UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of November 2022.
Commission File Number 33-65728
CHEMICAL AND MINING COMPANY OF CHILE
INC.
(Translation of registrant’s name
into English)
El Trovador 4285, Santiago, Chile
(562) 2425-2000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F: x
Form 40-F ¨
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission
in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only
permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities
are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the
registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Santiago, Chile. November 16, 2022.- Sociedad
Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the nine
months ended September 30, 2022, of US$2,755.3 million (US$9.65 per ADR), an increase from US$263.9 million (US$0.92 per ADR) for
the nine months ended September 30, 2021.
Gross profit(2) reached US$4,094.8
million (54.0% of revenues) for the nine months ended September 30, 2022, higher than US$547.3 million (30.8% of revenues) recorded for
the nine months ended September 30, 2021. Revenues totaled US$7,577.0 million for the nine months ended September 30, 2022, representing
an increase of 326% compared to US$1,778.0 million reported for the nine months ended September 30, 2021.
The Company also announced earnings for the third
quarter of 2022, reporting net income of US$1,099.9 million (US$3.85 per ADR) compared to US$106.1 million (US$0.37 per ADR) for the third
quarter of 2021. Gross profit(2) for the third quarter of 2022 reached US$1,632.7 million, higher than the US$224.8 million
recorded for the third quarter of 2021. Revenues totaled US$2,958.3 million, an increase of approximately 347% compared to the third quarter
of 2021, when revenues amounted to US$661.6 million.
SQM’s Chief Executive Officer,
Ricardo Ramos, stated: “We are very pleased with our results for the first nine months of the year. We have believed in the lithium
market for many years, and as a result of this, we have invested heavily in R&D and have quickly expanded capacity. During the first
nine months of the year, we were successfully able to surpass our internal production goals in the business and our sales volumes in the
third quarter were the highest we have ever reported. In addition, lithium prices continued to increase throughout the third quarter.
Our earnings reached record highs as a result of the positive market conditions mentioned above and the investments and risks SQM undertook
over the past years, letting us contribute more than US$3.6 billion to the public coffers due our operations during the first nine months
of the year, which includes more than US$2.3 billion related to the successful public-private alliance with CORFO.”
He continued by saying, “Deepening
our commitment with developing a sustainable lithium industry in Chile, during the third quarter we announced our plans related to the
Salar Futuro project. We believe that this plan will be beneficial for all stakeholders, and we look forward to working
with all of them to reduce our footprint further than our previously announced goals by using innovation, new technologies such as Advanced
Evaporation Technologies (AET), Direct Lithium Extraction (DLE) and by increasing yields and using of sea water. The Salar Futuro
project implies important technological challenges, and investments for more than US$1.5 billion, that would allow us to have, here in
Chile, the most sustainable mining operation in the world. The initial tests allow us to be optimistic; these are fundamental changes
in the technologies and processes currently. These plans could positively change the way lithium mining is done globally and that makes
us very proud.”
He added, “We continue to see
strong signals regarding the future demand growth of lithium. This year we believe demand growth will be over 40% when compared to last
year and for this reason we continue to invest in new projects. In September, we announced the purchase and development of a new plant
in China, that will let us produce up to 30,000 metric tons of lithium hydroxide in China, from lithium sulfate coming from Chile. In
addition to this, today, the board of Directors approved the first stages to expand our lithium hydroxide capacity from 40,000 metric
ton to 100,000 metric ton in Chile. This expansion will require a total investment of an additional US$360 million to the previously announced
capex plan and should be in full operation by 2025. Both projects will allow us to have the flexibility to respond to future market needs
while keep on adding value to the Salar de Atacama operation.”
He closed by saying, “Finally,
during the past few months, we have signed long term contracts for both lithium and iodine, proving our commitment to our businesses and
the mutual trust and collaboration that we have with the main players in the industries in which we operate”.
Segment Analysis
Lithium and Derivatives
Revenues for lithium and derivatives totaled US$5,627.8
million during the nine months ended September 30, 2022, an increase of 1,064% compared to US$483.4 million recorded for the nine months
ended September 30, 2021.
Revenues for lithium and derivatives during the
third quarter of 2022 increased 1,161% compared to the third quarter of 2021. Total revenues amounted to US$2,334.9 million during the
third quarter of 2022, compared to US$185.2 million in the third quarter of 2021.
Lithium and Derivatives Sales Volumes and Revenues:
| | |
| |
| 9M2022 | | |
| 9M2021 | | |
| 2022/2021 | |
| Lithium and Derivatives | |
Th. MT | |
| 113.8 | | |
| 70.0 | | |
| 43.8 | | |
| 63 | % |
| Lithium and Derivatives Revenues | |
MUS$ | |
| 5,627.8 | | |
| 483.4 | | |
| 5,144.4 | | |
| 1064 | % |
| | |
| |
| 3Q2022 | | |
| 3Q2021 | | |
| 2022/2021 | |
| Lithium and Derivatives | |
Th. MT | |
| 41.6 | | |
| 22.0 | | |
| 19.6 | | |
| 89 | % |
| Lithium and Derivatives Revenues | |
MUS$ | |
| 2,334.9 | | |
| 185.2 | | |
| 2,149.7 | | |
| 1161 | % |
Our positive results in the lithium market were
due to significantly higher sales volumes and average prices. During the third quarter 2022 sales volumes surpassed 41,000 metric tons,
an increase of almost 22% compared to the second quarter 2022 and the highest ever reported by the Company. Average prices reached record
high levels, surpassing US$56,000 per metric ton, higher than prices reported during the second quarter 2022. Our average production costs
have remained stable during the third quarter and any fluctuations in the cost of goods sold are a result of payments to Corfo, which
are a function of the prices of lithium.
We believe that global demand for lithium in 2022
will grow at least 40% based on strong electric vehicles sales that we have continued to see in China in recent months. In fact, electric
vehicles sales in China in 2022 are expected to double when compared to 2021, surpassing 6.5 million units. As a result of this strong
demand growth coupled with our ability to surpass our original production goals for the year, we believe that our sales volumes this year
should surpass 150,000 metric tons.
On top of the strong demand growth, similar to
what we have seen in the past, new lithium supply outside of SQM has been delayed and slow to come online, consequently, we believe that
the supply/demand balance will be tight for the remainder of the year and that this high price environment could continue for the remainder
of 2022 and into 2023.
Gross profit(2) for the Lithium
and Derivatives segment accounted for approximately 77% of SQM’s consolidated gross profit for the nine months ended September 30,
2022.
Specialty Plant Nutrition (SPN)
Revenues from our Specialty Plant Nutrition business
line for the nine months ended September 30, 2022 totaled US$898.1 million, a 40.2% increase when compared to US$640.5 million reported
for the nine months ended September 30, 2021.
Third quarter 2022 revenues reached US$292.5 million,
a 27.6% increase when compared to US$229.2 million reported in the third quarter of 2021.
Specialty Plant Nutrition Sales Volumes and
Revenues:
| | |
| |
| 9M2022 | | |
| 9M2021 | | |
| 2022/2021 | |
| Specialty Plant Nutrition Total Volumes | |
Th. MT | |
| 648.6 | | |
| 869.5 | | |
| -220.8 | | |
| -25 | % |
| Sodium Nitrate | |
Th. MT | |
| 12.9 | | |
| 19.3 | | |
| -6.4 | | |
| -33 | % |
| Potassium Nitrate and Sodium Potassium Nitrate | |
Th. MT | |
| 371.1 | | |
| 484.7 | | |
| -113.7 | | |
| -23 | % |
| Specialty Blends | |
Th. MT | |
| 167.6 | | |
| 241.9 | | |
| -74.3 | | |
| -31 | % |
| Other specialty plant nutrients (*) | |
Th. MT | |
| 97.1 | | |
| 123.5 | | |
| -26.4 | | |
| -21 | % |
| Specialty Plant Nutrition Revenues | |
MUS$ | |
| 898.1 | | |
| 640.5 | | |
| 257.7 | | |
| 40 | % |
| | |
| |
| 3Q2022 | | |
| 3Q2021 | | |
| 2022/2021 | |
| Specialty Plant Nutrition Total Volumes | |
Th. MT | |
| 207.9 | | |
| 292.8 | | |
| -84.9 | | |
| -29 | % |
| Sodium Nitrate | |
Th. MT | |
| 6.4 | | |
| 3.8 | | |
| 2.7 | | |
| 71 | % |
| Potassium Nitrate and Sodium Potassium Nitrate | |
Th. MT | |
| 108.5 | | |
| 147.3 | | |
| -38.8 | | |
| -26 | % |
| Specialty Blends | |
Th. MT | |
| 62.3 | | |
| 102.9 | | |
| -40.6 | | |
| -39 | % |
| Other specialty plant nutrients (*) | |
Th. MT | |
| 30.6 | | |
| 38.8 | | |
| -8.2 | | |
| -21 | % |
| Specialty Plant Nutrition Revenues | |
MUS$ | |
| 292.5 | | |
| 229.2 | | |
| 63.3 | | |
| 28 | % |
*Includes
trading of other specialty fertilizers.
Revenues
from specialty plant nutrition business line were positively affected by higher prices, which were almost 80% higher for the nine months
ended September 30, 2022, than prices reported during the same period last year. As a result of these historically high prices and also
the increase in other raw materials, we believe that global demand of agricultural potassium nitrate could decrease 15-20% this year compared
to global demand in 2021. This decrease in demand combined with additional supply that has entered the market from China will pressure
our SPN sales volumes for the year, a continuation of the trend that we saw during the first nine months of the year. Our sales volumes
in 2022 will be significantly lower than what we reported in 2021.
SPN gross profit(2)
accounted for approximately 9% of SQM’s consolidated gross profit for the nine months ended September 30, 2022.
Iodine and Derivatives
Revenues from sales of iodine and derivatives
during the nine months ended September 30, 2022, totaled US$541.8 million, an increase of 65.1% compared to US$328.1 million reported
for the nine months ended September 30, 2021.
Iodine and derivatives revenues for the third
quarter of 2022 amounted to US$215.1 million, an increase of 98.0% compared to US$108.6 million recorded during the third quarter of 2021.
Iodine and Derivative Sales Volumes and Revenues:
| | |
| |
| 9M2022 | | |
| 9M2021 | | |
| 2022/2021 | |
| Iodine and Derivatives | |
Th. MT | |
| 9.6 | | |
| 9.5 | | |
| 0.1 | | |
| 1 | % |
| Iodine and Derivatives Revenues | |
MUS$ | |
| 541.8 | | |
| 328.1 | | |
| 213.6 | | |
| 65 | % |
| | |
| |
| 3Q2022 | | |
| 3Q2021 | | |
| 2022/2021 | |
| Iodine and Derivatives | |
Th. MT | |
| 3.4 | | |
| 3.1 | | |
| 0.3 | | |
| 9 | % |
| Iodine and Derivatives Revenues | |
MUS$ | |
| 215.1 | | |
| 108.6 | | |
| 106.5 | | |
| 98 | % |
Sales volumes
during the third quarter reached 3,400 metric tons, over 9% higher than what we reported during the same period last year. During the
third quarter, we continued to see strong momentum related to prices and our average prices increased approximately 17% when compared
to the second quarter of this year. It is expected that demand growth this year will reach approximately 2-3%, and we expect our sales
volumes to reach over 12,500 metric tons this year.
Gross profit(2) for the Iodine
and Derivatives segment accounted for approximately 8% of SQM’s consolidated gross profit for the nine months ended September 30,
2022.
Potassium: Potassium Chloride &
Potassium Sulfate (MOP & SOP)
Potassium chloride and potassium sulfate
revenues for the nine months ended September 30, 2022, totaled US$356.7 million, higher than revenues reported during the nine months
ended September 30, 2021, which totaled US$208.0 million.
Potassium chloride and potassium sulfate
revenues decreased in the third quarter of 2022, reaching US$60.2 million, compared to US$88.7 million for the third quarter of 2021.
Potassium Chloride & Potassium Sulfate
Sales Volumes and Revenues:
| | |
| |
| 9M2022 | | |
| 9M2021 | | |
| 2022/2021 | |
| Potassium Chloride and Potassium Sulfate | |
Th. MT | |
| 382.0 | | |
| 588.6 | | |
| -206.6 | | |
| -35.1 | % |
| Potassium Chloride and Potassium Sulfate Revenues | |
MUS$ | |
| 356.7 | | |
| 208.0 | | |
| 148.7 | | |
| 71.5 | % |
| | |
| |
| 3Q2022 | | |
| 3Q2021 | | |
| 2022/2021 | |
| Potassium Chloride and Potassium Sulfate | |
Th. MT | |
| 62.7 | | |
| 201.8 | | |
| -139.1 | | |
| -69 | % |
| Potassium Chloride and Potassium Sulfate Revenues | |
MUS$ | |
| 60.2 | | |
| 88.7 | | |
| -28.6 | | |
| -32 | % |
Revenues in the potassium chloride
business line for the nine months ended September 30, 2022, were positively impacted by high level prices in the potassium chloride market
and which were almost 165% higher than prices reported during the same period last year. As a result of high prices, we have seen downward
pressure on global demand and believe it will decrease significantly during 2022 when compared to 2021. In recent months, this decrease
in demand has already begun to impact prices and during the third quarter our average prices decreased approximately 3% when compared
to the second quarter of this year. This downward price movement is expected to continue into the fourth quarter of the year. Sales during
the third quarter this year were affected by tougher market conditions, specifically in Brazil, which is one of our main markets. We believe
sales volumes in this business line will be approximately 500,000 metric tons this year.
Gross profit(2) for
potassium chloride and potassium sulfate accounted for approximately 5% of SQM’s consolidated gross profit for the nine months ended
September 30, 2022.
Industrial Chemicals
Industrial chemicals revenues for the nine months
ended September 30, 2022, reached US$131.2 million, 38.9% higher than US$94.4 million recorded for the nine months ended September 30,
2021.
Revenues for the third quarter of 2022 totaled
US$45.2 million, an increase of 11.5% compared to the revenue figures for third quarter of 2021 of US$40.5 million.
Industrial Chemicals Sales Volumes and Revenues:
| | |
| |
| 9M2022 | | |
| 9M2021 | | |
| 2022/2021 | |
| Industrial Nitrates | |
Th. MT | |
| 119.5 | | |
| 123.5 | | |
| -4.0 | | |
| -3 | % |
| Industrial Chemicals Revenues | |
MUS$ | |
| 131.2 | | |
| 94.4 | | |
| 36.7 | | |
| 39 | % |
| | |
| |
| 3Q2022 | | |
| 3Q2021 | | |
| 2022/2021 | |
| Industrial Nitrates | |
Th. MT | |
| 49.6 | | |
| 49.6 | | |
| -0.1 | | |
| 0 | % |
| Industrial Chemicals Revenues | |
MUS$ | |
| 45.2 | | |
| 40.5 | | |
| 4.7 | | |
| 12 | % |
Industrial
chemicals revenues for the nine months ended September 30, 2022, increased compared to revenues reported during the same period last year
as a result of higher average prices. We expect to sell about 90,000 metric tons of solar salts this year, in line with our original expectations.
Gross profit(2) for
the Industrial Chemicals segment accounted for approximately 1% of SQM’s consolidated gross profit for the nine months ended September
30, 2022.
Other Commodity Fertilizers & Other Income
Revenues from sales of other commodity
fertilizers and other income reached US$21.4 million for the nine months ended September 30, 2022, a decrease compared to US$23.6 million
for the nine months ended September 30, 2021.
Financial Information
Cost of Goods Sold
Cost of goods sold, excluding total
depreciation and amortization expenses, amounted to US$3,303.4 million for the nine months ended September 30, 2022, an increase of 232%
compared to US$1,068.2 million for the same period in 2021.
Administrative Expenses
Administrative expenses totaled US$101.9
million (1.4% of revenues) for the nine months ended September 30, 2022, compared to US$83.9 million (4.7% of revenues) for the nine months
ended September 30, 2021.
Financial Indicators
Net Financial Expenses
Net financial expenses for the nine
months ended September 30, 2022 were US$47.5 million, compared to US$55.8 million for the nine months ended September 30, 2021.
Income Tax Expense
For the nine months ended September
30, 2022, the income tax expense reached US$1,119.6 million, representing an effective tax rate of 28.8%, compared to an income tax expense
of US$105.9 million during the nine months ended September 30, 2021. The Chilean corporate tax rate was 27.0% in 2022 and 2021.
Adjusted EBITDA(3)
Adjusted EBITDA for the nine months
ended September 30, 2022 was US$4,171.2 million (Adjusted EBITDA margin of 55.1%), compared to US$626.0 million (Adjusted EBITDA margin
of 35.2%) for the nine months ended September 30, 2021.
Adjusted EBITDA for the third quarter
of 2022 was US$1,660.3 million (Adjusted EBITDA margin of 56.1%), compared to US$250.9 million (Adjusted EBITDA margin of 37.9%) for the
third quarter of 2021.
Notes:
1)
Net income refers to the comprehensive income attributable to controlling interests.
2)
A significant portion of SQM’s costs of goods sold are costs related to common productive processes (mining. crushing. leaching.
etc.) which are distributed among the different final products. To estimate gross profit by business line in both periods covered by this
release, the Company employed similar criteria on the allocation of common costs to the different business areas. This gross profit distribution
should be used only as a general and approximated reference of the margins by business line.
3)
Adjusted EBITDA = EBITDA – Other income – Other gains (losses) - Share of Profit of associates and joint ventures accounted
for using the equity method + Other expenses by function + Net impairment gains on reversal (losses) of financial assets – Finance
income – Currency differences. EBITDA = Profit for the Period + Depreciation and Amortization Expenses + Finance Costs + Income
Tax. Adjusted EBITDA margin = Adjusted EBITDA/revenues. We have included adjusted EBITDA to provide investors with a supplemental measure
of our operating performance. We believe adjusted EBITDA is important supplemental measure of operating performance because it eliminates
items that have less bearing on our operating performance and thus highlights trends in our core business that may not otherwise be apparent
when relying solely on IFRS financial measures. Adjusted EBITDA has important limitations as analytical tool. For example, adjusted EBITDA
does not reflect (a) our cash expenditures, or future requirements for capital expenditures or contractual commitments; (b) changes in,
or cash requirements for, our working capital needs; (c) the significant interest expense, or the cash requirements necessary to service
interest or principal payments, on our debt; and (d) tax payments. Although we consider the items excluded in the calculation of non-IFRS
measures to be less relevant to evaluate our performance, some of these items may continue to take place and accordingly may reduce the
cash available to us.
We believe that the presentation of
the non-IFRS financial measures described above is appropriate. However, these non-IFRS measures have important limitations as analytical
tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under IFRS. Because of
these limitations, we primarily rely on our results as reported in accordance with IFRS and use EBITDA and adjusted EBITDA only supplementally.
| | |
For the 3rd quarter | | |
For the nine months ended
September 30, | |
| (US$ millions) | |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| Profit for the Period | |
| 1,102.8 | | |
| 108.6 | | |
| 2,761.7 | | |
| 269.2 | |
| (+) Depreciation and amortization expenses | |
| 63.0 | | |
| 56.1 | | |
| 178.8 | | |
| 162.5 | |
| (+) Finance costs | |
| 16.6 | | |
| 19.3 | | |
| 65.4 | | |
| 58.6 | |
| (+) Income tax expense | |
| 451.5 | | |
| 43.8 | | |
| 1,119.6 | | |
| 105.9 | |
| EBITDA | |
| 1,634.0 | | |
| 227.7 | | |
| 4,125.5 | | |
| 596.2 | |
| (-) Other income | |
| 2.7 | | |
| 1.3 | | |
| 7.6 | | |
| 16.1 | |
| (-) Other gains (losses) | |
| (0.0 | ) | |
| 1.1 | | |
| (0.4 | ) | |
| (3.8 | ) |
| (-) Share of Profit of associates and joint ventures accounted for using the equity method | |
| 3.3 | | |
| 1.8 | | |
| 17.5 | | |
| 7.3 | |
| (+) Other Expenses | |
| (31.8 | ) | |
| (25.1 | ) | |
| (56.3 | ) | |
| (39.7 | ) |
| (+) Impairment of financial assets and reversal of impairment losses | |
| 2.7 | | |
| 0.9 | | |
| (5.7 | ) | |
| 0.3 | |
| (-) Finance income | |
| 8.2 | | |
| 1.0 | | |
| 17.9 | | |
| 2.9 | |
| (-) Foreign currency translation differences | |
| (11.5 | ) | |
| (4.1 | ) | |
| (26.3 | ) | |
| (12.9 | ) |
| Adjusted EBITDA | |
| 1,660.3 | | |
| 250.9 | | |
| 4,171.2 | | |
| 626.0 | |
| Consolidated Statement of Financial Position |
| | |
| | |
| |
| (US$ Millions) | |
As of Sep. 30, | | |
As of Dec. 31, | |
| | |
| 2022 | | |
| 2021 | |
| Total Current Assets | |
| 6,949.5 | | |
| 4,586.1 | |
| Cash and cash equivalents | |
| 3,506.2 | | |
| 1,515.1 | |
| Other current financial assets | |
| 306.0 | | |
| 919.0 | |
| Accounts receivable (1) | |
| 1,132.1 | | |
| 740.2 | |
| Inventory | |
| 1,662.0 | | |
| 1,183.8 | |
| Others | |
| 343.3 | | |
| 228.0 | |
| | |
| | | |
| | |
| Total Non-current Assets | |
| 3,303.7 | | |
| 2,458.2 | |
| Other non-current financial assets | |
| 8.8 | | |
| 9.3 | |
| Investments in related companies | |
| 51.4 | | |
| 39.8 | |
| Property, plant and equipment | |
| 2,503.9 | | |
| 2,012.2 | |
| Other Non-current Assets | |
| 739.6 | | |
| 396.9 | |
| | |
| | | |
| | |
| Total Assets | |
| 10,253.2 | | |
| 7,044.3 | |
| | |
| | | |
| | |
| Total Current Liabilities | |
| 3,274.5 | | |
| 991.7 | |
| Short-term debt | |
| 424.1 | | |
| 51.3 | |
| Others | |
| 2,850.3 | | |
| 940.4 | |
| | |
| | | |
| | |
| Total Long-Term Liabilities | |
| 2,333.5 | | |
| 2,836.6 | |
| Long-term debt | |
| 2,195.5 | | |
| 2,587.7 | |
| Others | |
| 138.0 | | |
| 248.9 | |
| | |
| | | |
| | |
| Shareholders' Equity before Minority Interest | |
| 4,608.7 | | |
| 3,181.5 | |
| | |
| | | |
| | |
| Minority Interest | |
| 36.6 | | |
| 34.5 | |
| | |
| | | |
| | |
| Total Shareholders' Equity | |
| 4,645.3 | | |
| 3,216.0 | |
| | |
| | | |
| | |
| Total Liabilities & Shareholders' Equity | |
| 10,253.2 | | |
| 7,044.3 | |
| | |
| | | |
| | |
| Liquidity (2) | |
| 2.1 | | |
| 4.6 | |
(1) Accounts receivable + accounts receivable from related companies
| Consolidated Statement of Income |
| | |
| | |
| |
| (US$ Millions) | |
For the 3rd quarter | | |
For the nine months ended
Sep. 30, | |
| | |
2022 | | |
2021 | | |
2022 | | |
2021 | |
| Revenues | |
| 2,958.3 | | |
| 661.6 | | |
| 7,577.0 | | |
| 1,778.0 | |
| | |
| | | |
| | | |
| | | |
| | |
| Lithium and Lithium Derivatives | |
| 2,334.9 | | |
| 185.2 | | |
| 5,627.8 | | |
| 483.4 | |
| Specialty Plant Nutrition (1) | |
| 292.5 | | |
| 229.2 | | |
| 898.1 | | |
| 640.5 | |
| Iodine and Iodine Derivatives | |
| 215.1 | | |
| 108.6 | | |
| 541.8 | | |
| 328.1 | |
| Potassium Chloride & Potassium Sulfate | |
| 60.2 | | |
| 88.7 | | |
| 356.7 | | |
| 208.0 | |
| Industrial Chemicals | |
| 45.2 | | |
| 40.5 | | |
| 131.2 | | |
| 94.4 | |
| Other Income | |
| 10.5 | | |
| 9.3 | | |
| 21.4 | | |
| 23.6 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cost of Goods Sold | |
| (1,262.6 | ) | |
| (380.7 | ) | |
| (3,303.4 | ) | |
| (1,068.2 | ) |
| Depreciation and Amortization | |
| (63.0 | ) | |
| (56.1 | ) | |
| (178.8 | ) | |
| (162.5 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Gross Profit | |
| 1,632.7 | | |
| 224.8 | | |
| 4,094.8 | | |
| 547.3 | |
| | |
| | | |
| | | |
| | | |
| | |
| Administrative Expenses | |
| (35.4 | ) | |
| (30.0 | ) | |
| (102.3 | ) | |
| (83.9 | ) |
| Financial Expenses | |
| (16.6 | ) | |
| (19.3 | ) | |
| (65.4 | ) | |
| (58.6 | ) |
| Financial Income | |
| 8.2 | | |
| 1.0 | | |
| 17.9 | | |
| 2.9 | |
| Exchange Difference | |
| (11.5 | ) | |
| (4.1 | ) | |
| (26.3 | ) | |
| (12.9 | ) |
| Other | |
| (23.1 | ) | |
| (20.0 | ) | |
| (37.3 | ) | |
| (19.8 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income Before Taxes | |
| 1,554.3 | | |
| 152.4 | | |
| 3,881.3 | | |
| 375.1 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income Tax | |
| (451.5 | ) | |
| (43.8 | ) | |
| (1,119.6 | ) | |
| (105.9 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net Income before minority interest | |
| 1,102.8 | | |
| 108.6 | | |
| 2,761.7 | | |
| 269.2 | |
| | |
| | | |
| | | |
| | | |
| | |
| Minority Interest | |
| (2.9 | ) | |
| (2.5 | ) | |
| (6.5 | ) | |
| (5.3 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net Income | |
| 1,099.9 | | |
| 106.1 | | |
| 2,755.3 | | |
| 263.9 | |
| Net Income per Share (US$) | |
| 3.85 | | |
| 0.37 | | |
| 9.65 | | |
| 0.92 | |
(1)
Includes other specialty fertilizers
About SQM
SQM is a global company
that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM
develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy
and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium
nitrate, iodine and thermo-solar salts markets.
For further information,
contact:
Gerardo Illanes 56-2-24252022
/ gerardo.illanes@sqm.com
Kelly O’Brien 56-2-24252074
/ kelly.obrien@sqm.com
Irina Axenova 56-2-24252280
/ irina.axenova@sqm.com
For media inquiries, contact:
Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com
Cautionary Note Regarding
Forward-Looking Statements
This news release contains
“forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform
Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “believe,”
“estimate,” “expect,” “strategy,” “should,” “will” and similar references
to future periods. Examples of forward-looking statements include, among others, statements we make concerning the Company’s capital
expenditures, financing sources, Sustainable Development Plan, Salar Futuro Plan, business and demand outlook, future economic performance,
anticipated sales volumes, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service
line growth.
Forward-looking statements
are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM
management based on currently available information. Because forward-looking statements relate to the future, they involve a number of
risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those
stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not
rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities
and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could
cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information
available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information,
future developments or otherwise, except as required by law.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
CHEMICAL AND MINING COMPANY OF CHILE INC. |
| |
(Registrant) |
| |
| Date: November 16, 2022 |
/s/ Gerardo Illanes |
| |
By: Gerardo Illanes |
| |
CFO |
Persons who are to respond to the collection
of information contained SEC 1815 (04-09) in this form are not required to respond unless the form displays currently valid OMB control
number.
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