EX-12 7 d61366_ex12-1.htm RATIO OF EARNINGS TO FIXED CHARGES

EXHIBIT 12.1

TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

Three Months Ended
September 30,

 

Six Months Ended
September 30,

 
 

 

 

 
 

 

2004

 

2003

 

2004

 

2003

 
 

 

 

 

 

 
 

 

(Dollars in millions)

 
 

 

 

 

 

(Restated)

 

 

 

 

(Restated)

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Consolidated income before provision for income taxes
 

$

280

 

 

$

355

 

 

$

606

 

 

$

450

 

 
 
 

 

 

 

 

 

 

 

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Fixed charges:
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Interest (1)
 

 

192

 

 

 

91

 

 

 

303

 

 

 

326

 

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Portion of rent expense representative of the interest factor (deemed to be one-third)
 

 

2

 

 

 

2

 

 

 

3

 

 

 

4

 

 
 
 

 

 

 

 

 

 

 

 
Total fixed charges
 

 

194

 

 

 

93

 

 

 

306

 

 

 

330

 

 
 
 

 

 

 

 

 

 

 

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Earnings available for fixed charges
 

$

474

 

 

$

448

 

 

$

912

 

 

$

780

 

 
 
 

 

 

 

 

 

 

 

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Ratio of earnings to fixed charges
 

 

2.44

 

 

 

4.82

 

 

 

2.98

 

 

 

2.36

 

 
 
 

 

 

 

 

 

 

 

 

(1)

Interest expense for the three and six months ended September 30, 2004 and 2003 included gains associated with amortization of de-designated hedges and derivative fair value adjustments of $28 million, $107 million, $79 million and $37 million, respectively.

 

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