25 – Other Financial Obligations The figures listed below are stated at nominal value: (XLS:) XLS Other financial obligations (Million €) December 31, 2019 December 31, 2018 Bills of exchange 6 7 Guarantees 447 75 Warranties 65 50 Collateral granted on behalf of third-party liabilities 1 1 Initiated investment projects 4,331 7,094 of which purchase commitments 1,093 1,249 for the purchase of intangible assets 25 19 Payment and loan commitments and other financial obligations 80 68 Since the formation of the Wintershall Dea joint venture, BASF SE has continued to provide a guarantee to Abu Dhabi National Oil Corporation covering all obligations of Wintershall Dea Middle East GmbH related to the Ghasha concession in the United Arab Emirates. The guarantee does not stipulate a maximum amount. The risk of a claim being exercised against the guarantee is currently classified as low. The decline in initiated investment projects is mainly attributable to the disposal of the oil and gas business in 2019. Of the initiated investment projects and guarantees, companies allocated to the disposal groups accounted for €130 million as of December 31, 2019, and €3,649 million as of December 31, 2018. Obligations arising from purchase contracts Obligations arising from purchase contracts resulted primarily from long-term purchase obligations for raw materials. Firm purchase obligations as of December 31, 2019, were as follows: (XLS:) XLS Obligations arising from purchase contracts (Million €) 2020 8,280 2021 5,148 2022 4,062 2023 2,681 2024 1,318 2025 and maturities beyond this year 4,973 Total 26,462 back next