Unassociated Document
UNITED
STATES OF AMERICA
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT OF
FOREIGN ISSUER
PURSUANT
TO RULE 13A-16 OR 15D-16
OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Includes
SQM’s earnings release for the year 2008.
SOCIEDAD QUIMICA Y MINERA DE
CHILE S.A.
(Exact
name of registrant as specified in its charter)
CHEMICAL AND MINING COMPANY
OF CHILE INC.
(Translation
of registrant's name into English)
El Trovador 4285, Santiago,
Chile (562) 425-2000
(Address
and phone number of principal executive offices)
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 whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o
No x
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82________
For
Immediate Release
SQM
REPORTS EARNINGS FOR THE YEAR 2008
Highlights
·
|
For
the eighth consecutive year, SQM reported growth in revenues and net
income, with 2008 revenues totaling US$1,774.1 million and net income of
US$501.4 million.
|
·
|
Operating
income grew 144% in 2008, to US$632.2
million.
|
·
|
Earnings
per ADR totaled US$1.91 for 2008, an increase of 179% over 2007 earnings
of US$0.68 per ADR.
|
Santiago, Chile, February 24, 2009.-
Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock
Exchange: SQM-B, SQM-A) reported today earnings for the year 2008 of
US$501.4 million (US$1.91 per ADR), an increase of 179% over the 2007 figure of
US$180.0 million (US$0.68 per ADR). Operating income reached
US$632.2 million (35.6% of revenues), 144% higher than the US$259.5 million
(21.9% of revenues) recorded the previous year. Revenues for 2008 totaled
US$1,774.1 million, representing growth of 49.4% over the US$1,187.5 million
reported in 2007.
The
Company also announced year-over-year earnings
growth of 170% for the fourth quarter of 2008, reporting quarterly net income
of US$120.3 million (US$0.46 per ADR) compared to the 2007 figure of
US$44.6 million (US$0.17 per ADR). Operating income for the
fourth quarter reached US$150.8 million, 151% higher than the US$60.1 million
recorded for the same period of 2007. Revenues totaled US$397.9
million, an increase of approximately 29.9% with respect to the fourth quarter
of 2007, when revenues amounted to US$306.2 million.
“SQM is
pleased to announce yet another record year of growth in our financial results
in spite of global economic uncertainty. Since 2000, our consolidated revenues
have grown at a CAGR of 20% while our bottom line has expanded at a CAGR of 50%
due in large part to our strategic position in our core markets and our
continued commitment to efficiency,” commented Patricio Contesse, the Company’s
Chief Executive Officer. He added, “In general, SQM benefited substantially this
year from favorable pricing conditions in Specialty Plant Nutrition and from
higher sales volumes in Iodine and Derivatives. Looking forward, the
unprecedented turmoil in global markets seen during the last part of the year
will likely pose new challenges for the Company in 2009. We believe, however,
that the underlying fundamentals in our core business lines remain solid and
will allow us to face potential challenges.”
Segment
Analysis:
1.-
Specialty Plant Nutrition
Revenues
for the fourth quarter of 2008 totaled US$191.4 million, 33.2% higher than the
US$143.7 million recorded for same period in 2007.
Full-year
2008 revenues reached US$978.9 million, an increase of 68.6% over the US$580.8
million recorded in 2007.
Specialty Plant Nutrition
Volumes and Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
2007
|
|
|
|
2008/2007
|
|
Sodium
nitrate
|
Th.
MT
|
|
|
22.8 |
|
|
|
45.9 |
|
|
|
-23.2 |
|
|
|
-50 |
% |
Potassium
nitrate and sodium potassium nitrate
|
Th.
MT
|
|
|
538.2 |
|
|
|
695.3 |
|
|
|
-157.1 |
|
|
|
-23 |
% |
Specialty
blends
|
Th.
MT
|
|
|
205.9 |
|
|
|
261.5 |
|
|
|
-55.6 |
|
|
|
-21 |
% |
Other
non-SQM specialty plant nutrients (*)
|
Th.
MT
|
|
|
103.1 |
|
|
|
117.1 |
|
|
|
-13.9 |
|
|
|
-12 |
% |
Potassium
sulfate
|
Th.
MT
|
|
|
138.3 |
|
|
|
172.0 |
|
|
|
-33.7 |
|
|
|
-20 |
% |
Specialty
plant nutrition revenues
|
MUS$
|
|
|
978.9 |
|
|
|
580.8 |
|
|
|
398.2 |
|
|
|
69 |
% |
*Trading
of other specialty fertilizers.
In this
business line, year-over-year revenue growth, both in fourth quarter and
full-year, can be attributed to the significant price increase observed
throughout the entire year, which more than offset a decline in sales volumes.
On average, prices in 2008 for this segment increased approximately 116% with
respect to 2007. This increase can be explained by a generalized
increase in prices for potassium-related fertilizers; furthermore, the
specialized nature of this business line continues to command higher prices for
our specialty plant nutrition products.
Quarterly
and full-year demand for SPN across our main markets fell year-over-year as
farmers were mainly affected by tight credit conditions generated by global
financial turmoil. This decline in demand, however, which was more pronounced in
the fourth quarter, is not sustainable given that specialty crop producers must
fertilize to maximize yields and continue to provide export-quality products in
order to maintain margins.
Although
we face challenging global economic circumstances which resulted in lower
volumes in 2008, we believe that the underlying fundamentals of our Specialty
Plant Nutrition business, namely tight supply conditions and expected recovery
in demand, remain solid. Given these strong fundamentals, we expect demand and
sales volumes during the second half of 2009 to recover significantly compared
to first half of the year. In terms of pricing, we anticipate stable prices in
2009 compared to average prices in 2008.
Specialty
Plant Nutrition gross
margin(1) for the year 2008
accounted for approximately 54% of SQM’s consolidated gross margin.
2.-
Iodine and Iodine Derivatives
Revenues
from sales of iodine and iodine derivatives during the fourth quarter of 2008
totaled US$54.7 million, a 2.1% increase with respect to the US$53.6 million
reported for the fourth quarter of 2007.
Iodine
and iodine derivatives revenues for full-year 2008 amounted to US$246.9 million,
14.8% higher than the US$215.1 million recorded for 2007.
Iodine Volumes and
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
2007
|
|
|
|
2008/2007
|
|
Iodine
and derivatives
|
Th.
MT
|
|
|
10.5 |
|
|
|
9.1 |
|
|
|
1.4 |
|
|
|
15 |
% |
Iodine
and derivatives revenues
|
MUS$
|
|
|
246.9 |
|
|
|
215.1 |
|
|
|
31.8 |
|
|
|
15 |
% |
The
Company’s 2008 results in the Iodine and Iodine Derivatives segment were mainly
driven by an increase in volumes. The increase in our volumes was explained by
market growth and by SQM’s ability to capture market share. The tightness in the
market prompted SQM to announce in the fourth quarter a price increase of
approximately 25% which should have a positive impact on revenues going forward.
Additionally, this price increase will help finance the expansion of iodine
production.
During
the first half of 2008, core demand growth in the iodine market was sustained by
demand for polarizing film in liquid crystal displays (LCDs), x-ray contrast
media for diagnostic imaging and animal feed and human nutrition applications.
In the second half of 2008, demand for iodine salts used in LCDs and nylon
applications for the automotive industry began to decline.
For the
first half of 2009, we expect iodine volumes to be lower with respect to the
same period in 2008, following the trend observed in the fourth quarter.
However, average prices for this business line should be higher than average
prices seen in 2008 as we begin to implement the recently announced price
increase. Demand in this business line should normalize by the second half of
2009 sustained by core applications such as health and nutritional uses that
make up approximately 60% of applications.
Gross margin for the Iodine
and Iodine Derivatives segment accounted for approximately 13% of SQM’s
consolidated gross margin in 2008.
3.-
Lithium and Lithium Derivatives
Revenues
for the Lithium and Lithium Derivatives fell to US$34.6 million during the
fourth quarter of 2008, a decline of approximately 19% year-over-year compared
to the fourth quarter 2007 figure of US$42.7 million.
Full-year
revenues in this segment dropped 4% in 2008, reaching US$172.3 million, compared
to US$179.8 million for full-year 2007.
Lithium Volumes
and Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
2007
|
|
|
|
2008/2007
|
|
Lithium
and derivatives
|
Th.
MT
|
|
|
27.9 |
|
|
|
28.6 |
|
|
|
-0.7 |
|
|
|
-2 |
% |
Lithium
and derivatives revenues
|
MUS$
|
|
|
172.3 |
|
|
|
179.8 |
|
|
|
-7.5 |
|
|
|
-4 |
% |
As
expected, lithium prices and sales volumes for 2008 were slightly lower compared
to the previous year due to the global economic slowdown. Many applications for
lithium are related to the construction industry, which contracted significantly
during recent periods affecting our sales volumes in the last part of
2008.
Looking
forward, we expect lithium volumes in 2009 to be lower with respect to the
previous year. We anticipate a weak first quarter driven by the slowdown in the
construction industry and in the battery market. On the positive side, the car
companies Mitsubishi and Nissan-Renault announced in 2008 plans to introduce
hybrid cars powered by lithium-ion batteries sometime in 2010; these
announcements are in addition to those made by other car manufacturers in
previous years. We expect to start seeing relevant volumes for this new
application within 2 to 3 years.
Another
important factor to consider in this market is that the previously announced new
capacity from Chinese suppliers in the lithium market did not reach anticipated
levels.
Gross margin for the Lithium
and Lithium Derivatives segment accounted for approximately 13% of SQM’s
consolidated gross margin in 2008.
4.-Potassium
Chloride
Fourth-quarter
potassium chloride revenues totaled US$48.7 million in 2008, a 229% increase
with respect to 2007, when revenues amounted to US$14.8 million.
Potassium
chloride revenues grew 173% in the full year, reaching US$140.0 million,
compared to US$51.3 million for full-year 2007.
Potassium Chloride Volumes and
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
2007
|
|
|
|
2008/2007
|
|
Potassium
chloride
|
Th.
MT
|
|
|
185.6 |
|
|
|
179.0 |
|
|
|
6.6 |
|
|
|
4 |
% |
Potassium
chloride revenues
|
MUS$
|
|
|
140.0 |
|
|
|
51.3 |
|
|
|
88.7 |
|
|
|
173 |
% |
The
considerable increase in year-over-year potassium chloride revenues was a result
of a substantial increase in prices. Because our relatively small
size in this market allows us more flexibility in allocating product, SQM was
not impacted by lower demand in the fourth quarter despite the prevailing
economic situation.
Going
forward, underlying demand fundamentals are strong given that the market will
ultimately be driven by historically low food inventories and a growing global
population. Therefore, we anticipate that demand will rebound during the second
quarter, and so we will continue our expansion plans in this business line as
previously outlined. Sales of potassium chloride are expected to double in 2009
with a significant impact on projected margins for the year.
Gross margin for the Potassium
Chloride segment accounted for approximately 15% of SQM’s consolidated gross
margin in 2008.
5.-
Industrial Chemicals
Fourth-quarter
2008 Industrial Chemicals revenues reached US$35.6 million, 45.2% higher than
the US$24.5 million recorded for the same period of the previous
year.
Revenues
for the full year totaled US$123.6 million, an increase of 52.3% with respect to
the 2007 figure of US$81.2 million.
Industrial Chemicals Volumes
and Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
2007
|
|
|
|
2008/2007
|
|
Industrial
nitrates
|
Th.
MT
|
|
|
161.9 |
|
|
|
175.2 |
|
|
|
-13.3 |
|
|
|
-8 |
% |
Boric
acid
|
Th.
MT
|
|
|
7.2 |
|
|
|
9.2 |
|
|
|
-2.0 |
|
|
|
-22 |
% |
Industrial
chemicals revenues
|
MUS$
|
|
|
123.6 |
|
|
|
81.2 |
|
|
|
42.4 |
|
|
|
52 |
% |
Quarterly
and full-year revenues from sales of industrial chemicals increased in 2008
largely as a consequence of rising prices, which on average were approximately
66% higher than full-year 2007 prices. As a result of the global
economic crisis, full-year sales volumes for industrial nitrates declined
approximately 8% with respect to 2007, with a pronounced drop in the fourth
quarter. We anticipate that sales volumes in the first part of 2009 will
continue to be under pressure until the world economic trend
reverts.
Growing
demand for industrial-grade sodium nitrate to be used in solar energy plants
should continue as environmental policies in some countries begin to require the
use of renewable energy sources. Additional volumes in 2009 generated
by this new application will partly offset the decrease in demand for
traditional applications such as construction, explosives and charcoal
briquettes, among others.
Gross margin for the
Industrial Chemicals segment accounted for approximately 6% of SQM’s
consolidated gross margin in 2008.
6.-
Other Commodity Fertilizers
Fourth-quarter
revenues from sales of other commodity fertilizers increased from US$27.0
million in 2007 to US$32.8 million in 2008 while full-year revenues increased
from US$79.4 million in 2007 to US$112.3 million in 2008. Revenue
growth, both in the quarter and for the full year, can be explained by better
pricing conditions. SQM posted losses during the fourth quarter for inventories
of nitrogen and phosphate fertilizers related to trading activities; these
inventories were acquired in previous periods but were negatively impacted by
the declining price scenario in the last part of 2008.
Selling
and Administrative Expenses
Selling
and administrative expenses totaled US$85.7 million (4.8% of revenues) for the
full year, compared to the US$70.3 million (5.9% of revenues) recorded during
full-year 2007.
Operating
Costs
Operating
costs increased in the first three quarters of 2008 due to the appreciation of
the Chilean peso and higher costs of oil and raw materials. However, in the
second half of 2008, the US dollar began to strengthen against the Chilean peso,
alleviating peso-denominated costs and reversing the rising cost trend that had
prevailed in previous years. Furthermore, freight rates, oil prices and the cost
of raw materials began to fall during the second semester. These lower cost
levels combined with increased production efficiency should lower operating
costs further in 2009.
Non-operating
Income
The
Company recorded a non-operating loss of US$19.3 million for 2008 which is lower
than the US$27.1 million loss recorded for full-year 2007. The decrease in the
non-operating loss was mainly explained by higher financial income, which
increased from US$9.3 million in 2007 to US$13.9 million in 2008, and relatively
flat financial expenses.
Financial
Debt
SQM took
on the following long-term debt to fund its capital expenditures program and to
refinance short- and long-term financial obligations:
·
|
December
2008: SQM’s subsidiary SQM Investment Corp. signed a 2-year bullet loan
agreement for US$50 million with semiannual interest payments and an
annual rate of Libor + 1.5%.
|
·
|
January
2009: SQM issued two series of bonds in the Chilean market for a total of
US$173 million. The series H bond is 4 million UFs (Chilean
inflation-adjusted currency, equivalent to approximately US$139 million)
for 21 years with a 10-year grace period at a re-offer yield of 5.05% in
UFs. The series G bond is a 5-year bullet bond for Ch$21 billion
(approximately US$34 million) at re-offer yield of 7.5% in Chilean
pesos.
|
As of
December 31, 2008, net financial debt(2) was
US$333.8 million, similar to the year-ago figure of US$333.9 million. Net
financial debt/EBITDA was 0.45x as of December 31,
2008.
Notes:
|
(1)
|
Gross margin corresponds
to consolidated revenues less total costs, including depreciation and
excluding sales and administration
expenses.
|
|
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 margins by business lines in
both periods covered by this report, the Company employed similar criteria
on the allocation of common costs to the different business areas. This
gross margin distribution should be used only as a general and
approximated reference of the margins by business
line.
|
|
(2)
|
Net
financial debt is financial debt minus cash and cash
equivalents.
|
SQM is an
integrated producer and distributor of specialty plant nutrients, iodine and
lithium. Its products are based on the development of high quality natural
resources that allow the Company to be leader in costs, supported by a
specialized international network with sales in over 100 countries. SQM’s
development strategy aims to maintain and strengthen the Company’s world
leadership in its three core businesses: Specialty Plant Nutrition, Iodine and
Lithium.
The
leadership strategy is based on the Company’s competitive advantages and on the
sustainable growth of the different markets in which it participates. SQM’s main
competitive advantages in its different businesses are:
·
|
Low
production costs based on vast and high quality natural
resources.
|
·
|
Know-how
and its own technological developments in its various production
processes.
|
·
|
Logistics
infrastructure and high production levels that allow SQM to have low
distribution costs.
|
·
|
High
market share in all its core
products
|
·
|
International
sales network with offices in more than 20 countries and sales in over 100
countries.
|
·
|
Synergies
from the production of multiple products that are obtained from the same
two natural resources.
|
·
|
Continuous
new product development according to the specific needs of its different
customers.
|
·
|
Conservative
and solid financial position
|
For
further information, contact:
|
|
|
|
|
|
Statements
in this press release concerning the Company’s business outlook, future economic
performances, anticipated profitability, revenues, expenses, or other financial
items, anticipated cost synergies and product or service line growth, together
with other statements that are not historical facts, are “forward-looking
statements” as that term is defined under Federal Securities Laws.
Any
forward-looking statements are estimates, reflecting the best judgment of SQM
based on currently available information and involve a number of risks,
uncertainties and other factors that could cause actual results to differ
materially from those stated in such statements. Risks, uncertainties, and
factors that could affect the accuracy of such forward-looking statements, are
identified in the public filing made with the Securities and Exchange
Commission, and forward-looking statements should be considered in light of
those factors.
Income
Statement
|
|
|
|
|
|
|
|
|
|
For
the 12-month period
|
|
(US$
Millions)
|
|
For
the 4th Quarter
|
|
|
ended
December 31
|
|
|
|
2008
|
|
|
2007
|
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
397.9 |
|
|
|
306.2 |
|
|
|
1,774.1 |
|
|
|
1,187.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
Fertilizers
|
|
|
191.4 |
|
|
|
143.7 |
|
|
|
978.9 |
|
|
|
580.8 |
|
Potassium
Nitrate and Blended Fertilizers(1)
|
|
|
160.2 |
|
|
|
124.4 |
|
|
|
829.4 |
|
|
|
513.2 |
|
Potassium
Sulfate
|
|
|
31.2 |
|
|
|
19.3 |
|
|
|
149.6 |
|
|
|
67.6 |
|
Iodine
and Iodine Derivatives
|
|
|
54.7 |
|
|
|
53.6 |
|
|
|
246.9 |
|
|
|
215.1 |
|
Lithium
and Lithium Derivatives
|
|
|
34.6 |
|
|
|
42.7 |
|
|
|
172.3 |
|
|
|
179.8 |
|
Potassium
Chloride
|
|
|
48.7 |
|
|
|
14.8 |
|
|
|
140.0 |
|
|
|
51.3 |
|
Industrial
Chemicals
|
|
|
35.6 |
|
|
|
24.5 |
|
|
|
123.6 |
|
|
|
81.2 |
|
Industrial
Nitrates
|
|
|
33.8 |
|
|
|
23.4 |
|
|
|
117.1 |
|
|
|
75.8 |
|
Boric
Acid
|
|
|
1.9 |
|
|
|
1.2 |
|
|
|
6.5 |
|
|
|
5.4 |
|
Other
Income
|
|
|
32.8 |
|
|
|
27.0 |
|
|
|
112.3 |
|
|
|
79.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of Goods Sold
|
|
|
(198.4 |
) |
|
|
(199.8 |
) |
|
|
(945.7 |
) |
|
|
(759.9 |
) |
Depreciation
|
|
|
(27.0 |
) |
|
|
(26.0 |
) |
|
|
(110.5 |
) |
|
|
(97.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
172.4 |
|
|
|
80.4 |
|
|
|
717.9 |
|
|
|
329.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling
and Administrative Expenses
|
|
|
(21.7 |
) |
|
|
(20.4 |
) |
|
|
(85.7 |
) |
|
|
(70.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
150.8 |
|
|
|
60.1 |
|
|
|
632.2 |
|
|
|
259.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Operating
Income
|
|
|
(7.5 |
) |
|
|
(3.7 |
) |
|
|
(19.3 |
) |
|
|
(27.1 |
) |
Financial
Income
|
|
|
7.2 |
|
|
|
2.8 |
|
|
|
13.9 |
|
|
|
9.3 |
|
Financial
Expenses
|
|
|
(5.6 |
) |
|
|
(4.8 |
) |
|
|
(20.0 |
) |
|
|
(19.9 |
) |
Others
|
|
|
(9.1 |
) |
|
|
(1.8 |
) |
|
|
(13.2 |
) |
|
|
(16.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Before Taxes
|
|
|
143.3 |
|
|
|
56.4 |
|
|
|
612.9 |
|
|
|
232.4 |
|
Income
Tax
|
|
|
(27.0 |
) |
|
|
(10.3 |
) |
|
|
(108.0 |
) |
|
|
(48.6 |
) |
Other
Items
|
|
|
4.0 |
|
|
|
(1.5 |
) |
|
|
(3.5 |
) |
|
|
(3.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
120.3 |
|
|
|
44.6 |
|
|
|
501.4 |
|
|
|
180.0 |
|
Net
Income per ADR (US$) (2)
|
|
|
0.46 |
|
|
|
0.17 |
|
|
|
1.91 |
|
|
|
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
Yara Specialty Fertilizers and Other Specialty Fertilizers
(2) On
March 31, 2008, the ADR ratio was modified to 1:1. Historical data has
been adjusted for comparative purposes
|
|
Balance
Sheet
|
|
|
|
|
|
|
|
|
(US$
Millions)
|
|
As
of December 31
|
|
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
|
Current
Assets
|
|
|
1,339.4 |
|
|
|
904.0 |
|
Cash
and cash equivalents
(1)
|
|
|
323.9 |
|
|
|
164.2 |
|
Accounts
receivable (2)
|
|
|
379.1 |
|
|
|
285.5 |
|
Inventories
|
|
|
540.7 |
|
|
|
387.8 |
|
Others
|
|
|
95.7 |
|
|
|
66.5 |
|
|
|
|
|
|
|
|
|
|
Fixed
Assets
|
|
|
1,119.9 |
|
|
|
983.4 |
|
|
|
|
|
|
|
|
|
|
Other
Assets
|
|
|
107.9 |
|
|
|
98.9 |
|
Investments
in related companies
(3)
|
|
|
67.6 |
|
|
|
56.9 |
|
Others
|
|
|
40.3 |
|
|
|
42.0 |
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
2,567.2 |
|
|
|
1,986.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
445.9 |
|
|
|
192.4 |
|
Short-term
interest-bearing debt
|
|
|
141.7 |
|
|
|
11.5 |
|
Others
|
|
|
304.2 |
|
|
|
180.9 |
|
|
|
|
|
|
|
|
|
|
Long-Term
Liabilities
|
|
|
611.1 |
|
|
|
565.5 |
|
Long-term
interest-bearing debt
|
|
|
515.9 |
|
|
|
486.7 |
|
Others
|
|
|
95.2 |
|
|
|
78.8 |
|
|
|
|
|
|
|
|
|
|
Minority
Interest
|
|
|
47.1 |
|
|
|
46.0 |
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
1,463.1 |
|
|
|
1,182.4 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
2,567.2 |
|
|
|
1,986.3 |
|
|
|
|
|
|
|
|
|
|
Current
Ratio (4)
|
|
|
3.0 |
|
|
|
4.7 |
|
Net
Debt / Total Capitalization (5)
|
|
|
18.1 |
% |
|
|
21.4 |
% |
(1)
Cash + time deposits + marketable securities
|
|
|
|
|
|
(2)
Accounts receivable + accounts receivable from related co.
|
|
(3)
Investments in related companies net of goodwill and neg.
goodwill
|
|
(4)
Current assets / current liabilities
|
|
|
|
|
|
|
|
|
(5)
Net interest-bearing debt/ (Net interest-bearing debt + equity+ minority
int.)
|
|
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.
SOCIEDAD
QUIMICA Y MINERA DE CHILE S.A.
Conf: /s/ Ricardo Ramos
R.
Ricardo
Ramos R.
Chief
Financial Officer
Date:
February 25,
2009