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Financial instruments
 12 Months Ended
Dec. 31, 2021
Disclosure Of Financials instruments [Abstract]  
Disclosure of financial instruments [text block]
Note 12
 
12.1
 
Description of other financial assets
  
As of
December 31,
2021
    
As of
December 31,
2020
  
 
 
ThUS$
 
 
ThUS$
 
Financial assets at amortized cost (1)     905,170       345,459  
Derivative financial instruments                
- For hedging     12,625       -  
- Non-hedging (2)     1,254       2,610  
Total other current financial assets
 
 
919,049
 
 
 
348,069
 
Financial assets at fair value through other comprehensive income (4) (5)     8,932       14,569  
Derivative financial instruments                
- For hedging     245       37,276  
Other financial assets at amortized cost     91       80  
Total other non-current financial assets
 
 
9,268
 
 
 
51,925
 
 
Institution
  
As of
December 31,
2021
    
As of
December 31,
2020
  
 
 
ThUS$
 
 
ThUS$
 
Banco de Crédito e Inversiones     34,325       185,589  
Banco Santander (3)     65,899       45,168  
Banco Itaú CorpBanca     195,471       49,006  
Banco de Chile     -       -  
Scotiabank Sud Americano     289,421       31,668  
Sumitomo Mitsui Banking     320,054       -  
JP Morgan Asset Management     -       34,028  
Total
 
 
905,170
 
 
 
345,459
 
 
(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 aforementioned financial institutions.
 
(2) Correspond to forwards and options that were not classified as hedging instruments (See detail in Note 12.3).
 
(3) As of December 31, 2021, margin calls were recorded for US$ 31,430. As of December 31, 2020, no margin calls were recorded.
 
(4) During the first quarter of 2021, equity instruments classified at fair value irrevocably through other comprehensive income were sold for US$ 16,413. The cumulative amount of the movements in other comprehensive income from the date of acquisition to the date of sale was transferred to retained earnings.
 
(5) During the second quarter of 2021, as a result of the loss of significant influence over the investment of Kore Potash (for more details, see note 7.3 letter a), the investment, which was previous recognized as an investment in associates, was reclassified as other non-current financial assets as it was classified as financial equity instrument at fair value through other comprehensive income irrevocably.
 
12.2
 
 
As of December 31, 2021
 
 
As of December 31, 2020
 
Trade and other receivables
 
Current
 
 
Non-current
 
 
Total
 
 
Current
 
 
Non-current
 
 
Total
 
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Trade receivables, current
 
 
590,312
 
 
 
-
 
 
 
590,312
 
 
 
313,265
 
 
 
-
 
 
 
313,265
 
Prepayments, current
 
 
49,168
 
 
 
-
 
 
 
49,168
 
 
 
19,900
 
 
 
-
 
 
 
19,900
 
Other receivables, current
 
 
14,593
 
 
 
6,172
 
 
 
20,765
 
 
 
32,041
 
 
 
11,165
 
 
 
43,206
 
Total trade and other receivables
 
 
654,073
 
 
 
6,172
 
 
 
660,245
 
 
 
365,206
 
 
 
11,165
 
 
 
376,371
 
 
See discussion about credit risk in Note 4.2.
 
 
 
As of December 31, 2021
 
 
As of December 31, 2020
 
Trade and other receivables
 
Gross receivables
 
 
Impairment
provision for
doubtful receivables
 
 
Trade receivables,
net
 
 
Gross receivables
 
 
Impairment
provision for
doubtful receivables
 
 
Trade receivables,
net
 
 
 
 
ThUS$
 
 
 
ThUS$
 
 
 
ThUS$
 
 
 
ThUS$
 
 
 
ThUS$
 
 
 
ThUS$
 
Receivables related to credit operations, current
 
 
600,664
 
 
 
(10,352
)
 
 
590,312
 
 
 
327,586
 
 
 
(14,321
)
 
 
313,265
 
Prepayments, current
 
 
49,952
 
 
 
(784
)
 
 
49,168
 
 
 
20,684
 
 
 
(784
)
 
 
19,900
 
Other receivables, current
 
 
17,456
 
 
 
(2,863
)
 
 
14,593
 
 
 
36,664
 
 
 
(4,623
)
 
 
32,041
 
Other receivables, non-current
 
 
6,172
 
 
 
-
 
 
 
6,172
 
 
 
11,165
 
 
 
-
 
 
 
11,165
 
Total trade and other receivables
 
 
674,244
 
 
 
(13,999
)
 
 
660,245
 
 
 
396,099
 
 
 
(19,728
)
 
 
376,371
 
(a)
Renegotiated portfolio
 
As of December 31, 2021, and 2020 the detail of the renegotiated portfolio is as follows:
 
As of December 31, 2021
Portfolio analysis
Past due segments
 
Number of customers with
 non-renegotiated portfolio
 
 
Gross non-renegotiated
portfolio ThUS$
 
 
Number of customers with
renegotiated portfolio
 
 
Gross renegotiated
portfolio ThUS$
 
Current  1,279   570,899   7   130 
1 - 30 days  112   22,632   -   - 
31 - 60 days  18   2,114   -   - 
61 - 90 days  11   1,015   -   - 
91 - 120 days  7   202   -   - 
121 - 150 days  3   43   -   - 
151 - 180 days  3   4   -   - 
181 - 210 days  3   130   -   - 
211 - 250 days  1   1   2   4 
>250 days  80   2,597   117   893 
Total
 
 
1,517
 
 
 
599,637
 
 
 
126
 
 
 
1,027
 
 
As of December 31, 2020
Portfolio analysis
Past due segments
 
Number of customers with
non-renegotiated portfolio
 
 
Gross non-renegotiated
portfolio ThUS$
 
 
Number of customers with
renegotiated portfolio
 
 
Gross renegotiated
portfolio ThUS$
 
Current  1,281   301,939   23   179 
1 - 30 days  119   12,140   8   60 
31 - 60 days  12   1,226   -   - 
61 - 90 days  5   159   -   - 
91 - 120 days  5   1,448   1   41 
121 - 150 days  2   2,384   2   2 
151 - 180 days  3   1,398   4   12 
181 - 210 days  1   -   2   5 
211 - 250 days  3   2   6   114 
>250 days  156   5,030   64   1,447 
Total
 
 
1,587
 
 
 
325,726
 
 
 
110
 
 
 
1,860
 
 
(b)
Impairment provision for doubtful receivables
 
As of December 31, 2021
 
 
Trade accounts receivable days past due
 
      
Trade and other receivables
 
Current
 
 
1 to 30 days
 
 
31 to 60 days
 
 
61 to 90
days
 
 
Over 90
days
 
 
Trade
 
 
Trade receivables
due from related
parties
 
                
 
ThUS$
 
 
ThUS$
 
Expected Loss Rate on  1%  8%  32%  34%  71%  -   - 
Total Gross Book Value  571,029   22,633   2,113   1,015   3,874   600,664   86,869 
Impairment Estimate  4,724   1,856   673   346   2,753   10,352   717 
 
As of December 31, 2020
 
 
Trade accounts receivable days past due
 
      
Trade and other receivables
 
Current
 
 
1 to 30 days
 
 
31 to 60 days
 
 
61 to 90
days
 
 
Over 90
days
 
 
Trade
 
 
Trade receivables
due from related
parties
 
                
 
ThUS$
 
 
ThUS$
 
Expected Loss Rate on  1%  10%  39%  52%  79%  -   - 
Total Gross Book Value  302,118   12,200   1,226   159   11,883   327,586   70,146 
Impairment Estimate  3,187   1,207   477   83   9,367   14,321   7,545 
 
As of December 31, 2021, and 2020, movements in provisions are as follows:
 
Provisions
  
As of
December 31,
2021
    
As of
December 31,
2020
  
 
 
ThUS$
 
 
ThUS$
 
Impairment provision of Accounts receivable at the beginning of the year
 
 
27,273
 
 
 
32,707
 
Increase (decrease) impairment of accounts receivable     235       (4,684 )
Write-off of receivables     (11,091 )     (750 )
Difference in exchange rate     (1,701 )     -  
Impairment provision of Accounts Receivable Provision at the end of the year
 
 
14,716
 
 
 
27,273
 
(1) Trade and other Receivables Provision     10,352       14,321  
(2) Current other Receivables Provision     3,647       5,407  
(3) Trade receivables with related parties, current Provision     717       7,545  
Recovery of Insurance     210       347  
                 
Impairment provision of Accounts Receivable
 
 
14,716
 
 
 
27,273
 
Renegotiated receivables
     910       1,728  
Non-renegotiated receivables
     13,806       25,545  
 
12.3
The balance represents derivative financial instruments measured at fair value which have been classified as hedges for exchange and interest rate risks relating to the total obligations with the public associated with bonds in UF and investments in Chilean pesos. (See more detail in Note 4.2 b).
 
As of December 31, 2021
 
Assets
 
 
Liabilities
 
 
Total Realized
 
 
Hedging Reserve in
Gross Equity (1)
 
Type of Instrument: Cross currency interest rate swaps UF/CLP
                                
Cash flow hedge derivatives
                                
Short term     12,625       8,954                  
Long term     245       72,900                  
Underlying Debt Hedge
 
 
12,870
 
 
 
81,854
 
 
 
(22,455
)
 
 
(46,529
)
Type of Instrument: Forwards/Options
                                
Non-hedge derivatives with effect on income
                                
Short term     1,254       1,672                  
Underlying Investments Hedge
 
 
1,254
 
 
 
1,672
 
 
 
4,694
 
 
 
-
 
Total Instrumentos
 
 
14,124
 
 
 
83,526
 
 
 
(17,761
)
 
 
(46,529
)
 
As of December 31, 2020
 
Assets
 
 
Liabilities
 
 
Total Realized
 
 
Hedging Reserve in
Gross Equity (1)
 
Type of Instrument: Cross currency interest rate swaps UF/CLP
                                
Cash flow hedge derivatives
                                
Short term     -       26,699                  
Long term     37,276       13,511                  
Underlying Debt Hedge
 
 
37,276
 
 
 
40,210
 
 
 
(9,167
)
 
 
(6,233
)
Type of Instrument: Forwards/Options
                                
Non-hedge derivatives with effect on income
                                
Short term     2,610       5,393                  
Underlying Investments Hedge
 
 
2,610
 
 
 
5,393
 
 
 
(9,049
)
 
 
-
 
Total Instruments
 
 
39,886
 
 
 
45,603
 
 
 
(18,216
)
 
 
6,233
 
 
(1) See underlying hedges in Note 4.2 letters b) and d) and movement of cash flow hedge reserve in Note 20.4.
 
The balances in the column “Total Realized” consider the intermediate effects of the contracts that were in place between January 1 and December 31, 2021 and January 1and December 31, 2020.
 
Hedging Effect in Profit and Equity for the year as of
December 31, 2021
 
Variation Total
 
 
Effect on Profit or Loss
 
 
Hedge Reserves from
Variation in Gross Hedges
 
Analysis Effect by Type of Coverage
                        
Hedging in Current and Non-Current Assets     (24,406 )                
Hedging in Current and Non-Current Liabilities     41,644                  
Total Hedge Effect in Profit or Loss and Equity for the period
 
 
17,238
 
 
 
(13,288
)
 
 
30,526
 
 
Derivative contract maturities are detailed as follows:
 
Series
 
Contract amount
 
 
Currency
 
Maturity date
 
 
 
ThUS$
 
        
H     119,938     UF   01/04/2023
O     58,748     UF   02/01/2022
P     134,228     UF   01/15/2028
Q     106,933     UF   06/01/2030
 
Effectiveness
 
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 and inflation 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 Pesos and UF. Likewise, hedging contracts are denominated in the same currencies and have the same maturity dates of bond principal and interest payments.
 
12.4
 
Other current and non-current financial liabilities
 
As of December 31, 2021 and 2020, the detail is as follows:
 
 
 
As of December 31, 2021
 
 
As of December 31, 2020
 
Other current and non-current financial
liabilities
 
Currents
 
 
Non-Current
 
 
Total
 
 
Currents
 
 
Non-Current
 
 
Total
 
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Liabilities at amortized cost
                                                
Bank borrowings     85       69,613       69,698       82       69,376       69,458  
Obligations with the public     40,594       2,445,219       2,485,813       36,781       1,816,626       1,853,407  
Derivative financial instruments
                                                
For hedging     8,954       72,900       81,854       26,699       13,511       40,210  
Non-Hedging     1,672       -       1,672       5,393       -       5,393  
Total
 
 
51,305
 
 
 
2,587,732
 
 
 
2,639,037
 
 
 
68,955
 
 
 
1,899,513
 
 
 
1,968,468
 
 
Current and non-current bank borrowings
 
As of December 31, 2021 and 2020, the detail is as follows:
 
Current and non-current bank borrowings
  
As of
December 31,
2021
    
As of
December 31,
2020
  
 
 
ThUS$
 
 
ThUS$
 
Current borrowings     85       82  
Non-current borrowings     69,613       69,376  
Current and non-current bank borrowings
 
 
69,698
 
 
 
69,458
 
 
 
a)
Bank borrowings, current:
 
As of December 31, 2021, and 2020, the detail of this caption is as follows:
 
Debtor
  
Creditor
                    
Tax ID No.
  
Company
  
Country
  
Tax ID No.
  
Financial
institution
  
Country
  
Currency or
adjustment
index
  
Payment of
interest
  
Repayment
  
Effective rate
  
Nominal rate
93.007.000-9  
SQM S.A.
  
Chile
  
O-E
  
Scotiabank Cayman
  
USA
   US$  
Upon maturity
  
05/31/2022
  
0.82%
 
1.36%
 
Debtor
 
Creditor
 
Nominal amounts as of December 31, 2021
 
 
Current amounts as of December 31, 2021
 
Company
 
Financial institution
 
Up to 90 days
 
 
90 days to 1 year
 
 
Total
 
 
Up to 90 days
 
 
90 days to 1
year
 
 
Subtotal
 
 
Borrowing
costs
 
 
Total
 
     
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
SQM S.A.   Scotiabank Cayman     -       -  
 
 
-
 
     85       -       85       -       85  
Total  
   
 
 
-
 
 
 
-
 
 
 
-
 
 
 
85
 
 
 
-
 
 
 
85
 
 
 
-
 
 
 
85
 
 
Debtor
  
Creditor
                    
Tax ID No
  
Company
  
Country
  
Tax ID No.
  
Financial institution
  
Country
  
Currency or
adjustment
index
  
Repayment
  
maturity
  
Effective rate
  
Nominal rate
93.007.000-9  
SQM S.A.
  
Chile
  
O-E
  
Scotiabank Cayman
  
USA
  
US$
  
Upon maturity
  
05/31/2022
  
1.00%
  
1.36%
 
Debtor
 
Creditor
 
Nominal amounts as of December 31, 2020
 
 
Current amounts as of December 31, 2020
 
     
 
Up to 90 days
 
 
90 days to 1
year
 
 
Total
 
 
Up to 90 days
 
 
90 days to 1
year
 
 
Subtotal
 
 
Borrowing
costs
 
 
Total
 
Company
 
Financial institution
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
SQM S.A.   Scotiabank Cayman     -       -  
 
 
-
 
     -       82       82       -       82  
Total  
   
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
82
 
 
 
82
 
 
 
-
 
 
 
82
 
 
 
b)
Unsecured obligations, current:
 
As of December 31, 2021, and 2020, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds, as follows:
 
Debtor
        
 
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 - MUS$250 01/28/2022 US$ Semiannual Upon maturity 1.56% 4.38%
93.007.000-9 SQM S.A. Chile - MUS$300 04/03/2022 US$ Semiannual Upon maturity 0.74% 3.63%
93.007.000-9 SQM S.A. Chile - MUS$450 05/07/2022 US$ Semiannual Upon maturity 3.23% 4.25%
93.007.000-9 SQM S.A. Chile - MUS$400 01/22/2022 US$ Semiannual Upon maturity 4.00% 4.25%
93.007.000-9 SQM S.A. Chile - MUS$700 03/10/2022 US$ Semiannual Upon maturity 3.62% 3.50%
93.007.000-9 SQM S.A. Chile 564 H 01/05/2022 UF Semiannual Semiannual 1.75% 4.90%
93.007.000-9 SQM S.A. Chile 699 O 02/01/2022 UF Semiannual Upon maturity 2.06% 3.80%
93.007.000-9 SQM S.A. Chile 563 P 01/15/2022 UF Semiannual Upon maturity 2.04% 3.25%
93.007.000-9 SQM S.A. Chile 700 Q 06/01/2022 UF Semiannual Upon maturity 2.72% 3.45%
 
Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.
 
     
 
Nominal amounts as of December 31, 2021
 
 
Carrying amounts of maturities as of December 31, 2021
 
Company
 
Country
 
Series
 
Up to 90
days
 
 
90 days to 1
year
 
 
Total
 
 
Up to 90 days
 
 
90 days to 1
year
 
 
Subtotal
 
 
Borrowing
costs
 
 
Total
 
     
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
SQM S.A. Chile MUS$250  4,648   -   4,648   4,648   -   4,648   (433)  4,215 
SQM S.A. Chile MUS$300  -   2,658   2,658   -   2,658   2,658   (614)  2,044 
SQM S.A. Chile MUS$450  -   2,869   2,869   -   2,869   2,869   (679)  2,190 
SQM S.A. Chile MUS$400  7,508   -   7,508   7,508   -   7,508   (237)  7,271 
SQM S.A. Chile MUS$700  6,874   -   6,874   6,874   -   6,874   (552)  6,322 
SQM S.A. Chile H  16,026   -   16,026   16,026   -   16,026   (172)  15,854 
SQM S.A. Chile O  863   -   863   863   -   863   (82)  781 
SQM S.A. Chile P  1,636   -   1,636   1,636   -   1,636   (12)  1,624 
SQM S.A. Chile Q  -   314   314   -   314   314   (21)  293 
Total     
 
 
37,555
 
 
 
5,841
 
 
 
43,396
 
 
 
37,555
 
 
 
5,841
 
 
 
43,396
 
 
 
(2,802
)
 
 
40,594
 
 
Debtor
        
 
Periodicity
    
Tax I 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 - MUS$250 01/28/2021 US$ Semiannual Upon maturity 1.95% 4.38%
93.007.000-9 SQM S.A. Chile - MUS$300 04/03/2021 US$ Semiannual Upon maturity 1.08% 3.63%
93.007.000-9 SQM S.A. Chile - MUS$450 05/07/2021 US$ Semiannual Upon maturity 3.59% 4.25%
93.007.000-9 SQM S.A. Chile - MUS$400 01/22/2021 US$ Semiannual      Upon maturity 4.17% 4.25%
93.007.000-9 SQM S.A. Chile 564 H 01/05/2021 UF Semiannual Semiannual 0.58% 4.90%
93.007.000-9 SQM S.A. Chile 699 O 02/01/2021 UF Semiannual Upon maturity 2.24% 3.80%
93.007.000-9 SQM S.A. Chile 563 P 01/15/2021 UF Semiannual Upon maturity 2.37% 3.25%
93.007.000-9 SQM S.A. Chile 700 Q 06/01/2021 UF Semiannual Upon maturity 2.92% 3.45%
 
Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.
 
     
 
Nominal amounts as of December 31, 2020
 
 
Carrying amounts of maturities as of December 31, 2020
 
Company
 
Country
 
Series
 
Up to 90
days
 
 
90 days to 1
year
 
 
Total
 
 
Up to 90 days
 
 
90 days to 1
year
 
 
Subtotal
 
 
Borrowing
costs
 
 
Total
 
     
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
SQM S.A. Chile MUS$250  4,648   -   4,648   4,648   -   4,648   (433)  4,215 
SQM S.A. Chile MUS$300  -   2,658   2,658   -   2,658   2,658   (614)  2,044 
SQM S.A. Chile MUS$450  7,508   -   7,508   7,508   -   7,508   (679)  6,829 
SQM S.A. Chile MUS$400  -   2,869   2,869   -   2,869   2,869   (237)  2,632 
SQM S.A. Chile H  18,212   -   18,212   18,212   -   18,212   (172)  18,040 
SQM S.A. Chile O  962   -   962   962   -   962   (82)  880 
SQM S.A. Chile P  1,824   -   1,824   1,824   -   1,824   (12)  1,812 
SQM S.A. Chile Q  -   350   350   -   350   350   (21)  329 
Total     
 
 
33,154
 
 
 
5,877
 
 
 
39,031
 
 
 
33,154
 
 
 
5,877
 
 
 
39,031
 
 
 
(2,250
)
 
 
36,781
 
c)
Classes of interest-bearing loans, non-current
 
The following table shows the details of bank loans as of December 31, 2021 and 2020:
 
Debtor
 
Creditor
        
Tax ID No.
 
Company
 
Country
 
Tax ID No.
 
Financial institution
 
Country
 
Currency or
adjustment index
 
Type of
amortization
 
Effective rate
 
Nominal rate
93.007.000-9 SQM S.A. Chile O-E Scotiabank Cayman USA US$ Maturity 2.05% 1.36%
 
Debtor
 
Creditor
 
Nominal non-current maturities as of December 31, 2021
 
 
Carrying amounts of maturities as of December 31, 2021
 
Company
 
Financial institution
 
Between 1 and 2
 
 
Between 2
and 3
 
 
Between 3
and 4
 
 
Total
 
 
Between 1
 and 2
 
 
Between 2
and 3
 
 
Between 3
and 4
 
 
Subtotal
 
 
Costs of
obtaining
loans
 
 
Total
 
   
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
SQM S.A. Scotiabank Cayman  70,000   -   -   70,000   70,000   -   -   70,000   (387)  69,613 
Total
    70,000 
 
 
-
 
 
 
-
 
 
 
70,000
 
 
 
70,000
 
 
 
-
 
 
 
-
 
 
 
70,000
 
 
 
(387
)
 
 
69,613
 
 
Debtor
 
Creditor
        
Tax ID No.
 
Company
 
Country
 
Tax ID No.
 
Financial institution
 
Country
 
Currency or
adjustment index
 
Type of
amortization
 
Effective rate
 
Nominal rate
93.007.000-9 SQM S.A. Chile O-E Scotiabank Cayman USA US$ Maturity 1.98% 1.36%
 
Debtor
 
Creditor
 
Nominal non-current maturities as of December 31, 2020
 
 
Carrying amounts of maturities as of December 31, 2020
 
Company
 
Financial institution
 
Between 1 and 2
 
 
Between 2
and 3
 
 
Between 3
and 4
 
 
Total
 
 
Between 1
and 2
 
 
Between 2
and 3
 
 
Between 3
and 4
 
 
Subtotal
 
 
Costs of
obtaining
loans
 
 
Total
 
   
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
SQM S.A. Scotiabank Cayman  -   70,000   -   70,000   -   70,000   -   70,000   (624)  69,376 
Total
    - 
 
 
70,000
 
 
 
-
 
 
 
70,000
 
 
 
-
 
 
 
70,000
 
 
 
-
 
 
 
70,000
 
 
 
(624
)
 
 
69,376
 
 
d)
Non-current unsecured interest-bearing bonds
 
The following table shows the details of “unsecured debentures that accrue non-current interest” as of December 31, 2021, and 2020:
 
Debtor
        
 
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 - MUS$250 01/28/2025 US$ Semiannual Upon maturity 4.08% 4.38%
93.007.000-9 SQM S.A. Chile - MUS$300 04/03/2023 US$ Semiannual Upon maturity 3.42% 3.63%
93.007.000-9 SQM S.A. Chile - MUS$450 05/07/2029 US$ Semiannual Upon maturity 4.10% 4.25%
93.007.000-9 SQM S.A. Chile - MUS$400 01/22/2050 US$ Semiannual Upon maturity 4.19% 4.25%
93.007.000-9 SQM S.A. Chile - MUS$700 09/10/2051 US$ Semiannual Upon maturity 3.43% 3.50%
93.007.000-9 SQM S.A. Chile 564 H 01/05/2030 UF Semiannual Semiannual 4.76% 4.90%
93.007.000-9 SQM S.A. Chile 699 O 02/01/2033 UF Semiannual Upon maturity 3.69% 3.80%
93.007.000-9 SQM S.A. Chile 563 P 01/15/2028 UF Semiannual Upon maturity 3.24% 3.25%
93.007.000-9 SQM S.A. Chile 700 Q 06/01/2038 UF Semiannual Upon maturity 3.43% 3.45%
 
 
 
Nominal non-current maturities as of December 31, 2021
 
 
Carrying amounts of maturities as of December 31, 2021
 
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   (903)  249,097 
MUS$300  300,000   -   -   -   -   300,000   300,000   -   -   -   -   300,000   (168)  299,832 
MUS$450  -   -   -   -   450,000   450,000   -   -   -   -   450,000   450,000   (4,343)  445,657 
MUS$400  -   -   -   -   400,000   400,000   -   -   -   -   400,000   400,000   (6,347)  393,653 
MUS$700  -   -   -   -   700,000   700,000   -   -   -   -   700,000   700,000   (15,836)  684,164 
H  -   -   -   -   100,064   100,064   -   -   -   -   100,064   100,064   (1,206)  98,858 
O  -   -   -   -   55,035   55,035   -   -   -   -   55,035   55,035   (822)  54,213 
P  -   -   -   -   110,070   110,070   -   -   -   -   110,070   110,070   (65)  110,005 
Q  -   -   -   -   110,070   110,070   -   -   -   -   110,070   110,070   (330)  109,740 
Total
 
 
300,000
 
 
 
-
 
 
 
250,000
 
 
 
-
 
 
 
1,925,239
 
 
 
2,475,239
 
 
 
300,000
 
 
 
-
 
 
 
250,000
 
 
 
-
 
 
 
1,925,239
 
 
 
2,475,239
 
 
 
(30,020
)
 
 
2,445,219
 
 
Debtor
        
 
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 - MUS$250 01/28/2025 US$ Semiannual Upon maturity 4.08% 4.38%
93.007.000-9 SQM S.A. Chile - MUS$300 04/03/2023 US$ Semiannual Upon maturity 3.43% 3.63%
93.007.000-9 SQM S.A. Chile - MUS$450 05/07/2029 US$ Semiannual Upon maturity 4.18% 4.25%
93.007.000-9 SQM S.A. Chile - MUS$400 01/22/2050 US$ Semiannual Upon maturity 4.22% 4.25%
93.007.000-9 SQM S.A. Chile 564 H 01/05/2030 UF Semiannual Semiannual 4.76% 4.90%
93.007.000-9 SQM S.A. Chile 699 O 02/01/2033 UF Semiannual Upon maturity 3.68% 3.80%
93.007.000-9 SQM S.A. Chile 563 P 01/15/2028 UF Semiannual Upon maturity 3.24% 3.25%
93.007.000-9 SQM S.A. Chile 700 Q 06/01/2038 UF Semiannual Upon maturity 3.43% 3.45%
 
 
 
Nominal non-current maturities as of December 31, 2020
 
 
Carrying amounts of maturities as of December 31, 2020
 
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   (1,336)  248,664 
MUS$300  -   300,000   -   -   -   300,000   -   300,000   -   -   -   300,000   (781)  299,219 
MUS$450  -   -   -   -   450,000   450,000   -   -   -   -   450,000   450,000   (5,020)  444,980 
MUS$400  -   -   -   -   400,000   400,000   -   -   -   -   400,000   400,000   (6,582)  393,418 
H  -   -   -   -   126,386   126,386   -   -   -   -   126,386   126,386   (1,378)  125,008 
O  -   -   -   -   61,334   61,334   -   -   -   -   61,334   61,334   (904)  60,430 
P  -   -   -   -   122,668   122,668   -   -   -   -   122,668   122,668   (77)  122,591 
Q  -   -   -   -   122,668   122,668   -   -   -   -   122,668   122,668   (352)  122,316 
Total
 
 
-
 
 
 
300,000
 
 
 
-
 
 
 
250,000
 
 
 
1,283,056
 
 
 
1,833,056
 
 
 
-
 
 
 
300,000
 
 
 
-
 
 
 
250,000
 
 
 
1,283,056
 
 
 
1,833,056
 
 
 
(16,430
)
 
 
1,816,626
 
 
e)
Additional information
 
Bonds
 
The details of each issuance are as follows:
 
(i)
Series “H” bonds
 
On January 13, 2009, the Company placed the Series H bond for UF 4,000,000 equivalent to ThUS$ 139,216 at an annual interest rate of 4.9%, with a term of 21 years and amortizations of principal beginning in July, 2019.
 
2020
 
During 2020, the amortization of principal amounted to UF 363,636.36, equivalent to ThUS$ 13,296 with an associated cross currency swap hedge income of ThUS$ 814.
 
2021
 
During 2021, amortization of principal amounted to UF 363,636.36, equivalent to ThUS$ 14,870 with an associated cross currency swap hedge loss of ThUS$ 760.
 
For more details on restrictions. See Note 19.1.
 
For the periods ended December 31, 2021, and 2020, the Company has made the following payments with a charge to the Series H bonds and their associated CCS hedging:
 
Payments made
  
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Payments of interest, Series H bonds     6,661       6,601       7,868  
CCS Coverage     1,598       2,575       1,952  
 
(ii)
Single series bonds, second issue MUS$ 250
 
On April 21, 2010, the Company informed the CMF of its placement in international markets of an unsecured bond of ThUS$ 250,000, pursuant to Rule 144 -A and Regulation S of the Securities and Exchange Commission with a maturity of 10 years with an annual interest rate of 5.5%.
 
The Company paid the principal on April 21, 2020.
F-88
Notes to the Consolidated Financial Statements
 
December 31, 2021

image
For the periods ended December 31, 2021 and 2020, the detail of payments charged to the line of single series bonds, second issue is as follows.
 
Payments made
  
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Payments of interest     -       6,875       13,750  
 
(iii)
Series “O” bonds
 
On April 4, 2012, the Company issued “Series O” for UF 1,500,000 (ThUS$ 69,901) at a term of 21 years with a single payment at the maturity of the term and an annual interest rate of 3.80%.
 
See more details with respect a restriction in Note 19.1.
 
For the periods ended December 31, 2021, and 2020, the Company has made the following payments with a charge to Series O bonds and their associated CCS hedging:
 
Payments made
  
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Payments of interest, Series O bonds     2,225       2,070       2,308  
CCS Coverage     438       599       354  
 
(iv)
Single series bonds, third issue MUS$ 300
 
On April 3, 2013, the Company issued a non-secured bond in the United States with a value of US$ 300 million. pursuant to Rule 144-A and Regulation S of the SEC. The bond is for a 10-year term with an annual coupon rate of 3.625%.
 
For the periods ended December 31, 2021, and 2020, the following payments have been made with a debit to the line of single-series bonds, third issue:
 
Payments made
  
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Payments of interest     10,875       10,875       10,875  
 
(v)
Single series bonds, fourth issuance MUS $250
 
On October 23, 2014, the Company issued unsecured bonds amounting ThUS$ 250,000 in international markets, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission. These bonds mature in 2025 and have annual interest rate of 4.375%.
 
For the periods ended on December 31, 2021 and 2020, the following payments have been made.
 
Payments made
  
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Payments of interest     10,938       10,938       10,938  
 
(vi)
Series “P” bonds
 
The Company on March 31, 2008 issued the placement on the stock market of the Series “P” bond (the "Bonds” Series P) with a value of UF 3,000,000, with a charge to the 10 year Bonds Line registered in the CMF Securities Registry under number 563.
 
The bonds Series P (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 early redeemed by the Company starting from the date of placement, that was, as of April 5, 2018.
For the periods ended on December 31, 2021 and 2020, the following payments and their associated CCS have been made:
 
Payments made
  
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Payments of interest, Series P bonds     3,835       3,534       3,960  
CCS Coverage     3,119       3,439       2,995  
(vii)
Series Q bonds
 
On October 31, 2018, the issuance of Series Q bonds was authorized in the general stock market for the amount of UF 3,000,000, which were registered in the Securities Registry of your Commission on February 14, 2012 under number 700.
 
The bonds Series Q (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 UF, from June 1, 2018 thereon; and (iii) may be early redeemed by the Company starting from the placement date, that was, 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.
 
See more details in Note 19.1
 
For the periods ended December 31, 2021 and 2020, the following payments have been made:
 
Payments made
  
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Payments of interest, Series Q bonds     3,990       3,769       3,791  
CCS Coverage     1,919       1,021       -  
 
(viii)
Single series fifth issue bonds
M
US$ 450
 
On May 7, 2019, the CMF was informed that the Company issued and placed unsecured bonds for ThUS$ 450,000 pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission on international markets. These bonds will mature in 2029 and carry an interest rate of 4.25% per annum.
 
For the periods ended on December 31, 2021 and 2020, the following payments have been made:
 
Payments made
  
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Payments of interest     19,125       19,125       9,563  
 
(ix)
Single series sixth issue bonds MUS$ 400
 
On January 22, 2020, the Company has placed unsecured bonds in international markets for US$ 400 million, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission, at an annual interest rate of 4.250% and a maturity in the year 2050.
For the periods ended on December 31, 2021 and 2020, the following payments have been made:
 
Payments made
  
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Payments of interest     17,000       8,500       -  
(x)
Single series seventh issue bonds MUS$ 700
 
On September 10, 2021, the Company has placed unsecured bonds in international markets for US$ 700 million, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission, at an annual interest rate of 3.50 % and a maturity in the year 2051.
 
For the periods ended on December 31, 2021 and 2020, no payments have been made.
 
12.5
 
 
a)
Details trade and other payables
 
 
 
As of December 31, 2021
 
 
As of December 31, 2020
 
Details trade and other payables
 
Current
 
 
Non-current
 
 
Current
 
 
Current
 
 
Non-current
 
 
Total
 
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Accounts payable     279,092       -       279,092       203,346       -       203,346  
Other accounts payable     558       -       558       587       -       587  
Prepayments from customers     -       3,813       3,813       -       4,027       4,027  
Total
 
 
279,650
 
 
 
3,813
 
 
 
283,463
 
 
 
203,933
 
 
 
4,027
 
 
 
207,960
 
 
As of December 31, 2021, and 2020, the balance of current and past due accounts payable is made up as follows:
 
Suppliers current on all payments
 
 
 
Amounts according to payment periods as of December 31, 2021
 
Type of Supplier
 
Up to 30
Days
 
 
31 - 60
days
 
 
61 - 90
Days
 
 
91 - 120
days
 
 
121 - 365
days
 
 
366 and
more
days
 
 
Total
 
                                     
 
ThUS$
 
Goods     148,045       1,799       1,425       -       120       3,813       155,202  
Services     80,089       335       109       2       78       -       80,613  
Others     31,949       -       -       -       -       -       31,949  
Total
 
 
260,083
 
 
 
2,134
 
 
 
1,534
 
 
 
2
 
 
 
198
 
 
 
3,813
 
 
 
267,764
 
 
 
 
Amounts according to payment periods as of December 31, 2020
 
Type of Supplier
 
Up to 30
Days
 
 
31 - 60
days
 
 
61 - 90
Days
 
 
91 - 120
days
 
 
121 - 365
days
 
 
366 and
more
days
 
 
Total
 
                                     
 
ThUS$
 
Goods     111,323       1,947       123       31       5       4,027       117,456  
Services     46,187       1,380       16       757       86       -       48,426  
Others     29,325       7       -       -       -       -       29,332  
Total
 
 
186,835
 
 
 
3,334
 
 
 
139
 
 
 
788
 
 
 
91
 
 
 
4,027
 
 
 
195,214
 
 
Suppliers past due on payments
 
 
 
Amounts according to payment periods as of December 31, 2021
 
Type of Supplier
 
Up to 30
Days
 
 
31 - 60
days
 
 
61 - 90
Days
 
 
91 - 120
days
 
 
121 - 365
days
 
 
366 and
more
days
 
 
Total
 
                                     
 
ThUS$
 
Goods     7,688       30       5       1       37       -       7,761  
Services     4,055       108       533       34       181       -       4,911  
Others     2,340       16       73       35       5       -       2,469  
Total
 
 
14,083
 
 
 
154
 
 
 
611
 
 
 
70
 
 
 
223
 
 
 
-
 
 
 
15,141
 
 
 
 
Amounts according to payment periods as of December 31, 2020
 
Type of Supplier
 
Up to 30
Days
 
 
31 - 60
days
 
 
61 - 90
Days
 
 
91 - 120
days
 
 
121 - 365
days
 
 
366 and
more
days
 
 
Total
 
                                     
 
ThUS$
 
Goods     1,305       59       47       39       517       -       1,967  
Services     2,298       764       -       453       505       -       4,020  
Others     3,258       150       371       118       2,275       -       6,172  
Total
 
 
6,861
 
 
 
973
 
 
 
418
 
 
 
610
 
 
 
3,297
 
 
 
-
 
 
 
12,159
 
 
Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company. As of December 31, 2021, the Company has purchase orders amounting to ThUS$ 166,209 and ThUS$ 55,516 as of December 31, 2020.
 
 
12.6
 
a)
Financial Assets
 
 
 
As of December 31, 2021
 
 
As of December 31, 2020
 
Description of financial assets
 
Current
 
 
Non-current
 
 
Total
 
 
Current
 
 
Non-current
 
 
Total
 
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Cash and cash equivalent     1,515,051       -       1,515,051       509,102       -       509,102  
Trade receivables due from related parties at amortized cost     86,152       -       86,152       62,601       -       62,601  
Financial assets measured at amortized cost     905,170       91       905,261       345,459       80       345,539  
Trade and other receivables     654,073       6,172       660,245       365,206       11,165       376,371  
Total financial assets measured at amortized cost
 
 
3,160,446
 
 
 
6,263
 
 
 
3,166,709
 
 
 
1,282,368
 
 
 
11,245
 
 
 
1,293,613
 
Financial instruments for hedging purposes     12,625       245       12,870       -       37,276       37,276  
Financial instruments held for trading     1,254       -       1,254       2,610       -       2,610  
Financial assets classified as available for sale at fair value through equity     -       8,932       8,932       -       14,569       14,569  
Total financial assets at fair value
 
 
13,879
 
 
 
9,177
 
 
 
23,056
 
 
 
2,610
 
 
 
51,845
 
 
 
54,455
 
Total financial assets
 
 
3,174,325
 
 
 
15,440
 
 
 
3,189,765
 
 
 
1,284,978
 
 
 
63,090
 
 
 
1,348,068
 
 
b)
Financial Liabilities
 
 
 
As of December 31, 2021
 
 
As of December 31, 2020
 
Description of financial liabilities
 
Current
 
 
Non-current
 
 
Total
 
 
Current
 
 
Non-current
 
 
Total
 
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
For hedging purposes through equity
 
 
8,954
 
 
 
72,900
 
 
 
81,854
 
 
 
26,699
 
 
 
13,511
 
 
 
40,210
 
Held for trading at fair value through profit or loss
 
 
1,672
 
 
 
-
 
 
 
1,672
 
 
 
5,393
 
 
 
-
 
 
 
5,393
 
Financial liabilities at fair value
 
 
10,626
 
 
 
72,900
 
 
 
83,526
 
 
 
32,092
 
 
 
13,511
 
 
 
45,603
 
Bank loans
 
 
85
 
 
 
69,613
 
 
 
69,698
 
 
 
82
 
 
 
69,376
 
 
 
69,458
 
Obligations to the public
 
 
40,594
 
 
 
2,445,219
 
 
 
2,485,813
 
 
 
36,781
 
 
 
1,816,626
 
 
 
1,853,407
 
Lease Liabilities
 
 
7,704
 
 
 
46,519
 
 
 
54,223
 
 
 
5,528
 
 
 
25,546
 
 
 
31,074
 
Trade and other payables
 
 
279,650
 
 
 
3,813
 
 
 
283,463
 
 
 
203,933
 
 
 
4,027
 
 
 
207,960
 
Trade payables due to related parties
 
 
-
 
 
 
-
 
 
 
-
 
 
 
606
 
 
 
-
 
 
 
606
 
Total financial liabilities at amortized cost
 
 
328,033
 
 
 
2,565,164
 
 
 
2,893,197
 
 
 
246,930
 
 
 
1,915,575
 
 
 
2,162,505
 
Total financial liabilities
 
 
338,659
 
 
 
2,638,064
 
 
 
2,976,723
 
 
 
279,022
 
 
 
1,929,086
 
 
 
2,208,108
 
12.7
 
The fair value hierarchy is detailed as follows:
 
(a)
Level 1:
The fair value of financial instruments traded in active markets (such as equity securities) is based on quoted prices
(unadjusted) in active markets for identical assets or liabilities that the entity can access
at the
measurement date
. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included in level 1.
 
(b)
Level 2:
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market
inputs
and rely as little as possible on entity-specific estimates.
Level 2 inputs are inputs other than quoted prices included within Level 1 that
are observable
 for
the
asset or liability, either directly or indirectly
.
 
(c)
Level 3:
If one or more of the significant inputs is not based on observable market data
 for the asset or liability
, the instrument is included in level 3. This is the case for unlisted equity securities.
 

 
 
As of December 31, 2021
 
 
Measurement Methodology
 
Fair value measurement of assets and liabilities
 
Carrying Amount at
Amortized Cost
 
 
Fair value (
disclosure

purposes)
 
 
Fair
value
 recognized
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Financial Assets
                                                
Cash and cash equivalents     1,515,051       1,515,051       -       -       1,515,051       -  
Other current financial assets
                                                
- Time deposits     905,170       905,170       -       -       905,170       -  
- Derivative financial instruments                                                
- Forwards     -       -       1,031       -       1,031       -  
- Options     -       -       223       -       223       -  
- Hedging assets     -       -       -       -       -       -  
- Swaps     -       -       12,613       -       12,613       -  
Non-current accounts receivable     6,172       6,172       -       -       -       -  
Other non-current financial assets:
                                                
- Other     91       91       -       -       91       -  
- Equity instruments     -       -       8,932       8,932       -       -  
- Hedging assets – Swaps     -       -       -       -       -       -  
Other current financial liabilities
                                                
- Bank borrowings     85       85       -       -       85       -  
- Derivative instruments     -       -       -       -       -       -  
- Forwards     -       -       1,270       -       1,270       -  
- Options     -       -       402       -       402       -  
- Hedging liabilities – Swaps     -       -       8,954       -       8,954       -  
- Swaps hedges, investments     -       -       -       -       -       -  
- Unsecured obligations     40,594       40,594       -       -       40,594       -  
- Current lease liabilities     7,704       7,704       -       -       7,704       -  
Other non-current financial liabilities
                                                
- Bank borrowings     69,613       70,497       -       -       70,497       -  
- Unsecured obligations     2,445,219       2,871,005       -       -       2,871,005       -  
- Non-current hedging liabilities     -       -       72,900       -       72,900       -  
- Non-current lease liabilities     46,519       34,521       -       -       34,521       -  
 
 
 
As of December 31, 2020
 
 
Measurement Methodology
 
Fair value measurement of assets and liabilities
 
Carrying Amount at
Amortized Cost
 
 
Fair value (
disclosure

purposes)
 
 
Fair value recognized
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Financial Assets
                                                
Cash and cash equivalents     509,102       509,102       -       -       509,102       -  
Other current financial assets
                                                
- Time deposits     345,459       345,459       -       -       345,459       -  
- Derivative financial instruments                                                
- Forwards     -       -       2,263       -       2,263       -  
- Options     -       -       347       -       347       -  
Non-current accounts receivable     11,165       11,165       -       -       -       -  
Other non-current financial assets:
                                                
- Other     80       80       -       -       80       -  
- Equity instruments     -       -       14,569       14,569       -       -  
- Hedging assets – Swaps     -       -       37,276       -       37,276       -  
Other current financial liabilities
                                                
- Bank borrowings     82       82       -       -       82       -  
- Derivative instruments     -       -       -       -       -       -  
- Forwards     -       -       4,614       -       4,614       -  
- Options     -       -       780       -       780       -  
- Hedging liabilities – Swaps     -       -       5,695       -       5,695       -  
- Swaps     -       -       21,004       -       21,004       -  
- Unsecured obligations     36,781       36,781       -       -       36,781       -  
- Current lease liabilities     5,528       5,528       -       -       5,528       -  
Other non-current financial liabilities
                                                
- Bank borrowings     69,376       71,029       -       -       71,029       -  
- Unsecured obligations     1,816,626       2,355,943       -       -       2,355,943       -  
- Non-current hedging liabilities     -       -       13,511       -       13,511       -  
- Non-current lease liabilities     25,546       26,027       -       -       26,027       -  
 
12.8
 
The fair value of financial assets and liabilities is estimated using the following information. Although the data represent Management's best estimates, it is subjective and involves significant estimates regarding current economic conditions, market conditions and risk characteristics.
 
Methodologies and assumptions used depend on the risk terms and characteristics of instruments and include the following as a summary:
 
Fair value estimation for
recognition purposes
 
Financial assets and liabilities measured at fair value consist of forwards hedging the mismatch in the balance sheet and cash flows, options hedging the mismatch in the balance sheet and cross currency swaps to hedge bonds issued in local currency (Peso/UF).
 
The fair value of the Company’s assets and liabilities recognized by cross currency swaps contracts is calculated as the difference between the present value of discounted cash flows of the asset (Peso/UF) and liability (Dollar) 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. Financial 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, Dollar and basis swap rates. In the case of fair value calculations for interest rate swaps, the 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, for 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 is recognized in the caption finance costs, foreign currency translation gain (loss) or cash flow hedge reserve in the statement of comprehensive income, depending on each particular case.
 
Estimate of fair value for
disclosure
purposes
 
·
Cash equivalent approximates fair value due to the short-term maturities of these instruments.
 
·
The fair value of current trade receivables is considered to be equal to the carrying amount due to the maturity of such accounts at short-term.
 
·
Payables, current lease liabilities and other current financial liabilities are considered fair value equal to book value due to the short-term maturity of these accounts.
 
·
The fair value of the debt (long-term secured and unsecured debentures; bonds denominated in local currency (Peso/UF) and foreign currency (Dollar), borrowings denominated in foreign currency (Dollar) and lease liabilities of the Company are calculated at current value of cash flows subtracted from market rates upon valuation, considering the terms of maturity and exchange rates. The UF and Peso rate curves are used as inputs for the valuation model. This information is obtained through from the renowned financial software company, Bloomberg, and the Chilean Association of Banks and Financial Institutions.
 
12.9
 
This section presents an analysis of net debt plus lease liabilities and their movements for each of the reported periods. The definition of the net debt is described in Note 19.1. and includes current and non-current lease liabilities to complete its analysis.
 
Net debt
  
As of
December 31,
2021
    
As of
December 31, 2020
  
 
 
ThUS$
 
 
ThUS$
 
Cash and cash equivalents     1,515,051       509,102  
Other current financial assets     919,049       348,069  
Other non-current financial hedge assets     245       37,276  
Other current financial liabilities     (51,305 )     (68,955 )
Lease liabilities, current     (7,704 )     (5,528 )
Other non-current financial liabilities     (2,587,732 )     (1,899,513 )
Non-current Lease liabilities     (46,519 )     (25,546 )
Total
 
 
(258,915
)
 
 
(1,105,095
)
 
       
 
From cash flow
 
 
Not from cash flow
 
      
Net debt
  
As of
December 31,
2020
  
 
Amounts from
 loans
 
 
Amounts from
interests
 
 
Other cash
income/expenses
 
 
Hedging and non-
hedging instruments
 
 
Exchange rate
differences
 
 
Others
 
  
As of
December 31,
2021
  
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Obligations with the public and bank loans     (1,922,864 )     (685,130 )     75,578       16,570       -       44,473       (84,138 )     (2,555,511 )
Current and non-current lease liabilities     (31,074 )     7,960       1,587       -       -       181       (32,877 )     (54,223 )
Financial instruments derived from hedging     18,070       (760 )     7,238       -       (45,017 )     -       (61,128 )     (81,597 )
Current and non-current financial liabilities
 
 
(1,935,868
)
 
 
(677,930
)
 
 
84,403
 
 
 
16,570
 
 
 
(45,017
)
 
 
44,654
 
 
 
(178,143
)
 
 
(2,691,331
)
Cash and cash equivalents     509,102       -       -       1,022,061       -       (16,112 )     -       1,515,051  
Deposits that do not qualify as cash and cash equivalents     345,459       -       (2,747 )     585,106       -       (27,315 )     4,667       905,170  
Derivatives from hedge assets     (21,004 )     -       -       9,405       23,082       -       1,130       12,613  
Derivatives from other financial non-hedge assets     (2,784 )     -       -       (2,327 )     4,693       -       -       (418 )
Total
 
 
(1,105,095
)
 
 
(677,930
)
 
 
81,656
 
 
 
1,630,815
 
 
 
(17,242
)
 
 
1,227
 
 
 
(172,346
)
 
 
(258,915
)
 
 

F-100
 
Notes to the Consolidated Financial Statements
 
December 31, 2021

image
         
From cash flow
 
 
Not from cash flow
 
 
    
Net debt
 
As of

December 31,

2019
 
 
Amounts from

loans
 
 
Amounts from

interests
 
 
Other cash

income/expenses
 
 
Hedging and non-

hedging instruments
 
 
Exchange rate

differences
 
 
Others
 
 
As of

December 31,
2020
 
 
   
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
 
ThUS$
 
Obligations with the public and bank loans
 
 
(1,753,028
)
 
 
(136,692
)
 
 
73,933
 
 
 
7,819
 
 
 
-
 
 
 
(33,280
)
 
 
(81,616
)
 
 
(1,922,864
)
Current and non-current lease liabilities
 
 
(37,897
)
 
 
8,015
 
 
 
1133
 
 
 
0
 
 
 
-
 
 
 
-
 
 
 
(2,325
)
 
 
(31,074
)
Financial instruments derived from hedging
 
 
(23,655
)
 
 
814
 
 
 
7.634
 
 
 
0
 
 
 
37,371
 
 
 
-
 
 
 
(4,094
)
 
 
18,070
 
Current and non-current financial liabilities
 
 
(1,814,580
)
 
 
(127,863
)
 
 
82,700
 
 
 
7,819
 
 
 
37,371
 
 
 
(33,280
)
 
 
(88,035
)
 
 
(1,935,868
)
Cash and cash equivalents
 
 
588,530
 
 
 
-
 
 
 
-
 
 
 
(78,988
)
 
 
-
 
 
 
(440
)
 
 
-
 
 
 
509,102
 
Deposits that do not qualify as cash and cash equivalents
 
 
485,689
 
 
 
-
 
 
 
-
 
 
 
(123,196
)
 
 
-
 
 
 
(14,032
)
 
 
(3,002
)
 
 
345,459
 
Derivatives from hedge assets
 
 
21,188
 
 
 
-
 
 
 
(1,216
)
 
 
(39,290
)
 
 
(2,074
)
 
 
-
 
 
 
388
 
 
 
(21,004
)
Derivatives from other financial non-hedge assets
 
 
(637
)
 
 
-
 
 
 
-
 
 
 
10.071
 
 
 
(12,218
)
 
 
-
 
 
 
-
 
 
 
(2,784
)
Total
 
 
(719,810
)
 
 
(127,863
)
 
 
81,484
 
 
 
(223,584
)
 
 
23,079
 
 
 
(47,752
)
 
 
(90,649
)
 
 
(1,105,095
)