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Financial instruments

12 Months Ended

Dec. 31, 2018

Disclosure Of Financials instruments [Abstract]

Disclosure of financial instruments [text block]

Note 13

Financial instruments

Financial instruments are detailed as follows:

13.1

Types of other financial assets

Description of other financial assets	12/31/2018 ThUS$		12/31/2017 ThUS$

Financial assets at amortized cost (1)		291,790		360,941
Derivative financial instruments
- For hedging		18,238		-
- At fair value through profit or loss (2)		2,693		6,038
Total other current financial assets		312,721		366,979

Investments classified as available for sale at fair value through profit or loss		-		9,179
Financial assets at fair value through other comprehensive income		3,631		-
Derivative financial instruments
- For hedging		13,425		8,910
Financial assets at amortized cost (3)		75		24,790
Total other non-current financial assets		17,131		42,879

(1)

Corresponds to term deposits whose maturity date is greater than 90 days and less than 360 days from the investment date constituted in the following financial institutions:

(2)

Correspond to forwards and options that were not classified as hedging instruments (See detail in Note 13.3).

(3)

SQM Potassium S.A. contributed ThUS$24,745 to Western Australia Lithium (WAL). As of December 31, 2017, this had not been legally incorporated as a Company and the funds remained in trust pending transfer to WAL.

Institution	12/31/2018 ThUS$		12/31/2017 ThUS$
Banco Santander		23,124		163,269
Banco de Crédito e Inversiones		145,834		71,748
Banco Itaú-Corpbanca		70,719		77,527
Banco Security		27,215		28,592
Scotiabank Sud Americano		24,898		13,764
Banco Chile		-		4,834
Banco BBVA Chile		-		1,207
Total		291,790		360,941

13.2

Trade and other receivables

	12/31/2018						12/31/2017
	Current		Non-current		Total		Current		Non-current		Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$$		ThUS$
Trade receivables		429,150		-		429,150		412,321		-		412,321
Prepayments		16,147		-		16,147		16,177		-		16,177
Other receivables		19,558		2,275		21,833		18,377		1,912		20,289
Total trade and other receivables		464,855		2,275		467,130		446,875		1,912		448,787

	12/31/2018							12/31/2017
	Assets before allowances		Allowance for doubtful trade receivables			Assets for trade receivables, net		Assets before allowances		Allowance for doubtful trade receivables			Assets for trade receivables, net
	ThUS$		ThUS$			ThUS$		ThUS$		ThUS$			ThUS$
Receivables related to credit operations, current		445,670		(16,520	)		429,150		427,400		(15,079	)		412,321
Trade receivables, current		445,670		(16,520	)		429,150		427,400		(15,079	)		412,321
Prepayments, current		16,990		(843	)		16,147		16,877		(700	)		16,177
Other receivables, current		23,863		(4,305	)		19,558		23,409		(5,032	)		18,377
Current trade and other receivables		40,853		(5,148	)		35,705		40,286		(5,732	)		34,554
Other receivables, non-current		2,275		-			2,275		1,912		-			1,912
Non-current receivables		2,275		-			2,275		1,912		-			1,912
Total trade and other receivables		488,798		(21,668	)		467,130		469,598		(20,811	)		448,787

Portfolio stratification, continued

The Company’s policy is to require guarantees (such as letters of credit, guarantee clauses and others) and/or maintaining insurance policies for certain accounts as deemed necessary by management.

Uncollateralized portfolio

As of December 31, 2018 the detail of the uncollateralized portfolio is as follows:

	2018
	Total uncollateralized portfolio
Past due segments	Number of customers non- renegotiated portfolio		Gross non- renegotiated portfolio ThUS$		Number of customers renegotiated portfolio		Gross renegotiated portfolio ThUS$
Current		1,429		403,805		136		668
1-30 days		1,284		17,899		390		596
31-60 days		940		8,063		154		118
61-90 days		661		2,147		41		75
91-120 days		498		1,210		27		47
121-150 days		85		385		16		29
151-180 days		49		177		21		176
181-210 days		14		1,289		41		231
211-250 days		12		107		101		242
>250 days		1,756		7,258		305		1,148
Total		6,728		442,340		1,232		3,330

As of December 31, 2017 the detail of the uncollateralized portfolio is as follows:

	2017
	Total uncollateralized portfolio
Past due segments	Number of customers non- renegotiated portfolio		Gross non- renegotiated portfolio ThUS$		Number of customers renegotiated portfolio		Gross renegotiated portfolio ThUS$
Current		3,039		344,802		23		706
1-30 days		1,598		41,510		376		924
31-60 days		824		8,813		130		272
61-90 days		756		3,740		50		119
91-120 days		548		7,367		22		54
121-150 days		182		2,914		22		56
151-180 days		443		5,602		45		75
181-210 days		365		4,470		27		45
211-250 days		682		112		29		138
>250 days		1,837		3,050		350		2,631
Total		10,274		422,380		1,074		5,020

	Accounts Receivable
				1 to 30			31 to 60			61 to 90			Over 90			Total
2018	Current			days			days			days			days			ThUS$
Expected Loss Rate		0	%		0	%		87	%		100	%		100	%
Total Gross Book Value		404,473			18,495			8,181			2,222			12,299			445,670
Deterioration Estimate		-			-			7,147			2,222			12,299			21,668

	Accounts Receivable
				1 to 30			31 to 60			61 to 90			Over 90			Total
2017	Current			days			days			days			days			ThUS$
Expected Loss Rate		0	%		0	%		0	%		27	%		74	%
Total Gross Book Value		345,508			42,434			9,085			3,859			26,514			427,400
Deterioration Estimate		-			-			-			1,061			19,750			20,811

As of December 31, 2018 and December 31, 2017, movements in provisions are as follows

	12/31/2018			12/31/2017
	ThUS$			ThUS$
Provision Impairment Accounts receivable at the beginning of the Period		34,936			31,616
Adjustment to Starting Balance through New Model Calculations (IFRS 9)		2,301			-
Increase / (decrease) impairment of accounts receivable for the period to profit and loss		(2,967	)		8,037
Use of Provision Applied to Accounts Receivable		(1,636	)		(4,717	)
Impairment of Accounts Receivable Provision at the beginning of the Period (1)+(2)		32,634			34,936
(1) Trade and Other Receivables Provision		21,668			20,811
(2) Current Related Party Receivables Provision		10,966			14,125
Recovery of Insurance		827			126

Impairment of Accounts Receivable Provision		32,634			34,936
Renegotiated Provision		2,056			2,580
Non-renegotiated Provision		30,578			32,356

Credit risk concentration.

Credit risk concentration with respect to trade receivables is reduced due to the great number of entities in the Company’s client base and their distribution throughout the world.

13.3 Hedging assets and liabilities

The balance represents derivative instruments measured at fair value which have been classified as hedges from exchange and interest rate risks related to the total obligations associated with bonds in Chilean pesos and UF

in Chilean pesos.

As of December 31, 2017, the notional amount of cash flows in Cross Currency Swap contracts agreed upon in US dollars amounted to ThUS$

461,659,

and as of December 31, 2017 such contracts amounted to

ThUS$ 266,335

Hedging assets with

underlying debt

Derivative

instruments (Fwds)

Effect on profit or loss

for the period

Derivative instruments

Hedging reserve in

equity before tax

Deferred tax

hedging reserve

in equity

Hedging reserve

in equity

ThUS$

December 31, 2018

13,516

(3,004

)

8,256

Hedging liabilities with

underlying debt

Derivative instruments (CCS)

Effect on profit or loss

for the period

Derivative instruments

Hedging reserve in

equity before tax

Deferred tax

hedging reserve

in equity

Hedging

reserve in

equity

ThUS$

December 31, 2018

(17,318

)

16,636

1,541

Hedging assets with

underlying investments

Derivative

instruments

(CCS)

Effect on profit or loss

for the period

Derivative

instruments

Hedging reserve in

equity before tax

Deferred tax

hedging reserve

in equity

Hedging reserve

in equity

ThUS$

December 31, 2018

18,146

19,911

(1,765

)

(1,765

)

Hedging assets with

underlying debt

Derivative

instruments (Fwds)

Effect on profit or loss

for the period

Derivative instruments

Hedging reserve in

equity before tax

Deferred tax

hedging reserve

in equity

Hedging reserve

in equity

ThUS$

December 31, 2017

8,910

5,641

2,170

Hedging liabilities with

underlying debt

Derivative

instruments (CCS)

Effect on profit or loss

for the period

Derivative instruments

Hedging reserve in

equity before tax

Deferred tax

hedging reserve

in equity

Hedging

reserve in

equity

ThUS$

December 31, 2017

17,128

33,696

Hedging liabilities with

underlying investments

Derivative

instruments

(CCS)

Effect on profit or loss

for the period

Derivative

instruments

Hedging reserve in

equity before tax

Deferred tax

hedging reserve

in equity

Hedging

reserve in

equity

ThUS$

December 31, 2017

(20,159

)

(20,256

)

The balances in the “effect on profit or loss for the period” column consider the amounts reclassified from other comprehensive income to the statement of comprehensive income. Derivative contract maturities are detailed as follows:

Series

Contract amount

Currency

Maturity date

ThUS$

155,214

01/05/2023

58,748

02/01/2022

134,228

01/15/2028

The Company uses cross currency swap derivative instruments to hedge the possible financial risk associated with the volatility of the exchange rate associated with Chilean pesos and UF. The objective is to hedge the exchange rate financial risks associated with bonds payable. Hedges are documented and tested to measure their effectiveness.

Based on a comparison of critical terms, hedging is highly effective, given that the hedged amount is consistent with obligations maintained for bonds denominated in Chilean pesos and UF. Likewise, hedging contracts are denominated in the same currencies and have the same expiration dates of bond principal and interest payments.

Hedge Accounting

The Company classifies derivative instruments as hedging that may include derivative or embedded derivatives either as fair value hedge derivative instruments, cash flow hedge derivative instruments, or hedge derivative instruments for net investment in a business abroad.

a) Fair value hedge

Changes in fair values of derivative instruments classified as fair value hedge derivative instruments are accounted for in gains and losses immediately along with any change in the fair value of the hedged item that is attributable to the risk being hedged.

b) Cash flow hedges

Cash flow hedges cover exposure to the cash flow variations attributable to a risk associated with a specific transaction that is very likely to be executed, which may have material effects on the results of the Company.

The Company documents the relationship between hedge instruments and the hedged item along with the objectives of its risk management and strategy to carry out different hedging transactions. In addition, upon commencement of the period hedged and then on a quarterly basis, the Company documents whether hedge instruments have been efficient and met the objective of hedging market fluctuations. For this purpose, we use the effectiveness test.

The hedge instruments are classified as effective or not effective on the basis of the effectiveness test results. At present, hedges are classified as effective on the basis of the effectiveness tests. This note includes the detail of fair values of derivatives classified as hedging instruments.

13.4

Financial liabilities

Other current and non-current financial liabilities

As of December 31, 2018 and December 31, 2017, the detail is as follows:

			31/12/2018						31/12/2017
	Current		Non-current		Total		Current		Non-current		Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Liabilities at amortized cost
- Bank borrowings		300		68,870		69,170		163,568		-		163,568
- Obligations with the public (bonds)		15,145		1,249,479		1,264,624		13,494		1,031,507		1,045,001
Derivative financial instruments
- For hedging		5,285		12,033		17,318		37,287		-		37,287
- At fair value through profit or loss		2,855		-		2,855		5,979		-		5,979
Total		23,585		1,330,382		1,353,967		220,328		1,031,507		1,251,835

Current and non-current bank borrowings

As of December 31, 2018 and December 31, 2017, the detail is as follows:

	12/31/2018		12/31/2017
	ThUS$		ThUS$
Long-term bank borrowings		68,870		-
Short-term bank borrowings		-		163,568
Current portion of long-term loans		300		-
Short-term borrowings and current portion of long-term borrowings		69,170		163,568
Total bank borrowings		69,170		163,568

Bank borrowings, current:

As of December 31, 2018 and December 31, 2017, the detail of this caption is as follows:

Currency or

Nominal

Debtor

Creditor

adjustment

Effective

rate

Tax ID No

Company

Country

Tax ID No,

Financial institution

Country

index

Repayment

Vencimiento

rate

93,007,000-9

SQM.S.A.

Chile

0-E

Scotiabank Cayman

USA

US$

Upon maturity

05/29/2023

3.60

3.98

Foreign

Nitratos Naturais do Chile Lim

Brazil

0-E

Banco ITAU Brasil

Brasil

BRL

Upon maturity

01/31/2019

5.17

Foreign

SQM Brasil Limitada

Brazil

0-E

Banco ITAU Brasil

Brasil

BRL

Upon maturity

01/31/2019

5.5

			12/31/2018						12/31/2018
Debtor	Creditor		Nominal amounts						Current amounts
Company	Financial institution		Up to 90 days ThUS$		90 days to 1 year ThUS$		Total ThUS$		Up to 90 days ThUS$		90 days to 1 year ThUS$		Subtotal ThUS$		Borrowing costs ThUS$		Total ThUS$
SQM S.A.		Scotiabank Cayman		-		-		-		-		248		248		-		248
Nitratos Naturais do Chile Lim		Banco ITAU Brasil		-		-		-		11		-		11		-		11
SQM Brasil Limitada		Banco ITAU Brasil		-		-		-		41		-		41		-		41
Total				-		-		-		52		248		300		-		300

Debtor					Creditor						Currency or Adjustment index		Repayment		Effective rate			Nominal rate
Tax ID No	Company		Country		Tax ID No,		Financial institution		Country
93,007,000-9		SQM.S.A.		CHILE		97,018,000-1		Scotiabank Sud Americano		CHILE		US$		Upon maturity		1.63	%		1.63	%
93,007,000-9		SQM.S.A.		CHILE		97,018,000-1		Scotiabank Sud Americano		CHILE		US$		Upon maturity		1.73	%		1.73	%
93,007,000-9		SQM.S.A.		CHILE		97,018,000-1		Scotiabank Sud Americano		CHILE		US$		Upon maturity		1.73	%		1.73	%
93,007,000-9		SQM S.A.		CHILE		97,018,000-1		Banco Estado		CHILE		US$		Upon maturity		1.64	%		1.64	%
93,007,000-9		SQM S.A.		CHILE		97,018,000-1		Banco Estado		CHILE		US$		Upon maturity		1.67	%		1.67	%
93,007,000-9		SQM S.A.		CHILE		97,018,000-1		Banco Estado		CHILE		US$		Upon maturity		1.67	%		1.67	%
79,626,800-K		SQM Salar S.A.		CHILE		97,018,000-1		Banco Estado		CHILE		US$		Upon maturity		1.91	%		1.91	%
79,626,800-K		SQM Salar S.A.		CHILE		97,018,000-1		Scotiabank Sud Americano		CHILE		US$		Upon maturity		1.94	%		1.94	%
79,947,100-0		SQM Industrial S.A.		CHILE		97,030,000-7		Banco Estado		CHILE		US$		Upon maturity		1.74	%		1.74	%
79,947,100-0		SQM Industrial S.A.		CHILE		97,030,000-7		Banco Estado		CHILE		US$		Upon maturity		1.65	%		1.65	%

			12/31/2017						12/31/2017
Debtor	Creditor		Nominal amounts						Current amounts
Company	Financial institution		Up to 90 days ThUS$		90 days to 1 year ThUS$		Total ThUS$		Up to 90 days ThUS$		90 days to 1 year ThUS$		Subtotal ThUS$		Borrowing costs ThUS$		Total ThUS$
SQM S.A.		Scotiabank Sud Americano		-		20,000		20,000		-		20,137		20,137		-		20,137
SQM S.A.		Scotiabank Sud Americano		-		17,000		17,000		-		17,140		17,140		-		17,140
SQM S.A.		Scotiabank Sud Americano		-		3,000		3,000		-		3,025		3,025		-		3,025
SQM S.A.		Banco Estado		15,000		-		15,000		15,011		-		15,011		-		15,011
SQM S.A.		Banco Estado		15,000		-		15,000		15,011		-		15,011		-		15,011
SQM S.A.		Banco Estado		15,000		-		15,000		15,011		-		15,011		-		15,011
SQM Salar S.A.		Banco Estado		-		20,000		20,000		-		20,071		20,071		-		20,071
SQM Salar S.A.		Scotiabank Sud Americano		-		20,000		20,000		-		20,072		20,072		-		20,072
SQM Industrial S.A.		Banco Estado		-		20,000		20,000		-		20,064		20,064		-		20,064
SQM Industrial S.A.		Banco Estado		18,000		-		18,000		18,026		-		18,026		-		18,026
Total				63,000		100,000		163,000		63,059		100,509		163,568		-		163,568

Unsecured obligations, current:

As of December 31, 2018 and December 31, 2017, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds, as follows:

Bonds

Tax ID No.	Company		Country		Number of registration or ID of the instrument		Series		Maturity date		Currency or adjustment index		Payment of interest		Repayment		Effective rate			Nominal rate
93,007,000-9		SQM S.A.		CHILE		-		MMUS$250		4/21/2019		US$		Semiannual		Upon maturity		0.95	%		5,50	%
93,007,000-9		SQM S.A.		CHILE		-		MMUS$250		1/28/2019		US$		Semiannual		Upon maturity		2,75	%		4,38	%
93,007,000-9		SQM S.A.		CHILE		-		MMUS$300		4/03/2019		US$		Semiannual		Upon maturity		1,77	%		3,63	%
93,007,000-9		SQM S.A.		CHILE		564		H		1/05/2019		UF		Semiannual		Semiannual		1,90	%		4,90	%
93,007,000-9		SQM S.A.		CHILE		699		O		2/01/2019		UF		Semiannual		Upon maturity		2,60	%		3,80	%
93,007,000-9		SQM S.A.		CHILE		563		P		1/15/2019		UF		Semiannual		Upon maturity		3,07	%		3,25	%
93.007.000-9		SQM S.A.		Chile		700		Q		6/01/2019		UF		Semiannual		Upon maturity		3,34	%		3,45	%

					12/31/2018								12/31/2018
					Nominal maturities								Current maturities
Company	Country		Series		Up to 90 days		91 days to 1 year		Total		Up to 90 days		91 days to 1 year		Subtotal		Bond issuance costs			Total
					ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			ThUS$
SQM S.A.		CHILE		ThUS$250,000		2,674		-		2,674		2,674		-		2,674		(386	)		2,288
SQM S.A.		CHILE		ThUS$250,000		-		4,648		4,648		-		4,648		4,648		(433	)		4,215
SQM S.A.		CHILE		ThUS$300,000		2,658		-		2,658		2,658		-		2,658		(614	)		2,044
SQM S.A.		CHILE		H		-		3,756		3,756		-		3,756		3,756		(139	)		3,617
SQM S.A.		CHILE		O		-		934		934		-		934		934		(67	)		867
SQM S.A.		CHILE		P		-		1,784		1,784		-		1,784		1,784		(12	)		1,772
SQM S.A.		CHILE		Q		342		-		342		342		-		342		-			342
Total						5,674		11,122		16,796		5,674		11,122		16,796		(1,651	)		15,145

Effective rates of bonds in Chilean pesos and UF are expressed and calculated in U.S. dollars based on the flows agreed in Cross Currency Swap Agreements.

Tax ID No.

Company

Country

Number of

registration or

ID of the

instrument

Series

Maturity

date

Currency or

adjustment index

Payment of

interest

Repayment

Effective

rate

Nominal

rate

93,007,000-9

SQM S.A.

CHILE

ThUS$250,000

04/21/2018

US$

Semiannual

Upon maturity

1.47

5.50

93,007,000-9

SQM S.A.

CHILE

ThUS$250,000

01/28/2018

US$

Semiannual

Upon maturity

3.17

4.38

93,007,000-9

SQM S.A.

CHILE

ThUS$300,000

04/03/2018

US$

Semiannual

Upon maturity

2.12

3.63

93,007,000-9

SQM S.A.

CHILE

564

01/05/2018

Semiannual

2.18

4.90

93,007,000-9

SQM S.A.

CHILE

699

02/01/2018

Semiannual

Upon maturity

2.80

3.80

					12/31/2017						12/31/2017
					Nominal maturities						Current maturities
Company	Country		Series		Up to 90 days		91 days to 1 year		Total		Up to 90 days		91 days to 1 year		Subtotal		Bond issuance costs			Total
					ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			ThUS$
SQM S.A.		CHILE		ThUS$250,000		-		-		-		-		2,674		2,674		(385	)		2,289
SQM S.A.		CHILE		ThUS$250,000		-		-		-		4,648		-		4,648		(433	)		4,215
SQM S.A.		CHILE		ThUS$300,000		-		-		-		-		2,658		2,658		(615	)		2,043
SQM S.A.		CHILE		H		-		-		-		4,127		-		4,127		(139	)		3,988
SQM S.A.		CHILE		O		-		-		-		1,026		-		1,026		(67	)		959
Total						-		-		-		9,801		5,332		15,133		(1,639	)		13,494

Effective rates of bonds in Chilean pesos and UF are expressed and calculated in U.S. dollars based on the flows agreed in Cross Currency Swap Agreements.

Classes of interest-bearing loans, non-current

The following table shows the details of bank loans that accrue non-current interest as of December 31, 2018. As of December 31, there were no loans:

Debtor

Creditor

Currency

adjustment

index

Type of

amortization

Effective

rate

Nominal

rate

Chilean Tax

Company

Country

Chilean Tax ID

Financial institution

Country

93,007,000-9

SQM.S.A.

Chile

0-E

Scotiabank Cayman

USA

USD

Maturity

3.98%

			12/31/2018								12/31/2018
Creditor	Creditor		Nominal non-current maturities								Non-current maturities
Company	Financial institution		Between 1 and 2 ThUS$		Between 2 and 3 ThUS$		Between 3 and 4 ThUS$		Total ThUS$		Between 1 and 2 ThUS$		Between 2 and 3 ThUS$		Between 3 and 4 ThUS$		Subtotal ThUS$		Costs of obtaining loans ThUS$			Total ThUS$
SQM S.A.		Scotiabank Cayman				-		70,000		70,000		-		-		70,000		70,000		(1,130	)		68,870
Total				-		-		70,000		70,000		-		-		70,000		70,000		(1,130	)		68,870

Non-current unsecured interest-bearing bonds

The breakdown of non-current unsecured interest-bearing bonds as of December 31, 2018 and December 31, 2017 is detailed as follows:

													Periodicity
Tax ID No.	Company		Country		Number of registration or ID of the instrument		Series		Maturity date		Currency or adjustment index		Payment of interest		Repayment		Effective rate			Nominal rate
93.007.000-9		SQM S.A.		CHILE		-		ThUS$250,000		04/21/2020		US$		Semiannual		Upon maturity		5.50	%		5.50	%
93.007.000-9		SQM S.A.		CHILE		-		ThUS$250,000		01/28/2025		US$		Semiannual		Upon maturity		4.38	%		4.38	%
93.007.000-9		SQM S.A.		CHILE		-		ThUS$300,000		04/03/2023		US$		Semiannual		Upon maturity		3.63	%		3.63	%
93.007.000-9		SQM S.A.		CHILE		564		H		01/05/2030		UF		Semiannual		Semiannual		4.90	%		4.90	%
93.007.000-9		SQM S.A.		CHILE		699		O		02/01/2033		UF		Semiannual		Upon maturity		3.80	%		5.50	%
93.007.000-9		SQM S.A.		CHILE		563		P		01/15/2028		UF		Semiannual		Upon maturity		3.25	%		3.25	%
93.007.000-9		SQM S.A.		CHILE		700		Q		06/01/2038		UF		Semiannual		Upon maturity		3.45	%		3.45	%

Nominal non-current maturities 12/31/2018													Non-current maturities 12/31/2018
Series	Over 1 year to 2		Over 2 years to 3		Over 3 Years to 4		Over 4 Years to 5		Over 5 years		Total		Over 1 year to 2		Over 2 years to 3		Over 3 Years to 4		Over 4 Years to 5		Over 5 years		Subtotal		Bond issuance costs			Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			ThUS$
MUS$250		250,000		-		-		-		-		250,000		250,000		-		-		-		-		250,000		(131	)		249,869
MUS$250		-		-		-		-		250,000		250,000		-		-		-		-		250,000		250,000		(2,202	)		247,798
MUS$300		-		-		300,000		-		-		300,000		-		-		300,000		-		-		300,000		(2,006	)		297,994
H		-		-		-		-		158,704		158,704		-		-		-		-		158,704		158,704		(1,392	)		157,312
O		-		-		-		-		59,514		59,514		-		-		-		-		59,514		59,514		(878	)		58,636
P		-		-		-		-		119,028		119,028		-		-		-		-		119,028		119,028		(101	)		118,927
Q		-		-		-		-		119,028		119,028		-		-		-		-		119,028		119,028		(85	)		118,943
Total		250,000		-		300,000		-		706,274		1,256,274		250,000		-		300,000		-		706,274		1,256,274		(6,795	)		1,249,479

As of December 31, 2018 and December 31, 2017, the breakdown of unsecured interest-bearing liabilities, non-current is as follows:

Periodicity

Tax ID No,

Company

Country

Number of

registration or ID of

the instrument

Series

Maturity date

Currency or
adjustment index

Payment of

interest

Repayment

Effective rate

Nominal rate

93.007.000-9

SQM S.A.

CHILE

MMUS$250

04/21/2020

US$

Semiannual

Upon maturity

5.50

93.007.000-9

SQM S.A.

CHILE

MMUS$250

01/28/2025

US$

Semiannual

Upon maturity

4.38

93.007.000-9

SQM S.A.

CHILE

MMUS$300

04/03/2023

US$

Semiannual

Upon maturity

3.63

93.007.000-9

SQM S.A.

CHILE

564

01/05/2030

Semiannual

4.90

6.01

93.007.000-9

SQM S.A.

CHILE

699

01/02/2033

Semiannual

Upon maturity

3.80

Nominal non-current maturities 12/31/2017													Non-current maturities 12/31/2017
Series	Over 1 year to 2		Over 2 years to 3		Over 3 Years to 4		Over 4 Years to 5		Over 5 years		Total		Over 1 year to 2		Over 2 years to 3		Over 3 Years to 4		Over 4 Years to 5		Over 5 years		Subtotal		Bond issuance costs			Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$			ThUS$
MUS$250		250,000		-		-		-		-		250,000		250,000		-		-		-		-		250,000		(517	)		249,483
MUS$250		-		-		-		-		250,000		250,000		-		-		-		-		250,000		250,000		(2,636	)		247,364
MUS$300		-		-		-		-		300,000		300,000		-		-		-		-		300,000		300,000		(2,618	)		297,382
H		-		-		-		-		174,367		174,367		-		-		-		-		174,367		174,367		(1,532	)		172,835
O		-		-		-		-		65,388		65,388		-		-		-		-		65,388		65,388		(945	)		64,443
Total		250,000		-		-		-		789,755		1,039,755		250,000		-		-		-		789,755		1,039,755		(8,248	)		1,031,507

Additional information

Bonds

On December 31, 2018 and December 31, 2017, short term bonds of ThUS$15,145 and ThUS$13,494 respectively were classified as short-term, consisting of the current portion due plus accrued interest to date; debt is presented net of bond issuance costs. The non-current portion consisted of ThUS$1,249,479 on December 31, 2018 and ThUS$1,031,507 on December 31, 2017, corresponding to the issuance series H bonds second issue single series bonds (ThUS$250), series M bonds, series O bonds, third issue single series bonds (ThUS$300) and fourth issue single series bonds (ThUS$250), series P bonds and series Q bonds, net of bond issuance costs

As of December 31, 2018 and, 2017, the details of each issuance are as follows:

Series “C” bonds

On January 24, 2006, the Company placed Series C bonds for UF 3,000,000 (ThUS$101,918) at an annual rate of 4.00%.

On July 5, 2017, the Series C bond was prepaid.

As of December 31, 2018, and December 31, 2017, the Company has made the following payments with a charge to the Series C bonds:

Payments made	12/31/2018		12/31/2017		12/31/2016
	ThUS$		ThUS$		ThUS$
Principal payment		-		57,290		5,729
Interest payment		-		1,515		3,275

Serie “H” bonds

On January 13, 2009, the Company placed two bond series in the domestic market. The first was Series H for UF 4,000,000 (ThUS$139,216) at an annual interest rate of 4.9%, with a term of 21 years and payment of the principal beginning in 2019.

As of December 31, 2018

, and December 31, 2017

, the Company has made the following payments with a charge to the Series H bonds:

Payments made

12/31/2018

ThUS$

12/31/2017

ThUS$

12/31/2016

ThUS$

Payments of interest, Series H bonds

8,325

7,691

7,289

Single series bonds, second issue ThUS$250,000

On April 21, 2010, the Company informed the CMF of its placement in international markets of an unsecured bond of ThUS$250,000 with a maturity of 10 years beginning on the aforementioned date with an annual interest rate of 5.5% and destined to refinance long-term liabilities.

As of December 31, 2018, and December 31, 2017, the detail of payments charged to the line of single series bonds, second issue is as follows:

Payments made

12/31/2018

ThUS$

12/31/2017

ThUS$

12/31/2016

ThUS$

Interest payment

13,750

Series “M” and “O” bonds

On April 4, 2012, the Company placed two bond series in the domestic market. Series M for UF 1,000,000 (ThUS$46,601) was placed at a term of 5 years with a single payment at the maturity of the term and an annual interest rate of 3.3%. On February 1, 2017, the M bond was canceled

Payments made	12/31/2018 ThUS$		12/31/2017 ThUS$		12/31/2016 ThUS$
Principal payment Series M bonds		-		40,726		-
Payment of interest, Series M bonds		-		667		1,242

Series O for UF 1,500,000 (ThUS$69,901) was placed at a term of 21 years with a single payment at the maturity of the term and an annual interest rate of 3.80%.

As of December 31, 2018, and December 31, 2017the Company has made the following payments with a charge to the Series O bonds:

Payments made

12/31/2018

ThUS$

12/31/2017

ThUS$

12/31/2017

ThUS$

Payment of interest, Series O bonds

2,457

2,301

2,142

Single series bonds, third issue ThUS$300,000

On April 3, 2013, the Company issued a non-guaranteed bond in the United States with a value of US$300 million. The bond is for a 10-year term with an annual coupon rate of 3.625% and an annual yield of 3.716%. This rate equates to a difference of 180 basis points to comparable US Treasury bonds. The funds raised will be used to refinance long term liabilities and finance general corporate objectives.

As of December 31, 2018, and December 31, 2017, the following payments have been made with a debit to the line of single-series bonds, third issue:

Payments made

12/31/2018

ThUS$

12/31/2017

ThUS$

12/31/2016

ThUS$

Payment of interest

10,875

Single series bonds, fourth issuance ThUS$250,000

On October 23, 2014, the Company informed the CMF that Sociedad Química y Minera de Chile S.A. had agreed to issue and place unsecured bonds of ThUS$250,000 in international markets. These mature in 2025 and have annual interest rate of 4.375%, equivalent to a spread of 215 basis points on comparable US Treasury bonds, which were offered to investors at a price of 99.410% with respect to capital. The aforementioned agreement was agreed on October 23, 2014 and the issuance and placement of such bonds was performed in conformity with the provisions of Rule 144A of the US Securities Act of 1933 and these bonds will not be publicly offered in Chile.

As of December 31, 2018, and December 31, 2017, the following payments have been made.

Payments made

12/31/2018

ThUS$

12/31/2017

ThUS$

12/31/2016

ThUS$

Payment of interest

10,938

Series “P” bonds

On April 5, 2018, the Company informed the Financial Markets Commission that it had authorized the placement on the stock market of the Series “P” bond with a value of UF 3 million, with a charge to the 10 year Bonds Line registered in the FMC Securities Registry dated December 31, 2008 under number 563.

The Bonds (i) mature on January 15, 2028; (ii) will accrue on the unpaid principal, expressed in UF, at an annual interest rate of 3.25% from January 15, 2018; and (iii) can be called early by the Company as of the date of placement, that is, as of April 5, 2018.

Payments made		12/31/2018 ThUS$
Payment of interest			2,027

Series Q Bonds

On October 31, 2018, the issuance of Series Q bonds (the "Bonds") was authorized in the general stock market for the sum of UF 3,000,000, which were issued with a charge to the 30-year Bonds Line registered in the Securities Registry of your Commission on February 14, 2012 under number 700.

The Bonds (i) mature on the first day of June 2038; (ii) will earn an interest rate of 3.45% per annum on the outstanding capital, expressed in Unidades de Fomento, as of June 1, 2018; and (iii) may be redeemed early by the Company as of the placement date, that is, as of November 8, 2018.

On November 8, 2018, all the Series Q Bonds have been placed and sold to Euroamerica S.A. for a total amount of $83,567,623,842, which was paid in full and in cash by Euroamerica S.A. to the Company.

The funds obtained from the aforementioned placement will be used approximately 90% to finance the expansion program of lithium, potassium nitrate and iodine plants in Chile; the remainder will be used for the investment plan of the Company and its subsidiaries, and to finance working capital.

Payments made		12/31/2018 ThUS$
Payment of interest			319

13.5

Trade and other payables

	12/31/2018						12/31/2017
	Current		Non-current		Total		Current		Non-current		Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Accounts payable		163,373		-		163,373		195,858		-		195,858
Other accounts payable		378		-		378		422		-		422
Total		163,751		-		163,751		196,280		-		196,280

As of December 31, 2018 and December 31, 2017, the balance of current and past due suppliers is as follows:

Suppliers current on all payments

	Amounts according to payment periods as of 12/31/2018
	Up to 30		31 - 60		61 - 90		91 - 120		121 - 365		366 and more		Total
Type of Supplier	Days		days		Days		days		days		days		ThUS$
Goods		48,969		1,919		912		25		278		2		52,105
Services		37,376		314		157		107		19		35		38,008
Others		54,978		161		20		-		-		3		55,162
Total		141,323		2,394		1,089		132		297		40		145,275

	Amounts according to payment periods as of 12/31/2017
	Up to 30		31 - 60		61 - 90		91 - 120		121 - 365		366 and more		Total
Type of Supplier	days		days		days		days		days		days		ThUS$
Goods		72,567		-		-		-		-		-		72,567
Services		36,855		-		-		-		-		3		36,858
Others		45,104		-		-		-		-		-		45,104
Total		154,526		-		-		-		-		3		154,529

Suppliers past due on payments

	Amounts according to payment periods as of 12/31/2018
	Up to 30		31 - 60		61 - 90		91 - 120		121 - 365		366 and more		Total
Type of Supplier	days		days		days		days		days		days		ThUS$
Goods		1,533		209		210		255		175		287		2,669
Services		12,229		838		109		111		309		141		13,737
Others		1,039		385		92		6		60		110		1,692
Total		14,801		1,432		411		372		544		538		18,098

	Amounts according to payment periods as of 12/31/2017
	Up to 30		31 - 60		61 - 90		91 - 120		121 - 365		366 and more		Total
Type of Supplier	days		days		days		days		days		days		ThUS$
Goods		16,693		448		3,965		1,784		1,602		42		24,534
Services		11,704		1,913		547		681		1,325		17		16,187
Others		479		9		13		20		46		41		608
Total		28,876		2,370		4,525		2,485		2,973		100		41,329

Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company, As of December 31, 2018, the Company has purchase orders amounting to ThUS$59,919 (ThUS$41,601 as of December 31, 2017).

13.6

Financial liabilities at fair value through profit or loss

This balance relates to derivative instruments measured at their fair value, which have generated balances against the Company. The detail of this type of instrument is as follows:

Financial liabilities at fair value with an impact on profit or loss	12/31/2018		Effect on profit or loss as of 12/31/2018		12/31/2017		Effect on profit or loss as of 12/31/2017		12/31/2016		Effect on profit or loss as of 12/31/2016
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Current
Derivative instruments (IRS)		-		-		-		-		-		(229	)
Total		-		-		-		-		-		(229	)

13.7

Financial asset and liability categories

Financial Assets

			12/31/2018								12/31/2017
	Current		Non-current		Total		Current		Non-current		Total
Description of financial assets	Amount ThUS$		Amount ThUS$		Amount ThUS$		Amount ThUS$		Amount ThUS$		Amount ThUS$
Cash and cash equivalent		556,066		-		556,066		630,438		-		630,438
Trade receivables due from related parties		44,554		-		44,554		59,132		-		59,132
Financial assets measured at amortized cost		291,790		75		291,865		360,941		45		360,986
Loans and receivables measured at amortized cost		464,855		2,275		467,130		446,875		1,912		448,787
Total financial assets measured at amortized cost		1,357,265		2,350		1,359,615		1,497,386		1,957		1,499,343


Derivative financial instruments
- For hedging purposes		18,238		13,425		31,663		-		8,910		8,910
- At fair value through profit or loss		2,693		-		2,693		6,038		-		6,038
Financial assets at fair value through other comprehensive income		-		3,631		3,631		-		33,924		33,924
Total financial assets at fair value		20,931		17,056		37,987		6,038		42,834		48,872
Total financial assets		1,378,196		19,406		1,397,602		1,503,424		44,791		1,548,215

Financial liabilities

	12/31/2018						12/31/2017
Description of financial liabilities	Current		Non- Current		Total		Current		Non- Current		Total
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$

Derivative financial instruments
For hedging purposes		5,285		12,033		17,318		37,287		-		37,287
Held for trading at fair value through profit or loss		2,855		-		2,855		5,979		-		5,979
Financial liabilities at fair value through profit or loss		8,140		12,033		20,173		43.266		-		43.266


Liabilities at amortized cost
Bank loans		300		68,870		69,170		163,568		-		163,568
Obligations to the public		15,145		1,249,479		1,264,624		13,494		1,031,507		1,045,001
Financial liabilities at amortized cost (trade and other payables)		163,751		-		163,751		196,280		-		196,280
Accounts payable to related entities		9		-		9		1,365		-		1,365
Total financial liabilities at amortized cost		179,205		1,318,349		1,497,554		374.707		1,031,507		1,406.214
Total financial liabilities		187,345		1,330,382		1,517,727		417,973		1,031,507		1,449,480

13.8

Fair value measurement of assets and liabilities

Financial assets and liabilities measured at fair value consist of Options and Forwards hedging the mismatch in the balance sheet and cash flows, Cross Currency Swaps (CCS) to hedge bonds issued in local currency ($/UF), and Interest Rate Swaps (IRS) to hedge LIBOR rate debt issued.

The value of the Company’s assets and liabilities recognized by CCS contracts is calculated as the difference between the present value of discounted cash flows of the asset (pesos/UF) and liability (US$) parts of the derivative. In the case of the IRS, the asset value recognized is calculated as the difference between the discounted cash flows of the asset (variable rate) and liability (fixed rate) parts of the derivative. Forwards are calculated as the difference between the strike price of the contract and the spot price plus the forwards points at the date of the contract. Options: the value recognized is calculated using the Black-Scholes method.

In the case of CCS, the entry data used for the valuation models are UF, peso, USD and basis swap rates. In the case of fair value calculations for IRS, the FRA (Forward Rate Agreement) rate and ICVS 23 Curve (Bloomberg: cash/deposits rates, futures, swaps). In the case of forwards, the forwards curve for the currency in question is used. Finally, with options, the spot price, risk-free rate and volatility of exchange rate are used, all in accordance with the currencies used in each valuation. The financial information used as entry data for the Company’s valuation models is obtained from Bloomberg, the well-known financial software company. Conversely, the fair value provided by the counterparties of derivatives contracts is used only as a control and not for valuation.

The effects on profit or loss of movements in these amounts may be recognized in the caption Finance costs, foreign currency translation gain (loss) or cash flow hedges in the statement of comprehensive income, depending on each particular case.

The fair value measurement of debt is only performed to determine the present market value of secured and unsecured long-term obligations; bonds denominated in local currency (Ch$/UF) and foreign currency (US$), credits denominated in foreign currency (US$), which is classified under Level 2 in the fair value hierarchy established by IFRS.

The value of the Company’s reported liabilities is calculated as the present value of discounted cash flows at market rates at the time of valuation, taking into account the maturity date and exchange rate. The entry data used for the model includes the UF and peso rates, which are obtained using Bloomberg, the well-known financial software company and the ‘Asociación de Bancos e Instituciones Financieras’ (ABIF) (Association of Banks and Financial Institutions’).

Fair value hierarchy

The fair value hierarchy is detailed as follows:

Level 1:

using quoted prices (unadjusted) only in active markets,

Level 2:

when in any phase in the valuation process inputs other than quoted prices have been used in Level 1 that are observable directly in markets.

Level 3:

nputs for the asset or liability that are not based on observable market data.

The valuation technique used for determining fair value of our hedging instruments is that indicated in Level 2.

	Carrying Amount at Amortized Cost		Fair value (informative)		Fair value		Measurement Methodology
	12/31/2018		12/31/2018		12/31/2018		Level 1		Level 2		Level 3
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Financial Assets
Cash and cash equivalents		556,066		556,066		-		-		556,066		-
Trade and other receivables, current		464,855		464,855		-		-		464,855		-
Trade receivables due from related parties, current		44,554		44,554		-		-		44,554		-
Other current financial assets:		-		-		-		-		-		-
- Time deposits		291,790		291,790		-		-		291,790		-
- Derivative instruments		-		-		-		-		-		-
- Forwards		-		-		2,637		-		2,637		-
- Options		-		-		56		-		56		-
- Hedging assets		-		-		-		-		-		-
- Investment hedge swaps		-		-		18,238		-		18,238		-
Non-current accounts receivable		424		424		-		-		-		-
Other non-current financial assets:		-		-		-		-		-		-
- Other		95		95		-		-		95		-
- Investment in Shares		-		-		3,611		-		-		-
- Hedging assets - Swaps		-		-		13,425		-		13,425		-
Other current financial liabilities		-		-		-		-		-		-
- Bank loans		300		300		-		-		300		-
- Derivative instruments		-		-		-		-		-		-
- Forwards		-		-		2,723		-		2,723		-
- Options		-		-		132		-		132		-
- Hedging liabilities - Swaps		-		-		5,285		-		5,285		-
- Unsecured obligations		15,145		15,145		-		-		15,145		-
Trade and other payables, current and non current		163,751		163,751		-		-		163,751		-
Trade payables due to related parties, current		9		9		-		-		9		-
Other non-current financial liabilities:		-		-		-		-		-		-
- Bank loans		68,870		71,826		-		-		71,826		-
- Unsecured obligations		1,249,479		1,357,640		-		-		1,357,640		-
- Non-current hedging liabilities		-		-		12,033		-		12,033		-

	Carrying Amount at Amortized Cost		Fair value of amounts measured at amoirtized cost		Amounts measured at Fair value		Measurement Methodology
	12/31/2017		12/31/2017		12/31/2017		Level 1		Level 2		Level 3
	ThUS$		ThUS$		ThUS$		ThUS$		ThUS$		ThUS$
Financial Assets
Cash and cash equivalents		630,438		630,438		-		-		630,438		-
Trade and other receivables, current		446,875		446,875		-		-		446,875		-
Trade receivables due from related parties, current		59,132		59,132		-		-		59,132		-
Other current financial assets:		-		-		-		-		-		-
- Time deposits		360,941		360,941		-		-		360,941		-
- Derivative instruments		-		-		-		-		-		-
- Forwards		-		-		2,744		-		2,744		-
- Options		-		-		110		-		110		-
- Hedging assets		-		-		3,184		-		3,184		-
- Investment hedge swaps		-		-		-		-		-		-
Non-current accounts receivable		1,912		1,912		-		-		1,912		-
Other non-current financial assets:		-		-		-		-		-		-
- Other		24,811		24,811		-		-		24,811		-
- Investment in Shares		-		-		9,159		9,159		-		-
- Hedging assets - Swaps		-		-		8,909		-		8,909		-
Other current financial liabilities		-		-		-		-		-		-
- Bank loans		163,568		163,568		-		-		163,568		-
- Derivative instruments		-		-		-		-		-		-
- Forwards		-		-		5,534		-		5,534		-
- Options		-		-		445		-		445		-
- Hedging liabilities - Swaps		-		-		37,287		-		37,287		-
- Unsecured obligations		13,494		13,494		-		-		13,494		-
Trade and other payables, current and non current		196,280		196,280		-		-		196,280		-
Trade payables due to related parties, current		1,365		1,365		-		-		1,365		-
Other non-current financial liabilities:		-		-		-		-		-		-
- Bank loans		-		-		-		-		-		-
- Unsecured obligations		1,031,507		1,131,639		-		-		1,131,639		-
- Non-current hedging liabilities		-				-		-		-		-

13.9

Financial assets pledged as a guarantee

On November 4, 2004, Isapre Norte Grande maintains a guarantee equivalent to the total amount owed to its members and healthcare providers, which is managed and maintained by Banco de Chile.

As of December 31, 2018 and December 31, 2017, assets pledged as guarantees are as follows:

Restricted cash	12/31/2018 ThUS$		12/31/2017 ThUS$
Isapre Norte Grande Ltda,		712		771
Total		712		771

13.10

Estimated fair value of financial instruments and financial derivatives

As required by IFRS 7, the following information is presented for the disclosure of the estimated fair value of financial assets and liabilities.

Although inputs represent Management's best estimate, they are subjective and involve significant estimates related to the current economic and market conditions, as well as risk features.

Methodologies and assumptions used depend on the risk terms and characteristics of instruments and include the following as a summary:

Cash equivalent approximates fair value due to the short-term maturities of these instruments.

The fair value of trade receivables, current is considered to be equal to the carrying amount due to the maturity of such accounts at short-term.

The fair value of other current financial liabilities is considered to be equal to their carrying values.

For interest-bearing liabilities with original maturity of more than a year, fair values are calculated by discounting contractual cash flows at their original current market rates with similar terms.

The fair value of debt is considered in Level 2.

For forward and swap contracts, fair value is determined using quoted market prices of financial instruments with similar characteristics.

The detail of the Company’s instruments at carrying value and estimated fair value is as follows:

	12/31/2018				12/31/2017
	Carrying value		Fair value		Carrying value		Fair value
	ThUS$		ThUS$		ThUS$		ThUS$
Cash and cash equivalents		556,066		556,066		630,438		630,438
Current trade and other receivables		464,855		464,855		446,875		446,875
Receivables due from related parties, current		44,554		44,554		59,132		59,132
Other financial assets, current:
- Time deposits		291,790		291,790		360,941		360,941
- Derivative instruments		2,693		2,693		6,038		6,038
- Hedging assets		18,238		18,238		-		-
Total other current financial assets		312,721		312,721		366,979		366,979
Non-Current Trade Receivables		424		424		1,912		1,912
Other non-current financial assets:		17,131		17,131		42,879		42,879
Total other non-current financial assets:		17,131		17,131		42,879		42,879
Other financial liabilities, current:
- Bank loans		300		300		163,568		163,568
- Derivative instruments		2,855		2,855		5,979		5,979
- Hedging liabilities		5,285		5,285		37,287		37,287
- Unsecured obligations		15,145		15,145		13,494		13,494
Other financial liabilities, current		23,585		23,585		220,328		220,328
Current and non-current accounts payable		163,751		163,751		196,280		196,280
Payables due to related parties, non-current		9		9		1,365		1,365
Other non-current financial liabilities:
- Bank loans		68,870		71,826		-		-
- Unsecured obligations		1,249,479		1,404,614		1,031,507		1,131,639
- Non-current hedging liabilities		12,033		2,657		-		-
Other non-current financial liabilities:		1,330,382		1,479,097		1,031,507		1,131,639

All the fair value estimates are included in levels 1 and 2.

13.11

Nature and scope of risks arising from financing instruments

As indicated in paragraphs 33 to 42 of IFRS 7 the disclosure of information associated with the nature and scope of risks arising from financial instruments is presented in Note 5 - Financial Risk Management.