Toyota 2007 Annual Report Download - page 112

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110 ANNUAL REPORT 2007
Dividends from affiliated companies accounted for by the
equity method for the years ended March 31, 2005, 2006 and
2007 were ¥22,164 million, ¥30,011 million and ¥45,234 million
($383 million), respectively.
Variable interest entities—
Toyota enters into securitization transactions with certain spe-
cial-purpose entities. However, substantially all securitization
transactions are with entities that are qualifying special-purpose
entities under FAS 140 and thus no material variable interest
entities (“VIEs”) relating to these securitization transactions.
Certain joint ventures in which Toyota has invested are VIEs
for which Toyota is not the primary beneficiary. However, nei-
ther the aggregate size of these joint ventures nor Toyota’s
involvements in these entities are material to Toyota’s consoli-
dated financial statements.
Short-term borrowings at March 31, 2006 and 2007 consist of the following:
U.S. dollars
Yen in millions in millions
March 31, March 31,
2006 2007 2007
Loans, principally from banks, with a weighted-average interest
at March 31, 2006 and March 31, 2007 of 2.20% and of 3.17% per
annum, respectively.............................................................................................................¥ 986,128 ¥1,055,918 $ 8,944
Commercial paper with a weighted-average interest at March 31, 2006 and
March 31, 2007 of 3.32% and of 4.95% per annum, respectively..................................... 2,046,891 2,441,473 20,682
¥3,033,019 ¥3,497,391 $29,626
13. Short-term borrowings and long-term debt:
As of March 31, 2007, Toyota has unused short-term lines of
credit amounting to ¥2,790,890 million ($23,642 million) of which
¥877,573 million ($7,434 million) related to commercial paper
programs. Under these programs, Toyota is authorized to
obtain short-term financing at prevailing interest rates for peri-
ods not in excess of 360 days.
Long-term debt at March 31, 2006 and 2007 comprises the following:
U.S. dollars
Yen in millions in millions
March 31, March 31,
2006 2007 2007
Unsecured loans, representing obligations principally to banks, due 2006 to
2025 in 2006 and due 2007 to 2027 in 2007 with interest ranging from
0.04% to 20.00% per annum in 2006 and from 0.20% to 18.00% per annum in 2007..... ¥ 1,009,001 ¥ 1,009,634 $ 8,553
Secured loans, representing obligations principally to banks, due 2006 to
2019 in 2006 and due 2007 to 2019 in 2007 with interest ranging from
0.35% to 5.60% per annum in 2006 and from 0.35% to 5.60% per annum in 2007......... 15,766 14,307 121
Medium-term notes of consolidated subsidiaries, due 2006 to 2035 in 2006 and
due 2007 to 2047 in 2007 with interest ranging from 0.01% to 9.75% per annum
in 2006 and from 0.01% to 15.25% per annum in 2007..................................................... 4,364,260 5,269,107 44,635
Unsecured notes of parent company, due 2008 to 2018 in 2006 and due 2008 to
2018 in 2007 with interest ranging from 1.33% to 3.00% per annum in 2006 and
from 1.33% to 3.00% per annum in 2007 ........................................................................... 500,000 500,000 4,235
Unsecured notes of consolidated subsidiaries, due 2006 to 2031 in 2006 and
due 2007 to 2031 in 2007 with interest ranging from 0.34% to 7.11% per annum
in 2006 and from 0.34% to 9.07% per annum in 2007....................................................... 1,417,010 1,787,767 15,144
Long-term capital lease obligations, due 2006 to 2017 in 2006 and due 2007 to
2017 in 2007, with interest ranging from 0.37% to 9.33% per annum in 2006 and
from 0.31% to 9.33% per annum in 2007 ........................................................................... 58,341 50,886 431
7,364,378 8,631,701 73,119
Less—Current portion due within one year......................................................................... (1,723,888) (2,368,116) (20,060)
¥ 5,640,490 ¥ 6,263,585 $ 53,059
U.S. dollars
Yen in millions in millions
For the year ended
For the years ended March 31, March 31,
2005 2006 2007 2007
Net revenues......................................................................................... ¥1,150,523 ¥1,394,071 ¥1,475,220 $12,497
Purchases .............................................................................................. 2,923,325 3,356,626 4,028,260 34,123