Slovar Limited — Capital/Financing Update 2020

Mar 22, 2020

money3

23 March 2020

COVID-19 Update

Money3 Corporation Ltd (ASX: MNY) today provides an update on the Company's operations and business due to the COVID-19 situation.

Results and Guidance

Money3 expects its earnings for the 9 months ending 31 March 2020 to be approximately $23 million, which is consistent with previous guidance of in excess of $30m NPAT for FY20.

However, we believe it is prudent to withdraw the FY20 guidance as we enter this period of uncertainty.

Funding

On 16 March 2020 Money3 advised the market that it had drawn an additional $40m on its existing debt facilities in Australia.

The Australian debt facility can be unilaterally extended by Money3 to a maturity date of December 2022, while in New Zealand the debt facilities run until April 2022.

Money3 has a strong Balance Sheet. We have ample liquidity with a cash position of $46 million. We also have very low leverage as evidenced by our net debt being 30% of the loan book.

Money3 anticipates loan volumes will decrease through the period of economic disruption, but any reduction in loan volumes will lead to an increase in the cash position, further improving liquidity.

Business continuity planning

Money3 is well prepared to deal with any disruptions that are likely to be caused by COVID-19. We have already implemented robust business continuity measures to maintain the resilience of our business operations and protect the health and well-being of our staff.

Our Melbourne and Auckland offices continue to be fully operational having introduced team splitting in order to reduce the number of staff in the office at any one time. Money3's adoption of cloud-based technology allows us to have staff working remotely in a secure environment as the need arises.

Money3 remains open for business, is well-funded and ready to support our customers through these challenging times.

-ENDS-

For further information please contact:

Managing Director
Mr Scott Baldwin
+61 3 9093 8255
s.baldwin@money3.com.au

Chief Financial Officer
Siva Subramani
+61 3 9093 8246
s.subramani@money3.com.au

ABOUT MONEY3 CORPORATION LIMITED (ASX: MNY)

Money3 Corporation Ltd is a financial services company listed on the Australian Stock Exchange (ASX: MNY), specialising in the provision of automotive finance for new and used vehicles of all shapes and sizes as well as personal loans for a variety of needs.

Money3 operates in Australia and trades as Go Car Finance Ltd in New Zealand, with over 20 years of lending experience the group has advanced over $1bn in loans to over 500k customers in both countries.

With a focus on consumers looking for finance with a personal touch with real people you can talk to, Money3 is a creditable alternative to banks. All loans are assessed based on affordability and a consumer's ability to meet repayments and lending conditions.

Money3 Corporation Limited
ABN 63 117 296 143
ACL 389 782
Money3
40 Graduate Road
Bundoora, Vic, 3083
T 61 3 9093 8255
F 61 3 9093 8227
E info@money3.com.au
investors.Money3.com.au
www.Money3.com.au
www.GoCar.co.nz