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.

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

 

2008

 

under one  year

 

within one to five  years

 

over five  years

 

2007

Financial liabilities

 

39,340

 

31,524

 

3,535

 

74,399

 

30,755

 

27,488

 

4,001

 

62,244

Trade payables

 

9,674

 

4

 

1

 

9,679

 

9,244

 

49

 

24

 

9,317

Other financial liabilities

 

2,531

 

666

 

538

 

3,735

 

2,367

 

868

 

806

 

4,041

Derivatives

 

23,666

 

17,460

 

14

 

41,140

 

21,912

 

6,205

 

660

 

28,777

 

 

75,211

 

49,654

 

4,088

 

128,953

 

64,278

 

34,610

 

5,491

 

104,379

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 Other financial obligations note 36, classified by contractual maturities.

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