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Equity-accounted investees

12 Months Ended

Dec. 31, 2022

Note 7Equity-accounted investees

7.1Investments in associates recognized according to the equity method of accounting


				Share in profit (loss) of associates				Share in other comprehensive income of				Share in total comprehensive income of
				accounted for using the equity				associates accounted for using the equity				associates accounted for using the equity
	Equity-accounted investees				method				method				method
					For the year	For the year	For the year		For the year	For the year	For the year		For the year	For the year	For the year
	As of	As of	As of		ended	ended	ended		ended	ended	ended		ended	ended	ended
	December	December	December		December	December	December		December	December	December		December	December	December
Associate	31, 2022	31, 2021	31, 2020		31, 2022	31, 2021	31, 2020		31, 2022	31, 2021	31, 2020		31, 2022	31, 2021	31, 2020
	ThUS$	ThUS$	ThUS$		ThUS$	ThUS$	ThUS$		ThUS$	ThUS$	ThUS$		ThUS$	ThUS$	ThUS$
Abu Dhabi Fertilizer Industries WWL	—	—	11,505		—	—	(156)		—	—	—		—	—	(156)
Doktor Tarsa Tarim Sanayi AS (*)	—	—	—		—	—	4,031		—	—	—		—	—	4,031
Ajay North America	17,654	15,899	14,468		5,351	2,802	2,191		—	—	—		5,351	2,802	2,191
Ajay Europe SARL	8,624	8,213	7,875		6,130	1,852	1,029		(498)	360	756		5,632	2,212	1,785
SQM Eastmed Turkey (*)	—	—	—		—	—	247		—	—	—		—	—	247
Kore Potash PLC (**)	—	—	26,175		—	—	(224)		—	—	(374)		—	—	(598)
Total	26,278	24,112	60,023		11,481	4,654	7,118		(498)	360	382		10,983	5,014	7,500

(*)	These investments were disposed of in 2020

(**)	For more details, see Note 7.3 (b).

Dividends received for the year ending

Share of

Description of the nature

Country of

ownership in

December 31,

Associate

of the relationship

Address

incorporation

associates

2022

2021

2020

ThUS$

Abu Dhabi Fertilizer Industries WWL

Distribution and commercialization of specialty plant nutrients in the Middle East.

PO Box 71871, Abu Dhabi

United Arab Emirates

3,000

9,438

—

Ajay North America

Production and distribution of iodine and iodine derivatives.

1400 Industry RD Power Springs GA 30129

United States of North America

1,576

1,233

1,967

Ajay Europe SARL

Production and distribution of iodine and iodine derivatives.

Z.I. du Grand Verger BP 227 53602 Evron Cedex

France

1,778

992

1,197

Total

6,354

11,663

3,164

7.2Assets, liabilities, revenue and expenses of associates

The information disclosed reflects the amounts presented in the financial statements of the relevant associates and not the Company's share of those amounts.

As of December 31, 2022

For the year ended December 31, 2022

Assets

Liabilities

Other

comprehensive

Comprehensive

Associate

Current

Non-current

Current

Non-current

Revenue

Net income (loss)

income

ThUS$

Ajay North America

30,455

15,972

10,395

63,482

10,919

—

10,919

Ajay Europe SARL

33,742

1,992

18,486

—

64,060

12,261

(21)

12,240

Total

64,197

17,964

28,881

127,542

23,180

(21)

23,159

As of December 31, 2021

For the year ended December 31, 2021

Assets

Liabilities

Other

comprehensive

Comprehensive

Associate

Current

Non-current

Current

Non-current

Revenue

Net income (loss)

income

ThUS$

Ajay North America

21,771

15,096

4,421

—

47,375

5,718

—

5,718

Ajay Europe SARL

25,927

1,241

10,742

—

48,409

3,705

(34)

3,671

Total

47,698

16,337

15,163

—

95,784

9,423

(34)

9,389


	As of December 31, 2020				For the year ended December 31, 2020
	Assets		Liabilities				Other
							comprehensive	Comprehensive
Associate	Current	Non-current	Current	Non-current	Revenue	Net income (loss)	income	income
	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$
Abu Dhabi Fertilizer Industries WWL	29,313	8,586	6,706	101	6,641	(420)	—	(420)
Ajay North America	18,513	15,749	4,737	—	42,920	4,471	—	4,471
Ajay Europe SARL	22,032	1,493	7,773	—	41,950	2,058	1,736	3,794
Kore Potash PLC	5,691	124,112	786	—	—	(3,233)	486	(2,747)
Total	75,549	149,940	20,002	101	91,511	2,876	2,222	5,098

7.3Disclosures regarding interests in associates

(a)

Transactions for the year ended December 31, 2022:

●

During February 2022, the Company received dividends of ThUS$ 3,000 from Abu Dhabi Fertilizer Industries WWL which triggered a income of ThUS$ 523 recorded in the line item other (losses), corresponding to the excess over the account receivable recognized in December 2021.

(b)

Transactions for the year ended December 31, 2021:

●

During the first quarter 2021, Kore Potash PLC made a share payment to its non-executive board members (remuneration shares) plus certain employees and former employees (performance shares) which resulted in a 0.05% share reduction for the company, leaving it with 20.15%. During the second quarter of 2021, Kore Potash PLC approved a capital stock increase of ThUS$ 13,931 through the issuance of common shares, which resulted

in a dilution of 5.5% of SQM shares in the company, with an impact of ThUS$ (5,778) on other gains (losses). As a result of the dilution, the Company considered that there has been a loss of significant influence on the investment, discontinued its measurement through the equity method, and recognized an amount of ThUS$ 3,739 under other gains (losses) related to items recognized in other comprehensive income associated with this investment. See Note 12.1 for more details.

●

As of December 31, 2021, the Company received dividends from Abu Dhabi Fertilizer Industries WWL of ThUS$ 9,438 and recognized an account receivable for ThUS$ 2,477 in dividends receivable.

●

On June 30, 2021, the Company made an assessment of the recovery of the investment in Abu Dhabi Fertilizer Industries WWL and recognized an impairment of ThUS$ 2,800 in other gains (losses). This impairment was reversed in the second half of the year the recoverable value amount of the investment later increased.

(c)

Transactions for the year ended December 31, 2020:

●

Kore Potash PLC made a share payment to its non-executive board members, which resulted in a 0.60% share reduction for the company, finalizing with a share percentage of 19.07% at the close of the second quarter of 2020. This resulted in a transfer in equity of non-controlling interest to other reserves in an amount of ThUS$ 754.

●

In the third quarter of 2020 SQM S.A. increased its shares in Kore Potash PLC to 20.26% as a result of the acquisition of 260,598,591 shares out of 584,753,846 shares issued for a capital increase corresponding to ThUS$ 1,679.

●

In the third quarter of 2020, shares held in Doktor Tarsa Tarim and its subsidiaries were sold through Soquimich European Holdings B.V. at a value of ThUS$ 33,066, which brought about a loss of ThUS$ 11,408.

●

In the third quarter of 2020, shares held in SQM Eastmed Turkey were sold through Soquimich European Holdings B.V. at a value of ThUS$ 618, which brought about a loss of ThUS$ 408.

●

During the fourth quarter of 2020, SQM Holland (subsidiary) acquired the business of WSNPK from Plantacote N.V. (subsidiary of Doktor Tarsa Tarim Sanayi AS) for ThUS$ 16,757, which generated goodwill of ThUS$ 7,380. See Note 14.

●

During the fourth quarter of 2020, Kore Potash PLC made a share-based payment to its non-executive board members, which resulted in a 0.06% share reduction for the company, finalizing with a share percentage of 20.20%. This resulted in a decrease in consolidated equity of non-controlling interests in other reserves of ThUS$ 79.