Toyota Motor Fin (Netherlands) B.V. Statement re: Company Event (8742R)
02 Julho 2020 - 8:06AM
UK Regulatory
TIDM93SH
RNS Number : 8742R
Toyota Motor Fin (Netherlands) B.V.
02 July 2020
Management Statement - Toyota Motor Finance (Netherlands)
B.V.
Toyota Motor Finance (Netherlands) B.V. ("TMF") intends to make
use of the temporary relief granted by the Financial Conduct
Authority as TMF requires extra time to complete its Annual
Financial Report for the financial year ended 31 March 2020 and
intends to publish it after 31 July 2020. TMF expects to publish
its Annual Financial Report for the financial year ended 31 March
2020 on 27 August 2020.
Fiscal 2020 Operating Summary
For the financial year ended 31 March 2020, TMF's gross profit
decreased by 20.7% to EUR 14.9 million compared to EUR 18.8 million
for the financial year ended 31 March 2019, due to higher interest
expenses and fee expenses. The profit before tax for the financial
year ended 31 March 2020 was EUR 97.1 million compared to a profit
before tax of EUR 52.4 million for the financial year ended 31
March 2019, and this was primarily due to an increase in
mark-to-market gains on financial instruments. The mark-to-market
gains on financial instruments are primarily caused by the decrease
in interest rates in respect of originated funding currencies being
more than the decrease in the operational currencies being hedged.
Interest income increased by 16.8% to EUR 148.9 million for the
financial year ended 31 March 2020 from EUR 127.5 million for the
financial year ended 31 March 2019 and interest expenses increased
by 23.3% to EUR 122.9 million for the financial year ended 31 March
2020 from EUR 99.7 million for the financial year ended 31 March
2019, in line with increased lending and borrowing volumes through
the financial year ended 31 March 2020.
During the financial year ended 31 March 2020, TMF increased the
amount of funding obtained from the capital markets, by increasing
funding under its Euro Medium Term Note Programme and by increasing
the amount of commercial paper it issued under its Commercial Paper
Programmes. At 31 March 2020, net current liabilities decreased by
80.9% to EUR 152 million from EUR 794 million at 31 March 2019.
Current liabilities exceeded current assets, and this was primarily
as a result of short-term borrowings exceeding short term lending
to related companies for the financial year ended 31 March
2020.
Current assets increased by 34.6% to EUR 6,880 million at 31
March 2020 from EUR 5,109 million at 31 March 2019. Current assets
mainly consist of short-term loans to related companies. At 31
March 2020, a total equivalent amount of EUR 5,855 million was lent
to related companies. Other current assets include derivative
financial instruments, collateral deposits paid and cash and cash
equivalents.
Current liabilities increased by 19.1% to EUR 7,032 million at
31 March 2020 from EUR 5,904 million at 31 March 2019. This was
primarily due to an increase in the amount of borrowings.
For liquidity purposes, driven by the COVID-19 pandemic, TMF
held cash and cash equivalents of EUR 745 million at 31 March 2020
compared to EUR 242 million at 31 March 2019.
Fiscal 2021 - April and May 2020
Gross profit for the two months ended 31 May 2020 was EUR 712.7
thousand compared to EUR 2,226.7 thousand for the two months ended
31 May 2019. The decline in gross profit relates primarily to
increased interest expenses with respect to borrowings obtained as
a result of the COVID-19 pandemic, which have been held on deposit.
From the beginning of June, TMF has been offsetting increased
interest expenses with increased interest income. Administrative
expenses for the two months ended 31 May 2020 were EUR 903.8
thousand compared to EUR 853.1 thousand for the two months ended 31
May 2019.
The financial data set out in this Management Statement has been
prepared by, and is the responsibility of, TMF management, based
upon information available to it as of 30 June 2020. TMF's auditors
have not audited or reviewed the above financial data with respect
to TMF for the financial year ended 31 March 2020 and for the two
months ended 31 May 2020.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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