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23 – Liabilities

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Financial indebtedness (million €)

 

 

 

Carrying amounts based on effective interest method

 

Nominal value (million, currency of issue)

Effective interest rate

2012

2011

3.375% Euro Bond 2005/2012 of BASF SE

1,400

3.42%

1,400

3.75% Euro Bond 2009/2012 of BASF SE

1,350

3.97%

1,356

4.5% Euro Bond 2006/2016 of BASF SE

500

4.62%

498

498

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%

487

475

4.625% Euro Bond 2009/2017 of BASF SE

300

4.69%

299

299

1.5% Euro Bond 2012/2018 of BASF SE

750

1.63%

745

2% Euro Bond 2012/2022 of BASF SE

1,000

2.16%

986

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

1,250

6.15%

1,248

1,247

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

1,000

5.09%

999

998

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%

165

164

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

1,500

5.30%

1,494

1,492

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

500

4.38%

508

511

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

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

477

4.88%

418

409

USD Commercial Paper

1,700

 

1,288

Other bonds

 

 

659

667

Bonds and other liabilities to the capital markets

 

10,394

10,300

Liabilities to credit institutions

 

 

2,961

2,704

 

 

 

13,355

13,004

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Breakdown of financial indebtedness by currency (million €)

 

2012

2011

Euro

9,601

10,411

U.S. dollar

2,007

752

Chinese renminbi

670

557

British pound

574

560

Brazilian real

183

144

Swiss franc

165

347

Turkish lira

36

40

Indian rupee

30

16

South Korean won

25

51

South African rand

39

Other

64

87

 

13,355

13,004

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Maturities of financial indebtedness (million €)

 

2012

2011

Following year 1

4,242

3,985

Following year 2

1,353

1,513

Following year 3

3,299

1,964

Following year 4

905

2,234

Following year 5

829

1,541

Following year 6 and thereafter

2,727

1,767

 

13,355

13,004

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. Both the weighted-average interest rate of these bonds as well as their weighted-average effective interest rate amounted to 2.2% in 2012 and 2011. The average residual term amounted to 199 months as of December 31, 2012 (December 31, 2011: 211 months).

Liabilities to credit institutions

In order to finance investments in natural gas infrastructure, €996 million was borrowed at an interest rate of 2.16% by W & G Beteiligungs GmbH. The weighted-average interest rate on loans was 3.4% in 2012 (2011: 4.4%).

BASF SE had committed and unused credit lines with variable interest rates amounting to €4,705 million as of December 31, 2012 (December 31, 2011: €4,739 million).

Other liabilities

The decline in other liabilities in 2012 is partially due to negative fair values of derivatives concluded to hedge against currency fluctuations and rising raw material prices.

In 2012, other liabilities included the non-consolidated share of liabilities to proportionally consolidated companies amounting to €286 million (2011: €259 million), of which miscellaneous liabilities accounted for €100 million (2011: €96 million). Further miscellaneous liabilities to participations accounted for using the equity or cost method amounted to €277 million in 2012 (2011: €258 million).

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Other liabilities (million €)

 

2012

 

2011

 

Short-term

Long-term

 

Short-term

Long-term

Liabilities on bills

19

 

46

4

Liabilities to partners in jointly controlled entities

197

426

 

221

431

Derivative instruments with negative fair values

182

239

 

582

176

Liabilities from finance leases

11

62

 

10

50

Accrued interest on bonds and other loans

164

37

 

202

1

Miscellaneous liabilities

696

46

 

786

90

Other liabilities which qualify as financial instruments

1,269

810

 

1,847

752

Advances received on orders

290

 

272

Liabilities related to social security

150

17

 

152

23

Employee liabilities

299

185

 

299

159

Deferred income

200

39

 

128

173

Miscellaneous liabilities

187

32

 

338

35

Other liabilities which do not qualify as financial instruments

1,126

273

 

1,189

390

Total

2,395

1,083

 

3,036

1,142

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Secured liabilities (million €)

 

2012

2011

Liabilities to credit institutions

3

3

Miscellaneous liabilities

13

20

 

16

23

Liabilities to credit institutions were secured primarily with registered land charges. There are no secured contingent liabilities.