Annual Report 2009 - Toyota Financial Services
Annual Report 2009 - Toyota Financial Services Annual Report 2009 - Toyota Financial Services
Toyota Financial Services Czech s.r.o.5. RECEIVABLES31 March 2009 31 March 2008CZK’000CZK’000Trade receivables – current 237,156 216,892– overdue 22,699 14,042259,855 230,934Other receivables – current 240,592 181,253240,592 181,253Short-term advances provided 1,283 1,246501,730 413,433Provisions for short-term doubtful receivables (13,336) (14,963)Net short-term receivables 488,394 398,470Long-term trade receivables 399,743 362,283Other long-term receivables 54,935 45,429454,678 407,712Provisions for long-term doubtful receivables (387) (1,519)Net long-term receivables 454,291 406,193Net total receivables 942,685 804,663Trade receivables include mainly receivables from customer credit contracts. For these contracts the Company enters into theagreement on securing an obligation by the transfer of ownership title. At 31 March 2009 these receivables amounted toCZK 614,683 ths. (31 March 2008: CZK 555,052 ths.).Other short and long-term receivables include receivables from funding the dealers network.For securing receivables from contracts on investment loan provided to Toyota dealers the Company uses the right of lien overthe property owned by them. At 31 March 2009 these receivables amounted to: CZK 62,438 ths.(At 31 March 2008: CZK 61,013 ths.).ProvisionsThe change in the provision for doubtful receivables may be analysed as follows:31 March 2009 31 March 2008CZK’000CZK’000Opening balance 16,482 12,888Charge for the year 5,612 11,633Utilized during the year 0 (63)Released during the year (8,371) (7,976)Closing balance 13,723 16,482In 2007/08 the Company wrote-off irrevocable receivables in the amount of CZK 0 (2007/2008: CZK 63 ths.).42
Annual Report 20096. EQUITYIn accordance with the respective provisions of the commercial code, the Company did not supplement its mandatory reservefund from the net profit achieved in 2007/08. The mandatory reserve fund may not be distributed among the shareholders butit can be used solely to cover the losses.The net profit of CZK 34,578,000 for 2007/08 was approved and allocated by the General meeting of the shareholder on11 July 2008 (see Statement of changes in shareholder’s equity).7. PAYABLES31 March 2009 31 March 2008CZK’000CZK’000Short-term trade payablesu 23,923 31,931Short-term advances received 6 362Short-term portion of long-term loan (see Note 15) 0 150,000Negative fair value of derivatives (see note 9) 15,227 039,156 182,293Other short-term payables 12,970 22,657Total short-term payables 52,126 204,950Long-term advances received 0 8Long-term loan (see note 15) 300,000 150,000Deferred tax liability (see note 10) 12,917 10,147Total long-term liabilities 312,917 160,155Total short- and long-term liabilities 365,037 365,105Advances received are recognised as revenue on a straight-line basis over the lease term along with related lease instalments inaccordance with the individual payment calendar.Trade and other payables have not been secured over any assets of the Company. Total overdue payables as at 31 March 2009amounted to CZK 1,445,000 (at 31 March 2008: CZK 1,663,000).Toyota Motor Finance (Netherlands) B.V. provided to the Company a long-term loan (credit) of CZK 300 million, with its twoCZK 150 million tranches falling due on 13 August 2010 and 12 August 2011, respectively. Interest on the loan is based onvariable interest rates.The Company entered into agreements on interest rate swaps (see note 9) in order to fix the interest rate on loans bearinga variable interest rate.43
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- Page 31 and 32: Annual Report 2009INCOME STATEMENT
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<strong>Annual</strong> <strong>Report</strong> <strong>2009</strong>6. EQUITYIn accordance with the respective provisions of the commercial code, the Company did not supplement its mandatory reservefund from the net profit achieved in 2007/08. The mandatory reserve fund may not be distributed among the shareholders butit can be used solely to cover the losses.The net profit of CZK 34,578,000 for 2007/08 was approved and allocated by the General meeting of the shareholder on11 July 2008 (see Statement of changes in shareholder’s equity).7. PAYABLES31 March <strong>2009</strong> 31 March 2008CZK’000CZK’000Short-term trade payablesu 23,923 31,931Short-term advances received 6 362Short-term portion of long-term loan (see Note 15) 0 150,000Negative fair value of derivatives (see note 9) 15,227 039,156 182,293Other short-term payables 12,970 22,657Total short-term payables 52,126 204,950Long-term advances received 0 8Long-term loan (see note 15) 300,000 150,000Deferred tax liability (see note 10) 12,917 10,147Total long-term liabilities 312,917 160,155Total short- and long-term liabilities 365,037 365,105Advances received are recognised as revenue on a straight-line basis over the lease term along with related lease instalments inaccordance with the individual payment calendar.Trade and other payables have not been secured over any assets of the Company. Total overdue payables as at 31 March <strong>2009</strong>amounted to CZK 1,445,000 (at 31 March 2008: CZK 1,663,000).<strong>Toyota</strong> Motor Finance (Netherlands) B.V. provided to the Company a long-term loan (credit) of CZK 300 million, with its twoCZK 150 million tranches falling due on 13 August 2010 and 12 August 2011, respectively. Interest on the loan is based onvariable interest rates.The Company entered into agreements on interest rate swaps (see note 9) in order to fix the interest rate on loans bearinga variable interest rate.43
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