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Last Update:
March 1, 2012
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23 – Contingent liabilities and other financial obligations

The contingencies listed below are stated at nominal value:

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Contingent liabilities (million €)

 

 

2011

2010

Bills of exchange

8

7

Thereof to affiliated companies

Guarantees

153

510

Thereof to affiliated companies

19

8

Warranties

103

96

Collateral granted on behalf of third-party liabilities

4

14

 

268

627

The decline in guarantees compared with the previous year was primarily the result of the expiry of the financial guarantee for the financing of OAO Severneftegazprom on March 31, 2011.

BASF has a stake of 15.5% in the project company Nord Stream AG, Zug, Switzerland, whose purpose is to construct a natural gas pipeline through the Baltic Sea from Vyborg, the Russian Federation, to Greifswald, Germany. To finance the two lines of the pipeline, project financing was arranged in 2011 and 2010. As is normal in such financing, the stockholders issued guarantees in favor of the banks giving the loans. The risk from the guarantees issued by BASF is limited to a proportionate share of the project volume. As of December 31, 2011, it is assumed that no claims will be made against these guarantees issued by BASF. The shares in Nord Stream AG and the subordinated loan receivables of €19 million granted to Nord Stream AG were given as collateral to the banks extending the loans.

After the completion of the approval process and the laying of the first pipeline, operations started in 2011. By 2012, a second line will be built parallel to the first line. Upon completion of the second line in 2012, the full capacity of 55 billion cubic meters of natural gas per year will be reached.

In accordance with the provisions of Section 17 of the Republic of Ireland Companies (Amendments) Act 1986, BASF SE gives irrevocable guarantees with respect to the liabilities, as referred to in Section 5 (c) (ii) of that Act, of the subsidiary company BASF Ireland Ltd., Dublin, Republic of Ireland. As of December 31, 2011, the liabilities of BASF Ireland Ltd. totaled €20 million.

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Other financial obligations (million €)

 

 

2011

2010

Construction in progress

5,280

4,642

Thereof purchase commitments

969

752

for the purchase of intangible assets

14

8

Obligation arising from long-term leases (excluding finance leases)

1,801

1,679

Payment and loan commitments and other financial obligations

7

3

 

7,088

6,324

Assets used under long-term leases

Assets used under long-term leases primarily concern buildings and IT infrastructure.

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Obligations arising from long-term leases (Excluding finance leases) (million €)

2012

620

2013

225

2014

198

2015

176

2016

132

2017 and thereafter

450

 

1,801

Purchase obligations from long-term natural gas and raw material supply contracts

The Company has entered into long-term purchase contracts for natural gas in the Natural Gas Trading business sector, which are subject to continual price adjustments. These purchase obligations mainly relate to long-term supply contracts with customers with terms between one and nineteen years.

The Company purchases raw materials via long-term contracts and on spot markets. The fixed purchase obligations of long-term purchase contracts with a remaining term of more than one year as of December 31, 2011, are as follows:

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Purchase obligations from natural gas and raw material supply contracts (million €)

 

2012

12,313

2013

9,528

2014

7,908

2015

7,257

2016

7,275

2017 and thereafter

92,808

 

137,089

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