Metroglass provides FY22 results (unaudited)

METRO PERFORMANCE GLASS



30 May 2022

Metro Performance Glass Limited (NZX: MPG, ASX: MPP) – full year results announcement
for the year ended 31 March 2022

Please find attached the financial information required by NZX Listing Rule 3.5 together with a copy of Metro
Glass’ full year results presentation for the year ended 31 March 2022.
Documents attached:
1. Market announcement in relation to the full year results
2. Full year results presentation
3. NZX Appendix 1 and unaudited financial statements
For the purposes of ASX Listing Rule 1.15.3, Metro Performance Glass Limited confirms that it continues to
comply with the listing rules of its home exchange, the NZX Main Board.

Yours sincerely

Tracy Taylor
Company Secretary
Metro Performance Glass Limited

Authorised by the Metroglass Board.

---

NZX.MPG, ASX.MPP 30 May 2022
Metroglass provides FY22 results (unaudited) as external disruptions impact
profitability
Summary of the unaudited results for the twelve months ended 31 March 2022 (FY22)
1
$m New Zealand Australia Group

FY22 FY21 FY22 FY21 FY22 FY21
Revenue 178.0 179.8 58.1 52.5 236.1 232.3

Segmental EBIT
2
7.4 18.7 (0.3) (0.7)

EBIT
2
5.9 17.2

NPAT
3
(0.5) 7.2

• The Group managed frequent Covid-19 disruptions and other external pressures well, however it
materially impacted profitability for the year
• New Zealand revenue declined 1% year on year supported by robust activity before and after the
lockdown period
• AGG delivered revenue growth of 11% as market activity remained strong despite disruptions
• Group EBIT before significant items down 66% to $5.9 million. S ignificant increases to input costs and
the NZ lockdown period materially impacted profitability.
• Statutory net profit (loss) after tax of $(0.5) million down from $8.1 million in FY21
Metro Performance Glass (Metroglass) today reports unaudited financial results for the 12 months to 31 March 2022
(FY22).
CEO Simon Mander said: “Metroglass achieved solid sales in New Zealand before and after the lockdown period and
Australian Glass Group delivered 11% revenue growth, despite the disruptions. However, the lockdown in New
Zealand, international shipping disruptions and higher input costs have materially reduced profitability.
Group Revenue for the year to 31 March 2022 of $236.1 million was 2% higher than the prior year, with New Zealand
down 1% and Australia up 11%. EBIT before significant items fell 66% to $5.9 million. Statutory NPAT declined from
$8.1 million in FY21 to a Net loss after tax of $(0.5) million in FY22.
Net debt increased from $48.0 million to $52.3 million at 31 March 2022, and reflects the increase in safety stock, the
higher stock cost, and targeted capital investments delivering increases in capability, capacity, and quality.
New Zealand
Revenue in New Zealand declined 1% to $178.0 million as construction activity remained robust. However, disruptions
through the supply chain, elevated input costs and the lockdown significantly impacted EBIT which declined from $18.7
million to $7.4 million.
In the residential segment revenue of $115.6 million, was 2% below the prior year. Efforts to diversify the customer
portfolio have progressed well, with a stable market share over the course of FY22. The cumulative disruptions have

Note: all non-Generally Accepted Accounting Principles (GAAP) financial measures are defined to a GAAP measure on slide 15 of the FY22 results presentation, available
here: https://www.metroglass.co.nz/investor-centre/investor-presentations/.
1
All prior period comparisons are to the full year ended 31 March 2021 (FY21) unless otherwise stated.
2
Earnings before interest, tax, and significant items (FY21: $1.0m gain on sale of vehicles).
3
NPAT before significant items (FY21: $1.0m gain on sale of vehicles)

created project delays with commercial glazing revenue declining 9% to $33.5 million. In contrast, there has been
strong growth in the Retrofit segment with revenue increasing 16% to $28.9 million.
“The business has responded to the ongoing inflationary cost pressures through market pricing adjustments that will
flow into FY23 financial year.
Our focus remains firmly on the future. Changes to the building insulation regulations to be introduced in 2022 will
almost universally require the use of LowE glass in windows. The business has made significant investments in LowE
technology and processing capability in recent years and with an experienced team, world-class facilities, and range
of high performing glass products, are well-positioned to service the market.” said Mr Mander.
Australian Glass Group (AGG)
The transformation of Australian Glass Group into a specialist double-glazing business has continued momentum
through FY22 despite the headwinds of Covid-19 restrictions, adverse weather events, disruptions to international
supply chains, and reduced employee availability.
AGG delivered an 11% increase in revenue to $58.1 million. AGG’s EBIT loss of $0.3 million, is an improvement of $0.4
million on the prior year and a marked improvement on FY19.
“Market pricing in Australia has trended positively, in-part reflecting the cost inflation pressures but also in recognition
of the increasing value of glass throughout the industry. As AGG enter the next phase of their turnaround strategy, their
focus remains on consistent operating performance, profitability and benefiting from regulatory changes that will
accelerate the adoption of double-glazing in the south-east of Australia.” Said Mr Mander.
Capital Management
Metroglass’ focus on debt reduction has placed the business in a strong position to manage impacts resulting from the
pandemic. In spite of the significant increase in the cost of glass, the group persevered in the planned increases in stock
levels and targeted capital investments which resulted in net debt increasing from $48.0 million to $52.3 million.
Metroglass’ net debt to EBITDA ratio increased to 3.7x at 31 March 2022.
Market conditions and outlook
The demand for new residential construction activity has continued to reach record levels in New Zealand, despite a
constraint on the capacity of the sector. This provides confidence of a solid and steady pipeline of work for at least the
balance of the year. In Australia strong approvals and a similar capacity constraint are also expected to provide an
elongated pipeline of activity.
The potential impacts of the pandemic are likely to maintain a level of uncertainty in the short to medium term,
combined with the risk of ongoing supply chain disruptions, labour shortages, and cost inflation. In this environment,
our focus will be on gross profit improvement.
Our strategic programme will continue to unlock potential opportunities supported by our targeted investments in
capability, quality, and a strong focus on improving our offering to customers. Particularly, as regulatory changes to
window and glass specifications in both counties are introduced.
The company will provide shareholders with an update on early FY23 trading performance at its Annual Shareholders’
Meeting on the 9
th
of August 2022.

/Ends

Full year results webcast and conference call details
Metro Performance Glass Limited will host a conference call today to review its FY22 results. The briefing is scheduled
to begin at 10am NZDT and can be joined by webcast or conference call.

You can listen to the webcast via the company’s website: www.metroglass.co.nz/investor-centre
or directly:
https://event.webcasts.com/starthere.jsp?ei=1543495&tp_key=8b0d1feb16. 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 and have the ability to ask questions, please 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: 856935.
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 (Melbourne) +61 (0)3 8317 0929 US/Canada Toll Free 800-289-0459
Australia (Sydney) +61 (0)2 7250 5438

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


Authorised by the Metroglass Board.

---

METRO PERFORMANCE GLASS
Full year result
31 March 2022

Key messages
•The Metroglass Group has managed frequent Covid-19 disruptions and other
external pressures well, limiting supply volatility to our customers
•Solid revenue in New Zealand was aided by resilient activity before and after the
lockdown, however higher input costs and supply chain disruptions materially
impacted profitability
•AGG’s transformation into a specialist double-glazing business gained momentum
in FY22, despite the Covid-19 induced headwinds, and achieved a further
improved EBIT result
•Increases to Metroglass’ net debt in FY22 driven by targeted investments in
capability, capacity and quality ahead of building insulation requirement changes
and an increase in safety stock levels to better manage supply volatility for
customers
2

3
Our Environmental, Social and Governance
Thisyearwehavecontinuedtobuildonourapproachand
reportingofESG,including;
•Goodprogressimprovingsafetyandwellbeing,with
MetroglassTRIFRtrendinglower
•Continuetoinvestinourapprenticeshipschemewith8
apprenticesqualifiedinFY22and79currentlyenrolled
•ProudtohavelaunchedthegroupsfirstEnvironmental
Sustainabilitypolicy
•Initiatedworkstreamsfocussedonclimatechangeand
relateddisclosures,understandingourcarbonemissions
footprintandmakingeffortstoreduceourkeyresource
consumptionoverthelongterm
•Continuingtoprovidetrainingandguidancetohiring
managersfocussedateliminatingunconsciousbiasfromour
recruitmentprocessesandsystems

N PAT
$(0.5)m
(FY21: $7.2m)
GROUP
1
NEW ZEALAND
1
AUSTRALIA
Revenue
$236.1m
(FY21: $232.3m)
+2%
EBIT
$5.9m
(FY21: $17.2m)
-66%
Revenue
$178.0, -1%
(FY21: $179.8m)
EBIT
$7.4m, -61%
(FY21: $18.7m)
Revenue
$58.1m, +11%
(FY21: $52.5m)
EBIT
$(0.3)m, +57%
(FY21: $(0.7)m
Net debt
$52.3m
(FY21: $48.0m)
Financial highlights
1
Unaudited financial results. Unless otherwise stated, results are shown in NZ$mand before significant items.
Leverage ratio
3.7x
(FY21: 1.7x)
nm+4.3m
4
-$7.6m

•Metroglass’focusonstrongandclearcommunications,safetystocklevels,andoperational
stability,providedcertaintytothemarketandtemperedvolatilityforourcustomers.
•Amixofexternalpressuresfromlockdowns,employeeavailability,supplychaindisruptionsand
rapidcostinflationsignificantlyimpactedourabilitytooperateefficiently.
•Allofoursegmentswereimpactedbydisruptionstovaryingdegrees,includingdelaystoprojects
andtheavailabilityofotherbuildingproductsintheconstructionsupplychain.
•Despitetheresidentialsegmentrevenuefalling2%asa resultofa reducedoperatingperiod,
oureffortstobalancetheportfoliomadesolidprogressaswemaintaineda stablemarket
shareandleadershipposition.
•Commercialglazingrevenuedeclined9%, primarilyaslockdownsandsupplychaindisruptions
delayedandextendedprojects.
•Retrofitrevenuegrew16%benefitingfromhomeownersseekingtoupgradetheirhomes.
•Improvementstoourcustomerservicemodelhasresultedinrecordlevelsofcustomer
satisfaction,achieving8.1/10
1
•StrengthenedMetroglass’strategicpositioningwithinvestmentsincapacity,capabilityandquality
aheadofupcomingbuildinginsulationstandardchangescomingintoaffectinNovember2022.
Solid revenue was aided
by resilient activity before
and after the lockdown,
however higher input
costs and supply chain
disruptions materially
impacted profitability
Revenue
$178.0m (1%)
EBIT
1
$7.4m (61%)
1
Survey question: “On a scale of 1 to 10, how likely are
you to recommend Metroglass to a friend or colleague”
5

•AustralianGlassGroup(AGG)generateda strong11%increaseinrevenuedespitethedisruptive
environment,astheymanagedevolvingstate-by-stateoperatingconditionswell.
•Grossprofitmarginimprovedto28.4%, (FY21:23.7%), supportedbysuccessfulpricingstrategies
torecoverincreasinginputcostsandsolidoperatingdisciplines.
•A further14%growthindouble-glazingrevenue.
•AGGentersthenextphaseofitsturnaroundstrategyandis wellpositionedforgrowthalongside
theincreasingadoptionofdoubleglazingandchangestotheNationalConstructionCode(NCC)
expectedinFY23thatwillfurtheraccelerateuptake.
AGG’s transformation
into a specialist double-
glazing business gained
momentum in FY22,
despite the Covid-19
induced headwinds, and
achieved a further
improved EBIT result
Revenue
NZ$58.1m +11%
EBIT
$(0.3)m vs. $(0.7)m LY
6

FY22: Metroglass Group revenue (NZ$)
11%
2%
16%
(9%)(2%)
(1%)
Note: Theallocationofsalesbetweenresidentialandcommercialapplicationsis difficultasMetroglassdoesn’talwaysknowtheenduseofa pieceofglass.Thecategorisationmethodologyis consistentacross
periods,howeverCommercialGlazingrevenuewillincludesomelevelofresidentialglazingsalesandservices.
7
$118.2m
$36.8m
$24.9m
$52.5m
$232.3m
$115.6m
$33.5m
$28.9m
$58.1m
$236.1m
Residential NZCommercial Glazing NZRetrofit NZAustralian Glass GroupTotal group revenue
FY21FY22

FY22: Financial results summary
Segment results
NZ$m
1,3
FY22FY21
2
% change
New Zealand
Revenue
178.0179.8(1)%
Gross profit77.186.4(11)%
SegmentalEBIT7.4 18.7(61)%
Australia
Revenue
58.1 52.511%
Gross profit 16.5 12.5 32%
Segmental EBIT(0.3)(0.7)57%
Group results
NZ$m
1
FY22FY21
2
% change
Group
Revenue236.1232.32%
EBITDA before significant items24.637.5(34)%
Depreciation & amortisation18.720.3(8)%
EBIT before significant items5.917.2(66)%
Profit for the year before
significant items
(0.5)7.2(106)%
Significant items0(1.0)
Profit for the period(0.5)8.1(106)%
Basic EPS (cents)(0.2)4.4
1
The definitions for all non-GAAP measures of financial performance, and additional detail on significant items are provided on slide 15 of this release.
2
FY21 financial statements were restated to reflect the impact of a change in accounting policy and prior period adjustments. Further details are set out in the unaudited financial statements.
8

5.9
4.5
1.2
0.9
7.2
1.3
0.7
4.0
3.6
FY21 EBIT
Covid-19 impact:
NZ Govt wage subsidy, rent relief, and
sales impact
Freight detention costs
Change in net revenue
Change in Gross Profit %
All expenses and other income
Net restatement
Increase in net revenue and gross profit
Increase in expenses and other
FY22 EBIT
17.2
FY22: EBIT bridge (NZ$m)
Note: EBIT is before before significant items.
1
FY21 financial statements were restated to reflect the impact of a change in accounting policy and prior period adjustments. Further details are set out in the
unaudited financial statements..
New ZealandAustralia (NZ$)
9
1

FY21: Group summary cash flow & balance sheet
10
Key balance sheet items (NZ$m)FY22FY21
Net working capital
1
31.728.5
Property plant & equipment
54.752.5
Right of use assets
70.550.6
Total assets
272.1239.2
Lease liabilities
81.360.6
Net debt
52.348.0
Total shareholders equity
85.585.4
Keycash flow items (NZ$m)FY22FY21
4
EBIT before significant items
5.917.2
Operating cash flows
13.328.8
Capital expenditure
10.56.0
Dividends paid
--
•Net operating cash flows were significantly below last year primarily as a result of the
rapid increases in material costs that are partially offset by price increases, and the lower
NZ Government wage subsidy in FY22
•In FY22 working capital increases are inline with our efforts to increase our safety stock
levels amid international supply chain disruptions and reflect the higher prices for these
inventory
•Capital expenditure was increased to $10.5m in FY22 with targeted investments that
deliver increased capability, capacity and quality
•Increases to right of use assets reflect the extension of existing lease agreements
•Net debt increased by $4.3m year on year to $52.3m as at 31 March 2022
•Group gearing
2
increased to 38% from 36%
•Group net debt to EBITDA ratio
3
increased from 1.7x to 3.7x, without adjusting
EBITDA for the impacts of the COVID-19 shutdown period in NZ
1
Networkingcapital: trade&otherreceivables+ inventory- trade&otherpayables.
2
Gearing:netdebt/ (netdebt+ equity).
3
Calculated on a pre-IFRS-16 (leases) basis and includes other minor adjustments.
4
FY21 financial statements were restated to reflect the impact of a change in accounting policy and prior period
adjustments. Further details are set out in the unaudited financial statements.

Our capital allocation methodology shared with the market last year
continues to guide our structured thinking
New Zealand
Net operating cash flow
AGG
Net operating cash flow
(1) Maintenance capital
(2) Strong balance sheet
Net debt to EBITDA range of 1.0x – 2.0x
(3) Minimum dividend pay-out ratio
Debt
reduction
Additional
dividends
Share Buy-
backs
Organic
development
and growth
capex
Acquisition/
divestments
Net operating cash
flow
(4) Excess cash flow
•The priority order for the use of capital going forward will be:
1.Capital expenditure to maintain operational capability, improve efficiency and
create increased production capacity within the existing manufacturing footprint
(circa. $8m p.a.)
2.Maintaining group leverage within a target range of 1.0x to 2.0x net debt to EBITDA
3.Re-establishment of a conservative and sustainable divided
4.Applying any excess cash flows across the best of several competing alternatives.
At present, the Board sees merit in pursuing further reduction in net debt towards
an underlying net debt to EBITDA ratio of 1.0x
11

•New Zealand residential building consents have reached record levels in the last
12 months. Capacity constraints in the industry mean that we expect building
activity to remain at current levels for the balance of the year
•Strong approvals activity in Australia and a similar capacity constrained industry
have created a healthy and elongated the pipeline of work
•The pandemic continues to drive an uncertain outlook in the short to medium
term. Our focus will be on gross margin improvement, with the inflationary
pressures in our supply chain and the constraints on labour not expected to
improve in the near term
•Our strategic programme continues to unlock the potential of the business, with
investments in capability, quality, and a strong focus on improving our offering to
customers. This creates value opportunities for the business alongside building
insulation regulation changes expected to be introduced in our markets during
FY23
A healthy pipeline and strategic positioning sets
up Metroglass for the future
12

Building resilience and
defending Metroglass’
leadership position in
New Zealand
Grow profitability in
Australia, benefiting from
increasing demand for
double-glazing
Ensure our balance
sheet is robust to cope
with future risks and
opportunities
We remain focussed on our strategy and near-term goals
13

Thank you
Opportunity for questions

15
•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: Non-GAAP financial information

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
16

Metro Performance Glass Limited
5 Lady Fisher Place, East Tamaki, Auckland 2013
Ph: + 64 9 927 3000
www.metroglass.co.nz/
Simon Mander – Chief Executive Officer
Simon.Mander@metroglass.co.nz
(+64) 029 636 2661
Brent Mealings – Chief Financial Officer
Brent.Mealings@metroglass.co.nz
(+64) 021 240 6463
Liam Hunt – Investor Relations
Liam.hunt@metroglass.co.nz
(+64) 022 010 4377
Contact information
17

---

Results for announcement to the market
Name of issuer Metro Performance Glass Limited
Reporting Period 12 months to 31 March 2022 (FY22)
Previous Reporting Period 12 months to 31 March 2021 (FY21)
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing
operations
236,063 1.6%
Total Revenue 236,063 1.6%
Net profit/(loss) from
continuing operations
(459) (106)%
Total net profit/(loss) (459) (106)%
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
0.1662 0.1552
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 twelve months ended
31 March 2022. Due to COVID-19 impacts on key MPG and
external audit personnel during the financial reporting process,
the audited financial statements and annual report are
anticipated to be available within the next few working days
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

30 May 2022

1


Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2022


Consolidated Statement of Comprehensive Income
Year ended
31 March 2022
Unaudited
Year ended
31 March 2021
Restated
$000 $000

Sales revenue 236,063 232,274
Cost of sales (142,472) (133,427)
Gross profit 93,591 98,847

Distribution and glazing-related expenses (45,441) (43,361)
Selling and marketing expenses (13,160) (13,267)
Administration expenses (32,446) (32,429)
Other income and gains and losses 3,367 7,421
Profit before significant items, interest and tax 5,911 17,211
Significant items - 951
Profit before interest and tax 5,911 18,162

Finance expense (6,327) (6,768)
(Loss)/Profit before income taxation (416) 11,394

Income taxation expense (43) (3,289)
(Loss)/Profit for the year (459) 8,105

Other comprehensive income
Items that may be reclassified to profit or loss in the future:
Exchange differences on translation of foreign
operations
(474) 530
Cash flow hedges (net of tax) 612 (1,151)
Total comprehensive (loss)/ income for the year
attributable to shareholders
(321) 7,484


Earnings per share
Basic and diluted earnings per share (cents per share) (0.2) 4.4

2


Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2022

Balance Sheet
Year ended
31 March 2022
Unaudited
Year ended
31 March 2021
Restated
$000 $000

ASSETS
Current assets
Cash and cash equivalents 13,064 7,530
Trade receivables 34,957 33,978
Inventories 27,402 22,379
Derivative financial instruments 68 136
Other current assets 2,570 2,280
Total current assets 78,061 66,303
Non-current assets
Property, plant and equipment 54,748 52,467
Right-of-use assets 70,505 50,626
Deferred tax assets 10,965 10,638
Financial assets at fair value through profit or loss 2,098 2,576
Intangible assets 54,710 56,632
Other non-current assets 1,051 -
Total non-current assets 194,077 172,940
Total assets 272,138 239,243

LIABILITIES
Current liabilities
Trade and other payables 30,626 27,862
Deferred income 2,608 2,076
Income tax liability 518 445
Derivative financial instruments 274 374
Lease liabilities 6,535 6,559
Provisions 2,163 1,724
Total current liabilities 42,725 39,040
Non-current liabilities
Interest-bearing liabilities 65,319 55,519
Derivative financial instruments 274 1,575
Lease liabilities 74,745 54,042
Provisions 3,546 3,665
Total non-current liabilities 143,884 114,801
Total liabilities 186,609 153,841

Net Assets 85,529 85,402

3

Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2022

Balance Sheet
Year ended
31 March 2022
Unaudited
Year ended
31 March 2021
Restated
$000 $000

Equity
Contributed equity 307,198 307,198
Retained earnings (51,735) (51,570)
Group reorganisation reserve (170,665) (170,665)
Share-based payments reserve 1,366 1,212
Foreign currency translation reserve 41 515
Cash flow hedge reserve (676) (1,288)
Total equity 85,529 85,402

4



Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2022

Consolidated Statement of Changes in Equity

Year ended 31 March 2022
Unaudited
Contributed
Equity
Reserves Retained Total

$000 $000 $000 $000
Opening balance at 1 April 2021 307,198 (170,226) (51,570) 85,402
(Loss) / Profit for the year - - (459) (459)
Movement in foreign currency translation
reserve
- (474) - (474)
Other comprehensive income for the year - 612 - 612
Total comprehensive income/(loss) for the year - 138 (459) (321)
Dividends paid - - - -
Expiry of share-based payments - (294) 294 -
Share-based payments expense - 448 - 448
Total transactions with owners, recognised
directly in equity
- 154 294 448
Balance at 31 March 2022 307,198 (169,934) (51,735) 85,529



Year ended 31 March 2021
Restated
Contributed
Equity
Reserves Retained Total

$000 $000 $000 $000
Opening balance at 1 April 2020 307,198 (169,886) (61,469) 75,843
Fair value restatement of financial asset - - 1,794 1,794
Restated opening balance at 1 April 2020 307,198 (169,886) (59,675) 77,637
Restated profit for the year - - 8,105 8,105
Movement in foreign currency translation
reserve
- 530 - 530
Other comprehensive income/(loss) for the
year
- (1,151) - (1,151)
Total comprehensive income/(loss) for the year - (621) 8,105 7,484
Dividends paid - - - -
Movement in share-based payments reserve - 281 - 281
Total transactions with owners, recognised
directly in equity
- 281 - 281
Balance at 31 March 2021 307,198 (170,226) (51,570) 85,402

5



Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2022

Consolidated Statement of Cashflows
Year ended
31 March 2022
Unaudited
Year ended
31 March 2021
Restated
$000 $000

Cash flows from operating activities
Receipts from customers 235,939 234,450
Payments to suppliers and employees (218,051) (198,523)
Government wage subsidy and grants received 2,470 6,510
Interest received 100 100
Interest paid (3,448) (3,094)
Interest paid on leases (3,139) (3,064)
Income taxes paid (617) (7,532)
Net cash inflow from operating activities 13,254 28,847
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 358 3,714
Payments for property, plant and equipment (10,399) (5,793)
Payments for intangible assets (89) (225)
Net cash outflow from investing activities (10,130) (2,304)
Cash flows from financing activities
Lease liability principal payments (6,940) (5,789)
Drawdown/ (repayment) of borrowings (net) 10,257 (31,146)
Repayment/(Drawdown) of other financing (803) 3,632
Other financing principal payments - (445)
Net cash inflow/ (outflow) from financing activities 2,514 (33,748)

Net increase/(decrease) 5,638 (7,205)
Cash and cash equivalents at the beginning of the year 7,530 14,742
Effects of exchange rate changes on cash and cash
equivalents
(104) (7)
Cash and cash equivalents at the end of the year 13,064 7,530

6

Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2022

Corporate Information
Metro Performance Glass Limited is a limited liability company registered under the New
Zealand Companies Act 1993 and is a Financial Market Conduct reporting entity under Part 7 of
the Financial Markets Conduct Act 2013. The financial statements of the Group have been
prepared in accordance with the requirements of the New Zealand Stock Exchange (NZX) Main
Board Listing Rules.
Accounting Policies
The accounting policies applied are consistent with those of the annual financial statements for
the year ended 31 March 2021, apart from the change below.
Change in Intangible Assets (Software-as-a-Service (SaaS) configuration and customisation)
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 SaaS arrangements must be expensed
immediately unless they:
• create an intangible asset, separate from the software, that the customer controls; or
• are paid to the supplier (or their agent) of the cloud-based software for significant
customisation work (in a way that such work is not separable from the base software), in
which case the costs are recorded as a prepayment for services and amortised over the
expected term of the SaaS arrangement.
Securities Exchange Listing
Metroglass’ shares are listed on the New Zealand Securities Exchange (NZX) and Australian
Securities Exchange (ASX).
Shares on issue as at 31 March 2022:
Register Security Holders Units
New Zealand

MPG (NZX) 2,727 183,382,989
Australia

MPP (ASX) 107 1,995,097
Total MPG (Dual) 2,834 185,378,086

Net Tangible Assets per Security
Net tangible assets per security at 31 March 2022: 16.6 cents (31 March 2021 15.5 cents,
restated)

7
Annual Report and Annual Meeting
The audited annual report is expected to be available before the 17
th
of June 2022
The Annual General Meeting is to be held on Tuesday, 9
th
August 2022
Segmental Reporting
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
Glazing, Residential and Retrofit. Commercial glazing revenue reflects sales through four
specific commercial glazing operations in New Zealand. Following the acquisition of Australian
Glass Group Pty Ltd (AGG) on 1 September 2016 the Group operates in two geographic
segments, New Zealand and Australia.

Year ended 31 March 2022
Unaudited
New
Zealand
Australia
Eliminations
and Other
Group

$000 $000 $000 $000
Commercial Glazing 33,457 - - 33,457
Residential 115,592 58,077 (4) 173,665
Retrofit 28,941 - - 28,941
Total revenue 177,990 58,077 (4) 236,063
Gross profit 77,107 16,488 (4) 93,591
Segmental EBITDA before significant items 21,189 4,558 - 25,748
Group costs - - (1,149) (1,149)
Group EBITDA before significant items 24,598
Depreciation and amortisation (13,822) (4,865) - (18,687)
EBIT before significant items 7,367 (307) (1,149) 5,911
Significant items - - - -
EBIT 7,367 (307) (1,149) 5,911
Segment assets 326,147 69,997 (124,007) 272,137
Segment non-current assets (excluding
deferred tax assets)
135,316 47,796 - 183,112
Segment liabilities 97,837 26,968 61,803 186,609

Year ended 31 March 2021
Restated
New
Zealand
Australia
Eliminations
and Other
Group

$000 $000 $000 $000
Commercial Glazing 36,761 - - 36,761
Residential 118,171 52,490 - 170,661
Retrofit 24,852 - - 24,852
Total revenue 179,784 52,490 - 232,274
Gross profit 86,384 12,463 - 98,847
Segmental EBITDA before significant items 33,758 4,505 - 38,263
Group costs - - (749) (749)
Group EBITDA before significant items 37,514
Depreciation and amortisation (15,089) (5,215) - (20,303)
EBIT before significant items 18,670 (710) (749) 17,211
Significant items 951 - - 951
EBIT 19,621 (710) (749) 18,162
Segment assets 300,429 65,950 (127,137) 239,242
Segment non-current assets (excluding
deferred tax assets)
115,320 46,981 - 162,301
Segment liabilities 75,832 21,989 56,020 153,841

8


Prior Period Adjustments
During the year ended 31 March 2022, the Group identified that the establishment of the loan
agreement with 5R Solutions Limited (5R) in 2015 should have been recognised as a financial
asset at fair value through profit or loss (“FVTPL”), rather than at amortised cost.
The impact of the change in accounting policy related to Intangible Assets also had an impact
on the prior period. The Group concluded that the configuration and customisation expenditure
on a SaaS arrangement performed by a contracted third party did not create any intangible
assets and therefore should be expensed in the year they were incurred, which was the year
ended 31 March 2021.
The Group reclassified the spare parts balance from other current assets to inventories to
reflect the nature of the assets.
The impact of the restatements on the consolidated financial statements at 31 March 2021 are
set out in the tables below:
Impact on the Statement of Comprehensive Income for the year ended 31 March 2021

2021
As Reported
Intangible
Asset
Change
5R
Restated
2021
Restated

$000 $000 $000 $000
Gross profit 98,847 - - 98,847
Distribution and glazing-related expenses (43,361) - - (43,361)
Selling and marketing expenses (13,267) - - (13,267)
Administration expenses (31,010) (1,419) - (32,429)
Other Income 6,738 - 683 7,421
Profit before significant items, interest and tax 17,947 (1,419) 683 17,211
Significant Items 951 - - 951
Finance Expense (6,768) - - (6,768)
Finance Income 100 - (100) -
Income taxation expense (3,686) 397 (3,289)
Profit for the year 8,544 (1,022) 583 8,105

Earnings per share Cents Cents Cents Cents
Basic and diluted earnings per share 4.6 (0.8) 0.5 4.4

9




Impact on the Statement of Financial Position for the year ended 31 March 2021

2021 As
Reported
Spare Parts
Policy
Change
Intangible
Asset
Change
5R
1 April 2020
Restated
5R
Restatement
2021
Restated

$000 $000 $000 $000 $000 $000
Other Current Assets 6,393 (3,913) (200) 2,280
Inventory 18,466 3,913 22,379
Financial Assets at fair value
through profit or loss
- 1,994 583 2,576
Deferred Tax Assets 10,241 397 10,638
Intangible Assets 58,051 (1,419) 56,632
Total assets 237,888 (1,022) 1,794 583 239,243
Net Assets 84,047 (1,022) 1,794 583 85,402
Retained earnings (52,925) (1,022) 1,794 583 (51,570)
Total equity 84,047 (1,022) 1,794 583 85,402



Impact on the Statement of Cash Flows for the year ended 31 March 2021

2021
As Reported
Intangible
Asset
Change
5R
Restatement
2021
Restated
$000 $000 $000 $000
Payments to suppliers and employees (196,996) (1,527) - (198,523)
Net cash inflow from operating activities 30,374 (1,527) - 28,847
Payments for intangible assets (1,752) 1,527 - (225)
Net cash outflow from investing activities (3,831) 1,527 - (2,304)



Impact on the reconciliation of profit/(loss) after income tax to net cash inflow from operating activities
for the year ended 31 March 2021

2021
As Reported
Intangible
Asset
Change
5R
Restatement
2021
Restated
$000 $000 $000 $000
(Loss)/profit for the Year 8,544 (1,022) 583 8,105
Depreciation and amortisation 20,412 (109) 20,303
Movement in deferred tax (1,545) (397) (1,942)
Movement in financial asset at fair value
through profit or loss and associated non-
cash income - (583) (583)
Net cash inflow from operating activities 30,374 (1,527) - 28,847

10





Impact on the Statement of Financial Position at 1 April 2020

1 April 2020
Spare Parts
Policy
Change
Intangible
Asset
Change
5R
Restatement
1 April 2020
Restated

$000 $000 $000 $000 $000
Inventories 20,276 3,675 23,951
Other current assets 12,711 (3,675) (200) 8,836
Financial Assets at fair value
through profit or loss
-

1,994 1,994
Total assets 258,420 397 1,794 260,214
Retained earnings (61,469) (1,419) 1,794 (59,675)
Total equity 75,843 (1,022) 1,794 77,637