25 – Contingent liabilities and other financial obligations

The contingent liabilities listed below are stated at nominal value:

Contingent liabilities (in million €)

 

 

December
31, 2014

December
31, 2013

Bills of exchange

 

3

8

Guarantees

 

52

61

Warranties

 

58

49

Collateral granted on behalf of third-party liabilities

 

1

3

Total

 

114

121

Other financial obligations (in million €)

 

 

December
31, 2014

December
31, 2013

Construction in progress

 

6,955

6,149

Thereof purchase commitments

 

1,761

2,076

for the purchase of intangible assets

 

21

14

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

 

1,587

1,469

Payment and loan commitments and other financial obligations

 

79

82

Total

 

10,403

9,790

Assets used under long-term leases

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

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

2015

 

397

2016

 

293

2017

 

221

2018

 

159

2019

 

106

2020 and maturities beyond this year

 

411

Total

 

1,587

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

BASF has entered into long-term purchase contracts for natural gas in the Natural Gas Trading business sector which are subject to ongoing price adjustments. These purchase obligations mainly relate to long-term supply contracts with natural gas purchasers with terms between one and 17 years.

BASF purchases raw materials via long-term contracts and spot markets. The fixed purchase obligations of long-term purchase contracts with a remaining term of at least one year as of December 31, 2014, are as follows:

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

 

 

BASF Group

2015

 

17,272

2016

 

12,188

2017

 

9,632

2018

 

8,633

2019

 

8,240

2020 and maturities beyond this year

 

75,886

Total

 

131,851

The reduction of purchase obligations from natural gas and raw material purchase contracts from €164,409 million in 2013 to €131,851 million in 2014 was primarily attributable to the decline in oil prices.