SEC Form 6-K filed by Sociedad Quimica y Minera S.A.
$SQM
Mining & Quarrying of Nonmetallic Minerals (No Fuels)
Industrials
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 April 2025.
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
SQM PRESENTS ACCOUNTING RECONCILIATION BETWEEN 20-F AND CMF FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Santiago, Chile. April 25, 2025.- Sociedad Química y Minera de Chile S.A. ("SQM" or the "Company") (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) announced today that it has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the "Form 20-F"), with the U.S. Securities and Exchange Commission (the “SEC”).
SQM’s Form 20-F can be accessed by visiting either the SEC’s website at www.sec.gov or the investor relations section of the Company’s website at www.sqm.com.
In relation to the matter reported in the press release (hecho esencial) dated April 7, 2024, the Company's Board of Directors reviewed the accounting treatment of the tax claims the Company has with the Chilean Internal Revenue Service (“Servicio de Impuestos Internos” or “SII”) as a result of the erroneous application by the SII of the specific tax on mining activities for the exploitation of lithium, as disclosed in note 21.3 of the most recent financial statements filed by the Company with the Chilean Financial Market Commission (“Comisión para el Mercado Financiero” or “CMF”).
As a result of this review, the financial statements that the Company has filed on the Form 20-F with the Securities and Exchange Commission in the United States (the “20-F”) include differences with respect to the last financial statements issued in Chile, as set forth below in an accounting reconciliation between the consolidated financial statements of the Company filed with the CMF on March 4, 2025, and the financial statements filed on the 20-F.
Consolidated Statements of Financial Position
| Assets | Note* | As of December 31, 2024, as reported to the CMF | Subsequent event adjustment | As of December 31, 2024, as filed with the Form 20-F | ||||||||||||||||||||||
| ThUS$ | ThUS$ | ThUS$ | ||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||||
| Cash and cash equivalents | 9.1 | 1,377,851 | — | 1,377,851 | ||||||||||||||||||||||
| Other current financial assets | 12.1 | 1,079,595 | — | 1,079,595 | ||||||||||||||||||||||
| Other current non-financial assets | 16 | 200,705 | — | 200,705 | ||||||||||||||||||||||
| Trade and other receivables, current | 12.2 | 606,137 | — | 606,137 | ||||||||||||||||||||||
| Trade receivables due from related parties, current | 11.5 | 28,706 | — | 28,706 | ||||||||||||||||||||||
| Current inventories | 10 | 1,702,185 | — | 1,702,185 | ||||||||||||||||||||||
| Current tax assets | 25.1 | 583,143 | — | 583,143 | ||||||||||||||||||||||
| Total current assets other than those classified as held for sale or disposal | 5,578,322 | — | 5,578,322 | |||||||||||||||||||||||
| Non-current assets or groups of assets classified as held for sale | 118 | — | 118 | |||||||||||||||||||||||
| Total non-current assets held for sale | 118 | — | 118 | |||||||||||||||||||||||
| Total current assets | 5,578,440 | — | 5,578,440 | |||||||||||||||||||||||
| Non-current assets | ||||||||||||||||||||||||||
| Other non-current financial assets | 12.1 | 60,706 | — | 60,706 | ||||||||||||||||||||||
| Other non-current non-financial assets | 16 | 364,166 | — | 364,166 | ||||||||||||||||||||||
| Non-current trade receivables | 12.2 | 2,727 | — | 2,727 | ||||||||||||||||||||||
| Investments accounted for under the equity method | 7.1-8.1 | 585,794 | — | 585,794 | ||||||||||||||||||||||
| Intangible assets other than goodwill | 14.1 | 167,968 | — | 167,968 | ||||||||||||||||||||||
| Goodwill | 14.1 | 948 | — | 948 | ||||||||||||||||||||||
| Property, plant and equipment, net | 15.1 | 4,433,645 | — | 4,433,645 | ||||||||||||||||||||||
| Right-of-use assets | 13.1 | 84,070 | — | 84,070 | ||||||||||||||||||||||
| Non-current tax assets | 25.1 | 59,541 | — | 59,541 | ||||||||||||||||||||||
| Deferred tax assets | 25.3 | 157,564 | — | 157,564 | ||||||||||||||||||||||
| Total non-current assets | 5,917,129 | — | 5,917,129 | |||||||||||||||||||||||
| Total assets | 11,495,569 | — | 11,495,569 | |||||||||||||||||||||||
* See the notes to the Company’s consolidated financial statements included in the Form 20-F, filed on April 24, 2025.
Consolidated Statements of Financial Position
| Liabilities and Equity | Note* | As of December 31, 2024, as reported to the CMF | Subsequent event adjustment | As of December 31, 2024, as filed with the Form 20-F | ||||||||||||||||||||||
| ThUS$ | ThUS$ | ThUS$ | ||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||
| Other current financial liabilities | 12.4 | 1,163,468 | — | 1,163,468 | ||||||||||||||||||||||
| Lease liabilities, current | 13.2 | 23,011 | — | 23,011 | ||||||||||||||||||||||
| Trade and other payables, current | 12.5 | 471,449 | — | 471,449 | ||||||||||||||||||||||
| Current trade payables due to related parties | 11.6 | 10,265 | — | 10,265 | ||||||||||||||||||||||
| Other current provisions | 18.1 | 311,197 | — | 311,197 | ||||||||||||||||||||||
| Current tax liabilities | 25.2 | 79,841 | — | 79,841 | ||||||||||||||||||||||
| Provisions for employee benefits, current | 17.1 | 31,546 | — | 31,546 | ||||||||||||||||||||||
| Other current non-financial liabilities | 18.3 | 128,039 | — | 128,039 | ||||||||||||||||||||||
| Total current liabilities | 2,218,816 | — | 2,218,816 | |||||||||||||||||||||||
| Non-current liabilities | — | |||||||||||||||||||||||||
| Other non-current financial liabilities | 12.4 | 3,600,582 | — | 3,600,582 | ||||||||||||||||||||||
| Non-current lease liabilities | 13.2 | 60,801 | — | 60,801 | ||||||||||||||||||||||
| Other non-current provisions | 18.1 | 53,317 | — | 53,317 | ||||||||||||||||||||||
| Deferred tax liabilities | 25.3 | 298,379 | — | 298,379 | ||||||||||||||||||||||
| Non-current provisions for employee benefits | 17.1 | 65,607 | — | 65,607 | ||||||||||||||||||||||
| Total non-current liabilities | 4,078,686 | — | 4,078,686 | |||||||||||||||||||||||
| Total liabilities | 6,297,502 | — | 6,297,502 | |||||||||||||||||||||||
| — | ||||||||||||||||||||||||||
| Equity | — | |||||||||||||||||||||||||
| Equity attributable to owners of the Parent | 19 | — | ||||||||||||||||||||||||
| Share capital | 1,577,623 | — | 1,577,623 | |||||||||||||||||||||||
| Retained earnings | 3,620,612 | — | 3,620,612 | |||||||||||||||||||||||
| Other reserves | (37,416) | — | (37,416) | |||||||||||||||||||||||
| Equity attributable to owners of the Parent | 5,160,819 | — | 5,160,819 | |||||||||||||||||||||||
| Non-controlling interests | 37,248 | — | 37,248 | |||||||||||||||||||||||
| Total equity | 5,198,067 | — | 5,198,067 | |||||||||||||||||||||||
| Total liabilities and equity | 11,495,569 | — | 11,495,569 | |||||||||||||||||||||||
* See the notes to the Company’s consolidated financial statements included in the Form 20-F, filed on April 24, 2025.
Consolidated Statements of Income
| As of December 31, 2024, as reported to the CMF | Subsequent event adjustment | As of December 31, 2024, as filed with the Form 20-F | ||||||||||||||||||||||||
| Consolidated Statements of Income | Note* | |||||||||||||||||||||||||
| ThUS$ | ThUS$ | ThUS$ | ||||||||||||||||||||||||
| Revenue | 21.1 | 4,528,761 | — | 4,528,761 | ||||||||||||||||||||||
| Cost of sales | 21.2 | (3,201,654) | — | (3,201,654) | ||||||||||||||||||||||
| Gross profit | 1,327,107 | — | 1,327,107 | |||||||||||||||||||||||
| Other income | 21.3 | 32,229 | — | 32,229 | ||||||||||||||||||||||
| Administrative expenses | 21.4 | (185,959) | — | (185,959) | ||||||||||||||||||||||
| Other expenses | 21.5 | (104,698) | — | (104,698) | ||||||||||||||||||||||
| Impairment of financial assets and reversal of impairment losses | 21.7 | (639) | — | (639) | ||||||||||||||||||||||
| Other (losses) gains | 21.6 | (2,142) | — | (2,142) | ||||||||||||||||||||||
| Income from operating activities | 1,065,898 | — | 1,065,898 | |||||||||||||||||||||||
| Finance income | 21.1 | 103,642 | — | 103,642 | ||||||||||||||||||||||
| Finance costs | 15-21.9 | (197,544) | — | (197,544) | ||||||||||||||||||||||
| Share of profit of associates and joint ventures accounted for using the equity method | 7.1-8.1 | 11,025 | — | 11,025 | ||||||||||||||||||||||
| Foreign currency translation differences | 24 | (8,607) | — | (8,607) | ||||||||||||||||||||||
| Income before taxes | 974,414 | — | 974,414 | |||||||||||||||||||||||
| Income tax expense | 25.3 | (1,372,049) | (1,089,476) | (282,573) | ||||||||||||||||||||||
| Net income | (397,635) | (1,089,476) | 691,841 | |||||||||||||||||||||||
| Net income attributable to: | ||||||||||||||||||||||||||
| Net income attributable to owners of the parent | (404,359) | (1,089,476) | 685,117 | |||||||||||||||||||||||
| Net income attributable to non-controlling interests | 6,724 | — | 6,724 | |||||||||||||||||||||||
| (397,635) | (1,089,476) | 691,841 | ||||||||||||||||||||||||
| Basic earnings per share (US$ per share) | 3.26 | (1.4156) | 3.1842 | 2.3986 | ||||||||||||||||||||||
| Diluted earnings per share (US$ per share) | 3.26 | (1.4156) | 3.1842 | 2.3986 | ||||||||||||||||||||||
* See the notes to the Company’s consolidated financial statements included in the Form 20-F, filed on April 24, 2025.
Consolidated Statements of Comprehensive Income
| As of December 31, 2024, as reported to the CMF | Subsequent event adjustment | As of December 31, 2024, as filed with the Form 20-F | ||||||||||||||||||
| Consolidated Statements of Comprehensive Income | ||||||||||||||||||||
| ThUS$ | ThUS$ | ThUS$ | ||||||||||||||||||
| Net income | (397,635) | 1,089,476 | 691,841 | |||||||||||||||||
| Items of other comprehensive income that will not be reclassified to income for the year, before taxes | ||||||||||||||||||||
| gain (losses) from measurements of defined benefit plans | 3,148 | — | 3,148 | |||||||||||||||||
| Gains from financial assets measured at fair value through other comprehensive income | 3,520 | — | 3,520 | |||||||||||||||||
| Total other comprehensive income that will not be reclassified to income for the year, before taxes | 6,668 | — | 6,668 | |||||||||||||||||
| Items of other comprehensive income that will be reclassified to income for the year, before taxes | ||||||||||||||||||||
| (Losses) gains foreign currency exchange | (34,516) | — | (34,516) | |||||||||||||||||
| Cash flow hedges- effective portion of changes in far value | 2,520 | — | 2,520 | |||||||||||||||||
| Cash flow hedges-reclassified to income for the year | 8,773 | — | 8,773 | |||||||||||||||||
| Total other comprehensive income that will be reclassified to income for the year | (23,223) | — | (23,223) | |||||||||||||||||
| Other items of other comprehensive (losses) income, before taxes | (16,555) | — | (16,555) | |||||||||||||||||
| Income taxes related to items of other comprehensive income that will not be reclassified to income for the year | ||||||||||||||||||||
| Income tax benefit (expense) relating to measurement of defined benefit pension plans through other comprehensive income | (860) | — | (860) | |||||||||||||||||
| Income tax (expense) benefit relating to gains (losses) on financial assets measured irrevocably at fair value through other comprehensive income | (2,723) | — | (2,723) | |||||||||||||||||
| Total income tax (expense) benefit relating to components of other comprehensive income that will not be reclassified to income for the year | (3,583) | — | (3,583) | |||||||||||||||||
| Income taxes relating to components of other comprehensive income that will be reclassified to income for the year | ||||||||||||||||||||
| Income tax (expense) related to gains (losses) from cash flow hedges | (3,049) | — | — | (3,049) | ||||||||||||||||
| Total income tax (expense) benefit relating to components of other comprehensive income that will be reclassified to income for the year | (3,049) | — | (3,049) | |||||||||||||||||
| Total other comprehensive (loss) income | (23,187) | — | (23,187) | |||||||||||||||||
| Total comprehensive income | (420,822) | 1,089,476 | 668,654 | |||||||||||||||||
| Comprehensive income attributable to | ||||||||||||||||||||
| Comprehensive (losses) income attributable to owners of the parent | (427,749) | 1,089,476 | 661,727 | |||||||||||||||||
| Comprehensive income attributable to non-controlling interest | 6,927 | — | 6,927 | |||||||||||||||||
| (420,822) | 1,089,476 | 668,654 | ||||||||||||||||||
Consolidated Statements of Changes in Equity
| Consolidated Statements of Changes in Equity | Share capital | Foreign currency translation reserve | Hedge reserve | Gains and losses from financial assets reserve | Actuarial gains and losses from defined benefit plans reserve | Accumulated other comprehensive income | Other miscellaneous reserves | Total reserves | Retained earnings | Equity attributable to owners of the Parent | Non- controlling interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | ThUS$ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity at January 1, 2024 reported to the CMF | 1,577,643 | (4,921) | (930) | 122,294 | (13,454) | 102,989 | 11,881 | 114,870 | 3,838,162 | 5,530,675 | 36,230 | 5,566,905 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsequent event adjustment 2023 | (1,089,476) | (1,089,476) | — | (1,089,476) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As of January 1, 2024, as filed with the Form 20-F | 1,577,643 | (4,921) | (930) | 122,294 | (13,454) | 102,989 | 11,881 | 114,870 | 2,748,686 | 4,441,199 | 36,230 | 4,477,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income | 685,117 | 685,117 | 6,724 | 691,841 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | (34,706) | 8,244 | 797 | 2,275 | (23,390) | — | (23,390) | — | (23,390) | 203 | (23,187) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive income | — | (34,706) | 8,244 | 797 | 2,275 | (23,390) | — | (23,390) | 685,117 | 661,727 | 6,927 | 668,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity instruments irrevocably recognized in other comprehensive income (loss) | — | — | — | 128,793 | — | — | — | 128,793 | 186,809 | 58,016 | — | 58,016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends | — | — | — | — | — | — | — | — | — | — | (5,909) | (5,909) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital decrease | (20) | — | — | — | — | — | 20 | 20 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other increases in equity | — | 1,603 | — | — | — | — | (1,726) | (123) | — | (123) | — | (123) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total changes in equity | (20) | (33,103) | 8,244 | (127,996) | 2,275 | (23,390) | (1,706) | (152,286) | 871,926 | 719,620 | 1,018 | 720,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity as of December 31, 2024 reported to the CMF and filed with the Form 20-F | 1.577.623 | (38,024) | 7,314 | (5,702) | (11,179) | 79,599 | 10,175 | (37,416) | 3,620,612 | 5,160,819 | 37,248 | 5,198,067 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 / [email protected]
Isabel Bendeck / [email protected]
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: April 25, 2024 | /s/ Gerardo Illanes | ||||
| By: Gerardo Illanes | |||||
| CFO | |||||