Good morning. I'm Rex Woodward, Chairman of Capral Limited. On behalf of the board, welcome to Capral's 2022 virtual annual general meeting. To meet the requirements of Capral's constitution, a quorum of three shareholders is physically present here at the Huntingwood Venue today. Capral's Managing Director, Tony Dragicevich, Capral CFO, Tertius Campbell, and a Capral employee shareholder. The other members of the board, Graeme Pettigrew, Philip Jobe, Katherine Ostin, Mark White, and Bryan Tischer, are present online. Accordingly, I declare the 2022 annual general meeting open. Today's meeting is being held online via the Computershare meeting platform. This allows shareholders, proxies, and guests to attend the meeting virtually. All attendees can watch a live webcast of the meeting. In addition, shareholders and proxies have the ability to ask questions and submit votes.
The notice of the meeting and Capral's 2021 annual report have been provided to shareholders, and copies are available on Capral's website. The notice sets out the items to be considered at this meeting and will be taken as read. I will take you through the various items that allow you to ask a question. How to ask a question. To ask a written question, select the Q&A icon. Select the topic your question relates to from the dropdown list. Type your question in the text box and press the Send button. To ask a verbal question, follow the instructions below the broadcast window. Online attendees can submit questions at any time. To ask a question, select the Q&A icon.
Please note that while you can submit questions from now on, I will not address them until the relevant time in the meeting. Please also note that your questions may be moderated, or if we receive multiple questions on one topic, amalgamated together. To ask a verbal question, please follow the instructions written below the broadcast. Please insert the agenda item at the front of your question to enable us to collate questions quickly. Finally, due to time constraints, we may run out of time to answer all your questions. If this happens, we will answer them in due course via email, posting responses on our website. Voting today will be conducted by way of a poll on all items of business. In order to provide you with enough time to vote, I will shortly open voting for all resolutions. How to vote.
If you are eligible to vote, once voting opens, press the Vote icon and all resolutions will be activated with voting options. To cast your vote, simply select one of the options. There is no need to hit a Submit or Enter button as the vote is automatically recorded. You will receive a vote confirmation notification on your screen. You can change your vote up until the time I declare voting closed. I now declare voting open on all items of business. I will give you a warning before I move to close the voting. Before we consider the first item on the agenda, Tony Dragicevich and myself would like to take the opportunity to address the meeting.
Increased demand as a result of the strong shift to local supply and disruptions to import supply chains seen at the end of 2020 gathered momentum throughout 2021. Combined with government assistance targeted to the residential housing market through HomeBuilder and other incentives, this demand resulted in a 25% growth in volumes in 2021. Capral's challenges which accompanied the increased demand included gearing up production capability through recruitment, adding operating shifts and resolving supply chain and logistical disruptions. Management and the entire Capral workforce met these challenges with positive responses and took advantage of the opportunities to produce an outstanding result. Revenues of AUD 593 million were 37% higher than the AUD 432 million reported in 2020. The increase in aluminum supply costs rose throughout the year as the LME aluminum price hit its highest level in 13 years.
Higher productivity and operational leverage in all parts of the business helped deliver a trading EBITDA of AUD 38.2 million, 94% higher than last year's AUD 19.7 million. Ongoing operating improvements at the Bremer Park plant and the strong profitable contribution from all of the company's extrusion plants, including the newly acquired Smithfield plant, contributed materially to the profit performance in the year. Capral's profit also benefited from increased volumes and higher prices, partly offset by higher raw material costs and operating costs. These positive factors have all continued into the first quarter of the current year. Reported net profit after tax, NPAT, included AUD 9.4 million arising from the recognition of deferred tax brought to account. In 2020, that number was AUD 3 million.
NPAT was AUD 42.7 million, which is AUD 1.80 per share normalized, compared to last year's AUD 25.9 million, which was AUD 0.72 per share normalized. Despite higher receivables and inventory resulting from the increase in revenues and the impact of higher LME prices, strong cash flows were another feature of Capral's performance. The company ended the year 31 December 2021 with net cash of AUD 50 million after funding increased working capital of AUD 13.7 million, investing AUD 9.5 million on fixed assets, AUD 10.3 million for the Smithfield plant acquisition, and returning AUD 10.9 million to shareholders by way of dividends. Our sustainable strong cash flow enables us to continue to balance our utilization of free cash between funding internal growth, investing in additional capacity, and returning cash to our shareholders through fully franked dividends.
Our performance over the past two years demonstrates that our strategies, in particular, the reconstruction of Bremer Park in 2019, are delivering value. Capral is now much better placed to succeed through the various phases of the business cycle. Accordingly, Capral paid its first interim dividend of AUD 0.20 per share and declared an increased final dividend of AUD 0.50 per share, both fully franked, totaling AUD 0.70 for the 2021 year. While all our facilities experienced substantial increases in activity levels, our safety performance for the year delivered excellent results, which is especially pleasing. A recorded 7.2 lost time injuries per 1 million hours worked in 2021 is below peer comparatives.
It is most encouraging to see that the increased level of demand enjoyed in 2021 has carried into 2022, and there are positive signs that we are retaining a significant amount of the market share gains secured over the past two years. Thanks to the dedication and excellent performance of our employees across Australia, we are now stronger than ever and well-positioned to continue to deliver sustainable earnings to our shareholders. Capral continued its commitment to board renewal with the appointment of two independent non-executive directors, Mark White in September 2021, and Bryan Tischer in February 2022, who are both up for re-election today. We welcome both Mark and Brian to Capral, and their combined extensive business experience will make a significant contribution to the board.
After 13 years of executive and non-executive service and a significant contribution to Capral's turnaround successes, Philip Jobe will be leaving the board at the conclusion of the AGM today. We thank Philip for his dedication and support during his tenure. His contributions and insights have been invaluable. On behalf of the board, I wish to thank all of Capral's stakeholders for their tremendous support during 2021. We look forward to delivering strong results in 2022. Finally, thank you to all of my Capral colleagues for their tireless efforts throughout a record-breaking year. I'd like to hand over to Tony, who will now address the meeting.
Good morning, everyone. Start off with the financial review. Market conditions rebounded in the second half of 2020, and strong conditions continued throughout 2021. In addition, disruption to import supply chains led to increased demand for local extrusion. In response, Capral increased its workforce and operated its manufacturing plants at full available capacity. This led to higher operating leverage, which helped drive earnings to record levels. The residential market remained buoyant on the back of government housing stimulus programs, with housing starts up 21% on the prior year. Commercial construction was adversely impacted by COVID restrictions. However, the key industrial markets, manufacturing, transport, and marine, remained strong, underpinned by high levels of economic activity. Local extrusion demand benefited by a shift to local manufacturer away from imports. This was driven by import shipping delays, high freight costs, and the enforcement of anti-dumping measures.
There has also been a growing Australian Made sentiment. The international LME price of aluminum rose rapidly from mid-2021. Capral's average aluminum cost for 2021 was 30% above the prior year. In March this year, LME lifted to record highs, in part due to the Russian invasion of Ukraine. The high LME has flowed through to higher selling prices and working capital levels. In 2019, Capral completed the significant restructure of its largest manufacturing plant at Bremer Park in Queensland. To successfully transform Capral's business, delivering permanent cost savings and increased operational efficiencies. The benefit was evident in 2021, with Bremer Park delivering a strong profit contribution to the group. We expect that this will continue into the future, making Capral's profitability less exposed to the building cycle than it previously was.
In February 2021, Capral completed the acquisition of the G. James Extrusion plant in Smithfield, New South Wales. The plant was successfully integrated into Capral's operations and moved from one shift to two shifts mid-year, making a positive profit contribution. Overall, Capral delivered a record profit result in 2021, posting a trading EBITDA of AUD 38.2 million, up 94% on prior year on 25% higher volumes. EBITDA was AUD 59.2 million. Net profit before tax at AUD 33.3 million was up 45% on prior year. Capral ended 2021 with a net cash balance of AUD 50 million, despite the Smithfield acquisition and working capital levels lifting due to the impact of higher LME. Turning to our key strategies and initiatives. Our high-level strategies remain consistent, build on our strengths, optimize what we do, and grow for the future.
A key focus this year will be increasing Smithfield to three shifts. This strategically important acquisition gives Capral an expanded presence in New South Wales, our largest market. Smithfield continues to supply G. James with certain extrusions and is also expanding its local customer base. During the second half of this year, Capral will be installing a paint line at its new distribution center in Huntingwood, thereby providing local paint capability in New South Wales. The other major Capral project is the first stage of the Penrith plant upgrade, with the rebuild of the extrusion press taking place over the 2022 Christmas period. During the years ahead, we'll focus on growing Capral's aluminum sales and distribution business with the objective of increasing volume throughout our direct distribution channel. Fair trade. Capral continues to lead the local extrusion industry in the pursuit of fair trade.
Key points to note are measures on Chinese imports are in place until 2025. There is increased enforcement by Australian Border Force against anti-circumvention activities, and measures are also in place against some other Asian suppliers. Market share gains have been made against imports over the last two years, but they continue to represent a material proportion of the total Australian extrusion market. It is important that we remain vigilant on this front. Now, safety. Safety is the first of Capral's key values. Our safety performance over the last two years has been excellent, recording a total reportable injury frequency rate of 7.2. As Rex said, this compares favorably with a peer average of 9.8 for listed building products manufacturers. Sustainability.
Capral advanced its commitment to its environmental obligations by forming a national sustainability committee in 2019, with employee representation across our operations. This has resulted in the development of our sustainability roadmap to reach a net zero target by 2050. Now turning to the outlook. External forecasts for the residential market remain at elevated levels. 2022 starts are expected to be around 209,000, down 7% on last year, but with significant work in the pipeline. The non-residential market is forecast to lift in 2022 after a COVID-disrupted last two years. The industrial markets are expected to remain robust, with customers continuing to support local supply. LME is unpredictable and volatile, being subject to a variety of international influences.
Based on external forecasts, we expect LME to come off its peak during the first half of this year, but remain at historically elevated levels throughout 2022. The overall market for Capral products is forecast to remain strong this year, and we expect to retain a good proportion of the market share gain from imports. The 2022 year started strongly with first quarter results ahead of plan. Trading EBITDA is forecast, absent any unforeseen events, to be towards the upper end of our previous guidance range of between AUD 34 million and AUD 38 million and EBITDA between AUD 53 million and AUD 57 million. On that basis, Capral intends to continue the payment of fully franked dividends. In closing, I wish to thank the Capral team for the tremendous contribution to the outstanding 2021 result, achieved despite the many challenges of COVID restrictions.
Capral is in a good position to capitalize on its strong foundation, maximize opportunities in the current market, and strengthen the business for the longer term. Lastly, I'd just like to take this opportunity to recognize Phil Jobe's contribution to the business, firstly as CEO for, you know, four to five years, and personally like to thank Phil for his support as a non-executive director over the last eight years. Thank you, Phil. Hand it back to Rex.
Thanks, Tony. The second item on the agenda is the statutory reports and audit. The first item of business relates to your consideration of Capral's 2022 annual report. Xenia Delaney of Deloitte, Capral's auditors, is available online to answer any questions you may have about the conduct of the audit. We did not receive any written questions on the audit ahead of today's meeting. We will now address any question on the annual report or the audit. Just a reminder to please insert the agenda item at the front of your question to enable us to collate questions quickly. In the absence of any more questions, we have no questions on that item. We will now consider the items which require voting. As indicated in the Capral notice of meeting, voting on each of the resolutions being put to the meeting will be conducted by a poll.
The majority of shareholders who submitted proxy forms appointed the chair of the meeting as their proxy. As indicated in Capral's notice of meeting, the chair will vote undirected proxy votes in favor of all resolutions. If we now move to agenda item three, which is the election of Director Mark White. The wording of the resolution is shown on the screen. The total number of valid proxy votes received is now displayed on the screen. Carried. We move on to agenda item four, which is the election of Director Bryan Tischer. The wording of the resolution is shown on the screen. The total number of valid proxy votes received is now displayed on the screen. Moving now to agenda item five, which is the adoption of the remuneration report. The wording of the resolution is shown on the screen.
The total number of valid proxy votes received on this item is displayed on the screen. Moving on to agenda item six, increase to director fees. The wording of the resolution is shown on the screen. The total number of valid proxy votes received on this item is now displayed on the screen. Moving to agenda item seven, which is the last item of business, seek shareholder approval to issue share rights under Capral's Long-T erm Incentive Plan to Tony, Capral's CEO and Managing Director, and subject to the vesting of those share rights on the first of March 2025 to then issue ordinary shares to Tony. The wording of the resolution is now shown on the screen. The total number of valid proxy votes received on this resolution is displayed on the screen. Moving now to agenda item eight, we'll deal with any questions.
We will deal with all submitted questions relating to the matters requiring a vote. Currently, we have received one question. I will hand that question over to Tony. I believe he's best placed to answer the question.
Yes.
Okay. What is the question?
Okay, the question is, apart from the planned third shift for New South Wales, obviously Smithfield, how will you be able to grow turnover and profit if you are already running at full capacity?
Well, it's a very good question. We do have obviously additional capacity at the Smithfield acquisition, which will potentially generate an additional AUD 30 million-AUD 40 million worth of revenue if we can fill that capacity. What we are concentrating on the business in terms of growing our business and profitability is our own distribution business. Moving sales volume from our other channels which are less profitable to our more profitable distribution channel. We feel we are at pretty much the top of a cycle in terms of volume. We'll be at full capacity once we get Smithfield running to full shifts.
there is still opportunity to grow, as not only as a result of the Smithfield acquisition, but also redirecting less profitable volume into our own distribution business. Does that answer the question?
Thank you, Tony. There is one other question coming.
It's not appearing, so it's not. It's gone.
Do we have it?
There are no further questions.
Okay. I'm advised that there are no further questions. So ladies and gentlemen, that concludes our discussions on the items of business. In a couple of minutes, I will close the voting on all resolutions. Please ensure that you have cast your vote on all resolutions. I will now pause to allow you time to finalize those votes. I now declare the poll closed. The provisional results of voting indicate that all resolutions put to the AGM have passed. This will be verified and released to the stock exchange later today. There being no further business, the 2022 annual general meeting of Capral is now closed. I thank you all for your attendance today.