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

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Put options and compen­sation rights granted to noncon­trolling interest share­holders

 

3,638

 

 

 

3,638

 

 

 

 

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

Other financial liabilities

 

3,455

 

1,047

 

91

 

4,593

 

3,196

 

729

 

96

 

4,021

Derivatives

 

54,325

 

46,626

 

1,158

 

102,109

 

51,425

 

56,029

 

78

 

107,532

 

 

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.