✓ audited

24 – Contingent liabilities and other financial obligations

The contingent liabilities listed below are stated at nominal value:

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Contingent liabilities (million €)

 

2012

2011

Bills of exchange

4

8

Thereof to affiliated companies

Guarantees

76

153

Thereof to affiliated companies

23

19

Warranties

63

103

Collateral granted on behalf of third-party liabilities

4

4

 

147

268

Guarantees declined compared with the previous year because BASF S.A., Brazil, reduced the guarantees it provided for its customers in conjunction with sales transactions.

BASF has a stake of 15.5% in the project company Nord Stream AG, Zug, Switzerland, whose purpose is to construct and operate a natural gas pipeline through the Baltic Sea from Vyborg, Russia, to Greifswald, Germany. The construction of the second pipeline was completed in 2012. The Nord Stream pipeline has thus attained its full transport capacity of 55 billion cubic meters of natural gas per year.

In conjunction with the project financing, the lending banks were issued two guarantees which were limited to BASF’s proportional stake in the project. BASF was released from the first guarantee in 2012. It is assumed that no claims will be made against the outstanding guarantee.

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, 2012, the liabilities of BASF Ireland  Ltd. totaled €19 million.

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Other financial obligations (million €)

 

2012

2011

Construction in progress

6,682

5,280

Thereof purchase commitments

2,184

969

for the purchase of intangible assets

10

14

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

1,604

1,801

Payment and loan commitments and other financial obligations

4

7

 

8,290

7,088

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 €)

2013

648

2014

258

2015

195

2016

121

2017

92

2018 and thereafter

290

 

1,604

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 19 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 at least one year as of December 31, 2012, are as follows:

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

 

BASF Group excluding the disposal group

Disposal group

2013

5,080

8,672

2014

4,050

6,748

2015

3,498

6,357

2016

2,761

6,464

2017

2,289

7,101

2018 and thereafter

8,745

105,830

 

26,423

141,172

The purchase obligations from natural gas and raw material supply contracts of the natural gas trading disposal group are separately reported in the above table on account of their importance.