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 |
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Remaining contractual maturities: |
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Remaining contractual maturities: |
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€ 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 | ||||||||
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Financial liabilities |
39,340 |
31,524 |
3,535 |
74,399 |
30,755 |
27,488 |
4,001 |
62,244 | ||||||||
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Trade payables |
9,674 |
4 |
1 |
9,679 |
9,244 |
49 |
24 |
9,317 | ||||||||
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Other financial liabilities |
2,531 |
666 |
538 |
3,735 |
2,367 |
868 |
806 |
4,041 | ||||||||
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Derivatives |
23,666 |
17,460 |
14 |
41,140 |
21,912 |
6,205 |
660 |
28,777 | ||||||||
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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.
