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TOYOTA FIN SERVICES (SA) LIMITED - BITOY - Availability of the Annual Financial Statements of the Issuer and Guarantor and further Trading Update

Release Date: 31/05/2021 17:40
Wrap Text
Toyota Financial Services (South Africa) Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1982/010082/06)
Company code: BITOY
('Toyota Financial Services' or the 'Issuer')



AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE ISSUER AND GUARANTOR AND FURTHER TRADING UPDATE
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE ISSUER AND FURTHER TRADING UPDATE
Noteholders are advised that the annual financial statements of the Issuer for the year ended 31 March 2021 (the 'financial statements' or 'FY2021') are available for inspection at the Issuer's registered office.
The financial statements have also been made available on the Issuer's website at: https://www.toyota.co.za/financial-services/corporate-affairs.
Noteholders are also advised that the audit report on the financial statements was unqualified with no modifications applicable. In accordance with paragraph 6.30(f) of the Debt Listings Requirements ('Requirements'), the Issuer would like to advise noteholders that the audit report contained a paragraph in relation to a reportable irregularity in terms of the Auditing Profession Act, which was rectified with effect from 18 May 2021. The irregularity related to the composition of the Audit Committee, which was non-compliant with the Companies Act, No. 71 of 2008, for the period 1 September 2020 to 17 May 2021 and non-compliant with paragraph 7.3(a) of the Requirements for the period 1 September 2020 to 17 May 2021. Please see note 34 of the financial statements for further details in this regard.
Furthermore, the Issuer would like to advise noteholders that the following restatements were made to the previously published annual financial statements of the Issuer for the year ended 31 March 2020:
In the 2021 financial year, the Issuer changed the presentation of the Statement of Cash Flows to further align this with the management of the business operations. This resulted in a reclassification of gross loans and advances and employee liabilities. There is no impact to the profit and loss in both the 2020 and 2021 financial years.
Noteholders are further advised that, subsequent to the trading update announcement released by the Issuer on 24 May 2021 ('Update Announcement'), the Group Profit before Tax achieved for FY2021 was R18.7 million. This was within the guidance provided in the Update Announcement.
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS OF THE GUARANTOR
Noteholders are advised that the annual financial statements of Toyota Motor Finance (Netherlands) B.V., being the guarantor to the Issuer's ZAR 10 000 000 000 Domestic Medium Term Note Programme, for the year ended 31 March 2021 (the 'Guarantor's financial statements') is expected to be made available for inspection at the Issuer's registered office and on the Issuer's website at: https://www.toyota.co.za/financial- services/corporate-affairs in mid-July. A further announcement will be made once the Guarantor's financial statements are available. 31 May 2021 Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 31-05-2021 05:40:00
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