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Financial Section
TOYOTA MOTOR CORPORATION
80
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, neither
the aggregate size of these joint ventures nor Toyota’s involve-
ments in these entities are material to Toyota’s consolidated
financial statements.
Short-term borrowings at March 31, 2008 and 2009 consist of the following:
U.S. dollars
Yen in millions in millions
March 31, March 31,
2008 2009 2009
Loans, principally from banks, with a weighted-average interest at March 31, 2008
and March 31, 2009 of 3.36% and of 2.44% per annum, respectively ..................................... ¥1,226,717 ¥1,115,122 $11,352
Commercial paper with a weighted-average interest at March 31, 2008
and March 31, 2009 of 3.76% and of 1.52% per annum, respectively ..................................... 2,326,004 2,502,550 25,477
¥3,552,721 ¥3,617,672 $36,829
Long-term debt at March 31, 2008 and 2009 comprises the following:
U.S. dollars
Yen in millions in millions
March 31, March 31,
2008 2009 2009
Unsecured loans, representing obligations principally to banks, due 2008 to 2028
in 2008 and due 2009 to 2028 in 2009 with interest ranging from 0.17% to 28.00%
per annum in 2008 and from 0.17% to 31.50% per annum in 2009 ......................................... ¥ 1,016,101 ¥ 1,536,413 $ 15,641
Secured loans, representing obligations principally to banks, due 2008 to 2019
in 2008 and due 2009 to 2019 in 2009 with interest ranging from 0.35% to 5.60%
per annum in 2008 and from 0.68% to 5.35% per annum in 2009 ........................................... 15,635 11,227 114
Medium-term notes of consolidated subsidiaries, due 2008 to 2047 in 2008
and due 2009 to 2047 in 2009 with interest ranging from 0.32% to 15.25%
per annum in 2008 and from 0.19% to 17.47% per annum in 2009 ......................................... 5,451,779 5,335,159 54,313
Unsecured notes of parent company, due 2008 to 2018 in 2008
and due 2010 to 2018 in 2009 with interest ranging from 1.33% to 3.00%
per annum in 2008 and from 1.33% to 3.00% per annum in 2009 ........................................... 350,000 450,000 4,581
Unsecured notes of consolidated subsidiaries, due 2008 to 2031 in 2008
and due 2009 to 2031 in 2009 with interest ranging from 0.34% to 14.00%
per annum in 2008 and from 0.59% to 19.42% per annum in 2009 ......................................... 1,780,284 1,616,816 16,460
Long-term capital lease obligations, due 2008 to 2017 in 2008
and due 2009 to 2028 in 2009, with interest ranging from 0.31% to 10.00%
per annum in 2008 and from 0.21% to 15.47% per annum in 2009 ......................................... 43,563 51,366 523
8,657,362 9,000,981 91,632
Less—Current portion due within one year ................................................................................ (2,675,431) (2,699,512) (27,482)
¥ 5,981,931 ¥ 6,301,469 $ 64,150
As of March 31, 2009, Toyota has unused short-term lines of
credit amounting to ¥2,476,458 million ($25,211 million) of which
¥751,523 million ($7,651 million) related to commercial paper
programs. Under these programs, Toyota is authorized to obtain
short-term financing at prevailing interest rates for periods not
in excess of 360 days.
As of March 31, 2009, approximately 28%, 21%, 15% and 36%
of long-term debt are denominated in U.S. dollars, Japanese
yen, euros, and other currencies, respectively.
As of March 31, 2009, property, plant and equipment with a
book value of ¥87,845 million ($894 million) and in addition,
other assets aggregating ¥34,329 million ($349 million) were
pledged as collateral mainly for certain debt obligations of sub-
sidiaries.
Short-term borrowings and long-term debt:
13