SQM announces Extraordinary Shareholder Meeting
SANTIAGO, Chile, June 6, 2014 /PRNewswire/ -- The Board of Directors of Sociedad Quimica y Minera de Chile S.A. (SQM or the Company), met today and announced that it has decided to call for an Extraordinary Shareholders Meeting to approve the payment and distribution of an eventual dividend in the amount of US$230 million to be charged against retained earnings.
The recommendation of the Board to approve this dividend payment is based on, among other reasons, SQM's solid financial position and high liquidity. As of March 31, 2014, SQM reported financial assets in the amount of US$802.7 million and short-term financial debt in the amount of US$185.8. Additionally, the majority of SQM's long-term financial debt matures after December 2018.
The Board of Directors also analyzed the capital expenditure plan of the Company and noted that the capital expenditure plan for 2014 and 2015 combined will not exceed US$300 million. During this two year period the Company also anticipates a total accounting depreciation of approximately US$500 million.
Patricio de Solminihac, Chief Operating Officer and Senior Executive Vice President of the Company said, "The payment of this dividend will not affect the growth plans of the Company, and it is additional proof of SQM's commitment to generate value to its shareholders". He continued by saying that, "most of the investment needed for the growth expected during the next two years was considered in the 2012-2014 capital expenditure plans".
SQM is an integrated producer and distributor of specialty plant nutrients, iodine, lithium, potassium-related fertilizers and industrial chemicals. Its products are based on the development of high quality natural resources that allow the Company to be a leader in costs, supported by a specialized international network with sales in over 115 countries. SQM's development strategy aims to maintain and strengthen the Company's position in each of its businesses.
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 include:
- 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 20 countries and sales in over 115 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.
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Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the Company's business outlook, future economic performance, anticipated profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, specifically the most recent annual report on Form 20-F, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise.
SOURCE Sociedad Quimica y Minera de Chile S.A.