33.3. 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 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		2012		under one year		within one to five years		over five years		2011
Financial liabilities		56,609		61,032		6,273		123,914		50,978		43,375		5,009		99,363
Trade payables		17,264		4		–		17,269		16,323		3		–		16,326
Other financial liabilities		3,196		729		96		4,021		3,313		273		104		3,690
Derivatives		51,425		56,029		78		107,532		46,699		51,150		156		98,005
		128,494		117,794		6,447		252,736		117,313		94,801		5,269		217,383

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 37, classified by contractual maturities.

The maximum potential liability under financial guarantees amounted to €846 million as of December 31, 2012 (previous year: €542 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.