93SH Toy.mf.n. 20

TIDM93SH

RNS Number : 8391R

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 expects to report that 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.

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July 02, 2020 03:45 ET (07:45 GMT)

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