34.3. Liquidity risk
The solvency and liquidity of the Volkswagen Group are ensured at all times by rolling liquidity planning, a liquidity reserve in the form of cash, confirmed credit lines and the issuance of securities on the international money and capital markets. The volume of confirmed credit lines was increased significantly by a syndicated credit line entered into in the amount of €20 billion.
Local cash funds in certain countries (e.g. Brazil, Argentina, Ukraine, Malaysia, India and Taiwan) are only available to the Group for cross-border transactions subject to exchange controls. There are no significant restrictions over and above these.
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 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
REMAINING CONTRACTUAL MATURITIES |
|
REMAINING CONTRACTUAL MATURITIES |
|
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€ million |
under one year |
within one to five years |
over five years |
2015 |
under one year |
within one to five years |
over five years |
2014 |
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|
|
|
|
|
|
|
|
|
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Put options and compensation rights granted to noncontrolling interest shareholders |
3,406 |
– |
– |
3,406 |
3,185 |
– |
– |
3,185 |
||||||||
Financial liabilities |
74,217 |
66,347 |
13,377 |
153,941 |
67,634 |
63,296 |
12,011 |
142,941 |
||||||||
Trade payables |
20,456 |
4 |
– |
20,460 |
19,526 |
4 |
– |
19,530 |
||||||||
Other financial liabilities |
5,550 |
1,940 |
69 |
7,560 |
4,652 |
1,470 |
94 |
6,216 |
||||||||
Derivatives |
77,686 |
73,684 |
10 |
151,380 |
61,623 |
51,265 |
207 |
113,094 |
||||||||
|
181,316 |
141,976 |
13,456 |
336,747 |
156,619 |
116,034 |
12,312 |
284,965 |
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When calculating cash outflows related to put options and compensation rights, it was assumed that shares would be tendered at the earliest possible repayment date.
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 38, classified by contractual maturities.
As of December 31, 2015, the maximum potential liability under financial guarantees amounted to €1,638 million (previous year adjusted: €1,399 million). Financial guarantees are assumed to be due immediately in all cases. They relate primarily to the pledge of claims under certificates of deposit with Bankhaus Metzler amounting to €1.3 billion (previous year: €1.4 billion) to secure a loan granted to Fleet Investments B.V. by Bankhaus Metzler (see disclosures on the basis of consolidation/joint ventures). This was disclosed under “Contingent liabilities” in the previous year. The prior-period disclosure was adjusted accordingly.