Notes to Consolidated Financial Statements  Years ended December 31, 2012 and 2011 25. Joint Ventures (continued)  26. Accounting for Financial Instruments Liquidity Risk We have purchase and shipping commitments of approximately $235 million over the next five years relating to our  interests in joint ventures. a) Financial Risk Management Our activities expose us to a variety of financial risks, which include foreign exchange risk, interest rate risk, commodity  price risk, credit risk, liquidity risk and other risks associated with capital markets. From time to time, we may use  foreign exchange, commodity price and interest rate contracts to manage exposure to fluctuations in these variables.  We do not have a practice of trading derivatives. Our use of derivatives is based on established practices and parameters  to mitigate risk and is subject to the oversight of our Hedging Committee and our Board of Directors. Liquidity risk arises from our general and capital financing needs. We have planning, budgeting and forecasting processes  to help determine our funding requirements to meet various contractual and other obligations. Note 17 details our available  credit facilities as at December 31, 2012. Contractual undiscounted cash flow requirements for financial liabilities as at December 31, 2012 are as follows: Teck 2012 Annual Report 124 Less Than 2–3  4–5  More Than (Cdn$ in millions)  1 Year  Years  Years  5 Years  Total Trade accounts payable, accrued liabilities and dividends payable  $  1,730  $  –  $  –  $  –  $ 1,730 Debt (Note 17(f)) 35 331 602 6,307 7,275 Estimated interest payments on debt  345  686  644  4,776  6,451 (Cdn$ in millions) 2012 2011 Profit Revenues $ 901 $ 800 Operating and other expenses  (317) (302) Provision for income and resource taxes  (212) (165) Profit  $ 372 $ 333 Cash flow Operating activities $ 367 $ 406 Investing activities (155) (201) Financing activities (110) (10) Distributions to Teck (74) (219) Effect of exchange rates on cash  (2) 2 Increase (decrease) in cash  $ 26 $ (22)