Annual Report 2009 - Toyota Financial Services

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