nextprevious
Annual Report

32.3. Liquidity risk

The solvency and liquidity of the Volkswagen Group is 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.

  Download

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

 

2010

 

under one year

 

within one to five years

 

over five years

 

2009

Financial liabilities

 

42,383

 

37,262

 

4,425

 

84,070

 

42,098

 

33,845

 

5,148

 

81,091

Trade payables

 

12,538

 

6

 

0

 

12,544

 

10,222

 

2

 

0

 

10,225

Other financial liabilities

 

2,399

 

216

 

115

 

2,730

 

2,295

 

461

 

613

 

3,369

Derivatives

 

30,815

 

48,317

 

437

 

79,569

 

19,074

 

20,244

 

72

 

39,389

 

 

88,135

 

85,801

 

4,977

 

178,913

 

73,688

 

54,553

 

5,833

 

134,074

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 flows presented would be substantially lower.

The cash outflows from irrevocable credit commitments are presented in note 36 Other financial obligations, classified by contractual maturities.

The maximum potential liability under financial guarantees amounted to €211 million as of December 31, 2010 (previous year: €162 million). This primarily relates to guarantees issued by Volkswagen in the context of the Comprehensive Agreement on the creation of an integrated automotive group. For further information, see note 41 Related party disclosures in accordance with IAS 24.

top
nextprevious
Deutsch | English
Download Manager
Collect files for a combined download.
Compare Key Figures
Create your personal overview of important key figures.