Good morning, ladies and gentlemen. My name is Stuart Robertson, and I'm the Chairman of Money3 Corporation Limited. On behalf of the board, I'd like to welcome and thank you for taking the time to attend our 2021 Annual General Meeting of the Company. While this is our second AGM to be held via an online format, I acknowledge that this format may still be unfamiliar to some people, and assure you that you have the same opportunity to participate today as you would at a physical meeting. This includes being able to ask questions through our telephone system and the online platform, and also vote using an electronic voting card online. I'll discuss these processes a little later. If you're having any difficulties in navigating the portal, I encourage you to download the online portal guide from the bottom right-hand side of your screen.
If we experience technical issues that impact the meeting, I'll assess the circumstances and communicate further with you. If this isn't possible, you'll be emailed instructions on how and when to rejoin the meeting. I hereby declare the meeting open. I am advised by the company secretary that the notices of the meeting have been properly dispatched and that a quorum of members is present and call the meeting to order. With us today, we have my fellow directors, Mr. Scott Baldwin, Managing Director, Mr. Simon Westaway, Non-Executive Director, and Ms. Kate Robb, Non-Executive Director. We also have our Company Secretary, Mrs. Terri Bakos, and Chief Financial Officer, Mr. Siva Subramani, and from our auditors BDO, Mr. James Mooney. FY 2021 was the second consecutive year of challenges caused by the ongoing COVID-19 pandemic and the associated effects it brought to everyone.
During FY 2021, there were large periods where we had our staff working remotely, and they have been tireless ensuring the business remained focused on delivering a fantastic customer experience, which has been a cornerstone of our growth. On behalf of the board, I'd like to thank them for their dedication and commitment to ensure the business is in a strong position to continue this momentum. Money3's evolution to a well-established dedicated auto loan specialist has continued to expand. The group's strategy, having broadened our geographic base in 2019 with the acquisition of Go Car Finance in New Zealand, has been focused on extending the addressable market our company services. This has been achieved by enlarging our footprint along the credit curve into the near-prime market.
The acquisition of Automotive Financial Services, AFS, at the beginning of this year accelerated our expansion into this market, and we believe we are well-placed to expand materially in this area. I'm delighted with how complementary the AFS business is to our existing businesses, and we look forward to working closely with the team as it grows over the coming years. Funding. During FY 2021, we announced the securing of significant debt facilities, which not only provided significant headroom for the businesses to enable our continued growth, but also at a significantly lower margin than the group had previously. In addition, thanks to exceptionally strong shareholder support, we completed a AUD 52 million capital raise, which complemented the financing facilities. While we remain lowly geared, with this financing, we now have significant financing flexibility for further growth. Results.
I'm pleased to report in the financial year to 30 June 2021, Money3 produced very solid results. Full year revenue increased 17% to AUD 145 million. EBITDA increased 64.9% to AUD 80.9 million, and NPAT increased 76.6% to AUD 39.2 million. Growth. We anticipate growth to continue to be strong in the coming year through a number of initiatives. Our Managing Director, Scott Baldwin, will cover this more in his presentation. Operations. We continue to invest in technology that enhances our customer experience and increases our efficiencies while ensuring compliance with our responsible lending obligations. In addition, we are focused also on looking to extract synergies within the Money3, Go Car Finance, and AFS businesses where possible. Dividend.
I am pleased with our strong financial performance, support of the payment of an interim dividend of AUD 0.03 per share and a final dividend of AUD 0.07 per share, taking the total dividend for the year to AUD 0.10 fully franked. We expect our payout ratio to remain consistent for FY 2022. Finally, in what has been another very unique period, on behalf of the directors, we wish to express our sincere appreciation to all shareholders for your support, and we are confident you'll continue to benefit from your investment in the company in the period ahead. Shortly, Scott will give a presentation before we move on to the formal business of the meeting. Shareholders can submit written questions at any time during the meeting proceedings by clicking on the Ask a Question button on their screen.
To ensure questions reach us in time, I ask that you submit them during the course of the meeting. If the question is specific to a resolution, we'll answer it as we address that resolution. If the question is a general shareholder question, it will be addressed after the formal business of the meeting is completed. If we're not able to get through all the questions today, or if there are specific questions that would be better addressed on an individual basis, we'll respond to them after the meeting. If we receive multiple questions that are similar, we'll try to amalgamate them into one or choose to answer the broadest question, which will cover off the others. I will now hand over to Scott to conduct his presentation.
Thank you, Stuart. Welcome to Money3 Corporation's annual general meeting for financial year 2021. The last 12 months have seen the achievement of many milestones over a period when the company's experienced considerable uncertainty. I'd like to begin today's presentation by thanking those that have made these achievements possible. Thank you to staff across Australia and New Zealand that have dealt with the uncertainty of lockdowns, that have developed a ubiquitous workplace, that have managed the day-to-day uncertainty of where and how they perform their work to keep your business functioning and thriving over the last 12 months. I'd also like to thank our customers for their understanding as we answered their phone calls from our kitchen tables, our home offices, and our many other diverse workplaces. Thank you to investors for the support that we received during our recent capital raise at the beginning of the year.
That strengthened our balance sheets to protect against the uncertainties of the pandemic, and that provided the capital required to kickstart the calendar year 2021 with exceptionally strong growth momentum. I'd also particularly like to thank the Australian, New Zealand governments for the economic policies they've put in place that has given consumers the confidence to buy a vehicle and the ability to continue to meet their payment obligations during these times of uncertainty. Finally, I'd like to thank you for taking the time today to hear about the progress of Money3 over the preceding 12 months. In November 2020, the Victorian government lockdown ended, and the group experienced a post-lockdown growth surge. In November 2020, the month we're in at the moment, we are experiencing very similar circumstances as a confident consumer looks to upgrade or buy a vehicle.
They're hesitant to catch public transport, they're eager to travel, post-lockdown, and they're confident to consume off the back of a strong economy. All our business units are currently benefiting from the beginnings of a very early Christmas rush. Lending volumes are also strengthened by the price appreciation that we've experienced in the used vehicle market and the changing landscape post the Royal Commission, as the group fills the gap created by the retreat of mainstream banking from the provision of funding for this sector. Just moving to the next slide. For those of you that are new to the story, your Money3 business is made up of three groups. Firstly, the Money3 business unit, which is the original business unit of the group, is focused on the provision of subprime automotive finance across Australia.
While we did see some softness in demand in calendar year 2020, calendar year 2021 has seen the return of strong organic growth, and we expect to see record levels of demand and profitability from this business unit throughout this financial year. Go Car Finance, the business we acquired in 2019 in New Zealand, has expanded the group's operations into New Zealand. With products that address all credit quality clients looking to purchase a vehicle, particularly a used vehicle, this business unit has seen significant growth in financial year 2021, as New Zealand managed to avoid lockdowns as a result of the ongoing pandemic. Go Car Finance started FY 2022 strongly off the back of new funding.
While lockdowns have seen some slowness in the growth of new vehicle funding at the start of this year, with the easing of those restrictions, particularly outside of Auckland, from November 2021, we have seen the return of the usual growth profile of the New Zealand business. Automotive Financial Services, this is the new business we acquired at the start of this year. The AFS business unit has spent much of 2020 prior to our acquisition in hiatus. Since that acquisition, monthly loan volumes have accelerated significantly. This June, new loan originations were up 400% on what we were originating in January, the month we acquired the business. This business unit of the group focuses on the provision of finance for prime and near-prime credit quality applicants, typically buying a near-new vehicle.
It is expected that monthly business volumes from this business unit will continue to grow rapidly as it leverages the legacy Money3 distribution channel, providing brokers and dealers within the group, the ability to satisfy most of their funding needs. In addition to consumer loans, approximately one in five of the loans written by the Automotive Financial Services team are to commercial customers. So it's a vehicle for commercial purposes, which is broadening the product mix and addressable market for the group. Moving to the next slide on the highlights. I'd like to take a moment to highlight some of the company's achievements over the last 12 months.
During financial year 2021, the group secured new funding lines from three banks, demonstrating the bank's confidence in your business and providing a significant step forward in the group's capital management plan and underpinning our ability to grow lending to over AUD 1 billion. In January 2021, after many months of due diligence, the group acquired Automotive Financial Services, expanding the credit quality of the Australian product offerings for consumers wanting to buy a vehicle, as well as expanding our group's addressable market. The group now provides finance for a range of credit quality in Australia and New Zealand. Also, in January 2021, the group completed the acquisition of General Motors Finance Australia Pty Limited, also referred to Holden Financial Services. This acquisition provided a kickstart to the year with an AUD 23 million increase to our loan book.
In December 2020, the group raised AUD 52 million of new capital via the placement to institutional shareholders, and then a corresponding share placement plan to existing shareholders that was completed in January of this year. This has strengthened the group's balance sheet and has been instrumental in supporting those two acquisitions. Moving to the next slide. Over the last 12 months, the group has experienced the ongoing effects of the COVID-19 pandemic, which has consumed considerable time and corporate energy. However, by the end of calendar year 2020, the group started to adapt to the rolling lockdowns across Australia and New Zealand, and business momentum started to return to pre-pandemic levels. By the start of this calendar year, consumer confidence returned, and that growth momentum continues to this day. In calendar year 2020, receivable growth was a combination of both acquired and organic growth.
However, this calendar year, growth we've experienced by all three business units is completely organic. New loan originations have been strong in the Q1 , although has been some softness from Victoria and New Zealand lockdowns in September and October. November has seen a very strong opening up and strong demand and we anticipate that to continue through to Christmas. Just moving to the next slide on credit quality. Credit quality has continued to improve throughout the financial year off the back of strong cash collections, and continues to improve in the Q1 of FY 2022. Government stimulus and lockdowns have seen customers making extra payments towards their loan. This, coupled with strong used vehicle pricing, particularly in Australia, has lowered arrears, reduced our write-offs, and is driving a record financial result this financial year, FY 2022.
In FY 2020, two years ago, the group expensed a one-off provision for the impact of COVID or the potential impact of COVID. To date, we have not seen the expected economic fallout from the pandemic. However, we continue to take a conservative view in terms of the likely impact post the end of the unprecedented government stimulus provided in both countries. In FY 2021, we released approximately AUD 3 million of the COVID provision, and we expect through the course of FY 2022 to progressively release the remaining portion of that provision. Moving to the next slide. In FY 2021, the group commenced debt funding relationships with 4 banks, providing the group with access to over AUD 460 million of debt funding across Australia and New Zealand. Our debt facilities are currently drawn to approximately AUD 320 million.
In addition to the debt facilities, we also have AUD 300 million of equity that is there to support the funding of our loan book and growth. Current capital structure of the group leverages that position and gives us confidence that the banks will be able to continue to increase their funding to the group, which will allow us to get to in excess of AUD 1 billion of gross loan book. Just moving to the next slide, talking about the future. The Money3 group has a long, profitable history of both acquired and organic growth. The group is well-positioned across Australia and New Zealand to be the leading provider of funding for a used vehicles to consumers .
We also have several initiatives underway to take a growing market share for new vehicle purchases from both consumers and commercials, and for commercial purposes, as well as our initiatives in growing our personal lending. While we are focused on short-term target of AUD 1 billion of loans under our management, with product and market expansion, we see our business growing to AUD 2 billion-AUD 3 billion in the medium term, while we still remain focused on our core profitable growth strategy. The group has invested and will continue to invest heavily into technology that enables the customers to apply for a loan within minutes and seamlessly as possible. Ideally, customer will apply with the information that they might be expected to carry around in their wallet or be known to them.
Using this data, along with the greater use of third-party interfaces, the group continues to cut turnaround times, as well as improve the quality of the credit decision that we write every day. The impact of these decisions will be felt in our growth numbers, our improving bad debt, and our increasing cash flows. With a strong balance sheet and profitable growth momentum, the group is in an enviable position to take advantage of any acquisition opportunities that may present themselves that are accretive to group's business. Moving on to the outlook. The current market dynamics are very favorable to the group. With the worldwide chip shortage limiting the production of new vehicles and the challenges of international transport, we're not expecting to see a significant increase in the supply of new vehicles in calendar year 2022.
This, we expect, will lead to a continuing high demand and stable pricing for used vehicles in both Australia and New Zealand throughout most of next calendar year, 2022. Finally, to conclude, while FY 2021 was a challenging year with extended Victorian lockdowns. Just like November 2020 signaled the turning point for our growth, where business started to return to pre-pandemic levels. Commencing this year, we have seen the same return. While the start of FY 2022 has presented some similar challenges to 2021, the group, consumers, brokers, and dealers, better organized and prepared to continue facilitating the purchase of a vehicle this year. With Q1 now behind us and strong lending momentum coming into Christmas, I'm pleased to guide investors to a AUD 50 million net profit after tax and a forecast 23-cent EPS.
This is an anticipated 28% growth on last financial year. Shareholders should also take note that the strong growth in outstanding loans will provide a solid foundation for profitable growth in the following financial year. This now concludes my presentation, and I would now like to hand back to Mr. Stuart Robertson, your Chairman, to conclude the formalities of the annual general meeting.
Thank you, Scott. We'll now proceed with the formal aspects of the meeting. Before doing so, I would remind you all that only shareholders or their appointed proxies and corporate representatives are entitled to vote or speak at this meeting. Voting and proxies. As each of the resolutions before us today will be decided by poll, I hereby appoint Mr. Jim Kompogiorgas of Link Market Services as the Returning Officer for the meeting. Votes will be counted after the end of the meeting and results published on the ASX and the company's website. Shareholders can cast their vote using the electronic voting card that they received after validating their online registration today. If you have not received your voting card, press the Get Voting Card button on your screen.
You'll be asked to enter your security holder reference number or holder identification number, plus postcode if you're in Australia or country if you're outside Australia. If you are intending to vote, you'll be able to finalize and submit votes up until five minutes after the meeting ends. I will remind you at the end of the meeting. The proxy votes that have been submitted prior to today's meeting will be set out on the slides shown for each resolution. For some context, the current number of Money3 shares on issue is approximately 211 million. Shareholders have appointed the chair of today's meeting, myself, as proxy for up to 105 million shares to vote either for, against, or with discretion for all resolutions.
As indicated on the proxy form and in the notice of meeting, my intention as Chair is to vote all discretionary or undirected proxies held by me in favor of each resolution. With members' permission, I would like to take the notice of meeting, including explanatory memorandum, as having been read. Now to the formal business and resolutions. Ordinary business. 2021 annual report. To receive the financial statements for Money3 Corporation Limited for the year ended 30 June 2021, together with the directors' report and the auditors' report as set out in the annual report. As advised, we have James Mooney, Audit Partner from BDO, with us today. We've received no questions prior to the meeting on the accounts or the conduct of the audit.
Terri, have shareholders posed any further questions now in relation to these accounts or the conduct of the audit to be addressed by the company's auditor?
No, Stuart.
Thank you, Terri. As there are no questions, I hereby table the accounts, and we shall move on to the formal resolutions. Resolution 1, the remuneration report. This resolution is to consider and adopt the remuneration report for the year ended 30 June 2021. On screen now are details of the valid proxies received prior to the meeting. Terri, are there any questions in relation to this resolution?
No questions, Stuart.
I now put the resolution to a vote. Please cast your vote if you wish to vote. Let's move to the next resolution. Resolution 2, the reelection of Kate Robb as a director. This resolution is to consider the reelection of Ms. Kate Robb as a director of the company. Details of Ms. Robb's qualifications, background, and experience are contained in the explanatory memorandum attached to the notice of meeting. On screen now are details of the valid proxies received prior to the meeting. Terri, are there any questions in relation to this resolution?
No questions, Stuart.
Thank you. I'll now put the resolution to a vote. Please cast your vote if you wish to vote. Let's move to the next resolution. Resolution 3, refresh the Employee Equity Plan. This resolution is to refresh the allocation of securities under Employee Equity Plan. Details of the transaction are contained in the explanatory memorandum attached to the notice of meeting. On screen now are details of the valid proxies received prior to the meeting. Terri, are there any questions in relation to this resolution?
No questions, Stuart.
Thank you. I now put the resolution to a vote. Please cast your vote if you wish to vote. Let's move to the next resolution. Resolution 4, refresh the Employee Exempt Share Plan. This resolution is to refresh the allocation of securities under the Employee Exempt Share Plan. Details of a transaction are contained in the explanatory memorandum attached to the notice of meeting. On screen now are details of the valid proxies received prior to the meeting. Terri, are there any questions in relation to this resolution?
No questions, Stuart.
Thank you. I now put the resolution to a vote. Please cast your vote if you wish to vote. Resolution 5, issue of Performance Rights to Mr. Scott Baldwin under the Employee Equity Plan. This resolution is to consider the issue of Performance Rights to Mr. Scott Baldwin. Details of the issue to Mr. Baldwin are contained in the explanatory memorandum attached to the notice of meeting. On screen now are details of the valid proxies received prior to the meeting. Terri, are there any questions in relation to this resolution?
No questions, Stuart.
Thank you. I now put the resolution to a vote. Please cast your vote if you wish to vote. Ladies and gentlemen, that concludes the formal business of the meeting. The directors and company management would be pleased to take any questions you may have regarding the company after the formal closure of the meeting. If you have not yet voted and wish to do so, please vote now. Voting will be open for five minutes after we finish question time. I thank you all for your attendance, and I close the meeting at 11:25 A.M. We will now answer any questions from shareholders posed during the meeting. Terri, are there any further questions that were submitted during the meeting?
Yes, certainly. We have a question. During COVID-19, the company made a provision of circa AUD 5 million due to the material uncertainty surrounding the pandemic. Given the fact that it would appear that the worst is over, and in light of yesterday's update release, surely Money3 are in a position to bring the balance of this provision back to the profit account.
Thank you. I'll pass to Scott.
Thanks, Stuart. I know that shareholders have had many questions in regards to the one-off provisions that we took up in 2020. In 2021, we released approximately AUD 3 million of that provision, and we expect throughout the course of this financial year that the remaining portion of that will be released provided that credit quality continues to be in the improving fashion that we're seeing given the market at the moment. You know, in answer to the question, throughout the course of this year, we expect that it will be released.
Given the very strong financial position of Money3, combined with a very solid cash flow, is the board prepared to give a firm view on the expected dividend payout ratio? Subject, of course, to no other black swan or COVID 2020 events occurring.
I'll take that. Thank you, Terri, for the question. Our dividend range of net profit after taxes, between 40% and 70% payout ratio. As I said, in my speech, we expect our payout ratio to remain consistent for FY 2022.
It's been noted that Money3 has surplus franking credits. As we all know, they are of no value to the company as such, but have serious value to shareholders. Is the board prepared to comment on possibly declaring a special dividend to pass this value through to shareholders?
Thanks, Terri. Look, the business and our focus for the business is very much focused on growth, and I think we've achieved that, and we've got plans to achieve that significant growth going forward. However, we are also mindful of our franking credits, and we do consider how best to optimize these for our shareholders going forward.
All right. One further question. The company has funding to reach an AUD 800 million growth loan book. How will the company go about funding a further AUD 200 million needed to reach the AUD 1 billion? Does the company plan on issuing more equity or just additional debt?
Thank you, Terri. I might ask Scott to respond to that question.
Thanks, Stuart. That's a very good question. The company has the funding, the debt funding facilities of approximately AUD 460 million today. The other thing shareholders should note is we also have roughly AUD 300 million of equity as well, which is able to support the equity layer within our funding facility. We currently have the ability to originate a loan book slightly over AUD 800 million, and we expect to bridge the AUD 200 million gap either through retained earnings or the equity we have today as we continue to develop deeper relationships with our funding partners. I think the question is being asked, do we need to do a capital raise in order to get to AUD 1 billion? We are very confident that we don't need to.
That by expanding our debt funding relationships with the equity that we have and the future retained earnings that the business will generate, that we have everything we need in hand today, and the growth momentum we're seeing coming into Christmas to build our business to AUD 1 billion of receivables. I do hope that answers the question.
Excellent. Well, there actually have been no further questions received. That concludes question time.
Well, thank you. Thank you everyone for attending today, and we'll drop off now. Thank you.