24 – Liabilities

Financial indebtedness (in million €)

 

 

 

 

 

 

Carrying amounts based on effective interest method

 

 

 

Currency

Nominal value (million, currency of issue)

Effective interest rate

December
31, 2014

December
31, 2013

BASF SE

 

 

 

 

 

 

Commercial paper

 

USD

150

 

124

1,232

4.5%

Bond 2006/2016

 

EUR

500

4.62%

499

499

Variable

Bond 2013/2016

 

EUR

200

variable

200

200

4.25%

Bond 2009/2016

 

EUR

200

4.40%

199

199

Variable

Bond 2014/2017

 

EUR

300

variable

300

5.875%

Bond 2009/2017

 

GBP

400

6.04%

512

478

4.625%

Bond 2009/2017

 

EUR

300

4.69%

300

299

1.375%

Bond 2014/2017

 

GBP

250

1.46%

320

Variable

Bond 2013/2018

 

EUR

300

variable

300

300

1.5%

Bond 2012/2018

 

EUR

1,000

1.51%

1,000

1,000

1.375%

Bond 2014/2019

 

EUR

750

1.44%

748

Variable

Bond 2013/2020

 

EUR

300

variable

300

300

1.875%

Bond 2013/2021

 

EUR

700

1.94%

697

697

2%

Bond 2012/2022

 

EUR

1,250

1.93%

1,257

987

2.5%

Bond 2014/2024

 

EUR

500

2.60%

496

3.675%

Bond 2013/2025

 

NOK

1,450

3.70%

160

173

3%

Bond 2013/2033

 

EUR

500

3.15%

490

489

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%

205

181

4.09%

U.S. Private Placement Series B 2013/2028

 

USD

700

4.11%

575

506

4.43%

U.S. Private Placement Series C 2013/2034

 

USD

300

4.45%

246

217

BASF Finance Europe N.V.

 

 

 

 

 

 

5%

Bond 2007/2014

 

EUR

1,250

5.04%

1,250

3.625%

Bond 2008/2015

 

CHF

200

3.77%

166

163

5.125%

Bond 2009/2015

 

EUR

2,000

5.07%

2,001

2,001

4.5%

Bond 2009/2016

 

EUR

150

4.56%

150

Ciba Specialty Chemicals Finance Luxembourg S.A.

 

 

 

 

 

 

4.875%

Bond 2003/2018

 

EUR

477

4.88%

438

428

Other bonds

 

 

 

 

618

449

Bonds and other liabilities to the capital market

 

 

 

 

12,548

12,595

Liabilities to credit institutions

 

 

 

 

2,836

1,812

Financial indebtedness

 

 

 

 

15,384

14,407

Breakdown of financial indebtedness by currency (in million €)

 

 

December
31, 2014

December
31, 2013

Euro

 

11,366

10,243

U.S. dollar

 

1,696

2,588

British pound

 

833

478

Chinese renminbi

 

429

272

Brazilian real

 

326

306

Swiss franc

 

166

163

Norwegian krone

 

160

173

Indian rupee

 

100

11

Turkish lira

 

88

41

Argentinian peso

 

57

25

Ukrainian hryvnia

 

46

5

Canadian dollar

 

39

0

Other currencies

 

78

102

Total

 

15,384

14,407

Maturities of financial indebtedness (in million €)

 

 

December
31, 2014

December
31, 2013

Following year 1

 

3,545

3,256

Following year 2

 

981

3,182

Following year 3

 

1,526

1,051

Following year 4

 

1,790

779

Following year 5

 

2,170

1,746

Following year 6 and maturities beyond this year

 

5,372

4,393

Total

 

15,384

14,407

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 1.6% in 2014 and in 2013. The average residual term amounted to 222 months as of December 31, 2014 (December 31, 2013: 235 months).

Liabilities to credit institutions

In order to finance natural gas trading and storage business, a €1,650 million loan was incurred with a 5-year term at an interest rate of 1.08%. A corresponding loan in the amount of €1,000 million due in 2016 was repaid early. As a result of higher volumes of loans in emerging countries, the weighted-average interest rate on loans increased to 4.0% in 2014 compared with 2.8% in 2013.

Unused credit lines

BASF SE had committed and unused credit lines with variable interest rates amounting to €6,000 million as of December 31, 2014 and as of December 31, 2013.

Other liabilities (in million €)

 

 

December 31, 2014

December 31, 2013

 

 

Current

Noncurrent

Current

Noncurrent

Derivative instruments with negative fair values

 

1,172

64

145

214

Liabilities from finance leases

 

19

71

13

72

Loans and interest liabilities

 

303

632

284

465

Miscellaneous liabilities

 

969

47

876

34

Other liabilities which qualify as financial instruments

 

2,463

814

1,318

785

Advances received on orders

 

374

285

Liabilities related to social security

 

148

23

126

35

Employee liabilities

 

240

171

253

167

Liabilities from precious metal trading positions

 

18

5

Deferred income

 

154

179

127

185

Miscellaneous liabilities

 

167

10

178

22

Other liabilities which do not qualify as financial instruments

 

1,101

383

974

409

Other liabilities

 

3,564

1,197

2,292

1,194

Other liabilities

The increase in current derivative instruments with negative fair values particularly resulted from commodity futures due to the development of oil prices as well as foreign currency forward contracts resulting from the appreciation of the U.S. dollar relative to the euro. The derecognition of options for the disposal of BASF’s share in Styrolution Holding GmbH had a countering effect on the noncurrent derivative instruments with negative fair values.

Secured liabilities (in million €)

 

 

Dec. 31, 2014

Dec. 31, 2013

Liabilities to credit institutions

 

24

3

Other liabilities

 

92

34

Secured liabilities

 

116

37

Liabilities to credit institutions were secured primarily with registered land charges. Secured other liabilities arose primarily in connection with negative fair value of derivatives, which were secured, among other things, by a bank guarantee in the amount of €60 million. As in the previous year, there were no secured contingent liabilities.