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.

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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

 

2009

 

under one  year

 

within one  to five  years

 

over five  years

 

2008

Financial liabilities

 

42,098

 

33,845

 

5,148

 

81,091

 

39,340

 

31,524

 

3,535

 

74,399

Trade payables

 

10,222

 

2

 

0

 

10,225

 

9,674

 

4

 

1

 

9,679

Other financial liabilities

 

2,295

 

461

 

613

 

3,369

 

2,531

 

666

 

538

 

3,735

Derivatives

 

19,074

 

20,244

 

72

 

39,389

 

23,666

 

17,460

 

14

 

41,140

 

 

73,688

 

54,553

 

5,833

 

134,074

 

75,211

 

49,654

 

4,088

 

128,953

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, classified by contractual maturities.

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