1. Aide
    1. Espace Client
    2. Connexion
  1. Aide
    1. Espace Client
    2. Connexion
Espace Membre Boursorama

Erreur d'authentification

Votre compte a été clôturé.

Vous êtes authentifié. Nous chargeons votre espace membre.

Mot de passe oublié ?

Nouveau sur Boursorama ? Devenez membre

Identifiant/Mot de passe oublié
Si vous êtes Membre de la Communauté Boursorama, veuillez indiquer l'adresse email que vous avez fournie lors de votre enregistrement pour recevoir votre identifiant et/ou ré-initialiser votre mot de passe :

Nouveau sur Boursorama ? Devenez membre

Fermer

Forum

SOC QUIM&MIN SP ADR
21.340 (c) USD
-5.58% 
valeur indicative 19.107 EUR

US8336351056 SQM

NYSE données temps différé
  • ouverture

    21.760

  • clôture veille

    22.600

  • + haut

    21.760

  • + bas

    20.560

  • volume

    0

  • valorisation

    2 569 MUSD

  • capital échangé

    0.00%

  • dernier échange

    27.03.20 / 21:00:00

  • limite à la baisse

    Qu'est-ce qu'une limite à la hausse/baisse ?

    Fermer

    55.980

  • limite à la hausse

    Qu'est-ce qu'une limite à la hausse/baisse ?

    Fermer

    0.000

  • rendement estimé 2020

    5.78%

  • PER estimé 2020

    Qu'est-ce que le PER ?

    Fermer

    12.83

  • dernier dividende

    -

  • date dernier dividende

    -

  • Éligibilité

    -

  • + Portefeuille

  • + Liste

Retour au sujet SOCIEDAD QUIMICA Y MINERA ADS

SOC QUIM&MIN SP ADR : EARNINGS FOR THE FIRST HALF OF 2009

jCooper
14 août 200910:11

For Immediate Release
SQM REPORTS EARNINGS FOR THE FIRST HALF OF 2009
SQM
Los Militares 4290 Piso 6,
Las Condes, Santiago, Chile
Tel: (56 2) 425 2485
Fax: (56 2) 425 2493
www.sqm.com
Santiago, Chile, August 11, 2009.- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock
Exchange: SQM-B, SQM-A) reported today earnings for the first half of 2009 of US$169.4 million (US$0.64 per
ADR), a decrease of 11.1% with respect to the same period of 2008, when earnings totaled US$190.5 million
(US$0.72 per ADR). Operating income reached US$231.9 million (34.8% of revenues), 4.3% lower than the
US$242.3 million (30.8% of revenues) recorded during the first half of 2008. Revenues totaled US$665.7 million for
the first six months, representing a decrease of 15.4% over the US$787.1 million reported in the same period of 2008.
The Company also announced a year-over-year earnings decline of 33.9% for the second quarter of 2009, reporting
quarterly net income of US$83.1 million (US$0.32 per ADR) compared to the 2008 figure of US$125.7 million
(US$0.48 per ADR). Operating income for the second quarter reached US$112.4 million, 28.0% lower than the
US$156.1 million recorded for the same period of 2008. Revenues totaled US$344.8 million, a decrease of
approximately 25.2% with respect to the second quarter of 2008, when revenues amounted to US$460.8 million.
Patricio Contesse, SQM’s Chief Executive Officer, stated, “The first half of 2009 has proven to be challenging for the
Company. During the first six months of the year we observed an important reduction in sales volumes, consistent
with the prevailing global economic conditions and the uncertainty regarding prices in the potassium industry.
However, sales volumes in the different industries in which we participate have started to recover, and we believe that
volumes for the second half of the year will be higher than those observed in the first half of 2009.” He continued,
“The need for potassium to ensure healthy plant development and to maximize yields, combined with the newly
negotiated price in India, should stimulate demand in key potassium markets. We are already seeing signs of
recovery in our Specialty Plant Nutrition business line, and we believe that demand in general has reached a turning
point.”
Regarding potassium chloride, Mr. Contesse concluded, “We continue to move forward with our expansion plans that
will allow us to double our sales volumes of potash in 2010.”
Highlights
• SQM reported net income for the first half of 2009 of US$169.4 million, a decrease of
11.1% over the first half of 2008.
• Earnings per ADR totaled US$0.64 for the first six months, compared to US$0.72 for the
same period of 2008.
• Operating income for first half of 2009 was 4.3% lower than that of first half 2008.
SQM S.A. 2Q09 Earnings Release 2
Segment Analysis
Specialty Plant Nutrition (SPN)
Revenues from our SPN business line for the first half of 2009 totaled US$311.3 million, 30% lower than the
US$446.4 million recorded for the same period in 2008.
Second quarter 2009 revenues reached US$165.6 million, a decrease of 40% over the US$275.9 million recorded in
2008.
Specialty Plant Nutrition Volumes and Revenues (six months ended June 30):
2009 2008 2009/2008
Sodium nitrate Th. MT 9.8 13.9 -4.1 -29%
Potassium nitrate and sodium potassium nitrate Th. MT 194.2 290.9 -96.7 -33%
Specialty blends Th. MT 51.8 98.3 -46.6 -47%
Other non-SQM specialty plant nutrients (*) Th. MT 32.0 58.2 -26.2 -45%
Potassium sulfate Th. MT 50.9 69.0 -18.1 -26%
Specialty plant nutrition revenues MUS$ 311.3 446.4 -135.1 -30%
Sales volumes of each of our specialty plant nutrients during the first half of 2009 were significantly below levels
reported during the first half of 2008. As expected, the uncertainty surrounding global economic conditions continued
to negatively impact demand in SPN end markets.
Volumes recorded for the second quarter, however, were slightly higher than those observed in the first quarter of the
year and those observed in the fourth quarter of 2008, a trend that has continued in recent weeks, indicating that
markets have begun to recover, albeit at a slow pace.
In the first few weeks of the second half of the year, certain key markets have shown promising signs of recovery with
volumes reaching pre-crisis levels. Many markets, however, continue to lag behind market highs seen during 2008. In
general, these lagging markets have delayed purchases of specialty plant nutrients due to the uncertainty in potash
markets, preferring either to postpone purchases until a clear market price for potassium was established or to buy
only minimum quantities.
However, with the recent news of the conclusion of the contract negotiations in India, there are indications that the
potassium market has begun to react to the newly established price and to move volumes. Furthermore, producers of
high-value crops have reached low levels of fertilizer inventory and must use specialty fertilizers to maximize output
and to ensure the premium quality of their crops in order to optimize production levels.
The new market price for potassium combined with the underlying fundamentals of this market -scarcity of water, high
cost of land and growing demand for premium crops- should drive demand in the short- to medium-term.
Average prices in the SPN business line were higher during the first half of 2009 compared to the same period of the
previous year. We anticipate that average prices for SPN for the year 2009 will be lower than average prices
observed in 2008.
SPN gross margin (1) for the first half of 2009 accounted for approximately 42% of SQM’s consolidated gross margin.
SQM S.A. 2Q09 Earnings Release 3
Iodine and Derivatives
Revenues from sales of iodine and derivatives during the first half of 2009 totaled US$91.8 million, a decrease of 27%
with respect to the US$125.7 million reported for the first half of 2008.
Iodine and derivatives revenues for the second quarter of 2009 amounted to US$48.7 million, a decrease of 26%
compared to the US$65.6 million recorded the previous year.
Iodine and Derivative Volumes and Revenues (six months ended June 30):
2009 2008 2009/2008
Iodine and derivatives Th. MT 3.5 5.3 -1.8 -34%
Iodine and derivatives revenues MUS$ 91.8 125.7 -33.9 -27%
Similar to the decline in demand observed in other global markets, the iodine industry has also been affected by lower
demand due to the economic downturn. Demand has declined for certain applications related to sectors such as the
automotive, construction and consumer electronics industries.
Because of our leading position in this industry, our sales volumes have fallen more than industry-wide demand,
which has helped stabilize the market. As this industry begins to recover, we will be well positioned as the market
leader to capture future growth.
In line with the price increase announced towards the end of 2008, average prices in this business line have
continued to rise compared to average prices of the previous year. As a result of these higher prices and improved
efficiencies, the effects of lower sales volumes in this business line have been offset.
We expect sales volumes for the second half of the year to be higher than sales volumes obtained during the first half
of the year.
Gross margin for the Iodine and Derivatives segment accounted for approximately 13% of SQM’s consolidated gross
margin in the first half of 2009.
Lithium and Derivatives
Revenues for lithium and derivatives totaled US$52.5 million during the first half of 2009, a decrease of 40% with
respect to the US$88.0 million recorded for the first half of 2008.
Second-quarter 2009 lithium revenues decreased 39% with respect to the second quarter of 2008, amounting to
US$28.0 million, compared to US$45.9 million in 2008.
Lithium and Derivatives Volumes and Revenues (six months ended June 30):
2009 2008 2009/2008
Lithium and derivatives Th. MT 9.0 14.0 -5.0 -35%
Lithium and derivatives revenues MUS$ 52.5 88.0 -35.5 -40%
Lower demand was observed across most of the end uses for lithium. The decline in revenues in this business line
can be attributed to lower sales volumes given that sales prices for lithium carbonate observed during the first six
months of the year remained relatively flat compared to those of the same period during the previous year.
Because global economic circumstances have not changed substantially in recent months, demand for lithium
continues to be slow given that traditional applications are sensitive to economic cycles. Demand in this industry
continues to be hard hit by the effects of inventory optimization, particularly in the battery industry, although not to the
extent seen in the first quarter of 2009.
SQM S.A. 2Q09 Earnings Release 4
We anticipate that the recovery for this business segment will take the longest considering that many of lithium’s end
uses are tied to construction. Lithium used for secondary batteries is expected to be the first end use to show signs of
recovery.
Although the current outlook for lithium demand in the short-term remains uncertain, SQM continues to see positive
signs for growth in the medium- to long-term as evidenced by the release this year of several new HEV models
powered by Li-ion batteries. Other car manufacturers continue to announce plans to launch cars with lithium
technology.
During the first weeks of the second half of the year, we have observed signs of recovery in demand in some
applications, and we anticipate that sales volumes for the second half of 2009 will be higher than those observed in
the first half of this year.
Gross margin for the Lithium and Derivatives segment accounted for approximately 10% of SQM’s consolidated
gross margin in the first six months of 2009.
Potassium Chloride
Potassium chloride revenues for the first half of 2009 totaled US$132.8 million, a 236% increase with respect to the
first half of 2008, when revenues amounted to US$39.5 million.
Year-over-year potassium chloride revenues grew 153% in the second quarter, reaching US$60.7 million, compared
to US$24.0 million for the same period of 2008.
Potassium Chloride Volumes and Revenues (six months ended June 30):
2009 2008 2009/2008
Potassium chloride Th. MT 224.5 69.1 155.4 225%
Potassium chloride revenues MUS$ 132.8 39.5 93.3 236%
As expected, sales volumes for potassium chloride increased substantially during the first six months of 2009
compared to the first half of 2008, despite the prevailing trend in the potash industry. Our relatively small size in this
sector continues to be an advantage, giving us flexibility in allocating additional volumes. The growth in sales volumes
can be attributed to additional production of potassium chloride. We anticipate that this growth trend will continue in
2010.
With these additional volumes, we have expanded our sales of potassium chloride to new markets. In addition, we
have begun to see movement of potassium chloride in various markets on the back of the recently announced
contracts in India. This newly contracted price has been established as a reference price in the principal potash spot
markets, such as Brazil, and volumes have begun to move accordingly.
Gross margin for potassium chloride accounted for approximately 27% of SQM’s consolidated gross margin in the
first half of 2009.
SQM S.A. 2Q09 Earnings Release 5
Industrial Chemicals
Industrial Chemicals revenues for the first six months of 2009 reached US$46.7 million, 10% lower than the US$52.1
million recorded for the same period of the previous year.
Revenues for the second quarter totaled US$24.3 million, a decrease of 13% with respect to the second-quarter 2008
figure of US$28.0 million.
Industrial Chemicals Volumes and Revenues (six months ended June 30):
2009 2008 2009/2008
Industrial nitrates Th. MT 60.4 81.3 -20.9 -26%
Boric acid Th. MT 1.3 2.2 -0.9 -40%
Industrial chemicals revenues MUS$ 46.7 52.1 -5.4 -10%
Traditional applications for industrial chemicals, such as glass, frits and metal treatment, were negatively impacted
due to the economic slowdown. Despite negative growth in these applications, we continue to see growing demand
for industrial-grade sodium nitrate to be used in solar energy plants. Increased volumes for solar salt applications
helped to partially offset lower volumes of traditional applications. We expect to see continued growth in the future for
solar salts given that several contracts for 2009 and 2010 have been settled, and new projects are currently being
developed.
Gross margin for the Industrial Chemicals segment accounted for approximately 8% of SQM’s consolidated gross
margin in the first six months of 2009.
Other Commodity Fertilizers
Revenues from sales of other commodity fertilizers and other income reached US$30.6 million in the first six months
of the year, down from US$35.5 million for the same period of the previous year. Revenues were impacted by lower
generalized demand for commodity fertilizers and lower average prices.
Selling and Administrative Expenses
Selling and administrative expenses totaled US$40.0 million (6.0% of revenues) for the first six months of 2009,
compared to the US$41.9 million (5.3% of revenues) recorded during the same period of 2008.
Operating Costs
Lower operating costs for the first half of 2009 can be attributed to improved operating efficiencies in some business
lines combined with lower oil prices and a stronger U.S. dollar that continued to push production costs lower.
Non-operating Income
The Company recorded a non-operating loss of US$21.6 million for the first half of 2009, which is higher than the
US$1.3 million loss recorded for the same period of 2008. This loss is explained by:
• Higher net financial expenses, as the Company increased its financial debt to finance its capex program,
working capital increases and a portion of long-term debt that matures in February 2010
• Lower earnings from investments in related companies, as the fertilizer business activities of our offshore
affiliates were affected by lower global fertilizer prices
• Losses related to foreign currency transactions due to the volatility observed in foreign currencies
SQM S.A. 2Q09 Earnings Release 6
Notes:
(1) Gross margin corresponds to consolidated revenues less total costs, including depreciation and excluding sales and
administration expenses.
A significant portion of SQM’s costs of goods sold are costs related to common productive processes (mining,
crushing, leaching, etc.) which are distributed among the different final products. To estimate gross margins by
business lines in both periods covered by this report, the Company employed similar criteria on the allocation of
common costs to the different business areas. This gross margin distribution should be used only as a general and
approximated reference of the margins by business line.
SQM is an integrated producer and distributor of specialty plant nutrients, iodine and lithium. Its products are based
on the development of high quality natural resources that allow the Company to be leader in costs, supported by a
specialized international network with sales in over 100 countries. SQM’s development strategy aims to maintain and
strengthen the Company’s world leadership in its three core businesses: Specialty Plant Nutrition, Iodine and Lithium.
The leadership strategy is based on the Company’s competitive advantages and on the sustainable growth of the
different markets in which it participates. SQM’s main competitive advantages in its different businesses are:
• Low production costs based on vast and high quality natural resources.
• Know-how and its own technological developments in its various production processes.
• Logistics infrastructure and high production levels that allow SQM to have low distribution costs.
• High market share in all its core products
• International sales network with offices in more than 20 countries and sales in over 100 countries.
• Synergies from the production of multiple products that are obtained from the same two natural resources.
• Continuous new product development according to the specific needs of its different customers.
• Conservative and solid financial position
For further information, contact: Patricio Vargas, 56-2-4252274 / patricio.vargas@sqm.com
Mary Laverty, 56-2-4252074 / mary.laverty@sqm.com
Carolina Rojas, 56-2-4252250 / carolina.rojas@sqm.com
For media inquiries, contact: Fernanda Guerra, 56-2-4252027 / fernanda.guerra@sqm.com
Statements in this press release concerning the Company’s business outlook, future economic performances,
anticipated profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or
service line growth, together with other statements that are not historical facts, are “forward-looking statements” as
that term is defined under Federal Securities Laws.
Any forward-looking statements are estimates, reflecting the best judgment of SQM based on currently available
information and involve a number of risks, uncertainties and other factors that could cause actual results to differ
materially from those stated in such statements. Risks, uncertainties, and factors that could affect the accuracy of
such forward-looking statements, are identified in the public filing made with the Securities and Exchange
Commission, and forward-looking statements should be considered in light of those factors.
SQM S.A. 2Q09 Earnings Release 7
Income Statement
For the 6-month period
(US$ Millions) For the 2nd Quarter ended June 30
2009 2008 2009 2008
Revenues 344.8 460.8 665.7 787.1
Specialty Plant Nutrition 165.6
275.9
311.3
446.4
Potassium Nitrate and Blended Fertilizers(1) 139.3
236.4
261.3
388.1
Potassium Sulfate 26.3
39.5
50.0
58.3
Iodine and Iodine Derivatives 48.7
65.6
91.8
125.7
Lithium and Lithium Derivatives 28.0
45.9
52.5
88.0
Potassium Chloride 60.7
24.0
132.8
39.5
Industrial Chemicals 24.3
28.0
46.7
52.1
Industrial Nitrates 23.6
27.1
45.3
50.4
Boric Acid 0.7
0.9
1.4
1.7
Other Income 17.4
21.4
30.6
35.5
Cost of Goods Sold (174.7) (255.2) (320.3) (452.1)
Depreciation (38.8) (25.5) (73.5) (50.7)
Gross Margin 131.3 180.0 271.8 284.3
Selling and Administrative Expenses (19.0) (23.9) (40.0) (41.9)
Operating Income 112.3 156.1 231.9 242.3
Non-Operating Income (8.5) 2.3 (21.6) (1.3)
Financial Income 3.9 2.5 7.9 5.5
Financial Expenses (7.8) (4.9) (15.7) (10.4)
Others (4.6) 4.7 (13.8) 3.6
Income Before Taxes 103.9 158.4 210.2 241.0
Income Tax (21.4) (29.8) (42.5) (43.1)
Other Items 0.7 (2.9) 1.6 (7.4)
Net Income 83.1 125.7 169.4 190.5
Net Income per ADR (US$) 0.32 0.48 0.64 0.72
(1) Includes Yara Specialty fertilizers and Other Specialty fertilizers
SQM S.A. 2Q09 Earnings Release 8

Signaler un abus

Vous devez être membre pour ajouter un commentaire.
Vous êtes déjà membre ? Connectez-vous
Pas encore membre ? Devenez membre gratuitement

7 réponses

  • jCooper
    14 août 200910:12

    SQM reported net income for the first half of 2009 of US$169.4 million, a decrease of 11.1% over the first half of 2008.

    • Earnings per ADR totaled US$0.64 for the first six months, compared to US$0.72 for the same period of 2008.

    • Operating income for first half of 2009 was 4.3% lower than that of first half 2008.

    Signaler un abus

  • PEAI60
    14 août 200922:44

    la baisse des volumes de ventes de Lithium, mais il ne donne aucun renseignement sur les gros contrats à venir avec les constructeurs automobiles.

    Bon, ça doit sans doute rester secret, mais c'est principalement pour cela que j'ai investi sur SQM, même si la partie Lithium ne représente pour l'instant que 15 % environ du CA.

    Signaler un abus

  • jCooper
    17 août 200911:09

    effectivement, POUR L'INSTANT, le % du Li est faible / aux engrais


    mais quand les batteries au Li entreront dans une phase de grande prod, ça va nettement augmenter :-)

    pour le moment, je surveille sqm

    à noter pour le LT/TLT, les engrais aussi ont un très fort potentiel... ;-)

    Signaler un abus

  • PEAI60
    17 août 200917:29

    Question m'a banque me prend 45 E de frais pour un achat de 1650 E.

    J'ai bien sûr réclamé, mais je suis à ce jour sans réponse.

    Combien payes tu de frais à peu prés ?

    Signaler un abus

  • jCooper
    18 août 200900:56

    comme indiqué ci-dessus, je surveille sqm, je n'en ai pas encore acheté, je prends toutjours le temps de bien étudier une société avant d'investir

    par contre j'avais acquis des titres eqn (une minière de Cu) sur le TSX il y a 2 ans

    de mémoire les frais de courtage et de change devaient s'élever à environ 4%

    depuis j'ai changé d'intermédiaire...
    quand je passerai un ordre sur sqm je t'indiquerai mes frais

    A+

    Signaler un abus

  • PEAI60
    18 août 200913:53

    Pour info, je surveille Saft, j'aimerai investir dessus car en plus il vont bénéficier des aides US. Mais pour l'instant j'ai raté le train et j'attend une baisse.

    Signaler un abus

  • jCooper
    22 août 200900:24

    juste que qu'ils fabriquent des batteries, au Li comme bolloré je pense...

    ama vaut mieux se placer sur les minières pour le MT/LT, le levier sera plus intéressant...

    Signaler un abus

Retour au sujet SOCIEDAD QUIMICA Y MINERA ADS

7 réponses

Vous devez être membre pour ajouter un commentaire.
Vous êtes déjà membre ? Connectez-vous
Pas encore membre ? Devenez membre gratuitement

Signaler le message

Fermer

Qui a recommandé ce message ?

Fermer

Mes listes

Une erreur est survenue pendant le chargement de la liste

valeur

dernier

var.

Les Risques en Bourse

Fermer