Liquidity risk is defined as the risk that Skanska cannot meet its payment obligations due to lack of liquidity or to difficulties in obtaining or rolling over external loans. The Group uses liquidity forecasting as a means of managing the fluctuations in shortterm liquidity. Surplus liquidity shall, if possible, primarily be used to repay the principal on loan liabilities.
Skanska has several borrowing programs − both committed bank credit facilitieand market funding programs. More information on Skanska's funding can be found here: Funding
Liquidity reserve and maturity structure
The objective is to have a liquidity reserve of at least SEK 5 billion available within one week in the form of cash equivalents or committed credit facilities. At year-end 2011, cash and cash equivalents and committed credit facilities amounted to about SEK 12 (14) billion, of which about SEK 11 billion is available within one week.
The maturity structure of financial interest-bearing liabilities and derivatives related to borrowing was distributed over the coming years according to the following table.
| Maturity |
| | Carrying amount | Future payment amount | Within 3 months | Over 3 months within 1 year | Over 1 year
within 5 years | More than years |
| Interest-bearing financial liabilities |
6,759 |
7,024 |
2,241 |
2,520 |
1,245 |
1,018 |
| Derivatives: Currency futures |
| Inflow |
105 |
10,796 |
10,796 |
|
|
|
| Outflow |
-103 |
-10,770 |
-10,770 |
|
|
|
| Total |
6,761 |
7,050 |
2,267 |
2,520 |
1,245 |
1,018 |
The average maturity of interest-bearing liabilities amounted to 1.5 (1.4) years.
Other operating liabilities
Other operating liabilities that consist of financial instruments fall due for payments according to the table below.
| Other operating liabilities | 2011 | 2010 |
| Due within 30 days |
532 |
607 |
| Due in over 30 days but no more than one year |
113 |
850 |
| Due in more than one year |
14 |
67 |
| |
659 |
1,524 |