Annual Report 2009 - Toyota Financial Services

Toyota Financial Services Czech s.r.o.8. BANK LOANS31 March 2009 31 March 2008CZK’000CZK’000Loans due within 1 year 610,000 620,000Long-term loans – a portion payable within 1 year 323,018 20,411Long-term loans due between 1 – 5 years 42,508 360,588Total bank loans and overdrafts 975,526 1,000,999Total short-term bank loans 933,018 640,411Total bank loans 42,508 360,588Short-term loans were provided by domestic banks.HSBC Bank provided a long-term loan of EUR 1,923,000, which is due by 30 June 2011 in regular monthly payments inaccordance with a payment calendar. The loan bears fixed interest of 4.65% p.a. for the whole repayment term.In 2005/06 HSBC Bank provided to the Company a long-term loan (credit) of EUR 2,115,000 which is payable in regularmonthly instalments in accordance with the repayment schedule to 30 March 2012 in two tranches amounting to EUR1,050,000 and EUR 1,065,000. In 2006/07, the Company drew down on a provided long-term credit within the second tranchein the amount of EUR 795,000 up to the final agreed loan of EUR 1,860,000. In the course of the drawdown of the funding, theinterest charged on the loan is variable. After the complete drawdown of the funding, the interest on the loan is fixed over theentire duration (term) of the loan contract, namely for the first tranche at 4.00% p.a and for the second tranche at 3.95% p.a.In financial year 2007/08 a bank Citibank provided a middle-term loan of EUR 300,000 which is due on 30 November 2009. Theinterest charged on the loan is based on variable interest rate.9. DERIVATIVE FINANCIAL INSTRUMENTSThe Company recognises finance derivatives as trading derivatives.The fair value of derivatives is presented in “Other receivables”, if positive or in “Other payables” (Note 7), if negative. Thederivatives can be analysed as follows:Trading agreements FixedFair Notional(interest rate swap) interest ratevalue amount%CZK’000 CZK’000At 31 March 2009 2.38–4.39(15,227) 970,000At 31 March 2008 2.38–4.196,584 1,115,000In 2008/09 the year-to-year change in a negative fair value of the above derivatives amounting to CZK 21,811,000 (in 2007/08positive change in fair value of CZK 8,455,000) was recognized as a loss from revaluation of derivatives of CZK 21,811,000(2007/08: CZK 210,000) and as a gain from revaluation of derivatives of CZK 0 (2007/08: CZK 8,665,000).Realized gains in amount of CZK 4,436,000 and realized losses in amount of CZK 471,000 are recognized in gains and lossesfrom derivatives.44