MPG – 2019 Interim Results Release

NZX, ASX and Media Release                                                 26 November 2018 
 
Sustained operational improvements in New Zealand offset by 
challenges in Australia 
Summary of the unaudited results for the six months ended 30 September 2018 (1H19)
 1 
$m New Zealand Australia Group 
  1H19 1H18 1H19 1H18 1H19 1H18 
Revenue 113.0 112.1 27.5 29.6 140.5 141.7 
Segmental EBIT
2
 17.0 16.9 (1.3)2.6     
EBIT     15.5  18.8 
Profit for the period     9.1  11.8 
 
 Group revenue of $140.5m (‐1%), EBIT of $15.5m (‐18%) and NPAT of $9.1m (‐22%), impacted by poor 
trading results in Australia 
 NZ revenue and EBIT in line with 1H18, with growing North Island activity offset by further South Island 
declines. Sustained improvements in service levels 
were delivered 
 Australian EBIT was impacted by operational challenges and the Tasmanian plant start‐up. A new senior 
leadership team is in place and focused on stabilising performance in the second half of the year 
 Net debt increased by $1.3 million to $95.2 million (2.3x EBITDA). Announced the intention
 to prioritise 
debt repayments and declare no further dividends until net debt to EBITDA reduces to ~1.5x 
 Revised Group FY19 EBIT guidance of circa. $28 million 
 Simon Mander joined on 19 November as Metroglass’ new CEO 
Metro Performance Glass (NZX.MPG, ASX.MPP, Metroglass) today reports good progress driving operational 
improvements across the New Zealand business, diluted by challenges linked to the restructure of its Australian 
business, AGG.   
Metroglass Chairman Peter Griffiths said: “During the first six months of the 2019 financial year the company 
has been focused on its refreshed strategy to improve execution, deliver financial performance from the 
investments
 we have made in additional production capacity and leverage our strong market position.  
“We have made progress across all parts of the business, but the 1H19 financial results illustrate that the delivery 
of our strategy has differed across New Zealand and Australia.   
“Our top priority in the half year has 
been the New Zealand operations, where pleasingly we have achieved 
sustained improvements in customer experience and operating performance. We also believe we are making 
progress in developing our business culture. By way of an example, New Zealand’s ‘delivery‐in‐full‐on‐time’ 
performance for our customers in the first half was
 the highest it has been for over 2 years.   
“The Australian business, AGG, remains challenging. The market is supportive and the recent capital investment 
programme is showing promise on lifting production capacity and improving manufacturing efficiency. However, 
                                                            
1
 All prior period comparisons are to the half year ended 30 September 2017 (1H18) unless otherwise stated. 
2
 All non‐Generally Accepted Accounting Principles (GAAP) financial measures are defined and reconciled to a GAAP measure in the investor 
presentation also released today, available here: https://www.metroglass.co.nz/investor‐centre/investor‐presentations/.
 

    
2 
 
it is taking longer than originally planned to reset AGG’s operations, people and culture. This has impacted its 
year to date financial performance and highlighted further capability gaps we are working to address. 
“In spite of the current challenges, we believe in the longer‐term opportunities that this business offers. The
 
market, while very competitive, is significantly larger than New Zealand and we’re seeing continued regulatory 
moves supporting the uptake of double glazing, which is at the core of our product offer.  
“The recent capital programme upgrades are now completed, and we have recently made a number of changes 
to the 
leadership team. We are confident the performance improvement initiatives that have delivered such 
strong results in New Zealand can be successfully exported across the Tasman. We also expect that AGG will 
benefit from increasing penetration of double glazing alongside supportive regulatory changes in our target 
markets. We are focused on stabilising
 AGG’s performance in the second half of the year and returning the 
business to profitable growth in FY20.” 
Mr Griffiths said Simon Mander, the new Group CEO appointed in August, joined the company earlier this month 
and is well underway in preparing for the challenge. Simon is an experienced and 
inclusive people leader, who 
brings a strong track record in the New Zealand manufacturing and building material sectors. We’re excited to 
have him on board,” he said.  
Changes in Metroglass’ competitive landscape 
“The broader industry in which we operate is continuing to evolve, presenting us with both opportunities and 
risks. Market
 penetration of advanced glass products continues to increase, our largest glass processing 
competitor is currently undergoing a sale process and additional glass processing capacity is being added in New 
Zealand and Australia alongside continuing strong levels of construction activity.  
“On the 19th of November, we announced that we had become 
aware that a large aluminium extruding business 
is planning to enter the New Zealand glass processing market. We understand that they intend to build a plant 
near Hamilton which will gradually come on stream from mid‐2020.  
“Metroglass has a 30 year history of adapting to and benefiting from significant changes
 to our products, 
customer demands, manufacturing technology, building regulations and volatile building cycles.  
“To meet these future challenges and deliver for our shareholders, we must continue to have a clear focus on 
what matters to our customers. And we must leverage our scale and our ability to efficiently and quickly 
manufacture and deliver high‐specification glass products and services to ensure we meet those demands.” 
Capital management and dividends 
“The board has reviewed the group’s leverage and dividend policy against its current operating performance, its 
long‐term strategy, the uncertain future competitive landscape, and expectations of how the Australasian 
building cycles
 could evolve in the coming years. 
“Following this review, and after considering a range of options, the board believes it is in the best interests of 
the group to prioritise debt reduction, and to declare no further dividends until the group’s leverage ratio (as 
measured by net debt to rolling 
12‐month EBITDA) is reduced to approximately 1.5 times. At 30 September 2018, 
this ratio was 2.3 times.” 
Metroglass refinanced its syndicated debt facilities in September 2018 for a further three years, with no changes 
to the covenant structure and headroom of more than $30 million as at 30 September 2018.
 
Outlook for FY19 
Mr Griffiths said “elevated levels of residential and non‐residential construction in New Zealand, and residential 
activity in South East Australia provide a generally supportive market environment, with the one exception being 
the continuing slowdown in Canterbury. As has been broadly the case for some time now, 
strong economic 
fundamentals continue to support strong activity, but supply‐side constraints are limiting growth. 

    
3 
 
“We note the softening of leading indicators of Australian residential construction activity, and multi‐residential 
approvals in particular. AGG is primarily involved with new detached houses and alterations and additions, in 
the South East of Australia. These segments have been less impacted to date, however are also expected to 
soften in
 the coming 12‐24 months. 
“Future market conditions are always difficult to predict, and industry commentators are currently predicting a 
broad range of potential market trajectories. Leading indicators point to steady levels of activity in the near 
term, and we are not expecting any major changes to market demand over 
the remainder of the year. 
“The financial performance of New Zealand is on target and ahead of the same period last year. However, as 
indicated at the Annual Shareholders meeting, Australia has not performed to expectations. Consequently, we 
now expect FY19 Group EBIT of circa. $28 million.   
“We expect capital expenditure
 for the year to be approximately $8 million and debt reduction of approximately 
$7m. This debt repayment level doesn’t reflect the full impact of the temporary dividend suspension noted 
above due to the lag in dividend payments.” 
 
MANAGEMENT REVIEW 
New Zealand 
New Zealand operations delivered improved customer service results and achieved sustained operational and 
organisational improvements. We have launched a number of people‐focused initiatives in recent months and 
have pleasingly seen a meaningful decline in voluntary staff turnover.  Our New Zealand glass category market 
share for the six month period was
 55%, impacted modestly in the period by our inventory reduction 
programme.  
These results were supported by additional investments in our people, including the on boarding of new 
management talent and capability, increasing the leadership and supervision within our plants, and aligning 
wage rates with the market. 
Total revenue in New 
Zealand grew by $0.9 million or 1%. North Island sales grew by 7%, while the South Island 
fell by 9% as a result of significantly lower activity in the Canterbury region, especially in commercial glazing. 
Residential sales grew by 2% on a national basis, driven predominantly by an increase in sales
 to residential 
window fabricators in the North Island. 
Commercial Glazing revenue fell 4% in 1H19 to $24.2 million, with double digit growth in the North Island more 
than offset by an almost halving of South Island commercial glazing revenue following the completion of a 
number of significant projects in the 
region. The business is also continuing to focus on selecting projects that 
are within its core competencies and that it can deliver on‐time and profitably.   
Revenue from the RetroFit double‐glazing channel grew 5% to $12.2 million in 1H19, impacted by softer than 
anticipated leads in the period. 
New Zealand
 delivered EBIT of $17.0 million, consistent with the prior period. Within this result, underlying 
profit improvement was impacted by a significant decline in Canterbury commercial glazing activity, increased 
costs relating to distribution and logistics costs, notably including the rise in fuel costs, labour costs and 
depreciation following the FY18 capital 
programme.  
In New Zealand the contribution margin (before overheads) increased by 6% and EBITDA increased by 4% versus 
1H18.  Overheads increased by $1.3 million on account of increased professional services relating to technical 
compliance, higher recruitment costs and staff costs relating to prior periods.  

    
4 
 
As noted earlier, Canterbury Commercial Glazing revenue almost halved in 1H19, resulting in a $1.5 million EBIT 
impact in the period. In line with the more muted outlook for the business and the new focus of the broader 
commercial operation, it is being restructured to deliver improved levels of profitability. 
 
Australia 
The Victoria and New South Wales operations had a challenging six months. Both plants struggled to achieve 
efficiency targets and had equipment commissioning issues post the capital programme’s completion and a 
refocus of the business on double glazing. There was also increased competitor activity, particularly in Victoria. 
These changes have highlighted
 several organisational gaps. To address these issues the business has recently 
appointed an acting Chief Executive and new General Managers for each of the mainland states. The new 
leadership team brings considerable manufacturing experience and focus to the business as it works to stabilise 
performance in the second half of 
the year. 
The New South Wales business is transitioning from one that predominantly produces processed toughened 
glass to one focused on double glazed units, and this transition has impacted service levels and market share. 
Processing equipment transferred to New South Wales from Highbrook is now performing well and has 
positioned the
 business well to drive a more efficient production flow. We are confident organisational changes 
and cultural improvements will allow the business to grow its sales without adding proportional cost. 
AGG opened its third Australian processing plant in Hobart, Tasmania in early 2018. This plant enables the 
company to offer better 
service to local customers and has freed up processing capacity in the Victorian plant 
which previously serviced the Tasmanian market. The operation did not start up as smoothly as we would have 
liked, and initially this weighed on service levels and ultimately on AGG’s market share on the island. However, 
the
 plant is now performing well and is also delivering annualised sales well ahead of what AGG has historically 
achieved in Tasmania.  
The Victorian plant is yet to fully utilise the capacity made available with the commissioning of the Tasmanian 
plant. We are confident that, post the capital programme, it has
 the right equipment to meet the market, but it 
is also clear that with investment in line management and the culture of the organisation it has strong potential 
to deliver service level improvements leading to higher sales and improved financial results.  
AGG today holds a relatively small position in the 
large and fragmented South East Australian glass processing 
market. Despite current operational issues, we continue to see opportunity and long term value in this 
investment benefiting from anticipated changes in the market for double glazing and the performance 
improvement initiatives currently underway. Metroglass has considerable experience in operating and 
improving the
 performance of similar operations in New Zealand, but embedding sustained improvements in 
these businesses does take time. 
We have made a number of changes to the Australian leadership team, and they are firmly focused on stabilising 
performance in the second half of the year. 
Australian Glass Group (AGG) revenue declined 
by $2.1 million or 7% to $27.5 million in 1H19. Most of this 
decline occurred in New South Wales where revenue fell by $1.5 million.  
AGG’s EBIT fell from a profit of $2.6 million in 1H18 to an EBIT loss of $1.3 million in 1H19. This result was due 
to the
 slow start‐up of a new processing facility in Tasmania, and production difficulties in the Victoria and New 
South Wales operations. It also faced higher electricity costs of $0.4 million and additional depreciation of $0.5 
million.  
The transfer of Tasmanian customers from the Victorian plant to the new Tasmanian plant 
impacted on service 
delivery for our customers, which combined with the diseconomies of scale associated with a greenfield start‐
up, had a combined negative impact of $1.7 million on 1H19 EBIT results. 

    
5 
 
The Victoria and New South Wales plants each had extended periods of variable production performance 
following the introduction of new machinery and significant changes made to the site layouts in early 2018. The 
situation was compounded by higher than typical levels of staff turnover.  
The Victorian plant is not yet utilising
 the capacity made available with the start‐up of the Tasmanian operation 
and this has weighed on operating margins. Tasmania is now operating well and remains on track to operate at 
an EBIT break‐even run rate by the end of FY19. 
Balance sheet and cash flows 
Total working capital 
improved on the prior year. The significant move was in inventory decreasing by $1.2 
million with a focused inventory management program in New Zealand partially offset by the build‐up of 
inventory in Australia for the new Tasmanian plant.  
Net debt increased by $1.3 million in the half to $95.2 million.
  Operating cash flows reduced primarily due to 
the poor Australian trading result, which included increased working capital, as well as increased Group interest 
and tax payments. 
Group gearing (net interest‐bearing debt / (net interest‐bearing debt + equity) increased slightly from 36.7% at 
30 September 2017 to 36.9% at 
30 September 2018. Debt reduction is a key focus in the second half of the year. 
Capital expenditure of $2.3 million in the first half of the financial year represents a 76% reduction on the $9.7 
million invested in 1H18, however increased spending is anticipated in the second half of the
 year. 
/ends 
 
HALF YEAR RESULTS WEBCAST AND CONFERENCE CALL: 
Metro Performance Glass Limited will host a conference call today to review its results for the 6 months ended 
30 September 2018. The conference call is scheduled to begin at 10am NZDT, and can be joined by webcast or 
conference call.
 
You can listen to the webcast via the company’s website: www.metroglass.co.nz/investor‐centre or directly: 
https://edge.media‐server.com/m6/go/Metro‐Glass‐2019‐interim‐results. Please allow extra time prior to the 
webcast to visit the site and download streaming media software if required. An online archive of the event will 
be available after 2pm on the day. 
To join the conference call, participants will need to dial in to one of the numbers below at least 5 minutes prior 
to the scheduled
 call time and identify yourself to the operator. When prompted, please quote the conference 
code: 7009993. 
New Zealand Toll Free 0800 815 732 
International                 +64 (0)9 976 0019  
Australia Toll Free 1800 820 237 
Australia  (Sydney)               +61 (0)2 9193 3761 
Australia  (Melbourne)         +61 (0)3 8317 0931    
United Kingdom Toll Free 0800 279 7204 
US/Canada Toll Free 888 256 1007 
 
 
For further information please contact: 
Andrew Paterson
, Investor Relations  
(+64) 027 403 4323 
andrew.paterson@metroglass.co.nz

---

INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018

Laminated glass canopy
Hastings St, Napier.

1
Metro Performance Glass is
at the forefront of providing
high-performance glass and
industry-leading service to
Australasian residential and
commercial construction
markets. We have an extensive
network of seven Australasian
processing plants and
thirteen distribution or retail
sites across New Zealand.
We are Australasia’s leading
manufacturer and installer
of double-glazed windows
for both new residential
and retrofit markets. We
also process annealed,
toughened, laminated, painted
and digitally-printed glass
products for applications
ranging from mirrors,
showers, balustrades and
kitchen splashbacks to
commercial façades. Our
goal, in everything we do,
is ‘Performance without
Compromise’.
Chair’s review 2
IH19 result: Management review 6
Independent auditor’s report 10
Statement of comprehensive income 12
Statement of financial position 13
Statement of change in equity 15
Statement of cash flows 18
Notes to the financial statements 19
Cover image: digitally printed double
glazed façade Maurie Wilson Ave, Manukau.

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
2
During the first six months of the 2019 financial year
Metroglass has been focused on establishing a solid
foundation on which to build future business performance.
CHAIR’S REVIEW
We have made a number of personnel
changes. We appointed a new director,
Rhys Jones, and recruited a number of
new senior leaders, including Simon Mander
as the new Group CEO, Steve Hamer the
Acting CEO of Australian Glass Group and
four regional General Managers across the
Metroglass Group.
We are reorganising our Canterbury
business to reflect softer market
conditions there, and we have also made
a number of other changes to the
management and operating structure of
the Australian business.
DELIVERING ON THE REFRESHED
STRATEGY
In May, we presented our updated strategy
to improve execution, deliver financial
performance from the investments we
have made in additional production capacity
and leverage our strong market position.
Our delivery centres around four key
initiatives:
1. Delivering market leading service to our
customers
2. Developing our organisational capabilities
3. Maintaining our scale position via
product and channel leadership
4. Leveraging our scale and assets to
deliver lowest total delivered cost

3
We intend to make significant ground on all of
these objectives over the next 12-24 months.
At the heart of our strategy is an absolute
dedication to excellent service for our
customers. This covers many important
factors including quality, delivery accuracy,
product range, technical support, distribution
capabilities, and strong relationships.
Additionally, we are continuing to foster a
best-practise production culture to deliver
sustained and consistent manufacturing
performance.
Metroglass has built a strong asset base
across New Zealand and Australia. We see
the most meaningful near-term gains
coming from supporting, training and
engaging our people, and seeking continual
incremental improvements in our processes.
We have made significant investment in our
people, by recruiting new management
talent and capability across the Group,
increasing the leadership and supervision
within our plants, improving sales systems
and aligning our wage rates with an
increasingly competitive labour market.
At this stage, the delivery of our strategy
has differed across New Zealand and
Australia.
Our top priority in the half year has been
the New Zealand operations, where
pleasingly we have achieved sustained
improvements in customer experience and
operating performance. We also believe we
are making progress in developing our
business culture. By way of an example,
New Zealand’s ‘delivery-in-full-on-time’
performance for our customers in the
first half was the highest it has been for
over 2 years. We have actively engaged our
customers through a recent survey and
based on their feedback we are now
focused on their next priority areas for
improvement.
The Australian business, AGG, remains
challenging. The market remains supportive
and the recent capital investment
programme is showing promise on lifting
production capacity and improving
manufacturing efficiency. However, it is
taking longer than originally planned to
reset AGG’s operations, people and culture.
This has impacted its year to date financial
performance and highlighted further
capability gaps we are working to address.
In spite of the current challenges, we
believe in the longer-term opportunities
that this business offers. The market, while
very competitive, is significantly larger than
New Zealand and we’re seeing continued
regulatory moves supporting the uptake of
double glazing, which is at the core of our
product offer.
The recent capital programme upgrades
are now completed, and we have recently
made a number of changes to the
leadership team. We are confident the
performance improvement initiatives that
have delivered such strong results in New
Zealand can be successfully exported
across the Tasman. We also expect that
AGG will benefit from increasing
“At the heart of our strategy is an absolute dedication to
excellent service for our customers, including quality,
delivery accuracy, product range, technical support,
distribution capabilities and strong relationships.”

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
4
penetration of double glazing alongside
supportive regulatory changes in our
target markets. We are focused on
stabilising AGG’s performance in the
second half of the year and returning the
business to profitable growth in FY20.
CHANGES IN METROGLASS’ COMPETITIVE
LANDSCAPE
The broader industry in which we operate is
continuing to evolve, presenting us with both
opportunities and risks. Market penetration
of advanced glass products continues to
increase, our largest glass processing
competitor is currently undergoing a sale
process and additional glass processing
capacity is being added in New Zealand and
Australia alongside continuing strong levels
of construction activity.
On the 19th of November, we announced
that we had become aware that a large
aluminium extruding business is planning to
enter the New Zealand glass processing
market. We understand that they intend to
build a plant near Hamilton which will
gradually come on stream from mid-2020.
This new entrant already has relationships
with a network of affiliated window
manufacturing businesses across New
Zealand through aluminium supply.
Metroglass currently supplies glass to the
majority of these window manufacturers,
who are predominantly independently owned
and run, and will continue to choose their
glass suppliers based on quality, delivery
accuracy, product range, technical support
and distribution capabilities.
Metroglass has a 30 year history of
adapting to and benefiting from significant
changes to our products, customer
demands, manufacturing technology, building
regulations and volatile building cycles.
Change has been constant throughout
Metroglass’ history, and the company stands
today as the clear market leader.
To meet these future challenges and deliver
for our shareholders, we must continue to
have a clear focus on what matters to our
customers. And we must leverage our scale
and our ability to efficiently and quickly
manufacture and deliver high-specification
glass products and services to ensure we
meet those demands.
MARKET CONDITIONS
Elevated levels of residential and
non-residential construction in
New Zealand, and residential activity in
South East Australia provide a generally
supportive market environment, with
the one exception being the continuing
slowdown in Canterbury. As has been
broadly the case for some time now,
strong economic fundamentals continue
to support strong activity, but supply-side
constraints are limiting growth.
We note the softening of leading
indicators of Australian residential
construction activity, and multi-residential
approvals in particular. AGG is primarily
involved with new detached houses and
alterations and additions, in the South
East of Australia. These segments have
been less impacted to date, however are
also expected to soften in the coming
12-24 months.
CAPITAL MANAGEMENT AND DIVIDENDS
The board has reviewed the group’s
leverage and dividend policy against its
current operating performance, its
long-term strategy, the uncertain future
competitive landscape, and expectations
of how the Australasian building cycles
could evolve in the coming years.
Following this review, and after
considering a range of options, the board
believes it is in the best interests of the
group to prioritise debt reduction, and to
declare no further dividends until the

5
Laminated Sentry glass balustrade
and glass partition wall, Buckley Ave,
Hobsonville Point.
Glass façade Mini show room
Broadway, Newmarket.
group’s leverage ratio (as measured by net
debt to rolling 12-month EBITDA) is
reduced to approximately 1.5 times. At 30
September 2018, this ratio was 2.3 times.
Metroglass refinanced its syndicated debt
facilities in September 2018 for a further
three years, with no changes to the
covenant structure and headroom of more
than $30 million as at 30 September 2018.
OUTLOOK FOR FY19
Future market conditions are always
difficult to predict, and industry
commentators are currently predicting a
broad range of potential market
trajectories. Leading indicators point to
steady levels of activity in the near term,
and we are not expecting any major
changes to market demand over the
remainder of the year.
The financial performance of New Zealand
is on target and ahead of the same period
last year. However, as indicated at the
Annual Shareholders’ Meeting, Australia has
not performed to expectations.
Consequently, we now expect FY19 Group
EBIT of circa. $28 million.
We expect capital expenditure for the year
to be approximately $8 million and debt
reduction of approximately $7m. This debt
repayment level doesn’t reflect the full
impact of the temporary dividend
suspension noted above due to the lag in
dividend payments.
PETER GRIFFITHS
Chair

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
6
SUMMARY
Group revenue of $140.5 million for the six
months to 30 September 2018 (1H19) was
in line with the prior comparable period
(1H18). New Zealand revenue rose 1% to
$113.0 million while Australian revenue fell
7% to $27.5 million. Earnings before interest
and tax (EBIT) for the half year was $15.5
million, down from $18.8 million in 1H18. Net
profit after tax (NPAT) for 1H19 was $9.1
million, 22% lower than last year.
Metroglass’ New Zealand operations
delivered improved customer service
results and achieved sustained operational
and organisational improvements. We have
launched a number of people-focused
initiatives in recent months and have
pleasingly seen a meaningful decline in
voluntary staff turnover.
Our New Zealand glass category market
share for the six month period was 55%,
impacted modestly in the period by our
inventory reduction programme.
These results were supported by additional
investments in our people, including the on
boarding of new management talent and
capability, increasing the leadership and
supervision within our plants, and aligning
wage rates with the market.
New Zealand delivered EBIT of $17.0 million,
consistent with the prior period. Within this
result, underlying profit improvement was
impacted by a significant decline in
Canterbury commercial glazing activity,
increased costs relating to distribution and
logistics costs, notably including the rise in
fuel costs, labour costs and depreciation
following the FY18 capital programme.
Meanwhile, the Australian business faced a
number of significant operational
challenges in the half year which impacted
its financial results. Sales in 1H19 declined
7% to $27.5 million and EBIT fell from a
profit of $2.6 million in 1H18 to an EBIT loss
of $1.3 million in 1H19. We have made a
number of changes to the business’
leadership team, and they are firmly
focused on stabilising performance in the
second half of the year.
GROUP REVENUE BY SEGMENT
$140.5 million, -$1.2 million
1H19 RESULT: MANAGEMENT REVIEW
Residential
(NZ)
Commercial Glazing
(NZ)
76.7
75.3
24.2
25.2
11.6
29.6
141.7140.5
(1%)+1% (NZ)
2%
12.2
27.5
Retrofit
(NZ)
Metroglass GroupAustralian Glass
Group
1H19
1H18
+5%(4%)(7%)

7
New Zealand $113.0 million (+1%)
Total revenue in New Zealand grew by $0.9
million or 1%. North Island sales grew by 7%,
while the South Island fell by 9% as a result
of significantly lower activity in the
Canterbury region, especially in commercial
glazing projects.
Residential sales grew by 2% on a national
basis, driven predominantly by an increase
in sales to residential window fabricators
in the North Island.
Commercial Glazing revenue fell 4% in H19
to $24.2 million, with double digit growth in
the North Island more than offset by an
almost halving of South Island commercial
glazing revenue following the completion of
a number of significant projects in the
region. The business is also continuing to
focus on selecting projects that are within
its core competencies and that it can
deliver on-time and profitably.
Revenue from the RetroFit double-glazing
channel grew 5% to $12.2 million in 1H19,
impacted by softer than anticipated leads
in the period.
Australia $27.5 million (-7%)
Australian Glass Group (AGG) revenue
declined by $2.1 million or 7% to $27.5 million
in 1H19. Most of this decline occurred in New
South Wales where revenue fell by $1.5 million.
The Victoria and New South Wales
operations had a challenging six months.
Both plants struggled to achieve efficiency
targets and had equipment commissioning
issues post the capital programme’s
completion and a refocus of the business
on double glazing. There was also increased
competitor activity, particularly in Victoria.
These changes have highlighted several
organisational gaps. To address these issues
the business has recently appointed an
acting Chief Executive and new General
Managers for each of the mainland states.
The new leadership team brings
considerable manufacturing experience and
focus to the business as it works to stabilise
performance in the second half of the year.
The New South Wales business is
transitioning from one that predominantly
produces processed toughened glass to
one focused on double glazed units, and
this transition has impacted service levels
and market share. Processing equipment
transferred to New South Wales from
Highbrook is now performing well and has
positioned the business well to drive a
more efficient production flow. We are
confident organisational changes and
cultural improvements will allow the
business to grow its sales without adding
proportional cost.
EARNINGS BEFORE INTEREST AND TAX (EBIT)
$mNew ZealandAustraliaGroup
1H191H181H191H181H191H18
Revenue113.0112.1 27.5 29.6 140.5141.7
Segmental EBIT17.0 16.9 (1.3)2.6
EBIT 15.5 18.8
Profit for the period 9.111.8

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
8
AGG opened its third Australian processing
plant in Hobart, Tasmania in early 2018. This
plant enables the company to offer better
service to local customers and has freed
up processing capacity in the Victorian
plant which previously serviced the
Tasmanian market. The operation did not
start up as smoothly as we would have
liked, and initially this weighed on service
levels and ultimately on AGG’s market share
on the island. However, the plant is now
performing well and is also delivering
annualised sales well ahead of what AGG
has historically achieved in Tasmania.
The Victorian plant is yet to fully utilise
the capacity made available with the
commissioning of the Tasmanian plant.
We are confident that, post the capital
programme, it has the right equipment to
meet the market, but it is also clear that
with investment in line management and
the culture of the organisation it has
strong potential to deliver service level
improvements leading to higher sales and
improved financial results.
AGG today holds a relatively small position
in the large and fragmented South East
Australian glass processing market.
Despite current operational issues, we
continue to see opportunity and long term
value in this investment benefiting from
anticipated changes in the market for
double glazing and the performance
improvement initiatives currently underway.
Metroglass has considerable experience in
operating and improving the performance
of similar operations in New Zealand, but
embedding sustained improvements in
these businesses does take time.
EBIT VARIANCE ANALYSIS
$15.5 million, -$3.3 million
1H18 EBIT
Canterbur
y
commercial glazing
18.8
1.5
3.8
0.6
1.3
0.7
1.0
0.5
15.5
0.6
0.3
1.7
Underlying NZ gross

profi
t % improvement
NZ fa
ctor
y labour
NZ overheads
,
depreciation & other
Other Group cost
s
1H19 EBIT
AGG electricity

& other
AGG depreciation
New South
Wa
les
re
venue declin
e
Ta
smanian star
t-up
impact
NZ distribution
cost
s

9
Group EBIT for the half year fell by
$3.3 million to $15.5 million.
New Zealand
New Zealand’s EBIT of $17.0 million was in
line with the prior comparable period.
New Zealand’s EBIT result included an
improved underlying gross profit margin
driven by improved pricing, product mix and
savings in material costs following improved
inventory management. Offsetting this
improvement, Metroglass faced increased
costs relating to labour, distribution costs
(largely fuel), and depreciation following the
FY18 capital programme.
In New Zealand the contribution margin
(before overheads) increased by 6% and
EBITDA increased by 4% compared to the
prior comparable period. Overheads
increased by $1.3 million on account of
increased professional services relating to
technical compliance, higher recruitment
costs and staff costs relating to prior
periods.
As noted earlier, Canterbury Commercial
Glazing revenue almost halved in 1H19,
resulting in a $1.5 million EBIT impact in
the period. In line with the more muted
outlook for the business and the new focus
of the broader commercial operation, it is
being restructured to deliver improved
levels of profitability.
Australia
AGG’s EBIT fell from a profit of $2.6 million in
1H18 to an EBIT loss of $1.3 million in 1H19.
This result was due to the slow start-up of
a new processing facility in Tasmania, and
production difficulties in the Victoria and
New South Wales operations. It also faced
higher electricity costs of $0.4 million and
additional depreciation of $0.5 million.
The transfer of Tasmanian customers from
the Victorian plant to the new Tasmanian
plant impacted on service delivery for our
customers and which, combined with the
diseconomies of scale associated with a
greenfield startup, had a combined negative
impact of $1.7 million on 1H19 EBIT results.
The Victoria and New South Wales plants
each had extended periods of variable
production performance following the
introduction of new machinery and
significant changes made to the site
layouts in early 2018. The situation was
compounded by higher than typical levels
of staff turnover.
The Victorian plant is not yet utilising the
capacity made available with the start-up
of the Tasmanian operation and this has
weighed on operating margins. Tasmania is
now operating well and remains on track to
operate at an EBIT break-even run rate by
the end of FY19.
BALANCE SHEET AND CASH FLOWS
Total working capital improved on the
prior year. The significant move was in
inventory decreasing by $1.2 million with a
focused inventory management program in
New Zealand partially offset by the build-up
of inventory in Australia for the new
Tasmanian plant.
Net debt increased by $1.3 million in the
half to $95.2 million. Operating cash flows
reduced primarily due to the poor
Australian trading result, which included
increased working capital, as well as
increased Group interest and tax payments.
Group gearing (net interest-bearing
debt / (net interest-bearing debt +
equity) increased slightly from 36.7%
at 30 September 2017 to 36.9% at
30 September 2018. Debt reduction is a
key focus in the second half of the year.
Capital expenditure of $2.3 million in the
first half of the financial year represents a
76% reduction on the $9.7 million invested
in the prior comparable period, however
increased spending is anticipated in the
second half of the year.

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
10
PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent review report
To the shareholders of Metro Performance Glass Limited
Report on the consolidated interim financial statements
We have reviewed the accompanying consolidated interim financial statements of Metro Performance
Glass Limited (“the Company”) and its controlled entities (“the Group”) on pages 12 to 28, which
comprise the consolidated interim statement of financial position as at 30 September 2018, and the
consolidated interim statement of comprehensive income, the consolidated interim statement of
changes in equity and the consolidated interim statement of cash flows for the half year ended on that
date, and notes to the consolidated financial statements.
Directors’ responsibility for the consolidated interim financial statements
The Directors are responsible on behalf of the Group for the preparation and presentation of these
consolidated interim financial statements in accordance with International Accounting Standard 34
Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34) and for such internal controls as the Directors
determine are necessary to enable the preparation of interim financial statements that are free from
material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying consolidated interim financial
statements based on our review. We conducted our review in accordance with the New Zealand
Standard on Review Engagements 2410Review of Financial Statements Performed by the
Independent Auditor of the Entity(NZ SRE 2410). NZ SRE 2410 requires us to conclude whether
anything has come to our attention that causes us to believe that the consolidated interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34. As the auditors of the Company, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance
engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
International Standards on Auditing. Accordingly, we do not express an audit opinion on these
consolidated interim financial statements.
We are independent of the Group. Our firm carries out other services for the Group in the areas of
executive reward and other tax related services. The provision of these other services has not impaired
our independence.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these
consolidated interim financial statements of the Group are not prepared, in all material respects, in
accordance with IAS 34 and NZ IAS 34.

11
PwC3
Whowereportto
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state to the Company’s shareholders those matters which we are required
to state to them in our review report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the shareholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered AccountantsAuckland
26 November 2018

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
12
CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE HALF YEAR ENDED 30 SEPTEMBER (UNAUDITED)
CONSOLIDATEDCONSOLIDATED
Sep-18
$’000
Sep-17
$’000
Sales revenue140,520141,706
Cost of sales(77,566)(77,954)
Gross Profit62,954 63,752
Distribution and glazing related expenses(22,355)(21,589)
Selling and marketing expenses(6,986)(7,016)
Administration expenses(18,123)(16,315)
Operating profit15,490 18,832
Interest expense(2,655)(2,347)
Interest income594
Profit before income taxation12,840 16,579
Income taxation expense(3,710)(4,808)
Profit for the period9,130 11,771
Other Comprehensive Income
Exchange differences on translation
of foreign operations513(79)
Cash flow hedges953368
Total comprehensive income for the period
attributable to shareholders10,596 12,060
Earnings per share
Basic Earnings per share (cents per share)4.96.4
Diluted Earnings per share (cents per share)4.96.2
The Board of Directors authorised these financial statements for issue on 26 November 2018.
For and on behalf of the Board:
Peter Griffiths Willem (Bill) Roest
Chairman Director
The above statement of comprehensive income should be read in conjunction with the
accompanying notes.

13
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AT 30 SEPTEMBER (UNAUDITED)
CONSOLIDATEDCONSOLIDATED
(AUDITED)
CONSOLIDATED
Sep-18
$’000
Mar-18
$’000
Sep-17
$’000
Assets
Current assets
Cash and cash equivalents2,709360–
Trade and other receivables42,14440,41742,785
Inventories24,02323,53125,233
Derivative financial instruments1,104––
Income tax asset1,344––
Other current assets4,8555,5374,384
Total current assets76,17969,84572,402
Non-current assets
Property, plant and equipment65,76568,37262,047
Deferred tax assets3,2073,0833,692
Intangible assets158,634159,487162,087
Total non-current assets227,606230,942227,826
Total assets303,785 300,787 300,228
Liabilities
Current liabilities
Bank overdraft2,5383,8572,365
Trade and other payables29,59731,33130,323
Contract liabilities1,081––
Income tax liability1,5342,7763,502
Derivative financial instruments321315871
Provisions9361,3313,462
Total current liabilities36,00739,61040,523

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
14
CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (CONT.)
CONSOLIDATEDCONSOLIDATED
(AUDITED)
CONSOLIDATED
Sep-18
$’000
Mar-18
$’000
Sep-17
$’000
Non-current liabilities
Deferred tax liabilities3,1323,5143,931
Interest bearing liabilities95,40290,81891,547
Derivative financial instruments689919–
Lease incentive2,6222,5722,567
Provisions3,0983,018–
Total non-current liabilities104,943100,84198,045
Total liabilities140,950 140,451 138,568
Net assets162,835 160,336 161,660
Equity
Contributed equity306,653306,653305,165
Retained earnings25,40924,23326,393
Group reorganisation reserve(170,665)(170,665)(170,665)
Share based payments reserve612755686
Foreign currency translation
reserve762249708
Cash flow hedge reserve64(889)(627)
Total equity162,835 160,336 161,660
The above statement of financial position should be read in conjunction with the
accompanying notes.

15
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE HALF YEAR ENDED 30 SEPTEMBER (UNAUDITED)
CONSOLIDATED
CONTRIBUTED
EQUITY
RESERVESRETAINED
EARNINGS
TOTAL
$’000$’000$’000$’000
Opening balance as at
1 April 2017304,950(170,492)22,037156,495
Profit for the period––11,77111,771
Movement in foreign currency
translation reserve–(79)–(79)
Other comprehensive income
for the period–368–368
Total comprehensive income
(loss) for the period–289 11,77112,060
Dividends Paid––(7,415)(7,415)
Payments received on
management incentive
plan shares215––215
Movement in share based
payments reserve–305–305
Total transactions with
owners, recognised directly
in equity215305(7,415)(6,895)
Unaudited closing balance at
30 September 2017305,165 (169,898)26,393 161,660

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
16
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (CONT.)
FOR THE HALF YEAR ENDED 30 SEPTEMBER (UNAUDITED)
CONTRIBUTED
EQUITY
RESERVESRETAINED
EARNINGS
TOTAL
$’000$’000$’000$’000
Opening balance as at
1 October 2017305,165(169,898)26,393161,660
Profit for the period––4,5074,507
Movement in foreign currency
translation reserve–(459)–(459)
Other comprehensive income
(loss) for the period–(262)–(262)
Total comprehensive income
(loss) for the period–(721)4,5073,786
Dividends Paid––(6,667)(6,667)
Payments received on
management incentive
plan shares1,488––1,488
Movement in share based
payments reserve–69–69
Total transactions with
owners, recognised directly
in equity1,48869(6,667)(5,110)
Audited closing balance at 31
March 2018306,653(170,550)24,233160,336

17
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (CONT.)
FOR THE HALF YEAR ENDED 30 SEPTEMBER (UNAUDITED)
CONTRIBUTED
EQUITY
RESERVESRETAINED
EARNINGS
TOTAL
$’000$’000$’000$’000
Balance at 31 March 2018306,653(170,550)24,233160,336
Change in accounting policy––(1,290)(1,290)
Deferred tax impact on IFRS 9
adoption––378378
Restated total equity
at 1 April 2018306,653(170,550)23,321159,424
Profit for the period––9,1309,130
Movement in foreign currency
translation reserve–513–513
Other comprehensive income
(loss) for the period–953–953
Total comprehensive income
(loss) for the period–1,4669,13010,596
Dividends Paid––(7,042)(7,042)
Payments received on
management incentive
plan shares––––
Movement in share based
payments reserve–(143)–(143)
Total transactions with
owners, recognised directly
in equity–(143)(7,042)(7,185)
Unaudited closing balance at
30 September 2018306,653(169,227)25,409162,835
The above statement of changes in equity should be read in conjunction with the
accompanying notes.

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
18
CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 SEPTEMBER (UNAUDITED)
CONSOLIDATEDCONSOLIDATED
SEP-18
$’000
SEP-17
$’000
Cash flows from operating activities
Receipts from customers138,813141,923
Payments to suppliers and employees(119,725)(117,028)
Interest received594
Interest paid(2,910)(2,332)
Income taxes paid(6,808)(5,091)
Net cash inflow from operating activities9,37517,566
Cash flows from investing activities
Payments for property, plant & equipment(2,237)(9,464)
Payments for intangible assets(110)(247)
Net cash outflow from investing activities(2,347)(9,711)
Cash flows from financing activities
Repayment of borrowings(3,910)(3,189)
Drawdown of borrowings7,644–
Payments received on management incentive
plan shares–215
Dividend paid(7,042)(7,415)
Net cash inflow/(outflow) from financing activities(3,308)(10,389)
Net decrease in cash and cash equivalents3,720(2,534)
Cash and cash equivalents at the beginning
of the period(3,497)248
Effects of exchange rate changes on cash
and cash equivalents(52)(79)
Cash and cash equivalents at end of the period171(2,365)
The above statement of cash flows should be read in conjunction with the
accompanying notes.

19
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
FINANCIAL PERFORMANCE
Segment Information
Operating segments of the Group at 30 September 2018 have been determined based on
financial information that is regularly reviewed by the Board in conjunction with the Chief
Executive Officer and Chief Financial Officer, collectively known as the Chief Operating
Decision Maker for the purpose of allocating resources, assessing performance and making
strategic decisions.
Substantially all of the Group’s revenue is derived from the sale of glass and related
products and services. This revenue is split by channel only at the revenue level into
Commercial, Residential and Retrofit. Commercial revenue reflects sales through four
specific commercial glazing operations in New Zealand. The allocation of sales between
residential and commercial can be difficult as the Group does not always know the end use
application. Following the acquisition of AGG on 1 September 2016 the Group operates in two
geographic segments, New Zealand and Australia.
Group costs consist of insurance, professional services, director fees and expenses, listing
fees and share incentive scheme costs.
SEP-18
New Zealand
$’000
Australia
$’000
Eliminations &
Other
$’000
Group
$’000
Commercial Glazing24,194––24,194
Residential76,66127,485–104,146
Retrofit12,180––12,180
Total revenue113,03527,485–140,520
Gross Profit57,6705,284–62,954
Segmental EBITDA22,301568–22,869
Group Costs––(130)(130)
Group EBITDA–––22,739
Depreciation and amortisation5,3341,915–7,249
EBIT16,967(1,347)(130)15,490
Segment Assets275,12171,640(42,976)303,785
Segment Non-current
Assets (excluding Deferred
tax assets)185,06453,585(14,250)224,399
Segment Liabilities29,14855,13356,669140,950

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
20
FINANCIAL PERFORMANCE (CONT.)
Segment Information (cont.)
SEP-17
New Zealand
$’000
Australia
$’000
Eliminations &
Other
$’000
Group
$’000
Commercial Glazing25,166––25,166
Residential75,30629,596–104,902
Retrofit11,638––11,638
Total revenue112,11029,596–141,706
Gross Profit55,8917,861–63,752
Segmental EBITDA21,3853,911–25,296
Group Costs––(614)(614)
Group EBITDA–––24,682
Depreciation and amortisation4,5271,323–5,850
EBIT16,8582,588(614)18,832
Segment Assets272,30461,964(34,040)300,228
Segment Non-current
Assets (excluding Deferred
tax assets)189,06049,324(14,250)224,134
Segment Liabilities33,53643,77961,253138,568
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)

21
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
BASIS OF PREPARATION
Reporting Entity
These financial statements are for Metro
Performance Glass Limited (‘the Company’)
and its subsidiaries (together, ‘the Group’).
The Group supplies processed flat glass and
related products primarily to the residential
and commercial building sectors. The
Company is a for-profit entity for financial
reporting purposes and has operations and
sales in New Zealand and Australia.
Statutory base
The Company is a limited liability company
incorporated and domiciled in New Zealand.
The address of its registered office is 5
Lady Fisher Place, East Tamaki, Auckland.
The incorporation date for Metro
Performance Glass Limited was 30 May
2014 and as part of a group reorganisation
was listed on the New Zealand Securities
Exchange (NZSX) on 29 July 2014.
The comparative trading results presented
encompass the 6 month period from 01
April 2017 to 30 September 2017.
Basis of preparation
These consolidated financial statements
have been approved for issue by the Board
of Directors on 26 November 2018.
The Group’s unaudited condensed
consolidated interim financial statements
have been prepared in accordance with
Generally Accepted Accounting Practice
(NZ GAAP). They comply with New Zealand
equivalent International Financial Reporting
Standards NZ IAS 34; Interim Financial
Reporting and International Accounting
Standard IAS 34: Interim Financial
Reporting.
These financial statements are presented
in New Zealand dollars and rounded to
the nearest thousand. These financial
statements do not include all the
information required for full financial
statements, and consequently should be
read in conjunction with the full financial
statements of the Group for the period
ended 31 March 2018. The same accounting
policies, presentation and methods of
computation have been followed in these
condensed financial statements as were
applied in the preparation of the Group’s
audited financial statements for the period
ended 31 March 2018. The only exception is
the adoption of new or amended standards
as set out below.
Metro Performance Glass Limited is a
limited liability company registered under
the New Zealand Companies Act 1993 and
is a Financial Market Conduct reporting
entity under Part 7 of the Financial Markets
Conduct Act 2013. The financial statements
of the Group have been prepared in
accordance with the requirements of Part 7
of the Financial Markets Conduct Act 2013
and the NZX Main Board Listing Rules.
Historical cost convention
The financial statements have been
prepared under the historical cost
convention, as modified by the revaluation
of financial assets and financial liabilities at
fair value through profit or loss.
Principles of consolidation
The financial statements incorporate the
assets and liabilities of all subsidiaries of
Metro Performance Glass Limited (‘the
company’ or ‘the parent entity’) as at 30
September 2018 and the results of all
subsidiaries for the period then ended.

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
22
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
Subsidiaries are all entities over which the
Group has control. It is a controlled entity
of Metro Performance Glass if Metro
Performance Glass is exposed and has a
right to variable returns from the entity
and is able to use its power over the entity
to affect those returns. Subsidiaries are
fully consolidated from the date on which
control is transferred to the Group. They
are de-consolidated from the date that
control ceases.
Intercompany transactions, balances
and unrealised gains on transactions
between Group companies are eliminated.
Unrealised losses are also eliminated unless
the transaction provided evidence of the
impairment of the asset transferred.
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
The consolidated financial statements are
presented in New Zealand dollars, which
is Metro Performance Glass Limited’s
functional and presentation currency.
Transactions and balances
Foreign currency transactions are
translated using the exchange rates
prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting
from the settlement of such transactions
and from the translation at period end
exchange rates of monetary assets and
liabilities denominated in foreign currencies
are recognised in profit and loss. They
are deferred in equity if they relate to
qualifying cash flow hedges and qualifying
net investment hedges or are attributable
to part of the net investment in a foreign
operation.
The results and financial position of foreign
operations that have a functional currency
different from the presentation currency
are translated into the presentation
currency as follows:
• assets and liabilities for each balance
sheet presented are translated at the
closing rate at the date of that balance
sheet
• income and expenses for each statement
of profit or loss and statement of
comprehensive income are translated at
average exchange rates (unless this is
not a reasonable approximation of the
cumulative effect of the rates prevailing
on the transaction dates, in which case
income and expenses are translated at
the dates of the transactions), and
• all resulting exchange differences are
recognised in other comprehensive
income.
Goods and Services Tax (GST)
The statement of comprehensive income
has been prepared so that all components
are stated exclusively of GST. All items in
the statement of financial position are
stated net of GST, with the exception of
receivables and payables, which include GST
invoiced.
BASIS OF PREPARATION (CONT.)
Principles of consolidation (cont.)

23
CHANGES IN ACCOUNTING POLICY
AND DISCLOSURES
New and amended standards adopted by
the Group
A number of new standards become
applicable for the current reporting period
and the Group has had to change its
accounting policies as a result of adopting
the following standards:
• IFRS 9
Financial Instruments
• IFRS 15 Revenue from Contracts
with Customers
The impact of the adoption of these new
standards is disclosed below.
Impact of standards issued but not yet
adopted by the Group
IFRS 16
Leases was issued in January
2016. It will result in almost all leases being
recognised in the Statement of Financial
Position, as the distinction between
operating leases and finance leases is
removed. The standard is mandatory
for reporting periods beginning on or
after 1 April 2019. The Group does not
intend to adopt the standard before its
mandatory effective date and is still to
finalise its full impact.
Changes in accounting policies
This note explains the impact of the
adoption of IFRS 15 and IFRS 9 on the
Group’s consolidated interim financial
statements and also discloses the new
accounting policies that have been applied
from 1 April 2018, where they are different
to those applied in prior periods.
IFRS 15
Revenue from Contracts with
Customers - impact of adoption
The Group adopted IFRS 15
Revenue from
Contracts with Customers for the first
time from 1 April 2018. The Group applied NZ
IFRS 15 retrospectively with the cumulative
effect of applying the standard for the
first time recognised at the date of initial
application (1 April 2018).
The Group identified changes in the timing
of revenue recognition as a result of the
adoption of NZ IFRS 15 and accordingly
there was a net $0.04m adjustment for the
cumulative effect against retained earnings
at 1 April 2018.
(a) Accounting Policies
Sales of goods
The Group derives revenue for the
provision and assembly of customised
glass products. Sales of goods are
recognised at a point in time when
a Group entity has delivered glass
products to the customer, the customer
has accepted the products and
collectability of the related receivables
is reasonably assured.
Sales of supply and install services
The Group provides glazing services
throughout the Metro Performance Glass
branch network. For sales of supply and
glazing services, revenue is recognised
over time, by reference to stage of
completion of the specific transaction
and assessed on the basis of the actual
service provided as a proportion of the
total services to be provided.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
24
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
(b) Presentation of the consolidated
interim financial statements related
to contracts with customers
A contract liability is recognised where
a deposit is received on acceptance of a
quote, as the deposit is fully refundable
if the contract does not go ahead. These
were previously disclosed in Trade and
other payables ($1.1m at 1 April 2018).
IFRS 15 requires the disaggregation of
revenue to provide clear and meaningful
information. For the Group, Management
concluded that presentation of revenue
in terms of the geographical region
and channel was most appropriate. This
has been presented in the Segment
Information disclosure.
IFRS 9
Financial Instruments -
impact of adoption
IFRS 9, as it relates to the Group,
replaces the provisions of IAS 39 that
relate to the recognition, classification,
measurement and impairment of financial
assets. The adoption of IFRS 9 from 1 April
2018 resulted in changes in accounting
policies and adjustments to the amounts
recognised in the consolidated interim
financial statements. The new accounting
policies are set out in the sections below,
along with the impact on the consolidated
interim financial statements.
The Group has applied IFRS 9 retrospectively,
but has elected not to restate comparative
information. As a result, the comparative
information provided continues to be
accounted for in accordance with the
Group’s previous accounting policies.
Classification and measurement
From 1 April 2018, the Group classified
its financial assets as being measured
at amortised cost. These were previously
classified as loans and receivables. There
was no change in measurement as a result
of the reclassification. At initial recognition,
the group measures a financial asset at its
fair value plus transactions costs that are
directly attributable to the acquisition of
the financial asset. Subsequently, they are
measured at amortised cost.
The Group has one type of financial asset
that is subject to IFRS 9’s new expected
credit loss model, that being Trade and
other Receivables.
The Group was required to revise its
impairment methodology under IFRS 9 for
Trade and other Receivables. The impact of
the change in impairment methodology on
the group’s retained earnings and equity is
disclosed in the table below.
Trade and other Receivables
From 1 April 2018, the Group assesses on a
forward-looking basis, the expected credit
losses associated with its financial assets
carried at amortised cost. The impairment
methodology applied depends on whether
there has been a significant increase in
credit risk.
In assessing whether there has been a
significant increase in credit risk, the Group
considers both forward looking and financial
history of counterparts to assess the
probability of default or likelihood that full
settlement is not received.
CHANGES IN ACCOUNTING POLICY
AND DISCLOSURES (CONT.)
IFRS 15 Revenue from Contracts with
Customers - impact of adoption (cont.)

25
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which
requires expected lifetime credit losses to be recognised from initial recognition of the
trade receivables.
Trade receivables are written off when there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of recovery include, amongst others,
the failure of a debtor to engage in a repayment plan with the Group, and a failure to make
contractual payments.
To measure expected credit losses, trade receivables have been grouped and reviewed on
the basis of the number of days past due. The expected credit loss allowance has been
calculated by considering the impact of the following characteristics:
• The Baseline characteristic considers the write-off history of the Group as a predictor
of future conditions and applies an increasing expected credit loss estimate as trade
receivables age.
• The Market characteristic considers the relative risk related to any particular market
segment and makes an assessment of the indirect exposure the Group has in respect to
this market segment’s conditions via our customer base. Of particular focus with respect
to this characteristic in the current period is the vertical construction market segment.
The expected credit loss allowance as at 1 April was determined as follows for trade
receivables
CURRENT
30-59
DAYS
60-89
DAYS
90 DAYS
AND LATERTOTAL
1 APRIL 2018NZ$’000NZ$’000NZ$’000NZ$’000NZ$’000
Gross carrying amount 24,786 8,100 1,187 7,339 41,412
Baseline13614496439815
Market 191 93 5 230 519
Total expected credit
loss rate1.32%2.92%8.51%9.12%3.22%
Expected credit loss
allowance327237101669 1,334
The ageing profile of the Gross carrying amount above does not necessarily reflect whether
an amount is past due and impaired as customer credit terms vary and a significant amount
of the aged receivable represents contractual retentions.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
26
FINANCIAL INSTRUMENTS
Management determines the classification of the Group’s financial liabilities at initial
recognition. The Group’s financial liabilities for the periods covered by these consolidated
interim financial statements consists of overdrafts, loans, trade and other payables,
interest rate swaps and forward exchange contracts.
The Group measures all financial liabilities, with the exception of interest rate swaps
and forward exchange contracts, at amortised cost in the periods covered by these
consolidated interim financial statements. Interest rate swaps and forward exchange
contracts are measured at fair value, recognised in other comprehensive income.
Financial liabilities measured at amortised cost are non-derivative financial liabilities with
fixed or determinable payments that are not quoted in an active market. Trade and other
payables, bank overdrafts and loans are classified as financial liabilities measured at
amortised cost.
Fair value measurement of financial assets and liabilities
The Group’s financial assets and liabilities by category are summarised as follows:
Cash and cash equivalents
These are short term in nature and their carrying value is equivalent to their fair value.
The expected credit loss allowance for trade receivables as at 31 March 2018, as reported in
the Annual Report, reconciles to the opening loss allowance on 1 April 2018 as follows:
NZ$’000
Loss allowances for trade receivables
At 31 March 2018 - calculated under IAS 39 995
Amounts restated through opening retained earnings 1,334
Opening loss allowance as at 1 April 2018 - calculated under IFRS 92,329
Over the period, the trade receivables position has improved resulting in a reduction in the
expected credit loss allowance of $0.05m. This amount was recognised during the period
within the Statement of Comprehensive Income in Administration Expenses.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
CHANGES IN ACCOUNTING POLICY AND DISCLOSURES (CONT.)
Trade and other Receivables (cont.)

27
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
Trade and other receivables
These assets are short term in nature and
are reviewed for impairment; their carrying
value approximates their fair value.
Trade payables and borrowings
Trade payables and borrowings are
measured at amortised cost. The fair
value of trade and other payables
approximates carrying value due to their
short term nature. The carrying value
of the Group’s bank borrowings also
represents the fair value of the borrowings
due to management’s assessment that
the interest rates approximate the market
interest rate for a commercial loan of a
comparable lending period.
Interest rate swaps and forward
exchange contracts
These financial instruments were
measured at fair value based on valuations
provided by the ANZ Banking Group,
Westpac Banking Corporation and Bank
of New Zealand. All significant inputs were
based on observable market data and
accordingly have been categorised as level
2. At balance date, the fair value of interest
rate swaps are -$1.0m (March 2018: -$0.9m)
and the fair value of forward exchange
contracts are $1.1m (March 2018: -$0.3m).
INTANGIBLE ASSETS
The Group tests intangible assets for
impairment to ensure they are not carried
at above their recoverable amounts:
• at least annually for goodwill with
indefinite lives; and
• where there is an indication that the
assets may be impaired (which is
assessed at least each reporting date).
These tests for impairment are performed
by assessing the recoverable amount of
each individual asset through a value-in-use
calculation.
During the six months ended 30 September
2018, the Australian cash generating
unit (CGU) achieved lower revenue and
earnings before interest and tax than the
prior comparable period. Accordingly, the
Group reviewed the recoverable amount
of the Australian CGU goodwill. This review
concluded that the recoverable amount of
the Australian CGU is estimated to exceed
the carrying value at 30 September 2018.
The Group will reassess the value of goodwill
again at year end.
The weaker Australian performance was due
to the slow start-up of a new processing
facility in Tasmania, and commissioning
challenges in the Victoria and New South
Wales operations. The two plants each had
extended periods of variable operating
performance following the introduction
of new machinery and significant changes
made to the site layouts in early 2018. The
situation was compounded by higher than
typical levels of staff turnover. To address
these issues a new leadership team is
now in place which brings considerable
manufacturing experience and focus
to the business as it works to stabilise
performance in the second half of the year.

METRO PERFORMANCE GLASS LIMITED
INTERIM FINANCIAL STATEMENTS 2018
28
In determining the recoverable amount
of goodwill, the Group has considered
the Australian business performance
during the period, the likely future impact
of anticipated changes in the market
for double glazing and the performance
improvement initiatives which are currently
underway. The impact of these changes are
expected to be positive and support the
existing carrying value. The discount rate
applied in the value-in-use calculations
increased from 9.5% to 9.9%.
Given the inherent uncertainty and
judgement required in forecasting, there is
a risk that the forecast cash flows may not
be achieved over the modelled period.
There have been no changes to the
estimated useful life of other intangible
assets. The amortisation expense for the
six months ended 30 September 2018 was
$1.8m (September 2017: $1.86m).
PROPERTY, PLANT AND EQUIPMENT
There have been no material changes in
the estimated useful life of key items of
plant and machinery or any significant
disposals. The depreciation expense for
the six months ended 30 September 2018
was $5.35m (September 2017: $3.98m).
OTHER DISCLOSURES
Related Parties
There have been no material changes
in the nature or amount of related party
transactions since 31 March 2018.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)

29
COMPANY DIRECTORY
insight
creative.co.nz

MPG011
REGISTERED OFFICE
5 Lady Fisher Place
East Tamaki
Auckland 2013
New Zealand
Email: glass@metroglass.co.nz
Phone: +64 (09) 927 3000
BOARD OF DIRECTORS
Peter Griffiths - Non-Executive Chair and
Member of the Audit and Risk Committee
Angela Bull - Non-Executive Director and
Chair of the People and Culture Committee
Gordon Buswell - Non-Executive Director
and Member of the People and Culture
Committee
Russell Chenu - Non-Executive Director and
Member of the Audit and Risk Committee
Willem (Bill) Roest - Non-Executive Director
and Chair of the Audit and Risk Committee
Rhys Jones - Non-Executive Director
and Member of the People and Culture
Committee
SENIOR LEADERSHIP
Simon Mander - Chief Executive Officer
John Fraser-MacKenzie - Chief Financial
Officer
Geoff Rasmussen - General Manager
Operations
Andrew Dallison - General Manager
South Island
Barry Paterson - General Manager
Commercial
Robyn Gibbard - Upper North Island Sales
Gareth Hamill - Metro Glass Commercial
Glazing, Lower North Island
Alex McDonald - Metro Glass Operations
Dayna Saunders - Metro Glass Human
Resources
AUDITOR
PricewaterhouseCoopers
22/188 Quay Street
Auckland 1142
New Zealand
LAWYERS
Bell Gully
Vero Centre
48 Shortland Street
Auckland 1140
New Zealand
BANKERS
ANZ Bank New Zealand Limited
Bank of New Zealand Limited
Westpac New Zealand Limited
SHARE REGISTRAR
Link Market Services
Level 11, Deloitte Centre
80 Queen Street, Auckland 1010
PO Box 91976, Auckland 1142
FURTHER INFORMATION ONLINE
This Interim Report, all our core governance
documents (our Constitution, some of our
key Policies and Charters), our Investor
relations policies and all our announcements
can be viewed on our website:
http://www.metroglass.co.nz/investor-
centre/

METROGLASS.CO.NZ

---

Strictly confidential and not for public release
FY19 Interim Results Presentation
26 November 2018
Metro Performance Glass

Strictly confidential and not for public release
1
Disclaimer
This presentation (“Presentation”) has been prepared by Metro Performance Glass Limited (Company Number 5267882) (“Metro Performance Glass”).
Please do not read this Presentation in isolation
This presentation contains some forward looking statements about Metro Performance Glass and the environment in which the company operates.
Forward looking statements can generally be identified by the use of forward looking words such as “anticipate”, “expect”, “likely”, “intend”, “should”,
“could”, “may”, “propose”. “will”, “believe”, “forecast”, “estimate”, “outlook”, “target”, “guidance” and other similar expressions. Forward looking
statements, opinions and estimates provided in this Presentation are inherently uncertain and are based on assumptions and estimates which are
subject to certain risks, uncertainties and change without notice. Because these statements are forward looking, Metro Performance Glass’ actual
results could differ materially. Any past performance information in this Presentation should not be relied upon as (and is not)an indication of future
performance.
Media releases, management commentary and analysts presentations are all available on the company’s website. Please read thispresentation in the
wider context of material previously published by Metro Performance Glass.
There is no offer or investment advice in this Presentation
This presentation is not an offer of securities, or a proposal or invitation to make any such offer. It is not investment adviceor a securities
recommendation, and does not take into account any person’s individual circumstances or objectives. Every investor should make an independent
assessment of Metro Performance Glass on the basis of independent expert financial advice.
All information in this Presentation is current at the date of this Presentation, and all currency amounts are in NZ dollars,unless otherwise stated.
Metro Performance Glass is under no obligation to, and does not undertake to, update the information in this Presentation, including any assumptions.
Disclaimer
To the maximum extent permitted by law, Metro Performance Glass and its affiliates and related bodies corporate, officers, employees, agents and
advisors make no representation or warranty (express or implied) as to the currency, accuracy, reliability or completeness ofthe information in this
Presentation and disclaim all liability for the information (whether in tort (including negligence) or otherwise) to you or any other person in relation to
this Presentation, including any error in it.

Strictly confidential and not for public release
1H19: Key events
Group revenue of $140.5m (-1%), EBIT of $15.5m (-18%) and NPAT of
$9.1m (-22%), impacted by poor trading results in Australia
NZ revenue and EBIT inline with the same period last year, with
growing North Island activity offset by further South Island declines.
Sustained improvements in service levels were delivered
The Australian business delivered an EBIT loss of $1.3m vs. EBIT of
$2.6m in 1H18 driven by operational challenges and the Tasmanian
plant start-up. A new senior leadership team is in place and focused
on stabilising performance in the second half of the year
Net debt increased by $1.3 million to $95.2 million (2.3x EBITDA)
Announced the intention to prioritise debt repayments and declare no
further dividends until net debt to EBITDA reduces to ~1.5x
Simon Mander joined on 19 November as Metroglass’ new CEO
2
1
2
3
4
5
6
Mini showroom, Newmarket.

Strictly confidential and not for public release
Executing on Metroglass’ refreshed strategy
Our top priority in the half year has been the New Zealand operations, where pleasingly we have achieved sustained incremental improvements
in customer experience, operating performance and culture. The Australian business is challenging and taking longer to reset itsoperations,
however decisive actions have been taken to stabilise the business in H2
1. Delivering market leading
service to our customers
2. Developing our
organisational capabilities
3. Maintaining our scale
position via productand
channel leadership
4. Leveraging our scale and
assetsto achieve lowest
total delivered cost
•Strongest 6 month NZcustomer
service metrics for 2+ years
•Conducted a NZ-wide customer
survey to align service
improvementpriorities
•AGG service levels below target
•StrengthenedAGG leadership and
NZ factory management
•Launched initiatives to better
support, train and engage our
people. Included a group-wide
staff engagement survey
•Aligned wage rates with a
competitive labour market
•Focusing on improved safety
through preventative efforts
•Simon Mander, Group CEO joined
this month
•55% NZ market share, impacted
by inventory reduction efforts
•Growth in NZ residential and
Retrofit revenue offset by falling
South Island demand
•Reshaped the Canterbury
business inline with reduced
activity levels
•Working to tailor the Australian
business to better serve its
markets and enable future
profitable growth
•Cost pressures in labour,
distribution and material costs
given the declining NZD
•Continuousimprovement being
embedded across the plant
network
•Operational challenges impacted
Australian labour efficiency in the
half
3

Strictly confidential and not for public release
Early impacts from strategic initiatives
4
NZ glass category share
1
of 55% with inventory reduction
having a c. -2% impact. Rolling 6 month share
44%
74%
80%
36%
18%
17%
FY18 Q4FY19 Q1FY19 Q2
Late tail (DIFOT + 48 hours)
DIFOT (avg. of 48-72 hrs for residential)
97%
80%
92%
-
200
400
600
800
H1H2H1H2H1
FY17FY18FY19
ResidentialCommercial GlazingRetroFitAustralia
Customer service metrics trending positively in NZ
Example plant metrics: Highbrook
Diversified channel presence maintained
Daily sales (NZ$000)
Operational challenges impacting Australian labour efficiency
Factory labour as a % revenue
11%
12%
12%
28%
31%
5%
10%
15%
20%
25%
30%
35%
H1H2H1H2H1
FY17FY18FY19
NZAustralia
Source: Company information, Statistics NZ
1
Metro Glass’ share of the total quantity of glass purchased and imported into New Zealand.
55%
59%
60%
59%
55%
Sep-16Mar-17Sep-17Mar-18Sep-18

Strictly confidential and not for public release
•Residential dwelling
consents for 12
months to 30 Sept 18
rose +5%
•North Island +10%
•South Island -7%
Canterbury -10%
Building activity levels remain supportive, but slowdown continues in Canterbury
5
New Zealand –# of residential consents
1
New Zealand –value of non-residential consents ($bn)
2
South East Australia –# of detached dwelling approvals
3
South East Australia –value of A&A (A$bn)
3
1.Source: Statistics NZ, number of residential dwelling consents (12 months to 30 September 2018). No lag has been applied.
2.Source: Statistics NZ, value of non-residential consents (new plus altered; 12 months to 30 September 2018).
3.Source: Australian Bureau of Statistics, 8731.0 Building Approvals, Australia (12 months to 30 September 2018).
•Double glazing
penetration is increasing
•Detached dwelling
(house) approvals for the
12 months to 30 Sept 18
rose 7%
•Victoria +9%, NSW +1%
•The value of alterations
and additions for the 12
months to 30 Sept 18
rose +5%
•Victoria +5%, NSW +4%
•The value of non-
residential dwelling
consents for the 12
months to 30 Sept 18
rose +5%
•North Island +14%
•South Island -14%
Strong economic and demographic fundamentals continue to support strong activity (moderating but still high migration, low interest rates,
underbuilt Auckland, KiwiBuild), but supply-side constraints (capacity, costs, credit availability) are impacting growth
8,599
8,011
22,293
24,537
30 Sep 17 (LTM)30 Sep 18 (LTM)
South IslandNorth Island
30,892
32,548
2.1
1.8
4.3
4.9
30 Sep 17 (LTM)30 Sep 18 (LTM)
South IslandNorth Island
6.4
6.7
36,138
39,454
29,171
29,386
30 Sep 17 (LTM)30 Sep 18 (LTM)
VICNSWACTTAS
68,123
72,793
2.7
2.8
2.6
2.7
30 Sep 17 (LTM)30 Sep 18 (LTM)
VICNSWACTTAS
5.5
5.8

Strictly confidential and not for public release
Changes in Metroglass’ competitive landscape
The broader industry in which we operate is continuing to evolve, presenting us with both opportunities and risks. Including:
–Market penetration of advanced glass products continues to increase
–Viridian, our largest glass processing competitor is currently undergoing a sale process
–Additional glass processing capacity is being added in NZ and Australia alongside continuing strong levels of construction activity
Architectural Profiles Limited (APL), a large aluminium extruding business has announced its intention to enter the NZ glass processing
market, through a new plant near Hamilton which is expected to gradually come on stream from mid-2020
–APL has existing relationships with a network of affiliated NZ window manufacturers via aluminium supply
–Metroglass currently supplies glass to the majority of these window manufacturers, which are predominantly independently owned
and run, and will continue to choose their glass suppliers based on quality, delivery accuracy, product range, technical support and
distribution capabilities
Metroglass has a 30 year history of adapting to and benefiting from significant changes to our products, customer demands, manufacturing
technology, building regulations and volatile building cycles. Change has been constant throughout Metroglass’ history, and the company
stands today as the clear market leader
To meet these future challenges and deliver for our shareholders, we must continue to have a clear focus on what matters to our
customers. And we must leverage our scale and our ability to efficiently and quickly manufacture and deliver high-specification glass
products and services to ensure we meet those demands
6

Strictly confidential and not for public release
Window manufacturing –typical residential supply process
7
Completed Dwelling
Window Manufacturer
Window Manufacturer
Manufactures aluminium frames
Orders supply-only double glazed
units from MPG
Manufactures and supplies
glass within 48-72 hours
Fits glass to window frames in
factory, then delivers and glazes
completed windows on-site
Orders site glazing from MPG, if
required
Fits frames onsite without glass
Inspects and site measures
And/or
Manufactures, Delivers and
glazes windows onsite on
agreed timeline
Prime Die Holder
Supplies aluminium to
Window Manufacturer

Strictly confidential and not for public release
Focus has been on building organisational capability in order to develop our customers
better service
–Service levels in the half have been highest achieved in over 2 years
–Filled all operational leadership roles and strengthened supervisor levels across sites
–Reset of wage rates to more accurately reflect the market
–Voluntary staff turnover continues to decline –year to date to October absolute
reduction of 5% vs prior comparative period
Re-shaped the Canterbury business inline with reduced activity levels, will provide dedicated
focus on production, glazing and the merchant/retail market
Conducted extensive customer survey, re-prioritised internal initiatives to align with
customer requirements
Launched Project Accelerate to embed a best practice production culture across our
operations
Whilst our focus has been on rebuilding sustainable operating improvements, these
initiatives have also begun to deliver improved financial performance:
–1H19 revenue up 1% to $113.0 million. Growth in residential and Retrofit revenue
offset by softening South Island demand, in particular Canterbury commercial glazing
–Increased Gross Profit % by 1.2% on the back of our ‘back to basics’ approach
–Contribution margin (before overheads) up 6% and EBITDA up 4%
–Operating cashflowafter capex +17.0% vs. 1H18
8
Operational update –New Zealand
Foreledge-work processing, Highbrook.

Strictly confidential and not for public release
New South Wales
Variable production performance in the
period as the business transitions focus
away from toughened glass towards
double glazing
Plant transferred from Highbrook is now
performing well, increased capacity now
on stream to support growth across
market in South East
New General Manager joined in July
Reduction in headcount of c. 20% on the
back of capital program bringing improved
layout and equipment reliability
Organisational and process changes now
embedded and beginning to take effect
Tasmania
Embedded processes and organisational
capability in new facility with full glass
processing capability, (including LowE
glass)
Transition of service from Victoria to the
new plant saw service levels fall and a
(temporary) loss of market share
The plant is now performing well, with
sales run rate ahead of AGG’s historical
sales to Tasmania from Victoria
Offers quicker and better service to the
market and releases capacity in Victoria
Victoria
Capital programme has delivered the right
equipment to meet market demand
Variable production performance in the
period. Excess capacity following
commissioning of Tasmania plant also led
to diseconomies of scale
New General Manager joined in August
Organisation and culture changes in
progress to drive sales and financial
performance improvements.
Additional capacity installed by
competitors alongside the strong market
activity
9
Operational update –Australia
Corporate
Steve Hamer appointed Acting CEO in
August

Strictly confidential and not for public release
1H19: Group revenue
10
Metroglass Group revenue (NZ$ million)
1
Notes:
1.TheallocationofsalesbetweenresidentialandcommercialapplicationsisdifficultasMetroglassdoesn’talwaysknowtheenduseofapieceofglass.Thecategorisationmethodologyis
consistentacrossperiods,howeverCommercialGlazingrevenuewillincludesomelevelofresidentialglazingsalesandservices.
$76.7m
$24.2m
$12.2m
$27.5m
$140.5m
$75.3m
$25.2m
$11.6m
$29.6m
$141.7m
Residential (NZ)Commercial Glazing
(NZ)
Retrofit (NZ)Australian Glass
Group
Metroglass Group
1H191H18
+1% (NZ)
(1%)
(4%)
+5%
2%
(7%)

Strictly confidential and not for public release
1H19: First half results summary
11
1.EBITDAandSegmentalEBITDA/EBITarenon-GAAPmeasuresoffinancialperformance.Additionaldetailisprovidedonslide17ofthisrelease.
2.ThefullsegmentnoteisavailableintheFY19InterimReport.
MetroglassGroup (NZ$m)
1
1H191H18% chg
Revenue140.5141.7(1)
EBITDA22.724.7(8)
Depreciation & amortisation7.25.824
EBIT15.518.8(18)
NPAT9.111.8(22)
Basic EPS (cents)4.96.4(23)
Total dividend declared (cps)-3.60(100)
Segment results (NZ$m)
2
1H191H18% chg
New Zealand
Revenue
113.0112.11
Segmental EBITDA
1
22.321.44
SegmentalEBIT17.016.91
Australia
Revenue
27.529.6(7)
Segmental EBITDA0.63.9(85)
SegmentalEBIT(1.3)2.6(152)

Strictly confidential and not for public release
1H19: EBIT summary
12
EBIT bridge: 1H18 to 1H19 ($m)
18.8
15.5
1.5
3.7
0.6
0.3
1.2
1.7
0.7
0.6
1.0
0.5
1H18 EBIT
Canterbury commercial glazing
Underlying NZ gross profit %
improvement
NZ distribution costs
NZ factory labour
NZ overheads, depreciation &
other
Tasmanian start-up impact
New South Wales revenue decline
AGG depreciation
AGG electricity & other
Other Group costs
1H19 EBIT
New ZealandAustralia

Strictly confidential and not for public release
13
1H19: Summary cash flow & balance sheet
Net working capital improved with focussed inventory
management in New Zealand partially offset by the build-up of
inventory in Australia for the new Tasmanian plant
Operating cash flows fell primarily due to a poor Australian
trading result including increased working capital, as well as
increased Group interest and tax payments.
Capital expenditure was 76% lower than 1H18
The Group refinanced its syndicated borrowing facilities for a
further three year term in September 2018, retaining
headroom of more than $30m. There were no changes in
lender covenants
Net debt increased by $1.3m year on year, with reduced capital
expenditure and NZ borrowing repayments offset by increased
borrowings in Australia. Group gearing
3
increased from 36.7%
at 30 September 2017 to 36.9% at 30 September 2018
Notes:
1.Networkingcapital:trade&otherreceivables+inventory–trade&otherpayables.
2.Gearing:netinterestbearingdebt/(netinterestbearingdebt+equity).
Key balance sheet items (NZ$m)1H191H18
Net working capital
1
36.637.7
Property plant & equipment
65.862.0
Total assets
303.8300.2
Net debt
95.293.9
Total shareholders equity
162.8161.7
Keycash flow items (NZ$m)1H191H18
EBIT
15.518.8
Operating cash flows
9.417.6
Capital expenditure
2.39.7
Dividends paid
7.07.4

Strictly confidential and not for public release
Capital management and dividends
14
The board has reviewed the group’s leverage and dividend policy against its current operating performance, its long-
term strategy, the uncertain future competitive landscape, and expectations of how the Australasian building cycles
could evolve in the coming years
Following this review, and after considering a range of options, the board believes it is in the best interests of the group
to prioritise debt reduction, and to declare no further dividends until the group’s leverage ratio (as measured by net
debt to rolling 12-month EBITDA) is reduced to approximately 1.5 times. At 30 September 2018, this ratio was 2.3 times
Metroglass refinanced its syndicated debt facilities in September 2018 for a further three years, with no changes to the
covenant structure and headroom of more than $30 million as at 30 September 2018

Strictly confidential and not for public release
Outlook for FY19
Future market conditions are always difficult to
predict, and industry commentators are currently
predicting a broad range of potential market
trajectories. Leading indicators point to steady
levels of activity in the near term, and we are not
expecting any major changes to market demand
over the remainder of the year
The financial performance of New Zealand is on
target and ahead of the same period last year.
However, Australia has not kept pace with
expectations. Consequently, we now expect FY19
Group EBIT of circa. $28 million
We expect capital expenditure for the year to be
approximately $8 million and debt reduction of
approximately $7m. This debt repayment level
doesn’t reflect the full impact of the temporary
dividend suspension noted above due to the lag in
dividend payments
15
Hereford Street apartments, Auckland.

Strictly confidential and not for public release
Q&A session
16

Strictly confidential and not for public release
Appendix: Explanation of non-GAAP profit measures
17
Non-GAAP financial information
Group results are reported under NZ IFRS. This presentation includes non-GAAP
financial measures which are not prepared in accordance with NZ IFRS, being:
–EBITDA: Earnings before interest, tax, depreciation and amortisation
–Segmental EBIT: EBIT of an operating segment in the Group. Excludes
Group costs including insurance, professional services, director fees and
expenses, listing fees, share incentive scheme costs. Further details
provided in the segment note of the 2019 Interim Report
–NPATA: Profit for the Period before the amortisation of acquisition-related
intangibles and its associated tax effect
–We believe that these non-GAAP financial measures provide useful information to
readers to assist in the understanding of our financial performance, financial
position or returns, but that they should not be viewed in isolation, nor considered
as a substitute for measures reported in accordance with NZIFRS
Non-GAAP financial measures may not be comparable to similarly titled amounts
reported by other companies
Six months to 30 September
1H191H18
($M)($M)
Profit for the period (GAAP)9.111.8
Add: taxation expense3.7 4.8
Add: net finance expense2.7 2.3
Earnings before interest and tax (EBIT) (GAAP)15.5 18.8
Add: depreciation & amortisation7.2 5.8
EBITDA22.7 24.7
Profit for the period (GAAP)9.1 11.8
Add back: amortisation of acquisition-related
intangibles and its associated tax effect
0.9 0.9
NPATA10.1 12.7

Strictly confidential and not for public release
Contact information
Metro Performance Glass Limited
5 Lady Fisher Place, East Tamaki
Auckland 2013
New Zealand
Ph: + 64 9 927 3000
www.metroglass.co.nz/
18
John Fraser-Mackenzie –Chief Financial Officer
john.fraser-mackenzie@metroglass.co.nz
(+64) 027 551 6751
Andrew Paterson –Investor Relations
andrew.paterson@metroglass.co.nz
(+64) 027 403 4323
The Hub, Christchurch.

---

METRO PERFORMANCE GLASS 
 
 
NZX, ASX and Media Release                       26 November 2018 
NZX Appendix 1: results for announcement to the market 
Reporting Period: 6 months to 30 September 2018 
Previous Reporting Period: 6 months to 30 September 2017 
Earnings Amount 
(NZ$’000) 
Percentage 
change % 
Revenue from ordinary activities 140,520 (0.8%)
Profit (loss) from ordinary activities after tax attributable to security 
holders 
9,130 (22.4%)
Net profit (loss) attributable to security holders9,130 (22.4%)
 
Interim / Final DividendAmount per 
Security  
Imputed 
Amount Per 
Security 
Interim dividend – per ordinary share NilNil
Record Date  
Dividend Payment Date  
 
 30‐Sep‐18 30‐Sep‐17
Net tangible assets per security (NZ$) 0.02(0.00)
 
Financial information and commentary: Accompanying this announcement are Metro Performance Glass 
Limited’s unaudited financial statements for the six months ended 30 September 2018. While unaudited, PwC 
has provided a review report on the financial statements, which is contained in the Interim Report. These 
financial statements and the financial commentary set 
out in the announcement and Interim Report provide 
additional information required in accordance with Listing Rule 10.3.2 and Appendix 1. 
 
Andrew Paterson  
Company Secretary 
+6427 403 4323