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TSLI-Publication of Annual Financial Statements
TRANSSEC 4 (RF) LIMITED
Issuer Code: TSLI
ZAR2 500 000 000 ASSET BACKED NOTE PROGRAMME:
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS
Date: 27 January 2021
Noteholders are advised that the annual financial statements (“the financial statements”) of the Issuer for the year
ended 30 September 2020, are available for inspection on the following website at
[http://www.transactioncapital.co.za/transsec4.php.]
Noteholders are also advised that the audit report on the financial statements of the Issuer is unqualified, with no
modifications applicable.
Noteholders are further advised of amendments to the financial statements in accordance with the requirements
of IAS 7 - Statement of Cash Flows. Management has previously not been able to present interest paid and received
in accordance with the requirements of IAS 7 - Statement of Cash Flows (IAS 7). In the current period a solution was
implemented in order for the disclosure to be corrected.
This resulted in interest paid and received being presented as operating activities. Other areas impacted are cash
generated from operations, settlement of interest-bearing liabilities and loans and advances.
When cash is collected off the loans and advances portfolio within the entity (interest income received), the current
loan management system functionality does not allow for an allocation of cash flow between interest, other third-
party charges, fees and repayments of principal, and therefore the calculations of these balances on a loan by loan
basis have historically not been readily available at a company level. Such calculations have been performed outside
of the loan system for operational purposes with the use of internally developed web-based software. Given certain
Trans4LH_14.09.18 Transsec 4 (RF) Limited Reg. No. . 2018/268776/06
a Transaction Capital company
179 – 15th Road, Randjespark, Midrand • Box 41888, Craighall, 2024
An authorised credit provider NCRCP12312 Tel: 0861 829 448 • Fax: 011 447 2885 • Website: www.sataxi.co.za
limitations of the web-based software, the management of the company have developed reports in the current
year that are derived from data from the loan management system. These reports calculate the allocation of cash
receipts to interest income and therefore the current year disclosure has been updated accordingly to disclose
interest received and interest paid separately on the face of the cash flow statement as per IAS 7.
In addition to the above, we have also adjusted the presentation of bad debts written off (which was previously
included in the movement in gross loans and advances) on the face of the cashflow statement to rather be
appropriately adjusted for as part of the removal of non-cash flow items reflected within cash generated from
operations. This adjustment had an impact on the cash generated from operations and the movement in loans and
advances reflected on the face of the financial statements.
The impact of these restatements are disclosed in note 24 of the financial statements of the issuer for the year
ended 30 September 2020.
Debt Sponsor
The Standard Bank of South Africa Limited
2
Date: 27-01-2021 09:18:00
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