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Last Update:
March 1, 2012
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22 – Liabilities

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Financial indebtedness (million €)

 

 

 

 

 

 

Carrying amounts based on effective interest method

 

Nominal volume (million, currency of issue)

Effective interestrate

2011

2010

1

Interest rate swaps were concluded in July 2011 to hedge against interest rate risks for the 3.75% Euro Bond of BASF SE. Fair value hedge accounting is applied in this context, resulting in an adjustment of the carrying amount of the bond by €8 million.

 

 

4% Euro Bond 2006/2011 of BASF SE

1,000

4.05 %

1,000

3.375% Euro Bond 2005/2012 of BASF SE

1,400

3.42 %

1,400

1,399

3.75% Euro Bond 2009/2012 of BASF SE

1,350

3.97 %

1,3561

1,345

4.5% Euro Bond 2006/2016 of BASF SE

500

4.62 %

498

497

4.25% Euro Bond 2009/2016 of BASF SE

200

4.40 %

199

199

5.875% GBP Bond 2009/2017 of BASF SE

400

6.04 %

475

461

4.625% Euro Bond 2009/2017 of BASF SE

300

4.69 %

299

299

3.25% CHF Bond 2008/2011 of
BASF Finance Europe N.V.

300

3.39 %

240

6% Euro Bond 2008/2013 of BASF Finance Europe N.V.

1,250

6.15 %

1,247

1,245

5% Euro Bond 2007/2014 of BASF Finance Europe N.V.

1,000

5.09 %

998

997

5% Euro Bond 2007/2014 of BASF Finance Europe N.V.

250

4.83 %

251

251

3.625% CHF Bond 2008/2015 of
BASF Finance Europe N.V.

200

3.77 %

164

159

5.125% Euro Bond 2009/2015 of
BASF Finance Europe N.V.

1,500

5.30 %

1,492

1,489

5.125% Euro Bond 2009/2015 of
BASF Finance Europe N.V.

500

4.38 %

511

515

4.5% Euro Medium Term Note 2009/2016 of
BASF Finance Europe N.V.

150

4.56 %

150

150

3.25% CHF Bond 2006/2012 of
Ciba Spezialitätenchemie Finanz AG

225

3.32 %

184

177

4.875% Euro Bond 2003/2018 of
Ciba Spec. Chem. Finance Luxemb. S.A.

477

4.88 %

409

401

USD commercial paper

 

 

1,384

Other bonds

 

 

667

696

Bonds and other liabilities to the capital markets

 

 

10,300

12,904

Liabilities to credit institutions

 

 

2,704

2,135

 

 

 

13,004

15,039

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Breakdown of financial indebtedness by currency (million €)

 

 

2011

2010

Euro

10,411

10,980

U.S. dollar

752

2,177

British pound

560

543

Chinese renminbi

557

391

Swiss franc

347

576

Brazilian real

144

205

South Korean won

51

Turkish lira

40

18

South African rand

39

28

Argentinean peso

26

30

Other

77

91

 

13,004

15,039

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Maturities of financial indebtedness (million €)

 

 

 

2011

2010

Following year 1

3,985

3,369

Following year 2

1,513

3,112

Following year 3

1,964

2,100

Following year 4

2,234

1,321

Following year 5

1,541

2,539

Following year 6 and thereafter

1,767

2,598

 

13,004

15,039

Bonds and other liabilities to the capital markets

Other bonds consist primarily of industrial revenue and pollution control bonds of the BASF Corporation group that are used to finance investments in the United States. The weighted-average interest rate of these bonds was 2.2% in 2011 (2010: 2.2%). The weighted-average effective interest rate amounted to 2.2% in 2011 and 2010 and their average residual term amounted to 211 months as of December 31, 2011, and 222 months as of December 31, 2010.

Liabilities to credit institutions

In order to finance investments in natural gas infrastructure, €643 million was borrowed at an interest rate of 3.5% by WINGAS GmbH & Co. KG. The weighted-average interest rate on loans was 4.4% in 2011 (2010: 3.6%).

BASF SE had committed and unused credit lines with variable interest rates of €4,739 million as of December 31, 2011, and €4,490 million as of December 31, 2010.

Other liabilities

The increase in other liabilities in 2011 related, among other things, to negative fair values of derivatives concluded to hedge against currency fluctuations and rising raw material prices.

Other liabilities included the non-consolidated proportionate amount of liabilities to companies accounted for using the proportional consolidation method of €259 million in 2011, and €195 million in 2010, thereof miscellaneous liabilities of €96 million in 2011, and €57 million in 2010. Further miscellaneous liabilities relating to participations accounted for using the equity or cost method amounted to €258 million in 2011, and €261 million in 2010. Precious metal derivatives that were contained in miscellaneous liabilities amounting to €74 million in 2010 were reclassified into derivatives with negative market values. The previous year’s figures have been adjusted accordingly.

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Other liabilities (million €)

 

 

 

2011

 

2010

 

Short-term

Long-term

 

Short-term

Long-term

Liabilities on bills

46

4

 

73

2

Non-trade liabilities to partners in jointly controlled entities

221

431

 

314

433

Derivative instruments with negative fair values

582

176

 

443

7

Liabilities arising from finance leases

10

50

 

10

49

Accrued interest on bonds and other loans

202

1

 

247

Miscellaneous liabilities

786

90

 

450

70

Other liabilities which qualify as financial instruments

1,847

752

 

1,537

561

Advances received on orders

272

 

283

Liabilities related to social security

152

23

 

166

26

Employee liabilities

299

159

 

328

94

Deferred income

128

173

 

154

203

Miscellaneous liabilities

338

35

 

334

17

Other liabilities which qualify as non-financial instruments

1,189

390

 

1,265

340

Total

3,036

1,142

 

2,802

901

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Secured liabilities (million €)

 

 

2011

2010

Liabilities to credit institutions

3

14

Miscellaneous liabilities

20

26

 

23

40

Liabilities to credit institutions were secured primarily with registered land charges. Secured contingent liabilities do not exist.

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