Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 147

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 147
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 in Chile" and "Item 8.A.7 Legal Proceedings— Chilean Tax Litigation").
Results of Operations – 2023 compared to 2022
For a discussion of the comparison of our results of operations for the fiscal years 2023 and 2022, see “Part I, Item 5.A. Operating Results—Results of Operations – 2023 compared to 2022” of our Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC in April, 2024.
5.B.Liquidity and Capital Resources
As of December 31, 2024, we had US$2.5 billion of cash and cash equivalents and time deposits. In addition, as of December 31, 2024, we had US$1,676 million of unused uncommitted working capital credit lines. Our Net Financial Debt to Adjusted EBITDA ratio was 1.6x as of December 31, 2024. In January 2025 we repaid US$250 million of debt which reached maturity. 
Shareholders’ equity increased to US$5,198.1 million as of December 31, 2024 from US$4,477.1 million as of December 31, 2023. Our ratio of total liabilities to total equity (including non-controlling interest) on a consolidated basis increased to 1.21 as of December 31, 2024 from 1.01 as of December 31, 2023.
We evaluate from time to time our cash requirements to fund capital expenditures, dividend payouts and increases in working capital, but we believe our working capital is sufficient for our present requirements. As debt requirements also depend on the level of accounts receivable and inventories, we cannot accurately determine the amount of debt we will require nor are our requirements typically seasonal.
The table below shows our cash flows for 2024, 2023 and 2022:

(in millions of US$)                                                                          2024                         2023                       2022
Net cash flow from operating activities                                                 1,274.7                   (196.6)                    4,077.6      
Net cash flow from (used in) financing activities                                            282.4                         66.3                  (2,003.0)
Net cash flow from (used in) investing activities                                     (1,214.0)                 (1,481.5)                    (909.4)      
Effects of