Annual Shareholders’ Meeting Presentation and Addresses

METRO PERFORMANCE GLASS
2021 Annual
Shareholders’
Meeting
6 August 2021

Today’s agenda
1. Welcome and introductions
2. Chair’s address
3. Chief Executive’s address
4. General business and shareholder questions
5. Formal business and resolutions
2

Peter Griffiths
Rhys Jones
Angela Bull
Graham Stuart
Mark Eglinton
Metro Performance Glass Board of Directors
3
Russell Chenu
Retired from the board in advance of the 2021 ASM

4
Chair’s address

Key messages
•The Group displayed resilience throughout FY21, with
improved results in Australia and a solid result in the
competitive NZ market, while COVID‐19 impacts
overshadowed underlying performance.
•Strong operating cashflows contributed to significant
debt reduction in FY21.
•Dividends are expected to be reinstated alongside the
FY22 interim results.
5

6
Our strategy and values

Metroglass’ dividend policy
7
•The success of Metroglass’ debt reduction and increased confidence in the Group’s market
positions and future financial performance enabled the Board to reassess its approach to
capital allocation and dividends
•The Board’s current intention is to reinstate dividends alongside the company’s FY22 interim
results in November
•Going forward, Metroglass expects to pay fully imputed dividends of between 50% and 70% of
net profit after tax before significant items
•In determining any dividend, the Board will consider a range of factors including group
financial performance, one-off or non-recurring events, prevailing and anticipated business
and economic conditions

8
Chief Executive’s address

OUR PEOPLE
•Strong focus on safety and wellbeing
•Resilient and united team able to adapt at pace and maintain service to customers
•First cohort of staff completed our award-winning Brighter Minds programme
•Growing apprenticeship scheme with 80+ enrolled, 15 qualifying in FY21
OUR BUSINESS
•Business operations regularly impacted by fluctuating COVID-19 restrictions and
international supply chain disruptions
•Metroglass delivered a solid result in the competitive NZ market, while COVID‐19
shutdown impacts overshadowed underlying performance
•The Australian business turnaround progressed well with stable operational
performance and significantly improved financial results
•Focus on managing discretionary costs and capex across the group
Unified and resilient throughout a
disruptive year
9

Window and Glass Association awards:
Won theSustainability award for The Turanga Library in
Christchurch, featuring Metroglass high-performance Low E double
glazing structurally glazed by the Metroglass Christchurch team
Finalists:
•Design Awards – commercial over $101k All Souls Anglican Church
(Glazed by the Metroglass Christchurch team)
•Designing with Glass – Commercial The Hotel Britomart (Glazed by
Metroglass Auckland team)
•Skills Highway Champion Awards, Metro achieved Highly
commended under the champion employer category
for our Brighter Minds programme
•CFO Awards 2021: Financial Innovation Project of the year for the
successfully planned and executed a major finance innovation project,
Metroglass’ finance and operations ERP system
Significant achievements in FY21
10

NPAT
$7.9m
(FY20: $9.9m)
GROUP
NEW ZEALAND
2
AUSTRALIA
Revenue
$232.3m
(FY20: $254.9m)
-9%
EBIT
$17.9m
(FY20: $21.8m)
-18%
-21%
Revenue
$179.8m, -11%
(FY20: $203.0m)
EBIT
$19.4m, -27%
(FY20: $26.4m)
Revenue
$52.5m, +1%
(FY20: $51.9m)
EBIT
($0.7m), +$2.9m
(FY20: -$3.6m)
Net debt
$48.0m
(FY20: $66.9m)
FY21 key financial outcomes
1
1
Unless otherwise stated, results are shown in NZ$m and before significant items. Details on the significant items are provided in note 2.4 to the FY21 financial statements.
2
The full segment note is available in note 2 of the financial statements.
Leverage ratio
1.7x
(FY20: 2.0x)
-14%
-$18.9m
11

1
Survey question: “On a scale of 1 to 10, how likely are you to recommend
Metroglass to a friend or colleague?”
We regularly engage with our customers to identify the areas that are
going well and those where improvement is needed
7.3
7.6
7.3
7.9
7.8
June 2019 November
2019
June 2020 December
2020
May 2021
New Zealand
8.0
8.0
8.1
7.7
7.9
June 2019 November
2019
June 2020 December
2020
May 2021
Australia
Word map of New Zealand customer feedback
(positive then negative mentions)
12

Trading update: April to July 2021
1
Activity levels have been solid in both NZ and Australia in the first
quarter of FY22 (YTD)
13
•While YTD Group revenue is significantly ahead of last year, any comparisons to Q1 FY21 have little relevance given the Alert-Level 4
shutdown period in New Zealand
•Strong residential consents and approvals are supporting a robust and stable level of construction activity across both NZ and Australia
•In NZ, Metroglass’ market share in the residential window manufacturing segment has now stabilised following the entry and
subsequent growth of a new competitor over the course of FY21. Annualised revenue impacts will increase progressively over FY22
•Metroglass remains the clear NZ market leader and is continuing to reposition its sales mix to where it sees opportunities. This
includes some pleasing recent customer wins and further strength in the Retrofit double-glazing segment YTD
•YTD sales in Australia have been ahead of last year, buoyed by strong market activity across each of our key regions
•From the middle of July, AGG has been operating under escalating COVID-19 restrictions in New South Wales (NSW) in particular.
Victoria and Tasmania currently fully operational, while NSW operating on a restricted basis under strict COVID-19 safety protocols
1
Based on unaudited management accounts.

Trading update: April to July 2021 (YTD)
Tight labour market adding to supply and capacity pressures
14
•Compared to last year, higher NZ revenues in FY22 YTD are being offset to an extent
by increased material costs, supply chain disruptions and the non-repeated 2020
Government wage subsidy
•Raw material and international shipping costs have increased year on year and
impacting margins. Price increases have recently been announced in both NZ and
Australia which will partially offset these increased costs
•To support the next stage of AGG’s growth, second shifts are being progressively
introduced in both the New South Wales and Tasmania factories. This process
creates some inefficiencies in the short term as new staff are recruited and trained
which has increased labour costs YTD
•Recruitment is challenging with a tight labour market and reduced migration placing
pressures on supply, capacity and wage inflation

•Activity levels across both NZ and Australia will likely be stable and sustained
at current levels for the rest of the 2021 calendar year
•The continued strength in residential building consents provides a positive
signal of a strong and stable pipeline of activity, though in NZ industry
capacity constraints may limit growth in the near term
•The residential segment in NZ will continue to be competitive and dynamic
•In Australia, we are confident that AGG has embedded the improvements
achieved in FY21. The level of residential approvals in Australia improved
significantly through FY21 which will provide some support through FY22.
•The group remains alert to COVID-19 risks and the significant disruptions in
international shipping. Both are likely to continue for the foreseeable future
•The group intends to invest more capital expenditure in FY22 v FY21 and will
continue to take a prudent approach to managing operating costs
Outlook for FY22 – solid pipeline of work
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To maintain Metroglass’
leadership position in
New Zealand
Grow and improve
profitability in Australia,
benefiting from
increasing demand for
double-glazing
Our balance sheet is
strong and robust to
cope with future risks
and opportunities
We remain focussed on our strategy and near-term goals
16

17
General business and
shareholder questions

Resolutions
18

Resolution 1: Auditor
remuneration
To consider and, if thought fit, pass the following ordinary
resolution: That the Board be authorised to fix the fees
and expenses of PwC as Auditor for the ensuing year.
19

Resolution 2: Peter Griffiths
To consider and, if thought fit, pass the following
ordinary resolution: That Peter Griffiths be elected as a
Director of the Company.
While Peter was not required to stand for re-election at
this year’s meeting (per NZX Listing Rule 2.7.1), the board
prefers that a relatively consistent portion of the
Directors stand for re-election each year. Accordingly,
Peter has voluntarily retired and offers himself for
re-election.
20

Resolution 3: Rhys Jones
To consider and, if thought fit, pass the following
ordinary resolution: That Rhys Jones be elected as a
Director of the Company.
Rhys retires by rotation per NZX Listing Rule 2.7.1 and
offers himself for re-election.
21

Q&A
22

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
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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 this
presentation 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 advice or 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 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
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1

NZX.MPG, ASX.MPP

Metro Performance Glass Limited
Annual Shareholders’ Meeting, 6 August 2021


Chair’s address
Good morning ladies and gentlemen. My name is Peter Griffiths, I am the Chair of Metro Performance Glass
Limited and will be chairing today’s meeting.
I’d like to start by acknowledging that FY21 was a very challenging year for Metroglass and every other
business in NZ and Australia. The Metro Group has displayed real resilience in the face of the significant
pressures and uncertainties caused by the COVID-19 pandemic.
If you recall, we began the financial year under COVID-19 Alert level 4 which saw our operations in New
Zealand completely closed until the transition to Alert Level 3 on the 28
th
of April 2020. Our Australian
operations were also affected by restrictions, while these were less severe than in New Zealand, they were
in place for considerably longer and continue to have impacts on us.
The whole team responded quickly to the various lockdown announcements, focussing on the safety and
wellbeing of our people and our customers, preserving cash, and ensuring sufficient balance sheet liquidity.
While in New Zealand today we are fortunate to be operating in relative normality, the quickly developing
situation in Australia highlights that we must remain alert to the risk of a sudden Alert Level change.
As a consequence of the pandemic, there has also been widespread disruption to the international shipping
network which has impacted all importers into New Zealand including Metroglass. Since late 2020, We have
been working hard to increase our safety stocks and to best utilise our national processing and distribution
footprint to limit the impacts to our customers. While the scale of these disruptions has provided additional
short-term challenges and financial impacts, we believe we have managed them well. They have brought
associated increasing costs and where appropriate we have introduced price increases in both New Zealand
and Australia as a result.
Demand for glass remains strong in both countries but the competitive challenge of satisfying our customers
is complicated by ongoing responses to the pandemic and supply chain disruptions. At this stage, we expect
this environment to continue through the financial year.
Reflecting on the FY21 financial results, while group profitability declined year on year, we believe that the
group’s performance was solid given the circumstances we faced. This was achieved through the resilience

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of our people, staying connected to our customers and remaining focused on our commitment to service and
quality.
The New Zealand market remains competitive, with the commissioning of an additional competitor capacity
in the north island early last year contributing to the total national glass processing capacity continuing to sit
above current demand. Our customers have a choice in who they partner with and we want to ensure that
choosing Metroglass is an easy decision to make.
Our strategy to defend our market leadership position, while recalibrating our sales mix in the new
competitive landscape has delivered encouraging results, in what we consider as a transitional year.
Strong growth in our “B2C” channel, Retrofit, and other segments has helped to offset the competition for
share in the residential window segment. We do expect this market dynamic to continue.
To be successful in this environment, we must focus on providing a compelling and differentiated value
proposition. We must maintain strong relationships across our customer base and ensure that we are
consistently providing a broad range of high-quality products, delivered, and installed to specification across
the country every day. Simon will share more of our customer feedback.
Demand for glass is currently strong, residential consenting activity gr ew through FY21 and reached
historically high levels this year. We believe that this backdrop will support the overall levels of actual
residential construction activity to remain at the current strong level through 2021 and 2022.

To Australia. As a focused double-glazing provider, in a fragmented and competitive market, Australian Glass
Group has continued to strengthen its value proposition and delivered a significantly improved result this
year. After achieving a positive EBIT result in the first half, AGGs operations were negatively impacted late in
the financial year by further COVID-19 restrictions in Victoria and also a severe weather event in New South
Wales. This resulted in us closing the year with a modest loss.
The growing use of double glazing in south-east Australia, supported by upcoming National Construction
Code changes, continues to underpin our revenue growth and future strategy. In FY21, AGG grew its double-
glazing sales by 9% and this momentum has continued into the new financial year.
We believe that the business is on a solid footing with a positive long-term outlook. While COVID-19 risks
continue to be evident, we’re excited about the growth opportunities that lie ahead for us in Australia.
Strong operating cashflows, focused capital expenditure and prudent cost management allowed us to further
strengthen the balance sheet, with net debt reducing by $18.9 million, year on year, to $48.0 million as at
the end of March.
In October 2020 the group refinanced its banking facilities, extending the term from August 2021 out to
October 2023. The total facility was reduced from $120m to $85m, including a $10m standby facility which

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was never drawn upon and will end in October 2021. Reducing our debt over the past 24-36 months has
allowed us to set a new, lower, balance between minimising funding costs and maintaining appropriate
financing flexibility.
The board remains focussed on ensuring that the company is a successful glass processor that delivers value
to its stakeholders.
While the current challenges in our market places and the pandemic response must dominate our attention
for the present, we are now in a position to seriously consider the future. What should come next for
Metroglass? How do we take best advantage of growth opportunities in Australia? How will the overcapacity
issues in New Zealand be resolved and how do we ensure that our company comes through this period with
a market leadership position and sustained financial performance
In service of this, our key near-term goals are:
• To maintain our leadership position and refine our sales mix to take advantage of opportunities in an
increasingly competitive New Zealand market
• To grow and improve the profitability of our Australian business and benefit from increasing demand
for double glazing
• Ensure our balance sheet remains strong and sufficient to cope with future risks and opportunities
We have constantly communicated our goal of reducing our leverage ratio of net debt to EBITDA, to 1.5
times. Despite the disruptions from COVID-19, our success in debt reduction means that we are expecting to
be below this target in FY22.
It is the board’s intention to resume dividend payments, and to declare a dividend alongside the company’s
FY22 half year results in November 2021. In accordance with our published policy, we expect to pay a fully
imputed dividend each financial year of between 50% and 70% of net profit after tax, and before significant
items.
Earlier this year the board provided an update on its approach to capital management, with the adoption of
a more balanced approach as the leverage target is reached.
More capital will be available to improve the efficiency and effectiveness of the business. We will make
targeted unit capacity increases within our existing factory footprint. The timing of capital expenditure will
most likely be dictated by our ability to source and install equipment without disruption to production. As
well as funding the dividend we will continue to reduce debt over the coming years towards the bottom end
of our leverage target range of 1x – 2x net debt to ebitda.

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To conclude and summarise, the threat of COVID-19 and its complications, will be with us for some time and
we are likely to see ongoing disruption both locally and globally. We continue to monitor events and plan to
enable us to respond effectively. It is the board’s current view that positive market conditions will continue
for some time in both countries and Metroglass will seek to maintain its position in New Zealand and grow
its business in Australia.
I would like to take the opportunity at this point, on behalf of the board, to thank our Metroglass employees,
customers, suppliers and shareholders for their continued commitment and support through an incredibly
challenging year.

Thank you, I will now ask Simon to follow with his presentation, after which we will open the meeting for
questions.

Chief Executive Officers address
Thanks Peter.
Good morning everyone and thank you all for joining us today in Auckland both in person and online.
Throughout the FY21 year our operations in both countries were regularly impacted by fluctuating COVID-19
restrictions and international supply chain disruptions. Supply chain disruptions are continuing and as I’m
sure you are aware COVID-19 is still impacting Sydney and Melbourne with ongoing restrictions.
I’m immensely proud of our teams who continue to be resilient and adaptable to manage these disruptions
which have impacted momentum in both New Zealand and Australia. Importantly, under all circumstances,
we have maintained a strong connection and service level to our customers.
Today, all six of our glass processing plants across our network in NZ and Australia are open and operational,
with our Sydney plant operating on a restricted basis under a strict set of safety protocols. We are continuing
to support our customers in NSW, supplementing supply from our Melbourne plant.
As Peter noted, we fully closed our New Zealand based operations from late March to the end of April 2020.
Pleasingly, from June 2020 onwards, activity in our Retrofit and commercial glazing segments was strong.
Our Retrofit business grew 16% this year despite the lockdown, with significant increases in enquiry levels
and record growth of our forward book. This helped to partially offset the Alert Level 4 lockdown and
heightened competition in the residential segment.
The Australian business turnaround progressed well with stable operational performance and significantly
improved EBIT. The business delivered a revenue growth of 1% year on year, despite the impacts of COVID-
19 and has offset the exiting of the non-DGU market in New South Wales. AGG achieved positive results for

5

the first three quarters of the financial year. However, Victoria’s snap lockdown in February and significant
flooding in New South Wales in March, negatively impacted momentum in the second half. Though out of
our control, our Australian team and I were disappointed by how the year ended given the progress the
business has made.
As a group, we remain firmly focussed on our customers and our people, making good progress with both. I
am particularly proud of progress made on our multi-year Safety and Wellbeing strategy, making steady
progress through the year implementing standards for controlling hazards effectively and improving early
intervention practices. Our apprentice scheme is another highlight, where we now have more than 80
apprentices enrolled, with 15 qualifying in FY21.
Over the last year Metroglass has received recognition and a number of awards, and I’d like to share some
of them with you today.
• As part of the skills Highway Champion Awards 2020, Metroglass was nominated and achieved a
‘highly commended’ for our Brighter Minds programme that aims to support emerging leaders to
develop knowledge and skills while working towards a New Zealand Certificate in Business
(introduction to team leadership). During the year we had 55 employees graduate from the
programme.
• We received the Best Financial Innovation Project award at the 2021 CFO awards for the
implementation of our ERP system which went live in November 2020.
• In the recent Windows and Glass Association of New Zealand awards, we won the Sustainability
award for The Turanga Library in Christchurch, which featured our high-performance Low E double
glazing structurally glazed by the Metroglass Christchurch team
• and additionally, Metroglass’ products were used by the winning entries in all three of residential
project categories
I’ll now provide you with a brief summary of the group’s financial performance in the 2021 financial year:
• The group achieved a solid set of results for the year, despite operating in increasingly competitive
market and facing regular externally driven disruptions which impacted on our ability to build
sustained momentum.
• New Zealand revenue of $179.8 million was down 11% versus the prior year given the COVID-19
shutdown period, with an EBIT before significant items, of $19.4 million down 27%.
• Australian Glass Group’s revenue grew by 1% to $52.5 million with strong performance from all states
in rebuilding the revenue to offset the exit of non-double-glazing product sales in New South Wales.
• At an EBIT level, AGG were on track to achieve a modest profit for the year after a positive EBIT result
for the first half. However, the COVID-19 lockdown in Victoria and flooding in New South Wales had
negative impacts late in the year. As a result, AGG delivered an EBIT loss of $700 thousand in FY21
which while disappointing, was a significant improvement from a loss of $(3.6) million for the prior
year.

6

• Group EBIT of $17.9 million includes the New Zealand and Australian segmental results as well as
Group costs of $0.3m. This result was at the top end of our guidance of $16.5 - $18m, which we had
provided in February.
• We continued to strengthen our balance sheet, with net debt declining by $18.9 million year on year
to $48.0 million. This was supported by strong operating cash generation, the sale and lease back of
two thirds of our vehicle fleet, and a reduction in capital expenditure.
In May 2021 we conducted the fifth of our 6-monthly customer surveys. These surveys provide us with vital
feedback on our offering and our relationship with our customers. And importantly, on how we can improve.
Overall, our ratings in New Zealand and Australia were largely consistent with previous surveys. It has been
great to see the New Zealand business achieve its highest results in the last two surveys. Pleasingly, our
Australian results also remained strong despite prolonged operating challenges due to Covid-19 throughout
the year.
To the right of the slide, you will see the word chart which reflects the types of feedback we received in New
Zealand. The size of the word reflects the frequency of use in customers responses - green positively and red
negatively. Basically, the larger the word the more it was used. In our most recent survey, for every negative
comment, there were multiple positive comments.
Our customers are complimentary of our people, relationship, customer service, account management and
project management. However, inconsistencies in service performance predominantly around lead times in
some regions were also raised. We were aware of these issues as we experienced some equipment reliability
challenges around the time of the survey.
As with each of these surveys, we continue to work with our customers to address specific issues and general
service levels, and to develop ways to improve and generate value for our customers.
I would now like to update you on the first four months of trading in the 2022 financial year – being April to
July 2021.
While Group revenue is significantly ahead of last year, any comparisons to Q1 FY21 has little relevance given
the Alert-Level 4 shutdown period in NZ
The continued strength in residential consents in New Zealand and approvals in Australia are supporting a
robust and stable level of construction activity.
In New Zealand, Metroglass’ market share in the residential window manufacturer segment has now
stabilised following the entry and subsequent growth of a new competitor over the course of FY21. We
expect the annualised impact to increase progressively through FY22.

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Despite the changing industry dynamics, Metroglass remains the clear NZ market leader and has started this
year well. We are continuing to reposition our sales mix where we see opportunities, winning new customers
and further strength in the Retrofit segment.
Sales in Australia in the April to July 2021 period are ahead of last year, buoyed by strong market activity
across each of our key regions. However, from the middle of July, AGG has been operating under escalating
COVID-19 restrictions in New South Wales in particular. As I have mentioned, Victoria and Tasmania are fully
operational, while our Sydney plant is operating on a restricted basis and is under a strict set of safety
protocols.
As we talked about, YTD revenue is higher in New Zealand given the COVID-19 shutdown early in FY21.
However, these revenue gains have been offset to an extent by significant and widespread international
shipping disruptions that have led to increased raw material and shipping costs.
The non-recurring nature of last year’s Government wage subsidy also has an impact.
Where appropriate, we have introduced price increases in both NZ and Australia which will partially offset
these increased costs. We have remained focused on limiting the supply impact on our customers, and as
part of this we have been working hard to increase our safety stocks and to best utilise our national
processing and distribution footprint.
We believe that AGG is now on a solid footing and demonstrating sustained operational and financial
performance. To support this next stage of AGG’s growth, second shifts are being progressively introduced
in both the New South Wales and Tasmania factories. While this process creates some inefficiencies and
increased labour costs in the short term as the new staff are recruited and trained, ultimately this will enable
AGG to grow with the market, which will be benefiting from the changes to the National Construction Code
anticipated in 2022 and 2023.
The tight labour market is adding to supply and capacity pressures in both the NZ and Australian industries.
Recruitment is becoming a real challenge, while wage inflation is being managed.
Our outlook for FY22 is largely unchanged from our update in May.
We believe activity levels across both NZ and Australia will likely be sustained at current levels for the rest of
the 2021 calendar year and well into 2022.
The continued strength in residential building consents provides a positive signal of a strong pipeline of
activity, though in NZ industry capacity constraints will continue to dampen any rapid growth in the near
term.
The residential segment in NZ will continue to be competitive and dynamic, but we expect the customer
churn being seen across the market to settle over the remainder of FY22.

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In Australia, we are confident that AGG has embedded the improvements achieved in FY21. The level of
residential approvals in Australia improved significantly through FY21 which will provide some support
through the 2022 financial year.
The group remains alert to COVID-19 risks and the significant disruptions in international shipping. Both are
likely to continue for the foreseeable future.
The group intends to invest more capital expenditure in FY22 v FY21 aimed at efficiency and unit capacity
and we continue to take a prudent approach to managing operating costs.
We’ll update shareholders further on the group’s financial performance through our interim results
announcement in November.
Finally, our focus remains firmly on building a resilient organisation that provides excellent operational
performance, maintains strong customer connections, and invests in and supports its people. I would like to
reiterate our key goals which are to:
• Defend our leadership position and refine our sales mix to take advantage of opportunities in an
increasingly competitive New Zealand market
• Grow and improve the profitability of our Australian business and benefit from increasing demand for
double glazing
• Ensure our balance sheet remains strong and sufficient to cope with future risks and opportunities
Before I hand back to Peter, I would like to take the opportunity to thank all our shareholders, customers,
suppliers, staff and the Board for their support over what has been a challenging year for all.

Thank you.

/Ends