As
|
Associate
|
Turkey
|
Sale of products
|
11,413 | 12,460 | ||||||||||
Foreign
|
Ajay Europe S.A.R.L.
|
Associate
|
France
|
Sale of products
|
6,350 | 22,150 | ||||||||||
Foreign
|
Ajay Europe S.A.R.L.
|
Associate
|
France
|
Dividends
|
- | 628 | ||||||||||
Foreign
|
Ajay North America LLC.
|
Associate
|
United States
|
Sale of products
|
9,642 | 35,502 | ||||||||||
Foreign
|
Ajay North America LLC.
|
Associate
|
United States
|
Dividends
|
454 | - | ||||||||||
Foreign
|
Abu Dhabi Fertilizer Industries WWL
|
Associate
|
United Arab Emirates
|
Sale of products
|
1,966 | 12,384 | ||||||||||
Foreign
|
Kowa Company Ltd.
|
Entity with joint control
|
Japan
|
Sale of products
|
24,183 | 94,611 | ||||||||||
Foreign
|
NU3 B.V.
|
Associate
|
The Netherlands
|
Sale of products
|
5,174 | 12,921 | ||||||||||
Foreign
|
NU3 B.V.
|
Associate
|
The Netherlands
|
Sale of services
|
26 | 102 | ||||||||||
Foreign
|
NU3 N.V.
|
Associate
|
Belgium
|
Sale of products
|
3,821 | 12,590 | ||||||||||
Foreign
|
SQM Thailand Co. Ltd.
|
Associate
|
Thailand
|
Sale of products
|
- | 1,613 | ||||||||||
Foreign
|
Misr Speciality Fertilizers
|
Associate
|
Egypt
|
Sale of products
|
- | 502 | ||||||||||
77.557.430-5
|
Sales de Magnesio Ltda
|
Associate
|
Chile
|
Sale of products
|
- | 834 | ||||||||||
77.557.430-5
|
Sales de Magnesio Ltda
|
Associate
|
Chile
|
Sale of services
|
- | 353 | ||||||||||
78.062.420-5
|
Minera Saskatchewan Ltda ( PCS )
|
Other related party
|
Chile
|
Sale of services
|
- | 423 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Taxpayer ID
|
Company
|
Relationship
|
Country of origin
|
Currency
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||||||
77.557.430-5 |
Sales de Magnesio Ltda.
|
Associate
|
Chile
|
Chilean peso
|
77 | 106 | ||||||||||
96.511.530-7 |
Soc.de Inversiones Pampa Calichera
|
Entity with joint control
|
Chile
|
U.S. dollar
|
8 | 8 | ||||||||||
79.049.778-9 |
Callegari Agrícola S.A.
|
Other related party
|
Chile
|
Chilean peso
|
74 | 6 | ||||||||||
Foreign
|
Doktor Tarsa Tarim Sanayi AS
|
Associate
|
Turkey
|
U.S. dollar
|
3,754 | - | ||||||||||
Foreign
|
Nutrisi Holding N.V.
|
Associate
|
Belgium
|
Euro
|
1,729 | 1.618 | ||||||||||
Foreign
|
Ajay Europe S.A.R. L.
|
Associate
|
France
|
U.S. dollar
|
3,341 | 2.043 | ||||||||||
Foreign
|
Ajay North America LLC.
|
Associate
|
United States
|
U.S. dollar
|
6,084 | 2.666 | ||||||||||
Foreign
|
Abu Dhabi Fertilizer Industries WWL
|
Associate
|
United Arab Emirates
|
U.S. dollar
|
4,162 | 4.517 | ||||||||||
Foreign
|
NU3 B.V.
|
Associate
|
The Netherlands
|
Euro
|
2,694 | 1.083 | ||||||||||
Foreign
|
Misr Speciality Fertilizers
|
Associate
|
Egypt
|
U.S. dollar
|
- | 335 | ||||||||||
Foreign
|
Kowa Company Ltd.
|
Entity with joint control
|
Japan
|
U.S. dollar
|
21,146 | 23.134 | ||||||||||
Foreign
|
SQM Thailand Co. Ltd.
|
Associate
|
Thailand
|
U.S. dollar
|
709 | 656 | ||||||||||
Foreign
|
Qingdao SQM-Star Corp
|
Entity with joint control
|
China
|
U.S. dollar
|
223 | - | ||||||||||
Foreign
|
SQM Vitas Brasil Agroindustria
|
Entity with joint control
|
Brazil
|
U.S. dollar
|
4,280 | - | ||||||||||
Total to the present date
|
48,281 | 36,172 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Taxpayer ID
|
Company
|
Relationship
|
Country of origin
|
Currency
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||||||
Foreign
|
Doktor Tarsa Tarim Sanayi AS
|
Associate
|
Turkey
|
U.S. dollar
|
- | 73 | ||||||||||
Foreign
|
NU3 N.V.
|
Associate
|
Belgium
|
U.S. dollar
|
1,153 | 270 | ||||||||||
Foreign
|
SQM Vitas
|
Joint venture
|
United Arab Emirates
|
UAE dirham
|
2,599 | 2.614 | ||||||||||
Foreign
|
Coromandel Fertilizers Limited
|
Joint venture
|
India
|
Indian rupee
|
617 | 581 | ||||||||||
Total to the present date
|
4,369 | 3,538 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
1)
|
Board of Directors
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
2)
|
Directors’ Compensation
|
a)
|
A payment of a monthly fixed gross amount of UF 300 in favor of SQM Chairman and UF 50 in favor of the seven remaining board members regardless of their attendance to Board meetings or the number of meetings to which they attend.
|
b)
|
A payment in domestic currency and in favor of the Chairman of the Board of Directors consisting in variable and gross amount equivalent to 0.35% of total profit for the period which SQM S.A. effectively obtains during fiscal year 2011.
|
c)
|
A payment in domestic currency in favor of each Company’s directors excluding the Chairman of the Board, consisting of variable and gross amount equivalent to 0.04% of the total profit for the period which SQM S.A. effectively obtain during fiscal year 2011.
|
d)
|
Fixed and variable amounts indicated will not be subject to any charge between them and those expressed in percentage will be paid immediately after the shareholders at the respective Annual General Shareholders’ Meeting of SQM approve the balance, financial statements, annual report, report by the account inspectors and report of external auditors for the commercial year ending December 31, 2011.
|
e)
|
Accordingly, remuneration and profit-sharing paid to the members of the Board of Directors during 2011 amount to ThUS$ 76.
|
a)
|
A payment of a monthly, fixed and gross amount of UF 17 in favor of each of the 3 Directors who are a part of the Company’s Audit Committee regardless of the number of meetings which are conducted during the respective month.
|
b)
|
A payment in domestic currency and in favor of each of the 3 Directors of a variable and gross amount equivalent to 0.0013% of the Company’s total profit for the period, which SQM S.A. effectively obtains during fiscal year 2011.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
a)
|
A payment of a monthly fixed gross amount of UF 300 in favor of SQM Chairman and UF 50 in favor of the seven remaining board members regardless of their attendance to Board meetings or the number of meetings to which they attend.
|
b)
|
A payment in domestic currency and in favor of the Chairman of the Board of Directors consisting in variable and gross amount equivalent to 0.35% of total profit for the period which SQM S.A. effectively obtains during fiscal year 2010.
|
c)
|
A payment in domestic currency in favor of each Company’s directors excluding the Chairman of the Board, consisting of variable and gross amount equivalent to 0.04% of the total profit for the period which SQM S.A. effectively obtain during fiscal year 2010.
|
d)
|
Fixed and variable amounts indicated will not be subject to any charge between them and those expressed in percentage will be paid immediately after the shareholders at the respective Annual General Shareholders’ Meeting of SQM approve the balance, financial statements, annual report, report by the account inspectors and report of external auditors for the commercial year ending December 31, 2010.
|
e)
|
Accordingly, remuneration and profit-sharing paid to the members of the Board of Directors during 2010 amount to ThUS$ 2,869.
|
a)
|
A payment of a monthly, fixed and gross amount of UF 17 in favor of each of the 3 Directors who are a part of the Company’s Audit Committee regardless of the number of meetings which are conducted during the respective month.
|
b)
|
A payment in domestic currency and in favor of each of the 3 Directors of a variable and gross amount equivalent to 0.0013% of the Company’s total profit for the period, which SQM S.A. effectively obtains during fiscal year 2010.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.1
|
Classes of other financial assets
|
Classes of other financial assets
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Other current financial assets (1)
|
41,455 | 69,818 | ||||||
Derivative instruments (2)
|
9,126 | 1,363 | ||||||
Hedging assets, current
|
3,813 | 4,997 | ||||||
Total other financial assets, current
|
54,394 | 76,178 | ||||||
Other non-current financial assets(3)
|
116 | 118 | ||||||
Hedging assets, non-current
|
79,630 | 92,556 | ||||||
Total other financial assets, non-current
|
79,746 | 92,674 |
|
(1)
|
Relates to time deposits which expire in more than 90 days from the investment date.
|
|
(2)
|
Relate to forwards and options which were not classified as hedging instruments (see Note 8.3).
|
|
(3)
|
Relate to guarantees delivered for the lease of offices and investments in Sociedad Garantizadora de Pensiones (ownership of 3%).
|
Bank
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Banco Santander
|
20,932 | - | ||||||
Banco BBVA
|
20,523 | - | ||||||
Banco de Crédito e Inversiones
|
- | 36,251 | ||||||
Banco de Chile
|
- | 10,333 | ||||||
Corpbanca
|
- | 18,031 | ||||||
Banco Itau Chile
|
- | 5,203 | ||||||
Total
|
41,455 | 69,818 |
8.2
|
Trade and other receivables
|
a)
|
Trade and other receivables, net:
|
Description of the class of trade and other
receivables. net:
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Trade and other receivables current, net
|
397,911 | 375,945 | ||||||
Trade receivables
|
373,291 | 350,720 | ||||||
Other receivables
|
24,620 | 25,225 | ||||||
Trade and other receivables non-current, net
|
973 | 1,102 | ||||||
Other receivables
|
973 | 1,102 | ||||||
Total
|
398,884 | 377,047 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.2
|
Trade and other receivables (continued)
|
b)
|
Trade and other receivables, gross:
|
Classes of trade and other receivables, gross
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Trade and other receivables current, gross
|
417,075 | 394,827 | ||||||
Trade receivables
|
390,411 | 367,545 | ||||||
Other receivables
|
26,664 | 27,282 | ||||||
Trade and other receivables non-current, gross
|
973 | 1,102 | ||||||
Other receivables
|
973 | 1,102 | ||||||
Total to the present date
|
418,048 | 395,929 |
c)
|
Detail of financial assets past due and not paid but not impaired
|
Balances as of
03/312011
|
||||||||||||||||||||
Financial assets
|
Expiring in
less than
three
months
ThUS$
|
Expiring
between
three and
six months
ThUS$
|
Expiring
between six
and twelve
months
ThUS$
|
Expiring in
more than
twelve
months
ThUS$
|
Total
ThUS$
|
|||||||||||||||
Trade and other receivables
|
48,592 | 3,078 | 2,269 | 17,300 | 71,239 | |||||||||||||||
Total
|
48,592 | 3,078 | 2,269 | 17,300 | 71,239 |
Balances as of
12/312011
|
||||||||||||||||||||
Financial assets
|
Expiring in
less than
three months
ThUS$
|
Expiring
between three
and six
months
ThUS$
|
Expiring
between six
and twelve
months
ThUS$
|
Expiring in
more than
twelve
months
ThUS$
|
Total
ThUS$
|
|||||||||||||||
Trade and other receivables
|
54,203 | 1,911 | 28,689 | 4,108 | 88,911 | |||||||||||||||
Total
|
54, 203 | 1,911 | 28,689 | 4,108 | 88,911 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
d)
|
Detail of impaired financial assets
|
Financial assets
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Trade and other receivables
|
(19,164 | ) | (18,882 | ) | ||||
Balance
|
(19,164 | ) | (18,882 | ) |
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||
Opening balance
|
18.882 | 17.083 | ||||||
Impairment for the period
|
557 | 2.028 | ||||||
Write-offs
|
(173 | ) | (118 | ) | ||||
Exchange difference
|
(102 | ) | (111 | ) | ||||
Total
|
19.164 | 18.882 |
e)
|
Credit risk concentration
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Trade receivables
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Gross debt receivables
|
418,048 | 395,929 | ||||||
Past due debt
|
(71,239 | ) | (88,911 | ) | ||||
Impaired debt
|
(19,164 | ) | (18,882 | ) | ||||
Debt pending expiration and free of impairment
|
327,645 | 288,136 |
8.2
|
Hedging assets
|
Hedging assets.
current
|
Derivative
instruments
(CCS)
|
Effect on profit or
loss for the
period, derivative
Instruments
|
Hedging reserve
in equity, gross
|
Deferred
income
Hedging
reserve in
equity
|
Hedging
reserve in
equity
|
|||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||||
March 31, 2011
|
83,443 | (10,346 | ) | (13,993 | ) | 2,466 | (11,527 | ) | ||||||||||||
December 31, 2010
|
97,553 | 46,936 | (11,093 | ) | 1,886 | (9,207 | ) |
Series
|
Agreement
amount
ThUS$
|
Currency
|
Expiration date
|
|||||
C | 82,104 |
UF
|
12/01//2026
|
|||||
G | 33,673 |
Ch$
|
01/05/2014
|
|||||
H | 146,360 |
UF
|
01/05/2013
|
|||||
I | 56,041 |
UF
|
04/01/2014
|
|||||
J | 92,440 |
Ch$
|
04/01/2014
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.3
|
Hedging assets (continued)
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.3
|
Hedging assets (continued)
|
8.4
|
Financial liabilities
|
Classes of interest-bearing loans
|
03/31//2011
ThUS$
|
12/31//2010
ThUS$
|
||||||
Current interest-bearing loans
|
||||||||
Bank loans (a)
|
143,133 | 150,958 | ||||||
Derivative instruments (8.6)
|
14,781 | 18,353 | ||||||
Current hedging liabilities
|
- | - | ||||||
Unsecured obligations (b)
|
20,510 | 18,244 | ||||||
Total
|
178,424 | 187,555 | ||||||
Non-current interest-bearing loans
|
||||||||
Bank loans (c)
|
140,000 | 140,000 | ||||||
Non-current hedging liabilities
|
- | - | ||||||
Unsecured obligations (d)
|
940,499 | 950,188 | ||||||
Total
|
1,080,499 | 1,090,188 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.4
|
Financial liabilities (continued)
|
a)
|
Current bank loans:
|
03/31/2011
|
||||||||||||||||||||||||||||||||||
Type of
|
Current maturities
|
|||||||||||||||||||||||||||||||||
currency
|
|
Between 91
|
||||||||||||||||||||||||||||||||
or
|
Up to 90
|
days and 1
|
||||||||||||||||||||||||||||||||
Debtor
|
Creditor
|
adjustment
|
Type of
|
Effective
|
Nominal
|
days |
year
|
Total
|
||||||||||||||||||||||||||
Taxpayer ID
|
Subsidiary
|
Country
|
Taxpayer ID
|
Financial institution
|
Country
|
index
|
repayment
|
rate
|
rate
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
Foreign
|
JP Morgan Chase Bank
|
United States
|
USD
|
Expiration date
|
0.60 | % | 0.60 | % | 20,007 | - | 20,007 | ||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
Foreign
|
Banco Estado NY Branch
|
United States
|
USD
|
Expiration date
|
2.55 | % | 2.55 | % | 1,517 | - | 1,517 | ||||||||||||||||||||
79.626.800-K
|
SQM Salar S.A.
|
Chile
|
97.018.000-1 |
Scotiabank Sud Americano
|
Chile
|
USD
|
Expiration date
|
0.75 | % | 0.75 | % | 20,033 | - | 20,033 | ||||||||||||||||||||
79.947.100-0
|
SQM Industrial S.A.
|
Chile
|
97.004.000-5 |
Banco de Chile
|
Chile
|
USD
|
Expiration date
|
0.73 | % | 0.73 | % | 20,034 | - | 20,034 | ||||||||||||||||||||
Foreign
|
Royal Seed Trading
Corporation A.V.V.
|
Aruba
|
Foreign
|
ING Capital LLC
|
United States
|
USD
|
Expiration date
|
1.37 | % | 0.80 | % | 215 | 80,000 | 80,215 | ||||||||||||||||||||
Foreign
|
Fenasa
|
Spain
|
Foreign
|
Other banks
|
Spain
|
Euro
|
Expiration date
|
3.01 | % | 3.01 | % | - | 1,377 | 1,377 | ||||||||||||||||||||
Total
|
61,806 | 81,377 | 143,183 | |||||||||||||||||||||||||||||||
Borrowing costs
|
- | (50 | ) | (50 | ) | |||||||||||||||||||||||||||||
Total
|
61,806 | 81,327 | 143,133 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.4
|
Financial liabilities (continued)
|
|
12/31/2010
|
|||||||||||||||||||||||||||||||||
Type of
|
Current maturities
|
|||||||||||||||||||||||||||||||||
currency
|
|
Between 91
|
||||||||||||||||||||||||||||||||
or
|
Up to 90
|
days and 1
|
||||||||||||||||||||||||||||||||
Debtor
|
Creditor
|
adjustment
|
Type of
|
Effective
|
Nominal
|
days |
year
|
Total
|
||||||||||||||||||||||||||
Taxpayer ID
|
Subsidiary
|
Country
|
Taxpayer ID
|
Financial institution
|
Country
|
index
|
repayment
|
rate
|
rate
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
Foreign
|
Banco Estado NY Branch
|
United States
|
USD
|
Expiration date
|
3.93 | % | 3.77 | % | 20,214 | - | 20,214 | ||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
Foreign
|
Banco Estado NY Branch
|
United States
|
USD
|
Expiration date
|
3.93 | % | 3.77 | % | 10,104 | - | 10,104 | ||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
Foreign
|
Banco Estado NY Branch
|
United States
|
USD
|
Expiration date
|
2.55 | % | 2.55 | % | - | 625 | 625 | ||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
97.032.000-8 |
BBVA Banco Bilbao Vizcaya Argentaria
|
Chile
|
USD
|
Expiration date
|
0.64 | % | 0.64 | % | 20,030 | - | 20,030 | ||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
97.032.000-8 |
BBVA Banco Bilbao Vizcaya Argentaria
|
Chile
|
USD
|
Expiration date
|
0.26 | % | 0.26 | % | 20,000 | - | 20,000 | ||||||||||||||||||||
Foreign
|
Royal Seed Trading Corporation A.V.V.
|
Aruba
|
Foreign
|
ING Capital LLC
|
United States
|
USD
|
Expiration date
|
1.00 | % | 0.80 | % | - | 80,055 | 80,055 | ||||||||||||||||||||
Total
|
70,348 | 80,680 | 151,028 | |||||||||||||||||||||||||||||||
Borrowing costs
|
- | (70 | ) | (70 | ) | |||||||||||||||||||||||||||||
Total
|
70,348 | 80,610 | 150,958 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.4
|
Financial liabilities (continued)
|
b)
|
Unsecured obligations, current:
|
|
|
|
03/31/2011
Current maturities |
||||||||||||||||||||||||||||||||||||
|
No. of
|
Placed
|
Currency
|
Periodicity
|
Between 91
|
||||||||||||||||||||||||||||||||||
Debtor
|
Placement in
|
registration or
ID of the |
|
face
outstanding |
or
adjustment |
Effective
|
|
Payment of
|
Up to 90
days |
days and 1
year
|
Total
|
||||||||||||||||||||||||||||
Taxpayer ID
|
Subsidiary
|
Country
|
Chile or abroad
|
instrument
|
Series
|
value
|
unit
|
rate
|
Nominal rate
|
interest
|
Amortization
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Foreign
|
Single
|
- |
US$
|
6.79 | % | 6.13 | % |
Semi-annual
|
Expiration date
|
5,620 | - | 5,620 | ||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Foreign
|
Single
|
- |
US$
|
5.92 | % | 5.50 | % |
Semi-annual
|
Expiration date
|
6,082 | - | 6,082 | ||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
446 | C | 150,000 |
UF
|
6.63 | % | 4.00 | % |
Semi-annual
|
Semi-annual
|
4,786 | 3,376 | 8,162 | |||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
564 | H | - |
UF
|
6.43 | % | 4.90 | % |
Semi-annual
|
Semi-annual
|
- | 2,047 | 2,047 | |||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | G | - |
Ch$
|
6.19 | % | 7.00 | % |
Semi-annual
|
Expiration date
|
- | 708 | 708 | |||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | I | - |
UF
|
5.88 | % | 3.00 | % |
Semi-annual
|
Expiration date
|
- | - | - | |||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | J | - |
Ch$
|
5.37 | % | 5.50 | % |
Semi-annual
|
Expiration date
|
- | - | - | |||||||||||||||||||||||
Total
|
16.488 | 6,131 | 22,619 | ||||||||||||||||||||||||||||||||||||
Bond issuance costs
|
(1,834 | ) | (275 | ) | (2,109 | ) | |||||||||||||||||||||||||||||||||
Total
|
14,654 | 5,856 | 20,510 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.4
|
Financial liabilities (continued)
|
03/31/2011
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
Current maturities
|
||||||||||||||||||||||||||||||||||||||
No. of
|
Placed
|
Currency
|
|
|
Between 91
|
||||||||||||||||||||||||||||||||||||
registration or
|
face
|
or
|
Periodicity
|
Up to 90
|
days and 1 | ||||||||||||||||||||||||||||||||||||
Debtor
|
Placement in
|
ID of the
|
outstanding
|
adjustment
|
Effective
|
|
Payment of
|
days
|
year
|
Total
|
|||||||||||||||||||||||||||||||
Taxpayer ID
|
Subsidiary
|
Country
|
Chile or abroad
|
instrument
|
Series
|
value
|
unit
|
rate
|
Nominal rate
|
interest
|
Amortization
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Foreign
|
Single
|
- |
US$
|
6.79 | % | 6.13 | % |
Semi-annual
|
Expiration date
|
- | 2,591 | 2,591 | ||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Foreign
|
Single
|
- |
US$
|
5.92 | % | 5.50 | % |
Semi-annual
|
Expiration date
|
- | 2,682 | 2,682 | ||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
446 | C | 150,000 |
UF
|
6.63 | % | 4.00 | % |
Semi-annual
|
Semi-annual
|
- | 7,237 | 7,237 | |||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
564 | H | - |
UF
|
6.43 | % | 4.90 | % |
Semi-annual
|
Semi-annual
|
4,319 | - | 4,319 | |||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | G | - |
Ch$
|
6.19 | % | 7.00 | % |
Semi-annual
|
Expiration date
|
1,502 | - | 1,502 | |||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | I | - |
UF
|
5.88 | % | 3.00 | % |
Semi-annual
|
Expiration date
|
- | 512 | 512 | |||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | J | - |
Ch$
|
5.37 | % | 5.50 | % |
Semi-annual
|
Expiration date
|
- | 1,508 | 1,508 | |||||||||||||||||||||||||
Total
|
5,821 | 14,530 | 20.351 | ||||||||||||||||||||||||||||||||||||||
Bond issue costs
|
(270 | ) | (1,837 | ) | (2,107 | ) | |||||||||||||||||||||||||||||||||||
Total
|
5,551 | 12,693 | 18,244 |
c)
|
Classes of interest-bearing loans, non-current
|
03/31/2011
|
||||||||||||||||||||||||||||||||||||||
|
|
Currency
|
Years to maturity
|
|||||||||||||||||||||||||||||||||||
Debtor
|
Creditor
|
or
|
|
|
|
Over 5
|
|
|||||||||||||||||||||||||||||||
Financial
|
adjustment
|
Type of
|
Effective | Nominal |
1-3 years
|
3-5 years
|
years |
Total
|
||||||||||||||||||||||||||||||
Taxpayer ID
|
Subsidiary
|
Country
|
Taxpayer ID
|
institution
|
Country
|
unit
|
repayment
|
rate
|
rate
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
Foreign
|
Banco Estado NY Branch
|
United States
|
USD
|
Expiration date
|
2.55 | % | 2.55 | % | - | 140,000 | - | 140,000 | |||||||||||||||||||||||
Total
|
- | 140,000 | - | 140,000 | ||||||||||||||||||||||||||||||||||
Borrowing costs
|
- | - | - | - | ||||||||||||||||||||||||||||||||||
Total
|
- | 140,000 | - | 140,000 |
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.4
|
Financial liabilities (continued)
|
03/31/2011
|
||||||||||||||||||||||||||||||||||||||
|
|
Currency
|
Years to maturity
|
|||||||||||||||||||||||||||||||||||
Debtor
|
Creditor |
of
|
|
|
|
Over 5
|
|
|||||||||||||||||||||||||||||||
Financial | adjustment | Type of | Effective | Nominal | 1-3 years | 3-5 years | years |
Total
|
||||||||||||||||||||||||||||||
Taxpayer ID
|
Subsidiary
|
Country
|
Taxpayer ID
|
institution
|
Country
|
unit
|
repayment
|
rate
|
rate
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
Foreign
|
Banco Estado NY Branch
|
United States
|
USD
|
Expiration date
|
2.55 | % | 2.55 | % | - | 140,000 | - | 140,000 | |||||||||||||||||||||||
Total
|
- | 140,000 | - | 140,000 | ||||||||||||||||||||||||||||||||||
Borrowing costs
|
- | - | - | - | ||||||||||||||||||||||||||||||||||
Total
|
- | 140,000 | - | 140,000 |
|
d)
|
Unsecured interest-bearing obligations, non-current
|
03/31/2011
|
|||||||||||||||||||||||||||||||||||||||||||||
No. of
|
Currency
|
Periodicity
|
Non-current maturities
|
||||||||||||||||||||||||||||||||||||||||||
Placement
|
registration
|
Placed face
|
or
|
Payment
|
Over 5
|
||||||||||||||||||||||||||||||||||||||||
Debtor
|
in Chile or
|
or ID of the
|
outstanding
|
adjustment
|
Effective
|
Nominal
|
of
|
1-3 years
|
3-5 years
|
years
|
Total
|
||||||||||||||||||||||||||||||||||
Taxpayer ID
|
Subsidiary
|
Country
|
abroad
|
instrument
|
Series
|
value
|
unit
|
rate
|
rate
|
interest
|
Amortization
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Foreign
|
Single
|
200,000,000 |
US$
|
6.79 | % | 6.13 | % |
Semi-annual
|
Expiration date
|
- | - | 200,000 | 200,000 | |||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
Foreign
|
Single
|
250,000,000 |
US$
|
5.92 | % | 5.50 | % |
Semi-annual
|
Expiration date
|
- | - | 250,000 | 250,000 | |||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
446 | C | 2,250,000 |
UF
|
6.63 | % | 4.00 | % |
Semi-annual
|
Semi-annual
|
13,504 | 13,504 | 74,270 | 101,278 | ||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
564 | H | 4,000,000 |
UF
|
6.43 | % | 4.90 | % |
Semi-annual
|
Semi-annual
|
- | - | 180,049 | 180,049 | ||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | G | 21,000,000,000 |
Ch$
|
6.19 | % | 7.00 | % |
Semi-annual
|
Expiration date
|
43,806 | - | 43,806 | |||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | I | 1,500,000 |
UF
|
5.88 | % | 3.00 | % |
Semi-annual
|
Expiration date
|
- | 67,518 | - | 67,518 | ||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | J | 52,000,000,000 |
Ch$
|
5.37 | % | 5.50 | % |
Semi-annual
|
Expiration date
|
- | 108,472 | - | 108,472 | ||||||||||||||||||||||||||||
Total
|
57,310 | 189,494 | 704,319 | 951,123 | |||||||||||||||||||||||||||||||||||||||||
Bond issue costs
|
(238 | ) | (1,801 | ) | (8,585 | ) | (10,624 | ) | |||||||||||||||||||||||||||||||||||||
Total
|
57,072 | 187,693 | 695,734 | 940,499 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.4
|
Financial liabilities (continued)
|
03/31/2011
|
|||||||||||||||||||||||||||||||||||||||||||||
No. of
|
Currency
|
Periodicity
|
Non-current maturities
|
||||||||||||||||||||||||||||||||||||||||||
Placement
|
registration
|
Placed face
|
or
|
Payment
|
Over 5
|
||||||||||||||||||||||||||||||||||||||||
Debtor
|
in Chile or
|
or ID of the
|
outstanding
|
adjustment
|
Effective
|
Nominal
|
of
|
1-3 years
|
3-5 years
|
years
|
Total
|
||||||||||||||||||||||||||||||||||
Taxpayer ID
|
Subsidiary
|
Country
|
abroad
|
instrument
|
Series
|
value
|
unit
|
rate
|
rate
|
interest
|
Amortization
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Foreign
|
Single
|
200,000,000 |
US$
|
6.79 | % | 6.13 | % |
Semi-annual
|
Expiration date
|
- | - | 200,000 | 200,000 | |||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A.
|
Chile
|
Foreign
|
Single
|
250,000,000 |
US$
|
5.92 | % | 5.50 | % |
Semi-annual
|
Expiration date
|
- | - | 250,000 | 250,000 | |||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
446 | C | 2,325,000 |
UF
|
6.63 | % | 4.00 | % |
Semi-annual
|
Semi-annual
|
13,755 | 13,755 | 75,654 | 103,164 | ||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
564 | H | 4,000,000 |
UF
|
6.43 | % | 4.90 | % |
Semi-annual
|
Semi-annual
|
- | - | 183,402 | 183,402 | ||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | G | 21,000,000,000 |
Ch$
|
6.19 | % | 7.00 | % |
Semi-annual
|
Expiration date
|
- | 44,877 | - | 44,877 | ||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | I | 1,500,000 |
UF
|
5.88 | % | 3.00 | % |
Semi-annual
|
Expiration date
|
- | 68,776 | - | 68,776 | ||||||||||||||||||||||||||||
93.007.000-9
|
SQM S.A
|
Chile
|
Chile
|
563 | J | 52,000,000,000 |
Ch$
|
5.37 | % | 5.50 | % |
Semi-annual
|
Expiration date
|
111,124 | - | 111,124 | |||||||||||||||||||||||||||||
Total
|
13,755 | 238,532 | 709,056 | 961,343 | |||||||||||||||||||||||||||||||||||||||||
Bond issue costs
|
(682 | ) | (2,670 | ) | (7,803 | ) | (11,155 | ) | |||||||||||||||||||||||||||||||||||||
Total
|
13,073 | 235,862 | 701,253 | 950,188 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.4
|
Financial liabilities (continued)
|
e)
|
Additional Information
|
-
|
Bonds
|
Payments made
|
03/31/2011
|
12/31/2010
|
||||||
ThUS$
|
ThUS$
|
|||||||
Payments of principal
|
- | 6,298 | ||||||
Payments of interest
|
- | 4,175 |
03/31/2011
ThUS$
|
12/31/02010
ThUS$
|
|||||||
Payments of interest
|
- | 12,250 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.4
|
Financial liabilities (continued)
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||
Payments of interest, Series G
|
1,551 | 2,750 | ||||||
Payments of interest, Series H
|
4,459 | 7,763 |
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||
Payments of interest, Series J
|
2,926 | 5,588 | ||||||
Payments of interest, Series I
|
1,000 | 1,873 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.4
|
Financial liabilities (continued)
|
03/310/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||
Payments of interest
|
- | 6,875 |
-
|
Commercial papers (promissory notes)
|
Payments made
|
2011
|
2010
|
||||||||||||||
ThCh$
|
ThUS$
|
ThCh$
|
ThUS$
|
|||||||||||||
Payments of principal, Series 1-B
|
- | - | 15,000,000 | 29,040 |
8.5
|
Trade and other payables
|
Class of trade and other payables
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Class of trade and other payables, current
|
||||||||
Trade payables
|
148,739 | 151,516 | ||||||
Rentals
|
118 | 207 | ||||||
Other payables
|
555 | 424 | ||||||
Total
|
149,412 | 152,147 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.5
|
Trade and other payable (continued)
|
Class of trade and other payables, non-current
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Trade payables
|
135 | - | ||||||
Total
|
135 | - |
8.6
|
Financial liabilities at fair value through profit or loss
|
Financial liabilities at fair value
through profit or loss
|
03/31/2011
|
Effect on
profit or loss
as of
03/31/2011
|
12/31/2010
|
Effect on
profit or loss
as of
12/31/2010
|
||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||
Current
|
||||||||||||||||
Derivative instruments (forwards)
|
10,583 | (10,583 | ) | 15,818 | (15,818 | ) | ||||||||||
Derivative instruments (options)
|
4,197 | (4,197 | ) | 2,535 | (2,535 | ) | ||||||||||
14,780 | (14,780 | ) | 18,353 | (18,353 | ) |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.7
|
Financial asset and liability categories
|
Description of financial assets
|
03/31/2011
Amount
ThUS$
|
12/31/2010
Amount
ThUS$
|
||||||
Financial assets designated at fair value through profit or loss
|
92,569 | 98,916 | ||||||
Financial assets held for trading
|
41,455 | 69,818 | ||||||
Investments held to maturity
|
116 | 118 | ||||||
Loans and receivables
|
398,884 | 377,047 | ||||||
Financial assets available for sale
|
- | - | ||||||
Total financial assets
|
533,024 | 545,899 |
Description of financial liabilities
|
03/31/2011
Amount
ThUS$
|
12/31/2010
Amount
ThUS$
|
||||||
Financial liabilities designated at fair value through profit or loss
|
14,781 | 18,353 | ||||||
Total financial liabilities held for trading
|
- | - | ||||||
Financial liabilities measured at amortized cost
|
1,393,689 | 1,411,537 | ||||||
Total financial liabilities
|
1,408,470 | 1,429,890 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.8
|
Financial assets pledged as guarantee
|
Restricted cash
|
03/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Isapre Norte Grande Ltda.
|
505 | 514 | ||||||
SQM Brasil Limitada
|
- | - | ||||||
Total
|
505 | 514 |
8.9
|
Estimated fair value of financial instruments and derivative financial instruments
|
|
-
|
Cash equivalent approximates fair value due to the short-term maturities of these instruments.
|
|
-
|
Other current financial liabilities are considered at fair value equal to their carrying values.
|
|
-
|
For interest-bearing liabilities with original maturity of more than a year, fair values are calculated at discounting contractual cash flows at their original current market rates with similar terms.
|
|
-
|
For forward and swap contracts, fair value is determined using quoted market prices of financial instruments with similar characteristics.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.9
|
Estimated fair value of financial instruments and derivative financial instruments (continued)
|
03/31/2011
|
12/31/2010
|
|||||||||||||||
Carrying
amount
|
(*) Fair
value
|
Carrying
amount
|
(*) Fair
value
|
|||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||
Cash and cash equivalents
|
563,815 | 563,815 | 524,652 | 524,652 | ||||||||||||
Current trade and other receivables
|
397,911 | 397,911 | 375,945 | 375,945 | ||||||||||||
Other current financial assets:
|
||||||||||||||||
- Time deposits
|
41,455 | 41,455 | 69,818 | 69,818 | ||||||||||||
- Derivative instruments
|
9,126 | 9,126 | 1,363 | 1,363 | ||||||||||||
- Current hedging assets
|
3,813 | 3,813 | 4,997 | 4,997 | ||||||||||||
Total other current financial assets
|
54,394 | 54,394 | 76,178 | 76,178 | ||||||||||||
Other non-current financial assets:
|
116 | 116 | 118 | 118 | ||||||||||||
Non-current hedging assets
|
79,630 | 79,630 | 92,556 | 92,556 | ||||||||||||
Total other non-current financial assets
|
79,746 | 79,746 | 92,674 | 92,674 | ||||||||||||
Other current financial liabilities:
|
||||||||||||||||
- Bank loans
|
143,133 | 143,133 | 150,958 | 150,958 | ||||||||||||
- Derivative instruments
|
14,781 | 14,781 | 18,353 | 18,353 | ||||||||||||
- Hedging liabilities
|
- | - | - | - | ||||||||||||
- Unsecured liabilities
|
20,510 | 20,510 | 18,244 | 18,244 | ||||||||||||
Total other current financial liabilities
|
178,424 | 178,424 | 187,555 | 187,555 | ||||||||||||
Trade payables, current and non-current
|
149,547 | 149,547 | 152,147 | 152,147 | ||||||||||||
Other non-current financial liabilities:
|
||||||||||||||||
- Bank loans
|
140,000 | 138,640 | 140,000 | 143,174 | ||||||||||||
- Unsecured liabilities
|
940,499 | 1,059,512 | 950,188 | 1,092,026 | ||||||||||||
Total other non-current financial liabilities
|
1,080,499 | 1,198,152 | 1,090,188 | 1,235,200 |
|
-
|
Level 1: when only quoted (unadjusted) prices have been used in active markets.
|
|
-
|
Level 2: when in a phase in the valuation process variable other than prices quoted in Level 1 have been used which are directly observable in markets.
|
|
-
|
Level 3: when in a phase in the valuation process variable which are not based in observable market data have been used.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
8.10
|
Nature and scope of risks arising from financing instruments
|
9.1
|
Disclosures on investments in subsidiaries
|
|
a)
|
Operations executed in 2011
|
|
b)
|
Operations executed in 2010
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
03/31/2011
|
||||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
Net profit | ||||||||||||||||||||||||||||||||||||||
Subsidiary
|
Country of
incorporation
|
Functional
currency
|
Equity interest
%
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Revenue
ThUS$
|
(loss) for
the period
ThUS$
|
|||||||||||||||||||||||||||||
SQM Nitratos S.A.
|
Chile
|
USD
|
100 | 723,417 | 64,656 | 788,073 | 665,529 | 11,331 | 676,860 | 52,365 | 18,777 | |||||||||||||||||||||||||||||
Proinsa Ltda.
|
Chile
|
Ch$
|
60.58 | 220 | 1 | 221 | - | - | - | - | (1 | ) | ||||||||||||||||||||||||||||
SQMC Internacional Ltda.
|
Chile
|
Ch$
|
60.6382 | 291 | - | 291 | - | - | - | - | (3 | ) | ||||||||||||||||||||||||||||
SQM Potasio S.A.
|
Chile
|
USD
|
99.9974 | 59,390 | 657,075 | 716,465 | 2 | 175,385 | 175,387 | - | 50,262 | |||||||||||||||||||||||||||||
Serv. Integrales de Tránsito y Transf. S.A.
|
Chile
|
USD
|
100 | 161,962 | 62,836 | 224,798 | 195,921 | 4,870 | 200,791 | 9,975 | 1,571 | |||||||||||||||||||||||||||||
Isapre Norte Grande Ltda.
|
Chile
|
Ch$
|
100 | 516 | 577 | 1,093 | 517 | 155 | 672 | 850 | 6 | |||||||||||||||||||||||||||||
Ajay SQM Chile S.A.
|
Chile
|
USD
|
51 | 15,103 | 1,898 | 17,001 | 5,116 | 894 | 6,010 | 13,680 | 894 | |||||||||||||||||||||||||||||
Almacenes y Depósitos Ltda.
|
Chile
|
Ch$
|
100 | 402 | 51 | 453 | 1 | - | 1 | - | (3 | ) | ||||||||||||||||||||||||||||
SQM Salar S.A.
|
Chile
|
USD
|
100 | 424,396 | 713,262 | 1,137,658 | 312,802 | 105,145 | 417,947 | 166,225 | 67,763 | |||||||||||||||||||||||||||||
SQM Industrial S.A.
|
Chile
|
USD
|
100 | 1,180,980 | 616,721 | 1,797,701 | 966,260 | 50,088 | 1,016,348 | 174,083 | 27,227 | |||||||||||||||||||||||||||||
Minera Nueva Victoria S.A.
|
Chile
|
USD
|
100 | 74,420 | 53,746 | 128,166 | 958 | 2,289 | 3,247 | 342 | 888 | |||||||||||||||||||||||||||||
Exploraciones Mineras S.A.
|
Chile
|
USD
|
100 | 440 | 31,393 | 31,833 | 3,879 | - | 3,879 | - | (51 | ) | ||||||||||||||||||||||||||||
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.
|
Chile
|
Ch$
|
100 | 621 | 84 | 705 | 199 | 367 | 566 | 448 | (3 | ) | ||||||||||||||||||||||||||||
Soquimich Comercial S.A.
|
Chile
|
USD
|
60.6383 | 146,764 | 15,585 | 162,349 | 53,740 | 1,165 | 54,905 | 21,109 | 304 | |||||||||||||||||||||||||||||
Agrorama Callegari Ltda.
|
Chile
|
Ch$
|
42.4468 | 5,477 | 1,465 | 6,942 | 5,354 | 251 | 5,605 | 2,080 | (30 | ) | ||||||||||||||||||||||||||||
Comercial Hydro S.A.
|
Chile
|
Ch$
|
60.6382 | 6,823 | 315 | 7,138 | 24 | 78 | 102 | 26 | (70 | ) | ||||||||||||||||||||||||||||
SQM North America Corp.
|
United States
|
USD
|
100 | 125,100 | 15,410 | 140,510 | 104,782 | 2,644 | 107,426 | 67,261 | 800 | |||||||||||||||||||||||||||||
RS Agro Chemical Trading A.V.V.
|
Aruba
|
USD
|
100 | 5,227 | - | 5,227 | - | - | - | - | - | |||||||||||||||||||||||||||||
Nitratos Naturais do Chile Ltda.
|
Brazil
|
USD
|
100 | 2,047 | 295 | 2,342 | 7,130 | - | 7,130 | - | (62 | ) |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
03/31/2011
|
||||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
Net profit | ||||||||||||||||||||||||||||||||||||||
Subsidiary
|
Country of
incorporation
|
Functional
currency
|
Equity interest
%
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Revenue
ThUS$
|
(loss) for
the period
ThUS$
|
|||||||||||||||||||||||||||||
Nitrate Corporation of Chile Ltd.
|
United Kingdom
|
USD
|
100 | 5,076 | - | 5,076 | - | - | - | - | - | |||||||||||||||||||||||||||||
SQM Corporation N.V.
|
Dutch Antilles
|
USD
|
100 | 669 | 60,298 | 60,967 | 3,714 | - | 3,714 | - | 7,690 | |||||||||||||||||||||||||||||
SQM Peru S.A.
|
Peru
|
USD
|
100 | 10,178 | 197 | 10,375 | 10,155 | - | 10,155 | 5,015 | (394 | ) | ||||||||||||||||||||||||||||
SQM Ecuador S.A.
|
Ecuador
|
USD
|
100 | 9,101 | 75 | 9,176 | 8,191 | - | 8,191 | 7,015 | 347 | |||||||||||||||||||||||||||||
SQM Brasil Ltda.
|
Brazil
|
USD
|
100 | 270 | 69 | 339 | 1,183 | - | 1,183 | 156 | (33 | ) | ||||||||||||||||||||||||||||
SQI Corporation NV.
|
Dutch Antilles
|
USD
|
100 | - | 12 | 12 | 36 | - | 36 | - | (1 | ) | ||||||||||||||||||||||||||||
SQMC Holding Corporation L.L.P.
|
United States
|
USD
|
100 | 1,760 | 9,016 | 10,776 | 540 | - | 540 | - | 1,163 | |||||||||||||||||||||||||||||
SQM Japan Co. Ltd.
|
Japan
|
USD
|
100 | 1,353 | 616 | 1,969 | 158 | 427 | 585 | 476 | 12 | |||||||||||||||||||||||||||||
SQM Europe N.V.
|
Belgium
|
USD
|
100 | 364,970 | 300 | 365,270 | 345,542 | - | 345,542 | 242,847 | 2,488 | |||||||||||||||||||||||||||||
SQM Italia SRL
|
Italy
|
USD
|
100 | 1,464 | - | 1,464 | 19 | - | 19 | - | - | |||||||||||||||||||||||||||||
SQM Indonesia S.A.
|
Indonesia
|
USD
|
80 | 5 | - | 5 | 1 | - | 1 | - | (1 | ) | ||||||||||||||||||||||||||||
North American Trading Company
|
United States
|
USD
|
100 | 161 | 145 | 306 | 39 | - | 39 | - | - | |||||||||||||||||||||||||||||
SQM Virginia LLC
|
United States
|
USD
|
100 | 14,834 | 14,379 | 29,213 | 14,834 | - | 14,834 | - | - | |||||||||||||||||||||||||||||
SQM Comercial de Mexico S.A. de C.V.
|
Mexico
|
USD
|
100 | 65,694 | 1,314 | 67,008 | 70,369 | 321 | 70,690 | 43,803 | (2,891 | ) |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
||||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
|||||||||||||||||||||||||||||||||||||||
Subsidiaries
|
Country of
Incorporation
|
Functional
Currency
|
Ownership %
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Ordinary
profit
ThUS$
|
Net Profit
(loss)
ThUS$
|
|||||||||||||||||||||||||||||
SQM investment Corporation N.V.
|
Netherlands Antilles
|
USD
|
100 | 67,632 | 524 | 68,156 | 51,140 | 772 | 51,912 | 1,950 | (5,151 | ) | ||||||||||||||||||||||||||||
Royal Seed Trading Corporation A.V.V.
|
Aruba
|
USD
|
100 | 90,775 | - | 90,775 | 96,289 | - | 96,289 | - | 2,547 | |||||||||||||||||||||||||||||
SQM Lithium Specialties LLP
|
United States
|
USD
|
100 | 15,786 | 3 | 15,789 | 1,264 | - | 1,264 | - | - | |||||||||||||||||||||||||||||
Soquimich SRL Argentina
|
Argentina
|
USD
|
100 | 459 | - | 459 | 106 | - | 106 | - | (10 | ) | ||||||||||||||||||||||||||||
Comercial Caimán Internacional S.A.
|
Panama
|
USD
|
100 | 419 | - | 419 | 1,192 | - | 1,192 | - | (31 | ) | ||||||||||||||||||||||||||||
SQM France S.A.
|
France
|
USD
|
100 | 345 | 6 | 351 | 114 | - | 114 | - | - | |||||||||||||||||||||||||||||
Administración y Servicios Santiago S.A. de C.V.
|
Mexico
|
USD
|
100 | 145 | - | 145 | 1,085 | 203 | 1,288 | 845 | (141 | ) | ||||||||||||||||||||||||||||
SQM Nitratos México S.A. de C.V.
|
Mexico
|
USD
|
51 | 25 | 2 | 27 | 16 | - | 16 | 37 | - | |||||||||||||||||||||||||||||
Soquimich European Holding B.V.
|
The Netherlands
|
USD
|
100 | 73,051 | 80,279 | 153,330 | 100,435 | - | 100,435 | - | 7,353 | |||||||||||||||||||||||||||||
Fertilizantes Naturales S.A.
|
Spain
|
USD
|
66.67 | 23,376 | (11 | ) | 23,365 | 21,476 | - | 21,476 | 18,968 | 559 | ||||||||||||||||||||||||||||
Iodine Minera B.V.
|
The Netherlands
|
USD
|
100 | 10,971 | - | 10,971 | 4 | - | 4 | 66 | 846 | |||||||||||||||||||||||||||||
SQM Africa Pty Ltd.
|
South Africa
|
USD
|
100 | 37,473 | 161 | 37,634 | 32,664 | - | 32,664 | 22,393 | 3,112 | |||||||||||||||||||||||||||||
SQM Venezuela S.A.
|
Venezuela
|
USD
|
100 | 80 | - | 80 | 403 | - | 403 | - | (157 | ) | ||||||||||||||||||||||||||||
SQM Oceania Pty Ltd.
|
Australia
|
USD
|
100 | 2,080 | - | 2,080 | 934 | - | 934 | 684 | 208 | |||||||||||||||||||||||||||||
SQM Agro India Pvt. Ltd.
|
India
|
USD
|
100 | 231 | 4 | 235 | 149 | - | 149 | - | 2 | |||||||||||||||||||||||||||||
SQM Beijin Commercial Co. Ltd.
|
China
|
USD
|
100 | 183 | 35 | 218 | 103 | - | 103 | 500 | 16 | |||||||||||||||||||||||||||||
Total
|
3,732,162 | 2,402,794 | 6,134,956 | 3,084,369 | 356,385 | 3,440,754 | 853,199 | 185,802 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
12/31/2010
|
||||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
|||||||||||||||||||||||||||||||||||||||
Subsidiaries
|
Country of
incorporation
|
Functional
currency
|
Ownership %
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Ordinary
profit
ThUS$
|
Net profit
(loss)
ThUS$
|
|||||||||||||||||||||||||||||
SQM Nitratos S.A.
|
Chile
|
USD
|
100 | 652,776 | 61,542 | 714,318 | 610,283 | 11,599 | 621,882 | 134,842 | 29,622 | |||||||||||||||||||||||||||||
Proinsa Ltda.
|
Chile
|
Ch$
|
60.58 | 227 | 1 | 228 | - | - | - | - | - | |||||||||||||||||||||||||||||
SQMC Internacional Ltda.
|
Chile
|
Ch$
|
60.6382 | 302 | - | 302 | - | - | - | - | (2 | ) | ||||||||||||||||||||||||||||
SQM Potasio S.A.
|
Chile
|
USD
|
99.9974 | 58,331 | 604,872 | 663,203 | 2 | 172,351 | 172,353 | - | 139,838 | |||||||||||||||||||||||||||||
Serv. Integrales de Tránsito y Transf. S.A.
|
Chile
|
USD
|
100 | 149,255 | 60,290 | 209,545 | 182,671 | 4,437 | 187,108 | 45,446 | 10,113 | |||||||||||||||||||||||||||||
Isapre Norte Grande Ltda.
|
Chile
|
Ch$
|
100 | 570 | 591 | 1,161 | 581 | 154 | 735 | 4,018 | 20 | |||||||||||||||||||||||||||||
Ajay SQM Chile S.A.
|
Chile
|
USD
|
51 | 15,299 | 2,378 | 17,677 | 6,833 | 747 | 7,580 | 54,948 | 2,049 | |||||||||||||||||||||||||||||
Almacenes y Depósitos Ltda.
|
Chile
|
Ch$
|
100 | 413 | 52 | 465 | 1 | - | 1 | - | (13 | ) | ||||||||||||||||||||||||||||
SQM Salar S.A.
|
Chile
|
USD
|
100 | 365,830 | 658,793 | 1,024,623 | 273,758 | 98,885 | 372,643 | 631,151 | 185,315 | |||||||||||||||||||||||||||||
Comercial Hydro S.A.
|
Chile
|
Ch$
|
60.6382 | 6,890 | 329 | 7,219 | 40 | 73 | 113 | 185 | 217 | |||||||||||||||||||||||||||||
SQM Industrial S.A.
|
Chile
|
USD
|
100 | 1,063,080 | 596,723 | 1,659,803 | 854,130 | 51,512 | 905,642 | 690,541 | 130,230 | |||||||||||||||||||||||||||||
Minera Nueva Victoria S.A.
|
Chile
|
USD
|
100 | 73,217 | 53,754 | 126,971 | 445 | 2,495 | 2,940 | 1,578 | 4,369 | |||||||||||||||||||||||||||||
Exploraciones Mineras S.A.
|
Chile
|
USD
|
100 | 438 | 31,380 | 31,818 | 3,814 | - | 3,814 | - | (178 | ) | ||||||||||||||||||||||||||||
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.
|
Chile
|
Ch$
|
100 | 645 | 93 | 738 | 224 | 367 | 591 | 1,897 | (3 | ) | ||||||||||||||||||||||||||||
Soquimich Comercial S.A.
|
Chile
|
USD
|
60.6383 | 140,678 | 15,875 | 156,553 | 48,195 | 1,181 | 49,376 | 171,181 | 10,107 | |||||||||||||||||||||||||||||
Agrorama Callegari Ltda.
|
Chile
|
Ch$
|
42.4468 | 5,024 | 1,492 | 6,516 | 4,998 | 117 | 5,115 | 6,910 | (293 | ) | ||||||||||||||||||||||||||||
SQM North America Corp.
|
United States
|
USD
|
100 | 109,944 | 15,448 | 125,392 | 90,533 | 2,644 | 93,177 | 226,249 | 8,143 | |||||||||||||||||||||||||||||
RS Agro Chemical Trading A.V.V.
|
Aruba
|
USD
|
100 | 5,227 | - | 5,227 | - | - | - | - | (5 | ) | ||||||||||||||||||||||||||||
Nitratos Naturais do Chile Ltda.
|
Brazil
|
USD
|
100 | 5 | 290 | 295 | 5,022 | - | 5,022 | - | (124 | ) |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
12/31/2010
|
||||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
|||||||||||||||||||||||||||||||||||||||
Subsidiaries
|
Country of
incorporation
|
Functional
currency
|
Ownership %
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Ordinary
profit
ThUS$
|
Net profit
(loss)
ThUS$
|
|||||||||||||||||||||||||||||
Nitrate Corporation of Chile Ltd.
|
England
|
USD
|
100 | 5,076 | - | 5,076 | - | - | - | - | - | |||||||||||||||||||||||||||||
SQM Corporation N.V.
|
Netherlands Antilles
|
USD
|
100 | 669 | 52,607 | 53,276 | 3,712 | - | 3,712 | - | 13,472 | |||||||||||||||||||||||||||||
SQM Peru S.A.
|
Peru
|
USD
|
100 | 15,159 | 483 | 15,642 | 15,027 | - | 15,027 | 24,536 | 1,236 | |||||||||||||||||||||||||||||
SQM Ecuador S.A.
|
Ecuador
|
USD
|
100 | 8,716 | 71 | 8,787 | 8,149 | - | 8,149 | 16,808 | 298 | |||||||||||||||||||||||||||||
SQM Brazil Ltda.
|
Brazil
|
USD
|
100 | 295 | 75 | 370 | 1,180 | - | 1,180 | 771 | 17 | |||||||||||||||||||||||||||||
SQI Corporation NV.
|
Netherlands Antilles
|
USD
|
100 | - | 10 | 10 | 33 | - | 33 | - | - | |||||||||||||||||||||||||||||
SQMC Holding Corporation L.L.P.
|
United States
|
USD
|
100 | 1,501 | 8,498 | 9,999 | 619 | - | 619 | - | 492 | |||||||||||||||||||||||||||||
SQM Japan Co. Ltd.
|
Japan
|
USD
|
100 | 1,440 | 633 | 2,073 | 263 | 436 | 699 | 1,855 | 218 | |||||||||||||||||||||||||||||
SQM Europe N.V.
|
Belgium
|
USD
|
100 | 358,214 | 454 | 358,668 | 341,425 | - | 341,425 | 861,596 | 7,107 | |||||||||||||||||||||||||||||
SQM Italia SRL
|
Italy
|
USD
|
100 | 1,377 | - | 1,377 | 17 | - | 17 | - | - | |||||||||||||||||||||||||||||
SQM Indonesia S.A.
|
Indonesia
|
USD
|
80 | 5 | - | 5 | 1 | - | 1 | - | - | |||||||||||||||||||||||||||||
North American Trading Company
|
United States
|
USD
|
100 | 161 | 145 | 306 | 39 | - | 39 | - | - | |||||||||||||||||||||||||||||
SQM Virginia LLC
|
United States
|
USD
|
100 | 14,834 | 14,379 | 29,213 | 14,834 | - | 14,834 | - | (1 | ) | ||||||||||||||||||||||||||||
SQM Comercial de México S.A. de C.V.
|
Mexico
|
USD
|
100 | 58,332 | 1,410 | 59,742 | 60,646 | - | 60,646 | 130,861 | (1,523 | ) |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
12/31/2010
|
||||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
|||||||||||||||||||||||||||||||||||||||
Subsidiaries
|
Country of
incorporation
|
Functional
currency
|
Ownership %
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Ordinary
profit
ThUS$
|
Net profit
(loss)
ThUS$
|
|||||||||||||||||||||||||||||
SQM investment Corporation N.V.
|
Netherlands Antilles
|
USD
|
100 | 71,100 | 551 | 71,651 | 49,515 | 742 | 50,257 | 14,255 | 587 | |||||||||||||||||||||||||||||
Royal Seed Trading Corporation A.V.V.
|
Aruba
|
USD
|
100 | 88,567 | - | 88,567 | 96,627 | - | 96,627 | - | (9,058 | ) | ||||||||||||||||||||||||||||
SQM Lithium Specialties LLP
|
United States
|
USD
|
100 | 15,786 | 3 | 15,789 | 1,264 | - | 1,264 | - | (1 | ) | ||||||||||||||||||||||||||||
Soquimich SRL Argentina
|
Argentina
|
USD
|
100 | 472 | - | 472 | 109 | - | 109 | - | (83 | ) | ||||||||||||||||||||||||||||
Comercial Caimán Internacional S.A.
|
Panama
|
USD
|
100 | 339 | - | 339 | 1,080 | - | 1,080 | - | (174 | ) | ||||||||||||||||||||||||||||
SQM France S.A.
|
France
|
USD
|
100 | 345 | 6 | 351 | 114 | - | 114 | - | - | |||||||||||||||||||||||||||||
Administración y Servicios Santiago S.A. de C.V.
|
Mexico
|
USD
|
100 | 47 | - | 47 | 854 | 195 | 1,049 | 2,597 | (173 | ) | ||||||||||||||||||||||||||||
SQM Nitratos México S.A. de C.V.
|
Mexico
|
USD
|
51 | 27 | 1 | 28 | 17 | - | 17 | 128 | 4 | |||||||||||||||||||||||||||||
Soquimich European Holding B.V.
|
The Netherlands
|
USD
|
100 | 68,722 | 71,384 | 140,106 | 94,565 | - | 94,565 | - | 12,481 | |||||||||||||||||||||||||||||
Fertilizantes Naturales S.A.
|
Spain
|
USD
|
66.67 | 16,515 | (10 | ) | 16,505 | 15,175 | - | 15,175 | 64,748 | 749 | ||||||||||||||||||||||||||||
Iodine Minera B.V.
|
The Netherlands
|
USD
|
100 | 10,122 | - | 10,122 | 1 | - | 1 | 1,467 | 1,175 | |||||||||||||||||||||||||||||
SQM Africa Pty Ltd.
|
South Africa
|
USD
|
100 | 38,463 | 147 | 38,610 | 36,736 | - | 36,736 | 94,111 | 149 | |||||||||||||||||||||||||||||
SQM Venezuela S.A.
|
Venezuela
|
USD
|
100 | 80 | - | 80 | 402 | - | 402 | - | (161 | ) | ||||||||||||||||||||||||||||
SQM Oceania Pty Ltd.
|
Australia
|
USD
|
100 | 1,466 | - | 1,466 | 533 | - | 533 | 2,207 | 120 | |||||||||||||||||||||||||||||
SQM Agro India Pvt. Ltd.
|
India
|
USD
|
100 | 231 | 4 | 235 | 149 | - | 149 | - | (14 | ) | ||||||||||||||||||||||||||||
SQM Beijin Commercial Co. Ltd.
|
China
|
USD
|
100 | 131 | 42 | 173 | 77 | - | 77 | 1,462 | (4 | ) | ||||||||||||||||||||||||||||
Total
|
3,426,343 | 2,254,796 | 5,681,139 | 2,824,693 | 347,935 | 3,172,628 | 3,186,348 | 546,318 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Note
Nº
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||
Investments in associated companies
|
11.1 to 11.3
|
40,908 | 38,262 | ||||||
Business combination
|
12.0 to 12.4
|
26,136 | 24,009 | ||||||
Total
|
67,044 | 62,271 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
|||||||||||||||||||||||||||||||||||||
TAX ID No.
|
Associated company
|
Country of
incorporation
|
Functional currency
|
Current
ThUS$
|
Non-
current
ThUS$$
|
Total
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Ordinary
income
ThUS$
|
Net Income
(loss)
ThUS$
|
|||||||||||||||||||||||||||
77.557.430-5 |
Sales de Magnesio Ltda.
|
Chile
|
Chilean Peso
|
3,893 | 3 | 3,896 | 885 | - | 885 | 1,730 | 371 | |||||||||||||||||||||||||||
Foreign
|
Abu Dhabi Fertilizer Industries WWL
|
Arabia
|
United Arab Emirates
Dirham
|
20,053 | 2,159 | 22,212 | 7,404 | - | 7,404 | 8,746 | 677 | |||||||||||||||||||||||||||
Foreign
|
Doktor Tarsa Tarim Sanayi AS
|
Turkey
|
Turkish Lira
|
51,010 | 7,845 | 58,855 | 34,558 | 13 | 34,571 | 12,312 | 1,510 | |||||||||||||||||||||||||||
Foreign
|
Nutrisi Holding N.V.
|
Belgium
|
Euro
|
542 | 12,835 | 13,377 | 268 | 3,414 | 3,682 | - | 1,202 | |||||||||||||||||||||||||||
Foreign
|
Ajay North America
|
United States
|
US $ Dollar
|
20,185 | 7,580 | 27,765 | 9,366 | - | 9,366 | 16,458 | 1,982 | |||||||||||||||||||||||||||
Foreign
|
Nutrichem Benelux
|
Belgium
|
Euro
|
- | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Foreign
|
Ajay Europe SARL
|
France
|
Euro
|
19,151 | 2,459 | 21,610 | 8,951 | - | 8,951 | - | 711 | |||||||||||||||||||||||||||
Foreign
|
Generale De Nutrition
|
Belgium
|
Euro
|
- | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Foreign
|
Mirs Specialty Fertilizers
|
Egypt
|
Egyptian pound
|
3,014 | 3,214 | 6,228 | 2,980 | 226 | 3,206 | - | - | |||||||||||||||||||||||||||
Foreign
|
SQM Eastmed Turkey
|
Turkey
|
Euro
|
22 | 542 | 564 | 244 | - | 244 | 607 | (36 | ) | ||||||||||||||||||||||||||
Foreign
|
SQM Thailand Co. Ltd.
|
Thailand
|
Thai Bath
|
6,491 | 570 | 7,061 | 3,202 | - | 3,202 | 1,873 | 59 | |||||||||||||||||||||||||||
Total
|
124,361 | 37,207 | 161,568 | 67,858 | 3,653 | 71,511 | 41,726 | 6,476 |
12/31/2010
|
||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
Ordinary
|
Net Income
|
|||||||||||||||||||||||||||||||||||
TAX ID No.
|
Associated company
|
Country of
incorporation
|
Functional currency
|
Current
ThUS$
|
Non-
current
ThUS$$
|
Total
ThUS$
|
Current
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$$
|
income
ThUS$
Total
ThUS$
|
(loss)
ThUS$
Current
ThUS$
|
|||||||||||||||||||||||||||
77.557.430-5 |
Sales de Magnesio Ltda.
|
Chile
|
Chilean Peso
|
3,844 | 3 | 3,847 | 1,143 | - | 1,143 | 6,494 | 1,408 | |||||||||||||||||||||||||||
Foreign
|
Abu Dhabi Fertilizer Industries WWL
|
Arabia
|
United Arab Emirates
Dirham
|
19,909 | 2,092 | 22,001 | 7,869 | - | 7,869 | 35,506 | 1,960 | |||||||||||||||||||||||||||
Foreign
|
Doktor Tarsa Tarim Sanayi AS
|
Turkey
|
Turkish Lira
|
49,013 | 7,840 | 56,853 | 33,229 | 27 | 33,256 | 64,540 | 8,003 | |||||||||||||||||||||||||||
Foreign
|
Nutrisi Holding N.V.
|
Belgium
|
Euro
|
449 | 10,768 | 11,217 | 3,228 | - | 3,228 | - | 3,056 | |||||||||||||||||||||||||||
Foreign
|
Ajay North America
|
United States
|
US $ Dollar
|
15,585 | 6,926 | 22,511 | 5,168 | - | 5,168 | 52,237 | 4,143 | |||||||||||||||||||||||||||
Foreign
|
Nutrichem Benelux
|
Belgium
|
Euro
|
- | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Foreign
|
Ajay Europe SARL
|
France
|
Euro
|
15,428 | 2,223 | 17,651 | 6,519 | - | 6,519 | 41,992 | 2,212 | |||||||||||||||||||||||||||
Foreign
|
Generale De Nutrition
|
Belgium
|
Euro
|
- | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Foreign
|
Mirs Specialty Fertilizers
|
Egypt
|
Egyptian pound
|
3,013 | 3,214 | 6,227 | 2,980 | 226 | 3,206 | 4,231 | (521 | ) | ||||||||||||||||||||||||||
Foreign
|
SQM Eastmed Turkey
|
Turkey
|
Euro
|
34 | 592 | 626 | 247 | - | 247 | 646 | - | |||||||||||||||||||||||||||
Foreign
|
SQM Thailand Co. Ltd.
|
Thailand
|
Thai Bath
|
5,307 | 587 | 5,894 | 2,035 | - | 2,035 | 11,149 | 594 | |||||||||||||||||||||||||||
Total
|
112,582 | 34,245 | 146,827 | 62,418 | 253 | 62,671 | 216,795 | 20,855 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Associated company
|
Main activities of the associated company
|
Ownership %
|
Investment
3/31/2011
ThUS$
|
Investment
12/31/2010
ThUS$
|
|||||||||
Sales de Magnesio Ltda.
|
Commercialization of magnesium salts.
|
50 | % | 1,505 | 1,352 | ||||||||
Abu Dhabi Fertilizer Industries Co. W.W.L.
|
Distribution and commercialization of specialty plant nutrients in the Middle East.
|
50 | % | 7,404 | 7,066 | ||||||||
Ajay North America L.L.C
|
Production and commercialization of iodine derivatives.
|
49 | % | 7,660 | 7,251 | ||||||||
Doktor Tarsa Tarim Sanayi AS
|
Distribution and commercialization of specialty plant nutrients in Turkey.
|
50 | % | 12,142 | 11,799 | ||||||||
Nutrisi Holding N.V.
|
Holding company
|
50 | % | 4,218 | 3,551 | ||||||||
Ajay Europe SARL
|
Production and distribution of iodine and iodine derivatives
|
50 | % | 4,840 | 4,076 | ||||||||
NU3 B.V.
|
Production of liquid and solid fertilizers
|
100 | % | - | - | ||||||||
NU3 N.V.
|
Production of liquid and solid fertilizers
|
50 | % | - | - | ||||||||
Mirs Specialty Fertilizers S.A.E.
|
Production and commercialization of specialty liquid fertilizers for Egypt.
|
47.4857 | % | 1,435 | 1,435 | ||||||||
SQM Eastmed Turkey
|
Production and commercialization of specialty products.
|
50 | % | 160 | 189 | ||||||||
SQM Thailand Co. Ltd.
|
Distribution and commercialization of specialty plant nutrients.
|
40 | % | 1,544 | 1,543 | ||||||||
Total
|
40,908 | 38,262 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
11.1
|
Policy for the accounting for joint ventures in a Parent Company’s separate financial statements
|
11.2
|
Disclosures on interest in joint ventures
|
|
a)
|
Operations conducted in 2011
|
|
b)
|
Operations conducted in 2010
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
11.3
|
Detail of assets, liabilities and profit or loss on significant investments in joint ventures by company as of March 31, 2011 and as of December 31, 2010, respectively:
|
3/31/2011
|
|||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
Profit (loss)
|
|||||||||||||||||||||||||||||||||||||
TAX ID No.
|
Associated
|
Country of
incorporation
|
Functional currency
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Profits
ThUS$
|
Expenses
ThUS$
|
for the
period
ThUS$
|
|||||||||||||||||||||||||||
Foreign
|
Sichuan SQM Migao Chemical Fertilizers Co Ltda.
|
China
|
US $ Dollar
|
7,397 | 11,096 | 18,493 | 5,264 | - | 5,264 | 94 | (286 | ) | (192 | ) | |||||||||||||||||||||||||
Foreign
|
Coromandel SQM
|
India
|
Indian Rupee
|
438 | 433 | 871 | 11 | - | 11 | 27 | (37 | ) | (10 | ) | |||||||||||||||||||||||||
Foreign
|
SQM Vitas
|
U.A.Emirates
|
U.A.E. Dirham
|
27,155 | 9,377 | 36,532 | 895 | - | 895 | 7,447 | (5,987 | ) | 1,460 | ||||||||||||||||||||||||||
Foreign
|
SQM Qindao-Star Co. Ltda.
|
China
|
US $ Dollar
|
3,198 | 371 | 3,569 | 1,502 | - | 1,502 | 960 | (920 | ) | 40 | ||||||||||||||||||||||||||
Total
|
38,188 | 21,277 | 59,465 | 7,672 | - | 7,672 | 8,528 | (7,230 | ) | 1,298 |
12/31/2010
|
|||||||||||||||||||||||||||||||||||||||
Asset
|
Liability
|
Profit (loss)
|
|||||||||||||||||||||||||||||||||||||
TAX ID No.
|
Associated
|
Country of
incorporation
|
Functional currency
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Current
ThUS$
|
Non-
current
ThUS$
|
Total
ThUS$
|
Profits
ThUS$
|
Expenses
ThUS$
|
for the
period
ThUS$
|
|||||||||||||||||||||||||||
Foreign
|
Sichuan SQM Migao Chemical Fertilizers Co Ltda.
|
China
|
US $ Dollar
|
2,987 | 11,677 | 14,664 | 3,744 | - | 3,744 | - | (46 | ) | (46 | ) | |||||||||||||||||||||||||
Foreign
|
Coromandel SQM
|
India
|
Indian Rupee
|
10 | 862 | 872 | 7 | - | 7 | 3 | - | 3 | |||||||||||||||||||||||||||
Foreign
|
SQM Vitas
|
U.A.Emirates
|
U.A.E. Dirham
|
27,534 | 9,499 | 37,033 | 2,828 | - | 2,828 | 19,954 | (18,756 | ) | 1,198 | ||||||||||||||||||||||||||
Foreign
|
SQM Qindao-Star Co. Ltda.
|
China
|
US $ Dollar
|
2,448 | 387 | 2,835 | 808 | - | 808 | 2,900 | (2,873 | ) | 27 | ||||||||||||||||||||||||||
Total
|
32,979 | 22,425 | 55,404 | 7,387 | - | 7,387 | 22,857 | (21,675 | ) | 1,182 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
11.4
|
Detail of the amount of gain (loss) net of investments in significant joint ventures by company:
|
Associated company name
|
Main activities of the associated
|
Ownership %
|
Investment
3/31/2011
ThUS$
|
Investment
12/31/2010
ThUS$
|
|||||||||
Coromandel SQM
|
Production and distribution of potassium nitrate.
|
50 | % | 430 | 432 | ||||||||
Sichuan SQM Migao Chemical Fertilizer Co. Ltda.
|
Production and distribution of soluble fertilizers.
|
50 | % | 7,839 | 5,461 | ||||||||
SQM Vitas
|
Production and commercialization of specialty plant and animal nutrition and industrial hygiene.
|
50 | % | 16,833 | 17,102 | ||||||||
SQM Quindao-Star Co. Ltda.
|
Production and distribution of nutrient plant solutions with specialties NPK soluble.
|
50 | % | 1,034 | 1,014 | ||||||||
Total
|
26,136 | 24,009 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
12/31/2010
|
|||||||
Balances
|
ThUS$
|
ThUS$
|
||||||
Intangible assets other than goodwill
|
4,260 | 3,270 | ||||||
Goodwill
|
38,388 | 38,388 | ||||||
Total
|
42,648 | 41,658 |
3/31/2011
|
|||||||||||||
Description of classes of
intangible assets
|
Useful life
|
Gross
amount
ThUS$
|
Accumulated
amortization
ThUS$
|
Net amount
ThUS$
|
|||||||||
Goodwill
|
Indefinite
|
39,961 | (1,573 | ) | 38,388 | ||||||||
Water rights
|
Indefinite
|
3,536 | (1,993 | ) | 1,543 | ||||||||
Rights of way
|
Finite
|
548 | (153 | ) | 395 | ||||||||
Industrial patents
|
Finite
|
1,197 | (711 | ) | 486 | ||||||||
Trademarks
|
Finite
|
3,817 | (3,814 | ) | 3 | ||||||||
IT programs
|
Finite
|
2,804 | (971 | ) | 1,833 | ||||||||
Total
|
51,863 | (9,215 | ) | 42,648 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
12/31/2010
|
|||||||||||||
Description of classes of
intangible assets
|
Useful life
|
Gross
amount
ThUS$
|
Accumulated
amortization
ThUS$
|
Net amount
ThUS$
|
|||||||||
Goodwill
|
Indefinite
|
39,961 | (1,573 | ) | 38,388 | ||||||||
Water rights
|
Indefinite
|
3,536 | (1,990 | ) | 1,546 | ||||||||
Rights of way
|
Finite
|
548 | (152 | ) | 396 | ||||||||
Industrial patents
|
Finite
|
1,197 | (696 | ) | 501 | ||||||||
Trademarks
|
Finite
|
3,817 | (3,813 | ) | 4 | ||||||||
IT programs
|
Finite
|
1,664 | (841 | ) | 823 | ||||||||
Total
|
50,723 | (9,065 | ) | 41,658 |
a)
|
Estimated useful lives or amortization rates used for finite identifiable intangible assets
|
b)
|
Method used to express the amortization of identifiable intangible assets (life or rate)
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
c)
|
Minimum and maximum amortization lives or rates of intangible assets:
|
Estimated useful lives or amortization rate
|
Minimum life or rate
|
Maximum life or rate
|
||
Water rights
|
Indefinite
|
Indefinite
|
||
Rights of way
|
1 year
|
20 years
|
||
Industrial patents
|
1 year
|
16 years
|
||
Trademarks
|
1 year
|
5 years
|
||
IT programs
|
2 years
|
3 years
|
||
|
|
d)
|
Information to be disclosed on assets generated internally
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
e)
|
Movements in identifiable intangible assets as of March 31, 2011
|
Movements in identifiable intangible assets
|
Net Goodwill
ThUS$
|
Water rights,
Net ThUS$
|
Rights of way,
Net
ThUS$
|
Industrial
patents, Net
ThUS$
|
Trademarks,
Net
ThUS$
|
Computer
Software, Net
ThUS$
|
Identifiable
intangible
assets, Net
ThUS$
|
|||||||||||||||||||||
Opening balance
|
38,388 | 1,546 | 396 | 501 | 4 | 823 | 41,658 | |||||||||||||||||||||
Additions
|
- | - | - | - | - | 1,200 | 1,200 | |||||||||||||||||||||
Amortization
|
- | (3 | ) | (1 | ) | (15 | ) | (1 | ) | (190 | ) | (210 | ) | |||||||||||||||
Other increases (decreases)
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Ending balance
|
38,388 | 1,543 | 395 | 486 | 3 | 1,833 | 42,648 |
f)
|
Movements in identifiable intangible assets as of December 31, 2010
|
Movements in identifiable intangible assets
|
Net Goodwill
ThUS$
|
Water rights,
Net ThUS$
|
Rights of way,
Net
ThUS$
|
Industrial
patents, Net
ThUS$
|
Trademarks,
Net
ThUS$
|
Computer
Software, Net
ThUS$
|
Identifiable
intangible
assets, Net
ThUS$
|
|||||||||||||||||||||
Opening balance
|
38,388 | 1,549 | 395 | 570 | - | 322 | 41,224 | |||||||||||||||||||||
Additions
|
- | 91 | - | - | - | 839 | 930 | |||||||||||||||||||||
Amortization
|
- | (94 | ) | - | (69 | ) | (368 | ) | (338 | ) | (869 | ) | ||||||||||||||||
Other increases (decreases)
|
- | - | 1 | - | 372 | - | 373 | |||||||||||||||||||||
Ending balance
|
38,388 | 1,546 | 396 | 501 | 4 | 823 | 41,658 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
13.1
|
Classes of property, plant and equipment
|
Description of classes of property, plant and equipment
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Property, plants and equipment, net
|
||||||||
Construction-in-progress
|
436,194 | 356,551 | ||||||
Land
|
107,859 | 107,869 | ||||||
Buildings
|
88,674 | 88,320 | ||||||
Plant and equipment
|
479,062 | 492,525 | ||||||
IT equipment
|
3,693 | 3,897 | ||||||
Fixed facilities and accessories
|
321,971 | 327,511 | ||||||
Motor vehicles
|
48,016 | 48,936 | ||||||
Other property, plant and equipment
|
29,881 | 28,364 | ||||||
Total
|
1,515,350 | 1,453,973 | ||||||
Property, plant and equipment, gross
|
||||||||
Construction-in-progress
|
436,194 | 356,551 | ||||||
Land
|
107,859 | 107,869 | ||||||
Buildings
|
224,315 | 221,715 | ||||||
Plant and equipment
|
1,198,160 | 1,184,270 | ||||||
IT equipment
|
22,996 | 22,759 | ||||||
Fixed facilities and accessories
|
534,298 | 531,423 | ||||||
Motor vehicles
|
153,239 | 151,544 | ||||||
Other property, plant and equipment
|
50,083 | 47,910 | ||||||
Total
|
2,727,144 | 2,624,041 | ||||||
Accumulated depreciation and value impairment of property, plant and equipment
|
||||||||
Accumulated depreciation and value impairment of buildings
|
135,641 | 133,395 | ||||||
Accumulated depreciation and value impairment of plant and equipment
|
719,098 | 691,745 | ||||||
Accumulated depreciation and value impairment of IT equipment
|
19,303 | 18,862 | ||||||
Accumulated depreciation and value impairment of fixed facilities and accessories
|
212,327 | 203,912 | ||||||
Accumulated depreciation and value impairment of motor vehicles
|
105,223 | 102,608 | ||||||
Accumulated depreciation and value impairment of other
|
20,202 | 19,546 | ||||||
Total
|
1,211,794 | 1,170,068 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
13.2
|
Reconciliation of changes in property, plant and equipment by class as of March 31, 2011 and as of December 31, 2010:
|
Reconciliation entries of
changes in property, plant
and equipment by class as
of March 31, 2011
|
Construction
in-progress
|
Land
|
Buildings,
net
|
Plant and
equipment,
net
|
IT equipment,
net
|
Fixed facilities
and
accessories,
net
|
Motor
vehicles,
net
|
Improvement
of lease fixed
assets, net
|
Other property,
plant and
equipment, net
|
Property,
plant and
equipment,
net
|
||||||||||||||||||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||||||||||||||
Opening balance
|
356,551 | 107,869 | 88,320 | 492,525 | 3,897 | 327,511 | 48,936 | - | 28,364 | 1,453,973 | ||||||||||||||||||||||||||||||
Changes
|
||||||||||||||||||||||||||||||||||||||||
Additions
|
114,993 | - | - | 32 | 12 | - | 59 | - | 4 | 115,100 | ||||||||||||||||||||||||||||||
Divestitures
|
- | - | (7 | ) | (36 | ) | (68 | ) | (7 | ) | (461 | ) | - | (115 | ) | (694 | ) | |||||||||||||||||||||||
Depreciation expense
|
- | - | (2,239 | ) | (27,334 | ) | (483 | ) | (8,390 | ) | (2,691 | ) | - | (992 | ) | (42,129 | ) | |||||||||||||||||||||||
Increase(decrease) in foreign currency exchange
|
- | (10 | ) | - | 7 | 114 | (11 | ) | (6 | ) | - | 44 | 138 | |||||||||||||||||||||||||||
Other increases (decreases)(*)
|
(35,350 | ) | - | 2,600 | 13,868 | 221 | 2,868 | 2,179 | - | 2,576 | (11,038 | ) | ||||||||||||||||||||||||||||
Total changes
|
79,643 | (10 | ) | 354 | (13,463 | ) | (204 | ) | (5,540 | ) | (920 | ) | - | 1,517 | 61,377 | |||||||||||||||||||||||||
Ending balance
|
436,194 | 107,859 | 88,674 | 479,062 | 3,693 | 321,971 | 48,016 | - | 29,881 | 1,515,350 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
13.2
|
Reconciliation of changes in property, plant and equipment by class as of March 31, 2011 and as of December 31, 2010:
|
Reconciliation entries of changes in
property, plant and equipment by
class as of December 31, 2010
|
Construction
in-progress
|
Land
|
Buildings,
net
|
Plant and
equipment,
net
|
IT equipment,
net
|
Fixed
facilities and
accessories,
net
|
Motor
vehicles,
net
|
Improvement
of lease
fixed assets,
net
|
Other
property,
plant and
equipment,
net
|
Property, plant
and equipment,
net
|
||||||||||||||||||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||||||||||||||
Opening balance
|
379,416 | 108,356 | 86,252 | 453,859 | 3,853 | 193,893 | 55,341 | - | 19,576 | 1,300,546 | ||||||||||||||||||||||||||||||
Changes
|
||||||||||||||||||||||||||||||||||||||||
Additions
|
351,792 | 386 | 1,021 | 512 | 123 | 41 | 450 | - | 126 | 354,451 | ||||||||||||||||||||||||||||||
Divestitures
|
- | (26 | ) | (114 | ) | (3,391 | ) | (26 | ) | - | -, | - | (116 | ) | (3,673 | ) | ||||||||||||||||||||||||
Depreciation expense
|
- | - | (9,226 | ) | (88,640 | ) | (1,537 | ) | (29,342 | ) | (11,837 | ) | - | (3,326 | ) | (143,908 | ) | |||||||||||||||||||||||
Increase(decrease) in foreign currency exchange
|
- | - | 2 | 55 | - | 14 | 13 | - | 2 | 86 | ||||||||||||||||||||||||||||||
Other increases (decreases) (*)
|
(374,657 | ) | (847 | ) | 10,385 | 130,130 | 1,484 | 162,905 | 4,969 | - | 12,102 | (53,529 | ) | |||||||||||||||||||||||||||
Total changes
|
(22,865 | ) | (487 | ) | 2,068 | 38,666 | 44 | 133,618 | (6,405 | ) | - | 8,788 | 153,427 | |||||||||||||||||||||||||||
Ending balance
|
356,551 | 107,869 | 88,320 | 492,525 | 3,897 | 327,511 | 48,936 | - | 28,364 | 1,453,973 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
13.3
|
Detail of property, plant and equipment pledged as guarantee
|
13.4
|
Additional information
|
Description of assets |
3/31/2011
|
12/31/2010
|
||||||
|
ThUS$
|
ThUS$
|
||||||
2 floors of the Las Americas Building, net
|
1,365 | 1,373 | ||||||
Total (net)
|
1,365 | 1,373 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
1)
|
Interest capitalized in construction-in-progress
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
14.1
|
Disclosure on finance lease: Lessee
|
14.2
|
Investment property in finance leases:
|
Description of total investment property under finance lease, |
3/31/2011
|
12/31/2010
|
||||||
net: |
ThUS$
|
ThUS$
|
||||||
Financial lease, Las Americas Building
|
1,365 | 1,373 | ||||||
Total
|
1,365 | 1,373 |
14.3
|
Reconciliation of finance lease minimum payments , lessee:
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||||||||||||||||||
Minimum payments to be made
|
Gross
investment
|
Deferred
interest
|
Present
value
|
Gross
investment
|
Deferred
interest
|
Present
value
|
||||||||||||||||||
Not exceeding one year
|
120 | (2 | ) | 118 | 213 | (6 | ) | 207 | ||||||||||||||||
Subsequent to 1 year but less than 5 years
|
- | - | - | |||||||||||||||||||||
Total
|
120 | (2 | ) | 118 | 213 | (6 | ) | 207 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
12/31/2010
|
|||||||
Classes of benefits and expenses by employee
|
ThUS$
|
ThUS$
|
||||||
Currents
|
||||||||
Profit sharing and bonuses
|
42,666 | 44,011 | ||||||
Total
|
42,666 | 44,011 | ||||||
Non- currents
|
||||||||
Profit sharing and bonuses
|
2,350 | 800 | ||||||
Severance indemnities
|
27,125 | 27,208 | ||||||
Pension Plan
|
702 | 702 | ||||||
Total
|
30,177 | 28,710 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
15.2
|
Policies on defined benefit plan
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
12/31/2010
|
|||||||
Staff severance indemnities at actuarial value
|
ThUS$
|
ThUS$
|
||||||
Staff severance indemnities, Chile
|
26,495 | 26,577 | ||||||
Other obligations in companies elsewhere
|
630 | 631 | ||||||
Total other non-current liabilities
|
27,125 | 27,208 | ||||||
SQM North America’s pensions plan
|
702 | 702 | ||||||
Total post employment obligations
|
702 | 702 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
15.4
|
Employee post-retirement liabilities
|
Reconciliation table
|
2011
|
2010
|
||||||
ThUS$
|
ThUS$
|
|||||||
Variation in the benefit liability:
|
||||||||
Benefit liability at the beginning of year
|
6,792 | 6,792 | ||||||
Cost of service
|
1 | 1 | ||||||
Interest cost
|
427 | 427 | ||||||
Actuarial loss
|
(374 | ) | (374 | ) | ||||
Benefits paid
|
(297 | ) | (297 | ) | ||||
Benefit liability at year-end
|
6,549 | 6,549 | ||||||
Change in the plan’s assets:
|
||||||||
Fair value of the plan’s assets at beginning of year
|
5,082 | 5,082 | ||||||
Contributions by the employer
|
192 | 192 | ||||||
Actual return (loss) on plan assets
|
869 | 869 | ||||||
Benefits paid
|
(296 | ) | (296 | ) | ||||
Fair value of the plan assets’ at year-end
|
5,847 | 5,847 | ||||||
Status of financing
|
(702 | ) | (702 | ) | ||||
Items not yet recognized as net regular provisional cost elements:
|
||||||||
Net actuarial loss at the beginning of year
|
(3,130 | ) | (3,130 | ) | ||||
Amortization during the period
|
154 | 154 | ||||||
Net gain or loss estimated during the period
|
865 | 865 | ||||||
Adjustment made to recognize the minimum pension-related liability
|
(2,111 | ) | (2,111 | ) | ||||
Accrued pension-related (liability) / prepaid pension-related cost
|
(702 | ) | (702 | ) |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
15.4
|
Employee post-retirement liabilities
|
2011
|
2010
|
|||||||
Reconciliation
|
ThUS$
|
ThUS$
|
||||||
Costs or benefits of services earned during the period
|
1 | 1 | ||||||
Cost of interest in benefit liability
|
427 | 423 | ||||||
Actual return in plan’s assets
|
(869 | ) | (1,173 | ) | ||||
Amortization of loss from prior periods
|
154 | 198 | ||||||
Net gain for the period
|
492 | 889 | ||||||
Net regular pension-related expense
|
205 | 338 |
2011
|
2010
|
|||||||
Growth amounts
|
59 | % | 59 | % | ||||
International amounts
|
25 | % | 25 | % | ||||
Growth and income amounts
|
- | - | ||||||
Taxable bonus
|
14 | % | 14 | % | ||||
Treasury amounts
|
0 | % | 0 | % | ||||
Money market funds
|
2 | % | 2 | % | ||||
100 | % | 100 | % |
|
15.5
|
Severance indemnities
|
2011
ThUS$
|
2010
ThUS$
|
|||||||
Opening balance
|
(27,208 | ) | (28,682 | ) | ||||
Cost of current service
|
(1,228 | ) | (3,583 | ) | ||||
Cost of interest
|
(424 | ) | (1,889 | ) | ||||
Actuarial gains / losses
|
9 | 88 | ||||||
Contributions paid
|
1,726 | 6,858 | ||||||
Balance as of December 31
|
(27,125 | ) | (27,208 | ) |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
15.5
|
Severance indemnities (continued)
|
3/31/2011
|
12/31/2010
|
||||||||||
Mortality table
|
RV - 2009
|
RV - 2009
|
|||||||||
Actual annual interest rate
|
6 | % | 6 | % | |||||||
Voluntary retirement turnover rate:
|
|||||||||||
Men
|
0.9 | % | 0.9 | % |
annual
|
||||||
Women
|
1.53 | % | 1.53 | % |
annual
|
||||||
Wage increase
|
3.0 | % | 3.0 | % |
annual
|
||||||
Retirement age:
|
|||||||||||
Men
|
65 | 65 |
years
|
||||||||
Women
|
60 | 60 |
years
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Variables and sensitivities of
the model
|
2011
|
2010
|
||||||
Expected volatility (%)
|
||||||||
Annualized for SQM (*)
|
2.,51 | % | 21.51 | % | ||||
Annualized for CLP/USD (*)
|
10.00 | % | 10.00 | % | ||||
Free interest rate risk (%)
|
2.40 | % | 2.40 | % | ||||
Option expected life (years)
|
3.3 years
|
3.3 years
|
||||||
Weighted average price of the share (US$)
|
57 | 57 | ||||||
Dividend rate (%)
|
1.61 | % | 1.61 | % | ||||
Period covered
|
60 months
|
60 months
|
||||||
Model used
|
Binomial
|
Binomial
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Movements for the period
|
2011
|
2010
|
||||||
In force as of January 1
|
3,430,000 | 1,210,000 | ||||||
During the period
|
2,370,000 | |||||||
Payments made
|
- | |||||||
Exercised during the period
|
150,000 | |||||||
Overdue during the period
|
- | |||||||
In circulation as of December 31
|
3,430,000 | 3,430,000 | ||||||
Can be exercised as of December 31
|
- | |||||||
Weighted average contractual life
|
57 months
|
60 months
|
Effect on income (loss)
|
2011
ThUS$
|
2010
ThUS$
|
||||||
Accrued amount during the year
|
7,000 | 22,782 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
17.1
|
Disclosures on capital management
|
|
-
|
Ensuring its regular operation and the business continuity in the long-term.
|
|
-
|
Ensuring the financing of new investments in order to maintain sustainable growth throughout time.
|
|
-
|
Maintaining proper capital structure in accordance with the economic cycles impacting the business and to the nature of the industry.
|
|
-
|
Maximizing the value of SQM Group in the medium and long-term.
|
CAPITAL
MANAGEMENT
|
3/31/2011
|
12/31/2010
|
Description (1)
|
Calculation (1)
|
||||||||||
Net financial debt
|
561,083 | 584,357 |
Financial Debt - Financial Resources
|
Other current financial liabilities + Other non-current financial liabilities – Cash and cash equivalents – Other current financial assets
|
||||||||||
Liquidity
|
3.60 | 3.55 |
Current Asset Divided by Current Liability
|
Total Current Assets /Total Current Liabilities
|
||||||||||
Net debt / Capitalization
|
0.24 | 0.26 |
Net Financial Debt Divided by Total Equity
|
Net financial debt / (Net financial debt + Total Equity)
|
||||||||||
ROE
|
23.7 | % | 23.2 | % |
Profit Divided by Total Equity
|
Profit / Total Equity
|
||||||||
ROA
|
22.1 | % | 20.9 | % |
EBITDA – Depreciation Divided by Total Assets net of financial resources less investments in related companies
|
(Gross profit – Administrative expenses)/ (Total assets – Cash and cash equivalents – Other current financial assets – investments accounted for using the equity method)
|
||||||||
DFN/ EBITDA
|
0.74 | 0.85 |
EBITDA = Gross Profit + Depreciation – Administrative expenses
|
|||||||||||
(1) Assumes absolute value of the different accounts
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
17.2
|
Disclosures on preferred share capital
|
|
1)
|
A general or extraordinary shareholders' meeting may be called at the request of shareholders representing 5% of the Company's Series B shares.
|
|
2)
|
An extraordinary meeting of the Board of Directors may be called with or without the agreement of the Company's President, at the request of the director elected by Series B shareholders.
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Class of capital in preferred shares
|
3/31/2011
|
12/31/2010
|
||||||||||||||
Description of class of capital in preferred shares
|
Series A
|
Series B
|
Series A
|
Series B
|
||||||||||||
Number of authorized shares
|
142,819,552 | 120,376,972 | 142,819,552 | 120,376,972 | ||||||||||||
Par value of shares in ThUS$
|
- | - | - | - | ||||||||||||
Capital amount in shares ThUS$
|
134,750 | 342,636 | 134,750 | 342,636 | ||||||||||||
Amount of premium issuance ThUS$
|
- | - | - | - | ||||||||||||
Amount of reserves ThUS$
|
- | - | - | - | ||||||||||||
Number of fully subscribed and paid shares
|
142,819,552 | 120,376,972 | 142,819,552 | 120,376,972 | ||||||||||||
Number of subscribed, partially paid shares
|
- | - | - | - | ||||||||||||
Total number of subscribed shares
|
142,819,552 | 120,376,972 | 142,819,552 | 120,376,972 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
17.3
|
Dividend policy
|
|
-
|
Distribution and payment in favor of each shareholder of a final dividend which will be equivalent to 50% of Profit for the period obtained in 2010.
|
|
-
|
Distribution and payment, if possible during 2010, of a provisional dividend which will be recorded against the aforementioned final dividend. This provisional dividend will be paid probably during the last quarter of 2010 and its amount could not exceed 50% of the retained earnings for distribution obtained during 2010, which are reflected in the Company’s financial statements as of September 30, 2010.
|
|
-
|
The distribution and payment by the Company of the remaining balance of the final dividend related to Profit for the period for the 2010 commercial year in up to two installments, which will have to be effectively paid and distributed prior to June 30, 2011.
|
|
-
|
An amount equivalent to the remaining 50% of the Company’s Profit for the period for 2010 will be retained and destined to the financing of operations of one or more of the Company’s investment projects with no prejudice of the possible future capitalization of the entirety or a portion of this
|
|
-
|
The Board of Directors does not consider the payment of any additional or interim dividends.
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
17.4
|
Provisional Dividends
|
2011
ThUS$
|
2010
ThUS$
|
|||||||
Final Dividend
|
- | 63,527 | ||||||
Provisional Dividend
|
- | 110,000 | ||||||
Provision for minimum dividend
|
- | 4,637 | ||||||
Reversal of prior year minimum dividend
|
- | - | ||||||
Total
|
- | 178,164 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
18.1
|
Classes of provisions
|
Description of classes of
Provisions
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Other current provisions
|
||||||||
Provision for legal complaints
|
4,590 | 2,590 | ||||||
Other provisions
|
13,080 | 12,424 | ||||||
Total
|
17,670 | 15,014 | ||||||
Other non-currents provisions
|
||||||||
Provision for legal complaints
|
2,000 | 2,000 | ||||||
Other provisions
|
3,500 | 3,500 | ||||||
Total
|
5,500 | 5,500 |
18.2
|
Description of other provisions:
|
Description of other provisions
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Current provisions, other short-term provisions
|
||||||||
Provision for tax loss in fiscal litigation
|
1,659 | 1,634 | ||||||
Royalties, agreement with CORFO (the Chilean Economic Development Agency)
|
5,024 | 5,182 | ||||||
Temporary closure of El Toco operation
|
3,107 | 3,264 | ||||||
Retirement plan
|
880 | 880 | ||||||
Miscellaneous provisions
|
2,410 | 1,464 | ||||||
Total
|
13,080 | 12,424 | ||||||
Other long-term provisions
|
||||||||
Mine closures
|
3,500 | 3,500 | ||||||
Total
|
3,500 | 3,500 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
18.3
|
Other non-financial liabilities, current
|
Description of other liabilities
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Tax withholdings
|
3,196 | 5,529 | ||||||
VAT payable
|
2,668 | 12,416 | ||||||
Guarantees received
|
1,066 | 1,028 | ||||||
Provision for minimum dividend
|
5,830 | 4,637 | ||||||
Monthly Tax Provisional Payments
|
10,003 | 8,171 | ||||||
Deferred income
|
30,108 | 14,350 | ||||||
Withholdings from employees and salaries payable
|
6,002 | 4,936 | ||||||
Vacation accrual
|
12,526 | 14,854 | ||||||
Other currents liabilities
|
74 | 1,538 | ||||||
Total
|
71,473 | 67,459 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
18.4
|
Movements in provisions as of 3/31/2011
|
Description of items which gave rise to
variations
|
Guarantee
|
Restructuring
|
Legal complaints
|
Expensive
contracts
|
Restoration and
rehabilitation
dismantling costs
|
Other
provisions
|
Total
|
|||||||||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||||||||||
Total provisions, initial balance
|
- | - | 4,590 | - | - | 15,924 | 20,514 | |||||||||||||||||||||
Changes in provisions:
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Additional provisions
|
- | - | 2,000 | - | - | 6,240 | 8,240 | |||||||||||||||||||||
Increase (decrease) in existing provisions
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Acquisition through business combinations
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Divestitures through business disposals
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Provision used
|
- | - | - | - | - | (5,622 | ) | (5,622 | ) | |||||||||||||||||||
Reversal of unused provision
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Increase due to adjustment in value of money throughout time
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Increase (decrease) in discount rate
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Increase (decrease) in foreign currency translation
|
- | - | - | - | - | 38 | 38 | |||||||||||||||||||||
Other increases (decreases)
|
- | - | - | - | - | - | - | |||||||||||||||||||||
- | - | - | - | - | - | - | ||||||||||||||||||||||
Total provisions, final balance
|
- | - | 6,590 | - | - | 16,580 | 23,170 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
18.4
|
Movements in provisions as of 12-31-2010
|
Description of items which gave rise to
variations
|
Guarantee
|
Restructuring
|
Legal complaints
|
Expensive
contracts
|
Restoration and
rehabilitation
dismantling costs
|
Other
provisions
|
Total
|
|||||||||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||||||||||||
Total provisions, initial balance
|
- | - | 590 | - | - | 19,352 | 19,942 | |||||||||||||||||||||
Changes in provisions:
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Additional provisions
|
- | - | 4,000 | - | - | 14,301 | 18,301 | |||||||||||||||||||||
Increase (decrease) in existing provisions
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Acquisition through business combinations
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Divestitures through business disposals
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Provision used
|
- | - | - | - | - | (17,803 | ) | (17,803 | ) | |||||||||||||||||||
Reversal of unused provision
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Increase due to adjustment in value of money throughout time
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Increase (decrease) in discount rate
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Increase (decrease) in foreign currency translation
|
- | - | - | - | - | 74 | 74 | |||||||||||||||||||||
Other increases (decreases)
|
- | - | - | - | - | - | - | |||||||||||||||||||||
- | - | - | - | - | - | - | ||||||||||||||||||||||
Total provisions, final balance
|
- | - | 4,590 | - | - | 15,924 | 20,514 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
18.5
|
Detail of main classes of provisions
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
19.1
|
Lawsuits or other relevant events.
|
1.
|
Plaintiff
|
:
|
Compañía de 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
|
:
|
JB Comércio de Fertilizantes e Defensivos Agrícolas Ltda. (JB)
|
Defendant
|
:
|
Nitratos Naturais do Chile Ltda. (NNC)
|
|
Date of lawsuit
|
:
|
December 1995
|
|
Court
|
:
|
1st Civil Court of Comarca de Barueri, Brazil.
|
|
Cause
|
:
|
Seeks compensation claim on alleged damages as a result of the appointment of a new distributor within a territory subject to exclusivity.
|
|
Instance
|
:
|
1st instance verdict against Nitratos Naturais do Chile Ltda. And appealed by the latter.
|
|
Nominal amount
|
:
|
ThUS$1,800
|
|
3.
|
Plaintiff
|
:
|
Compañía Productora de Yodo y Sales S.A.
|
Defendant
|
:
|
Sociedad Química y Minera de Chile S.A
|
|
Date of lawsuit
|
:
|
November 1999
|
|
Court
|
:
|
Civil Court of Pozo Almonte
|
|
Cause
|
:
|
Partial annulment of mining property, Paz II1 to 25
|
|
Instance
|
:
|
Evidence provided
|
|
Nominal amount
|
:
|
ThUS$162
|
|
4.
|
Plaintiff
|
:
|
Compañía Productora de Yodo y Sales S.A.
|
Defendant
|
:
|
Sociedad Química y Minera de Chile 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
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
19.1
|
Lawsuits and other relevant events (continued).
|
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
|
:
|
Eduardo Fajardo Núñez, Ana María Canales Poblete, Raquel Beltrán Parra, Eduardo Fajardo Beltrán y Martina Fajardo Beltrán
|
Defendant
|
:
|
SQM Salar S.A. and its insurers.
|
|
Date of lawsuit
|
:
|
November 2009
|
|
Court
|
:
|
20th Civil Court of Santiago
|
|
Cause
|
:
|
Work accident
|
|
Instance
|
:
|
Demand response.
|
|
Nominal amount
|
:
|
ThUS$1,880
|
|
7.
|
Plaintiff
|
:
|
Poli Instalaciones Limitada
|
Defendant
|
:
|
SQM Industrial S.A.
|
|
Date of lawsuit
|
:
|
August 2010
|
|
Court
|
:
|
Arbitrage procedure
|
|
Cause
|
:
|
Seeks compensation for damages for the application of a contract clause which allows early agreement termination.
|
|
Instance
|
:
|
Demand response
|
|
Nominal amount
|
:
|
ThUS$ 484
|
|
8.
|
Plaintiff
|
:
|
Newland S.A.
|
Defendant
|
:
|
SQM Industrial S.A.
|
|
Date of lawsuit
|
:
|
August 2010
|
|
Court
|
:
|
Arbitrage procedure
|
|
Cause
|
:
|
Compensation for damages on alleged non-compliance of contractual obligations
|
|
Instance
|
:
|
Evidence provided
|
|
Nominal amount
|
:
|
ThUS$480
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
19.1
|
Lawsuits and other relevant events (continued).
|
9.
|
Plaintiff
|
:
|
María Loreto Lorca Morales, Nathan Guerrero Lorca, Maryori Guerrero Lorca, Abraham Guerrero Lorca, Esteban Guerrero Lorca and María Sol Osorio Tapia and Other
|
Defendant
|
:
|
Gonzalo Daved Valenzuela, Julio Zamorano Avendaño, Comercial Transportes y Servicios Generales Julio Zamorano Avendaño E.I.R.L. and, severally, SQM S.A. and its insurance companies
|
|
Date of lawsuit
|
:
|
August 2010
|
|
Court
|
:
|
2nd First instance Court of Iquique
|
|
Cause
|
:
|
Claim for damages by the collision of two trucks which belonged to third parties occurred in July 2008 near Pozo Almonte. As a result of this accident two workers were killed (Alberto Galleguillos Monardes and Fernando Guerrero Tapia)
|
|
Instance
|
:
|
Demand response
|
|
Nominal amount
|
:
|
ThUS$3,500
|
|
10.
|
Plaintiff
|
:
|
Sociedad Chilena del Litio Ltda.
|
Defendant
|
:
|
SQM Salar S.A.
|
|
Date of lawsuit
|
:
|
December 2010
|
|
Court
|
:
|
Arbitrage procedure
|
|
Cause
|
:
|
Product purchase Price
|
|
Instance
|
:
|
Demand response. Counterclaim demand
|
|
Nominal amount
|
:
|
ThUS$2,000
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
19.1
|
Lawsuits and other relevant events (continued).
|
11.
|
Plaintiff
|
:
|
City of Pomona California USA
|
Defendant
|
:
|
SQM North America Corporation
|
|
Date of lawsuit
|
:
|
December 2010
|
|
Court
|
:
|
United States District Court Central District of California
|
|
Cause
|
:
|
Payment of expenses and other amounts related to groundwater treatments in order to allow its consumption through the extraction of perchlorate existing within the water which presumably comes from Chilean fertilizers
|
|
Instance
|
:
|
Demand.
|
|
Nominal amount
|
:
|
Undetermined amount
|
|
12.
|
Plaintiff
|
:
|
City of Lindsay, California USA
|
Defendant
|
:
|
SQM North America Corporation
|
|
Date of lawsuit
|
:
|
December 2010
|
|
Court
|
:
|
United States District Court Eastern District of California
|
|
Cause
|
:
|
Payment of expenses and other amounts related to groundwater treatments in order to allow its consumption through the extraction of perchlorate existing within the water which presumably comes from Chilean fertilizers
|
|
Instance
|
:
|
Demand
|
|
Nominal amount
|
:
|
Undetermined amount
|
|
13
|
Plaintiff
|
:
|
Alejandro Tapia Moyano
|
Defendant
|
:
|
SQM Nitratos S.A.
|
|
Date of lawsuit
|
:
|
February 2011
|
|
Court
|
:
|
Labor Court of Antofagasta
|
|
Cause
|
:
|
Compensation for moral damage due to a disease allegedly contracted as a result of works performed
|
|
Instance
|
:
|
Counterclaim reply .
|
|
Nominal amounts
|
:
|
ThUS$200
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
19.1
|
Lawsuits and other relevant events (continued).
|
19.2
|
Restrictions:
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
19.3
|
Commitments:
|
19.4
|
Restricted or pledged cash
|
19.5
|
Sureties obtained from third parties
|
Entity name
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Llanos y Wammes Soc. Com. Ltda
|
2,086 | 2,037 | ||||||
Fertglobal Chile Ltda.
|
1,043 | 3,352 | ||||||
Tattersall Agroinsumos S.A.
|
1,000 | 1,000 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
19.6
|
Indirect guarantees
|
Debtor
|
|
Pending balances as of
the closing date of the
financial statements
|
||||||||||||
Creditor of the guarantee
|
Name
|
Relationship
|
Type of
guarantee
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||||
Australian and New Zealand Bank
|
SQM North America Corp
|
Subsidiary
|
Bond
|
- | - | |||||||||
Australian and New Zealand Bank
|
SQM Europe N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Generale Bank
|
SQM North America Corp
|
Subsidiary
|
Bond
|
- | - | |||||||||
Generale Bank
|
SQM Europe N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Kredietbank
|
SQM North America Corp
|
Subsidiary
|
Bond
|
- | - | |||||||||
Kredietbank
|
SQM Europe N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Banks and financial institutions
|
SQM Investment Corp. N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Banks and financial institutions
|
SQM Europe N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Banks and financial institutions
|
SQM North America Corp
|
Subsidiary
|
Bond
|
- | - | |||||||||
Banks and financial institutions
|
Nitratos Naturais do Chile Ltda.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Banks and financial institutions
|
SQM México S.A. de C.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Banks and financial institutions
|
SQM Brazil Ltda.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Banque Nationale de Paris
|
SQM Investment Corp. N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
San Francisco Branch
|
SQM Investment Corp. N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Sociedad Nacional de Mineria A.G.
|
SQM Potasio S.A.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Royal Bank of Canada
|
SQM Investment Corp. N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Citibank N.Y
|
SQM Investment Corp. N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
BBVA Banco Bilbao Vizcaya Argentaria
|
Royal Seed Trading A..V.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
ING Capital LLC
|
Royal Seed Trading A..V.V.
|
Subsidiary
|
Bond
|
80,215 | 80,055 | |||||||||
JP Morgan Chase Bank
|
SQM Industrial S.A.
|
Subsidiary
|
Bond
|
- | - | |||||||||
Export Development Canada
|
SQM Investment Corp. N.V.
|
Subsidiary
|
Bond
|
- | - | |||||||||
BBVA Bancomer S.A.
|
Royal Seed Trading
|
Subsidiary
|
Bond
|
- | - |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
3/31/2010
|
|||||||
Classes of ordinary profits
|
ThUS$
|
ThUS$
|
||||||
Sale of goods
|
478,584 | 387,110 | ||||||
Provision of services
|
1,451 | 1,413 | ||||||
Interest income
|
- | - | ||||||
Income from royalties
|
- | - | ||||||
Income from dividends
|
- | - | ||||||
Total
|
480,035 | 388,523 |
Basic earnings per share
|
3/31/2011
ThUS$
|
3/31/2010
ThUS$
|
||||||
Earnings (loss) attributable to the holders of instruments in the net equity of the controlling entity
|
111,395 | 76,493 |
3/31/2011
Units
|
3/31/2010
Units
|
|||||||
Number of common shares in circulation
|
263,196,524 | 263,196,524 |
3/31/2011
|
3/31/2010
|
|||||||
Basic earnings per share
|
0.4232 | 0.2906 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
3/31/2010
|
|||||||
Capitalization rate of costs for interest capitalized, property, plant and equipment
|
7 | % | 7 | % | ||||
Amount of costs for interest capitalized in ThUS$
|
5,232 | 5,756 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
ThUS$
|
3/31/2010
ThUS$
|
|||||||
Profits (losses) on foreign currency translation difference recognized in profit for the period
|
(2,899 | ) | (3,133 | ) | ||||
Reserves for translation differences attributable to the Parent’s owners
|
(77 | ) | (179 | ) | ||||
Reserves for translation differences attributable to entities other than the Parent’s owners
|
(23 | ) | (51 | ) |
Detail
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
||||||
Changes in equity generated through the proportional equity method for conversion:
|
||||||||
Comercial Hydro S.A.
|
937 | 937 | ||||||
SQMC Internacional Ltda.
|
37 | 41 | ||||||
Proinsa Ltda.
|
28 | 31 | ||||||
Agrorama Callegari Ltda.
|
147 | 161 | ||||||
Isapre Cruz del Norte Ltda.
|
88 | 99 | ||||||
Almacenes y Depósitos Ltda.
|
81 | 90 | ||||||
Sales de Magnesio Ltda.
|
100 | 132 | ||||||
Sociedad de Servicios de Salud S.A.
|
35 | 39 | ||||||
Total
|
1,453 | 1,530 |
c)
|
Functional and presentation currency
|
d)
|
Reasons which explain the use of a presentation currency other than the functional currency
|
-
|
All income from these subsidiaries are associated to Chilean peso.
|
-
|
These companies’ structure of operating costs is impacted by local currency.
|
-
|
Equities of these Companies are expressed in local currency (Chilean peso).
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
24.1
|
Disclosures on disbursements related to the environment
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
24.1
|
Disclosures on disbursements related to the environment (continued)
|
24.2
|
Detail of information on disbursements related to the environment.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Identification of the
Parent Company or
subsidiary
|
Name of the project to which the disbursement is
associated
|
Concept by which the disbursement was made or
will be made
|
Asset / Expense
|
Description of the
Asset or Expense
Item
|
Amount of
Disbursement for
the Period ThUS$
|
Certain or estimated date in
which disbursements were or
will be made
|
||||||
SQM Industrial S.A.
|
Management of environment (Expense 2011)
|
Not Classified
|
Expense
|
Not Classified
|
203
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
ANMI – Consulting in infrastructure to store hazardous chemicals
|
Sustentation: Risk prevention and the environment
|
Asset
|
Development
|
46
|
6-1-2011
|
||||||
SQM Industrial S.A.
|
FNWR - EID Pampa Blanca discard yard
|
Sustentation: Risk prevention and the environment
|
Expense
|
Development
|
30
|
6-1-2011
|
||||||
SQM Industrial S.A.
|
FP55 - FPXA - EIS Zone Mine PB - EIS Enlargement PB (Project: Agua de Mar Pampa Blanca - Agua de Mar Phase I)
|
Sustentation
|
Asset
|
Development
|
1,210
|
12-1-2012
|
||||||
SQM Industrial S.A.
|
JNTU –San Isidro water assessment
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
556
|
6-1-2011
|
||||||
SQM Industrial S.A.
|
JPX9 – EID Improvement of Prilled Granular Plant Coya Sur (Project: Pilot Plant DT and Resin Pilot Tests)
|
Sustentation: Research and Development
|
Asset
|
Research
|
11
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
MNYS – Action for the dissemination of cultural heritage Technology change María Elena
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
29
|
12-1-2012
|
||||||
SQM Industrial S.A.
|
MP17 – Normalization of drinking water ME/CS/PV
|
Sustentation
|
Asset
|
Not Classified
|
7
|
6-1-2011
|
||||||
SQM Industrial S.A.
|
MP5W – Normalization of TK Fuel
|
Sustentation
|
Asset
|
Not Classified
|
407
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
MPIS –Stabilization of streets and suppression of dust at sidewalks
|
Sustentation
|
Asset
|
Development
|
736
|
6-1-2011
|
||||||
SQM Industrial S.A.
|
MPL5 – Repair of sanitary and electric facilities
|
Sustentation
|
Asset
|
Development
|
184
|
6-1-2011
|
||||||
SQM Industrial S.A.
|
MPLS – Automated alarms and information of Hospital Monitoring Station
|
Not Classified
|
Asset
|
Not Classified
|
10
|
6-1-2011
|
||||||
SQM Industrial S.A.
|
MQ51 – Reference terms heritage actions Project ME
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
2
|
12-31-2011
|
||||||
SQM Industrial S.A.
|
PPNK – Handling of PV Ammoniac in Plant detention
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
22
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
PPZU – Normalize and Certify Fuel Tanks in Plants
|
Sustentation: Risk prevention and the environment
|
Asset/Expense
|
Not Classified
|
446
|
12-1-2011
|
||||||
Minera Nueva Victoria S.A.
|
IPMN – Enlargement of Sanitary capacity in Iris
|
Capacity enlargement
|
Asset
|
Development
|
85
|
6-1-2011
|
||||||
Minera Nueva Victoria S.A.
|
IPNW – Improvements in pavilions C/D/B in Iris
|
Sustentation
|
Asset
|
Not Classified
|
44
|
6-1-2011
|
||||||
SIT S.A.
|
TPLR - Implementation of pump system for used water to waste
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
68
|
6-1-2011
|
||||||
SIT S.A.
|
TPM7 - Environmental nets in field 3 and 4
|
Not Classified
|
Asset/Expense
|
Not Classified
|
524
|
6-1-2011
|
||||||
SIT S.A.
|
|
TPR8 – Elimination of riles generation through vacuum
|
|
Sustentation: Risk prevention and the environment
|
|
Asset/Expense
|
|
Not Classified
|
|
54
|
|
12-1-2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Identification of the
Parent Company or
subsidiary
|
Name of the project to which the disbursement is associated
|
Concept by which the disbursement was made or
will be made
|
Asset /
Expense
|
Description of the
Asset or Expense
Item
|
Amount of
Disbursement for
the Period ThUS$
|
Certain or estimated date in
which disbursements were or
will be made
|
||||||
SQM S.A.
|
AQ0A – Drilling of 4 wells Change Collection Point in Pampa del Tamarugal
|
Sustentation: Natural Resources
|
Asset
|
Development
|
115
|
12-1-2011
|
||||||
SQM S.A.
|
IPFT – Cultural heritage Region I
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
127
|
12-1-2011
|
||||||
SQM S.A.
|
IPXE – Environmental monitoring plan Salar de Llamara
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
186
|
12-1-2012
|
||||||
SQM S.A.
|
IPXF - Environmental monitoring plan Pampa del Tamarugal
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
20
|
12-1-2012
|
||||||
SQM S.A.
|
IQ08 - PSA Llamara & Pampa del Tamarugal
|
Sustentation: Natural Resources
|
Expense
|
Development
|
1,187
|
12-1-2011
|
||||||
SQM S.A.
|
IQ0C – Enhancement Mine Zone NV
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
21
|
12-1-2011
|
||||||
SQM S.A.
|
IQ1M - PSA Water re-injection to Puquíos Llamara
|
Not Classified
|
Asset
|
Not Classified
|
509
|
12-1-2011
|
||||||
SQM S.A.
|
IQ54 – Cultural heritage Pampa Hermosa
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
3
|
12-1-2011
|
||||||
SQM S.A.
|
SCI6 – Environmental arrays – Project Region I
|
Not Classified
|
Asset
|
Not Classified
|
2,376
|
6-1-2011
|
||||||
SQM Nitratos S.A
|
IP6W – Riles Treatment Plant
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
39
|
12-1-2010
|
||||||
SQM Nitratos S.A
|
PP0V – Environmental projects Maintenance ME-PV-NV-PB
|
Sustentation: Risk prevention and the environment
|
Asset-expense
|
Development
|
82
|
6-1-2011
|
||||||
SQM Salar S.A
|
CPTP - Installation of emergency showers drinking water
|
Sustentation
|
Asset
|
Not Classified
|
14
|
12-1-2011
|
||||||
SQM Salar S.A
|
CPZH – Handling of Discards Hydroxide Press Machine Filters
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
8
|
12-1-2011
|
||||||
SQM Salar S.A
|
LP5J – Water recharge study Salar de Atacama
|
Sustentation: Risk prevention and the environment
|
Expense
|
Research
|
83
|
12-1-2011
|
||||||
SQM Salar S.A
|
LP82 – Project to foster agricultural activities in Salar Locations
|
Sustentation
|
Expense
|
Development
|
380
|
12-1-2012
|
||||||
SQM Salar S.A
|
LPIK - EIS Dryer Plant Potassium Chloride (Dryer Project: MOP)
|
Capacity enlargement
|
Asset
|
Development
|
19
|
6-1-2011
|
||||||
SQM Salar S.A
|
LPN3 - EID New Dryer and Compacted Plant (Project: Granulated and Compaction MOP)
|
Sustentation: Research and development
|
Asset
|
Research
|
19
|
12-1-2012
|
||||||
SQM Salar S.A
|
LPPJ – EID Enlargement SOP (Project: Dual Plant Phase II)
|
Capacity enlargement
|
Asset
|
Not Classified
|
14
|
12-1-2012
|
||||||
SQM Salar S.A
|
LPTF – Study and environmental prospection 2010
|
Sustentation
|
Asset
|
Not Classified
|
255
|
12-1-2011
|
||||||
SQM Salar S.A
|
LPTJ – Sanitary Water improvement works
|
Sustentation
|
Asset
|
Not Classified
|
147
|
6-1-2011
|
||||||
|
|
|
|
Total
|
|
10,278
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Identification of the
Parent Company or
subsidiary
|
Name of the project to which the disbursement is
associated
|
Concept by which the disbursement was made or will
be made
|
Asset / Expense
|
Description of the
Asset or Expense
Item
|
Amount of
Disbursement
for the Period
ThUS$
|
Certain or estimated
date in which
disbursements were
or will be made
|
||||||
SQM Industrial S.A.
|
Management of environment (Budget 2011- Expense 2011)
|
Not Classified
|
Expense
|
Not Classified
|
1,628
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
ANMI – Consulting in infrastructure to store hazardous chemicals
|
Sustentation: Risk prevention and the environment
|
Asset
|
Development
|
4
|
6-1-2011
|
||||||
SQM Industrial S.A.
|
FP55 - FPXA - EIS Zone Mine PB - EIS Enlargement PB (Projects: Agua de Mar Pampa Blanca - Agua de Mar Phase I)
|
Sustentation
|
Asset
|
Development
|
284
|
12-1-2012
|
||||||
SQM Industrial S.A.
|
IQ5B – Making of paving Stone for transfer pumps
|
Capacity enlargement
|
Asset
|
Not Classified
|
110
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
MNYS – Action for the dissemination of cultural heritage technology change Maria Elena
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
77
|
12-1-2012
|
||||||
SQM Industrial S.A.
|
MP5W – Normalization of TK Fuels
|
Sustentation
|
Asset
|
Not Classified
|
693
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
MPQU – Warehouse construction for hazardous chemical supplies
|
Sustentation: Risk prevention and the environment
|
Asset
|
Development
|
450
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
MQ51 – Reference terms heritage actions Project ME
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
8
|
12-31-2011
|
||||||
SQM Industrial S.A.
|
PPC1 – Elimination of PCB switches In sub stations 3 and 1/12 Pedro de Valdivia
|
Sustentation: Replacement of equipment
|
Asset - Expense
|
Not Classified
|
171
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
PPNK – Handling of PV Ammoniac in plant detention
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
177
|
12-1-2011
|
||||||
SQM Industrial S.A.
|
PPZU – Normalize and Certify Fuel Tanks in Plants
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
,.054
|
12-1-2011
|
||||||
Minera Nueva Victoria S.A.
|
IQ4C – Camp Development (Osmosis and other)
|
Capacity enlargement
|
Asset
|
Not Classified
|
3,000
|
12-31-2012
|
||||||
SIT S.A.
|
TPLR – Implementation of pump system for used water to waste
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
10
|
6-1-2011
|
||||||
SIT S.A.
|
TPM7 – Environmental nets in field 3 and 4
|
Not Classified
|
Asset - Expense
|
Not Classified
|
15
|
6-1-2011
|
||||||
SIT S.A.
|
TPR8 – Elimination of riles generation through vacuum
|
Sustentation: Risk prevention and the environment
|
Asset - Expense
|
Not Classified
|
96
|
12-1-2011
|
||||||
SIT S.A.
|
TPYX – Enabling the dust collector in the crib and sealed of field 3 Tocopilla
|
Sustentation: Risk prevention and the environment
|
Asset
|
Development
|
200
|
12-1-2011
|
||||||
SQM S.A.
|
AQ0A - Drilling of 4 wells Change Collection Point in Pampa del Tamarugal
|
Sustentation: Natural Resources
|
Asset
|
Development
|
485
|
12-1-2011
|
||||||
SQM S.A.
|
IPFT – Cultural heritage Region I
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
32
|
12-1-2011
|
||||||
SQM S.A.
|
|
IPXE - Environmental monitoring plan Salar de Llamara
|
|
Sustentation: Risk prevention and the environment
|
|
Expense
|
|
Not Classified
|
|
663
|
12-1-2012
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Identification of the
Parent Company or
subsidiary
|
Name of the project to which the disbursement is
associated
|
Concept by which the disbursement was made or will be
made
|
Asset / Expense
|
Description of the
Asset or Expense
Item
|
Amount of
Disbursement for
the Period ThUS$
|
Certain or estimated
date in which
disbursements were
or will be made
|
||||||
SQM S.A.
|
IPXF - Environmental monitoring plan Pampa del Tamarugal
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
884
|
12-1-2012
|
||||||
SQM S.A.
|
IQ08 - PSA Llamara & Pampa del Tamarugal
|
Sustentation: Natural Resources
|
Expense
|
Development
|
774
|
12-1-2011
|
||||||
SQM S.A.
|
IQ0C – Enhancement Mine Zone NV
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
131
|
12-1-2011
|
||||||
SQM S.A.
|
IQ1K – Construction of 3 observation wells in Sur Viejo
|
Sustentation: Natural Resources
|
Asset
|
Development
|
200
|
12-1-2011
|
||||||
SQM S.A.
|
IQ1M - PSA Water re-injection to Puquíos Llamara
|
Not Classified
|
Asset
|
Not Classified
|
1,140
|
12-1-2011
|
||||||
SQM S.A.
|
IQ3S – Standardization of handling hazardous supplies
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
400
|
12-30-2012
|
||||||
SQM S.A.
|
IQ52 – Environment office in Nueva Victoria
|
Not Classified
|
Asset
|
Not Classified
|
30
|
12-31-2011
|
||||||
SQM S.A.
|
IQ53 – Cultural heritage adduction path Soronal (Pampa Hermosa)
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
20
|
12-1-2011
|
||||||
SQM S.A.
|
IQ54 – Cultural heritage Pampa Hermosa
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
337
|
12-1-2011
|
||||||
SQM S.A.
|
SCI6 – Environmental Arrays – Project Region I
|
Not Classified
|
Expense
|
Not Classified
|
1
|
6-1-2011
|
||||||
SQM Nitratos S.A
|
IP6W –Riles treatment plant
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
56
|
12-1-2010
|
||||||
SQM Nitratos S.A
|
PP0V – Environmental projects maintenance ME-PV-NV-PB
|
Sustentation: Risk prevention and the environment
|
Asset - Expense
|
Development
|
4
|
6-1-2011
|
||||||
SQM Salar S.A
|
CPTP - Installation of emergency showers drinking water
|
Sustentation
|
Asset
|
Not Classified
|
12
|
12-1-2011
|
||||||
SQM Salar S.A
|
CPZH – Handling of discards Hydroxide press machine filters
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
33
|
12-1-2011
|
||||||
SQM Salar S.A
|
CQ4M – Regularization of Facilities for Contractors
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
18
|
12-31-2011
|
||||||
SQM Salar S.A
|
LP5J – Water recharge study Salar de Atacama
|
Sustentation: Risk prevention and the environment
|
Asset - Expense
|
Research
|
29
|
12-1-2011
|
||||||
SQM Salar S.A
|
LP82 – Project to foster agricultural activities in locations of Salar
|
Sustentation
|
Expense
|
Development
|
479
|
12-1-2012
|
||||||
SQM Salar S.A
|
LPTF –Study and environmental prospection 2010
|
Sustentation
|
Asset - Expense
|
Not Classified
|
140
|
12-1-2011
|
||||||
SQM Salar S.A
|
LPTJ – Improvements in sanitary Works
|
Sustentation
|
Asset
|
Not Classified
|
52
|
6-1-2011
|
||||||
SQM Salar S.A
|
LQ33 – Regularizations in Salar
|
Not Classified
|
Asset - Expense
|
Not Classified
|
300
|
12-1-2011
|
||||||
SQM Salar S.A
|
LQ38 – Sludge drying court
|
Sustentation: Risk prevention and the environment
|
Asset - Expense
|
Not Classified
|
154
|
12-1-2011
|
||||||
|
|
|
|
Total
|
|
16,351
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Identification of the
Parent Company or
subsidiary
|
Name of the project to which the disbursement is
associated
|
Concept by which the disbursement was made or will
be made
|
Asset / Expense
|
Description of the
Asset or Expense
Item
|
Amount of
Disbursement
for the
Period
ThUS$
|
Certain or estimated
date in which
disbursements were
or will be made
|
||||||
SQM Industrial S.A
|
Management on environment (Expense2010)
|
Operations
|
Expense
|
Not classified
|
1,270
|
12-1-2011
|
||||||
SQM Industrial S.A
|
MCLX – Yards cleaning
|
Costs reduction
|
Expense
|
Development
|
604
|
10-1-2010
|
||||||
SQM Industrial S.A
|
ANMI – Consulting in infrastructure to store hazardous chemicals
|
Sustentation: Risk prevention and the environment
|
Asset
|
Development
|
46
|
12-1-2010
|
||||||
SQM Industrial S.A
|
MNH8 – Improvements in lightning
|
Sustentation
|
Expense
|
Development
|
228
|
12-1-2010
|
||||||
SQM Industrial S.A
|
SCCY – Hazardous waste landfill
|
Sustentation
|
Asset - Expense
|
Development
|
165
|
12-1-2010
|
||||||
SQM Industrial S.A
|
JNTU – Water assessment San Isidro
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not classified
|
556
|
12-31-2010
|
||||||
SQM Industrial S.A
|
JNNX – Environment miscellaneous Nitrate
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not classified
|
51
|
12-1-2010
|
||||||
SQM Industrial S.A
|
MNTE – Industrial Hygiene equipment
|
Sustentation: Risk prevention and the environment
|
Asset
|
Development
|
19
|
12-1-2010
|
||||||
SQM Industrial S.A
|
INST – Acquisition of used lubricant quick discharge. NV-ME-PB
|
Sustentation: Risk prevention and the environment
|
Expense
|
Development
|
46
|
7-1-2010
|
||||||
SQM Industrial S.A
|
MP17 - Normalization of drinking water chlorination ME/CS/PV
|
Sustentation
|
Asset
|
Not classified
|
7
|
12-1-2010
|
||||||
SQM Industrial S.A
|
MP5W – Normalization of TK Fuel
|
Sustentation
|
Asset
|
Not classified
|
397
|
12-1-2010
|
||||||
SQM Industrial S.A
|
FNWR - EID Pampa Blanca discard yard
|
Sustentation: Risk prevention and the environment
|
Expense
|
Development
|
30
|
12-1-2010
|
||||||
SQM Industrial S.A
|
MNYS – Actions for the dissemination of cultural heritage, technology changes Maria Elena
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not classified
|
21
|
12-31-2010
|
||||||
SQM Industrial S.A
|
FP55 - FPXA - EIS Mine Zone PB - EIA Enlargement PB (Projects: Agua de Mar Pampa Blanca - Agua de Mar Phase I)
|
Sustentation
|
Asset
|
Development
|
1,106
|
12-31-2010
|
||||||
SQM Industrial S.A
|
MP8Z – Automation of water volume inlet pipe ME, CS and Vergara
|
Sustentation
|
Asset
|
Development
|
523
|
12-1-2010
|
||||||
SQM Industrial S.A
|
MPL5 – Repair of sanitary and electric facilities
|
Sustentation
|
Asset
|
Development
|
184
|
10-1-2010
|
||||||
SQM Industrial S.A
|
MPIS - Stabilization of streets and suppression of dust at sidewalks
|
Sustentation
|
Asset
|
Development
|
736
|
10-1-2010
|
||||||
SQM Industrial S.A
|
PPNK – Handling of PV ammoniac in plant Detention
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not classified
|
22
|
12-1-2010
|
||||||
SQM Industrial S.A
|
MPGF – Improvement of the sealing and pressurization room 031
|
Sustentation
|
Asset - Expense
|
Not classified
|
48
|
12-1-2010
|
||||||
SQM Industrial S.A
|
TPO4 – Indigenous camping
|
Sustentation
|
Asset
|
Not classified
|
88
|
6-11-2010
|
||||||
SQM Industrial S.A
|
MPLS – Automated alarms and information of Hospital Monitoring Station
|
Not classified
|
Asset
|
Not classified
|
10
|
12-1-2010
|
||||||
Minera Nueva Victoria S.A.
|
IPNW – Improvements in pavilions C/D/B in Iris
|
Sustentation
|
Asset
|
Not classified
|
44
|
12-1-2010
|
||||||
Minera Nueva Victoria S.A.
|
IPMN – Enlargement of Sanitary capacity Iris
|
Capacity enlargement
|
Asset
|
Development
|
85
|
12-1-2010
|
||||||
SQM Nitratos S.A
|
|
PNH2 – Riles treatment plant, washer pavement PV-NV-PB
|
|
Sustentation: Risk prevention and the environment
|
|
Asset - Expense
|
|
Development
|
|
48
|
6-29-2010
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Identification of the
Parent Company or
subsidiary
|
Name of the project to which the disbursement is associated
|
Concept by which the disbursement was made or will
be made
|
Asset / Expense
|
Description of the
Asset or Expense
Item
|
Amount of
Disbursement
for the
Period
ThUS$
|
Certain or estimated
date in which
disbursements were
or will be made
|
||||||
SQM Nitratos S.A
|
PP0V - Environmental projects maintenance ME-PV-NV-PB
|
Sustentation: Risk prevention and the environment
|
Asset - Expense
|
Development
|
82
|
12-1-2010
|
||||||
SQM Nitratos S.A
|
IP6W – Riles treatment plant
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
95
|
12-1-2010
|
||||||
SQM Nitratos S.A
|
PPAT –Risk prevention projects Sem II 2008
|
Sustentation: Risk prevention and the environment
|
Expense
|
Development
|
157
|
12-1-2010
|
||||||
SQM Salar S.A
|
LP5K – Environmental evaluation Extension in production capacity MOP
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
4
|
12-1-2010
|
||||||
SQM Salar S.A
|
LNNT - Renewal of Chaxa meteorological station
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
98
|
12-1-2010
|
||||||
SQM Salar S.A
|
LP5J – Water recharge study Salar de Atacama
|
Sustentation: Risk prevention and the environment
|
Expense
|
Research
|
83
|
12-31-2010
|
||||||
SQM Salar S.A
|
LPIL - EID Modification Plant SOP (Project: Dual Plant MOP-SOP)
|
Capacity enlargement
|
Asset
|
Development
|
17
|
12-1-2010
|
||||||
SQM Salar S.A
|
LPIK - EID Drying plant Potassium Chloride (Drying Project MOP)
|
Capacity enlargement
|
Asset
|
Development
|
19
|
12-1-2010
|
||||||
SQM Salar S.A
|
LP82 – Project to Foster the agricultural activities in locations of Salar
|
Sustentation
|
Expense
|
Development
|
331
|
12-31-2012
|
||||||
SQM Salar S.A
|
LPGA – Construction of a pit to perform waste water infiltrations Toconao camp
|
Capacity enlargement
|
Asset
|
Not Classified
|
109
|
9-30-2010
|
||||||
SQM Salar S.A
|
LPK2 - Currency Exchange facility – set up
|
Not Classified
|
Asset
|
Not Classified
|
102
|
12-1-2010
|
||||||
SQM Salar S.A
|
LPN3 - EID New plant for dried and compacted (Project: Granulation and Compaction MOP)
|
Sustentation: Research and development
|
Asset
|
Research
|
19
|
12-31-2011
|
||||||
SQM Salar S.A
|
CPTP – Implementation of emergency showers drinking water
|
Sustentation
|
Asset
|
Not Classified
|
14
|
4-1-2011
|
||||||
SQM Salar S.A
|
LPTF – Study and Environmental prospection 2010
|
Sustentation
|
Asset/Expense
|
Not Classified
|
169
|
12-31-2010
|
||||||
SQM Salar S.A
|
LPTJ – Improving in sanitary Works
|
Sustentation
|
Asset
|
Not Classified
|
95
|
5-1-2011
|
||||||
SQM Salar S.A
|
LPPJ – EID Extension SOP (Project: Dual Plant Phase II)
|
Capacity enlargement
|
Asset
|
Not Classified
|
14
|
12-31-2011
|
||||||
SIT S.A.
|
TNLA – Road paving Port – Worksite
|
Sustentation: Risk prevention and the environment
|
Asset
|
Development
|
82
|
12-1-2010
|
||||||
SIT S.A.
|
PNOT – Improving of lightning in FFCC area
|
Sustentation
|
Asset
|
Development
|
369
|
12-1-2010
|
||||||
SIT S.A.
|
TPR8 – Elimination of riles generation through vacuum
|
Sustentation: Risk prevention and the environment
|
Asset – Expense
|
Not Classified
|
54
|
12-1-2010
|
||||||
SIT S.A.
|
TPLR – Implementation of pump system for used water to waste
|
Sustentation: Risk prevention and the environment
|
Asset
|
Not Classified
|
68
|
12-1-2010
|
||||||
SIT S.A.
|
TPM7 – Environmental nets for fields 3 and 4
|
Not Classified
|
Asset – Expense
|
Not Classified
|
524
|
6-30-2011
|
||||||
SQM S.A.
|
SCI6 – Environmental arrays – Project Region I
|
Not Classified
|
Expense
|
Not Classified
|
2,376
|
10-1-2010
|
||||||
SQM S.A.
|
AQ0A – Drilling of 4 pits Change Collection Point Pampa del Tamarugal
|
Sustentation: Natural Resources
|
Asset
|
Development
|
5
|
3-30-2011
|
||||||
SQM S.A.
|
IPFT –Cultural heritage Region I
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
111
|
12-31-2011
|
||||||
SQM S.A.
|
IPXE – Environmental monitoring plan Salar de Llamara
|
Sustentation: Risk prevention and the environment
|
Expense
|
Not Classified
|
4
|
12-31-2012
|
||||||
|
|
|
|
|
11,335
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
24.3
|
Description of each project indicating whether these are in process or have been finished.
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
24.3
|
Description of each Project indicating whether these are in process or have been finished (continued)
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
24.3
|
Description of each project indicating whether these are in process or have been finished (continued)
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Other current assets |
3/31/2011
|
12/31/2010
|
||||||
ThUS$
|
ThUS$
|
|||||||
Agreement termination bonus
|
2,072 | 2,108 | ||||||
Domestic Value Added Tax
|
19,581 | 30,795 | ||||||
Foreign Value Added Tax
|
5,562 | 4,167 | ||||||
Mine licenses prepaid
|
6,854 | 1,281 | ||||||
Prepaid insurances
|
4,353 | 4,575 | ||||||
Prepaid leases
|
30 | 30 | ||||||
Sea concessions
|
- | 48 | ||||||
Other prepaid
|
1,000 | 86 | ||||||
Other assets
|
975 | 1,352 | ||||||
Total
|
40,427 | 44,442 |
Other non-current assets |
3/31/2011
|
12/31/2010
|
||||||
|
ThUS$
|
ThUS$
|
||||||
Agreement termination bonus
|
1,070 | 1,538 | ||||||
Stain development expenses and prospecting expenses (1)
|
18,928 | 21,350 | ||||||
Income taxes recoverable
|
648 | 651 | ||||||
Deposits held in guarantee
|
505 | 514 | ||||||
Other assets
|
85 | 104 | ||||||
Total
|
21,236 | 24,157 |
|
(1)
|
Assets for the exploration and evaluation of mineral resources are amortized when the explored or evaluated sector is exploited. For this purpose, a variable rate is applied to extracted tons, which is determined based on the measured initial reserve and evaluation cost. The Company presents expenses associated with Exploration and Evaluation of Mineral Resources. Of these expenses those that are under exploitation are included under Inventories and are amortized according to the estimated contained ore reserves and expenses associated with future reserves are presented under Other non-current assets. Those expenses incurred on properties with low ore grade which is not economically exploitable are directly charged to income. As of March 31, 2011, balances associated with the exploration and evaluation of mineral resources are presented under Inventories for ThUS$ 5.178 (ThUS$ 1,723 as of December 31, 2010)
|
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Reconciliation |
3/31/2011
|
12/31/2010
|
||||||
|
ThUS$
|
ThUS$
|
||||||
Assets for the exploration and evaluation of mineral resources, net, beginning balance
|
21,350 | 26,832 | ||||||
Changes in assets for exploration and evaluation of mineral resources:
|
||||||||
Additions, different from business combinations
|
1,452 | - | ||||||
Depreciation and amortization
|
(449 | ) | (2,044 | ) | ||||
Increase (decrease) for transfers and other charges
|
(3,425 | ) | (3,438 | ) | ||||
Assets for exploration and evaluation of mineral resources, net, final balance
|
18,928 | 21,350 |
SQM
Los Militares 4290
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.1
|
Operating segments
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.2
|
Statements of comprehensive income classified by operating segment based on product groups, as of March 31, 2011
|
Items in the statement of comprehensive profit
|
Specialty
plant nutrients
ThUS$
|
Iodine and
its
derivatives
ThUS$
|
Lithium and
its
derivatives
ThUS$
|
Industrial
chemicals
ThUS$
|
Potassium
chloride
ThUS$
|
Other
products
and
services
ThUS$
|
Corporate
unit
ThUS$
|
Total
segments
and
Corporate
unit
ThUS$
|
||||||||||||||||||||||||
Ordinary profit
|
170,999 | 93,866 | 42,327 | 34,267 | 125,324 | 13,252 | - | 480,035 | ||||||||||||||||||||||||
Cost of sales of Ordinary profit
|
(116,130 | ) | (47,653 | ) | (24,608 | ) | (19,989 | ) | (71,688 | ) | (12,362 | ) | - | (292,430 | ) | |||||||||||||||||
Gross margin
|
54,869 | 46,213 | 17,719 | 14,278 | 53,636 | 890 | - | 187,605 | ||||||||||||||||||||||||
Other incomes, by function
|
- | - | - | - | - | - | 3,336 | 3,336 | ||||||||||||||||||||||||
Administrative expenses
|
- | - | - | - | - | - | (20,568 | ) | (20,568 | ) | ||||||||||||||||||||||
Other expenses, by function
|
- | - | - | - | - | - | (14,965 | ) | (14,965 | ) | ||||||||||||||||||||||
Other profit (loss)
|
- | - | - | - | - | - | (109 | ) | (109 | ) | ||||||||||||||||||||||
Financial interest
|
- | - | - | - | - | - | 5,657 | 5,657 | ||||||||||||||||||||||||
Financial costs
|
- | - | - | - | - | - | (10,627 | ) | (10,627 | ) | ||||||||||||||||||||||
Participation in profit (loss) of associated and business combination through the equity method
|
- | - | - | - | - | - | 3,657 | 3,657 | ||||||||||||||||||||||||
Exchange differences
|
- | - | - | - | - | - | (2,899 | ) | (2,899 | ) | ||||||||||||||||||||||
Profit (loss ) before income tax
|
54,869 | 46,213 | 17,719 | 14,278 | 53,636 | 890 | (36,518 | ) | 151,087 | |||||||||||||||||||||||
Income tax expense
|
- | - | - | - | - | - | (38,956 | ) | (38,956 | ) | ||||||||||||||||||||||
Profit (loss ) prom continued operations
|
54,869 | 46,213 | 17,719 | 14,278 | 53,636 | 890 | (75,474 | ) | 112,131 | |||||||||||||||||||||||
Profit (loss ) from discontinued operations
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Profit (loss)
|
54,869 | 46,213 | 17,719 | 14,278 | 53,636 | 890 | (75,474 | ) | 112,131 | |||||||||||||||||||||||
Profit (loss ) attributable to:
|
||||||||||||||||||||||||||||||||
Profit (loss ) attributable to the controlling ownership
|
- | - | - | - | - | - | - | 111,395 | ||||||||||||||||||||||||
Profit (loss ) attributable to participations non-controlling
|
- | - | - | - | - | - | - | 736 | ||||||||||||||||||||||||
Profit (loss)
|
- | - | - | - | - | - | - | 112,131 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.2
|
Statements of comprehensive income classified by operating segment based on product groups, as of March 31, 2010
|
Items in the statement of comprehensive profit
|
Specialty
plant nutrients
ThUS$
|
Iodine and
its
derivatives
ThUS$
|
Lithium and
its
derivatives
ThUS$
|
Industrial
chemicals
ThUS$
|
Potassium
chloride
ThUS$
|
Other
products
and
services
ThUS$
|
Corporate
unit
ThUS$
|
Total
segments
and
Corporate
unit
ThUS$
|
||||||||||||||||||||||||
Ordinary profit
|
128,165 | 62,919 | 33,914 | 27,414 | 124,673 | 11,438 | - | 388,523 | ||||||||||||||||||||||||
Cost of sales of Ordinary profit
|
(87,332 | ) | (36,651 | ) | (18,432 | ) | (16,729 | ) | (87,037 | ) | (10,844 | ) | - | (257,025 | ) | |||||||||||||||||
Gross margin
|
40,833 | 26,268 | 15,482 | 10,685 | 37,636 | 594 | - | 131,498 | ||||||||||||||||||||||||
Other incomes, by function
|
- | - | - | - | - | - | 1,625 | 1,625 | ||||||||||||||||||||||||
Administrative expenses
|
- | - | - | - | - | - | (17,774 | ) | (17,774 | ) | ||||||||||||||||||||||
Other expenses, by function
|
- | - | - | - | - | - | (5,044 | ) | (5,044 | ) | ||||||||||||||||||||||
Other profit (loss)
|
- | - | - | - | - | - | (7,146 | ) | (7,146 | ) | ||||||||||||||||||||||
Financial interest
|
- | - | - | - | - | - | 2,294 | 2,294 | ||||||||||||||||||||||||
Financial costs
|
- | - | - | - | - | - | (7,812 | ) | (7,812 | ) | ||||||||||||||||||||||
Participation in profit (loss) of associated and business combination through the equity method
|
- | - | - | - | - | - | 3,059 | 3,059 | ||||||||||||||||||||||||
Exchange differences
|
- | - | - | - | - | - | (3,133 | ) | (3,133 | ) | ||||||||||||||||||||||
Profit (loss ) before income tax
|
40,833 | 26,268 | 15,482 | 10,685 | 37,636 | 594 | (33,931 | ) | 97,567 | |||||||||||||||||||||||
Income tax expense
|
- | - | - | - | - | - | (20,696 | ) | (20,696 | ) | ||||||||||||||||||||||
Profit (loss ) prom continued operations
|
40,833 | 26,268 | 15,482 | 10,685 | 37,636 | 594 | (54,627 | ) | 76,871 | |||||||||||||||||||||||
Profit (loss ) from discontinued operations
|
- | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Profit (loss)
|
40,833 | 26,268 | 15,482 | 10,685 | 37,636 | 594 | (54,627 | ) | 76,871 | |||||||||||||||||||||||
Profit (loss ) attributable to:
|
||||||||||||||||||||||||||||||||
Profit (loss ) attributable to the controlling ownership
|
- | - | - | - | - | - | - | 76,493 | ||||||||||||||||||||||||
Profit (loss ) attributable to participations non-controlling
|
- | - | - | - | - | - | 378 | |||||||||||||||||||||||||
Profit (loss)
|
- | - | - | - | - | - | - | 76,871 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.3
|
Assets and liabilities by operating segment based on product groups as of March 31, 2011:
|
Items in the statement of
comprehensive income
|
Specialty plant
nutrients
ThUS$
|
Iodine and
its
derivatives
ThUS$
|
Lithium
and its
derivatives
ThUS$
|
Industrial
chemicals
ThUS$
|
Potassium
chloride
ThUS$
|
Other
products
and
services
ThUS$
|
Corporate
unit
ThUS$
|
Eliminations
consolidation
process
associated
with operating
segments
ThUS$
|
Total
segments
and
Corporate
Unit
ThUS$
|
|||||||||||||||||||||||||||
Current assets
|
- | - | - | - | - | - | 5,338,749 | (3,583,134 | ) | 1,755,615 | ||||||||||||||||||||||||||
Non-current assets
|
- | - | - | - | - | - | 4,319,994 | (2,591,352 | ) | 1,728,642 | ||||||||||||||||||||||||||
Total assets
|
- | - | - | - | - | - | 9,658,743 | (6,174,486 | ) | 3,484,257 | ||||||||||||||||||||||||||
Current liabilities
|
- | - | - | - | - | - | 3,775,309 | (3,287,954 | ) | 487,355 | ||||||||||||||||||||||||||
Non-current liabilities
|
- | - | - | - | - | - | 1,457,430 | (241,059 | ) | 1,216,371 | ||||||||||||||||||||||||||
Total shareholders’ equity
|
- | - | - | - | - | - | 4,426,004 | (2,645,473 | ) | 1,780,531 | ||||||||||||||||||||||||||
Total Liability and shareholders’ equity
|
- | - | - | - | - | - | 9,658,743 | (6,174,486 | ) | 3,484,257 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.3
|
Assets and liabilities by operating segment based on product groups as of December 31, 2010:
|
Items in the statement of
comprehensive income
|
Specialty plant
nutrients
ThUS$
|
Iodine and
its
derivatives
ThUS$
|
Lithium
and its
derivatives
ThUS$
|
Industrial
chemicals
ThUS$
|
Potassium
chloride
ThUS$
|
Other
products
and
services
ThUS$
|
Corporate
unit
ThUS$
|
Eliminations
consolidation
process
associated
with operating
segments
ThUS$
|
Total
segments
and
Corporate
Unit
ThUS$
|
|||||||||||||||||||||||||||
Current assets
|
- | - | - | - | - | - | 4,938,010 | (3,242,747 | ) | 1,695,263 | ||||||||||||||||||||||||||
Non-current assets
|
- | - | - | - | - | - | 4,081,722 | (2,404,149 | ) | 1,677,573 | ||||||||||||||||||||||||||
Total assets
|
- | - | - | - | - | - | 9,019,732 | (5,646,896 | ) | 3,372,836 | ||||||||||||||||||||||||||
Current liabilities
|
- | - | - | - | - | - | 3,430,952 | (2,954,115 | ) | 476,837 | ||||||||||||||||||||||||||
Non-current liabilities
|
- | - | - | - | - | - | 1,457,467 | (232,288 | ) | 1,225,179 | ||||||||||||||||||||||||||
Total shareholders’ equity
|
- | - | - | - | - | - | 4,131,313 | (2,460,493 | ) | 1,670,820 | ||||||||||||||||||||||||||
Total Liability and shareholders’ equity
|
- | - | - | - | - | - | 9,019,732 | (5,646,896 | ) | 3,372,836 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.4
|
Disbursements of the segment’s non-cash assets as of March 31, 2011:
|
Identification of disbursements of non-monetary assets
|
Chile
ThUS$
|
Latin America
and the
Caribbean
ThUS$
|
Europe
ThUS$
|
North America
ThUS$
|
Asia and
others
ThUS$
|
Balances
according to the
Statement of
Financial
Position
ThUS$
|
||||||||||||||||||
Investments in joint ventures
|
- | - | - | - | 2,500 | 2,500 | ||||||||||||||||||
SQM Quindao - Star
|
- | - | - | - | - | - | ||||||||||||||||||
SQM Migao Sichuan
|
2,500 | 2,500 | ||||||||||||||||||||||
Amounts in additions of non-current assets
|
112,431 | - | - | - | - | 112,431 | ||||||||||||||||||
- Property, plant and equipment
|
112,341 | - | - | - | - | 112,341 | ||||||||||||||||||
- Intangible assets
|
90 | - | - | - | - | 90 | ||||||||||||||||||
Total segments
|
112,431 | - | - | - | 2,500 | 114,931 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.4
|
Disbursements of the segment’s non-cash assets as of December 31, 2010:
|
Identification of disbursements of non-monetary assets
|
Chile
ThUS$
|
Latin America
and the
Caribbean
ThUS$
|
Europe
ThUS$
|
North America
ThUS$
|
Asia and
others
ThUS$
|
Balances
according to the
Statement of
Financial
Position
ThUS$
|
||||||||||||||||||
Investments in joint ventures
|
- | - | - | - | 3,500 | 3,500 | ||||||||||||||||||
SQM Quindao - Star
|
- | - | - | - | 1,000 | 1,000 | ||||||||||||||||||
SQM Migao Sichuan
|
2,500 | 2,500 | ||||||||||||||||||||||
Amounts in additions of non-current assets
|
335,997 | - | - | - | - | 335,997 | ||||||||||||||||||
- Property, plant and equipment
|
335,632 | - | - | - | - | 335,632 | ||||||||||||||||||
- Intangible assets
|
365 | - | - | - | - | 365 | ||||||||||||||||||
Total segments
|
335,997 | - | - | - | 3,500 | 339,497 |
26.5
|
Information on products and services for external customers
|
Items in the statement of comprehensive
income
|
Specialty plant
nutrients
ThUS$
|
Iodine and
its
derivatives
ThUS$
|
Lithium and
its
derivatives
ThUS$
|
Industrial
chemicals
ThUS$
|
Potassium
chloride
ThUS$
|
Other
products
and services
ThUS$
|
Total
segments and
Corporate Unit
ThUS$
|
|||||||||||||||||||||
Revenue
|
170,999 | 93,866 | 42,327 | 34,267 | 125,324 | 13,252 | 480,035 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.5
|
Information on products and services for external customers (continued)
|
Items in the statement of comprehensive
income
|
Specialty plant
nutrients
ThUS$
|
Iodine and
its
derivatives
ThUS$
|
Lithium and
its
derivatives
ThUS$
|
Industrial
chemicals
ThUS$
|
Potassium
chloride
ThUS$
|
Other
products
and services
ThUS$
|
Total
segments and
Corporate Unit
ThUS$
|
|||||||||||||||||||||
Revenue
|
128,165 | 62,919 | 33,914 | 27,414 | 124,673 | 11,438 | 388,523 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.6
|
Information on geographical areas
|
26.7
|
Revenue from external customers, classified by geographical areas as of March 31, 2011:
|
Identification of revenue from external customers
|
Chile
ThUS$
|
Latin America and
the Caribbean
ThUS$
|
Europe
ThUS$
|
North America
ThUS$
|
Asia and others
ThUS$
|
Balances
according to the
Statement of
comprehensive
income
ThUS$
|
||||||||||||||||||
Revenue
|
32,332 | 46,975 | 220,719 | 112,264 | 67,745 | 480,035 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.7
|
Revenue from external customers, classified by geographical areas of March 31, 2010:
|
Identification of revenue from external customers
|
Chile
ThUS$
|
Latin America
and the
Caribbean
ThUS$
|
Europe
ThUS$
|
North America
ThUS$
|
Asia and others
ThUS$
|
Balances
according to
the Statement
of
comprehensive
income
ThUS$
|
||||||||||||||||||
Revenue
|
17,889 | 44,045 | 153,585 | 100,276 | 72,728 | 388,523 |
26.8
|
Non-current assets classified by geographical area as of March 31, 2011:
|
Non-current asset item, adjusted (IFRS 8,33,b,1/11/2006)
|
Chile
ThUS$
|
Latin America
and the
Caribbean
ThUS$
|
Europe
ThUS$
|
North America
ThUS$
|
Asia and others
ThUS$
|
Balances
according to
the Statement
of Financial
Position
ThUS$
|
||||||||||||||||||
Investments in associates recognized using the equity method of accounting
|
1,505 | - | 21,360 | 7,660 | 36,519 | 67,044 | ||||||||||||||||||
Intangible assets other than goodwill
|
3,771 | - | 3 | 486 | - | 4,260 | ||||||||||||||||||
Goodwill
|
26,929 | 86 | 11,373 | - | - | 38,388 | ||||||||||||||||||
Property, plant and equipment, net
|
1,513,290 | 1,553 | 288 | 37 | 182 | 1,515,350 | ||||||||||||||||||
Investment property
|
1,365 | - | - | - | - | 1,365 | ||||||||||||||||||
Other non-current assets
|
20,553 | 317 | - | - | 366 | 21,236 | ||||||||||||||||||
Balance to date
|
1,567,413 | 1,956 | 33,024 | 8,183 | 37,067 | 1,647,643 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.8
|
Non-current assets classified by geographical area, as of December 31, 2010:
|
Non-current asset item, adjusted (IFRS 8,33,b,1/11/2006)
|
Chile
ThUS$
|
Latin America
and the
Caribbean
ThUS$
|
Europe
ThUS$
|
North America
ThUS$
|
Asia and others
ThUS$
|
Balances
according to
the Statement
of Financial
Position
ThUS$
|
||||||||||||||||||
Investments in associates recognized using the equity method of accounting
|
1,352 | - | 19,615 | 7,251 | 34,053 | 62,271 | ||||||||||||||||||
Intangible assets other than goodwill
|
2,765 | - | 4 | 501 | - | 3,270 | ||||||||||||||||||
Goodwill
|
24,147 | 86 | 11,373 | 724 | 2,058 | 38,388 | ||||||||||||||||||
Property, plant and equipment, net
|
1,451,576 | 1,858 | 331 | 40 | 168 | 1,453,973 | ||||||||||||||||||
Investment property
|
1,373 | - | - | - | - | 1,373 | ||||||||||||||||||
Other non-current assets
|
112,820 | 227 | - | 3,293 | 373 | 116,713 | ||||||||||||||||||
Balance to date
|
1,594,033 | 2,171 | 31,323 | 11,809 | 36,652 | 1,675,988 |
26.9
|
Information on the main customers
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.10
|
Property, plant and equipment classified by geographical areas as of March 31, 2011:
|
Property, plant and equipment
|
Chile
|
Latin America
and the
Caribbean
|
Europe
|
North America
|
Asia and others
|
Total
|
||||||||||||||||||
3/31/2011
|
||||||||||||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||
Production facilities:
|
||||||||||||||||||||||||
Coya Sur
|
261,613 | - | - | - | - | 261,613 | ||||||||||||||||||
María Elena
|
139,125 | - | - | - | - | 139,125 | ||||||||||||||||||
Nueva Victoria
|
201,858 | - | - | - | - | 201,858 | ||||||||||||||||||
Pampa Blanca
|
19,963 | - | - | - | - | 19,963 | ||||||||||||||||||
Pedro de Valdivia
|
92,519 | - | - | - | - | 92,519 | ||||||||||||||||||
Salar de Atacama
|
497,055 | - | - | - | - | 497,055 | ||||||||||||||||||
Salar del Carmen
|
213,065 | - | - | - | - | 213,065 | ||||||||||||||||||
Tocopilla (port facilities)
|
66,069 | - | - | - | - | 66,069 | ||||||||||||||||||
Subtotal production facilities
|
1,491,267 | - | - | - | - | 1,491,267 | ||||||||||||||||||
Corporate facilities:
|
||||||||||||||||||||||||
Santiago
|
14,933 | - | - | - | - | 14,933 | ||||||||||||||||||
Antofagasta
|
5,692 | - | - | - | - | 5,692 | ||||||||||||||||||
Subtotal corporate facilities
|
20,625 | - | - | - | - | 20,625 | ||||||||||||||||||
Subtotal business offices
|
1,398 | 1,553 | 288 | 37 | 182 | 3,458 | ||||||||||||||||||
Total segments
|
1,513,290 | 1,553 | 288 | 37 | 182 | 1,515,350 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
26.10
|
Property, plant and equipment classified by geographical areas as of December 31, 2010:
|
Property, plant and equipment
|
Chile
|
Latin America
and the
Caribbean
|
Europe
|
North America
|
Asia and others
|
Total
|
||||||||||||||||||
12/31/2010
|
||||||||||||||||||||||||
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
|||||||||||||||||||
Production facilities:
|
||||||||||||||||||||||||
Coya Sur
|
256,570 | - | - | - | - | 256,570 | ||||||||||||||||||
María Elena
|
144,233 | - | - | - | - | 144,233 | ||||||||||||||||||
Nueva Victoria
|
202,134 | - | - | - | - | 202,134 | ||||||||||||||||||
Pampa Blanca
|
20,381 | - | - | - | - | 20,381 | ||||||||||||||||||
Pedro de Valdivia
|
84,992 | - | - | - | - | 84,992 | ||||||||||||||||||
Salar de Atacama
|
442,281 | - | - | - | - | 442,281 | ||||||||||||||||||
Salar del Carmen
|
213,488 | - | - | - | - | 213,488 | ||||||||||||||||||
Tocopilla (port facilities)
|
63,521 | - | - | - | - | 63,521 | ||||||||||||||||||
Subtotal production facilities
|
1,427,600 | - | - | - | - | 1,427,600 | ||||||||||||||||||
Corporate facilities:
|
||||||||||||||||||||||||
Santiago
|
14,506 | - | - | - | - | 14,506 | ||||||||||||||||||
Antofagasta
|
6,831 | - | - | - | - | 6,831 | ||||||||||||||||||
Subtotal corporate facilities
|
21,337 | - | - | - | - | 21,337 | ||||||||||||||||||
Subtotal business offices
|
2,639 | 1,858 | 331 | 40 | 168 | 5,036 | ||||||||||||||||||
Total segments
|
1,451,576 | 1,858 | 331 | 40 | 168 | 1,453,973 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
a) Other operating income
|
3/31/2011
ThUS$
|
3/31/2010
ThUS$
|
||||||
Discounts obtained from suppliers
|
135 | 122 | ||||||
Indemnities received
|
285 | - | ||||||
Fines charged to suppliers
|
38 | 12 | ||||||
Insurance recovery
|
333 | 7 | ||||||
Overestimate of provision for obligation with third parties
|
556 | 479 | ||||||
Bad debt overestimate
|
104 | - | ||||||
Sale of fixed assets
|
99 | 1 | ||||||
Sale of materials, spare parts and supplies
|
302 | 227 | ||||||
Other operating income
|
818 | 29 | ||||||
Miscellaneous services
|
26 | 328 | ||||||
Indemnities at Minera Esperanza
|
57 | 420 | ||||||
Overestimate of provision on inventories
|
583 | - | ||||||
Total
|
3,336 | 1,625 |
b) Other expenses by function
|
3/31/2011
ThUS$
|
3/31/2010
ThUS$
|
||||||
Bad debt impairment
|
563 | 309 | ||||||
V.A.T. and other non-recoverable taxes
|
147 | 104 | ||||||
Fines paid
|
35 | 100 | ||||||
Expenses related to investment plan
|
2,363 | 2,900 | ||||||
Grants not accepted as credit
|
386 | 857 | ||||||
Indemnities paid
|
871 | - | ||||||
Legal expenses
|
2,049 | 5 | ||||||
Depreciation of paralyzed assets
|
7,096 | - | ||||||
Other operating expenses
|
1,455 | 769 | ||||||
Total
|
14,965 | 5,044 |
c) Other gains or losses
|
3/31/2011
ThUS$
|
3/31/2010
ThUS$
|
||||||
Provision for retirement program
|
- | 1,200 | ||||||
Prior year equity value adjustment
|
109 | 34 | ||||||
Accrual for temporary closure of operations at El Toco
|
- | 5,900 | ||||||
Other
|
- | 12 | ||||||
Total
|
(109 | ) | (7,146 | ) |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
28.1
|
Current tax receivables:
|
3/31/2011
|
12/31/2010
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Monthly tax provisional payments, Chilean companies, current year, net
|
555 | 19,614 | ||||||
Monthly tax provisional payments, Chilean companies, prior year
|
21,421 | 2,158 | ||||||
Monthly tax provisional payments, foreign companies
|
853 | 562 | ||||||
First category tax credits
|
1,112 | 1,111 | ||||||
First category tax absorbed by tax losses
|
1,507 | 9,328 | ||||||
Total
|
25,448 | 32,773 |
28.2
|
Current tax payables:
|
3/31/2011
|
12/31/2010
|
|||||||
Taxes payable
|
ThUS$
|
ThUS$
|
||||||
First category tax and royalty
|
20,454 | 5,915 | ||||||
Foreign company income tax
|
2,869 | 1,174 | ||||||
Article 21 unique tax
|
18 | 24 | ||||||
Total
|
23,341 | 7,113 |
28.3
|
Tax earnings
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||
Tax earnings with credit
|
783,081 | 602,536 | ||||||
Tax earnings with no credit
|
125,587 | 86,920 | ||||||
Tax losses
|
13,796 | 21,630 | ||||||
Credit for shareholders
|
165,851 | 123,322 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
28.4
|
Income and deferred taxes
|
|
1
|
The Company has legally recognized before the tax authority the right to offset the amounts recognized in these entries; and
|
2
|
Deferred income tax assets and liabilities are derived from income tax related to the same tax authority on:
|
(i)
|
the same entity of tax subject; or
|
(ii)
|
different entities or subjects to tax effects who intend either to settle current fiscal assets and liabilities for their net amount, either realize assets or pay liabilities simultaneously in each of the future periods in which the Company expects to settle or recover significant amounts of deferred tax assets or liabilities.
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
28.4
|
Income and deferred taxes (continued)
|
d.1
|
Income tax assets and liabilities as of March 31, 2011 are detailed as follows:
|
Asset net position
|
Liability net position
|
|||||||||||||||
Description of deferred income tax
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||||||
assets and liabilities
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||
Depreciation
|
- | - | - | 89,444 | ||||||||||||
Bad debt impairment
|
16 | 3,565 | - | |||||||||||||
Vacation provision
|
9 | - | 1,981 | - | ||||||||||||
Production expenses
|
- | - | - | 48,255 | ||||||||||||
Unrealized gains (losses) from sales of products
|
- | - | 50,517 | - | ||||||||||||
Bonds fair value
|
- | - | 2,466 | - | ||||||||||||
Staff severance indemnities
|
- | - | - | 2,999 | ||||||||||||
Hedging
|
- | - | - | 20,867 | ||||||||||||
Inventory of products, spare parts and supplies
|
80 | - | 8,028 | - | ||||||||||||
Research and development expenses
|
- | - | - | 4,125 | ||||||||||||
Tax losses
|
- | - | 3,097 | - | ||||||||||||
Capitalized interest
|
- | - | - | 15,485 | ||||||||||||
Expenses in assumption of bank loans
|
- | - | - | 2,171 | ||||||||||||
Unaccrued interest
|
- | - | 165 | - | ||||||||||||
Fair value of property, plant and equipment
|
- | - | 9,627 | - | ||||||||||||
Employee benefits
|
- | - | 8,592 | - | ||||||||||||
Royalty deferred income taxes
|
- | - | - | 9,380 | ||||||||||||
Others
|
175 | - | 4,627 | - | ||||||||||||
Balances to date
|
280 | - | 92,665 | 192,726 | ||||||||||||
Net balance
|
280 | - | - | 100,061 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
d.2
|
Income tax assets and liabilities as of December 31, 2010 are detailed as follows:
|
Asset net position
|
Liability net position
|
|||||||||||||||
Description of deferred income tax
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
||||||||||||
assets and liabilities
|
ThUS$
|
ThUS$
|
ThUS$
|
ThUS$
|
||||||||||||
Depreciation
|
- | - | - | 88,785 | ||||||||||||
Bad debt impairment
|
139 | - | 3,452 | - | ||||||||||||
Vacation provision
|
9 | - | 2,382 | - | ||||||||||||
Production expenses
|
- | - | - | 47,442 | ||||||||||||
Unrealized gains (losses) from sales of products
|
- | - | 49,181 | - | ||||||||||||
Bonds fair value
|
- | - | 1,886 | - | ||||||||||||
Staff severance indemnities
|
- | - | - | 2,984 | ||||||||||||
Hedging
|
- | - | - | 20,739 | ||||||||||||
Inventory of products, spare parts and supplies
|
- | 1,050 | 8,950 | - | ||||||||||||
Research and development expenses
|
- | - | - | 4,215 | ||||||||||||
Tax losses
|
796 | - | 2,748 | - | ||||||||||||
Capitalized interest
|
- | - | - | 14,784 | ||||||||||||
Expenses in assumption of bank loans
|
- | - | - | 2,278 | ||||||||||||
Unaccrued interest
|
- | - | 261 | - | ||||||||||||
Fair value of property, plant and equipment
|
- | - | 9,634 | - | ||||||||||||
Employee benefits
|
- | - | 6,052 | - | ||||||||||||
Royalty deferred income taxes
|
- | - | - | 7,462 | ||||||||||||
Other
|
471 | - | 3,362 | - | ||||||||||||
Balances to date
|
1,415 | 1,050 | 87,908 | 188,689 | ||||||||||||
Net balance
|
365 | - | - | 100,781 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
3/31/2010
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Chile
|
2,647 | 18,440 | ||||||
Other countries
|
450 | 1,063 | ||||||
Balances to date
|
3,097 | 19,503 |
3/31/2011
|
3/31/2010
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Assets (liabilities)
|
Assets (liabilities)
|
|||||||
Tax losses
|
251 | 251 | ||||||
Bad debt impairment
|
98 | 98 | ||||||
Inventory impairment
|
704 | 704 | ||||||
Pensions plan
|
266 | 266 | ||||||
Vacation provision
|
29 | 29 | ||||||
Depreciation
|
(67 | ) | (67 | ) | ||||
other
|
(17 | ) | (17 | ) | ||||
Balances to date
|
1,264 | 1,264 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
d.5
|
Movements in deferred tax liabilities
|
3/31/2011
|
12/31/2010
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Liabilities
(assets)
|
Liabilities
(assets)
|
|||||||
Beginning balance of deferred income tax liabilities
|
100,781 | 53,802 | ||||||
Increase (decrease) in deferred income taxes in profit or loss
|
(140 | ) | 47,230 | |||||
Increase (decrease) in deferred income taxes in equity
|
(580 | ) | (251 | ) | ||||
Balances to date
|
100,061 | 100,781 |
d.6
|
Information to be disclosed on profit or loss tax expense (profit)
|
|
(a)
|
a transaction or event which is recognized in the same period or in a different period, off-income either in other comprehensive income or directly in equity; or
|
(b)
|
a business combination
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
ThUS$
|
3/31/2010
ThUS$
|
|||||||
Income
(expenses)
|
Income
(expenses)
|
|||||||
Expense for current income tax
|
||||||||
Expense for current income taxes
|
(39,012 | ) | (13,770 | ) | ||||
Adjustments to prior period current income tax
|
- | 53 | ||||||
Total expense for current income tax, net
|
(39,012 | ) | (13,717 | ) | ||||
Expense for deferred income taxes
|
||||||||
Deferred tax expense (income) related to the creation and reversal of temporary differences
|
56 | (6,979 | ) | |||||
Deferred tax expense (income) related to changes in tax rates or after the application of new taxes
|
- | - | ||||||
Total expense for deferred income taxes, net
|
56 | (6,979 | ) | |||||
Expense (income) for income taxes
|
(38,956 | ) | (20,696 | ) |
3/31/2011
ThUS$
Profit (losses)
|
3/31/2010
ThUS$
Profit (losses)
|
|||||||
Current income tax expense by domestic and foreign parties, net
|
||||||||
Current income tax expense, foreign parties, net
|
388 | (1,022 | ) | |||||
Current income tax expense, domestic, net
|
(39,400 | ) | (12,695 | ) | ||||
Total current income tax expense, net
|
(39,012 | ) | (13,717 | ) | ||||
Deferred income taxes by foreign and domestic parties, net
|
||||||||
Deferred income tax expense, foreign parties, net
|
(404 | ) | (615 | ) | ||||
Deferred income tax expense, domestic, net
|
460 | (6,364 | ) | |||||
Total deferred income tax expense, net
|
56 | (6,979 | ) | |||||
Expense (income) for income taxes
|
(38,956 | ) | (20,696 | ) |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
d.7
|
Participation in taxation attributable to investments recognized according to the equity method:
|
|
(a)
|
the controller, investor or participant is able to control the time for reversal of the temporary difference; and
|
|
(b)
|
it is possible that the temporary difference is not reversed in the foreseeable future.
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
d.8
|
Information to be disclosed on the tax effects of other comprehensive income components:
|
3/31/2011
|
||||||||||||
Income tax related to components of other
income and expense with a charge or
credit to net equity
|
Amount
before taxes
|
ThUS$
Expense
(income) for
income
taxes
|
Amount
after taxes
|
|||||||||
Cash flow hedging
|
(2,900 | ) | 580 | (2,320 | ) | |||||||
Total
|
(2,900 | ) | 580 | (2,320 | ) |
3/31/2010
|
||||||||||||
Income tax related to components of other
income and expense with a charge or credit to
net equity
|
Amount
before
taxes
|
ThUS$
Expense
(income) for
income
taxes
|
Amount
after taxes
|
|||||||||
Cash flow hedging
|
10,799 | (1,836 | ) | 8,963 | ||||||||
Total
|
10,799 | (1,836 | ) | 8,963 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
d.9
|
Explanation of the relationship between expense (income) for taxes and accounting income
|
3/31/2011
|
3/31/2010
|
|||||||
ThUS$
|
ThUS$
|
|||||||
Profit
(losses)
|
Profit
(losses)
|
|||||||
Consolidated income before taxes
|
151,087 | 97,567 | ||||||
Income tax rate in force in Chile
|
20 | % | 17 | % | ||||
Tax expense using the legal rate
|
(30,217 | ) | (16,586 | ) | ||||
Effect of payment of specific tax on mining activities (royalty)
|
(6,582 | ) | (2,847 | ) | ||||
Tax effect of tax exempt revenue
|
990 | 735 | ||||||
Tax effect of rates on non-deductible expenses to determine taxable profit (loss)
|
(852 | ) | (308 | ) | ||||
Tax effect on rates supported abroad
|
(718 | ) | (3,360 | ) | ||||
Other tax effects due to reconciliation between profit for accounting purposes and tax expense (income)
|
(1,577 | ) | 1,670 | |||||
Tax expense using the effective rate
|
(38,956 | ) | (20,696 | ) |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
d.10
|
Tax periods potentially subject to verification:
|
|
a)
|
Chile
|
|
b)
|
United States of America
|
|
c)
|
Mexico:
|
|
d)
|
Spain:
|
|
e)
|
Belgium:
|
|
f)
|
South Africa:
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
28.5
|
Amendments to the Income Tax Law and Specific Tax on Mining (Royalty) in Chile
|
|
a)
|
Amendment on first category income tax
|
|
b)
|
Amendment of the specific tax on mining activities (tax royalty)
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Class of asset
|
Currency
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||
Current assets:
|
||||||||||
Cash and cash equivalents
|
CLP
|
315,153 | 332,624 | |||||||
Cash and cash equivalents
|
EUR
|
5,463 | 6,709 | |||||||
Cash and cash equivalents
|
ZAR
|
3,472 | 1,523 | |||||||
Cash and cash equivalents
|
BRL
|
2 | 22 | |||||||
Cash and cash equivalents
|
YEN
|
1,131 | 1,193 | |||||||
Cash and cash equivalents
|
CNY
|
96 | 104 | |||||||
Cash and cash equivalents
|
PEN
|
51 | 13 | |||||||
Cash and cash equivalents
|
ARS
|
1 | - | |||||||
Cash and cash equivalents
|
INR
|
5 | 16 | |||||||
Cash and cash equivalents
|
GBP
|
4 | 5 | |||||||
Cash and cash equivalents
|
MXN
|
186 | 102 | |||||||
Subtotal cash and cash equivalents
|
325,564 | 342,311 | ||||||||
Other current financial assets
|
CLP
|
41,455 | 69,818 | |||||||
Subtotal other current financial assets
|
41,455 | 69,818 | ||||||||
Other non- financial current assets
|
CLP
|
19,915 | 30,966 | |||||||
Other non- financial current assets
|
CLF
|
12 | 21 | |||||||
Other non- financial current assets
|
EUR
|
4,334 | 4,303 | |||||||
Other non- financial current assets
|
ZAR
|
690 | 167 | |||||||
Other non- financial current assets
|
ARS
|
42 | 42 | |||||||
Other non- financial current assets
|
BRL
|
5 | 2 | |||||||
Other non- financial current assets
|
YEN
|
15 | - | |||||||
Other non- financial current assets
|
CNY
|
19 | 23 | |||||||
Other non- financial current assets
|
PEN
|
260 | 331 | |||||||
Other non- financial current assets
|
AUD
|
57 | - | |||||||
Other non- financial current assets
|
MXN
|
886 | 552 | |||||||
Subtotal other non-financial current assets
|
26,235 | 36,407 | ||||||||
Trade and other receivables
|
CLP
|
93,820 | 114,108 | |||||||
Trade and other receivables
|
CLF
|
969 | 1,015 | |||||||
Trade and other receivables
|
EUR
|
109,131 | 97,193 | |||||||
Trade and other receivables
|
ZAR
|
11,754 | 7,292 | |||||||
Trade and other receivables
|
AUD
|
396 | - | |||||||
Trade and other receivables
|
BRL
|
47 | 64 | |||||||
Trade and other receivables
|
ARS
|
5 | 5 | |||||||
Trade and other receivables
|
YEN
|
- | 2 | |||||||
Trade and other receivables
|
CNY
|
52 | 48 | |||||||
Trade and other receivables
|
PEN
|
- | 2 | |||||||
Trade and other receivables
|
GBP
|
1,230 | 409 | |||||||
Trade and other receivables
|
MXN
|
167 | 58 | |||||||
Subtotal trade and other receivables
|
217,571 | 220,196 | ||||||||
Trade receivables due from related parties
|
CLP
|
151 | 111 | |||||||
Trade receivables due from related parties
|
EUR
|
4,484 | 2,651 | |||||||
Subtotal trade receivables due from related parties
|
4,635 | 2,762 | ||||||||
Current tax assets
|
CLP
|
1,780 | 9,098 | |||||||
Current tax assets
|
EUR
|
175 | 140 | |||||||
Current tax assets
|
ZAR
|
- | 123 | |||||||
Current tax assets
|
YEN
|
4 | 16 | |||||||
Current tax assets
|
CNY
|
16 | 20 | |||||||
Current tax assets
|
AUD
|
165 | - | |||||||
Current tax assets
|
PEN
|
109 | 61 | |||||||
Current tax assets
|
MXN
|
24 | 39 | |||||||
Subtotal current tax assets
|
2,273 | 9,497 | ||||||||
Total current taxes
|
617,733 | 680,991 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
Class of asset
|
Currency
|
3/31/2011
ThUS$
|
12/31/2010
ThUS$
|
|||||||
Non-current assets:
|
||||||||||
Other non-current financial assets
|
CLP
|
20 | 20 | |||||||
Other non-current financial assets
|
EUR
|
3 | 3 | |||||||
Other non-current financial assets
|
BRL
|
32 | 34 | |||||||
Other non-current financial assets
|
YEN
|
57 | 58 | |||||||
Subtotal other non-current financial assets
|
112 | 115 | ||||||||
Other non-financial and non-current assets
|
CLP
|
580 | 599 | |||||||
Other non-financial and non-current assets
|
CLF
|
- | - | |||||||
Other non-financial and non-current assets
|
BRL
|
232 | 227 | |||||||
Other non-financial and non-current assets
|
YEN
|
366 | 373 | |||||||
Subtotal other non-financial and non- current assets
|
1,178 | 1,199 | ||||||||
Non- current rights receivable
|
CLP
|
394 | 469 | |||||||
Non- current rights receivable
|
CLF
|
579 | 633 | |||||||
Subtotal non-current rights receivable
|
973 | 1,102 | ||||||||
Investments recorded using participation method
|
CLP
|
1,505 | 1,352 | |||||||
Investments recorded using participation method
|
EUR
|
11,177 | 9,560 | |||||||
Investments recorded using participation method
|
AED
|
25,222 | 24,168 | |||||||
Investments recorded using participation method
|
INR
|
430 | 432 | |||||||
Investments recorded using participation method
|
TRY
|
12,302 | 11,988 | |||||||
Investments recorded using participation method
|
EGP
|
1,435 | 1,435 | |||||||
Investments recorded using participation method
|
THB
|
1,544 | 1,543 | |||||||
Subtotal investments recorded using participation method
|
53,615 | 50,478 | ||||||||
Intangible assets other than goodwill
|
CLP
|
41 | - | |||||||
Subtotal Intangible assets other than goodwill
|
|
41 | - | |||||||
Goodwill
|
CLP
|
735 | 735 | |||||||
Subtotal Goodwill
|
735 | 735 | ||||||||
Property, plant and equipment
|
CLP
|
3,375 | 1,762 | |||||||
Subtotal Property, plant and equipment
|
3,375 | 1,762 | ||||||||
Total non-current assets
|
60,029 | 55,391 | ||||||||
Total assets
|
677,762 | 736,382 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
12/31/2010
|
|||||||||||||||||||||||||
Class of liability
|
Currency
|
Up to 90 days
ThUS$
|
More than 90
days to 1
year
ThUS$
|
Total
ThUS$
|
Up to 90
days ThUS$
|
More than 90
days to 1
year
ThUS$
|
Total
ThUS$
|
|||||||||||||||||||
Current liabilities
|
||||||||||||||||||||||||||
Other current financial liabilities
|
CLF
|
4,182 | 5,284 | 9,466 | 3,577 | 7,749 | 11,326 | |||||||||||||||||||
Other current financial liabilities
|
CLP
|
- | - | - | 814 | 1,508 | 2,322 | |||||||||||||||||||
Other current financial liabilities
|
EUR
|
- | 1,377 | 1,377 | - | - | - | |||||||||||||||||||
Subtotal other current financial liabilities
|
4,182 | 6,661 | 10,843 | 4,391 | 9,257 | 13,648 | ||||||||||||||||||||
Trade and other payables
|
CLP
|
62,659 | 22,990 | 85,649 | 85,403 | - | 85,403 | |||||||||||||||||||
Trade and other payables
|
CLF
|
- | 118 | 118 | - | - | - | |||||||||||||||||||
Trade and other payables
|
EUR
|
19,218 | 1,361 | 20,579 | 22,356 | 1,535 | 23,891 | |||||||||||||||||||
Trade and other payables
|
INR
|
1 | - | 1 | 1 | - | 1 | |||||||||||||||||||
Trade and other payables
|
ARS
|
3 | - | 3 | 1 | - | 1 | |||||||||||||||||||
Trade and other payables
|
BRL
|
360 | - | 360 | 341 | - | 341 | |||||||||||||||||||
Trade and other payables
|
PEN
|
38 | 2 | 40 | 43 | - | 43 | |||||||||||||||||||
Trade and other payables
|
MXN
|
2,415 | 219 | 2,634 | 1,020 | 140 | 1,160 | |||||||||||||||||||
Trade and other payables
|
GBP
|
1 | - | 1 | 40 | - | 40 | |||||||||||||||||||
Trade and other payables
|
CHF
|
151 | - | 151 | - | - | - | |||||||||||||||||||
Trade and other payables
|
CNY
|
95 | - | 95 | 57 | - | 57 | |||||||||||||||||||
Trade and other payables
|
YEN
|
74 | - | 74 | - | - | - | |||||||||||||||||||
Trade and other payables
|
ZAR
|
2,374 | - | 2,374 | 1,280 | 1,062 | 2,342 | |||||||||||||||||||
Subtotal trade and other payables
|
87,389 | 24,690 | 112,079 | 110,542 | 2,737 | 113,279 | ||||||||||||||||||||
Trade payables due to related parties
|
EUR
|
- | 681 | 681 | - | 997 | 997 | |||||||||||||||||||
Subtotal trade payables due to related parties
|
- | 681 | 681 | - | 997 | 997 | ||||||||||||||||||||
Other short-term provisions
|
CLP
|
39 | 40 | 79 | 20 | - | 20 | |||||||||||||||||||
Other short-term provisions
|
EUR
|
7 | - | 7 | 323 | - | 323 | |||||||||||||||||||
Other short-term provisions
|
ARS
|
36 | - | 36 | - | - | - | |||||||||||||||||||
Other short-term provisions
|
PEN
|
11 | - | 11 | - | - | - | |||||||||||||||||||
Other short-term provisions
|
MXN
|
- | 19 | 19 | - | - | - | |||||||||||||||||||
Other short-term provisions
|
BRL
|
- | - | - | - | 1,634 | 1,634 | |||||||||||||||||||
Subtotal other short-term provisions
|
93 | 59 | 152 | 343 | 1,634 | 1,977 | ||||||||||||||||||||
Current tax liabilities
|
CLP
|
- | 262 | 262 | - | - | - | |||||||||||||||||||
Current tax liabilities
|
EUR
|
- | 77 | 77 | - | 335 | 335 | |||||||||||||||||||
Current tax liabilities
|
ARS
|
- | 5 | 5 | - | - | - | |||||||||||||||||||
Current tax liabilities
|
ZAR
|
- | 392 | 392 | - | - | - | |||||||||||||||||||
Current tax liabilities
|
MXN
|
6 | - | 6 | - | - | - | |||||||||||||||||||
Subtotal current tax liabilities
|
6 | 736 | 742 | - | 335 | 335 | ||||||||||||||||||||
Current provisions for benefits to employees
|
MXN
|
- | 374 | 374 | - | 292 | 292 | |||||||||||||||||||
Current provisions for benefits to employees
|
CLP
|
31,781 | 7,734 | 39,515 | 34,211 | 9,455 | 43,666 | |||||||||||||||||||
Subtotal current provisions for benefits to employees
|
31,781 | 8,108 | 39,889 | 34,211 | 9,747 | 43,958 | ||||||||||||||||||||
Other non-financial current liabilities
|
CLP
|
9,037 | 3,114 | 12,151 | 6,299 | 12,557 | 18,856 | |||||||||||||||||||
Other non-financial current liabilities
|
EUR
|
25 | 4 | 29 | 29 | 84 | 113 | |||||||||||||||||||
Other non-financial current liabilities
|
BRL
|
11 | 8 | 19 | 12 | - | 12 | |||||||||||||||||||
Other non-financial current liabilities
|
MXN
|
262 | 58 | 320 | 710 | 54 | 764 | |||||||||||||||||||
Other non-financial current liabilities
|
PEN
|
102 | 27 | 129 | 79 | - | 79 | |||||||||||||||||||
Other non-financial current liabilities
|
AUD
|
- | - | - | - | 4 | 4 | |||||||||||||||||||
Other non-financial current liabilities
|
CNY
|
- | - | - | 18 | - | 18 | |||||||||||||||||||
Subtotal other non-financial current liabilities
|
9,437 | 3,211 | 12,648 | 7,147 | 12,699 | 19,846 | ||||||||||||||||||||
Total current liabilities
|
132,888 | 44,146 | 177,034 | 156,634 | 37,406 | 194,040 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
3/31/2011
|
12/31/2010
|
|||||||||||||||||||||||||||||||||
Class of liability
|
Currency
|
More than
1 up to 3
years
ThUS$
|
More than
3 up to 5
years
ThUS$
|
More than
5 years
ThUS$
|
Total
ThUS$
|
More
than 1 up
to 3 years
ThUS$
|
More than
3 up to 5
years
ThUS$
|
More than
5 years
ThUS$
|
Total
ThUS$
|
|||||||||||||||||||||||||
Non-current liabilities
|
||||||||||||||||||||||||||||||||||
Other non-current financial liabilities
|
CLF
|
13,504 | 80,326 | 250,000 | 343,830 | - | 66,081 | 284,056 | 350,137 | |||||||||||||||||||||||||
Other non-current financial liabilities
|
CLP
|
43,806 | 107,128 | - | 150,934 | - | 154,485 | - | 154,485 | |||||||||||||||||||||||||
Subtotal other non-current financial liabilities
|
57,310 | 187,454 | 250,000 | 494,764 | - | 220,566 | 284,056 | 504,622 | ||||||||||||||||||||||||||
Other non-current liabilities
|
CLP
|
- | 135 | - | 135 | - | - | - | - | |||||||||||||||||||||||||
Subtotal Other non-current liabilities
|
- | 135 | - | 135 | - | - | - | - | ||||||||||||||||||||||||||
Liabilities due to taxes
|
CLP
|
124 | - | 61 | 185 | 56 | - | 36 | 92 | |||||||||||||||||||||||||
Liabilities due to taxes
|
MXN
|
319 | - | - | 319 | - | - | - | - | |||||||||||||||||||||||||
Subtotal liabilities due to taxes
|
443 | - | 61 | 504 | 56 | - | 36 | 92 | ||||||||||||||||||||||||||
Non-current provisions for benefits to employees
|
CLP
|
- | - | 1,217 | 1,217 | - | - | 1,805 | 1,805 | |||||||||||||||||||||||||
Non-current provisions for benefits to employees
|
MXN
|
- | - | 203 | 203 | - | - | - | - | |||||||||||||||||||||||||
Non-current provisions for benefits to employees
|
JPY
|
- | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Non-current provisions for benefits to employees
|
YEN
|
- | - | 427 | 427 | - | - | - | - | |||||||||||||||||||||||||
Subtotal non-current provisions for benefits to employees
|
- | - | 1,847 | 1,847 | - | - | 1,805 | 1,805 | ||||||||||||||||||||||||||
Total non-current liabilities
|
57,753 | 187,589 | 251,908 | 497,250 | 56 | 220,566 | 285,897 | 506,519 |
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
-
|
Investments recognized using the equity method of accounting
|
|
-
|
Property, plant and equipment
|
|
-
|
Intangible assets
|
|
-
|
Goodwill
|
a)
|
Impairment of investments recognized using the equity method of accounting, property, plant and equipment, intangible assets and goodwill.
|
b)
|
Impairment of financial assets: For the case of financial assets with a trading origin, the Company has defined a policy for the recognition of provision for impairment in consideration of the age of the past due balance.
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|
Notes to the interim consolidated financial statements as of March 31, 2011
|
|
-
|
There are no indications of value impairment in each of intangible assets with an indefinite useful life, as well as intangible assets which are not yet available for their use, comparing their carrying amounts to their recoverable amounts.
|
|
-
|
There are no indications of value impairment on goodwill acquired in a business combination
|
SQM
Los Militares 4290,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2000
www.sqm.com
|