Metroglass provides FY23 results (unaudited)

METRO PERFORMANCE GLASS



29 May 2023

Metro Performance Glass Limited (NZX: MPG, ASX: MPP) – full year results announcement
for the year ended 31 March 2023

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 2023.
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



Liam Hunt
Company Secretary
Metro Performance Glass Limited

Authorised by the Metroglass Board.

---

NZX.MPG, ASX.MPP 29 May 2023
Metroglass provides FY23 results (unaudited)
Summary of the unaudited results for the twelve months ended 31 March 2023 (FY23)
1
$m New Zealand Australia Group

FY23 FY22 FY23 FY22 FY23 FY22
Revenue 186.7 178.0 76.8 58.1 263.5 236.1

Segmental EBIT
2
6.4 7.4 6.4 (0.3)

EBIT
2
11.8 5.9

NPAT
3
1.5 (0.5)

• The Group delivered a result at the upper end of guidance buoyed by Australian Glass Group’s
improvement in profitability while supply-chain disruption, cost inflation and the early signs of a
construction sector down-turn impacted the New Zealand business
• New Zealand revenue improved 5% year on year and price increases have begun to improve gross
margin
• AGG achieved a milestone year with a significant improvement in profitability to $6.4 million
• Group EBIT before significant items improved 100% to $11.8 million supported by price and cost
management disciplines across the business and the strong performance of AGG
• Net debt at the end of the period was $60.4m which was at the lower level of guidance
• Statutory net profit after tax of $(10.5) million down from $(0.5) million in FY22, driven by a $10.0 million
impairment of intangible assets due to the softer outlook for NZ construction

Metro Performance Glass (Metroglass) reports unaudited financial results for the 12 months to 31 March 2023 (FY23).
Group Revenue for the year to 31 March 2023 of $263.5 million was 12% higher than the prior year, with New Zealand
up 5% and Australia up 32%. Group EBIT
2
before significant items rose 100% to $11.8 million. As a result of an $10.0
million impairment charge on New Zealand goodwill, Statutory NPAT declined to $(10.5) million loss from $(0.5) million
in FY22.
Net debt increased from $52.3 million to $60.1 million at 31 March 2023, reflecting the higher value of inventory and
trade receivables, a greater stock quantity on hand to cover the lack of reliability in the supply-chain and the increased
working capital requirements to support the growth in AGG. Pleasingly net debt was significantly below the $64 million
guidance in February 2023 as supply chain disruptions began to ease and operational performance improved.
New Zealand
Revenue in New Zealand improved 5% to $186.7 million. Gross profit margin has progressively recovered through
quarter four as supply chain disruption reduced, international freight costs began to ease and cost out initiatives were
implemented. The annual run rate of $8.0 to $9.0 million of cost savings will be delivered in FY24.
In the residential segment revenue of $122.1 million was 6% above the prior year. Commercial glazing activity
remained resilient as revenue rose 10% to $36.9 million, however profit margins in fixed price contracts were impacted

Note: all non-Generally Accepted Accounting Principles (GAAP) financial measures are defined to a GAAP measure on slide13 of the FY23 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 2022 (FY22) unless otherwise stated.
2
Earnings before interest, tax, and significant items (FY23: Restructuring costs and impairment, FY22: none).
3
NPAT before significant items (FY23: Restructuring costs and impairment, FY22: none)

by rising glass costs. After consecutive years of growth Retrofit revenue declined 5% to $27.6 million as homeowners
reassessed household spending.
“In another disruptive year the business made good progress to address the inflationary pressures and supply chain
volatility to maintain consistent service to our customers. While the challenges are expected to continue, our focus
remains firmly on operational efficiency and positioning the company to meet the needs of a changing market
dynamic.
This year investments in additional furnace capacity debottlenecked our manufacturing network and increased
capability for processing Low E glass, improving quality while also improving our energy efficiency. In New Zealand,
Metroglass launched a first for the residential market product in SunX™ Grey which is the latest in solar control
technology. We are pleased at being able to provide these products and service improvements to customers and
support the increased energy efficiency requirements of the new H1 building requirements.” said Mr Mander.
Australian Glass Group (AGG)
In FY23 AGG has performed well even with disruptions to supply chains and labour availability. After a successful
turnaround, AGG’s improved profitability is underpinned by resilient service performance to customers and increases
to market pricing. AGG delivered a 32% increase in revenue to $76.8 million and EBIT of $6.4 million, an improvement
of $6.7 million on the prior year.
“We are really pleased with the sustained improvements in AGG’s performance. The results of our initiatives to
turnaround the business were delayed by the Covid-19 period; however, the team has remained focussed on serving its
customers and on robust financial disciplines which is reflected in the significant improvement in profitability.” said Mr
Mander.
In February 2023 MPG announced its intention to explore divestment options for the Australian business.
Mr Mander said “AGG has solid fundamentals and a strong growth plan that leverages the adoption of double-glazing
in the south-east of Australia in line with National Construction Code Changes. As AGG enter the next phase of its growth
strategy and serving the increasing requirement for double glazing across the Australian residential market, it is now an
appropriate time to consider the options for this business.”
This process continues to progress and is expected to take a number of months.
The proceeds from any transaction will be directed towards the reduction of debt, Metroglass is targeting a leverage
ratio of 1.0x net debt to EBITDA. This net debt level will significantly improve the resilience of the New Zealand business
as it manages the dynamics of a changing cycle.
Capital Management
Metroglass has begun to reduce working capital commitments in line with the improving reliability of the international
supply chain and this is expected to materially reduce its investment in working capital through the first half of FY24.
Metroglass’ net debt to EBITDA ratio decreased to 3.3x at 31 March 2023 from 3.8x in the prior period, primarily as a
result of the increase in EBITDA. The net debt to EBITDA ratio is expected to continue to improve through the first half
of FY24 through the improving performance of the New Zealand business and the unwinding of working capital invested
in inventory.
During the year, Metroglass concluded an extension of its current syndicated banking facilities out to the end of October
2024 (previously October 2023).
Market conditions and outlook
The 12-month rolling number of residential consents issued in New Zealand has declined from its peak through the
first quarter of 2023. Activity levels in the beginning of FY24 have remained within expectations and customers
continue to indicate a stable pipeline of work in the near term, although the economic outlook presents significant
uncertainty for the number of consents issued and the dwellings ultimately constructed in FY24.

As a consequence of the forecasted lower construction activity, a review of the carrying values of Metroglass’ assets
resulted in an $10.0m impairment on New Zealand goodwill, which initially arose from acquisitions completed in 2012
(pre-IPO). This non-cash charge has no impact on the company’s bank covenants and is presented as a significant item
in the FY23 financial statements.
As international freight costs and disruption moderate through the next 6 months and combined with the increasing
demand for Low E products driven by new H1 building code, the level of financial performance in the first half of FY24
is expected to better than the prior comparable period.
Economic headwinds from inflation, lower house prices and other external pressures are likely to accelerate the
decline in building activity through the second half of FY24. Metroglass continues to monitor a range of scenarios and
have appropriate plans to continue to improve the profitability of the NZ business. The cost out programme and
restructure of the New Zealand business announced in November 2022 will continue, delivering operational and
financial benefits through FY24.
An improvement in the financial performance of the New Zealand business in the first half of FY24, an unwinding of
working capital and a continued contribution from AGG, will allow for a meaningful reduction in net debt in the first
half of FY24. Net Debt is expected to be below $55.0 million at the half year.
As announced in March 2023, for the 12 months to 31 March 2024, management forecasts are for AGG to achieve
revenue, EBITDA and EBIT of approximately AUD 79.0 million, AUD 11.5 million, AUD 7.5 million
4
respectively.
Notwithstanding the signalled declines in economic conditions, Metroglass continues to operate well, and through a
combination of the price increases to recover rising input costs, cost saving initiatives and building code changes that
will support sales of higher value products, Metroglass is well positioned to continue improving its performance.
The company will provide shareholders with an update on early FY24 trading performance at its Annual Shareholders’
Meeting.

FY23 annual results briefing
The briefing is scheduled to begin at 10am NZST, 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=1612961&tp_key=d81884c43a. 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: 260750.
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 279 0424
Australia (Sydney) +61 (0)2 7250 5438 US/Canada Toll Free 800-289-0459



/Ends

For further information, please contact:
Liam Hunt, Investor Relations
(+64) 0 22 010 4377, liam.hunt@metroglass.co.nz
Authorised for release by the Metro Performance Glass Board

4
Excluding Group management fee of NZD 0.5 million

---

M E T R O P E R F O R M A N C E G L A S S
Fullyearresult
31March2023

Key messages
•The MetroglassGroup delivered a result at the upper end of February guidance
•From the start of 2023, New Zealand is improving gross margin performance
andworking capital is reducing as supply chain disruption and rising input costs
abate. However, the debt legacy remains
•AGG achieved a milestone year with significant improvements in profitability
supported by consistent operational stability and customer satisfaction
•Implemented targeted investments in Low E processing ahead of energy efficiency
changes to the building code delivering immediate benefits in capability, capacity
and quality.
•Cost-out programme with annualisedsavings in the range of $8.0 million to $9.0
million to be realisedin FY24
•Commenced the divestment process for Australian Glass Group
2

NPAT
$1.5m
(FY22: $(0.5)m)
G RO U P
1
N E W Z EA L A N D
2
AU ST R A L I A
Revenue
$263.5m
(FY22: $236.1m)
+12%
EBIT
$11.8m
(FY22: $5.9m)
+100%
Revenue
$186.7, +5%
(FY22: $178.0m)
EBIT
$6.4m, -14%
(FY22: $7.4m)
Revenue
$76.7m, +32%
(FY22: $58.1m)
EBIT
$6.4m, +$6.7m
(FY21: $(0.3)m)
Net debt
$60.1m
(FY22: $52.3m)
Financial highlights
1
Unless otherwise stated, results are shown in NZ$mand before significant items.
2
The full segment note is available in the unaudited financial statements.
Leverage ratio
3.3x
(FY22: 3.8x)
nm+7.8m
3
nm

•Theresidentialsegmentgrew6%to$122.1million
•Commercialglazingactivityremainedresilientasrevenuerose10%to$36.9million,however
profitmarginsinfixedpricecontractswereimpactedbyrisingglasscosts.
•Followingconsecutiveyearsofgrowth,theRetrofitsegmentrevenuedeclined5%to$27.6
millionashomeownersreassessedhouseholdspending.
•Improvementsinsafetyleadershipandperformance,withtheTotalRecordableInjury
FrequencyRate(TRIFR)reducingto2.5inFY23,from5.5intheprioryear.
•Consistentcustomersurveyresultof7.9/10
3
inNovember2022
•CommissionedincreasedfurnacecapacityattheHighbrookandChristchurchpantsto
debottleneckcapacityandincreasecapabilityforprocessingLowEglass
•LaunchedofSunX™Greyproducttothemarket-thelatestinsolarcontroltechnology
•TheFY23costoutprogrammeimplementedduringtheyearwillprovideanannualrunrateof
$8.0to$9.0millionofcostsavingsrealisedinFY24.Thebusinesscontinuestoassessfurther
costreductioninitiativesdependingonfutureactivitylevels
New Zealand has begun its
recovery of gross margin
and working capital
reductions as supply chain
disruptions and rising
input costs abate.
However, the debt legacy
remains
Revenue
$186.7m +5%
EBIT
1
$6.4m (14%)
3
Survey question: “On a scale of 1 to 10, how likely are
you to recommend Metroglass to a friend or colleague”
4

•AustralianGlassGroup(AGG)achievedamilestoneyearwithasignificantimprovementin
profitabilityto$6.4million
•Generateda32%increaseinrevenuedespitethedisruptiveenvironmentandincludesafurther
33%growthindouble-glazingrevenue.
•Grossmarginimprovedto34.5%,(FY22:28.4%),supportedbysuccessfulpricingstrategiesto
recoverincreasinginputcosts,valuerecognitionofglassinthemarket,andsolidoperating
disciplines
•Thebusinesshasachievedseveralyearsofgrowthandimprovedperformanceandiswell-
positionedtobenefitfromanimprovingoutlookfordouble-glazing.Itisnowtheappropriate
timetoconsidertheoptionsforthisbusiness
AGG achieved a
milestone year
withsignificant
improvements in
profitability supported by
consistent operational
stability and customer
satisfaction
Revenue
NZ$76.7m+32%
EBIT
$6.4mvs.$(0.3)m LY
5
1
ExcludingGroupmanagementfeeofNZD0.5million
6
-1
3
5
5
12
FY18FY19FY20FY21FY22FY23
AGG EBITDA (NZD) over time
•AsannouncedinMarch2023,forthe12
monthsto31March2024,management
forecastsareforAGGtoachieverevenue,
EBITDAandEBITofapproximatelyAUD79.0
million,AUD11.5million,AUD7.5million1
respectively.

FY23: Metroglass Group revenue (NZ$)
32%
12%
5%
10%6%
5%
Note:TheallocationofsalesbetweenresidentialandcommercialapplicationsisdifficultasMetroglassdoesn’talwaysknowtheenduseofapieceofglass.Thecategorisationmethodologyisconsistentacross
periods,howeverCommercialGlazingrevenuewillincludesomelevelofresidentialglazingsalesandservices.
6
115.6
33.5
28.9
58.1
236.1
122.1
36.9
27.6
76.8
263.5
Residential NZCommercial Glazing NZRetrofit NZAustralian Glass GroupTotal group revenue
FY22FY23

5.9
11.8
3.7
2.1
0.9
1.1
2.8
6.4
4.6
4.3
0.2
FY22 EBIT
Change in net revenue
Lower gross profit margin
Distribution and glazing
Savings in Sales & Marketing,
and Administration
Other income and other
Growth in revenue
Gross Profit margin
improvements
Increases in expenses and
other
Other Group costs
FY23 EBIT
FY23: EBIT bridge (NZ$m)
Note: EBIT is before before significant items.
New Zealand
Australia (NZ$)
7

FY23: Financial results summary
Segment results
NZ$m
1,3
FY23FY22% change
New Zealand
Revenue
186.7178.05%
Gross profit78.877.12%
SegmentalEBIT6.47.4 (14)%
Australia
Revenue
76.8 58.1 32%
Gross profit 26.4 16.5 60%
Segmental EBIT6.4(0.3)nm
Group results
NZ$m
1
FY23FY22% change
Group
Revenue263.5236.112%
EBITDA before significant items30.824.625%
Depreciation & amortisation19.018.71%
EBIT before significant items11.85.9101%
Profit for the year before
significant items
1.5(0.5)
+2.0m
Significant items(12.0)0n/a
Loss for the period(10.5)(0.5)Nm
Basic EPS (cents)(5.7)(0.2)Nm
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
The full segment note is available in note 2.1 of the FY23 financial statements.
8

•An impairment review is undertaken at least every 12 months. As a result of this year’s review, the
Directors have resolved to impair the carrying value of NZ goodwill by $10.0m as at 31 March 2023
•This goodwill balance arose from historical transactions before the company’s IPO in 2014
•This is an accounting charge only with no change to cash flows and no impact on bank covenants
•Further information on this testing and the underlying assumptions will be provided in the audited
financial statements to be released early July
Impairment of intangible
assets in New Zealand.
For the year ended 31 March 2023
As a consequence of the significant
uncertainty regarding forecast declines
in construction activity, the carrying
values of assets were reviewed.
The review was conducted and results
considered using a set of multiple
future scenarios.
9
Intangible assets (NZ$m)Goodwill on acquisitions
Opening balance –1 April 2022
54.2
Impairment of New Zealand goodwill
(10.0)
Foreign exchange impact
(0.2)
Closing balance –31 March 2023
44.0

FY23: Group summary cash flow & balance sheet
10
Key balance sheet items (NZ$m)FY23FY22
Net working capital
1
42.732.6
Property plant & equipment
50.754.7
Right of use assets
65.370.5
Total assets
254.6273.0
Lease liabilities
77.981.3
Net debt
60.152.3
Total shareholders equity
75.585.5
Keycash flow items (NZ$m)FY23FY22
EBIT before significant items
11.95.9
Operating cash flows
5.713.3
Capital expenditure
6.210.5
Dividends paid
--
•Net operating cash flows were below last year primarily driven by a higher value of
inventory and trade receivables, a greater stock quantity on hand to cover the ongoing
lack of reliability in the supply-chain and the working capital requirements of a growing
business in AGG.
•In FY23 working capital increases are inline with our efforts to increase our safety stock
levels amid international supply chain disruptions and reflect the cost for this inventory
•Capital expenditure was $6.2m in FY23, with $5.0 invested in the first half with that
focussed on delivering increased capability, capacity and quality
•Net debt increased by $7.8m year on year to $60.1m as at 31 March 2023
•Group gearing
2
increased to 44% from 38%
•Group net debt to EBITDA ratio
3
decreased from 3.8x to 3.3x, driven by an improved
EBITDA
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.

•The12-monthrollingnumberofresidentialconsentsissuedinNewZealandhasdeclinedfromitspeak.
•ActivitylevelsinthebeginningofFY24haveremainedwithinexpectationsandcustomerscontinueto
indicateastablepipelineofworkinthenearterm
•Theeconomicoutlookpresentssignificantuncertaintyforthenumberofconsentsissuedandthe
dwellingsultimatelyconstructedinFY24.
•Economicheadwindsfrominflation,lowerhousepricesandotherexternalpressuresarelikelyto
acceleratethedeclineinbuildingactivitythroughthesecondhalfofFY24.
•Metroglasscontinuestomonitorarangeofscenariosandhaveappropriateplanstocontinueto
improvetheprofitabilityoftheNZbusiness.
The longer-term outlook is uncertain, but Metro has plans in
place to respond
11
1
Excluding Group management fee of NZD 0.5 million

•Asinternationalfreightcostsanddisruptionmoderatethroughthenext6monthsandcombinedwith
theincreasingdemandforLowEproductsdrivenbynewH1buildingcode,theleveloffinancial
performanceinthefirsthalfofFY24isexpectedtobetterthanthepriorcomparableperiod.
•ThecostoutprogrammeandrestructureoftheNewZealandbusinessannouncedinNovember2022
willdeliveroperationalandfinancialbenefitsthroughFY24.
•AnimprovementinthefinancialperformanceoftheNewZealandbusinessinthefirsthalfofFY24,an
unwindingofworkingcapitalandacontinuedcontributionfromAGG,willallowforameaningful
reductioninnetdebtinthefirsthalfofFY24.NetDebtisexpectedtobebelow$55.0millionatthehalf
year.
•AsannouncedinMarch2023,forthe12monthsto31March2024,managementforecastsareforAGG
toachieverevenue,EBITDAandEBITofapproximatelyAUD79.0million,AUD11.5million,AUD7.5
million
1
respectively.
•Notwithstandingthesignalleddeclinesineconomicconditions,Metroglassiswellpositionedto
continueimprovingitsperformancethroughacombinationofgrossprofitimprovements,costsaving
initiativesandbuildingcodechangesthatwillsupportsalesofhighervalueproducts
Improving group performance to be sustained through NZ
gross profit uplift and cost reductions
12
1
Excluding Group management fee of NZD 0.5 million

T h a n k y o u
Opportunity for questions

14
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
Full year to 31 March 2023
FY23FY22
($M)($M)
Profit for the period before significant items1.5 (0.5)
Less: Impairment of intangible assets(10.0)-
Less: NZ restructuring, and Australian divestment(2.0)-
Profit for the period (GAAP)(10.5)(0.5)
Add: taxation expense(0.0)0.0
Add: net finance expense10.4 6.3
Earnings before interest and tax (EBIT) (GAAP)(0.2)5.9
Add: depreciation & amortisation19.0 18.7
EBITDA18.8 24.6
EBIT (GAAP)(0.2)5.9
Add: Impairment of intangible assets10.0 -
Add: NZ restructuring, and Australian divestment2.0 -
EBIT before significant items11.8 5.9
EBITDA18.8 24.6
Add: Impairment of intangible assets10.0 -
Add: NZ restructuring, and Australian divestment2.0 -
EBITDA before significant items30.8 24.6

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
15

Metro Performance Glass Limited
5 Lady Fisher Place, East Tamaki, Auckland 2013
Ph: + 64 9 927 3000
www.metroglass.co.nz/
Simon Mander –Chief Executive Officer
Simon.Mander@metroglass.co.nz
(+64) 029 636 2661
Brent Mealings –Chief Financial Officer
Brent.Mealings@metroglass.co.nz
(+64) 027 551 6751
Liam Hunt –Investor Relations
Liam.hunt@metroglass.co.nz
(+64) 022 010 4377
Contact information
16

---

Results for announcement to the market
Name of issuer Metro Performance Glass Limited
Reporting Period 12 months to 31 March 2023 (FY23)
Previous Reporting Period 12 months to 31 March 2022 (FY22)
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing
operations
263,520 11.6%
Total Revenue 263,520 11.6%
Profit before significant
items, interest and tax
11,824 100.0%
Net profit/(loss) from
continuing operations
(10,548) (2198)%
Total net profit/(loss) (10,548) (2198)%
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
0.1679 0.1662
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 2023. 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
Liam Hunt, 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

29 May 2023

1


Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2023


Consolidated Statement of Comprehensive Income
Year ended
31 March 2023
Unaudited
Year ended
31 March 2022

$000 $000

Sales revenue 263,520 236,063
Cost of sales (158,307) (142,472)
Gross profit 105,213 93,591

Distribution and glazing-related expenses (47,280) (45,441)
Selling and marketing expenses (12,796) (13,160)
Administration expenses (33,924) (32,446)
Share of profits of associate 414 -
Other income and gains and losses 197 3,367
Profit before significant items, interest and tax 11,824 5,911
Significant items (12,032) -
Profit before interest and tax
(208)
5,911

Finance expense (10,870) (6,327)
Finance income 497 -
Loss before income taxation (10,581) (416)

Income taxation expense 33 (43)
Loss for the year (10,548) (459)

Other comprehensive income
Items that may be reclassified to profit or loss in the future:
Exchange differences on translation of foreign
operations
(424) (474)
Cash flow hedges (net of tax) 536 612
Total comprehensive loss for the year attributable to
shareholders
(10,436) (321)


Earnings per share
Basic and diluted earnings per share (cents per share) (5.7) (0.2)

2


Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2023

Balance Sheet
Year ended
31 March 2023
Unaudited
Year ended
31 March 2022
Restated
$000 $000

ASSETS
Current assets
Cash and cash equivalents 7,300 13,064
Trade receivables 38,083 35,799
Inventories 31,826 27,402
Derivative financial instruments 251 68
Current income tax asset 1 -
Other current assets 3,237 2,570
Total current assets 80,698 78,903
Non-current assets
Property, plant and equipment 50,674 54,748
Right-of-use assets 65,335 70,505
Deferred tax assets 10,398 10,965
Investment in associate 2,512 -
Financial assets at fair value through profit or loss - 2,098
Intangible assets 44,336 54,710
Other non-current assets 650 1,051
Total non-current assets 173,905 194,077
Total assets 254,603 272,980

LIABILITIES
Current liabilities
Trade and other payables
27,208
30,626
Deferred income
2,054
3,450
Income tax liability
-
518
Derivative financial instruments
107
274
Lease liabilities
7,452
6,535
Provisions
633
1,920
Total current liabilities 37,454 43,323
Non-current liabilities
Interest-bearing liabilities 67,370 65,319
Derivative financial instruments - 274
Lease liabilities 70,432 74,745
Provisions 3,880 3,790
Total non-current liabilities 141,682 144,128
Total liabilities 179,136 187,451

Net Assets 75,467 85,529

3

Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2023

Balance Sheet
Year ended
31 March 2023
Unaudited
Year ended
31 March 2022
Restated
$000 $000

Equity
Contributed equity 307,198 307,198
Accumulated losses (61,901) (51,735)
Group reorganisation reserve (170,665) (170,665)
Share-based payments reserve 1,358 1,366
Foreign currency translation reserve (383) 41
Hedge reserve (140) (676)
Total equity 75,467 85,529

4



Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2023

Consolidated Statement of Changes in Equity

Year ended 31 March 2023
Unaudited
Contributed
Equity
Reserves Retained Total

$000 $000 $000 $000
Opening balance at 1 April 2022 307,198 (169,934) (51,735) 85,529
Loss for the year - - (10,548) (10,548)
Movement in foreign currency translation
reserve
- (424) - (424)
Other comprehensive income for the year - 536 - 536
Total comprehensive income/(loss) for the year - 112 (10,548) (10,436)
Expiry of share-based payments - (382) 382 -
Movement in share-based payments reserve - 374 - 374
Total transactions with owners, recognised
directly in equity
- (8) 382 374
Balance at 31 March 2023 307,198 (169,830) (61,901) 75,467



Year ended 31 March 2022

Contributed
Equity
Reserves Retained Total

$000 $000 $000 $000
Opening balance at 1 April 2021
307,198 (170,226) (51,571) 85,401
Loss for the year
- - (459) (459)
Movement in foreign currency translation
reserve
- (474) - (474)
Other comprehensive income for the year
- 613 - 613
Total comprehensive income/(loss) for the year
- 139 (459) (320)
Expiry of share-based payments
- (295) 295 -
Movement in share-based payments reserve
- 448 - 448
Total transactions with owners, recognised
directly in equity
- 153 295 448
Balance at 31 March 2022 307,198 (169,934) (51,735) 85,529

5



Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2023

Consolidated Statement of Cashflows
Year ended
31 March 2023
Unaudited
Year ended
31 March 2022

$000 $000

Cash flows from operating activities
Receipts from customers 259,752 235,939
Payments to suppliers and employees (244,365) (218,051)
Government wage subsidy and grants received 157 2,470
Repayment of balance due from associate 850 -
Interest received 41 100
Interest paid (5,749) (3,448)
Interest paid on leases (4,759) (3,139)
Income taxes paid (208) (617)
Net cash inflow from operating activities 5,719 13,254
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 112 358
Payments for property, plant and equipment (6,085) (10,399)
Payments for intangible assets (76) (89)
Net cash outflow from investing activities (6,049) (10,130)
Cash flows from financing activities
Lease liability principal payments
(6,846)
(6,940)
Drawdown of borrowings (net)
2,535
10,257
Repayment of other financing
(794)
(803)
Net cash (outflow) / inflow from financing activities (5,105) 2,514

Net (decrease) / increase (5,435) 5,638
Cash and cash equivalents at the beginning of the year 13,064 7,530
Effects of exchange rate changes on cash and cash
equivalents
(329) (104)
Cash and cash equivalents at the end of the year 7,300 13,064

6

Metro Performance Glass Limited
Preliminary Full Year Announcement
For the Full Year ended 31 March 2023

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 2022.
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 2023:
Register Security Holders Units
New Zealand

MPG (NZX) 2,619 183,255,501
Australia

MPP (ASX) 110 2,122,585
Total MPG (Dual) 2,729 185,378,086

Net Tangible Assets per Security
Net tangible assets per security at 31 March 2023: 16.7 cents (31 March 2022 16.6 cents,
restated)

7
Audited Annual Report
The audited annual report is expected to be available before the 16
th
of June 2023
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 2023
Unaudited
New
Zealand
Australia
Eliminations
and Other
Group

$000 $000 $000 $000
Commercial Glazing 36,945 - - 36,945
Residential 122,191 76,774 - 198,965
Retrofit 27,610 - - 27,610
Total revenue 186,746 76,774 - 263,520
Gross profit 78,779 26,435 - 105,214
Segmental EBITDA before significant items 20,079 11,676 - 31,755
Group costs - - (936) (936)
Group EBITDA before significant items 30,819
Depreciation and amortisation (13,725) (5,235) - (18,960)
EBIT before significant items 6,354 6,406 (936) 11,824
Significant items (11,878) (154) - (12,032)
EBIT (5,524) 6,252 (936) (208)
Segment assets 307,901 70,501 (123,799) 254,603
Segment non-current assets (excluding
deferred tax assets) 117,023 46,484 - 163,507
Segment liabilities 88,745 25,975 64,416 179,136

Year ended 31 March 2022

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 - 25,747
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 (124,006) 272,138
Segment non-current assets (excluding
deferred tax assets)
135,316 47,796 - 183,112
Segment liabilities 97,837 26,968 61,804 186,609

8


Significant items


Year ended
31 March 2023
Unaudited
Year ended
31 March 2022

$000 $000

Impairment of New Zealand intangible assets 10,000 -
Restructure of the NZ operations 1,878 -
Australian divestment 154 -
Total significant items before taxation 12,032 -
Tax benefit on above items (570) -
Total significant items after taxation 11,462 -

Significant items are a non-GAAP measure and are based on the Group's internal policy as
follows. Transactions considered for classification as significant items are material restructuring
costs, acquisition and disposal costs, impairment or reversal of impairment of assets, business
integration, and transactions or events outside of the Group's ongoing operations that have a
significant impact on reported profit.

The Australian divestment costs include those costs incurred for the initial sale process
undertaken in the period ended 31 March 2023.

On 18 November 2022 the Group announced the initiation of a cost out programme to ensure
that the business capacity and resources are appropriate to service demand as the construction
sector cycle changes, including a comprehensive review of its organisational structure and
manufacturing footprint. This review culminated in the closure of the manufacturing facility in
Bay of Plenty in December 2022, closure of the hardware procurement function, and other staff
restructuring costs. The costs of this programme that were incurred in the period ended 31
March 2023 are included in the 'Restructure of NZ operations' significant item. The nature of
the costs incurred include redundancy payments, loss on disposal of inventory, costs incurred
transporting and re-commissioning assets, and professional service costs related to the
potential divestment of AGG.

Critical Estimates and Judgements; Goodwill
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 are performed by assessing the recoverable amount of each individual asset
or CGU. The recoverable amount is determined as the higher amount calculated under a value-
in-use (VIU) or a fair value less costs of disposal (FVLCD) calculation. Both methods utilise pre-
tax cash flow projections based on financial projections approved by the Directors.

Disruptions to the supply chain for the New Zealand CGU have eased and are expected to
improve in the medium- term earnings outlook. The number of new homes consented have
declined from the historically elevated levels and the expectation is that consenting levels will
continue to decline in the short term before flattening out. The value of non-residential building
consents softened on last year but are not expected to decline at the same rate as residential
work. The changes to the building code (H1 Standards) that are progressively effective from
November 2022 require an increase in the thermal properties of window units as part of a suite
of changes designed to improve the thermal performance of New Zealand homes. Short term
earnings performance for the NZ CGU are expected to improve compared to F23 even with an
the anticipated reducing building activity driven by a reduction in global supply chain freight

9


rates, the successful implementation of the cost out programme and the gradual adoption of the
H1 building code.

There is a heightened level of uncertainty at present which makes accurately forecasting the
medium-term future challenging. The company currently expects consents in New Zealand to
trend lower in the next 12 to 24 months. While the industry will benefit from the completing of an
existing pipeline of projects in the short term, it is unclear how long this will last, and activity
levels thereafter are highly uncertain.

After reflecting on a number of scenarios, it is the considered view of the directors that the
forecast revenue assumptions and resulting outcome is reasonable. This is based on our
understanding of the market and a consensus of the market trajectories considered. Therefore,
an impairment to the goodwill balance of $30.9 million has been recognised at 31 March 2023.

Year ended
31 March 2023
Unaudited
Year ended
31 March 2022

$000 $000

New Zealand 20,879 30,879
Australia 23,167 23,357
44,046 54,236




Prior Period Adjustments
The debtors reclassification arose from a review of the process to identify and reclassify
customer deposits from trade receivables to the deferred income balance. During the current
year this review identified that there was a further $842,000 of deposits that had not been
reclassified to deferred income as at 31 March 2022. There is no impact on Consolidated
Statement of Comprehensive Income or Consolidated Statement of Cash Flows as a result of
this reclassification.

2022 As
Reported
Debtors
Reclassification
Change
2022
Restated

$000 $000 $000
Trade receivables 34,957 842 35,799
Total current assets 78,061 842 78,903
Total assets 272,138 842 272,980
Deferred income 2,608 842 3,450
Total current liabilities 42,481 842 43,323