The following table shows contingent liabilities from warranty agreements and other contingent liabilities as of the reporting date:
| Contingent liabilities | ||
|---|---|---|
| Dec. 31, 2023 | Dec. 31, 2024 | |
| € million | € million | |
| Warranty contracts | 2 | 2 |
| Other contingent liabilities | 5 | 7 |
| Total | 7 | 9 |
Other financial obligations consisted of the following:
| Other financial commitments | ||
|---|---|---|
| Dec. 31, 2023 | Dec. 31, 2024 | |
| € million | € million | |
| Orders already placed for started or planned investment projects | 376 | 383 |
| Loan commitments to pension funds | 156 | 156 |
| Agreement on investment in BioBTX, Groningen (Netherlands) | – | 4 |
| Total | 532 | 543 |
Some of the pension obligations allocable to the Covestro Group are funded through pension institutions used jointly with other companies (especially Bayer AG, Leverkusen (Germany)). In such cases, it can generally be contractually ensured that Covestro participates accordingly in funding measures that serve to guarantee adequate funding status and/or adequate solvency capital of these pension institutions for the long term. To this end, Covestro AG agreed to grant interest-bearing loans of up to €208 million to Bayer-Pensionskasse VVaG, Leverkusen (Germany), and up to €11 million to Rheinische Pensionskasse VVaG, Leverkusen (Germany), for the effective initial fund to be drawn down as required. There was no change compared with the previous year in loan commitments to pension funds as of December 31, 2024 (December 31, 2023: €156 million).
In fiscal 2024, Covestro acquired an equity investment in BioBTX, Groningen (Netherlands), to promote chemical recycling as part of the circular economy. The investment, which amounts to €5 million is part of the Covestro Venture Capital program. The aim is to accelerate the transition to intelligent recycling technologies and to obtain chemical raw materials for Covestro's supply chains. The first tranche of €1 million was already paid in June 2024. The remaining €4 million will be paid in two tranches in fiscal 2025.