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Last Update: 03/12/2009
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Part of the audited Consolidated Financial Statements and Management´s Analysis

22 -- Liabilities

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Financial indebtedness (million €)

 

 

 

 

 

 

Carrying amounts based on effective interest method

 

Nominal volume

Effective interest rate

2008

2007

3.5% Euro Bond 2003/2010 of BASF SE

1,000

3.63% 

998

997

3.375% Euro Bond 2005/2012 of BASF SE

1,400

3.42%

1,398

1,397

4% Euro Bond 2006/2011 of BASF SE

1,000

4.05%

999

999

4.5% Euro Bond 2006/2016 of BASF SE

500

4.62%

496

496

3 Month EURIBOR Bond 2006/2009 of BASF SE

500

variable

500

500

3.25% CHF Bond 2008/2011 of BASF Finance Europe N.V.

300

3.39%

201

3.625% CHF Bond 2008/2015 of
BASF Finance Europe N.V.

200

3.77%

134

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

1,000

5.09%

996

996

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

250

4.83%

252

253

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

1,250

6.15%

1,242

USD Extendible Floating Rate Notes of
BASF Finance Europe N.V.

 

4.51%

330

917

Other bonds

 

 

621

548

USD Commercial Papers

6,140

 

4,406

1,878

Bonds and other liabilities to the capital markets

 

 

12,573

8,981

Liabilities to credit institutions

 

 

1,941

1,121

 

 

 

14,514

10,102

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Breakdown of financial liabilities by currency (million €)

 

 

2008

2007

Euro

7,876

5,741

U.S. dollar

5,598

3,855

Chinese renminbi

436

355

Swiss franc

335

Brazilian real

67

76

Norwegian krone

54

Turkish lira

39

12

Other

109

63

 

14,514

10,102

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Maturities of financial liabilities (million €)

 

 

2008

2007

Following year 1

6,224

3,148

Following year 2

1,027

609

Following year 3

1,401

1,334

Following year 4

1,418

1,019

Following year 5

1,999

1,589

Following year 6 and thereafter

2,445

2,403

 

14,514

10,102

Bonds and other liabilities to the capital markets

Other bonds consist primarily of bonds from BASF Catalyst LLC and industrial revenue and pollution control bonds from the BASF Corporation Group that are used to finance investments in the United States. The weighted-average interest rate was 3.1% in 2008 (2007: 3.8%). The weighted-average effective interest rate was 3.1% in 2008 (2007: 3.9%).The average residual term amounted to 189 months as of December 31, 2008, and 205 months as of December 31, 2007.

Liabilities to credit institutions

Liabilities to credit institutions relate to a large number of different credit institutions in various countries. Liabilities to credit institutions denominated in renminbi and Turkish lira resulted from the local financing of investments in China and Turkey.

BASF SE had committed and unused credit lines with variable interest rates of €6,668 million as of December 31, 2008, and €4,076 million as of December 31, 2007.

Additional uncommitted credit lines of BASF SE amounted to €90 million as of December 31, 2008, and €227 million as of December 31, 2007 – these are free of any commitment fees. The weighted-average interest rate on borrowings was 5.3% in 2008 (2007: 6.2%).

Other liabilities

The increase in other liabilities in 2008 related primarily to the negative fair value of derivatives, concluded to hedge currency fluctuations and rising raw material prices. On the other hand, there are derivatives with positive fair values in other receivables.

Liabilities to companies in which participations are held include the proportionate amount of liabilities of joint venture companies accounted for using the proportional consolidation method of €242 million in 2008 and €173 million in 2007. Further other liabilities relating to associated companies accounted for using the equity or cost method were €224 million in 2008 and €221 million in 2007. In addition, other liabilities contained precious metal derivatives with a negative fair value of €39 million as of the balance sheet date 2008.
More information on financial risks and derivative financial instruments is available in Note 26
More information on finance lease payables is available in Note 27

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Other liabilities (million €)

 

 

 

2008

 

2007

 

Short-term

Long-term

 

Short-term

Long-term

Advances received on orders

116

 

111

Liabilities on bills

11

27

 

11

5

Liabilities related to social security

151

16

 

148

17

Non-trade liabilities to joint venture partners

334

344

 

269

457

Derivative instruments

1,414

1

 

88

3

Liabilities arising from finance leases

15

65

 

23

73

Miscellaneous liabilities

1,255

301

 

1,191

184

Deferred income

138

163

 

135

162

 

3,434

917

 

1,976

901

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Secured liabilities (million €)

 

 

2008

2007

Liabilities to credit institutions

35

9

Miscellaneous liabilities

504

15

 

539

24

On December 31, 2008, material margins had to be provided for derivatives with negative fair values. Derivatives with negative fair values are reported under other liabilities in the balance sheet. Liabilities to credit institutions are secured primarily with registered land charges. There are no secured contingent liabilities.

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