21 – Liabilities

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Financial indebtedness (million €)
			Carrying amounts based on effective interest method
	Nominal volume	Effective interest rate	2009	2008
3.5% Euro Bond 2003/2010 of BASF SE	1,000	3.63%	999	998
4% Euro Bond 2006/2011 of BASF SE	1,000	4.05%	999	999
3.375% Euro Bond 2005/2012 of BASF SE	1,400	3.42%	1,399	1,398
3.75% Euro Bond 2009/2012 of BASF SE	1,350	3.97%	1,343	–
4.5% Euro Bond 2006/2016 of BASF SE	500	4.62%	497	496
4.25% Euro Bond 2009/2016 of BASF SE	200	4.40%	198	–
5.875% GBP Bond 2009/2017 of BASF SE	400	6.04%	446	–
4.625% Euro Bond 2009/2017 of BASF SE	300	4.69%	299	–
3 Month EURIBOR Bond 2006/2009 of BASF SE	500	variable	–	500
3.25% CHF Bond 2008/2011 of BASF Finance Europe N.V.	300	3.39%	202	201
6% Euro Bond 2008/2013 of BASF Finance Europe N.V.	1,250	6.15%	1,244	1,242
5% Euro Bond 2007/2014 of BASF Finance Europe N.V.	1,000	5.09%	996	996
5% Euro Bond 2007/2014 of BASF Finance Europe N.V.	250	4.83%	252	252
3.625% CHF Bond 2008/2015 of BASF Finance Europe N.V.	200	3.77%	134	134
5.125% Euro Bond 2009/2015 of BASF Finance Europe N.V.	1,500	5.30%	1,488	–
5.125% Euro Bond 2009/2015 of BASF Finance Europe N.V.	500	4.38%	517	–
4.5% Euro Medium Term Note 2009/2016 of BASF Finance Europe N.V.	150	4.56%	149	–
USD Extendible Floating Rate Notes of BASF Finance Europe N.V.		0.30%	3	330
3.25% CHF Bond 2006/2012 of Ciba Spezialitätenchemie Finanz AG	225	3.32%	147	–
4.875% Euro Bond 2003/2018 of Ciba Spec. Chem. Finance Luxemb. S.A.	477	4.88%	393	–
USD Commercial Paper	703		487	4,406
Other bonds			650	621
Bonds and other liabilities to the capital markets			12,842	12,573
Liabilities to credit institutions			1,977	1,941
			14,819	14,514

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Breakdown of financial indebtedness by currency (million €)
	2009	2008
Euro	12,063	7,876
U.S. dollar	1,254	5,598
British pound	560	–
Swiss franc	483	335
Chinese renminbi	336	436
Argentinean peso	41	22
Turkish lira	24	39
Norwegian krone	10	54
Brazilian real	–	67
Other	48	87
	14,819	14,514

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Maturities of financial indebtedness (million €)
	2009	2008
Following year 1	2,375	6,224
Following year 2	1,363	1,027
Following year 3	3,067	1,401
Following year 4	2,075	1,418
Following year 5	1,329	1,999
Following year 6 and thereafter	4,610	2,445
	14,819	14,514

Bonds and other liabilities to the capital markets

Other bonds consist primarily of bonds from BASF Catalyst LLC and industrial revenue and pollution control bonds from the BASF Corporation Group that are used to finance investments in the United States. The weighted-average interest rate was 2.3% in 2009 (2008: 3.1%). The weighted-average effective interest rate was 2.3 % in 2009 (2008: 3.1%). The average residual term amounted to 234 months as of December 31, 2009, and 189 months as of December 31, 2008.

Liabilities to credit institutions

The weighted-average interest rate on borrowings was 3.0% in 2009 (2008: 5.3%). To finance the investment in the expansion of the OPAL natural gas pipeline, €500 million were borrowed at an interest rate of 2.5% by WINGAS GmbH & Co. KG.

BASF SE had committed and unused credit lines with variable interest rates of €4,165 million as of December 31, 2009, and €6,668 million as of December 31, 2008.

Other liabilities

The decline in other liabilities in 2009 is related primarily to the negative fair value of derivatives concluded to hedge currency fluctuations and rising raw material prices. This was partially offset by a decline in derivatives with positive fair values reflected in ‘other receivables’.

Liabilities to companies in which participations are held include the proportionate amount of liabilities of joint venture companies accounted for using the proportional consolidation method of €313 million in 2009, and €242 million in 2008, thereof miscellaneous liabilities of €145 million in 2009, and €36 million in 2008. Further other liabilities relating to associated companies accounted for using the equity or cost method were €188 million in 2009, and €224 million in 2008. In addition, other liabilities contained precious metal derivatives with a negative fair value of €52 million as of the balance sheet date 2009 compared with €39 million in 2008.
For more information on financial risks and derivative financial instruments, see Note 25 
For more information on finance lease payables, see Note 26

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Other liabilities (million €)
	2009			2008
	Short-term	Long-term		Short-term	Long-term
Advances received on orders	116	–		116	–
Liabilities on bills	52	23		11	27
Liabilities related to social security	156	30		151	16
Non-trade liabilities to joint venture partners	271	437		334	344
Derivative instruments	279	–		1,414	1
Liabilities arising from finance leases	18	62		15	65
Miscellaneous liabilities	1,233	164		1,255	301
Deferred income	115	182		138	163
	2,240	898		3,434	917

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Secured liabilities (million €)
	2009	2008
Liabilities to credit institutions	8	35
Miscellaneous liabilities	37	504
	45	539