EX-12.1 2 exhibit_12-1.htm EXHIBIT 12.1 - RATIO OF EARNINGS TO FIXED CHARGES exhibit_12-1.htm
EXHIBIT 12.1


TOYOTA MOTOR CREDIT CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

 
Years Ended March 31,
 
2008
  
2007
  
2006
  
2005
  
2004
 
As
Currently
Restated
  
As
Previously
Restated
  
As
Previously
Restated
        
Consolidated (loss) income before (benefit) provision for income taxes
($380)
  
$667
  
$865
  
$1,243
  
$1,059
Fixed charges:
                  
Interest1
4,151
  
2,662
  
1,561
  
670
  
578
Portion of rent expense representative of the interest factor (deemed to be one-third)
8
  
7
  
7
  
7
  
7
Total fixed charges
4,159
  
2,669
  
1,568
  
677
  
585
Earnings available for fixed charges
$3,779
  
$3,336
  
$2,433
  
$1,920
  
$1,644
Ratio of earnings to fixed charges
(A)
  
1.25
  
1.55
  
2.84
  
2.81

1 Components of interest expense are discussed in the “Interest Expense” section of Item 7., “Management’s Discussion and
  Analysis”.

(A) Due to our loss in fiscal year 2008, the ratio coverage was less than one to one.  We must generate additional earnings of $380 million to achieve a coverage of one to one.