Metroglass announces its FY21 interim results

NZX, ASX and Media Release                                                                     23 November 2020 
 
Metroglass announces its FY21 interim results 
Summary of the unaudited results for the six months ended 30 September 2020 (1H21)
 1 
$m New Zealand Australia Group 
 
1H21 1H20 1H21 1H20 1H21 1H20 
Revenue 89.2 109.6  27.8 27.1  117.0 136.7 
       
Segmental EBIT
2
 12.8 17.2  0.4 (2.3)    
       
EBIT         12.8 14.5  
       
NPAT         7.6 7.7  
 
 Group revenue of $117.0m (‐14%), EBIT of $12.8m (‐12%) and NPAT of $7.6m (‐2%), with results impacted 
by the five‐week COVID‐19 shutdown and subsequent ramp up period in New Zealand 
 Solid rebound in trading in New Zealand from June to September, with
 the financial impacts from the 
shutdown being partially offset by the NZ Government wage subsidy  
 The turnaround in Australia progressed well with good operational performance and an EBIT positive result 
 Net bank debt reduced to $47.7m, down $25.7m from 12 months ago 
 
Metro Performance Glass (NZX.MPG, ASX.MPP, Metroglass)
 today released interim results for the 2021 financial year, 
achieving a significant improvement in Australian profitability and a solid recovery in New Zealand following the five‐
week COVID‐19 alert level 4 shutdown early in the reporting period.   
Group revenue for the six months to 30 September 2020 (1H21) of 
$117.0m was 14% lower than the prior year. New 
Zealand revenue declined 19% to $89.2m as a result of the shutdown period, with daily sales from June to September 
only 3% lower than the same months last year. In contrast, Australian revenue rose 3% to $27.8m. Group EBIT (before 
significant items)
 for the half year was $12.8m, down from $14.5m in 1H20 and net profit after tax (NPAT) in 1H21 was 
$7.6m, slightly down from $7.7m in 1H20. 
Net bank debt declined by $25.7m year on year to $47.7m, supported by a one‐off cash benefit from the sale and 
leaseback 
of two thirds of our vehicle fleet, a $4.6m reduction of working capital, and a 49% reduction in capital 
expenditure. Over the past six months net debt reduced by $19.2m. 
New Zealand performance 
Metroglass responded well to numerous COVID‐19 driven issues including significant levels of demand uncertainty and 
volatility, supply
 chain disruptions and operating restrictions, in addition to increased levels of competition.  
While consenting activity has remained consistently strong, COVID‐19 disruptions created variable levels of construction 
activity across the country. In the first half of the year, New Zealand revenue declined 19% to $89.2m, with the residential 
and commercial 
segments impacted by the five‐week Alert Level 4 shutdown. Pleasingly, retrofit sales grew 2% as many 
customers elected to upgrade their properties having spent more time in their homes.  
New Zealand EBIT was 26% lower than last year at $12.8m, primarily driven by the five‐week Alert Level 4 shutdown
 
which resulted in an EBIT in April 2020 $8.8m lower than April 2019. The financial impacts of the shutdown were partially 
 
1
 All prior period comparisons are to the half year ended 30 September 2019 (1H20) unless otherwise stated. 
2
 Earnings before interest, tax, and significant items (being a $1.0m gain from the sale of NZ vehicles during 1H21). 

    
2 
 
offset by the NZ Government wage subsidy. New Zealand operations progressively and safely ramped up through May, 
with revenue and gross profit percentage from June to September remaining broadly in line with last year.  
Metroglass CEO Simon Mander said “New Zealand’s underlying performance over a very challenging six‐month period 
demonstrates
 the resilience of the business. The market remains highly competitive, and the strength of our people and 
depth of our customer relationships remain key to our value proposition.” 
Australian performance 
Australian Glass Group’s (AGG) revenue grew 3% in 1H21 versus the prior comparable six‐month period, including 18% 
growth in 
the key double‐glazing products. This growth was offset in the half by a 38% decline in the sales of other glass 
products which was principally driven by the restructuring of our New South Wales business in December 2019. AGG 
delivered a positive EBIT of $0.4m in the half year, representing
 a significant improvement on the $2.3m EBIT loss in 1H20.  
“We have been implementing a multi‐year turnaround plan to improve AGG’s operational and financial performance. 
Despite the imposition of various state‐specific COVID‐19 related restrictions, the business continued on its positive 
trajectory in the first half of the
 year, supported by a sustained operational performance, positive customer feedback, 
and marketing programmes that are supporting growth with new and existing customers.” 
Banking facilities and capital expenditure  
In October, we announced the refinancing of our syndicated banking facilities extending the expiry date from August 
2021 to October 2023, reducing the 
total facility size from $120 million to $85 million, inclusive of a $10m standby facility 
which will expire in October 2021. This change reflects the company’s success in reducing debt over the past 24 months 
and strikes an appropriate balance between minimising funding costs and maintaining appropriate financing flexibility. 
We continue
 to prudently manage costs across the business including capital expenditure which reduced to $2.1 million 
from $4.3 million in the first half last year. Planned capital investments will increase in the second half of the year, to a 
level similar to the same six months last year. 
Market conditions and 
outlook 
Mr Mander said “Future market conditions remain uncertain and given the impacts of COVID‐19 and heightened market 
competition are likely to be with us for some time, it is critical that the group remains vigilant and adaptable. 
“Consenting activity in New Zealand has been stronger than we had anticipated
 in recent months. However, there is some 
risk that building activity may begin to soften early next year as a result of broader macro‐economic factors as well as 
local issues such as extended border restrictions and further weakness in business confidence and labour markets. 
Balancing this, we’ve been pleased 
with the solid results in New Zealand in recent months and our customers are typically 
citing good forward books of work through into the new calendar year.  
“The industry is currently experiencing significant disruptions and delays in international shipping, resulting from a surge 
in sea freight demand and backlogs at key
 ports. We are monitoring this situation closely and are increasing our safety 
stock levels as appropriate. However, we are anticipating an increase in shipping related costs in the second half of the 
financial year. 
“In Australia, we remain confident that the improvements in AGG’s EBIT results achieved in the first 
half will be sustained 
through FY21, although weighted towards the first half given the Christmas and new year shutdown period. This assumes 
no change to COVID‐19 restrictions. 
“Net debt reduction in the second half will be impacted by the above factors as well as capital expenditure returning to 
a level
 similar to the second half last year. 
“Reflecting the significant level of uncertainty the group is facing, we now anticipate providing guidance on expected 
results for the 2021 financial year alongside a trading update in February 2021.”   
 
/ends  

    
3 
 
HALF YEAR RESULTS WEBCAST AND CONFERENCE CALL: 
Metro Performance Glass Limited will release its results for the 6 months ended 30 September 2020 at 8:30am (NZDT) 
on Monday, 23 November 2020, followed by a briefing for investors, analysts and media at 10am. 
 
You can listen to the webcast via the 
company’s website: www.metroglass.co.nz/investor‐centre or directly: 
https://globalmeet.webcasts.com/starthere.jsp?ei=1397674&tp_key=798020e99d. 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 when prompted, please quote the conference code: 937474. 
New Zealand Toll Free  0800 423 972  International                    +64 (0)9 9133 624 
Australia Toll Free  1 800 590 693  United Kingdom Toll Free    0800 358 6374  
Australia  (Sydney)               +61 (0)2 9193 3719 US/Canada Toll Free    866‐519‐2796 
Australia
  (Melbourne)          +61 (0)3 8317 0929 
 
For further information please contact: 
Liam Hunt, Investor Relations  
(+64) 027 403 4323 
liam.hunt@metroglass.co.nz  
 
 
Authorised for release by Andrew Paterson, Company Secretary, on behalf of the Board.

---

i
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
INTERIM FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2020

Front cover: Backlit wall, New Zealand | This page: LowE double glazing, Australia

1
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
1
The Metroglass Group displayed
resilience through the first
6 months of FY21, supported
by the strength and dedication
of its people.
Metroglass had a solid first half in
New Zealand, although the COVID-19
shutdown impacts overshadowed
underlying performance.
The Australian turnaround
progressed well with good
operational performance
and an EBIT positive result.
Metroglass continues to
significantly reduce its debt
through strong operating
cash flows and targeted
capital expenditure.
Chair Letter ................................................................2
Chief Executive Officer Review ..........................4
Independent Review Report .............................13
Consolidated Interim
Financial Statements ..........................................15
Consolidated Interim Statement
of Comprehensive Income .................................15
Consolidated Interim Statement
of Financial Position .............................................16
Consolidated Interim Statement
of Changes in Equity ............................................18
Consolidated Interim Statement
of Cash Flows .........................................................21
Notes to the Consolidated Interim
Financial Statements ..........................................22
Company Directory ..............................................33

2
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
Considering the challenges of the pandemic
and an intensely competitive market, the
New Zealand business achieved a solid
financial performance in the first half
of the year.
Australian Glass Group (AGG) continued
to operate throughout the first half of
the financial year without significant
disruption and successfully managed
the increasing COVID-19 restrictions
and safety requirements with compassion
and efficiency. Demand held up well, and
encouragingly, our range of high-performance
double-glazing products continued to
penetrate the residential market in the
south east of Australia.
AGG continued its improving trajectory
and delivered a positive EBIT for the first
half, driven in part by the restructure of
our NSW business late last calendar year.
Pleasingly, the turnaround plan continues
to be executed well with its improved
performance helping to offset some of
the weakness in the New Zealand business
relative to the same period last financial
year due to the April shutdown.
It is still very uncertain how long COVID-19
will be with us and what impacts we’ll see
in our markets. However, as we advised at
last year end, we will continue to monitor
events and plan for a range of scenarios.
This process has provided us with a useful
frame of reference when making key
decisions and assessing evolving information
from inside and outside the business.
It is widely promoted that the construction
sector has an important part to play in the
future economic recovery of New Zealand
CHAIR LETTER
Peter Griffiths
CHAIR
Firstly, I would like to acknowledge
the resilience of our people during
a period of significant uncertainty.
Their commitment has helped shape
a stronger and focused Metro
Performance Glass Group.
Our operations in New Zealand were
completely shut down for 32 days during
COVID-19 Alert Level 4 from late March
to late April 2020. However, thanks to our
dedicated and motivated teams, we were
able to quickly resume safe operations
through Alert Levels 3 and 2. Immediately
post shutdown, demand was solid in all
our segments, and everyone was focused
on prompt delivery to our customers.
Pleasingly, we still have strong forward
order books for the near term, but in
line with many economic forecasters,
we expect activity may begin to soften
in the new calendar year.
METRO PERFORMANCE GLASS LIMITED

3
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
and Australia. When this occurs, it should
provide the Group with a greater set of
opportunities, and we will ensure that we
have a capable team and robust operations
in order to deliver market-leading products
and services for our customers.
The disruptions of the first half of this
financial year resulted in the Group achieving
revenue of $117.0 million and EBIT of $12.8
million.
1
The improved Australian financial
result and New Zealand Government wage
subsidy helped the Group performance but
were not sufficient to offset the significant
financial impacts that resulted from the
5-week shutdown in New Zealand.
Strong operating cash flows, including
effective inventory and debtor management,
and the sale and leaseback of approximately
two-thirds of the New Zealand vehicle fleet
had allowed us to further strengthen the
balance sheet by lowering debt. Net bank
debt was reduced from $66.9 million at
31 March 2020 to $47.7 million
2
as at
30 September 2020, down $19.2 million
in the 6 months since the first impacts
of COVID-19. Year-on-year net bank debt
has been reduced by $25.7 million from
30 September 2019.
The Board remains committed to reducing
the company’s leverage ratio to below 1.5x
net debt to EBITDA (pre IFRS-16)
3
, and is
pleased with the progress being made.
Once this is achieved on a sustainable basis,
the Board will review the Group’s capital
management position and consider
the possibility of resuming dividends
to shareholders, taking into account
the prevailing economic environment
and the Board’s view for the Group’s
future financial performance.
Despite the immediate challenges posed
by the COVID-19 pandemic, the Board’s
longer-term focus remains on ensuring
that the company is a successful glass
processor that delivers value to its
stakeholders. In service of this, our key
near-term goals continue to be:
• to defend our leadership position
in an increasingly competitive
New Zealand market
• to grow and improve the profitability
of our Australian business
• to ensure our balance sheet is strong
and sufficient to cope with future risks
and opportunities
I believe we have made progress on all three
of these goals during the period in review.
Reflecting the significant level of
uncertainty the Group is facing, we now
anticipate providing guidance on expected
results for the 2021 financial year alongside
a trading update in February 2021.
On behalf of the Board, I would like to thank
Metroglass employees for their dedication
and commitment during a very challenging
year to date.
PETER GRIFFITHS
Chair
1. Earnings before interest, tax, and significant items
(being a $1.0 million gain on sale of vehicles).
2. Net debt includes net bank debt of $47.7 million
and other interest-bearing liabilities of $3.3 million
which arose primarily through the sale and leaseback
of vehicles.
3. The leverage ratio was 1.53x at 30 September 2020,
down from 1.95x last year.

4
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
INFLUENCE OF COVID-19 ON METROGLASS
A prominent feature of the first 6 months
of FY21 has been the evolving environment
that the COVID-19 pandemic has presented
in New Zealand and Australia.
Metroglass started the first 4 weeks
of FY21 in an Alert Level 4 shutdown in
New Zealand and operating under various
levels of restrictions in Australia. At that
time, the Group had already moved
swiftly and safely to shut down our
four New Zealand manufacturing plants,
established the continuity of business
operations that could be continued
remotely (head office functions, sales
and customer service, engineering
specification and design) and committed
to supporting our people with 100% of
their contracted wages and salaries for
the 5-week period of Alert Level 4.
Simultaneously, we moved to preserve cash
and ensure sufficient balance sheet liquidity.
We transparently negotiated payment
terms with our critical suppliers, engaged
with our banking syndicate on covenant
relief, sought rent relief from our landlords,
cut all non-essential capital expenditure
and discretionary spend and applied for the
first round of the New Zealand Government
wage subsidy.
Once COVID-19 restrictions eased in
New Zealand, we resumed production,
implementing safety and sanitation
procedures, and gradually introduced more
of our team back onto our sites. In July and
August, when the second waves emerged in
Victoria followed by New Zealand, we were
prepared and efficiently reverted to our
COVID-19 response protocols. Our teams
worked incredibly hard to achieve the
desired level of service performance and
communication our customers expect,
and I thank them for their efforts.
PEOPLE PRIORITIES
Our people have displayed a tremendous
amount of resilience to keep Metroglass
operating and delivering to our customers
amongst challenging work and personal
circumstances as a result of the pandemic.
Over the past 6 months, we have ensured
that our people remain connected with
their teams and the organisation, supported
through regular check-ins, and established
relevant COVID-19 procedures to keep them
safe at work.
We continue to focus on building our
long-term capabilities through a series
of online and on-the-job training initiatives.
In the half we launched a Brighter Minds
programme supporting emerging leaders
Simon Mander
CEO
CHIEF EXECUTIVE
OFFICER REVIEW
METRO PERFORMANCE GLASS LIMITED

5
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
to develop the knowledge and skills to
be successful in their roles and to work
towards a New Zealand Certificate in
Business (Introduction to Team Leadership).
Our apprenticeship programme currently
has more than 80 apprentices enrolled
and working towards a formal qualification.
This scheme is now supported by the
New Zealand Government’s Targeted Training
and Apprenticeship Fund (TTAF). We have
been pleased to see our apprentices being
recognised for their hard work externally,
with Metroglass glaziers winning the Window
& Glass Association’s Glass and Glazing Most
Promising Apprentice of the Year Award in
both 2019 and 2020.
In addition to delivering improved financial
results, our Australian team has also made
great progress on its culture and people
engagement, with year-on-year reductions
in serious safety incidents, staff turnover
and staff absenteeism.
CUSTOMER FEEDBACK
The first 6 months has underlined the
importance of our strong customer
relationships. Throughout that time,
we worked closely with our customers
on COVID-19 safety practices, ensured
widespread awareness on the various
support packages available from the
government agencies and the banking
sector and were in regular communication.
In June, we conducted the third of our
6-monthly customer surveys. The results
of this survey are unique, reflecting the
views of our customers during the post-
shutdown ramp-up period and post the
emergence of COVID-19.
The ratings received in both New Zealand
and Australia were consistent with our
two prior survey results, with our customers
complimentary of our people and pleased
with the improvements made in our
communications and our ability to be
responsive to their needs. Inconsistencies
in service performance and extended lead
times during the post-shutdown ramp-up
period were noted, and we worked hard to
resolve these quickly alongside the wider
supply chain.
Our people have displayed
a tremendous amount
of resilience to keep
Metroglass operating
and delivering to
our customers.

6
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
FINANCIAL HIGHLIGHTS
Overall, the Group delivered a solid
performance in the 6 months to
30 September, despite the COVID-related
shutdown in New Zealand in April hampering
our ability to generate revenue. As restrictions
lifted, we ramped up production quickly.
Pleasingly, sustained improvements in
operating and financial performance
from AGG has resulted in a return to
a positive EBIT.
Group revenue of $117.0 million was 14%
lower than the same 6-month period last
year, and Group EBIT
1
declined 12% to
$12.8 million. Reported net profit after
tax (NPAT) for the first half of FY21
declined 2% to $7.6 million.
In New Zealand, the rebound in trading from
June onwards to levels that were largely
in line with the prior year and receipt of
the New Zealand Government wage subsidy
were not enough to offset the almost nil
revenue achieved in April and reduced
revenue in May. Revenue of $89.2 million
was 19% lower than last year, and EBIT
declined 26% to $12.8 million.
AGG was able to continue operating
throughout the half with fewer significant
disruptions. AGG’s revenue was 3% ahead
of last year supported by a significant shift
in sales mix towards double-glazed units.
Following a 2-year turnaround programme
AGG delivered a positive EBIT of $0.4 million
in the half, an improvement of $2.7 million
on the same period last year. The business
is not yet achieving acceptable financial
returns but is on a good trajectory and is
well placed to benefit from the increased
use of double glazing in south east Australia.
Our strong operating cash flows, including
effective working capital management, and
the sale and leaseback of approximately
two-thirds of the New Zealand vehicle fleet
have allowed us to reduce net bank debt
by $19.2 million since March 2020 or
$25.7 million since September 2019.
GROUP REVENUE
$117.0M
-14%
GROUP EBIT
1
$12.8M
-12%
Digital print partitions, school, New Zealand
METRO PERFORMANCE GLASS LIMITED

7
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
$MNew ZealandAustraliaGroup
1H211H201H211H201H211H20
Revenue89.2109.6 27.827.1 117.0136.7
Segmental EBiT
1
12.8 17.2 0.4(2.3)
Group EBiT
1
12.814.5
NPAT7.67.7
GROUP REVENUE BY SEGMENT ($M)
$117.0 million, -$19.7 million
Residential
(NZ)
Commercial glazing
(NZ)
59.1
74.9
18.0
22.8
11.8
27.1
136.7
117.0
(14%)(19%) NZ
(21%)
12.1
27.8
Retrofit
(NZ)
Metro Glass GroupAustralian Glass
Group (AU)
1H211H20
2%(21%)3%
EBIT
$12.8 million, -$1.7 million
1H20 EBIT
Change in April NZ
EBIT – COVID-19
Alert Level 4 lockdown
14.58.8
6.12.9
2.0
1.5
0.4
0.1
12.8
0.8
2.2
1.2
NZ Govt wage
subsidy – COVID-19
NZ gross profit % –
mainly due to post-
shutdown ramp up in May
Distribution and glazing
(May–Sept)
1H21 EBIT
1
Distribution and other
Other Group costs
Administration
expenses
Gross profit %
improvements
Admin, selling and
marketing (May–Sept)
NZ revenue – mainly
due to post-shutdown
ramp-up in May
New ZealandAustralia
SUMMARY OF RESULTS FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2020 (1H21)

8
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
NEW ZEALAND REVIEW
REVENUE
$89.2M
-19%
EBIT
$12.8M
-26%
New Zealand’s underlying performance
over a very challenging 6-month period
demonstrates the resilience of the business.
Metroglass responded well to numerous
COVID-19-driven issues including significant
levels of demand uncertainty and volatility,
supply chain disruptions and operating
restrictions, in addition to increased levels
of competition across the country.
Glass products are typically installed in the
latter stages of the building process, and
it was positive to observe steady demand
from June to September as customers
worked to catch up on disrupted work
schedules. The stimulus and support
packages provided by the New Zealand
Government and the banks offering record
low interest rates have underpinned the
confidence in the construction sector.
Total revenue in New Zealand was 19%,
or $20.4 million, lower than the prior year
primarily as a result of the shutdown period.
From June to September, on a daily sales
basis, revenue was 4% lower than the same
period in the prior year, with growth in our
Retrofit and commercial segments offset
by softness in the window manufacturer
and merchant segments.
Nationally, revenue from the residential
segment declined by 21% to $59.1 million,
as the COVID-19 shutdown and subsequent
restrictions impacted new residential
construction activity. Metroglass continues
to operate in a highly competitive market
and is focused on building a strong value
proposition and relationships with new
and existing customers.
In our commercial glazing segment, revenue
declined by 21% to $18.0 million, driven
by the shutdown period. Positively,
Metroglass has experienced no significant
project cancellations with the forward book
ending the half 29% higher than it was
at 30 September 2019. This increase is in
part due to the shutdown period, but also
reflects our improved performance and
acceptance rates.
Revenue from the Retrofit double-glazing
channel increased 2% to 12.1 million despite
the shutdown period, with enquiry levels (as
measured by the number of leads received)
greater than the prior year as well as an
increase in the percentage of acceptances.
In a time of limited international travel,
many customers are electing to invest and
upgrade their properties having spent more
Digital print canopy, New Zealand
METRO PERFORMANCE GLASS LIMITED

9
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
time working remotely and seeking a warmer,
drier and healthier home. Pleasingly, this is
reflected in our forward book of work, which
ended the half 76% higher than it was at
30 September 2019.
New Zealand’s EBIT of $12.8 million was 26%
below last year. The impact of the 5-week
Alert Level 4 shutdown in New Zealand was
significant and resulted in an EBIT loss in
April 2020 that was $8.8 million lower than
April 2019. While we were able to resume
operations in May 2020, the progressive
ramp-up of production and sales impacted
both revenue and the gross profit margin
in the month. The impacts in April and May
were only partly offset by the government
wage subsidy of $6.5 million, which applied
for 12 weeks from April to June ($0.4 million
of this subsidy was recognised in the 2020
financial year).
It was pleasing that Metroglass revenue
and gross profit percentage from June
to September remained broadly in line with
the same 4-month period last year. This is
a good result in a competitive environment
and was supported by a continued shift
towards higher-value products including
toughened, laminated and low-emissivity
(LowE) glass products. The business
also focused on closely managing costs
and achieved savings across distribution
and glazing, sales and marketing
and administration.
Metroglass operates in a highly competitive
market that has seen the introduction of
new glass processing capacity over several
years, most recently in April this year. We are
well accustomed to this environment, and
our product and service offering and deep
customer relationships have remained at
the centre of our value proposition, enabling
us to retain our market-leading position.
Metroglass responded
well to numerous
COVID-19-driven issues
... in addition to increased
levels of competition
across the country.
Laminated and digital print canopy, New Zealand

10
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
AUSTRALIAN GLASS GROUP REVIEW
REVENUE
$27.8M
+3%
EBIT
$0.4M
($2.3M loss in prior period)
The impacts of COVID-19 have been far
reaching in the residential construction
sector. Pleasingly, each of our manufacturing
plants (Melbourne, Sydney and Hobart) have
operated well in spite of varying restrictions
and safety protocols. In a highly fragmented
market and as a smaller, regionally focused
business, there has been limited impact
on our operations from government
restrictions in metropolitan Melbourne.
While AGG has not received Australian
Government support directly, these
initiatives and stimulus packages continue
to support construction activity more
broadly and sustain on-going works, thus
recognising the contribution and on-going
level of employment provided by the sector.
AGG has continued to successfully execute
against its turnaround plan. The business
is now delivering strong and consistent
operational performance, which is being
recognised in the market and is flowing
through to improved financial results.
AGG’s revenue grew 3% to 27.8 million,
with sustained operational performance,
positive customer feedback and marketing
programmes continuing to support growth
in new and existing customers. AGG’s sales
of double-glazed units grew 18% versus
the same 6-month period last year,
despite declines in Australian new housing
construction. This growth was offset in
the half by a 38% decline in the sales of
other glass products, which was principally
driven by the restructuring of our New South
Wales business in December 2019.
Our Hobart plant continues to strengthen
its position in the Tasmanian market,
improving manufacturing efficiency as
volumes have increased from its start-up
in 2018. Our Melbourne plant, which accounts
for a significant proportion of AGG’s
revenue, has performed consistently in
difficult circumstances. In New South Wales,
the structural changes made in December
2019 to reorientate the business solely
towards the supply of double-glazed
windows has resulted in stable and
improved service performance.
AGG achieved a significant improvement
in EBIT in the half year moving from a
$2.3 million loss in the prior period to
a $0.4 million profit this half, supported
by reductions in overheads primarily as
a result of the restructure of the New
South Wales business in December 2019.
AGG’s continued success in growing its
double-glazed unit sales illustrates the
opportunity the increasing penetration
of these products presents. We believe
the business is on a strong footing with
a positive long-term outlook.
LowE double glazing, Australia
METRO PERFORMANCE GLASS LIMITED

11
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
BALANCE SHEET AND CASH FLOWS
In October, Metroglass announced the
refinancing of its syndicated banking
facilities extending the expiry date from
August 2021 to October 2023 and reducing
the total facility size from $120 million to
$85 million, inclusive of a $10 million standby
facility, which will expire in October 2021.
This change reflects the company’s success
in reducing debt over the past 24 months
and strikes an appropriate balance between
minimising funding costs and maintaining
appropriate financing flexibility.
Over the last 12 months, Metroglass has
reduced net bank debt
2
by $25.7 million,
supported by a reduction in working capital
of $4.6 million and the sale and leaseback
of two-thirds of our vehicle fleet, which
provided a one-off cash benefit and will see
an increase in lease costs going forward.
Metroglass continues to prudently manage
costs across the business including capital
expenditure, which reduced to $2.1 million
from $4.3 million in the first half last year.
Planned capital investments will increase
in the second half of the year to a level
similar to the same 6 months last year.
MARKET CONDITIONS AND OUTLOOK
Future market conditions remain uncertain
and given that the impacts of COVID-19 and
heightened market competition are likely
to be with us for some time, it is critical that
the Group remains vigilant and adaptable.
Consenting activity in New Zealand has been
stronger than we had anticipated in recent
months. However, there is some risk that
building activity begins to soften early next
year as a result of broader macro-economic
factors as well as local issues such as
extended border restrictions and further
weakness in business confidence and
labour markets.
Balancing this we’ve been pleased with the
solid results in New Zealand in recent months,
and our customers are typically citing good
forward books of work through into the
new calendar year.
The industry is currently experiencing
significant disruptions and delays in
international shipping, resulting from a surge
in sea freight demand and backlogs at key
ports. We are monitoring this situation closely
and are increasing our safety stock levels
as appropriate. However, we are anticipating
an increase in shipping-related costs
in the second half of the financial year.
AGG has continued to
successfully execute
against its turnaround
plan. The business is now
delivering strong and
consistent operational
performance.

Top: Digital print mural, New Zealand
Bottom: Canopy and façade, New Zealand
12
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
In Australia, we remain confident that the
improvements in AGG’s EBIT results achieved
in the first half will be sustained through
FY21, although weighted towards the first
half given the Christmas and new year
shutdown period. This assumes no material
change to COVID-19 restrictions.
Net debt reduction in the second half will
be impacted by the above factors as well
as capital expenditure returning to a level
similar to the second half last year.
Reflecting the significant level of uncertainty
the Group is facing, we now anticipate
providing guidance on expected results
for the 2021 financial year alongside
a trading update in February 2021.
Our key goals remain unchanged. We will
defend our strong position in the competitive
New Zealand market, grow our Australian
business and continue to improve its
profitability and reduce debt to provide us
with increased optionality for the future.
We’re focused on building a resilient
organisation that provides excellent
operational performance, maintains
strong customer connections and
invests in and supports its people.
Finally, I would like to take the opportunity
to thank all our shareholders, customers,
suppliers and staff for their support and
patience over the last 6 months.
SIMON MANDER
Chief Executive Officer
Front crnvtnFe:Br akell kiFiorw

13
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa

PricewaterhouseCoopers, 15 Customs Street West, 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

Our conclusion
We have reviewed the consolidated interim financial statements of Metro Performance Glass Limited
(the Company) and its subsidiaries (the Group), which comprise the consolidated interim statement of
financial position as at 30 September 2020, 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 other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 30 September 2020, and its financial
performance and cash flows for the half year then ended, 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).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410
(Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ
SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for the
review of the financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our
firm carries out other services for the Group in the areas of other related assurance services related to
covenant certificates. The provision of these other services has not impaired our independence.
Directors’ responsibility for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair
presentation of these consolidated interim financial statements in accordance with IAS 34 and NZ IAS
34 and for such internal control as the Directors determine is necessary to enable the preparation and
fair presentation of consolidated interim financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s responsibility for the review of the consolidated interim financial
statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on
our review. NZ SRE 2410 (Revised) 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. A review of
consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures.

14
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa

PwC 2
The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing and International Standards on
Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these consolidated interim
financial statements.
Who we report to
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.

The engagement partner on the review resulting in this independent auditor’s review report is Troy
Florence.


For and on behalf of:






Chartered Accountants Auckland
23 November 2020
METRO PERFORMANCE GLASS LIMITED

15
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
CONSOLiDATED iNTERiM STATEMENT OF COMPREHENSiVE iNCOME
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2020 (UNAUDITED)
NOTESCONSOLiDATEDCONSOLiDATED
Sep-20 
$’000
Sep-19
$’000
Sales revenue116,952 136,691
Cost of sales(66,224)(72,910)
Gross profit50,728 63,781 
Distribution and glazing-related expenses(21,510)(24,253)
Selling and marketing expenses(6,962)(7,736)
Administration expenses(15,640)(17,298)
Other income86,141 -
Profit before significant items, interest and tax12,757 14,494 
Significant items10951 -
Profit before interest and tax13,708 14,494 
Finance expense(3,126)(3,751)
Finance income100 101
Profit before income taxation10,682 10,844 
Income taxation expense(3,120)(3,128)
Profit for the period7,562 7,716
Other comprehensive income 
Items that may be reclassified to profit or
loss in the future:
Exchange differences on translation
of foreign operations160 (231)
Cash flow hedges (net of tax)(1,558)645
Total comprehensive income for the period 
attributable to shareholders6,164 8,130
Earnings per share
Basic and diluted earnings per share (cents per share)4.14.2
The Board of Directors authorised these financial statements for issue on 23 November 2020.
For and on behalf of the Board:
Peter Griffiths Graham Stuart 
Chair Director
The above consolidated interim statement of comprehensive income should be read in conjunction with the
accompanying notes.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
16
i12345613743i$MN15ew$  5wZiZ21a
CONSOLiDATED iNTERiM STATEMENT OF FiNANCiAL POSiTiON
AT 30 SEPTEMBER 2020 (UNAUDITED)
CONSOLiDATED
CONSOLiDATED 
(AUDiTED)
RESTATEDCONSOLiDATED
Sep-20
$’000
Mar-20
$’000
Sep-19
$’000
Assets
Current assets
Cash and cash equivalents8,64514,7423,063
Trade and other receivables34,54833,29438,416
Inventories19,65920,27622,471
Derivative financial instruments701,9821,570
Other current assets5,33112,7115,337
Total current assets68,25383,00570,857
Non-current assets
Property, plant and equipment54,28359,64563,758
Right-of-use assets52,46350,36354,819
Deferred tax10,1347,9085,747
Intangible assets57,60557,499146,288
Total non-current assets174,485175,415270,612 
Total assets242,738258,420341,469 
Liabilities
Current liabilities
Trade and other payables27,53124,60129,657
Deferred income1,9757,3661,249
Income tax liability2,0462,7662,459
Derivative financial instruments399200255
Interest-bearing liabilities56,788––
Lease liabilities6,2745,5526,173
Provisions1,3081,9921,065
Total current liabilities96,32142,47740,858

17
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
AT 30 SEPTEMBER 2020 (UNAUDITED)
CONSOLiDATED iNTERiM STATEMENT OF FiNANCiAL POSiTiON (CONT.)
CONSOLiDATED
CONSOLiDATED 
(AUDiTED)
RESTATEDCONSOLiDATED
Sep-20
$’000
Mar-20
$’000
Sep-19
$’000
Non-current liabilities
Interest-bearing liabilities2,89781,630 76,441
Derivative financial instruments2,053 1,986 1,981
Lease liabilities55,772 53,933 56,907
Provisions3,645 2,551 3,902
Total non-current liabilities64,367140,100 139,231 
Total liabilities160,688 182,577 180,089 
Net assets82,050 75,843 161,380 
Equity
Contributed equity307,198 307,198 306,837
Retained earnings(53,907)(61,469)25,108
Group reorganisation reserve(170,665)(170,665)(170,665)
Share-based payments reserve974 931 805
Foreign currency translation
reserve145 (15)(235)
Cash flow hedge reserve(1,695)(137)(470)
Total equity82,050 75,843 161,380
The above consolidated interim statement of financial position should be read in conjunction with the
accompanying notes.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
18
i12345613743i$MN15ew$  5wZiZ21a
CONSOLiDATED iNTERiM STATEMENT OF CHANGES iN EQUiTY
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2020 (UNAUDITED)
CONSOLiDATED
CONTRiBUTED 
EQUiTYRESERVES
RETAiNED 
EARNiNGSTOTAL
$’000$’000$’000$’000
Opening balance at 1 April 2019306,693(171,059)21,329156,963
Change in accounting policy
(adoption of NZ IFRS 16)––(3,937)(3,937)
Restated total equity at
1 April 2019306,693(171,059)17,392153,026
Profit for the period––7,7167,716
Movement in foreign currency
translation reserve–(231)–(231)
Other comprehensive income
for the period–645–645
Total comprehensive income 
for the period–4147,7168,130 
Payments received on
management incentive
plan shares144––144
Movement in share-based
payments reserve–80–80
Total transactions with owners,
recognised directly in equity14480–224
Unaudited closing balance at 
30 September 2019306,837(170,565)25,108161,380 

19
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
CONSOLiDATED iNTERiM STATEMENT OF CHANGES iN EQUiTY (CONT.)
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2020 (UNAUDITED)
CONTRiBUTED 
EQUiTYRESERVES
RETAiNED 
EARNiNGS
RESTATEDTOTAL
$’000$’000$’000$’000
Opening balance at
1 October 2019306,837 (170,565)25,108 161,380
Restated loss for the period
(Note 9)– – (86,577)(86,577)
Movement in foreign currency
translation reserve– 220 – 220
Other comprehensive income
for the period– 333 – 333
Total comprehensive income/
(loss) for the period– 553 (86,577)(86,024)
Payments received on
management incentive
plan shares– – – –
Vesting of employee share
purchase scheme361 (181)– 180
Movement in share-based
payments reserve– 307 – 307
Total transactions with owners,
recognised directly in equity361 126 – 487
Audited closing balance at 
31 March 2020307,198 (169,886)(61,469)75,843

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
20
i12345613743i$MN15ew$  5wZiZ21a
CONSOLiDATED iNTERiM STATEMENT OF CHANGES iN EQUiTY (CONT.)
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2020 (UNAUDITED)
CONTRiBUTED 
EQUiTYRESERVES
RETAiNED 
EARNiNGSTOTAL
$’000$’000$’000$’000
Opening balance at 1 April 2020307,198 (169,886)(61,469)75,843
Profit for the period– – 7,562 7,562
Movement in foreign currency
translation reserve– 160 – 160
Other comprehensive income/
(loss) for the period– (1,558)– (1,558)
Total comprehensive income/
(loss) for the period– (1,398)7,562 6,164 
Payments received on
management incentive
plan shares– – – –
Movement in share-based
payments reserve– 43 – 43
Total transactions with owners,
recognised directly in equity– 43 – 43
Unaudited closing balance at 
30 September 2020307,198 (171,241)(53,907)82,050 
The above consolidated interim statement of changes in equity should be read in conjunction with the
accompanying notes.

21
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
CONSOLiDATED iNTERiM STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2020 (UNAUDITED)
CONSOLiDATEDCONSOLiDATED
2020 
$’000
2019 
$’000
Cash flows from operating activities
Receipts from customers117,398 137,520
Payments to suppliers and employees(96,191)(110,561)
Government grants received6,510–
Interest received100 101
Interest paid(1,534)(2,079)
Interest paid on leases(1,544)(1,653)
Income taxes paid(5,155)(4,412)
Net cash inflow from operating activities19,584 18,916 
Cash flows from investing activities
Proceeds from sale of property, plant and equipment3,147 –
Payments for property, plant and equipment(1,928)(3,889)
Payments for intangible assets(167)(407)
Net cash inflow/(outflow) from investing activities1,052 (4,296)
Cash flows from financing activities
Lease liabilities principal payments(2,575)(3,172)
Repayment of bank borrowings(27,438)(15,500)
Drawdown of borrowings–1,565
Drawdown of other financing3,334 –
Payments received on management
incentive plan shares–144
Dividend paid––
Net cash outflow from financing activities(26,679)(16,963)
Net decrease in cash and cash equivalents(6,043)(2,343)
Cash and cash equivalents at the beginning
of the period14,742 5,488
Effects of exchange rate changes on cash
and cash equivalents(54)(82)
Cash and cash equivalents at end of the period8,645 3,063 
The above consolidated interim statement of cash flows should be read in conjunction with the
accompanying notes.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
22
i12345613743i$MN15ew$  5wZiZ21a
NOTES TO THE CONSOLiDATED iNTERiM FiNANCiAL STATEMENTS (UNAUDiTED)
1 BASiS OF PREPARATiON 
Reporting entity
These consolidated interim 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
1 April 2019 to 30 September 2019.
Basis of preparation
These consolidated interim financial
statements have been approved for issue by
the Board of Directors on 23 November 2020.
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 to International Accounting
Standard NZ IAS 34 Interim Financial
Reporting and International Accounting
Standard IAS 34 Interim Financial Reporting.
These consolidated interim 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 year ended
31 March 2020. The same accounting policies,
presentation and methods of computation
have been followed in these condensed
interim financial statements as were applied
in the preparation of the Group’s audited
financial statements for the year ended
31 March 2020.
Metro Performance Glass Limited is a limited
liability company registered under the
New Zealand Companies Act 1993 and
is a Financial Markets 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
the NZX Main Board Listing Rules.
The Group’s revenue and profitability follow
a seasonal pattern with lower sales and
net profits typically achieved in the second
half of the financial year as a result of lower
sales generated during the Christmas
shutdown period.
Historical cost convention
The consolidated interim financial
statements have been prepared under
the historical cost convention, as modified
by the revaluation of financial assets and
financial liabilities at fair value.
Principles of consolidation
The consolidated interim 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 2020 and the results
of all subsidiaries for the period then ended.

23
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
23
Subsidiaries are all entities over which the
Group has control. A subsidiary 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 deconsolidated 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 interim 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.
1 BASiS OF PREPARATiON (CONT.)
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 consolidated interim statement of
comprehensive income has been prepared
so that all components are stated exclusive
of GST. All items in the consolidated interim
statement of financial position are stated
net of GST, with the exception of receivables
and payables, which include GST invoiced.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
24
i12345613743i$MN15ew$  5wZiZ21a
M421 52452l15N4M 4wZa$21a5ZM213Zi57ZM$MNZ$w5 2$21i1M2 5ndM$daZ21aA5nN4M2uA
24
2 FiNANCiAL PERFORMANCE
Segment information
Operating segments of the Group at
30 September 2020 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.

25
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
25
SEP-20
New Zealand
$’000
 
Australia
$’000
Eliminations  
and other
$’000
Group
$’000
Commercial Glazing17,999 ––17,999
Residential59,138 27,755 –86,893
Retrofit12,060 ––12,060
Total revenue89,197 27,755 –116,952 
Gross profit43,428 7,300 –50,728
Segmental EBiTDA before 
significant items20,471 3,064 –23,535 
Group costs––(433)(433)
Group EBiTDA before 
significant items23,102
Depreciation and amortisation(7,720) (2,625) –(10,345)
EBiT before significant items12,751 439 (433)12,757 
Significant items951 951 
EBiT13,702 439 (433)13,708 
Segment assets275,461 67,337 (100,060)242,738
Segment non-current assets
(excluding deferred tax assets)136,434 47,667 (19,750)164,351
Segment liabilities80,374 65,878 14,436 160,688

2 FiNANCiAL PERFORMANCE (CONT.)

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
26
i12345613743i$MN15ew$  5wZiZ21a
M421 52452l15N4M 4wZa$21a5ZM213Zi57ZM$MNZ$w5 2$21i1M2 5ndM$daZ21aA5nN4M2uA
26
SEP-19
New Zealand 
$’000
Australia 
$’000
Eliminations  
and other
$’000
Group 
$’000
Commercial glazing22,834 ––22,834
Residential74,938 27,077 –102,015
Retrofit11,842 ––11,842
Total revenue109,614 27,077 –136,691 
Gross profit57,955 5,826 –63,781
Segmental EBiTDA24,933 1,003 –25,936 
Group costs––(484)(484)
Group EBiTDA25,452
Depreciation and amortisation(7,686) (3,272) –(10,958)
EBiT17,247 (2,269)(484)14,494 
Segment assets345,148 70,539 (74,218)341,469
Segment non-current assets
(excluding deferred tax assets)228,196 50,919 (14,250)264,865
Segment liabilities79,988 69,836 30,265 180,089
3 PROPERTY, PLANT AND EQUiPMENT 
During the 6 months ended 30 September 2020, the Group acquired assets with a total cost
of $1.6 million (September 2019: $4.5 million) and disposed of assets with a total book value
of $2.4 million (September 2019: $0.4 million). Included in the disposal value is the sale of
vehicles under a sale and leaseback agreement the Group entered into for approximately
two-thirds of the New Zealand vehicle fleet (refer Note 10). There have been no material
changes in the estimated useful life of key items of plant and machinery. The depreciation
expense for the 6 months ended 30 September 2020 was $5.57 million (September 2019:
$5.63 million).
2 FiNANCiAL PERFORMANCE (CONT.)

27
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
27
4 FiNANCiAL iNSTRUMENTS 
Interest rate swaps and forward
exchange contracts
These financial instruments were measured
at fair value based on valuations provided
by 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 $2.1 million liability (March
2020: $2.1 million liability) and the fair value of
forward exchange contracts are $0.3 million
liability (March 2020: $1.9 million asset).
The movements in fair value are disclosed
in cash flow hedges (net of tax) through
other comprehensive income, with a loss
recognised on forward exchange contracts
of $1.6 million (30 September 2019: $1.4
million gain) and income of $0.06 million
(30 September 2019: $0.7 million loss) on
interest rate swaps.
5 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 at each reporting date).
Impairment tests using value-in-use
calculations of the Australian CGU and
New Zealand CGU have been performed
at 31 March 2020 as part of the annual
tests. Goodwill and intangible assets have
been reviewed at 30 September 2020,
with no indicators of impairment noted
and no changes made to the estimated
recoverable amount of goodwill or the
estimated useful life of other intangibles.
The amortisation expense for the 6 months
ended 30 September 2020 was $1.3 million
(September 2019: $1.4 million).

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
28
i12345613743i$MN15ew$  5wZiZ21a
M421 52452l15N4M 4wZa$21a5ZM213Zi57ZM$MNZ$w5 2$21i1M2 5ndM$daZ21aA5nN4M2uA
28
6 iNTEREST-BEARiNG LiABiLiTiES
SEP-20MAR-20SEP-19
$’000$’000$’000
Bank borrowings – current
1
56,351––
Bank borrowings – non-current–81,63076,441
Less: cash and cash equivalents(8,645)(14,742)(3,063)
Net bank debt47,70666,88873,378
Other financing – current
437––
Other financing – non-current2,897––
Net debt51,04066,88873,378
1 Please refer to Note 11 for further details. Bank borrowings were classified as current at 30 September 2020
as these facilities were renegotiated for an extended term after the balance date.
7 RELATED-PARTY TRANSACTiONS
There have been no material changes in the nature or amount of related-party transactions
since 31 March 2020.

29
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
29
8 COViD-19
The global pandemic in relation to COVID-19
was declared by the World Health Organization
on 11 March 2020. The subsequent Alert
Level 4 and 3 lockdowns imposed by
the New Zealand Government had a
significant impact on the Group’s first-
quarter performance, particularly as the
New Zealand operations were deemed
non-essential and as a result were closed
for 5 weeks under Alert Level 4 until 27 April
2020. The New Zealand operations have
been able to operate at the other alert
levels. The Group’s Australian business has
continued to operate largely unaffected
during the period. The Group was eligible
for and received $6.5 million in relation
to the New Zealand Government’s wage
subsidy. $6.1 million of this amount has
been recognised in other income in
the Consolidated Interim Statement of
Comprehensive Income (31 March 2020:
$0.4 million).
During the Alert Level 4 lockdown, the Group
negotiated with its landlords to obtain
rent relief on various properties. The Group
adopted the NZ IFRS 16 Leases practical
expedient in relation to rent concessions,
and as such, the relief obtained from these
is reflected through a reduction in lease
liabilities with a corresponding expense
reduction recognised in the Consolidated
Interim Statement of Comprehensive
Income of $0.3 million.
The calculation approach for expected credit
losses is consistent with 31 March 2020,
which reflected the estimated impact
from COVID-19.
Reflecting improved aging of the Trade
Receivables balance, the provision has
reduced to $2.0 million at 30 September
2020 (31 March 2020: $2.5 million).
9 RETROSPECTiVE RESTATEMENT 
OF ERROR
During the 6 months ended September 2020,
the Group identified an integration error
between the payroll time and attendance
system and the accounting records, which
resulted in the understatement of the annual
leave provision by $1.39 million at 31 March
2020. The integration issue began from the
implementation of a new payroll system in
September 2019 and did not have a material
impact on the results to 30 September 2019.
The integration issue did not impact the
entitlement of employees nor has it resulted
in any errors in payments made to employees
over the period. The consolidated financial
statements for the year ended 31 March
2020 have been restated to correct this
error, with the impacts set out on the
following page.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
30
i12345613743i$MN15ew$  5wZiZ21a
M421 52452l15N4M 4wZa$21a5ZM213Zi57ZM$MNZ$w5 2$21i1M2 5ndM$daZ21aA5nN4M2uA
30
The impact of the restatement on the consolidated financial statements at 31 March 2020
is set out in the tables below:
Impact on the consolidated statement of comprehensive income for the year ended
31 March 2020
CONSOLiDATED
2020 ANNUAL 
REPORTADJUSTMENT
CONSOLiDATED
RESTATED
$’000$’000$’000
Cost of sales(139,037)(640)(139,677)
Gross profit115,871 (640)115,231 
Distribution and glazing-related
expenses(45,350)(718)(46,068)
Selling and marketing expenses(14,370)(25)(14,395)
Administration expenses(33,571)(2)(33,573)
Profit before significant items, 
interest and tax23,162 (1,385)21,777 
Income taxation expense(2,908)388 (2,520)
Loss for the year(77,864)(997)(78,861)
Earnings per shareCentsCentsCents
Basic and diluted earnings
per share(42.0)(0.5)(42.5)
Impact on the consolidated statement of financial position at 31 March 2020
CONSOLiDATED
2020 ANNUAL 
REPORTADJUSTMENT
CONSOLiDATED
RESTATED
$’000$’000$’000
Deferred tax7,520 388 7,908
Total assets258,032 388 258,420 
Trade and other payables23,216 1,385 24,601
Total liabilities181,192 1,385 182,577 
Retained earnings(60,472)(997)(61,469)
Total equity76,840 (997)75,843 
9 RETROSPECTiVE RESTATEMENT OF ERROR (CONT.)

31
i12314567$M6N52$Me5wN 5272i574N3$7$MwM2$3NZaZa
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
31
10 SALE AND LEASEBACK
The Group entered into two sale and leaseback agreements relating to the Group’s vehicle
fleet during the 6 months ended 30 September 2020. The Group has determined that a
number of these leases do not satisfy the requirements of NZ IFRS 15 to be accounted
for as a sale of the asset, and has recognised a financial liability equal to the cash received.
Where the transfer of control under NZ IFRS 15 has been satisfied, the vehicle has been
disposed of with the gain recognised as a significant item in the consolidated interim
statement of comprehensive income. Where the subsequent lease has a lease term
of 12 months or less, the lease payments are recognised on a straight-line basis as
an expense in profit or loss, otherwise a right-of-use asset and a corresponding lease
liability have been recognised.
The impact of the sale and leaseback transaction on the consolidated interim financial
statements is set out in the tables below.
Impact on the consolidated interim statement of comprehensive income for the half year
ended 30 September 2020
TOTAL
$’000
Depreciation(18)
Short-term and low-value leases(25)
Interest on leases(4)
Interest on other financing(19)
Significant item – gain on disposal951
Total885
Impact on the consolidated interim statement of financial position at 30 September 2020
TOTAL
$’000
Property, plant and equipment(1,964)
Right-of-use assets1,165
Lease liabilities(1,168)
Interest-bearing liabilities(2,753)
Total(4,720)

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2020
32
i12345613743i$MN15ew$  5wZiZ21a
M421 52452l15N4M 4wZa$21a5ZM213Zi57ZM$MNZ$w5 2$21i1M2 5ndM$daZ21aA5nN4M2uA
32
Impact on the consolidated interim statement of cash flows for the half year ended
30 September 2020
TOTAL
$’000
Payments to suppliers and employees(25)
Interest paid on leases(4)
Proceeds from sale of property, plant and equipment2,915
Lease liabilities payments(16)
Drawdown of other financing2,734
Total5,604

11 EVENTS AFTER BALANCE DATE
On 14 October 2020, the Group completed negotiations of its bank borrowing facilities
for a 3-year term. The facilities comprise a syndicated revolving loan facility of $75 million
for a 3-year term expiring in October 2023, and a $10 million standby facility that will expire
in October 2021. The facilities are subject to standard undertakings and compliance with
financial covenants.
10 SALE AND LEASEBACK (CONT.)

COMPANY DiRECTORY
insight
creative.co.nz

MPG020
BOARD OF DiRECTORS
Peter Griffiths – Chair and Member of the Audit and Risk Committee
Angela Bull – Non-Executive Director and Chair of the People and Culture Committee
Russell Chenu – Non-Executive Director and Member of the Audit and Risk Committee
Rhys Jones – Non-Executive Director and Member of the People and Culture Committee
Graham Stuart – Non-Executive Director and Chair of the Audit and Risk Committee
Mark Eglinton – Non-Executive Director and Member of the People and Culture Committee
SENiOR LEADERSHiP TEAM
Simon Mander – Chief Executive Officer
Brent Mealings – Chief Financial Officer
Robyn Gibbard – GM Upper North Island
Gareth Hamill – GM Lower North Island
Andrew Dallison – GM South Island
Nick Johnson – Chief Information Officer
Amandeep Kaur – Group Health and Safety Manager
Andrew Paterson – GM Strategy and Planning
Barry Paterson – GM Commercial Glazing and Technical
Dayna Saunders – Human Resources Director
REGiSTERED OFFiCE
5 Lady Fisher Place
East Tamaki
Auckland 2013
New Zealand
Email: glass@metroglass.co.nz
Phone: +64 9 927 3000
AUDiTOR
PricewaterhouseCoopers
15 Customs Street West
Auckland 1010
New Zealand
LAWYERS
Bell Gully
Vero Centre
48 Shortland Street
Auckland 1140
New Zealand
BANKERS
ASB Bank Limited
Westpac New Zealand Limited
Westpac Banking Corporation
SHARE REGiSTRAR
Link Market Services
Level 11, Deloitte Centre
80 Queen Street, Auckland 1010
PO Box 91976, Auckland 1142
New Zealand
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:
www.metroglass.co.nz/investor-centre/

METRO PERFORMANCE GLASS LIMITED
METROGLASS.CO.NZ

---

1H21 Interim Results Presentation
23 November 2020
METRO PERFORMANCE GLASS

Key messages
•The Metroglass Group displayed resilience through the first 6-months
of FY21, supported by the strength and dedication of its people
•Metroglass had a solid first half in New Zealand, although the COVID-
19 shutdown impacts overshadowed underlying performance
•The Australian turnaround progressed well with good operational
performance and an EBIT positive result
•Metroglass continues to significantly reduce its debt through strong
operating cashflows and targeted capital expenditure
2

OUR PEOPLE
•Maintained normal pay for all staff during NZ
alert level 4
•Remained focused on safety and wellbeing
•Continuing to invest in staff training and
capability development, including having
80+ apprentices enrolled
OUR CUSTOMERS
•Maintained regular contact and provided
support throughout the NZ lockdown
•Latest customer survey complimentary on
our people, communication and
responsiveness. Key challenge related to
lead times in the May ramp up period
OUR BUSINESS
•Business continuity plans activated with
safe and effective closure and reopening
of NZ processing plants
•NZ wage subsidy received ($6.5m)
•AGG successfully managed the increasing
COVID-19 related restrictions and safety
requirements
•Focus on managing discretionary costs
and capex across the group
3
The Metroglass Group displayed its resilience ina challenging six-months

GROUP
NEW ZEALAND
2
AUSTRALIA
Revenue
$117.0m
(1H20: $136.7m)
-14%
EBIT
$12.8m
(1H20: $14.5m)
-12%
N PAT
$7.6m
(1H20: $7.7m)
-2%
Revenue
$89.2m, -19%
(1H20: $109.6m)
EBIT
$12.8m, -26%
(1H20: $17.2m)
Revenue
$27.8m, +3%
(1H20: $27.1m)
EBIT
$0.4m, +$2.7m
(1H20: -$2.3m)
Net bank debt
3
$47.7m
(1H20: $73.4m)
1H21 key financial outcomes
1
1
Unless otherwise stated, results are shown in NZ$mand before significant items. Details on the significant items are provided in note 10 to the financial statements.
2
The full segment note is available in note 2 of the financial statements.
3
Net debt includes net bank debt of $47.7 million and other interest-bearing liabilities of $3.3 million which primary relates to the sale and leaseback of certain vehicles in New Zealand.
Leverage ratio
1.53x
(1H20: 1.95x)
-22%
4
-$25.7m

11,684
11,871
13,366
15,358
15,473
21,176
21,125
21,438
22,269
22,141
Mar-19Sep-19Mar-20Sep-20Mar-21
Multi-residentialDetached dwelling
+0.4%
Residential consents have remained strong in NZ, though activity levels declined as a
result of the COVID-19 alert level 4 lockdown
5
In the six months to September 2020 (on a 9-month lagged basis):
•Total residential consents rose 8.1%, or 3.9% in floor area (sqm)
•Detached dwelling consents rose 3.9%, with a 14.9% rise in multi-residential
which now represents 40.8% of all residential consents
•However, since the start of 2020 and the onset of COVID-19, residential
consents have remained flat at their elevated level on a 9-month lag basis,
with activity declining as a result of the COVID-19 alert level 4 lockdown
Total NZ residential consents (9 month lagged, by number)NZ non-residential consents (by value $bn)
2
32,86032,996
34,804
37,627
+5.5%
+8.1%
37,614
0.0%
4.9
5.3
5.3
1.8
2.3
1.7
Sep-18Sep-19Sep-20
North IslandSouth Island
The value of non-residential consents for the 12 months to September 2020
(non-lagged) receded 7.6%
•North Island +0.3%; South Island -25.9%, Canterbury -51.7%
•Despite an overall decline in non-residential consents, Metroglass’ glazing
forward books have increased 29% at 30 September 2020 when compared
to the prior year
6.7
7.6
7.0
+12.7%
-7.6%

Strong first half performance in New Zealand with the COVID-19 shutdown
impacts overshadowing underlying performance
6
•Werespondedwelltonumerouscovid-19drivenissuesincludingsignificantlevelsof
demanduncertaintyandvolatility,supplychaindisruptions,operatingrestrictions,and
increasedlevelsofcompetitionacrossthecountry
•WhileMetroglassreceivedtheNZGovernmentwagesubsidy
1
, thiswasnotenoughto
offsettheimpactsfromtheAlertLevel4 lockdown
•Ourfocusonourcustomerrelationshipshassupportedthesolidperformanceinan
uncertainandcompetitivemarket,withsalesfromJunetoSeptemberbeingsimilartolast
year. Theseeffortshavebeenreinforcedbyconsistentcustomersurveyratingsand
positivefeedback
•Weremaincommittedtodevelopingourpeoplecapabilitieswithseverale-learningand
on-the-jobtrainingschemesinplace,includinghavingmorethan80staffenrolledin
apprenticeshipprogrammes
1
The Company received a total of $6.5m, $0.4m of which related to FY20.

38,428
38,329
35,277
29,598
29,363
23,914
Sept 18Sept 19Sept 20
VICNSWACTTAS
71,371
71,974
63,195
Residential construction activity in south eastAustralia has softened, offset by
increasing demand for double-glazing
7
South east Australia: house approvals (6m lagged, by number)
1
South east Australia: housing data (rolling 12 months)
2
1.Source: Australian Bureau of Statistics, number of residential dwelling approvals (12 months to 30 September 2020). 6-month lag applied.
2.Source: Australian Bureau of Statistics, 12 months to 30 September 2020, no lags applied.
In the twelve months to September 2020:
•Detached dwelling (house) approvals
1
declined 12.2%, with Victoria -
8.0%, New South Wales -18.6%, Tasmania -3%
•Approvals for alternations and additions
2
declined 1.6%, with Victoria
+1.2%, New South Wales -3.5%, Tasmania -5.4%
•The use of double-glazing products is continuing to grow, supported by
changes to energy efficiency requirements to buildings
+0.8%
-12.2%
1%
-10%
-12%
-20%
-10%
0%
10%
20%
Jun-2016
Sep-2016
Dec-2016
Mar-2017
Jun-2017
Sep-2017
Dec-2017
Mar-2018
Jun-2018
Sep-2018
Dec-2018
Mar-2019
Jun-2019
Sep-2019
Dec-2019
Mar-2020
Jun-2020
Sep-2020
(1) Approvals(2) Commencements(3) Completions
•Following c. 18 months of declines, housing approval numbers have begun
to increase, which is expected to flow progressively through to
commencements and completions
•Housing approvals in the six months to 30 September 2020 were 11%
higher than the same six-month period last year (non-lagged)

The Australian turnaround progressed well with good operational
performance and an EBIT positive result
8
•AustralianGlassGroup(AGG)continuedtooperatethroughthefirsthalfwithout
significantdisruptionandsuccessfullymanagedtheincreasingCOVID-19related
restrictionsandsafetyrequirements
•AGGisnowachievingstrongandconsistentoperatingperformancewhichisbeing
recognisedinthemarketandisflowingthroughintoimprovedfinancialresults.The
businessdeliveredrevenuegrowthdespitecyclicaldeclinesinAustraliannewhousing
constructionandtheimpactsofCOVID-19
•Wecannowclearlyseetheanticipatedmarketresponsetonewcommercialbuilding
regulations,whicharedrivingincreasedspecificationanddemandfordoubleglazing
products. Similarcodechangesarescheduletofollowforresidentialbuildingsin2022/23
•AGGdeliveredpositiveEBITforthefirsthalfofFY21andwebelievethatthebusinessis
ona strongfootingwitha positivelong-termoutlook

$59.1m
$18.0m
$12.1m
$27.8m
$117.0m
$74.9m
$22.8m
$11.8m
$27.1m
$136.7m
Residential (NZ)Commercial Glazing
(NZ)
Retrofit (NZ)Australian Glass
Group (AU)
Metro Glass Group
1H211H20
1H21: Metroglass Group revenue (NZ$)
9
3%
(14%)
2%
(21%)(21%)
(19%)
Note: Theallocationofsalesbetweenresidentialandcommercialapplicationsis difficultasMetroglassdoesn’talwaysknowtheenduseofa pieceofglass.Thecategorisationmethodologyis consistentacross
periods,howeverCommercialGlazingrevenuewillincludesomelevelofresidentialglazingsalesandservices.

1H21: Financial results summary
10
Segment results
NZ$m,
1,3
1H211H20% change
New Zealand
Revenue
89.2109.6(19)%
Gross profit %48.7%52.9%
SegmentalEBIT12.817.2(26)%
Australia
Revenue
27.827.13%
Gross profit %26.3%21.5%
Segmental EBIT0.4(2.3)n/a
Group results
NZ$m
1
1H211H20% change
Group
Revenue117.0136.7(14)%
EBITDA before significant items23.125.5(9)%
Depreciation & amortisation10.311.0(6)%
EBIT before significant items12.814.5(12)%
Significant items1.00n/a
EBIT13.714.5(5%)
Profit for the period7.67.7(2%)
Basic EPS (cents)4.14.2(3)%
1
Unless otherwise stated, results are shown in NZ$mand before significant items. Details on the significant items are provided in note 10 to the financial statements.
2
The Company received a total of $6.5m, $0.4m of which related to FY20.
3
The full segment note is available in note 2 of the financial statements.
4
The definitions for all non-GAAP measures of financial performance are provided on slide 18 of this release.

1H21: EBIT bridge
11
14.5
12.8
8.8
6.1
2.9
2.2
2.0
1.2
1.5
0.8
0.4
0.1
1H20 EBIT
Change in April NZ EBIT - COVID-19
Alert Level 4 lockdown
NZ Govt wage subsidy - COVID-19
NZ revenue - mainly due to
post-shutdown ramp up in May
NZ gross profit % - mainly due to
post-shutdown ramp up in May
Distribution & glazing
(May-Sept)
Admin, selling & marketing
(May-Sept)
Gross profit % improvements
Administration expenses
Distribution & Other
Other Group costs
1H21 EBIT
New Zealand
Australia

1H21: Group summary cash flow & balance sheet
12
Key balance sheet items (NZ$m)1H211H20
Net working capital
1
26.7 31.2
Property plant & equipment
54.3 63.8
Right of use assets
52.554.8
Total assets
242.7 341.5
Lease liabilities
62.063.1
Net debt
51.073.4
Net bank debt
47.773.4
Total shareholders equity
82.0161.4
Keycash flow items (NZ$m)1H211H20
EBIT (post significant items)
13.7 14.5
Operating cash flows
19.6 18.9
Capital expenditure
2.1 4.3
Dividends paid
--
•Achieved further reductions in working capital through close management of
trade debtors and inventory
•Safety levels for glass inventory will be increased through the second half of
the year in response to international shipping disruptions
•Net operating cash flows remained in line with the prior year
•Net bank debt decreased by $25.7m year on year and $19.2m over the past six
months
•Group gearing
2
increased from 31.3% at30 September 2019 to 38.4% at30
September 2020, impacted by the impairment of goodwill in March 2020
•The Company’s net debt to EBITDA (pre-IFRS 16) ratio declined year on year
from 1.95x to 1.53x
3
•31 March 2020 financial statements have been restated to reflect a historic $1.4m
annual leave provision understatement arising from the implementation of a new
payroll system in September 2019. Further detail is provided in note 9 of the
interim financial statements
1
Networkingcapital: trade&otherreceivables+ inventory- trade&otherpayables.
2
Gearing:netdebt/ (netdebt+ equity).
3
Net debt includes net bank debt of $47.7 million and other interest-bearing liabilities of $3.3 million which
primary relates to the sale and leaseback of certain vehicles in New Zealand.

Strong operating cashflows, focused capital expenditure and prudent cost
management has supported ongoing net debt reduction
13
94.3
83.3
73.4
66.9
47.7
3.3
Mar-18Mar-19Sep-19Mar-20Sep-20
Group net debt (NZ$m)
Net bank debtOther financing
1
Net debt includes net bank debt of $47.7million and other interest-bearing liabilities of $3.3 million which primarily relates to the sale and leaseback of certain vehicles in New Zealand.
1
51.0

•Consenting activity in NZ has been stronger than we had anticipated in recent months. However,
there is some risk that building activity begins to soften early next year as a result of broader
macro-economic factors as well as local issues such as extended border restrictions and further
weakness in business confidence and labour markets
•Balancing this, we’ve been pleased with the solid results in NZ in recent months and our customers
are typically citing good forward books of work through into the new calendar year
•The industry is currently experiencing significant disruptions and delays in international shipping,
resulting from a surge in sea freight demand and backlogs at key ports. We are monitoring this
situation closely and are increasing our safety stock levels as appropriate. However, we are
anticipating an increase in shipping related costs in the second half
•In Australia, we remain confident that the improvements in AGG’s EBIT results achieved in the first
half will be sustained through FY21, although weighted towards the first half given the Christmas
and new year shutdown period. This assumes no change to COVID-19 restrictions
•Net debt reduction in the second half will be impacted by the above factors as well as capital
expenditure returning to a level similar to the second half last year
•Reflecting the significant level of uncertainty the group is facing, we now anticipate providing
guidance on expected FY21 results alongside a trading update in February 2021
14
Outlook for FY21 –remains uncertain

Building resilience and
defending Metroglass’
leadership position
Sustaining positive
trajectory in Australia,
and benefiting from
growing demand for
double-glazing
Prioritisingdebt
reduction to provide
increased optionality for
the future
Our strategy and focus remains unchanged
15

Q&A
16

Metro Performance Glass Limited
5 Lady Fisher Place, East Tamaki, Auckland 2013
Ph: + 64 9 927 3000
www.metroglass.co.nz/
Simon Mander – Chief Executive Officer
Simon.Mander@metroglass.co.nz
(+64) 029 636 2661
Brent Mealings – Chief Financial Officer
Brent.Mealings@metroglass.co.nz
(+64) 027 551 6751
Liam Hunt – Investor Relations
Liam.hunt@metroglass.co.nz
(+64) 022 010 4377
Contact information
17

18
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: Earnings before interest and tax (EBIT) for either the New Zealand or
Australia segment of the Group
•NPATA: Net profit after tax and amortisation
•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
Appendix: Reconciliation of non-GAAP to GAAP profit measures
Half year to 30 September
1H211H20
($M)($M)
Profit for the period before significant items6.9 7.7
Add: Sale and leaseback gain on disposal (tax effected)0.7 -
Profit for the period (GAAP)7.6 7.7
Add: taxation expense3.1 3.1
Add: net finance expense3.0 3.7
Earnings before interest and tax (EBIT)13.7 14.5
Add: depreciation & amortisation10.3 11.0
EBITDA24.1 25.5
Earnings before interest and tax (EBIT)13.7 14.5
Less: Sale and leaseback gain on disposal(1.0)-
EBIT before significant items12.8 14.5
EBITDA24.1 25.5
Less: Sale and leaseback gain on disposal(1.0)-
EBITDA before significant items23.1 25.5
Profit for the period (GAAP)7.6 7.7
Add: amortisation of acquisition-related intangibles and its
associated tax effect
0.7 0.7
N PATA8.3 8.4

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 subjecttocertain risks, uncertainties
and change without notice. Because these statements are forward looking, Metro Performance Glass’ actual results could differmaterially. 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 investor 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 consider any person’s individual circumstances or objectives. Every investor should make an independent assessment of Metro Performance
Glass based on 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 of the 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.
Disclaimer
19

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 8 May 2019



Results for announcement to the market
Name of issuer Metro Performance Glass Limited
Reporting Period 6 months to 30 September 2020
Previous Reporting Period 6 months to 30 September 2019
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$116,952 Down 14%
Total Revenue $116,952 Down 14%
Net profit/(loss) from continuing
operations
$7,562 Down 2%
Total net profit/(loss) $7,562 Down 2%
Interim/Final Dividend
Amount per Quoted Equity
Security
Not Applicable
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$0.13 $0.08
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Accompanying this announcement are the Group’s unaudited
consolidated financial statements for the six months ended 30
September 2020. These financial statements and the half year result
commentary dated 23 November 2020 provide the balance of
information requirements in accordance with NZX Listing Rule 3.5 and
Appendix 2.
Authority for this announcement
Name of person

authorised to
make this announcement
Andrew Paterson
Contact person for this
announcement
Andrew Paterson
Contact phone number +64 27 403 4323
Contact email address Andrew.Paterson@metroglass.co.nz
Date of release through MAP

23 November 2020

Unaudited financial statements accompany this announcement.