24 – Liabilities

Financial indebtedness (million €)

 

 

 

 

 

 

Carrying amounts based on effective interest method

 

 

 

Currency

Nominal value (million, currency of issue)

Effective interest rate

December 31,
2016

December 31,
2015

BASF SE

 

 

 

 

 

 

Commercial paper

 

USD

1,089

 

1,033

1,714

4.5%

Bond 2006/2016

 

EUR

500

4.62%

500

Variable

Bond 2013/2016

 

EUR

200

variable

200

4.25%

Bond 2009/2016

 

EUR

200

4.40%

200

Variable

Bond 2014/2017

 

EUR

300

variable

300

300

5.875%

Bond 2009/2017

 

GBP

400

6.04%

467

544

4.625%

Bond 2009/2017

 

EUR

300

4.69%

300

300

1.375%

Bond 2014/2017

 

GBP

250

1.46%

292

340

Variable

Bond 2013/2018

 

EUR

300

variable

300

300

1.5%

Bond 2012/2018

 

EUR

1,000

1.51%

999

1,000

1.375%

Bond 2014/2019

 

EUR

750

1.44%

749

749

Variable

Bond 2013/2020

 

EUR

300

variable

300

300

1.875%

Bond 2013/2021

 

EUR

1,000

1.47%

1,016

698

2%

Bond 2012/2022

 

EUR

1,250

1.93%

1,255

1,256

0.875%

Bond 2016/2023

 

GBP

250

1.06%

289

2.5%

Bond 2014/2024

 

EUR

500

2.60%

497

496

3.675%

Bond 2013/2025

 

NOK

1,450

3.70%

159

151

1.5%

Bond 2016/2031

 

EUR

200

1.58%

198

0.875%

Bond 2016/2031

 

EUR

500

1.01%

491

2.37%

Bond 2016/2031

 

HKD

1,300

2.37%

159

3%

Bond 2013/2033

 

EUR

500

3.15%

491

490

2.875%

Bond 2013/2033

 

EUR

200

3.09%

198

198

3.25%

Bond 2013/2043

 

EUR

200

3.27%

199

199

3.89%

U.S. Private Placement Series A 2013/2025

 

USD

250

3.92%

237

229

4.09%

U.S. Private Placement Series B 2013/2028

 

USD

700

4.11%

663

641

4.43%

U.S. Private Placement Series C 2013/2034

 

USD

300

4.45%

284

275

BASF Finance Europe N.V.

 

 

 

 

 

 

0.0%

Bond 2016/2020

 

EUR

1,000

0.14%

995

0.75%

Bond 2016/2026

 

EUR

500

0.88%

494

Ciba Specialty Chemicals Finance Luxembourg S.A.

 

 

 

 

 

 

4.875%

Bond 2003/2018

 

EUR

477

4.88%

461

449

Other bonds

 

 

 

 

631

672

Bonds and other liabilities to the capital market

 

 

 

 

13,457

12,201

Liabilities to credit institutions

 

 

 

 

2,855

2,996

Financial indebtedness

 

 

 

 

16,312

15,197

On December 14, 2016, BASF SE issued a 2.67% NOK bond effective January 3, 2017, in the amount of NOK 1,600 million with an annual effective interest rate of 2.69% and term of 12 years.

Breakdown of financial indebtedness by currency (million €)

 

 

December 31,
2016

December 31,
2015

Euro

 

10,897

9,499

U.S. dollar

 

3,346

3,659

British pound

 

1,048

884

Argentinian peso

 

194

167

Norwegian krone

 

159

151

Hong Kong dollar

 

159

Chinese renminbi

 

118

261

Brazilian real

 

113

268

Turkish lira

 

59

74

Ukrainian hryvnia

 

55

65

Indian rupee

 

34

81

Other currencies

 

130

88

Total

 

16,312

15,197

Maturities of financial indebtedness (million €)

 

 

December 31,
2016

December 31,
2015

Following year 1

 

3,767

4,074

Following year 2

 

1,887

1,625

Following year 3

 

2,115

1,865

Following year 4

 

1,304

2,099

Following year 5

 

1,049

303

Following year 6 and maturities beyond this year

 

6,190

5,231

Total

 

16,312

15,197

Other bonds

Other bonds consist primarily of industrial revenue and pollution control bonds of the BASF Corporation group that were used to finance investments in the United States. Both the weighted-average interest rate of these bonds as well as their weighted-average effective interest rate amounted to 2.1% in 2016 and 1.5% in 2015. The average residual term amounted to 195 months as of December 31, 2016 (December 31, 2015: 210 months).

Liabilities to credit institutions

In order to finance the natural gas transportation business, a €1,650 million loan was incurred with a 5-year term at an interest rate of 1.08% in 2014.

The weighted average interest rate on loans amounted to 4.5% in 2016 compared with 4.9% in 2015.

Unused credit lines

BASF SE had committed and unused credit lines with variable interest rates amounting to €6,000 million both as of December 31, 2016 and as of December 31, 2015.

Other liabilities (million €)

 

 

December 31, 2016

December 31, 2015

 

 

Current

Noncurrent

Current

Noncurrent

Derivative instruments with negative fair values

 

571

78

288

75

Liabilities from finance leases

 

22

84

22

60

Loans and interest liabilities

 

199

280

331

265

Miscellaneous liabilities

 

791

97

732

43

Other liabilities which qualify as financial instruments

 

1,583

539

1,373

443

Advances received on orders

 

556

447

Liabilities related to social security

 

68

95

73

95

Employee liabilities

 

310

45

218

147

Liabilities from precious metal trading positions

 

13

73

Deferred income

 

66

171

71

163

Miscellaneous liabilities

 

254

23

265

21

Other liabilities which do not qualify as financial instruments

 

1,267

334

1,147

426

Other liabilities

 

2,850

873

2,520

869

Other liabilities

The increase in other liabilities mainly related to higher, current negative fair market values arising from the hedging of combined interest and currency swaps on the U.S. dollar and Brazilian real as well as foreign currency forward contracts for U.S. dollar and Brazilian real as well as euro and U.S. dollar.

Secured liabilities (million €)

 

 

Dec. 31, 2016

Dec. 31, 2015

Liabilities to credit institutions

 

24

26

Other liabilities

 

69

24

Secured liabilities

 

93

50

Liabilities to credit institutions were secured primarily with registered land charges. The increase in secured other liabilities compared with December 31, 2015, is primarily attributable to higher collateral for derivative instruments with negative fair values. As in the previous year, there were no secured contingent liabilities in 2016.