Metroglass announces its FY22 interim results

NZX, ASX and Media Release 22 November 2021

Metroglass announces its FY22 interim results
Summary of the unaudited results for the six months ended 30 September 2021 (1H22)
1
$m New Zealand Australia Group

1H22 1H21 1H22 1H21 1H22 1H21
Revenue 87.9 89.2 29.0 27.8 116.9 117.0

Segmental EBIT
2
4.1 12.8 (0.7) 0.4

Group EBIT 3.0 12.8

NPAT 0.4 7.6
• Consistent with our market guidance in September 2021, the Group has achieved an EBIT of $3.0m (-76%)
on a revenue of $116.9m (0%), and NPAT of $0.4m (-94%)
• One-off Covid-19 restrictions and ongoing global shipping disruption impacted profitability in New Zealand.
• Ongoing supply chain disruption and emerging inflationary pressures are expected to continue however
they will continue to be addressed through pricing strategies.
• Retrofit achieved another year of growth as the business continues to focus on diversification of products
and customers
• Steady double-glazing sales growth in Australia was supported by solid operational performance however
prolonged and dynamic Covid-19 restrictions impacted profitability
• Net debt reduced to $47.8m, down $3.2m from 12 months ago
Metro Performance Glass (NZX.MPG, ASX.MPP, Metroglass) today released interim results for the 2022 financial year,
achieving revenue growth in Australia in a difficult market and a continued focus to diversity product and customer mix
in New Zealand. As announced in September 2021, profitability has been significantly impacted by extensive Covid-19
restrictions and international supply chain costs in the half. As a result, the board took the prudent decision to not
consider a dividend alongside the 2022 interim results.
Group revenue for the six months to 30 September 2021 (1H22) of $116.9m was in line with the prior year. New Zealand
revenue declined 1% to $87.9m as Covid-19 restrictions impeded trading at the end of the half. In contrast, Australian
revenue rose 4% to $29.0m. Group EBIT (before significant items) for the half year was $3.0m, down from $12.8m in
1H21 and net profit after tax (NPAT) in 1H22 was $0.4m, down from $7.6m in 1H21.
New Zealand performance
During the initial four months the business achieved solid sales demand and a strong future order book. Efforts to diversify
the product and customer mix delivered results, however this was overshadowed by Covid-19 lockdowns and ongoing
supply chain disruptions.
In the first half of the year, New Zealand revenue declined 1% to $87.9m, with the residential and commercial segments
impacted by Alert Level 4 lockdown in a typically busy period. Retrofit maintained its momentum despite Covid-19
restrictions, growing sales by 17% as customers continued to upgrade their properties.
New Zealand EBIT was 70% lower than last year at $4.1 million, principally driven by the Covid-19 lockdown and the global
supply chain imbalances that introduced a rapid spike in input costs. The lower wage subsidy compared with the prior
comparable period was not sufficient to offset the impact of August and September 2021 lockdown, which were of a
similar scale to April 2020 in terms of business impact.

1
All prior period comparisons are to the half year ended 30 September 2020 (1H21) unless otherwise stated.

2

Metroglass CEO Simon Mander said “The Group has been confronted with significant short-term challenges in the half.
Throughout, our teams have rallied together to deal with the disruptions of international shipping and prolonged Covid-
19 restrictions that have had material implications for the Group.”
Australian performance
Australian Glass Group’s (AGG) revenue grew 4% in 1H22 versus the prior comparable six-month period, including 7%
growth in the key double-glazing products.
Metroglass’ key south east Australian markets have remained strong, however state-by-state Covid-19 shutdowns and
restrictions have hampered momentum. AGG’s three processing plants have largely remained operational throughout
the first half, however disruptions to supply chains and people availability have impacted profitability and is reflected in
an EBIT loss of ($0.7m), down from an $0.4 EBIT in 1H21.
“The Covid-19 related restrictions have been in place for a significantly longer period compared with New Zealand.
Despite this environment, our teams continue to execute well against our turnaround plan to improve AGG’s operational
and financial performance. Our key markets have remained strong, and the business remains on a positive trajectory
supported by consistent operational performance and positive customer feedback.”
Net debt and capital expenditure
The business maintained a net debt position similar to 31 March 2021, despite Covid-19 related impacts in the first half.
In recognition of the one-off financial impacts of the Covid-19 lockdowns, a covenant relief extension was agreed with
the banking syndicate. Net debt declined by $3.2m year on year to $47.8m.
To ensure security of supply in an uncertain shipping environment, Metroglass has increased its safety stock levels for
our most critical core glass components.
Our capital programme of $7.3 million is weighted to the first half and is focused on improving processing capability,
capacity, and quality.
Market conditions and outlook
Mr Mander said “As the New Zealand and Australian Governments continue to rollout their vaccination programmes and
the reopening of the economy, we expect this will provide certainty and a supportive environment for the construction
sector.
“In New Zealand, glass demand has remained strong with year-on-year growth in the forward books for both the Retrofit
and commercial glazing segments. Residential consenting activity continues to track at record levels despite the
pandemic, creating a solid and elongated pipeline of work due to construction industry capacity constraints.
“While parts of the construction sector continue to be challenged by short-term building product shortages, we believe
that this will improve over the near to medium term. The international shipping environment and inflation have created
significant cost pressures impacting gross profit. We expect this environment to remain for at least the next 12 months.
Prices increases to offset the rapid spike continue to be introduced, however there is a lag from a timing perspective.
“In Australia we are seeing early signs of a snap back in demand in NSW and Victoria as the respective States reduce
Covid-19 restrictions. We continue to prepare the business for changes to the National Construction Code, educating the
market on double-glazing and remaining a strong proposition in the market.
“As the disruptions dissipate, we are confident that activity levels in both New Zealand and Australia will return to
previous levels for at least the remainder of the financial year. We also expect to run a shorter Christmas shutdown than
last year as the sector looks to recoup lost time in August and September.
“We do however remain very aware of the potential risks to our business from another Covid-19 event and will continue
to monitor the environment and adapt as required. We anticipate providing guidance on expected results for the 2022
financial year alongside a trading update in February 2022.” /ends

3

HALF YEAR RESULTS WEBCAST AND CONFERENCE CALL:
Metro Performance Glass Limited will release its results for the 6 months ended 30 September 2021 at 8:30am (NZDT)
on Monday, 22 November 2021, 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://protect-au.mimecast.com/s/BuonCyojnVsljPytZ2Yvf?domain=event.webcasts.com. 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: 354363.
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 7250 5438 US/Canada Toll Free 866-519-2796
Australia (Melbourne) +61 (0)3 8317 0929

For further information please contact:
Liam Hunt, Investor Relations
(+64) 022 010 4377
liam.hunt@metroglass.co.nz


Authorised for release by the Metroglass Board.

---

Interim Financial Statements
FOR THE HALF YEAR ENDED 30 SEPTEMBER 2021

METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021

Contents
Chair Letter
2
Chief Executive Officer’s Review
4
Consolidated Interim Financial Statements
10
Consolidated Interim Statement of Comprehensive Income
10
Consolidated Interim Statement of Financial Position
11
Consolidated Interim Statement of Changes in Equity
13
Consolidated Interim Statement of Cash Flows
15
Notes to the Consolidated Interim Financial Statements
16
Company Directory
25
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1

Recent events in Australia and
New Zealand have reminded us, yet
again, that the future is uncertain.
It seems just a short time since our
AGM, where we were hoping for a
financial year increasingly free of
the pandemic and were predicting
a return to dividend payments,
as our debt levels declined.
The situation changed very rapidly, and
the company was confronted with a
range of Covid-19-related restrictions
and international supply chain disruptions
for a significant portion of the first half
of the 2022 financial year. Consequently,
Metroglass has not achieved the profit
and cash flow goals we had set out for
the half-year period.
During the initial four months the business
performed well, with solid sales demand
and a strong future order book.
Our New Zealand business had diversified
the weighting across its product mix
and broadened the customer base in the
Residential segment. The new revenues
generated were partially offsetting
the impact of competitive pressures in
the North Island. We continued to see
sustained sales momentum in our Retrofit
segment, and process improvements in
the commercial glazing unit were reflected
in our consistent project execution and
encouraging growth in our forward book.
On 17 August Metroglass closed all four
processing plants in New Zealand as the
country moved to Alert Level 4 lockdown.
Three of our plants were able to resume
operations 14 days later. However,
our largest facility, in Auckland, remained
closed for a total of 35 days. The loss of
sales revenue, limited distribution capability
and reduced manufacturing capacity had
a material impact on our results.
With last year’s experience to draw on, the
Metroglass team were able to react swiftly,
focusing on the safety and wellbeing of
our people, maintaining connections with our
customers and preparing for the resumption
of operations once alert levels allowed.
We were eligible for the first two rounds of
the New Zealand Government’s wage subsidy,
receiving $2.2 million. As we had done in the
previous lockdowns, we continued to pay our
people in full. We took a number of other
short-term steps to minimise the financial
impact on the business including discussions
with our landlords. We also ensured our
banking syndicate were fully cognisant of the
consequences of the lockdown period.
At Australian Glass Group (AGG), who has
experienced an even more prolonged Covid-19
outbreak, all three processing plants have
fortunately managed to remain operational.
This has allowed the business to achieve steady
sales revenues. It is clear, however, that the
state-by-state Covid-19 restrictions have
caused a continuous series of disruptions on
construction sites and to supply chains, and
reduced labour availability. Difficulties with
timely customer delivery and cost impacts
have decreased AGG’s profitability.
Despite this, AGG is continuing to achieve
consistent growth in its double-glazing
markets that are at the core of our strategy
in Australia. The long-awaited National
Construction Code changes supporting the
adoption of double glazing are anticipated in
Chair
Letter
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
2
CHAIR LETTER

the pandemic. As we saw from last year’s
experience, customer demand remained
strong, and the construction sector was
able to rebound promptly. However, supply
chain difficulties and the consequent increased
costs will be with us for some time to come.
The group continues to closely monitor
changes in Covid-19 restrictions in both
countries while retaining our commitment
to deliver on our strategic objectives:
1) To maintain our leadership position and
refine our sales mix to take advantage
of opportunities in an increasingly
competitive New Zealand market
2) To grow and improve the profitability of
our Australian business and benefit from
increasing demand for double glazing
3) To ensure our balance sheet remains
strong and sufficient to cope with
future risks and opportunities.
On behalf of the board, I would like to thank
Metroglass’ employees for their dedication and
commitment during a very challenging period.
Peter Griffiths
CHAIR
the 2022 and 2023 calendar years. We are well
positioned with a strong service offering and
product suite to benefit from the expected
increase in demand.
For the first half of the 2022 financial year
the Group had sales revenue of $116.9 million
and achieved an EBIT
1
of $3.0 million. This is
our second year with Covid-19 disruptions.
Metroglass had similar revenue in the prior
comparable period, which also included an
Alert Level 4 lockdown. However, the EBIT
result was reduced by higher glass and freight
costs, a lower wage subsidy contribution, and
the prolonged Covid-19 disruptions in Australia.
Price increases were implemented in both
countries to reflect these changes in costs.
Our historic focus on applying our cash flow
towards reducing debt placed Metroglass in
a strong position to cope with the immediate
impacts of the recent Covid-19 outbreaks.
We agreed with the banks to extend the timing
of covenant relief in recognition of the short-
term impacts of Covid-19. As at 30 September
2021 net debt was $47.8 million, and at a similar
level to 31 March 2021.
As a result of the impact on Metroglass’
financials, the board took the prudent decision
to not consider a dividend alongside the 2022
interim results. We understand that this is
disappointing for shareholders. It remains the
board’s intention to return to a conservative
and sustainable dividend policy as soon as
business conditions allow.
It is clear that the level of uncertainty has
greatly increased since the emergence of the
Delta strain of Covid-19 in New Zealand and
Australia. At the time of writing, changes to
the manner in which the pandemic is to be
managed in New Zealand are being announced.
Also, various Australian states have strongly
mandated vaccines for all people in the
construction industry. As vaccination levels
increase in both New Zealand and Australia,
we expect this will create a more certain
business environment for Metroglass.
Residential dwelling consents in New Zealand
and approvals in Australia continue to
support a material pipeline of work despite
Peter Griffiths
CHAIR
1. Earnings before interest, tax and before
significant items
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3

Simon Mander
CEO
The ongoing Covid-19 supply chain
disruptions have had a substantial
impact on the profitability of the
business compared to the same
period last year. Both New Zealand
and our key markets in Australia
have experienced significant
disruption due to Covid-19
restrictions. The well-documented
global supply chain imbalances have
introduced industry-wide material
shortages, further adding to the
Covid-19 restrictions and a rapid
spike in input costs.
This six-month period has not been without
its challenges. Throughout, our teams have
rallied together to deal with the disruptions
of international shipping and prolonged
Covid-19 restrictions that have had severe
implications for the group.
From 17 August, three of Metroglass’ four
New Zealand glass-processing plants closed
operations for 14 days. The fourth, and our
largest plant based in Auckland, remained
closed for a total of 35 days in a typically
very busy and highly profitable period for
the company.
Our number one priority is the safety and
wellbeing of our people. Restrictions have
differed across New Zealand and Australia with
many of our teams dislodged from their normal
working environment for long periods. We know
our teams are doing it tough and in the last
few months we have introduced a series of
initiatives aimed at supporting their mental
wellbeing. As we restarted our operations
following the lockdown in New Zealand, we
have robust Covid-19 safety protocols in
place to ensure that everyone at work is safe.
Our people have continued to show the same
commitment, resilience and dedication to
deliver the high level of service performance
and communication for our customers. It’s
clear that vaccination will play a key role in
reducing the risk of further disruption in both
countries. For Metroglass, vaccination rates
are trending in the right direction.
Our customers
In May 2021 we conducted the fifth of our
six-monthly customer surveys, an important
barometer of our offering and relationships
with our customers. Our New Zealand business
Chief Executive
Officer’s Review
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
4
CHIEF EXECUTIVE OFFICER’S REVIEW

achieved its highest results in the last two
surveys (7.8/10 in May 2021
2
) and our Australian
results remained strong despite operating
challenges imposed by the protracted Covid-19
restrictions (7.9/10 in May 2021
2
).
It is these deep and collaborative relationships
that differentiate us. We aim to connect
initiatives that solve our customer-specific
problems and blend them with our service
offering. Later this year we will launch a new
Customer Relationship Management (CRM)
system. This improved tool will enable our
teams, wherever they are in the business,
to connect better with our customers’ needs.
Our customer-focused initiatives are central
to our strategy and while there will always
be more to do, we are encouraged by the
positive engagement from our customer base.
This recognition continues to ripple through
the market as we onboard new customers.
Investing in our capability
We are laser focused on our long-term
strategy, to remain the New Zealand market
leader in glass solutions, and to deliver a
profitable turnaround of Australian Glass
Group (AGG) positioned for growth as the
adoption of double glazing increases.
The success of our business over the long
term is underpinned by developing our
people and strengthening their capabilities.
We are pleased to have made some positive
internal promotions and created further
opportunities for our people to upskill through
our apprenticeship programme. We currently
have 82 apprentices enrolled and 4 qualifying
in the 6 months to 30 September 2021.
This financial year, we are significantly
increasing our capital expenditure investment
with a number of strategic installations
across our networks. In New Zealand, we are
improving capability and unlocking capacity in
our manufacturing processes in edgework,
shaping and lamination. In both New Zealand
and Australia, we are also rolling out a
prioritised replacement of programmable
logic controllers (PLCs) to ensure our systems
are up to date and secure. We are enhancing
our quality performance through targeted
furnace upgrades, and improving our double-
glaze sealing capability. This equipment
is to be installed during our Christmas
shutdown period with benefits to be seen
almost immediately.
Our financial highlights
Overall, the group’s financial results
reflect the severe effects of the lockdowns
in New Zealand and the extended period of
restrictions in Australia.
Group revenue of $116.9 million was in line
with the same six-month period last year,
but group EBIT
3
declined 76% to $3.0 million.
Reported NPAT
4
declined 94% to $0.4 million.
In New Zealand, our efforts to rebalance
our product and customer portfolio have
continued to deliver solid results with
revenue of $87.9 million, down 1% on the
prior year despite lockdowns and disruptions
in a competitive market. However, increased
costs of float glass and a lower wage subsidy
resulted in an EBIT of $4.1 million, declining 70%.
2. Survey question: “On a scale of 1 to 10, how likely are you
to recommend Metroglass to a friend or colleague?”
Our people have continued to show
the same commitment, resilience,
and dedication to deliver the high
level of service performance and
communication for our customers.
SIMON MANDER, CEO
3. Earnings before interest, tax and before significant items
4. Net profit after tax
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Summary of results for the 6 months ended 30 September 2021 (1H22)
$MNEW ZEALANDAUSTRALIAGROUP
1H221H211H221H211H221H21
Revenue87.9 89.2 29.0 27.8 116.9117.0
Segmental EBIT4.1 12.8 (0.7)0.4
Group EBIT 3.0 12.8
NPAT 0.4 7.6
Residential
(NZ)
Commercial glazing
(NZ)
59.157.1
18.016.6
117.0116.9
0%(1%) NZ
(3%)
12.1
27.8
14.1
29.0
Retrofit
(NZ)
Metro Glass GroupAustralian Glass
Group (AU)
1H21
1H22
17%(8%)4%
EBIT
$3.0 million, $(9.8) million
1H21 EBIT
12.84.5
2.4
0.3
0.2
0.1
3.0
0.3
1.4
0.7
NZ Govt wage subsidy,
rent relief, and sales
impact – COVID-19
Gross profit %
decline
Change in
net revenue
1H22 EBIT
Distribution and other
Other group costs
Administration
expenses
Gross profit %
decline
Distribution, glazing,
admin, selling and
marketing
New ZealandAustralia
GROUP REVENUE BY SEGMENT ($M)
$116.9 million, $(0.1) million
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6

AGG has successfully navigated the varying
levels of restrictions, largely maintaining
operations throughout the period. AGG’s
revenue grew 4% to $29.0 million buoyed by
double-glazed sales momentum, growing a
further 7% versus the same six-month period
last year. Increases in float glass costs and
factory labour resulted in an EBIT loss of
$0.7 million. This was down from the positive
$0.4 million EBIT achieved in the prior period.
New Zealand review
REVENUE
$87.9M
-1%
EBIT
$4.1M
-70%
Total revenue in New Zealand was 1%,
or $1.3 million, lower than the prior year
primarily as a result of the Alert Level 4
lockdown occurring in a typically busy period.
Our direct-to-customer business Retrofit
continued the momentum of the prior year,
partially offsetting the loss of sales in
the window manufacturer and commercial
glazing segments.
Revenue from the residential segment
declined by 3% to $57.1 million, as the
Covid-19 lockdown restrictions halted new
residential construction activity and the
expected annualised impact of competitive
market share shifts were realised. Since the
start of the financial year market share has
stabilised. We continue to make solid progress
in our strategy to balance the product and
customer mix to offset the competitive
dynamics of the segment.
Our commercial glazing segment was unable
to execute on projects during the lockdown
period and as a result, revenue declined
by 8% to $16.6 million. While these delays
create ongoing disruptions, we are pleased
that there have been no significant project
cancellations, and intentions to proceed with
projects are positive. Metroglass’ commercial
glazing forward book was 7% higher than it
was on 30 September 2020.
Revenue from the Retrofit double-glazing
segment increased 17% to $14.1 million despite
the lockdown. We are finding that homeowners
are continuing to investigate and research
how they can create a warmer, dryer and
healthier home. Double glazing becomes the
obvious choice, and more often customers are
choosing the benefits achieved from our high-
performance Low E double glazing. Our forward
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book of work continues to grow and is 29%
higher than it was on 30 September 2020.
New Zealand’s EBIT of $4.1 million was 68%
below last year’s. The lower wage subsidy
compared with the prior comparable period
had a significant impact. Despite qualifying
and receiving $2.2 million in wage subsidy,
this was not sufficient to offset the impact
of August and September 2021 lockdowns,
which were of a similar scale to April 2020
in terms of business impact.
The increased supply chain costs were severe
and had an immediate effect on gross profit
with a limited ability to offset from a timing
perspective in a competitive market. We have
introduced price increases to the market to
offset this, with the next round of increases
scheduled for December 2021. Efforts to
rebalance our product and customer mix
have allowed us to largely offset the entry
of additional glass-processing capacity in
the North Island.
Australian Glass Group review
REVENUE
$29.0M
+4%
EBIT
-$0.7M
+$0.4m in prior year
AGG continued to deliver solid sales
performance in an environment that has
been stretched by state-by-state Covid-19
shutdowns and restrictions. While our three
processing plants have largely remained
operational throughout the first half,
disruptions to the supply chain and people
availability have impacted profitability.
AGG’s revenue grew 4% to $29.0 million as
sales in the key double-glazing segment grew
a further 7% versus the same 6-month period
last year.
Markets in all states have remained strong
despite Covid-19, with most of the short-term
impacts concentrated in New South Wales and
Victoria. There has fortunately been limited
Covid-19 impact on the Tasmanian business.
AGG’s EBIT in the half year declined from
a positive $0.4 million in the prior period
to a $0.7 million loss reflecting the impact
of Covid-19 disruptions on supply chains
and labour. In August, price increases
were successfully introduced to offset
the increases in float glass costs heading
into the second half.
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AGG’s continued success in growing its double-
glazed unit sales illustrates the opportunity
the increasing penetration of these products
presents, particularly as National Building Code
changes come into effect in calendar years
2022 and 2023.
Our balance sheet and cash flows
Over the last 12 months, Metroglass has
reduced group net debt by $3.2 million
compared with same period last year, to
$47.8 million. The business maintained a
net debt position that is consistent with
31 March 2021, despite Covid-19 related
impacts in the first half.
We have increased our safety stock levels for
our most critical core glass components to
ensure sufficient contingency in an uncertain
shipping environment. The 30 September 2021
balance has been impacted by an increase in
glass inventory also, due to the reduction in
throughput late in the first half as a result
of the Covid-19 lockdown.
Our capital programme of $7.3 million is
weighted to the first half and is focused
on improving processing capability, capacity
and quality.
Market conditions and outlook
New Zealand residential consents are
continuing to track at record levels despite
the pandemic, creating a solid and elongated
pipeline of work due to construction industry
capacity constraints. Glass demand remains
strong with forward books for both the
Retrofit and commercial glazing segments
higher than at the same point last year.
While parts of the construction sector
continue to be challenged by short-term
building product shortages, we believe that
this will improve over the near to medium term.
The international shipping environment has
created significant cost pressures impacting
gross profit. We expect this disruptive shipping
situation to remain for at least the next six
months. Price increases to offset the rapid
spike continue to be introduced; however,
there is a lag from a timing perspective.
As the disruptions dissipate, we are confident
that activity levels in both New Zealand and
Australia will return to previous levels for
at least the remainder of the financial year.
We also expect to run a shorter Christmas
shutdown than last year as the sector looks
to recoup lost time experienced during
August and September.
In Australia we are seeing early signs of a
snap back in demand in NSW and Victoria
as the respective states reduce Covid-19
restrictions. We continue to prepare the
business for changes to the National
Construction Code, educating the market
on double glazing and remaining a strong
proposition in the market.
While solid gains have been achieved
by Metroglass to diversify its product
and customer mix, we remain in a highly
competitive market. Our market share in
the critical window fabricator segment has
been stable since the start of the financial
year and we remain focused on quality and
service delivery to maintain that position.
As the New Zealand and Australian
Governments continue to roll out their
vaccination programmes and the reopening
of their economies, we expect this will provide
certainty and a supportive environment for
the construction sector.
We do, however, remain very aware of the
potential risks to our business from another
Covid-19 event and will continue to monitor
the environment and adapt as required.
At this stage we will not be providing formal
guidance with our next update to the market
in February 2022.
Finally, I would like to take the opportunity
to thank all of our teams across the group,
as well as our suppliers and shareholders,
for their continued support and efforts
as we navigate these challenging times.
Simon Mander
CHIEF EXECUTIVE OFFICER
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NOTESCONSOLIDATEDCONSOLIDATED
Sep-21
$’000
Sep-20
$’000
Sales revenue116,853 116,952
Cost of sales(71,259)(66,224)
Gross profit45,594 50,728
Distribution and glazing-related expenses(22,232)(21,510)
Selling and marketing expenses(6,955)(6,962)
Administration expenses(15,691)(15,640)
Other income82,330 6,141
Profit before significant items, interest and tax3,046 12,757
Significant items–951
Profit before interest and tax3,046 13,708
Finance expense(3,436)(3,126)
Finance income950 100
Profit before income taxation560 10,682
Income taxation expense(141)(3,120)
Profit for the period419 7,562
Other comprehensive income
Items that may be reclassified to profit or loss in the future:
Exchange differences on translation of foreign operations(1,704)160
Cash flow hedges (net of tax)903 (1,558)
Total comprehensive income/(loss) for the period
attributable to shareholders(382)6,164
Earnings per share
Basic and diluted earnings per share (cents per share)0.24.1
The Board of Directors authorised these financial statements for issue on 22 November 2021.
For and on behalf of the board:
Peter Griffiths Graham Stuart
Chair Director
Consolidated Interim Statement of Comprehensive Income
for the half year ended 30 September 2021 (Unaudited)
The above consolidated interim statement of comprehensive income should be read in conjunction with
the accompanying notes.
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
10
CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Consolidated Interim Statement of Financial Position
at 30 September 2021 (Unaudited)
CONSOLIDATEDCONSOLIDATEDCONSOLIDATED
Sep-21
$’000
(Audited)
Mar-21
$’000
Sep-20
$’000
Assets
Current assets
Cash and cash equivalents13,711 7,530 8,645
Trade and other receivables28,035 33,978 34,548
Inventories21,876 18,466 19,659
Derivative financial instruments527 136 70
Other current assets6,515 6,393 5,331
Total current assets70,664 66,503 68,253
Non-current assets
Property, plant and equipment54,618 52,467 54,283
Right-of-use assets49,336 50,626 52,463
Deferred tax10,774 10,241 10,134
Intangible assets55,812 58,051 57,605
Total non-current assets170,540 171,385 174,485
Total assets241,204 237,888 242,738
Liabilities
Current liabilities
Trade and other payables26,340 27,862 27,531
Deferred Income2,319 2,076 1,975
Income tax liability1,088 445 2,046
Derivative financial instruments39 374 399
Interest-bearing liabilities– – 56,788
Lease liabilities6,674 6,559 6,274
Provisions1,838 1,724 1,308
Total current liabilities38,298 39,040 96,321
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021CONSOLIDATED INTERIM FINANCIAL STATEMENTS
11

CONSOLIDATEDCONSOLIDATEDCONSOLIDATED
Sep-21
$’000
(Audited)
Mar-21
$’000
Sep-20
$’000
Non-current liabilities
Interest-bearing liabilities61,521 55,519 2,897
Derivative financial instruments1,034 1,575 2,053
Lease liabilities53,114 54,042 55,772
Provisions3,612 3,665 3,645
Total non-current liabilities119,281 114,801 64,367
Total liabilities157,579 153,841 160,688
Net assets83,625 84,047 82,050
Equity
Contributed equity307,198 307,198 307,198
Retained earnings(52,506)(52,925)(53,907)
Group reorganisation reserve(170,665)(170,665)(170,665)
Share-based payments reserve1,172 1,212 974
Foreign currency translation reserve(1,189)515 145
Cash flow hedge reserve(385)(1,288)(1,695)
Total equity83,625 84,047 82,050
The above consolidated interim statement of financial position should be read in conjunction with the
accompanying notes.
Consolidated Interim Statement of Financial Position continued
at 30 September 2021 (Unaudited)
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
12

Consolidated Interim Statement of Changes in Equity
for the half year ended 30 September 2021 (Unaudited)
CONSOLIDATED
CONTRIBUTED
EQUITY
$’000
RESERVES
$’000
RETAINED
EARNINGS
$’000
TOTAL
$’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
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
CONTRIBUTED
EQUITY
$’000
RESERVES
$’000
RETAINED
EARNINGS
$’000
TOTAL
$’000
Opening balance at 1 October 2020307,198 (171,241)(53,907)82,050
Profit for the period– – 982 982
Movement in foreign currency
translation reserve– 370 – 370
Other comprehensive income/(loss)
for the period– 407 – 407
Total comprehensive income/(loss)
for the period– 777 982 1,759
Movement in share-based
payments reserve–238 –238
Total transactions with owners,
recognised directly in equity– 238 – 238
Audited closing balance at
31 March 2021307,198 (170,226)(52,925)84,047
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021CONSOLIDATED INTERIM FINANCIAL STATEMENTS
13

CONSOLIDATED
CONTRIBUTED
EQUITY
$’000
RESERVES
$’000
RETAINED
EARNINGS
$’000
TOTAL
$’000
Opening balance at 1 April 2021307,198 (170,226)(52,925)84,047
Profit for the period– – 419 419
Movement in foreign currency
translation reserve– (1,704)– (1,704)
Other comprehensive income/(loss)
for the period– 903 – 903
Total comprehensive income/(loss)
for the period– (801)419 (382)
Movement in share-based
payments reserve– (40)– (40)
Total transactions with owners,
recognised directly in equity– (40)– (40)
Unaudited closing balance at
30 September 2021307,198 (171,067)(52,506)83,625
The above consolidated interim statement of changes in equity should be read in conjunction with the
accompanying notes.
Consolidated Interim Statement of Changes in Equity continued
for the half year ended 30 September 2021 (Unaudited)
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
14

Consolidated Interim Statement of Cash Flows
for the half year ended 30 September 2021 (Unaudited)
CONSOLIDATEDCONSOLIDATED
2021
$’000
2020
$’000
Cash flows from operating activities
Receipts from customers122,689 117,398
Payments to suppliers and employees(111,266)(96,191)
Government grants received2,164 6,510
Interest received100 100
Interest paid(1,619)(1,534)
Interest paid on leases(1,524)(1,544)
Income taxes paid(642)(5,155)
Net cash inflow from operating activities9,90219,584
Cash flows from investing activities
Proceeds from sale of property, plant and equipment183 3,147
Payments for property, plant and equipment(7,274)(1,928)
Payments for intangible assets(15)(167)
Net cash inflow/(outflow) from investing activities(7,106)1,052
Cash flows from financing activities
Lease liabilities principal payments(3,294)(2,575)
Repayment of bank borrowings–(27,438)
Drawdown of borrowings7,000 –
Drawdown of other financing–3,334
Repayment of other financing(378)–
Net cash inflow/(outflow) from financing activities3,328 (26,679)
Net increase/(decrease) in cash and cash equivalents6,124 (6,043)
Cash and cash equivalents at the beginning of the period7,530 14,742
Effects of exchange rate changes on cash and
cash equivalents57 (54)
Cash and cash equivalents at end of the period13,711 8,645
The above consolidated interim statement of cash flows should be read in conjunction with the
accompanying notes.
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021CONSOLIDATED INTERIM FINANCIAL STATEMENTS
15

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 six-month period from
1 April 2020 to 30 September 2020.
Basis of preparation
These consolidated interim financial statements
have been approved for issue by the Board of
Directors on 22 November 2021.
The Group’s unaudited condensed consolidated
interim financial statements have been
prepared in accordance with New Zealand
Generally Accepted Accounting Practice
(NZ GAAP). They comply with the requirements
of International Accounting Standard (IAS) 34
Interim Financial Reporting and with
New Zealand Equivalent to International
Accounting Standard (NZ IAS) 34
Interim
Financial Reporting
.
The consolidated interim financial statements
are unaudited. In previous years, the Group’s
auditor, PricewaterhouseCoopers (PwC), has
issued an independent review report on the
consolidated interim financial statements.
This review is voluntary, as it is not required by
the NZX Main Board Listing Rules. The board
recently reconsidered the assurance and
commercial merits of having the consolidated
interim financial statements reviewed and
concluded that these additional processes
are no longer necessary. The benefits of
the review have reduced as the Company’s
financial reporting systems and processes
have matured, and the level of complexity in
the consolidated interim financial statements
has reduced.
These consolidated interim financial
statements are presented in New Zealand
dollars and rounded to the nearest thousand.
These condensed 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 2021. The same accounting policies,
presentation and methods of computation
have been followed in these condensed
financial statements as were applied in the
preparation of the Group’s audited financial
statements for the year ended 31 March 2021.
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.
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
16

Notes to the Consolidated Interim Financial Statements continued
(UNAUDITED)
1 BASIS OF PREPARATION (continued)
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 2021 and the results of
all subsidiaries for the period then ended.
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 de-consolidated from the date that
control ceases.
Intercompany transactions, balances
and unrealised gains on transactions
between Group companies are eliminated.
Unrealised losses are also eliminated unless
the transaction provided evidence of the
impairment of the asset transferred.
Foreign currency translation
Functional and presentation currency
The consolidated 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.
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.
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
17
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Notes to the Consolidated Interim Financial Statements continued
(UNAUDITED)
1 BASIS OF PREPARATION (continued)
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.
Standards, Amendments and
Interpretations to Existing Standards
that are not yet Effective
There are no published new or amended
standards or interpretations that become
effective on or after 1 October 2021 that
would have a material impact on the Group’s
consolidated interim financial statements.
Future Change in Intangible Assets
Accounting Policy
In March 2021, the IFRS Interpretations
Committee (Committee), which is responsible
for interpreting the application of IFRS, issued
an agenda decision that the cost incurred in
configuring and customising software provided
under software as a service arrangement
(SaaS) must be expensed, unless they:
• create an intangible asset, separate
from the software, that the customer
controls; or
• are paid to the supplier of the cloud-based
software for significant customisation
work, in which case the costs are
recorded as a prepayment for services
and amortised over the expected term
of the SaaS arrangement.
The Committee’s agenda decision was ratified
by the International Accounting Standards
Board in April 2021.
Compliance with the Committee’s decision
necessitates a change to the Group’s
intangible assets accounting policy, as to
date the Group has recognised such costs
as intangible assets. Making this change may
require a retrospective restatement of prior
period financial statements in the year in which
the revised accounting policy is adopted. To
implement this change, the Group is currently
examining all historically capitalised software
configuration and customisation costs relating
to SaaS arrangements to identify the level
of restatement required, with full compliance
reflected in the 31 March 2022 annual
consolidated financial statements.
The value of capitalised costs being reviewed is
between $1.5 million and $2.0 million, and while
the financial impact of the revised accounting
policy is still being quantified, it is unlikely to
be significant for financial reporting purposes.
The change would reduce intangible assets and
associated amortisation, increase operating
expenses and reclassify the relevant spend
from an investing to an operating cash flow.
The change may also result in the recognition
of prepayments.
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
18

Notes to the Consolidated Interim Financial Statements continued
(UNAUDITED)
2 FINANCIAL PERFORMANCE
Segment information
Operating segments of the Group at
30 September 2021 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.





METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
19
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Notes to the Consolidated Interim Financial Statements continued
(UNAUDITED)
2 FINANCIAL PERFORMANCE (continued)
SEP-21
New Zealand
$’000
Australia
$’000
Eliminations
and other
$’000
Group
$’000
Commercial Glazing16,639 ––16,639
Residential57,119 28,993 –86,112
Retrofit14,102 ––14,102
Total revenue87,860 28,993 –116,853
Gross profit38,987 6,607 –45,594
Segmental EBITDA before
significant items11,092 1,873 –12,965
Group costs––(316)(316)
Group EBITDA before
significant items12,649
Depreciation and amortisation(7,028)(2,575)–(9,603)
EBIT before significant items4,064 (702)(316)3,046
Significant items––––
EBIT4,064 (702)(316)3,046
Segment assets280,834 62,944 (102,574)241,204
Segment non-current assets
(excluding deferred tax assets)178,856 43,986 (63,076)159,766
Segment liabilities77,789 21,095 58,695 157,579
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
20

Notes to the Consolidated Interim Financial Statements continued
(UNAUDITED)
2 FINANCIAL PERFORMANCE (continued)
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
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
21
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Notes to the Consolidated Interim Financial Statements continued
(UNAUDITED)
3 PROPERTY, PLANT AND EQUIPMENT
During the six months ended 30 September
2021, the Group acquired assets with a
total cost of $7.2 million (September 2020:
$1.6 million) and disposed of assets with a
total book value of $0.1 million (September
2020: $2.4 million). There have been no
material changes in the estimated useful
life of key items of plant and machinery.
The depreciation expense for the six
months ended 30 September 2021 was
$5.1million (September 2020: $5.57 million).
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 ASB Bank
Limited. All significant inputs were based on
observable market data and accordingly have
been categorised as level 2. At balance date,
the fair value of interest rate swaps are
$1.0 million liability (March 2021: $1.6 million
liability) and the fair value of forward exchange
contracts are $0.5 million asset (March 2021:
$0.2 million liability).
The movements in fair value are disclosed in
cash flow hedges (net of tax) through other
comprehensive income, with a gain recognised
on forward exchange contracts of $0.5 million
(30 September 2020: $1.6 million loss) and
income of $0.4 million (30 September 2020:
$0.06 million gain) 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 cash-generating
unit (CGU) and New Zealand CGU were
performed at 31 March 2021 as part of the
annual tests. Goodwill and intangible assets
were reviewed at 30 September 2021, 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
six months ended 30 September 2021 was
$1.3 million (September 2020: $1.4 million).
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
22

Notes to the Consolidated Interim Financial Statements continued
(UNAUDITED)
6 INTEREST-BEARING LIABILITIES
SEP-21MAR-21SEP-20
$’000$’000$’000
Bank borrowings – current
1
––56,351
Bank borrowings – non-current58,449 52,175 –
Less: cash and cash equivalents(13,711)(7,530)(8,645)
Net bank debt44,738 44,645 47,706
Other financing – current––437
Other financing – non-current3,072 3,344 2,897
Net debt47,810 47,989 51,040
1 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 2021.
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
23
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Notes to the Consolidated Interim Financial Statements continued
(UNAUDITED)
8 COVID-19
The global pandemic in relation to Covid-19
was declared by the World Health Organization
on 11 March 2020. An outbreak of the Delta
variant in New Zealand during August 2021, and
the subsequent Alert Level 4 and 3 lockdowns
imposed by the New Zealand Government, had
a significant impact on the Group’s second-
quarter performance, particularly as the
New Zealand operations were deemed non-
essential and as result were closed under Alert
Level 4 conditions. The New Zealand operations
have been able to operate at the other alert
levels. The Group’s Australian business has
continued to operate during the period, albeit
with a number of restrictions on the efficiency
of the operation. The Group was eligible for
and received $2.2 million in relation to the
New Zealand Government’s wage subsidy,
which has been recognised in other income
in the consolidated interim statement of
comprehensive income (30 September 2021:
$6.1 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 $0.1 million.
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021
24

insight
creative.co.nz

MPG023
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
Julia Mayne – 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
Nick Hardy-Jones – GM South Island
Nick Johnson – Chief Information Officer
Amandeep Kaur – Group Health and Safety Manager
Barry Paterson – GM Commercial Glazing and Technical
Dayna Roberts – Human Resources Director
Steve Hamer – Australian Glass Group Chief Executive Officer
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 30, PwC Tower
15 Customs Street West, 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/
Company Directory
METRO PERFORMANCE GLASS LIMITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2021CONSOLIDATED INTERIM FINANCIAL STATEMENTS
25

METROGLASS.CO.NZ

---

1H22 Interim Results
Presentation
22 November 2021
METRO PERFORMANCE GLASS

Key messages
•As Covid-19 restrictions reemerged, the Metroglass Group remained
committed to stabilising the business and delivering to its customers
•Metroglass’ performance was significantly impacted by the Covid-19 lockdown
at the end of the half
•Australian Glass Group continues to execute well against its turnaround plan
despite prolonged Covid-19 restrictions
•Ongoing supply chain disruption and emerging inflationary pressures are
expected to continue however they will continue to be addressed through
pricing strategies.
•Our focus on debt reduction has placed Metroglass in a strong position to
cope with the immediate impacts of the pandemic
2

OUR PEOPLE
•Remained focused on safety and wellbeing
•Consistently maintained normal pay for all
staff during New Zealand’s Alert Level 4
•Encouraged our people to get vaccinated
•Invested in staff promotion, training and
capability development. Over 80 apprentices
enrolled, and 5 qualifying in the half
OUR CUSTOMERS
•Maintained connections with customers
•Resumed the glass supply chain swiftly
once Alert Levels allowed
•New Zealand business achieved highest
customer survey results
1
(7.8/10) and
AGG’s results remained solid despite
Covid-19 imposed challenges (7.9/10)
OUR BUSINESS
•Successfully reopened all sites in New
Zealand under Covid-19 protocols as alert
levels allowed
•AGG maintained operations as they
coordinated the state-by-state Covid-19
restrictions and safety requirements
•Group-wide capital Investment to improve
capability, quality and unlock capacity
•NZ wage subsidy received ($2.2m)
3
The Metroglass Group displayed its resilience in another challenging six-months
1. Survey question: “On a scale of 1 to 10, how likely are you to recommend Metroglass to a friend or colleague?”

GROUP
NEW ZEALAND
2
AUSTRALIA
2
Revenue
$116.9m
(1H21: $117.0m)
0%
EBIT
$3.0m
(1H21: $12.8m)
-76%
N PAT
$0.4m
(1H21: $7.6m)
-94%
Revenue
$87.9m, -1%
(1H21: $89.2m)
EBIT
$4.1m, -68%
(1H21: $12.8m)
Revenue
$29.0m, +4%
(1H21: $27.8m)
EBIT
($0.7m)
(1H21: $0.4m)
Net debt
$47.8m
(1H21: $51.0m)
1H22 key financial outcomes
1
1
Unless otherwise stated, results are shown in NZ$mand before significant items.
2
The full segment note is available in note 2 of the financial statements.
Leverage ratio
2.8x
(1H21: 1.53x)
n/a
4
-6%

Consenting activity is strong in New Zealand, though there are clear constraints as supply
chain and labour issues cap medium term activity
5
In the six months to September 2021 (on a 9-month lagged basis):
•Total residential consents rose 4.8%, or 4.0% in floor area (sqm)
•Detached dwelling consents rose 0.3%, with a 11.2% rise in multi-residential
which represents 43.7% of all residential consents
•Since the start of 2021 residential consents continued to growth above record
levels on a 9-month lag basis
Total NZ residential consents (9 month lagged, by number)
1
NZ non-residential consents (by value $bn)
1
The value of non-residential consents for the 12 months to September 2021
(non-lagged) grew 10.3%
•North Island 11.9%; South Island 5.5%, Canterbury 28.1%
•Non-residential consents rebound to pre-covid levels as Metroglass’
glazing forward books increase 7% at 30 September 2021 when compared
to the prior year
11871
15358
15473
17208
19777
21125
22269
22141
22212
24522
32,996
37,627
37614
39,420
44,299
Sept-19Sept-20Mar-21Sept-21Mar-22
Multi-residentialDetached Housing
0.0%
14.0%
4.8%
12.4%
5.3
5.3
5.9
2.3
1.7
1.8
7.6
7.0
7.7
Sep-19Sep-20Sep-21
North IslandSouth Island
-7.6%
10.3%
1.Source: Statistics NZ

Metroglass’ performance was significantly impacted by the Covid-19 lockdown at
the end of the half
6
•Oureffortstodiversifytheproductandcustomermixdeliveredresults,howeverthiswasovershadowed
byCovid-19lockdownsandongoingsupplychaindisruptions
•WerespondedswiftlytotheCovid-19restrictions,focusingonpeoplewellbeing,maintaining
connectionswithcustomers,andmanagingthenetworkofglasssupply.
•MetroglassreceivedtheNZGovernmentwagesubsidy
1
, althoughthiswasnotenoughtooffsetthe
impactsfromtheAlertLevel4 lockdowns
•Internationalsupplychaincostshavesignificantlyimpactedprofitabilityinthehalf
•Wehaveimplementeda seriesofinternalandcustomer-partneredinitiativesthathavesupporteda
solidperformanceinanuncertainandcompetitivemarket. Ourimprovingcustomersurveyratingsand
positivefeedbackreinforcethatweareontherighttrack
•Weremaincommittedtodevelopingourpeopleandprocessingcapabilitiesinvesting$7.3 millionon
equipmentfocusedonimprovingquality,capabilityandcapacity. Wecontinuetodevelopand
implementa seriesofon-the-jobtrainingschemes,with80plusstaffenrolledinourapprenticeship
programme
1
The Company received a total of $2.2m

Residential construction activity in southeast Australia has strengthened
following c.18 months of declines and despite Covid-19 restrictions in place
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 2021). 6-month lag applied.
2.Source: Australian Bureau of Statistics, 12 months to 30 September 2021, no lags applied.
In the twelve months to September 2021:
•Detached dwelling (house) approvals
1
rose 21.4%, with Victoria 23.4%,
New South Wales 17.2%, Tasmania 31.9%
•Approvals for alternations and additions
2
rose 36.4%, with Victoria
33.0%, New South Wales 41.0%, Tasmania 41.5%
•The use of double-glazing products is continuing to grow as customers
become more aware of the benefits, as well as expected changes to the
National Construction Code for residential dwellings
•Housing approval numbers have continued to increase, which is expected
flowing progressively through to commencements and completions
38,332
35,367
43,656
29,578
23,952
28,072
Sept 19Sept 20Sept 21
VICNSWACTTAS
72,237
63,322
76,854
-12.3%
21.4%
30%
30%
-3%
-20%
-10%
0%
10%
20%
30%
40%
Jun-2016
Oct-2016
Feb-2017
Jun-2017
Oct-2017
Feb-2018
Jun-2018
Oct-2018
Feb-2019
Jun-2019
Oct-2019
Feb-2020
Jun-2020
Oct-2020
Feb-2021
Jun-2021
(1) Approvals(2) Commencements(3) Completions

Australian Glass Group continues to execute well against its turnaround plan
despite prolonged Covid-19 restrictions
8
•AustralianGlassGroup(AGG)processingplantshavelargelyremainedoperational
throughoutthefirsthalf,howeverdisruptionstosupplychainsandpeopleavailability
impactedprofitability
•Covid-19restrictionswereinplaceformultipleweeks.Mostshort-termimpacts
concentratedinNewSouthWalesandVictoria,withlimitedimpactontheTasmanian
business
•Despiteconstructionsectordisruptionsthathaveaffectedstaff,productdistributionand
customeroperations,AGGstillachievedgrowth. Costpressuresimpactedprofitability
•KeysoutheastAustralianmarketshaveremainedstrongwithAGGdelivering7%growthin
thekeydouble-glazingsegment
•AGG’ssuccessingrowingitsdouble-glazingsegmentfurtherillustratestheopportunity
theincreasingpenetrationinmarketsthathavelowadoption
•NationalBuildingCode(NCC)changestocomeintoeffectincalendaryears2022/23,
followingtheintroductiontocommercialbuildingsin2019

$59.1m
$18.0m
$12.1m
$27.8m
$117.0m
$57.1m
$16.6m
$14.1m
$29.0m
$116.9m
Residential (NZ)Commercial Glazing (NZ)Retrofit (NZ)Australian Glass Group
(AU)
Metro Glass Group
1H211H22
1H22: Metroglass Group revenue (NZ$)
9
4%
(0%)
17%
(8%)(3%)
(1%)
Note: Theallocationofsalesbetweenresidentialandcommercialapplicationsis difficultasMetroglassdoesn’talwaysknowtheenduseofa pieceofglass.Thecategorisationmethodologyis consistentacross
periods,howeverCommercialGlazingrevenuewillincludesomelevelofresidentialglazingsalesandservices.

1H22: Financial results summary
10
Segment results
NZ$m,
1,2
1H221H21% change
New Zealand
Revenue
87.989.2(1)%
Gross profit %44.4%48.7%
SegmentalEBIT4.112.8(68)%
Australia
Revenue
29.027.84%
Gross profit %22.8%26.3%
Segmental EBIT(0.7)0.4n/a
Group results
NZ$m
1
1H221H21% change
Group
Revenue116.9117.00%
EBITDA before significant items12.623.1(45)%
Depreciation & amortisation9.610.37%
EBIT before significant items3.012.8(76)%
Significant items01.0n/a
EBIT3.013.7(78)%
Profit for the period0.47.6(94)%
Basic EPS (cents)0.24.1(95)%
1
Unless otherwise stated, results are shown in NZ$mand before significant items.
2
The full segment note is available in note 2 of the financial statements.
3
The definitions for all non-GAAP measures of financial performance are provided on slide 16 of this release.

12.8
3.0
4.5
2.4
1.4
0.3
0.7
0.2
0.3
0.1
H1 F21 EBIT
NZ Govt wage subsidy, rent
relief, and sales impact
- COVID-19
Gross profit % decline
Change in net revenue
Distribution, glazing, admin,
selling, and marketing
Gross profit % decline
Administration expenses
Distribution and other
Other Group costs
H1 F22 EBIT
1H22: EBIT bridge
11
New Zealand
Australia

1H22: Group summary cash flow & balance sheet
12
Key balance sheet items (NZ$m)1H221H21
Net working capital
1
23.6 26.7
Property plant & equipment
54.6 54.3
Right of use assets
49.352.5
Total assets
241.2 242.7
Lease liabilities
59.862.0
Net debt
47.8 51.0
Total shareholders equity
83.6 82.1
Keycash flow items (NZ$m)1H221H21
EBIT (post significant items)
3.0 13.7
Operating cash flows
9.9 19.6
Capital expenditure
7.3 2.1
Dividends paid
--
•Increased holdings in glass inventory due to supply chain disruption and the
impact of Level 4 restrictions was offset by a reduction in trade receivables
in NZ due to the impact of Level 4 restrictions late in the reporting period
•Net operating cashflow flows lower than last year driven by impact of Covid-
19 restrictions and increases in material costs negatively impacting EBITDA
•Net debt decreased by $3.2m year on year and remained stable over the
past six months despite Covid-19 impacts
•Group gearing
2
decreased from 38.3% at 30 September 2020 to 36.4%
at 30 September 2021
•The Company’s net debt to EBITDA (pre-IFRS 16) ratio increased year
on year from 1.5x to 2.8x
3
driven by a significantly reduced EBTIDA
1
Networkingcapital: trade&otherreceivables+ inventory- trade&otherpayables.
2
Gearing:netdebt/ (netdebt+ equity).
3
Net debt includes net bank debt of $44.7 million and other interest-bearing liabilities of $3.1 million which
primary relates to the sale and leaseback of certain vehicles in New Zealand.

•As the New Zealand and Australian Governments continue to rollout their vaccination programmes and the
reopening of the economy, we expect this will provide certainty and a supportive environment for the
construction sector
•Residential consenting activity continues to track at record levels despite the pandemic, creating a solid and
elongated pipeline of work due to construction industry capacity constraints. Glass demand remains strong
with forward books for both the Retrofit and commercial glazing segments higher than the same point last
y e a r.
•As the disruptions dissipate, we are confident that activity levels in both New Zealand and Australia will
return to previous levels. We also expect to run a shorter Christmas shutdown than last year as the sector
looks to recoup lost work in August and September.
•The international shipping environment and inflation have created significant cost pressures impacting
gross profit. We expect this environment to remain for at least the next 12 months. Prices increases to
offset the rapid spike in costs continue to be introduced, however there is a lag from a timing perspective.
•In Australia we are seeing early signs of a snap back in demand in New South Wales and Victoria as Covid-
19 restrictions reduce. We continue to prepare the business for changes to the National Construction Code,
educating the market on benefits of double-glazing and remaining a strong proposition in the market.
•Given the significant level of disruption the construction industry is facing, we anticipate providing
guidance on expected FY22 results alongside a trading update in February 2022
13
Outlook for FY22

Build resilience and
defend Metroglass’
leadership position
Further improve our
positive trajectory in
Australia, and benefit
from growing demand for
double-glazing
To ensure our balance
sheet remains strong
and sufficient to cope
with future risks and
opportunities
Our strategy and focus remains unchanged
14

Q&A
15

16
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
•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
1H221H21
($M)($M)
Profit for the period before significant items0.4 6.9
Add: Sale and leaseback gain on disposal (tax effected)-0.7
Profit for the period (GAAP)0.4 7.6
Add: taxation expense0.1 3.1
Add: net finance expense2.5 3.0
Earnings before interest and tax (EBIT)3.0 13.7
Add: depreciation & amortisation9.6 10.3
EBITDA12.6 24.1
Earnings before interest and tax (EBIT)3.0 13.7
Less: Sale and leaseback gain on disposal-(1.0)
EBIT before significant items3.0 12.8
EBITDA12.6 24.1
Less: Sale and leaseback gain on disposal-(1.0)
EBITDA before significant items12.6 23.1
Profit for the period (GAAP)0.4 7.6

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
17

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 Manager
Liam.hunt@metroglass.co.nz
(+64) 022 010 4377
Contact information
18

---

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 2021
Previous Reporting Period 6 months to 30 September 2020
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$116,853 No change
Total Revenue $116,853 No change
Net profit/(loss) from continuing
operations
$419 Down 94%
Total net profit/(loss) $419 Down 94%
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
$0.15 $0.13
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 2021. These financial statements and the half year result
commentary dated 22 November 2021 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
Tracy Taylor, Company Secretary
Contact person for this
announcement
Liam Hunt
Contact phone number +64 22 010 4377
Contact email address Liam.Hunt@metroglass.co.nz
Date of release through MAP

22 November 2021

Unaudited financial statements accompany this announcement.