Notes

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36.3. Liquidity risk

The solvency and liquidity of the Volkswagen Group are secured by rolling liquidity planning, a liquidity reserve, confirmed credit lines and the issuance of securities on the international money and capital markets. The volume of confirmed bilateral and syndicated credit lines stood at €27.3 billion as of December 31, 2022 (previous year: €28.4 billion), of which €1.0 billion (previous year: €1.6 billion) was drawn down.

Local cash funds in certain countries (e.g. China, Brazil, Argentina, South Africa and India) 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:

MATURITY ANALYSIS OF UNDISCOUNTED CASH FLOWS FROM FINANCIAL INSTRUMENTS

 

 

REMAINING CONTRACTUAL MATURITIES

 

 

 

REMAINING CONTRACTUAL MATURITIES

 

 

€ million

 

up to one year

 

within one to five years

 

more than five years

 

2022

 

up to one year

 

within one to five years

 

more than five years

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

86,834

 

108,078

 

24,942

 

219,854

 

81,006

 

112,095

 

26,797

 

219,898

Trade payables

 

28,731

 

16

 

0

 

28,748

 

23,610

 

14

 

 

23,624

Other financial liabilities

 

17,546

 

2,479

 

125

 

20,150

 

10,651

 

2,240

 

170

 

13,061

Derivatives

 

79,591

 

87,649

 

10,916

 

178,155

 

74,236

 

72,283

 

8,425

 

154,944

Liabilities associated with assets held for sale1

 

114

 

25

 

 

139

 

145

 

8

 

1

 

154

 

 

212,816

 

198,247

 

35,983

 

447,046

 

189,648

 

186,640

 

35,392

 

411,681

1

Prior-year figures adjusted.

The cash outflows on other financial liabilities include outflows on liabilities for tax allocations amounting to €17 million (previous year: €27 million).

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. Derivatives entered into through offsetting transactions are also accounted for as cash outflows. 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. This also particularly applies if hedges have been closed with offsetting transactions.

The cash outflows from obligations from loan commitments and irrevocable credit commitments are presented in the section entitled “Other financial obligations”, classified by contractual maturities.

As of December 31, 2022, the maximum potential liability under financial guarantees amounted to €1,185 million (previous year: €1,391 million). Financial guarantees are assumed to be due immediately in all cases.