Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 139

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 139
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 of the primary economic environment in which we operate and is our functional and presentation currency for financial reporting purposes. A significant portion of our costs is related to the Chilean peso as most of our operations occur in Chile, and therefore an increase or decrease in the exchange rate between the Chilean peso and the U.S. dollar affects our costs of production. Additionally, as an international company operating in Chile and several other countries, we transact a portion of our business and have assets and liabilities in Chilean pesos and other non-U.S. dollar currencies, such as the euro, the South African rand and the Mexican peso. As a result, fluctuations in the exchange rate of such currencies to the U.S. dollar may affect our financial condition and results of operations. See Note 24 to our consolidated financial statements.
We monitor and attempt to balance our non-U.S. dollar assets and liabilities position, including through foreign exchange contracts and other hedging instruments, to minimize our exposure to foreign exchange rate risk. As of December 31, 2024, for hedging purposes we had open contracts to buy U.S. dollars and sell Chinese yuan for approximately US$302.65 million (CNY2,198.7 million), to sell euros for approximately US$40.35 million (EUR37.31 million), and to sell South African rand for approximately US$28.92 million (ZAR 530.45 million), as well as forward exchange contracts to sell U.S. dollars and buy Chilean pesos for US$5.9 million (Ch$5,879.1 million). All the UF 9.5 million outstanding principal amount of bonds issued in the Chilean market were hedged with cross-currency swaps to the U.S. dollar for approximately US$401.01 million as of December 31, 2024.
In addition, we had open forward exchange contracts to buy U.S. dollars and sell Chilean pesos to hedge our time deposits in Chilean pesos for approximately US$15.4 million.
The following table shows our revenues (in millions of US$) and the percentage of revenues accounted for by each of our product lines for each of the periods indicated:

2024                                                                                                        2023                                       2022
                                            %                     US$                  %                     US$                  %                     US$
Specialty plant nutrition              21   %                   941.9             12   %                   913.9             11   %                 1,172.3
Iodine and derivatives