Toyota 2008 Annual Report Download - page 123

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•Annual Report 2008 • TOYOTA
Performance Messages from the Management &
•Overview •Management •Special Feature •Business Overview •Corporate Information •Financial Section •Investor Information •
Toyota leases certain assets under capital lease and operating lease arrangements.
An analysis of leased assets under capital leases is as follows:
U.S. dollars
Yen in millions in millions
March 31, March 31,
2007 2008 2008
Class of property
Building ...................................................................................................................................... ¥ 13,560 ¥ 11,279 $ 113
Machinery and equipment........................................................................................................ 147,926 136,817 1,365
Less—Accumulated depreciation ............................................................................................ (126,178) (116,019) (1,158)
¥ 35,308 ¥ 32,077 $ 320
Amortization expenses under capital leases for the years ended March 31, 2006, 2007 and 2008 were ¥11,348 million, ¥10,559 million
and ¥7,846 million ($78 million), respectively.
Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of March
31, 2008 are as follows:
U.S. dollars
Years ending March 31, Yen in millions in millions
2009........................................................................................................................................................................... ¥ 8,012 $ 80
2010........................................................................................................................................................................... 9,171 91
2011........................................................................................................................................................................... 25,408 254
2012........................................................................................................................................................................... 1,907 19
2013........................................................................................................................................................................... 1,166 12
Thereafter................................................................................................................................................................. 1,307 13
Total minimum lease payments...................................................................................................................... 46,971 469
Less—Amount representing interest ..................................................................................................................... (3,408) (34)
Present value of net minimum lease payments............................................................................................. 43,563 435
Less—Current obligations....................................................................................................................................... (7,409) (74)
Long-term capital lease obligations............................................................................................................... ¥36,154 $361
Rental expenses under operating leases for the years ended March 31, 2006, 2007 and 2008 were ¥93,867 million, ¥107,301 million
and ¥100,319 million ($1,001 million), respectively.
The minimum rental payments required under operating leases relating primarily to land, buildings and equipment having initial or
remaining non-cancelable lease terms in excess of one year at March 31, 2008 are as follows:
U.S. dollars
Years ending March 31, Yen in millions in millions
2009........................................................................................................................................................................... ¥11,335 $113
2010........................................................................................................................................................................... 9,149 91
2011........................................................................................................................................................................... 7,144 71
2012........................................................................................................................................................................... 5,781 58
2013........................................................................................................................................................................... 4,658 46
Thereafter................................................................................................................................................................. 16,384 164
Total minimum future rentals.......................................................................................................................... ¥54,451 $543
Lease commitments: 22 .