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Basis of presentation for the consolidated financial statements | 12 Months Ended
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Dec. 31, 2017
Disclosure of Basis of presentation for the consolidated financial statements [Abstract] |
Disclosure of basis of preparation of financial statements [text block] | Note 2 Basis of presentation for the consolidated financial statements
2.1 | Accounting period
These consolidated financial statements cover the following periods:
| - | Consolidated Statements of Financial Position as of December 31, 2017 and, 2016.
| - | Consolidated Statements of Changes in Equity for the three years ended December 31, 2017.
| - | Consolidated Statements of Comprehensive Income for the three years ended December 31, 2017.
| - | Consolidated Statements of Direct-Method Cash Flows for the three years ended December 31, 2017.
2.2 | Consolidated financial statements
The consolidated financial statements of Sociedad Química y Minera de Chile S.A. and its Subsidiaries were prepared in accordance with International Financial Reporting Standards (hereinafter “IFRS”) and represent the full, explicit and unreserved adoption of International Financial Reporting Standards as issued by the International Accounting Standards Board (hereinafter the “IASB”). These consolidated financial statements fairly reflect the Company’s financial position, the comprehensive results of operations, changes in equity and cash flows occurring during the years then ended. IFRS establish certain alternatives for their application. Those applied by the Company are detailed in this Note. The accounting policies used in the preparation of these consolidated annual accounts comply with each IFRS in force at their date of presentation. For the closing date of these consolidated financial statements certain reclassifications have been made for the captions current tax assets, other non-current financial assets, equity accounted investees, current tax assets, non-current as of December 31, 2016, to correct the prior year presentation. These revisions were not considered material to the previously issued financial statements. A reconciliation of such differences is presented as follows
|  | Balances originally reported as of December 31, 2016 |  | Reclassified balances as of December 31, 2016 |  | Reclassification |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |
Assets |  |  |  |  |  |  |
Current tax Assets |  | 54,787 |  | 51,632 |  | (3,155) |
Tax assets, non-current |  | 29,024 |  | 32,179 |  | 3,155 |
Deferred tax assets |  | 664 |  | - |  | (664) |
Total |  | 84,475 |  | 83,811 |  | (664) |
|  | Balances originally reported as of December 31, 2016 |  | Reclassified balances as of December 31, 2016 |  | Reclassification |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |
Liabilities |  |  |  |  |  |  |
Deferred tax liabilities |  | 206,119 |  | 205,455 |  | 664 |
Total |  | 206,119 |  | 205,455 |  | 664 |
|  | Balances originally reported as of December 31, 2016 |  | Reclassified balances as of December 31, 2016 |  | Reclassification |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |
Income |  |  |  |  |  |  |
Other income |  | 14,781 |  | 15,202 |  | 421 |
Finance income |  | 10,550 |  | 10,129 |  | (421) |
Total |  | 25,331 |  | 25,331 |  | - |
|  | Balances originally reported as of December 31, 2016 |  | Reclassified balances as of December 31, 2016 |  | Reclassification |
|  | ThUS$ |  | ThUS$ |  | ThUS$ |
Cash Flows |  |  |  |  |  |  |
Cash payments to suppliers for the provision of goods and services |  | (796,961) |  | (851,972) |  | (55,011) |
Cash payments to and on behalf of employees |  | (253,163) |  | (204,609) |  | 48,554 |
Income taxes paid |  | (87,050) |  | (113,991) |  | (26,941) |
Other inflows (outflows) of cash |  | (29,473) |  | (2,532) |  | 26,941 |
Payments made to acquire interest in joint ventures |  | (51,457) |  | (45,000) |  | 6,457 |
Total |  | 1,218,104 |  | 1,218,104 |  | - |
There was no change to the previously reported amounts of net cash generated from (used in) operating, investing or financing activities.
2.3 | Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the following:
| - | Inventories are recorded at the lower of cost and net realizable value.
| - | Financial derivatives at fair value; and
| - | Staff severance indemnities and pension commitments at actuarial value
| - | Certain financial investments classified as available for sale measured at fair value with an offsetting entry in other comprehensive income.
| - | Other current and non-current assets and financial liabilities at amortized cost
2.4 | Accounting pronouncements
New accounting pronouncements a) The following standards, interpretations and amendments are mandatory for the first time for annual periods beginning on January 1, 2017:
Amendments and improvements |  | Mandatory for annual periods beginning on
Amendment to IAS 7 “Statement of Cash Flows”. Published in February 2016. The amendment introduces an additional disclosure initiative that enables users of financial statements to evaluate changes in liabilities arising from financing activities. |  | 01/01/2017
Amendment to IAS 12 “Income Taxes”. Published in February 2016. The amendment clarifies how to account for a deferred tax asset that is related to a debt instrument measured at fair value. |  | 01/01/2017
Amendment to IFRS 12 “Disclosure of Interests in Other Entities”. Published in December 2016. The amendment clarifies the scope of this standard. These amendments must be applied retroactively to annual periods as of January 1, 2017. |  | 01/01/2017
The adoption of the standards, amendments and interpretations indicated above had no significant impact on the Company’s consolidated financial statements. b) Standards, interpretations and amendments issued that had not become effective for financial statements beginning on January 1, 2017 and which the Company has not adopted early are as follows:
Standards and interpretations | Mandatory for annual periods beginning on
The International Financial Reporting Standard No. 9 (IFRS 9) Financial Instruments - Published in July 2014. The IASB has published a complete new version of IFRS 9, which replaces the guidance in IAS 39. This final version includes requirements regarding the classification and measurement of financial assets and liabilities and a new model for the recognition of expected credit losses that replaces the incurred loss impairment model used today. The part relating to hedge accounting that forms part of this final version of IFRS 9 was published in November 2013. Adoption effects are disclosed as follows: | 01/01/2018
i. | The classification of financial assets depend on the entity´s business model for managing its financial assets and the characteristics of the contractual cash flow of financial assets. No significant change was derived from the new established classification of IFRS 9. |
ii. | The Company’s trade receivables are maintained to obtain contractual cash flows (charge and collect) and do not contain a significant financing component, being recognized at the transaction price defined in IFRS 15. Meanwhile, the Company is using the simplified approach for recognizing expected credit losses if there is no significant increase in the credit risk since initial recognition and the terms of sale are less than 12 months. Similarly, the Company is using an impairment model for trade receivables based on expected credit losses that considers the credit risk separately from its hedges, generating non significant difference compared to that established in the previous accounting standard IAS 39. |
iii. | The Company will continue applying the hedge accounting requirements established in IAS 39, as permitted by IFRS 9. |
The Company has established the procedures and controls for beginning to apply IFRS 9 as of January 1, 2018. |
Standards and interpretations | Mandatory for annual periods beginning on
The International Financial Reporting Standard No. 15 (IFRS 15) Revenue from Contracts with Customers - Published in May 2014 by the IASB. This established the principles that an entity must apply for presenting useful information to users of financial statements with regard to the nature, amount, timing and uncertainty of revenue and cash flows from a contract with a customer, as of January 1, 2018. The basic principle is that an entity will recognize revenue representing the transfer of goods or services to customers in an amount that reflects the consideration that the entity expects to receive in exchange for such goods or services. The new standard establishes a framework of five steps to determine when to recognize revenue and at what amount. The standard is focused on recognizing the revenue as the different obligations of performance, transfer of control, risks and benefits are fulfilled. This standard replaces the following standards and interpretations: IAS 18 Revenue; IAS 11 Construction contracts; IFRIC 13 Customer Loyalty Programmes; IFRIC 15 Agreements for the Construction of Real Estate; IFRIC 18 Transfers of Assets from Customers; and SIC-31 Revenue - Barter Transactions Involving Advertising Services. | 01/01/2018
In April 2016, the IASB published an amendment to introduce clarifications with regard to identifying performance obligations in contracts with customers, to account for licensing involving intellectual property and for assessing principal versus agent considerations (i.e. Recording revenue on a gross basis versus the net amount it retains), among other aspects. These amendments are also effective as of January 1, 2018. The Company's revenue is mainly derived from its principal performance obligation to transfer its products under agreements in which the transfer of the control, risks and benefits of the property and the fulfillment of the Company’s performance obligations happen at the same time. The Company has carried out a detailed evaluation and executed a plan for the implementation of IFRS 15. As part of this process, the Company has analyzed the performance obligations underlying revenue recognition, such as the performance obligation to transport products to customers, in line with the terms and conditions previously established in contracts and there is no significant impact - the performance obligation has been satisfied. With regard to products invoiced with a deferred shipment date, the transfer of control has been assessed over and above the transfer of risks and benefits established in the previous standard and a prepayment is estimated in revenue recognition, without a significant impact. Other considerations were also assessed, such as rebates, discounts, guarantees, financing components and product personalization. Based on this analysis, the Company has concluded that these last items will not generate an impact nor are significant changes expected in the recording of revenue as a result of applying this new standard, except for the impact on disclosures. The Company has established the procedures and controls for beginning to apply IFRS 15 as of January 1, 2018. It intends to recognize the cumulative effect of applying IFRS 15 as an adjustment to the opening balance of equity as of that date, without making adjustments to the comparative information for prior periods. | 01/01/2018
Standards and interpretations | Mandatory for annual periods beginning on
IFRS 16 “Leases” – Published in January 2016 establishes the principle for recognizing, measuring, presenting and disclosing leases. IFRS 16 replaces IAS 17 and introduces a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases with a lease term of more than 12 months unless the underlying asset has a low value. IFRS 16 applies to annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted for entities that apply IFRS 15 before the initial application date of IFRS 16. | 01/01/2019
IFRS 17 “Insurance Contracts”. Published in May 2017, this replaces IFRS 4. IFRS 17 will mainly change the accounting for those entities that issue insurance contacts and investment contracts with discretionary participation features. IFRS 17 is effective for annual reporting periods beginning on or after January 1, 2021. Earlier application is permitted if both IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have also been applied. | 01/01/2021
IFRIC 22 “Foreign Currency Transactions and Advance Consideration”. Published in December 2016. This Interpretation applies to a foreign currency transaction (or part of one) if an entity recognizes a non-financial asset or non-financial liability arising from the payment or receipt of an advance consideration prior to the entity recognizing the related asset, expense or income (or the applicable portion thereof). The interpretation provides a guideline for the transaction date to be used for both single payments/receipts and situations when there are multiple payments/receipts. Its objective is to reduce diversity in practice. | 01/01/2018
Amendments and improvements | Mandatory for annual periods beginning on
IFRIC 23 “Uncertainty over Income Tax Treatments”. Published in June 2016. This interpretation clarifies how to apply the recognition and measurement requirements in IAS 12, when there is uncertainty over income tax treatments. | 01/01/2019
Amendment to IFRS 15 “Revenue from Contracts with Customers”. Published in April 2016. The amendment provides clarifications with regard to identifying performance obligations in contracts with customers, , accounting for licensing involving intellectual property and assessing principal versus agent considerations (i.e. recording revenue on a gross basis versus the net amount it retains). It includes new and modified illustrative examples as a guide, along with practical examples related to the transition to the new standard on revenue. | 01/01/2018
Amendment to IAS 28 “Investments in Associates and Joint Ventures” in regard to measuring an associate or joint venture at fair value. Published in December 2016. | 01/01/2018
Amendment to IFRS 9 “Financial Instruments”. Published in October 2017. The amendment permits more assets to be measured at amortized cost than under the previous version of IFRS 9, in particular some prepayable financial assets with negative compensation. The assets affected, which include some loans and debt securities, would otherwise have been measured at fair value through profit and loss (FVTPL). For them to qualify for amortized cost measurement, the negative compensation must be "reasonable compensation for early termination of the contract”. | 01/01/2019
Amendment to IAS 28 “Investments in Associates and Joint Ventures” Published in October 2017. This amendment clarifies that companies should apply IFRS 9 to account for long-term interests in an associate or joint venture to which the equity method is not applied. The Board has published an example that illustrates how companies should apply the requirements of IFRS 9 and IAS 28 to long-term interests in an associate or joint venture. | 01/01/2019
Amendment to IFRS 3 “Business Combinations” Published in December 2017. The amendment clarifies that gaining control of a company that is a joint venture is a business combination that is achieved in stages. The acquirer must remeasure previously held interests in that business at fair value at the date of acquisition. | 01/01/2019
Amendment to IFRS 11 “Joint Arrangements” Published in December 2017. The amendment clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. | 01/01/2019
Amendments and improvements | Mandatory for annual periods beginning on or after
Amendment to IAS 12 “Income Taxes”. Published in December 2017. This amendment clarifies that the income tax consequences of dividends on financial instruments classified as equity should be recognized when the past transactions or events that generated distributable profits were originally recognized. | 01/01/2019
Amendment to IAS 23 “Borrowing Costs”. Published in December 2017. This amendment clarifies that the borrowing costs of specific borrowings that remain outstanding after the related qualifying asset is ready for intended use or for sale will be considered as part of the general borrowing costs of the entity. | 01/01/2019
The following amendment was issued by the IASB and was originally scheduled to take effect in 2016. However, the organization has changed its position and the mandatory effective date is now to be determined.
Amendment to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures”. Published in September 2014. These amendments address an inconsistency between the requirements in IFRS 10 and those in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. | Undetermined
Management believes the adoption of the standards, interpretations and amendments applicable as of January 1, 2018, will have no significant impact on the Company’s financial statements. For those standards to be applied as of 2019, the corresponding calculations and analysis will be performed during 2018.
2.5 | Basis of consolidation
(a) Subsidiaries These are all those entities where Sociedad Química y Minera de Chile S.A. has control over directing their financial and operational policies. This is generally accompanied by a share of more than half of the voting rights. Subsidiaries apply the same accounting policies of their Parent. To account for the acquisition, the Company uses the acquisition method. Under this method the acquisition cost is the fair value of assets delivered, equity securities issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired, and liabilities and contingencies assumed in a business combination are measured initially at fair value at the acquisition date. For each business combination, the Company will measure non-controlling interest of the acquiree either at fair value or as proportional share of net identifiable assets of the acquiree. For more information, please see Note 6.4 Companies included in consolidation:
|  |  |  |  |  |  |  |  |  | Ownership interest |  |  |
TAX ID |  |  |  | Country of |  |  |  |  |  |  |  | 12/31/2017 |  | 12/31/2016 |
No. |  | Foreign subsidiaries |  | origin |  | Functional currency |  | Direct |  | Indirect |  | Total |  | Total |
Foreign |  | Nitratos Naturais Do Chile Ltda. |  | Brazil |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | Nitrate Corporation Of Chile Ltd. |  | United Kingdom |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM North America Corp. |  | USA |  | US$ |  | 40.0000 |  | 60.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Europe N.V. |  | Belgium |  | US$ |  | 0.5800 |  | 99.4200 |  | 100.0000 |  | 100.0000 |
Foreign |  | Soquimich S.R.L. Argentina |  | Argentina |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | Soquimich European Holding B.V. |  | Netherlands |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Corporation N.V. |  | Netherlands |  | US$ |  | 0.0002 |  | 99.9998 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQI Corporation N.V. |  | Netherlands |  | US$ |  | 0.0159 |  | 99.9841 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Comercial De México S.A. de C.V. |  | Mexico |  | US$ |  | 0.0100 |  | 99.9900 |  | 100.0000 |  | 100.0000 |
Foreign |  | North American Trading Company |  | USA |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | Administración y Servicios Santiago S.A. de C.V. |  | Mexico |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Peru S.A. |  | Peru |  | US$ |  | 0.9800 |  | 99.0200 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Ecuador S.A. |  | Ecuador |  | US$ |  | 0.0040 |  | 99.9960 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Nitratos Mexico S.A. de C.V. |  | Mexico |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQMC Holding Corporation L.L.P. |  | USA. |  | US$ |  | 0.1000 |  | 99.9000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Investment Corporation N.V. |  | Netherlands |  | US$ |  | 1.0000 |  | 99.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Brasil Limitada |  | Brazil |  | US$ |  | 1.0900 |  | 98.9100 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM France S.A. |  | France |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Japan Co. Ltd. |  | Japan |  | US$ |  | 0.1597 |  | 99.8403 |  | 100.0000 |  | 100.0000 |
Foreign |  | Royal Seed Trading Corporation A.V.V. |  | Aruba |  | US$ |  | 1.6700 |  | 98.3300 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Oceania Pty Limited |  | Australia |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | Rs Agro-Chemical Trading Corporation A.V.V. |  | Aruba |  | US$ |  | 98.3333 |  | 1.6667 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Colombia SAS |  | Colombia |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 0.0000 |
Foreign |  | SQM Australia PTY |  | Australia |  | Dolar Australiano |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 0.0000 |
Foreign |  | SACAL S.A. |  | Argentina |  | Peso Argentino |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 0.0000 |
|  |  |  |  |  |  |  | Ownership interest |
|  |  |  | Country of |  |  |  |  |  |  |  | 12/31/2017 |  | 12/31/2016 |
TAX ID No. |  | Foreign subsidiaries |  | origin |  | Functional currency |  | Direct |  | Indirect |  | Total |  | Total |
Foreign |  | SQM Indonesia S.A. |  | Indonesia |  | US$ |  | 0.0000 |  | 80.0000 |  | 80.0000 |  | 80.0000 |
Foreign |  | SQM Virginia L.L.C. |  | USA |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Italia SRL |  | Italy |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | Comercial Caimán Internacional S.A. |  | Panama |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Africa Pty. |  | South Africa |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Lithium Specialties LLC |  | USA |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Iberian S.A. |  | Spain |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Agro India Pvt. Ltd. |  | India |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Beijing Commercial Co. Ltd. |  | China |  | US$ |  | 0.0000 |  | 100.0000 |  | 100.0000 |  | 100.0000 |
Foreign |  | SQM Thailand Limited |  | Thailand |  | US$ |  | 0.0000 |  | 99.996 |  | 99.996 |  | 99.996 |
|  |  |  |  |  |  |  | Ownership interest |
|  |  |  | Country of |  | Functional |  |  |  |  |  | 12/31/2017 |  | 12/31/2016 |
TAX ID No. |  | Domestic subsidiaries |  | Origin |  | currency |  | Direct |  | Indirect |  | Total |  | Total |
96,801,610-5 |  | Comercial Hydro S.A. |  | Chile |  | US$ |  | 0.0000 |  | 60.6383 |  | 60.6383 |  | 60.6383 |
96,651,060-9 |  | SQM Potasio S.A. |  | Chile |  | US$ |  | 99.9999 |  | 0.0000 |  | 99.9999 |  | 99.9999 |
96,592,190-7 |  | SQM Nitratos S.A. |  | Chile |  | US$ |  | 99.9999 |  | 0.0001 |  | 100.0000 |  | 100.0000 |
96,592,180-K |  | Ajay SQM Chile S.A. |  | Chile |  | US$ |  | 51.0000 |  | 0.0000 |  | 51.0000 |  | 51.0000 |
86,630,200-6 |  | SQMC Internacional Ltda. |  | Chile |  | Ch$ |  | 0.0000 |  | 60.6381 |  | 60.6381 |  | 60.6381 |
79,947,100-0 |  | SQM Industrial S.A. |  | Chile |  | US$ |  | 99.0470 |  | 0.9530 |  | 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 |  | US$ |  | 0.0003 |  | 99.9997 |  | 100.0000 |  | 100.0000 |
79,768,170-9 |  | Soquimich Comercial S.A. |  | Chile |  | US$ |  | 0.0000 |  | 60.6383 |  | 60.6383 |  | 60.6383 |
79,626,800-K |  | SQM Salar S.A. |  | Chile |  | US$ |  | 18.1800 |  | 81.8200 |  | 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 |  | US$ |  | 0.2691 |  | 99.7309 |  | 100.0000 |  | 100.0000 |
76,064,419-6 |  | Comercial Agrorama Ltda. (a) |  | Chile |  | Ch$ |  | 0.0000 |  | 42.4468 |  | 42.4468 |  | 42.4468 |
76,145,229-0 |  | Agrorama S.A. |  | Chile |  | Ch$ |  | 0.0000 |  | 60.6377 |  | 60.6377 |  | 60.6377 |
76,359,919-1 |  | Orcoma Estudios SPA |  | Chile |  | US$ |  | 51.0000 |  | 0.0000 |  | 51.0000 |  | 51.0000 |
76,360,575-2 |  | Orcoma SPA |  | Chile |  | US$ |  | 100.0000 |  | 0.0000 |  | 100.0000 |  | 100.0000 |
76,686,311-9 |  | SQM MaG SpA. |  | Chile |  | US$ |  | 100.0000 |  | 0.0000 |  | 100.0000 |  | 100,0000 |
| (a) | The Company consolidated Comercial Agrorama Ltda. as it has the control of this company’s relevant activities.
Subsidiaries are consolidated using the line-by-line method, adding the items that represent assets, liabilities, revenues, and expenses of similar content, and eliminating those related to intragroup transactions. Profit or loss of subsidiaries acquired or divested during the year are included in profit or loss accounts consolidated from the date control is transferred to the Group, or up to the date control is lost, as applicable. Non-controlling interest represents the equity of a subsidiary not directly or indirectly attributable to the Parent.

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