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

23 -- Contingent liabilities and other financial obligations

The contingencies listed below are stated at nominal value:

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Contingent liabilities (million €)

 

 

2008

2007

Bills of exchange

4

13

Thereof to affiliated companies

Guarantees

788

374

Thereof to affiliated companies

62

60

Warranties

84

68

Granting collateral on behalf of third-party liabilities

18

20

 

894

475

The increase in liabilities from guarantees is due to the financial guarantee given in 2008 for the financing of OAO Severneftegazprom.

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Other financial obligations (million €)

 

 

2008

2007

Construction in progress

4,753

4,974

Thereof purchase commitments

803

983

Thereof for the purchase of intangible assets

99

24

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

1,449

1,272

Payment and loan commitments and other financial obligations

1,803

7

 

8,005

6,253

Payment and loan commitments and other financial obligations in 2008 of €1,797 million are related to the purchase of shares in Ciba Holding AG as part of the public tender for that company.
More information is available in Note 2

Property, plant and equipment used under long-term leases

Property, plant and equipment used under long-term leases primarily concern buildings and IT infrastructure.
More information can be found in Note 27

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Obligations from long-term rental and lease contracts
(excluding financing leases)
(million €)

 

2009

280

2010

199

2011

160

2012

136

2013

118

2014 and thereafter

556

 

1,449

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 relate to long-term supply contracts with customers with terms between one and twenty years. The increase in purchase commitments compared with 2007 was due primarily to contract extensions and higher expected purchasing costs.

The Company purchases raw materials, both on the basis of long-term contracts and on spot markets. The fixed purchase obligations of long-term purchase contracts with a remaining term of more than one year as of December 31, 2008, are as follows:

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

 

2009

11,999

2010

8,324

2011

7,780

2012

7,467

2013

6,777

2014 and thereafter

111,385

 

153,733

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