24 – Liabilities
Financial indebtedness (in million €) |
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Carrying amounts based on effective interest method |
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Currency |
Nominal value (million, currency of issue) |
Effective interest rate |
December 31, |
December 31, |
BASF SE |
|
|
|
|
|
|
|
Commercial paper |
|
USD |
1,869 |
|
1,714 |
124 |
|
4.5% |
Bond 2006/2016 |
|
EUR |
500 |
4.62% |
500 |
499 |
Variable |
Bond 2013/2016 |
|
EUR |
200 |
variable |
200 |
200 |
4.25% |
Bond 2009/2016 |
|
EUR |
200 |
4.40% |
200 |
199 |
Variable |
Bond 2014/2017 |
|
EUR |
300 |
variable |
300 |
300 |
5.875% |
Bond 2009/2017 |
|
GBP |
400 |
6.04% |
544 |
512 |
4.625% |
Bond 2009/2017 |
|
EUR |
300 |
4.69% |
300 |
300 |
1.375% |
Bond 2014/2017 |
|
GBP |
250 |
1.46% |
340 |
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% |
749 |
748 |
Variable |
Bond 2013/2020 |
|
EUR |
300 |
variable |
300 |
300 |
1.875% |
Bond 2013/2021 |
|
EUR |
700 |
1.94% |
698 |
697 |
2% |
Bond 2012/2022 |
|
EUR |
1,250 |
1.93% |
1,256 |
1,257 |
2.5% |
Bond 2014/2024 |
|
EUR |
500 |
2.60% |
496 |
496 |
3.675% |
Bond 2013/2025 |
|
NOK |
1,450 |
3.70% |
151 |
160 |
3% |
Bond 2013/2033 |
|
EUR |
500 |
3.15% |
490 |
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% |
US Private Placement Series A 2013/2025 |
|
USD |
250 |
3.92% |
229 |
205 |
4.09% |
US Private Placement Series B 2013/2028 |
|
USD |
700 |
4.11% |
641 |
575 |
4.43% |
US Private Placement Series C 2013/2034 |
|
USD |
300 |
4.45% |
275 |
246 |
BASF Finance Europe N.V. |
|
|
|
|
|
|
|
3.625% |
Bond 2008/2015 |
|
CHF |
200 |
3.77% |
– |
166 |
5.125% |
Bond 2009/2015 |
|
EUR |
2,000 |
5.07% |
– |
2,001 |
Ciba Specialty Chemicals Finance Luxembourg S.A. |
|
|
|
|
|
|
|
4.875% |
Bond 2003/2018 |
|
EUR |
477 |
4.88% |
449 |
438 |
Other bonds |
|
|
|
|
672 |
618 |
|
Bonds and other liabilities to the capital market |
|
|
|
|
12,201 |
12,548 |
|
Liabilities to credit institutions |
|
|
|
|
2,996 |
2,836 |
|
Financial indebtedness |
|
|
|
|
15,197 |
15,384 |
Breakdown of financial indebtedness by currency (in million €) |
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|
|
December 31, |
December 31, |
---|---|---|---|
Euro |
|
9,499 |
11,366 |
U.S. dollar |
|
3,659 |
1,696 |
British pound |
|
884 |
833 |
Brazilian real |
|
268 |
326 |
Chinese renminbi |
|
261 |
429 |
Argentinian peso |
|
167 |
57 |
Norwegian krone |
|
151 |
160 |
Indian rupee |
|
81 |
100 |
Turkish lira |
|
74 |
88 |
Ukrainian hryvnia |
|
65 |
46 |
Swiss franc |
|
– |
166 |
Canadian dollar |
|
– |
39 |
Other currencies |
|
88 |
78 |
Total |
|
15,197 |
15,384 |
Maturities of financial indebtedness (in million €) |
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|
|
December 31, |
December 31, |
---|---|---|---|
Following year 1 |
|
4,074 |
3,545 |
Following year 2 |
|
1,625 |
981 |
Following year 3 |
|
1,865 |
1,526 |
Following year 4 |
|
2,099 |
1,790 |
Following year 5 |
|
303 |
2,170 |
Following year 6 and maturities beyond this year |
|
5,231 |
5,372 |
Total |
|
15,197 |
15,384 |
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 1.5% in 2015 and 1.6% in 2014. The average residual term amounted to 210 months as of December 31, 2015 (December 31, 2014: 222 months).
Liabilities to credit institutions
In order to finance the 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% in the previous year.
As a result of higher volumes of loans in emerging countries, the weighted average interest rate on loans increased to 4.9% in 2015 compared with 4.0% in 2014.
Unused credit lines
BASF SE had committed and unused credit lines with variable interest rates amounting to €6,000 million as of December 31, 2015 and as of December 31, 2014.
Other liabilities (in million €) |
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|
December 31, 2015 |
December 31, 2014 |
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---|---|---|---|---|---|
|
|
Current |
Noncurrent |
Current |
Noncurrent |
Derivative instruments with negative fair values |
|
288 |
75 |
1,172 |
64 |
Liabilities from finance leases |
|
22 |
60 |
19 |
71 |
Loans and interest liabilities |
|
331 |
265 |
303 |
632 |
Miscellaneous liabilities |
|
732 |
43 |
969 |
47 |
Other liabilities which qualify as financial instruments |
|
1,373 |
443 |
2,463 |
814 |
Advances received on orders |
|
447 |
– |
374 |
– |
Liabilities related to social security |
|
73 |
95 |
148 |
23 |
Employee liabilities |
|
218 |
147 |
240 |
171 |
Liabilities from precious metal trading positions |
|
73 |
– |
18 |
– |
Deferred income |
|
71 |
163 |
154 |
179 |
Miscellaneous liabilities |
|
265 |
21 |
167 |
10 |
Other liabilities which do not qualify as financial instruments |
|
1,147 |
426 |
1,101 |
383 |
Other liabilities |
|
2,520 |
869 |
3,564 |
1,197 |
Other liabilities
The decline in other liabilities was primarily attributable to the asset swap with Gazprom and largely affected the current negative fair values arising from derivatives as well as noncurrent loans and interest liabilities. The appreciation of the U.S. dollar relative to the euro further led to a decrease in the negative fair values arising from derivatives.
For more information on liabilities arising from leasing contracts, see Note 28
Secured liabilities (in million €) |
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|
|
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Liabilities to credit institutions |
|
26 |
24 |
Other liabilities |
|
24 |
92 |
Secured liabilities |
|
50 |
116 |
Liabilities to credit institutions were secured primarily with registered land charges. The decline in secured other liabilities compared with December 31, 2014, is primarily attributable to the disposal of WINGAS GmbH, Kassel, Germany, as part of the asset swap with Gazprom. As in the previous year, there were no secured contingent liabilities in 2015.