Annual Report 2009 - Toyota Financial Services

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Toyota Financial Services Czech s.r.o.1. GENERAL INFORMATIONToyota Financial Services Czech s.r.o. (“the Company”) was incorporated on 30 April 1996. The Company has its registeredoffice in the building Rubín Office Center, Sokolovská 192/79, 186 00 Praha 8 – Karlín.The Company’s business activities are:❍ Leasing;❍ Purchase of goods for sale and resale;❍ Lease of manufactured goods;❍ Advisory activities in the area of business and services;❍ Intermediation activities in the area of business and services;❍ Provision of loans.The sole partner of the Company is:TOYOTA FINANCIAL SERVICES (UK) plcYew Tree Bottom Road, Great Burgh, Burgh HeathEpsom, Surrey KT18 5UZUnited Kingdom of Great Britain and Northern IrelandContribution in the total amount of CZK 44,000,000 (100% of the share capital) was fully paid up.Ing. Aleš Kamarýt is the Company’s statutory representative.The business year of the Company always begins on 1 April and ends on 31 March of the following calendar year. Thereforethe financial statements as at 31 March 2009 include a period of twelve months, i.e. from 1 April 2008 to 31 March 2009(“2008/09”).34
Annual Report 20092. ACCOUNTING POLICIESa) Basis of preparationThe financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the Czech Republic and CzechAccounting Standards. The financial statements have been prepared under the historical cost convention. Derivatives are shown at fair value.The amounts disclosed in the financial statements including notes are rounded to thousands of Czech Crowns (CZK´000) unlessstated otherwise.Ongoing global financial crisisThe ongoing global financial crisis which commenced in the middle of 2007 has resulted in, among other things, a lower level ofcapital market funding, lower liquidity levels across the banking sector, and, at times, higher interbank lending rates and very highvolatility in stock markets. The uncertainties in the global financial markets, have also led to bank failures and bank rescues in theUnited States of America, Western Europe, Russia and elsewhere. Indeed the full extent of the impact of the ongoing financial crisisis proving to be impossible to anticipate or completely guard against.Management is unable to reliably estimate the effects on the Company‘s financial position of any further deterioration in theliquidity of the financial markets and the increased volatility in the currency and equity markets. Management believes it is taking allthe necessary measures to support the sustainability and development of the Company’s business in the current circumstances.“The volume of wholesale financing has significantly reduced. Such circumstances may affect the ability of the Company to obtainnew borrowings and re-finance its existing borrowings at terms and conditions similar to those applied to earlier transactions.”Debtors of the Company may be affected by the lower liquidity situation which could in turn impact their ability to repay theamounts owed. Deteriorating operating conditions for debtors [or borrowers] may also have an impact on management‘s cashflow forecasts and assessment of the impairment of financial and non-financial assets. To the extent that information is available,management have properly reflected revised estimates of expected future cash flows in their impairment assessments.b) Intangible fixed assetsPurchased intangible assets are recorded at cost.The Company applies the following annual depreciation rates for the intangible fixed assets purchased until 2005:In the first year of depreciation In the subsequent years For increased initial costSoftware 14.20%28.60% 25.00%Since 1 January 2006 the Company applies monthly depreciation in the amount of the purchase price share and the term agreed in thecontract with respect to software to which the Company has the right of usage for a definite period of time. In other cases, the Companydepreciates software for 36 months. Depreciations are determined with an entire month’s accuracy, beginning the following month afterthe day when the depreciation conditions were met, i.e. software was booked in the assets of the accounting entity and it was put in use.Intangible fixed assets with a unit cost less than CZK 60,000 are expensed upon acquisition.A provision for impairment is established when the carrying value of an asset is greater than its estimated recoverable amount.c) Tangible fixed assetsAcquired tangible fixed assets are recorded at cost, which includes costs incurred in bringing the assets to their present locationand condition.Tangible fixed assets are depreciated applying the straight-line method over the their estimated useful lives.The Company applies these annual depreciation rates for non-leasing assets:In the first year of depreciation In the subsequent years For increased initial costFurniture and fittings 11.00%22.25% 20.00%Machinery and equipment 20.00%40.00% 33.30%Passenger vehicles 14.20%28.60% 25.00%35
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