25 – Other Financial Obligations The figures listed below are stated at nominal value: (XLSX:) XLS Other financial obligations (Million €) December 31,2020 December 31,2019 Bills of exchange 2 6 Guarantees 347 447 Warranties 79 65 Collateral granted on behalf of third-party liabilities – 1 Initiated investment projects 3,921 4,331 of which purchase commitments 1,052 1,093 for the purchase of intangible assets 15 25 Payment and loan commitments and other financial obligations 75 80 BASF SE provides 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. Furthermore, BASF SE assumed guarantees to the Danish Energy Agency covering all obligations of Wintershall Dea International GmbH and Wintershall Noordzee B.V. related to licenses for exploration and production of hydrocarbons in the Danish concession area. In addition, BASF SE provides guarantees for restoration obligations of Wintershall Dea Norge AS related to various oil and gas facilities acquired from Equinor. The guarantees do not stipulate a maximum amount. The risk of a claim being exercised against the guarantees is classified as low. The decline in liabilities from initiated investment projects is mainly attributable to the completion of various large-scale projects in 2020. 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, 2020, were as follows: (XLSX:) XLS Obligations arising from purchase contracts (Million €) 2021 8,003 2022 5,347 2023 3,419 2024 1,317 2025 1,238 2026 and maturities beyond this year 4,165 Total 23,489 back next