(2) Classification of financial assets and financial liabilities The breakdown of financial assets and financial liabilities is as follows: Financial assets at FVTPL, loans and other financial assets, and available-for-sale financial assets are included in “Other financial  assets” in the consolidated statements of financial position. with Astellas Group financial management policies. The Group is exposed to financial risks such as credit risks,  liquidity risks, and foreign exchange risks in operating businesses,  and it manages risks based on its policy to mitigate them. The Group limits the use of derivatives to transactions for  the purpose of hedging financial risks and does not use  derivatives for speculation purposes. In Japan, like other pharmaceutical companies, the Group sells  its products through a small number of wholesalers. Sales to  the four largest wholesalers amounted to approximately 80% of  the Group’s sales in Japan, and the amount of trade receivables  due from those four wholesalers are ¥153,427 million at 31  March 2013 and ¥143,511 million at 31 March 2014, respectively. Other than guaranteed obligations, the Group’s maximum  exposure to credit risks without taking into account any collat- eral held or other credit enhancements is the carrying amount  of financial instruments less impairment losses in the consoli- dated statements of financial position. The Group’s maximum  exposure to credit risks of guaranteed obligations as of 1 April  2012, 31 March 2013, and 31 March 2014 were ¥2,509 mil- lion, ¥2,133 million, and ¥1,875 million, respectively. The Group has securities and deposits received as collateral  for certain trade receivables and other receivables. The carry- ing amount of securities held as collateral is ¥850 million at 31  March 2014 (¥656 million at 31 March 2013), and the carrying  amount of deposits received is ¥85 million at 31 March 2014  (¥85 million at 31 March 2013). Receivables, such as trade receivables, resulting from the  business activities of the Group are exposed to the customer’s  credit risk. This risk is managed by grasping the financial con- dition of the customer and monitoring the trade receivables  balance. Also, the Group reviews collectability of trade receiv- ables depending on the credit conditions of customers and  recognises an allowance for doubtful accounts as necessary. Securities held by the Group are exposed to the issuer’s  credit risk, and deposits are exposed to the credit risk of  banks. Also, derivative transactions that the Group conducts in  order to hedge financial risks are exposed to the credit risk of  the financial institutions which are counterparties of those  transactions. In regard to securities transactions and deposit  transactions in fund management, the Group only deals with  banks and issuers with certain credit ratings in accordance  with Astellas Group financial management policies. In addition,  regarding derivative transactions, the Group only deals with  financial institutions with certain credit ratings in accordance  Annual Report 2014 _  Astellas Pharma Inc.  141 Financial Section (3) Financial risk management policy (b) Concentrations of credit risk (c) Maximum exposure to credit risk (i) Credit risk (a) Credit risk management (d) Collateral (Millions of yen) 1 April 2012  (Transition date) 2013 2014 Financial assets Financial assets at FVTPL ¥ 1,499 ¥ 2,715 ¥ 3,912 Loans and receivables Trade and other receivables 288,317 308,208 332,639 Loans and other financial assets 53,318 58,198 46,697 Available-for-sale financial assets 70,673 71,104 79,758 Cash and cash equivalents 252,380 264,912 391,374 Total financial assets ¥ 666,187 ¥ 705,137 ¥854,379 Financial liabilities Financial liabilities measured at amortised cost Trade and other payables ¥ 210,888 ¥ 206,631 ¥187,096 Other financial liabilities 2,653 2,761 1,811 Total financial liabilities ¥213,542 ¥209,392 ¥188,907