33.3. Liquidity risk
The solvency and liquidity of the Volkswagen Group are ensured at all times by rolling liquidity planning, a liquidity reserve in the form of cash, confirmed credit lines and globally available debt issuance programs. There were no significant risk concentrations in the past fiscal year.
The following overview shows the contractual undiscounted cash flows from financial instruments.
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MATURITY ANALYSIS OF UNDISCOUNTED CASH FLOWS FROM FINANCIAL INSTRUMENTS |
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|
REMAINING CONTRACTUAL MATURITIES |
REMAINING CONTRACTUAL MATURITIES | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
€ million |
under one year |
within one to five years |
over five years |
2013 |
under one year |
within one to five years |
over five years |
2012 | ||||||||
|
|
|
|
|
|
|
|
|
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Put options and compensation rights granted to noncontrolling interest shareholders |
3,638 |
– |
– |
3,638 |
– |
– |
– |
– |
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Financial liabilities |
62,263 |
61,233 |
9,565 |
133,062 |
56,609 |
61,032 |
6,273 |
123,914 |
||||||||
Trade payables |
18,009 |
14 |
– |
18,024 |
17,264 |
4 |
– |
17,269 |
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Other financial liabilities |
3,455 |
1,047 |
91 |
4,593 |
3,196 |
729 |
96 |
4,021 |
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Derivatives |
54,325 |
46,626 |
1,158 |
102,109 |
51,425 |
56,029 |
78 |
107,532 |
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|
141,691 |
108,920 |
10,814 |
261,425 |
128,494 |
117,794 |
6,447 |
252,736 |
Derivatives comprise both cash flows from derivative financial instruments with negative fair values and cash flows from derivatives with positive fair values for which gross settlement has been agreed. The cash outflows from derivatives for which gross settlement has been agreed are matched in part by cash inflows. These cash inflows are not reported in the maturity analysis. If these cash inflows were also recognized, the cash outflows presented would be substantially lower.
The cash outflows from irrevocable credit commitments are presented in note 37, classified by contractual maturities.
The maximum potential liability under financial guarantees amounted to €847 million as of December 31, 2013 (previous year: €846 million). Financial guarantees are assumed to be due immediately in all cases. They relate primarily to guarantees.