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

 

2011

 

under one year

 

within one to five years

 

over five years

 

2010

Financial liabilities

 

50,978

 

43,375

 

5,009

 

99,363

 

42,383

 

37,262

 

4,425

 

84,070

Trade payables

 

16,323

 

3

 

 

16,326

 

12,538

 

6

 

0

 

12,544

Other financial liabilities

 

3,313

 

273

 

104

 

3,690

 

2,399

 

216

 

115

 

2,730

Derivatives

 

46,699

 

51,150

 

156

 

98,005

 

30,815

 

48,317

 

437

 

79,569

 

 

117,313

 

94,801

 

5,269

 

217,383

 

88,135

 

85,801

 

4,977

 

178,913

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 35 Other financial obligations, classified by contractual maturities.

The maximum potential liability under financial guarantees amounted to €542 million as of December 31, 2011 (previous year: €225 million). Financial guarantees are assumed to be due immediately in all cases. They relate primarily to guarantees. The year-on-year increase is primarily due to the initial consolidation of the newly acquired companies in the reporting period.

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